UYG offers 2x the daily performance of the S&P Financial Select Sector Index, a market cap-weighted index of US financial companies drawn exclusively from the S&P 500. The index includes the following GICS industries: banks, financial services, consumer finance, capital markets, mortgage real estate investment trusts (REITs), and insurance. Constituents are weighted by market-cap and rebalanced quarterly. UYG is designed as a short-term trading vehicle, not a long-term investment. It holds swap agreements and resets on a daily basis. 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 tracked the Dow Jones US Financials Index.