Industry description
The investment seeks to provide investment results that match, before fees and expenses, the inverse (opposite) of the performance of the NASDAQ-100 Index® on a daily basis.
The fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in financial instruments with economic characteristics that should perform opposite to the securities of companies included in the underlying index. The index is a modified capitalization-weighted index composed of 100 of the largest non-financial companies listed on The Nasdaq Stock Market with capitalizations ranging from $10.4 billion to $3. The fund is non-diversified.