What does the word "Elite" mean in EliteTrader ? I mean honestly. How is your question even a question that needs to be asked ? The word means "track" means exactly what it says in the dictionary. Google it next time.
Maybe I'm stupid, but I don't think the above answers were all that useful. I think the more appropriate answer is that "track" in this case should mean that the fund should be buying exactly the same things that are in the index in the same proportion. Now how they actually go about doing it I don't know, and if you want to track an index, there is always the associated ETF that already does this, so I'm not sure what other type of fund would need to do this, but there I guess are variants out there. Someone else can probably even give a more in depth answer as I'm sure there is even more to the story.
We were being snarky, because it is really what it sounds like and beyond that, if you google the question you'd get a far better answer.