DIREXION SHARES ETF TRUST - PDF document

1 DIREXION SHARES ETF TRUST D IREXION
DIREXION SHARES ETF TRUST D IREXION D AILY I NDIA B ULL 3X S HARES (INDL) D IREXION D AILY S&P B IOTECH B ULL 3X S HARES (LABU) D IREXION D AILY B RAZIL B ULL 3X S HARES (BRZU) D IREXION D AILY L ATIN A MERICA B ULL 3X S HARES (LBJ) D IREXION AILY E MERGING M ARKET S B ULL 3X S HARES (EDC) D IREXION D AILY R USSIA B ULL 3X S HARES (RUSL) D IREXION D AILY S&P O IL & G AS E XP . & P ROD . B ULL 3X S HARES (GUSH) D IREXION D AILY N ATURAL G AS R ELATED B ULL 3X HARES (GASL) Supplem ent dated February 19 , 2016 to the Summary Prospectus es , Prospectus es and Statement s of Additional Information (“SAI”) The Board of Trustees of the Direxion Shares ETF Trust (“Trust”) has approved , based on the recommendation of Rafferty Asset Management, LLC, the investment adviser to the Direxion Daily India Bull 3X Shares, Direxion Daily S&P Biotech Bull 3X Shares, Direxion Daily Brazil Bull 3X Shares, Direxion Daily Latin America Bull 3X Shares, Direxion Daily Emerging Markets Bull 3X Shares, Direxion Daily Russia Bull 3X Shares, Direxion Daily (each a “Fund” and collectively the “Funds”) , a reverse split of the issued and outstanding shares of the Funds . After the close of the markets on March 23 , 2016 , the Fund s will affect reverse split s of their issued and outstanding shares as follows: Fund Name Reverse Split Ratio Approximate decrea se in total number of outstanding shares Direxion Daily S&P Oil & Gas Exp. & Prod. B ull 3X Shares 1 for 10 90% Direxion Daily Natural Gas Related Bull 3X Shares 1 for 10 90% Direxion Daily India Bull 3X Shares 1 for 4 75% Direxion Daily S&P Biotech Bull 3X Shares 75% Direxion Daily Brazil Bull 3X Shares 1 for 4 75% Direxion Daily Latin America Bull 3X Shares 1 for 4 75% Direxion Daily Emerging Markets Bull 3X Shares 1 for 4 75% Direxion Daily Russia Bull 3X Shares 1 for 4 75% As a result of this reverse split, every ten or four shares of a Fund will be exchanged for one share as indicated in the table above . Accordingly, the total number of the issued and outstanding shares for the Fund s will decrease by the approximate percentage indicated above . In addition, the per share net asset value (“NAV”) and next day’s ten - or four - times higher for the Fund s . Shares of the Fund s will begin trading on the NYSE Arca, Inc. (“NYSE Arca”) on a split - adjusted basis on March 2 4 , 2016 . The next day’s opening market value of the Funds ’ issued and outstanding shares, and thus a shareholder’s investment value, will not be affected by the reverse split. The table s below illustrate the effect of a hypothetical one for ten and one for four reverse split anticipated for the Fund s , as applicable and described above: 1 for 10 Reverse Split Period # of Shares Owned Hypothetical NAV Total Market Value Pre - Split 12 0 $10 $1,2 00 Post - Split 12 $100 $1, 2 00 1 for 4 Reverse Split Period # of Shares Owned Hypothetical NAV Total

2 Market Value Pre - Split 120 $10
Market Value Pre - Split 120 $10 $1,200 Post - Split 30 $40 $1,200 The Trust’s transfer agent will notify the Depository Trust Company (“DTC”) of the reverse split and instruct DTC to adjust each shareholder’s investment(s) accordingly. DTC is the registered owner of the Fund s ’ shares and maintains a record of the Fund s ’ record owners. Redemption of Fractional Shares and Tax Consequences for the Reverse Split As a result of the reverse split, a shareholder of a Fund’s shares potentially could hold a fractional share. However, fractional shares cannot trade on the NYSE Arca . Thus, a Fund will redeem for cash a shareholder’s fractional shares at the Fund’s spli t - adjusted NAV . Such redemption may have tax implications for those shareholders and a shareholder could recognize a gain or loss in connection with the redemption of the shareholder’s fractional shares. Otherwise, the reverse split will not result in a taxable transaction for holders of Fund shares. No transaction fee will be imposed on shareholders for such redemption. “Odd Lot” Unit Also as a result of the reverse split, the Fund s will have outstanding one aggregation of less than 50,000 shares to ma ke a creation unit, or an “odd lot unit.” Thus, the Fund s will provide one authorized participant with a one - time opportunity to redeem the odd lot unit at the split - adjusted NAV or the NAV on such date the authorized participant seeks to redeem the odd l ot unit. * * * * * Please retain a copy of this Supplement with your Summary Prospectus , Prospectus and SAI . SummaryProspectusFebruary29,2016DirexionSharesETFTrust DirexionDailyIndiaBull3XShares Ticker:INDLListedonNYSEArcaBeforeyouinvest,youmaywanttoreviewtheFundsprospectus,whichcontainsmoreinformationabouttheFundanditsrisks.YoucanfindtheFundsprospectusandotherinformationabouttheFund,includingtheFundsstatementofadditionalinformationandshareholderreport,onlineathttp://www.direxioninvestments.com/regulatory-documents.YoucanalsogetthisinformationatnocostbycallingFundInvestorServicesat866-476-7523orbysendingane-mailrequesttoinfo@direxionshares.com,orfromyourfinancialintermediary.TheFundsprospectusandstatementofadditionalinformation,bothdatedFebruary29,2016,andthemostrecentshareholderreport,areincorporatedbyreferenceintothisSummaryProspectus. ImportantInformationRegardingtheFund TheDirexionDailyIndiaBull3XShares(FundŽ)seeksdailyleveragedinvestmentresults.ThepursuitofdailyleveragedgoalsmeansthattheFundisriskierthanalternatives InvestmentObjective TheFundseeksdailyinvestmentresults,beforefeesandexpenses,of300%oftheperformanceoftheIndusIndia FeesandExpensesoftheFund Thistabledescribesthefeesandexpensesthatyoumay ManagementFees0.75%Distributionand/orService(12b-1)Fees0.00%OtherExpensesoftheFund0.22%AcquiredFundFeesandExpenses0.18%TotalAnnualFundOperatingExpenses1.15%ExpenseCap/Reimbursement(1)-0.02%TotalAnnualFundOperatingExpensesAfterExpenseCap/Reimbursement1.13%(1)RaffertyAssetManagement,LLC(RaffertyŽortheAdviserŽ)hasenteredintoanOperatingExpenseLimitationAgreementwiththeFund.UndertheOperatingExpenseLimitationAgreement,Raffertyhascontractuallyagree

3 dtocapalloraportionofitsmanagementfeeand
dtocapalloraportionofitsmanagementfeeand/orreimbursetheFundforOtherExpenses 1Year3Years5Years10Years$115$363$631$1,396 PortfolioTurnover TheFundpaystransactioncosts,suchascommissions,whenitbuysandsellssecurities(orturnsoverŽitsportfolio).AhigherportfolioturnoverratemayindicatehighertransactioncostsandmayresultinhighertaxeswhenFundsharesareheldinataxableaccount.Thesecosts,whicharenotreflected SummaryProspectus1 DirexionDailyIndiaBull3XShares inAnnualFundOperatingExpensesorintheexample,affecttheFundsperformance.Duringthemostrecentfiscalyear,theFundsportfolioturnoverratewas355%oftheaveragevalueofitsportfolio.However,thisportfolioturnoverrateiscalculatedwithoutregardtocashinstrumentsorderivativetransactions.IftheFund'sextensiveuseofderivativeswasreflected,theFund'sportfolioturnoverratewouldbesignificantlyhigher. PrincipalInvestmentStrategy TheFund,undernormalcircumstances,createslongpositionsbyinvestingatleast80%ofitsassetsinthesecuritiesthatcomprisetheIndusIndiaIndex(IndexŽ)and/orfinancialinstrumentsthatprovideleveragedandunleveragedexposuretotheIndex.Thesefinancialinstrumentsinclude:swapagreements;futurescontracts;options;reverserepurchaseagreements;exchange-tradedfunds(ETFsŽ);andotherfinancialinstruments.Onaday-to-daybasis,theFundinveststheremainderofitsassetsinmoneymarketfunds,depositoryaccountswithinstitutionswithhighqualitycreditratingsorshort-termdebtinstrumentsthathaveterms-to-maturityoflessthan397daysandexhibithighqualitycreditprofiles,includingU.S.governmentsecuritiesandrepurchaseagreements.Indiaisconsideredanemergingmarket,Žasthattermisdefinedbytheindexprovider.ThedeterminationthatIndiaisanemergingmarketŽisbasedonitbeinganeconomythatisintheinitialstagesofindustrializationandhasbeenhistoricallymarkedbylowpercapitaincomeandlackofcapitalmarkettransparency,butappearstobeimplementingpoliticaland/ormarketreformsresultingingreatercapitalmarkettransparency,increasedaccessforforeigninvestorsandgenerallyimprovedeconomicconditions.Emergingmarketshavethepotentialforsignificantlyhigherorlowerratesofreturnandcarrygreaterrisksthanmoredevelopedeconomies.TheIndexisdesignedtoreplicatetheIndianequitymarketsasawholethroughagroupof50IndianstocksselectedfromauniverseofthelargestcompanieslistedontwomajorIndianexchanges.TheIndexutilizesaproprietarymeasurecalledIndusCap,whichtakesintoaccountrestrictionsonforeignownershipofIndiansecuritiesimposedbyIndianregulators;andhasthusbeencreatedspecificallyforusebyfundsmanagedonbehalfofforeigninvestors(i.e.investorsoutsideofIndia).TheIndexhas50constituents,spreadamongthefollowingsectors:informationtechnology,healthcare,financials,consumerstaplesandindustrials.TheIndexissupervisedbyanindexcommittee,comprisedofrepresentativesoftheIndexProviderandmembersofacademiaspecializinginemergingmarkets.ThecomponentsoftheIndexandthepercentagesrepresentedbyvarioussectorsintheIndexmaychangeovertime.TheFundwillconcentrateitsinvestment(i.e.,hold25%ormoreofitstotalassetsinthestocksofaparticularindustryorgroupofindustries)inaparticularindustryorgroupofindustriestoapproximatelythesameextentastheIndexissoconcentrated.TheFundmaygainleveragedexposuretotheIndexbyutilizingotherETFsorswapsonETFsthattrackthesameIndexorasubstantiallysimilarindexastheFund.Attimes,however,theFundwillutil

4 izeotherderivativesandinvestmentstrategi
izeotherderivativesandinvestmentstrategieswhichmayincludegainingleveragedexposuretoonlyarepresentativesampleofthesecuritiesintheIndexthathaveaggregatecharacteristicssimilartothoseoftheIndex.TheFundgainsthisexposureeitherbydirectlyinvestingintheunderlyingsecuritiesoftheIndexorbyinvestinginderivativesthatprovideleveragedexposuretothosesecurities.Derivativesarefinancialinstrumentsthatderivevaluefromtheunderlyingreferenceassetorassets,suchasstocks,bonds,orfunds(includingETFs),interestratesorindexes.TheFundinvestsinderivativesasasubstituteforinvestingdirectlyinasecurityinordertogainleveragedexposuretotheIndexoritscomponents.TheFundseekstoremainfullyinvestedatalltimesconsistentwithitsstatedinvestmentobjective.Atthecloseofthemarketseachtradingday,RaffertypositionstheFundsportfoliosothatitsexposuretotheIndexisconsistentwiththeFundsinvestmentobjective.TheimpactoftheIndexsmovementsduringthedaywillaffectwhethertheFundsportfolioneedstobere-positioned.Forexample,iftheIndexhasrisenonagivenday,netassetsoftheFundshouldrise,meaningthattheFundsexposurewillneedtobeincreased.Conversely,iftheIndexhasfallenonagivenday,netassetsoftheFundshouldfall,meaningtheFundsexposurewillneedtobereduced.Thisre-positioningstrategytypicallyresultsinhighportfolioturnover.Becauseofdailyrebalancingandthecompoundingofeachdaysreturnovertime,thereturnoftheFundforperiodslongerthanasingledaywillbetheresultofeachdaysreturnscompoundedovertheperiod,whichwillverylikelydifferfrom300%ofthereturnoftheIndexoverthesameperiod.TheFundwilllosemoneyiftheIndexperformanceisflatovertime,andasaresultofdailyrebalancing,theIndexsvolatilityandtheeffectsofcompounding,itisevenpossiblethattheFundwilllosemoneyovertimewhiletheIndex'sperformanceincreases. PrincipalInvestmentRisks AninvestmentintheFundentailsrisk.TheFundcouldlosemoneyoritsperformancecouldtrailthatofotherinvestmentalternatives.RaffertycannotguaranteethattheFundwillachieveitsleveragedinvestmentobjective.Inaddition,theFundpresentssomerisksnottraditionallyassociatedwithmostmutualfundsandETFs.ItisimportantthatinvestorscloselyreviewalloftheriskslistedbelowandunderstandhowtheserisksinterrelatebeforemakinganinvestmentintheFund.Turbulenceinfinancialmarketsandreducedliquidityinequity,creditandfixedincomemarketsmaynegativelyaffectmanyissuersworldwide,whichcouldhaveanadverseeffectontheFund.ThereistheriskthatyoucouldlosealloraportionofyourmoneyinvestedintheFund.AggressiveInvestmentTechniquesRisk„TheFundusesinvestmenttechniquesthatmaybeconsideredaggressiveandmayentailsignificantlyhigherthannormalrisk.Risksassociatedwiththeuseofswaps,futuresandforwardcontracts,andoptionsincludepotentiallydramaticpricechanges(losses)inthevalueoftheinstrumentsandimperfectcorrelationsbetweenthepriceofthecontractandtheunderlyingsecurityorindex.TheseinstrumentsmayincreaseSummaryProspectus2 DirexionDailyIndiaBull3XShares thevolatilityoftheFundandmayinvolveasmallinvestmentofcashrelativetothemagnitudeoftheriskassumed.AuthorizedParticipantsConcentrationRisk„TheFundmayhavealimitednumberoffinancialinstitutionsthatmayactasAuthorizedParticipants.TotheextentthatthoseAuthorizedParticipantsexitthebusinessorareunabletoprocesscreationand/orredemptionorders,Sharesmaytradeatadiscounttonetassetvalue.ConsumerStaplesSectorRisk„Theconsum

5 erstaplessectormaybeaffectedbythepermiss
erstaplessectormaybeaffectedbythepermissibilityofusingvariousfoodadditivesandproductionmethods,changingconsumertastes,marketingcampaignsandotherfactorsaffectingconsumerdemand.Inparticular,tobaccocompaniesmaybeadverselyaffectedbynewlaws,regulationsandlitigation.Theconsumerstaplessectormayalsobeadverselyaffectedbychangesortrendsincommodityprices,whichmaybeinfluencedorcharacterizedbyunpredictablefactors.CounterpartyRisk„TheFundmayinvestinFinancialInstrumentsinvolvingcounterpartiesforthepurposeofattemptingtogainexposuretoaparticulargroupofsecuritiesoranassetclasswithoutactuallypurchasingthosesecuritiesorinvestments.TheuseofFinancialInstruments,suchasswapagreements,involvesrisksthataredifferentfromthoseassociatedwithordinaryportfoliosecuritiestransactions.Forexample,theFundisexposedtotheriskthatthecounterpartymaybeunwillingorunabletomaketimelypaymentstomeetitscontractualobligationsormayfailtoreturnholdingsthataresubjecttotheagreementwiththecounterparty.IfthecounterpartybecomesbankruptordefaultsonitspaymentobligationstotheFund,theFundmaynotreceivethefullamountitisentitledtoreceive.Inaddition,theFundmayenterintoswapagreementsthatinvolvealimitednumberofcounterparties,whichmayincreasetheFundsexposuretocounterpartycreditrisk.TheFunddoesnotspecificallylimititscounterpartyriskwithrespecttoanysinglecounterparty.Further,thereisariskthatnosuitablecounterpartiesarewillingtoenterinto,orcontinuetoenterinto,transactionswiththeFundand,asaresult,theFundmaynotbeabletoachieveitsleveragedinvestmentobjective.CurrencyExchangeRateRisk„ChangesinforeigncurrencyexchangerateswillaffectthevalueoftheFundsinvestmentsinsecuritiesdenominatedinacountryscurrencyandtheFundsshareprice.Generally,whentheU.S.Dollarrisesinvalueagainstaforeigncurrency,aninvestmentinthatcountrylosesvaluebecausethatcurrencyisworthfewerU.S.Dollars.Devaluationofacurrencybyacountrysgovernmentorbankingauthorityalsowillhaveasignificantimpactonthevalueofanyinvestmentsdenominatedinthatcurrency.Currencymarketsgenerallyarenotasregulatedassecuritiesmarkets.Additionally,theFundmayinvestinalimitednumberofcurrencies.Asaresult,anincreaseordecreaseinthevalueofanyofthesecurrencieswouldhaveagreaterimpactontheFundsnetassetvalueandtotalreturnthaniftheFundheldamorediversifiednumberofcurrencies.DailyIndexCorrelation/TrackingRisk-ThereisnoguaranteethattheFundwillachieveahighdegreeofcorrelationtotheIndexandthereforeachieveitsdailyleveragedinvestmentobjective.ToachieveahighdegreeofcorrelationwiththeIndex,theFundseekstorebalanceitsportfoliodailytokeepleverageconsistentwithitsdailyleveragedinvestmentobjective.TheFundmayhavedifficultyachievingitsdailyleveragedinvestmentobjectiveduetofees,expenses,transactionscosts,financingcostsrelatedtotheuseofderivatives,incomeitems,valuationmethodology,accountingstandardsanddisruptionsorilliquidityinthemarketsforthesecuritiesorderivativesheldbytheFund.Marketdisruptions,regulatoryrestrictionsorextremevolatilitywillalsoadverselyaffecttheFundsabilitytoadjustexposuretotherequiredlevels.TheFundmaynothaveinvestmentexposuretoallsecuritiesintheIndex,oritsweightingofinvestmentexposuretosuchstocksorindustriesmaybedifferentfromthatoftheIndex.Inaddition,theFundmayinvestinsecuritiesorfinancialinstrumentsnotincludedintheIndex.TheFundmaybesubject

6 tolargemovementsofassetsintoandoutoftheF
tolargemovementsofassetsintoandoutoftheFund,potentiallyresultingintheFundbeingover-orunder-exposedtotheIndex.Inaddition,thetargetamountofportfolioexposuretotheIndexisimpacteddynamicallybytheIndexsmovement.Becauseofthis,itisunlikelythattheFundwillbeperfectlyexposedtotheIndexattheendofeachday.ThepossibilityoftheFundbeingmateriallyover-orunder-exposedtotheIndexincreasesondayswhentheIndexisvolatilenearthecloseofthetradingday.ActivitiessurroundingperiodicIndexreconstitutionsandotherIndexrebalancingorreconstitutioneventsmayhindertheFundsabilitytomeetitsdailyleveragedinvestmentobjective.DepositaryReceiptRisk„TotheextenttheFundinvestsin,and/orhasexposureto,foreigncompanies,theFundsinvestmentmaybeintheformofdepositaryreceiptsorothersecuritiesconvertibleintosecuritiesofforeignissuersincludingAmericanDepositaryReceipts(ADRsŽ),EuropeanDepositaryReceipts(EDRsŽ),andGlobalDepositaryReceipts(GDRsŽ).WhiletheuseofADRs,EDRsandGDRs,whicharetradedonexchangesandrepresentownershipinaforeignsecurity,provideanalternativetodirectlypurchasingtheunderlyingforeignsecuritiesintheirrespectivenationalmarketsandcurrencies,investmentsinADRs,EDRs,andGDRscontinuetobesubjecttocertainoftherisksassociatedwithinvestingdirectlyinforeignsecurities,suchaspoliticalandexchangeraterisks.DerivativesRisk„TheFundsinvestmentsinderivativesmayposerisksinadditiontoandgreaterthanthoseassociatedwithdirectlyinvestinginsecuritiesorotherinvestments,includingriskrelatedtoleverage,imperfectdailycorrelationswithunderlyinginvestmentsortheFundsotherportfolioholdings,higherpricevolatility,lackofavailability,counterpartyrisk,liquidity,valuationandlegalrestrictions.Theuseofderivativesisahighlyspecializedactivitythatinvolvesinvestmenttechniquesandrisksdifferentfromthoseassociatedwithordinaryportfoliosecuritiestransactions.Theuseofderivativesmayresultinlargerlossesorsmallergainsthandirectlyinvestingintheunderlyingsecurities.InvestmentsinsuchderivativesmaygenerallybesubjecttomarketrisksthatmaycausetheirpricestofluctuateovertimeandmayincreasethevolatilityoftheFund.WhentheFundusesderivatives,theremaybeimperfectcorrelationbetweenthevalueoftheunderlyingreferenceassetsandthederivative,whichmaypreventtheFundfromachievingSummaryProspectus3 DirexionDailyIndiaBull3XShares itsinvestmentobjective.Becausederivativesoftenrequireonlyalimitedinitialinvestment,theuseofderivativesmayexposetheFundtolossesinexcessofthoseamountsinitiallyinvested.TheFundmayuseacombinationofswapsontheIndexandswapsonanETFwhoseinvestmentobjectiveistotracktheperformanceofthesameorasubstantiallysimilarIndex.TheperformanceofthisunderlyingETFmaynottracktheperformanceoftheIndexduetofeesandothercostsbornebytheETFandotherfactors.Thus,totheextentthattheFundinvestsinswapsthatuseanETFasanunderlyingreferenceasset,theFundmaybesubjecttogreatercorrelationriskandmaynotachieveashighadegreeofcorrelationwiththeIndexasitwouldiftheFundusedswapsthatutilizedtheIndexasanunderlyingreferenceasset.Anyfinancing,borrowingorothercostsassociatedwithusingderivativesmayalsohavetheeffectofloweringtheFundsreturn.Moreover,iftheIndexhasadramaticintradaymovethatcausesamaterialdeclineintheFundsnetassets,thetermsofaswapagreementbetweentheFundanditscounterpartymaypermitthecounterpartytoimmediatelycloseouttheswaptransaction

7 withtheFund.Inthatevent,theFundmaybeunab
withtheFund.Inthatevent,theFundmaybeunabletoenterintoanotherswapagreementorinvestinotherderivativestoachievethedesiredexposureconsistentwiththeFundsinvestmentobjective.ThismaypreventtheFundfromachievingitsleveragedinvestmentobjective,eveniftheIndexreversesallofaportionofitsmovement.Inaddition,theFundsinvestmentsinderivativesaresubjecttothefollowingrisks:€SwapAgreements.Swapagreementsareenteredintoprimarilywithmajorglobalfinancialinstitutionsforaspecifiedperiodwhichmayrangefromonedaytomorethanoneyear.Inastandardswaptransaction,twopartiesagreetoexchangethereturn(ordifferentialsinratesofreturn)earnedorrealizedonparticularpredeterminedreferenceassetsorunderlyingsecuritiesorinstruments.Thegrossreturntobeexchangedorswappedbetweenthepartiesiscalculatedbasedonanotionalamountorthereturnonorchangeinvalueofaparticulardollaramountinvestedinabasketofsecuritiesrepresentingaparticularindex.Swapsareparticularlysubjecttocounterparty,valuationandleveragingrisks.€FuturesContracts.Futurescontractsaretypicallyexchangetradedcontractsthatcallforthefuturedeliveryofanassetatacertainpriceanddate,orcashsettlementofthetermsofthecontract.TheremaybeanimperfectcorrelationbetweenthechangesinmarketvalueofthesecuritiesheldbytheFundandthepricesoffuturescontracts.Theremaynotbealiquidsecondarymarketforthefuturescontracts.Inaddition,thereisariskthattheFundmaynotbeabletoenterintoaclosingtransactionduetoanilliquidmarket.ExchangesmayalsolimitthenumberofpositionsthatcanbeheldorcontrolledbytheFundortheAdviser,thuslimitingtheabilityoftheFundtoimplementitsleveragedinvestmentstrategy.FuturesmarketsarehighlyvolatileandtheuseoffuturesmayincreasethevolatilityoftheFund.Futuresarealsosubjecttoleverageandliquidityrisks.€Options.Optionsgivetheholderoftheoptiontherighttobuy(orsell)apositioninasecuritytothewriteroftheoption,atacertainprice.Theremaybeanimperfectcorrelationbetweenthepricesofoptionsandmovementsinthepriceofthesecurities(orindices)usedforcoverwhichmaycausetheFundnottoachieveitsleveragedinvestmentobjective.ExchangesmaylimitthenumberofpositionsthatcanbeheldorcontrolledbytheFundortheAdviser,thuslimitingtheabilityoftheFundtoimplementitsinvestmentstrategy.Optionsarealsosubjecttoleverageandliquidityrisks.EarlyClose/TradingHaltRisk„Anexchangeormarketmaycloseorissuetradinghaltsonspecificsecurities,ortheabilitytobuyorsellcertainsecuritiesorfinancialinstrumentsmayberestricted,whichmayresultintheFundbeingunabletobuyorsellcertainsecuritiesorfinancialinstruments.Insuchcircumstances,theFundmaybeunabletorebalanceitsportfolio,maybeunabletoaccuratelypriceitsinvestmentsand/ormayincursubstantialtradinglosses.EffectsofCompoundingandMarketVolatilityRisk-TheFunddoesnotattemptto,andshouldnotbeexpectedto,providereturnswhichare300%,beforefeesandexpenses,ofthereturnoftheIndexforperiodsotherthanasingleday.TheFundrebalancesitsportfolioonadailybasis,increasingexposureinresponsetotheIndexsdailygainsorreducingexposureinresponsetotheIndexsdailylosses.Thismeansthatforaperiodlongerthanonesingleday,thepursuitofadailyinvestmentobjectivemayresultindailyleveragedcompounding.ItalsomeansthatthereturnoftheIndexoveraperiodoftimegreaterthanonesingledaymultipliedbytheFundsdailytargetof300%generallywillnotequaltheFundsperformanceoverthatsameperiod.Ifadversedailyperf

8 ormanceoftheIndexreducestheamountofashar
ormanceoftheIndexreducestheamountofashareholdersinvestment,anyfurtheradversedailyperformancewillleadtoasmallerdollarlossbecausetheshareholdersinvestmenthadalreadybeenreducedbytheprioradverseperformance.Equally,however,iffavorabledailyperformanceoftheIndexincreasestheamountofashareholdersinvestment,thedollaramountlostduetofutureadverseperformancewillincreasecorrespondingly.Asaresult,overtime,thecumulativepercentageincreaseordecreaseinthevalueoftheFundsportfoliomaydivergesignificantlyfromthecumulativepercentageincreaseordecreaseof300%ofthereturnoftheIndexduetothecompoundingeffectoflossesandgainsonthereturnsoftheFund.ItalsoisexpectedthattheFund'suseofleveragewillcausetheFundtounderperform300%ofthereturnoftheIndexinatrendlessorflatmarket.TheeffectofcompoundingbecomesmorepronouncedontheFundsperformanceastheIndexexperiencesvolatility.TheIndexsvolatilityrateisastatisticalmeasureofthemagnitudeoffluctuationsinthereturnsoftheIndex.ThechartbelowprovidesexamplesofhowIndexvolatilitycouldaffecttheFundsperformance.Fundperformanceforperiodsgreaterthanonesingledaycanbeestimatedgivenanysetofassumptionsforthefollowingfactors:a)Indexvolatility;b)Indexperformance;c)periodoftime;d)financingratesassociatedwithleveragedexposure;e)otherFundexpenses;andf)dividendsorinterestpaidwithSummaryProspectus4 DirexionDailyIndiaBull3XShares respecttosecuritiesintheIndex.Thechartbelowillustratestheimpactoftwoprincipalfactors…IndexvolatilityandIndexperformance…onFundperformance.ThechartshowsestimatedFundreturnsforanumberofcombinationsofIndexvolatilityandIndexperformanceoveraone-yearperiod.Performanceshowninthechartassumesthat:(i)nodividendswerepaidwithrespecttothesecuritiesincludedintheIndex;(ii)therewerenoFundexpenses;and(iii)borrowing/lendingrates(toobtainleveragedexposure)of0%.IfFundexpensesand/oractualborrowing/lendingrateswerereflected,theestimatedreturnswouldbedifferentthanthoseshown.Asshowninthechartbelow,theFundwouldbeexpectedtolose17.1%iftheIndexprovidednoreturnoveraoneyearperiodduringwhichtheIndexexperiencedannualizedvolatilityof25%.IftheIndexsannualizedvolatilityweretoriseto75%,thehypotheticallossforaoneyearperiodfortheFundwidenstoapproximately81.5%.Athigherrangesofvolatility,thereisachanceofanearcompletelossofvalueintheFund,eveniftheIndexisflat.Forinstance,iftheIndexsannualizedvolatilityis100%,theFundwouldbeexpectedtolose95%ofitsvalue,evenifthecumulativeIndexreturnfortheyearwas0%. OneYearIndex300%OneYearIndexVolatilityRateReturnReturn10%25%50%75%100%-60%-180%-93.8%-94.7%-97.0%-98.8%-99.7%-50%-150%-87.9%-89.6%-94.1%-97.7%-99.4%-40%-120%-79.0%-82.1%-89.8%-96.0%-98.9%-30%-90%-66.7%-71.6%-83.8%-93.7%-98.3%-20%-60%-50.3%-57.6%-75.8%-90.5%-97.5%-10%-30%-29.3%-39.6%-65.6%-86.5%-96.4%0%0%-3.0%-17.1%-52.8%-81.5%-95.0%10%30%29.2%10.3%-37.1%-75.4%-93.4%20%60%67.7%43.3%-18.4%-68.0%-91.4%30%90%113.2%82.1%3.8%-59.4%-89.1%40%120%166.3%127.5%29.6%-49.2%-86.3%50%150%227.5%179.8%59.4%-37.6%-83.2%60%180%297.5%239.6%93.5%-24.2%-79.6%TheIndexsannualizedhistoricalvolatilityrateforthefiveyearperiodendedDecember31,2015was20.71%.TheIndexshighestvolatilityrateforanyonecalendaryearduringthefive-yearperiodwas24.35%andvolatilityforashorterperiodoftimemayhavebeensubstantiallyhigher.TheIndexsannualizedperformanceforthefive-yearper

9 iodendedDecember31,2015was-4.10%.Histori
iodendedDecember31,2015was-4.10%.HistoricalIndexvolatilityandperformancearenotindicationsofwhattheIndexvolatilityandperformancewillbeinthefuture.ThevolatilityofETFsorinstrumentsthatreflectthevalueoftheIndex,suchasswaps,maydifferfromthevolatilityoftheIndex.ForinformationregardingtheeffectsofvolatilityandIndexperformanceonthelong-termperformanceoftheFund,seeAdditionalInformationRegardingInvestmentTechniquesandPoliciesŽintheFundsstatutoryprospectus,andSpecialNoteRegardingtheCorrelationRisksoftheFundsŽintheFundsStatementofAdditionalInformation.EmergingMarketsRisk„Investingin,and/orhavingexposureto,emergingmarketsinstrumentsinvolvegreaterrisksthaninvestinginforeigninstrumentsingeneral.Risksofinvestinginemergingmarketcountriesincludepoliticalorsocialupheaval,nationalizationofbusinesses,restrictionsonforeignownershipandprohibitionsontherepatriationofassetsandrisksfromaneconomysdependenceonrevenuesfromparticularcommoditiesorindustries.Inaddition,currencytransferrestrictions,limitedpotentialbuyersforsuchinstruments,delaysanddisruptioninsettlementproceduresandilliquidityorlowvolumesoftransactionsmaymakeexitsdifficultorimpossibleattimes.EquitySecuritiesRisk„Investmentsinand/orexposuretopubliclyissuedequitysecurities,includingcommonstocks,ingeneralaresubjecttomarketrisksthatmaycausetheirpricestofluctuateovertime.FluctuationsinthevalueofequitysecuritiesinwhichtheFundinvestswillcausethenetassetvalueoftheFundtofluctuate.FinancialsSectorRisk„TheFundmayinvestin,and/orhaveexposureto,financialservicescompanies.Performanceofcompaniesinthefinancialssectormaybemateriallyimpactedbymanyfactors,includingbutnotlimitedto,governmentregulations,economicconditions,creditratingdowngrades,changesininterestratesanddecreasedliquidityincreditmarkets.Profitabilityofthesecompaniesislargelydependentontheavailabilityandcostofcapital,andcanfluctuatesignificantlywheninterestrateschange.Creditlossesresultingfromfinancialdifficultiesofborrowersalsocannegativelyimpactthesector.Thissectorhasexperiencedsignificantlossesintherecentpast,andtheimpactofmorestringentcapitalrequirementsandrecentorfutureregulationonanyindividualcompanyofthesectorasawholecannotbepredicted.ForeignSecuritiesRisk„Investingin,and/orhavingexposureto,foreigninstrumentsmayinvolvegreaterrisksthaninvestingindomesticinstruments.Asaresult,theFundsreturnsandnetassetvaluemaybeaffectedtoalargedegreebyfluctuationsincurrencyexchangerates,political,diplomaticoreconomicconditionsandregulatoryrequirementsinothercountries.Thelawsandaccounting,auditing,andfinancialreportingstandardsinforeigncountriestypicallyarenotasstrictastheyareintheU.S.,andtheremaybelesspublicinformationavailableaboutforeigncompanies.GeographicConcentrationRisk„Investmentsinaparticularcountryorgeographicregionmaybeparticularlysusceptibletopolitical,diplomaticoreconomicconditionsandregulatoryrequirements.Asaresult,theFundmaybemorevolatilethanamoregeographicallydiversifiedfund.HealthcareSectorRisk„TheFundmayinvestin,and/orhaveexposureto,thesecuritiesofcompaniesinthehealthcaresector.Theprofitabilityofcompaniesinthehealthcaresectormaybeaffectedbyextensivegovernmentregulation,restrictionsongovernmentreimbursementformedicalexpenses,risingcostsofmedicalproductsandservices,pricingpressure,anincreasedemphasi

10 sonoutpatientservices,limitednumberofpro
sonoutpatientservices,limitednumberofproducts,industryinnovation,changesintechnologiesandothermarketdevelopments.Manyhealthcarecompaniesareheavilydependentonpatentprotection.Theexpirationofpatentsmayadverselyaffecttheprofitabilityofthesecompanies.Manyhealthcarecompaniesaresubjecttoextensivelitigationbasedonproductliabilityandsimilarclaims.HealthcarecompaniesaresubjectSummaryProspectus5 DirexionDailyIndiaBull3XShares tocompetitiveforcesthatmaymakeitdifficulttoraisepricesand,infact,mayresultinpricediscounting.Manynewproductsinthehealthcaresectormaybesubjecttoregulatoryapprovals.Theprocessofobtainingsuchapprovalsmaybelongandcostlywithnoguaranteethatanyproductwillcometomarket.HighPortfolioTurnoverRisk-DailyrebalancingoftheFundsholdingspursuanttoitsdailyinvestmentobjectivecausesamuchgreaternumberofportfoliotransactionswhencomparedtomostETFs.Additionally,activemarkettradingoftheFundssharesonsuchexchangesastheNYSEArca,Inc.,couldcausemorefrequentcreationandredemptionactivitieswhichcouldincreasethenumberofportfoliotransactions.Frequentandactivetradingmayleadtohighertransactioncostsbecauseofincreasedbrokercommissionsresultingfromsuchtransactions.Inaddition,thereisthepossibilityofsignificantlyincreasedshort-termcapitalgains(whichwillbetaxabletoshareholdersasordinaryincomewhendistributedtothem).TheFundcalculatesportfolioturnoverwithoutincludingtheshort-termcashinstrumentsorderivativetransactionsthatcomprisethemajorityoftheFundstrading.Assuch,iftheFundsextensiveuseofderivativeinstrumentswerereflected,thecalculatedportfolioturnoverratewouldbesignificantlyhigher.IndianSecuritiesRisk-Investmentsin,and/orexposureto,IndianissuersinvolverisksthatarespecifictoIndia,includinglegal,regulatory,politicalandeconomicrisks.Politicalandlegaluncertainty,greatergovernmentcontrolovertheeconomy,currencyfluctuationsorblockage,andtheriskofnationalizationorexpropriationofassetsmayresultinhigherpotentialforlosses.ThesecuritiesmarketsinIndiaarerelativelyunderdevelopedandmaysubjecttheFundtohighertransactioncostsorgreateruncertaintythaninvestmentsinmoredevelopedsecuritiesmarkets.IndustrialsSectorRisk„TheFundmayinvestin,and/orhaveexposureto,thesecuritiesofcompaniesintheindustrialssector.Stockpricesofissuersintheindustrialsectorareaffectedbysupplyanddemandbothfortheirspecificproductorserviceandforindustrialssectorproductsingeneral.Governmentregulation,worldeventsandeconomicconditionswillalsoaffecttheperformanceofinvestmentinsuchissuers.Aerospaceanddefensecompanies,acomponentoftheindustrialssector,canbesignificantlyaffectedbygovernmentsspendingpoliciesbecausecompaniesinvolvedinthisindustryrelytoasignificantextentonU.S.andothergovernmentdemandfortheirproductsandservices.Thus,thefinancialconditionof,andinvestorinterestin,aerospaceanddefensecompaniesareheavilyinfluencedbygovernmentdefensespendingpolicieswhicharetypicallyunderpressurefromeffortstothecontrolgovernmentspendingbudgets.Transportationcompanies,anothercomponentoftheindustrialssector,aresubjecttocyclicalperformanceandthereforeinvestmentinsuchcompaniesmayexperienceoccasionalsharppricemovementswhichmayresultfromchangesintheeconomy,fuelprices,laboragreementsandinsurancecosts.InformationTechnologySectorRisk„TheFundmayinvestin,and/orhaveexposureto,informationtechnology-re

11 latedsecurities.Themarketpricesofinforma
latedsecurities.Themarketpricesofinformationtechnology-relatedsecuritiestendtoexhibitagreaterdegreeofmarketriskandsharppricefluctuationsthanothertypesofsecurities.Thesesecuritiesmayfallinandoutoffavorwithinvestorsrapidly,whichmaycausesuddensellinganddramaticallylowermarketprices.Technologysecuritiesalsomaybeaffectedadverselybychangesintechnology,consumerandbusinesspurchasingpatterns,governmentregulationand/orobsoleteproductsorservices.Inaddition,arisinginterestrateenvironmenttendstonegativelyaffectinformationtechnologycompanies.Thesecompanieshavinghighmarketvaluationsmayappearlessattractivetoinvestors,whichmaycausesharpdecreasesintheirmarketprices.Further,thoseinformationtechnologycompaniesseekingtofinanceexpansionwouldhaveincreasedborrowingcosts,whichmaynegativelyimpactearnings.InternationalClosed-MarketTradingRisk„BecausetheFundmayinvestinand/orhaveexposuretoinvestmentsthatmaybetradedinmarketsthatareclosedwhentheNYSEArca,Inc.isopen,therearelikelytobedeviationsbetweenthecurrentvalueofanunderlyinginvestmentandlastsalepricing(i.e.,thelastquotefromitsclosedforeignmarket),resultinginpremiumsordiscountstonetassetvaluethatmaybegreaterthanthoseexperiencedbyotherETFs.Intra-DayInvestmentRisk-TheFundseeksleveragedinvestmentresultsfromthecloseofthemarketonagiventradingdayuntilthecloseofthemarketonthesubsequenttradingday.TheexactexposureofaninvestmentintheFundintradayinthesecondarymarketisafunctionofthedifferencebetweenthevalueoftheIndexatthemarketcloseonthefirsttradingdayandthevalueoftheIndexatthetimeofpurchase.IftheIndexgainsvalue,theFundsnetassetswillrisebythesameamountastheFundsexposure.Conversely,iftheIndexdeclines,theFundsnetassetswilldeclinebythesameamountastheFundsexposure.SinceaFundstartseachtradingdaywithexposurewhichis300%ofitsnetassets,achangeinboththeexposureandthenetassetsoftheFundbythesameabsoluteamountresultsinachangeinthecomparativerelationshipofthetwo.Asanexample(usingsimplifiednumbers),iftheFundhad$100innetassetsatthemarketclose,itwouldseek$300ofexposuretothenexttradingdaysIndexperformance.IftheIndexroseby1%bynoonthefollowingtradingday,theexposureoftheFundwillhaverisenby1%to$303andthenetassetswillhaverisenbythat$3gainto$103.Withnetassetsof$103andexposureof$303,apurchaseratthatpointwouldbereceiving294%exposureofherinvestmentinsteadof300%.InvestmentRisk„AninvestmentintheFundisnotadepositinabankandisnotinsuredorguaranteedbytheFederalDepositInsuranceCorporationoranyothergovernmentagency.WhenyousellyourShares,theycouldbeworthlessthanwhatyoupaidforthem.LeverageRisk„Toachieveitsdailyinvestmentobjective,theFundobtainsinvestmentexposureinexcessofitsassetsbyutilizingleverageandmaylosemoremoneyinmarketconditionsthatareadversetoitsinvestmentobjectivethanafundthatdoesnotutilizeleverage.IfyouinvestintheFund,youareexposedtotheriskthatadeclineinthedailySummaryProspectus6 DirexionDailyIndiaBull3XShares performanceoftheIndexwillbeleveraged.ThismeansthatyourinvestmentintheFundwillbereducedbyanamountequalto3%forevery1%dailydeclineintheIndex,notincludingthecostoffinancingtheportfolioandtheimpactofoperatingexpenses,whichwouldfurtherloweryourinvestment.TheFundcouldtheoreticallyloseanamountgreaterthanitsnetassetsintheeventofanIndexdeclineofmorethan33%.Further,purchasingsharesduringadaymayresultin

12 greaterthan300%exposuretotheperformanceo
greaterthan300%exposuretotheperformanceoftheIndexiftheIndexdeclinesbetweenthecloseofthemarketsononetradingdayandbeforethecloseofthemarketsonthenexttradingday.TofullyunderstandtherisksofusingleverageintheFund,seeEffectsofCompoundingandMarketVolatilityRiskŽabove.LiquidityRisk„SomesecuritiesheldbytheFund,includingderivatives,maybedifficulttosellorilliquid,particularlyduringtimesofmarketturmoil.Marketsforsecuritiesorfinancialinstrumentscouldbedisruptedbyanumberofevents,includingbutnotlimitedto,aneconomiccrisis,naturaldisasters,newlegislationorregulatorychangesinsideoroutsidetheU.S.Illiquidsecuritiesalsomaybedifficulttovalue.IftheFundisforcedtosellanilliquidsecurityatanunfavorabletimeoratapricethatislowerthanRaffertysjudgmentofthesecuritystruemarketvalue,theFundmaybeforcedtosellthesecurityataloss.SuchasituationmaypreventtheFundfromlimitinglosses,realizinggainsorachievingahighcorrelationwiththeIndex,thusmateriallyaffectingFundperformance.MarketRisk„TheFundissubjecttomarketrisksthatcanaffectthevalueofitsshares.Theserisksincludepolitical,regulatory,marketandeconomicdevelopments,includingdevelopmentsthatimpactspecificeconomicsectors,industriesorsegmentsofthemarket.MoneyMarketInstrumentRisk„TheFundmayuseavarietyofmoneymarketinstrumentsforcashmanagementpurposes,includingmoneymarketfunds,depositaryaccountsandrepurchaseagreements.Moneymarketfundsmaybesubjecttocreditriskwithrespecttotheshort-termdebtinstrumentsinwhichtheyinvest.Depositoryaccountsmaybesubjecttocreditriskwithrespecttothefinancialinstitutioninwhichthedepositoryaccountisheld.Repurchaseagreementsarecontractsinwhichasellerofsecuritiesagreestobuythesecuritiesbackataspecifiedtimeandprice.Repurchaseagreementsmaybesubjecttomarketandcreditriskrelatedtothecollateralsecuringtherepurchaseagreement.Thereisnoguaranteethatmoneymarketinstrumentswillmaintainastablevalue,andtheymaylosemoney.Non-DiversificationRisk„TheFundisnon-diversified,whichmeansitinvestsahighpercentageofitsassetsinalimitednumberofsecurities.Anon-diversifiedfundsnetassetvalueandtotalreturnmayfluctuatemoreorfallgreaterintimesofweakermarketsthanadiversifiedmutualfund.OtherInvestmentCompanies(includingETFs)Risk„TheFundmayinvestin,and/orhaveexposureto,thesecuritiesofotherinvestmentcompanies,includingETFs,whichmayinvolveduplicationofadvisoryfeesandcertainotherexpenses.ByinvestinginanotherinvestmentcompanyorETF,theFundbecomesashareholderofthatinvestmentcompanyorETF.Asaresult,FundshareholdersindirectlybeartheFundsproportionateshareofthefeesandexpensespaidbyshareholdersoftheotherinvestmentcompanyorETF,inadditiontothefeesandexpensesFundshareholdersbearinconnectionwiththeFundsownoperations.Asashareholder,theFundmustrelyontheinvestmentcompanyorETFtoachieveitsinvestmentobjective.TheFundsperformancemaybemagnifiedpositivelyornegativelybyvirtueofitsinvestmentinotherinvestmentcompaniesorETFs.IftheinvestmentcompanyorETFfailstoachieveitsinvestmentobjective,thevalueoftheFundsinvestmentwilldecline,thusaffectingtheFundsperformance.Inaddition,becauseclosed-endinvestmentcompaniesandETFsarelistedonnationalstockexchangesandaretradedlikestocksonanexchange,theirsharespotentiallymaytradeatadiscountorapremium.Investmentsinsuchsharesmaybesubjecttobrokerageandothertradingcosts,whichcouldresultingreaterex

13 pensestotheFund.Finally,becausethevalueo
pensestotheFund.Finally,becausethevalueofclosed-endinvestmentcompanyorETFsharesdependsonthedemandinthemarket,theAdvisermaynotbeabletoliquidatetheFundsholdingsinthosesharesatthemostoptimaltime,adverselyaffectingtheFundsperformance.RegulatoryRisk„TheFundissubjecttotheriskthatachangeinU.S.lawandrelatedregulationswillimpactthewaytheFundoperates,increasetheparticularcostsoftheFundsoperationsand/orchangethecompetitivelandscape.ValuationTimeRisk„TheFundvaluesitsportfolioasofthecloseofregulartradingontheNewYorkStockExchange(generally4:00p.m.EasternTime).Insomecases,foreignmarketsmayclosebeforetheNewYorkStockExchangeopensormaynotbeopenforbusinessonthesamecalendardaysastheFund.Asaresult,theperformanceofafundthattracksaforeignmarketindexoranindexthatincludesforeignsecuritiescanvaryfromtheperformanceofthatindex.SpecialRisksofExchange-TradedFundsTradingIssues.TradinginSharesonanexchangemaybehaltedduetomarketconditionsorforreasonsthat,intheviewofthatexchange,maketradinginSharesinadvisable,suchasextraordinarymarketvolatilityorotherreasons.TherecanbenoassurancethatShareswillcontinuetomeetthelistingrequirementsoftheexchangeonwhichtheytrade,andthelistingrequirementsmaybeamendedfromtimetotime.MarketPriceVarianceRisk.IndividualSharesoftheFundthatarelistedfortradingonanexchangecanbeboughtandsoldinthesecondarymarketatmarketprices.ThemarketpricesofShareswillfluctuateinresponsetochangesinnetassetvalueandsupplyanddemandforShares.TheAdvisercannotpredictwhetherShareswilltradeabove,beloworattheirnetassetvalue.GiventhefactthatSharescanbecreatedandredeemedincreationunits,theAdviserbelievesthatlargediscountsorpremiumstothenetassetvalueofSharesshouldnotbesustained.Theremay,however,betimeswhenthemarketpriceandthenetassetvaluevarysignificantlyandyoumaypaymorethannetassetvalueSummaryProspectus7 DirexionDailyIndiaBull3XShares whenbuyingSharesonthesecondarymarket,andyoumayreceivelessthannetassetvaluewhenyousellthoseShares.TheFundsinvestmentresultsaremeasuredbaseduponthedailynetassetvalueoftheFundoveraperiodoftime.InvestorspurchasingandsellingSharesinthesecondarymarketmaynotexperienceinvestmentresultsconsistentwiththoseexperiencedbythosecreatingandredeemingdirectlywiththeFund.ThereisnoguaranteethatanactivesecondarymarketwilldevelopforSharesoftheFund. FundPerformance ThefollowingperformanceinformationprovidessomeindicationoftherisksofinvestingintheFundbydemonstratinghowitsreturnshavevariedfromcalendaryeartocalendaryear.ThebarchartshowschangesintheFundsperformancefromcalendaryeartocalendaryear.ThetableshowshowtheFundsaverageannualreturnsfortheone-year,five-yearandsinceinceptionperiodscomparewiththoseofabroad-basedmarketindexforthesameperiods.TheFundspastperformance,beforeandaftertaxes,isnotnecessarilyanindicationofhowtheFundwillperforminthefuture.UpdatedperformanceisavailableontheFundswebsiteatwww.direxioninvestments.com/etfs?producttab=performanceorbycallingtheFundtoll-freeat866-476-7523.PerformancepriortoDecember1,2011reflectstheFundspreviousinvestmentobjectivewhereitsought200%,beforefeesandexpenses,oftheperformanceoftheIndex.IftheFundhadcontinuedtoseekitspreviousinvestmentobjective,thecalendaryearperformanceoftheFundwouldhavevariedfromthatshown.TotalReturnfortheCalendarYearsEndedDecember31 -67.46%22.53%-31.74%46.

14 07%-33.33%-90.00%-60.00%-30.00%0.00%30.0
07%-33.33%-90.00%-60.00%-30.00%0.00%30.00%60.00%20112012201320142015 Duringtheperiodoftimeshowninthebarchart,theFundshighestcalendarquarterreturnwas48.54%forthequarterendedJune30,2014anditslowestcalendarquarterreturnwas-42.05%forthequarterendedSeptember30,2011.Theyear-to-datereturnasofDecember31,2015was-33.33%.AverageAnnualTotalReturns(fortheperiodsendedDecember31,2015) 1Year5YearsSinceInception(3/11/2010) ReturnBeforeTaxes-33.33%-23.33%-17.08%ReturnAfterTaxesonDistributions-33.33%-23.33%-17.11%ReturnAfterTaxesonDistributionsandSaleofFundShares-18.87%-15.15%-11.39%IndusIndiaIndex(reflectsnodeductionforfees,expensesortaxes)-6.52%-4.10%-0.96%S&P500®Index(reflectsnodeductionforfees,expensesortaxes)1.38%12.57%12.83%After-taxreturnsarecalculatedusingthehistoricallyhighestindividualfederalmarginalincometaxratesanddonotreflecttheimpactofstateandlocaltaxes.Actualafter-taxreturnsdependonaninvestorstaxsituationandmaydifferfromthoseshown,andafter-taxreturnsarenotrelevanttoinvestorswhoholdtheirFundsharesthroughtax-deferredarrangements,suchas401(k)plansorindividualretirementaccounts.Inaddition,the"ReturnAfterTaxesonDistributionsandSaleofFundShares"wouldbehigheriftheinvestorrecognizedacapitallossupontheredemptionofFundshares. Management InvestmentAdviser.RaffertyAssetManagement,LLCistheFundsinvestmentadviser.PortfolioManagers.ThefollowingmembersofRaffertysinvestmentteamarejointlyandprimarilyresponsiblefortheday-to-daymanagementoftheFund: PortfolioManagersYearsofServicewiththeFundPrimaryTitle PaulBrigandiSinceInceptioninMarch2010PortfolioManagerTonyNgSinceSeptember2015PortfolioManager PurchaseandSaleofFundShares TheFundssharesarenotindividuallyredeemable.TheFundwillissueandredeemSharesonlytoAuthorizedParticipantsinexchangeforthedepositordeliveryofabasketofassets(securitiesand/orcash)inlargeblocks,knownascreationunits,eachofwhichiscomprisedof50,000Shares.RetailinvestorsmayonlypurchaseandsellSharesonanationalsecuritiesexchangethroughabroker-dealerandmayincurbrokeragecosts.BecausetheSharestradeatmarketpricesratherthannetassetvalue,Sharesmaytradeatapricegreaterthannetassetvalue(premium)orlessthannetassetvalue(discount). TaxInformation TheFundintendstomakedistributionsthatmaybetaxedasordinaryincomeorlong-termcapitalgains.Thosedistributionswillbesubjecttofederalincometaxandmayalsobesubjecttostateandlocaltaxes,unlessyouareinvestingthroughatax-deferredarrangement,suchasa401(k)planoranindividualretirementaccount.DistributionsorSummaryProspectus8 DirexionDailyIndiaBull3XShares investmentsmadethroughtax-deferredarrangementsmaybetaxedlateruponwithdrawal.DistributionsbytheFundmaybesignificantlyhigherthanthoseofmostotherETFs. PaymentstoBroker-DealersandOtherFinancialIntermediaries IfyoupurchasesharesoftheFundthroughabroker-dealerorotherfinancialintermediary(suchasabankorfinancialadvisor),theFundand/oritsAdvisermaypaytheintermediaryforthesaleofFundsharesandrelatedservices.Thesepaymentsmaycreateaconflictofinterestbyinfluencingthebroker-dealerorotherfinancialintermediaryandyoursalespersontorecommendtheFundoveranotherinvestment.Askyoursalespersonorvisityourfinancialintermediaryswebsiteformoreinformation.SummaryProspectus9 DirexionDailyIndiaBull3XShares DirexionDailyIndiaBull3XShares SummaryProspectusSECFileNumbe