Direxion Monthly 10 Year Note Bear 2x Fund

DXKSX

Symbol	Fund	Index/Benchmark	Monthly Target	Estimated Current Exposure Level *
DXKSX	Monthly 10 Year Note Bear 2x Fund	NYSE Arca Current 10 YR. US Treasury Index	-200%	-200%

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

CUSIP: 254939770
Inception Date: 5/17/2004

The Direxion Monthly 10 Year Note 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 NYSE Arca Current 10 Year U.S. Treasury Index.

The NYSE Arca Current 10 Year U.S. Treasury Index is a one-security index comprised of the most recently issued 10-Year Treasury Note. Notes eligible for inclusion must be U.S. dollar-denominated Treasury notes with a fixed rate, non-zero coupon that are non-callable with a maturity of 10 years at issuance.

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 10 Year Note 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, and Credit Risk. Additional risks of investing in the 10 Year Note Bear 2.5x 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.