Strategy. The Index is designed to track the performance of companies from developed and emerging markets whose economic fortunes are tied to the global clean energy business. The Index is limited to those stocks traded on an exchange that meet or exceed, at the time of inclusion, $300 million in total market capitalization, $100 million in float-adjusted market capitalization, and $3 million ($2 million for current constituents) median daily value traded over a six-month period. The Indexs Eligible Universe includes companies in the S&P Global Broad Market Index that (i) derive at least 25% in aggregate revenue from clean energy-related businesses as defined by FactSets RBICS classifications; (ii) generate at least 20% of their power (as measured by Trucost Power Generation … Show more… The Index is designed to track the performance of companies from developed and emerging markets whose economic fortunes are tied to the global clean energy business. The Index is limited to those stocks traded on an exchange that meet or exceed, at the time of inclusion, $300 million in total market capitalization, $100 million in float-adjusted market capitalization, and $3 million ($2 million for current constituents) median daily value traded over a six-month period. The Indexs Eligible Universe includes companies in the S&P Global Broad Market Index that (i) derive at least 25% in aggregate revenue from clean energy-related businesses as defined by FactSets RBICS classifications; (ii) generate at least 20% of their power (as measured by Trucost Power Generation Data for Utility Companies) from renewable sources ( i.e. , wind, solar, hydroelectric, biomass, geothermal) and are classified in the Electric Utilities, Multi-Utilities or Independent Power Producers & Energy Traders GICS sub-industries; (iii) are classified in the Renewable Electricity GICS sub-industry; or (iv) had an Exposure Score (as defined below) of at least 0.5 in the Eligible Universe for consideration as of the previous rebalancing. S&P Dow Jones Indices LLC (the Index Provider) then applies three exclusion criteria, assigns a clean energy Exposure Score and applies a carbon intensity screen to each company in the Eligible Universe in order to construct the Index. At each rebalancing date, the Index Provider applies the following three exclusion criteria to the companies in the Eligible Universe: Business Activity Screen any company with specific levels of involvement and/or significant ownership in any company (as measured by Sustainalytics, a third-party data provider) that is involved in: controversial weapons, small arms, military contracting, tobacco, thermal coal, oil sands, shale energy and arctic oil & gas exploration. Global Standards Screen any company that Sustainalytics has identified as causing, contributing to or being linked to violations of international norms and standards as set forth in the United Nations Global Company Principles and its associated standards, conventions and treaties). Media and Stakeholder Analysis Overlay The Index Provider will review the S&P Global Media and Stakeholder Analysis, analyzing certain environmental, social and governance (ESG) risks ( e.g. , economic crime and corruption, fraud, illegal commercial practices, human rights issues, labor disputes, workplace safety, catastrophic accidents and environmental disasters), and may exclude a company due to such ESG risks. Next, to seek to quantify a companys level of involvement in the clean energy business, the Index Provider assigns companies a clean energy exposure score (an Exposure Score) of 0, 0.25, 0.50, 0.75 or 1 (with 1 being the highest) based on (a) the percentage of its revenue attributed to clean energy ( a Clean Revenue Score) and (b) for power generating companies, the percentage of its clean power generation activities (a Clean Power Score). For non-power generating companies, the companys Clean Revenue Score determines its Exposure Score. For power generating companies, the Index Provider calculates the companys Clean Revenue and Clean Power Scores, and combines those scores to determine its Exposure Score. If more than 100 companies have an Exposure Score of 1, they are all included in the Index. If fewer than 100 companies have an Exposure Score of 1, companies with an Exposure Score of 0.75 are ranked by float-adjusted market capitalization and the highest-ranked companies are added to the Index until it has 100 constituents. If there are still not 100 Index constituents, companies with an Exposure Score of 0.50 are ranked by float-adjusted market capitalization and the highest-ranked companies are added to the Index until it has 100 constituents. However, the Indexs weighted average Exposure Score will never be less than 0.85. Last, the Index Provider applies a carbon intensity screen to each company. The Index will not include a company that has an S&P Trucost Limited carbon-to revenue footprint score three standard deviations above the mean carbon-to-revenue footprint score of all companies in the Eligible Universe with an Exposure Score of 1. A companys carbon-to-revenue footprint score is calculated by dividing the companys annual greenhouse emissions in metric tons by its annual revenues for the corresponding year, expressed in millions of U.S. Dollars. This step removes companies from the Index that have very large carbon-to-revenue footprints, meaning that they are not clean energy companies based on this metric. Although the Index seeks to identify 100 companies for inclusion, the actual number of constituents may be more or less. At each rebalancing, the Index constituents are weighted based generally on the product of each constituents float-adjusted market capitalization and its Exposure Score. As of December 29, 2023, the Index consisted of constituents from the following countries: United States, China, Denmark, Brazil, Portugal, Canada, India, South Korea, Japan, Germany, Spain, Switzerland, Taiwan, Thailand, Italy, Austria and New Zealand. As of December 29, 2023, the Index consisted of 100 constituents, which had a median total market capitalization of $2.8 billion, total market capitalizations ranging from $291.2 million to $80.2 billion and were concentrated in the utilities, information technology, and industrials sectors. The Index is rebalanced semiannually. The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries ( i.e. , hold 25% or more of its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index is so concentrated. The Fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds ("ETFs") that track the Index, that, in combination, provide 2X daily leveraged exposure to the Index, consistent with the Fund's investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce economically leveraged investment results. The Fund may invest in the securities of the Index, a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index, an ETF that tracks the Index or a substantially similar index, and may utilize derivatives, such as swaps or futures on the Index or on an ETF that tracks the same Index or a substantially similar index, that provide leveraged exposure to the above. The Fund seeks to remain fully invested at all times, consistent with its stated investment objective, but may not always have investment exposure to all of the securities in the Index, or its weighting of investment exposure to securities or industries may be different from that of the Index. In addition, the Fund may invest directly or indirectly in securities not included in the Index. In all cases, the investments would be designed to help the Fund track the Index. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances the Funds portfolio so that its exposure to the Index is consistent with the Funds investment objective. The impact of the Indexs movements during the day will affect whether the Funds portfolio needs to be re-positioned. For example, if the Index has risen on a given day, net assets of the Fund should rise, meaning that the Funds exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall, meaning the Funds exposure will need to be reduced. This re-positioning strategy typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold ETFs and money market funds, deposit accounts with institutions with high quality credit ratings ( i.e . investment grade or higher), and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Funds total assets (excluding the value of the collateral received). The terms daily, day, and trading day, refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Funds investment objective is not a fundamental policy and may be changed by the Funds Board of Trustees without shareholder approval. Because of daily rebalancing and the compounding of each days return over time, the return of the Fund for periods longer than a single day will be the result of each days returns compounded over the period, which will very likely differ from 200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Indexs volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Indexs performance increases over a period longer than a single day. Show less