Additional risks include, for the Direxion Daily Technology Bull 3X Shares, Daily Index Correlation Risk, and for the Direxion Daily Technology Bear 3X Shares, Daily Inverse Index Correlation Risk, and risks related to Shorting and Cash Transactions. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles. Risks of each Fund include Effects of Compounding and Market Volatility Risk, Leverage Risk, Market Risk, Counterparty Risk, Rebalancing Risk, Intra-Day Investment Risk, Other Investment Companies (including ETFs) Risk, and risks specific to the Technology Sector. The use of derivatives such as futures contracts and swaps are subject to market risks that may cause their price to fluctuate over time. Each Fund is non-diversified and includes risks associated with the Funds’ concentrating their investments in a particular industry, sector, or geographic region which can result in increased volatility. The Direxion Shares ETFs are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk, consequences of seeking daily leveraged, or daily inverse leveraged, investment results and intend to actively monitor and manage their investment.ĭirexion Shares Risks – An investment in each Fund involves risk, including the possible loss of principal. The use of leverage by a Fund increases the risk to the Fund. Investing in a Direxion Shares ETF may be more volatile than investing in broadly diversified funds. Rafferty’s ETFs are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Technology Select Sector Index. Standard & Poor’s ® and S&P ® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) Dow Jones ® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Rafferty. The “Technology Select Sector Index” is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by Rafferty Asset Management, LLC (“Rafferty”). Absent these reimbursements or recoupments and fee waivers, results would have been less favorable. Some performance results reflect expense reimbursements or recoupments and fee waivers in effect during certain periods shown. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. Brokerage commissions will reduce returns. Market Price returns are based upon the midpoint of the bid/ask spread at 4:00 pm EST (when NAV is normally calculated) and do not represent the returns you would receive if you traded shares at other times. Shares of the Direxion Shares are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. “CUSIP” is a registered trademark of the American Bankers Association. The CUSIP Database, © 2011 American Bankers Association. To obtain a Fund’s prospectus and summary prospectus call 86 or visit our website at A Fund’s prospectus and summary prospectus should be read carefully before investing.ĬUSIP Identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard and Poor’s Financial Services, LLC, and are not for use or dissemination in any manner that would serve as a substitute for a CUSIP service. A Fund’s prospectus and summary prospectus contain this and other information about the Direxion Shares. An investor should carefully consider a Fund’s investment objective, risks, charges, and expenses before investing.
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