Direxion Daily PANW Bull 2X Shares (Direxion Daily PANW Bull 2X ETF) ETF

The fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of PANW and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to PANW, consistent with the fund’s investment objective. The fund is non-diversified.