| Investment Objective: |
The Direxion Daily SpaceX Bear 2X ETF (the "Fund") seeks daily inverse leveraged (-2X) investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund's objective is to magnify the daily inverse performance of the Class A common shares of Space Exploration Technologies Corp. (NASDAQ SPCX) ("SpaceX"), before fees and expenses. The return for investors that invest for periods longer or shorter than a trading day should not be expected to be -200% of the performance of SpaceX for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day's compounded return over the period, which will very likely differ from -200% of the return of SpaceX for that period. Longer holding periods, higher volatility of SpaceX and leverage increase the impact of compounding on an investor's returns. During periods of higher SpaceX volatility, the volatility of SpaceX may affect the Fund's return as much as, or more than, the return of SpaceX. |
