Direxion Daily Small Cap Bear 3X Shares seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the daily performance of the Russell 2000 Index. The fund at least 80% of its net assets 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. The index measures the performance of approximately 2,000 small-capitalization companies in the Russell 3000 Index, based on a combination of their market capitalization and current index membership. It is non-diversified.