Direxion Daily Real Estate Bear 3X Shares (the Fund) is a United States-based exchange traded fund (ETF). The Fund seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the price performance of the Real Estate Index. The Fund does not invest in equity securities. Under normal circumstances, it 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 Real Estate Index, and the remainder in Money Market Instruments. Rafferty Asset Management provides investment management services to the Fund.