RWM vs SDD

RWMBProShares Short Russell2000

SDDDProShares UltraShort SmallCap600

In 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.

SDD The only double-short on the S&P SmallCap 600, the small-cap index with an earnings screen. SDD targets -2x the index's move each trading day, reset daily, for 0.95% net of a waiver through September 30, 2027.

Stated mandate

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

SDD SDD seeks daily investment results corresponding to twice the inverse of the daily performance of the S&P SmallCap 600.

Why people hold it

• 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.

• SDD ProShares calls it the only -2x ETF built on the S&P SmallCap 600, an index that screens new members for positive earnings. A short on profitable small caps, not the whole small-cap pond.proshares.comspglobal.com
• Fee sits near the category median: 0.95% net of a waiver through September 30, 2027, against a 5.52% gross ratio. The waiver is doing real work here.
• Trading since January 2007, so the mechanics have run through multiple small-cap drawdowns and recoveries rather than one市 cycle.

Worth knowing

• 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

• SDD The -2x objective applies to a single day, NAV to NAV. Hold longer and compounding can pull results away from -2x the index move over that stretch, most of all in choppy tape.proshares.com
• One of the smaller and less-traded funds in its category, which tends to mean wider spreads. Limit orders are the norm for this kind of exposure.
• Sits in the bottom quartile of our leveraged-and-inverse review. SBB shorts the same index at one times, also 0.95% net of a waiver through September 30, 2027.

Full RWM profile⁠

Full SDD profile⁠