Hi,
I'm totally new to trading concepts and need to learn basics, sorry if the question is premature.
I'm looking at an ETF UCO with LX2
There are some points that I do not understand and after reading some threads and sites I got even more confused

http://www.proshares.com/funds/uco.html

"This Ultra ProShares ETF seeks a return that is 2x the return of an index or other benchmark (target) for a single day, as measured from one NAV calculation to the next. Due to the compounding of daily returns, ProShares' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced in funds with larger or inverse multiples and in funds with volatile benchmarks. Investors should monitor their holdings consistent with their strategies, as frequently as daily. "

at the website it says "Expense Ratio*" is 0.95%, what does it realy mean?
I read that these ETFs are good for single day trading what does it really mean what happen if I keep this long term for let say 6 month for example.

This the scenario: Let say I bought 1000 unit of UCO on 12/1/2014 when it was 10$ each equal to 10,000$ total (Traditional cash buying so no Margin involved),
today (2/12/2015) price was 8.80$ each let say I sell it today, then how mush is my total loss? (brokerage commission is 7$)
now let say instead of sell it I keep it for 6 moths and sell it on 5/1/2015 when price is 11$ each equal 11,000$ then what would be the case?

another question the brokerage said that UCO is Subject to Higher Maintenance 22%, what does it really mean? what will be the cost for this trade based on above scenario
Thanks,
Fred