What are the new investment objectives?
UVXY's new objective is to seek results (before fees and expenses) that correspond to one and one-half times (1.5x) the performance of the S&P 500 VIX Short-Term Futures Index for a single day. If the fund is successful in meeting its new objective, on a day the index rises 1%, the fund should rise approximately 1.5%, before fees and expenses. Similarly, on a day the index falls 1%, the fund should fall approximately 1.5%, before fees and expenses.
SVXY's new objective is to seek results (before fees and expenses) that correspond to one-half the inverse (-0.5x) of the S&P 500 VIX Short-Term Futures Index for a single day. If the fund is successful in meeting its new objective, on a day the index falls 1%, the fund should rise approximately 0.5%, before fees and expenses. Similarly, on a day the index rises 1%, the fund should fall approximately 0.5%, before fees and expenses.
