{
 "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": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: EWV returned \u221210.1% where its own daily promise gave \u221211.7%, 1.6 points over.",
 "key_facts": [
  {
   "key": "what_ewj_did",
   "label": "What EWJ did",
   "value": "+4.7%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "EWV, what EWJ did: +4.7%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u221211.7%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "EWV, what \u22122 times a day gives: \u221211.7%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221210.1%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "EWV, what the fund returned: \u221210.1%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.6 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "EWV, the fund itself added: +1.6 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$4m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "EWV, net assets: $4m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 25, 2026",
   "as_of": "2026-09-30",
   "sentence": "EWV, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026)."
  }
 ],
 "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": "EWJ moved +4.7% over this window, too little to read a multiple from",
   "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 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 25, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "21% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22123.2%",
   "EWJ": "+1.6%",
   "-2x the move": "\u22123.3%",
   "Difference": "+0.1 pts",
   "EWJ moved about": "18%"
  },
  {
   "window": "3 months",
   "Fund": "\u221210.1%",
   "EWJ": "+4.7%",
   "-2x the move": "\u22129.5%",
   "Difference": "\u22120.7 pts",
   "EWJ moved about": "21%"
  },
  {
   "window": "6 months",
   "Fund": "\u221223.9%",
   "EWJ": "+13.3%",
   "-2x the move": "\u221226.6%",
   "Difference": "+2.7 pts",
   "EWJ moved about": "21%"
  },
  {
   "window": "1 year",
   "Fund": "\u221240.3%",
   "EWJ": "+26.8%",
   "-2x the move": "\u221253.6%",
   "Difference": "+13.3 pts",
   "EWJ moved about": "21%"
  },
  {
   "window": "3 years",
   "Fund": "\u221268.9%",
   "EWJ": "+76.4%",
   "-2x the move": "\u2212152.9%",
   "Difference": "+84.0 pts",
   "EWJ moved about": "20%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221297.6%",
   "EWJ": "+228.9%",
   "-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 30, 2026, EWJ moved +4.7% and EWV returned \u221210.1%. \u22122 times that move is \u22129.5%, so the fund came out 0.7 points short 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": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}