Fund Objective - The Direxion Daily Semiconductor Bear 3x ETF seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the price performance of the PHLX Semiconductor Sector Index ("Semiconductor Index"). There is no guarantee the fund will meet its stated investment objective.
Target Index - The Semiconductor Index measures the performance of the semiconductor subsector of the U.S. equity market. Component companies are engaged in the design, distribution, manufacture and sale of semiconductors. As of December 31, 2010, the Semiconductor Index included companies with a median market capitalization of $5.0 billion. The average capitalization of the companies comprising the Semiconductor Index was approximately $10.0 billion. One cannot directly invest in an index.