{"url":"https://etfiq.com/compare/leverage/epv-vs-upv","section":"compare","title":"EPV vs UPV: which held to its multiple? | ETFIQ","description":"EPV sets out to return -2 times VGK each day and UPV +2 times. Over the three months to Sep 30, 2026 they finished +0.7 pts and \u22121.8 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, EPV or UPV?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, EPV finished 0.7 points from what its multiple implies and UPV finished 1.8 points from its own, so EPV came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are EPV and UPV levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on Vanguard FTSEEuropean ETF, EPV at -2 times and UPV at +2 times the daily move."}},{"@type":"Question","name":"Which one decays faster, EPV or UPV?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window EPV\u2019s moved at 12% annualized and UPV\u2019s at 12%, so EPV has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold EPV or UPV for a year?","acceptedAnswer":{"@type":"Answer","text":"Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year\u2019s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way."}},{"@type":"Question","name":"Which is cheaper, EPV or UPV?","acceptedAnswer":{"@type":"Answer","text":"EPV charges 0.95% a year and UPV charges 0.95%, so EPV is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Leveraged ETFs","item":"https://etfiq.com/leverage/"},{"@type":"ListItem","position":3,"name":"EPV vs UPV","item":"https://etfiq.com/compare/leverage/epv-vs-upv"}]},{"@type":"WebPage","name":"EPV vs UPV: which held to its multiple?","description":"EPV sets out to return -2 times VGK each day and UPV +2 times. Over the three months to Sep 30, 2026 they finished +0.7 pts and \u22121.8 pts away.","url":"https://etfiq.com/compare/leverage/epv-vs-upv","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, EPV finished 1.8 points over and UPV 1.5 points short.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of EPV and UPV","description":"EPV sets out to return -2 times VGK each day and UPV +2 times. Over the three months to Sep 30, 2026 they finished +0.7 pts and \u22121.8 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/epv-vs-upv","license":"https://etfiq.com/standards/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/leverage.json"}],"variableMeasured":["Stated multiple","Underlying return","What the stated multiple implies","Fund total return","Difference against the label","Volatility of the underlying","Expense ratio"],"keywords":["exchange-traded funds","ETF","Leveraged ETFs","fund data","SEC filings"]}],"characters":7022,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / EPV vs UPV \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n EPV vs UPV: which held to its multiple?\n\n Over three months against its own daily promise, EPV finished 1.8 points over and UPV 1.5 points short.\n Copy this for sharing \n \n ProShares UltraShort FTSE Europe and ProShares Ultra FTSE Europe.\n\n Download as PDF \n\n +2.4% EPV returned, 3 months \n \u22123.5% UPV returned, 3 months \n +0.7 pts EPV from its stated multiple \n \u22121.8 pts UPV from its stated multiple \n\n ETFIQ Decay Resistance Score: UPV scores higher\n Did it keep up with its o","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Sep 30, 2026. https://etfiq.com/compare/leverage/epv-vs-upv","a":{"ticker":"EPV","name":"ProShares UltraShort FTSE Europe","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: EPV returned +2.4% where its own daily promise gave +0.6%, 1.8 points over.","url":"https://etfiq.com/funds/epv","key_facts":[{"label":"What VGK did","value":"\u22120.9%","as_of":"2026-09-30","source":null},{"label":"What \u22122 times a day gives","value":"+0.6%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+2.4%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+1.8 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$10m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.95%","as_of":"2026-09-30","source":"485BPOS XBRL, Sep 25, 2026"}]},"b":{"ticker":"UPV","name":"ProShares Ultra FTSE Europe","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: UPV returned \u22123.5% where its own daily promise gave \u22122.1%, 1.5 points short.","url":"https://etfiq.com/funds/upv","key_facts":[{"label":"What VGK did","value":"\u22120.9%","as_of":"2026-09-30","source":null},{"label":"What 2 times a day gives","value":"\u22122.1%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u22123.5%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22121.5 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$12m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.95%","as_of":"2026-09-30","source":"485BPOS XBRL, Sep 25, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/leverage/epv-vs-upv"}