Fund Description

The fund uses a mathematical approach to determine the type, quantity and mix of positions intended to produce daily returns consistent with its Daily Target, measured from one NAV calculation to the next. It is designed to measure the performance of communication services companies in the S&P 500 across GICS industries including diversified and wireless telecommunications services, media, entertainment, and interactive media & services, weighted by market cap. The Index is constructed and maintained by S&P Dow Jones Indices LLC. Under normal circumstances, it seeks leveraged exposure to at least 80% of total assets in index components or similar instruments, and rebalances daily. The fund will invest principally in equity securities and derivatives (e.g., swap agreements), and expects any cash balances maintained in connection with its use of derivatives to be held in high quality, short-term money market instruments.