# EWV (ProShares UltraShort MSCI Japan)

ProShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: EWV returned −10.1% where its own daily promise gave −11.7%, 1.6 points over.

## Key facts

- EWV, what EWJ did: +4.7%, as of Sep 30, 2026.
- EWV, what −2 times a day gives: −11.7%, as of Sep 30, 2026.
- EWV, what the fund returned: −10.1%, as of Sep 30, 2026.
- EWV, the fund itself added: +1.6 pts, as of Sep 30, 2026.
- EWV, net assets: $4m (issuer page, as of Sep 30, 2026).
- EWV, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## EWV over each window to Sep 30, 2026

| Window | Fund | EWJ | -2x the move | Difference | EWJ moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −3.2% | +1.6% | −3.3% | +0.1 pts | 18% |
| 3 months | −10.1% | +4.7% | −9.5% | −0.7 pts | 21% |
| 6 months | −23.9% | +13.3% | −26.6% | +2.7 pts | 21% |
| 1 year | −40.3% | +26.8% | −53.6% | +13.3 pts | 21% |
| 3 years | −68.9% | +76.4% | −152.9% | +84.0 pts | 20% |
| Since launch | −97.6% | +228.9% | 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 | EWJ moved +4.7% over this window, too little to read a multiple from | ETFIQ |
| Underlying | EWJ | ETFIQ |
| Segment | sector or country, country | ETFIQ |
| Net assets | $4m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 25, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 21% annualized | ETFIQ |

## Questions

### Did EWV return -2 times EWJ?

Over the window to Sep 30, 2026, EWJ moved +4.7% and EWV returned −10.1%. −2 times that move is −9.5%, so the fund came out 0.7 points short 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 30, 2026. https://etfiq.com/funds/ewv
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/ewv  ·  JSON: https://etfiq.com/funds/ewv.json