Fund Description: Direxion Russell 1000 Growth Over Value ETF is an exchange-traded index fund or index ETF which is a separate portfolio of the Direxion Shares ETF Trust, an investment management company. <p> INVESTMENT OBJECTIVE: The Direxion Russell 1000® Growth Over Value ETF seeks investment results, before fees and expenses, that track the Russell 1000® Growth/Value 150/50 Net Spread Index. .In tracking the Index, the Fund seeks to provide a vehicle for investors looking to efficiently express a growth over value investment view by overweighting exposure to the Long Component and shorting exposure to the Short Component. <p> INDEX DESCRIPTION: The Russell 1000® Growth/Value 150/50 Index measures the performance of a portfolio that has 150% long exposure to the Russell 1000® Growth Index and 50% short exposure to the Russell 1000® Value Index. On a monthly basis, the Index will rebalance such that the weight of the Long Component is equal to 150% and the weight of the Short Component is equal to 50% of the Index value. <p> FUND STRATEGY: The Fund, under normal circumstances, invests at least 80% of its net assets in securities that comprise the Long Component of the Index or shares of exchange-traded funds on the Long Component of the Index. Additionally, the Fund will invest in derivatives, such as swap agreements or futures contracts that provide long and short exposure to Index securities and/or ETFs that track the Long or Short Component of the Index. The Fund will concentrate its investment in a particular industry or group of industries (i.e., hold 25% or more of its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index is so concentrated. The Fund is expected to hold money market funds and/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 as collateral for the derivative positions. The Fund seeks to remain fully invested at all times consistent with its stated investment objective. <p> FUND MANAGEMENT: Rafferty Asset Management, LLC is the Fund’s investment adviser.