Direxion Small Cap Bear 2.5X Inv (DXRSX)

Fund Fact Sheet 12-31-09 09-30-09 06-30-2009 03-31-2009 Prospectus Fact Sheet Explanation

Fund Summary The investment seeks investment returns that correspond to 250% of the inverse of the price performance of the Russell 2000 index. The fund normally invests at least 80% of assets in the equity securities that comprise the Russell 2000 index and/or financial instruments that, in combination, provide leveraged exposure to the index. It creates short positions. The fund may hold U.S. government securities and repurchase agreements to collateralize these futures and options contracts and swap agreements. It is nondiversified.

Fund Management Paul Brigandi, Lead Manager since 05-May-06
Brigandi has been a portfolio manager at Rafferty Asset Management since June 2004. He was previously involved in the equity trading training program for Fleet Boston Financial Corporation from August 2002 to April 2004.