As of April 7, 2017, Direxion Shares ETF Trust - Direxion Daily Pharmaceutical & Medical Bear 2X Shares has gone out of business. Direxion Shares ETF Trust - Direxion Daily Pharmaceutical & Medical Bear 2X Shares is an exchange traded fund launched by Direxion Investments. The fund is managed by Rafferty Asset Management, LLC. It invests in public equity markets of the United States. The fund takes short positions to invest indirectly through exchange traded funds and derivatives such as futures contracts, swap agreements, options, and forward contracts in the stocks of companies operating in the pharmaceuticals sector. It invests in the stocks of large-cap companies. The fund also invests some portion of its portfolio in money market funds or short-term debt instruments that have terms-to-maturity of less than 397 days. It seeks to replicate twice the inverse of the daily performance of the Dynamic Pharmaceutical Intellidex Index. Direxion Shares ETF Trust - Direxion Daily Pharmaceutical & Medical Bear 2X Shares was formed on September 16, 2015 and is domiciled in the United States.