What this ETF is trying to do

The ProShares Ultra FTSE Europe (UPV) is a leveraged ETF. This means it uses financial tools to try and amplify the returns of its target index. It is designed for investors who want more exposure to European markets than a standard fund would provide.

What the numbers show

As of October 6, 2026, the share price is $92.54. To understand how it has performed, we look at two different types of returns: price return (the change in the share price) and total return (which includes the share price change plus distributions).

• Year-to-Date (YTD): The price return is 2.84%, while the total return is 4.37%.

• One Year: The price return is 8.49%, and the total return is 11.32%.

• Three Year: The price return is 94.74%, and the total return is 108.30%.

For a simple example, if you had invested $10,000 exactly one year ago at the estimated price of $85.30, the price-only growth (8.49%) would have increased that amount to approximately $10,849.

Income and distribution explanation

This ETF pays out cash to investors, usually every quarter. Over the last 12 months, it has made 4 payouts totaling $2.37 per share. This results in a distribution yield of approximately 2.56%.

It is important for beginners to remember that a distribution yield is not the same as a total return. A high yield does not guarantee that the investment is growing or that your original money is safe.

NAV erosion explanation

"NAV erosion" happens when the value of an ETF's underlying assets drops over time, often causing the share price to decay even if the market seems flat.

For this ETF, the erosion-risk score is 100, and the erosion severity is labeled as "good." The data shows that no price erosion has been detected, and the severe erosion-risk flag is false.

Pros

• Strong Long-Term Growth: The three-year total return is high at 108.30%.

• Low Erosion Risk: The fund currently shows no signs of NAV erosion.

• Regular Income: It provides quarterly cash distributions.

Cons

• Leverage Risk: Because this is a leveraged ETF, it is more complex than a standard fund.

• No Holdings Data: There is currently no specific list of top holdings available to review.

Beginner takeaway

UPV is a leveraged tool used to get a larger move from European markets. While it has shown strong total returns over the last three years and currently has a "good" erosion-risk score, leveraged ETFs behave differently than normal stocks. Always distinguish between the share-price return and the total return when measuring success.