The investment seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the MSCI Emerging Markets Index®. The index is designed to measure the performance of large and mid-capitalization companies across 24 emerging market countries. Under normal circumstances, the fund will obtain inverse leveraged exposure to at least 80% of its total assets in components of the index or in instruments with similar economic characteristics. The fund is non-diversified.