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ETHD vs RWM

ProShares UltraShort Ether ETF

ETHDCNYSE Arca

ProShares Short Russell2000

RWMBNYSE Arca

Overlap

13.6%by weight

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

ETHD0.95%RWM0.95%

Avg volume · 30D

RWM 52.7×the volume

ETHD570KRWM30M

ETHD vs RWM Performance

Oct 31, 2025 – Oct 30, 2026

+1.5%ETHD−10.2%RWM

Oct 31, 2025 to Oct 30, 2026. ETHD +1.5%. RWM −10.2%. Use the arrow keys to read each point.50%100%150%Oct 2025Apr 2026Oct 2026
Expense ratio
ETHD 0.95%
RWM 0.95%
Fund size
ETHD $64M
RWM $163M
1Y total return
ETHD +1.5%, better
RWM −10.2%
Yield (12M)
ETHD 18.27%, better
RWM 3.32%
Holdings
ETHD 1
RWM 3
Avg volume (30D)
ETHD 570K sh
RWM 30M sh, better
NAV per share
ETHD $34.36
RWM $14.37
52W range

ETF.net Grade

ETHD: Cost 50, Risk 31, Mission 0, Tradability 59, Holdings not scored, Durability 52. RWM: Cost 50, Risk 61, Mission not scored, Tradability 90, Holdings 63, Durability 69.
Pillar letters and Scores for ETHD, RWM, with each pillar’s weight
PillarETHDRWM
Cost30% weightC50C50
Mission25% weightF0Not scored
Risk15% weightD31B61Higher
Tradability15% weightB59A90Higher
Holdings10% weightNot scoredB63
Durability5% weightC52B69Higher

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. ETHD 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 ETHD 25th of 53 funds in the Leveraged Inverse (2x & Other) Category.

  1. Rank 1BDOGProShares Short Dow30Score 65
  2. Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
  3. Rank 3BPSQProShares Short QQQScore 64
  4. Rank 4BRWMProShares Short Russell2000Score 63
  5. Rank 5BSJBProShares Short High YieldScore 62
  6. Rank 24CGLLProShares UltraShort GoldScore 48
  7. Rank 25CETHDProShares UltraShort Ether ETFScore 47
  8. Rank 26CBTCZT-Rex 2X Inverse Bitcoin Daily Target ETFScore 46

Our read on each fund

ETF.net Research

ETHDCProShares UltraShort Ether ETF

RWMBProShares Short Russell2000

In short

ETHD The only ETF aiming at -2x the daily move in ether, per ProShares. It gets there with swaps and futures rather than an actual short position, resets every day, and charges 0.95%.

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

ETHD The fund seeks daily results equal to negative two times the daily performance of the Bloomberg Ethereum Index, before fees and expenses.

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

  • ETHD ProShares bills it as the only -2x ether ETF on the market, and it has been live since 2024, through real crypto swings in both directions.proshares.com
  • It handles the plumbing: futures and swaps inside the fund, rebalanced daily to the -2x target. No margin account, no borrow, and the fund never shorts ether itself.proshares.comsec.gov
  • Fee is 0.95%, no waiver propping it up, near what leveraged and inverse funds typically charge. Same-index sibling SETH (-1x) also sits at 0.95% net, but net of a waiver through September 30, 2027.
  • 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

  • ETHD Daily reset. Hold longer than a day and compounding takes over: results can differ a lot from -2x the index move, especially in choppy markets.proshares.com
  • ProShares says these funds should be monitored daily. Two times the inverse of a crypto price is a fast-moving position, not a set-and-forget one.proshares.com
  • Exposure runs through derivatives and counterparties, including swaps that can reference spot ether ETFs, rather than a direct short in ether.proshares.com
  • 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 ETHD profile⁠

Full RWM profile⁠

ETHD vs RWM Holdings

How ETHD and RWM differ

Overlap by weight

13.6%

Shared holdings make up 100% of ETHD and 13.6% of RWM.

Level by level

  • Asset classAlternatives, Equity0.0%
  • Holdings0 in both13.6%

Sector

No Sector split for ETHD.

Country, concentration and asset class

Country by domicile

No country split for ETHD.

Concentration

Weight in the 10 largest Holdings

  • ETHD100.0%
  • RWM100.0%

Securities held

  • ETHD0
  • RWM2

Asset class

ETHD
Alternatives
RWM
Equity

Holdings

  • Only in ETHD0
  • In both0
  • Only in RWM2

Only in ETHD

0 securities, 0.0% of ETHD by weight

Only in RWM

2 securities, 86.4% of RWM by weight

  • Proshares Genius Mny Mkt Etf81.69%
  • TREASURY BILL, 0%, due 2026-12-174.71%

Weight gaps

ETHD and RWM share no securities.

All 3 ETHD 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.

ETHD vs RWM Cost

Same expense ratio

$17,869

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

  • ETHD 0.95%

    $17,869

  • RWM 0.95%

    $17,869

$10,000
30 years

Cost over time

  • ETHD 0.95%
  • RWM 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530ETHD $17,869RWM $17,869

Year by year

YearETHDRWM
10$1,678$1,678
20$6,322$6,322
30$17,869$17,869

Expense ratio

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

ETHD 6th cheapest of 53 funds

RWM 6th cheapest of 53 funds

ETHD vs RWM Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
ETHD 18.27%, better
RWM 3.32%
Payout (12M)
ETHD $6.28
RWM $0.48
Last payment
ETHD $0.19
RWM $0.09
Ex-dividend
ETHD Oct 1, 2026
RWM Sep 23, 2026
Paid on
ETHD Oct 7, 2026
RWM Sep 29, 2026
Frequency
ETHD Monthly
RWM Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

ETHDMonthly · 20 paymentsAll ETHD payments⁠
One bar per payment. 20 payments from 2023 to 2026 YTD. Jul 1, 2024 $1.56; Aug 1, 2024 $6.80; Sep 3, 2024 $20.05; Nov 1, 2024 $8.72; Dec 2, 2024 $3.70; Apr 1, 2025 $27.32; Jun 2, 2025 $2.88; Sep 2, 2025 $0.01; Oct 1, 2025 $0.04; Nov 3, 2025 $0.04; Dec 24, 2025 $0.0071; Feb 2, 2026 $0.15; Mar 2, 2026 $1.51; Apr 1, 2026 $0.0082; May 1, 2026 $0.02; Jun 1, 2026 $0.03; Jul 1, 2026 $1.71; Aug 3, 2026 $1.74; Sep 1, 2026 $0.86; Oct 1, 2026 $0.19. Use the arrow keys to read each point.$0$2520232026YTD
RWMQuarterly · 15 paymentsAll RWM payments⁠
One bar per payment. 15 payments from 2023 to 2026 YTD. Mar 22, 2023 $0.15; Jun 21, 2023 $0.24; Sep 20, 2023 $0.27; Dec 20, 2023 $0.35; Mar 20, 2024 $0.26; Jun 26, 2024 $0.29; Sep 25, 2024 $0.28; Dec 23, 2024 $0.30; Mar 26, 2025 $0.14; Jun 25, 2025 $0.20; Sep 24, 2025 $0.13; Dec 24, 2025 $0.18; Mar 25, 2026 $0.06; Jun 24, 2026 $0.14; Sep 23, 2026 $0.09. Use the arrow keys to read each point.$0$2520232026YTD

ETHD vs RWM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
ETHD 130.0%since Jul 2024RWM 18.4%
Return per unit of riskSharpe ratio, 3 years
ETHD −0.10since Jul 2024RWM −0.99
Worst fallMax drawdown, 5 years
ETHD −96.5%since Jun 2024RWM −43.7%
Market sensitivityBeta, 5 years
ETHD −3.93RWM −1.23

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