SMDDProShares UltraPro Short MidCap400
SMDD Fund Description
SMDD provides geared inverse (-3x) exposure to a market-cap-weighted index of 400 companies with market caps between $517.9M and $13.4B.
SMDD Factset Analytics Insight
SMDD provides daily geared inverse (-3x) exposure to the S&P MidCap 400 Index. It is a direct competitor to Direxion’s MIDZ. It charges 95 bps for holding index swaps and futures, as well as swaps on the SPDR S&P MidCap 400 ETF (MDY). The underlying index comprises 400 US midcap companies in a variety of sectors. As such, SMDD is a highly leveraged bet against the US midcap space. It’s the most leveraged member of the ProShares MidCap inverse ETF lineup. With very low AUM, SMDD is the least popular in the lineup and carries a high closure risk. However, it has the tightest average spread, despite having low median daily volume. The liquidity is not sufficient to accommodate aggressive trading, which is the original intent of the fund.
SMDD CHARTS AND PERFORMANCE
SMDD Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of SMDD. SMDD is rated a N/A out of 5.