This actively managed Exchange Traded Fund (ETF) typically commits at least 67% of its assets, in usual market environments, to financial instruments. These instruments are structured to deliver an inverse, leveraged return equivalent to 1.5 times the daily movement of PYPL. The fund's explicit aim is to generate, on a daily basis and prior to accounting for fees and expenses, a performance that mirrors -150% of PYPL's single-day return; this target does not extend to any other duration.
