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The investment seeks daily investment results of 200% of the inverse of the daily performance of the NYSE Arca Gold Miners Index. The index is comprised of publicly traded common stocks, ADRs or GDRs of companies that operate globally in both developed and emerging markets, and are involved primarily in mining for gold and, to a lesser extent, in mining for silver. The fund invests at least 80% of its net assets in swap agreements, futures contracts, or short positions, that, in combination, provide 2X daily inverse or short exposure to the index or to ETFs that track the index, consistent with the fund’s investment objective. It is non-diversified.