An investor should carefully consider the Fund’s investment objective, risks, charges, and expenses before investing. The Fund’s prospectus and summary prospectus contain this and other information about the Direxion Shares. To obtain the Fund’s prospectus and summary prospectus call 866-476-7523 or visit our website at direxion.com. The Fund’s prospectus and summary prospectus should be read carefully before investing.

CUSIP Identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard and Poor’s Financial Services, LLC, and are not for use or dissemination in any manner that would serve as a substitute for a CUSIP service. The CUSIP Database, ©2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

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

The “S&P Mid Cap 400 Index” is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by Rafferty Asset Management, LLC (“Rafferty”). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Rafferty. Rafferty’s ETFs are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P Mid Cap 400 Index.

Investing in a Direxion Shares ETF may be more volatile than investing in broadly diversified funds. The use of leverage by a Fund increases the risk to the Fund. The Direxion Shares ETFs are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk, consequences of seeking daily leveraged, or daily inverse leveraged, investment results and intend to actively monitor and manage their investment.

Direxion Shares Risks — An investment in the Fund involves risk, including the possible loss of principal. The Fund is non-diversified and includes risks associated with the Fund concentrating its investments in a particular industry, sector, or geographic region which can result in increased volatility. The use of derivatives such as futures contracts and swaps are subject to market risks that may cause their price to fluctuate over time. Risks of the Fund include Effects of Compounding and Market Volatility Risk, Leverage Risk, Market Risk, Counterparty Risk, Rebalancing Risk, Intra-Day Investment Risk, Daily Index Correlation Risk, Other Investment Companies (including ETFs) Risk, Cash Transaction Risk, Tax Risk, and risks specific to small-and/or mid-capitalization securities. Investing in small and/or mid-capitalization securities involves greater risks and the possibility of greater price volatility than investing in larger, more-established companies. Please see the summary and full prospectuses for a more complete description of these and other risks of the Fund.

Hong Kong Investors – This website and the investment products referenced herein (“Website”) are directed to persons who are “Professional Investors” within the meaning of the Hong Kong Securities and Futures Ordinance (Cap. 571) (“Ordinance”). This Website is not directed to the general public in Hong Kong. You agree that your use of this Website is subject to you reviewing and acknowledging the terms of this disclaimer and the website’s terms of use. Information herein is not intended for Professional Investors in any jurisdiction in which distribution or purchase is not authorized. This Website does not provide investment advice or recommendations, nor is it an offer or solicitation of any kind to buy or sell any investment products. Direxion Asia Limited (“DAL”) is licensed with and regulated by the Securities Futures Commission of Hong Kong (“SFC”) (CE Number: BAZ386) to provide services to Professional Investors. DAL does not maintain nor is it responsible for the contents of this Website, which has not been approved by the SFC. DAL is an affiliate of other companies within the Direxion Group companies which may manage the products and provide the services described herein, which are not directed to the general public in Hong Kong. Companies within the Direxion Group which do not carry out regulated activities in Hong Kong are not subject to the provisions of the Ordinance. Foreside Fund Services, LLC is the distributor for the Direxion Shares in the United States only.

Distributor: Foreside Fund Services, LLC.