# UPV (ProShares Ultra FTSE Europe)

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

Three months to Sep 11, 2026: UPV returned +1.7% where its own daily promise gave +3.3%, 1.6 points short.

## Key facts

- UPV, what VGK did: +1.8%, as of Sep 11, 2026.
- UPV, what +2 times a day gives: +3.3%, as of Sep 11, 2026.
- UPV, what the fund returned: +1.7%, as of Sep 11, 2026.
- UPV, the fund itself cost: −1.6 pts, as of Sep 11, 2026.
- UPV, net assets: $13m (issuer page, as of Sep 11, 2026).
- UPV, expense ratio: 0.95% (485BPOS XBRL, Sep 23, 2025).

## UPV over each window to Sep 11, 2026

| Window | Fund | VGK | +2x the move | Difference | VGK moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −5.3% | −2.4% | −4.8% | −0.5 pts | 9% |
| 3 months | +1.7% | +1.8% | +3.6% | −1.9 pts | 12% |
| 6 months | +18.9% | +11.6% | +23.2% | −4.3 pts | 18% |
| 1 year | +24.9% | +16.5% | +33.1% | −8.2 pts | 16% |
| 3 years | +109.7% | +65.5% | +131.0% | −21.3 pts | 16% |
| Since launch | +387.7% | +288.7% | not meaningful over this window | not meaningful over this window | 20% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of VGK, reset daily | ETFIQ |
| Multiple a holder actually got over the window | VGK moved +1.8% over this window, too little to read a multiple from | ETFIQ |
| Underlying | VGK | ETFIQ |
| Segment | sector or country, country | ETFIQ |
| Net assets | $13m | issuer page, as of Sep 11, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 23, 2025 |
| Launched | May 7, 2010 | ETFIQ |
| Underlying volatility over the window | 12% annualized | ETFIQ |

## Questions

### Did UPV return +2 times VGK?

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.

### Why does UPV not return +2 times over a year?

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.

### Which +2x VGK ETF tracked its stated multiple most closely?

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.


## Cite this page

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

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