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 an 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 equity securities and derivatives; derivatives principally include swap agreements, and typically holds related cash balances in high-quality short-term money market instruments such as U.S. Treasury bills and repurchase agreements. It seeks to remain fully invested and rebalance daily to keep exposure consistent with the Daily Target, without regard to market conditions.