EUO -2x ProShares UltraShort Euro

BEAR ETV standard · Issuer ProShares · Tracks underlying · Listed 2008-11-24

Quote & options All leveraged ETFs

Implied AUM

$35.3M

shares out × price

Last close

$32.13

20261001

30-day avg volume

14,557

options listed →

EUO realized

—

what holders actually earned

Theoretical -2x

—

-2x × underlying's return

Decay gap

—

realized minus theoretical

Realized vs theoretical -2x underlying

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

How EUO works

EUO targets -2x the daily return of underlying — 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.