# REW (ProShares UltraShort Technology)

ProShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: REW returned −12.8% where its own daily promise gave −15.0%, 2.1 points over.

## Key facts

- REW, what XLK did: +5.6%, as of Sep 30, 2026.
- REW, what −2 times a day gives: −15.0%, as of Sep 30, 2026.
- REW, what the fund returned: −12.8%, as of Sep 30, 2026.
- REW, the fund itself added: +2.1 pts, as of Sep 30, 2026.
- REW, net assets: $4m (issuer page, as of Sep 30, 2026).
- REW, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## REW over each window to Sep 30, 2026

| Window | Fund | XLK | -2x the move | Difference | XLK moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −9.5% | +5.1% | −10.2% | +0.7 pts | 18% |
| 3 months | −12.8% | +5.6% | −11.2% | −1.7 pts | 26% |
| 6 months | −56.3% | +45.4% | −90.9% | +34.5 pts | 29% |
| 1 year | −54.3% | +39.6% | −79.2% | +24.9 pts | 26% |
| 3 years | −86.7% | +143.3% | not meaningful over this window | not meaningful over this window | 25% |
| Since launch | −100.0% | +1992.5% | 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 XLK, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -2.3 times, against -2 stated | ETFIQ |
| Underlying | XLK | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $4m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 25, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 26% annualized | ETFIQ |

## Questions

### Did REW return -2 times XLK?

Over the window to Sep 30, 2026, XLK moved +5.6% and REW returned −12.8%. −2 times that move is −11.2%, so the fund came out 1.7 points short of it.

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

Because it resets daily. REW 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, REW, data as of Sep 30, 2026. https://etfiq.com/funds/rew
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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