Direxion Monthly S&P 500 Bear 2X Fund Investor Class (DXSSX)

Investment Objective The investment seeks monthly investment results, before fees and expenses, of 200% of the inverse (or opposite) of the calendar month performance of the S&P 500 ® Index. The fund, under normal circumstances, creates short positions by investing at least 80% of its assets in: futures contracts, short positions, swap agreements, exchange traded funds ("ETFs") or other financial instruments that, in combination, provide leveraged and unleveraged exposure to the S&P 500 ® Index (the "index"). The fund is non-diversified.