RWM vs SEF: Grades, Fees and Holdings Compared

ProShares Short Russell2000

RWMBNYSE Arca

ProShares Short Financials

SEFBNYSE Arca

Overlap

66.1%by weight

Expense ratio

RWM0.95%SEF0.95%

Avg volume · 30D

RWM 2288.5×the volume

RWM33.1MSEF14.5K

10Y return · a year

RWM +1.0pt

RWM−10.9%SEF−11.9%

RWM vs SEF Performance

Nov 9, 2021 – Nov 9, 2026

−14.5%RWM−27.4%SEF

Expense ratio: RWM 0.95%; SEF 0.95%
Fund size: RWM $202M; SEF $13M
1Y total return: RWM −13.0%; SEF −6.5%, better
Yield (12M): RWM 3.36%, better; SEF 3.11%
Holdings: RWM 3; SEF 2
Avg volume (30D): RWM 33.1M sh, better; SEF 14.5K sh
NAV per share: RWM $14.66; SEF $29.58
52W range

ETF.net Grade

Pillar letters and Scores for RWM, SEF, with each pillar’s weight
Pillar	RWM	SEF
Cost30% weight	C50	C50
Mission25% weight	Not scored	Not scored
Risk15% weight	B61	B65Higher
Tradability15% weight	A89Higher	B68
Holdings10% weight	B56Higher	C44
Durability5% weight	A70Higher	B56

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›

Same Category. RWM and SEF 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 SEF 9th 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 4BYCSProShares UltraShort YenScore 63
Rank 9BEUMProShares Short MSCI Emerging MarketsScore 58
Rank 9BSEFProShares Short FinancialsScore 58
Rank 11BQIDProShares UltraShort QQQScore 57

Our read on each fund

ETF.net Research

RWMBProShares Short Russell2000

SEFBProShares Short Financials

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.

SEF Launched in June 2008, in the thick of the financial crisis, SEF is the plain-vanilla short on US financials: one index, one times inverse, reset every day. No leverage stacked on top.

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.

SEF The fund seeks inverse daily results, before fees and expenses, relative to the S&P Financial Select Sector Index.

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.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.

SEF Same index as ProShares' SKF, but no leverage on top: SEF's mandate is the inverse of the S&P Financial Select Sector Index's daily move, before fees and expenses.
0.95% net of a waiver through September 30, 2027 (1.58% gross), near the category median and level with ProShares' DOG, PSQ, SJB and RWM, all waived to that same date.
Listed since June 2008 and still running, and it rates as one of the stronger builds in a crowded field of inverse funds.

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.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

SEF The one times inverse target resets daily. Over longer holds, compounding can push results away from the index's simple inverse, especially in choppy markets.
Small and thinly traded next to the headline inverse names, so the bid-ask spread is a real part of the cost of getting in and out.
That 0.95% rides on a fee waiver; the gross expense ratio is 1.58% if it is not renewed past September 30, 2027.

Full RWM profile⁠

Full SEF profile⁠

RWM vs SEF Holdings

How RWM and SEF differ

Overlap by weight

66.1%

Shared holdings make up 92.3% of SEF and 66.1% of RWM.

About this figure: RWM gets much of its exposure from swaps and futures, which aren’t counted.

SEF gets much of its exposure from swaps and futures, which aren’t counted.

Level by level

Holdings1 in both66.1%
Asset classStocks100%
Countryby domicile100%
Sector1 Sector100%

Sector

Sector weights in RWM and SEF, widest gap first
Sector	More in RWMMore in SEF	Gap	RWM	SEF
Government		Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in RWM and SEF, widest gap first
Country	More in RWMMore in SEF	Gap	RWM	SEF
United States		Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

RWM100.0%
SEF100.0%

Securities held

RWM2
SEF1

Asset class

RWM: Stocks
SEF: Stocks

Holdings

Only in RWM1
In both1
Only in SEF0

Only in RWM

1 security, 3.8% of RWM by weight

TREASURY BILL, 0%, due 2026-12-173.81%

Only in SEF

0 securities, 0.0% of SEF by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in RWM and SEF, widest gap first
Holding	More in RWMMore in SEF	Gap	RWM	SEF
Proshares Genius Mny Mkt EtfIQMM		SEF +26.24 points	66.07%	92.31%

All 12 RWM holdings⁠All 11 SEF 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.

RWM vs SEF Cost

Same expense ratio

$17,869

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

RWM 0.95%
$17,869
SEF 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

RWM 0.95%
SEF 0.95%

Year by year

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

Expense ratio

0.95%RWM
0.95%SEF

RWM0.95%SEF0.95%

0.50%1.47%

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

RWM 6th cheapest of 53 funds

SEF 6th cheapest of 53 funds

RWM vs SEF Dividends

Last 12 months to Nov 9, 2026

Yield (12M): RWM 3.36%, better; SEF 3.11%
Payout (12M): RWM $0.48; SEF $0.91
Last payment: RWM $0.09; SEF $0.22
Ex-dividend: RWM Sep 23, 2026; SEF Sep 23, 2026
Paid on: RWM Sep 29, 2026; SEF Sep 29, 2026
Frequency: RWM Quarterly; SEF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

RWMQuarterly · 26 paymentsAll RWM payments⁠

SEFQuarterly · 23 paymentsAll SEF payments⁠

RWM vs SEF Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: RWM 18.4%SEF 14.5%, better
Return per unit of riskSharpe ratio, 3 years: RWM −0.99, betterSEF −1.27
Worst fallMax drawdown, 5 years: RWM −43.7%SEF −43.1%, better
Market sensitivityBeta, 5 years: RWM −1.11SEF −0.74; Market = 1

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