Fund Description

The fund seeks 1.75x monthly leveraged exposure to a float-adjusted and market capitalization-weighted index, and is designed to be comprised of stocks that are the 500 leading, large-cap U.S.-listed issuers, with constituents selected by S&P Dow Jones Indices on the basis of market capitalization, financial viability of the company, sector representation, public float, liquidity and price of a company's shares outstanding. Under normal circumstances, it invests at least 80% of net assets (plus borrowing) in swap agreements, index securities, and ETFs tracking the index, and most commonly invests in swap agreements. It may use representative sampling, ETFs and derivatives, may concentrate industries in line with the index, seeks to remain fully invested, may trade frequently, and is non-diversified.