Fund Description: Direxion Financial Bull 3X 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: Direxion Financial Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the price performance of the Russell 1000 Financial Services 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 funds. The Fund 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 Russell 1000 Financial Services Index is a subset of the Russell 1000 Index that measures the performance of the securities classified in the financial services sector of the large cap U.S. equity market. The inclusion of companies in this index is based on a combination of their primary lines of business and market capitalizations. The Russell 1000 Financial Services Index is constructed to provide a comprehensive and unbiased barometer for the financial services sector. It is completely reconstituted annually to ensure new and growing equities are reflected, and it is maintained regularly to verify that companies continue to remain financially focused in their financial services-related business lines. Russell places a company into the financial services sector on the basis of its primary economic orientation. Primary economic orientation is determined using multiple resources, including SEC filings, company web pages and stock exchanges. FUND STRATEGY: The Fund, under normal circumstances, creates long positions by investing at least 80% of its net assets in the equity securities that comprise the Index and/or: financial instruments that provide leveraged and unleveraged exposure to the Index. These financial instruments include: futures contracts; options on securities, indices and futures contracts; equity caps, collars and floors; swap agreements; forward contracts; short positions, reverse repurchase agreements; and other financial instruments. On a day-to-day basis, the Fund also holds 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. The Fund seeks to remain fully invested at all times consistent with its stated goal. At the close of the markets each trading day, the Fund’s portfolio is positioned so that its exposure to the Index is consistent with the Fund’s investment objective. The impact of the Index’s movements during the day will affect whether the Fund’s portfolio needs to be re-positioned. The Fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated. FUND MANAGEMENT: Rafferty Asset Management, LLC is the Fund’s investment adviser.