ProFunds UltraMid Cap Fund Investor Class
UMPIX
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- ProFunds UltraMid Cap Fund Investor Class (UMPIX) seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the S&P MidCap 400 Index. The fund utilizes investment techniques including derivatives such as swap agreements, futures contracts, and other financial instruments to achieve its leveraged objectives; it invests primarily in U.S. equities, cash equivalents, and non-U.S. stocks as needed for hedging or collateral, with a non-diversified portfolio structure that includes both long and short positions via pay-to-receive and receive-to-pay swaps linked to the index. Available in Investor Class (UMPIX; CUSIP 743185720) and Service Class (UMPSX; CUSIP 743185654) shares, the fund maintains a net expense ratio of 1.60% under a contractual waiver effective through November 30, 2025, with minimum initial investments of $15,000 for individuals and $5,000 for financial professionals. Managed by ProFund Advisors LLC as part of the Ultra ProFunds group, UMPIX targets sophisticated investors seeking amplified mid-cap equity exposure through leveraged strategies; the underlying S&P MidCap 400 Index tracks 400 U.S. operating companies and REITs selected for liquidity, market capitalization averaging $8.22 billion, financial viability, and public float. The fund operates within the trading-leveraged equity segment, serving U.S.-based retail and institutional clients with daily pricing and no exchange limits. Incepted on February 7, 2000, and headquartered in Bethesda, Maryland, the fund falls under ProFunds, founded in 1997 as a provider of alternative mutual funds including leveraged, inverse, and index-based products; ProFund Advisors oversees approximately $3.3 billion in assets across its fund complex, affiliated with ProShares for complementary ETF offerings. Recent developments include a contractual fee waiver renewed December 1, 2024, through November 30, 2025, to limit the net expense ratio at 1.60%; this waiver, absent which returns would be lower, reflects ongoing cost management amid volatile mid-cap markets. ProFunds continues to expand its alternative lineup, maintaining UMPIX's focus on daily leveraged mid-cap performance without noted acquisitions, partnerships, or structural changes specific to the fund in the last 1-2 years. Total net assets stand at approximately $36.32 million for UMPIX, with portfolio allocations emphasizing U.S. stocks (64.62%), cash (34.48%), and minimal non-U.S. exposure.