UGE is a levered product that provides 2x daily exposure to a market cap-weighted index representing the consumer staples sector of the S&P 500. The underlying index, which is an S&P Select Sector Index, includes food & staples retailing, food, beverage & tobacco, and household & personal products. The fund is not a buy-and-hold ETF, its a short-term tactical instrument. Like many levered funds, it promises 2x exposure only for one day. Over longer periods, returns can vary significantly from 2x exposure to its underlying index. Holding it for a period longer than that will introduce the effects of compounding, even if this is less pronounced in a non-leveraged product. Prior to March 20, 2023, the fund traded as the Proshares Ultra Consumer Goods and tracked the Dow Jones U.S. Consumer Goods Index.
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