SBB aims to make a one-day bet against the small-cap segment of the US equity market. With the use of swaps and derivatives, the fund provides inverse leveraged exposure to the S&P SmallCap 600 Index, a market-cap-weighted index of small-cap firms selected by S&Ps index committee. As a levered product with daily resets, SBB is designed as a short-term trading tool and not a long-term investment vehicle. As a result, long-term returns could materially differ from those of the underlying index due to daily compounding.
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