Direxion Inverse and Leveraged Inverse ETFs and Mutual Funds

Worried about the big selloff?

If you think the writing is on the wall, Direxion offers a range of inverse and leveraged inverse ETFs. So you can seek to profit from a downturn in equities or fixed income. 

 

NAVs and market price information as of January 17, 2019

Ticker Fund Name Index/Benchmark (Bloomberg Symbol) Target Prospectus
TYNS Daily 7-10 Year Treasury Bear 1X Shares ICE U.S. Treasury 7-10 Year Bond Index (IDCOT7TR) -100% Prospectus
TYBS Daily 20+ Year Treasury Bear 1X Shares ICE U.S. Treasury 20+ Year Bond Index (IDCOT20TR) -100% Prospectus
SAGG Daily Total Bond Market Bear 1X Shares Bloomberg Barclays Capital US Aggregate Bond Index (LBUSTRUU) -100% Prospectus
SPDN Daily S&P 500 Bear 1X Shares S&P 500 Index (SPXT) -100% Prospectus
CHAD Daily CSI 300 China A Share Bear 1X Shares CSI 300 Index (CSIN0301) -100% Prospectus
HYDD Daily High Yield Bear 2X Shares Barclays U.S. High Yield Very Liquid Index (LHVLTRUU) -200% Prospectus
TYO Daily 7-10 Year Treasury Bear 3X Shares ICE U.S. Treasury 7-10 Year Bond Index (IDCOT7TR) -300% Prospectus
TMV Daily 20+ Year Treasury Bear 3X Shares ICE U.S. Treasury 20+ Year Bond Index (IDCOT20TR) -300% Prospectus
SPXS Daily S&P 500 Bear 3X Shares S&P 500 Index (SPXT) -300% Prospectus
MIDZ Daily Mid Cap Bear 3X Shares S&P Mid Cap 400 Index (SPTRMDCP) -300% Prospectus
TZA Daily Small Cap Bear 3X Shares Russell 2000 Index (RU201NTR) -300% Prospectus
TECS Daily Technology Bear 3X Shares Technology Select Sector Index (IXTTR) -300% Prospectus
FAZ Daily Financial Bear 3X Shares Russell 1000 Financial Services Index (RGUSFLA) -300% Prospectus
WDRW Daily Regional Banks Bear 3X Shares S&P Regional Banks Select Industry Index (SPSIRBK) -300% Prospectus
ERY Daily Energy Bear 3X Shares Energy Select Sector Index (IXETR) -300% Prospectus
DRIP Daily S&P Oil & Gas Exp. & Prod. Bear 3X Shares S&P Oil & Gas Exploration & Production Select Industry Index (SPSIOPTR) -300% Prospectus
LABD Daily S&P Biotech Bear 3X Shares S&P Biotechnology Select Industry Index (SPSIBITR) -300% Prospectus
DRV Daily MSCI Real Estate Bear 3X Shares MSCI US REIT Index (RMS G) -300% Prospectus
DUST Daily Gold Miners Index Bear 3X Shares NYSE Arca Gold Miners Index (GDMNTR) -300% Prospectus
JDST Daily Junior Gold Miners Index Bear 3X Shares MVIS Global Junior Gold Miners Index (MVGDXJTR) -300% Prospectus
DPK Daily MSCI Developed Markets Bear 3X Shares MSCI EAFE Index (NDDUEAFE) -300% Prospectus
EDZ Daily MSCI Emerging Markets Bear 3X Shares MSCI Emerging Markets Index (NDUEEGF) -300% Prospectus
YANG Daily FTSE China Bear 3X Shares FTSE China 50 Index (TXIN0UNU) -300% Prospectus
RUSS Daily Russia Bear 3X Shares MVIS Russia Index (MVRSXTR) -300% Prospectus
Ticker Fund Name Index/Benchmark (Bloomberg Symbol) Target Prospectus
DXSTX Monthly 25+ Year Treasury Bear 1.35X Fund ICE U.S. Treasury 25+ Year Bond Index (ICET25TR) -135% Prospectus
DXNSX Monthly NASDAQ-100 Bear 1.25X Fund NASDAQ-100 Index (XNDX) -125% Prospectus
DXKSX Monthly 7-10 Year Treasury Bear 2X Fund ICE U.S. Treasury 7-10 Year Bond Index (IDCOT7TR) -200% Prospectus
DXSSX Monthly S&P 500 Bear 2X Fund S&P 500 Index (SPXT) -200% Prospectus
DXRSX Monthly Small Cap Bear 2X Fund Russell 2000 Index (RU20INTR) -200% Prospectus
All data as of 12/31/2018
Ticker Fund Name   1 Mo % 3 Mo % YTD % 1 YR % 3 YR % 5 YR % 10 YR % Since Inception Inception Date Expense Ratio* (Gross/Net %)
TYNS Daily 7-10 Year Treasury Bear 1X Shares NAV -2.38 -3.02 0.92 0.92 -1.40 -3.63 -4.26 4.28 / 0.48*
Market Close -2.47 -3.08 0.75 0.75 -1.44 -3.57 -4.28
TYBS Daily 20+ Year Treasury Bear 1X Shares NAV -5.09 -3.57 3.59 3.59 -2.97 -7.37 -8.16 1.49 / 0.48*
Market Close -5.40 -3.82 3.17 3.17 -3.13 -7.38 -8.21
SAGG Daily Total Bond Market Bear 1X Shares NAV -1.57 -0.89 2.80 2.80 -0.90 -2.18 -2.81 2.38 / 0.50*
Market Close -1.76 -0.96 2.76 2.76 -1.03 -2.19 -2.84
SPDN Daily S&P 500 Bear 1X Shares NAV 9.59 15.29 5.34 5.34 -7.86 0.71 / 0.56*
Market Close 9.42 15.18 5.41 5.41 -7.89
CHAD Daily CSI 300 China A Share Bear 1X Shares NAV 5.11 11.36 28.77 28.77 -1.68 0.09 0.84 / 0.85*
Market Close 4.93 11.35 28.74 28.74 -1.65 0.06
HYDD Daily High Yield Bear 2X Shares NAV 4.51 10.50 8.04 8.04 -8.07 2.15 / 0.89*
Market Close 4.84 10.60 7.69 7.69 -7.97
TYO Daily 7-10 Year Treasury Bear 3X Shares NAV -7.41 -9.77 -0.85 -0.85 -6.00 -11.72 -13.21 1.17 / 1.07*
Market Close -7.26 -9.98 -1.41 -1.41 -5.95 -11.76 -13.19
TMV Daily 20+ Year Treasury Bear 3X Shares NAV -14.94 -11.69 5.67 5.67 -12.72 -24.22 -24.00 1.02 / 1.02*
Market Close -15.77 -12.59 4.01 4.01 -13.14 -24.09 -24.04
SPXS Daily S&P 500 Bear 3X Shares NAV 28.39 44.95 3.40 3.40 -28.33 -28.49 -42.05 -41.73 1.11 / 1.10*
Market Close 27.35 44.30 3.45 3.45 -28.45 -28.52 -42.08 -41.75
MIDZ Daily Mid Cap Bear 3X Shares NAV 38.59 66.60 29.95 29.95 -27.00 -24.79 -45.26 1.42 / 1.09*
Market Close 39.38 67.64 30.92 30.92 -26.89 -24.78 -45.25
TZA Daily Small Cap Bear 3X Shares NAV 40.41 81.10 24.80 24.80 -30.06 -25.74 -48.29 -49.03 1.12 / 1.10*
Market Close 40.91 81.63 25.06 25.06 -30.14 -25.72 -48.41 -49.02
TECS Daily Technology Bear 3X Shares NAV 22.87 52.07 -19.29 -19.29 -43.57 -41.82 -50.61 -50.10 1.29 / 1.10*
Market Close 22.42 51.91 -19.15 -19.15 -43.60 -41.84 -50.61 -50.10
FAZ Daily Financial Bear 3X Shares NAV 32.81 40.06 16.27 16.27 -30.78 -30.80 -53.40 -55.27 1.15 / 1.10*
Market Close 32.55 40.19 16.84 16.84 -30.78 -30.79 -53.45 -55.27
WDRW Daily Regional Banks Bear 3X Shares NAV 58.45 82.70 53.82 53.82 -36.72 -33.76 2.27 / 1.07*
Market Close 60.38 84.57 56.41 56.41 -35.64 -33.58
ERY Daily Energy Bear 3X Shares NAV 41.29 100.92 44.18 44.18 -23.73 -8.35 -35.93 -38.45 1.15 / 1.07*
Market Close 42.02 102.19 45.62 45.62 -23.55 -8.23 -35.91 -38.42
DRIP Daily S&P Oil & Gas Exp. & Prod. Bear 3X Shares NAV 60.61 224.17 49.10 49.10 -44.75 -25.08 1.20 / 1.07*
Market Close 61.49 225.97 49.81 49.81 -44.59 -25.00
LABD Daily S&P Biotech Bear 3X Shares NAV 30.18 75.03 -7.08 -7.08 -48.32 -46.23 1.14 / 1.11*
Market Close 31.31 76.24 -6.21 -6.21 -48.19 -46.12
DRV Daily MSCI Real Estate Bear 3X Shares NAV 25.29 17.88 4.97 4.97 -17.48 -29.77 -48.60 1.48 / 1.09*
Market Close 25.07 17.62 5.07 5.07 -17.43 -29.76 -48.60
DUST Daily Gold Miners Index Bear 3X Shares NAV -30.91 -41.46 -2.93 -2.93 -69.63 -59.85 -36.96 1.06 / 1.08*
Market Close -31.18 -41.76 -3.25 -3.25 -69.72 -59.87 -37.00
JDST Daily Junior Gold Miners Index Bear 3X Shares NAV -36.61 -35.98 -1.45 -1.45 -79.58 -74.72 -70.45 1.07 / 1.10*
Market Close -36.41 -35.96 -1.56 -1.56 -79.60 -74.66 -70.43
DPK Daily MSCI Developed Markets Bear 3X Shares NAV 16.81 46.35 47.98 47.98 -16.15 -11.23 -34.17 -34.09 2.41 / 1.10*
Market Close 17.62 46.62 48.59 48.59 -16.02 -11.15 -34.18 -34.07
EDZ Daily MSCI Emerging Markets Bear 3X Shares NAV 10.01 17.74 33.16 33.16 -36.44 -21.32 -42.99 -42.27 1.16 / 1.12*
Market Close 9.73 17.74 32.89 32.89 -36.48 -21.28 -43.06 -42.28
YANG Daily FTSE China Bear 3X Shares NAV 19.22 16.86 13.32 13.32 -35.31 -33.72 -37.80 1.18 / 1.09*
Market Close 19.23 17.32 13.12 13.12 -35.31 -33.73 -37.80
RUSS Daily Russia Bear 3X Shares NAV 10.15 21.70 -10.30 -10.30 -52.07 -37.92 -38.19 1.18 / 1.13*
Market Close 10.70 21.94 -10.36 -10.36 -52.10 -37.95 -38.19
All data as of 12/31/2018
Ticker Fund Name   1 Mo % 3 Mo % YTD % 1 YR % 3 YR % 5 YR % 10 YR % Since Inception Inception Date Expense Ratio* (Gross/Net %)
DXSTX Monthly 25+ Year Treasury Bear 1.35X Fund NAV -7.67 -5.63 3.35 3.35 -4.50 -4.17 1.21 / 1.21*
DXNSX Monthly NASDAQ-100 Bear 1.25X Fund NAV 11.39 24.35 -1.41 -1.41 -17.05 1.29 / 1.29*
DXKSX Monthly 7-10 Year Treasury Bear 2X Fund NAV -5.12 -6.57 -3.46 -7.37 -7.90 -9.83 1.49 / 1.49*
DXSSX Monthly S&P 500 Bear 2X Fund NAV 18.51 30.32 7.29 7.29 -17.77 -17.75 -28.73 -22.28 1.49 / 1.49*
DXRSX Monthly Small Cap Bear 2X Fund NAV 24.20 47.45 18.70 18.70 -19.28 -15.41 -32.67 -22.90 1.49 / 1.49*
Ticker Fund Name NAV NAV Change $ NAV Change % Market Price Closing Market Price Closing Change($) Market Price Closing Change(%) Premium / Discount
TYNS Daily 7-10 Year Treasury Bear 1X Shares 28.28 0.06 0.21 28.26 0.04 0.15 -0.02
TYBS Daily 20+ Year Treasury Bear 1X Shares 20.55 20.53 -0.01 -0.07 -0.02
SAGG Daily Total Bond Market Bear 1X Shares 31.68 0.03 0.09 31.67 0.01 -0.01
SPDN Daily S&P 500 Bear 1X Shares 30.27 -0.23 -0.75 30.27 -0.22 -0.72
CHAD Daily CSI 300 China A Share Bear 1X Shares 37.21 37.22 -0.05 -0.14 0.01
HYDD Daily High Yield Bear 2X Shares 18.47 -0.09 -0.48 18.60 -0.08 -0.43 0.13
TYO Daily 7-10 Year Treasury Bear 3X Shares 13.99 0.07 0.50 13.93 0.01 0.04 -0.06
TMV Daily 20+ Year Treasury Bear 3X Shares 18.87 -0.01 -0.05 18.86 -0.02 -0.11 -0.01
SPXS Daily S&P 500 Bear 3X Shares 26.28 -0.61 -2.27 26.30 -0.62 -2.30 0.02
MIDZ Daily Mid Cap Bear 3X Shares 13.87 -0.39 -2.73 13.91 -0.35 -2.42 0.04
TZA Daily Small Cap Bear 3X Shares 11.63 -0.31 -2.60 11.65 -0.31 -2.59 0.02
TECS Daily Technology Bear 3X Shares 24.05 -0.49 -2.00 24.07 -0.49 -2.00 0.02
FAZ Daily Financial Bear 3X Shares 11.04 -0.18 -1.60 11.05 -0.18 -1.60 0.01
WDRW Daily Regional Banks Bear 3X Shares 33.63 -0.76 -2.21 33.90 -0.37 -1.07 0.27
ERY Daily Energy Bear 3X Shares 49.01 -1.51 -2.99 49.10 -1.41 -2.79 0.09
DRIP Daily S&P Oil & Gas Exp. & Prod. Bear 3X Shares 10.61 -0.19 -1.76 10.59 -0.23 -2.13 -0.02
LABD Daily S&P Biotech Bear 3X Shares 26.70 -0.71 -2.59 26.71 -0.69 -2.52 0.01
DRV Daily MSCI Real Estate Bear 3X Shares 9.06 -0.12 -1.31 9.05 -0.13 -1.42 -0.01
DUST Daily Gold Miners Index Bear 3X Shares 24.29 -0.21 -0.86 24.14 -0.42 -1.71 -0.15
JDST Daily Junior Gold Miners Index Bear 3X Shares 49.50 -0.39 -0.78 49.36 -0.60 -1.20 -0.14
DPK Daily MSCI Developed Markets Bear 3X Shares 15.80 -0.16 -1.00 15.81 -0.14 -0.88 0.01
EDZ Daily MSCI Emerging Markets Bear 3X Shares 49.94 -0.65 -1.28 49.91 -0.69 -1.36 -0.03
YANG Daily FTSE China Bear 3X Shares 57.24 -0.54 -0.93 57.27 -0.56 -0.97 0.03
RUSS Daily Russia Bear 3X Shares 15.92 -0.28 -1.73 15.90 -0.32 -1.97 -0.02
Ticker Fund Name NAV NAV Change $ NAV Change % Market Price Closing Market Price Closing Change($) Market Price Closing Change(%) Premium / Discount
DXSTX Monthly 25+ Year Treasury Bear 1.35X Fund 17.73 0.02
DXNSX Monthly NASDAQ-100 Bear 1.25X Fund 11.06 -0.12 -1.04
DXKSX Monthly 7-10 Year Treasury Bear 2X Fund 29.56 0.11 0.37
DXSSX Monthly S&P 500 Bear 2X Fund 13.74 -0.24 -1.72
DXRSX Monthly Small Cap Bear 2X Fund 14.83 -0.33 -2.18
Ticker Fund Name Record Date Ex Date Pay Date Income Dividend Short-Term Capital Gain Long-Term Capital Gain
TYNS Daily 7-10 Year Treasury Bear 1X Shares 0.10058
TYNS Daily 7-10 Year Treasury Bear 1X Shares 0.1089
TYNS Daily 7-10 Year Treasury Bear 1X Shares 0.07586
TYNS Daily 7-10 Year Treasury Bear 1X Shares 0.07131
TYBS Daily 20+ Year Treasury Bear 1X Shares 0.07411
TYBS Daily 20+ Year Treasury Bear 1X Shares 0.08732
TYBS Daily 20+ Year Treasury Bear 1X Shares 0.05725
TYBS Daily 20+ Year Treasury Bear 1X Shares 0.0523
SAGG Daily Total Bond Market Bear 1X Shares 0.11465
SAGG Daily Total Bond Market Bear 1X Shares 0.12416
SAGG Daily Total Bond Market Bear 1X Shares 0.08718
SAGG Daily Total Bond Market Bear 1X Shares 0.07998
SPDN Daily S&P 500 Bear 1X Shares 0.10942
SPDN Daily S&P 500 Bear 1X Shares 0.11444
SPDN Daily S&P 500 Bear 1X Shares 0.13966
SPDN Daily S&P 500 Bear 1X Shares 0.03083
SPDN Daily S&P 500 Bear 1X Shares 0.05303
SPDN Daily S&P 500 Bear 1X Shares 0.03802
SPDN Daily S&P 500 Bear 1X Shares 0.0374
CHAD Daily CSI 300 China A Share Bear 1X Shares 0.08126
CHAD Daily CSI 300 China A Share Bear 1X Shares 0.09576
CHAD Daily CSI 300 China A Share Bear 1X Shares 0.05167
CHAD Daily CSI 300 China A Share Bear 1X Shares 0.04877
HYDD Daily High Yield Bear 2X Shares 0.06674
HYDD Daily High Yield Bear 2X Shares 0.05696
HYDD Daily High Yield Bear 2X Shares 0.02644
HYDD Daily High Yield Bear 2X Shares 0.02403
TYO Daily 7-10 Year Treasury Bear 3X Shares 0.02056
TYO Daily 7-10 Year Treasury Bear 3X Shares 0.02309
TMV Daily 20+ Year Treasury Bear 3X Shares 0.05547
TMV Daily 20+ Year Treasury Bear 3X Shares 0.05228
TMV Daily 20+ Year Treasury Bear 3X Shares 0.00572
SPXS Daily S&P 500 Bear 3X Shares 0.10179
SPXS Daily S&P 500 Bear 3X Shares 0.04773
SPXS Daily S&P 500 Bear 3X Shares 0.02919
MIDZ Daily Mid Cap Bear 3X Shares 0.03031
MIDZ Daily Mid Cap Bear 3X Shares 0.00097
MIDZ Daily Mid Cap Bear 3X Shares 0.01507
TZA Daily Small Cap Bear 3X Shares 0.05058
TZA Daily Small Cap Bear 3X Shares 0.03008
TZA Daily Small Cap Bear 3X Shares 0.01511
TECS Daily Technology Bear 3X Shares 0.07968
TECS Daily Technology Bear 3X Shares 0.06281
TECS Daily Technology Bear 3X Shares 0.02504
TECS Daily Technology Bear 3X Shares 0.00628
FAZ Daily Financial Bear 3X Shares 0.04078
FAZ Daily Financial Bear 3X Shares 0.02095
FAZ Daily Financial Bear 3X Shares 0.01461
WDRW Daily Regional Banks Bear 3X Shares 0.03662
WDRW Daily Regional Banks Bear 3X Shares 0.05886
WDRW Daily Regional Banks Bear 3X Shares 0.019
WDRW Daily Regional Banks Bear 3X Shares 0.02867
ERY Daily Energy Bear 3X Shares 0.20497
ERY Daily Energy Bear 3X Shares 0.07126
ERY Daily Energy Bear 3X Shares 0.01789
DRIP Daily S&P Oil & Gas Exp. & Prod. Bear 3X Shares 0.06027
DRIP Daily S&P Oil & Gas Exp. & Prod. Bear 3X Shares 0.01604
DRIP Daily S&P Oil & Gas Exp. & Prod. Bear 3X Shares 0.00742
DRIP Daily S&P Oil & Gas Exp. & Prod. Bear 3X Shares 0.01854
LABD Daily S&P Biotech Bear 3X Shares 0.19134
LABD Daily S&P Biotech Bear 3X Shares 0.0858
LABD Daily S&P Biotech Bear 3X Shares 0.02438
LABD Daily S&P Biotech Bear 3X Shares 0.00444
DRV Daily MSCI Real Estate Bear 3X Shares 0.01273
DRV Daily MSCI Real Estate Bear 3X Shares 0.03146
DRV Daily MSCI Real Estate Bear 3X Shares 0.00207
DUST Daily Gold Miners Index Bear 3X Shares 0.02261
DUST Daily Gold Miners Index Bear 3X Shares 0.03097
DUST Daily Gold Miners Index Bear 3X Shares 0.03035
JDST Daily Junior Gold Miners Index Bear 3X Shares 0.092
JDST Daily Junior Gold Miners Index Bear 3X Shares 0.17969
JDST Daily Junior Gold Miners Index Bear 3X Shares 0.01359
DPK Daily MSCI Developed Markets Bear 3X Shares 0.04698
DPK Daily MSCI Developed Markets Bear 3X Shares 0.04565
DPK Daily MSCI Developed Markets Bear 3X Shares 0.01087
EDZ Daily MSCI Emerging Markets Bear 3X Shares 0.24872
EDZ Daily MSCI Emerging Markets Bear 3X Shares 0.09892
EDZ Daily MSCI Emerging Markets Bear 3X Shares 0.01159
YANG Daily FTSE China Bear 3X Shares 0.20957
YANG Daily FTSE China Bear 3X Shares 0.1138
YANG Daily FTSE China Bear 3X Shares 0.00525
RUSS Daily Russia Bear 3X Shares 0.07403
RUSS Daily Russia Bear 3X Shares 0.03257
RUSS Daily Russia Bear 3X Shares 0.02779

* Net Expense Ratios for ETFs include management fees, other operating expenses and Acquired Fund Fees and Expenses. If Acquired Fund Fees and Expenses were excluded, the Net Expense Ratio be 0.95% for TYO, SPXS, MIDZ, TZA, FAZ, WDRW, ERY, DRIP, LABD, DRV, DUST, JDST, DPK, EDZ, YANG, RUSS; 0.92% for TMV; 0.80% for CHAD, HYDD, DULL; 0.45% for TYNS, TYBS, SAGG, SPDN. The Funds’ Adviser, Rafferty Asset Management, LLC (“Rafferty”) has entered into an Operating Expense Limitation Agreement with each Fund, under which Rafferty has contractually agreed to cap all or a portion of its management fee and/or reimburse each Fund for Other Expenses through September 1, 2018, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% for TYO, SPXS, MIDZ, TZA, FAZ, WDRW, ERY, DRIP, LABD, DRV, DUST, JDST, DPK, EDZ, YANG, RUSS; 0.92% for TMV; 0.80% for CHAD, HYDD, DULL; 0.45% for TYNS, TYBS, SAGG, SPDN other than the following: taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses. If these expenses were included, the expense ratio would be higher.

Net Expense Ratios for Mutual Funds include management fees, other operating expenses and Acquired Fund Fees and Expenses. If Acquired Fund Fees and Expenses were excluded, the Net Expense Ratio would be 1.35% for DXSSX, DXRSX, DXKSX; 1.15% for DXNSX; and 1.10% for DXSTX. The Funds’ Adviser, Rafferty Asset Management, LLC (“Rafferty”) has entered into an Operating Expense Limitation Agreement with each Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to cap all or a portion of its management fee and/or reimburse each Fund for Other Expenses through September 1, 2019, to the extent that each Fund’s Total Annual Fund Operating Expenses exceed 1.35% for DXSSX, DXRSX, DXKSX; 1.15% for DXNSX; and 1.10% for DXSTX of the Fund’s daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses). If these expenses were included, the net expense ratio would be higher.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns for performance under one year are cumulative, not annualized. For the most recent month-end performance please visit the funds website at www.direxioninvestments.com.

Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes. For additional information, see the fund’s prospectus or summary prospectus. Index performance does not include any fees or expenses, are unmanaged and cannot be invested in directly.