EPV vs RWM

EPVCProShares UltraShort FTSE Europe

RWMBProShares Short Russell2000

In short

EPV The only US ETF built to target -2x the daily move of developed Europe stocks. Pan-European short exposure from a single ticker, no margin account or borrowed shares, running since 2009.

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

EPV EPV seeks daily investment results, before fees and expenses, equal to two times the inverse of the daily performance of the FTSE Developed Europe All Cap 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

• EPV ProShares bills it as the only -2x ETF designed to profit when the FTSE Developed Europe All Cap Index falls on the day. Continent-wide short exposure, one ticker, no margin account.proshares.com
• 0.95% net of a waiver through September 30, 2027 (1.47% gross), near the category median and matching stablemates DOG and PSQ at 0.95% net, also waived to that date.
• Listed in 2009, long-lived for a tactical product, and it sits in the upper half of its leveraged-bear peer group on our review.
• The benchmark is all-cap developed Europe, so the short is on the broad market rather than a handful of mega-cap names.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.comproshares.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

• EPV The -2x target is for a single day. The portfolio rebalances daily, and over longer holds compounding can push returns well away from twice the index move, in either direction.proshares.com
• Europe closes before the US does. Because the index is not struck at the US close, ProShares measures the fund's daily correlation against US-listed European equity ETFs instead.proshares.com
• A small, thinly traded fund, so the bid-ask spread can be a meaningful part of the cost of a round trip. Distributions come quarterly.

• 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.comproshares.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 EPV profile⁠

Full RWM profile⁠