Direxion Daily MSCI Emerging Markets Bear 3X Shares seeks daily investment results, before fees and expenses, of 300% of the inverse of the daily performance of the MSCI Emerging Markets IndexSM. The fund invests at least 80% of its net assets in swap agreements, futures contracts, short positions or other financial instruments that provide inverse (opposite) or short daily exposure to the index or to ETFs that track the index. The index is a free float-adjusted market capitalization weighted index that is designed to represent the performance of large- and mid-capitalization securities across 24 emerging market countries. The fund is non-diversified.