Fund Description

The fund seeks leveraged inverse exposure to an underlying index by engaging in short sales of securities generally included in the index and investing in derivatives such as equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, securities indices, and futures contracts. It expects primarily to write swaps and attempts to maintain exposure of -200% of the index through daily rebalancing. Under normal circumstances, it invests at least 80% of net assets plus borrowings in instruments designed to perform opposite the index, may use OTC derivatives, and may hold U.S. government securities, cash equivalents, or repurchase agreements. It is non-diversified and may be industry-concentrated; leverage can increase volatility and losses.