YANG – Direxion Daily FTSE China Bear 3X ETF – ETF Investment Strategy | Morningstar

Morningstar

Strategy

The investment seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the daily performance of the FTSE China 50 Index. The fund, under normal circumstances, invests at least 80% of the fund’s net assets (plus borrowing for investment purposes) in financial instruments, that, in combination, provide 3X daily inverse (opposite) or short exposure to the index or to ETFs that track the index, consistent with the fund’s investment objective. The index consists of the 50 largest and most liquid public Chinese companies currently trading on the Hong Kong Stock Exchange ("SEHK"). The fund is non-diversified.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
YANG	Direxion Daily FTSE China Bear 3X Shares	ETF	Open	—	—	Dec 3, 2009	—	1.030%	—	—	—
YANG	Direxion Daily FTSE China Bear 3X Shares	ETF	Open	—	—	Dec 3, 2009	$91.36M	1.030%	—	—	−$238.38M

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