# UWM (ProShares Ultra Russell2000)

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

Three months to Sep 30, 2026: UWM returned −14.9% where its own daily promise gave −13.7%, 1.1 points short.

## Key facts

- UWM, what IWM did: −6.9%, as of Sep 30, 2026.
- UWM, what 2 times a day gives: −13.7%, as of Sep 30, 2026.
- UWM, what the fund returned: −14.9%, as of Sep 30, 2026.
- UWM, the fund itself cost: −1.1 pts, as of Sep 30, 2026.
- UWM, net assets: $221m (issuer page, as of Sep 30, 2026).
- UWM, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## UWM over each window to Sep 30, 2026

| Window | Fund | IWM | +2x the move | Difference | IWM moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −10.6% | −5.2% | −10.4% | −0.1 pts | 12% |
| 3 months | −14.9% | −6.9% | −13.8% | −1.0 pts | 13% |
| 6 months | +20.4% | +11.9% | +23.8% | −3.4 pts | 17% |
| 1 year | +23.5% | +16.0% | +32.0% | −8.6 pts | 19% |
| 3 years | +93.6% | +62.6% | +125.2% | −31.5 pts | 21% |
| Since launch | +705.0% | +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 | +2.15 times, against +2 stated | ETFIQ |
| Underlying | IWM | ETFIQ |
| Segment | broad index, US small cap | ETFIQ |
| Net assets | $221m | 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 UWM return +2 times IWM?

Over the window to Sep 30, 2026, IWM moved −6.9% and UWM returned −14.9%. 2 times that move is −13.8%, so the fund came out 1.0 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 30, 2026. https://etfiq.com/funds/uwm
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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