The investment seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the performance of the Materials 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 is provided by Standard & Poor's (the "Index Provider") and includes domestic companies from the following industries: chemicals; metals & mining; paper & forest products; containers & packaging; and construction materials. The fund is non-diversified.
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