RWM vs SETH: Grades, Fees and Holdings Compared

ProShares Short Russell2000

RWMBNYSE Arca

ProShares Short Ether ETF

SETHCNYSE Arca

Overlap

13.6%by weight

Expense ratio

RWM0.95%SETH0.95%

Avg volume · 30D

RWM 1120.1×the volume

RWM30MSETH26.8K

RWM vs SETH Performance

Oct 31, 2025 – Oct 30, 2026

−10.2%RWM+26.4%SETH

Expense ratio: RWM 0.95%; SETH 0.95%
Fund size: RWM $163M; SETH $8M
1Y total return: RWM −10.2%; SETH +26.4%, better
Yield (12M): RWM 3.32%; SETH 27.56%, better
Holdings: RWM 3; SETH 2
Avg volume (30D): RWM 30M sh, better; SETH 26.8K sh
NAV per share: RWM $14.37; SETH $36.06
52W range

ETF.net Grade

Pillar letters and Scores for RWM, SETH, with each pillar’s weight
Pillar	RWM	SETH
Cost30% weight	C50	C50
Mission25% weight	Not scored	Not scored
Risk15% weight	B61Higher	C42
Tradability15% weight	A90Higher	A73
Holdings10% weight	B63	Not scored
Durability5% weight	B69Higher	C51

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›

Same Category. RWM and SETH 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 SETH 15th of 53 funds in the Leveraged Inverse (2x & Other) Category.

Rank 1BDOGProShares Short Dow30Score 65
Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
Rank 3BPSQProShares Short QQQScore 64
Rank 4BRWMProShares Short Russell2000Score 63
Rank 5BSJBProShares Short High YieldScore 62
Rank 15CSARKTradr 1X Short Innovation Daily ETFScore 53
Rank 15CSETHProShares Short Ether ETFScore 53
Rank 17CSBITProShares UltraShort Bitcoin ETFScore 52

Our read on each fund

ETF.net Research

RWMBProShares Short Russell2000

SETHCProShares Short Ether ETF

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.

SETH The world's first short ether ETF, listed in November 2023. It targets -1x ether's daily move through cash-settled CME futures rather than an actual short position. 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.

SETH The fund seeks daily results, before fees and expenses, that correspond to the inverse (-1x) of the Bloomberg Ethereum 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.

SETH ProShares got here first: SETH launched in November 2023 as the world's first short ether-linked ETF, and it still holds the -1x slot in the lineup.proshares.com
No margin account, no coin borrow: one-day inverse ether exposure in an ordinary brokerage account, built on cash-settled ether futures traded on CME.proshares.com proshares.com 2
Cost sits near the typical leveraged-and-inverse fund: 0.95% net of a waiver through September 30, 2027, against a 1.03% gross ratio.
Single-speed by design. Stablemate ETHD targets twice the inverse daily move at the same 0.95% (no waiver attached), so SETH is the gentler dial.proshares.com

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

SETH Daily reset: over longer holds, compounding and ether's volatility can pull results away from -1x of the period's move.proshares.com
Futures-based, not spot: the shape of the ether futures curve and the cost of rolling contracts feed into what you actually get.proshares.com
A small fund that trades lightly, so spreads can run wider than on ProShares' heavily traded index shorts like PSQ or DOG.

Full RWM profile⁠

Full SETH profile⁠

RWM vs SETH Holdings

How RWM and SETH differ

Overlap by weight

13.6%

Shared holdings make up 40.3% of SETH and 13.6% of RWM.

Level by level

Asset classEquity, Alternatives0.0%
Holdings0 in both13.6%

Sector

No Sector split for SETH.

Country, concentration and asset class

Country by domicile

No country split for SETH.

Concentration

Weight in the 10 largest Holdings

RWM100.0%
SETH100.0%

Securities held

RWM2
SETH1

Asset class

RWM: Equity
SETH: Alternatives

Holdings

Only in RWM2
In both0
Only in SETH1

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%

Only in SETH

1 security, 59.7% of SETH by weight

TREASURY BILL, 0%, due 2026-11-0559.68%

Weight gaps

RWM and SETH share no securities.

All 12 RWM holdings⁠All 3 SETH 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 SETH 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
SETH 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

RWM 0.95%
SETH 0.95%

Year by year

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

Expense ratio

0.95%RWM
0.95%SETH

RWM0.95%SETH0.95%

0.50%1.47%

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

RWM 6th cheapest of 53 funds

SETH 6th cheapest of 53 funds

RWM vs SETH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): RWM 3.32%; SETH 27.56%, better
Payout (12M): RWM $0.48; SETH $9.93
Last payment: RWM $0.09; SETH $0.04
Ex-dividend: RWM Sep 23, 2026; SETH Oct 1, 2026
Paid on: RWM Sep 29, 2026; SETH Oct 7, 2026
Frequency: RWM Quarterly; SETH Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

RWMQuarterly · 15 paymentsAll RWM payments⁠

SETHMonthly · 35 paymentsAll SETH payments⁠

RWM vs SETH Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: RWM 18.4%SETH 66.6%since Dec 2023
Return per unit of riskSharpe ratio, 3 years: RWM −0.99SETH −0.29since Dec 2023
Worst fallMax drawdown, 5 years: RWM −43.7%SETH −80.7%since Nov 2023
Market sensitivityBeta, 5 years: RWM −1.23SETH −2.62; Market = 1

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