Fund Description: Direxion Fallen Knives ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Direxion Shares ETF Trust, an open-end investment management company. <p> INVESTMENT OBJECTIVE: The Direxion Fallen Knives ETF seeks investment results, before fees and expenses, that track the Indxx US Fallen Knives Index. </p> INDEX DESCRIPTION: The Indxx US Fallen Knives Index consistS of U.S equity securities that have experienced considerable share price declines over the prior year and have financial health, suggesting that the security has potential for share price recovery in the future. <p> FUND STRATEGY: The Fund uses a passive or indexing approach to attempt to achieve its investment objective. The Fund does not try to outperform the Index and does not generally take temporary defensive positions. Although the Fund intends to fully replicate the Index, at times the Fund may hold a representative sample of the securities in the Index that have aggregate characteristics similar to those of the Index. This means the Fund may not hold all of the securities included in the Index, its weighting of investment exposure to such stocks or industries may be different from that of the Index and it may hold securities that are not included in the Index. The Fund may utilize exchange-traded funds (ETFs ) and other investment companies to fully replicate the Index or hold a representative sample of securities in the Index. </p>FUND MANAGEMENT: Rafferty Asset Management, LLC serves as the Fund’s investment adviser.