The investment seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the daily performance of the FTSE China 50 Index. The fund, under normal circumstances, 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 equal to at least 80% of the fund's net assets (plus borrowing for investment purposes). The index consists of the 50 largest and most liquid public Chinese companies currently trading on the Hong Kong Stock Exchange (SEHK). The fund is non-diversified.