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. It seeks to remain fully invested and, under normal circumstances, to obtain leveraged exposure to at least 80% of total assets in components of the Index designed to measure the performance of information technology companies included in the S&P 500 Index, or instruments with similar economic characteristics. It invests principally in common stocks, derivatives (including swap agreements), and cash balances in high-quality short-term money market instruments such as U.S. Treasury bills and repurchase agreements, and seeks to rebalance daily to maintain target exposure.