-1x Short VIX Mid-Term Futures Strategy ETF(AMEX:ZIVB)

ZIVB aims to provide daily inverse exposure to mid-term VIX futures with an average term-to-maturity of five months. The VIX is a non-investable index that captures the implied volatility of the S&P 500. The fund rolls its short positions and rebalances its portfolio daily, whereby the time and manner of rebalancing are at the discretion of the fund adviser. As a daily inverse product, ZIVB is designed as a short-term trading tool and not a long-term investment vehicle. Returns over holding periods greater than one day can be significantly different from -1x of the index. ZIVB does not deliver inverse returns on the VIX itself. The fund provides the inverse returns of the fourth, fifth, sixth, and seventh month futures contracts, rolled daily. ZIVB indirectly obtains exposure by utilizing a Cayman Island Subsidiary, thus, avoiding issuing a K-1 form to investors. The fund is structured as a commodity pool, which means that investors can avoid the counterparty risk of an exchange-traded note.