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 of at least 80% of total assets to components of an index designed to measure the performance of U.S. companies in the semiconductors subsector, or instruments with similar economic characteristics. It invests primarily in equity securities and derivatives such as swap agreements, and typically holds related cash balances in high-quality, short-term money market instruments, including U.S. Treasury bills and repurchase agreements. The fund seeks to remain fully invested and rebalance daily to maintain target exposure.