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Launched · SEC filings

ProShares UltraShort Russell2000

TWMNYSE ArcaProSharesCThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$24.02+0.04 (+0.17%)

At close: Nov 2, 2026, 4:00 PM ET

C52/ 100

Rank 17 of 54 in Leveraged Inverse (2x & Other)

C52/100Rank 17 of 54inLeveraged Inverse (2x & Other)
Intraday session: up, 79 prints from 23.98 to 24.02. Range 23.36 to 24.02. Use the arrow keys to read each point.23.4023.5023.6023.7023.8010 AM12 PM2 PM4 PM
Expense ratio
0.95%*
Fund size
$56M
1Y total return
−23.8%
Yield · Last 12 months
3.87%
Holdings
1
Avg volume · 30D
736K sh
52W range
low $20.16high $37.66
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Sep 30, 2027. Without it: 1.17%.

The ETF.net TWM Grade

C

Score 52 out of 100

Category
Leveraged Inverse (2x & Other)⁠
Rank
17 of 54
Six-pillar profile for TWM. Scores out of 100: Cost 50, Risk 38, Mission 88, Tradability 67, Holdings 63, Durability 65. Strongest: Mission (88). Weakest: Risk (38). Leans toward Mission.

Score 52 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C50 out of 100
    Rank 1 of 54

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A88 out of 100
    Rank 7 of 9

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D38 out of 100
    Rank 36 of 53

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B67 out of 100
    Rank 12 of 54

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B63 out of 100
    Rank 2 of 16

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B65 out of 100
    Rank 8 of 54

Our read on TWM

ETF.net Research

In short

CThe double-strength small-cap bear trade, running since 2007: TWM aims for two times the inverse of the Russell 2000's daily move, and resets every day. Built for short holds, by design.

Stated mandate

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

  • Aims for two times the inverse of the Russell 2000's daily move: a 1% down day in small caps targets roughly 2% the other way, before fees.proshares.com
  • Listed January 2007 and actively traded since, through the financial crisis and every small-cap scare after it.
  • 0.95% net of a waiver through September 30, 2027 (1.17% gross), near the category median for leveraged and inverse funds.
  • Stays close to its stated daily target and sits in the upper half of its leveraged-bear peer group.

Worth knowing

  • Resets daily. Hold past one day and compounding takes over, so multi-day results can differ widely from -2x the index, especially in choppy markets.proshares.com
  • Leverage runs both ways: an up day for small caps targets roughly double the move against you, before fees.
  • Sibling RWM shorts the same Russell 2000 at -1x for the same 0.95% net (waiver through September 30, 2027), so the choice here is the leverage, not the fee.

TWM Holdings

Holdings pillarB63 out of 100Rank 2 of 16 in Leveraged Inverse (2x & Other)
Asset class
Stocks
Holdings
1
Top-10 weight
108%
Largest holding
IQMM107.7%

Sectors

  • Financials100.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1IQMMProshares Genius Mny Mkt Etf107.72%555,000$55.6M61

Showing 1–1 of 1 holdings

TWM Performance

Launched Jan 23, 2007

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

TWM$7,620
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. TWM $7,620. SPY $11,199. Use the arrow keys to read each point.$6,000$8,000$10,000Oct 2025May 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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.

Trailing total return for TWM. Periods over one year show the average yearly return.
PeriodTWM
Year to date−23.3%
1 month−0.7%
3 months+9.2%
1 year−23.8%
3 yearsper year−32.5%
5 yearsper year−15.1%
10 yearsper year−26.5%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for TWM
YearReturn barTWM
2026 YTD−23.3%
2025−24.8%
2024−19.4%
2023−26.9%
2022+28.4%

TWM in the news

TWM Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
3.87%Last 12 months
Payout per share
$0.93Last 12 months
Last payment
$0.18 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2017–2026

One bar per payment. 26 payments from 2017 to 2026 YTD. Dec 26, 2017 $0.16; Mar 21, 2018 $0.48; Jun 20, 2018 $0.62; Sep 26, 2018 $0.72; Dec 26, 2018 $1.19; Mar 20, 2019 $0.73; Jun 25, 2019 $1.28; Sep 25, 2019 $0.99; Dec 24, 2019 $0.73; Mar 25, 2020 $0.41; Dec 22, 2022 $0.14; Mar 22, 2023 $0.36; Jun 21, 2023 $0.59; Sep 20, 2023 $0.63; Dec 20, 2023 $1.17; Mar 20, 2024 $0.43; Jun 26, 2024 $0.69; Sep 25, 2024 $0.85; Dec 23, 2024 $0.79; Mar 26, 2025 $0.42; Jun 25, 2025 $0.51; Sep 24, 2025 $0.43; Dec 24, 2025 $0.37; Mar 25, 2026 $0.14; Jun 24, 2026 $0.24; Sep 23, 2026 $0.18. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 23, 2026Sep 29, 2026$0.18
Jun 24, 2026Jun 30, 2026$0.24
Mar 25, 2026Mar 31, 2026$0.14
Dec 24, 2025Dec 31, 2025$0.37
Sep 24, 2025Sep 30, 2025$0.43
Jun 25, 2025Jul 1, 2025$0.51
Mar 26, 2025Apr 1, 2025$0.42
Dec 23, 2024Dec 31, 2024$0.79
Sep 25, 2024Oct 2, 2024$0.85
Jun 26, 2024Jul 3, 2024$0.69
Mar 20, 2024Mar 27, 2024$0.43
Dec 20, 2023Dec 28, 2023$1.17

See all 33 payments⁠

$10,000 in TWM 10 years ago paid $231 in dividends.⁠

TWM Risk

Risk pillarD38 out of 100Rank 36 of 53 in Leveraged Inverse (2x & Other)

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.

How much the fund’s monthly returns vary, scaled to a year.
36.3%
Annualised · 36 months to Oct 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
−1.01
vs 3-month T-bills · to Oct 2026
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.

The largest fall from a peak to the low that followed.
−77.4%
Trough Aug 2026
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.

How strongly the fund’s returns move with its asset-class index.
−2.43
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

TWM Cost

Compare TWM and QQQD

Overpaying vs QQQD, cheapest in Leveraged Inverse (2x & Other)

$7,890

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • TWM 0.95%

    $17,869

  • QQQD 0.50% Cheapest

    $9,979

$10,000
30 years

Cost over time

  • TWM 0.95%
  • QQQD 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TWM $17,869QQQD $9,979

Year by year

YearTWMQQQDOverpaying
10$1,678$900$778
20$6,322$3,460$2,862
30$17,869$9,979$7,890
How the 0.95% is worked out

Full fee 1.17%− waiver 0.22%= you pay 0.95%

The waiver ends Sep 30, 2027. After that the fee is 1.17% unless ProShares renews it. Source: prospectus, Sep 2026.

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