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 invests in swap agreements- futures contracts- short positions or other financial instruments that provide inverse (opposite) or short leveraged exposure to the S& P 500-® Index (the "index") equal to at least 80% of the fund's net assets (plus borrowing for investment purposes). The index is a float-adjusted- market capitalization-weighted index. The fund is non-diversified.