UMDD +3x ProShares UltraPro MidCap400

BULL ETF extreme · Issuer ProShares · Tracks S&P MidCap 400 (MDY) · Listed 2010-02-09

Quote & options All leveraged ETFs
Implied AUM
$27.0M
shares out × price
Last close
$30.63
20261001
30-day avg volume
4,340
options listed →
UMDD realized
—
what holders actually earned
Theoretical +3x
—
+3x × S&P MidCap 400's return
Decay gap
—
realized minus theoretical

Realized vs theoretical +3x S&P MidCap 400

Cumulative return of UMDD against a clean +3x of S&P MidCap 400's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: SMDD (-3x bear, ProShares UltraPro Short MidCap400)
Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on S&P MidCap 400

3
SymbolFactorDirectionIssuerNameImplied AUM30d volumeOptions
MVV +2x BULLProSharesProShares Ultra MidCap400 $141.4M 10,802 ✓
MZZ -2x BEARProSharesProShares UltraShort MidCap400 $4.6M 5,186 ✓
SMDD -3x BEARProSharesProShares UltraPro Short MidCap400 $2.2M 12,203 ✓

How UMDD works

UMDD targets +3x the daily return of S&P MidCap 400 — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from +3x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a +3x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.