ProShares Short MSCI Emerging Markets EUM – Up 6.1% Past Week The underlying MSCI Emerging Markets Index includes 85% of free float-adjusted market capitalization in each industry group in emerging market countries. Proshares Short MSCI Emerging Markets (EUM): ETF Research Reports Higher energy prices arising out of the Russia-Ukraine war added to the already-high inflation and may derail the global economic recovery from the coronavirus pandemic.