Fund Information

The Direxion Long/Short Global IPO Fund

Stage 3: New Issues selected to under-perform (2nd through 4th years trading): Short Position (-100%)

Stage 3 positions are selected based on criteria which include:

Market recorded data, such as Earnings Per Share, beta, etc.
Liquidity: Daily average equity turnover must exceed $2 million.
Typical period of coverage: 300-900 trading days after the initial public offering.
Size of the issue: The Fund will not "short" any issue that is less than $300 million in market capitalization.
The portfolio tends to be equally weighted.

Stage 1: Initial Public
Offerings
Stage 2: Year 1 Issues
Stage 3: Year 2-4 Issues

The Direxion Long/
Short Global IPO Fund

Why IPOs?

Why a Long/Short IPO
Strategy?

Three Stages of the
IPO Lifecycle

Why Invest in the
Fund?

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.

You will be assessed a 1.0% redemption fee on investor class shares redeemed (through sales or exchanges) within 90 days of the date of purchase. The performance listed on the previous page does not reflect the 1.0% redemption fee. A contingent deferred sales charge ("CDSC") of 1.00% will be imposed on Class C Shares redeemed with one year of purchase. The CDSC is a percentage of the lower of the original purchase price or redemption proceeds.

The principal risks of investing in the Direxion Long Short Global IPO Fund are Adverse Market Conditions Risk, Counterparty Risk, Currency Exchange Rate Risk, Derivatives Risk, Emerging Markets Risk, Equity Securities Risk, Foreign Instrument Risk, High Porfolio Turnover, IPO Risk, Leverage Risk, Market Risk, Non-Diversification Risk, Options and Futures Contracts Risk, Security Selection Risk, Shorting Instruments Risk, Tracking Error Risk, Valuation Time Risk, and Volatile Markets Risk.

Any investments made in whole or in part by a party in reliance thereon are made at such party's sole risk. No guarantee of any kind is implied or possible where opinions as to past or future market conditions/events is provided. Past performance is not necessarily indicative of future results.

Distributor: Rafferty Capital Markets, LLC.

Date of First Use: March 1, 2010