Direxion Daily Russia Bull 2X Shares

The fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in financial instruments, such as swap agreements, exchange-traded funds that track the Index, securities of the Index and other financial instruments that provide daily leveraged exposure to the Index or to ETFs that track the Index.

The Index is composed of companies that are domiciled and primarily listed on an exchange in Russia or that are not Russian companies, but generate at least 50% of their revenues in Russia and may include depositary receipts.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Also, the fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.

Additionally, the fund may invest in a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index.

In addition, the fund may invest in securities or financial instruments not included in the Index.