At a glance
MVV charges 0.95% a year. It has $149.8M in assets; it paid 0.64% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +16.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned +26.5% a year. At its worst it fell 69.2% in the 2020 crash (S&P 500: 33.7%) and 43.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 24 months after the lows. Its ten largest positions make up 6.5% of the fund, out of 405 in all.
The short version
ProShares Ultra MidCap400 (MVV) is a leveraged ETF that aims for two times the daily return of the S&P MidCap 400 Index, before fees and expenses. That index weights 400 US mid-sized companies by size. The fund resets its exposure every day, so over weeks or years its results can drift far from 2x the index. It is built for short-term traders, costs 0.95% a year and fell 84.9% in the 2008 financial crisis.
Price history
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MVV +16.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MVV official prospectus, to Dec 31, 2025 | — | +3.53% | — | +8.60% | +12.58% | — |
| MVV price data to Oct 27, 2026 | +17.4% | +16.0% | +26.5% | +4.9% | +12.9% | +10.8% |
- Over the year to Oct 27, 2026, MVV returned +16.0%.
- Its 5-year annualized return was +4.9% and its 10-year +12.9%.
- In the 2020 COVID crash it fell 69.2% and regained its old high 8.8 months after the low.
- Its worst full calendar year was 2008 (-67.8%); its best was 2013 (+71.4%).
- The deepest fall in its price history was 85.6% (Jun 4, 2007 to Mar 9, 2009), recovered by Apr 30, 2013.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +17.4% | — |
| 2025 | +3.5% | +3.53% |
| 2024 | +17.7% | +17.82% |
| 2023 | +22.5% | +22.33% |
| 2022 | -31.9% | -31.79% |
| 2021 | +48.6% | +48.39% |
| 2020 | +6.2% | +6.12% |
| 2019 | +49.5% | +50.10% |
| 2018 | -25.5% | -25.66% |
| 2017 | +30.8% | +30.71% |
| 2016 | +39.6% | +39.87% |
| 2015 | -7.7% | — |
| 2014 | +16.0% | — |
| 2013 | +71.4% | — |
| 2012 | +33.8% | — |
| 2011 | -13.1% | — |
| 2010 | +52.9% | — |
| 2009 | +68.2% | — |
| 2008 | -67.8% | — |
| 2007 | +4.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 84.9% over that stretch · deepest drop along the way 84.9%, back to its old high 48 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 69% over that stretch · deepest drop along the way 69.2%, back to its old high 8.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 40.5% over that stretch · deepest drop along the way 43.6%, back to its old high 24.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3000 | |
| 2025 | $0.5400 | +107.7% |
| 2024 | $0.2600 | -40.9% |
| 2023 | $0.4400 | 0.0% |
| 2022 | $0.4400 | +300.0% |
| 2021 | $0.1100 | -21.4% |
| 2020 | $0.1400 | -50.0% |
| 2019 | $0.2800 | +47.4% |
| 2018 | $0.1900 | +119.1% |
| 2017 | $0.0867 | -36.6% |
| 2016 | $0.1367 | +272.5% |
| 2015 | $0.0367 | +447.8% |
| 2012 | $0.0067 | 0.0% |
| 2010 | $0.0067 | -73.2% |
| 2009 | $0.0250 | -59.5% |
| 2008 | $0.0617 | -91.7% |
| 2007 | $0.7433 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (3.42% of net assets), with its exposure coming from 8 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 0.88% | |
| Twilio, Inc. | 0.77% | |
| Illumina, Inc. | 0.69% | |
| TechnipFMC plc | 0.67% | |
| Everpure, Inc. | 0.63% | |
| Okta, Inc. | 0.62% | |
| ATI, Inc. | 0.60% | |
| Repurchase Agreement RA | 0.58% | |
| nVent Electric plc | 0.52% | |
| Carpenter Technology Corp. | 0.51% | |
| US Foods Holding Corp. | 0.49% | |
| Tenet Healthcare Corp. | 0.49% | |
| XPO, Inc. | 0.49% | |
| United Therapeutics Corp. | 0.46% | |
| Curtiss-Wright Corp. | 0.46% |
By country
United States 73.99%Bermuda 1.18%Ireland 1.01%United Kingdom 0.89%Cayman Islands 0.61%By asset type
Stocks 76.27%RA 2.11%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $11.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.62%, -5.33%, -0.26%.
How it works
MVV tracks the S&P MidCap 400 Index from S&P Dow Jones Indices. The index selects 400 US-listed, US-based companies by market capitalization (the total value of a company's shares) and weights them by size. As of May 31, 2026, members ranged from $980 million to $55 billion. The lineup is reviewed every September, with weight adjustments in March, June and December. As of August 31, 2026, the fund held 405 securities. Its largest stocks were Twilio, Illumina, TechnipFMC, Everpure and Okta, and each was under 1% of assets.
To reach twice the index's daily move, ProShare Advisors pairs stocks (about 76% of assets as of August 31, 2026) with derivatives, which are contracts whose value depends on something else. These are mainly total return swaps with large financial institutions, plus futures. Cash goes into Treasury bills, repurchase agreements or a ProShares money market ETF. If a swap counterparty fails to pay, the fund can lose money.
The fund rebalances every day. It adds exposure after the index rises and cuts it after a fall. Over longer periods, this daily reset can make returns differ sharply from 2x. The prospectus estimates that if the index fell 30% over a year with 50% volatility, the fund would lose about 61.8%, not 60%. If the index nears a 50% drop in one day, holders could lose everything.
What it really costs
- MVV charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.06% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $1,231 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MVV | $97 | $316 | $552 | $1,231 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
MVV targets 2x the index for a single day and resets daily, so results over long holding periods can stray far from 2x and losses can be severe.
MVV can magnify mid-cap gains, but its losses in downturns have been deep. Based on prices, it fell 84.9% in the 2008 financial crisis and did not recover until March 2013. The 2008 calendar year alone brought a 67.8% loss. It dropped 69.2% in the 2020 COVID crash and recovered by December 2020. It lost 43.6% in the 2022 bear market and did not recover until October 2024. Anyone drawing income or needing cash in years like those would have had to cash out at steep losses. Its yield was 0.64% as of October 27, 2026, paid quarterly, so it offers little income. It costs 0.95% a year, which is $97 on $10,000 in the first year under the SEC's standard example. Past results don't predict the future, and a retirement plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking twice the S&P MidCap 400's daily move for a day or a few days, who watch positions closely.
- Experienced investors who understand daily-reset math, such as how high volatility can turn a 30% index fall into a 61.8% fund loss.
- Traders who want leveraged mid-cap exposure inside an ETF rather than through margin or futures, and who accept swap counterparty risk.
Look elsewhere if
- Retirees or savers wanting a long-term mid-cap holding: the fund lost 84.9% in the 2008 crisis and took until 2013 to recover.
- Income seekers: the yield was 0.64% as of October 27, 2026, paid quarterly.
- Cost-conscious investors: the 0.95% expense ratio adds up to $1,231 on $10,000 over 10 years in the SEC's standard example.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is MVV good for long-term investing?
MVV is not designed for long-term holding. It seeks 2x the S&P MidCap 400's return for a single day, and its exposure resets daily. Over longer periods, compounding can push results far from 2x, especially in choppy markets. It returned 12.58% a year over the 10 years through December 31, 2025. But it also fell 85.6% from June 2007 to March 2009 and did not recover until April 2013.
What does 2x daily leverage mean for MVV?
It means MVV aims to rise or fall about twice as much as the S&P MidCap 400 on any single day, before fees. Over longer periods, results drift away from 2x. The prospectus estimates that if the index fell 20% over a year with 50% volatility, the fund would lose about 50.2%, not 40%. With low volatility, the drift can work in the holder's favor. If the index nears a 50% loss in one day, the fund could be wiped out.
Does MVV pay dividends?
Yes, but the payments are small. MVV pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $0.52 per share, a yield of 0.64%. The fund is built to deliver leveraged daily returns, not income. Much of its exposure comes from swaps and futures, and its cash sits in Treasury bills and similar instruments. People looking for steady income from mid-cap stocks will find little here.
What is MVV's expense ratio?
MVV's expense ratio is 0.95% a year, according to its prospectus filed September 25, 2026. That includes a 0.75% management fee. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares redeemed at the end of each period. On that basis, costs would total about $97 after one year, $552 after five years and $1,231 after ten. The fund also pays financing costs on its derivatives, which can further reduce returns.
What's the difference between MVV and a regular S&P MidCap 400 index fund?
A regular S&P MidCap 400 index fund owns the index's stocks and aims to match the index over any period. MVV adds swaps and futures to target twice the index's return each day, then resets. That roughly doubles its daily swings: its beta was 1.91 for the year to October 27, 2026. It also adds counterparty risk, daily compounding effects and a 0.95% expense ratio. Its worst quarter was a 55.98% loss in early 2020.