At a glance
EMTY charges 0.65% a year. It has $3.0M in assets; it paid 2.3% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +1.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned −11.1% a year. At its worst it fell 5.7% in the 2020 crash (S&P 500: 33.7%) and 21.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 14 months after the lows.
The short version
ProShares Decline of the Retail Store ETF (EMTY) aims to deliver the opposite (-1x) of the daily return of the Solactive-ProShares Bricks and Mortar Retail Store Index, rising on days when store-based U.S. retailers fall. It is a short-term tool for betting against those stocks: its swap-based exposure resets daily, so longer-term returns can stray far from -1x. It costs 0.65% a year and held only about $3 million as of August 31, 2026.
Price history
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EMTY +1.6% 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 | |
|---|---|---|---|---|---|---|
| EMTY official prospectus, to Dec 31, 2025 | — | -1.52% | — | -9.23% | — | -11.88% |
| EMTY price data to Oct 27, 2026 | -3.7% | +1.6% | -11.1% | -4.3% | — | -11.7% |
- Over the year to Oct 27, 2026, EMTY returned +1.6%.
- Its 5-year annualized return was -4.3%.
- In the 2020 COVID crash, while stocks fell, it gained 58.9%.
- Its worst full calendar year was 2021 (-37.4%); its best was 2018 (+11.2%).
- The deepest fall in its price history was 79.2% (Mar 23, 2020 to Feb 13, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -3.8% | — |
| 2025 | -3.6% | — |
| 2024 | -6.9% | -1.52% |
| 2023 | -1.8% | -4.20% |
| 2022 | +4.0% | +0.21% |
| 2021 | -37.4% | +4.36% |
| 2020 | -31.9% | -37.55% |
| 2019 | -8.6% | -31.80% |
| 2018 | +11.2% | -8.35% |
| 2017 | — | +10.60% |
| 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 58.9% over that stretch · deepest drop along the way 5.7%, back to its old high 0.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 13.9% over that stretch · deepest drop along the way 21.4%, back to its old high 14.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4100 | |
| 2025 | $0.4600 | -40.3% |
| 2024 | $0.7700 | +22.2% |
| 2023 | $0.6300 | +530.0% |
| 2022 | $0.1000 | +150.0% |
| 2020 | $0.0400 | -92.9% |
| 2019 | $0.5600 | +21.7% |
| 2018 | $0.4600 |
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 | 33.50% | |
| Repurchase Agreement RA | 22.27% | |
| Repurchase Agreement RA | 13.36% | |
| Repurchase Agreement RA | 7.13% | |
| Repurchase Agreement RA | 4.45% |
By country
United States 80.72%By asset type
RA 80.72%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $352.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.01%, -1.44%, +3.28%.
How it works
EMTY takes the opposite side of the Solactive-ProShares Bricks and Mortar Retail Store Index, which ProShare Advisors created and Solactive AG maintains. The index targets U.S. retailers threatened by online shopping and too many stores: members must earn more than 50% of global revenue from retailing and more than 75% of retail revenue from in-store sales. Each is equally weighted, regardless of size. Membership is reviewed each June, and weights are reset to equal monthly.
Rather than shorting the stocks itself, the fund mainly uses total return swaps: contracts with large financial institutions that pay the fund when the index falls and cost it when the index rises. As of August 31, 2026, about 81% of assets sat in repurchase agreements, very short-term loans backed by securities such as U.S. government debt.
The fund rebalances daily to hold -1x exposure, trimming its short position after index gains and adding after declines. That daily reset means returns over longer periods can differ sharply from -1x the index, usually for the worse in choppy markets. Swap financing costs and the 0.65% fee also drag on results. The prospectus warns that a one-day index gain near 100% could wipe out holders' entire investment, and that the institution on the other side of a swap could fail to pay.
What it really costs
- EMTY charges 0.65% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EMTY | $66 | $208 | $362 | $810 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -1× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
Its -1x exposure resets daily, so returns drift from the target over long holding periods, and the fund lost about 79% from March 2020 to February 2026.
EMTY launched in November 2017, so it has no 2008 record. It rose about 59% during the 2020 COVID crash and about 14% across the 2022 bear market, but those gains didn't last. Within 2022 it fell 21% from May to August and took about 14 months to recover. Its worst calendar year was 2021, when its share price fell about 37%. Its deepest drop, about 79% from March 23, 2020 to February 13, 2026, had not been recouped as of October 27, 2026, so hedge gains can vanish before the money is needed.
Its 2.3% trailing yield as of October 27, 2026, paid quarterly, mostly reflects interest on cash-like holdings. It charges 0.65% a year, or $810 over 10 years on $10,000 in the SEC's standard example. 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 short-term, -1x daily exposure against U.S. retailers that rely on in-store sales, who can watch positions every day.
- Holders of store-based retail stocks wanting a brief hedge without borrowing shares or opening a margin account to short them.
- Traders who want an equal-weighted bet, where smaller store chains count as much as big ones, reset to equal weights monthly.
Look elsewhere if
- Long-term and retirement investors: the daily reset compounds over time, and the fund lost about 79% from March 2020 to February 2026.
- Income seekers: the 2.3% trailing yield is paid quarterly, but five-year total return averaged a 9.23% annual loss through December 31, 2025.
- Anyone wary of tiny funds or counterparty risk: it held about $3 million as of August 31, 2026, and relies on swaps with financial institutions.
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
How does the EMTY ETF work?
EMTY aims to deliver the opposite (-1x) of the daily return of the Solactive-ProShares Bricks and Mortar Retail Store Index. On days the index falls, the fund is designed to rise by about the same percentage before costs, and vice versa. The index equally weights U.S. retailers that get more than 75% of retail revenue from in-store sales. As of August 31, 2026, the fund held no stocks: four total return swaps supplied the exposure, and about 81% of assets sat in repurchase agreements, a cash-like holding.
Is EMTY a good long-term investment?
EMTY is built for short-term trading, not long-term holding. Its -1x exposure resets daily, and the prospectus warns that results over periods longer than a day will likely differ from the daily target, possibly by a lot. The long-run record has been weak: as of December 31, 2025, its average annual return was -9.23% over five years and -11.88% since its November 2017 launch. Its share price fell about 79% from March 23, 2020 to February 13, 2026.
Does EMTY pay dividends?
Yes. EMTY pays distributions quarterly, and its trailing yield was 2.3%, about $0.53 per share, as of October 27, 2026. Because the fund holds swaps and cash-like assets rather than retail stocks, the payouts mostly reflect interest earned on those cash holdings, not company dividends. Income hasn't made up for losses: even counting distributions, the fund's average annual return was -9.23% over the five years through December 31, 2025.
What is EMTY's expense ratio?
EMTY's expense ratio is 0.65% a year, all of it management fee, according to its prospectus filed September 25, 2026. In the SEC's standard example, which assumes $10,000 invested, a 5% yearly return and cashing out at the end of each period, costs would total about $66 after one year, $208 after three years, $362 after five and $810 after ten. The prospectus adds that swap financing and transaction costs also weigh on returns.
What's the difference between EMTY and shorting retail stocks?
EMTY packages a short bet on store-based retailers into a fund that trades like a stock, so there's no need to borrow shares or open a margin account, and losses can't exceed the amount invested. Shorting stocks directly can lose more than that. The trade-offs: EMTY's exposure resets daily, so longer-term results drift from -1x; it charges 0.65% a year, and swap financing costs further reduce returns; and it depends on the financial institutions on the other side of its swaps.