Direxion Daily Emerging Markets Bear 3x Shares (the Fund), formerly Emerging Markets Bear 3X Shares, seeks daily investment results of 300% of the inverse (or opposite) 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 does not invest in equity securities. The Fund 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 EM Index, and the remainder in money market instruments. The Fund’s investment advisor is Rafferty Asset Management LLC.