EET is the only exchange-traded fund in the United States that targets two times the daily return of the MSCI Emerging Markets Index. The fund is structured as a series of ProShares Trust, a Delaware statutory trust that has operated since June 2009 and holds its assets in total return swap agreements with five global banks. The strategic significance of EET is not that it offers a novel return profile but that it occupies a structural gap: no other listed vehicle in the United States provides the same two-times daily reset exposure to the MSCI Emerging Markets Index, a 24-country benchmark with a price-to-earnings ratio in the high teens and a dividend yield near 1.9 percent.
Net assets stood at 44.1 million as of September 2026, a figure that has fluctuated over the fund's life as investor appetite for leveraged emerging markets exposure has shifted. The fund's net expense ratio sits at 0.95 percent after a contractual fee waiver that runs through the end of the third quarter of 2026. Without the waiver the gross expense ratio would apply, and the fund's tracking performance against its stated two-times daily target would degrade accordingly. The waiver is a structural feature of the fund's economics, and its expiration is a known event with a known date.
The forward question for EET is not the direction of the MSCI Emerging Markets Index but whether the structural constraints of daily-reset leverage, fee-waiver expiration, and swap-counterparty concentration remain aligned with investor demand for leveraged international equity exposure.