Commodities

Leveraged and Inverse Commodity ETFs

Get 2x or –2x daily exposure to precious metals, copper, oil and natural gas with ProShares ETFs.

ProShares offers the world’s largest lineup of leveraged and inverse commodity ETFs by assets1, with funds targeting some of the world’s most actively traded commodity markets, including oil, natural gas, precious metals (e.g., gold and silver) and copper. Investors can use them to express a view on the direction of individual commodity markets.

ProShares Leveraged and Inverse Commodity ETFs

Why consider commodity ETFs?

Commodity ETFs can help investors respond to changing market conditions, seek portfolio diversification or express a bullish or bearish view on a specific commodity. ProShares offers targeted leveraged and inverse exposure to oil, natural gas, precious metals, and copper.

Diversification

Commodity exposures can help diversify† a portfolio of stocks and bonds.

Distinctive Commodity Strategies

Access leveraged and inverse commodity ETFs, including strategies not available from other ETF providers.

Bullish or Bearish Exposure

Target 2x or –2x the daily performance of individual commodity markets.

Frequently Asked Questions

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Commodity ETFs offer a convenient way to gain exposure to commodities such as gold, silver, oil and natural gas through an ETF that can be bought and sold through a brokerage account. Depending on the fund, commodity ETFs may hold physical commodities or use futures, swaps and other financial instruments. Leveraged and inverse commodity ETFs seek magnified or inverse daily exposure.

Investors can gain exposure to precious metals by

  • Buying physical metals
  • Trading futures
  • Investing in mining companies
  • Using precious metals ETFs

ETFs can provide convenient access through a brokerage account without requiring investors to store physical bullion or trade futures directly.

For investors seeking magnified exposure, ProShares offers ETFs targeting 2x the daily returns of gold (UGL), silver (AGQ), platinum (UPLT) and palladium (UPAL).

Investors can gain exposure to commodities without receiving a Schedule K-1 by investing in certain commodity ETFs that provide tax reporting on Form 1099 instead.

For investors seeking a convenient way to access commodities without the added complexity of a Schedule K-1 form, ProShares offers K-1 free ETFs.

Leveraged and inverse ETFs help investors express bullish or bearish views on gold, silver, oil, natural gas and other commodities. Leveraged commodity ETFs seek to magnify daily gains when their benchmark rises, while inverse commodity ETFs seek to benefit from daily declines in a benchmark.

ProShares offers 2x and -2x daily exposure to each of these commodity markets: gold through UGL and GLL, silver through AGQ and ZSL, oil through UCO and SCO, and natural gas through BOIL and KOLD.

Commodity ETFs can provide exposure to crude oil or natural gas without requiring investors to trade futures contracts themselves. Futures-based ETFs package that exposure in an ETF that can be bought and sold through a brokerage account.

For investors seeking magnified daily exposure, ProShares' UCO targets 2x the daily returns of oil futures, while BOIL targets 2x the daily returns of natural gas futures. ProShares also offers inverse ETFs for investors with a bearish view on these markets.

  • Physical commodities involve owning the asset itself.
  • Futures are contracts whose value is tied to a commodity and expire at specified dates.
  • Commodity-related stocks provide ownership in companies whose businesses are connected to commodities, but their returns can also be affected by company-specific factors.
  • Commodity ETFs package commodity exposure into shares that can be bought and sold through a brokerage account. Depending on the fund, the ETF may hold a physical commodity or use futures, swaps or other financial instruments.

A commodity’s spot price is its current market price. Many commodity ETFs use futures contracts rather than owning the physical commodity, so their performance can differ from changes in the spot price.

A leveraged commodity ETF seeks a multiple of the daily performance of a commodity benchmark. A 2x ETF, for example, targets approximately twice its benchmark’s daily return, before fees and expenses.

ProShares offers 2x daily exposure to several commodities, including gold (UGL), silver (AGQ), crude oil (UCO), natural gas (BOIL), copper (UCOP), platinum (UPLT) and palladium (UPAL). These ETFs can provide magnified commodity exposure through a single trade, but investors should understand their daily objectives and risks.

For any leveraged or inverse commodity ETFs that are held for longer than one day, their returns may be higher or lower than the daily target. These differences may be significant.

Investors should periodically monitor leveraged and inverse ETF positions to ensure they remain consistent with their investment goals and risk tolerance.

Before investing in precious metals, oil or natural gas ETF, consider what commodity exposure it provides, how it obtains that exposure, its investment objective, risks and your intended holding period.

For investors seeking leveraged or inverse exposure to precious metals, copper, crude oil, or natural gas, ProShares offers 2x and –2x commodity ETFs.

The best gold ETF depends on your investment goals and the type of gold exposure you’re seeking. Investors should consider factors such as whether an ETF provides traditional, leveraged or inverse exposure, how it gains exposure to gold, its benchmark, risks and intended holding period.

Investors with a bullish view seeking magnified daily exposure to gold can consider ProShares Ultra Gold (UGL), which targets 2x the daily performance of its gold benchmark.

Investors with a bearish view can consider ProShares UltraShort Gold (GLL), which targets -2x daily performance.

The best silver ETF depends on your investment goals and the type of silver exposure you’re seeking. Investors should consider whether an ETF provides traditional, leveraged or inverse exposure, how it gains exposure to silver, its benchmark, risks and intended holding period.

Investors with a bullish view seeking magnified daily exposure to silver can consider ProShares Ultra Silver (AGQ) which targets 2x the daily performance of its silver benchmark.

Investors with a bearish view can consider ProShares UltraShort Silver (ZSL), which targets -2x daily performance.

The best oil ETF depends on your investment goals and the type of crude oil exposure you’re seeking. Investors should consider whether an ETF provides traditional, leveraged or inverse exposure, how it gains exposure to crude oil, its benchmark, risks and intended holding period.

Investors with a bullish view seeking magnified daily exposure to crude oil can consider ProShares Ultra Bloomberg Crude Oil (UCO), which targets 2x the daily performance of its crude oil benchmark.

Investors with a bearish view can consider ProShares UltraShort Bloomberg Crude Oil (SCO), which targets -2x daily performance.

ProShares specializes in leveraged and inverse ETFs and offers a broad range of ways to take targeted views on individual commodity markets. The lineup includes 2x and –2x daily exposure across precious metals, copper, oil and natural gas, as well as distinctive commodity strategies and select K-1-free funds. This allows investors to choose both the commodity exposure and direction that align with their market view.

1Source: Bloomberg, as of 7/31/2026.

†Diversification does not ensure a profit or guarantee against a loss.

*Schedule K-1 is the tax reporting form generally issued by partnerships; the form may present additional complexities versus the tax reporting 1099 Form issued by an ETF registered under the Investment Company Act of 1940. 

These ProShares ETFs each seek daily investment results that correspond, before fees and expenses, to a multiple of (e.g. 2x or -2x) the daily performance of its underlying benchmark (the “Daily Target”). While the Funds have a daily investment objective, you may hold a Fund’s shares for longer than one day if you believe it is consistent with your goals and risk tolerance. For any holding period other than a day, your return may be higher or lower than the Daily Target. These differences may be significant. Smaller index gains/losses and higher index volatility contribute to returns worse than the Daily Target. Larger index gains/losses and lower index volatility contribute to returns better than the Daily Target. The more extreme these factors are, the more they occur together, and the longer your holding period while these factors apply, the more your return will tend to deviate. Investors should consider periodically monitoring their geared fund investments in light of their goals and risk tolerance. 

Investing involves risk, including the possible loss of principal. Leveraged ProShares ETFs are non-diversified and entail certain risks, including risks associated with the use of derivatives (swap agreements, futures contracts and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which may increase volatility and decrease performance. Each ETF’s performance is closely tied to its underlying commodity (i.e., gold, palladium, crude oil, natural gas) which can be highly volatile due to changes in supply and demand, production costs, investor sentiment, geopolitical events, and currency fluctuations. The use of derivative instruments subjects each Fund to counterparty and credit risk, which could result in significant losses. In addition, conditions in the commodity futures markets, such as those that create costs when rolling futures contracts or broader market disruptions, may negatively impact returns. Under extreme market conditions, pricing anomalies could occur and lead to substantial losses. Each ETF invests in financial instruments that provide exposure to its underlying commodity, but each ETF does not invest directly in commodities. Please see the summary and full prospectuses for a more complete description of risks. There is no guarantee any ProShares ETF will achieve Its Investment objective.  

These ETFs may not be suitable for all investors. Shares of any ETF are generally bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns.  

"Bloomberg®", "Bloomberg Silver SubindexSM", "Bloomberg Gold SubindexSM", "Bloomberg Natural Gas SubindexSM", and "Bloomberg Commodity Balanced WTI Crude Oil Index" are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and have been licensed for use for certain purposes by ProShares. Neither Bloomberg nor UBS Securities LLC and its affiliates (collectively, "UBS") are affiliated with ProShares. ProShares have not been passed on by Bloomberg or UBS as to their legality or suitability. ProShares based on the Bloomberg WTI Crude Oil Subindex are not sponsored, endorsed, sold or promoted by Bloomberg or UBS, and they make no representation regarding the advisability of investing in ProShares. BLOOMBERG AND UBS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES. Neither Bloomberg nor UBS guarantees the timeliness, accurateness, or completeness of any data or information relating to Bloomberg WTI Crude Oil Subindex.

Carefully consider the Investment objectives, risks, charges and expenses of ProShares before Investing. This material must be preceded or accompanied by the current fund prospectus. Read it carefully before Investing. 

ProShares are distributed by SEI Investments Distribution Co., which is not affiliated with the funds’ advisor or sponsor.

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