The fund seeks capital appreciation by investing in mega-and large-size companies in the United States.

The sub-adviser’s 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 the fund’s net assets in investments that create or result in short exposure to U.S. equity securities.

The team then narrows the investable universe to a list of securities with the highest relative weakness.

In addition, the team seeks to identify market periods, where the stocks with the most relative weakness may subsequently outperform the broader 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.

As part of its strategy, the fund may hold U.S. government securities, short-term high quality fixed income securities, money market instruments, overnight and fixed-term repurchase agreements, cash and cash equivalents with maturities of one year or less, and ETFs that invest in these types of instruments.

The fund seeks to replicate the price and yield performance of the benchmark index, before fees and expenses 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 fund is designed to provide high dividend income with a secondary goal of capital appreciation.

Next, the research team invests significantly in common stock of the long positions in the Index and sells short significantly the short positions in the Index.

The universe for the Index is the largest 1000 U.S. listed issuers, including real estate investment trusts, master limited partnerships and business development companies.

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 seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

The fund may invest up to 20% of its net assets in long and short common stocks not in the Index, derivatives, including swap agreements and futures contracts on equity indexes and money market instruments.

The fund seeks to replicate the price and yield performance of the benchmark index, before fees and expenses 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 significantly in common stock of the long positions in the Index and sells short significantly the short positions in the Index.

The Index is a long/short market neutral index that is dollar-neutral. As such, it identifies long and short securities positions of approximately equal dollar amounts.

The universe for the Index is the top 1,000 eligible securities by market capitalization, including real estate investment trusts.

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 seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

The fund may invest up to 20% of its net assets in long and short common stocks not in the Index, derivatives, including swap agreements and futures contracts on equity indexes and money market instruments.

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 return on the fund is linked to a three times inverse leveraged participation in the performance of the Index, compounded daily, minus the applicable fees.

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 ETNs provide inverse levered exposure to the NYSE FANG+Index.

The NYSE FANG+ Index includes 10 highly liquid stocks that represent a segment of the technology and consumer discretionary sectors consisting of highly-traded growth stocks of technology and tech-enabled companies.

This includes the five core FANG stocks--Facebook, Apple, Amazon, Netflix and Alphabet’s Google—plus another five actively-traded technology growth stocks—Alibaba, Baidu, NVIDIA, Tesla and Twitter.

The index’s underlying composition is equally weighted across all stocks.

The ETN seeks a return on the underlying index for a single day.

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

The return on the fund is linked to a three times leveraged participation in the performance of the Index, compounded daily, minus the applicable fees.

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 ETNs provide levered exposure to the NYSE FANG+Index.

The NYSE FANG+ Index includes 10 highly liquid stocks that represent a segment of the technology and consumer discretionary sectors consisting of highly-traded growth stocks of technology and tech-enabled companies.

This includes the five core FANG stocks--Facebook, Apple, Amazon, Netflix and Alphabet’s Google—plus another five actively-traded technology growth stocks—Alibaba, Baidu, NVIDIA, Tesla and Twitter.

The index’s underlying composition is equally weighted across all stocks.

The ETN seeks a return on the underlying index for a single day.

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 to provide a monthly compounded two times leveraged long exposure to the price return version of the benchmark index, before fees and expenses, 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 the composite performance of tax-qualified U.S. mortgage real estate investment trusts with more than 50% of total assets invested in mortgage loans or mortgage-backed securities that are listed on the New York Stock Exchange, the NYSE Arca or the NASDAQ National Market List (the Index Constituents)

The ETNs seek to approximate the monthly returns through a leveraged long investment in the Index Constituents.

A leveraged long investment strategy involves the practice of borrowing money from a third party lender at an agreed-upon rate of interest and using the borrowed money together with investor capital to purchase assets (e.g., the Index Constituents).

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 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 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 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 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 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 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 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 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 total return in the long term 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 gains exposure to Commodity Futures through a wholly-owned subsidiary of the fund organized under the laws of the Cayman Islands (the Subsidiary).

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 Subsidiary’s holdings will primarily consist of Commodity Futures, which are contractual agreements to buy or sell a particular commodity or financial instrument at a pre-determined price at a settlement date in the future.

The fund will invest up to 25% of its net assets in the Subsidiary.

The fund seeks total return in the long term 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 U.S. exchange-listed equity securities and/or U.S. exchange-traded funds that provide exposure to U.S. exchange-listed equity securities.

The team seeks to establish long and short positions of U.S. exchange-listed equity securities and ETFs in its portfolio.

In selecting securities for the portfolio, the research team focuses on securities that they believe will either outperform (the long basket) or underperform (the short basket).

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 portfolio may include U.S. exchange-listed equity securities of non-U.S. issuers, including the securities of non-U.S. issuers traded on U.S. exchanges in the form of depositary receipts.

Additionally, the portfolio holds both long and short positions in equity securities and ETFs.

The fund may invest up to 20% of its net assets in U.S. exchange-listed equity index futures contracts.
 

The fund seeks to provide positive returns 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 and a wholly-owned subsidiary of the fund organized under the laws of the Cayman Islands (the Subsidiary), invest significantly in a portfolio of exchange-listed futures.

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 invest up to 25% of its total assets in the Subsidiary.

The fund and the Subsidiary may hold futures contracts on a wide range of assets, including, but not limited to, equity indexes, other financial indexes, currencies and global debt, including U.S. Treasuries.

In addition, the Subsidiary may hold futures contracts on commodities.

Also, the fund and the Subsidiary attempt to capture the economic benefit derived from rising and declining prices across global futures markets by buying or selling futures contracts which are estimated to rise or fall in price.

The fund may also invest directly in exchange-traded funds and other investment companies, including closed-end funds, that provide exposure to commodities.

The fund seeks capital appreciation in the long term by investing in companies in the United States.

The sub-adviser’s 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 takes long and short positions in one or more exchange-traded funds that seek to track the performance of the S&P 500 Index and by entering into S&P 500 Index-related options and options on S&P 500 related ETFs.

The team utilizes various proprietary analytical investment models to take certain long or short positions in the S&P 500 Index, one or more S&P 500-related ETFs, and S&P 500-related futures, and also may enter into S&P 500 Options.

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 purchase and write (sell) call and put options on the S&P 500 Index and on S&P 500-related ETFs for the purpose of obtaining equity exposure or generating income.

In addition, the fund may also invest up to 10% of its net assets in leveraged or inverse ETFs that seek to deliver multiples (long), or the inverse (short), of the performance of the S&P 500 Index, respectively.

Additionally, to respond to certain adverse market, economic, political or other conditions, the fund may invest 100% of its assets, without limitation, in Cash Instruments.

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 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 dynamically allocate between the S&P 500 VIX Short-Term Futures Index Excess Return and the S&P 500 VIX Mid-Term Futures Index Excess Return by monitoring the relative implied volatility of the SP 500 Index at various points along the volatility forward curve.

The Index seeks to react positively to overall increases in market volatility and aims to lower the roll cost of investments linked to future implied volatility.

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 to replicate the total return performance of the benchmark index, before fees and expenses, 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 provide access to equity market volatility through CBOE Volatility Index (the VIX Index) futures.

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 to replicate the total return performance of the benchmark index, before fees and expenses, 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 provide access to equity market volatility through CBOE Volatility Index (the VIX Index) futures.

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 to replicate the total return performance of the benchmark index, before fees and expenses, 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 provide access to equity market volatility through CBOE Volatility Index (the VIX Index) futures.

The Index offers exposure to a daily rolling long position in the first and second month VIX futures contracts.

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 to replicate the total return performance of the benchmark index, before fees and expenses, 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 fund employs a passive management or indexing investment approach that is designed to track the performance of the Underlying Index.

Next, the research team invests significantly in the investments included in its Underlying Index, which includes underlying funds.

The Underlying Index consists of a number of components that include primarily ETFs and/or other exchange-traded vehicles issuing equity securities organized in the U.S., such as exchange-traded commodity pools, and may include exchange-traded notes.

In addition, the Underlying Index seeks to track the beta portion of the returns of hedge funds pursuing a market neutral strategy.

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 does not invest in hedge funds, and the Underlying Index does not include hedge funds as Underlying Index Components.

The fund may also invest in one or more financial instruments, including but not limited to futures contracts and swap agreements.

Also, the fund may invest in Affiliated ETFs that are not components of 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 return on the fund is linked to a two times inverse leveraged participation in the performance of the Index, compounded daily, minus the applicable fees.

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 ETNs provide inverse levered exposure to the NYSE FANG+ Index. The ETN seeks a return on the underlying index for a single day.

The NYSE FANG+ Index provides exposure to a group of highly-traded growth stocks of technology and tech-enabled companies.

This includes the five core FANG stocks--Facebook, Apple, Amazon, Netflix and Alphabet’s Google—plus another five actively-traded technology growth stocks—Alibaba, Baidu, NVIDIA, Tesla and Twitter.

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 concentrated exposure to 10 stocks in a given sub-sector, or microsector.

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 return on the fund is linked to a two times leveraged participation in the performance of the Index, compounded daily, minus the applicable fees.

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 ETNs provide levered exposure to the NYSE FANG+ Index. The ETN seeks a return on the underlying index for a single day.

The NYSE FANG+ Index provides exposure to a group of highly-traded growth stocks of next generation technology and tech-enabled companies.

This includes the five core FANG stocks--Facebook, Apple, Amazon, Netflix and Alphabet’s Google—plus another five actively-traded technology growth stocks—Alibaba, Baidu, NVIDIA, Tesla and Twitter.

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 concentrated exposure to 10 stocks in a given sub-sector, or microsector.
 

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 return on the fund is linked to inverse exposure in the performance of the Index, compounded daily, minus the applicable fees.

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 ETNs provide inverse exposure to the NYSE FANG+ Index. The ETN seeks a return on the underlying index for a single day.

The NYSE FANG+ Index provides exposure to a group of highly-traded growth stocks of technology and tech-enabled companies.

This includes the five core FANG stocks--Facebook, Apple, Amazon, Netflix and Alphabet’s Google—plus another five actively-traded technology growth stocks—Alibaba, Baidu, NVIDIA, Tesla and Twitter.

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 concentrated exposure to 10 stocks in a given sub-sector, or microsector.
 

The fund seeks capital appreciation from the decline of bricks and mortar retailers through short exposure (-1x) to the Index by investing in companies in the United States.

The Index seeks to measure the performance of publicly traded bricks and mortar retail companies whose retail revenue is derived principally from in-store sales.

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.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse exposure to the single day returns of the Index.

The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

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 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.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce returns.

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 or focus its investments in a particular industry or group of industries, country or region to approximately the same extent the Benchmark is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide exposure to the returns of the Index without regard to market conditions, trends or direction.

The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The fund seeks to provide positive returns that are not directly correlated to broad equity or fixed income markets, 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 a portfolio of commodity futures contracts and currency and U.S. Treasury futures contracts (collectively, Futures Contracts).

The fund attempts to capture the economic benefit derived from rising and declining trends based on the price changes of these Futures Contracts.

Also, the team will invest principally in financial instruments, such as derivatives, swap agreements, futures contracts, and money market 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 also hold cash or cash equivalents.

Also, the fund will not invest directly in Commodity Futures Contracts. However, the fund estimates to gain exposure to these investments by investing a portion of its assets in the ProShares Cayman Portfolio I, a wholly-owned subsidiary of the fund organized under the laws of the Cayman Islands (the Subsidiary).

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 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 allocates an aggregate equal dollar amount to both long and short equity positions.

The long position of the Index consists of the equity securities in the FTSE RAFI US 1000 Total Return Index, and the short position of the Index consists of the securities included in the Russell 1000 Total Return Index.

Next, the research team invests in financial instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide exposure to the returns of the Index without regard to market conditions, trends or direction.

The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The fund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the basic materials industry.

Component companies are involved in the production of aluminum, steel, non-ferrous metals, commodity chemicals, specialty chemicals, forest products, paper products, as well as the mining of precious metals and coal.

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.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) 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.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse exposure to the single day returns of the Index.

The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The fund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the financials industry.

Component companies include regional banks; major U.S. domiciled international banks; full line, life, and property and casualty insurance companies.

In addition, the Index includes companies that invest, directly or indirectly, in real estate; diversified financial companies such as credit card issuers, check cashing companies, mortgage lenders and investment advisors; securities brokers and dealers including investment banks, merchant banks and online brokers; and publicly traded stock exchanges.

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.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Index, by investing in companies in the United States.

The Index is a measure of mid-size company U.S. stock market performance.

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.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the oil and gas sector.

Component companies typically are engaged in the following activities related to the oil and gas sector, among others, exploration and production, integrated oil and gas, oil equipment and services, pipelines, renewable energy equipment companies and alternative fuel producers.

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.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse exposure to the single day returns of the Index, without regard to market conditions, trends or direction.
 

The fund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Index, by investing in companies in the United States.

The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/ wholesale trade and biotechnology.

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.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Index, by investing in companies in the United States.

The Index is designed to track the performance of real estate investment trusts and other companies that invest directly or indirectly in real estate through development, management, or ownership, including property agencies.

Component companies include real estate holding and development and real estate services companies and REITs.

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.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Index, by investing in companies in the United States.

The Index is a measure of large-cap U.S. stock market performance.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Index, by investing in companies in the United States.

The Index is a measure of small-cap company U.S. stock market performance.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the performance of the Index, by investing in companies in the United States.

The Index measures the returns of a portfolio of monthly VIX futures contracts that rolls positions from first-month contracts into second-month contracts on a daily basis.

The index maintains a weighted average of one month to expiration.

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.

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, that correspond to two times (2x) the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the basic materials industry.

Component companies are involved in the production of aluminum, steel, non-ferrous metals, commodity chemicals, specialty chemicals, forest products, paper products, as well as the mining of precious metals and coal.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the consumer goods industry.

Component companies include automobiles and auto parts and tires, brewers and distillers, farming and fishing, durable and non-durable household product manufacturers, cosmetic companies, food and tobacco products, clothing, accessories and footwear

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the consumer services industry.

Component companies include airlines, broadcasting and entertainment, apparel and broadline retailers, food and drug retailers, media agencies, publishing, gambling, hotels, restaurants and bars, and travel and tourism.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Index by investing in mega-and large-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.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index.

The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the financials industry.

Component companies include regional banks; major U.S. domiciled international banks; full line, life, and property and casualty insurance companies.

Also, component companies include that invest, directly or indirectly, in real estate; diversified financial companies such as credit card issuers, check cashing companies, mortgage lenders and investment advisors; securities brokers and dealers including investment banks, merchant banks and online brokers; and publicly traded stock exchanges.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the healthcare industry.

Component companies include health care providers, biotechnology companies, medical supplies, advanced medical devices and pharmaceuticals.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the industrials industry.

Component companies include building materials, heavy construction, factory equipment, heavy machinery, industrial services, pollution control, containers and packaging, industrial diversified, air freight, and marine transportation.

Other component companies include railroads, trucking, land-transportation equipment, shipbuilding, transportation services, advanced industrial equipment, electric components and equipment, and aerospace.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.
 

The fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Index, by investing in companies in the United States.

The Index is a measure of mid-size company U.S. stock market performance.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) 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.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index.

The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the oil and gas sector.

Component companies typically are engaged in exploration and production, integrated oil and gas, oil equipment and services, pipelines, renewable energy equipment companies and alternative fuel producers.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Index, by investing in companies in the United States.

The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/ wholesale trade and biotechnology.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Index, by investing in companies in the United States.

The Index is designed to track the performance of real estate investment trusts and other companies that invest directly or indirectly in real estate through development, management, or ownership, including property agencies.

Component companies include, among others, real estate holding and development and real estate services companies and REITs.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Index, by investing in companies in the United States.

The Index is a measure of small-cap U.S. stock market performance.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Index, by investing in companies in the United States.

The Index is a measure of large-cap U.S. stock market performance.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.
 

The fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the semiconductors sub-sector.

Component companies are engaged in the production and distribution of semiconductors and other integrated chips, as well as other related products such as semiconductor capital equipment and mother-boards.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.
 

The fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Index, by investing in companies in the United States.

The Index is a measure of small-cap company U.S. stock market performance

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the technology industry.

Component companies include, among others, those involved in computers and office equipment, software, communications technology, semiconductors, diversified technology services and Internet services.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the telecommunications sector.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the utilities industry.

Component companies include, among others, electric utilities, gas utilities, multi-utilities and water 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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the performance of the Index, by investing in companies in the United States.

The Index measures the returns of a portfolio of monthly VIX futures contracts with a weighted average of one month to expiration.

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.

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, that correspond to three times (3x) the daily performance of the Index, by investing in companies in the United States.

The Index is a price-weighted index and includes 30 large-cap, blue-chip U.S. stocks, excluding utility and transportation 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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the Index, by investing in companies in the United States.

The Index is a measure of mid-size company U.S. stock market performance.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the Index, by investing in companies in the United States.

The Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization.

The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/ wholesale trade and biotechnology.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the Index, by investing in companies in the United States.

The Index is a measure of small-cap U.S. stock market performance.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.
 

The fund seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the Index, by investing in companies in the United States.

The Index is a measure of large-cap U.S. stock market performance.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to three times the inverse (-3x) of the daily performance of the Index, by investing in companies in the United States.

The Index is a price-weighted index and includes 30 large-cap, blue-chip U.S. stocks, excluding utility and transportation 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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to three times the inverse (-3x) of the daily performance of the Index, by investing in companies in the United States.

The Index is a measure of mid-size company U.S. stock market performance.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to three times the inverse (-3x) of the daily performance of the Index, by investing in companies in the United States.

The Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization.

The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/ wholesale trade and biotechnology.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.
 

The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the basic materials industry.

Component companies are involved in the production of aluminum, steel, non-ferrous metals, commodity chemicals, specialty chemicals, forest products, paper products, as well as the mining of precious metals and coal.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the consumer goods industry.

Component companies include, among others, automobiles and auto parts and tires, brewers and distillers, farming and fishing, durable and non-durable household product manufacturers, cosmetic companies, food and tobacco products, clothing, accessories and footwear.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the consumer services industry.

Component companies include, among others, airlines, broadcasting and entertainment, apparel and broadline retailers, food and drug retailers, media agencies, publishing, gambling, hotels, restaurants and bars, and travel and tourism

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies in the United States.

The Index is a price-weighted index and includes 30 large-cap, blue-chip U.S. stocks, excluding utility and transportation 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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the healthcare industry.

Component companies include, among others, health care providers, biotechnology companies, medical supplies, advanced medical devices and pharmaceuticals.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the industrials industry.

Component companies include building materials, heavy construction, factory equipment, heavy machinery, industrial services, pollution control, containers and packaging, industrial diversified, air freight, and marine transportation.

Other component companies include railroads, trucking, land-transportation equipment, shipbuilding, transportation services, advanced industrial equipment, electric components and equipment, and aerospace.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies in the United States.

The Index is a measure of mid-size company U.S. stock market performance.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.
 

The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies in the United States.

The Index is a modified capitalization weighted index that includes securities of Nasdaq listed companies that are classified as either biotechnology or pharmaceutical.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the oil and gas sector.

Component companies typically are engaged in activities related to the oil and gas sector, among others, exploration and production, integrated oil and gas, oil equipment and services, pipelines, renewable energy equipment companies and alternative fuel producers.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.
 

The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies in the United States.

The Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization.

The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/ wholesale trade and biotechnology.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies in the United States.

The Index is designed to track the performance of real estate investment trusts and other companies that invest directly or indirectly in real estate through development, management, or ownership, including property agencies.

Component companies include real estate holding and development and real estate services companies and REITs. REITs are passive investment vehicles that invest primarily in income producing real estate or real estate related loans or interests.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies in the United States.

The Index is a measure of small-cap U.S. stock market performance.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies in the United States.

The Index is a measure of large-cap U.S. stock market performance.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the semiconductors sub-sector.

Component companies are engaged in the production and distribution of semiconductors and other integrated chips, as well as other related products such as semiconductor capital equipment and mother-boards.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies in the United States.

The Index is a measure of small-cap company U.S. stock market performance.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.
 

The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the technology industry.

Component companies include, among others, those involved in computers and office equipment, software, communications technology, semiconductors, diversified technology services and Internet services.

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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the utilities industry.

Component companies include, among others, electric utilities, gas utilities, multi-utilities and water 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. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

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 or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.

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 measures the returns of a portfolio of monthly VIX futures contracts with a weighted average of five months to expiration.

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.

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

The Index measures the returns of a portfolio of monthly VIX futures contracts with a weighted average of one month to expiration.

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.

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 capital appreciation by investing in mid-and large-size companies in the United States.

The sub-adviser’s 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 short positions in equity securities.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on securities with low earnings quality or aggressive accounting.

In addition, the team seeks to identify earnings driven events that may act as a catalyst to the price decline of a security.

Also, the team assesses a company’s management team, accounting practices, corporate governance and competitive advantage.

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 hold U.S. government securities, short-term high quality fixed income securities, money market instruments, overnight and fixed-term repurchase agreements, cash and cash equivalents with maturities of one year or less, and ETFs that invest in these types of instruments.