RWDE — Direxion MSCI Developed Over Emerging Markets ETF

RWDE Fund Overview

RWDE — Direxion MSCI Developed Over Emerging Markets ETF is a US ETF managed by Direxion Shares ETF Trust, categorised as Leveraged. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Direxion Shares ETF Trust
• Category: Leveraged
• Assets under management: $6.23M
• 1-year return: -5.3%
• Ticker: RWDE
• SEC CIK: 0001424958
• SEC series ID: S000063930
• Share class ID: C000206913

RWDE Investment Objective and Strategy

Direxion MSCI Developed Over Emerging Markets ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Direxion Shares ETF Trust.

Investment objective

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

Principal investment strategy

The Index measures the performance of a portfolio that has 150% long exposure to the MSCI EAFE IMI Index (the Long Component) and 50% short exposure to the MSCI Emerging Markets IMI Index (the Short Component). On a monthly basis, the Index will rebalance such that the weight of the Long Component is equal to 150% and the weight of the Short Component is equal to 50% of the Index value. In tracking the Index, the Fund seeks to provide a vehicle for investors looking to efficiently express a developed over emerging investment view by overweighting exposure to the Long Component and shorting exposure to the Short Component. 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) that track the Long Component of the Index.

Additionally, the Fund will invest in derivatives, such as swap agreements or futures contracts that provide long and short exposure to Index securities and/or ETFs that track the Long or Short Component of the Index. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund intends to use derivatives to obtain up to 70% of the Funds exposure to the Long Component of the Index and to use derivatives to obtain all of the Funds exposure to the Short Component of the Index. This will result in the Fund having both long and short derivatives positions. The MSCI EAFE IMI Index is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-capitalization companies across the following 21 developed market countries around the world, excluding the US and Canada: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

The Index is reviewed and reconstituted semi-annually. As of December 31, 2019, the MSCI EAFE IMI Index consisted of 3,264 constituents, which had an average market capitalization of $5.3 billion, a median market capitalization of $1.2 billion, market capitalizations ranging from $1.2 billion to $322 billion and were concentrated in the financials and industrials sectors. The term emerging market refers to an economy that is in the initial stages of industrialization and has been historically marked by low per capita income and a lack of capital market transparency, but appears to be implementing political and/or market reforms resulting in greater capital market transparency, increased access for foreign investors and generally improved economic conditions. Investments in emerging markets have the potential for significantly higher or lower rates of return and carry greater risks than investments in more developed economies.

The MSCI Emerging Markets IMI Index is a free float-adjusted market capitalization weighted index that is designed to represent the performance of large- and mid-capitalizations securities across the following 26 emerging market countries: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. The Index is reconstituted semi-annually. As of December 31, 2019, the MSCI Emerging Markets IMI Index consisted of 3,057 constituents, which had an average market capitalization of $2.3 billion, total market capitalizations ranging from $17.3 million to $358.9 billion and were concentrated in the financials and information technology sectors.

The securities in the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries ( i.e. , hold 25% or more of its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index is so concentrated. The Fund, at times, may also invest in, or short, the Index securities, a representative sample of the Index securities that has aggregate characteristics similar to those of the Index or a portion of the Index, or an ETF that tracks a portion of the Index or a substantially similar index. Additionally, the Fund may utilize derivatives, such as swaps or futures on the Index, or on an index that is substantially similar to the Long or Short Component of the Index.

The Fund is expected to hold money market funds and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements as collateral for the derivative positions.

RWDE Performance

Total returns for RWDE (as of 2026-10-01), from SEC filings.

RWDE Risk Information

Risk metrics for RWDE, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 20.7%

RWDE Costs and Fees

RWDE costs about $53 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.53%
• Gross expense ratio: 0.53%
• Portfolio turnover: 0%
• Brokerage commissions: 0.33 bps of average net assets (SEC N-CEN)

RWDE Cashflows

Over the 12 months to 2020-07, Direxion MSCI Developed Over Emerging Markets ETF had net inflows of $13.97M, from monthly SEC N-PORT filings.

RWDE Debt Constituents

No individual debt constituents are reported in Direxion MSCI Developed Over Emerging Markets ETF's latest SEC N-PORT filing.

RWDE Prospectus and SEC Filings

Official Direxion MSCI Developed Over Emerging Markets ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-03-17
• Prospectus (485BPOS) — filed 2019-01-23
• Prospectus supplement (497) — filed 2019-07-12
• Portfolio holdings (N-PORT) — filed 2020-09-25
• Portfolio holdings (N-PORT) — filed 2020-06-25
• Portfolio holdings (N-PORT) — filed 2020-03-30
• Annual census (N-CEN) — filed 2020-01-14

Related Funds

Other Leveraged funds tracked on ABC INVEST:

• ProShares UltraPro QQQ (TQQQ)
• JPMorgan Ultra-Short Income ETF (JPST)
• Ultra Fund (TWCUX)
• Oakmark Fund (OAKMX)
• Ultra Short Income Portfolio (MUIIX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.