Direxion Daily Semiconductors Top 5 Bear 2X ETF TSXD Strategy

The investment seeks daily investment results, before fees and expenses, of 200% of the inverse (or opposite) of the daily performance of the index. The index consists of the top five securities in the index, which includes U.S.-listed companies in the semiconductor industry. The fund, under normal circumstances, invests at least 80% of the fund’s net assets in financial instruments, including swap agreements, futures contracts, or short positions, that, in combination, provide 1X daily inverse or short exposure to the index or to ETF that track the index, consistent with the fund’s investment objective. It is non-diversified.