Direxion Monthly Small Cap Bear 2x Fund

DXRSX

Symbol	Fund	Index/Benchmark	Monthly Target	Estimated Current Exposure Level *
DXRSX	Monthly Small Cap Bear 2x Fund	Russell 2000®	-200%	-232%

* Estimated Current Exposure Level data updated as often as once per minute, but this web page must be refreshed to obtain updated data.

CUSIP: 254939820
Inception Date: 12/21/1999

The Direxion Monthly Small Cap Bear 2x Fund seeks monthly investment results, before fees and expenses, of 200% of the inverse (or opposite) of the calendar month performance of the Russell 2000® Index.

The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe and is comprised of the smallest 2000 companies in the Russell 3000® Index, representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The companies included in the index have an average market capitalization of more than $585 million dollars and a median market capitalization of $407 million dollars as of September 30, 2011. One cannot invest directly in an Index.

Financial Services	22.6%	Health Care	14.7%	Energy	5.7%
Consumer Discretionary	15.0%	Producer Durables	13.8%	Utilities	3.4%
Technology	15.0%	Materials & Processing	6.6%	Consumer Staples	3.3%

Data as of 9/30/2011 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)

As of 9/30/2009, the Bear Fund's investment objective has changed from seeking daily investment results, before fees and expenses, of -250% of the price performance of its benchmark to seeking monthly investment results, before fees and expenses, of -200% of the price performance of its benchmark.

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 Small Cap 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, Credit Risk, and Risks of Investing in Small and Mid Capitalization Companies. For more information on the risks of the fund, including a description of each risk, please refer to the prospectus.