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Direxion Shares ETF Trust – ‘497’ on 5/13/14

On:  Tuesday, 5/13/14, at 6:05pm ET   ·   As of:  5/14/14   ·   Effective:  5/14/14   ·   Accession #:  1193125-14-197371   ·   File #:  333-150525

Previous ‘497’:  ‘497’ on 4/28/14   ·   Next:  ‘497’ on 5/14/14   ·   Latest:  ‘497’ on 4/2/20   ·   Referenced via Accession #:  By:  Direxion Shares ETF Trust – ‘497’ on 6/3/14

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 5/14/14  Direxion Shares ETF Trust         497         5/14/14    1:13K                                    RR Donnelley/FADirexion Daily S&P 500® Bear 2X Shares SFVSDirexion Daily S&P 500® Bull 2X Shares SPUU

Definitive Material   —   Rule 497
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 497         Definitive Material                                 HTML     12K 


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  497  

DIREXION SHARES ETF TRUST

Direxion Daily Large Cap Bull 2X Shares (SFVL)

Direxion Daily Large Cap Bear 2X Shares (SFVS)

 

 

Supplement dated May 13, 2014 to the

Prospectus and Statement of Additional Information (“SAI”)

dated February 28, 2014

 

 

The Board of Trustees of Direxion Shares ETF Trust (“Trust”) has approved a change in the names of the Direxion Daily Large Cap Bull 2X Shares (the “Bull Fund”) and Direxion Daily Large Cap Bear 2X Shares (the “Bear Fund”), (collectively, the “Funds”), as well as changes in the investment objectives, principal investment strategies, and underlying index of the Funds.

Effective immediately, the Funds will be renamed as shown in the table below:

 

Current Fund Name

  

New Fund Name

Direxion Daily Large Cap Bull 2X Shares    Direxion Daily S&P 500® Bull 2X Shares
Direxion Daily Large Cap Bear 2X Shares    Direxion Daily S&P 500® Bear 2X Shares

Effective immediately, the underlying index of the Funds will change as shown in the table below and all references to the Current Index in the prospectus and SAI will be replaced with the New Index:

 

Current Index

  

New Index

NYSE U.S. 100 Index    S&P 500® Index

Effective immediately, all descriptions of the Current Index in the Funds’ Prospectus and SAI will be replaced with the following description of the New Index:

New Index Description

The Index is a capitalization-weighted index composed of 500 domestic common stocks. Standard & Poor’s® selects the 500 stocks comprising the Index on the basis of market values and industry diversification. Most of the stocks in the Index are issued by the 500 largest companies, in terms of the aggregate market value of their outstanding stock, and generally are listed on the NYSE. “Standard & Poor’s®”, “S&P®”, “S&P 500®” and “Standard & Poor’s 500®” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use. The Fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s® and Standard & Poor’s® makes no representation regarding the advisability of investing in the Fund.

In the summary section of the Funds’ Prospectus, on page 4 and pages 11 and 12 for the Bull Fund and Bear Fund, respectively, the paragraph immediately following Table 1 under “Principal Investment Risks - Effects of Compounding and Market Volatility Risk” is replaced with the following:

The Index’s annualized historical volatility rate for the five-year period ended December 31, 2013 is 19.48%. The Index’s highest volatility rate for any one calendar year during the five-year period is 27.55% and volatility for a shorter period of time may have been substantially higher. The Index’s annualized performance for the five-year period ended December 31, 2013 is 17.94%.


In the statutory section on page 19 of the Funds’ Prospectus titled Additional Information Regarding Investment Techniques and Policies - Market Volatility,” Table 2 is revised as follows with the Index’s annualized volatility rate for the five-year period ended December 31, 2013:

 

Index

   5-Year
Historical
Volatility
Rate
 

S&P 500® Index

     19.48

Also effective immediately, the Bull Fund’s trading symbol is changed as follows:

 

Fund

   Current Ticker Symbol    New Ticker Symbol

Direxion Daily Large Cap Bull 2X Shares

   SFVL    SPUU

For more information, please contact the Funds at (866) 476-7523.

*    *    *    *    *

Please retain a copy of this Supplement with your Prospectus and SAI.


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘497’ Filing    Date    Other Filings
Filed as of / Effective on:5/14/14497
Filed on:5/13/14
2/28/14485BPOS,  497K
12/31/13497
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Filing Submission 0001193125-14-197371   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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