ProShares Short Term USD Emerging Markets Bond ETF (EMSH) is an exchange-traded fund managed by ProShare Advisors LLC that seeks investment results, before fees and expenses, that correspond to the performance of the DBIQ Short Duration Emerging Markets Bond Index; the index comprises a diversified portfolio of USD-denominated emerging market bonds issued by sovereign, sub-sovereign, and quasi-sovereign entities with less than or equal to five years remaining to maturity. The fund invests primarily in fixed-income securities from global emerging markets regions, including sovereign government bonds and corporate debt, offering investors exposure to short-duration USD bonds with reduced interest rate risk and attractive yield potential relative to longer-term emerging markets debt. EMSH trades on the Cboe BZX Exchange and targets institutional and retail investors seeking emerging markets fixed-income strategies without direct currency exposure.
Launched in 2013 by ProShares, headquartered in Bethesda, Maryland, the ETF operated within the broader ProShares ecosystem, which pioneered leveraged and inverse ETFs since 2006 and manages over $65 billion in assets across diverse strategies including interest rate-hedged bonds and dividend growth products. In March 2022, ProShares announced the liquidation and closure of EMSH as part of an ongoing review of its product lineup, alongside five other ProShares Trust ETFs and two ProShares Trust II ETFs, citing strategic portfolio optimization; creation and redemption orders ceased on May 2, 2022, trading halted on May 3, 2022, and remaining shareholders received net asset value redemptions by mid-May 2022. No subsequent relaunches, acquisitions, or strategic revivals of EMSH have been reported as of late 2025, with ProShares focusing recent innovations on new offerings such as Dynamic Buffer ETFs in June 2025 and executive hires to bolster distribution.