ProShares UltraPro QQQ (NASDAQ:TQQQ) shares are trading flat at $39.29 Wednesday morning. The ETF is off session highs ahead of Wednesday's Fed decision.

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.

Why It Matters

The NASDAQ-100 Index is composed of primarily technology and internet-related stocks. Changes in interest rates can have a significant impact on the valuation of these companies.

When the Fed is deciding whether to raise interest rates, it can lead to concerns that borrowing costs for these tech companies will increase, potentially affecting their profitability and growth prospects.

As a result, investors may adjust their positions in tech stocks, leading to increased volatility in TQQQ, which tracks the NASDAQ-100.

What To Expect Today

As the Federal Open Market Committee (FOMC) prepares to reveal its rate decision at 2 p.m. ET on Wednesday, market watchers and economists are speculating about the Federal Reserve’s next actions.

The consensus view is that the Fed is likely to maintain its current interest rates in the range of 5.25%-5.5%...Read More

According to data from Benzinga Pro, TQQQ has a 52-week high of $47.14 and a 52-week low of $16.10.

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