Company Press Release

DIREXION NAMES NEW SENIOR REGIONAL SALES DIRECTOR FOR THE GREATER NEW YORK CITY REGION

J. Robert Abreu, a 30-Year Industry Veteran, Will Sell and Distribute Buy-and-Hold Alternative Investment Strategy Products Across All Sales Channels

BOSTON – January 17, 2012 – Direxion, a leader in alternative investment solutions, has appointed J. Robert Abreu as its new Senior Regional Sales Director for the Greater New York City Region.

Mr. Abreu will be responsible for distributing and selling all of Direxion's buy-and-hold alternative investment strategy products to financial advisors in the greater New York City area across all channels, including registered investment advisors (RIAs), wirehouses and regional broker-dealers. He will report to Direxion’s National Sales Manager, John Cadigan, and work out of the firm's New York City office.

"Bob is an experienced financial services professional whose expertise and regional connections will help Direxion offer alternative investment strategies to advisors whose clients are looking to take advantage of opportunities created by recent market volatility," said Cadigan. "At Direxion, we pride ourselves on making alternative investment strategies, which have traditionally been available only to large institutions, more accessible to all investors. We are confident that by adding Bob to our sales team, we will be able to deliver these strategies in the greater New York City area much more effectively."

Mr. Abreu has spent more than 30 years in the financial services industry. He comes to Direxion after serving as Director - Investment at Bridge Financial Group, an office of MetLife, which he joined in 2009. Prior to that, Mr. Abreu served as the Sales Director of Morgan Stanley's Northeast and Central Region for Investment Management Sales/Marketing, and was Morgan Stanley's top Regional Sales Director in 2005.

Earlier in his career, Mr. Abreu was a Regional Vice President for Van Kampen Investments and a Vice President and Equity Product Manager for Paine Webber Inc. In addition, he worked for 18 years at Merrill Lynch, where he became Vice President and Manager of the firm's Equity Product Group and Closed End Fund marketing effort.

"I am a firm believer in the power of solid relationships built on unparalleled service and honest advice, and Direxion embodies these core values," said Mr. Abreu. "I look forward to working closely with advisors throughout the greater New York City area and assisting them with delivering innovative investment strategies to their clients."

Mr. Abreu earned a Bachelor's degree in Business Administration from Pace University, where he majored in Marketing. He holds licenses for Securities Series 7, 63 and 65.

About Direxion
Direxion Funds, managed by Rafferty Asset Management, LLC, offers alternative-class fund products and leveraged index funds 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 $7.5 billion in assets under management as of 9/30/11. 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.direxionfunds.com.