DIREXION DAILY SEMICONDUCTOR BULL 3X SHARES ETF

The investment seeks daily investment results, before fees and expenses, of 300% of the daily performance of the PHLX Semiconductor Sector Index. The fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments, such as swap agreements, securities of the index, and ETFs that track the index and other financial instruments that provide daily leveraged exposure to the index or to ETFs that track the index. The index measures the performance of domestic companies engaged in the design, distribution, manufacture and sale of semiconductors. The fund is non-diversified.