This fund closed on October 16, 2020. PASS is a daily -3x leveraged (inverse) bet on the S&P Consumer Discretionary Select Industry Index. PASS does this through a portfolio swaps contracts that gets rebalanced at the end of each trading day. Because of this rebalancing, the funds return for periods longer than a day becomes path dependent, and is likely to be different from three times the inverse of the return of the index for the same period. This makes PASS suitable primarily for short-term traders. The expense ratio has minimal impact on the cost of holding these funds for a short period of time, and would matter little to someone who is speculating on the short-term movements of biotech companies. Trading costs as reflected in spreads, and potential premium/discounts are the predominant consideration here.