The fund's primary objective is to deliver daily investment returns that are three times (300%) the inverse of the daily performance of the Consumer Discretionary Select Sector Index, before accounting for fees and expenses. To achieve this ambitious goal, the fund typically employs a strategy involving swap agreements, futures contracts, short positions, and other derivative instruments. These financial tools, when combined, are designed to provide inverse, leveraged exposure to the underlying index, representing at least 80% of the fund's net assets (including any capital obtained through borrowing for investment purposes). The Consumer Discretionary Select Sector Index, compiled by S&P Dow Jones Indices, consists of U.S.-based companies within the consumer discretionary sector. It is important to note that the fund operates as a non-diversified entity.