- Business
- ProFunds UltraMid Cap Fund Service Class (UMPSX) is a leveraged mutual fund that seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&P MidCap 400 Index, a float-adjusted, market capitalization-weighted index of 400 U.S. operating companies and real estate investment trusts selected based on liquidity, price, market capitalization, financial viability, and public float; the fund invests in derivatives, including swap agreements, futures contracts, and repurchase agreements, as well as securities of mid-cap companies to achieve its objective. UMPSX offers Service Class shares with a CUSIP of 743185654, alongside Investor Class shares (UMPIX, CUSIP 743185720), both part of the Ultra ProFunds group managed by ProFund Advisors LLC, which employs a mathematical approach to determine the mix of investment positions for targeted daily returns; the fund maintains a non-diversified portfolio with holdings concentrated in financial instruments replicating long and short exposure to the index, sector allocations including industrials, financials, information technology, and healthcare, and total net assets of approximately $28.8 million as of late 2025. Available to U.S. investors with a minimum initial investment of $15,000 for individuals or $5,000 for financial professionals, no limits on exchanges, and a net expense ratio of 1.60% (with a contractual fee waiver effective December 1, 2024, through November 30, 2025), the fund targets tactical, short-term traders seeking amplified mid-cap equity exposure.
Incepted on February 7, 2000, and headquartered in Bethesda, Maryland (with operational offices in Columbus, Ohio), UMPSX operates under ProFunds, founded in 1997 as part of the ProFunds Group, now affiliated with ProShares, a premier provider of alternative mutual funds focused on leveraged, inverse, and single-stock strategies domiciled in the United States. Recent major changes include a contractual expense limitation waiver renewed for December 1, 2024, through November 30, 2025, ensuring the net expense ratio remains at 1.60%; share splits announced for certain ProFunds mutual funds and ProFund VP shares on September 6, 2024; and broader ProFunds launches such as the first U.S. mutual fund targeting Ether performance (ETHFX) on February 26, 2025, alongside Bitcoin-targeted funds like BTCFX and inverse offerings like BITIX, reflecting strategic expansion into cryptocurrency futures amid evolving market demands. No recent acquisitions, funding rounds, or name changes specific to UMPSX were reported in the last 1-2 years, though portfolio turnover stands at approximately 70% with ongoing adjustments to derivatives for daily 2x tracking.