ProShares - UltraShort MidCap400 (MZZ) Expected Move
Expected move estimates the probable price range for a given period based on at-the-money options pricing. It reflects the market consensus for volatility over the selected timeframe.
ProShares - UltraShort MidCap400 (MZZ) operates in the Financial Services sector, specifically the Asset Management - Leveraged industry, with a market capitalization near $751,390, listed on AMEX, carrying a beta of -2.08 to the broader market. ProShares UltraShort MidCap400 seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P MidCap 400. public since 2006-07-13.
Snapshot as of May 15, 2026.
- Spot Price
- $6.55
- Expected Move
- 11.6%
- Implied High
- $7.31
- Implied Low
- $5.79
- Front DTE
- 34 days
As of May 15, 2026, ProShares - UltraShort MidCap400 (MZZ) has an expected move of 11.58%, a one-standard-deviation implied price range of roughly $5.79 to $7.31 from the current $6.55. Expected move is derived from at-the-money straddle pricing and represents the market's pricing of a ±1σ move. Roughly 68% of outcomes should fall within this range under lognormal assumptions, though empirical markets have fatter tails.
MZZ Strategy Sizing to the Expected Move
With ProShares - UltraShort MidCap400 pricing an expected move of 11.58% from $6.55, risk-defined strategies sized to the implied range structurally target the modal outcome distribution. Iron condors with wings at the ±1σ expected move boundaries collect premium against the ~68% probability that spot stays inside the range under lognormal assumptions; strangles set wider at ±1.5σ or ±2σ target the tails but pay smaller per-trade premium. Long-vol structures (long straddles, ratio backspreads) profit when realized move exceeds the implied move, the inverse trade: they bet against the lognormal assumption itself, capitalizing on the empirically fatter equity-return tails.
Learn how expected move is reported and how to read the data →
Per-expiration expected move for MZZ derived from ATM implied volatility at each listed expiration. Implied high/low bounds are computed as $6.55 × (1 ± expected move %). One standard-deviation range under lognormal assumptions, roughly 68% of outcomes fall inside.
| Expiration | DTE | ATM IV | Expected Move | Implied High | Implied Low |
|---|---|---|---|---|---|
| Jun 18, 2026 | 34 | 40.4% | 12.3% | $7.36 | $5.74 |
| Jul 17, 2026 | 63 | 90.5% | 37.6% | $9.01 | $4.09 |
| Sep 18, 2026 | 126 | 72.0% | 42.3% | $9.32 | $3.78 |
| Dec 18, 2026 | 217 | 68.9% | 53.1% | $10.03 | $3.07 |
Frequently asked MZZ expected move questions
- What is the current MZZ expected move?
- As of May 15, 2026, ProShares - UltraShort MidCap400 (MZZ) has an expected move of 11.58% over the next 34 days, implying a one-standard-deviation price range of $5.79 to $7.31 from the current $6.55. The expected move is derived from at-the-money straddle pricing and represents the market consensus for a ±1σ price move.
- What does the MZZ expected move mean for traders?
- Roughly 68% of outcomes should fall within ±1 expected move and 95% within ±2 under lognormal assumptions, though equity returns have empirically fatter tails than log-normal predicts. Strategies sized to the expected move (iron condors at ±1σ, strangles at ±1.5σ) target the typical outcome distribution; strategies that profit from tail moves (long-vol structures, ratio backspreads) target the tails the lognormal model under-prices.
- How is MZZ expected move calculated?
- The expected move displayed here is derived from at-the-money implied volatility scaled to the chosen tenor: expected move % is approximately ATM IV times sqrt(T / 365), where T is days to expiration. An equivalent straddle-based form: the ATM straddle (call + put at the same strike) is roughly sqrt(2/pi) times spot times IV times sqrt(T/365), so the implied one-standard-deviation move is approximately 1.25 times ATM straddle divided by spot. The two formulations agree once the sqrt(2/pi) constant is reconciled.