{
 "ticker": "TWM",
 "name": "ProShares UltraShort Russell2000",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/twm",
 "html": "https://etfiq.com/funds/twm",
 "markdown": "https://etfiq.com/funds/twm.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: TWM returned +16.9% where its own daily promise gave +13.9%, 3.0 points over.",
 "key_facts": [
  {
   "key": "what_iwm_did",
   "label": "What IWM did",
   "value": "\u22126.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TWM, what IWM did: \u22126.9%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "+13.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TWM, what \u22122 times a day gives: +13.9%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+16.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TWM, what the fund returned: +16.9%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+3.0 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TWM, the fund itself added: +3.0 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$66m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "TWM, net assets: $66m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 25, 2026",
   "as_of": "2026-09-30",
   "sentence": "TWM, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of IWM, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-2.44 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "IWM",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "broad index, US small cap",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$66m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 25, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "13% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+11.9%",
   "IWM": "\u22125.2%",
   "-2x the move": "+10.4%",
   "Difference": "+1.5 pts",
   "IWM moved about": "12%"
  },
  {
   "window": "3 months",
   "Fund": "+16.9%",
   "IWM": "\u22126.9%",
   "-2x the move": "+13.8%",
   "Difference": "+3.0 pts",
   "IWM moved about": "13%"
  },
  {
   "window": "6 months",
   "Fund": "\u221219.5%",
   "IWM": "+11.9%",
   "-2x the move": "\u221223.8%",
   "Difference": "+4.3 pts",
   "IWM moved about": "17%"
  },
  {
   "window": "1 year",
   "Fund": "\u221226.1%",
   "IWM": "+16.0%",
   "-2x the move": "\u221232.0%",
   "Difference": "+6.0 pts",
   "IWM moved about": "19%"
  },
  {
   "window": "3 years",
   "Fund": "\u221264.3%",
   "IWM": "+62.6%",
   "-2x the move": "\u2212125.2%",
   "Difference": "+60.8 pts",
   "IWM moved about": "21%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221299.6%",
   "IWM": "+444.0%",
   "-2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "IWM moved about": "22%"
  }
 ],
 "questions": [
  {
   "q": "Did TWM return -2 times IWM?",
   "a": "Over the window to Sep 30, 2026, IWM moved \u22126.9% and TWM returned +16.9%. \u22122 times that move is +13.8%, so the fund came out 3.0 points ahead of it."
  },
  {
   "q": "Why does TWM not return -2 times over a year?",
   "a": "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."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}