UCC provides 2x the daily performance of a market cap-weighted index representing the consumer discretionary sector of the S&P 500. The underlying index, which is an S&P Select Sector Index, includes automobiles & components, consumer durables and apparel, consumer services, and retailing. As a levered product with daily resets, UCC is not a buy-and-hold investment, it's a short-term tactical instrument. As a result, long-term returns could materially differ from those of the underlying index due to daily compounding. Prior to March 20, 2023, the fund traded as the Proshares Ultra Consumer Services and tracked the Dow Jones U.S. Consumer Services Index.
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