Investment Objective: |
The Fund seeks daily investment results, before fees and expenses, of 200% of the inverse (or opposite) of the daily performance of spot Bitcoin. The Fund, under normal circumstances, invests in swap agreements that provide 200% inverse (opposite) daily exposure to the Reference Assets equal to at least 80% of the Fund's net assets (plus borrowings for investment purposes). Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. |