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Investors in the fund should: (a) understand the risks associated with the use of leverage; (b) understand the consequences of seeking daily, calendar month and calendar quarter inverse and leveraged investment results; (c) for short ETFs, understand the risk of shorting; (d) intend to actively monitor and manage their investment. Fund performance will likely be significantly different than the benchmark over periods longer than the specified reset period and the performance may trend in the opposite direction than its benchmark over periods other than that period.

The Funds seek leveraged investment results over a specific period and are intended to be used as short-term trading vehicles. The Funds pursue leveraged investment objectives, which means they are riskier than alternatives that do not use leverage because the Funds magnify the performance of their underlying security. The volatility of the underlying security may affect a Fund’s return as much as, or more than, the return of the underlying security.

ETFs involve risk including possible loss of the full principal value, regardless of whether an investor holds the ETF for a single calendar reset period or over the course of multiple calendar reset periods. There is no assurance that the Fund will achieve its investment objective. Principal risks and other important risks may be found in the prospectus.