ProShares - UltraShort MSCI Japan
EWV
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- ProShares UltraShort MSCI Japan (EWV) seeks daily investment results that correspond to two times the inverse (-2x) of the daily performance of the MSCI Japan Index, which measures the large- and mid-cap segments of the Japanese equity market covering approximately 85% of the float-adjusted market capitalization; the fund achieves its objective through investments including swaps on exchange-traded funds that track the index, such as iShares MSCI Japan ETF (EWJ) swaps with counterparties including UBS AG, Bank of America NA, and Societe Generale. EWV, with a net expense ratio of 0.95% (gross 2.51%, with contractual waiver through September 30, 2026), quarterly distributions, and options available for trading, targets sophisticated investors seeking short-term bearish exposure to Japanese equities rather than long-term buy-and-hold strategies due to daily leverage reset and compounding effects. Launched on November 6, 2007, and listed on NYSE Arca with CUSIP 74349Y712, the fund is issued by ProShares Trust, domiciled in the United States and headquartered in Bethesda, Maryland. The fund operates primarily in the leveraged and inverse ETF segment of the alternative strategies category, with exposure to Japanese public equity markets across diversified sectors and market capitalizations via derivatives; it serves traders and institutional investors focused on daily hedging or speculation against declines in Japanese large-cap stocks represented by the index's roughly 180 constituents, which exhibit a price/earnings ratio of 17.75, price/book of 1.76, dividend yield of 2.14%, and average market cap of $24.25 billion as of September 30, 2025. In recent developments, ProShares, the fund's sponsor, underwent a 1-for-4 reverse share split effective November 7, 2024, as part of corporate actions across multiple ETFs to maintain share prices; the firm surpassed $100 billion in assets under management across its ETF business and affiliate ProFunds in October 2025, opened a new office in New York’s Hudson Yards, expanded its senior leadership, and launched innovative products including Dynamic Buffer ETFs in June 2025, single-stock leveraged ETFs targeting 2x daily returns of companies like Coinbase, Nvidia, Palantir, and Tesla in September 2025, and high income ETFs surpassing $1 billion in assets by June 2025. EWV itself maintains ongoing operational adjustments reflected in its latest holdings and performance data as of December 16, 2025, with NAV at $25.46 amid year-to-date returns of -37.02%.