Fund Description: Direxion Daily CSI 300 China A Share Bull 2X Shares is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Direxion Shares ETF Trust, an investment management company. INVESTMENT OBJECTIVE: The Direxion Daily CSI 300 China A Share Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the price performance of the CSI 300 Index. The Fund seeks daily leveraged investment results and does not seek to achieve its stated investment objective over a period of time greater than one day. The Fund is different and much riskier than most exchange-traded fund and is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios as frequently as daily. INDEX DESCRIPTION: The CSI 300 Index is a modified free-float market capitalization weighted index comprised of the largest and most liquid stocks in the Chinese A-share market. Index constituent stocks must have been listed for more than three months (unless the stock’s average daily A-share market capitalization since its initial listing ranks among the top 30 of all A-shares) and must not be experiencing obvious abnormal fluctuations or market manipulations. A-shares are issued by companies incorporated in the People’s Republic of China (PRC) and are traded in renminbi (RMB) on the Shenzhen or Shanghai Stock Exchanges. Foreign investors must be approved as Renminbi Qualified Foreign Institutional Investors (RQFII) to invest in A-shares. FUND STRATEGY: Because the Fund does not satisfy the criteria to qualify as a RQFII or QFII itself, the Fund expects to invest a majority of its assets in other investment companies that seek to replicate the Index. The Fund, under normal circumstances, creates long positions by investing at least 80% of its assets in financial instruments that provide leveraged and unleveraged exposure to the Index. These financial instruments include: swap agreements; exchange-traded funds (ETFs); swaps on ETFs; futures contracts; options on securities, indices and futures contracts; forward contracts; short positions; reverse repurchase agreements; and other financial instruments. On a day-to-day basis, the Fund invests the remainder of its assets in money market funds, depository accounts with institutions with high quality credit ratings or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund invests in derivatives as a substitute for investing directly in a security in order to gain leveraged exposure to the Index or its components. The Fund seeks to remain fully invested at all times consistent with its stated investment objective. At the close of the markets each trading day, the adviser positions the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s stated investment objective. The impact of the Index’s movements during the day will affect whether the Fund’s portfolio needs to be re-positioned. FUND MANAGEMENT: Rafferty Asset Management, LLC is the Fund’s investment adviser.