The Board of Trustees of the Direxion Shares ETF Trust has approved changes to the names, tickers and investment advisor of the Direxion Daily S&P 500 Bull 1.25X Shares and the Direxion Daily Small Cap Bull 1.25X Shares.

Effective February 15, 2018, each Fund’s name and ticker will change and all references to each Fund’s current name and current ticker in the respective Summary Prospectus, Prospectus and SAI will be replaced with the new name and new ticker as shown in the table below:

Effective February 15, 2018, Rafferty Asset Management, LLC, the current investment advisor for the Funds is replaced with Direxion Advisors, LLC, a wholly owned subsidiary of Rafferty, and the new investment advisor for the Funds. Any and all references to Rafferty are replaced in their entirety with references to Direxion.