EPV -2x ProShares UltraShort FTSE Europe

BEAR ETF standard · Issuer ProShares · Tracks Europe (IEV) · Listed 2009-06-16

Quote & options All leveraged ETFs
Implied AUM
$10.8M
shares out × price
Last close
$19.44
20261001
30-day avg volume
16,221
options listed →
EPV realized
—
what holders actually earned
Theoretical -2x
—
-2x × Europe's return
Decay gap
—
realized minus theoretical

Realized vs theoretical -2x Europe

Cumulative return of EPV against a clean -2x of Europe's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: UPV (+2x bull, ProShares Ultra FTSE Europe)
Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on Europe

2
SymbolFactorDirectionIssuerNameImplied AUM30d volumeOptions
EURL +3x BULLDirexionDirexion Daily FTSE Europe Bull 3x ETF $38.3M 17,255 ✓
UPV +2x BULLProSharesProShares Ultra FTSE Europe $11.3M 547 ✓

How EPV works

EPV targets -2x the daily return of Europe — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -2x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -2x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.