Direxion Monthly Emerging Markets Bull 2x Fund

DXELX

Symbol	Fund	Index/Benchmark	Monthly Target	Estimated Current Exposure Level *
DXELX	Monthly Emerging Markets Bull 2x Fund	MSCI Emerging Markets Index ^SM	200%	194%

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

CUSIP: 254939630
Inception Date: 11/1/2005

The Direxion Monthly Emerging Markets Bull 2x Fund seeks monthly investment results, before fees and expenses, of 200% of the calendar month performance of the MSCI Emerging Markets IndexSM (the “EM Index”).

The MSCI Emerging Markets IndexSM is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. As of September 30, 2011 the Index consisted of the following 22 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hong Kong, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, and Turkey. One cannot invest directly in an Index.

CHINA	17.94%	INDONESIA	3.03%	EGYPT	1.09%
TAIWAN	14.79%	MEXICO	2.79%	HUNGARY	0.48%
SOUTH KOREA	12.61%	TURKEY	2.67%	CZECH	0.36%
BRAZIL	10.06%	THAILAND	2.67%	MOROCCO	0.36%
INDIA	8.73%	POLAND	2.55%	PERU	0.24%
SOUTH AFRICA	5.94%	CHILE	2.18%	UNITED STATES	0.12%
MALAYSIA	5.09%	PHILIPPINES	1.82%	UKRAINE	0.12%
RUSSIA	3.27%	COLUMBIA	1.09%

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 Bull 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 Emerging Markets Bull 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. For more information on the risks of the fund, including a description of each risk, please refer to the prospectus.