The fund offers a bearish bet on the large-cap segment of the US equity market. The fund aims to provide 2x inverse exposure to the S&P 500, an index of committee-selected US large-cap companies which covers approximately 80% of the US investable universe. The index constituents are market-cap-weighted and rebalanced on a quarterly basis. The same index is tracked as a levered fund by Horizon’s HSU. As a leveraged inverse product with -2x factor that resets daily, the fund is not a buy-and-hold investment, and should not be expected to provide index leverage return greater than a one day period.