At a glance
EUM charges 0.95% a year. It has $12.2M in assets; it paid 3.45% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −13.3% with distributions reinvested (S&P 500: +11.5%); over three years it returned −16.1% a year. At its worst it fell 7.1% in the 2020 crash (S&P 500: 33.7%) and 12.0% 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 Short MSCI Emerging Markets (EUM) is an inverse ETF that seeks the opposite (-1x) of the MSCI Emerging Markets Index's daily return, using swaps instead of owning stocks. Traders may use it as a short-term hedge or bet against emerging-market stocks. Its exposure resets daily, so longer-term results can drift from -1x the index; it lost about 59% in the 10 years to October 27, 2026, and charges 0.95% a year.
Price history
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EUM -13.3% 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 | |
|---|---|---|---|---|---|---|
| EUM official prospectus, to Dec 31, 2025 | — | -22.67% | — | -2.57% | -8.92% | — |
| EUM price data to Oct 27, 2026 | -14.3% | -13.3% | -16.1% | -4.6% | -8.4% | -9.4% |
- Over the year to Oct 27, 2026, EUM returned -13.3%.
- Its 5-year annualized return was -4.6% and its 10-year -8.4%.
- In the 2020 COVID crash, while stocks fell, it gained 37%.
- Its worst full calendar year was 2009 (-50.7%); its best was 2022 (+21.1%).
- The deepest fall in its price history was 93.2% (Oct 27, 2008 to Jun 22, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -14.3% | — |
| 2025 | -22.6% | -22.67% |
| 2024 | -0.8% | -0.96% |
| 2023 | -3.9% | -3.70% |
| 2022 | +21.1% | +20.53% |
| 2021 | -1.3% | -1.24% |
| 2020 | -24.4% | -24.27% |
| 2019 | -15.2% | -15.35% |
| 2018 | +14.6% | +14.60% |
| 2017 | -28.1% | -28.09% |
| 2016 | -15.3% | -15.27% |
| 2015 | +11.9% | — |
| 2014 | +0.1% | — |
| 2013 | -1.4% | — |
| 2012 | -20.1% | — |
| 2011 | +8.9% | — |
| 2010 | -20.9% | — |
| 2009 | -50.7% | — |
| 2008 | +19.6% | — |
| 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 37% over that stretch · deepest drop along the way 7.1%, back to its old high 0.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 35.4% over that stretch · deepest drop along the way 12%, back to its old high 1.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3800 | |
| 2025 | $0.8000 | -29.8% |
| 2024 | $1.1400 | +3.6% |
| 2023 | $1.1000 | +323.1% |
| 2022 | $0.2600 | +550.0% |
| 2020 | $0.0400 | -91.7% |
| 2019 | $0.4800 | +33.3% |
| 2018 | $0.3600 | -97.8% |
| 2008 | $16.7000 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (61.43% of net assets), with its inverse exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 18.40% | |
| Repurchase Agreement RA | 12.24% | |
| Repurchase Agreement RA | 7.34% | |
| Repurchase Agreement RA | 3.92% | |
| Repurchase Agreement RA | 2.45% |
By country
United States 44.34%By asset type
RA 44.34%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $2.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.11%, +6.34%, -4.25%.
How it works
EUM seeks the opposite (-1x) of the daily return, before fees, of the MSCI Emerging Markets Index, run by MSCI Inc. As of May 31, 2026, the index covered large and mid-sized companies in 24 emerging-market countries, including China, India, Taiwan, South Korea and Brazil. It aims to capture about 85% of those markets' value, picks companies by size and how easily their shares trade, and weights them by market value. MSCI reviews it each February, May, August and November.
Instead of owning those stocks, the fund holds a mix that ProShare Advisors picks with a mathematical approach: swap agreements, which are contracts with major financial institutions to exchange the returns on an asset, plus cash-like holdings such as Treasury bills and repurchase agreements (short-term loans usually backed by U.S. government securities). As of August 31, 2026, it held five total return swaps linked to EEM, an emerging-markets ETF, and repurchase agreements made up about 44% of net assets.
The fund resets its exposure daily to stay at -1x. After the index rises, the fund trims its bet; after the index falls, it adds to it. Over longer periods, compounding can pull results away from -1x the index, usually for the worse in choppy markets. If the index nearly doubled in a day, holders could lose everything.
What it really costs
- EUM charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.8% 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 $1,996 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EUM | $97 | $473 | $874 | $1,996 |
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
EUM resets its -1x exposure every day, and its prospectus warns that results over periods longer than a day will likely differ from that target, sometimes significantly.
EUM did rise when stocks fell, gaining 37% in the 2020 COVID crash (February 19 to March 23, 2020) and 35.4% in the 2022 bear market (January 3 to October 12, 2022). Yet it still lost 24.27% for 2020 as a whole, and its record doesn't cover the full 2008 crisis. Its worst calendar year was 2009, at -50.7%, and it fell 93.2% from October 27, 2008, to June 22, 2026, without recovering by October 27, 2026. Anyone needing to cash out or draw income after an emerging-market rally could lock in steep losses.
Its yield was 3.45% as of October 27, 2026, paid quarterly. The 0.95% expense ratio adds up: the SEC's $10,000 example shows $97 in costs after one year and $1,996 after ten. Past results don't predict future ones, and retirement planning means looking at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a one-day bet against the MSCI Emerging Markets Index who can monitor and adjust the position often.
- Holders of emerging-market stocks wanting a brief hedge; EUM returned 20.53% in 2022, one of its few gaining years since 2016.
- Traders who accept the risk that a swap partner fails to pay, since EUM's short exposure runs through total return swaps.
Look elsewhere if
- Long-term and retirement investors: EUM fell 93.2% from October 2008 to June 2026 and had not recovered by October 27, 2026.
- Income seekers: its 3.45% yield as of October 27, 2026, paid quarterly, was small next to its 13.3% one-year loss.
- Cost-conscious investors: the 0.95% expense ratio reflects a fee waiver, and the SEC's $10,000 example shows $473 in costs over three years.
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 EUM a good long-term investment?
It isn't designed for long-term holding. EUM seeks -1x the MSCI Emerging Markets Index's return one day at a time, and its prospectus warns that results over longer periods will likely differ from that target, sometimes significantly. As of December 31, 2025, its average annual return was -2.57% over five years and -8.92% over ten. It also fell 93.2% from October 2008 to June 2026 and had not recovered by October 27, 2026.
Does EUM own emerging market stocks?
No, based on its August 31, 2026, holdings report. EUM gets its inverse exposure through total return swaps, contracts with major financial institutions in which the fund effectively gains when an asset falls and loses when it rises. It held five swaps linked to EEM, an emerging-markets ETF, while repurchase agreements, short-term loans usually backed by U.S. government securities, made up about 44% of net assets. Swaps add counterparty risk: the fund could lose money if the institution on the other side fails to pay.
Does EUM pay dividends?
Yes, EUM pays distributions quarterly. Its yield was 3.45%, or $0.58 per share over the prior year, as of October 27, 2026. The fund holds swaps and cash-like assets such as repurchase agreements rather than stocks, so these payouts don't come from company dividends. They were also small next to the fund's 13.3% loss over the year to that date.
Does EUM go up when the stock market crashes?
It did in the 2020 and 2022 downturns, but those gains didn't always last. EUM rose 37% during the 2020 COVID crash (February 19 to March 23, 2020) and 35.4% in the 2022 bear market (January 3 to October 12, 2022), yet it lost 24.27% for 2020 as a whole. It aims to rise on days when the MSCI Emerging Markets Index falls, so a drop in U.S. stocks alone may not lift it.
What is EUM's expense ratio?
EUM's expense ratio is 0.95% a year, according to its prospectus filed September 25, 2026. That figure reflects a 0.80% fee waiver; the management fee alone is 0.75%. The SEC's standard example, which assumes $10,000 invested, 5% annual returns and cashing out at the end of each period, shows costs of $97 after one year, $473 after three, $874 after five and $1,996 after ten. Those later figures point to higher costs after the first year.