EPV is an aggressive inverse play on the developed European equity market. With the use of swaps and derivatives, the fund aims to provide -2x leveraged exposure to the FTSE Developed Europe All Cap Index, a market-cap-weighted index of large-, mid, and small-cap developed European companies. As a levered product with daily resets, EPV is designed as a short-term trading tool and not a long-term investment vehicle. As a result, long-term returns could materially differ from those of the underlying index due to daily compounding. From the funds inception date through April 22, 2013, EPV reflected the performance of the MSCI Europe Index. Subsequently, the fund started tracking the FTSE Developed Europe Index. Effective on September 1, 2016, the fund made a minor change to its exposure by tracking an all-cap version of its underlying index, thereby expanding coverage into the small-cap space.
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