ProShares - UltraShort MidCap400
$6.38+0.01 (+0.10%)
- Expense ratio
- 6.82%
- Fund size
- $5M
- 1Y return
- −19.6%
- Yield · Last 12 months
- 5.30%
- Holdings
- 6
- Volume · 30D
- 0M sh
- NAV per share
- $6.46
- 52W range
The ETF.net MZZ Grade
Score 25 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.FScore 11Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 48Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.FScore 23Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.Not scoredDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.CScore 47Category rank
Our read on MZZ
DThe mid-cap short, doubled. Since 2006 MZZ has aimed for two times the inverse of the S&P MidCap 400's daily move, the middle rung of ProShares' 1x/2x/3x inverse ladder on that index. A daily-reset trading tool, not a buy-and-forget position.
The fund seeks daily investment results, before fees and expenses, equal to two times the inverse of the S&P MidCap 400's daily performance.
Why people hold it
- One job, stated plainly: daily results, before fees, equal to -2x the S&P MidCap 400's daily performance. No stock picking, no discretion.proshares.com
- A 2006-vintage fund from the family that built the leveraged and inverse ETF category, still running through multiple market cycles since.
- Part of a full ladder: ProShares runs -1x (MYY) and -3x (SMDD) on the same index, so exposure can be dialed up or down without changing benchmarks.
- Aims at mid-size US companies, a corner most inverse products skip in favor of the S&P 500 or Nasdaq 100.
Worth knowing
- The fee is the headline: a 6.82% expense ratio, several times the typical leveraged-inverse fund and above ProShares' own -1x and -3x funds on the same index.
- Leverage resets every day. Hold past one session and compounding takes over, so results can diverge widely from -2x the index's move over that stretch.proshares.com
- Small asset base and thin trading, so spreads can run wider than in the heavily traded inverse funds. Cost and tradability place it near the back of its peer group.
MZZ Holdings
- Stocks
- 6
- 100%
- Net Other Assets (Liabilities)
MZZ Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | MZZ |
|---|---|
| Year to date | −18.6% |
| 1 month | +9.0% |
| 3 months | +8.3% |
| 1 year | −19.6% |
| 3 years | −22.8% |
| 5 years | −16.0% |
| 10 years | −24.1% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | MZZ |
|---|---|---|
| 2026 YTD | −18.6% | |
| 2025 | −14.7% | |
| 2024 | −17.8% | |
| 2023 | −23.7% | |
| 2022 | +13.0% | |
| 2021 | −42.2% | |
| 2020 | −53.1% |
MZZ in the news
ETF.net Research hasn’t filed on MZZ yet — coverage lands here as it’s written.
MZZ Dividends
- 5.30%
- $0.34
- $0.02 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Jun 24, 2026 | Jun 30, 2026 | $0.02 |
| Mar 25, 2026 | Mar 31, 2026 | $0.06 |
| Dec 24, 2025 | Dec 31, 2025 | $0.12 |
| Sep 24, 2025 | Sep 30, 2025 | $0.14 |
| Jun 25, 2025 | Jul 1, 2025 | $0.09 |
| Mar 26, 2025 | Apr 1, 2025 | $0.07 |
| Dec 23, 2024 | Dec 31, 2024 | $0.17 |
| Sep 25, 2024 | Oct 2, 2024 | $0.20 |
| Jun 26, 2024 | Jul 3, 2024 | $0.12 |
| Mar 20, 2024 | Mar 27, 2024 | $0.12 |
| Dec 20, 2023 | Dec 28, 2023 | $0.18 |
| Sep 20, 2023 | Sep 27, 2023 | $0.14 |
MZZ Risk
This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.
- 30.9%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.75
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −71.2%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- −1.96
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
MZZ Cost
- The middle half of Leveraged Inverse (2x & Other) funds
- Median 1.44%
46 of the 53 Leveraged Inverse (2x & Other) funds charge less.