Objectives: To construct gestational age-adjusted reference ranges of the left fetal modified myocardial performance index (Mod-MPI) in the Australian population and assess the influence of valve click caliper position on constituent time intervals and the Mod-MPI. Methods: This is a prospective longitudinal study of 117 normal singleton fetuses undergoing 318 ultrasound scans at 4–6 weekly intervals between 18 and 38 weeks of gestation. The isovolumetric contraction time (ICT), isovolumetric relaxation time (IRT), and ejection time (ET) were measured at 3 different caliper positions in each fetus: beginning of the original valve clicks (‘original’), beginning of the reflected valve clicks (‘reflected’), and peak of valve clicks (‘peak’). The Mod-MPI was calculated as (ICT + IRT)/ET. Results: The Mod-MPI increased throughout gestation with means ± SD of 0.42 ± 0.05 ‘reflected’ and ‘peak’ versus 0.49 ± 0.03 ‘original’ at 19 weeks, and means of 0.46 ± 0.05 ‘reflected and peak’ versus 0.51 ± 0.08 ‘original’ at 36 weeks. Throughout gestation, ICT remained fairly constant and IRT increased, while ET decreased with ‘original’ click and remained constant for ‘reflected’ and ‘peak’ clicks. A modest increase in Mod-MPI was seen with increasing fetal heart rate. Analysis of repeatability for the 3 methods showed the following ICCs: ‘original’, 0.797 (95% CI 0.762–0.829); ‘reflected’, 0.809 (95% CI 0.775–0.839), and ‘peak’, 0.799 (95% CI 0.764–0.831). Conclusions: Detailed exploration of the morphology of mitral and aortic valve closure and opening clicks shows how selection of different phases of these clicks may significantly influence the Mod-MPI. We recommend that the peak of the valve clicks be standardized between research groups.