Fund Description

The fund uses a mathematical approach to determine the type, quantity and mix of positions it believes should produce daily returns consistent with its Daily Target, measured from one NAV calculation to the next. Under normal circumstances, it seeks leveraged exposure of at least 80% of total assets to components of, or instruments with similar economic characteristics to, an index of S&P 500 energy companies in GICS energy equipment & services and oil & gas consumable fuels, weighted by market cap. It invests principally in equity securities, derivatives (including swap agreements), and high-quality short-term money market instruments such as U.S. Treasury bills and repurchase agreements, and seeks to rebalance daily.