ETF Evaluator:
ProShares Russell 2000 High Income ETF ()
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(as of Nov 13)
Best Performing in Derivative Income - Diversified Over the Last Year
| 24.9% | Federated Hermes Enhanced Income ETF (PAYR) |
| 21.1% | Amplify COWS Covered Call ETF (HCOW) |
| 20.5% | Parametric Equity Premium Income ETF (PAPI) |
| 20.2% | First Trust Small Cp BuyWrt Inc ETF (FTKI) |
| 19.9% | Cullen Enhanced Equity Income ETF (DIVP) |
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Risk
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ETF Details
ProShares Russell 2000 High Income ETF Overview
ProShares Russell 2000 High Income ETF (ITWO) is a passively managed Nontraditional Equity Derivative Income - Diversified exchange-traded fund (ETF). ProShares launched the ETF in 2024.
The investment seeks investment results, before fees and expenses, that track the performance of the Cboe Russell 2000 Daily Covered Call Index.
The index is designed to replicate the performance of an investment strategy that combines a long position in the Russell 2000 Index with a short position in Russell 2000 Index call options. Under normal circumstances, the fund will invest at least 80% of its total assets in components of the index or in instruments with similar economic characteristics.
About ProShares Russell 2000 High Income ETF (ITWO)
There are 2 members of the management team with an average tenure of 2.16 years: Michael Neches (2024) and Devin Sullivan (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Cboe Russell 2000 Daily Cvrd Call GR USD index with a weighting of 100%. ProShares Russell 2000 High Income ETF has 1974 securities in its portfolio. The top 10 holdings constitute 7.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ProShares Russell 2000 High Income ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. ProShares Russell 2000 High Income ETF has 2.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 92.9% There is 2.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares Russell 2000 High Income ETF has 4.9% of the portfolio in cash.
Assets Under Management
The fund has $179 million in total assets, which is below the $1 billion average for the Derivative Income - Diversified category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ITWO Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ProShares Russell 2000 High Income ETF expense ratio is average compared to funds in the Derivative Income - Diversified category. ProShares Russell 2000 High Income ETF has an expense ratio of 0.55%, which is 25% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ProShares Russell 2000 High Income ETF has a portfolio turnover rate of 42%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 65% for the Derivative Income - Diversified category.
Recently, in the month of October 2026, ProShares Russell 2000 High Income ETF returned 1.0%, which earned it a grade of A, as the Derivative Income - Diversified category had an average return of -2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
ProShares Russell 2000 High Income ETF has a trailing yield of 1.33%, which is below the 6.26% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ProShares Russell 2000 High Income ETF Grades
Year to date, the ETF has returned 16.3%, 7.4 percentage points better than the category, which translates into a grade of A. The fund has returned 17.2% over the past year (grade of A).
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ITWO Trailing NAV Total Returns Data as of 10/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ITWO Return (NAV) | 1.0% | -3.1% | 17.2% | na | na | na |
| ITWO Return (Price) | 1.1% | -3.1% | 17.2% | na | na | na |
| NAV +/- Price Return | -0.188% | -0.044% | 0.057% | na | na | na |
| Derivative Income - Diversified Avg | -2.0% | 0.9% | 10.1% | 16.5% | 8.1% | 8.1% |
| ITWO Grade (NAV) | A | F | A | na | na | na |
| +/- Category (NAV) | 2.9% | -4.1% | 7.2% | na | na | na |
| ITWO Tax-Cost Ratio | na | na | 0.6% | na | na | na |
ITWO Annual NAV Total ReturnsData as of 10/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ITWO Return (NAV) | 16.3% | 14.0% | na | na | na | na | na | na | na | na | na |
| ITWO Return (Price) | 16.2% | 14.3% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.007% | 0.015% | na | na | na | na | na | na | na | na | na |
| Derivative Income - Diversified Avg | 8.9% | 13.8% | 15.9% | 16.3% | -11.8% | 19.1% | 3.7% | 19.2% | -5.9% | 14.0% | 7.1% |
| ITWO Grade (NAV) | A | C | na | na | na | na | na | na | na | na | na |
| +/- Category | 7.4% | 0.2% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 1.3% |
| Total Assets: | $ 179 Mil |
| Share Class Assets: | $ 179 Mil |
| Turnover: | 42.0% |
| Expense Ratio: | 0.55% |
| Index Fund: | Yes |
| Index Tracked: | Russell 3000 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.2 years | |||
| Average Tenure: 2.2 years | |||
| Managers (Year): Neches Michael (2024), Sullivan Devin (2024) | |||
Portfolio Composition (as of 10/30/26)
| # of Holdings: | 1974 |
| % in Top 10 Holdings: | 7.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.2% |
Portfolio Allocation |
|
| Domestic Stock: | 92.9% |
| Foreign Stock: | 2.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ProShares |
| Phone Number: | 866-776-5125 |
| Website: | www.proshares.com |
| Inception Date: | September 4, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.55% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.73% |
