RWM vs SSG: Grades, Fees and Holdings Compared

ProShares Short Russell2000

RWMBNYSE Arca

ProShares UltraShort Semiconductors

SSGCNYSE Arca

Overlap

66.1%by weight

Expense ratio

RWM0.95%SSG0.95%

Avg volume · 30D

RWM 40.8×the volume

RWM33.1MSSG813K

10Y return · a year

RWM +48.7pt

RWM−10.9%SSG−59.6%

RWM vs SSG Performance

Nov 9, 2021 – Nov 9, 2026

−14.5%RWM−99.1%SSG

Expense ratio: RWM 0.95%; SSG 0.95%
Fund size: RWM $202M; SSG $50M
1Y total return: RWM −13.0%, better; SSG −49.6%
Yield (12M): RWM 3.36%; SSG 5.65%, better
Holdings: RWM 3; SSG 2
Avg volume (30D): RWM 33.1M sh, better; SSG 813K sh
NAV per share: RWM $14.66; SSG $16.56
52W range

ETF.net Grade

Pillar letters and Scores for RWM, SSG, with each pillar’s weight
Pillar	RWM	SSG
Cost30% weight	C50	C50
Mission25% weight	Not scored	Not scored
Risk15% weight	B61Higher	F17
Tradability15% weight	A89Higher	B62
Holdings10% weight	B56Higher	C44
Durability5% weight	A70Higher	B63

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›

Same Category. RWM and SSG 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 SSG 27th 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 25CETHDProShares UltraShort Ether ETFScore 47
Rank 27CSSGProShares UltraShort SemiconductorsScore 46
Rank 28CEPVProShares UltraShort FTSE EuropeScore 43

Our read on each fund

ETF.net Research

RWMBProShares Short Russell2000

SSGCProShares UltraShort Semiconductors

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.

SSG Chip stocks cut both ways. SSG is ProShares' -2x daily short on the Dow Jones U.S. Semiconductors Index, built one trading day at a time and live since 2007. Fee: 0.95% net of a waiver through September 30, 2027 (1.33% gross).

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.

SSG The fund targets daily, pre-fee and pre-expense returns that are twice the opposite of the Dow Jones U.S. Semiconductors SM Index's daily performance.

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.

SSG Targets twice the inverse of the Dow Jones U.S. Semiconductors Index each day, before fees: a defined, mechanical way to express a bearish chip view in a regular brokerage account.proshares.com
Listed in January 2007, so it has traded through multiple full semiconductor cycles, long before the AI-chip era. ProShares bills it as its only -2x fund on the chip industry.proshares.com
0.95% net of a waiver through September 30, 2027 (1.33% gross) sits near the category median and level with ProShares' DOG and PSQ at 0.95% net, each waived to the same date.

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

SSG The leverage resets daily. Hold longer and results follow the compounded path, not -2x the period move; in choppy or rising chip tape that gap widens.proshares.com
Double leverage on a single, famously volatile industry means outsized moves in both directions. ProShares' own materials frame these funds as positions to monitor daily.proshares.com
It is a small fund that pays quarterly, and the 1.33% gross fee is what applies if the waiver is not extended past September 30, 2027.

Full RWM profile⁠

Full SSG profile⁠

RWM vs SSG Holdings

How RWM and SSG differ

Overlap by weight

66.1%

Shared holdings make up 84.3% of SSG and 66.1% of RWM.

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

SSG 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 SSG, widest gap first
Sector	More in RWMMore in SSG	Gap	RWM	SSG
Government		Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

RWM100.0%
SSG100.0%

Securities held

RWM2
SSG1

Asset class

RWM: Stocks
SSG: Stocks

Holdings

Only in RWM1
In both1
Only in SSG0

Only in RWM

1 security, 3.8% of RWM by weight

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

Only in SSG

0 securities, 0.0% of SSG by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in RWM and SSG, widest gap first
Holding	More in RWMMore in SSG	Gap	RWM	SSG
Proshares Genius Mny Mkt EtfIQMM		SSG +18.26 points	66.07%	84.33%

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

Amount$10,000

Years30 years

Cost over time

RWM 0.95%
SSG 0.95%

Year by year

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

Expense ratio

0.95%RWM
0.95%SSG

RWM0.95%SSG0.95%

0.50%1.47%

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

RWM 6th cheapest of 53 funds

SSG 6th cheapest of 53 funds

RWM vs SSG Dividends

Last 12 months to Nov 9, 2026

Yield (12M): RWM 3.36%; SSG 5.65%, better
Payout (12M): RWM $0.48; SSG $0.89
Last payment: RWM $0.09; SSG $0.14
Ex-dividend: RWM Sep 23, 2026; SSG Sep 23, 2026
Paid on: RWM Sep 29, 2026; SSG Sep 29, 2026
Frequency: RWM Quarterly; SSG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

RWMQuarterly · 26 paymentsAll RWM payments⁠

SSGQuarterly · 24 paymentsAll SSG payments⁠

RWM vs SSG Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: RWM 18.4%, betterSSG 56.0%
Return per unit of riskSharpe ratio, 3 years: RWM −0.99, betterSSG −2.03
Worst fallMax drawdown, 5 years: RWM −43.7%, betterSSG −99.7%
Market sensitivityBeta, 5 years: RWM −1.11SSG −3.47; Market = 1

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