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


. 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


Mariner Energy

( ME).

Also climbing 10 notches,

ProShares Ultra Short Russell 2000 Growth


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



(CW) - Get Report



(ES) - Get Report



(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


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.

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Kevin Baker became the senior financial analyst for TSC Ratings upon the August 2006 acquisition of Weiss Ratings by, 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.