# EFO (ProShares Ultra MSCI EAFE)

ProShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: EFO returned −0.3% where its own daily promise gave +1.3%, 1.5 points short.

## Key facts

- EFO, what EFA did: +0.8%, as of Sep 30, 2026.
- EFO, what 2 times a day gives: +1.3%, as of Sep 30, 2026.
- EFO, what the fund returned: −0.3%, as of Sep 30, 2026.
- EFO, the fund itself cost: −1.5 pts, as of Sep 30, 2026.
- EFO, net assets: $27m (issuer page, as of Sep 30, 2026).
- EFO, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## EFO over each window to Sep 30, 2026

| Window | Fund | EFA | +2x the move | Difference | EFA moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −7.3% | −3.3% | −6.6% | −0.6 pts | 13% |
| 3 months | −0.3% | +0.8% | +1.7% | −1.9 pts | 13% |
| 6 months | +10.1% | +7.0% | +14.0% | −3.9 pts | 16% |
| 1 year | +21.6% | +15.1% | +30.1% | −8.5 pts | 16% |
| 3 years | +109.1% | +65.7% | +131.3% | −22.3 pts | 15% |
| Since launch | +181.6% | +200.6% | not meaningful over this window | not meaningful over this window | 18% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of EFA, reset daily | ETFIQ |
| Multiple a holder actually got over the window | EFA moved +0.8% over this window, too little to read a multiple from | ETFIQ |
| Underlying | EFA | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $27m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 25, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 13% annualized | ETFIQ |

## Questions

### Did EFO return +2 times EFA?

Over the window to Sep 30, 2026, EFA moved +0.8% and EFO returned −0.3%. 2 times that move is +1.7%, so the fund came out 1.9 points short of it.

### Why does EFO not return +2 times over a year?

Because it resets daily. EFO aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, EFO, data as of Sep 30, 2026. https://etfiq.com/funds/efo
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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