Fund Description

The fund seeks to perform opposite the underlying index and generally will not own index constituents. It uses short sales and significant derivatives, primarily equity index swaps and swaps on ETFs, as well as futures and options on securities, futures, and stock indices; certain derivatives may trade OTC. The Advisor expects to rebalance the fund's positions daily to maintain exposure that is opposite to that of the underlying index. Under normal circumstances, it invests at least 80% of net assets plus borrowings in instruments expected to perform opposite the index. It may hold U.S. government securities, cash equivalents, and repurchase agreements, is non-diversified, and may invest substantially in affiliated short-term fixed-income investment companies. Derivatives may create leverage, increasing volatility and potential losses.