RWED [delisted] Direxion MSCI Emerging Over Developed Markets ETF

The investment seeks investment results, before fees and expenses, that track the MSCI Emerging Markets IMI - EAFE IMI 150/50 Return Spread Index (the index).

The fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in securities that comprise the Long Component of the index or shares of exchange-traded funds (ETFs) on the Long Component of the index.

The index measures the performance of a portfolio that has 150% long exposure to the MSCI Emerging Markets IMI Index (the Long Component) and 50% short exposure to the MSCI EAFE IMI Index (the Short Component).

The fund is non-diversified.