EWV provides 2x inverse levered exposure to the MSCI Japan Index, which aims to capture the broad Japanese equities market. The underlying index comprises of market-cap-weighted large- and midcap Japanese firms which covers approximately 85% of the Japanese investable universe. The fund achieves leverage primarily through the use of swap agreements. As a geared product with daily resets, EWV is not a buy-and-hold investment, and should not be expected to provide index leverage returns greater than a one day period. EWV is the inverse version of its sister fund EZJ, which provides 2x long exposure to the same index. On the other hand, unleveraged exposure can be attained through iShares EWJ.