DIREXION DAILY US INFRASTRUCTURE BULL 2X SHARES (DOZR) Exchange: NYSE ARCA

The Index is designed to track the performance of U.S.-listed securities, including ADRs, of companies which are involved in infrastructure through engineering, design, maintenance, and construction of infrastructure projects. Indxx (the “Index Provider”) defines infrastructure as being comprised of two types of companies:•Construction & Engineering Services – Such companiesprovide engineering, design, maintenance, and construction services for large-scale infrastructure projects such as energy generation/distribution, water (supply and treatment system), sewage/waste management infrastructure, transportation infrastructures, airports, and seaports as well as companies that are involved in the installation, maintenance, and provision of telecommunication satellites, internet connectivity setup, cell towers, data centers, and broadband access and companies that manufacture large commercial airplanes, trains and ships.•Industrial Transportation – Such companies are involved in freight and cargo, including by truck, train, ship, and aircraft.Companies that derive a minimum of 50% of their total revenue from Construction & Engineering Services or Industrial Transportation activities are eligible for inclusion in the Index. The Index’s constituents are first selected from an initial universe of companies whose securities meet various market capitalization and liquidity metrics, including having a minimum total market capitalization of $300 million or greater and average daily trading volume of equal to, or greater than, $1 million. After the market capitalization and liquidity metrics are applied, the Index Provider analyzes the companies based on revenue as described above. The Index Provider then selects the top 100 securities by market capitalization for inclusion in the Index. The Index’s constituents are equally weighted and the Index is reconstituted and rebalanced annually.As of September 17, 2021, the Index consisted of 74constituents, which had an average total market capitalization of $3.1 billion, total market capitalizations ranging from $267 million to $134 billion and were concentrated in the industrials and utilities sectors.The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (i.e., hold 25% or more of its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index is so concentrated.The Fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments, such as swap agreements, securities of the Index, and exchange-traded funds ("ETFs") that track the Index and other financial instruments that provide daily leveraged exposure to the Index or to ETFs that track the Index. The financial instruments in which the Fund most commonly invests are swap agreements and futures contracts which are intended to produce economically leveraged investment results.The Fund may invest in the securities of the Index, a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index, an ETF that tracks the Index or a substantially similar index, and may utilize derivatives, such as swaps or futures on the Index or on an ETF that tracks the same Index or a substantially similar index, that provide leveraged exposure to the above.The Fund seeks to remain fully invested at all times, consistent with its stated investment objective, but may not always have investment exposure to all of the securities in the Index, or its weighting of investment exposure to securities or industries may be different from that of the Index. In addition, the Fund may invest in securities or financial instruments not included in the Index.The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty positions the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s investment objective. The impact of the Index’s movements during the day will affect whether the Fund’s portfolio needs to be re-positioned. For example, if the Index has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This re-positioning strategy typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold ETFs and money market funds, deposit accounts with institutions with high quality credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements.The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index's performance increases over a period longer than a single day.