Fund Description

The fund seeks leveraged exposure to an underlying equity index by investing in common stocks of companies generally within the index's capitalization range and in derivatives, primarily equity index swaps and swaps on exchange-traded funds, as well as futures and options on securities, futures, and stock indices. The advisor targets 200% exposure and expects to rebalance daily; derivatives use and resulting leverage are expected to be significant and may include OTC instruments. The fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in financial instruments with economic characteristics that should perform similarly to the securities of companies in the underlying index. It may hold U.S. government securities, cash equivalents, and repurchase agreements, and is non-diversified.