UWM Fund Description

The ProShares Ultra Russell 2000 ETF provides 2x leveraged exposure to a market-cap-weighted index of US small-cap companies.

UWM ETF.com Insight

As a levered product, UWM is not a buy-and-hold ETF; it’s a short-term tactical instrument. Like many levered funds, it delivers 2x exposure only for 1 day. Over longer periods,UWM delivers with tight spreads and hefty daily volume returns can vary significantly from its promised 2x exposure to the Russell 2000. URTY’s underlying index, the Russell 2000, consists primarily of small-caps, but also drifts into midcaps and heavily into micro-caps. As a short-term product, trading costs matter greatly, and UWM delivers with tight spreads and hefty daily volume.
For even greater liquidity, investors have to kick it up a notch and look at funds that are 3x levered to the Russell 2000—including powerhouse TNA.

1 Year
Performance [as of 12/17/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
UWM 1.79% 3.22% 0.99% 8.96% 37.52% 26.49% --
UWM (NAV) 1.66% 3.17% 0.74% 9.02% -- -- --
Russell 2000 Index 1.03% 2.15% 2.20% 6.37% 19.30% 15.79% 7.66%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.


Average Spread
Premium/Discount
Volume

UWM ETF.com/ Block LiquidityAs of 12/18/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of UWM. UWM is rated a 5 out of 5.

UWM Summary Data

ProShares

A company that produces and manages ETFs.

01/23/07

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.98%

The net total annual fee a fund holder pays to the issuer.

$257.79 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

UWM Portfolio Data

0.00%

A fund’s actual distributed cash flows over the past 12 months as a percent of its NAV

12/24/14

The upcoming date on which the fund trades without its upcoming dividend

UWM Index Data

Russell 2000 Index

This is the benchmark an ETF is desigend to track or replicate.

Market Cap

A set of rules that the underlying index provider follows to weight its constituent securities.

Market Cap

A set of rules that the underlying index provider follows to select its constituent securities.

N/A

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

UWM Fund Structure

Yes

“Yes” means the fund uses over the counter derivatives such as swaps and forwards

No

An indicator of whether or not a fund actively lends its portfolio holdings.

0% / 100%

The division of securities lending revenue between the fund and the issuer.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

UWM Tax Exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

--

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

UWM Tradability

389,525

It is the daily number of shares traded, averaged over the past 45 trading days.

$31.79 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

307,090

Median number of shares traded over the past 45 trading days.

$26.31 M

Median dollar value of shares traded over the past 45 trading days.

0.06%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

-0.02%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

0.26% / -0.58%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

75,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

4.09

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.00%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

3,944

The total number of net outstanding options contracts for an ETF.

$85.93

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

Related ETFs to UWM

RTLA, SAA, TNA, URTY

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

UWM Commentary & News

26 August 2014 Small Cap ETFs | ETF.com