ProShares UltraShort Russell2000 (TWM) holdings & weights
Per-holding contribution · concentration · sector skew — a deep read
Fund overview
This is a US-listed ETF from ProShares. It tracks the Russell 2000. Key facts — expense ratio 0.95%; net assets about $62M; inception Jan 23, 2007. Its 1-year return is -21.06%.
Fund details
Fund overview
This is a US-listed ETF from ProShares. It tracks the Russell 2000. Key facts — expense ratio 0.95%; net assets about $62M; inception Jan 23, 2007. Its 1-year return is -21.06%.
1742 identified stocks · net exposure / NAV -200.00%. Display weights are normalized to 100%; calculations retain original exposures without an additional leverage multiplier. Underlying allocation is estimated using IWM (2026-10-16). Cash and unallocated contracts are excluded from stock attribution.
Weight and calculation basis
1742 identified stocks · net exposure / NAV -200.00%. Display weights are normalized to 100%; calculations retain original exposures without an additional leverage multiplier. Underlying allocation is estimated using IWM (2026-10-16). Cash and unallocated contracts are excluded from stock attribution.
We have this ETF's holdings, but the prices for those particular listings are outside our quote coverage (currently Korea- and US-listed securities). So today's contribution and return are not computed — showing 0% would claim it did not move, which is a different statement. The holdings and weights below follow the calculation basis above.
Today's summary
Its top 10 holdings make up about 3.3% of the fund. The concentration index (HHI) is 12 — Low — evenly diversified, and the largest sector is Financials (20%). The higher the concentration, the more one stock or sector drives the whole ETF's return.
Structural health
A five-axis read on how this fund is built. It is not a return forecast or a recommendation, and a low score does not mean a bad fund — leveraged products score low by design. Each axis shows the figure behind it.
Concentration is below 1,500 (12), so no single holding dominates.
The largest sector is Financials at 20% — industries are reasonably spread.
0.95% a year is on the high side — about 9.5% over a decade, so it needs a reason to earn that.
Net assets of $62M are small. Thin funds trade at wider spreads, and very small ones get closed or merged.
A 2x inverse fund. It resets exposure daily, so over more than a few days the result drifts from "index move × 2". Built for short holds.
Concentration and diversification
Structural health
A five-axis read on how this fund is built. It is not a return forecast or a recommendation, and a low score does not mean a bad fund — leveraged products score low by design. Each axis shows the figure behind it.
Concentration is below 1,500 (12), so no single holding dominates.
The largest sector is Financials at 20% — industries are reasonably spread.
0.95% a year is on the high side — about 9.5% over a decade, so it needs a reason to earn that.
Net assets of $62M are small. Thin funds trade at wider spreads, and very small ones get closed or merged.
A 2x inverse fund. It resets exposure daily, so over more than a few days the result drifts from "index move × 2". Built for short holds.
Top 20 holdings
Unverified derivative exposure is estimated using a same-index daily target model, not a full attribution of actual ETF returns.
Weights are normalized to 100% of absolute exposures across analysed positions, including positions outside this top list. Cash, collateral and unverified assets are excluded. Contributions retain original signed NAV exposures; leverage is not applied twice.
Normalized to 100% of analysed positions
Weights are normalized to 100% of absolute exposures across analysed positions, including positions outside this top list. Cash, collateral and unverified assets are excluded. Contributions retain original signed NAV exposures; leverage is not applied twice.
| # | Holding | Weight |
|---|---|---|
| 1 | MOOGMOG.A | 0.37% Short |
| 2 | BRIGHTSPRING HEALTH SERVICESBTSG | 0.36% Short |
| 3 | UMB FINANCIALUMBF | 0.35% Short |
| 4 | SM ENERGYSM | 0.34% Short |
| 5 | GLAUKOSGKOS | 0.34% Short |
| 6 | JFROGFROG | 0.33% Short |
| 7 | BRINKER INTERNATIONALEAT | 0.32% Short |
| 8 | FIRSTCASHFCFS | 0.32% Short |
| 9 | OLD NATIONAL BANCORPONB | 0.32% Short |
| 10 | CARETRUSTCTRE | 0.31% Short |
| 11 | TWIST BIOSCIENCETWST | 0.31% Short |
| 12 | VAXCYTEPCVX | 0.31% Short |
| 13 | RYMAN HOSPITALITY PROPERTIESRHP | 0.31% Short |
| 14 | PBF ENERGYPBF | 0.30% Short |
| 15 | CYTOKINETICSCYTK | 0.30% Short |
| 16 | INTERDIGITALIDCC | 0.30% Short |
| 17 | KRYSTAL BIOTECHKRYS | 0.29% Short |
| 18 | 10X GENOMICSTXG | 0.29% Short |
| 19 | JACKSON FINANCIALJXN | 0.29% Short |
| 20 | PROTAGONIST THERAPEUTICSPTGX | 0.28% Short |
Holdings below 0.5% or outside the top list are folded into “Others” and omitted above.
Where the weight sits — sector mix
Listed equity weights summed by sector and normalized to 100%. Each band is one sector's share.
Industry breakdown
HHI sums the squared weights. The more it leans on a few names, the higher it goes — and the more the whole ETF moves with them.
Leverage / inverse caveat
This fund tracks 2x the inverse of its index — it rises when the index falls, and vice versa.
That 2x applies to a **single day**. Held longer, the daily reset makes the period return drift from 2x the index: if the index chops up and down and returns to where it started, this fund is still down. That is volatility decay.
It bites hardest in sideways markets and compounds with holding time. These are built for short directional trades.
How concentrated is it
Concentration (HHI) is low at 12, with the top 10 holdings at just 3.3% of equity weight. No single name can dominate the fund.
Good for damping single-stock risk — and equally, a big winner inside gets diluted.
HHI squares each weight and sums them: 10,000 means one stock is everything, and the more evenly spread the holdings, the closer it falls to zero.
Where the sector weight sits
Sectors run Financials(20%) · Health Care(19%) · Consumer Discretionary(19%), and even the largest is only 20% — no meaningful industry tilt.
This is built to track a market rather than to call a sector.
Weights above sum the individually listed equities and normalize that equity total to 100%.
How much it overlaps others
It shares 41% of its holdings with UWM (5 names in common) — close to half the same companies.
Own both and the diversification is thinner than it looks.
What it is made of
Equities are -200.0% of the fund, the rest swaps and cash — index exposure built synthetically rather than by owning the shares, which adds counterparty risk.
The expense ratio is 0.95% a year, which is not cheap. Fees come out of returns every year you hold, so it is worth checking whether the same index is available for less.
This page is not investment advice. Investment decisions and responsibility are your own.
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