At a glance
UMDD charges 0.95% a year. It has $30.1M in assets; it paid 0.61% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +18.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned +33.0% a year. At its worst it fell 60.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 44 months after the low. Its ten largest positions make up 8.3% of the fund, out of 405 in all.
The short version
ProShares UltraPro MidCap400 (UMDD) is a leveraged ETF that seeks three times the daily return, before fees, of the S&P MidCap 400 Index, which tracks 400 US mid-sized companies. It resets that leverage every day, so returns over months or years can stray far from three times the index. It charges 0.95% a year, swings hard (it lost 49.49% in 2022) and is built for short-term trading, not long holding periods.
Price history
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UMDD +18.8% 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 | |
|---|---|---|---|---|---|---|
| UMDD official prospectus, to Dec 31, 2025 | — | -2.91% | — | +5.23% | +10.39% | — |
| UMDD price data to Oct 27, 2026 | +21.4% | +18.8% | +33.0% | -0.3% | — | +19.0% |
- Over the year to Oct 27, 2026, UMDD returned +18.8%.
- Its 5-year annualized return was -0.3%.
- Its worst full calendar year was 2022 (-49.6%); its best was 2021 (+72.3%).
- The deepest fall in its price history was 64.6% (Nov 16, 2021 to Oct 27, 2023), recovered by Jun 30, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +21.4% | — |
| 2025 | -2.5% | -2.91% |
| 2024 | +19.7% | +19.96% |
| 2023 | +27.3% | +26.82% |
| 2022 | -49.6% | -49.49% |
| 2021 | +72.3% | +72.94% |
| 2020 | — | -17.52% |
| 2019 | — | +76.70% |
| 2018 | — | -38.92% |
| 2017 | — | +46.86% |
| 2016 | — | +59.28% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 57.9% over that stretch · deepest drop along the way 60.8%, back to its old high 44.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1100 | |
| 2025 | $0.2600 | +23.8% |
| 2024 | $0.2100 | +320.0% |
| 2023 | $0.0500 | -37.5% |
| 2022 | $0.0800 | +300.0% |
| 2021 | $0.0200 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0.01% of net assets), with its exposure coming from 7 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 2.27% | |
| Repurchase Agreement RA | 1.51% | |
| Repurchase Agreement RA | 0.91% | |
| Twilio, Inc. | 0.61% | |
| Illumina, Inc. | 0.55% | |
| TechnipFMC plc | 0.53% | |
| Everpure, Inc. | 0.50% | |
| Okta, Inc. | 0.49% | |
| Repurchase Agreement RA | 0.48% | |
| ATI, Inc. | 0.47% | |
| nVent Electric plc | 0.41% | |
| Carpenter Technology Corp. | 0.40% | |
| US Foods Holding Corp. | 0.39% | |
| Tenet Healthcare Corp. | 0.39% | |
| XPO, Inc. | 0.39% |
By country
United States 62.42%Bermuda 0.94%Ireland 0.8%United Kingdom 0.7%Cayman Islands 0.48%By asset type
Stocks 60.43%RA 5.48%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $1.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.56%, -8.21%, -0.76%.
How it works
UMDD's benchmark is the S&P MidCap 400 Index, run by S&P Dow Jones Indices. The index selects and weights 400 US-listed, US-based mid-sized companies by market capitalization (stock market value). As of May 31, 2026, they ranged from $980 million to $55 billion. The lineup and weights are reviewed every September, with further weight adjustments in March, June and December.
ProShare Advisors uses a mathematical approach to set the mix of stocks, swaps and futures that should deliver three times the index's daily return. A swap is a contract, usually with a large bank, to exchange payments based on the index's moves. Futures are contracts that lock in a price for a future date. As of August 31, 2026, about 60% of assets sat in stocks, led by Twilio, Illumina and TechnipFMC at roughly 0.5% to 0.6% each. Another 5.5% was in repurchase agreements (short-term loans backed by securities). Four total return swaps and S&P MidCap 400 E-mini futures supplied the rest.
The fund rebalances daily, adding exposure after the index rises and trimming it after a fall. That reset makes longer-term returns drift from three times the index, usually for the worse in choppy markets. Fees and financing costs add more drag. The prospectus warns that if the index approaches a 33% loss within a single day, the whole investment could be wiped out.
What it really costs
- UMDD charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.44% 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 $1,630 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| UMDD | $97 | $397 | $719 | $1,630 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
UMDD resets 3x leverage daily, so returns over months or years can stray far from the target, and a severe one-day index drop could wipe out the investment.
UMDD launched in February 2010, so it has no record from the 2008 crisis. In the 2020 COVID crash it lost 75.67% in the first quarter alone. In the 2022 bear market it fell 60.8% from January 4 to September 26, 2022, then took about 44 months from that low to recover, by June 2, 2026. Its worst calendar year was 2022, down 49.49%. Its deepest drop since June 2020 was 64.6%, from November 2021 to October 2023, and it took until June 30, 2026 to recover. Anyone needing to cash out or draw income in slumps like these would have locked in severe losses.
Income is minor: the yield was 0.61% as of October 27, 2026, paid quarterly. The expense ratio is 0.95%. Past results don't predict future ones, and a retirement plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders wanting three times the daily move of 400 US mid-caps such as Twilio and Illumina, held briefly and watched closely.
- Investors who understand daily leverage resets, the risks of swaps with bank counterparties, and why multi-day returns can stray far from 3x.
- Traders who can live with extreme swings, such as a 75.67% quarterly loss in early 2020 and an 85.87% quarterly gain in late 2020.
Look elsewhere if
- Retirees and long-term savers: it fell 64.6% from November 2021 to October 2023 and did not recover until June 30, 2026.
- Income seekers: the trailing yield was 0.61% as of October 27, 2026, paid quarterly, and the 0.95% expense ratio exceeds it.
- Investors wanting plain mid-cap exposure without daily leverage resets, swap counterparty risk or the prospectus's warning of possible total loss.
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 UMDD a good long-term investment?
It isn't designed to be one. UMDD seeks three times the S&P MidCap 400's daily return and resets each day. Its prospectus warns that results over longer periods will likely differ from that target, possibly by a lot. Its 10-year average annual return was 10.39% as of December 31, 2025, but the ride was rough. It lost 49.49% in 2022 and took until June 30, 2026 to recover from a 64.6% drop that began in November 2021.
Why doesn't UMDD return 3x the S&P MidCap 400 over a year?
Because it resets its leverage every day. After the index rises, the fund adds exposure; after it falls, the fund cuts back. Over many days those daily 3x returns compound, so the result over a month or year can land well above or below three times the index's return. Choppy, up-and-down markets usually hurt: the index can finish flat while the fund loses money. Fees and the financing costs of its swaps and futures also drag on returns.
What's the difference between UMDD and a regular S&P MidCap 400 index fund?
UMDD aims for three times the index's daily move, while a plain index fund aims to match the index, minus costs, over any holding period. As of August 31, 2026, UMDD held about 60% of assets in stocks and got the rest of its exposure from total return swaps and futures, which add counterparty risk. Its one-year volatility, a gauge of price swings, was 45.1% as of October 27, 2026. The prospectus warns that if the index nears a 33% loss within one day, holders could lose everything.
What is UMDD's expense ratio?
UMDD's expense ratio is 0.95% a year, according to its prospectus filed September 25, 2026. That figure includes a 0.75% management fee and reflects a 0.44% fee waiver. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares cashed out at the end of each period. On that basis, costs total $97 after one year, $397 after three, $719 after five and $1,630 after ten. Financing and trading costs tied to its swaps and futures also weigh on results.
Does UMDD pay dividends?
Yes, but the payouts are small. UMDD pays distributions quarterly. Over the trailing 12 months it paid $0.19 per share, a yield of 0.61% as of October 27, 2026. The fund is built to magnify daily moves in mid-cap stocks, not to produce income, so its price swings matter far more to results than its payouts.