The investment seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the publicly-traded common stock of Microsoft Corporation (NASDAQ: MSFT) ('Microsoft' or the 'Underlying Security'). 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 the Underlying Security equal to approximately two times its daily performance. It is non-diversified.