Direxion Daily Mid Cap Bull 3x Shares (the Fund), formerly Mid Cap Bull 3X Shares, seeks daily investment results of 300% of the price performance of the Russell MidCap Index (the Index). The Index measures the performance of the mid-cap segment of the United States equity universe. The Index is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and index membership. The Index represents approximately 31% of the total market capitalization of the Russell 1000 companies and has an average market capitalization of $5.5 billion dollars. The Fund creates long positions by investing at least 80% of its net assets in the equity securities that comprise the Index. The Fund will also invest in financial instruments that, in combination, provide leveraged and unleveraged exposure to the Index. The Fund’s investment advisor is Rafferty Asset Management, LLC.