{
 "ticker": "SMDD",
 "name": "ProShares UltraPro Short MidCap400",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/SMDD",
 "html": "https://etfiq.com/funds/SMDD",
 "markdown": "https://etfiq.com/funds/SMDD.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: SMDD returned +7.5% where its own daily promise gave +3.7%, 3.8 points over.",
 "key_facts": [
  {
   "key": "what_mdy_did",
   "label": "What MDY did",
   "value": "\u22121.9%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SMDD, what MDY did: \u22121.9%, as of Sep 11, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "+3.7%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SMDD, what \u22123 times a day gives: +3.7%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+7.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SMDD, what the fund returned: +7.5%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+3.8 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SMDD, the fund itself added: +3.8 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$2m",
   "source": "issuer page, as of Sep 11, 2026",
   "as_of": "2026-09-11",
   "sentence": "SMDD, net assets: $2m (issuer page, as of Sep 11, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 23, 2025",
   "as_of": "2026-09-11",
   "sentence": "SMDD, expense ratio: 0.95% (485BPOS XBRL, Sep 23, 2025)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-3 times the daily move of MDY, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "MDY moved \u22121.9% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "MDY",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "broad index, us mid cap",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$2m",
   "source": "issuer page, as of Sep 11, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 23, 2025"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Feb 11, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "12% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+16.2%",
   "MDY": "\u22124.6%",
   "-3x the move": "+13.9%",
   "Difference": "+2.3 pts",
   "MDY moved about": "11%"
  },
  {
   "window": "3 months",
   "Fund": "+7.5%",
   "MDY": "\u22121.9%",
   "-3x the move": "+5.8%",
   "Difference": "+1.7 pts",
   "MDY moved about": "12%"
  },
  {
   "window": "6 months",
   "Fund": "\u221228.5%",
   "MDY": "+11.6%",
   "-3x the move": "\u221234.9%",
   "Difference": "+6.4 pts",
   "MDY moved about": "15%"
  },
  {
   "window": "1 year",
   "Fund": "\u221230.9%",
   "MDY": "+13.0%",
   "-3x the move": "\u221239.0%",
   "Difference": "+8.1 pts",
   "MDY moved about": "15%"
  },
  {
   "window": "3 years",
   "Fund": "\u221273.5%",
   "MDY": "+49.2%",
   "-3x the move": "\u2212147.6%",
   "Difference": "+74.1 pts",
   "MDY moved about": "18%"
  },
  {
   "window": "Since launch",
   "Fund": "\u2212100.0%",
   "MDY": "+544.3%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "MDY moved about": "20%"
  }
 ],
 "questions": [
  {
   "q": "Did SMDD return -3 times MDY?",
   "a": "Over the window to Sep 11, 2026, MDY moved \u22121.9% and SMDD returned +7.5%. 3 times that move is +5.8%, so the fund came out 1.7 points ahead of it."
  },
  {
   "q": "Why does SMDD not return -3 times over a year?",
   "a": "Because it resets daily. SMDD aims at -3 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 -3 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."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}