ProShares - UltraPro Short 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.
$8.73−0.05 (−0.57%)
- 3.28%
- $2M
- −37.2%
- 3.81%
- 0M sh
- $8.78
- low $7.08high $15.18
The ETF.net SMDD Grade
D
Score 25 out of 100
- 11 of 14
Score 25 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
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
- 25
Cost
The fund’s net expense ratio, ranked against its category.F1 out of 100Rank 14 of 14Mission
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.B69 out of 100Rank 4 of 14Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D25 out of 100Rank 13 of 14Holdings
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.D39 out of 100Rank 11 of 14
Our read on SMDD
DThe blunt instrument for betting against America's mid caps: SMDD aims at three times the inverse of the S&P MidCap 400's daily move. Built for a single session, reset every day, not a position you set and forget.
The fund seeks inverse daily exposure equal to three times the daily decline of the S&P MidCap 400.
Why people hold it
- Mid-cap bears get their own ticker. Most geared inverse funds aim at the S&P 500 or Nasdaq; this one targets three times the inverse of the S&P MidCap 400's daily move.proshares.com
- No margin account, no hunting for shares to borrow. It trades like any stock in a normal brokerage account, and the most you can lose is what you put in.proshares.com
- ProShares runs the same short mid-cap idea at three intensities. SMDD is the top rung, with MYY and MZZ below it for less daily torque.proshares.com
- Live since 2010, so the daily-reset machinery has run through a long stretch of market cycles rather than arriving untested.
Worth knowing
- The 3.28% expense ratio sits well above the typical leveraged or inverse fund, and it accrues every day you hold, whether the trade works or not.
- The -3x objective is a one-day objective. Hold longer and compounding takes over, so results can differ sharply from three times the index's move over that stretch.
- Small by ETF standards and thinly traded, so spreads can run wider than in headline inverse funds and size matters when you place an order.
SMDD Holdings
- Stocks
- 1
- 100%
- Net Other Assets (Liabilities)
SMDD Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
SMDD$6,276
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 | SMDD |
|---|---|
| Year to date | −27.8% |
| 1 month | +5.1% |
| 3 months | +11.2% |
| 1 year | −37.2% |
| 3 years | −38.2% |
| 5 years | −28.6% |
| 10 years | −39.2% |
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 | SMDD |
|---|---|---|
| 2026 YTD | −27.8% | |
| 2025 | −27.5% | |
| 2024 | −31.8% | |
| 2023 | −39.9% | |
| 2022 | +7.5% | |
| 2021 | −58.0% | |
| 2020 | −74.7% |
SMDD in the news
SMDD Dividends
- 3.81%
- $0.33
- $0.07 per share
- Quarterly
Distribution history
SMDD 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.
- 45.7%
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.
- −0.84
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.
- −89.3%
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.
- −2.86
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
SMDD Cost
3.28%
SMDD3.28%
- The middle half of 3x Leveraged Inverse funds
- Median 1.05%
Every other 3x Leveraged Inverse fund charges less.
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