Direxion Daily Developed Markets Bear 3x Shares (the Fund), formerly Developed Markets Bear 3x Shares, seeks daily investment results of 300% of the inverse (or opposite) of the price performance of the MSCI EAFE Index (the Developed Market Index). The Developed Market Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the United States and Canada. The Fund does not invest in equity securities. It creates short positions by investing at least 80% of its net assets in financial instruments that, in combination, provide leveraged and unleveraged exposure to the Developed Market Index, and the remainder in money market instruments. The Fund’s investment advisor is Rafferty Asset Management LLC.