Direxion Daily S&P 500 Bear 3X Shares seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the daily performance of the S&P 500 Index. The fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in swap agreements, futures contracts, short positions or other financial instruments that provide inverse (opposite) or short daily exposure to the index or to ETFs that track the index, which, in combination, provider returns consistent with the fund's investment objective. The index is a float-adjusted, market capitalization-weighted index. The fund is non-diversified.