XXCH

Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the daily performance of the MSCI Emerging Markets ex China Index. The index is designed to capture the large- and mid-capitalization securities across 23 of the 24 emerging markets (with the exception of China) as defined by MSCI Inc. The fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments, such as swap agreements, securities of the index, and exchange-traded funds ("ETFs") that track the index. The fund is non-diversified.