ProShares - UltraShort Russell2000
CThis 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.
$24.43+0.21 (+0.87%)
- 1.15%
- $67M
- −28.4%
- 3.83%
- 0.7M sh
- $24.25
- low $20.16high $37.66
The ETF.net TWM Grade
C
Score 54 out of 100
- 23 of 54
Score 54 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.B57 out of 100Rank 24 of 54Mission
Whether the fund did what it promised, tested against its stated mandate.A89 out of 100Rank 7 of 9Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D39 out of 100Rank 34 of 53Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B63 out of 100Rank 14 of 54Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B56 out of 100Rank 6 of 16Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B65 out of 100Rank 8 of 54
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
- 2
- 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.
TWM$7,162
Returns run to the Oct 12, 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 | −22.5% |
| 1 month | +8.2% |
| 3 months | +14.3% |
| 1 year | −28.4% |
| 3 years | −30.4% |
| 5 years | −16.0% |
| 10 years | −26.0% |
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 | −22.5% | |
| 2025 | −24.8% | |
| 2024 | −19.4% | |
| 2023 | −26.9% | |
| 2022 | +28.4% | |
| 2021 | −35.4% | |
| 2020 | −60.0% |
TWM in the news
TWM Dividends
- 3.83%
- $0.93
- $0.18 per share
- Quarterly
Distribution history
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.
- 37.7%
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.
- −0.83
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
1.15%
TWM1.15%
- The middle half of Leveraged Inverse (2x & Other) funds
- Median 1.44%
22 of the 53 Leveraged Inverse (2x & Other) funds charge less.
Other funds in Leveraged Inverse (2x & Other)
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- CSVIX-1x Short VIX Futures ETFExpense ratio 1.47%1 year return +62.1%
- CDUSTDirexion Daily Gold Miners Index Bear 2X ETFExpense ratio 1.04%1 year return −63.3%
- CEFZProShares - Short MSCI EAFEExpense ratio 1.44%1 year return −10.7%