| Investment Objective: |
The Fund seeks daily investment results, before fees and expenses, of 200% of the inverse (or opposite) of the daily performance of the S&P Oil & Gas Exploration & Production Select Industry Index (the "Index"). The Index is provided by S&P Dow Jones Indices, LLC (the "Index Provider") and is a modified equal-weighted index that is designed to measure the performance of the domestic companies included in the integrated oil and gas, oil and gas exploration and production and oil and gas refining and marketing sub-industries as classified by the Global Industry Classification Standards ("GICS"). The Fund, under normal circumstances, invests at least 80% of the Fund's net assets (plus borrowing for investment purposes) in financial instruments, including swap agreements, futures contracts, or short positions, that, in combination, provide 2X daily inverse (opposite) or short exposure to the Index or to exchange-traded funds ("ETFs") that track the Index, consistent with the Fund's investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce economically inverse leveraged investment results. |
