HIBS

Direxion Daily S&P 500 High Beta 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 High Beta Index. The fund invests 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 provider selects 100 securities from the S&P 500 Index that have exhibited the highest sensitivity to market movements, or "beta," over the past 12 months based on the securities' daily price changes. It is non-diversified.