At a glance
REW charges 0.95% a year. It has $3.5M in assets, the 4th largest of that group; it paid 6.31% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −45.5% with distributions reinvested (S&P 500: +11.5%), the best of those 4 funds; over three years it returned −49.7% a year. At its worst it fell 12.5% in the 2020 crash (S&P 500: 33.7%) and 36.2% in the 2022 bear market (S&P 500: 24.5%).
The short version
ProShares UltraShort Technology (REW) uses swap contracts to seek -2x, twice the opposite, of the daily return of the S&P Technology Select Sector Index, which tracks tech companies in the S&P 500. It's built for short-term bets or hedges against large U.S. tech stocks, with less leverage than Direxion's -3x fund, TECS. Its exposure resets daily, and holding it longer has been costly: it lost 45.5% in the year to Oct. 27, 2026.
Price history
The interactive chart needs JavaScript.
REW -45.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| REW official prospectus, to Dec 31, 2025 | — | -43.18% | — | -35.55% | -41.82% | — |
| REW price data to Oct 27, 2026 | -49.0% | -45.5% | -49.7% | -37.0% | -44.2% | -36.6% |
- Over the year to Oct 27, 2026, REW returned -45.5%, 1st of 4 among similar funds.
- Its 5-year annualized return was -37.0% and its 10-year -44.2%.
- In the 2020 COVID crash, while stocks fell, it gained 67%.
- Its worst full calendar year was 2009 (-71.5%); its best was 2008 (+94.4%).
- The deepest fall in its price history was 100% (Nov 20, 2008 to Oct 6, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -49.0% | — |
| 2025 | -44.7% | -43.18% |
| 2024 | -35.8% | -33.68% |
| 2023 | -61.4% | -61.29% |
| 2022 | +65.7% | +64.75% |
| 2021 | -53.6% | -53.71% |
| 2020 | -71.3% | -71.31% |
| 2019 | -56.8% | -56.59% |
| 2018 | -10.0% | -11.31% |
| 2017 | -49.1% | -48.51% |
| 2016 | -29.6% | -29.77% |
| 2015 | -16.2% | — |
| 2014 | -36.7% | — |
| 2013 | -41.5% | — |
| 2012 | -27.5% | — |
| 2011 | -17.7% | — |
| 2010 | -30.8% | — |
| 2009 | -71.5% | — |
| 2008 | +94.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 146.9% over that stretch · deepest drop along the way 45.3%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 67% over that stretch · deepest drop along the way 12.5%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 91.2% over that stretch · deepest drop along the way 36.2%, back to its old high 1.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3500 | |
| 2025 | $0.6200 | -30.3% |
| 2024 | $0.8900 | -76.3% |
| 2023 | $3.7600 | +235.7% |
| 2022 | $1.1200 | +75.0% |
| 2020 | $0.6400 | -95.5% |
| 2019 | $14.0800 | +57.1% |
| 2018 | $8.9600 | -100.0% |
| 2008 | $55541.7600 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its inverse exposure coming from 8 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 37.91% | |
| Repurchase Agreement RA | 25.21% | |
| Repurchase Agreement RA | 15.12% | |
| Repurchase Agreement RA | 8.07% | |
| Repurchase Agreement RA | 5.04% |
By country
United States 91.35%By asset type
RA 91.35%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $1.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -3.32%, +15.80%, -12.40%.
How it works
REW is built on the S&P Technology Select Sector Index from S&P Dow Jones Indices. The index holds the information technology companies in the S&P 500: software, IT services, semiconductors, communications equipment, technology hardware and electronic components. Companies are weighted by market value, so the largest count most. The index is reviewed each September, with weight adjustments in March, June and December.
ProShare Advisors doesn't short the stocks directly. It uses a mathematical approach to build derivative positions, mainly total return swaps. These are contracts with large financial institutions in which the two sides swap payments based on an index's moves. As of Aug. 31, 2026, REW held eight derivative contracts. About 91% of its roughly $3.5 million in net assets sat in repurchase agreements, which are short-term loans backed by securities such as U.S. government debt. If a swap partner fails to pay, the fund can lose money.
The -2x target covers one day only, from one net asset value (NAV) calculation to the next. The fund rebalances daily: after the index rises, it cuts its exposure; after a fall, it adds exposure. Over longer periods, compounding those daily results can pull returns far from -2x the index, usually for the worse in choppy markets. And if the index nears a 50% gain within one day, holders could lose everything.
What it really costs
- REW charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 1.89% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $3,030 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| REW | $97 | $701 | $1,331 | $3,030 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
REW targets -2x the tech index's return for a single day only, and over long periods it has lost nearly all its value.
REW has risen in market crashes. It gained 146.9% between the market's October 2007 peak and its March 2009 low, 67% in the early 2020 COVID crash and 91.2% in the 2022 bear market. Even then it swung hard, falling 36.2% between June and August 2022. Gains faded fast: it ended 2020 down 71.31% and fell 61.29% in 2023. Its worst calendar year was 2009, down 71.5%. From its November 2008 peak to Oct. 6, 2026, its price fell nearly 100% without recovering. Held for years as a hedge, it could be worth little by the time a bad year arrives and cash is needed.
Over the year to Oct. 27, 2026, it yielded 6.31%, paid quarterly, but lost 45.5%. It charges 0.95% a year after a 1.89% fee waiver. Past results don't predict future returns, and a retirement plan depends on the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who expect a short, sharp fall in the S&P Technology Select Sector Index and can check their position every day.
- Investors wanting a hedge lasting days, not years, for a portfolio heavy in large U.S. tech stocks, accepting that swap partners could default.
- Traders who want less leverage than Direxion's -3x tech bear fund (TECS) and accept REW's small size and 0.95% expense ratio.
Look elsewhere if
- Retirees and long-term investors: in the 10 years to Oct. 27, 2026, REW lost nearly all its value.
- Income seekers: its 6.31% trailing yield, paid quarterly, was swamped by a 45.5% loss over the year to Oct. 27, 2026.
- Anyone who can't monitor positions daily: returns over longer periods can stray far from -2x, and its worst quarter, ending June 30, 2020, lost 47.55%.
Close alternatives
Matched by leveraged/inverse funds on the same index (technology), same direction.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is REW good for retirement?
REW isn't designed for retirement portfolios or any long holding period. It targets -2x the S&P Technology Select Sector Index for one day only. Its prospectus warns that results over longer periods will likely differ from that target, possibly significantly. Over the 10 years to Dec. 31, 2025, it lost 41.82% a year on average. It had a loss in every calendar year from 2016 to 2025 except 2022. From its November 2008 peak to Oct. 6, 2026, its price fell nearly 100%.
Does REW go up when tech stocks fall?
Yes, day by day. REW aims to return twice the opposite of the S&P Technology Select Sector Index's daily move, before fees and expenses. Over longer stretches, daily resetting can push results far from that target, and timing matters. In 2020 it gained 67% during the February–March market crash, yet ended the year down 71.31%. When the index rises, the fund loses. The prospectus warns that a gain of nearly 50% in the index within one day could wipe out the investment.
Does REW pay dividends?
Yes. REW makes payouts quarterly. They totaled $0.69 per share over the year to Oct. 27, 2026, a trailing yield of 6.31%. As of Aug. 31, 2026, the fund held swaps and repurchase agreements rather than stocks. So these payouts aren't company dividends; they reflect income from its cash-like holdings. They haven't come close to offsetting losses: the fund lost 45.5% over the same year.
What's the difference between REW and TECS?
The main difference is leverage. REW targets -2x the daily return of the S&P Technology Select Sector Index. Direxion Daily Technology Bear 3X Shares (TECS) targets -3x daily tech-sector returns. Both aim to profit when tech stocks fall. The extra leverage has meant bigger losses: in the year to Oct. 27, 2026, TECS lost 63.7% and REW lost 45.5%. TECS is also far larger; REW had about $3.5 million in net assets as of Aug. 31, 2026.
What is REW's expense ratio?
REW's expense ratio, the yearly cost taken from fund assets, is 0.95%, according to its prospectus filed Sept. 25, 2026. That includes a 0.75% management fee and reflects a 1.89% fee waiver. The SEC's standard example assumes $10,000 invested at a 5% annual return. On that basis, costs would total $97 after one year, $701 after three, $1,331 after five and $3,030 after ten. The much larger later figures suggest costs would rise sharply without the waiver.