Hello Jack,
The funds TRY to follow the Russell 2000 index, but they don't actually hold the underlying index's components. They use proxies. Here's the description for TWM...
"The investment seeks daily investment results, before fees and expenses, which correspond to twice the inverse of the daily performance of the Russell 2000 index. The fund normally invests 80% of assets in financial instruments with economic characteristics that should be inverse to those of the index. It may employ leveraged investment techniques in seeking its investment objective. The fund is nondiversified."
Note that they try to achieve 2X the inverse (so that's inherently riskier right off the bat), they may use leverage (again, riskier) and the fund is nondiversified (much riskier).
UWM uses similar tactics.
