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The fund 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. The index provider selects 100 securities to include in the index from the S&P 500® Index that have the highest sensitivity to market movements, or "beta" over the past 12 months as determined by the index provider. It is non-diversified.