# TWM (ProShares UltraShort Russell2000)

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

Three months to Sep 30, 2026: TWM returned +16.9% where its own daily promise gave +13.9%, 3.0 points over.

## Key facts

- TWM, what IWM did: −6.9%, as of Sep 30, 2026.
- TWM, what −2 times a day gives: +13.9%, as of Sep 30, 2026.
- TWM, what the fund returned: +16.9%, as of Sep 30, 2026.
- TWM, the fund itself added: +3.0 pts, as of Sep 30, 2026.
- TWM, net assets: $66m (issuer page, as of Sep 30, 2026).
- TWM, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## TWM over each window to Sep 30, 2026

| Window | Fund | IWM | -2x the move | Difference | IWM moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +11.9% | −5.2% | +10.4% | +1.5 pts | 12% |
| 3 months | +16.9% | −6.9% | +13.8% | +3.0 pts | 13% |
| 6 months | −19.5% | +11.9% | −23.8% | +4.3 pts | 17% |
| 1 year | −26.1% | +16.0% | −32.0% | +6.0 pts | 19% |
| 3 years | −64.3% | +62.6% | −125.2% | +60.8 pts | 21% |
| Since launch | −99.6% | +444.0% | 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 | -2.44 times, against -2 stated | ETFIQ |
| Underlying | IWM | ETFIQ |
| Segment | broad index, US small cap | ETFIQ |
| Net assets | $66m | 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 | 13% annualized | ETFIQ |

## Questions

### Did TWM return -2 times IWM?

Over the window to Sep 30, 2026, IWM moved −6.9% and TWM returned +16.9%. −2 times that move is +13.8%, so the fund came out 3.0 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 30, 2026. https://etfiq.com/funds/twm
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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