UnderscriptBox is the low-level representation of Underscript. Except for low-level notebook expression manipulation, UnderscriptBox should not need to be used directly.
The baseline of UnderscriptBox is taken to be the baseline of x.
UnderscriptBox is usually output with y in a smaller font than x.
With the option setting LimitsPositioning->True, y is placed in an underscript position when the whole UnderscriptBox is displayed larger, and in a subscript position when it is displayed smaller.