The fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments, such as swap agreements, exchange-traded funds that track the Index, securities of the Index and other financial instruments that provide daily leveraged exposure to the Index.

The Index tracks the performance of foreign and domestic companies that generate, or demonstrate the potential to generate, at least 50% of their revenues from, or have at least 50% of their assets related to, gold mining and/or silver mining.

Also, the Index tracks the performance of foreign and domestic companies that hold real property or have mining projects that have the potential to produce at least 50% of the company’s revenue from gold or silver mining when developed, or primarily invest in gold or silver.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the securities that comprise the Index.

The Index is designed to capture trends in the commodity markets, and track a diversified portfolio of 12 different commodity futures contracts, or components.

The team invests up to 25% of the fund’s net assets in a wholly-owned and controlled subsidiary (the Subsidiary). The Subsidiary is a limited partnership operating under Cayman Islands law.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund’s holdings will generally consist of short-term fixed income investments while the subsidiary will hold futures contracts.

Also, the fund may invest in futures contracts on the 12 commodities that comprise the Index, which are soybeans, corn, wheat, cotton, sugar, crude oil, natural gas, gasoline, heating oil, copper, gold, and silver.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.

The fund seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the daily performance of the Index, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index equal to at least 80% of the fund’s net assets.

The Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than 20 years.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund is non-diversified, meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of securities.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds that track the Index and other financial instruments that provide daily leveraged exposure to the Index or to ETFs that track the Index.

The Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than 20 years.

In addition, the fund may invest in securities or financial instruments not included in the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the daily performance of the Index, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index equal to at least 80% of the fund’s net assets.

The Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than or equal to seven years and less than ten years.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

In addition, the fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.

The fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds that track the Index and other financial instruments that provide daily leveraged exposure to the Index or to ETFs that track the Index..

The Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than or equal to seven years and less than ten years.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index by investing in companies in the United States.

The Index attempts to measure the performance of the aerospace and defense industry of the U.S. equity market.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments, such as swap agreements and futures contracts which are intended to produce economically leveraged investment results.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.
 

The fund seeks daily investment results, before fees and expenses, of 100% of the inverse (or opposite) of the daily performance of the Index, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short exposure to the Index.

The Index is comprised of the largest and most liquid stocks in the Chinese A-share market.

A-shares are issued by companies incorporated in the People’s Republic of China.

A-shares are traded in renminbi on the Shenzhen Stock Exchange or Shanghai Stock Exchange.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also utilize futures contracts and other types of derivative instruments or financial instruments that seek to replicate the performance of the Index to obtain the inverse exposure.

Also, the fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.

The fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.

The fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in financial instruments, such as swap agreements, exchange-traded funds that track the Index, securities of the Index and other financial instruments that provide daily leveraged exposure to the Index or to ETFs that track the Index.

The Index is comprised of the largest and most liquid stocks in the Chinese A-share market.

A-shares are issued by companies incorporated in the People’s Republic of China.

A-shares are traded in renminbi on the Shenzhen Stock Exchange or Shanghai Stock Exchange.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Also, the fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in financial instruments, such as swap agreements, exchange-traded funds that track the Index, securities of the Index and other financial instruments that provide daily leveraged exposure to the Index or to ETFs that track the Index.

The Index is designed to measure the performance of publicly traded China-based companies whose primary business or businesses are in the Internet and Internet-related sectors and are listed outside mainland China.

China internet companies develop and market internet software and/or provide internet services; manufacture home entertainment software and education software for home use.

Also, China internet companies provide retail or commercial services primarily through the internet; and develop and market mobile internet software and/or provide mobile internet services.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Also, the fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 200% of the inverse (or opposite) of the daily performance of the Index, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The Index includes domestic companies from the energy sector which includes industries, such as oil, gas and consumable fuels; and energy equipment and services.

Next, the research team invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

In addition, the fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.

The fund is non-diversified, meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of securities.

The fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The Index includes domestic companies from the energy sector which includes industries, such as oil, gas and consumable fuels; and energy equipment and services.

Next, the research team invests in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds that track the Index, and other financial instruments that provide daily leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the daily performance of the Index, by investing in large-and mega-size companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The Index measures the performance of the securities classified in the financial services sector of the U.S. equity market. This includes companies that are classified as banking, mortgage finance, consumer finance, specialized finance, investment banking and brokerage, asset management and custody, corporate lending, insurance, financial investments, and real estate, including real estate investment trusts.

Next, the research team invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

In addition, the fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.

The fund is non-diversified, meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of securities.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in large-and mega-size companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The Index measures the performance of the securities classified in the financial services sector of the U.S. equity market. This includes companies that are classified as banking, mortgage finance, consumer finance, specialized finance, investment banking and brokerage, asset management and custody, corporate lending, insurance, financial investments, and real estate, including real estate investment trusts.

Next, the research team invests in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds that track the Index and other financial instruments that provide daily leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the daily performance of the Index, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index.

The Index consists of the 50 largest and most liquid public Chinese companies trading on the Stock Exchange of Hong Kong.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Also, the fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may gain inverse leveraged exposure by investing in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

The fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in financial instruments, such as swap agreements, exchange-traded funds that track the Index, securities of the Index and other financial instruments that provide daily leveraged exposure to the Index or to ETFs that track the Index.

The Index consists of the 50 largest and most liquid public Chinese companies trading on the Stock Exchange of Hong Kong.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Also, the fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in financial instruments, such as swap agreements, exchange-traded funds that track the Index, securities of the Index and other financial instruments that provide daily leveraged exposure to the Index or to ETFs that track the Index.

The Index is designed to measure the equity market performance of large-, mid- and small-cap companies in developed European markets.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that have aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The financial instruments in which the fund invests are swap agreements and futures contracts.

The fund seeks daily investment results, before fees and expenses, of 200% of the inverse (or opposite) of the daily performance of the Index, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index.

The Index is comprised of publicly traded companies that operate globally in both developed and emerging markets, and are involved primarily in mining for gold and, to a lesser extent, in mining for silver.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that have aggregate characteristics similar to those of the Index.

The fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.

The fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments, such as swap agreements, exchange-traded funds that track the Index, securities of the Index and other financial instruments that provide daily leveraged exposure to the Index.

The Index is comprised of publicly traded companies that operate globally in both developed and emerging markets, and are involved primarily in mining for gold and, to a lesser extent, in mining for silver.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index by investing in companies in the United States.

The Index includes domestic companies from the healthcare sector, which includes industries, such as pharmaceuticals; health care equipment and supplies; health care providers and services; biotechnology; life sciences tools and services; and health care technology.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments, such as swap agreements and futures contracts which are intended to produce economically leveraged investment results.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The Index measures U.S companies in the home construction sector that provide a wide range of products and services related to homebuilding, including home construction and producers, sellers and suppliers of building materials, furnishings and fixtures and also home improvement retailers.

Next, the research team invests in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds that track the Index and other financial instruments that provide daily leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The Index includes domestic companies from the industrials sector which includes industries, such as aerospace and defense; industrial conglomerates; marine; transportation infrastructure; machinery; road and rail; air freight and logistics; commercial services and supplies; professional services; electrical equipment; construction and engineering; trading companies and distributors; airlines; and building products.

Next, the research team invests in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds that track the Index and other financial instruments that provide daily leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 200% of the inverse (or opposite) of the daily performance of the Index, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index.

The Index tracks the performance of foreign and domestic companies that generate, or demonstrate the potential to generate, at least 50% of their revenues from, or have at least 50% of their assets related to, gold mining and/or silver mining.

Also, the Index tracks the performance of foreign and domestic companies that hold real property or have mining projects that have the potential to produce at least 50% of the company’s revenue from gold or silver mining when developed, or primarily invest in gold or silver.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that have aggregate characteristics similar to those of the Index.

The fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in mid-size companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds that track the Index and other financial instruments that provide daily leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in financial instruments, such as swap agreements, exchange-traded funds that track the Index, securities of the Index and other financial instruments that provide daily leveraged exposure to the Index or to ETFs that track the Index.

The Index is designed to measure the performance of the large- and mid-capitalization segments of the Brazilian equity market.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The financial instruments in which the fund invests are swap agreements and futures contracts.

Also, the fund estimates to invest a majority of its net assets in ETFs and swaps that provide exposure to ETFs that seek to replicate the performance of the Index.

In addition, the fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the daily performance of the Index, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index.

The Index is designed to represent the performance of large- and mid-capitalization securities across emerging market countries.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Also, the fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may gain inverse leveraged exposure by investing in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

The fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in financial instruments, such as swap agreements, exchange-traded funds that track the Index, securities of the Index and other financial instruments that provide daily leveraged exposure to the Index or to ETFs that track the Index.

The Index is designed to represent the performance of large- and mid-capitalization securities across emerging market countries.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Also, the fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in financial instruments, such as swap agreements, exchange-traded funds that track the Index, securities of the Index and other financial instruments that provide daily leveraged exposure to the Index or to ETFs that track the Index.

The Index is designed to measure the performance of the large- and mid-capitalization segments of the Indian equity market.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Also, the fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in financial instruments, such as swap agreements, exchange-traded funds that track the Index, securities of the Index and other financial instruments that provide daily leveraged exposure to the Index or to ETFs that track the Index.

The Index is designed to measure the performance of the large-, mid- and small-capitalization segments of the Mexican equity market.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Also, the fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the daily performance of the Index, by investing in companies across any size in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The Index is designed to measure the performance of the large-, mid- and small-capitalization segments of the U.S. equity universe that are classified in the real estate sector as per the Global Industry Classification Standard.

Next, the research team invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

In addition, the fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.

The fund is non-diversified, meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of securities.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index by investing in companies in the United States.

The Index is designed to measure the performance of the large-, mid- and small-capitalization segments of the U.S. equity universe that are classified in the real estate sector as per the Global Industry Classification Standard.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments, such as swap agreements and futures contracts which are intended to produce economically leveraged investment results.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.
 

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments, such as swap agreements, exchange-traded funds that track the Index, securities of the Index and other financial instruments that provide daily leveraged exposure to the Index.

The Index is designed to measure the performance of the large- and mid-cap segments of the South Korean equity market, covering approximately 85% of the free float-adjusted market capitalization of South Korean issuers.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The Index is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard pharmaceuticals sub-industry.

Next, the research team invests in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds that track the Index and other financial instruments that provide daily leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The Index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard regional banks sub-industry.

Next, the research team invests in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds that track the Index and other financial instruments that provide daily leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The Index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard retail sub-industry.

Next, the research team invests in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds that track the Index and other financial instruments that provide daily leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments, such as swap agreements, exchange-traded funds that track the Index, securities of the Index and other financial instruments that provide daily leveraged exposure to the Index.

The Index is designed to provide exposure to companies in developed markets that are estimated to benefit from the adoption and utilization of robotics and/or artificial intelligence, including companies involved in developing industrial robots and production systems, automated inventory management, unmanned vehicles, voice/image/text recognition, and medical robots or robotic instruments.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in financial instruments, such as swap agreements, exchange-traded funds that track the Index, securities of the Index and other financial instruments that provide daily leveraged exposure to the Index or to ETFs that track the Index.

The Index is composed of companies that are domiciled and primarily listed on an exchange in Russia or that are not Russian companies, but generate at least 50% of their revenues in Russia and may include depositary receipts.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Also, the fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 100% of the inverse (or opposite) of the daily performance of the Index, by investing in large-and mega-size companies in the United States.

The Index is designed to be comprised of stocks that are the 500 leading, large-cap U.S.-listed issuers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

In addition, the fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.

The fund is non-diversified, meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of securities.

The fund seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the daily performance of the Index, by investing in large-and mega-size companies in the United States.

The Index is designed to be comprised of stocks that are the 500 leading, large-cap U.S.-listed issuers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index.

In addition, the team may invest in a long position in the Direxion Daily S&P 500 Bear 1X Shares (the Underlying Fund).

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

In addition, the fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.

The fund is non-diversified, meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of securities.

The fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index, by investing in large-and mega-size companies in the United States.

The Index is designed to be comprised of stocks that are the 500 leading, large-cap U.S.-listed issuers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds that track the Index and other financial instruments that provide daily leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in large-and mega-size companies in the United States.

The Index is designed to be comprised of stocks that are the 500 leading, large-cap U.S.-listed issuers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds that track the Index and other financial instruments that provide daily leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the daily performance of the Index, by investing in companies in the United States.

The Index includes domestic companies from the biotechnology industry.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

In addition, the fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.

The fund is non-diversified, meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of securities.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in companies in the United States.

The Index includes domestic companies from the biotechnology industry.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds that track the Index and other financial instruments that provide daily leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.
 

The fund seeks daily investment results, before fees and expenses, of 200% of the inverse (or opposite) of the daily performance of the Index, by investing in companies in the United States.

The Index includes domestic companies from the oil and gas exploration and production sub-industry.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

In addition, the fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.

The fund is non-diversified, meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of securities.

The fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index by investing in companies in the United States.

The Index includes domestic companies from the oil and gas exploration and production sub-industry.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds that track the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the daily performance of the Index, by investing in companies in the United States.

The Index tracks the performance of the thirty largest U.S. listed semiconductor companies.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

In addition, the fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.

The fund is non-diversified, meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of securities.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in companies in the United States.

The Index tracks the performance of the thirty largest U.S. listed semiconductor companies.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds that track the Index and other financial instruments that provide daily leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the daily performance of the Index, by investing in small-size companies in the United States.

The Index measures the performance of approximately 2,000 small-capitalization companies in the Russell 3000 Index.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

In addition, the fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.

The fund is non-diversified, meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of securities.
 

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in small-size companies in the United States.

The Index measures the performance of approximately 2,000 small-capitalization companies in the Russell 3000 Index.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds that track the Index and other financial instruments that provide daily leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the daily performance of the Index, by investing in companies in the United States.

The Index includes domestic companies from the technology sector which includes industries, such as information technology hardware, storage, and peripherals; software; communications equipment; semiconductors and semiconductor equipment; IT services; and electrical equipment, instruments and components.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

In addition, the fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.

The fund is non-diversified, meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of securities.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in companies in the United States.

The Index includes domestic companies from the technology sector which includes industries, such as information technology hardware, storage, and peripherals; software; communications equipment; semiconductors and semiconductor equipment; IT services; and electrical equipment, instruments and components.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds that track the Index and other financial instruments that provide daily leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in large-and mega-size companies in the United States.

The Index measures the performance of well-known companies within the transportation industry (e.g. shipping, railroad companies, airlines, etc.).

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds that track the Index and other financial instruments that provide daily leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Index, by investing in companies in the United States.

The Index includes domestic companies from the utilities sector, which includes industries, such as electric utilities; multi-utilities; water utilities; independent power producers and energy traders; and gas utilities.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds that track the Index and other financial instruments that provide daily leveraged exposure to the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The Index is the equal weighted version of the NASDAQ-100 Index which includes approximately 100 of the largest domestic and international non-financial companies listed on The NASDAQ Stock Market.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the securities that comprise the Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that have aggregate characteristics similar to those of the Index.

The fund is non-diversified, meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of securities.