ETF Evaluator:
ProShares Decline of the Retl Store ETF ()
Follow This ETF
(as of Aug 25)
Best Performing in Trading--Inverse Equity Over the Last Year
| 204.3% | T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) |
| 169.7% | Defiance Daily Target 2X Short MSTR ETF (SMST) |
| 53.1% | Direxion Daily NFLX Bear 1X Shares (NFXS) |
| 39.2% | -1x Short VIX Futures ETF (SVIX) |
| 39.1% | GraniteShares 2x Short COIN Daily ETF (CONI) |
Risk
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Risk
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ETF Details
ProShares Decline of the Retl Store ETF Overview
ProShares Decline of the Retl Store ETF (EMTY) is a passively managed Miscellaneous Trading--Inverse Equity exchange-traded fund (ETF). ProShares launched the ETF in 2017.
The investment seeks capital appreciation from the decline of bricks and mortar retailers through short exposure (-1x) to the Solactive-ProShares Bricks and Mortar Retail Store Index (the "index").
The fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Daily Target. The index is designed to measure the performance of publicly traded U.S. “bricks and mortar” retail companies whose retail revenue is derived principally from in-store sales.
About ProShares Decline of the Retl Store ETF (EMTY)
There are 2 members of the management team with an average tenure of 8.49 years: Michael Neches (2017) and Tarak Davé (2018). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Solactive-ProShres Brks&Mrtr RtlS TR USD index with a weighting of -100%. ProShares Decline of the Retl Store ETF has 9 securities in its portfolio. The top 10 holdings constitute 4.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ProShares Decline of the Retl Store ETF is part of the Other global asset class and is within the Miscellaneous ETF group. ProShares Decline of the Retl Store ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -4.9% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is -95.0% (-95.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares Decline of the Retl Store ETF has 99.9% of the portfolio in cash.
Assets Under Management
The fund has $2 million in total assets, which is below the $75 million average for the Trading--Inverse Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
EMTY Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ProShares Decline of the Retl Store ETF expense ratio is above average compared to funds in the Trading--Inverse Equity category. ProShares Decline of the Retl Store ETF has an expense ratio of 0.65%, which is 43% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ProShares Decline of the Retl Store ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 1085% for the Trading--Inverse Equity category.
Recently, in the month of July 2026, ProShares Decline of the Retl Store ETF returned -1.4%, which earned it a grade of D, as the Trading--Inverse Equity category had an average return of 7.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
ProShares Decline of the Retl Store ETF has a trailing yield of 3.33%, which is below the 5.32% category average.
The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ProShares Decline of the Retl Store ETF Grades
Year to date, the ETF has returned -2.4%, 23.4 percentage points better than the category, which translates into a grade of A. The fund has returned -0.4% over the past year (grade of A), -3.1% over the past three years (grade of A) and -3.0% per year over the past five years (grade of A).
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EMTY Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| EMTY Return (NAV) | -1.4% | 1.8% | -0.4% | -3.1% | -3.0% | na |
| EMTY Return (Price) | -1.5% | 1.6% | 1.1% | -3.2% | -3.1% | na |
| NAV +/- Price Return | 0.082% | 0.256% | -1.560% | 0.042% | 0.059% | na |
| Trading--Inverse Equity Avg | 7.3% | -12.0% | -29.4% | -28.2% | -22.9% | -29.6% |
| EMTY Grade (NAV) | D | A | A | A | A | na |
| +/- Category (NAV) | -8.8% | 13.8% | 28.9% | 25.0% | 19.9% | na |
| EMTY Tax-Cost Ratio | na | na | 1.3% | 1.8% | 1.3% | na |
EMTY Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EMTY Return (NAV) | -2.4% | -1.5% | -4.2% | 0.2% | 4.4% | -37.5% | -31.8% | -8.4% | 10.6% | na | na |
| EMTY Return (Price) | -2.3% | -1.8% | -4.1% | 0.3% | 4.3% | -37.4% | -31.9% | -8.6% | 11.2% | na | na |
| NAV +/- Price Ret | -0.055% | 0.159% | -0.014% | 0.185% | -0.009% | -0.004% | 0.004% | 3.5% | 5.4% | na | na |
| Trading--Inverse Equity Avg | -25.8% | -35.3% | -26.4% | -26.2% | 15.2% | -33.5% | -52.3% | -39.8% | 9.5% | -34.8% | -33.2% |
| EMTY Grade (NAV) | A | A | A | A | D | C | B | A | C | na | na |
| +/- Category | 23.4% | 33.8% | 22.2% | 26.4% | -10.9% | -4.0% | 20.5% | 31.4% | 1.1% | na | na |
| Risk Measures | |
| Beta: | -0.96 |
| R-Squared: | 40% |
| Standard Deviation: | 19.7% |
| Category Risk Index: | 0.51 |
| Category Risk Rating: | Low |
| Total Risk Index: | 1.61 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 3.3% |
| Total Assets: | $ 3 Mil |
| Share Class Assets: | $ 3 Mil |
| Turnover: | na |
| Expense Ratio: | 0.65% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 8.7 years | |||
| Average Tenure: 8.5 years | |||
| Managers (Year): Neches Michael (2017), Davé Tarak (2018) | |||
Portfolio Composition (as of 7/31/22)
| # of Holdings: | 9 |
| % in Top 10 Holdings: | 4.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | -4.9% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | -95.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 100.0% |
| Cash: | 99.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ProShares |
| Phone Number: | 866-776-5125 |
| Website: | www.proshares.com |
| Inception Date: | November 14, 2017 |
Expenses and Fees
| Expense Ratio (%): | 0.65% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 1.15% |
