ProShares UltraShort MSCI Japan
CThis 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.
The ETF.net EWV Grade
C
Score 40 out of 100
- 32 of 54
Score 40 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.
Very small fund, grade capped at C.
The cap holds the Score at 40 or below, so B and A are out of reach.
- The pillars earned
- 43
- This cap took
- −3
- Published Score
- 40
Cost
The fund’s net expense ratio, ranked against its category.C50 out of 100Rank 1 of 54Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D36 out of 100Rank 39 of 53Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D34 out of 100Rank 39 of 54Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C49 out of 100Rank 27 of 54
Our read on EWV
In short
CA -2x daily bet against the MSCI Japan Index, running since 2007. ProShares calls it the only -2x fund on that bench. Fee: 0.95% net of a waiver through September 30, 2027.
Stated mandate
The fund seeks daily investment results, before fees and expenses, equal to two times the inverse (-2x) of the daily performance of the MSCI Japan Index.
Why people hold it
Worth knowing
EWV Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
EWV$7,142
Returns run to the Nov 2, 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.
| Period | EWV |
|---|---|
| Year to date | −28.7% |
| 1 month | +13.8% |
| 3 months | −0.2% |
| 1 year | −28.6% |
| 3 years | −29.5% |
| 5 years | −17.1% |
| 10 years | −18.9% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | EWV |
|---|---|---|
| 2026 YTD | −28.7% | |
| 2025 | −37.7% | |
| 2024 | −11.0% | |
| 2023 | −28.4% | |
| 2022 | +34.3% |
EWV in the news
EWV Dividends
- 4.66%
- $0.82
- $0.22 per share
- Quarterly
EWV Risk
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.
- 25.2%
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.
- −1.51
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.
- −80.8%
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.
- −1.22
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.
EWV Cost
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.
EWV 0.95%
$17,869
QQQD 0.50% Cheapest
$9,979
Cost over time
Year by year
| Year | EWV | QQQD | Overpaying |
|---|---|---|---|
| 10 | $1,678 | $900 | $778 |
| 20 | $6,322 | $3,460 | $2,862 |
| 30 | $17,869 | $9,979 | $7,890 |
You pay 0.95%Waived by ProShares 1.33%
Full fee 2.28% waiver 1.33% you pay 0.95%
Other funds in Leveraged Inverse (2x & Other)
- CEFUProShares UltraShort MSCI EAFEExpense ratio 0.95%1 year return −21.4%
- CEMTYProShares Decline of the Retail Store ETFExpense ratio 0.65%1 year return −6.7%
- CMYYProShares Short MidCap400Expense ratio 0.95%1 year return −9.7%
- CMZZProShares UltraShort MidCap400Expense ratio 0.95%1 year return −21.6%
- CQQDNProShares UltraShort QQQ MegaExpense ratio 0.95%1 year return −4.1%
