Timothy P. Hagan

Rafferty Asset Management LLC (RAM) is an independent, SEC-registered investment advisor and mutual fund manager headquartered in New York City. Founded in 1997, the firm provides investment advisory services to registered investment companies and subsidiaries of registered investment companies. RAM also serves as the investment advisor and provides advisory services to the Direxion Funds (formerly the Potomac Funds), the Direxion Insurance Trust (formerly the Potomac Insurance Trust) and the Direxion Shares ETF Trust.

Rafferty Asset Management LLC (RAM) is an independent, SEC-registered investment advisor and mutual fund manager headquartered in New York City. Founded in 1997, the firm provides investment advisory services to registered investment companies and subsidiaries of registered investment companies. RAM also serves as the investment advisor and provides advisory services to the Direxion Funds (formerly the Potomac Funds), the Direxion Insurance Trust (formerly the Potomac Insurance Trust) and the Direxion Shares ETF Trust.

Rafferty Asset Management LLC (RAM) is an independent, SEC-registered investment advisor and mutual fund manager headquartered in New York City. Founded in 1997, the firm provides investment advisory services to registered investment companies and subsidiaries of registered investment companies. RAM also serves as the investment advisor and provides advisory services to the Direxion Funds (formerly the Potomac Funds), the Direxion Insurance Trust (formerly the Potomac Insurance Trust) and the Direxion Shares ETF Trust.

Rafferty Asset Management LLC (RAM) is an independent, SEC-registered investment advisor and mutual fund manager headquartered in New York City. Founded in 1997, the firm provides investment advisory services to registered investment companies and subsidiaries of registered investment companies. RAM also serves as the investment advisor and provides advisory services to the Direxion Funds (formerly the Potomac Funds), the Direxion Insurance Trust (formerly the Potomac Insurance Trust) and the Direxion Shares ETF Trust.

Rafferty Asset Management LLC (RAM) is an independent, SEC-registered investment advisor and mutual fund manager headquartered in New York City. Founded in 1997, the firm provides investment advisory services to registered investment companies and subsidiaries of registered investment companies. RAM also serves as the investment advisor and provides advisory services to the Direxion Funds (formerly the Potomac Funds), the Direxion Insurance Trust (formerly the Potomac Insurance Trust) and the Direxion Shares ETF Trust.

Rafferty Asset Management LLC (RAM) is an independent, SEC-registered investment advisor and mutual fund manager headquartered in New York City. Founded in 1997, the firm provides investment advisory services to registered investment companies and subsidiaries of registered investment companies. RAM also serves as the investment advisor and provides advisory services to the Direxion Funds (formerly the Potomac Funds), the Direxion Insurance Trust (formerly the Potomac Insurance Trust) and the Direxion Shares ETF Trust.