At a glance
EET charges 0.95% a year. It has $38.6M in assets; it paid 1.86% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +15.9% with distributions reinvested (S&P 500: +11.5%); over three years it returned +34.9% a year. At its worst it fell 55.0% in the 2020 crash (S&P 500: 33.7%) and 56.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 39 months after the lows.
The short version
ProShares Ultra MSCI Emerging Markets (EET) is a leveraged ETF. It aims to deliver two times (2x) the daily return of the MSCI Emerging Markets Index, mostly through swap agreements instead of owning the stocks. It resets its leverage every day, so returns over months or years can differ sharply from 2x the index. It charges 0.95% a year and lost 43.14% in 2022.
Price history
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EET +15.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EET official prospectus, to Dec 31, 2025 | — | +62.87% | — | -1.91% | +7.05% | — |
| EET price data to Oct 27, 2026 | +18.0% | +15.9% | +34.9% | +2.1% | +6.3% | +3.5% |
- Over the year to Oct 27, 2026, EET returned +15.9%.
- Its 5-year annualized return was +2.1% and its 10-year +6.3%.
- In the 2020 COVID crash it fell 55% and regained its old high 7.4 months after the low.
- Its worst full calendar year was 2022 (-42.9%); its best was 2017 (+82.4%).
- The deepest fall in its price history was 71.7% (Apr 26, 2011 to Jan 20, 2016), recovered by Feb 11, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.0% | — |
| 2025 | +63.1% | +62.87% |
| 2024 | +2.9% | +3.08% |
| 2023 | +7.1% | +6.92% |
| 2022 | -42.9% | -43.14% |
| 2021 | -10.9% | -11.03% |
| 2020 | +18.9% | +19.25% |
| 2019 | +31.9% | +31.77% |
| 2018 | -33.8% | -33.80% |
| 2017 | +82.4% | +81.44% |
| 2016 | +14.5% | +15.29% |
| 2015 | -33.4% | — |
| 2014 | -11.0% | — |
| 2013 | -11.4% | — |
| 2012 | +34.0% | — |
| 2011 | -41.6% | — |
| 2010 | +25.2% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 55% over that stretch · deepest drop along the way 55%, back to its old high 7.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 53% over that stretch · deepest drop along the way 56.1%, back to its old high 38.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.2300 | |
| 2025 | $1.4600 | -25.1% |
| 2024 | $1.9500 | +77.3% |
| 2023 | $1.1000 | +925.2% |
| 2022 | $0.1073 | +973.0% |
| 2020 | $0.0100 | -99.1% |
| 2019 | $1.1300 | +1030.0% |
| 2018 | $0.1000 | -23.1% |
| 2010 | $0.1300 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (50.61% of net assets), with its exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 7.31% | |
| Repurchase Agreement RA | 4.86% | |
| Repurchase Agreement RA | 2.91% | |
| Repurchase Agreement RA | 1.55% | |
| Repurchase Agreement RA | 0.97% |
By country
United States 17.6%By asset type
RA 17.6%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $517K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.39%, -13.43%, +8.54%.
How it works
The fund's target is the MSCI Emerging Markets Index, which MSCI Inc. builds. It covers large and mid-sized companies in 24 emerging market countries, including China, India, Taiwan, South Korea, Brazil and Saudi Arabia. The index tries to capture about 85% of the stock market value in those countries. It picks companies by size and by how easily their shares trade, then weights them by market capitalization (total stock market value). It is reviewed every quarter, in February, May, August and November.
EET does not simply buy those stocks. ProShare Advisors uses a mathematical approach to combine instruments that together should return 2x the index each day. The main tool is the swap agreement, a contract with a large financial institution in which the two sides exchange payments based on an asset's change in value. As of August 31, 2026, the fund's exposure came through total return swaps tied to the EEM exchange-traded fund. It held about half of its roughly $38.6 million in net assets in cash and 17.6% in repurchase agreements (short-term loans backed by securities).
The fund rebalances every day. It adds exposure after the index rises and cuts back after it falls. Because of this daily reset, returns over longer periods compound and can drift far from 2x. The prospectus estimates that if the index fell 20% over a year with 50% volatility, the fund would lose about 50.2%. If the index nears a 50% loss in one day, holders could lose everything.
What it really costs
- EET charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.23% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $1,411 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EET | $97 | $352 | $627 | $1,411 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
EET resets 2x leverage every day and is built for short-term trading, so long holding periods can produce results far from 2x the index, with very deep losses.
EET's history shows how hard it is to hold through downturns. It launched in June 2009, so it missed the 2008 crisis. In the 2020 COVID crash it fell 55% in about a month and recovered by November 4, 2020. In the 2022 bear market it dropped 56.1% and did not regain its peak until January 5, 2026, almost 39 months later. Its worst calendar year was 2022, at -43.14%. Its deepest drop, 71.7% from April 2011 to January 2016, took more than five years to recover. Anyone forced to sell in a bad year could lock in large losses.
Over the 12 months to October 27, 2026, it yielded 1.86%, paid quarterly, but income is not its purpose. It costs 0.95% a year. Past results don't predict future ones. A plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want magnified one-day exposure to emerging market stocks in countries like China, India and Taiwan, and who check positions daily.
- Experienced investors who understand swaps, daily leverage resets and counterparty risk, and can handle swings like the 47.11% drop in early 2020.
- Short-term traders who accept the 0.95% expense ratio for a brief holding period, instead of paying it year after year.
Look elsewhere if
- Long-term or retirement investors who want buy-and-hold emerging market exposure; the five-year average annual return was -1.91% as of December 31, 2025.
- Anyone who could not tolerate a 71.7% decline that took more than five years to recover, or one-year volatility of 51%.
- Income seekers: the 1.86% trailing yield, paid quarterly, is modest and comes with leveraged stock market risk.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is EET a good long-term investment?
EET is not designed to be held for the long term. ProShares warns that over any period longer than a day, its returns will likely differ from 2x the index, possibly by a lot. As of December 31, 2025, its average annual return was 62.87% over one year, -1.91% over five years and 7.05% over ten years. Holding it for long stretches has meant living through deep drops, like the 56.1% fall in 2022.
Does EET pay dividends?
Yes. EET makes distributions every quarter. Over the 12 months to October 27, 2026, it paid $1.75 per share, a yield of 1.86%. The fund holds mostly swaps, cash and repurchase agreements rather than the stocks themselves, so its payouts can vary from year to year. Income is a side effect of the fund, not its goal.
Why doesn't EET return 2x the emerging markets index over a year?
EET resets its leverage every day, so its returns compound day by day. In choppy markets, that compounding usually works against holders. The prospectus gives an example: if the MSCI Emerging Markets Index fell 20% in a year with 50% volatility, EET would lose an estimated 50.2%, not 40%. At 100% volatility, the estimated loss rises to 76.5%. Fees and the cost of financing its derivatives also pull results away from the target.
Can you lose all your money in EET?
Yes. The prospectus says leverage raises the risk of a total loss. If the index nears a 50% loss at any point in a single day, holders could lose their entire investment. The fund also depends on swap agreements with financial institutions, so it can lose money if one of them fails to pay. Its deepest drop since launch was 71.7%, from April 2011 to January 2016.
How much does EET cost per year?
EET's expense ratio is 0.95% a year, according to the prospectus filed September 25, 2026. That figure includes a 0.75% management fee and reflects a 0.23% fee waiver. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, costs would total about $97 after one year, $352 after three years, $627 after five and $1,411 after ten.