Direxion Daily MSCI Emerging Markets Bear 3X Shares (Direxion Emerging Markets Bear ) ETF

The fund invests at least 80% of the fund’s net assets in financial instruments, that, in combination, provide 3X daily inverse (opposite) or short exposure to the index or to ETFs that track the index, consistent with the fund’s investment objective. The index is a free float-adjusted market capitalization weighted index that is designed to represent the performance of large- and mid-capitalization securities across 24 emerging market countries. The fund is non-diversified.