ProShares changes benchmark for leveraged and inverse oil ETFs
ProShares is changing the benchmark indexes for the ProShares Ultra Bloomberg Crude Oil (UCO) and ProShares UltraShort Bloomberg Crude Oil (SCO) ETFs.
The new benchmark for these funds is the Bloomberg Commodity Balanced WTI Crude Oil Index (BCBCLI). Following this benchmark change, each Fund will seek exposure to the WTI crude oil futures contracts that are included in its new benchmark.
The Bloomberg Commodity Balanced WTI Crude Oil Index aims to track the performance of three separate contract schedules for WTI crude oil futures which are reset on a semi-annual basis. One third of the index follows a monthly roll schedule, the second third of the index follows a June annual roll schedule, while the remaining third follows a December annual roll schedule.