ProShares - Short MSCI EAFE
EFZ
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- ProShares Short MSCI EAFE (EFZ) is an exchange-traded fund that seeks daily investment results, before fees and expenses, corresponding to the inverse (-1x) of the daily performance of the MSCI EAFE Index, which tracks large- and mid-capitalization companies across 21 developed markets excluding the U.S. and Canada; the fund achieves its objective primarily through investments in derivatives such as swaps on exchange-traded funds that track the index, including swaps with counterparties like UBS AG, Goldman Sachs International, Societe Generale, and Citibank NA. EFZ, with a net expense ratio of 0.95% (gross 1.44%, with waiver through September 30, 2026), distributes dividends quarterly and supports options trading; it resets its exposure daily, making it suited for short-term tactical use by active investors seeking to hedge or bet against developed international equity markets rather than long-term holding. Launched on October 23, 2007, the fund is issued by ProShares Trust and managed by ProShare Advisors LLC, a division of ProFunds Group founded in 1999 and headquartered in Bethesda, Maryland. ProShares, the issuer, operates globally through its lineup of leveraged, inverse, and other strategic ETFs listed on U.S. exchanges like NYSE Arca, targeting institutional and retail investors focused on risk management, enhanced returns, and specialized exposures in equities, fixed income, commodities, and cryptocurrencies. Recent major developments include the June 2025 launch of three Dynamic Buffer ETFs providing adaptive daily protection against equity drawdowns in U.S. stock indexes; the August 2025 debut of ProShares Ultra CRCL (CRCA), the first single-stock ETF targeting 2x daily returns of Circle Internet Group amid stablecoin regulatory advances; and May 2025 forward and reverse share splits on seven ETFs, including inverse products, to maintain liquidity and share prices. In October 2025, ProShares surpassed $100 billion in assets under management, reflecting strong demand for its innovative offerings, while expanding its New York presence with a Hudson Yards office. No specific acquisitions, partnerships, funding rounds, or operational shifts directly affecting EFZ were reported in the last 1-2 years, though the firm continues routine ETF lineup reviews, including prior liquidations of underperforming products.