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Launched · SEC filings

ProShares Ultra MidCap400

MVVNYSE ArcaProSharesBThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$82.81+1.29 (+1.58%)

As of Nov 2, 2026, 3:59 PM ET

B63/ 100

Rank 9 of 99 in Leveraged Long (2x & Other)

B63/100Rank 9 of 99inLeveraged Long (2x & Other)
Intraday session: up, 79 prints from 81.52 to 82.81. Range 82.70 to 84.44. Use the arrow keys to read each point.82.0083.5084.0084.5010 AM12 PM2 PM4 PM
Expense ratio
0.95%*
Fund size
$147M
1Y total return
+20.8%
Yield · Last 12 months
0.65%
Holdings
402
Avg volume · 30D
8.95K sh
52W range
low $62.12high $94.88
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Sep 30, 2027. Without it: 1.01%.

The ETF.net MVV Grade

Based on 5 of 6 pillars

B

Score 63 out of 100

Category
Leveraged Long (2x & Other)⁠
Rank
9 of 99
Six-pillar profile for MVV. Scores out of 100: Cost 51, Risk 71, Mission not scored, Tradability 77, Holdings 83, Durability 76. Strongest: Holdings (83). Weakest: Cost (51). Based on 5 of 6 pillars.

Score 63 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C51 out of 100
    Rank 32 of 99

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A71 out of 100
    Rank 18 of 98

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A77 out of 100
    Rank 14 of 99

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A83 out of 100
    Rank 2 of 27

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A76 out of 100
    Rank 10 of 99

Our read on MVV

ETF.net Research

In short

BGeared ETFs mostly chase the Nasdaq or mega-cap tech. MVV points the same machinery at the forgotten middle of the market: 2x the daily move of the S&P MidCap 400, running since 2006.

Stated mandate

MVV seeks daily investment results, before fees and expenses, corresponding to twice the daily performance of the S&P MidCap 400 Index. The objective applies to each day, not to holding periods longer than one day.

Why people hold it

  • ProShares bills it as the only ETF targeting 2x the daily return of the S&P MidCap 400, so the leverage sits on mid-size US companies instead of mega-cap tech.proshares.com
  • 0.95% net of a waiver through September 30, 2027 (1.01% gross), near the median of the 97 leveraged bull funds priced, and level with stablemate Ultra Dow30 (DDM, 0.95%).
  • The reference index spreads across roughly 400 mid-cap names, so one day's move isn't riding on a single sector the way geared tech or chip funds do (ROM, USD).
  • Live since 2006, one of the longer-running geared equity funds on the tape, and one of the stronger implementations in its leveraged-bull peer group.

Worth knowing

  • The 2x target applies to each day, not to your holding period. Over longer stretches, daily resets and volatility can push results away from twice the index move, either direction.
  • Trades lighter than the headline large-cap geared funds, so bid-ask spreads can be a meaningful slice of the round trip.
  • Income is incidental. Distributions land quarterly, but the mandate is the daily index move, not a payout.

MVV Performance

Launched Jun 19, 2006

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

MVV$12,078
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. MVV $12,078. SPY $11,199. Use the arrow keys to read each point.$10,000$12,000$14,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for MVV. Periods over one year show the average yearly return.
PeriodMVV
Year to date+17.4%
1 month+2.9%
3 months−6.5%
1 year+20.8%
3 yearsper year+25.1%
5 yearsper year+4.2%
10 yearsper year+12.8%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for MVV
YearReturn barMVV
2026 YTD+17.4%
2025+3.5%
2024+17.7%
2023+22.5%
2022−31.9%
2021+48.6%
2020+6.2%

MVV in the news

MVV Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
0.65%Last 12 months
Payout per share
$0.53Last 12 months
Last payment
$0.08 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2017–2026

One bar per payment. 38 payments from 2017 to 2026 YTD. Mar 22, 2017 $0.01; Sep 27, 2017 $0.01; Dec 26, 2017 $0.07; Mar 21, 2018 $0.02; Jun 20, 2018 $0.04; Sep 26, 2018 $0.04; Dec 26, 2018 $0.09; Mar 20, 2019 $0.03; Jun 25, 2019 $0.07; Sep 25, 2019 $0.08; Dec 24, 2019 $0.10; Mar 25, 2020 $0.07; Jun 24, 2020 $0.01; Sep 23, 2020 $0.0055; Dec 23, 2020 $0.05; Mar 23, 2021 $0.0092; Jun 22, 2021 $0.02; Sep 22, 2021 $0.02; Dec 23, 2021 $0.06; Mar 23, 2022 $0.02; Jun 22, 2022 $0.07; Sep 21, 2022 $0.13; Dec 22, 2022 $0.22; Mar 22, 2023 $0.12; Jun 21, 2023 $0.12; Sep 20, 2023 $0.05; Dec 20, 2023 $0.15; Mar 20, 2024 $0.03; Jun 26, 2024 $0.09; Sep 25, 2024 $0.04; Dec 23, 2024 $0.10; Mar 26, 2025 $0.06; Jun 25, 2025 $0.10; Sep 24, 2025 $0.16; Dec 24, 2025 $0.22; Mar 25, 2026 $0.11; Jun 24, 2026 $0.11; Sep 23, 2026 $0.08. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 23, 2026Sep 29, 2026$0.08
Jun 24, 2026Jun 30, 2026$0.11
Mar 25, 2026Mar 31, 2026$0.11
Dec 24, 2025Dec 31, 2025$0.22
Sep 24, 2025Sep 30, 2025$0.16
Jun 25, 2025Jul 1, 2025$0.10
Mar 26, 2025Apr 1, 2025$0.06
Dec 23, 2024Dec 31, 2024$0.10
Sep 25, 2024Oct 2, 2024$0.04
Jun 26, 2024Jul 3, 2024$0.09
Mar 20, 2024Mar 27, 2024$0.03
Dec 20, 2023Dec 28, 2023$0.15

See all 57 payments⁠

$10,000 in MVV 10 years ago paid $1,145 in dividends.⁠

MVV Risk

Risk pillarA71 out of 100Rank 18 of 98 in Leveraged Long (2x & Other)

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
30.4%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.74
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−45.5%
Trough Sep 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
2.04
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

MVV Cost

Compare MVV and WX

Overpaying vs WX, cheapest in Leveraged Long (2x & Other)

$13,714

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • MVV 0.95%

    $17,869

  • WX 0.20% Cheapest

    $4,155

$10,000
30 years

Cost over time

  • MVV 0.95%
  • WX 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530MVV $17,869WX $4,155

Year by year

YearMVVWXOverpaying
10$1,678$365$1,313
20$6,322$1,421$4,901
30$17,869$4,155$13,714
How the 0.95% is worked out

Full fee 1.01%− waiver 0.06%= you pay 0.95%

The waiver ends Sep 30, 2027. After that the fee is 1.01% unless ProShares renews it. Source: prospectus, Sep 2026.

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