Emerging Markets Bear 2x Fund

DXESX

Symbol	Fund	Index/Benchmark	Daily Target
DXESX	Emerging Markets Bear 2x Fund	MSCI Emerging Markets	-200%

The Emerging Markets Bear 2x Fund seeks to provide 200% of the inverse (or opposite) of the daily return of the MSCI Emerging MarketsSM Index.

The EM Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. As of September 2006, the EM Index consisted of the following emerging market country indices: South Korea, Brazil, Taiwan, South Africa, Russia, Mexico, China, India, Hong Kong, Israel, Indonesia, Thailand, Czech Republic, Hungary, Chile, Philippines, Turkey, Luxembourg, Peru and Argentina. MSCI® is not a sponsor of, or in any way affiliated with, the Direxion Funds.

Brazil	15.3%	India	5.9%	Egypt	0.9%
South Korea	12.5%	Israel	3.6%	United States	0.9%
Taiwan	10.0%	Chile	2.3%	Turkey	0.7%
Russia	9.5%	Czech Rep	2.2%	Luxembourg	0.6%
China	8.2%	Indonesia	1.8%	Peru	0.6%
South Africa	7.8%	Thailand	1.6%	Malaysia	0.5%
Hong Kong	6.2%	Philippines	1.3%	Argentina	0.2%
Mexico	6.2%	Hungary	1.1%	Columbia	0.1%

Data as of 03/31/2008 is subject to change at any time and are not recommendations to buy or sell any security.

Regulatory Documents (including Prospectus, SAI, Semi-Annual Report and Annual Report)

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

Investing in index funds may be more volatile than investing in broadly diversified funds. The use of leverage by a mutual fund increases the risk to the fund. The more a fund invests in leveraged instruments the more the leverage will magnify gains or losses on those investments.

The principal risks of investing in the Emerging Markets Bear 2x Fund are Market Timing Activity and High Portfolio Turnover, Risk of Tracking Error, Risks of Aggressive Investment Techniques, Leverage Risk, Counterparty Risks, Risk of Non-Diversification, Interest Rate Changes, Risks of Investing in Other Investment Companies and ETFs, Adverse Market Conditions, Risks of Investing in Equity Securities, Risks of Investing in Foreign Instruments, Currency Exchange Rates, Credit Risk, and Risks of Investing in Emerging Markets Instruments. Additional risks of investing in the Emerging Markets Bear 2x Fund are Risks of Shorting Instruments and Inverse Correlation. For more information on the risks of the fund, including a description of each risk, please refer to the prospectus.