# SMDD (ProShares UltraPro Short MidCap400)

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

Three months to Sep 11, 2026: SMDD returned +7.5% where its own daily promise gave +3.7%, 3.8 points over.

## Key facts

- SMDD, what MDY did: −1.9%, as of Sep 11, 2026.
- SMDD, what −3 times a day gives: +3.7%, as of Sep 11, 2026.
- SMDD, what the fund returned: +7.5%, as of Sep 11, 2026.
- SMDD, the fund itself added: +3.8 pts, as of Sep 11, 2026.
- SMDD, net assets: $2m (issuer page, as of Sep 11, 2026).
- SMDD, expense ratio: 0.95% (485BPOS XBRL, Sep 23, 2025).

## SMDD over each window to Sep 11, 2026

| Window | Fund | MDY | -3x the move | Difference | MDY moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +16.2% | −4.6% | +13.9% | +2.3 pts | 11% |
| 3 months | +7.5% | −1.9% | +5.8% | +1.7 pts | 12% |
| 6 months | −28.5% | +11.6% | −34.9% | +6.4 pts | 15% |
| 1 year | −30.9% | +13.0% | −39.0% | +8.1 pts | 15% |
| 3 years | −73.5% | +49.2% | −147.6% | +74.1 pts | 18% |
| Since launch | −100.0% | +544.3% | not meaningful over this window | not meaningful over this window | 20% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -3 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 | $2m | issuer page, as of Sep 11, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 23, 2025 |
| Launched | Feb 11, 2010 | ETFIQ |
| Underlying volatility over the window | 12% annualized | ETFIQ |

## Questions

### Did SMDD return -3 times MDY?

Over the window to Sep 11, 2026, MDY moved −1.9% and SMDD returned +7.5%. 3 times that move is +5.8%, so the fund came out 1.7 points ahead of it.

### Why does SMDD not return -3 times over a year?

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.


## Cite this page

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

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