At a glance
EEV charges 0.95% a year. It has $2.5M in assets; it paid 6.55% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −31.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned −34.8% a year. At its worst it fell 15.0% in the 2020 crash (S&P 500: 33.7%) and 23.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 1 month after the lows.
The short version
ProShares UltraShort MSCI Emerging Markets (EEV) uses swaps to seek twice the opposite (-2x) of the MSCI Emerging Markets Index's daily return. Traders may use it to hedge or bet on brief declines, but because its leverage resets daily, results over longer periods can stray far from -2x. Its annual fee, or expense ratio, is 0.95%, and it lost an average of 21.36% a year over the 10 years to December 31, 2025.
Price history
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EEV -31.6% 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 | |
|---|---|---|---|---|---|---|
| EEV official prospectus, to Dec 31, 2025 | — | -43.67% | — | -10.04% | -21.36% | — |
| EEV price data to Oct 27, 2026 | -32.7% | -31.6% | -34.8% | -15.2% | -21.1% | -25.1% |
- Over the year to Oct 27, 2026, EEV returned -31.6%.
- Its 5-year annualized return was -15.2% and its 10-year -21.1%.
- In the 2020 COVID crash, while stocks fell, it gained 75.3%.
- Its worst full calendar year was 2009 (-79.3%); its best was 2022 (+37.0%).
- The deepest fall in its price history was 99.9% (Oct 27, 2008 to Jun 22, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -32.6% | — |
| 2025 | -44.0% | -43.67% |
| 2024 | -8.1% | -7.82% |
| 2023 | -13.2% | -12.82% |
| 2022 | +37.0% | +36.73% |
| 2021 | -5.0% | -4.81% |
| 2020 | -48.9% | -48.86% |
| 2019 | -30.9% | -30.94% |
| 2018 | +24.1% | +24.05% |
| 2017 | -49.0% | -48.97% |
| 2016 | -31.2% | -31.30% |
| 2015 | +20.6% | — |
| 2014 | -1.7% | — |
| 2013 | -5.0% | — |
| 2012 | -38.3% | — |
| 2011 | +8.2% | — |
| 2010 | -41.8% | — |
| 2009 | -79.3% | — |
| 2008 | -25.0% | — |
| 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 | Gained 75.3% over that stretch · deepest drop along the way 15%, back to its old high 0.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 74.9% over that stretch · deepest drop along the way 23.1%, back to its old high 1.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5200 | |
| 2025 | $0.7500 | -51.3% |
| 2024 | $1.5400 | +14.9% |
| 2023 | $1.3400 | +1016.7% |
| 2022 | $0.1200 | +100.0% |
| 2020 | $0.0600 | -93.8% |
| 2019 | $0.9600 | +152.6% |
| 2018 | $0.3800 | -99.8% |
| 2008 | $206.0000 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (47.55% of net assets), with its inverse exposure coming from 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 18.43% | |
| Repurchase Agreement RA | 12.25% | |
| Repurchase Agreement RA | 7.35% | |
| Repurchase Agreement RA | 3.92% | |
| Repurchase Agreement RA | 2.45% |
By country
United States 44.41%By asset type
RA 44.41%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $582K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -3.73%, +11.70%, -8.81%.
How it works
EEV's benchmark is the MSCI Emerging Markets Index, which measures large and mid-sized companies in 24 emerging-market countries, including China, India, Taiwan and South Korea, as of May 31, 2026. The index aims to cover 85% of the market value across those countries, choosing companies by size and how easily their shares trade. The prospectus flags financials as a significant portion of the index.
EEV doesn't own those stocks. ProShare Advisors uses a mathematical approach to choose derivatives, mainly swap agreements: contracts with major financial institutions to exchange payments based on changes in an asset's value. As of August 31, 2026, the fund held four total return swaps tied to EEM, and repurchase agreements (short-term loans backed by securities, usually US government debt) made up about 44% of its $2.5 million in net assets. A swap partner's default could cost the fund money.
The fund rebalances daily to keep exposure at -2x: when the index rises, the fund's assets shrink and it scales back its bet against the index; when the index falls, it adds to that bet. Because each day's result builds on the last, returns over longer periods can land far from -2x the index, usually worse in choppy markets. If the index nears a 50% gain within one day, holders could lose everything.
What it really costs
- EEV charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 1.8% 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 $2,948 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EEV | $97 | $682 | $1,294 | $2,948 |
Structure and tax notes
- Resets its inverse 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
EEV resets its -2x inverse exposure every day and lost an average of 21.36% a year over the 10 years to December 31, 2025, so it isn't built for long holding periods.
EEV has jumped when markets plunged: it gained 75.3% in the COVID crash (February 19 to March 23, 2020) and 74.9% in the 2022 bear market (January 3 to October 12, 2022). But it finished 2020 down 48.86%, kept only a 36.73% gain for 2022, and lost 79.3% in 2009, its worst calendar year. Its deepest drop, 99.9% from October 27, 2008, to June 22, 2026, has not recovered. For someone drawing money in a bad year, gains that vanish within months offer little lasting protection.
It paid $0.79 a share, quarterly, over the 12 months to October 27, 2026 (a 6.55% yield), but lost 31.6% over that year, based on price. The expense ratio is 0.95%; in the SEC's standard $10,000 example, costs total $2,948 over 10 years. Past results don't predict the future, and 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 a one-day bet against the MSCI Emerging Markets Index and can check positions daily, since the fund resets each day.
- Short-term hedgers of emerging-market stocks who know gains can vanish: EEV rose 75.3% in the COVID crash yet ended 2020 down 48.86%.
- Experienced investors who understand swaps, counterparty risk and daily compounding, and accept that a near-50% one-day index jump could wipe out their investment.
Look elsewhere if
- Retirees and long-term holders: EEV lost an average of 21.36% a year over the 10 years to December 31, 2025.
- Income seekers: its 6.55% yield as of October 27, 2026, was swamped by a 31.6% price-based loss over the same year.
- Anyone wanting a sizable fund: net assets were about $2.5 million as of August 31, 2026, after $582,431 in net outflows over three months.
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 EEV a good long-term investment?
It isn't designed to be one. EEV seeks -2x the MSCI Emerging Markets Index's return for a single day, and its prospectus warns that results over longer periods will likely differ, possibly by a lot. Over the 10 years to December 31, 2025, it lost an average of 21.36% a year. Based on price, it lost 91% over the 10 years to October 27, 2026, and it fell 99.9% from its October 27, 2008, peak to a low on June 22, 2026.
What's the difference between EEV and a regular emerging markets ETF?
A regular emerging-markets index fund owns stocks and rises when the market rises. EEV owns none: it holds swaps plus cash-like investments such as repurchase agreements, and aims to move twice as far in the opposite direction each day. It is designed to gain when emerging-market stocks fall and lose when they rise. Because it resets daily, its results over months or years can stray far from -2x the index, and it carries counterparty risk if a swap partner defaults.
Does EEV pay dividends?
Yes, it has paid quarterly. Over the 12 months to October 27, 2026, it paid $0.79 per share, a yield of 6.55%. Because EEV holds swaps and cash-like investments rather than stocks, these payouts likely come from interest on its cash holdings, not company dividends. The income did little to offset losses: the fund lost 31.6% over the same year, based on price.
What is EEV's expense ratio?
EEV's expense ratio is 0.95%, according to the prospectus filed September 25, 2026, after a 1.80% fee waiver; the management fee is 0.75%. In the SEC's standard example, $10,000 earning 5% a year and cashed out at the end of each period would cost $97 in the first year, $682 over three years, $1,294 over five and $2,948 over ten. The sharper rise after year one suggests the waiver isn't assumed to last. Swap financing costs, which the prospectus says lower returns, come on top.
Can you lose all your money in EEV?
Yes. The prospectus warns that if the MSCI Emerging Markets Index approaches a 50% gain at any point in a day, you could lose your entire investment. Even without that, losses can compound: the fund fell 99.9% from its October 27, 2008, peak to a low on June 22, 2026, and it dropped 50.2% from peak to low in the year to October 27, 2026. A swap partner's default could also cause significant losses.