The investment seeks daily investment results, before fees and expenses, of 300% of the daily performance of the S&P Biotechnology Select Industry Index (index). The fund invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments and securities of the index, exchange-traded funds (ETFs) that track the index and other financial instruments that provide daily leveraged exposure to the index or ETFs that track the index. The index is designed to measure the performance of the biotechnology sub-industry based on the Global Industry Classification Standards (GICS). The fund is non-diversified.