{
 "ticker": "UPV",
 "name": "ProShares Ultra FTSE Europe",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/UPV",
 "html": "https://etfiq.com/funds/UPV",
 "markdown": "https://etfiq.com/funds/UPV.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: UPV returned +1.7% where its own daily promise gave +3.3%, 1.6 points short.",
 "key_facts": [
  {
   "key": "what_vgk_did",
   "label": "What VGK did",
   "value": "+1.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "UPV, what VGK did: +1.8%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What +2 times a day gives",
   "value": "+3.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "UPV, what +2 times a day gives: +3.3%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+1.7%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "UPV, what the fund returned: +1.7%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22121.6 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "UPV, the fund itself cost: \u22121.6 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$13m",
   "source": "issuer page, as of Sep 11, 2026",
   "as_of": "2026-09-11",
   "sentence": "UPV, net assets: $13m (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": "UPV, 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 VGK, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "VGK moved +1.8% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "VGK",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, country",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$13m",
   "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": "May 7, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "12% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22125.3%",
   "VGK": "\u22122.4%",
   "+2x the move": "\u22124.8%",
   "Difference": "\u22120.5 pts",
   "VGK moved about": "9%"
  },
  {
   "window": "3 months",
   "Fund": "+1.7%",
   "VGK": "+1.8%",
   "+2x the move": "+3.6%",
   "Difference": "\u22121.9 pts",
   "VGK moved about": "12%"
  },
  {
   "window": "6 months",
   "Fund": "+18.9%",
   "VGK": "+11.6%",
   "+2x the move": "+23.2%",
   "Difference": "\u22124.3 pts",
   "VGK moved about": "18%"
  },
  {
   "window": "1 year",
   "Fund": "+24.9%",
   "VGK": "+16.5%",
   "+2x the move": "+33.1%",
   "Difference": "\u22128.2 pts",
   "VGK moved about": "16%"
  },
  {
   "window": "3 years",
   "Fund": "+109.7%",
   "VGK": "+65.5%",
   "+2x the move": "+131.0%",
   "Difference": "\u221221.3 pts",
   "VGK moved about": "16%"
  },
  {
   "window": "Since launch",
   "Fund": "+387.7%",
   "VGK": "+288.7%",
   "+2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "VGK moved about": "20%"
  }
 ],
 "questions": [
  {
   "q": "Did UPV return +2 times VGK?",
   "a": "Over the window to Sep 11, 2026, VGK moved +1.8% and UPV returned +1.7%. 2 times that move is +3.6%, so the fund came out 1.9 points short of it."
  },
  {
   "q": "Why does UPV not return +2 times over a year?",
   "a": "Because it resets daily. UPV 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."
  },
  {
   "q": "Which +2x VGK ETF tracked its stated multiple most closely?",
   "a": "2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}