Skip to content
Beacon

MZZProShares UltraShort MidCap400

Take a bet20y track recordRanked #593 of 949 in this goal

Seeks daily investment results that correspond to -2x the daily performance of the S&P MidCap 400 Index.

By ProShares · Launched 2006

Annual Cost

0.95%

#4,882 of 5,861 · expensive

Fund Size

$2M

#5,460 of 5,861 · small

Return (1Y)Goal

-27.7%

Track Record

20 years

#336 of 5,861 · established

Performance

Total-return NAV · USD
Growth of $10,000
$7,295-27.0%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Equity

Region

North america

Strategy

Inverse

Index tracked

S&P MidCap 400 Index

What it actually holds

By weight

Concentration

synthetic exposure — holdings shown are derivatives collateral, not the fund's positions

Repurchase Agreement
39.2%
Repurchase Agreement
19.4%
Repurchase Agreement
19.4%
Repurchase Agreement
11.7%
Repurchase Agreement
11.7%
Repurchase Agreement
9.7%
Repurchase Agreement
7.8%
Repurchase Agreement
7.8%
Repurchase Agreement
3.9%
N/A
-2.2%

Asset allocation

Cash
123.4%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
31.5%High

Year-on-year price swings

Max drawdown
-94.8%Severe

Worst peak-to-trough loss

Sharpe (3Y)
-0.52Below average
Sortino (3Y)
-0.71Moderate downside risk

Listing

Exchange
NYSE Arca

Full fund details

Objective
Seeks daily investment results that correspond to -2x the daily performance of the S&P MidCap 400 Index.
Strategy
Invests in derivatives to gain inverse leveraged exposure to mid-cap companies in the U.S. The Fund targets daily returns consistent with the Daily Target, using financial instruments like swaps and futures. Market capitalization of the Index's companies ranges from $1.3 billion to $23 billion.
Inception date
July 11, 2006
Fund family
ProShares

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Inverse
Warning

You can be right and still lose

This fund returns the opposite of its benchmark's daily move, then resets. Hold it longer and the daily compounding takes over: the market can move your way over a week and you still finish down. It works as a one-day hedge and nothing beyond that.

Sources: Cheng & Madhavan, 'The Dynamics of Leveraged and Inverse ETFs' (2009)

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

What's next?

You've looked at MZZ. Save it to your watchlist to weigh it against other funds, then turn your shortlist into a portfolio.

See other funds for this goal

Data updated on 2026-08-04