The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the oil and gas sector.

Component companies typically are engaged in activities related to the oil and gas sector, among others, exploration and produ More

The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies in the United States.

The Index is designed to measure the stock performance of U.S. companies in the oil and gas sector.

Component companies typically are engaged in activities related to the oil and gas sector, among others, exploration and production, integrated oil and gas, oil equipment and services, pipelines, renewable energy equipment companies and alternative fuel producers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in financial instruments. The fund estimates that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of investment positions the fund should hold to produce daily returns.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate or focus its investments in a particular industry or group of industries to approximately the same extent the Index is so concentrated or focused.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide inverse leveraged exposure to the single day returns of the Index, without regard to market conditions, trends or direction.