LMTS

Direxion Daily LMT Bear 1X ETF seeks daily inverse investment results and is very different from most other exchange-traded funds. The pursuit of daily inverse investment goals means that the return of the Fund for a period longer than a full trading day may have no resemblance to -100% of the return of the common shares of Lockheed Martin Corporation (NYSE: LMT). This means that the return of the Fund for a period longer than a trading day will be the result of each single day's compounded return over the period, which will very likely differ from -100% of the return of LMT for that period. Longer holding periods and higher volatility of LMT increase the impact of compounding on an investor's returns. During periods of higher volatility, the volatility of LMT may affect the Fund's return as much as, or more than, the return of LMT. Further, the return for investors that invest for periods longer or shorter than a trading day should not be expected to be -100% of the performance of LMT for the period.