ProShares - UltraPro Short MidCap400
SMDD
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- ProShares UltraPro Short MidCap400 (SMDD) seeks daily investment results that correspond to three times the inverse (-3x) of the daily performance of the S&P MidCap 400 Index, providing leveraged short exposure to U.S. mid-cap equities for investors with a bearish short-term outlook; the fund invests principally in derivatives including swap agreements with major global financial institutions such as BNP Paribas, Bank of America, Citibank, and Societe Generale, futures contracts on the S&P Mid 400 E-mini equity index, and money market instruments like U.S. Treasury bills and repurchase agreements. Launched on February 9, 2010, and domiciled in the United States with shares listed on NYSE Arca, the fund is managed by ProShare Advisors LLC, based at 7272 Wisconsin Avenue, Bethesda, Maryland, and targets sophisticated investors comfortable with daily leverage reset, high volatility, and potential compounding effects over multiple periods. The fund maintains a net expense ratio of 0.95% after contractual fee waivers through September 30, 2026, with quarterly distributions and options trading available; it rebalances daily to achieve its target exposure without regard to market trends, using a mathematical approach to combine instruments for inverse leveraged results consistent with the index's market-cap weighted composition of approximately 400 mid-cap companies typically ranging from $6.7 billion to $18 billion in market capitalization. In recent developments, the fund underwent a 1-for-2 reverse share split effective June 12, 2025, alongside other ProShares ETFs to adjust share prices and liquidity, and paid quarterly dividends including $0.15465 on December 23, 2024, and subsequent payouts in 2025; ProShares as issuer surpassed $100 billion in assets under management in October 2025, launched new leveraged cryptocurrency ETFs such as Ultra Solana (SLON) and Ultra XRP (UXRP) in July 2025, opened a New York office, expanded its senior leadership and distribution team with key hires in September 2025, and introduced its first interval fund focused on private equity strategies in October 2025.