Strategy. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks of companies represented in the S&P 500 Equal Weight Index (the Underlying Index), and in derivatives and other instruments that have economic characteristics similar to such securities. Under normal circumstances, the Fund generally invests all, or substantially all, of its net assets in such securities. The Underlying Index is an equal-weighted version of the S&P 500 Index, which is comprised of common stocks of approximately 500 large-capitalization companies that generally represent the large-cap segment of the U.S. equity market. Equal weighting means that, unlike the S&P 500 Index, which employs a float-adjusted market capitalization weighted methodology, the Underlying … Show more… The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks of companies represented in the S&P 500 Equal Weight Index (the Underlying Index), and in derivatives and other instruments that have economic characteristics similar to such securities. Under normal circumstances, the Fund generally invests all, or substantially all, of its net assets in such securities. The Underlying Index is an equal-weighted version of the S&P 500 Index, which is comprised of common stocks of approximately 500 large-capitalization companies that generally represent the large-cap segment of the U.S. equity market. Equal weighting means that, unlike the S&P 500 Index, which employs a float-adjusted market capitalization weighted methodology, the Underlying Index assigns each component security the same weight at each quarterly rebalance. In seeking to track the investment results (before fees and expenses) of the Underlying Index, the portfolio managers primarily utilize a full replication methodology, pursuant to which the Fund generally invests in all of the securities comprising the Underlying Index in proportion to their weightings in the Underlying Index. The Underlying Index is typically rebalanced quarterly and constituent changes are incorporated in the Underlying Index as and when they are made to the S&P 500 Index. The Fund is generally rebalanced in accordance with the Underlying Index. Constituent changes are generally incorporated in the Fund as and when they are made to the Underlying Index. The Fund can invest in derivative instruments including futures contracts. The Fund can use futures contracts, including index futures, to seek exposure to certain equity securities represented in the Underlying Index while managing cash balances. Show less