ProShares UltraShort MSCI Japan
DThis 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.
$15.90−0.03 (−0.18%)
- 2.51%
- $4M
- −42.8%
- 5.13%
- 0M sh
- $15.93
- low $15.10high $28.65
The ETF.net EWV Grade
D
Score 32 out of 100
- 39 of 54
Score 32 of 100 falls in the D 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
- 33
- This cap took
- −0
- Published Score
- 32
Cost
The fund’s net expense ratio, ranked against its category.D28 out of 100Rank 39 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.D30 out of 100Rank 42 of 53Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C40 out of 100Rank 33 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.C44 out of 100Rank 32 of 54
Our read on EWV
DShorting Tokyo, doubled. EWV targets two times the inverse of the MSCI Japan Index's daily move, resetting every day, and it has been doing that job since 2007.
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
- One ticket for a -2x Japan equity view: no margin account, no futures to roll. The stated objective is twice the inverse of the MSCI Japan Index, daily.proshares.com
- Live since 2007, a long run for a niche inverse fund, with the index, multiple and daily reset spelled out in ProShares' own materials.proshares.com
- Exposure is bounded by the shares you own, unlike an outright short sale, and the -2x objective is reset to target each day.
Worth knowing
- The fee is 2.51% a year, roughly double the typical leveraged or inverse fund, so time in the position costs real money.
- Daily reset: hold past a day and compounding takes over, so multi-day results can diverge widely from -2x the index's move over the same stretch.
- Small and lightly traded next to ProShares' headline inverse products like PSQ, so spreads and order size deserve attention.
EWV Holdings
- Stocks
- 1
- 100%
- Net Other Assets (Liabilities)
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$5,720
Returns run to the Oct 12, 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 | −35.2% |
| 1 month | +2.7% |
| 3 months | −6.5% |
| 1 year | −42.8% |
| 3 years | −32.2% |
| 5 years | −19.5% |
| 10 years | −19.9% |
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 | −35.2% | |
| 2025 | −37.7% | |
| 2024 | −11.0% | |
| 2023 | −28.4% | |
| 2022 | +34.3% | |
| 2021 | −10.2% | |
| 2020 | −38.6% |
EWV in the news
EWV Dividends
- 5.13%
- $0.82
- $0.22 per share
- Quarterly
Distribution history
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.
- 24.4%
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.
- −1.64
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.
EWV Cost
2.51%
EWV2.51%
- The middle half of Leveraged Inverse (2x & Other) funds
- Median 1.44%
37 of the 53 Leveraged Inverse (2x & Other) funds charge less.
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