Each Direxion Fund share price is calculated as of the close of regular trading, usually as of 4:00 p.m. Eastern Time, each day the New York Stock Exchange is open for business. Each fund seeks to meet its investment objective relative to the value of the target index or benchmark as of 4:00 p.m.

Shares of Direxion Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Market Price returns are based upon the midpoint of the bid/ask spread at 4:00 PM Eastern time (when NAV is normally determined), and do not represent the returns you would receive if you traded shares at other times. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. Some performance results reflect expense subsidies and waivers in effect during certain periods shown. Absent these waivers, results would have been less favorable.

After-Tax and After-Tax, Post Sales Returns

Tax-adjusted returns and tax cost ratio are estimates of the impact taxes have had on a fund. We assume the highest tax rate in calculating these figures. These returns follow the SEC guidelines for calculating returns before sale of shares. Tax-adjusted returns show a fund’s annualized after tax total return for the one, three and five year periods, excluding any capital-gains effects that would result from selling the fund at the end of the period. To determine this figure, all income and short-term capital gains distributions are taxed at the maximum federal rate at the time of distribution. Long-term capital gains are taxed at a 15% rate. The after tax portion is then assumed to be reinvested in the fund. State and local taxes are not included in our calculations. For more information, please consult your tax consultant.

Distribution Dates

• Payable and Ex-Date — With regard to mutual funds, this is the day on which declared distributions (dividends or capital gains) are deducted from the fund’s assets before it calculates its net asset value (NAV). The NAV per share will drop by the amount of the distribution per share.
• Record Date — Date by which a shareholder must officially own shares in order to be entitled to a dividend.

Types of Distributions

• Income Dividend — A portion of a company’s profit paid to common and preferred shareholders.
• Long Term Capital Gains — Profits distributed to shareholders resulting from the sale of securities held in the fund’s portfolio for more than one year.
• Short Term Capital Gains — Profits distributed to shareholders resulting from the sale of securities held in the fund’s portfolio for less than one year