At a glance
EQRR charges 0.35% a year, above the 0.21% average of the 5 funds most like it (the 4th cheapest of 6). It has $34.3M in assets, the 6th largest of that group; it paid 0.99% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +38.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 6 funds; over three years it returned +25.0% a year. At its worst it fell 49.5% 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 10 months and 4 months after the lows. Its ten largest positions make up 32.2% of the fund, out of 55 in all.
The short version
ProShares Equities for Rising Rates ETF (EQRR) tracks the Nasdaq U.S. Large Cap Equities for Rising Rates Index, which aims to outperform traditional large-cap indexes when Treasury yields rise, using stocks that have moved with those yields. Holdings reset quarterly; as of August 31, 2026, energy, technology and financials made up most of the fund, led by Marathon Petroleum and Valero Energy. Its 0.35% yearly fee tops the 0.21% average of similar funds.
Price history
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EQRR +38.8% 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 | |
|---|---|---|---|---|---|---|
| EQRR official prospectus, to Dec 31, 2025 | — | +15.03% | — | +13.41% | — | +8.18% |
| EQRR price data to Oct 27, 2026 | +36.5% | +38.8% | +25.0% | +13.5% | — | +10.9% |
- Over the year to Oct 27, 2026, EQRR returned +38.8%, 6th of 6 among similar funds.
- Its 5-year annualized return was +13.5%.
- In the 2020 COVID crash it fell 49.5% and regained its old high 9.8 months after the low.
- Its worst full calendar year was 2018 (-18.6%); its best was 2021 (+36.1%).
- The deepest fall in its price history was 57.9% (Aug 29, 2018 to Mar 18, 2020), recovered by Apr 29, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +36.5% | — |
| 2025 | +15.5% | — |
| 2024 | +7.7% | +15.03% |
| 2023 | +9.2% | +8.09% |
| 2022 | +2.3% | +9.08% |
| 2021 | +36.1% | +2.39% |
| 2020 | -10.2% | +35.11% |
| 2019 | +19.6% | -9.78% |
| 2018 | -18.6% | +19.39% |
| 2017 | — | -17.88% |
| 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 49% over that stretch · deepest drop along the way 49.5%, back to its old high 9.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 11.2% over that stretch · deepest drop along the way 21.7%, back to its old high 3.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6400 | |
| 2025 | $1.0900 | -10.7% |
| 2024 | $1.2200 | -17.6% |
| 2023 | $1.4800 | +24.4% |
| 2022 | $1.1900 | +36.8% |
| 2021 | $0.8700 | +4.8% |
| 2020 | $0.8300 | -6.7% |
| 2019 | $0.8900 | -2.2% |
| 2018 | $0.9100 |
What's inside
As of Aug 31, 2026, the fund held 55 securities; the ten largest made up 32.23% of assets.
| Holding | Weight | |
|---|---|---|
| Marathon Petroleum Corp. | 3.89% | |
| Valero Energy Corp. | 3.66% | |
| ConocoPhillips | 3.31% | |
| Chevron Corp. | 3.19% | |
| Occidental Petroleum Corp. | 3.18% | |
| Zscaler, Inc. | 3.14% | |
| Devon Energy Corp. | 3.04% | |
| Baker Hughes Co. | 2.97% | |
| Diamondback Energy, Inc. | 2.95% | |
| Crowdstrike Holdings, Inc. | 2.91% | |
| HP, Inc. | 2.89% | |
| EOG Resources, Inc. | 2.89% | |
| Halliburton Co. | 2.85% | |
| Palo Alto Networks, Inc. | 2.77% | |
| NVIDIA Corp. | 2.53% |
By country
United States 99.94%By asset type
Stocks 99.77%RA 0.17%By sector
Sectors of the companies held, for the 90.4% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $32.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.32%, +1.01%, +6.49%.
How it works
The fund aims to track the Nasdaq U.S. Large Cap Equities for Rising Rates Index, which Nasdaq builds and maintains. Each quarter, Nasdaq ranks every company and industry in its U.S. Large Cap Index by one test: over the prior three years, how closely did weekly price moves follow the 10-year Treasury yield, once the overall stock market's influence is removed? It keeps the five industries with the strongest link. Within each industry, it keeps the 10 companies with the strongest link.
Weights are set by industry rank: 30% for the top industry, then 25%, 20%, 15% and 10%. Within each industry, bigger companies get bigger weights. The index is rebuilt in March, June, September and December, and the line-up can change a lot. Portfolio turnover was 155%. As of August 31, 2026, energy was the largest sector at 26.1%. The refiners Marathon Petroleum (3.9%) and Valero Energy (3.7%) were the biggest holdings.
ProShare Advisors generally buys every stock in the index in about the same proportions. It may use a representative sample when buying every stock isn't practical. At least 80% of assets must be in index stocks or similar instruments. The fund uses no leverage, and it held no derivatives as of August 31, 2026. The prospectus warns there is no guarantee the index will beat other indexes when rates rise.
What it really costs
- EQRR charges 0.35% a year, versus an average of 0.21% for the similar funds below (4th of 6, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EQRR | $36 | $113 | $197 | $443 |
In a retirement portfolio
Its narrow, rate-driven mix of about 50 stocks and its 57.9% peak-to-trough fall suit a small slice of a portfolio rather than the core.
EQRR could add a tilt toward stocks that have tended to do well when bond yields climb, but its price swings hard. It launched in 2017, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 49.5% in a month and took about 10 months to recover. In 2022 it dropped 21.7% between June and July and was back to its old high by November. Its worst calendar year was 2018, a loss of about 18%. Its deepest fall was 57.9%, from August 2018 to March 2020, and it didn't fully recover until April 2021. Anyone who had to sell during those stretches would have locked in heavy losses.
The yield was 0.99% as of October 27, 2026, paid quarterly, so the fund adds little income. In the SEC's standard example on $10,000, costs total $36 after one year and $443 after 10 years. Past results don't predict future returns, and a plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors worried about rising Treasury yields who want large US stocks picked for their past tendency to move with the 10-year yield.
- Those who prefer a rules-based mix of energy, technology and financial stocks that is rebuilt every quarter rather than a fixed sector bet.
- Investors looking for a smaller side holding next to a broad index fund; it held just 55 stocks as of August 31, 2026.
Look elsewhere if
- Cost-focused investors: its 0.35% yearly fee is far above energy funds that share some holdings, like Vanguard Energy ETF (VDE) at 0.09%.
- Anyone who can't stomach deep drops: it fell 57.9% from August 2018 to March 2020 and didn't recover until April 2021.
- Those wary of small funds: assets were about $34 million as of August 31, 2026, following $32.6 million of outflows over three months.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EQRR this fund | — | 0.35% | $34.3M | +38.8% | +25.0% |
| RSPG Invesco S&P 500 Equal Weight Energy ETF | 32% | 0.4% | $573.6M | +56.1% | +19.7% |
| XLE Energy Select Sector SPDR Fund | 29% | 0.08% | $35.72B | +64.6% | -4.0% |
| IYE iShares U.S. Energy ETF | 26% | 0.39% | $1.76B | +56.7% | +20.5% |
| FENY Fidelity MSCI Energy Index ETF | 25% | 0.084% | $2.01B | +56.9% | +20.5% |
| VDE Vanguard Energy ETF | 25% | 0.09% | $13.26B | +62.1% | +21.4% |
Questions investors ask
What does EQRR invest in?
EQRR holds about 50 large US stocks from the Nasdaq U.S. Large Cap Equities for Rising Rates Index. The stocks are chosen because their prices have tended to move with the 10-year Treasury yield. As of August 31, 2026, energy was 26.1% of the fund, technology 24.8% and financials 20.3%. The largest holdings were Marathon Petroleum, Valero Energy, ConocoPhillips and Chevron. Cybersecurity names Zscaler, CrowdStrike and Palo Alto Networks were also near the top.
Does EQRR pay dividends?
Yes. EQRR pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.86 per share, a yield of 0.99%. That is a small payout, so the fund adds little income to a portfolio. Most of its return has come from changes in the share price. The stocks it holds change every quarter, so the payout can move around as well.
What's the difference between EQRR and RSPG?
RSPG, the Invesco S&P 500 Equal Weight Energy ETF, holds only energy stocks. EQRR also holds technology, financial and other stocks picked for their link to interest rates. About 32% of their holdings overlap. RSPG charges 0.40%, and EQRR charges 0.35%. As of October 27, 2026, RSPG had returned 56.1% over one year, compared with EQRR's 38.8%. Over three years, EQRR led, at 25% a year versus 19.7% a year.
Does EQRR go up when interest rates rise?
Not necessarily. The index aims to do better than traditional large-cap indexes when Treasury yields rise. It doesn't promise gains, and the prospectus says there is no guarantee it will outperform the S&P 500 in those periods. The stocks are picked from three years of past price links to the 10-year yield, and those patterns can break down. The prospectus also warns that results could be especially poor if stocks fall while rates move against the fund's approach.
Is EQRR good for retirement?
EQRR is better viewed as a small satellite holding than as a core retirement fund. Its returns as of December 31, 2025, were 15.03% over one year and 13.41% a year over five years. But it fell 57.9% between 2018 and 2020 and took until April 2021 to recover. It yields under 1% and costs 0.35% a year. It uses no leverage, but it is concentrated in a few industries.