2.2.0.25truefalse010003 - Document - Risk/Return Summary - Direxion Long/Short Global IPO Fund {Unlabeled}falsefalsetrue1falsefalsetruefalse{dei_DocumentInformationDocumentAxis} : Direxion Long/Short Global IPO Fund 3/1/2010 - 2/28/2011 TwelveMonthsEnded_28Feb2011_S000027201_Memberhttp://www.sec.gov/CIK0001040587duration2010-03-01T00:00:002011-02-28T00:00:00falsefalsedf1040587_S000027201Memberdei_DocumentInformationDocumentAxisxbrldihttp://xbrl.org/2006/xbrldidf1040587_S000027201Memberdei_DocumentInformationDocumentAxisexplicitMemberPureStandardhttp://www.xbrl.org/2003/instancepurexbrli03false0rr_RiskReturnHeadingrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Direxion Long/Short Global IPO FundfalsefalsefalsefalsefalseOtherxbrli:stringItemTypestringRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicatedReference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 falsefalseRisk/Return [Heading]4false0rr_ObjectiveHeadingrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Investment Objective.falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a falsefalseObjective [Heading]5false0rr_ObjectivePrimaryTextBlockrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00The Direxion Long/Short Global IPO Fund seeks capital appreciation.falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a falsefalseObjective, Primary [Text Block]6false0rr_ExpenseHeadingrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Fees and Expenses of the Fund.falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 1 -Subparagraph d -Subsection instructions falsefalseExpense [Heading]7false0rr_ExpenseNarrativeTextBlockrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00The tables that follow describe the fees and expenses that you may pay if you buy and hold shares of the Fund.falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown.The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 1 -Subparagraph b -Subsection instructions falsefalseExpense Narrative [Text Block]8false0rr_ShareholderFeesCaptionrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Shareholder Fees&#160;(fees paid directly from your investment)falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringShareholder Fees (fees paid directly from your investment).Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 1 -Subsection table falsefalseShareholder Fees Caption [Text]9false0rr_ShareholderFeesTableTextBlockrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div>&lt;div&gt; &amp;lt;div style="display:none;" &amp;gt;~ http://direxionfunds.com/role/ShareholderFeesDirexionLongShortGlobalIPOFund column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_DocumentInformationDocumentAxis compact df1040587 _S000027201_Member * ~&amp;lt;/div&amp;gt; &lt;/div&gt;</div>falsefalse<div>&lt;div&gt; &amp;lt;div style="display:none;" &amp;gt;~ http://direxionfunds.com/role/ShareholderFeesDirexionLongShortGlobalIPOFund column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_DocumentInformationDocumentAxis compact df1040587 _S000027201_Member * ~&amp;lt;/div&amp;gt; &lt;/div&gt;</div>falsehttp://direxionfunds.com/role/ShareholderFeesDirexionLongShortGlobalIPOFundfalsefalse020013 - 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A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. 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A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. 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"Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 2 -Subparagraph b -Subsection instructions falsefalseRedemption Fee (as a percentage of amount redeemed on shares redeemed within 90 days of date of purchase, if applicable)0rr_RedemptionFeeOverRedemptiontruefalsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.01000.0100falsefalsefalsetruefalse2truetruetrue0.01000.0100falsefalsefalsetruefalse3truetruetrue0.00000.0000falsefalsefalsetruefalse4truetruetrue0.01000.0100falsefalsefalsetruefalseOthernanafalsefalseRedemption Fee (as a percentage of amount redeemed on shares redeemed within 90 days of date of purchase, if applicable)44Shareholder Fees - Direxion Long/Short Global IPO Fund Direxion Long/Short Global IPO FundUnKnownUnKnownUnKnownUnKnownfalsetrueColumnperiodPeriod*Columndei_DocumentInformationDocumentAxisAxis*Columnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*RowprimaryElement*falsefalsefalseOtherus-types:textBlockItemTypestringContains a command for the SEC Viewer for the role corresponding to ShareholderFeesData.No authoritative reference available.falsefalseShareholder Fees [Table]10false0rr_OperatingExpensesCaptionrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Annual Fund&#160;Operating Expenses&#160;(expenses that you pay each year as a percentage of the value of your investment)falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 1 -Subparagraph 7 -Subsection table falsefalseOperating Expenses Caption [Text]11false0rr_AnnualFundOperatingExpensesTableTextBlockrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div>&lt;div&gt; &amp;lt;div style="display:none;" &amp;gt;~ http://direxionfunds.com/role/AnnualFundOperatingExpensesDirexionLongShortGlobalIPOFund column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row rr_DocumentInformationDocumentAxis compact df1040587 _S000027201_Member * ~&amp;lt;/div&amp;gt; &lt;/div&gt;</div>falsefalse<div>&lt;div&gt; &amp;lt;div style="display:none;" &amp;gt;~ http://direxionfunds.com/role/AnnualFundOperatingExpensesDirexionLongShortGlobalIPOFund column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row rr_DocumentInformationDocumentAxis compact df1040587 _S000027201_Member * ~&amp;lt;/div&amp;gt; &lt;/div&gt;</div>falsehttp://direxionfunds.com/role/AnnualFundOperatingExpensesDirexionLongShortGlobalIPOFundfalsefalse020023 - 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Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 1 -Subparagraph 9 -Subsection table falsefalseDistribution and/or Service (12b-1) Fees0rr_DistributionAndService12b1FeesOverAssetstruefalsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.00250.0025falsefalsefalsetruefalse2truetruetrue0.00000.0000falsefalsefalsetruefalse3truetruetrue0.00750.0075falsefalsefalsetruefalse4truetruetrue0.00750.0075falsefalsefalsetruefalseOthernanafalsefalseDistribution and/or Service (12b-1) Fees3falseRowprimaryElement*6false0rr_OtherExpensesOverAssetsrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truetruetrue0.00900.0090falsefalsefalsetruefalse2truetruetrue0.00650.0065falsefalsefalsetruefalse3truetruetrue0.00900.0090falsefalsefalsetruefalse4truetruetrue0.00900.0090falsefalsefalsetruefalseOtherrr:NonNegativePure4Typepure"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 3 -Subparagraph c -Clause i -Subsection instructions falsefalseOther Expenses0rr_OtherExpensesOverAssetstruefalsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.00900.0090falsefalsefalsetruefalse2truetruetrue0.00650.0065falsefalsefalsetruefalse3truetruetrue0.00900.0090falsefalsefalsetruefalse4truetruetrue0.00900.0090falsefalsefalsetruefalseOthernanafalsefalseOther Expenses4falseRowprimaryElement*7false0rr_Component1OtherExpensesOverAssetsrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truetruetrue0.00650.0065falsefalsefalsetruefalse2truetruetrue0.00650.0065falsefalsefalsetruefalse3truetruetrue0.00650.0065falsefalsefalsetruefalse4truetruetrue0.00650.0065falsefalsefalsetruefalseOtherrr:NonNegativePure4TypepureThe Fund may subdivide this caption into no more than three subcaptions that identify the largest expense or expenses comprising "Other Expenses," but must include a total of all "Other Expenses." Alternatively, the Fund may include the components of "Other Expenses" in a parenthetical to the caption.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 3 -Subparagraph c -Clause iii -Subsection instructions falsefalseOperating Services Fee0rr_Component1OtherExpensesOverAssetstruefalsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.00650.0065falsefalsefalsetruefalse2truetruetrue0.00650.0065falsefalsefalsetruefalse3truetruetrue0.00650.0065falsefalsefalsetruefalse4truetruetrue0.00650.0065falsefalsefalsetruefalseOthernanafalsefalseOperating Services Fee5falseRowprimaryElement*8false0rr_Component2OtherExpensesOverAssetsrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truetruetrue0.00250.0025falsefalsefalsetruefalse2falsetruetrue00&nbsp;falsefalsefalsetruefalse3truetruetrue0.00250.0025falsefalsefalsetruefalse4truetruetrue0.00250.0025falsefalsefalsetruefalseOtherrr:NonNegativePure4TypepureThe Fund may subdivide this caption into no more than three subcaptions that identify the largest expense or expenses comprising "Other Expenses," but must include a total of all "Other Expenses." 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The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 1 -Subparagraph 2 -Subsection example falsefalseExpense Example, By Year, Column [Text]falseUSDfalsefalse$2falseColumnprimaryElement*5false0rr_ExpenseExampleYear01rrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsetrue204204falsefalsefalsetruefalse2truefalsetrue154154falsefalsefalsetruefalse3truefalsetrue352352falsefalsefalsetruefalse4truefalsetrue254254falsefalsefalsetruefalseMonetaryrr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 4 -Subsection instructions falsefalse1 YearfalseUSDfalsefalse$3falseColumnprimaryElement*6false0rr_ExpenseExampleYear03rrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsetrue630630falsefalsefalsetruefalse2truefalsetrue477477falsefalsefalsetruefalse3truefalsetrue874874falsefalsefalsetruefalse4truefalsetrue782782falsefalsefalsetruefalseMonetaryrr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 1 -Subparagraph 2 -Subsection example falsefalse3 YearsfalseUSDfalsefalse$4falseColumnprimaryElement*7false0rr_ExpenseExampleYear05rrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsetrue10831083falsefalsefalsetruefalse2truefalsetrue824824falsefalsefalsetruefalse3truefalsetrue14221422falsefalsefalsetruefalse4truefalsetrue13351335falsefalsefalsetruefalseMonetaryrr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 1 -Subparagraph 2 -Subsection example falsefalse5 YearsfalseUSDfalsefalse$5falseColumnprimaryElement*8false0rr_ExpenseExampleYear10rrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsetrue23382338falsefalsefalsetruefalse2truefalsetrue18021802falsefalsefalsetruefalse3truefalsetrue29172917falsefalsefalsetruefalse4truefalsetrue28462846falsefalsefalsetruefalseMonetaryrr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. 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Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 5 -Subsection instructions falsefalsePortfolio Turnover [Heading]16false0rr_PortfolioTurnoverTextBlockrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes to shareholders who hold Fund shares in a taxable account. These costs, which are not reflected in Annual Fund&#160;Operating Expenses or in the example, affect the Fund&#8217;s performance. 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Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection a falsefalseStrategy [Heading]18false0rr_StrategyNarrativeTextBlockrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00During normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its nets assets (plus the amount of any borrowing for investment purposes) in equity securities issued in connection with initial public offerings (&#8220;IPOs&#8221;) and spin-offs of domestic and foreign issuers, including issuers in emerging markets, and financial instruments that provide exposure to these IPOs. These financial instruments include, but are not limited to: American and global depositary receipts; futures contracts; options on securities, indices and futures contracts; equity caps, collars and floors; swap agreements; forward contracts; and reverse repurchase agreements. In addition, on a day-to-day basis, the Fund holds U.S. government securities, short-term fixed-income securities, money market instruments, overnight and fixed-term repurchase agreements, cash and/or other cash equivalents with maturities of one year or less to collateralize its derivatives exposure. The Fund&#8217;s investments in IPOs will be positioned long or short, depending upon IPOX&#174; Capital Management, LLC&#8217;s (the &#8220;Subadviser&#8221;) outlook for an IPO. The Fund generates at least 40% of its exposure through positions, long or short, in international issuers. In general, the Fund also will seek to balance long and short exposure on an equal basis, meaning for each dollar invested, the Fund would expect to have $1 of long exposure and $1 of short exposure. If the Fund is able to participate in IPOs at the offering price, it may be net long from time to time. The portfolio will be re-evaluated and modified on a monthly basis, and these modifications may result in a high portfolio turnover rate for the Fund.falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection a falsefalseStrategy Narrative [Text Block]19false0rr_RiskHeadingrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Principal Investment RisksfalsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNarrative Risk Disclosure.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Paragraph 1 -Subsection b falsefalseRisk [Heading]20false0rr_RiskNarrativeTextBlockrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p>An investment in the Fund entails risk. The Fund could lose money or its performance could trail that of other investment alternatives. Rafferty Asset Management, LLC (&#8220;Rafferty&#8221; or the &#8220;Adviser&#8221;) cannot guarantee that the Fund will achieve its objective. In addition, the Fund presents some risks not traditionally associated with most mutual funds. It is important that investors closely review and understand these risks before making an investment in the Fund. Turbulence in financial markets and reduced liquidity in equity, credit and fixed income markets could negatively affect many issuers worldwide, including the Fund. There is the risk that you could lose all or a portion of your money on your investment in the Fund.</p><p><i>&#8226; Active and Frequent Trading Risk</i> &#8212; The Fund may engage in active and frequent trading, leading to increased portfolio turnover, higher transaction costs, and the possibility of increased net realized capital gains, including net short-term capital gains that will generally be taxable to shareholders as ordinary income when distributed to them.</p><p><i>&#8226; Adverse Market Conditions Risk</i> &#8212; The Fund&#8217;s performance will suffer during conditions which are adverse to the Fund&#8217;s investment goals, including a broad stock market decline or a decline in the Fund&#8217;s particular holdings.</p><p><i>&#8226; Counterparty Risk</i> &#8212; The Fund may invest in financial instruments involving counterparties for the purpose of attempting to gain exposure to particular securities, asset classes, or an index without actually purchasing those securities or investments, or to hedge a position. The Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund&#8217;s exposure to counterparty credit risk. Swap agreements also may be considered to be illiquid.</p><p><i>&#8226; Currency Exchange Rate Risk</i> &#8212; Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s investments in securities denominated in a country&#8217;s currency and the Fund&#8217;s share price. Generally, when the U.S. dollar rises in value against a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars.</p><p><i>&#8226; Derivatives Risk</i> &#8212; The Fund uses investment techniques, including investments in derivatives, which may be considered aggressive. Investments in derivatives are subject to market risks that may cause their prices to fluctuate over time and may increase the volatility of the Fund. The use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case.</p><p><i>&#8226; Emerging Markets Risk</i> &#8212; Indirect investments in emerging markets instruments involve greater risks than investing in foreign instruments in general. Risks of investing in emerging market countries include political or social upheaval, nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets. There may also be risks from an economy&#8217;s dependence on revenues from particular commodities or industries. In addition, currency transfer restrictions, limited potential buyers for such instruments, delays and disruption in settlement procedures and illiquidity or low volumes of transactions may make exits difficult or impossible at times.</p><p><i>&#8226; Equity Securities Risk</i> &#8212; Investments in publicly issued equity securities in general are subject to market risks that may cause their prices to fluctuate over time and in turn cause the Fund&#8217;s net asset value to fluctuate.</p><p><i>&#8226; Foreign Securities Risk</i> &#8212; Indirectly investing in foreign instruments may involve greater risks than investing in domestic instruments. As a result, the Fund&#8217;s returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries.</p><p><i>&#8226; IPO Risk</i> &#8212; The Fund invests in companies that have recently conducted an IPO. Special risks associated with IPOs may include a limited number of shares available for trading, unseasoned trading, lack of investor knowledge of the company and limited operating history, all of which may contribute to price volatility. Some of the companies involved in new industries may be regarded as developmental stage companies, without revenues or operating income, or the near-term prospects of revenues or operating income. Foreign IPOs are subject to &#8220;Risks of Investing in Foreign Instrument Risk&#8221; and &#8220;Currency Exchange Rate Risk&#8221; described above.</p><p><i>&#8226; Leverage Risk</i> &#8212; The Fund may employ leveraged investment techniques, including the use of financial instruments to produce leveraged results as well as borrowing money for investment purposes. Use of leverage can magnify the effects of changes in the value of the Fund and makes the Fund&#8217;s returns more volatile, which may affect the performance of the Fund. The leveraged investment techniques that the Fund employs could cause investors in the Fund to lose more money in adverse environments.</p><p><i>&#8226; Market Risk</i> &#8212; The Fund is subject to market risks that can affect the value of its shares. These risks include political, regulatory, market and economic developments, including developments that impact specific economic sectors, industries or segments of the market.</p><p><i>&#8226; Non-Diversification Risk</i> &#8212; A non-diversified fund invests a high percentage of its assets in a limited number of securities, exposing the Fund to fluctuations in net asset value and total return.</p><p><i>&#8226; Options and Futures Contracts Risk</i> &#8212; Options and futures prices may diverge from prices of their underlying instruments. Losses may occur due to unanticipated market price movements, the lack of a liquid market for an option or futures contract at a particular time or premiums paid by a Fund.</p><p><i>&#8226; Other Investment Companies and Exchange Traded Funds Risk</i> &#8212; Investments in the securities of other investment companies and exchange-traded funds (&#8220;ETFs&#8221;) may involve duplication of advisory fees and certain other expenses. Fund shareholders indirectly bear the Fund&#8217;s proportionate share of the fees and expenses paid by shareholders of the other investment company or ETF, in addition to the fees and expenses Fund shareholders directly bear in connection with the Fund&#8217;s own operations. If the investment company or ETF fails to achieve its investment objective, the value of the Fund&#8217;s investment will decline, adversely affecting the Fund&#8217;s performance. In addition, ETF shares potentially may trade at a discount or a premium and are subject to brokerage and other trading costs, which could result in greater expenses to a Fund. Finally, because the value of ETF shares depends on the demand in the market, the Adviser may not be able to liquidate a Fund&#8217;s holdings in an ETF&#8217;s shares at the most optimal time, adversely affecting the Fund&#8217;s performance.</p><p><i>&#8226; Security Selection Risk</i> &#8212; Securities selected by the portfolio manager may perform differently than the overall market or may not meet the portfolio manager&#8217;s expectations.</p><p><i>&#8226; Shorting Securities Risk</i> &#8212; Short positions are designed to profit from a decline in the price of particular securities, baskets of securities or indices. The Fund will lose value if and when the instrument&#8217;s price rises &#8211; a result that is the opposite from traditional mutual funds.</p><p><i>&#8226; Valuation Time Risk</i> &#8212; The Fund values its portfolio as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). Foreign market indices may close before the NYSE opens or may not be open for business on the same calendar days as the Fund.</p><p><i>&#8226; Volatile Markets Risk</i> &#8212; The Fund attempts to capture the economic advantage of investing in equity securities of IPOs. Significant short-term price movements in those securities could adversely impact the performance.</p>falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Paragraph 1 -Subparagraph i -Clause instruction -Subsection b falsefalseRisk Narrative [Text Block]21false0rr_BarChartAndPerformanceTableHeadingrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00PerformancefalsefalsefalsefalsefalseOtherxbrli:stringItemTypestringRisk/Return Bar Chart and Table.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Paragraph 2 -Subsection b falsefalseBar Chart and Performance Table [Heading]22false0rr_PerformanceNarrativeTextBlockrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00No prior investment performance is provided for the Fund because it does not have annual returns for at least one full calendar year prior to the date of the Prospectus. Updated performance is available on the Fund&#8217;s website at www.direxionfunds.com or by calling the Fund toll-free at (800)&#160;851-0511.falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringRisk/Return Bar Chart and Table.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Paragraph 2 -Subsection b falsefalsePerformance Narrative [Text Block]120Risk/Return Summary - Direxion Long/Short Global IPO Fund (Direxion Long/Short Global IPO Fund)UnKnownUnKnownUnKnownUnKnownfalsetrue