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FAS and FAZ changed objectives this morning?

FOR IMMEDIATE RELEASE Contact: Katrine Winther-Olesen
JCPR, Inc. 973.400.1341 [e-mail]

Direxion Changes Investment Objective of Leveraged Index Mutual Funds

Funds to Begin Seeking Monthly Investment Results,
Offering Tactical Approach for Investors with Slightly Longer Time Frames

Newton, MA – September 30, 2009 - Direxion, a pioneer in providing alternative investment strategies to sophisticated investors, announced that it is changing the investment objective for all of its Leveraged Index Mutual Funds.

Effective September 30, 2009, the funds will begin seeking monthly investment results, rather than daily results.

Also effective with this change, funds that sought to achieve 250% or -250% of the performance of their index on a daily basis will now seek to achieve 200% or -200% of the performance of their index on a monthly basis.

“Direxion’s leveraged products are powerful investment tools for sophisticated investors who seek magnified exposure to the markets,” said Dan O’Neill, Direxion’s President. “While our Leveraged Daily ETFs are designed primarily for traders seeking more immediate results based on short-term market movements, our Leveraged Monthly Mutual Funds are well-suited for investors implementing sophisticated investment strategies with slightly longer time frames.”

Direxion highly recommends that investors actively monitor and manage their investments in any leveraged fund. The Monthly Mutual Funds are intended for investors seeking to use leverage to execute short- to medium-term tactical investment maneuvers.

The effects of compounding may still be substantial for the Monthly Mutual Funds over multiple-month periods. However, monthly rebalancing funds can allow for greater manageability of market exposure levels throughout each month. The exposure levels that investors obtain when they purchase a fund remain constant until the fund rebalances on the last trading day of the month, or until the investor sells, whichever occurs earlier.

If investors make intra-month purchases – that is, on any day other than the last trading day of the month – the total exposure of the fund may be higher or lower than the stated (2x or -2x) monthly objective. Direxion has developed a comprehensive suite of educational literature and
tools to help investors better understand the funds’ new objectives and how their investments should be expected to behave in the markets.

To request more information on Direxion Monthly Leveraged Index Mutual Funds, or to speak to a member of the Direxion team, please contact Katrine Winther-Olesen at [phone] or [e-mail].

http://www.direxionfunds.com/pdfs/PR_DF_093009.pdf