UWM +2x ProShares Ultra Russell2000

UWM

ETF +2x BULL standard
ProShares Ultra Russell2000
Issuer: ProShares · Tracks: Russell 2000 (IWM) · Listed: 2007-01-23
Implied AUM
$257.4M
Last Close
$63.55
20260720
30d Avg Vol
327,096
Options
available
Realized return vs theoretical +2x Russell 2000
Pair counterpart found: TWM (-2x bear, ProShares UltraShort Russell2000)
Shorting both legs of a daily-reset bull/bear pair captures combined decay drift over time. Theoretical "free money" — actual edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow products.
Other leveraged products tracking Russell 2000
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
URTY +3x BULL ProShares ProShares UltraPro Russell2000 $328.1M 923,319
TWM -2x BEAR ProShares ProShares UltraShort Russell2000 $42.8M 628,546
SRTY -3x BEAR ProShares ProShares UltraPro Short Russell2000 $75.4M 2,992,659

How UWM works

UWM targets +2x the daily return of Russell 2000 — not the cumulative return over multi-day windows. The fund rebalances at the close each day using swaps or futures, which is what creates the volatility drag the chart above visualizes.

Mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period. For a +2x product on an underlying with 25% annualized vol, expected annual drag is around 6.2%. Add expense ratio and the realized number is typically worse.

  • Short-term tactical: daily and intraday holds are where these products were designed to live.
  • Premium selling: options on UWM carry very rich IV — see the quote page for IV rank and straddle pricing.
  • Multi-day directional: works in strong trends; gets eaten alive in chop. Use the chart above to gauge the realized vs theoretical track record.