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Leveraged & Inverse ETFs

AAPU AAPD

The Direxion Daily AAPL Bull 1.5X (AAPU) and Bear 1X (AAPD) Shares  seek daily investment results, before fees and expenses, of 150% and 100% of the inverse (or opposite), respectively, of the performance of the common shares of Apple, Inc. (NASDAQ: APPL).

Investing in the funds involves a high degree of risk. Unlike traditional ETFs, or even other leveraged and/or inverse ETFs, these leveraged and/or inverse single-stock ETFs track the price of a single stock rather than an index, eliminating the benefits of diversification. Leveraged and inverse ETFs pursue daily leveraged investment objectives, which means they are riskier than alternatives which do not use leverage. They seek daily goals and should not be expected to track the underlying stock’s performance over periods longer than one day. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. The Funds will lose money if the underlying stock’s performance is flat, and it is possible that the Bull Fund will lose money even if the underlying stock’s performance increases, and the Bear Fund will lose money even if the underlying stock’s performance decreases, over a period longer than a single day.

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Overview

 

The Funds do not seek to achieve their stated investment objective for a period of time different than a single trading day. The funds should not be expected to provide 150% or -100% of the returns of AAPL for periods greater than a day.

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Single Stock Exposure

Apple, Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. AAPL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Apple, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-36743 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Apple, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

Important Information Regarding AAPU

The Direxion Daily AAPL Bull 1.5X Shares (AAPU) seeks 150% daily leveraged investment results and thus will have an increase of volatility relative to the underlying AAPL performance itself. As a result, the fund may be riskier than alternatives that do not use leverage because the fund’s objective is to magnify the daily performance of the common shares of Apple Inc. (NASDAQ: AAPL). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 150% of the performance of AAPL for the period. The return of the fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 150% of the return of AAPL for that period. Longer holding periods, higher volatility of AAPL and leverage increase the impact of compounding on an investor’s returns. During periods of higher AAPL volatility, the volatility of AAPL may affect the fund’s performance.

Important Information Regarding AAPD

The Direxion Daily AAPL Bear 1X Shares (AAPD) seeks daily inverse investment results and is very different from most other exchange-traded funds. The pursuit of daily inverse investment goals means that the return of the fund for a period longer than a full trading day may have no resemblance to -100% of the return of the common shares of Apple Inc. (NASDAQ: AAPL) This means that the return of the fund for a period longer than a trading day will be the result of each single day’s compounded return over the period, which will very likely differ from -100% of the return of AAPL for that period. Longer holding periods and higher volatility of AAPL increase the impact of compounding on an investor’s returns. During periods of higher volatility, the volatility of AAPL may affect the fund’s return as much as, or more than, the return of AAPL. Further, the return for investors that invest for periods longer or shorter than a trading day should not be expected to be -100% of the performance of AAPL for the period.


Pricing & Performance

NAV and Market Price information as of . Line chart shows pricing trend over the last 30 days.




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