Investment Objective The investment seeks monthly investment results, before fees and expenses, of 200% of the inverse (or opposite) of the calendar month performance of the S&P 500 ® Index. The fund, under normal circumstances, invests at least 80% of its assets in the equity securities that comprise the index and/or financial instruments that, in combination, provide leveraged and unleveraged exposure to the index with the fund creating short positions. The index is a capitalization-weighted index composed of 500 common stocks. Standard & Poor's ® selects the 500 stocks comprising the index on the basis of market values and industry diversification. The fund is non-diversified.