Strategy. The Fund employs as its investment strategy a program of engaging in short sales of securities generally included in the underlying index and investing in derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, securities indices, and futures contracts. While the Fund may write (sell) and purchase swaps, it expects primarily to write swaps. The Advisor attempts to consistently apply leverage to increase the Funds exposure to -200% of the underlying index and expects to rebalance the Funds holdings daily to maintain such exposure. The Funds investment in derivatives serves as a substitute for directly selling short each of the securities included in the underlying index. Certain of the … Show more… The Fund employs as its investment strategy a program of engaging in short sales of securities generally included in the underlying index and investing in derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, securities indices, and futures contracts. While the Fund may write (sell) and purchase swaps, it expects primarily to write swaps. The Advisor attempts to consistently apply leverage to increase the Funds exposure to -200% of the underlying index and expects to rebalance the Funds holdings daily to maintain such exposure. The Funds investment in derivatives serves as a substitute for directly selling short each of the securities included in the underlying index. Certain of the Funds derivatives investments may be traded in the over-the-counter (OTC) market. The Fund also may invest in American Depositary Receipts (ADRs) to gain inverse exposure to international companies included in the underlying index. Under normal circumstances, 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 NASDAQ-100 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 $ 18.4 billion to $3.8 trillion as of June 30, 2025. To the extent the Funds underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. As of June 30, 2025, the underlying index components, and thus the Funds investments, are concentrated ( i.e. , more than 25% of its assets) in securities issued by companies in the Semiconductors & Semiconductor Equipment Industry and Software Industry, separate industries within the Information Technology Sector. The industries in which the underlying index components, and thus the Funds investments, may be concentrated will vary as the composition of the underlying index changes over time. Also, while the Funds sector exposure may vary over time, as of June 30, 2025, the Fund has significant exposure to the Communication Services Sector, Consumer Discretionary Sector, Consumer Staples Sector, Health Care Sector, and Information Technology Sector, as each sector is defined by the Global Industry Classification Standard, a widely recognized industry classification methodology developed by MSCI, Inc. and Standard & Poor's Financial Services LLC. On a day-to-day basis, the Fund may hold U.S. government securities or cash equivalents. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund is non-diversified and, therefore, may invest a greater percentage of its assets in a particular issuer in comparison to a diversified fund. Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in the Funds portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Funds exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Funds portfolio. The value of the Funds portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940, satisfy margin or collateral requirements, or meet redemption requests. Show less