# TWM (ProShares UltraShort Russell2000)

ProShares · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: TWM returned +3.3% where its own daily promise gave +0.9%, 2.3 points over.

## Key facts

- TWM, what IWM did: −1.1%, as of Sep 11, 2026.
- TWM, what −2 times a day gives: +0.9%, as of Sep 11, 2026.
- TWM, what the fund returned: +3.3%, as of Sep 11, 2026.
- TWM, the fund itself added: +2.3 pts, as of Sep 11, 2026.
- TWM, net assets: $51m (issuer page, as of Sep 11, 2026).
- TWM, expense ratio: 0.95% (485BPOS XBRL, Sep 23, 2025).

## TWM over each window to Sep 11, 2026

| Window | Fund | IWM | -2x the move | Difference | IWM moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +10.3% | −4.6% | +9.1% | +1.1 pts | 12% |
| 3 months | +3.3% | −1.1% | +2.3% | +1.0 pts | 14% |
| 6 months | −28.0% | +17.6% | −35.3% | +7.3 pts | 18% |
| 1 year | −32.4% | +21.2% | −42.4% | +10.0 pts | 19% |
| 3 years | −64.2% | +62.5% | −125.1% | +60.8 pts | 21% |
| Since launch | −99.7% | +464.0% | not meaningful over this window | not meaningful over this window | 22% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of IWM, reset daily | ETFIQ |
| Multiple a holder actually got over the window | IWM moved −1.1% over this window, too little to read a multiple from | ETFIQ |
| Underlying | IWM | ETFIQ |
| Segment | broad index, us small cap | ETFIQ |
| Net assets | $51m | issuer page, as of Sep 11, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 23, 2025 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 14% annualized | ETFIQ |

## Questions

### Did TWM return -2 times IWM?

Over the window to Sep 11, 2026, IWM moved −1.1% and TWM returned +3.3%. 2 times that move is +2.3%, so the fund came out 1.0 points ahead of it.

### Why does TWM not return -2 times over a year?

Because it resets daily. TWM aims at -2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, TWM, data as of Sep 11, 2026. https://etfiq.com/funds/TWM
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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