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Launched · SEC filings

ProShares UltraShort MSCI Emerging Markets

EEVNYSE ArcaProSharesCThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$12.61−0.02 (−0.16%)

At close: Nov 2, 2026, 4:00 PM ET

C40/ 100

Rank 32 of 54 in Leveraged Inverse (2x & Other)

C40/100Rank 32 of 54inLeveraged Inverse (2x & Other)
Intraday session: down, 79 prints from 12.63 to 12.61. Range 12.10 to 12.61. Use the arrow keys to read each point.12.1012.2012.3012.4012.5010 AM12 PM2 PM4 PM
Expense ratio
0.95%*
Fund size
$3M
1Y total return
−29.5%
Yield · Last 12 months
6.29%
Holdings
2
Avg volume · 30D
30.3K sh
52W range
low $9.98high $21.24
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Sep 30, 2027. Without it: 2.75%.

The ETF.net EEV Grade

Based on 5 of 6 pillars

C

Score 40 out of 100

Category
Leveraged Inverse (2x & Other)⁠
Rank
32 of 54
Six-pillar profile for EEV. Scores out of 100: Cost 50, Risk 35, Mission not scored, Tradability 49, Holdings 55, Durability 41. Strongest: Holdings (55). Weakest: Risk (35). Based on 5 of 6 pillars.

Score 40 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

Very small fund, grade capped at C.

The cap holds the Score at 40 or below, so B and A are out of reach.

The pillars earned
46
This cap took
−6
Published Score
40 Grade C

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C50 out of 100
    Rank 1 of 54

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D35 out of 100
    Rank 42 of 53

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C49 out of 100
    Rank 27 of 54

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B55 out of 100
    Rank 7 of 16

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C41 out of 100
    Rank 38 of 54

Our read on EEV

ETF.net Research

In short

CThe only -2x play on the MSCI Emerging Markets Index in a single ticker, running since 2007. The target resets every day, which makes it a short-horizon instrument rather than a set-and-forget short.

Stated mandate

The fund seeks before-fee and expense results equal to negative two times the daily performance of the MSCI Emerging Markets Index.

Why people hold it

  • ProShares runs this as the only -2x ETF tied to the MSCI Emerging Markets Index, so one ticker delivers exposure that would otherwise take swaps or a margin short.proshares.com
  • 0.95% net of a waiver through September 30, 2027 sits near the category median and level with ProShares siblings PSQ and DOG (also 0.95% net of waivers through that date).
  • Listed in 2007, a long-tenured piece of the ProShares inverse lineup rather than a recent launch chasing a theme.proshares.com
  • Want half the kick? Sibling EUM tracks the same index at -1x, also 0.95% net of a waiver through September 30, 2027.proshares.com

Worth knowing

  • The -2x target applies to one day at a time. Over longer stretches, daily compounding takes over and results can differ substantially from -2x the index move.sec.gov
  • That 0.95% rests on a waiver running through September 30, 2027. The gross expense ratio behind it is 2.75%.
  • Thinly traded with a small asset base, so spreads can widen. Limit orders and position sizing matter more here than in the headline inverse funds.

EEV Performance

Launched Oct 30, 2007

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

EEV$7,047
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. EEV $7,047. SPY $11,146. Use the arrow keys to read each point.$6,000$8,000$10,000$12,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for EEV. Periods over one year show the average yearly return.
PeriodEEV
Year to date−29.7%
1 month+22.0%
3 months+8.5%
1 year−29.5%
3 yearsper year−32.8%
5 yearsper year−15.5%
10 yearsper year−21.4%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for EEV
YearReturn barEEV
2026 YTD−29.7%
2025−43.3%

EEV in the news

EEV Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Nov 2, 2026.
6.29%Last 12 months
Payout per share
$0.79Last 12 months
Last payment
$0.19 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2024–2026

One bar per payment. 10 payments from 2024 to 2026 YTD. Mar 20, 2024 $0.28; Jun 26, 2024 $0.34; Dec 23, 2024 $0.49; Mar 26, 2025 $0.22; Jun 25, 2025 $0.26; Sep 24, 2025 $0.25; Dec 24, 2025 $0.27; Mar 25, 2026 $0.02; Jun 24, 2026 $0.31; Sep 23, 2026 $0.19. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Sep 23, 2026Sep 29, 2026$0.19
Jun 24, 2026Jun 30, 2026$0.31
Mar 25, 2026Mar 31, 2026$0.02
Dec 24, 2025Dec 31, 2025$0.27
Sep 24, 2025Sep 30, 2025$0.25
Jun 25, 2025Jul 1, 2025$0.26
Mar 26, 2025Apr 1, 2025$0.22
Dec 23, 2024Dec 31, 2024$0.49
Sep 25, 2024Oct 2, 2024No data
Jun 26, 2024Jul 3, 2024$0.34
Mar 20, 2024Mar 27, 2024$0.28
Dec 20, 2023Dec 28, 2023No data

See all 27 payments⁠

$10,000 in EEV 10 years ago paid $162 in dividends.⁠

EEV Risk

Risk pillarD35 out of 100Rank 42 of 53 in Leveraged Inverse (2x & Other)

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
31.0%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−1.31
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−82.0%
Trough Jun 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−1.43
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

EEV Cost

Compare EEV and QQQD

Overpaying vs QQQD, cheapest in Leveraged Inverse (2x & Other)

$7,890

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • EEV 0.95%

    $17,869

  • QQQD 0.50% Cheapest

    $9,979

$10,000
30 years

Cost over time

  • EEV 0.95%
  • QQQD 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530EEV $17,869QQQD $9,979

Year by year

YearEEVQQQDOverpaying
10$1,678$900$778
20$6,322$3,460$2,862
30$17,869$9,979$7,890
How the 0.95% is worked out

Full fee 2.75%− waiver 1.80%= you pay 0.95%

The waiver ends Sep 30, 2027. After that the fee is 2.75% unless ProShares renews it. Source: prospectus, Sep 2026.

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