EFU -2x ProShares Trust UltraShort MSCI EAFE

BEAR ETF standard · Issuer ProShares · Tracks MSCI EAFE (EFA) · Listed 2007-10-23

Quote & options All leveraged ETFs

Implied AUM

$1.3M

shares out × price

Last close

$7.43

20261001

30-day avg volume

8,782

no listed options

EFU realized

—

what holders actually earned

Theoretical -2x

—

-2x × MSCI EAFE's return

Decay gap

—

realized minus theoretical

Realized vs theoretical -2x MSCI EAFE

Cumulative return of EFU against a clean -2x of MSCI EAFE's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: EFO (+2x bull, ProShares Ultra MSCI EAFE)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on MSCI EAFE

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
EFO	+2x	BULL	ProShares	ProShares Ultra MSCI EAFE	$26.2M	5,131	✓

How EFU works

EFU targets -2x the daily return of MSCI EAFE — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -2x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -2x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.