DIREXION RUSSELL 1000 VALUE OVER GROWTH ETF ETF

The investment seeks investment results, before fees and expenses, that track the Russell 1000® Value/Growth 150/50 Net Spread Index (the index). The index measures the performance of a portfolio that has 150% long exposure to the Russell 1000® Value Index (the Long Component) and 50% short exposure to the Russell 1000® Growth Index (the Short Component). The fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in securities that comprise the Long Component of the index or shares of exchange-traded funds (?ETFs?) that track the Long Component of the index. The fund is non-diversified.