UWM +2x ProShares Ultra Russell2000

BULL ETF standard · Issuer ProShares · Tracks Russell 2000 (IWM) · Listed 2007-01-23

Quote & options All leveraged ETFs

Implied AUM

$219.9M

shares out × price

Last close

$57.12

20261001

30-day avg volume

280,063

options listed →

UWM realized

—

what holders actually earned

Theoretical +2x

—

+2x × Russell 2000's return

Decay gap

—

realized minus theoretical

Realized vs theoretical +2x Russell 2000

Cumulative return of UWM against a clean +2x of Russell 2000's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: TWM (-2x bear, ProShares UltraShort Russell2000)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on Russell 2000

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
URTY	+3x	BULL	ProShares	ProShares UltraPro Russell2000	$274.5M	345,422	✓
TWM	-2x	BEAR	ProShares	ProShares UltraShort Russell2000	$60.0M	847,666	✓
SRTY	-3x	BEAR	ProShares	ProShares UltraPro Short Russell2000	$73.8M	1,441,814	✓

How UWM works

UWM targets +2x the daily return of Russell 2000 — 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.