ETF Evaluator:
ProShares UltraPro MidCap400 (UMDD)
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(as of Sep 02)
Best Performing in Trading--Leveraged Equity Over the Last Year
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ETF Details
ProShares UltraPro MidCap400 Overview
ProShares UltraPro MidCap400 (UMDD) is a passively managed Miscellaneous Trading--Leveraged Equity exchange-traded fund (ETF). ProShares launched the ETF in 2010.
The investment seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the S&P MidCap 400®.
The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the Daily Target. The index is designed to measure the performance of mid-cap companies listed and domiciled in the U.S. Under normal circumstances, the fund will obtain leveraged exposure to at least 80% of its total assets in components of the index or in instruments with similar economic characteristics. The fund is non-diversified.
About ProShares UltraPro MidCap400 (UMDD)
There are 2 members of the management team with an average tenure of 10.55 years: Michael Neches (2013) and Devin Sullivan (2018). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P Composite 1500 (TR) USD index with a weighting of 100% and S&P MidCap 400 TR index with a weighting of 300%. ProShares UltraPro MidCap400 has 410 securities in its portfolio. The top 10 holdings constitute 25.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ProShares UltraPro MidCap400 is part of the Other global asset class and is within the Miscellaneous ETF group. ProShares UltraPro MidCap400 has 1.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 76.8% There is 1.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares UltraPro MidCap400 has 17.5% of the portfolio in cash.
Assets Under Management
The fund has $31 million in total assets, which is below the $251 million average for the Trading--Leveraged Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
UMDD Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ProShares UltraPro MidCap400 expense ratio is high compared to funds in the Trading--Leveraged Equity category. ProShares UltraPro MidCap400 has an expense ratio of 0.95%, which is the same as its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ProShares UltraPro MidCap400 has a portfolio turnover rate of 67%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 396% for the Trading--Leveraged Equity category.
Recently, in the month of July 2026, ProShares UltraPro MidCap400 returned -8.2%, which earned it a grade of C, as the Trading--Leveraged Equity category had an average return of -18.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
ProShares UltraPro MidCap400 has a trailing yield of 0.69%, which is below the 5.84% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ProShares UltraPro MidCap400 Grades
Year to date, the ETF has returned 35.5%, 31.7 percentage points better than the category, which translates into a grade of B. The fund has returned 48.0% over the past year (grade of B), 15.9% over the past three years (grade of C) and 2.8% per year over the past five years (grade of D) and 10.6% per year over the past 10 years (grade of C).
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UMDD Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| UMDD Return (NAV) | -8.2% | 6.7% | 48.0% | 15.9% | 2.8% | 10.6% |
| UMDD Return (Price) | -8.0% | 6.8% | 48.6% | 16.0% | 2.9% | 10.6% |
| NAV +/- Price Return | -0.244% | -0.113% | -0.671% | -0.095% | -0.092% | -0.003% |
| Trading--Leveraged Equity Avg | -18.2% | -10.8% | 47.2% | 18.3% | 6.2% | 9.2% |
| UMDD Grade (NAV) | C | B | B | C | D | C |
| +/- Category (NAV) | 10.0% | 17.5% | 0.8% | -2.4% | -3.4% | 1.3% |
| UMDD Tax-Cost Ratio | na | na | 0.3% | 0.2% | 0.2% | 0.1% |
UMDD Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| UMDD Return (NAV) | 35.5% | -2.9% | 20.0% | 26.8% | -49.5% | 72.9% | -17.5% | 76.7% | -38.9% | 46.9% | 59.3% |
| UMDD Return (Price) | 35.5% | -2.6% | 19.7% | 27.2% | -49.6% | 72.3% | -17.3% | 78.4% | -40.3% | 49.2% | 56.7% |
| NAV +/- Price Ret | -0.001% | -0.122% | -0.014% | 0.015% | 0.002% | -0.009% | -0.012% | 2.2% | 3.6% | 4.9% | -4.4% |
| Trading--Leveraged Equity Avg | 3.8% | 41.3% | 29.5% | 62.2% | -36.7% | 45.0% | 6.2% | 64.1% | -31.9% | 61.0% | 29.3% |
| UMDD Grade (NAV) | B | D | C | C | D | B | D | B | D | C | A |
| +/- Category | 31.7% | -44.2% | -9.6% | -35.3% | -12.8% | 28.0% | -23.7% | 12.6% | -7.0% | -14.1% | 30.0% |
| Risk Measures | |
| Beta: | 3.03 |
| R-Squared: | 67% |
| Standard Deviation: | 48.4% |
| Category Risk Index: | 0.91 |
| Category Risk Rating: | Average |
| Total Risk Index: | 3.95 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.7% |
| Total Assets: | $ 32 Mil |
| Share Class Assets: | $ 32 Mil |
| Turnover: | 67.0% |
| Expense Ratio: | 0.95% |
| Index Fund: | Yes |
| Index Tracked: | S&P Composite 1500 (TR) USD |
| Index Weighting: | 100% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 12.8 years | |||
| Average Tenure: 10.6 years | |||
| Managers (Year): Neches Michael (2013), Sullivan Devin (2018) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 410 |
| % in Top 10 Holdings: | 25.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 1.3% |
Portfolio Allocation |
|
| Domestic Stock: | 76.8% |
| Foreign Stock: | 1.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 4.5% |
| Cash: | 17.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ProShares |
| Phone Number: | 866-776-5125 |
| Website: | www.proshares.com |
| Inception Date: | February 9, 2010 |
Expenses and Fees
| Expense Ratio (%): | 0.95% (Rating: High) |
| Category Average Expense Ratio (%): | 0.95% |
