# MZZ (ProShares UltraShort MidCap400)

ProShares · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: MZZ returned +5.2% where its own daily promise gave +2.8%, 2.4 points over.

## Key facts

- MZZ, what MDY did: −1.9%, as of Sep 11, 2026.
- MZZ, what −2 times a day gives: +2.8%, as of Sep 11, 2026.
- MZZ, what the fund returned: +5.2%, as of Sep 11, 2026.
- MZZ, the fund itself added: +2.4 pts, as of Sep 11, 2026.
- MZZ, net assets: $4m (issuer page, as of Sep 11, 2026).
- MZZ, expense ratio: 0.95% (485BPOS XBRL, Sep 23, 2025).

## MZZ over each window to Sep 11, 2026

| Window | Fund | MDY | -2x the move | Difference | MDY moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +10.2% | −4.6% | +9.3% | +0.9 pts | 11% |
| 3 months | +5.2% | −1.9% | +3.9% | +1.3 pts | 12% |
| 6 months | −18.9% | +11.6% | −23.3% | +4.3 pts | 15% |
| 1 year | −19.5% | +13.0% | −26.0% | +6.5 pts | 15% |
| 3 years | −52.1% | +49.2% | −98.4% | +46.2 pts | 18% |
| Since launch | −99.5% | +520.9% | not meaningful over this window | not meaningful over this window | 20% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of MDY, reset daily | ETFIQ |
| Multiple a holder actually got over the window | MDY moved −1.9% over this window, too little to read a multiple from | ETFIQ |
| Underlying | MDY | ETFIQ |
| Segment | broad index, us mid cap | ETFIQ |
| Net assets | $4m | issuer page, as of Sep 11, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 23, 2025 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 12% annualized | ETFIQ |

## Questions

### Did MZZ return -2 times MDY?

Over the window to Sep 11, 2026, MDY moved −1.9% and MZZ returned +5.2%. 2 times that move is +3.9%, so the fund came out 1.3 points ahead of it.

### Why does MZZ not return -2 times over a year?

Because it resets daily. MZZ aims at -2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, MZZ, data as of Sep 11, 2026. https://etfiq.com/funds/MZZ
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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