Direxion Daily Large Cap Bear 3X Shares (the Fund), formerly Direxion Large Cap Bear 3X Shares, seeks daily investment results of 300% of the inverse (or opposite) 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 does not invest in equity securities. The Fund creates short positions by investing at least 80% of its net assets in financial instruments that, in combination, provide leveraged and unleveraged exposure to the Large Cap Index, and the remainder in money market instruments. The Fund’s investment advisor is Rafferty Asset Management LLC.