Direxion Daily MSFT Bear 1X Shares (Direxion Daily MSFT Bear 1X ETF) ETF

The fund, under normal circumstances, invests at least 80% of the it’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to MSFT, consistent with the fund’s investment objective. It is non-diversified.