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Launched · SEC filings

ProShares UltraShort FTSE Europe

EPVNYSE ArcaProSharesCThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$18.39−0.25 (−1.34%)

At close: Nov 2, 2026, 4:00 PM ET

C44/ 100

Rank 27 of 54 in Leveraged Inverse (2x & Other)

C44/100Rank 27 of 54inLeveraged Inverse (2x & Other)
Intraday session: down, 79 prints from 18.64 to 18.39. Range 18.18 to 18.53. Use the arrow keys to read each point.18.2018.3018.5010 AM12 PM2 PM4 PM
Expense ratio
0.95%*
Fund size
$11M
1Y total return
−20.3%
Yield · Last 12 months
4.38%
Holdings
2
Avg volume · 30D
16K sh
52W range
low $16.55high $25.88
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Sep 30, 2027. Without it: 1.47%.

The ETF.net EPV Grade

Based on 5 of 6 pillars

C

Score 44 out of 100

Category
Leveraged Inverse (2x & Other)⁠
Rank
27 of 54
Six-pillar profile for EPV. Scores out of 100: Cost 50, Risk 41, Mission not scored, Tradability 36, Holdings 55, Durability 54. Strongest: Holdings (55). Weakest: Tradability (36). Based on 5 of 6 pillars.

Score 44 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C50 out of 100
    Rank 1 of 54

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C41 out of 100
    Rank 33 of 53

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D36 out of 100
    Rank 37 of 54

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B55 out of 100
    Rank 7 of 16

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C54 out of 100
    Rank 19 of 54

Our read on EPV

ETF.net Research

In short

CThe only US ETF built to target -2x the daily move of developed Europe stocks. Pan-European short exposure from a single ticker, no margin account or borrowed shares, running since 2009.

Stated mandate

EPV seeks daily investment results, before fees and expenses, equal to two times the inverse of the daily performance of the FTSE Developed Europe All Cap Index.

Why people hold it

  • ProShares bills it as the only -2x ETF designed to profit when the FTSE Developed Europe All Cap Index falls on the day. Continent-wide short exposure, one ticker, no margin account.proshares.com
  • 0.95% net of a waiver through September 30, 2027 (1.47% gross), near the category median and matching stablemates DOG and PSQ at 0.95% net, also waived to that date.
  • Listed in 2009, long-lived for a tactical product, and it sits in the upper half of its leveraged-bear peer group on our review.
  • The benchmark is all-cap developed Europe, so the short is on the broad market rather than a handful of mega-cap names.proshares.com

Worth knowing

  • The -2x target is for a single day. The portfolio rebalances daily, and over longer holds compounding can push returns well away from twice the index move, in either direction.proshares.com
  • Europe closes before the US does. Because the index is not struck at the US close, ProShares measures the fund's daily correlation against US-listed European equity ETFs instead.proshares.com
  • A small, thinly traded fund, so the bid-ask spread can be a meaningful part of the cost of a round trip. Distributions come quarterly.

EPV Performance

Launched Jun 16, 2009

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

EPV$7,973
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. EPV $7,973. SPY $11,199. Use the arrow keys to read each point.$8,000$10,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for EPV. Periods over one year show the average yearly return.
PeriodEPV
Year to date−12.4%
1 month−0.7%
3 months+8.1%
1 year−20.3%
3 yearsper year−28.4%
5 yearsper year−17.4%
10 yearsper year−22.2%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for EPV
YearReturn barEPV
2026 YTD−12.4%
2025−45.2%
2024+2.0%
2023−30.8%
2022+15.5%
2021−31.6%
2020−37.3%

EPV in the news

EPV Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
4.38%Last 12 months
Payout per share
$0.82Last 12 months
Last payment
$0.23 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2018–2026

One bar per payment. 23 payments from 2018 to 2026 YTD. Dec 26, 2018 $0.39; Mar 20, 2019 $0.32; Jun 25, 2019 $0.46; Sep 25, 2019 $0.35; Dec 24, 2019 $0.29; Mar 25, 2020 $0.0031; Dec 23, 2021 $0.0031; Dec 22, 2022 $0.21; Mar 22, 2023 $0.21; Jun 21, 2023 $0.31; Sep 20, 2023 $0.34; Dec 20, 2023 $0.50; Mar 20, 2024 $0.35; Jun 26, 2024 $0.52; Sep 25, 2024 $0.68; Dec 23, 2024 $0.46; Mar 26, 2025 $0.22; Jun 25, 2025 $0.24; Sep 24, 2025 $0.27; Dec 24, 2025 $0.31; Mar 25, 2026 $0.09; Jun 24, 2026 $0.18; Sep 23, 2026 $0.23. Use the arrow keys to read each point.201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 23, 2026Sep 29, 2026$0.23
Jun 24, 2026Jun 30, 2026$0.18
Mar 25, 2026Mar 31, 2026$0.09
Dec 24, 2025Dec 31, 2025$0.31
Sep 24, 2025Sep 30, 2025$0.27
Jun 25, 2025Jul 1, 2025$0.24
Mar 26, 2025Apr 1, 2025$0.22
Dec 23, 2024Dec 31, 2024$0.46
Sep 25, 2024Oct 2, 2024$0.68
Jun 26, 2024Jul 3, 2024$0.52
Mar 20, 2024Mar 27, 2024$0.35
Dec 20, 2023Dec 28, 2023$0.50

See all 23 payments⁠

$10,000 in EPV 10 years ago paid $246 in dividends.⁠

EPV Risk

Risk pillarC41 out of 100Rank 33 of 53 in Leveraged Inverse (2x & Other)

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
25.4%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−1.34
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−81.2%
Trough Aug 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−1.25
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

EPV Cost

Compare EPV and QQQD

Overpaying vs QQQD, cheapest in Leveraged Inverse (2x & Other)

$7,890

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • EPV 0.95%

    $17,869

  • QQQD 0.50% Cheapest

    $9,979

$10,000
30 years

Cost over time

  • EPV 0.95%
  • QQQD 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530EPV $17,869QQQD $9,979

Year by year

YearEPVQQQDOverpaying
10$1,678$900$778
20$6,322$3,460$2,862
30$17,869$9,979$7,890
How the 0.95% is worked out

Full fee 1.47%− waiver 0.52%= you pay 0.95%

The waiver ends Sep 30, 2027. After that the fee is 1.47% unless ProShares renews it. Source: prospectus, Sep 2026.

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