The investment seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard FTSE Emerging Markets ETF (the 'underlying ETF'). Under normal circumstances, the fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to emerging market equity securities equal to approximately two times (200%) the daily performance of such investments. It is non-diversified.