At a glance
EMDV charges 0.6% a year. It has $7.4M in assets; it paid 2.35% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +2.2% with distributions reinvested (S&P 500: +11.5%); over three years it returned +6.8% a year. At its worst it fell 35.5% in the 2020 crash (S&P 500: 33.7%) and 30.2% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 25.0% of the fund, out of 53 in all.
The short version
ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) tracks the MSCI Emerging Markets Dividend Masters Index. That index holds emerging-market companies that have raised their dividends every year for at least seven years. It may appeal to investors who want a dividend-growth tilt outside the US, at a cost of 0.60% a year. The catches: as of August 31, 2026, China (about 47%) and India (about 22%) dominated its 53 holdings, and net assets were just $7.4 million.
Price history
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EMDV +2.2% 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 | |
|---|---|---|---|---|---|---|
| EMDV official prospectus, to Dec 31, 2025 | — | +10.88% | — | -1.82% | +4.20% | — |
| EMDV price data to Oct 27, 2026 | +0.8% | +2.2% | +6.8% | -2.1% | +2.0% | +3.8% |
- Over the year to Oct 27, 2026, EMDV returned +2.2%.
- Its 5-year annualized return was -2.1% and its 10-year +2.0%.
- In the 2020 COVID crash it fell 35.5% and regained its old high 8.8 months after the low.
- Its worst full calendar year was 2022 (-18.2%); its best was 2017 (+27.0%).
- The deepest fall in its price history was 39.2% (Jan 26, 2018 to Mar 23, 2020), recovered by Jan 8, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +0.8% | — |
| 2025 | +11.9% | — |
| 2024 | +0.1% | — |
| 2023 | -1.0% | +10.88% |
| 2022 | -18.2% | +0.29% |
| 2021 | +1.1% | -0.63% |
| 2020 | -0.1% | -18.01% |
| 2019 | +14.9% | +0.67% |
| 2018 | -7.5% | +0.92% |
| 2017 | +27.0% | +13.61% |
| 2016 | — | -6.70% |
| 2015 | — | +31.30% |
| 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 35.5% over that stretch · deepest drop along the way 35.5%, back to its old high 8.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.3% over that stretch · deepest drop along the way 30.2%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7100 | |
| 2025 | $1.1500 | -3.4% |
| 2024 | $1.1900 | +45.1% |
| 2023 | $0.8200 | -50.6% |
| 2022 | $1.6600 | +38.0% |
| 2021 | $1.2030 | -33.2% |
| 2020 | $1.8000 | +26.8% |
| 2019 | $1.4200 | +108.8% |
| 2018 | $0.6800 | -44.3% |
| 2017 | $1.2200 |
What's inside
As of Aug 31, 2026, the fund held 53 securities; the ten largest made up 24.99% of assets.
| Holding | Weight | |
|---|---|---|
| Wistron Corp. | 2.86% | |
| Hankook Tire & Technology Co. Ltd. | 2.59% | |
| Interconexion Electrica SA ESP | 2.51% | |
| Pidilite Industries Ltd. | 2.51% | |
| WEG SA | 2.49% | |
| Yuhan Corp. | 2.42% | |
| Bank of China Ltd. | 2.41% | |
| Industrial & Commercial Bank of China Ltd. | 2.40% | |
| NAURA Technology Group Co. Ltd. | 2.39% | |
| China Construction Bank Corp. | 2.39% | |
| Persistent Systems Ltd. | 2.39% | |
| Mphasis Ltd. | 2.37% | |
| Bank of Communications Co. Ltd. | 2.35% | |
| Shoprite Holdings Ltd. | 2.35% | |
| Midea Group Co. Ltd. | 2.34% |
By country
China 46.56%India 22.12%Taiwan 6.37%South Korea 5.01%Brazil 4.23%By asset type
Stocks 99.43%RA 2.49%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -4.65%, +5.36%, +0.90%.
How it works
EMDV aims to match the MSCI Emerging Markets Dividend Masters Index, before fees and expenses. That index draws from the MSCI Emerging Markets Index, which covers large and mid-sized companies across emerging-market countries. It keeps only companies that have raised their dividends every year for at least seven years. So it rewards a long record of rising payouts, not a high yield.
ProShare Advisors generally uses replication, which means it holds every stock in the index in about the same proportion as the index. It may instead use representative sampling, holding a smaller set of stocks chosen to behave like the whole index. It may do this when owning every stock is impractical, when a stock becomes hard to trade, or when legal limits interfere. The fund normally keeps at least 80% of total assets in index stocks or similar instruments. It may also hold depositary receipts (ADRs and GDRs). These are certificates that represent shares of foreign companies and trade on other markets.
As of August 31, 2026, the fund held no derivatives, and its 53 holdings were spread fairly evenly. The largest were Wistron (about 2.9%), Hankook Tire & Technology (2.6%) and Interconexion Electrica (2.5%). The top 10 made up 25% of assets. Portfolio turnover was 56%, which means the fund traded more than half its holdings over a year. Those trading costs come on top of the 0.60% expense ratio.
What it really costs
- EMDV charges 0.6% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EMDV | $61 | $192 | $335 | $750 |
In a retirement portfolio
It is a small emerging-market stock fund, heavy in China and India, that fell 35.5% in early 2020 and 30.2% in 2022, which points to a side role rather than a core one.
EMDV could add emerging-market companies with growing dividends to a portfolio built mostly on US stocks. Its trailing yield (the past year's dividends divided by the share price) was 2.35% as of October 27, 2026, and it pays quarterly. It costs 0.60% a year. On $10,000, the SEC's standard example, which assumes a 5% annual return, puts costs at about $61 in the first year and $750 over 10 years.
Its worst drop, 39.2%, ran from January 26, 2018, to March 23, 2020. That included a 35.5% fall in the 2020 COVID crash. It got back to the 2018 peak by January 8, 2021. In 2022 it fell 30.2% from its January high and had not regained that level by October 27, 2026. Its worst calendar year was 2022, at -18.2%. It launched in 2016, so it has no 2008 record. Taking money out during slumps like these could lock in losses. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want emerging-market companies with at least seven straight years of dividend increases, spread fairly evenly across 53 holdings as of August 31, 2026.
- Those comfortable with China at about 47% and India at 22%, including top-10 positions in Bank of China and China Construction Bank.
- Long-term holders who want quarterly dividends (a 2.35% trailing yield as of October 27, 2026) and can sit through long slumps like 2022's.
Look elsewhere if
- Fee-focused investors: the 0.60% expense ratio, about $61 on $10,000 in year one, is worth comparing with broad emerging-market index funds.
- Anyone wary of tiny funds: net assets were about $7.4 million as of August 31, 2026, and small ETFs can trade thinly or close.
- People who may need cash in a downturn: EMDV fell 30.2% in 2022 and hadn't regained that peak by October 27, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does EMDV invest in?
EMDV invests in emerging-market stocks that have raised their dividends every year for at least seven years. It tracks the MSCI Emerging Markets Dividend Masters Index, which is drawn from the MSCI Emerging Markets Index of large and mid-sized companies. As of August 31, 2026, it had 53 holdings. The largest were Wistron, Hankook Tire & Technology, Interconexion Electrica, Pidilite Industries and WEG, each about 2.5% to 2.9% of assets. China made up about 47% of the fund and India about 22%.
Does EMDV pay monthly dividends?
No. EMDV pays dividends quarterly. Over the year through October 27, 2026, it paid about $1.09 per share, a trailing yield of 2.35%. The index picks companies with long records of raising their dividends rather than the highest yields. Even so, the fund's payouts can rise or fall. They depend on what its companies pay and on how emerging-market currencies move against the US dollar.
Is EMDV good for retirement income?
It can provide modest income, but it carries significant stock-market risk. As of October 27, 2026, its trailing yield was 2.35%, paid quarterly, and it charges 0.60% a year. Its price has swung sharply. It fell 35.5% in the 2020 COVID crash and 30.2% in 2022, and it had not regained its January 2022 peak by October 27, 2026. It may suit retirees as a small part of a broader portfolio rather than as a main source of income.
What's the difference between EMDV and a regular emerging markets index fund?
The main difference is which companies it holds. A broad fund tracking the MSCI Emerging Markets Index owns large and mid-sized companies across emerging markets. EMDV's index keeps only those that have raised their dividends every year for at least seven years. As of August 31, 2026, that left 53 holdings, with the 10 largest making up 25% of assets. China made up about 47% and India about 22%. Its 0.60% expense ratio is worth comparing with broad emerging-market index funds.
How has EMDV performed over the long term?
Modestly, with big swings along the way. According to its prospectus, the fund's average annual return as of December 31, 2025, was 10.88% over one year, -1.82% over five years and 4.20% over 10 years. Its strongest quarter, ended December 31, 2020, gained 19.21%. Its weakest, ended March 31, 2020, lost 29.09%. Based on market prices, it gained about 0.8% from the start of 2026 through October 27, 2026.