ProShares - UltraShort MidCap400
DThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.
$6.42−0.01 (−0.20%)
- 6.82%
- $5M
- −24.3%
- 3.65%
- 0M sh
- $6.43
- low $5.55high $9.08
The ETF.net MZZ Grade
D
Score 24 out of 100
- 47 of 54
Score 24 of 100 falls in the F band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25. The letter stays D for now. A new letter must hold for 3 published runs before it replaces it.
Very small fund, grade capped at C.
The cap holds the Score at 40 or below, so B and A are out of reach.
- The pillars earned
- 25
- This cap took
- −0
- Published Score
- 24
Cost
The fund’s net expense ratio, ranked against its category.F11 out of 100Rank 48 of 54Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C47 out of 100Rank 28 of 53Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F22 out of 100Rank 50 of 54Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C49 out of 100Rank 28 of 54
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
- 1
- 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.
MZZ$7,569
Returns run to the Oct 12, 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 | −17.5% |
| 1 month | +3.8% |
| 3 months | +8.4% |
| 1 year | −24.3% |
| 3 years | −23.4% |
| 5 years | −15.4% |
| 10 years | −24.2% |
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 | −17.5% | |
| 2025 | −14.7% | |
| 2024 | −17.8% | |
| 2023 | −23.7% | |
| 2022 | +13.0% | |
| 2021 | −42.2% | |
| 2020 | −53.1% |
MZZ in the news
MZZ Dividends
- 3.65%
- $0.23
- $0.03 per share
- Quarterly
Distribution history
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.
- 30.5%
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.
- −0.79
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.
- −1.98
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
6.82%
MZZ6.82%
- The middle half of Leveraged Inverse (2x & Other) funds
- Median 1.44%
46 of the 53 Leveraged Inverse (2x & Other) funds charge less.
Other funds in Leveraged Inverse (2x & Other)
- DRXDProShares - UltraShort Health CareExpense ratio 6.64%1 year return −31.9%
- DSIJProShares UltraShort IndustrialsExpense ratio 6.92%1 year return −21.9%
- FSZKProShares - UltraShort Consumer StaplesExpense ratio 12.07%1 year return −15.2%
- FSMNProShares - UltraShort MaterialsExpense ratio 8.37%1 year return −23.4%
- FEFUProShares - UltraShort MSCI EAFEExpense ratio 7.29%1 year return −24.2%