RWM vs SKF: Grades, Fees and Holdings Compared

ProShares Short Russell2000

RWMBNYSE Arca

ProShares UltraShort Financials

SKFCNYSE Arca

Overlap

66.1%by weight

Expense ratio

RWM0.95%SKF0.95%

Avg volume · 30D

RWM 1210.9×the volume

RWM33.1MSKF27.4K

10Y return · a year

RWM +15.8pt

RWM−10.9%SKF−26.7%

RWM vs SKF Performance

Nov 9, 2021 – Nov 9, 2026

−14.5%RWM−60.9%SKF

Expense ratio: RWM 0.95%; SKF 0.95%
Fund size: RWM $202M; SKF $11M
1Y total return: RWM −13.0%, better; SKF −17.1%
Yield (12M): RWM 3.36%; SKF 4.10%, better
Holdings: RWM 3; SKF 2
Avg volume (30D): RWM 33.1M sh, better; SKF 27.4K sh
NAV per share: RWM $14.66; SKF $22.87
52W range

ETF.net Grade

Pillar letters and Scores for RWM, SKF, with each pillar’s weight
Pillar	RWM	SKF
Cost30% weight	C50	C50
Mission25% weight	Not scored	Not scored
Risk15% weight	B61Higher	C45
Tradability15% weight	A89Higher	B61
Holdings10% weight	B56Higher	C44
Durability5% weight	A70Higher	C54

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›

Same Category. RWM and SKF 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 SKF 20th 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 20CQQQDDirexion Daily Magnificent 7 Bear 1X ETFScore 51
Rank 20CSKFProShares UltraShort FinancialsScore 51
Rank 23CZSLProShares UltraShort SilverScore 50

Our read on each fund

ETF.net Research

RWMBProShares Short Russell2000

SKFCProShares UltraShort 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.

SKF The only -2x bear fund on the financials sector, live since January 2007, just ahead of the sector's defining crash. It aims to deliver twice the inverse of the S&P Financial Select Sector Index's daily move. 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.

SKF The fund seeks daily results, before fees and expenses, equal to -2x the daily performance of the S&P Financial Select Sector Index. It is designed to provide inverse exposure when the financials sector declines.

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.

SKF ProShares calls it the only -2x inverse ETF on the financials sector; sibling SEF rides the same index at -1x (0.95% net of a waiver through September 30, 2027).proshares.com
0.95% net of a waiver through September 30, 2027 (1.54% gross), near the median fee for leveraged-bear funds.
Trading since January 30, 2007, through the financial crisis and everything after: a long public record of how daily-reset leverage behaves.proshares.com
The reference index measures financial companies inside the S&P 500, so the short is aimed at large-cap banks, insurers and capital-markets firms.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

SKF Leverage resets daily. Hold longer and compounding pushes results away from -2x, with choppy markets grinding hardest.proshares.com
Small assets and light trading by ETF standards, so bid/ask spreads matter more going in and out.
The 0.95% leans on a contractual waiver; gross runs 1.54% if it is not extended past September 30, 2027.

Full RWM profile⁠

Full SKF profile⁠

RWM vs SKF Holdings

How RWM and SKF differ

Overlap by weight

66.1%

Shared holdings make up 82.1% of SKF and 66.1% of RWM.

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

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

Level by level

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

Sector

No Sector split for SKF.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

RWM100.0%
SKF100.0%

Securities held

RWM2
SKF1

Asset class

RWM: Stocks
SKF: Stocks

Holdings

Only in RWM1
In both1
Only in SKF0

Only in RWM

1 security, 3.8% of RWM by weight

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

Only in SKF

0 securities, 0.0% of SKF by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in RWM and SKF, widest gap first
Holding	More in RWMMore in SKF	Gap	RWM	SKF
Proshares Genius Mny Mkt EtfIQMM		SKF +16.07 points	66.07%	82.14%

All 12 RWM holdings⁠All 11 SKF 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 SKF 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
SKF 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

RWM 0.95%
SKF 0.95%

Year by year

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

Expense ratio

0.95%RWM
0.95%SKF

RWM0.95%SKF0.95%

0.50%1.47%

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

RWM 6th cheapest of 53 funds

SKF 6th cheapest of 53 funds

RWM vs SKF Dividends

Last 12 months to Nov 9, 2026

Yield (12M): RWM 3.36%; SKF 4.10%, better
Payout (12M): RWM $0.48; SKF $0.91
Last payment: RWM $0.09; SKF $0.19
Ex-dividend: RWM Sep 23, 2026; SKF Sep 23, 2026
Paid on: RWM Sep 29, 2026; SKF Sep 29, 2026
Frequency: RWM Quarterly; SKF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

RWMQuarterly · 26 paymentsAll RWM payments⁠

SKFQuarterly · 22 paymentsAll SKF payments⁠

RWM vs SKF Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: RWM 18.4%, betterSKF 28.5%
Return per unit of riskSharpe ratio, 3 years: RWM −0.99, betterSKF −1.26
Worst fallMax drawdown, 5 years: RWM −43.7%, betterSKF −74.8%
Market sensitivityBeta, 5 years: RWM −1.11SKF −1.45; Market = 1

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