EEV vs SVXY

EEVCProShares UltraShort MSCI Emerging Markets

SVXYBProShares Short VIX Short-Term Futures ETF

In short

EEV The 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.

SVXY Short volatility, half dose. SVXY targets one-half the inverse of a VIX short-term futures index each day, a deliberately de-tuned take on the short-vol trade, and it has run that mandate since 2011.

Stated mandate

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

SVXY SVXY seeks daily results equal to one-half the inverse of the S&P 500 VIX Short-Term Futures Index. Its objective is measured daily, so returns over longer periods can differ from the stated daily target.

Why people hold it

• EEV 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

• SVXY The half-strength design is the whole idea: a -0.5x daily target rather than full inverse, so a jump in VIX futures lands with half the force of a one-for-one short.proshares.com
• 0.95% a year sits below the typical leveraged and inverse fund, and among that crowd this is one of the stronger implementations in its peer group.
• Launched in 2011 and actively traded, so it has a long operating history and a working market for getting in and out.

Worth knowing

• EEV 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.

• SVXY The objective resets daily. Hold longer and compounding takes over, so results over weeks or months can look nothing like half the inverse of the index.proshares.com
• It is a commodity pool holding VIX futures, not a basket of stocks. Reporting and tax treatment follow different rules than a standard equity ETF.proshares.com
• Pure price vehicle with no distribution stream, and volatility spikes arrive fast, which is exactly what a short-vol position is on the wrong side of.

Full EEV profile⁠

Full SVXY profile⁠