SMDD -3x ProShares UltraPro Short MidCap400

BEAR ETF extreme · Issuer ProShares · Tracks S&P MidCap 400 (MDY) · Listed 2010-02-09

Quote & options All leveraged ETFs

Implied AUM

$2.2M

shares out × price

Last close

$8.91

20261001

30-day avg volume

12,203

options listed →

SMDD realized

—

what holders actually earned

Theoretical -3x

—

-3x × S&P MidCap 400's return

Decay gap

—

realized minus theoretical

Realized vs theoretical -3x S&P MidCap 400

Cumulative return of SMDD against a clean -3x of S&P MidCap 400's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: UMDD (+3x bull, ProShares UltraPro MidCap400)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on S&P MidCap 400

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
UMDD	+3x	BULL	ProShares	ProShares UltraPro MidCap400	$27.0M	4,340	✓
MVV	+2x	BULL	ProShares	ProShares Ultra MidCap400	$141.4M	10,802	✓
MZZ	-2x	BEAR	ProShares	ProShares UltraShort MidCap400	$4.6M	5,186	✓

How SMDD works

SMDD targets -3x the daily return of S&P MidCap 400 — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -3x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -3x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.