The investment seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the performance of the Health Care Select Sector Index.
The fund, under normal circumstances, creates short positions by investing at least 80% of its net assets in financial instruments that, in combination, provide leveraged and unleveraged exposure to the index. The index includes domestic companies from the following industries: pharmaceuticals; health care equipment & supplies; health care providers & services; biotechnology; life sciences tools & services; and health care technology. The fund is non-diversified.
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