Direxion Emerging Markets Bear 2.0X Inv (DXESX)

Fund Fact Sheet12-31-09 09-30-09 06-30-2009 03-31-2009 Prospectus Fact Sheet Explanation

Fund Summary The investment seeks daily investment results, before fees and expenses, of 200% of the inverse of the price performance of the MSCI Emerging Markets index. The fund normally invests at least 80% of assets in the equity securities that comprise the MSCI Emerging Markets index and/or financial instruments that, in combination, provide leveraged exposure to the index. It creates short positions. The fund may invest include ETFs, stock index futures contracts, options on stock index futures contracts, swap agreements and options on securities and on stock indices. 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.