PASS

The investment seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the daily performance of the Consumer Discretionary Select Sector Index. The fund, under normal circumstances, invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the index equal to at least 80% of the fund's net assets (plus borrowing for investment purposes). The index is provided by S&P Dow Jones Indices and includes domestic companies from the consumer discretionary sector. It is non-diversified.