DIREXION SHARES ETF TRUST
Direxion Daily AAPL Bull 1.5X Shares (AAPU)
Direxion Daily AMZN Bull 1.5X Shares (AMZU)
Direxion Daily GOOGL Bull 1.5X Shares (GGLL)
Direxion Daily MSFT Bull 1.5X Shares (MSFU)
Direxion Daily NVDA Bull 1.5X Shares (NVDU)
Direxion Daily TSLA Bull 1.5X Shares (TSLL)
(the “Funds”)
Supplement dated February 2, 2024 to the
Summary Prospectuses, Prospectus and Statement of Information (“SAI”)
each dated February 28, 2023, as last supplemented
Based upon the recommendation of Rafferty Asset Management, LLC, the adviser for the Funds, each a series of the Direxion Shares ETF Trust (the “Trust”), the Board of Trustees of the Trust has approved the below changes to the Funds’ names, investment objectives, and investment strategies. The changes will heighten the risk of any investment in a Fund because they will result in an increase in the Fund's leverage.
Effective on or around April 2, 2024, the names for the Funds will be changed as follows:
|
|
Direxion Daily AAPL Bull 1.5X Shares |
Direxion Daily AAPL Bull 2X Shares |
Direxion Daily AMZN Bull 1.5X Shares |
Direxion Daily AMZN Bull 2X Shares |
Direxion Daily GOOGL Bull 1.5X Shares |
Direxion Daily GOOGL Bull 2X Shares |
Direxion Daily MSFT Bull 1.5X Shares |
Direxion Daily MSFT Bull 2X Shares |
Direxion Daily NVDA Bull 1.5X Shares |
Direxion Daily NVDA Bull 2X Shares |
Direxion Daily TSLA Bull 1.5X Shares |
Direxion Daily TSLA Bull 2X Shares |
Currently, each of the Fund’s investment objectives is to seek daily leveraged investment results, before fees and expenses, of 150% of the daily performance of each Fund’s underlying security. Effective on or around April 2, 2024, each of the Funds’ investment objectives will be changed to seek daily leveraged investment results, before fees and expenses, of 200% of the daily performance of the Fund’s underlying security, as shown below:
|
|
Daily Leveraged Investment Objective |
Direxion Daily AAPL Bull 1.5X Shares |
Apple Inc. (NASDAQ: AAPL) |
|
Direxion Daily AMZN Bull 1.5X Shares |
Amazon.com, Inc. (NASDAQ: AMZN) |
|
Direxion Daily GOOGL Bull 1.5X Shares |
Alphabet Inc. Class A (NASDAQ: GOOGL) |
|
Direxion Daily MSFT Bull 1.5X Shares |
Microsoft Corporation (NASDAQ: MSFT) |
|
Direxion Daily NVDA Bull 1.5X Shares |
NVIDIA Corporation (NASDAQ: NVDA) |
|
Direxion Daily TSLA Bull 1.5X Shares |
Tesla, Inc. (NASDAQ: TSLA) |
|
Because each Fund will seek to magnify the daily performance of its respective underlying security to a greater extent under its new investment objective, each Fund will have the potential for greater gains, but will also be subject to the risk of greater losses relative to the performance of each Fund's respective underlying security. Additionally, for a period longer than one day, the pursuit of daily investment goals may result in daily leveraged compounding for each Fund, which means that the return of a security over a period of time greater than one day multiplied by the Fund's daily target (200%) generally will not equal a Fund's performance over that same time period. The effects of such leveraged compounding will be greater for each Fund once its new investment objective is effective, due to the fact that each Fund will attempt to magnify the performance of its respective underlying security to a greater extent (i.e., 200% as compared to 150%).
Effective on or around April 2, 2024 due to the change in each Fund’s investment objective, for all of the other principal risks, any and all references to 150% in the Summary Prospectuses, Prospectus and SAI are replaced with 200% and any and all references to 1.5X will be updated to 2X. The following risks will be updated as follows:
Effects of Compounding and Market Volatility Risk
Each Fund has a daily leveraged investment objective and a Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is very likely to differ from an underlying security’s