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. It seeks to remain fully invested at all times and, under normal circumstances, obtains leveraged exposure to at least 80% of total assets in components of the Index or in instruments with similar economic characteristics, and the Index is designed to measure the performance of utilities companies included in the S&P 500 Index. It invests principally in equity securities and derivatives such as swap agreements, 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 such as U.S. Treasury bills and repurchase agreements, and seeks to rebalance daily.