REW -2x Proshares UltraShort Technology
BEAR ETF standard · Issuer ProShares · Tracks Technology (XLK) · Listed 2007-01-30
Realized vs theoretical -2x Technology
Cumulative return of REW against a clean -2x of Technology's return over the same window; the red line (right axis) is the gap between them.
Other leveraged products on Technology
5| Symbol | Factor | Direction | Issuer | Name | Implied AUM | 30d volume | Options |
|---|---|---|---|---|---|---|---|
| TECL | +3x | BULL | Direxion | Direxion Daily Technology Bull 3x ETF | $6.5B | 480,627 | ✓ |
| ROM | +2x | BULL | ProShares | ProShares Ultra Technology | $1.4B | 33,978 | ✓ |
| TTXU | +2x | BULL | Direxion | Direxion Daily Technology Top 5 Bull 2X ETF | — | 6,364 | |
| TTXD | -2x | BEAR | Direxion | Direxion Daily Technology Top 5 Bear 2X ETF | — | 13,949 | |
| TECS | -3x | BEAR | Direxion | Direxion Daily Technology Bear 3x ETF | $70.2M | 391,320 | ✓ |
How REW works
REW targets -2x the daily return of Technology — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -2x × the index, usually downward when the market chops around.
The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -2x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.
Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.
Not investment advice.