Direxion Shares ETF Trust Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares(AMEX:XXCH)

XXCH is a one-day leveraged play on emerging markets, excluding China. The fund utilizes swaps and futures to mimic twice the daily returns of the MSCI Emerging ex-China Index, a cap-weighted composite of emerging market firms covering 85% of the market cap in those countries, except China. As with all leveraged and inverse funds, XXCH should not be expected to deliver performance twice that of its index for periods longer than one day. Over time, the compounding effects resulting from the daily rebalancing of the funds leveraged exposure can lead to significant drift in expected returns relative to the index. Therefore, it is best used for single-day tactical plays. Additionally, due to its nature, trading costs may have a more substantial impact than the expense ratio. Investments may include derivatives, ETFs, money market funds, deposit accounts, and short-term debts like US government securities and repos. The index is reviewed semi-annually.