Non US - Equity fund seekers may want to consider taking a look at ProFunds UltraEmerging Markets Investor (UUPIX). UUPIX holds a Zacks Mutual Fund Rank of 3 (Hold), which is based on nine forecasting factors like size, cost, and past performance.ObjectiveWe classify UUPIX in the Non US - Equity category, which is an area rife with potential choices. Investing in companies outside the United States is how Non US - Equity funds set themselves apart, since global funds tend to keep a good portion of their portfolio stateside. Many of these funds like to allocate across emerging and developed markets, and will often focus on all cap levels.History of Fund/ManagerProFunds is based in Columbus, OH, and is the manager of UUPIX. Since ProFunds UltraEmerging Markets Investor made its debut in April of 2006, UUPIX has garnered more than $22.71 million in assets. Alexander V. Ilyasov is the fund's current manager and has held that role since November of 2009.PerformanceOf course, investors look for strong performance in funds. This fund in particular has delivered a 5-year annualized total return of 2.49%, and it sits in the bottom third among its category peers. Investors who prefer analyzing shorter time frames should look at its 3-year annualized total return of 17.4%, which places it in the top third during this time-frame.When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. UUPIX's standard deviation over the past three years is 31.47% compared to the category average of 13.01%. The standard deviation of the fund over the past 5 years is 36.49% compared to the category average of 12.96%. This makes the fund more volatile than its peers over the past half-decade.Risk FactorsInvestors should always remember the downsides to a potential investment, and this segment carries some risks one should be aware of. UUPIX lost 89.46% in the most recent bear market and underperformed its peer group by 31%. These results could imply that the fund is a worse choice than its peers during a sliding market environment.Investors should note that the fund has a 5-year beta of 2.17, so it is likely going to be more volatile than the market at large. Another factor to consider is alpha, as it reflects a portfolio's performance on a risk-adjusted basis relative to a benchmark-in this case, the S&P 500. Over the past 5 years, the fund has a negative alpha of -13.18. This means that managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.ExpensesFor investors, taking a closer look at cost-related metrics is key, since costs are increasingly important for mutual fund investing. Competition is heating up in this space, and a lower cost product will likely outperform its otherwise identical counterpart, all things being equal. In terms of fees, UUPIX is a no load fund. It has an expense ratio of 1.52% compared to the category average of 1.21%. So, UUPIX is actually more expensive than its peers from a cost perspective.Investors need to be aware that with this product, the minimum initial investment is $15,000; each subsequent investment has no minimum amount.Bottom LineOverall, ProFunds UltraEmerging Markets Investor ( UUPIX ) has a neutral Zacks Mutual Fund rank, weak performance, worse downside risk, and higher fees compared to its peers.This could just be the start of your research on UUPIXin the Non US - Equity category. Consider going to www.zacks.com/funds/mutual-funds for additional information about this fund, and all the others that we rank as well for additional information. And don't forget, Zacks has all of your needs covered on the equity side too! Make sure to check out Zacks.com for more information on our screening capabilities, Rank, and all our articles as well.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Get Your Free (UUPIX): Fund Analysis Report To read this article on Zacks.com click here. Zacks Investment Research