ProShares - UltraShort SmallCap600
SDD
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- ProShares UltraShort SmallCap600 (SDD) seeks daily investment results that correspond to two times the inverse (-2x) of the daily performance of the S&P SmallCap 600 Index. The fund utilizes financial instruments including total return swaps with major counterparties such as UBS AG, Bank of America NA, and Societe Generale; these derivatives provide leveraged short exposure to the index comprising 602 small-cap U.S. companies domiciled and listed in the United States, with an average market capitalization of $2.63 billion, a price/earnings ratio of 20.74, and a dividend yield of 1.66% as of September 30, 2025. Options trading is available on SDD shares, which have a net expense ratio of 0.95% (with contractual waiver through September 30, 2026), quarterly distributions, and NAV calculation at 4:00 p.m. ET; the fund trades on NYSE Arca under ticker SDD (intraday SDD.IV) with CUSIP 74347G572. Launched on January 23, 2007, SDD operates as part of ProShares Trust, advised by ProShare Advisors LLC and headquartered at 7501 Wisconsin Avenue, Suite 1000E, Bethesda, Maryland 20814. ProShares, at the forefront of the ETF revolution since 2006, manages a broad lineup of leveraged, inverse, and strategic ETFs focused on enhancing returns and managing risk for investors targeting U.S. equities, commodities, currencies, volatility, and cryptocurrencies through derivatives rather than direct holdings. In recent developments, ProShares launched a groundbreaking suite of three Dynamic Buffer ETFs in June 2025, employing a patent-pending methodology that adapts daily to expected volatility for U.S. stock index exposure with downside protection; additionally, in July 2025, the firm introduced leveraged ETFs targeting 2x daily returns of Solana (SOL) and XRP futures following NYSE Arca approval, expanding its crypto-linked offerings amid pending spot ETF decisions. These innovations reflect ProShares' ongoing product diversification amid macroeconomic uncertainty, where SDD's annual report for the period ended May 31, 2025, noted the S&P SmallCap 600 Index's -1.75% total return and 24.32% volatility driven by modestly negative small-cap performance. No major acquisitions, funding rounds, or reorganizations specific to SDD were reported in the last 1-2 years.