UYM provides 2x leveraged exposure on a daily basis to the S&P Materials Select Sector Index, a market cap-weighted index that could include companies involved in the production of aluminum, steel, non-ferrous metals, commodity and specialty chemicals, forest and paper products, as well as the mining of precious metals and coal. The daily distinction is critical, since the fund will start to drift from its 2x target returns over periods of greater than one day. Because of that, the fund's return for periods longer than a day becomes path-dependent and is likely to be different from 2x the return of the index for the same period. As a geared product with daily resets, UYM is designed as a short-term trading tool and not a long-term investment vehicle. Long-term returns could materially differ from those of the underlying index due to daily compounding. Prior to Mar. 20, 2023, the fund was called ProShares Ultra Basic Materials ETF that tracked the Dow Jones U.S. Basic Materials Index.
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