Under normal market circumstances, the Fund will maintain at least 80 percent exposure to financial instruments that provide two times leveraged exposure to the daily performance of PONY. This may include PONY stock in addition to financial instruments discussed below. The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve on a daily basis, before fees and expenses, 200 percent performance of PONY for a single day, not for any other period, by entering into one or more swaps and/or purchasing listed options on PONY and/or investing directly in the common stock of PONY. A single day is measured from the time the Fund calculates its net asset value (NAV) to the time of the Funds next NAV calculation. However, the use of option contracts or direct investments in common stock of PONY is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.