0001040587 2026-09-01 2026-09-01 0001040587 df:S000046967Member df:C000146784Member 2026-09-01 2026-09-01 0001040587 df:S000046967Member df:C000146785Member 2026-09-01 2026-09-01 iso4217:USD 2026-09-01 DIREXION FUNDS 0001040587 false 2025-12-29 N-1A 497 <span style="color:#000000;font-family:Arial;font-size:11.40pt;font-variant:small-caps;font-weight:bold;">Direxion funds</span><span style="color:#000000;font-family:Arial;font-size:11.40pt;font-variant:small-caps;font-weight:bold;">Hilton Tactical Income Fund</span> <br/><span style="color:#000000;font-family:Arial;font-size:11.40pt;font-variant:small-caps;font-weight:bold;">(the “Fund”)</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Supplement dated September 2, 2026 to the</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Summary Prospectus and Prospectus, each dated December 29, 2025</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;">Effective immediately, the table under the heading “</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;">” will be replaced in its entirety as follows:</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;"> (fees paid directly from your investment)</span><span style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">Investor</span><span style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">Class</span><span style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">Institutional</span><span style="color:#000000;font-family:Arial;font-size:8.55pt;font-weight:bold;">Class</span><span style="color:#000000;font-family:Arial;font-size:8.55pt;margin-left:0.0pt;">Redemption Fee (as a percentage of amount redeemed on shares redeemed within 30 days of </span><span style="color:#000000;font-family:Arial;font-size:8.55pt;margin-left:0.0pt;">purchase, if applicable)</span><span style="color:#000000;font-family:Arial;font-size:8.55pt;">1.00%</span><span style="color:#000000;font-family:Arial;font-size:8.55pt;">1.00%</span> -1.00 -1.00