EEV vs RWM: Grades, Fees and Holdings Compared

ProShares UltraShort MSCI Emerging Markets

EEVCNYSE Arca

ProShares Short Russell2000

RWMBNYSE Arca

Overlap

76.4%by weight

Expense ratio

EEV0.95%RWM0.95%

Avg volume · 30D

RWM 991.8×the volume

EEV30.3KRWM30M

10Y return · a year

RWM +10.1pt

EEV−21.4%RWM−11.3%

EEV vs RWM Performance

Nov 2, 2021 – Nov 2, 2026

−57.0%EEV−15.9%RWM

Expense ratio: EEV 0.95%; RWM 0.95%
Fund size: EEV $3M; RWM $163M
1Y total return: EEV −29.5%; RWM −10.1%, better
Yield (12M): EEV 6.29%, better; RWM 3.31%
Holdings: EEV 2; RWM 3
Avg volume (30D): EEV 30.3K sh; RWM 30M sh, better
NAV per share: EEV $12.64; RWM $14.37
52W range

ETF.net Grade

Pillar letters and Scores for EEV, RWM, with each pillar’s weight
Pillar	EEV	RWM
Cost30% weight	C50	C50
Mission25% weight	Not scored	Not scored
Risk15% weight	D35	B60Higher
Tradability15% weight	C49	A90Higher
Holdings10% weight	B55	B63Higher
Durability5% weight	C41	B69Higher

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›

Same Category. EEV and RWM are both graded against the same 53 Leveraged Inverse (2x & Other) funds, so their Grades compare head to head.

Leveraged Inverse (2x & Other)⁠

Category · 53 funds

See all 53 ›

RWM ranks 4th and EEV 32nd of 53 funds in the Leveraged Inverse (2x & Other) Category.

Rank 1BDOGProShares Short Dow30Score 65
Rank 1BPSQProShares Short QQQScore 65
Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
Rank 4BRWMProShares Short Russell2000Score 63
Rank 5BSJBProShares Short High YieldScore 62
Rank 32CBZQProShares UltraShort MSCI Brazil CappedScore 40
Rank 32CEEVProShares UltraShort MSCI Emerging MarketsScore 40
Rank 32CEFUProShares UltraShort MSCI EAFEScore 40

Our read on each fund

ETF.net Research

EEVCProShares UltraShort MSCI Emerging Markets

RWMBProShares Short Russell2000

In short

EEV The only -2x play on the MSCI Emerging Markets Index in a single ticker, running since 2007. The target resets every day, which makes it a short-horizon instrument rather than a set-and-forget short.

RWM Short small caps at one speed: RWM targets the inverse of the Russell 2000's daily move, with no 2x or 3x multiplier on top. Trading since 2007, at 0.95% net of a waiver through September 30, 2027.

Stated mandate

EEV The fund seeks before-fee and expense results equal to negative two times the daily performance of the MSCI Emerging Markets Index.

RWM The fund seeks daily investment results, before fees and expenses, that correspond to the inverse of the Russell 2000 Index's daily performance.

Why people hold it

EEV ProShares runs this as the only -2x ETF tied to the MSCI Emerging Markets Index, so one ticker delivers exposure that would otherwise take swaps or a margin short.proshares.com
0.95% net of a waiver through September 30, 2027 sits near the category median and level with ProShares siblings PSQ and DOG (also 0.95% net of waivers through that date).
Listed in 2007, a long-tenured piece of the ProShares inverse lineup rather than a recent launch chasing a theme.proshares.com
Want half the kick? Sibling EUM tracks the same index at -1x, also 0.95% net of a waiver through September 30, 2027.proshares.com

RWM Straight -1x, not a multiplier: it tracks the inverse of the Russell 2000's daily move, where stablemate TWM targets -2x on the same index.proshares.com
ProShares calls it the only -1x ETF tied to the Russell 2000, the index of the 2,000 smallest US names in the Russell 3000.proshares.com proshares.com 2
Trading since January 2007 and one of the busier funds in the inverse-equity aisle, so entering and exiting is rarely the hard part.
Fee is 0.95% net of a waiver through September 30, 2027 (1.05% gross), near what this category charges, and it rates among the strongest builds in its peer group.

Worth knowing

EEV The -2x target applies to one day at a time. Over longer stretches, daily compounding takes over and results can differ substantially from -2x the index move.sec.gov
That 0.95% rests on a waiver running through September 30, 2027. The gross expense ratio behind it is 2.75%.
Thinly traded with a small asset base, so spreads can widen. Limit orders and position sizing matter more here than in the headline inverse funds.

RWM The -1x target resets daily. Hold longer and compounding rules: ProShares says multi-day returns can differ significantly from the target, in amount and even direction.proshares.com proshares.com 2
Symmetric by design: on days the Russell 2000 climbs, the fund is built to lose roughly as much as the index gains.proshares.com
Fund documents tell investors to monitor holdings as frequently as daily, which puts this at the hands-on end of the shelf.proshares.com

Full EEV profile⁠

Full RWM profile⁠

EEV vs RWM Holdings

How EEV and RWM differ

Overlap by weight

76.4%

Shared holdings make up 100% of EEV and 95.3% of RWM.

Level by level

Holdings1 in both76.4%
Asset classEquity100%
Countryby domicile100%
Sector1 Sector100%

Sector

Sector weights in EEV and RWM, widest gap first
Sector	More in EEVMore in RWM	EEV	RWM
Financials	Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in EEV and RWM, widest gap first
Country	More in EEVMore in RWM	EEV	RWM
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

EEV100.0%
RWM100.0%

Securities held

EEV1
RWM2

Asset class

EEV: Equity
RWM: Equity

Holdings

Only in EEV0
In both1
Only in RWM1

Only in EEV

0 securities, 0.0% of EEV by weight

Only in RWM

1 security, 4.7% of RWM by weight

TREASURY BILL, 0%, due 2026-12-174.71%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in EEV and RWM, widest gap first
Holding	More in EEVMore in RWM	EEV	RWM
Proshares Genius Mny Mkt EtfIQMM	RWM +18.88 points	62.81%	81.69%

All 6 EEV holdings⁠All 12 RWM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EEV vs RWM Cost

Same expense ratio

$17,869

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

EEV 0.95%
$17,869
RWM 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

EEV 0.95%
RWM 0.95%

Year by year

Year	EEV	RWM
10	$1,678	$1,678
20	$6,322	$6,322
30	$17,869	$17,869

Expense ratio

0.95%EEV
0.95%RWM

EEV0.95%RWM0.95%

0.50%1.47%

Middle half of Leveraged Inverse (2x & Other) funds
Median 0.95%

EEV 6th cheapest of 53 funds

RWM 6th cheapest of 53 funds

EEV vs RWM Dividends

Last 12 months to Nov 2, 2026

Yield (12M): EEV 6.29%, better; RWM 3.31%
Payout (12M): EEV $0.79; RWM $0.48
Last payment: EEV $0.19; RWM $0.09
Ex-dividend: EEV Sep 23, 2026; RWM Sep 23, 2026
Paid on: EEV Sep 29, 2026; RWM Sep 29, 2026
Frequency: EEV Quarterly; RWM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EEVQuarterly · 10 paymentsAll EEV payments⁠

RWMQuarterly · 26 paymentsAll RWM payments⁠

EEV vs RWM Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: EEV 31.0%RWM 18.4%, better
Return per unit of riskSharpe ratio, 3 years: EEV −1.31RWM −0.99, better
Worst fallMax drawdown, 5 years: EEV −82.0%RWM −43.7%, better
Market sensitivityBeta, 5 years: EEV −1.43RWM −1.23; Market = 1

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