# UWM (ProShares Ultra Russell2000)

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

Three months to Sep 11, 2026: UWM returned −4.1% where its own daily promise gave −2.7%, 1.3 points short.

## Key facts

- UWM, what IWM did: −1.1%, as of Sep 11, 2026.
- UWM, what +2 times a day gives: −2.7%, as of Sep 11, 2026.
- UWM, what the fund returned: −4.1%, as of Sep 11, 2026.
- UWM, the fund itself cost: −1.3 pts, as of Sep 11, 2026.
- UWM, net assets: $233m (issuer page, as of Sep 11, 2026).
- UWM, expense ratio: 0.95% (485BPOS XBRL, Sep 23, 2025).

## UWM over each window to Sep 11, 2026

| Window | Fund | IWM | +2x the move | Difference | IWM moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −9.5% | −4.6% | −9.1% | −0.4 pts | 12% |
| 3 months | −4.1% | −1.1% | −2.3% | −1.8 pts | 14% |
| 6 months | +32.6% | +17.6% | +35.3% | −2.6 pts | 18% |
| 1 year | +34.6% | +21.2% | +42.4% | −7.8 pts | 19% |
| 3 years | +92.3% | +62.5% | +125.1% | −32.7 pts | 21% |
| Since launch | +767.3% | +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 | $233m | 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 UWM return +2 times IWM?

Over the window to Sep 11, 2026, IWM moved −1.1% and UWM returned −4.1%. 2 times that move is −2.3%, so the fund came out 1.8 points short of it.

### Why does UWM not return +2 times over a year?

Because it resets daily. UWM 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, UWM, data as of Sep 11, 2026. https://etfiq.com/funds/UWM
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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