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. Under normal circumstances, it obtains leveraged exposure to at least 80% of total assets in components of, or instruments with similar economic characteristics to, an index designed to measure the performance of the 40 largest and most actively traded stocks of U.S. companies in the internet industry and comprised of two sub-indexes covering internet commerce and internet services. It invests principally in equity securities, derivatives such as swap agreements, and any cash balances maintained in connection with its use of derivatives in high quality, short-term money market instruments, including U.S. Treasury bills and repurchase agreements, and seeks to rebalance daily while remaining fully invested.