ProShares - UltraPro Short MidCap400
$8.72+0.05 (+0.58%)
- Expense ratio
- 3.28%
- Fund size
- $2M
- 1Y return
- −31.2%
- Yield · Last 12 months
- 5.29%
- Holdings
- 9
- Volume · 30D
- 0M sh
- NAV per share
- $8.86
- 52W range
The ETF.net SMDD Grade
Score 20 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 1Category 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.BScore 69Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.FScore 4Category 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 39Category rank
Our read on SMDD
FThe 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
- 9
- 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.
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 | SMDD |
|---|---|
| Year to date | −29.2% |
| 1 month | +13.5% |
| 3 months | +11.6% |
| 1 year | −31.2% |
| 3 years | −37.7% |
| 5 years | −29.5% |
| 10 years | −39.0% |
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 | −29.2% | |
| 2025 | −27.5% | |
| 2024 | −31.8% | |
| 2023 | −39.9% | |
| 2022 | +7.5% | |
| 2021 | −58.0% | |
| 2020 | −74.7% |
SMDD in the news
ETF.net Research hasn’t filed on SMDD yet — coverage lands here as it’s written.
SMDD Dividends
- 5.29%
- $0.46
- $0.07 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Jun 24, 2026 | Jun 30, 2026 | $0.07 |
| Mar 25, 2026 | Mar 31, 2026 | $0.05 |
| Dec 24, 2025 | Dec 31, 2025 | $0.14 |
| Sep 24, 2025 | Sep 30, 2025 | $0.20 |
| Jun 25, 2025 | Jul 1, 2025 | $0.19 |
| Mar 26, 2025 | Apr 1, 2025 | $0.09 |
| Dec 23, 2024 | Dec 31, 2024 | $0.31 |
| Sep 25, 2024 | Oct 2, 2024 | Data unavailable |
| Jun 26, 2024 | Jul 3, 2024 | $0.12 |
| Mar 20, 2024 | Mar 27, 2024 | $0.07 |
| Dec 20, 2023 | Dec 28, 2023 | Data unavailable |
| Sep 20, 2023 | Sep 27, 2023 | Data unavailable |
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.
- 45.9%
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.
- −0.82
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.
- −2.84
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
- The middle half of 3x Leveraged Inverse funds
- Median 1.05%
Every other 3x Leveraged Inverse fund charges less.