The fund seeks investment results that correspond to the inverse of the daily performance of its underlying index, which is designed to measure the performance of 500 of the largest companies (in market capitalization) in leading industries of the US economy. Constituents are selected at the discretion of the index committee and weighted by float-adjusted market capitalization. As a levered fund, it is not a buy-and-hold investment and should not be expected to provide index leverage returns greater than a one-day period.