UTSL is a leveraged product that resets daily. As such, this is not a buy-and-hold ETF, it is best used for short-term tactical trading. Returns can vary significantly from 3x exposure to its underlying index if shares of UTSL are held longer than a day. The funds underlying index, which is an S&P Select Sector Index, includes electric utilities, multi-utilities, water utilities, independent power producers, energy trades and gas utilities. The index is rebalanced quarterly.