At a glance
EWV charges 0.95% a year. It has $5.2M in assets; it paid 4.98% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −32.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned −33.1% a year. At its worst it fell 9.0% in the 2020 crash (S&P 500: 33.7%) and 18.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month after the low.
The short version
ProShares UltraShort MSCI Japan (EWV) uses swaps to seek twice the opposite (-2x) of the MSCI Japan Index's daily return, so it aims to gain on days Japanese stocks fall. It is built for short-term bets against Japanese stocks or brief hedges of Japanese holdings. Its exposure resets daily, and long holds have fared badly: the fund lost 88% in the 10 years to October 27, 2026, and it charges 0.95% a year.
Price history
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EWV -32.0% 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 | |
|---|---|---|---|---|---|---|
| EWV official prospectus, to Dec 31, 2025 | — | -37.78% | — | -13.77% | -17.64% | — |
| EWV price data to Oct 27, 2026 | -32.1% | -32.0% | -33.1% | -18.5% | -19.2% | -18.9% |
- Over the year to Oct 27, 2026, EWV returned -32.0%.
- Its 5-year annualized return was -18.5% and its 10-year -19.2%.
- In the 2020 COVID crash, while stocks fell, it gained 53.3%.
- Its worst full calendar year was 2013 (-45.6%); its best was 2022 (+34.3%).
- The deepest fall in its price history was 99.3% (Oct 10, 2008 to Oct 6, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -32.1% | — |
| 2025 | -37.7% | -37.78% |
| 2024 | -11.0% | -10.75% |
| 2023 | -28.3% | -28.40% |
| 2022 | +34.3% | +33.75% |
| 2021 | -10.2% | -10.33% |
| 2020 | -38.6% | -38.63% |
| 2019 | -30.4% | -30.12% |
| 2018 | +29.9% | +29.59% |
| 2017 | -36.2% | -36.22% |
| 2016 | -15.0% | -15.08% |
| 2015 | -25.3% | — |
| 2014 | +3.4% | — |
| 2013 | -45.6% | — |
| 2012 | -23.5% | — |
| 2011 | +11.5% | — |
| 2010 | -30.9% | — |
| 2009 | -26.9% | — |
| 2008 | +2.9% | — |
| 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 53.3% over that stretch · deepest drop along the way 9%, back to its old high 0.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 71.9% over that stretch · deepest drop along the way 18.2%, back to its old high 0.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5600 | |
| 2025 | $0.9200 | -36.1% |
| 2024 | $1.4400 | -14.3% |
| 2023 | $1.6800 | +281.8% |
| 2022 | $0.4400 | +22.2% |
| 2019 | $0.3600 | +22400.0% |
| 2018 | $0.0016 | -100.0% |
| 2008 | $205.7600 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its inverse exposure coming from 3 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 36.23% | |
| Repurchase Agreement RA | 24.09% | |
| Repurchase Agreement RA | 14.45% | |
| Repurchase Agreement RA | 7.71% | |
| Repurchase Agreement RA | 4.82% |
By country
United States 87.29%By asset type
RA 87.29%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $716K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.70%, +0.93%, -7.12%.
How it works
EWV's benchmark is the MSCI Japan Index, run by MSCI Inc. The index aims to capture about 85% of the value of Japan's stock market. It picks large and mid-size companies by market value and how easily their shares trade, then weights them by market value. MSCI reviews the lineup and weights quarterly, in February, May, August and November.
The fund doesn't own those stocks. ProShare Advisors uses a mathematical approach to choose derivatives, mainly swap agreements with major global financial institutions. In a swap, two parties exchange payments based on an asset's price change; here, the fund collects when Japanese stocks fall and pays when they rise. As of August 31, 2026, the $5.2 million fund held three total return swaps referencing EWJ, and about 87% of net assets sat in five repurchase agreements, short-term cash deals backed by US government or similar securities.
The fund rebalances daily to keep exposure at -2x. When the index rises, the fund's assets shrink and it cuts exposure; when the index falls, it adds exposure. That daily compounding means results over longer periods can differ sharply from -2x, usually for the worse in choppy markets. If the index nears a 50% gain in one day, holders could lose everything. Fees and financing costs also drag on results.
What it really costs
- EWV charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 1.33% 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 $2,512 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EWV | $97 | $584 | $1,099 | $2,512 |
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
Its -2x inverse exposure resets every day and targets single-day results, and it fell 99.3% from its October 2008 peak to October 6, 2026.
EWV has jumped when Japanese stocks fell, but those gains have often faded. In the 2020 COVID crash it gained 53.3%, yet ended calendar 2020 down 38.63%. In the 2022 bear market it gained 71.9%. It launched in November 2007, too late to measure the full 2008 crisis. Its worst calendar year was 2013, down 45.6% by market price, and it fell 99.3% from October 10, 2008, to October 6, 2026, without recovering.
Anyone needing cash in a bad year would have to lock in crash gains quickly; held through a rebound, they can vanish. Its trailing yield, a measure of the past year's quarterly payouts, was 4.98% as of October 27, 2026, small next to those losses. It charges 0.95% a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a one-day, -2x bet against the MSCI Japan Index without shorting Japanese stocks themselves.
- Holders of Japanese stocks wanting a brief hedge who can check the position daily and accept the risk that a swap counterparty fails.
- Traders who understand daily compounding and can stomach wide swings: one-year volatility, a gauge of price movement, was 41.8% as of October 27, 2026.
Look elsewhere if
- Retirees and long-term holders: the fund lost 88% in the 10 years to October 27, 2026, and fell 99.3% from its 2008 peak.
- Income seekers: its 4.98% trailing yield as of October 27, 2026, was dwarfed by a 32% one-year loss.
- Anyone wanting a set-and-forget hedge: its 53.3% gain during the 2020 COVID crash turned into a 38.63% loss for calendar 2020.
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 EWV a good long-term investment?
EWV isn't designed for long-term holding. It targets -2x the MSCI Japan Index's return for a single day, and the prospectus warns that results over longer periods will likely differ, and the difference may be significant. Its record bears that out: as of December 31, 2025, its average annual return was -17.64% over 10 years and -13.77% over five. Based on market prices, it lost 88% in the 10 years to October 27, 2026.
Why doesn't EWV return -2x the MSCI Japan Index over a year?
Because its -2x target applies to one day only. The fund rebalances daily, adding short exposure after the index falls and cutting it after the index rises. Over weeks or years, those daily results compound, so the total can differ sharply from -2x the index's return, usually for the worse when markets swing up and down. Fees, transaction costs and financing costs also pull results away from the target, the prospectus says.
Can you lose all your money in EWV?
Yes. The prospectus warns that if the MSCI Japan Index nears a 50% gain at any point in a day, holders could lose their entire investment. Losses have also piled up over time: based on market prices, the fund fell 99.3% from October 10, 2008, to October 6, 2026, without recovering. Counterparty risk adds to this. If a financial institution on the other side of a swap fails to pay, the fund's losses could be significant.
Does EWV pay dividends?
Yes, it has made quarterly payouts. Its trailing yield, based on the past year's payouts, was 4.98% as of October 27, 2026, with about $0.83 per share paid. The fund doesn't own Japanese stocks: as of August 31, 2026, about 87% of net assets sat in repurchase agreements, short-term cash deals that earn interest. That income is small next to the fund's price swings; it lost 32% over the year to October 27, 2026.
What is EWV's expense ratio?
EWV's expense ratio is 0.95% a year, according to its prospectus filed September 25, 2026. That is after a 1.33% fee waiver; the management fee alone is 0.75%. In the SEC's standard example, which assumes $10,000 invested, a 5% annual return and shares cashed out at the end, costs total $97 after one year, $584 after three, $1,099 after five and $2,512 after ten. The steeper rise after year one suggests the waiver covers only a limited period.