Direxion Monthly Developed Markets Bear 2x Fund

DXDSX

Symbol	Fund	Index/Benchmark	Monthly Target	Estimated Current Exposure Level *
DXDSX	Monthly Developed Markets Bear 2x Fund	MSCI EAFE®	-200%	-234%

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

CUSIP: 254939598
Inception Date: 1/18/2006

The Direxion Monthly Developed Markets Bear 2x Fund seeks monthly investment results, before fees and expenses, of 200% of the inverse (or opposite) of the calendar month price performance of the EAFE Index.

The EAFE Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. As of September 2006, the EAFE Index consisted of the following developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. MSCI® is not a sponsor of, or in any way affiliated with, the Direxion Funds.

Financial	24.81%	Basic Materials	10.00%	Technology	2.18%
Consumer, Non-cyclical	18.62%	Energy	8.35%	Diversified	0.91%
Industrial	11.00%	Communications	8.27%
Consumer, Cyclical	10.19%	Utilities	5.68%

Data as of 12/31/2009 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 -200% 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 Developed 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, Credit Risk, Risks of Investing in Equity Securities, Risks of Investing in Foreign Instruments, and Currency Exchange Rates. Additional risks of investing in the Developed 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.