ProShares UltraPro QQQ (NASDAQ:TQQQ) shares are trading marginally higher by 0.4% to $40.04 during Tuesday's session. The ETF is seeing modest strength ahead of Wednesday's June inflation data report.

For the unitiated, per ProShares, TQQQ seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the Nasdaq-100 (NASDAQ:QQQ) ETF.

What's Going On With Inflation Data?

The June CPI inflation report is eagerly anticipated as the most significant economic event of the week, with traders anxiously awaiting its release to gain insights into the Fed's future policy decisions.

Recent conflicting job market data has added to the uncertainty, with expectations of a rate hike in July, but doubts lingering regarding additional rate hikes later in the year. Currently, the market assigns probabilities of 22% for another rate rise in September and 34% in November...Read More

What Else?

The Nasdaq-100 Index includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market. Many of these companies are well-known technology companies, which have exhibited strong growth in recent years.

If an investor believes in the long-term growth potential of the technology sector, they may see TQQQ as a way to participate in that growth.

According to data from Benzinga Pro, TQQQ has a 52-week high of $42.44 and a 52-week low of $16.10.

What's Going On With Nasdaq-100 Leveraged ETF TQQQ