This ETF offers -2x daily leverage to the equity markets of developed Europe, giving sophisticated investors a powerful tool for expressing a bearish short-term view of the U.K., France, Germany, and a handful of other Western European countries. It should be noted that the daily reset feature combined with the explicit leverage in this ETF make EPV inappropriate for investors without the ability or willingness to monitor this position on a regular (daily) basis. Moreover, investors should note that the stated target multiple is applicable only for a single trading session; returns over multiple sessions depend on the path taken by the underlying index during that period. For sophisticated investors with a fair amount of tolerance for risk and volatility, this ETF can be a very powerful tool for hedging Europe exposure or simply for speculating on a decline in value of European equities. But EPV shouldn't ever be found in a long-term, buy-and-hold portfolio; it's simply too risky, and the nuances of this fund make significant losses possible when held for an extended period of time in volatile markets. EPV is a trading instrument, and should be treated as such.