ProShares - Short MSCI Emerging Markets
CThis 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.
$15.99+0.10 (+0.63%)
- 1.69%
- $14M
- −23.5%
- 3.61%
- 0.1M sh
- $15.87
- low $15.01high $21.33
The ETF.net EUM Grade
C
Score 51 out of 100
- 28 of 54
Score 51 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.
Cost
The fund’s net expense ratio, ranked against its category.C40 out of 100Rank 33 of 54Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C51 out of 100Rank 25 of 53Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A75 out of 100Rank 7 of 54Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B63 out of 100Rank 4 of 16Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B56 out of 100Rank 15 of 54
Our read on EUM
CA single-speed short on emerging markets. EUM aims to deliver the daily inverse (-1x) of the MSCI Emerging Markets Index, with no leverage stacked on top, and it has run that same trade since 2007.
The Fund seeks daily investment results, before fees and expenses, that correspond to the inverse performance of the MSCI Emerging Markets Index.
Why people hold it
- -1x, not -2x: it targets the daily inverse of the MSCI Emerging Markets Index, so a day's move is matched one-for-one instead of doubled like sibling fund EEV.
- Cheaper than the doubled version of the same idea: 1.69% a year versus 2.69% for EEV, which shorts the identical index.
- Running since 2007 with an unchanged job description: inverse MSCI Emerging Markets, reset each day. It also pays distributions quarterly.
Worth knowing
- The mandate is a one-day mandate. Returns compound off each day's close, so multi-day results can drift from the index's inverse move, especially in choppy markets.
- At 1.69% a year, it costs more than the typical fund in its inverse and leveraged peer group, and that fee bites harder the longer a position sits.
- Small asset base and only moderate trading, so spreads and order sizing matter more here than in the heavily traded short-index funds.
EUM Holdings
- Stocks
- 2
- 100%
- IQMM
Sectors
- Financials100.0%
Geography
- United States100.00%
EUM Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
EUM$7,648
Returns run to the Oct 12, 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.
| Period | EUM |
|---|---|
| Year to date | −19.0% |
| 1 month | +2.7% |
| 3 months | +1.3% |
| 1 year | −23.5% |
| 3 years | −16.5% |
| 5 years | −6.1% |
| 10 years | −9.0% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | EUM |
|---|---|---|
| 2026 YTD | −19.0% | |
| 2025 | −22.6% | |
| 2024 | −0.8% | |
| 2023 | −3.9% | |
| 2022 | +21.1% | |
| 2021 | −1.3% | |
| 2020 | −24.4% |
EUM in the news
EUM Dividends
- 3.61%
- $0.57
- $0.13 per share
- Quarterly
Distribution history
EUM Risk
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.
- 14.7%
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.
- −1.48
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.
- −50.9%
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.
- −0.72
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
EUM Cost
1.69%
EUM1.69%
- The middle half of Leveraged Inverse (2x & Other) funds
- Median 1.44%
31 of the 53 Leveraged Inverse (2x & Other) funds charge less.
Other funds in Leveraged Inverse (2x & Other)
- CDUSTDirexion Daily Gold Miners Index Bear 2X ETFExpense ratio 1.04%1 year return −63.3%
- CEFZProShares - Short MSCI EAFEExpense ratio 1.44%1 year return −10.7%
- CSKFProShares UltraShort FinancialsExpense ratio 1.58%1 year return −9.5%
- CEPVProShares UltraShort FTSE EuropeExpense ratio 1.36%1 year return −19.7%
- CEMTYProShares - Decline of the Retail Store ETFExpense ratio 0.65%1 year return +2.2%