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 seeks leveraged exposure of at least 80% of total assets to an index measuring 500 of the largest U.S.-listed, U.S.-domiciled companies, which is weighted based on market capitalization. It invests principally in equity securities and derivatives such as swap agreements and futures contracts, and expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example, U.S. Treasury Bills and repurchase agreements. It seeks to remain fully invested and rebalance daily, and may use representative sampling or instruments with similar economic characteristics.