Industry description
The investment seeks investment results that correlate, before fees and expenses, to 150% of the performance of the S&P MidCap 400® Index for mid-cap securities on a daily basis.
The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies included in the underlying index and derivatives and other instruments whose performance is expected to correspond to that of the underlying index. The index is a modified capitalization-weighted index composed of 400 mid-cap stocks chosen by S&P for market size, liquidity, and industry group representation. The fund is non-diversified.