Direxion Daily Mid Cap Bear 3x Shares (the Fund), formerly Mid Cap Bear 3X Shares, seeks daily investment results of 300% of the inverse (or opposite) 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 current 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 does not invest in equity securities. 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 Index, and the remainder in money market instruments. The Fund’s investment advisor is Rafferty Asset Management, LLC.