When Christians sing "Christ the Lord is Risen Today," what exactly do they mean?

This is not to start a debate about the validity of Christianity, but to discuss what Christians actually believe when they celebrate Easter.

Is the expression “Christ the Lord is risen today” literal, firgurative, symbolic, or is it simply commemorative of an event?

If you do use this expression, what does it mean to you?

Again, I’m not wanting to debate the validity of anything. I’m wanting to discuss the meaning of something. Please respect this.