At a glance
EFU charges 0.95% a year. It has $1.2M in assets; it paid 4.09% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −19.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned −28.6% a year. At its worst it fell 7.7% in the 2020 crash (S&P 500: 33.7%) and 21.7% 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 EAFE (EFU) uses swaps to seek -2x, or twice the opposite of, the daily return of the MSCI EAFE Index of developed-market stocks outside the U.S. and Canada. Traders may use it to bet on or hedge a sharp drop, but exposure resets daily; it lost an average 18.57% a year over the 10 years to December 31, 2025. It held just $1.2 million in net assets on August 31, 2026.
Price history
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EFU -19.4% 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 | |
|---|---|---|---|---|---|---|
| EFU official prospectus, to Dec 31, 2025 | — | -41.13% | — | -16.65% | -18.57% | — |
| EFU price data to Oct 27, 2026 | -16.7% | -19.4% | -28.6% | -15.0% | -19.0% | -18.7% |
- Over the year to Oct 27, 2026, EFU returned -19.4%.
- Its 5-year annualized return was -15.0% and its 10-year -19.0%.
- In the 2020 COVID crash, while stocks fell, it gained 91.9%.
- Its worst full calendar year was 2009 (-56.3%); its best was 2008 (+48.8%).
- The deepest fall in its price history was 99.4% (Oct 27, 2008 to Aug 13, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -16.7% | — |
| 2025 | -41.1% | -41.13% |
| 2024 | -1.1% | -0.93% |
| 2023 | -25.4% | -25.58% |
| 2022 | +24.3% | +22.72% |
| 2021 | -24.6% | -24.49% |
| 2020 | -35.5% | -35.63% |
| 2019 | -32.7% | -32.35% |
| 2018 | +32.3% | +31.70% |
| 2017 | -36.9% | -36.57% |
| 2016 | -12.2% | -12.40% |
| 2015 | -7.8% | — |
| 2014 | +6.8% | — |
| 2013 | -36.6% | — |
| 2012 | -36.5% | — |
| 2011 | -2.9% | — |
| 2010 | -30.7% | — |
| 2009 | -56.3% | — |
| 2008 | +48.8% | — |
| 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 91.9% over that stretch · deepest drop along the way 7.7%, back to its old high 0.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 78.8% over that stretch · deepest drop along the way 21.7%, back to its old high 1.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1900 | |
| 2025 | $0.5000 | -19.4% |
| 2024 | $0.6200 | -42.6% |
| 2023 | $1.0800 | +200.0% |
| 2022 | $0.3600 | +1700.0% |
| 2020 | $0.0200 | -94.4% |
| 2019 | $0.3600 | +260.0% |
| 2018 | $0.1000 | -99.9% |
| 2008 | $197.6800 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% 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 | 37.75% | |
| Repurchase Agreement RA | 25.10% | |
| Repurchase Agreement RA | 15.06% | |
| Repurchase Agreement RA | 8.03% | |
| Repurchase Agreement RA | 5.02% |
By country
United States 90.97%By asset type
RA 90.97%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $20K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.46%, -3.09%, -2.97%.
How it works
EFU aims for twice the opposite (-2x) of the MSCI EAFE Index's return each day. Built by MSCI Inc., the index measures large and mid-sized companies in 21 developed countries outside the U.S. and Canada, including Japan, the United Kingdom, France and Australia. It seeks to cover 85% of those markets' value, picks companies by size and how easily their shares trade, weights them by market value and reviews them each February, May, August and November.
ProShare Advisors gets the inverse exposure mainly through total return swaps. These are contracts with large financial institutions in which the two sides exchange payments based on an asset's return. As of August 31, 2026, EFU held no stocks. It had four swaps tied to EFA, an exchange-traded fund, plus repurchase agreements worth about 91% of net assets. These short-term deals, usually backed by U.S. government securities, work like secured loans.
The fund rebalances every day. If the index rises, EFU's assets shrink, so it scales back its bet against the index. If the index falls, it enlarges that bet. Because of this daily reset, returns over weeks or years can differ sharply from -2x the index, usually for the worse when markets swing back and forth. The prospectus warns that an index gain approaching 50% in one day could wipe out the entire investment.
What it really costs
- EFU charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 7.39% 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 $6,827 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EFU | $97 | $1,775 | $3,343 | $6,827 |
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
It aims for twice the opposite (-2x) of the MSCI EAFE Index's daily return and resets every day, and its price fell 99.4% from an October 2008 high to August 13, 2026.
EFU has jumped when developed markets outside North America fell. It gained 48.8% in 2008, its strongest year, 91.9% in the COVID crash (February 19 to March 23, 2020) and 78.8% in the 2022 bear market. The gains haven't lasted. It still ended 2020 down 35.6% and lost 56.3% in 2009, its worst year. From an October 2008 high to August 13, 2026, it fell 99.4% without recovering. Anyone needing cash after a rally abroad would lock in losses.
Its trailing 12-month yield was 4.09% as of October 27, 2026 ($0.30 per share, paid quarterly), alongside a 19.4% loss over the same year. The 0.95% expense ratio relies on a fee waiver. The SEC's $10,000 example shows $97 in costs after one year but $1,775 after three. Past results don't predict the future, and a plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a one-day, -2x bet that developed-market stocks outside the U.S. and Canada will fall, and who monitor positions daily.
- Traders hedging Japanese, European or Australian stock holdings for days or weeks; EFU gained 91.9% from February 19 to March 23, 2020.
- Traders who prefer inverse exposure inside an ETF to betting against EAFE stocks directly, and who accept the risk that a swap partner fails to pay.
Look elsewhere if
- Long-term and retirement investors: its price fell 99.4% between October 2008 and August 2026, and daily resets can erode multi-year results.
- Income seekers: the 4.09% yield, paid quarterly, came alongside a 19.4% loss in the year to October 27, 2026.
- Anyone wary of tiny funds: net assets were about $1.2 million on August 31, 2026, and the 0.95% expense ratio relies on a fee waiver.
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 EFU a good long-term investment?
It isn't designed to be one. The prospectus says EFU seeks -2x the MSCI EAFE Index's return for a single day, and results over longer periods will likely differ, possibly by a lot. Long-term holders have fared poorly. As of December 31, 2025, its average annual return was -41.13% over one year, -16.65% over five and -18.57% over ten. Its price fell 99.4% from an October 2008 high to August 13, 2026.
Why doesn't EFU return exactly -2x the MSCI EAFE over time?
Because it resets daily. Each day ProShare Advisors adjusts the fund's swaps to keep exposure at -2x, so gains and losses compound from a new starting point. When markets swing back and forth, that compounding usually leaves results worse than -2x the index's longer-term move. 2020 shows how fast things can turn. EFU's strongest quarter in the prospectus's 10-year record, +41.66%, ended March 31, 2020. Its weakest, -30.03%, came in the next quarter, ended June 30. It finished 2020 down 35.63%.
Does EFU pay dividends?
Yes, it pays quarterly. Over the 12 months to October 27, 2026, it paid $0.30 per share, a trailing yield of 4.09%. The fund holds no stocks, so the payouts don't come from company dividends. As of August 31, 2026, about 91% of net assets sat in repurchase agreements, which earn short-term interest. The payouts came alongside a 19.4% loss over the same 12 months, so income didn't make up for falling prices.
What's the difference between EFU and a regular MSCI EAFE index fund?
Direction, leverage and time frame. A regular index fund owns the index's stocks and rises when they rise. EFU instead uses swaps to aim for twice the opposite of the index's daily move, so it loses when the index climbs. Its exposure resets daily, so results drift over time. The prospectus also warns that an index gain near 50% in one day could wipe out the investment. EFU's expense ratio is 0.95%, after a fee waiver.
What is EFU's expense ratio?
It's 0.95% of assets a year, according to the prospectus filed September 25, 2026. That figure is after a fee waiver of 7.39 percentage points; the management fee alone is 0.75%. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost $97 after one year, $1,775 after three, $3,343 after five and $6,827 after ten. The jump after year one suggests costs would be far higher without the waiver.