Company Press Release

Boston, MA – December 17, 2008 - Direxion, a pioneer in providing alternative investment strategies to sophisticated investors, is pleased to announce the addition of six new Direxion Shares 3x ETFs to their existing line up of multi-directional, leveraged funds. The new ETFs are leveraged Bull and Bear index funds that seek 300% of the daily performance, or 300% of the inverse of the daily performance (before fees and expenses), of the distinct indexes they benchmark. There is no guarantee that the funds will achieve their objective.

“Our first eight Direxion Shares ETFs have been extremely well received by sophisticated advisors and institutional investors – some seeking to hedge positions in their portfolios and others seeking to take advantage of the current volatile markets,” stated Dan O’Neill, Direxion Shares’ President. “We experienced remarkable levels of trading volume following the launch of our initial ETFs, garnering over $800 million in assets in the first five weeks, as of 12/12/2008. The reception of these funds in the marketplace has been overwhelmingly positive.”

Much like the first eight Direxion Shares ETFs launched in November 2008, these six new ETFs afford investment advisors and sophisticated investors the ability to execute active trading strategies in varying market types. The funds deliver increased market exposure of 300%, long and short, of their respective indices. The suite of Direxion Shares ETFs represents the highest amount of leverage currently available in the ETF space.

“This second grouping of six leveraged index Bull and Bear ETFs provides investors with the ability to achieve increased exposure to the MSCI EAFE Index®, MSCI Emerging Markets IndexSM and the Russell 1000® Technology Index,” O’Neill added. “In addition to the diversified indexes that our first eight ETFs track, we can now offer our investors leveraged exposure to international markets as well as a widely tracked technology index. Our goal here, and with potential future ETF offerings, is to empower our investors with the tools necessary to seek to succeed in today’s markets, and in all market types.”

The six new Direxion Bull and Bear 3x ETFs include:

Direxion Developed Markets Bull 3x Shares (DZK), which tracks the MSCI EAFE Index at 300 percent leverage;

Direxion Emerging Markets Bull 3x Shares (EDC), which tracks the MSCI Emerging Markets Index at 300 percent leverage;

Direxion Technology Bull 3x Shares (TYH), which tracks the Russell 1000 Technology Index at 300 percent leverage;

Direxion Developed Markets Bear 3x Shares (DPK), which tracks the MSCI EAFE Index at negative 300 percent leverage;

Direxion Emerging Markets Bear 3x Shares (EDZ), which tracks the MSCI Emerging Markets Index at negative 300 percent leverage;

Direxion Technology Bear 3x Shares (TYP), which tracks the Russell 1000 Technology Index at negative 300 percent leverage

By providing both Bull and Bear versions of each of the indexes, Direxion gives seasoned investors the ability to seek competitive returns in rising and falling markets across a wide spectrum of diversified assets. The ETF structure allows investors to benefit from the flexibility of an exchange traded fund product, coupled with the leveraged investment solution experience that Direxion is known for in the mutual fund industry.

To request more information on Direxion Shares 3x ETFs, or to speak to a member of the Direxion team, please contact Melinda Staab at (973) 400-1341 or melinda@jcpublicrelations.com.

About Direxion

Direxion Shares and Direxion Funds, managed by Rafferty Asset Management, LLC, offer leveraged index funds, ETFs and alternative-class fund products for investment advisors and sophisticated investors who seek to effectively manage risk and return in both bull and bear markets. Founded in 1997, the company has approximately $1.6 billion in assets under management 11/30/2008. The company’s business model is built on continuous product innovation, exceptional customer service and a commitment to building strategic relationships with distribution partners. For more information, please visit www.direxionshares.com.


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