DUST

Direxion Daily Gold Miners Index Bear 2X Shares seeks daily investment results before fees and expenses of 200% of the inverse of the daily performance of the NYSE Arca Gold Miners Index. The index is comprised of publicly traded companies that operate globally in both developed and emerging markets, and are involved primarily in mining for gold and, to a lesser extent, in mining for silver. The fund invests at least 80% of its net assets in swap agreements, futures contracts, short positions or other financial instruments that provide inverse or short daily exposure to the index or to ETFs that track the index which provider returns consistent with the objective. It is non-diversified.