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Summary Prospectus
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April 14, 2013
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Fixed Income Funds
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Direxion Monthly 7-10 Year Treasury Bull 2X Fund:
DXKLX
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Before you invest, you may want to review the Funds prospectus, which contains more information about the Fund and its risks. You can find the Funds prospectus and other information about the Fund,
including the Funds statement of additional information and shareholder report, online at http://www.direxionfunds.com/regulatory-documents. You can also get this information at no cost by calling Fund Investor Services at 1-800-851-0511 or by
sending an e-mail request to info@direxionfunds.com or from your financial intermediary. The Funds prospectus and statement of additional information, both dated April 14, 2013, are incorporated by reference into this Summary Prospectus.
Important
Information Regarding the Fund
The Direxion Monthly 7-10 Year Treasury Bull 2X Fund (formerly known as the Direxion Monthly 10-Year Note Bull 2X
Fund) (the Fund) seeks calendar month leveraged investment results. The pursuit of calendar month leveraged goals means that the Fund is riskier than alternatives that do not use leverage because the Funds objective is to magnify
the performance of the NYSE 7-10 Year Treasury Bond Index. The pursuit of calendar month leveraged investment goals means that the return of the Fund for a period longer than a full calendar month may bear no resemblance to 200% of the return of the
NYSE 7-10 Year Treasury Bond Index for such longer period because the aggregate return of the Fund is the product of the series of calendar month leveraged returns for each calendar month. The path of the benchmark during the longer period may be at
least as important to the Funds return for the longer period as the cumulative return of the benchmark for the relevant longer period, especially in periods of market volatility. Further, the return for investors that invest for periods less
than a full calendar month or for a period different than a calendar month will not be the product of the return of the Funds stated goal and the performance of the target index for the full calendar month.
Investment Objective
The Fund seeks monthly
investment results, before fees and expenses, of 200% of the calendar month performance of the NYSE 7-10 Year Treasury Bond Index.
The Fund seeks calendar month leveraged investment results and does not seek to achieve its stated investment
objective for a different period of time. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking calendar month leveraged investment results, understand the risks associated with the
use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.
Fees and Expenses of the Fund
This table
describes the fees and expenses you may pay if you buy and hold shares of the Fund.
Annual Operating Expenses
(expenses that you pay
each year as a percentage of the value of your investment)
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Management Fees
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0.75%
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Distribution and/or Service (12b-1) Fees
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0.25%
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Other
Expenses
(1)
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0.90%
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Operating Services Fee
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0.65%
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Shareholder Servicing Fee
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0.25%
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Total Annual Fund Operating Expenses
(2)
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1.90%
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(1)
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Rafferty Asset Management, LLC (Rafferty or Adviser) has contractually agreed to pay all expenses of the Fund through September 1,
2014 other than the following: management fees, distribution and/or service fees, shareholder servicing fees, acquired fund fees and expenses, taxes, leverage interest, dividends or interest on short positions, other interest expenses, brokerage
commissions, expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation or other expenses outside the typical day-to-day operations of the Fund. This Operating Services Agreement may be terminated
at any time by the Board of Trustees.
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(2)
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Total Annual Fund Operating Expenses for the Fund do not correlate to the Ratios to Average Net Assets: Net Expenses provided in the Financial
Highlights section of the statutory prospectus, which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses.
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Example.
The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time
periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same. Although your actual costs may be
higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Investor Class
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$
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193
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$
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597
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$
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1,026
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$
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2,222
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Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns
over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses
or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 0% of the average value of its portfolio. However, this portfolio turnover is calculated without regard to cash
instruments or derivatives. If such instruments were included, the Funds portfolio turnover rate would be significantly higher.
Principal Investment Strategy
The Fund,
under normal circumstances, creates long positions by investing at least 80% of its assets in the U.S. government securities that comprise the NYSE 7-10 Year Treasury Bond Index (the Index) and/or: financial instruments that, in
combination, provide leveraged and unleveraged exposure to the Index with the Fund creating long positions. These financial instruments include: exchange-traded funds (ETFs), futures contracts; options on securities, indices and futures
contracts;
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Summary Prospectus
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1 of 5
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Direxion Monthly 7-10 Year Treasury Bull 2X Fund
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equity caps, collars and floors; swap agreements; forward contracts; short positions, reverse repurchase agreements; and other financial instruments. On a day-to-day basis, the Fund may hold
short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements.
The Index is a multi-security index that includes all qualified U.S. Treasury bonds. Bonds eligible for inclusion must be: U.S. Treasury Bonds;
bullet or callable issues with fixed coupon payments; denominated in U.S. dollars; and have a maturity of 7-10 years at issuance. As of March 31, 2013, the Index was composed of 21 bonds. The Index rebalances monthly, after the close of trading
on the last business day of each month, with coupons re-invested in the Index. The weighting of the bonds in each index is reset during the rebalance to represent the market value of each issue.
Neither the Trust nor the Fund is sponsored, endorsed, sold or promoted by NYSE EURONEXT or its affiliates (NYSE EURONEXT). NYSE
EURONEXT makes no representation or warranty regarding the advisability of investing in securities generally, in the Fund particularly, or the ability of the NYSE 7-10 Year Treasury Bond Index, to track general stock market performance.
NYSE EURONEXT MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE WITH RESPECT TO THE NYSE TREASURY INDEXES OR ANY DATA INCLUDED THEREIN. IN NO EVENT SHALL NYSE EURONEXT HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE
POSSIBILITY OF SUCH DAMAGES.
The Fund may gain exposure to only a representative sample of the securities in the Index that have
aggregate characteristics similar to those of the Index. The Fund gains this exposure either by directly investing in the underlying securities of the Index or by investing in derivatives that provide exposure to those securities. The Fund seeks to
remain fully invested at all times consistent with its stated goal. At the close of the markets on the last trading day of each month, Rafferty positions the Funds portfolio so that its exposure to the Index is consistent with the Funds
investment objective. The impact of the Indexs movements during the month will affect whether the Funds portfolio needs to be re-positioned. For example, if the Index has risen over the course of a given month, net assets of the Fund
should rise, meaning that the Funds exposure will need to be increased. Conversely, if the Index has fallen over the course of a given month, net assets of the Fund should fall, meaning the Funds exposure will need to be reduced.
The Fund is a non-diversified fund, meaning that a relatively high percentage of its assets may be invested in a limited
number of issuers of securities.
Principal Risks
An investment in the Fund entails risk. The Fund could lose money or its performance could trail that of other investment alternatives. Rafferty cannot guarantee that the Fund will achieve its objective. In
addition, the Fund presents some risks not traditionally associated with most mutual funds. It is important that investors closely review all of the risks listed below and understand how these risks interrelate before making an investment in the
Fund. Unprecedented recent turbulence in financial markets and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Fund. There is the risk that you
could lose all or a portion of your money on your investment in the Fund.
Active and Frequent Trading Risk
The Fund may
engage in active and frequent trading, leading to increased portfolio turnover, higher transaction costs, and the possibility of increased net realized capital gains, including net short-term capital gains that will be taxable to shareholders as
ordinary income when distributed to them.
Adverse Market Conditions Risk
Because the Fund magnifies the performance of the
Index, the Funds performance will suffer during conditions in which the Index declines.
Advisers Investment Strategy
Risk
The Adviser utilizes a quantitative methodology to select investments for the Fund. Although this methodology is designed to correlate the Funds performance with the performance of the Index, there is no assurance that such
methodology will be successful and will enable the Fund to achieve its investment objective.
Counterparty Risk
The Fund
may invest in financial instruments involving counterparties for the purpose of attempting to gain exposure to a particular group of securities or asset class without actually purchasing those securities or investments, or to hedge a position. These
financial instruments may include swap agreements and structured notes. The use of swap agreements and structured notes involves risks that are different from those associated with ordinary portfolio securities transactions. For example, the Fund
bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. Swap agreements also may be considered to be illiquid. In addition, the Fund may enter
into swap agreements that involve a limited number of counterparties, which may increase the Funds exposure to counterparty credit risk. The Fund does not specifically limit its counterparty risk with respect to any single counterparty.
Further, there is a risk that no suitable counterparties are willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objectives.
Derivatives Risk
The Fund uses investment techniques, including investments in derivatives such as futures contracts, forward
contracts, options and swaps, which may be considered aggressive. Investments in such derivatives are subject to market risks that may cause their prices to fluctuate over time and may increase the volatility of the Fund. The use of derivatives may
expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives, such as counterparty risk and the risk that the derivatives may become illiquid. The use of derivatives may
result in larger losses or smaller gains than investing in the underlying securities directly. In addition, the Funds investments in derivatives as of the date of this Prospectus are subject to the following risks:
Futures and Forward Contracts
. There may be an imperfect correlation between the changes in market value of the securities
held by the Fund and the prices of futures contracts. There may not be a liquid secondary market for the futures contracts. Forward currency transactions include the risks associated with fluctuations in currency.
Options
. There may be an imperfect correlation between the prices of options and movements in the price of the securities (or
indices) hedged or used for cover which may cause a given hedge not to achieve its objective.
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Summary Prospectus
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2 of 5
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Direxion Monthly 7-10 Year Treasury Bull 2X Fund
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Swap Agreements
. Interest rate swaps are subject to interest rate and credit
risk. Total return swaps are subject to counterparty risk, which relates to credit risk of the counterparty and liquidity risk of the swaps themselves.
Early Close/Trading Halt Risk
An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be
restricted, which may result in the Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may
incur substantial trading losses.
Effects of Compounding and Market Volatility Risk
The Fund does not attempt to, and
should not be expected to, provide returns which are a multiple of the return of the Index for periods other than a calendar month. The Fund rebalances its portfolio on a calendar month basis, increasing exposure in response to that calendar
months gains or reducing exposure in response to that calendar months losses. This means that for a period longer than a calendar month, the pursuit of daily goals may result in leveraged compounding. It also means that the return of an
index over a period of time other than a calendar month multiplied by the Funds target (200%) generally will not equal the Funds performance over that same period.
As a result, over time, the cumulative percentage increase or decrease in the value of the Funds portfolio may diverge significantly from the
cumulative percentage increase or decrease in the multiple of the return of the Funds underlying index due to the compounding effect of losses and gains on the returns of the Fund. It also is expected that the Funds use of leverage will
cause the Fund to underperform the compounded return of two times its benchmark in a trendless or flat market.
The effect of compounding
becomes more pronounced on the Funds performance as the Index experiences volatility. The Indexs volatility rate is a statistical measure of the magnitude of fluctuations in the returns of the Index. For information regarding the effects
of volatility and index performance on the long-term performance of the Fund, see Additional Information Regarding Investment Techniques and Policies and Negative Implications of Monthly Goals in Volatile Markets in the
Funds full prospectus, and Special Note Regarding the Correlation Risks of the Funds in the Funds Statement of Additional Information. At higher rates of volatility, there is a chance of near complete loss of value even if
the Index is flat.
Holding an unmanaged position opens the investor to the risk of market volatility adversely affecting the performance
of the investment. The Fund is not appropriate for investors who do not intend to actively monitor and manage their portfolios. This table is intended to underscore the fact that the Fund is designed as a trading vehicle for investors who intend to
actively monitor and manage their portfolios.
To fully understand the risks of market volatility on the Fund, see Negative
Implications of Monthly Goals in Volatile Markets found in the statutory prospectus.
Gain Limitation Risk
Rafferty
will attempt to position the Funds portfolio to ensure that the Fund does not lose more than 90% of its net asset value (NAV) in a given calendar month. The cost of such downside protection will be limitations on the Funds
gains. As a consequence, the Funds portfolio may not be responsive to Index gains beyond 45% in a given calendar month. For example, if the Index were to gain 50%, the Fund might be limited to a calendar month gain of 90% rather than 100%,
which is 200% of the Index gain of 50%.
Interest Rate Risk
The value of the Funds investment in fixed income
securities will fall when interest rates rise. The U.S. is currently in a period of historically-low interest rates and it is unclear how much longer interest rates will remain at their current levels. Changes or volatility in interest rates may
adversely affect the performance of the Fund. The effect of increased interest rates is more pronounced for any intermediate-term or longer-term fixed income obligations owned by the Fund.
Intra-Calendar Month Investment Risk
The Fund seeks calendar month leveraged investment results which should not be equated with
seeking a leveraged goal for shorter than a calendar month. An investor who purchases shares on a day other than the last business day of a calendar month will likely have more, or less, than 200% leveraged investment exposure to the Index,
depending upon the movement of the Index from the end of the prior calendar month until the point of purchase. If the Index moves in value in a direction favorable to the Fund, the Funds net assets will rise by the same amount as the
Funds exposure. Conversely, if the Index moves in value in a direction adverse to the Fund, the Funds net assets will decline by the same amount as the Funds exposure. Since a Fund starts each month with exposure which is 200% of
its net assets, a change in both the exposure and the net assets of the Fund by the same absolute amount results in a change in the comparative relationship of the two. As an example (using simplified numbers), if the Fund had $100 in net assets at
the market close on the last trading day of the month, it would seek $200 of exposure to the next months Index performance. If the Index rose by 1% by mid-month, the exposure of the Fund will have risen by 1% to $202 and the net assets will
have risen by that $2 gain to $102. With net assets of $102 and exposure of $202, a purchaser at that point would be receiving 198% exposure of her investment instead of 200%.
Leverage Risk
If you invest in the Fund, you are exposed to the risk that a decline in the monthly performance of the Index will be leveraged. This means that your investment in the Fund will be
reduced by an amount equal to 2% for every 1% monthly decline, not including the cost of financing the portfolio and the impact of operating expenses, which would further lower your investment. The Fund could theoretically lose an amount greater
than its net assets in the event of an Index decline of more than 50%. Further, purchasing shares intra-calendar month may result in greater than 200% exposure to the performance of the Index if the Index declines between the end of the last
calendar month and the time the investor purchased Fund shares.
Liquidity Risk
Some securities held by the Fund, including
derivatives, may be difficult to sell or illiquid, particularly during times of market turmoil. Illiquid securities also may be difficult to value. If the Fund is forced to sell an illiquid security at an unfavorable time or at a price that is lower
than Raffertys judgment of the securitys true market value, the Fund may be forced to sell the security at a loss. Such a situation may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the
Index.
Market Risk
The Fund is subject to market risks that can affect the value of its shares. These risks include
political, regulatory, market and economic developments, including developments that impact specific economic sectors, industries or segments of the market.
Market Timing Activity Risk
Rafferty expects a significant portion of the assets of the Fund to come from professional money managers and investors who use the Fund as part of asset
allocation and market timing investment strategies.
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Summary Prospectus
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3 of 5
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Direxion Monthly 7-10 Year Treasury Bull 2X Fund
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These strategies often call for frequent trading, which may lead to increased portfolio turnover, higher transaction costs, and the possibility of increased net realized capital gains, including
net short-term capital gains that will be taxable to shareholders as ordinary income when distributed to them.
Monthly Correlation
Risk
There is no guarantee that the Fund will achieve its monthly target. The Fund may have difficulty achieving its monthly target due to fees and expenses, high portfolio turnover, transaction costs, costs associated with the use of
leveraged investment techniques, income items and accounting standards. The Fund may not have investment exposure to all securities in its underlying Index, or its weighting of investment exposure to such stocks or industries may be different from
that of the Index. In addition, the Fund may invest in securities or financial instruments not included in the underlying Index. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being
over- or under-exposed to its Index. Activities surrounding annual index reconstitutions and other index repositioning or reconstitution events may hinder the Funds ability to meet its calendar month leveraged investment objective in that
month. The Fund seeks to rebalance its portfolio monthly to keep leverage consistent with its calendar month leveraged investment objective.
Non-Diversification Risk
The Fund is non-diversified, which means it invests a high percentage of its assets in a limited number of securities. A non-diversified funds NAVs and total returns may
fluctuate more or fall greater in times of weaker markets than a diversified mutual fund.
Regulatory Risk
The Fund
is subject to the risk that a change in U.S. law and related regulations will impact the way the Fund operates, increase the particular costs of the Funds operations and/or change the competitive landscape.
Risks of Investing in Other Investment Companies (including ETFs)
Investments in the securities of other investment companies,
including ETFs, may involve duplication of advisory fees and certain other expenses. By investing in another investment company or ETF, the Fund becomes a shareholder thereof. As a result, Fund shareholders indirectly bear the Funds
proportionate share of the fees and expenses paid by shareholders of the other investment company or ETF, in addition to the fees and expenses Fund shareholders indirectly bear in connection with the Funds own operations. The Funds
performance may be magnified positively or negatively by virtue of its investment in other investment companies. If the other investment company or ETF fails to achieve its investment objective, the value of the Funds investment will decline,
adversely affecting the Funds performance. In addition, closed-end investment company and ETF shares potentially may trade at a discount or a premium and are subject to brokerage and other trading costs, which could result in greater expenses
to a Fund. Finally, because the value of other investment company or ETF shares depends on the demand in the market, the Adviser may not be able to liquidate a Funds holdings in those shares at the most optimal time, adversely affecting the
Funds performance.
Tracking Error Risk
The Fund may have difficulty achieving its calendar month target due to fees
and expenses, high portfolio turnover, transaction costs and/or a temporary lack of liquidity in the markets for the securities held by the Fund. A failure to achieve a calendar month target may cause the Fund to provide returns for a longer period
that are worse than expected. In addition, even though the Fund may meet its calendar month target over a period of time, this will not necessarily produce the returns that might be expected in light of the returns of its index or benchmark for that
period.
U.S. Government Securities Risk
A security backed by the U.S. Treasury or the full faith and credit of the United
States is guaranteed only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. In addition, because many types of U.S. government securities trade
actively outside the United States, their prices may rise and fall as changes in global economic conditions affect the demand for these securities.
Fund Performance
The following performance information provides some indication of the risks
of investing in the Fund by demonstrating how its returns have varied from calendar year to calendar year. The table shows how the Funds average annual returns for the 1 and 5 year and since inception periods compare with those of a
broad-based market index for the same periods. The Funds past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance is available on the Funds website at
www.direxionfunds.com or by calling the Fund toll-free at (800) 851-0511.
The performance shown prior to September 30, 2009
reflects previous daily, instead of monthly, targets. The Fund sought a daily target of 250% until September 30, 2009. On September 30, 2009, the Fund began to seek a monthly target of 200%. If the target of the Fund had remained a daily
target of 250% instead of a monthly target of 200%, the calendar year performance of the Fund would have varied from that shown.
In
addition, the performance shown from October 1, 2009 to April 14, 2013 reflects a previous investment objective. The Fund sought monthly investment results, before fees and expenses, of 200% of the performance of the NYSE Current 10-Year
U.S. Treasury Index. If the Funds objective had remained the same, the calendar year performance of the Fund would have varied from that shown.
Total Return for the Calendar Years Ended December 31
During the period of time shown in the bar chart, the Funds highest calendar quarter return was 33.53% for the quarter
ended December 31, 2008 and its lowest calendar quarter return was 13.76% for the quarter ended June 30, 2009. The year-to-date return as of March 31, 2013 was 1.09%.
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Summary Prospectus
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4 of 5
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Direxion Monthly 7-10 Year Treasury Bull 2X Fund
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Average Annual Total Returns
(for the periods ended December 31, 2012)
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1 Year
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5 Years
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Since Inception
(March 31, 2005)
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Return Before Taxes
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5.49%
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12.62%
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9.96%
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Return After Taxes on Distributions
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4.21%
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11.50%
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8.99%
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Return After Taxes on Distributions and Sale Fund Shares
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3.65%
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10.33%
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8.15%
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NYSE 7-10 Year Treasury Bond Index
(reflects no deduction for fees, expenses or taxes)
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3.98%
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7.74%
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8.13%
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NYSE Current 10-Year Treasury Index
(reflects no deduction for fees, expenses or taxes)
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4.06%
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N/A
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5.37%
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The NYSE 7-10 Year Treasury Bond Index commenced operations on December 29, 2006. The Average Annual Total Return Since
Inception shown in the table above is for the period from December 29, 2006 to December 31, 2012.
The NYSE Current
10-Year Note Treasury Index commenced operations on April 2, 2009. The Average Annual Total Return Since Inception shown in the table above is for the period from April 2, 2009 to December 31, 2012.
The NYSE 7-10 Year Treasury Bond Index replaced the NYSE Current 10-Year U.S. Treasury Index as the broad-based benchmark in connection with the
change of the Funds name and investment objective. The index was changed on April 14, 2013.
After-tax returns are calculated
using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown, and after-tax
returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).
Management
Investment Adviser.
Rafferty Asset Management, LLC is the Funds
investment adviser.
Portfolio Manager.
The following members of Raffertys investment team are jointly and primarily responsible for the
day-to-day management of the Fund:
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Portfolio Manager
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Years of
Service with
the Fund
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Primary Title
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Paul Brigandi
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Since Inception in 2005
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Portfolio Manager
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Tony Ng
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Since 2006
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Portfolio Manager
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Purchase and Sale of Fund Shares
You may purchase or redeem Fund shares on any business day by written request via mail (Direxion Funds Direxion Monthly 7-10 Year Treasury Bull 2X Fund, P.O. Box 701, Milwaukee, Wisconsin 53201-0701), by
wire transfer, by telephone at (800) 851-0511, or through a financial intermediary. Purchases and redemptions by telephone are only permitted if you previously established these options on your account. The Fund accepts investments in the
following minimum amounts:
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Purchase Methods
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Initial Purchases
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Subsequent
Purchases
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Minimum Investment: Traditional Investment Accounts
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$25,000 or a lesser amount if you are a client of a securities dealer, bank or other financial institution.
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$500
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Minimum Investment: Retirement Accounts (Traditional, Roth and Spousal IRAs)
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$25,000 or a lesser amount if you are a client of a securities dealer, bank or other financial institution.
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$0
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Tax Information
The Funds distributions to you are taxable, and will be taxed as ordinary income or net capital gain, unless you are investing through a tax-deferred arrangement such as a 401(k) plan or an IRA. Distributions
on investments made through those arrangements, may be taxed later upon withdrawal of assets from them.
Payments to Broker-Dealers
and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank or financial
advisor), the Fund and/or its Adviser may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson
to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediarys website for more information.
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Summary Prospectus
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5 of 5
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Direxion Monthly 7-10 Year Treasury Bull 2X Fund
SEC File Number: 811-8243
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