PALD – Direxion Daily PANW Bear 1X Shares – ETF Investment Strategy | Morningstar

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Strategy

The investment seeks daily investment results, before fees and expenses, of 100% of the inverse (or opposite) of the daily performance of PANW. The fund, under normal circumstances, invests at least 80% of the fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to PANW, consistent with the fund’s investment objective. The fund is non-diversified.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
PALD	Direxion Daily PANW Bear 1X Shares	ETF	Open	—	—	Feb 10, 2025	$2.51M	1.020%	—	—	$830,954.98

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