Direxion Daily MSCI Developed Markets Bear 3X Shares

The investment seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the daily performance of the MSCI EAFE® Index. The fund invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the index equal to at least 80% of the fund's net assets (plus borrowing for investment purposes). The index is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-capitalization companies from 21 developed market countries. The fund is non-diversified.