The investment seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones Industrial AverageSM.
The fund invests in derivatives that the adviser believes, in combination, should have similar daily return characteristics as two times the inverse (-2x) of the daily return of the index. The index is a price-weighted index maintained by editors of The Wall Street Journal. The index includes 30 large-cap, "blue-chip" U.S. stocks, excluding utility and transportation companies. The fund is non-diversified.