Here are lists of the five most-improved and five most-deteriorated ETF ratings from May 31 to June 30.

All the funds on the upgrade list are ProShares ETFs betting against segments of the market.

The most-improved exchange-traded fund this month is

ProShares UltraShort Russell Mid Cap Growth

(SDK)

. This fund jumped 10 notches to A, or buy, in June, from D-, or sell, in the May ratings by betting against the 505 members of the Russell Midcap Growth Index.

Index members are mid-sized companies that tend to have higher price-to-book ratios and growth expectations, including

Micron Technology

(MU) - Get Report

and

Mariner Energy

( ME).

Also climbing 10 notches,

ProShares Ultra Short Russell 2000 Growth

(SKK)

sailed all the way up from a sell rating of D- to a buy rating of A.

This fund tracks the inverse of all 1,217 growth stock members of the Russell 2000 Growth Index with names like

Barnes Group

(B) - Get Report

,

Curtiss-Wright

(CW) - Get Report

,

EnergySolutions

(ES) - Get Report

and

Gartner

(IT) - Get Report

.

The most-deteriorated list includes funds being downgraded to sell or hold from buy.

The most extreme drop in June ETF ratings befell

PowerShares Dynamic Basic Materials Sector Portfolio

(PYZ) - Get Report

, plummeting eight notches to a rating of D from A- for May.

The fund tracks Dynamic Basic Materials Sector Intellidex Index members like

Newmont Mining

(NEM) - Get Report

,

Du Pont

(DD) - Get Report

,

Air Products & Chemicals

(APD) - Get Report

and

United States Steel

(X) - Get Report

.

Also taking an eight-notch drive to C- from A+, the

PowerShares Cleantech Portfolio

(PZD) - Get Report

gave up its accumulated gains from April and May, sliding back into the middle of the exchange-traded fund pack.

For an explanation of our ratings,

click here

.

Kevin Baker became the senior financial analyst for TSC Ratings upon the August 2006 acquisition of Weiss Ratings by TheStreet.com, covering mutual funds. He joined the Weiss Group in 1997 as a banking and brokerage analyst. In 1999, he created the Weiss Group's first ratings to gauge the level of risk in U.S. equities. Baker received a B.S. degree in management from Rensselaer Polytechnic Institute and an M.B.A. with a finance specialization from Nova Southeastern University.