Company Press Release

Direxion Appoints Senior Regional Sales Director for Southeast

Industry Veteran Greg Blue Will Distribute and Sell Buy-and-Hold Alternative Investment Strategy Products Across All Channels in Florida

BOSTON, Feb. 28, 2012 -- Direxion, a leader in alternative investment solutions, is pleased to announce that Greg Blue has joined the firm as Senior Regional Sales Director focused on the Florida market. He will be based in Tampa, Fla.

Mr. Blue is responsible for selling and distributing all of Direxion's buy-and-hold alternative investment strategy products to financial advisors across all channels, including regional broker-dealers, registered investment advisors (RIAs) and wirehouses. He reports to John Cadigan, National Sales Manager of Direxion.

"Greg's drive, integrity and commitment to empowering advisors and their clients to utilize alternative investment strategies are a perfect match for our efforts to educate this audience about the opportunities that exist for these products," Mr. Cadigan said. "Greg's track record of successfully building consultative relationships in Florida and throughout the Southeast will allow Direxion to bring alternative investment strategies to more advisors and investors in this important market."

Prior to joining Direxion, Mr. Blue worked for John Hancock Funds as a Senior Vice President responsible for expanding the firm's Florida business. He increased John Hancock's sales activity in this market exponentially while broadening financial advisory headcount, relationships and penetration, leading Florida to become one of the firm's top five business territories. Earlier in his career, Mr. Blue was part of ING and Fidelity Advisor Funds.

"I feel privileged to assist financial advisors with finding solutions to manage risk and find new sources of returns for the current market and beyond," said Mr. Blue. "Direxion takes the same consultative approach to building and growing sales, focusing on education and understanding of these products, to truly make alternative investments readily available to all investors."

For more information about Direxion, please contact James Doyle at 973-850-7308 or jdoyle@jcprinc.com.

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 $7.8 billion in assets under management as of 12/31/11. 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 .

An investor should consider the investment objectives, risks, charges, and expenses of the Direxion Funds carefully before investing. The prospectus and summary prospectus contain this and other information about Direxion Funds. To obtain a prospectus or summary prospectus, please contact the Direxion Funds at 800.851.0511. The prospectus or summary prospectus should be read carefully before investing.

Investing in index-based funds may be more volatile than investing in broadly diversified funds. The use of leverage by a mutual fund increases the risk to the fund. The more a fund invests in leveraged instruments the more the leverage will magnify gains or losses on those investments.