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The Indexed Commodity Strategy Fund

Investment objective The Direxion Indexed Commodity Strategy Fund seeks investment results, before fees and expenses, that track the performance of the Auspice Broad Commodity Index (a long/flat index). Principal investment strategy The investment strategy of the Direxion Indexed Commodity Strategy Fund includes: A quantitative, rules-based index approach to commodity investing. Exposure to 12 commodities that can individually be long or flat (if a short signal is triggered the position is moved to cash). The ability to make position changes intra-month based on trends. A review of trends over short time frames, making it most responsive in the near-term. Monthly rebalance based on risk reduction where the allocation of individual components is reduced only if volatility exceeds certain predetermined risk levels. A smart contract roll yield approach designed to select the most cost effective futures contract for investment. About the Index The Auspice Broad Commodity Index aims to capture upward trends in the commodity markets while minimizing risk during down trends. The index will use a quantitative methodology to track either long or flat positions in a diversified portfolio of 12 commodity futures which cover the energy, metal, and agricultural sectors. the index incorporates dynamic risk management and contract rolling methods.

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Index Components and Weightings

Index Sector Weightings		Index Methodology
		The components chosen for inclusion in the index are selected to provide a broad and diverse cross section of commodities from the North American exchange traded futures market. The Index can either be long or flat at any time, and uses a qantitative trend following strategy to determine entry/exit rules. Each position within the index is long or flat at all times depending on the direction of the prevailing trend. The Index allocates risk and size positions based on each component's historical volatility. Each component receives an equal allocation of the total portfolio risk. The Index components will be rebalanced monthly if their current risk exceeds a predetermined threshold level.

The total annual fund operating expense ratio of the Direxion Indexed Commodity Strategy Fund, gross of any fee waivers or expense reimbursements, as stated in the fee table of the funds prospectus is for the investor class is 1.30%, for the institutional class is 1.05% and for the C-Shares is 2.04%. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. Returns for performance for one year and under are cumulative, not annualized. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. For additional information, see the fund(s) prospectus.

An investor should consider the investment objectives, risks, charges, and expenses of the Direxion Funds carefully before investing. The prospectus and summary prospectus contain this and other information about Direxion Funds. To obtain a prospectus or summary prospectus, please contact the Direxion Funds at 800.851.0511. The prospectus or summary prospectus should be read carefully before investing.

Auspice Capital Advisors Ltd. is a registered Portfolio Manager / Investment Fund Manager in Canada and a registered Commodity Trading Advisor (CTA/CPO) and National Futures Association (NFA) member in the US.

Investing in funds that invest in specific industries or geographic regions may be more volatile than investing in broadly diversified funds. The principal risks of investing in the Direxion Indexed Commodity Strategy Fund are Risks of Investing in Commodity-Linked Derivatives, Risks of Investing in Wholly-owned Subsidiary, High Portfolio Turnover, Tax Risk, Risk of Tracking Error, Risks of Aggressive Investment Techniques, Leverage Risk, Derivatives Risks, Counterparty Risks, Risk of Non-Diversification, Risks of Investing in Other Investment Companies and ETFs, Adverse Market Conditions, Risks of Investing in Equity Securities, Credit Risk and Concentration Risk.

Distributor: Rafferty Capital Markets, LLC.

Date of First Use: February 1, 2012