The Direxion 3X Bear Exchange Traded Fund (ETF) seeks to replicate, net of expenses, 300% of the inverse daily performance of the Russell 1000 Index The Fund seeks to create short positions by investing at least 80% of its net assets in Financial Instruments that provide leveraged and unleveraged exposure to the Large Cap Index. The fund will invest at least 80% of assets in securities that comprise the index. It will also utilize financial instruments that, in combination, provide leveraged and unleveraged exposure to the index. The fund is non-diversified. Investors should carefully consider the investment objectives, risks, charges and expenses of this ETF before investing. The fund utilizes short term and money market funds to achieve its objectives including the Goldman Sachs Financial Square Government Fund and short equity swap contracts.