Principal Risks: Equity investments are subject to stock market risk and portfolio turnover risk. Growth funds may underperform other funds that use different investing styles.
The Fund is subject to the risks of investing in equity securities, including securities of mid-sized companies. Growth funds may underperform other funds that use different investing styles. During periods of higher volatility, the Fund utilizes a strategy to hedge against stock market risks by decreasing the Fund’s overall equity exposure by investing in (i) inverse and leveraged exchange-traded funds (“ETFs”) (which are considered risky and speculative); (ii) derivatives (which create investment leverage and are highly volatile); and/or (iii) short positions in futures (which create investment leverage and can exaggerate losses). Please refer to the summary prospectus for a more detailed explanation of the Fund’s principal risks.
Although the reduction of equity exposure during periods of higher volatility is designed to decrease the risk of investment loss, it may prevent achieving higher investment returns. Further, the Fund’s use of leverage in its strategies may cause the Fund’s performance to be more volatile than if the Fund had not been leveraged.