{"url":"https://etfiq.com/compare/leverage/eurl-vs-upv","section":"compare","title":"EURL vs UPV: which held to its multiple? | ETFIQ","description":"EURL sets out to return +3 times VGK each day and UPV +2 times. Over the three months to Sep 30, 2026 they finished \u22123.7 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, EURL or UPV?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, EURL finished 3.7 points from what its multiple implies and UPV finished 1.8 points from its own, so UPV came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are EURL and UPV levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on Vanguard FTSEEuropean ETF, EURL at +3 times and UPV at +2 times the daily move."}},{"@type":"Question","name":"Which one decays faster, EURL or UPV?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window EURL\u2019s moved at 12% annualized and UPV\u2019s at 12%, so EURL has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold EURL 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, EURL or UPV?","acceptedAnswer":{"@type":"Answer","text":"EURL charges 1.04% a year and UPV charges 0.95%, so UPV 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":"EURL vs UPV","item":"https://etfiq.com/compare/leverage/eurl-vs-upv"}]},{"@type":"WebPage","name":"EURL vs UPV: which held to its multiple?","description":"EURL sets out to return +3 times VGK each day and UPV +2 times. Over the three months to Sep 30, 2026 they finished \u22123.7 pts and \u22121.8 pts away.","url":"https://etfiq.com/compare/leverage/eurl-vs-upv","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, EURL finished 2.6 points short 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 EURL and UPV","description":"EURL sets out to return +3 times VGK each day and UPV +2 times. Over the three months to Sep 30, 2026 they finished \u22123.7 pts and \u22121.8 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/eurl-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":6858,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / EURL vs UPV \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n EURL vs UPV: which held to its multiple?\n\n Over three months against its own daily promise, EURL finished 2.6 points short and UPV 1.5 points short.\n Copy this for sharing \n \n Direxion Daily FTSE Europe Bull 3X ETF and ProShares Ultra FTSE Europe.\n\n Download as PDF \n\n \u22126.3% EURL returned, 3 months \n \u22123.5% UPV returned, 3 months \n \u22123.7 pts EURL 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 u","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/eurl-vs-upv","a":{"ticker":"EURL","name":"Direxion Daily FTSE Europe Bull 3X ETF","issuer":"Direxion","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: EURL returned \u22126.3% where its own daily promise gave \u22123.6%, 2.6 points short.","url":"https://etfiq.com/funds/eurl","key_facts":[{"label":"What VGK did","value":"\u22120.9%","as_of":"2026-09-30","source":null},{"label":"What 3 times a day gives","value":"\u22123.6%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u22126.3%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22122.6 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$40m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"1.04%","as_of":"2026-09-30","source":"485BPOS XBRL, Feb 26, 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/eurl-vs-upv"}