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RWM +0.35% today · Analysis updated Nov 13, 2026, 6:30 PM ET
Why is ProShares Short Russell2000 (RWM) stock up today?
No news items or SEC filings were found for RWM in the review window, so this view rests only on price and volume. RWM closed at $14.46 on Nov 13, up 0.3% from $14.41 on Nov 12 and 2.0% above the $14.17 close on Nov 11. It has risen for two sessions after a low close on Nov 11, and the Nov 13 close sits in the upper half of the Nov 13 range of $14.375 to $14.61. The 30-day trading range runs from the $14.08 low on Oct 29 to the $14.85 high on Nov 6. Volume was heavy on Nov 12 (79.9M, when the fund gained 1.7%) and lighter on Nov 13 (62.0M). Over the 14 sessions shown, average daily volume is about 66.3M, so the Nov 13 session was close to that norm. Compared with the Nov 10 analysis close of $14.30, the fund is up about 1.1%, with no catalyst behind the move. As an inverse fund that resets daily, RWM is designed to move opposite the Russell 2000 over a single day, and its multi-month result can differ from simple inversion because of daily compounding. Without news or filings, the evidence only leans slightly positive in the short run and stays close to neutral over longer periods.
About ProShares Short Russell2000
ProShares Short Russell2000 is an inverse ETF from ProShares that aims to return the opposite (-1x) of the Russell 2000 small-cap index's performance each day, before fees. It has traded on NYSE Arca since 2007, and people mostly use it to hedge small-cap exposure or bet on a drop in small caps without short-selling stocks directly.
How the fund works
The fund doesn't own small-cap stocks. Instead, it gets its short exposure through derivatives, mainly swaps with large banks tied to the Russell 2000, and keeps its collateral in cash and short-term Treasuries. That interest income is what pays its quarterly distributions. The exposure resets every day, so over periods longer than one day its returns can drift well away from -1x the index's return, especially when markets are choppy. The issuer says it is not meant as a buy-and-hold investment. The expense ratio is about 0.95%, and assets are roughly $100–165 million (approximate, depending on the source). ProShares has also announced a 1-for-2 reverse share split for the fund.
What usually moves RWM
- Daily moves in the Russell 2000 (inverse)
- Interest rate expectations and Fed policy
- US economic growth and recession fears
- Small-cap earnings and credit conditions
- Market volatility (daily-reset compounding)