ProShares - UltraShort Russell2000
$23.36+0.60 (+2.66%)
- Expense ratio
- 1.15%
- Fund size
- $57M
- 1Y return
- −29.4%
- Yield · Last 12 months
- 5.16%
- Holdings
- 14
- Volume · 30D
- 0.6M sh
- NAV per share
- $23.26
- 52W range
The ETF.net TWM Grade
Score 54 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.BScore 57Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 89Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.DScore 38Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.BScore 64Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.BScore 57Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 65Category rank
Our read on TWM
CA 2007-vintage original: it aims to deliver two times the inverse of the Russell 2000's daily move, then resets each day. Short-horizon machinery for small-cap downside, priced a shade under the typical leveraged-bear fund.
The Fund seeks daily results, before fees and expenses, corresponding to two times the inverse (-2x) of the Russell 2000 Index's daily performance. It is not designed to achieve that inverse target over periods longer than one day.
Why people hold it
- Does exactly what the prospectus says: -2x the Russell 2000's daily move, with close adherence to that stated daily target.proshares.com
- 1.15% expense ratio, slightly under the typical fund in the leveraged-bear group.
- Launched January 2007, so it has traded through the financial crisis and every small-cap scare since. Rare longevity for a leveraged product.
- Actively traded despite a small asset base, and it sits in the upper half of its leveraged-bear peer group on our review.
Worth knowing
- Daily reset is the whole story. Hold past one day and compounding takes over, so multi-day results can differ a lot from -2x, especially in choppy markets.proshares.com
- Leverage runs both directions: a rising Russell 2000 hits this fund at double the index's daily move.
- At 1.15%, the fee is steep next to plain index funds and accrues daily whichever way small caps go.
TWM Holdings
- Stocks
- 14
- 100%
- IQMM
Sectors
- Financials100.0%
Geography
- United States100.00%
TWM Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | TWM |
|---|---|
| Year to date | −27.7% |
| 1 month | +9.1% |
| 3 months | +8.5% |
| 1 year | −29.4% |
| 3 years | −30.8% |
| 5 years | −17.5% |
| 10 years | −26.2% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | TWM |
|---|---|---|
| 2026 YTD | −27.7% | |
| 2025 | −24.8% | |
| 2024 | −19.4% | |
| 2023 | −26.9% | |
| 2022 | +28.4% | |
| 2021 | −35.4% | |
| 2020 | −60.0% |
TWM in the news
ETF.net Research hasn’t filed on TWM yet — coverage lands here as it’s written.
TWM Dividends
- 5.16%
- $1.17
- $0.24 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Jun 24, 2026 | Jun 30, 2026 | $0.24 |
| Mar 25, 2026 | Mar 31, 2026 | $0.14 |
| Dec 24, 2025 | Dec 31, 2025 | $0.37 |
| Sep 24, 2025 | Sep 30, 2025 | $0.43 |
| Jun 25, 2025 | Jul 1, 2025 | $0.51 |
| Mar 26, 2025 | Apr 1, 2025 | $0.42 |
| Dec 23, 2024 | Dec 31, 2024 | $0.79 |
| Sep 25, 2024 | Oct 2, 2024 | $0.85 |
| Jun 26, 2024 | Jul 3, 2024 | $0.69 |
| Mar 20, 2024 | Mar 27, 2024 | $0.43 |
| Dec 20, 2023 | Dec 28, 2023 | $1.17 |
| Sep 20, 2023 | Sep 27, 2023 | $0.63 |
TWM Risk
This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.
- 37.9%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.81
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −77.4%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- −2.43
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TWM Cost
- The middle half of Leveraged Inverse (2x & Other) funds
- Median 1.44%
22 of the 53 Leveraged Inverse (2x & Other) funds charge less.