# SMDD (ProShares UltraPro Short MidCap400)

ProShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: SMDD returned +20.7% where its own daily promise gave +16.4%, 4.3 points over.

## Key facts

- SMDD, what MDY did: −5.6%, as of Sep 30, 2026.
- SMDD, what −3 times a day gives: +16.4%, as of Sep 30, 2026.
- SMDD, what the fund returned: +20.7%, as of Sep 30, 2026.
- SMDD, the fund itself added: +4.3 pts, as of Sep 30, 2026.
- SMDD, net assets: $2m (issuer page, as of Sep 30, 2026).
- SMDD, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## SMDD over each window to Sep 30, 2026

| Window | Fund | MDY | -3x the move | Difference | MDY moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +14.6% | −4.2% | +12.6% | +2.0 pts | 10% |
| 3 months | +20.7% | −5.6% | +16.7% | +4.0 pts | 12% |
| 6 months | −15.6% | +6.1% | −18.4% | +2.8 pts | 14% |
| 1 year | −27.9% | +11.4% | −34.2% | +6.3 pts | 15% |
| 3 years | −73.3% | +49.0% | −146.9% | +73.6 pts | 18% |
| Since launch | −100.0% | +525.0% | 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 | -3.72 times, against -3 stated | ETFIQ |
| Underlying | MDY | ETFIQ |
| Segment | broad index, US mid cap | ETFIQ |
| Net assets | $2m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 25, 2026 |
| 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 30, 2026, MDY moved −5.6% and SMDD returned +20.7%. −3 times that move is +16.7%, so the fund came out 4.0 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 30, 2026. https://etfiq.com/funds/smdd
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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