RWM vs SJB

RWMBProShares Short Russell2000

SJBBProShares Short High Yield

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.

SJB One of the few single-ticker ways to take the other side of the junk bond market: SJB aims for the inverse (-1x) of the daily move in the Markit iBoxx $ Liquid High Yield Index, 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.

SJB The fund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Markit iBoxx $ Liquid High Yield 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.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.

• SJB Short exposure to high yield credit through one ticker in an ordinary brokerage account: no margin account, no bond borrow, no short-sale plumbing.proshares.com
• 0.95% net of a waiver through September 30, 2027, near the category median and level with ProShares stablemates DOG and PSQ (both 0.95% net of waivers to the same date).
• Trading since 2011, so it is a seasoned tool rather than a recent launch, and it stands among the stronger implementations in its inverse-fund peer group.
• The reference point is the liquid high yield benchmark itself, the Markit iBoxx $ Liquid High Yield Index, not a proxy basket of credit-sensitive stocks.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.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

• SJB The -1x objective is a one-day objective. Hold longer and daily compounding pushes results away from -1x of the index move, most of all after choppy credit markets.proshares.com
• The 0.95% rate depends on the waiver. The gross expense ratio is 1.05%, which is what applies if the waiver is not extended past September 30, 2027.
• A smaller, moderately traded fund, so spreads and order size deserve attention in a way they would not on a mega-cap index tracker.

Full RWM profile⁠

Full SJB profile⁠