DIREXION DAILY CSI 300 CHINA A SHARES BEAR 1X SHARES ETF

The investment seeks daily investment results, before fees and expenses, of 100% of the inverse of the daily performance of the CSI 300 Index. The fund, under normal circumstances, invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short exposure to the index equal to at least 80% of the fund's net assets (plus borrowing for investment purposes). The index is a modified free-float market capitalization weighted index comprised of the largest and most liquid stocks in the Chinese A-share market. The fund is non-diversified.