At a glance
MYY charges 0.95% a year. It has $3.0M in assets; it paid 3.47% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −6.9% with distributions reinvested (S&P 500: +11.5%); over three years it returned −11.5% a year. At its worst it fell 9.0% in the 2020 crash (S&P 500: 33.7%) and 16.9% in the 2022 bear market (S&P 500: 24.5%).
The short version
ProShares Short S&P Mid Cap400 (MYY) uses financial contracts (swaps and futures), not stocks, to seek the opposite (-1x) of the S&P MidCap 400 Index's daily return. Traders may use it for brief periods to bet on, or protect against, a fall in US mid-cap stocks. Held for years, it has lost heavily, down 67% over the 10 years to October 27, 2026, and its 0.95% expense ratio (annual fee) adds to the drag.
Price history
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MYY -6.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MYY official prospectus, to Dec 31, 2025 | — | -4.01% | — | -7.34% | -10.90% | — |
| MYY price data to Oct 27, 2026 | -7.5% | -6.9% | -11.5% | -4.7% | -10.6% | -11.3% |
- Over the year to Oct 27, 2026, MYY returned -6.9%.
- Its 5-year annualized return was -4.7% and its 10-year -10.6%.
- In the 2020 COVID crash, while stocks fell, it gained 59.3%.
- Its worst full calendar year was 2009 (-35.1%); its best was 2008 (+33.8%).
- The deepest fall in its price history was 95.3% (Nov 20, 2008 to Aug 14, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -7.5% | — |
| 2025 | -4.1% | -4.01% |
| 2024 | -7.1% | -7.14% |
| 2023 | -9.5% | -9.37% |
| 2022 | +10.3% | +10.00% |
| 2021 | -23.1% | -23.14% |
| 2020 | -25.9% | -25.83% |
| 2019 | -20.0% | -19.91% |
| 2018 | +12.8% | +12.53% |
| 2017 | -14.6% | -14.22% |
| 2016 | -19.3% | -19.51% |
| 2015 | -0.8% | — |
| 2014 | -11.3% | — |
| 2013 | -27.1% | — |
| 2012 | -17.8% | — |
| 2011 | -6.9% | — |
| 2010 | -25.4% | — |
| 2009 | -35.1% | — |
| 2008 | +33.8% | — |
| 2007 | -1.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 83.7% over that stretch · deepest drop along the way 29%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 59.3% over that stretch · deepest drop along the way 9%, back to its old high 0.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 19.5% over that stretch · deepest drop along the way 16.9%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3700 | |
| 2025 | $0.7400 | -21.3% |
| 2024 | $0.9400 | -13.8% |
| 2023 | $1.0900 | +990.0% |
| 2022 | $0.1000 | +400.0% |
| 2020 | $0.0200 | -96.7% |
| 2019 | $0.6000 | +252.9% |
| 2018 | $0.1700 | -99.6% |
| 2008 | $47.9200 | +313.1% |
| 2007 | $11.6000 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its inverse exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 38.03% | |
| Repurchase Agreement RA | 25.29% | |
| Repurchase Agreement RA | 15.17% | |
| Repurchase Agreement RA | 8.09% | |
| Repurchase Agreement RA | 5.06% |
By country
United States 91.64%By asset type
RA 91.64%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $383K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -3.17%, +2.90%, +0.22%.
How it works
MYY seeks the opposite (-1x) of the S&P MidCap 400 Index's daily return, before fees and expenses. S&P Dow Jones Indices picks 400 mid-sized companies listed and based in the US for that index, weighting them by market capitalization, or stock market value. As of May 31, 2026, they ranged from about $980 million to $55 billion. The index is reviewed every September, with weight adjustments in March, June and December.
The fund does not own or borrow those stocks. ProShare Advisors uses a mathematical approach to combine derivatives, contracts whose value tracks another asset, into the -1x exposure. As of August 31, 2026, these were total return swaps, deals with large financial institutions to exchange payments based on the index, and S&P MidCap 400 E-mini futures, which lock in a price for a future date. About 92% of net assets sat in five repurchase agreements, short-term cash investments usually backed by US government securities.
The fund resets its exposure each day. When the index rises, the fund's assets shrink, so it scales back its bet; when the index falls, it scales up. Over weeks or years, this daily reset can pull returns far from -1x the index, usually for the worse in choppy markets. The prospectus flags counterparty risk too: a swap partner could fail to pay.
What it really costs
- MYY charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 2% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $3,128 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MYY | $97 | $723 | $1,376 | $3,128 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -1× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
Its -1x exposure resets daily, and it lost 67% over the 10 years to October 27, 2026, without regaining its November 2008 peak.
MYY rose during market slumps: 83.7% from the market's October 2007 peak to its March 2009 low, 59.3% in the 2020 COVID crash and 19.5% in the 2022 decline. Yet it ended 2020 down 25.83%, lost 35.1% in 2009, its worst calendar year, and by August 14, 2026 sat 95.3% below its November 2008 high, never having recovered. Money drawn from it outside a crash usually meant cashing in at a loss.
Its yield, or income over the past year as a share of price, was 3.47% as of October 27, 2026. It pays quarterly from interest on cash holdings, but that has not made up for the losses. The expense ratio is 0.95%; the SEC's standard $10,000 example shows costs of $97 after one year and $3,128 after ten. Past results don't predict future ones, and a plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders wanting a one-day -1x bet against the S&P MidCap 400 Index who can check and adjust the position every day.
- Investors seeking a brief hedge, an offset to possible losses, for US mid-cap holdings without borrowing shares to bet against them.
- Traders betting on a sharp, short drop, as in early 2020 when MYY gained 59.3% before ending the year down 25.83%.
Look elsewhere if
- Long-term and retirement investors: it lost 67% over the 10 years to October 27, 2026, and never regained its November 2008 peak.
- Income seekers: its 3.47% yield as of October 27, 2026 comes from interest on cash holdings and has not offset its losses.
- Anyone wary of tiny funds: net assets were about $3 million as of August 31, 2026, and returns depend on swap partners paying.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is MYY a good long-term investment?
Its history suggests not. MYY resets its -1x exposure to the S&P MidCap 400 Index every day, so returns over months or years can drift far from -1x the index, usually for the worse in choppy markets. By the prospectus's standard measure, it returned an average of -10.9% a year over the 10 years to December 31, 2025. It lost 67% over the 10 years to October 27, 2026, and had not regained its November 2008 high by then.
Does MYY go up when the stock market crashes?
Generally yes, but the gains can vanish quickly. MYY rose 59.3% from the market's February 19, 2020 peak to its March 23 low, and its strongest quarter in the prospectus's 2016–2025 record was a 29.2% gain in the first quarter of 2020. Its weakest quarter, a 23.4% loss, came next as stocks rebounded, and it finished 2020 down 25.83%. It also gained 83.7% from the October 2007 market peak to the March 2009 low, then lost 35.1% in 2009.
Does MYY pay dividends?
Yes, MYY makes quarterly distributions, or cash payouts to shareholders. Its yield was 3.47% as of October 27, 2026, based on $0.55 a share paid over the prior 12 months. The fund owns no stocks, so these payouts come from interest on its cash holdings, mainly repurchase agreements. The income has not offset its losses: by the prospectus's measure, which counts distributions, MYY returned -4.01% in 2025.
What does MYY hold?
Mostly cash-like investments and derivatives, not stocks. As of August 31, 2026, about 92% of net assets sat in five repurchase agreements, short-term loans usually backed by US government securities; the largest made up about 38% of assets. The bet against mid-caps came from total return swaps with financial institutions and S&P MidCap 400 E-mini futures contracts. Total net assets were about $3 million, which makes MYY a very small ETF.
What is MYY's expense ratio?
MYY's expense ratio is 0.95% a year after a fee waiver, per its prospectus filed September 25, 2026; the management fee alone is 0.75%. In the SEC's standard example ($10,000 invested, 5% yearly return), costs total $97 after one year but $723 after three years and $3,128 after ten. That steep rise suggests the waiver is temporary, since the example counts a waiver only while it is contractually in place. Swap financing costs also trim returns.