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 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 real estate companies included in the S&P 500 Index, weighted by market capitalization. It invests principally in equity securities and derivatives such as swap agreements, and expects any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments. It seeks to remain fully invested and rebalance daily to keep exposure consistent with the Daily Target, and may use representative sampling or non-index securities.