Skip to content
etf.net

EFO vs ULE

ProShares Ultra MSCI EAFE

EFOCNYSE Arca

ProShares Ultra Euro

ULECNYSE Arca

Overlap

39.8%by weight

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

EFO0.95%ULE0.95%

Avg volume · 30D

ULE 1.05×the volume

EFO4.29KULE4.5K

10Y return · a year

EFO +12.8pt

EFO+10.2%ULE−2.6%

EFO vs ULE Performance

Oct 29, 2021 – Oct 30, 2026

+41.5%EFO−14.9%ULE

Oct 29, 2021 to Oct 30, 2026. EFO +41.5%. ULE −14.9%. Use the arrow keys to read each point.−40%0%20%60%Oct 2021Apr 2024Oct 2026
Expense ratio
EFO 0.95%
ULE 0.95%
Fund size
EFO $25M
ULE $4M
1Y total return
EFO +17.8%, better
ULE −7.2%
Yield (12M)
EFO 1.60%
ULE No data
Holdings
EFO 2
ULE 1
Avg volume (30D)
EFO 4.29K sh
ULE 4.5K sh, better
NAV per share
EFO $70.29
ULE $11.81
52W range

ETF.net Grade

EFO: Cost 36, Risk 60, Mission not scored, Tradability 75, Holdings not scored, Durability 67. ULE: Cost 36, Risk 59, Mission not scored, Tradability 45, Holdings not scored, Durability 55.
Pillar letters and Scores for EFO, ULE, with each pillar’s weight
PillarEFOULE
Cost30% weightD36D36
Mission25% weightNot scoredNot scored
Risk15% weightB60HigherB59
Tradability15% weightA75HigherC45
Holdings10% weightNot scoredNot scored
Durability5% weightB67HigherB55

Rank among 2x/3x Long Developed International funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. EFO and ULE are both graded against the same 4 2x/3x Long Developed International funds, so their Grades compare head to head.

2x/3x Long Developed International⁠

Category · 4 funds
See all 4 ›

EFO ranks 1st and ULE 2nd of 4 funds in the 2x/3x Long Developed International Category.

  1. Rank 1CEFOProShares Ultra MSCI EAFEScore 53
  2. Rank 2CULEProShares Ultra EuroScore 40
  3. Rank 2CXEURCorgi Europe Equities 2x Daily ETFScore 40

Our read on each fund

ETF.net Research

EFOCProShares Ultra MSCI EAFE

ULECProShares Ultra Euro

In short

EFO The only ETF that targets 2x the daily move of the MSCI EAFE Index: one ticker for a magnified bet on developed markets outside the US and Canada. Running since 2009, with a daily reset that makes it a short-leash tool.

ULE A rare thing: a plain ETF ticker that aims to deliver twice the daily move of the euro against the dollar. Currency leverage without a futures account, running since 2008.

Stated mandate

EFO EFO seeks daily investment results, before fees and expenses, corresponding to two times the daily performance of the MSCI EAFE Index.

ULE The fund seeks daily results, before fees and expenses, equal to twice the daily performance of the euro relative to the U.S. dollar.

Why people hold it

  • EFO ProShares calls EFO the only ETF targeting 2x the daily return of the MSCI EAFE Index, which covers large and mid caps across 21 developed markets outside the US and Canada.proshares.commsci.com
  • 0.95% net of a waiver through September 30, 2027, versus 1.28% gross. Near the category median, and level with ProShares' Europe-only UPV (same 0.95% net, same waiver date).
  • Broad by peer standards: the other 2x choices here are narrower slices, Europe equities (UPV, XEUR), Taiwan (XTAI) or the euro itself (ULE).
  • Trading since 2009 under the same daily-reset mechanics, and one of the stronger implementations in a thin peer group.
  • ULE One of the few currency-leveraged ETFs out there: it targets 2x the euro's daily move versus the dollar, in a brokerage account, no margin or FX platform required.proshares.com
  • The mandate is narrow and legible. One exchange rate, one multiple, reset daily. No basket, no sector tilt, nothing to reverse-engineer from a holdings list.
  • A 0.95% expense ratio puts it in the same fee neighborhood as ProShares' flagship leveraged equity funds like UDOW (0.95%), despite being a far more specialized tool.
  • Launched in 2008, it has traded through the euro debt crisis, negative rates and the 2022 parity scare. Long tenure for a single-currency product.

Worth knowing

  • EFO The 2x target applies to one day. Hold longer and compounding takes over, so results over weeks or months can differ from 2x the index, especially in choppy markets.proshares.com
  • A small fund that trades lightly, so spreads and order size matter more here than with mainstream international funds.
  • If the waiver lapses after September 30, 2027, the fee reverts toward the 1.28% gross figure.
  • ULE The 2x target is a daily one. Hold longer and compounding takes over, so multi-day results can differ from twice the euro's move over that stretch, especially in choppy markets.
  • It is one of the smaller, more lightly traded funds in the leveraged lineup. Spreads can widen, and limit orders matter more here than in a household-name ETF.
  • Structured as a commodity pool, not a standard 1940 Act fund, so tax paperwork and disclosures follow different rules. It is a price bet, not an income stream.

Full EFO profile⁠

Full ULE profile⁠

EFO vs ULE Holdings

How EFO and ULE differ

Overlap by weight

39.8%

Shared holdings make up 100% of ULE and 39.8% of EFO.

Level by level

  • Asset classEquity, Alternatives0.0%
  • Holdings0 in both39.8%

Sector

No Sector split for ULE.

Country, concentration and asset class

Country by domicile

No country split for ULE.

Concentration

Weight in the 10 largest Holdings

  • EFO100.0%
  • ULE100.0%

Securities held

  • EFO1
  • ULE0

Asset class

EFO
Equity
ULE
Alternatives

Holdings

  • Only in EFO1
  • In both0
  • Only in ULE0

Only in EFO

1 security, 60.2% of EFO by weight

  • Proshares Genius Mny Mkt Etf60.19%

Only in ULE

0 securities, 0.0% of ULE by weight

Weight gaps

EFO and ULE share no securities.

All 8 EFO holdings⁠All 3 ULE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EFO vs ULE Cost

Same expense ratio

$17,869

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

  • EFO 0.95%

    $17,869

  • ULE 0.95%

    $17,869

$10,000
30 years

Cost over time

  • EFO 0.95%
  • ULE 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530EFO $17,869ULE $17,869

Year by year

YearEFOULE
10$1,678$1,678
20$6,322$6,322
30$17,869$17,869

Expense ratio

  • 0.95%EFO
  • 0.95%ULE

EFO vs ULE Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
EFO 1.60%
ULE No data
Payout (12M)
EFO $1.13
ULE None
Last payment
EFO $0.28
ULE No data
Ex-dividend
EFO Sep 23, 2026
ULE No data
Paid on
EFO Sep 29, 2026
ULE No data
Frequency
EFO Quarterly
ULE No data

Distribution history

Per share, 2017 to 2026, same scale for both

EFOQuarterly · 20 paymentsAll EFO payments⁠
One bar per payment. 20 payments from 2017 to 2026 YTD. Dec 26, 2018 $0.03; Mar 20, 2019 $0.03; Jun 25, 2019 $0.06; Sep 25, 2019 $0.05; Dec 24, 2019 $0.0074; Mar 22, 2023 $0.09; Jun 21, 2023 $0.26; Sep 20, 2023 $0.23; Dec 20, 2023 $0.25; Mar 20, 2024 $0.16; Jun 26, 2024 $0.23; Sep 25, 2024 $0.25; Dec 23, 2024 $0.28; Mar 26, 2025 $0.14; Jun 25, 2025 $0.22; Sep 24, 2025 $0.34; Dec 24, 2025 $0.37; Mar 25, 2026 $0.18; Jun 24, 2026 $0.29; Sep 23, 2026 $0.28. Use the arrow keys to read each point.$0$0.252017202020232026YTD
ULEAll ULE payments⁠

No distribution history available.

EFO vs ULE Risk

Fall from peak · 5 years

  • EFO
  • ULE
Oct 29, 2021 to Oct 30, 2026. Worst fall: EFO −53.3% · Sep 2022. Use the arrow keys to read each point.−50%−40%−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
EFO 23.8%ULE 14.1%, better
Return per unit of riskSharpe ratio, 3 years
EFO 1.05, betterULE −0.06
Worst fallMax drawdown, 5 years
EFO −53.3%ULE −34.4%, better
Market sensitivityBeta, 5 years
EFO 1.27ULE 0.33

Popular comparisons

  • EFOCvsXEURC

    ProShares Ultra MSCI EAFE · Corgi Europe Equities 2x Daily ETF

    Expense ratio
    0.95% · 0.45%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ULECvsXEURC

    ProShares Ultra Euro · Corgi Europe Equities 2x Daily ETF

    Expense ratio
    0.95% · 0.45%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • EFOCvsXTAIC

    ProShares Ultra MSCI EAFE · Corgi Taiwan 2x Daily ETF

    Expense ratio
    0.95% · 0.45%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ULECvsXTAIC

    ProShares Ultra Euro · Corgi Taiwan 2x Daily ETF

    Expense ratio
    0.95% · 0.45%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.