ProShares - UltraShort SmallCap600
$9.21+0.22 (+2.40%)
- Expense ratio
- 4.67%
- Fund size
- $2M
- 1Y return
- −27.5%
- Yield · Last 12 months
- 5.83%
- Holdings
- 7
- Volume · 30D
- 0M sh
- NAV per share
- $9.18
- 52W range
The ETF.net SDD Grade
Score 21 of 100 sits in the F 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 17Category 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 41Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.FScore 7Category 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.DScore 37Category rank
Our read on SDD
FA 2007-vintage bear tool aimed squarely at small caps: SDD seeks twice the inverse of the S&P SmallCap 600's daily move. Day-scale machinery, specialty-tool pricing, and a small footprint that shows up in how lightly it trades.
SDD seeks daily investment results corresponding to twice the inverse of the daily performance of the S&P SmallCap 600.
Why people hold it
- Small-cap-specific short exposure: it targets twice the inverse of the S&P SmallCap 600's daily move, not a broad-market or large-cap stand-in.
- Launched in 2007, it is one of the original leveraged and inverse ETFs, with a track record spanning multiple small-cap booms and busts.
- ProShares runs a 1x inverse fund on the same index (SBB), so the gear is a choice rather than double-or-nothing.
Worth knowing
- Leverage resets daily. Hold past a day and compounding takes over, so a week or a month can look nothing like twice the inverse of the index's move.
- Pricey by any measure: a 4.67% expense ratio against roughly 1.21% for the typical leveraged or inverse fund.
- A small, thinly traded fund. Spreads can widen when you need them tight, and subscale funds face higher odds of closure than big ones.
SDD Holdings
- Stocks
- 7
- 100%
- Net Other Assets (Liabilities)
SDD 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 | SDD |
|---|---|
| Year to date | −26.2% |
| 1 month | +10.6% |
| 3 months | +5.6% |
| 1 year | −27.5% |
| 3 years | −26.1% |
| 5 years | −16.2% |
| 10 years | −25.8% |
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 | SDD |
|---|---|---|
| 2026 YTD | −26.2% | |
| 2025 | −14.8% | |
| 2024 | −13.6% | |
| 2023 | −26.0% | |
| 2022 | +20.5% | |
| 2021 | −46.6% | |
| 2020 | −55.1% |
SDD in the news
ETF.net Research hasn’t filed on SDD yet — coverage lands here as it’s written.
SDD Dividends
- 5.83%
- $0.53
- $0.10 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Jun 24, 2026 | Jun 30, 2026 | $0.10 |
| Mar 25, 2026 | Mar 31, 2026 | $0.08 |
| Dec 24, 2025 | Dec 31, 2025 | $0.19 |
| Sep 24, 2025 | Sep 30, 2025 | $0.16 |
| Jun 25, 2025 | Jul 1, 2025 | $0.15 |
| Mar 26, 2025 | Apr 1, 2025 | $0.14 |
| Dec 23, 2024 | Dec 31, 2024 | $0.18 |
| Sep 25, 2024 | Oct 2, 2024 | $0.20 |
| Jun 26, 2024 | Jul 3, 2024 | $0.17 |
| Mar 20, 2024 | Mar 27, 2024 | $0.12 |
| Dec 20, 2023 | Dec 28, 2023 | $0.24 |
| Sep 20, 2023 | Sep 27, 2023 | $0.18 |
SDD 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.
- 36.6%
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.
- −0.69
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.
- −72.0%
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.
SDD Cost
- The middle half of Leveraged Inverse (2x & Other) funds
- Median 1.44%
43 of the 53 Leveraged Inverse (2x & Other) funds charge less.