{
 "ticker": "EWV",
 "name": "ProShares UltraShort MSCI Japan",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/EWV",
 "html": "https://etfiq.com/funds/EWV",
 "markdown": "https://etfiq.com/funds/EWV.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: EWV returned \u221213.7% where its own daily promise gave \u221215.5%, 1.8 points over.",
 "key_facts": [
  {
   "key": "what_ewj_did",
   "label": "What EWJ did",
   "value": "+6.9%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "EWV, what EWJ did: +6.9%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u221215.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "EWV, what \u22122 times a day gives: \u221215.5%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221213.7%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "EWV, what the fund returned: \u221213.7%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.8 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "EWV, the fund itself added: +1.8 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$4m",
   "source": "issuer page, as of Sep 11, 2026",
   "as_of": "2026-09-11",
   "sentence": "EWV, net assets: $4m (issuer page, as of Sep 11, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 23, 2025",
   "as_of": "2026-09-11",
   "sentence": "EWV, expense ratio: 0.95% (485BPOS XBRL, Sep 23, 2025)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of EWJ, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-2 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "EWJ",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, country",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$4m",
   "source": "issuer page, as of Sep 11, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 23, 2025"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "22% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22121.9%",
   "EWJ": "+0.8%",
   "-2x the move": "\u22121.6%",
   "Difference": "\u22120.3 pts",
   "EWJ moved about": "16%"
  },
  {
   "window": "3 months",
   "Fund": "\u221213.7%",
   "EWJ": "+6.9%",
   "-2x the move": "\u221213.8%",
   "Difference": "0.0 pts",
   "EWJ moved about": "22%"
  },
  {
   "window": "6 months",
   "Fund": "\u221232.6%",
   "EWJ": "+18.9%",
   "-2x the move": "\u221237.7%",
   "Difference": "+5.1 pts",
   "EWJ moved about": "23%"
  },
  {
   "window": "1 year",
   "Fund": "\u221239.9%",
   "EWJ": "+26.5%",
   "-2x the move": "\u221252.9%",
   "Difference": "+13.0 pts",
   "EWJ moved about": "21%"
  },
  {
   "window": "3 years",
   "Fund": "\u221267.5%",
   "EWJ": "+72.7%",
   "-2x the move": "\u2212145.3%",
   "Difference": "+77.8 pts",
   "EWJ moved about": "20%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221297.6%",
   "EWJ": "+232.7%",
   "-2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "EWJ moved about": "18%"
  }
 ],
 "questions": [
  {
   "q": "Did EWV return -2 times EWJ?",
   "a": "Over the window to Sep 11, 2026, EWJ moved +6.9% and EWV returned \u221213.7%. 2 times that move is \u221213.8%, so the fund came out 0.0 points ahead of it."
  },
  {
   "q": "Why does EWV not return -2 times over a year?",
   "a": "Because it resets daily. EWV aims at -2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}