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Launched · SEC filings

ProShares Ultra Russell2000

UWMNYSE ArcaProSharesBThis 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.

$56.84−0.10 (−0.18%)

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

B63/ 100

Rank 9 of 99 in Leveraged Long (2x & Other)

B63/100Rank 9 of 99inLeveraged Long (2x & Other)
Intraday session: down, 79 prints from 56.94 to 56.84. Range 56.83 to 58.37. Use the arrow keys to read each point.57.2557.5057.7558.0058.2510 AM12 PM2 PM4 PM
Expense ratio
0.95%*
Fund size
$216M
1Y total return
+20.6%
Yield · Last 12 months
0.86%
Holdings
1968
Avg volume · 30D
281K sh
52W range
low $40.92high $68.82
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Sep 30, 2027. Without it: 1.08%.

The ETF.net UWM Grade

B

Score 63 out of 100

Category
Leveraged Long (2x & Other)⁠
Rank
9 of 99
Six-pillar profile for UWM. Scores out of 100: Cost 51, Risk 63, Mission 72, Tradability 85, Holdings 56, Durability 77. Strongest: Tradability (85). Weakest: Cost (51). Leans toward Tradability.

Score 63 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.
    C51 out of 100
    Rank 32 of 99

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A72 out of 100
    Rank 8 of 13

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B63 out of 100
    Rank 30 of 98

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A85 out of 100
    Rank 6 of 99

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B56 out of 100
    Rank 12 of 27

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A77 out of 100
    Rank 9 of 99

Our read on UWM

ETF.net Research

In short

BA double dose of small caps: UWM aims for twice the Russell 2000's daily move, and it is one of the 2007 originals in the ProShares Ultra lineup. Fee is 0.95% net of a waiver through September 30, 2027.

Stated mandate

UWM seeks daily, pre-fee investment results equal to twice the daily performance of the Russell 2000 Index.

Why people hold it

  • Twice the daily move of the Russell 2000, an index of about 2,000 small caps rather than a handful of mega-caps. It is a 1940 Act fund, so shareholders get a 1099, not a K-1.proshares.com
  • Trading since January 2007, it has reset its leverage every session through the financial crisis, the 2020 crash and 2022. Few leveraged funds have that much road behind them.proshares.com
  • 0.95% net of a waiver through September 30, 2027 (1.08% gross) sits near the middle of its category on fee; stablemate QLD charges 0.89% net of a waiver through September 30, 2027.
  • Among the stronger implementations in a field of nearly 100 leveraged bull funds, on both how closely it hits its daily target and how smoothly it trades.

Worth knowing

  • The 2x is a one-day target. Leverage resets daily, so across choppy weeks the result can land well short of twice the index move, up or down.proshares.com
  • Small caps are jumpy before leverage. ProShares states these funds are for investors who manage positions daily, not set-and-forget holders.proshares.comproshares.com 2
  • If the waiver lapses after September 30, 2027, the fee reverts toward the 1.08% gross figure, and leverage financing costs sit on top of that.

UWM Holdings

Holdings pillarB56 out of 100Rank 12 of 27 in Leveraged Long (2x & Other)
Asset class
Stocks
Holdings
1,968
Top-10 weight
59%
Largest holding
IQMM37.0%

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 States98.43%
  • Brazil0.61%
  • Switzerland0.30%
  • Canada0.24%
  • United Kingdom0.15%
  • Taiwan0.09%
  • Singapore0.05%
  • Australia0.04%
  • Other countries (5)0.08%
The fund’s holdings, weight-ordered — page 1 of 132.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1IQMMProshares Genius Mny Mkt Etf37.02%800,000$80.1M61
2No dataNet Other Assets (Liabilities)14.54%31,462,397$31.5M151
3No dataTREASURY BILL, 0%, due 2026-11-053.47%7,500,000$7.5M11
4No dataTREASURY BILL, 0%, due 2027-01-192.75%6,000,000$5.95M12
5GKOSGlaukos Corp0.19%1,775$422K131
6BTSGBrightspring Health Services0.16%5,174$346K160
7FROGJfrog Ltd0.15%3,363$317K121
8TWSTTwist Bioscience Corp0.14%2,040$312K127
9No dataMoog Inc-Class A0.14%881$309K10
10UMBFUmb Financial Corp0.14%2,273$306K162
11VSATViasat Inc0.14%3,966$305K162
12SMSm Energy Co0.14%7,511$303K166
13EATBrinker International Inc0.13%1,340$284K159
14RHPRyman Hospitality Properties0.13%2,090$278K128
15JXNJackson Financial Inc-A0.13%2,038$275K147

Showing 1–15 of 1968 holdings

UWM 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.

UWM$12,059
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. UWM $12,059. SPY $11,199. Use the arrow keys to read each point.$10,000$12,000$14,000Oct 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 UWM. Periods over one year show the average yearly return.
PeriodUWM
Year to date+21.7%
1 month+0.4%
3 months−9.2%
1 year+20.6%
3 yearsper year+31.1%
5 yearsper year+0.1%
10 yearsper year+10.8%

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 UWM
YearReturn barUWM
2026 YTD+21.7%
2025+13.6%
2024+11.3%
2023+22.6%
2022−43.7%

UWM in the news

UWM 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.
0.86%Last 12 months
Payout per share
$0.49Last 12 months
Last payment
$0.16 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. 25 payments from 2017 to 2026 YTD. Mar 22, 2017 $0.0017; Dec 26, 2017 $0.04; Mar 21, 2018 $0.005; Sep 26, 2018 $0.02; Dec 26, 2018 $0.09; Mar 20, 2019 $0.02; Jun 25, 2019 $0.06; Sep 25, 2019 $0.05; Dec 24, 2019 $0.08; Mar 25, 2020 $0.02; Dec 23, 2020 $0.0033; Dec 22, 2022 $0.13; Sep 20, 2023 $0.02; Dec 20, 2023 $0.11; Mar 20, 2024 $0.06; Jun 26, 2024 $0.11; Sep 25, 2024 $0.13; Dec 23, 2024 $0.18; Mar 26, 2025 $0.08; Jun 25, 2025 $0.02; Sep 24, 2025 $0.20; Dec 24, 2025 $0.20; Mar 25, 2026 $0.07; Jun 24, 2026 $0.06; Sep 23, 2026 $0.16. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 23, 2026Sep 29, 2026$0.16
Jun 24, 2026Jun 30, 2026$0.06
Mar 25, 2026Mar 31, 2026$0.07
Dec 24, 2025Dec 31, 2025$0.20
Sep 24, 2025Sep 30, 2025$0.20
Jun 25, 2025Jul 1, 2025$0.02
Mar 26, 2025Apr 1, 2025$0.08
Dec 23, 2024Dec 31, 2024$0.18
Sep 25, 2024Oct 2, 2024$0.13
Jun 26, 2024Jul 3, 2024$0.11
Mar 20, 2024Mar 27, 2024$0.06
Dec 20, 2023Dec 28, 2023$0.11

See all 48 payments⁠

$10,000 in UWM 10 years ago paid $951 in dividends.⁠

UWM Risk

Risk pillarB63 out of 100Rank 30 of 98 in Leveraged Long (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.
38.6%
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.
0.78
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.
−61.6%
Trough Oct 2023
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.
2.54
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.

UWM Cost

Compare UWM and WX

Overpaying vs WX, cheapest in Leveraged Long (2x & Other)

$13,714

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

  • UWM 0.95%

    $17,869

  • WX 0.20% Cheapest

    $4,155

$10,000
30 years

Cost over time

  • UWM 0.95%
  • WX 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530UWM $17,869WX $4,155

Year by year

YearUWMWXOverpaying
10$1,678$365$1,313
20$6,322$1,421$4,901
30$17,869$4,155$13,714
How the 0.95% is worked out

Full fee 1.08%− waiver 0.13%= you pay 0.95%

The waiver ends Sep 30, 2027. After that the fee is 1.08% unless ProShares renews it. Source: prospectus, Sep 2026.

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