Direxion Daily PANW Bear 1X Shares (Direxion Daily PANW Bear 1X ETF) ETF

The fund, under normal circumstances, invests at least 80% of the fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to PANW, consistent with the fund’s investment objective. The fund is non-diversified.