Direxion Daily Emerging Markets Bull 3x Shares (the Fund), formerly Emerging Markets Bull 3x Shares, seeks daily investment results of 300% of the price performance of the MSCI Emerging Markets Index (the EM Index). The EM Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The Fund, under normal circumstances, creates long positions by investing at least 80% of its net assets in the equity securities that comprise the EM Index, including Depositary Receipts. The Fund will also invest in financial instruments that, in combination, provide leveraged and unleveraged exposure to the EM Index. On a day-to-day basis, the Fund also holds money market instruments.