At a glance
EPV charges 0.95% a year. It has $9.6M in assets; it paid 4.32% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −17.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned −29.1% a year. At its worst it fell 10.0% in the 2020 crash (S&P 500: 33.7%) and 27.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 3 months after the lows.
The short version
ProShares UltraShort FTSE Europe (EPV) uses swap contracts to seek two times the opposite (-2x) of the daily return of the FTSE Developed Europe All Cap Index, making it a short-term tool for betting against or hedging European stocks. Its exposure resets daily, so results over longer periods can stray far from -2x. Over the 10 years through December 31, 2025, it lost an average of 21.79% a year, and it charges 0.95% annually.
Price history
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EPV -17.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EPV official prospectus, to Dec 31, 2025 | — | -45.13% | — | -21.19% | -21.79% | — |
| EPV price data to Oct 27, 2026 | -11.9% | -17.0% | -29.1% | -17.4% | -22.2% | -24.8% |
- Over the year to Oct 27, 2026, EPV returned -17.0%.
- Its 5-year annualized return was -17.4% and its 10-year -22.2%.
- In the 2020 COVID crash, while stocks fell, it gained 108.6%.
- Its worst full calendar year was 2025 (-45.3%); its best was 2018 (+32.2%).
- The deepest fall in its price history was 99.4% (Jul 8, 2009 to Aug 25, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -11.9% | — |
| 2025 | -45.3% | -45.13% |
| 2024 | +2.0% | +1.90% |
| 2023 | -30.9% | -30.92% |
| 2022 | +15.5% | +16.07% |
| 2021 | -31.6% | -32.17% |
| 2020 | -37.3% | -36.78% |
| 2019 | -36.1% | -36.34% |
| 2018 | +32.2% | +31.88% |
| 2017 | -39.8% | -39.42% |
| 2016 | -12.1% | -12.47% |
| 2015 | -7.8% | — |
| 2014 | +5.2% | — |
| 2013 | -42.2% | — |
| 2012 | -44.0% | — |
| 2011 | -18.5% | — |
| 2010 | -34.7% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 108.6% over that stretch · deepest drop along the way 10%, back to its old high 0 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 82.2% over that stretch · deepest drop along the way 27.1%, back to its old high 2.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5000 | |
| 2025 | $1.0400 | -48.3% |
| 2024 | $2.0100 | +48.9% |
| 2023 | $1.3500 | +575.0% |
| 2022 | $0.2000 | +1198.7% |
| 2021 | $0.0154 | -69.2% |
| 2020 | $0.0500 | -96.4% |
| 2019 | $1.4000 | +250.0% |
| 2018 | $0.4000 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (78.62% of net assets), with its inverse exposure coming from 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 3.55% | |
| Repurchase Agreement RA | 2.36% | |
| Repurchase Agreement RA | 1.42% | |
| Repurchase Agreement RA | 0.76% | |
| Repurchase Agreement RA | 0.47% |
By country
United States 8.56%By asset type
RA 8.56%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $3.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.70%, -4.36%, -1.83%.
How it works
EPV's benchmark is the FTSE Developed Europe All Cap Index, run by FTSE International Limited. It covers large, mid-size and small companies in developed European countries, which as of May 31, 2026, ranged from the United Kingdom, France and Germany to Poland and Portugal. Companies that meet minimum liquidity (ease of trading) and governance standards are included, weighted by market value so bigger companies count more. The index is reviewed each March and September.
The fund gets its exposure through derivatives, contracts whose value is based on another asset. ProShare Advisors uses a mathematical approach to set the mix, mainly swaps with major global financial institutions, in which two parties exchange payments tied to an asset's return. As of August 31, 2026, it held four total return swaps referencing VGK, with most assets in cash and repurchase agreements (short-term deals typically backed by U.S. government securities).
The fund resets every day, rebalancing to keep exposure at -2x: after the index rises, the fund's assets shrink and it cuts exposure; after the index falls, it adds exposure. Because each day's result builds on the last, returns over longer periods can differ sharply from -2x the index's return, usually for the worse in choppy markets. If the index nears a 50% gain within one day, holders could lose everything.
What it really costs
- EPV charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.52% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $1,713 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EPV | $97 | $414 | $753 | $1,713 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
EPV resets its -2x inverse exposure daily and lost an average of 21.79% a year over the 10 years through December 31, 2025, so it suits only short holding periods.
EPV surged when markets fell, gaining 108.6% in the 2020 COVID crash and 82.2% in the 2022 bear market; it launched in June 2009, after the 2008 crisis. Gains faded fast: it ended 2022 up only 16.07%. Its worst calendar year was 2025, at -45.13%, and it fell 99.4% from its July 2009 peak to an August 25, 2026 low, unrecovered as of October 27, 2026. A retiree needing cash during a slump would lock in steep losses.
Its quarterly payouts, a 4.32% yield as of October 27, 2026, reflect interest on cash-like holdings rather than stock dividends, and were dwarfed by a 17% one-year loss. It charges 0.95% a year after a 0.52% fee waiver; the SEC's example of $10,000 earning 5% a year shows $1,713 in costs over 10 years. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who check positions daily and want a short-term, -2x bet against the FTSE Developed Europe All Cap Index.
- Investors hedging European stock holdings for days, not months, who accept a 0.95% yearly fee and the risk a swap partner defaults.
- Traders who can handle sharp swings: its one-year volatility, a measure of how much returns bounce around, was 32.2% as of October 27, 2026.
Look elsewhere if
- Long-term and retirement investors: it lost an average of 21.79% a year over the 10 years through December 31, 2025.
- Income seekers: its 4.32% yield as of October 27, 2026, came alongside a 17% one-year loss and reflects interest, not stock dividends.
- Anyone wanting a lasting hedge: despite a 46.95% gain in the quarter ended March 31, 2020, it finished 2020 down 36.78%.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is EPV good for retirement?
It is not designed for retirement portfolios. EPV resets its -2x inverse exposure every day, and its prospectus warns that results over periods longer than a day will likely differ from that target, possibly by a significant amount. Over the 10 years through December 31, 2025, it lost an average of 21.79% a year, and it fell 99.4% from its July 2009 peak to an August 25, 2026 low. If the index nears a 50% gain within a day, holders could lose their entire investment.
Why does EPV lose money over time?
Mainly because of how it is built and what it costs. EPV loses money on days the FTSE Developed Europe All Cap Index rises. Its daily reset means each day's result builds on the last, which can eat into returns when markets swing up and down, even if the index ends up roughly where it started. Fees and derivative financing costs add steady drag; it charges 0.95% a year after a 0.52% fee waiver. It had a cumulative loss of about 92% over the 10 years to October 27, 2026.
Is EPV a good hedge against a market crash?
Only briefly, and only with good timing. EPV gained 108.6% during the COVID crash from February 19 to March 23, 2020, yet finished 2020 down 36.78%. In the 2022 bear market, from January 3 to October 12, it gained 82.2%. It also lost 35% in the quarter ended December 31, 2022, and finished that year up only 16.07%. Gains like these can reverse quickly, so the protection may fade before a holder acts on it.
Does EPV pay dividends?
Yes, EPV pays distributions quarterly. Over the year to October 27, 2026, it paid $0.81 a share, a yield of 4.32%. Because the fund holds mostly cash, repurchase agreements and swaps rather than stocks, those payouts reflect interest income, not company dividends. They did little to cushion losses: the fund's one-year return to the same date was -17%. Its average annual return over the five years through December 31, 2025, was -21.19%.
What does EPV actually hold?
Mostly cash and swap contracts. As of August 31, 2026, about 79% of net assets sat in cash and about 9% in repurchase agreements, short-term deals typically backed by U.S. government securities. Its bet against Europe came from four total return swaps, contracts that exchange payments based on VGK's return, mainly with major global financial institutions. If a swap partner fails to pay, the fund could lose money. Net assets were about $9.6 million, after about $3.5 million of outflows in the three months through that date.