DIREXION DAILY PANW BEAR 1X SHARES

The Direxion Daily PANW Bear 1X Shares (PALD) seeks daily inverse investment results and is very different from most other exchange-traded funds. Longer holding periods and higher volatility of PANW increase the impact of compounding on an investor’s returns. During periods of higher volatility, the volatility of PANW may affect the fund’s return as much as, or more than, the return of PANW.