At a glance
EFO charges 0.95% a year. It has $28.9M in assets; it paid 1.58% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +15.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned +31.9% a year. At its worst it fell 56.6% in the 2020 crash (S&P 500: 33.7%) and 52.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 31 months after the lows.
The short version
ProShares Ultra MSCI EAFE (EFO) is a leveraged ETF that seeks twice the daily return of the MSCI EAFE Index, which covers large and mid-size companies in 21 developed countries outside the US and Canada. It gets that exposure through swap contracts with big financial firms and resets daily, so longer-term returns can stray far from twice the index. It charges 0.95% a year, per its September 2026 prospectus, and is built for short-term trading.
Price history
The interactive chart needs JavaScript.
EFO +15.4% 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 | |
|---|---|---|---|---|---|---|
| EFO official prospectus, to Dec 31, 2025 | — | +57.60% | — | +9.13% | +8.57% | — |
| EFO price data to Oct 27, 2026 | +11.9% | +15.4% | +31.9% | +7.5% | +10.2% | +8.3% |
- Over the year to Oct 27, 2026, EFO returned +15.4%.
- Its 5-year annualized return was +7.5% and its 10-year +10.2%.
- In the 2020 COVID crash it fell 56.6% and regained its old high 8.3 months after the low.
- Its worst full calendar year was 2022 (-33.6%); its best was 2025 (+58.6%).
- The deepest fall in its price history was 63.5% (Jan 26, 2018 to Mar 23, 2020), recovered by Apr 15, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.9% | — |
| 2025 | +58.6% | +57.60% |
| 2024 | -2.1% | -1.92% |
| 2023 | +25.8% | +26.58% |
| 2022 | -33.6% | -33.99% |
| 2021 | +19.4% | +19.87% |
| 2020 | +2.3% | +2.30% |
| 2019 | +40.9% | +39.98% |
| 2018 | -30.9% | -30.43% |
| 2017 | +51.8% | +51.28% |
| 2016 | -2.9% | -2.43% |
| 2015 | -6.4% | — |
| 2014 | -14.5% | — |
| 2013 | +42.6% | — |
| 2012 | +35.6% | — |
| 2011 | -32.3% | — |
| 2010 | +9.5% | — |
| 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 56.6% over that stretch · deepest drop along the way 56.6%, back to its old high 8.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 51.6% over that stretch · deepest drop along the way 52.3%, back to its old high 31.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7500 | |
| 2025 | $1.0700 | +16.3% |
| 2024 | $0.9200 | +10.8% |
| 2023 | $0.8300 | +453.3% |
| 2019 | $0.1500 | +400.0% |
| 2018 | $0.0300 | +10.7% |
| 2010 | $0.0271 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (44.97% 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 | 6.63% | |
| Repurchase Agreement RA | 4.41% | |
| Repurchase Agreement RA | 2.64% | |
| Repurchase Agreement RA | 1.41% | |
| Repurchase Agreement RA | 0.88% |
By country
United States 15.97%By asset type
RA 15.97%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $2.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.65%, +2.56%, +3.05%.
How it works
EFO's yardstick is the MSCI EAFE Index: large and mid-size companies in 21 developed countries outside the US and Canada, including Japan, the United Kingdom, France, Germany and Switzerland. The index aims to cover about 85% of the market value across those countries, choosing companies by size and how easily their shares trade.
ProShare Advisors uses a mathematical approach, not stock picking, to choose positions that should deliver twice the index's daily return before fees and expenses. Its main tool is the swap: a contract with a major financial institution that pays the fund the gains on an underlying asset, or charges it the losses. As of August 31, 2026, the largest positions were five total return swaps referencing EFA, an exchange-traded fund, and five repurchase agreements (short-term loans backed by government securities) worth about 16% of assets.
The fund rebalances daily. After the index rises, it adds exposure; after a fall, it cuts back. Over longer periods, that reset can pull returns far from twice the index, usually for the worse in choppy markets. A prospectus table estimates that if the index fell 20% in a year with 50% volatility (day-to-day swings), the fund would lose about 50%, not 40%. If the index approached a 50% loss within one day, holders could lose their entire investment.
What it really costs
- EFO charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.33% 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 $1,516 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EFO | $97 | $373 | $671 | $1,516 |
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
EFO resets its 2x leverage every day, and its prospectus warns that returns over periods longer than a day will likely differ from that target, possibly by a lot.
EFO offers magnified short-term exposure to developed markets outside the US and Canada, but its downturn losses have been severe. It missed the 2008 crisis, launching in June 2009. In the 2020 COVID crash it fell 56.6% between February 19 and March 23, recovering by December 1, 2020. In 2022 it fell 52.3% and took about 31 months, until May 2025, to regain its high. Its worst calendar year was 2022, at -33.99%, and its deepest drop was 63.5%, from January 2018 to March 2020, recovering by April 2021. Cashing out mid-slump meant locking in steep losses.
Income is modest: a trailing 12-month yield of 1.58% as of October 27, 2026, paid quarterly. Costs are 0.95% a year; the SEC's standard example puts costs on $10,000 at $1,516 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 seeking twice the daily move of developed-market stocks outside the US and Canada, who can monitor positions every day.
- Short-term traders comfortable with exposure built from swaps with major financial institutions, and the risk that one fails to pay.
- Experienced investors who can stomach swings like EFO's 44.92% loss in the first quarter of 2020 and keep positions small.
Look elsewhere if
- Retirees and long-term savers: the daily reset means multi-year results can drift far from twice the MSCI EAFE Index's return.
- Anyone who may need cash in a downturn; after falling 52.3% in 2022, EFO took about 31 months to regain its high.
- Income seekers: the 1.58% yield as of October 27, 2026, paid quarterly, sits beside a 0.95% expense ratio and leveraged price swings.
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 EFO a good long-term investment?
Not by design. EFO seeks twice the MSCI EAFE Index's return for a single day, and its prospectus warns that returns over longer periods will likely differ from that target, sometimes significantly. The daily reset tends to hurt in choppy markets. As of December 31, 2025, EFO's average annual return was 9.13% over five years and 8.57% over 10 years, but holders also sat through a 63.5% drop between January 2018 and March 2020.
What's the difference between EFO and an MSCI EAFE index fund?
The main difference is leverage. A standard MSCI EAFE index fund aims to match the index over any period, usually by owning its stocks. EFO aims for twice the index's move each day, mostly through swap contracts, so its longer-term results can land well away from twice the index. The risks are larger too: EFO's worst quarter was a 44.92% loss in early 2020, and an index drop near 50% in one day could wipe out an investment entirely.
What does EFO actually hold?
As of August 31, 2026, its largest positions were contracts and cash-like holdings rather than individual foreign stocks. EFO reported 11 positions. The biggest were five repurchase agreements (short-term loans backed by government securities), about 16% of assets combined, and five total return swaps referencing EFA, an exchange-traded fund. The swaps, arranged with major financial institutions, supply the leveraged exposure to the MSCI EAFE Index. That adds counterparty risk: the fund could lose money if one of those firms fails to pay.
What is EFO's expense ratio?
EFO's expense ratio, its yearly cost as a share of assets, is 0.95%, according to its prospectus filed September 25, 2026. That figure includes a 0.75% management fee, offset in part by a 0.33% fee waiver. In the SEC's standard example, which assumes $10,000 invested and a 5% annual return, costs would total $97 after one year, $373 after three, $671 after five and $1,516 after 10. Financing and trading costs tied to the swaps also make it harder for the fund to hit its 2x daily target.
Does EFO pay dividends?
Yes, EFO makes quarterly distributions. Its trailing 12-month payout was $1.12 per share, a 1.58% yield, as of October 27, 2026. That income is small relative to the fund's swings: its one-year volatility, a measure of how much the price moves, was 31.1%, and it lost more than half its value in both the 2020 COVID crash and the 2022 bear market. Investors focused on steady income may find EFO a poor match.