At a glance
EZJ charges 1.18% a year. It has $14.2M in assets; it paid 2.09% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +27.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned +33.0% a year. At its worst it fell 43.5% in the 2020 crash (S&P 500: 33.7%) and 50.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months and 33 months after the lows.
The short version
ProShares Ultra MSCI Japan (EZJ) seeks twice the daily return of the MSCI Japan Index of large and mid-size Japanese stocks, using shares of the iShares MSCI Japan ETF plus swap contracts with large financial institutions. It's built for traders making short-term bets on Japan: leverage resets daily, so results over months can stray far from 2x. It charges 1.18% a year after a fee waiver, per the prospectus filed September 25, 2026.
Price history
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EZJ +27.6% 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 | |
|---|---|---|---|---|---|---|
| EZJ official prospectus, to Dec 31, 2025 | — | +42.57% | — | +3.15% | +6.94% | — |
| EZJ price data to Oct 27, 2026 | +28.4% | +27.6% | +33.0% | +8.7% | +9.3% | +8.1% |
- Over the year to Oct 27, 2026, EZJ returned +27.6%.
- Its 5-year annualized return was +8.7% and its 10-year +9.3%.
- In the 2020 COVID crash it fell 43.5% and regained its old high 6 months after the low.
- Its worst full calendar year was 2022 (-38.2%); its best was 2013 (+50.1%).
- The deepest fall in its price history was 58.6% (Sep 15, 2021 to Oct 20, 2022), recovered by Oct 28, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +28.4% | — |
| 2025 | +42.7% | +42.57% |
| 2024 | +3.3% | +3.15% |
| 2023 | +30.8% | +31.02% |
| 2022 | -38.2% | -38.05% |
| 2021 | -2.0% | -2.17% |
| 2020 | +22.2% | +21.96% |
| 2019 | +33.8% | +34.38% |
| 2018 | -31.1% | -31.30% |
| 2017 | +49.1% | +48.91% |
| 2016 | -0.8% | -0.08% |
| 2015 | +14.5% | — |
| 2014 | -15.3% | — |
| 2013 | +50.1% | — |
| 2012 | +15.7% | — |
| 2011 | -33.3% | — |
| 2010 | +24.8% | — |
| 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 | Lost 41.4% over that stretch · deepest drop along the way 43.5%, back to its old high 6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 49.1% over that stretch · deepest drop along the way 50.5%, back to its old high 33.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0800 | |
| 2025 | $0.5800 | -23.7% |
| 2024 | $0.7600 | +85.4% |
| 2023 | $0.4100 | +156.3% |
| 2022 | $0.1600 | +60.0% |
| 2019 | $0.1000 | -92.2% |
| 2018 | $1.2800 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (35.34% of net assets), with its exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| iShares MSCI Japan ETF Other | 31.31% | |
| Repurchase Agreement RA | 4.35% | |
| Repurchase Agreement RA | 2.89% | |
| Repurchase Agreement RA | 1.74% | |
| Repurchase Agreement RA | 0.93% | |
| Repurchase Agreement RA | 0.58% |
By country
United States 41.79%By asset type
Other 31.31%RA 10.48%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $552K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.67%, -2.93%, +6.99%.
How it works
EZJ aims for twice the daily return of the MSCI Japan Index, which covers large and mid-size Japanese companies. The index seeks to include about 85% of Japan's market capitalization (total stock market value), choosing companies by size and liquidity, or how easily shares trade. ProShare Advisors doesn't try to forecast markets; it uses a mathematical approach to set the mix of positions it expects to deliver the 2x daily target, before fees.
As of August 31, 2026, the largest holding was the iShares MSCI Japan ETF, at about 31% of net assets, with about 10% in repurchase agreements, short-term cash investments usually backed by U.S. government securities. The added exposure came from total return swaps tied to that iShares fund: contracts in which a financial institution pays the fund the asset's gains and the fund pays its losses. If a counterparty fails to pay, the fund could lose money.
The fund rebalances daily, adding exposure after the index rises and trimming it after a fall. Because returns compound, results over longer periods can differ sharply from twice the index. The prospectus estimates that if the index fell 20% in a year with 50% volatility (large daily swings), the fund would lose about 50%, not 40%. A near-50% index drop within one day could wipe out the investment.
What it really costs
- EZJ charges 1.18% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 1.28% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $120 in the first year and $2,698 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EZJ | $120 | $644 | $1,194 | $2,698 |
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.
In a retirement portfolio
Its 2x exposure resets daily, so long-run results can stray far from twice the MSCI Japan Index, and leverage raises the risk of total loss.
EZJ has gained sharply in good years for Japanese stocks, but its losses have been deep and slow to repair. It launched in June 2009, so it has no 2008 crisis record. In the 2020 COVID crash it fell 43.5% in under a month, recovering by September 2020. In the 2022 bear market it dropped 50.5% and took about 33 months from the October 2022 low to recover. Its worst calendar year was 2022, down 38.05%, and its deepest decline, 58.6% from September 2021 to October 2022, wasn't erased until October 2025. Anyone needing cash during such a slump would lock in big losses. The trailing yield was 2.09% as of October 27, 2026, paid quarterly, but that income is modest next to price swings, and expenses run 1.18% a year. Past results don't predict future ones, and a retirement plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a magnified, short-term bet on large and mid-size Japanese stocks, holding days rather than years, so the 1.18% yearly cost matters less.
- Investors who understand daily-reset compounding and accept results over months that may stray far from twice the MSCI Japan Index.
- Short-term traders comfortable with swap counterparty risk, yen-dollar currency swings and one-year volatility of 41.6% as of October 27, 2026.
Look elsewhere if
- Retirees and long-term holders: its deepest drop, 58.6% from September 2021 to October 2022, wasn't recovered until October 2025.
- Income seekers: the trailing yield was 2.09% as of October 27, 2026, paid quarterly, alongside 2x daily leverage and 1.18% annual expenses.
- Anyone wanting plain Japanese stock exposure without swaps or daily resets; an unleveraged Japan index fund is worth comparing.
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 EZJ good for long-term investing?
It isn't designed for that. EZJ seeks twice the MSCI Japan Index's return for a single day, and its exposure resets daily, so over months or years compounding can push results far from 2x, especially in choppy markets. Its history shows big swings both ways: per its prospectus, it lost 38.05% in 2022 and gained 42.57% in 2025. Over the ten years through December 31, 2025, it returned an average of 6.94% a year, and 3.15% a year over five years.
Can EZJ go to zero?
Yes, in an extreme case. Because EZJ targets twice the MSCI Japan Index's daily move, the prospectus warns that if the index approaches a 50% loss at any point in a day, investors could lose their entire investment. Even without that, real losses have been severe: the fund fell 43.5% from February 19 to March 16, 2020, and 50.5% from January 12 to October 12, 2022. A swap counterparty failing to pay is another possible source of loss.
Does EZJ pay dividends?
Yes. EZJ pays distributions quarterly. Its trailing 12-month yield was 2.09% as of October 27, 2026, equal to $1.37 per share over that period. Income isn't the fund's purpose, though. It aims for twice the daily return of the MSCI Japan Index, and its price swings dwarf the payout: one-year volatility, a gauge of price swings, was 41.6% as of the same date. Its expense ratio of 1.18% a year also comes out of returns.
What is EZJ's expense ratio?
EZJ's expense ratio is 1.18% a year, per the prospectus filed September 25, 2026, after a fee waiver; the management fee alone is 0.75%. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $120 over one year, $644 over three years, $1,194 over five and $2,698 over ten. The jump after the first year suggests costs would rise once the waiver ends. Swap financing costs also weigh on returns.
What's the difference between EZJ and EWJ?
EZJ is a leveraged fund that uses EWJ, the iShares MSCI Japan ETF, as its main building block. As of August 31, 2026, EWJ made up about 31% of EZJ's net assets, and EZJ's total return swaps were tied to it. Those swaps help EZJ target twice the MSCI Japan Index's daily return, resetting every day. Holding EWJ directly means skipping that leverage, the daily reset and swap counterparty risk. Over long periods, EZJ's results can differ sharply from double EWJ's.