ProShares - Ultra Russell2000
BThis 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.
$56.10−0.45 (−0.80%)
- 1.07%
- $220M
- +27.9%
- 0.87%
- 0.3M sh
- $56.49
- low $40.92high $68.82
The ETF.net UWM Grade
B
Score 60 out of 100
- 10 of 99
Score 60 of 100 falls in the B 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.C44 out of 100Rank 55 of 99Mission
Whether the fund did what it promised, tested against its stated mandate.A74 out of 100Rank 7 of 10Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B60 out of 100Rank 34 of 96Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A86 out of 100Rank 5 of 99Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C53 out of 100Rank 13 of 23Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A77 out of 100Rank 9 of 99
Our read on UWM
BTwice the Russell 2000's daily move in a single ticker, from ProShares' original 2007 leverage class. Roughly 2,000 small caps, re-geared every trading day, which makes it a trading instrument rather than a set-and-forget holding.
UWM seeks daily, pre-fee investment results equal to twice the daily performance of the Russell 2000 Index.
Why people hold it
- Delivers on what it advertises: 2x the Russell 2000's daily return, tracked closely enough to sit in the upper half of its leveraged bull peer group.
- Live since January 2007, so the daily-reset machinery has run through the 2008 crash, 2020 and every small-cap whipsaw since.
- One trade buys geared exposure to about 2,000 US small caps, not a concentrated bet on a few names.
Worth knowing
- The 2x target is a daily one. Hold past a session and choppy markets can push returns meaningfully away from twice the index's move over that stretch.
- The 1.07% fee runs slightly above the typical leveraged bull fund and lands level with Russell 2000 stablemates TNA and URTY.
- Small caps already move hard. Doubling the daily swing cuts in both directions, drawdowns included.
UWM Holdings
- Stocks
- 1,978
- 68%
- IQMM
Sectors
- Health Care20.9%
- Financials18.0%
- Technology14.5%
- Industrials13.3%
- Consumer Discretionary8.6%
- Real Estate6.4%
- Energy6.4%
- Materials4.3%
- Utilities2.7%
- Consumer Staples2.6%
- Communication2.3%
Geography
- United States97.70%
- Bermuda0.84%
- United Kingdom0.29%
- Switzerland0.22%
- Canada0.19%
- Ireland0.14%
- Puerto Rico0.14%
- Monaco0.09%
- 0.39%
UWM Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
UWM$12,787
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 | UWM |
|---|---|
| Year to date | +20.9% |
| 1 month | −7.5% |
| 3 months | −13.0% |
| 1 year | +27.9% |
| 3 years | +27.0% |
| 5 years | +1.1% |
| 10 years | +10.1% |
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 | UWM |
|---|---|---|
| 2026 YTD | +20.9% | |
| 2025 | +13.6% | |
| 2024 | +11.3% | |
| 2023 | +22.6% | |
| 2022 | −43.7% | |
| 2021 | +23.9% | |
| 2020 | +16.6% |
UWM in the news
UWM Dividends
- 0.87%
- $0.49
- $0.16 per share
- Quarterly
Distribution history
UWM 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.
- 39.7%
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.
- 0.63
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.
- −61.6%
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.
- 2.54
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
UWM Cost
1.07%
UWM1.07%
- The middle half of Leveraged Long (2x & Other) funds
- Median 1.00%
54 of the 95 Leveraged Long (2x & Other) funds charge less.
Other funds in Leveraged Long (2x & Other)
- BYCLProShares - Ultra YenExpense ratio 0.95%1 year return −12.6%
- BUGLProShares - Ultra GoldExpense ratio 0.95%1 year return −7.2%
- BFNGGDirexion Daily NYSE FANG+ Bull 2X ETFExpense ratio 0.97%1 year return +36.8%
- BUBTProShares - Ultra 20+ Year TreasuryExpense ratio 0.97%1 year return −23.2%
- BURSPProShares - Ultra S&P 500 Equal WeightExpense ratio 1.19%1 year return +27.2%