DIREXION EMERGING MARKETS BEAR 3X SHARES

The investment 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 in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse 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 represent the performance of large- and mid-capitalizations securities across 27 emerging market countries. The fund is non-diversified.