The fund seeks monthly investment results, before fees and expenses, of 125% of the inverse (or opposite) of the calendar month performance of the Index by investing in companies in the United States.

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 swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index.

The Index reflects companies across major industry groups including computer hardware and software, communication services, retail/wholesale trade and biotechnology.

In order to achieve the fund’s monthly inverse investment objective, the team may invest in a combination of financial instruments.

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 its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Also, the fund seeks to remain fully invested at all times.

The fund invests in derivatives as a substitute for directly shorting securities in order to gain inverse leveraged exposure to the Index or its components.

Additionally, the fund is estimated to hold money market funds, deposit accounts with institutions with high quality credit ratings, and/or short-term debt instruments.
 

The fund seeks monthly investment results, before fees and expenses, of 125% of the calendar month performance of the Index by investing in companies in the United States.

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 securities of the Index, exchange-traded funds that track the Index and other financial instruments that provide monthly exposure to the Index or to ETFs that track the Index.

The Index reflects companies across major industry groups including computer hardware and software, communication services, retail/wholesale trade and biotechnology.

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 its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund is estimated to hold money market funds, deposit accounts with institutions with high quality credit ratings, and/or short-term debt instruments.

Also, the fund seeks to remain fully invested at all times.

The fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.
 

The fund seeks monthly investment results, before fees and expenses, of 200% of the calendar month performance of the Index by investing in companies in the United States.

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 securities of the Index, exchange-traded funds that track the Index and other financial instruments that provide monthly exposure to the Index or to ETFs that track the Index.

The Index reflects companies across major industry groups including computer hardware and software, communication services, retail/wholesale trade and biotechnology.

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 its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund is estimated to hold money market funds, deposit accounts with institutions with high quality credit ratings, and/or short-term debt instruments.

Also, the fund seeks to remain fully invested at all times.

The fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.
 

The fund seeks monthly investment results, before fees and expenses, of 200% of the inverse (or opposite) of the calendar month performance of the Index by investing in companies in the United States.

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 swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index.

In order to achieve the fund’s monthly inverse investment objective, the team may invest in a combination of financial instruments.

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 its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund is estimated to hold money market funds, deposit accounts with institutions with high quality credit ratings, and/or short-term debt instruments.

Also, the fund seeks to remain fully invested at all times.

The fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.

The fund seeks monthly investment results, before fees and expenses, of 200% of the inverse (or opposite)of the calendar month performance of the Index by investing in companies in the United States.

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 swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index.

In order to achieve the fund’s monthly inverse investment objective, the team may invest in a combination of financial instruments.

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 its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund is estimated to hold money market funds, deposit accounts with institutions with high quality credit ratings, and/or short-term debt instruments.

Also, the fund seeks to remain fully invested at all times.

The fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.

The fund seeks monthly investment results, before fees and expenses, of 200% of the inverse (or opposite) of the calendar month performance of the Index by investing in companies in the United States.

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 swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the Index.

In order to achieve the fund’s monthly inverse investment objective, the team may invest in a combination of financial instruments.

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 its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund is estimated to hold money market funds, deposit accounts with institutions with high quality credit ratings, and/or short-term debt instruments.

Also, the fund seeks to remain fully invested at all times.

The fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.

The fund seeks monthly investment results, before fees and expenses, of 200% of the calendar month performance of the Index by investing in companies in the United States.

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 securities of the Index, exchange-traded funds that track the Index and other financial instruments that provide monthly exposure to the Index or to ETFs that track the Index.

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 its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund is estimated to hold money market funds, deposit accounts with institutions with high quality credit ratings, and/or short-term debt instruments.

Also, the fund seeks to remain fully invested at all times.

The fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.