UWM

About UWM

The ProShares Ultra Russell 2000 ETF (UWM) is a leveraged exchange-traded fund managed by ProShares that seeks daily investment results, before fees and expenses, equal to two times (2x) the daily performance of the Russell 2000 Index. The fund offers magnified exposure to the U.S. small-cap equity market, whose underlying constituents are roughly 2,000 small-capitalization U.S. companies — broadly diversified across financials, industrials, health care, information technology, consumer discretionary, energy, real estate, and other sectors — and represent the bottom segment of the Russell 3000 by market capitalization. Rather than holding the underlying stocks directly, UWM invests in financial instruments — primarily total return swap agreements and Russell 2000 index futures contracts — to obtain its 2x leveraged exposure. As a daily-objective leveraged fund, UWM is designed for short-term tactical use; over holding periods longer than a single day, returns can deviate substantially from twice the index performance because of daily compounding and volatility decay. The fund is listed on NYSE Arca and is widely used by traders seeking to express bullish, leveraged views on the U.S. small-cap market without using margin.