At a glance
UPV charges 0.95% a year. It has $14.1M in assets; it paid 2.55% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +10.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned +32.1% a year. At its worst it fell 57.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 24 months after the low.
The short version
ProShares Ultra FTSE Europe (UPV) uses swap contracts with large banks to seek twice (2x) the daily return of the FTSE Developed Europe All Cap Index, which covers developed European companies of all sizes. It may appeal to traders seeking amplified, short-term bets on European stocks, but its leverage resets daily, so returns over months or years can differ sharply from double the index. Costs are 0.95% a year after a fee waiver.
Price history
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UPV +10.8% 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 | |
|---|---|---|---|---|---|---|
| UPV official prospectus, to Dec 31, 2025 | — | +68.30% | — | +12.30% | +9.68% | — |
| UPV price data to Oct 27, 2026 | +5.0% | +10.8% | +32.1% | +7.3% | — | +16.8% |
- Over the year to Oct 27, 2026, UPV returned +10.8%.
- Its 5-year annualized return was +7.3%.
- Its worst full calendar year was 2022 (-36.6%); its best was 2025 (+68.7%).
- The deepest fall in its price history was 58.3% (Sep 2, 2021 to Sep 27, 2022), recovered by Mar 7, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.0% | — |
| 2025 | +68.7% | +68.30% |
| 2024 | -4.5% | -4.47% |
| 2023 | +32.2% | +32.14% |
| 2022 | -36.6% | -36.45% |
| 2021 | +32.4% | +32.29% |
| 2020 | — | -3.50% |
| 2019 | — | +47.41% |
| 2018 | — | -32.20% |
| 2017 | — | +56.52% |
| 2016 | — | -6.58% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 56.7% over that stretch · deepest drop along the way 57.2%, back to its old high 24 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.3700 | |
| 2025 | $1.9000 | +29.3% |
| 2024 | $1.4700 | +58.1% |
| 2023 | $0.9300 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (53.18% of net assets), with its exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 4.96% | |
| Repurchase Agreement RA | 3.30% | |
| Repurchase Agreement RA | 1.98% | |
| Repurchase Agreement RA | 1.06% | |
| Repurchase Agreement RA | 0.66% |
By country
United States 11.96%By asset type
RA 11.96%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $1.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.92%, +3.89%, +1.82%.
How it works
The fund's benchmark is the FTSE Developed Europe All Cap Index, built by FTSE International Limited. It includes large, mid and small companies in developed European markets that are easy enough to trade and meet governance standards, weighted by market capitalization (share price times shares outstanding). As of May 31, 2026, it spanned countries from the United Kingdom to Poland. FTSE reviews its makeup each March and September.
Rather than picking stocks, ProShare Advisors uses a mathematical approach to build positions meant to deliver 2x the index's daily move, mainly total return swaps: contracts in which the fund and a bank exchange payments based on an asset's return. As of August 31, 2026, it reported no company shares: about 53% of assets was cash and 12% repurchase agreements (short-term loans backed by government securities), and its swaps were tied to VGK, an exchange-traded fund.
To stay at 2x, the fund rebalances daily, adding exposure after the index rises and cutting it after a fall. Over longer periods, that can push returns well away from 2x the index, especially in choppy markets. The prospectus estimates that a 20% index drop over a year with 50% volatility (day-to-day swings) would cost the fund about 50.2%, not 40%. A one-day index drop near 50% could wipe out the investment.
What it really costs
- UPV charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.73% 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 $1,926 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| UPV | $97 | $458 | $844 | $1,926 |
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 leverage resets daily, so long-run returns can stray far from twice the index, and it fell 57.2% in the 2022 bear market.
Its daily 2x reset makes long-term results hard to predict, and its swings have been severe. It launched in 2010, after the 2008 crisis. In the quarter ended March 31, 2020, it lost 49.37%. In the 2022 bear market it fell 57.2%; measured from its September 2, 2021 high, the drop reached 58.3%, its deepest since price records begin in June 2020, and recovery took about 29 months, to March 2025. Its worst calendar year was 2022, at -36.45%. Drawing on it in such a stretch would lock in steep losses.
As of October 27, 2026, its yield over the prior year was 2.55%, paid quarterly, modest next to those swings. Costs are 0.95% a year, or $97 in the first year on $10,000 in the SEC's standard example. Past results don't predict future returns, and a retirement plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking twice the one-day move of the FTSE Developed Europe All Cap Index who can watch positions every day.
- Experienced investors comfortable with swings like a 49.37% loss in the quarter ended March 31, 2020, and a 41.67% gain in late 2022.
- Traders wanting leveraged European exposure without margin borrowing who accept a 0.95% expense ratio and the risk of swap banks defaulting.
Look elsewhere if
- Retirees or long-term savers wanting steady European exposure: UPV fell 57.2% in the 2022 bear market and took 24 months to recover.
- Income seekers: its 2.55% yield as of October 27, 2026, is modest next to calendar-year swings like -36.45% in 2022 and 68.3% in 2025.
- Investors wanting low-cost, unleveraged European exposure: UPV charges 0.95% a year, a figure that reflects a fee waiver of 0.73 percentage points.
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 UPV good for long-term investors?
It isn't designed for long holding periods. An ordinary Europe stock fund aims to match its index over any period. UPV seeks twice the FTSE Developed Europe All Cap Index's return for a single day, then resets. Over months, compounding can push results far from 2x. The prospectus estimates that a 20% index loss in a volatile year (50% volatility) would cost the fund about 50.2%, not 40%. It also warns that an index drop near 50% in one day could wipe out the investment.
Does UPV pay dividends?
Yes, UPV pays distributions quarterly. Its yield over the prior year was 2.55%, or $2.37 per share, as of October 27, 2026. That income is modest next to the fund's price swings: it lost 36.45% in 2022 and gained 68.3% in 2025, based on the prospectus. Anyone relying on UPV for income would be drawing from an investment whose value can fall by more than half, as it did in 2022.
What does UPV hold?
Mostly cash, short-term loans and swap contracts, not European stocks. As of August 31, 2026, about 53% of assets was cash and about 12% was repurchase agreements, which are short-term loans usually backed by government securities. The fund's 2x exposure came from five total return swaps tied to VGK, an exchange-traded fund. In each swap, the fund and a bank exchange payments based on that asset's return. If a bank fails to pay, the fund could lose money. Net assets were about $14.1 million.
What is UPV's expense ratio?
UPV's expense ratio, the annual fee taken from fund assets, is 0.95%, according to the prospectus filed September 25, 2026. That figure reflects a fee waiver of 0.73 percentage points; the management fee alone is 0.75%. In the SEC's standard example, which assumes $10,000 invested, a 5% annual return and cashing out at the end of each period, costs total $97 over one year, $458 over three, $844 over five and $1,926 over ten. The prospectus adds that derivative financing costs also weigh on results.
How has UPV performed over the long term?
UPV's returns have swung widely in both directions. As of December 31, 2025, the prospectus showed average annual returns of 68.3% over one year, 12.3% over five years and 9.68% over ten. Calendar-year results ranged from a 36.45% loss in 2022 to a 68.3% gain in 2025. Its worst quarter, which ended March 31, 2020, lost 49.37%. Based on share prices, it returned 10.8% for the year ended October 27, 2026. Past results don't predict future returns.