# EUM (ProShares Short MSCI Emerging Markets)

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

Three months to Sep 30, 2026: EUM returned −0.5% where its own daily promise gave −1.9%, 1.4 points over.

## Key facts

- EUM, what EEM did: +0.5%, as of Sep 30, 2026.
- EUM, what −1 times a day gives: −1.9%, as of Sep 30, 2026.
- EUM, what the fund returned: −0.5%, as of Sep 30, 2026.
- EUM, the fund itself added: +1.4 pts, as of Sep 30, 2026.
- EUM, net assets: $14m (issuer page, as of Sep 30, 2026).
- EUM, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## EUM over each window to Sep 30, 2026

| Window | Fund | EEM | -1x the move | Difference | EEM moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +0.5% | −0.3% | +0.3% | +0.1 pts | 21% |
| 3 months | −0.5% | +0.5% | −0.5% | 0.0 pts | 24% |
| 6 months | −16.0% | +17.3% | −17.3% | +1.3 pts | 29% |
| 1 year | −22.3% | +27.5% | −27.5% | +5.2 pts | 25% |
| 3 years | −42.5% | +89.1% | −89.1% | +46.6 pts | 20% |
| Since launch | −75.3% | +121.1% | not meaningful over this window | not meaningful over this window | 22% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -1 times the daily move of EEM, reset daily | ETFIQ |
| Multiple a holder actually got over the window | EEM moved +0.5% over this window, too little to read a multiple from | ETFIQ |
| Underlying | EEM | ETFIQ |
| Segment | sector or country, country | ETFIQ |
| Net assets | $14m | 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 | 24% annualized | ETFIQ |

## Questions

### Did EUM return -1 times EEM?

Over the window to Sep 30, 2026, EEM moved +0.5% and EUM returned −0.5%. −1 times that move is −0.5%, so the fund came out 0.0 points ahead of it.

### Why does EUM not return -1 times over a year?

Because it resets daily. EUM aims at -1 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 -1 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, EUM, data as of Sep 30, 2026. https://etfiq.com/funds/eum
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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