Direxion Daily Large Cap Bull 3X Shares (the Fund), formerly Direxion Large Cap Bull 3X Shares, seeks daily investment results of 300% of the price performance of the Russell 1000 Index (the Large Cap Index). The Large Cap Index measures the performance of the large-cap segment of the United States equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Fund creates long positions by investing at least 80% of its net assets in the equity securities that comprise the Large Cap Index. The Fund will also invest in financial instruments that, in combination, provide leveraged and unleveraged exposure to the Large Cap Index. On a day-to-day basis, the Fund also holds money market instruments. The Fund’s investment advisor is Rafferty Asset Management LLC.