Direxion Monthly Small Cap Bull 1.75X Fund DXRLX Strategy

The investment seeks monthly investment results, before fees and expenses, of 175% of the calendar month performance of the Russell 2000® Index. The fund invests at least 80% of its net assets (plus borrowing for investment purposes) in securities of the index, exchange-traded funds that track the index and other financial instruments that provide monthly leveraged exposure to the index or to ETFs that track the index. The index measures the performance of approximately 2,000 small-capitalization companies in the Russell 3000® Index, based on a combination of their market capitalization and current index membership. The fund is non-diversified.