At a glance
MZZ charges 0.95% a year. It has $4.3M in assets; it paid 3.57% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −16.9% with distributions reinvested (S&P 500: +11.5%); over three years it returned −26.1% a year. At its worst it fell 15.3% in the 2020 crash (S&P 500: 33.7%) and 31.8% in the 2022 bear market (S&P 500: 24.5%).
The short version
ProShares UltraShort MidCap400 (MZZ) uses swap contracts to target twice the opposite (-2x) of the S&P MidCap 400 Index's return each day, so it rises when stocks of mid-sized US companies fall. Traders may use it for short-term bets or hedges, but holding it for long periods has been costly: it lost an average of 24.8% a year over the 10 years through December 31, 2025. Its 0.95% expense ratio reflects a large fee waiver.
Price history
The interactive chart needs JavaScript.
MZZ -16.9% 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 | |
|---|---|---|---|---|---|---|
| MZZ official prospectus, to Dec 31, 2025 | — | -14.53% | — | -18.98% | -24.80% | — |
| MZZ price data to Oct 27, 2026 | -17.4% | -16.9% | -26.1% | -14.6% | -24.5% | -25.8% |
- Over the year to Oct 27, 2026, MZZ returned -16.9%.
- Its 5-year annualized return was -14.6% and its 10-year -24.5%.
- In the 2020 COVID crash, while stocks fell, it gained 134.6%.
- Its worst full calendar year was 2009 (-62.1%); its best was 2008 (+46.4%).
- The deepest fall in its price history was 99.9% (Nov 20, 2008 to Aug 14, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -17.4% | — |
| 2025 | -14.7% | -14.53% |
| 2024 | -17.8% | -17.95% |
| 2023 | -23.8% | -23.45% |
| 2022 | +13.0% | +12.80% |
| 2021 | -42.1% | -42.34% |
| 2020 | -53.1% | -52.99% |
| 2019 | -38.1% | -37.81% |
| 2018 | +22.9% | +22.40% |
| 2017 | -27.7% | -27.16% |
| 2016 | -36.0% | -36.44% |
| 2015 | -3.0% | — |
| 2014 | -21.8% | — |
| 2013 | -47.2% | — |
| 2012 | -33.5% | — |
| 2011 | -20.0% | — |
| 2010 | -46.2% | — |
| 2009 | -62.1% | — |
| 2008 | +46.4% | — |
| 2007 | -8.7% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 163.3% over that stretch · deepest drop along the way 51.6%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 134.6% over that stretch · deepest drop along the way 15.3%, back to its old high 0.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 35.7% over that stretch · deepest drop along the way 31.8%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1100 | |
| 2025 | $0.4200 | -31.1% |
| 2024 | $0.6100 | +8.9% |
| 2023 | $0.5600 | +1300.0% |
| 2022 | $0.0400 | 0.0% |
| 2020 | $0.0400 | -95.2% |
| 2019 | $0.8400 | +61.5% |
| 2018 | $0.5200 | -100.0% |
| 2008 | $1568.6400 | +1034.7% |
| 2007 | $138.2400 |
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 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 38.44% | |
| Repurchase Agreement RA | 25.56% | |
| Repurchase Agreement RA | 15.34% | |
| Repurchase Agreement RA | 8.18% | |
| Repurchase Agreement RA | 5.11% |
By country
United States 92.63%By asset type
RA 92.63%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $3.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -6.55%, +5.59%, +0.16%.
How it works
The fund's benchmark is the S&P MidCap 400 Index, maintained by S&P Dow Jones Indices. It picks 400 mid-sized US companies by market value (stock price times shares outstanding) and weights them by size. As of May 31, 2026, their market values ranged from $980 million to $55 billion. The lineup is reevaluated every September, with weight adjustments in March, June and December.
MZZ doesn't hold those stocks. ProShare Advisors uses a mathematical approach to combine derivatives (contracts whose value tracks another asset), such as swaps with large financial institutions and futures, that are meant to deliver -2x the index's daily move. In a swap, two parties exchange the returns on an asset. As of August 31, 2026, 92.6% of the fund's $4.3 million in net assets sat in repurchase agreements, short-term cash deals usually backed by US government securities, alongside four total return swaps.
The fund resets its exposure daily, measured from one net asset value (NAV) calculation to the next. If the index rises, the fund's assets shrink and it cuts exposure; if the index falls, it adds exposure. As a result, returns over longer periods can differ sharply from -2x the index, usually for the worse when markets swing up and down. If the index neared a 50% gain in one day, holders could lose everything.
What it really costs
- MZZ charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 8.08% 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 $7,165 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MZZ | $97 | $1,901 | $3,563 | $7,165 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
The fund targets -2x the S&P MidCap 400 Index for a single day, and its prospectus warns that results over longer periods will likely differ, possibly significantly.
MZZ gained when stocks fell hard: 163% from the market's October 2007 peak to its March 2009 low, 135% in the February–March 2020 crash and 36% during the 2022 downturn. The gains faded fast. It lost 62% in 2009, its worst calendar year, and 53% across 2020. From its November 20, 2008 high to August 14, 2026, it fell 99.9%, with no recovery by October 27, 2026. Someone needing cash in a rebound year could face deep losses.
Its yield was 3.57% over the 12 months to October 27, 2026, with payouts every quarter, a small offset to those losses. The 0.95% expense ratio reflects a large fee waiver; the SEC's $10,000 example shows $97 in costs for one year but $1,901 over three. Past results don't predict the future, and any plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a short-term bet against mid-sized US companies, at -2x the S&P MidCap 400 Index's daily return.
- Short-term hedgers of mid-cap stock holdings who understand the daily reset can make multi-day returns drift far from -2x.
- Traders who can stomach swings like a 52% gain and a 44% loss in back-to-back quarters in 2020, and who track positions daily.
Look elsewhere if
- Long-term and retirement investors: the fund lost an average of 24.8% a year over the 10 years through December 31, 2025.
- Anyone wanting a lasting crash hedge: MZZ rose 135% in the February–March 2020 crash yet lost 53% for the full year.
- Those wary of tiny funds: MZZ had about $4.3 million in net assets as of August 31, 2026, and relies on a fee waiver.
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 MZZ a good long-term investment?
Not by design or by track record. ProShares states that MZZ seeks -2x the S&P MidCap 400 Index's return for a single day, and that results over longer periods will likely differ from that target, possibly significantly. Over the 10 years through December 31, 2025, the fund lost an average of 24.8% a year. From 2016 through 2025, it rose in only two calendar years: 2018, up 22.4%, and 2022, up 12.8%.
Does MZZ pay dividends?
Yes, MZZ pays distributions quarterly. Its yield over the 12 months to October 27, 2026, was 3.57%, or about $0.23 a share. Because the fund holds no stocks, the payouts generally come from income on its cash-like holdings, such as repurchase agreements, rather than from company dividends. That income is small next to the fund's price swings: it lost 14.53% in 2025 and 17.95% in 2024.
What is MZZ's expense ratio?
MZZ's expense ratio, the yearly cost as a share of your investment, is 0.95%, according to the prospectus filed September 25, 2026. That figure is after a fee waiver of 8.08%; the management fee alone is 0.75%. In the SEC's standard example, with $10,000 invested and a 5% yearly return, costs total $97 after one year but $1,901 after three, $3,563 after five and $7,165 after 10. That jump suggests the example applies the waiver only in the first year.
What's the difference between MZZ and a regular S&P MidCap 400 index fund?
A regular S&P MidCap 400 index fund owns the index's 400 stocks and rises when they rise. MZZ owns none of them: as of August 31, 2026, 92.6% of its net assets sat in repurchase agreements, with four total return swaps supplying the -2x daily exposure. Because it resets daily, its longer-term results can stray far from -2x. In 2020 it gained 135% during the February–March crash, yet lost 53% for the full year.
Can you lose all your money in MZZ?
Yes. The prospectus warns that if the S&P MidCap 400 Index nears a 50% gain at any point in a day, holders could lose their entire investment. Losses have also compounded over long stretches: the fund's price fell 99.9% from its November 20, 2008 high to August 14, 2026, and had not recovered as of October 27, 2026. A swap counterparty that fails to pay could cause significant losses too.