# UPV (ProShares Ultra FTSE Europe)

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

Three months to Sep 30, 2026: UPV returned −3.5% where its own daily promise gave −2.1%, 1.5 points short.

## Key facts

- UPV, what VGK did: −0.9%, as of Sep 30, 2026.
- UPV, what 2 times a day gives: −2.1%, as of Sep 30, 2026.
- UPV, what the fund returned: −3.5%, as of Sep 30, 2026.
- UPV, the fund itself cost: −1.5 pts, as of Sep 30, 2026.
- UPV, net assets: $12m (issuer page, as of Sep 30, 2026).
- UPV, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## UPV over each window to Sep 30, 2026

| Window | Fund | VGK | +2x the move | Difference | VGK moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −10.5% | −5.1% | −10.1% | −0.4 pts | 12% |
| 3 months | −3.5% | −0.9% | −1.7% | −1.8 pts | 12% |
| 6 months | +6.7% | +5.5% | +11.0% | −4.2 pts | 16% |
| 1 year | +15.4% | +12.1% | +24.2% | −8.8 pts | 16% |
| 3 years | +107.4% | +64.5% | +129.0% | −21.6 pts | 16% |
| Since launch | +354.2% | +275.7% | 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 −0.9% over this window, too little to read a multiple from | ETFIQ |
| Underlying | VGK | ETFIQ |
| Segment | sector or country, country | ETFIQ |
| Net assets | $12m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 25, 2026 |
| 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 30, 2026, VGK moved −0.9% and UPV returned −3.5%. 2 times that move is −1.7%, so the fund came out 1.8 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 figure itself.


## Cite this page

ETFIQ, UPV, data as of Sep 30, 2026. https://etfiq.com/funds/upv
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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