The Fund seeks daily inverse investment results, before fees and expenses, of -1 times (-100%) of the daily percentage change in the share price of a passively managed exchange-traded fund (“ETF”) that provides exposure to developed equity markets outside the United States by seeking to track the performance of a widely followed, free-float-adjusted, market capitalization-weighted index composed of large-, mid- and small-cap companies across multiple developed-market countries in Europe, Australasia and the Far East (the “Underlying ETF”).The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The Fund seeks daily inverse investment results, before fees and expenses, of -1 times (-100%) the daily percentage change in the share price of one or more passively managed exchange-traded funds (“ETFs”) that provide exposure to a broad segment of the U.S. equity market by seeking to track the performance of one or more widely followed, market capitalization-weighted U.S. large-cap equity indices composed primarily of the common stocks of approximately 500 of the largest publicly traded U.S. companies (each, an “Underlying ETF”). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.