ProShares UltraPro Short MidCap400 -3x Shares (SMDD) Wheel Strategy

Running a SMDD wheel strategy lets you generate consistent premium income on ProShares UltraPro Short MidCap400 -3x Shares while setting your own entry and exit prices on the underlying. ProShares UltraPro Short MidCap400 -3x Shares's wheel combines cash-secured puts and covered calls into a repeatable cycle: sell puts at strikes where you'd be happy to own SMDD, and if assigned, sell calls at strikes where you'd be happy to sell. Use our scanner to find the best SMDD wheel strategy setups in real time.

The wheel works best on liquid, high-quality names with stable fundamentals and active options markets — exactly the profile many large-cap leaders fit. The mechanics are simple: sell a cash-secured put on SMDD, collect premium, and either keep the premium if it expires worthless or take assignment at a discount to current price. Once assigned, sell covered calls against the shares to keep collecting premium until they're called away. Choosing the right strikes, expirations, and IV environment is what separates a profitable SMDD wheel from a losing one.

ProShares UltraPro Short MidCap400 seeks daily investment results, before fees and expenses, that correspond to three times the inverse (-3x) of the daily performance of the S&P MidCap 400.

The difference between a wheel that compounds and one that bleeds comes down to strike selection, IV timing, and discipline on assignment. Our scanner handles the heavy lifting: it ranks every leg of the SMDD wheel strategy by delta, premium yield, IV rank, and days to expiration, so you can deploy capital where the math works. Build your SMDD wheel strategy on data, not gut feel — and let the options wheel do what it does best: pay you to wait.