At a glance
EUO charges 0.95% a year. It has $35.3M in assets. Over the past year it returned +14.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned +1.3% a year. At its worst it fell 11.8% in the 2020 crash (S&P 500: 33.7%) and 7.5% in the 2022 bear market (S&P 500: 24.5%).
The short version
ProShares UltraShort Euro (EUO) is a commodity pool that uses futures and other derivatives to seek twice the inverse (-2x) of the daily performance of its euro benchmark. In other words, it aims to rise when the euro falls. It resets every day, so over longer holding periods its results can land far from -2x. It charges 0.95% a year, has paid no distributions and sends investors a Schedule K-1 at tax time.
Price history
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EUO +14.8% 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 | |
|---|---|---|---|---|---|---|
| EUO price data to Oct 27, 2026 | +15.7% | +14.8% | +1.3% | +5.7% | +2.6% | +1.6% |
- Over the year to Oct 27, 2026, EUO returned +14.8%.
- Its 5-year annualized return was +5.7% and its 10-year +2.6%.
- In the 2020 COVID crash, while stocks fell, it gained 1.4%.
- Its worst full calendar year was 2017 (-21.7%); its best was 2014 (+26.7%).
- The deepest fall in its price history was 38.6% (Jun 7, 2010 to May 3, 2011), recovered by Mar 6, 2015.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +15.7% |
| 2025 | -18.9% |
| 2024 | +19.8% |
| 2023 | -1.0% |
| 2022 | +13.9% |
| 2021 | +14.8% |
| 2020 | -16.0% |
| 2019 | +10.5% |
| 2018 | +14.4% |
| 2017 | -21.7% |
| 2016 | +6.1% |
| 2015 | +18.1% |
| 2014 | +26.7% |
| 2013 | -10.3% |
| 2012 | -6.6% |
| 2011 | +0.2% |
| 2010 | +8.6% |
| 2009 | -12.0% |
| 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 1.4% over that stretch · deepest drop along the way 11.8%, back to its old high 0.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 36% over that stretch · deepest drop along the way 7.5%, not recovered by the end of the data |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $35.3M as of Jun 30, 2026 (per its 10-Q). As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
EUO is one series of ProShares Trust II, a Delaware statutory trust. Its sponsor is ProShare Capital Management LLC, which is also its commodity pool operator registered with the Commodity Futures Trading Commission (CFTC). Wilmington Trust Company is the trustee. The fund does not hold euros or stocks. Instead, it uses "financial instruments": futures contracts, swap agreements, forward contracts and similar tools whose value moves with its euro benchmark. These positions are set up to gain when the euro weakens.
The fund seeks -2x the benchmark's return for a single day, measured from one net asset value (NAV) calculation to the next. Over longer periods, each day's return compounds on the one before. The trust says this means results will very likely differ in size, and possibly even direction, from -2x of the benchmark's move over the same stretch. Volatility can matter as much as direction. The trust suggests that holders consider monitoring and rebalancing their positions actively.
The fund is not registered under the Investment Company Act of 1940, so it lacks some protections that ordinary funds have. It is taxed as a partnership. Expiring futures must be rolled into later contracts, and the price gap between them can help or hurt returns. Large institutions called authorized participants create and redeem shares in blocks of 50,000, so the market price can differ from NAV.
What it really costs
- EUO charges 0.95% a year.
Structure and tax notes
- Resets its 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.
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
EUO seeks -2x the euro benchmark's return for one day only, and its sponsor says it is meant for knowledgeable investors who monitor their positions actively.
EUO's history begins in late November 2008, so it has no record for most of the 2008 crisis. In the 2020 COVID crash, it gained 1.4% while stocks fell. Along the way it dipped 11.8%, then regained that ground by March 19, 2020. During the 2022 bear market it rose 36%. Those gains came with big losses in other years: the fund lost 21.7% in 2017 and 18.87% in 2025. Its deepest drop was 38.6%, from June 2010 to May 2011, and it did not recover until March 2015. Anyone forced to sell during a slump like that would lock in heavy losses. The fund pays no income. It costs 0.95% a year, plus trading costs. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders who want a short-term, two-times bet against the euro and can check their positions every day, as the trust advises.
- Traders hedging euro exposure for days rather than years, who accept that the -2x target applies to a single day only.
- Investors comfortable with futures-based commodity pools and with Schedule K-1 tax forms instead of a standard 1099.
Look elsewhere if
- Buy-and-hold savers: because of daily resets, the fund's annualized return was 2.6% over 10 years as of October 27, 2026.
- Retirees seeking income: EUO has recorded no distributions, and holders may still owe tax each year on its gains.
- Anyone who couldn't sit through a drop like its 38.6% fall from June 2010 to May 2011, which took until March 2015 to recover.
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 EUO a good long-term investment?
EUO is built for one-day results, not long holding periods. It seeks -2x its euro benchmark's daily performance. Because it resets every day, returns over longer stretches can differ sharply from -2x, in size or even direction. As of October 27, 2026, its annualized return was 2.6% over 10 years and 1.6% since its 2008 launch. Its calendar-year results ranged from a 21.7% loss in 2017 to a 26.7% gain in 2014.
Does EUO pay dividends?
No. EUO has recorded no distributions. It holds futures and other derivatives, plus the cash and Treasury bills that back them, and its results show up in the share price rather than as payouts. Because it is taxed as a partnership, holders may still owe tax each year on their share of its gains, even if they receive no cash and sell no shares.
What is EUO's expense ratio?
EUO's expense ratio was 0.95% a year for the period ended June 30, 2026. That figure equals its sponsor fee. It does not cover every cost. The fund also pays brokerage commissions. When expiring futures are rolled into later contracts, the price gap between them can add to or subtract from returns. The fund had about $35.3 million in net assets as of June 30, 2026.
Does EUO send a K-1 or a 1099?
EUO sends a Schedule K-1. It is a commodity pool taxed as a partnership, so investors report their share of its gains each year, even if they haven't sold. That can make tax filing more complex than it is with a typical ETF. The fund is also not registered under the Investment Company Act of 1940, so it lacks some protections that ordinary mutual funds and ETFs have.
What's the difference between EUO and ProShares Ultra Euro?
The two are mirror images within ProShares Trust II. EUO seeks -2x its euro benchmark's daily move, so it aims to gain when the euro weakens. ProShares Ultra Euro seeks a leveraged positive multiple of the daily move, so it aims to gain when the euro strengthens. Both reset daily and are commodity pools that issue K-1s. Over periods longer than a day, both can drift well away from their targets.