# EWV (ProShares UltraShort MSCI Japan)

ProShares · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: EWV returned −13.7% where its own daily promise gave −15.5%, 1.8 points over.

## Key facts

- EWV, what EWJ did: +6.9%, as of Sep 11, 2026.
- EWV, what −2 times a day gives: −15.5%, as of Sep 11, 2026.
- EWV, what the fund returned: −13.7%, as of Sep 11, 2026.
- EWV, the fund itself added: +1.8 pts, as of Sep 11, 2026.
- EWV, net assets: $4m (issuer page, as of Sep 11, 2026).
- EWV, expense ratio: 0.95% (485BPOS XBRL, Sep 23, 2025).

## EWV over each window to Sep 11, 2026

| Window | Fund | EWJ | -2x the move | Difference | EWJ moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −1.9% | +0.8% | −1.6% | −0.3 pts | 16% |
| 3 months | −13.7% | +6.9% | −13.8% | 0.0 pts | 22% |
| 6 months | −32.6% | +18.9% | −37.7% | +5.1 pts | 23% |
| 1 year | −39.9% | +26.5% | −52.9% | +13.0 pts | 21% |
| 3 years | −67.5% | +72.7% | −145.3% | +77.8 pts | 20% |
| Since launch | −97.6% | +232.7% | not meaningful over this window | not meaningful over this window | 18% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of EWJ, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -2 times, against -2 stated | ETFIQ |
| Underlying | EWJ | ETFIQ |
| Segment | sector or country, country | ETFIQ |
| Net assets | $4m | issuer page, as of Sep 11, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 23, 2025 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 22% annualized | ETFIQ |

## Questions

### Did EWV return -2 times EWJ?

Over the window to Sep 11, 2026, EWJ moved +6.9% and EWV returned −13.7%. 2 times that move is −13.8%, so the fund came out 0.0 points ahead of it.

### Why does EWV not return -2 times over a year?

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.


## Cite this page

ETFIQ, EWV, data as of Sep 11, 2026. https://etfiq.com/funds/EWV
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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