# EDGAR Filing Document

**Accession Number:** 0001424958
**File Stem:** 0001193125-26-239878
**Filing Date:** 2026-5
**Character Count:** 70799
**Document Hash:** 69fb09d1165a0e43930144b500137738
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-239878.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0001193125-26-239878

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260526

**EFFECTIVENESS DATE**: 20260527

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Direxion Shares ETF Trust
- **CENTRAL INDEX KEY:** 0001424958

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-150525
- **FILM NUMBER:** 261021654

**BUSINESS ADDRESS:**
- **STREET 1:** 535 MADISON AVENUE
- **STREET 2:** 37TH FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 646-572-3390

**MAIL ADDRESS:**
- **STREET 1:** 535 MADISON AVENUE
- **STREET 2:** 37TH FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Direxion ETF Trust
- **DATE OF NAME CHANGE:** 20080124

## Series and Classes Contracts Data

### Direxion Daily Ether Bull 2X ETF (Series ID: S000103687)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000274270 | Direxion Daily Ether Bull 2X ETF | EVMU            |

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Summary Prospectus May 27, 2026 <br> Direxion Shares ETF Trust

Direxion Daily Ether Bull 2X ETF

Ticker: EVMU <br> Listed on: NYSE Arca, Inc.

![](g132217img272ef7f41.gif)

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, reports to shareholders, and other information about the Fund online at http://www.direxion.com/regulatory-documents. You can also get this information at no cost by calling (866) 476-7523 or by sending an email request to info@direxionshares.com. The Fund's prospectus and statement of additional information, both dated April 29, 2026, are incorporated by reference into this Summary Prospectus.

Important Information Regarding the Fund

The Direxion Daily Ether Bull 2X ETF (the "Fund") seeks ***daily leveraged*** investment results and is very different from other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund's objective is to seek 200% of the daily performance of U.S.-listed exchange-traded products that attempt to reflect the price performance of ether before fees and expenses (each a "Reference ETP" and collectively the "Reference ETPs"). The volatility of the Reference ETPs may affect the Fund's return as much as, or more than, the return of the Reference ETPs. As a result of volatility, the Fund may not behave as expected. The Fund is intended to be used by investors who intend to monitor their portfolios. An investment in the Fund is not a complete investment program.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if a Reference ETP's performance is flat, and it is possible that the Fund will lose money even if a Reference ETP's performance increases. An investor could lose the full principal value of his/her investment within a single day if a Reference ETP loses more than 50% in one day.** 

Investment Objective

The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of exchange-traded products that attempt to reflect the price performance of ether before fees and expenses. **The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.The Fund does not invest directly in ether.**

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below**.

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses of the Fund<sup>(1)</sup> <br>| 0.22% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> <br>| 0.08% |
| Total Annual Fund Operating Expenses | 1.05% |
| Expense Cap/Reimbursement<sup>(2)</sup> <br>| -0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Annual Fund Operating Expenses After <br> Expense Cap/Reimbursement<br>| 1.03% |

---

<sup>(1)</sup>

Estimated for the Fund's current fiscal year.

<sup>(2)</sup>

Rafferty Asset Management, LLC ("Rafferty" or the "Adviser") has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund's Total Annual Fund Operating Expenses exceed 0.95% of the Fund's average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees.

**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 redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $105 | $332 |

---

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 rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected

Summary Prospectus

Direxion Daily Ether Bull 2X ETF

------

in Annual Fund Operating Expenses or in the example, affect the Fund's performance.

Principal Investment Strategy

The Fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in the economic equivalents of ether by investing in one or more Reference ETPs that invest directly in ether and financial instruments that provide 200% daily exposure to the Reference ETPs. The financial instruments in which the Fund normally invests will include uncleared, cash-settled swap agreements, which are intended to produce economically leveraged investment results.

The Fund intends to utilize the iShares Ethereum Trust ETF as the initial Reference ETP, although the Fund may use other Reference ETPs. The Reference ETPs only recently commenced operations and therefore have a limited operating history. Ether is the native token of the Ethereum blockchain. **The Fund does not invest directly in ether.**

Ether is a digital asset. The ownership and operation of ether is determined by participants in an online, peer-to-peer blockchain network sometimes referred to as the "Ethereum Network." The Ethereum Network connects computers that run publicly accessible, or "open source," software that follows the rules and procedures governing the Ethereum Network (the "Ethereum Protocol"). The value of ether is not backed by any government, corporation, or other identified body. Instead, its value is determined in part by the supply and demand in markets created to facilitate the trading of ether. Ownership and transaction records for ether are protected through public-key cryptography. The supply of ether is determined by the Ethereum Protocol. No single entity owns or operates the Ethereum Network. The Ethereum Network is collectively maintained by (1) a decentralized group of participants who run computer software that results in the recording and validation of transactions (commonly referred to as "validators"), (2) developers who propose improvements to the Ethereum Protocol and the software that enforces the Protocol and (3) users who choose which version of the Ethereum software to run.

The Fund is "non-diversified," meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities or financial instruments. Additionally, the Fund's investment objective is not a fundamental policy and may be changed by the Fund's Board of Trustees without shareholder approval.

The Fund will invest up to 25% of its total assets in a wholly owned and controlled subsidiary (the "Subsidiary"). The Fund's investment in the Subsidiary is expected to provide the Fund with exposure to the Reference ETPs in a manner that is permitted by the federal tax laws, which limit the ability of investment companies such as the Fund to invest directly in such instruments. In addition to investing in the Subsidiary, the Fund will invest directly and indirectly (through the Subsidiary) in commodity futures and swap contracts, as well as certain short-term fixed-income investments certain of which are intended to serve as margin or collateral for the Subsidiary's commodity futures positions. The Adviser will use its discretion to determine how much of the Fund's total assets to invest in the Subsidiary, however, the Fund's

investment in the Subsidiary may not exceed 25% of the value of its total assets at the end of each quarter of its taxable year, except in certain circumstances. The Subsidiary is an exempted company operating under Cayman Islands law and is wholly-owned and controlled by the Fund and is advised by the Adviser. The Subsidiary has the same investment objective as the Fund and will follow the same general investment policies and restrictions. Except as noted, for purposes of this Prospectus, references to the Fund's investment strategies and risks include those of its Subsidiary.

The Commodity Futures Trading Commission (the "CFTC") has adopted certain requirements that subject registered investment companies and their advisors to regulation by the CFTC if a registered investment company invests more than a prescribed level of its net assets in CFTC-regulated futures, options and swaps, or if a registered investment company markets itself as providing investment exposure to such instruments. Due to the Fund's use of CFTC-regulated futures and swaps above the prescribed levels, it is considered a "commodity pool" under the Commodity Exchange Act.

The Fund seeks to remain fully invested at all times, consistent with its stated investment objective, but may not always have investment exposure to the Reference ETPs. In all cases, the investments would be designed to provide exposure to the Reference ETPs. In certain circumstances, for example, if the Fund is unable to obtain the desired exposure to the Reference ETPs using swap agreements, the Fund may obtain such exposure through standardized, cash-settled ether futures contracts traded on commodity exchanges registered with the CFTC. In such circumstances, the Fund intends to invest in cash-settled, front-month ether futures, but may also invest in back-month, cash-settled ether futures contracts. Front-month ether futures contracts are those contracts with the shortest time to maturity. Back-month ether futures contracts are those with longer times to maturity.

The initial Reference ETP is registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The iShares Ethereum Trust ETF is subject to the information requirements of the Exchange Act and files reports and other information with the Securities and Exchange Commission ("SEC"). Such information provided to or filed with the SEC can be located by reference to the SEC file numbers (001-42166 and 333-275583) through the SEC's website at www.sec.gov. In addition, information regarding iShares Ethereum Trust ETF may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The iShares Ethereum Trust ETF is listed on The Nasdaq Stock Market LLC (Ticker: ETHA).

The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Reference ETPs. At the close of the markets each trading day, Rafferty rebalances the Fund's portfolio so that its exposure to the Reference ETPs is consistent with the Fund's investment objective. The impact of a Reference ETP's movements during the day will affect whether the Fund's portfolio needs to be re-positioned. For example, if a Reference ETP has risen on a given day, net assets of the Fund should rise, meaning that the Fund's exposure will need to be increased. Conversely, if the

Summary Prospectus

Direxion Daily Ether Bull 2X ETF

------

Reference ETPs have fallen on a given day, net assets of the Fund should fall, meaning the Fund's exposure will need to be reduced. This re-positioning strategy typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold exchange-traded funds ("ETFs") and money market funds, deposit accounts with institutions with high quality credit ratings (*i.e.* investment grade or higher), and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements.

The terms "daily," "day," and "trading day," refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is "non-diversified," meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund's investment objective is not a fundamental policy and may be changed by the Fund's Board of Trustees without shareholder approval.

**The Fund has derived all disclosures contained in this document regarding the initial Reference ETP from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the initial Reference ETP is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of a Reference ETP have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning a Reference ETP could affect the value of the Fund's investments with respect to a Reference ETP and therefore the value of the Fund.**

**Because of daily rebalancing and the compounding of each day's return over time, the return of the Fund for periods longer than a single day will be the result of each day's returns compounded over the period, which will very likely differ from 200% of the return of the Reference ETPs over the same period. The Fund will lose money if the Reference ETP performance is flat over time, and as a result of daily rebalancing, a Reference ETP's volatility and the effects of compounding, it is even possible that the Fund will lose money over time while a Reference ETP's performance increases over a period longer than a single day.**

Principal Investment Risks

An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. The Fund is not a complete investment program. In addition, a Fund presents some risks not traditionally associated with most mutual funds and ETFs. It is important that investors closely review all of the risks listed below and understand them before making an investment in the Fund.

***Ether Volatility Risk —*** The price of ether is highly volatile. If you are not prepared to accept significant and unexpected changes in the value of the Fund and the possibility that you could lose your entire investment in the Fund, you should not invest in the Fund.

***Ether Risk —*** The market for ether is subject to rapid price swings, changes and uncertainty and is a largely unregulated marketplace, which may be attributable to a possible lack of regulatory compliance. These trading venues are not registered as national securities exchanges under Section 6 of the Securities Exchange Act. Ether and ether futures are relatively new investments, present unique and substantial risks, and historically have been subject to significant price volatility. The value of ether has been, and may continue to be, substantially dependent on speculation, such that trading and investing ether generally may not be based on fundamental analysis. The further development of the Ethereum Network and the acceptance and use of ether are subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development of the Ethereum Network or the acceptance of ether may adversely affect the price of ether. Ether is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems that impact ether trading venues. The Fund does not invest in the current spot or cash price of ether. However, because the Reference ETPs to which the Fund has exposure do invest in ether, the value and the net asset value of the Fund's investments is impacted by the ether market.

Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, ether trading venues are largely unregulated. As a result of the fragmentation and the lack of regulation in the spot market for ether, individuals or groups may engage in fraud or market manipulation (including using social media to promote ether in a way that artificially increases or decreases the price of ether). Investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. The Ethereum Network may be vulnerable to attacks to the extent that there is concentration in the ownership and/or staking of ether. This risk increases as the level of concentration increases. The possession of 33% of staked ether is the minimum stake that can be used to execute an attack and that the possession of more than 50% of staked ether enables more extensive attacks, such as transaction censorship and block reordering. Any attack on the Ethereum Network may negatively impact the value of the Reference ETPs and/or ether futures, which may have an adverse effect on the value of your investment in the Fund. A significant portion of ether is held by a small number of holders sometimes referred to as "whales." These holders have the ability to manipulate the price of ether. Over the past several years, a number of ether trading venues have been closed due to fraud, failure or security breaches. Investors in ether may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses. Legal or regulatory changes may negatively impact the operation of the Ethereum Network or restrict the use of ether. Any new or changing laws and regulations affecting the use of blockchain technology and/or investments in crypto

Summary Prospectus

Direxion Daily Ether Bull 2X ETF

------

assets or crypto asset-related investments may have a materially adverse impact on the Fund, its investments, and its ability to implement its investment strategy.

There is no central registry showing which individuals or entities own ether or the quantity of ether that is owned by any particular person or entity. There are no regulations in place that would prevent a large holder of ether or a group of holders from selling their ether which could depress the price of ether or otherwise attempting to manipulate the price of ether. Events that reduce user confidence in ether, the Ethereum and the fairness of ether trading venues could have a negative impact on the price of ether. The realization of any of these risks could result in a decline in the acceptance of ether and consequently a reduction in the value of ether, the Reference ETPs and ether futures. From time to time, the developers suggest changes to the ether software. If a sufficient number of validators elect not to adopt the changes, a new digital asset, operating on the earlier version of the software, may be created. This is often referred to as a "fork." The price of the ether in which the Reference ETPs invest may reflect the impact of these forks. Finally, the creation of a "fork" or a substantial giveaway of ether (sometimes referred to as an "air drop") may result in significant and unexpected declines in the value of ether.

Proposed changes to Ethereum's protocol may not be adopted by a sufficient number of users and validators, which may result in competing blockchains with different native crypto assets and sets of participants (also known as a "fork") (e.g., the fork resulting in the Ethereum Classic blockchain). The creation of a "fork" or a substantial giveaway of ether (sometimes referred to as an "air drop") may result in significant and unexpected declines in the value of ether and ether futures.

Ethereum Network's protocol, including the code of smart contracts running on Ethereum, may contain flaws that can be exploited by attackers. The occurrence of any of these events is likely to have a significant adverse impact on the price and liquidity of ether, the Reference ETPs and ether futures contracts and therefore the value of an investment of the Fund. Ether, the Reference ETPs and ether futures are also exposed to the instability of other speculative parts of the blockchain/crypto industry, such as the collapse of TerraUSD in May 2022 and FTX Trading Ltd. in November 2022, which may not necessarily be related to the security or utility of Ethereum but can nonetheless precipitate a significant decline in the price of ether.

The emergence of other public blockchains that are similarly designed to support the development, deployment, and operation of smart contracts may negatively impact on the demand for and value of ether and hence the value of the Reference ETPs and ether futures and an investment in the Fund. Ethereum has historically faced scalability challenges and that these alternative blockchains generally attempt to compete with Ethereum by offering faster transaction processing and lower fees. Further development and use of Ethereum for its intended purpose are, and may continue to be, substantially dependent on "Layer 2" solutions (i.e., separate blockchains that extends Ethererum and inherits

the security guarantees of Ethereum in order to increase transaction throughput and reduce transaction fees), which may not be implemented correctly which may negatively impact Ethereum, ether, the Reference ETs and ether futures.

Additionally, legal or regulatory changes may negatively impact the operation of Ethereum or restrict the use of ether. While the CFTC has classified ether as a commodity and approved the listing of ether futures on a commodity exchange regulated by the CFTC, it is possible that in the future a court or regulator could determine that ether is a security. If ether were determined to be a security or to be offered and sold as a security or was expected to be determined to be a security under the federal or state securities laws, it is possible certain trading venues would no longer facilitate trading in ether, trading in ether futures may become significantly more volatile and/or completely halted, and the value of an investment in the Fund could decline significantly and without warning, including to zero. Such a determination may also impact the Fund's investment strategy, including the use of the Subsidiary.

***Effects of Compounding and Market Volatility Risk* —** 

The 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 likely to differ from 200% of a Reference ETP's performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of a Reference ETP during the shareholder's holding period.

Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of a Reference ETP. The chart below provides examples of how volatility and its return could affect the Fund's performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of a Reference ETP.

As shown in the chart below, the Fund would be expected to lose 6.1% if a Reference ETP provided no return over a one year period during which a Reference ETP experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if a Reference ETP's return is flat. **For instance, if a Reference ETP's annualized volatility is 100%, the Fund would** 

Summary Prospectus

Direxion Daily Ether Bull 2X ETF

------

**be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.** Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of a Reference ETP and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of a Reference ETP. The table below is not a representation of the Fund's actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in "Daily Correlation Risk" below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **One**<br> **Year**<br>| &nbsp;&nbsp; **200%**<br> **One**<br> **Year**<br>| **Volatility Rate** | **Volatility Rate** | **Volatility Rate** | **Volatility Rate** | **Volatility Rate** |
| **Return** | **Return** | **10%** | **25%** | **50%** | **75%** | **100%** |
| **-60%** | **-120%** | -84.2% | -85.0% | -87.5% | -90.9% | -94.1% |
| **-50%** | **-100%** | -75.2% | -76.5% | -80.5% | -85.8% | -90.8% |
| **-40%** | **-80%** | -64.4% | -66.2% | -72.0% | -79.5% | -86.8% |
| **-30%** | **-60%** | -51.5% | -54.0% | -61.8% | -72.1% | -82.0% |
| **-20%** | **-40%** | -36.6% | -39.9% | -50.2% | -63.5% | -76.5% |
| **-10%** | **-20%** | -19.8% | -23.9% | -36.9% | -53.8% | -70.2% |
| **0%** | **0%** | -1.0% | -6.1% | -22.1% | -43.0% | -63.2% |
| **10%** | **20%** | 19.8% | 13.7% | -5.8% | -31.1% | -55.5% |
| **20%** | **40%** | 42.6% | 35.3% | 12.1% | -18.0% | -47.0% |
| **30%** | **60%** | 67.3% | 58.8% | 31.6% | -3.7% | -37.8% |
| **40%** | **80%** | 94.0% | 84.1% | 52.6% | 11.7% | -27.9% |
| **50%** | **100%** | 122.8% | 111.4% | 75.2% | 28.2% | -17.2% |
| **60%** | **120%** | 153.5% | 140.5% | 99.4% | 45.9% | -5.8% |

---

The Reference ETP's annualized historical volatility rate for the period from July 24, 2024 (the inception date of the Reference ETP) to December 31, 2025 was 74.40%. The Reference ETP's annualized performance for the period from July 24, 2024 (the inception date of the Reference ETP) to December 31, 2025 was -10.30%. Historical volatility and performance are not indications of what the volatility and performance will be in the future. The volatility of ETFs or instruments that reflect the value of the Reference ETPs, such as swaps, may differ from the volatility of the Reference ETPs.

***Leverage Risk —*** The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of a Reference ETP resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in a Reference ETP, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a Reference ETP decline of more than 50% of a Reference ETP. This would result in a total loss of a shareholder's investment in one day even if a Reference ETP subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder's investment in the Fund may occur in a single day even if a Reference ETP's value does not move fully opposite from the Fund's investment objective. Leverage will also have the effect of

magnifying any differences in the Fund's correlation with a Reference ETP and may increase the volatility of the Fund.

To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund's ability to issue additional Creation Units may be adversely affected. As a result, the Fund's shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund's shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative ETP, reduce its leverage or close.

***Derivatives Risk —*** Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as digital assets, stocks, bonds, funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap agreements are the type of derivatives traded by the Fund, although in certain circumstances, the Fund may also invest in futures contracts.

The Fund's investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities, digital assets or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund's other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities or digital assets. When the Fund uses derivatives, there may be imperfect correlation between the value of the reference assets and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.

The primary risks associated with the use of swaps are mispricing or improper valuation, imperfect correlation between movements of the notional value of a swap and the price of the reference asset, and the failure of a counterparty to perform. If a swap counterparty's creditworthiness for an "over-the-counter" swap declines, the value of the swap would also likely decline. There is no guarantee that the Fund could eliminate its exposure under an outstanding swap by entering into offsetting swap with the same or another party.

***Counterparty Risk —*** If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not be able to meet its daily leveraged investment objective.

Summary Prospectus

Direxion Daily Ether Bull 2X ETF

------

Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund's exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference asset.

***Intra-Day Investment Risk***— The intra-day performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund's stated investment objective.

If there is a significant intra-day market event and/or the securities selected as Reference ETPs experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund's Shares traded on the secondary market may experience significant premiums or discounts, or widened bid-ask spreads.

***Daily Correlation Risk*** - There is no guarantee that the Fund will achieve a high degree of correlation to a Reference ETP and therefore achieve its daily leveraged investment objective. The Fund's exposure to a Reference ETP is impacted by a Reference ETP's movement. Because of this, it is unlikely that the Fund will be perfectly exposed to a Reference ETP at the end of each day. The possibility of the Fund being materially over- or under-exposed to a Reference ETP increases on days when a Reference ETP is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund's ability to adjust exposure to the required levels.

The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) a Reference ETP. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to

improve tax efficiency, or for other reasons, each of which may negatively impact the Fund's desired correlation with a Reference ETP or increase its required distributions.

The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to a Reference ETP, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to a Reference ETP. Any of these factors could decrease the correlation between the performance of the Fund and a Reference ETP and may hinder the Fund's ability to meet its daily leveraged investment objective on or around that day.

***Rebalancing Risk —*** If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund's investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to a Reference ETP that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant losses.

***Reference ETP Investment Risk –*** The Reference ETPs only recently commenced operations and as a result, the Reference ETPs have a limited operating history. The Reference ETPs generally hold ether, and their investment objectives are to provide the performance of the spot (or cash) price of ether before the payment of fees and expenses. The value of an individual security or particular type of security, such as the Reference ETPs may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. Reference ETP issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The following are additional risk factors for the Reference ETPs:

● A Reference ETP that is not eligible to use Form S-3 and is instead registered on Form S-1 does not issue an unlimited number of shares or maintain an effective shelf registration, and therefore, the Fund or its counterparties may not be able to buy shares or conduct effective hedging of the Reference ETP, which may adversely affect the Fund's ability to achieve its investment objective and/or its arbitrage mechanism causing potentially large premiums or discounts in the Fund's shares.

● Digital asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative and regulatory developments such as banning, restricting or imposing onerous conditions or prohibitions on the use of ether, mining activity, digital wallets, the provision of services relating to trading and custody of ether, the operation of the Ether blockchain or the digital markets generally, could significantly harm the value of ether, the Reference ETPs and the Fund.

● Regulatory changes or interpretations could obligate

Summary Prospectus

Direxion Daily Ether Bull 2X ETF

------

authorized participants or the Reference ETPs to register and comply with new regulations, which could result in potentially extraordinary large expenses to the Reference ETPs and the authorization participants. This could result in authorized participants not transacting in the creation and redemption of shares of the Reference ETPs or the Fund and/or Reference ETPs liquidating.

● The treatment of digital currency for U.S. federal, state and local income tax purposes is uncertain, which could result in adverse tax treatment of the Reference ETPs held by the Fund or for the Fund itself, resulting in significant taxes for the Fund and/or shareholders.

● If a Reference ETP's creation and redemption process is interrupted or experiences difficulties, the arbitrage mechanism utilized by authorized participants to reduce the differences between the Reference ETP's market price and net asset value may not work as intended and the market price of the Reference ETP may fall or otherwise diverge from the Reference ETP's net asset value, which may result in the Reference ETP's shares trading at an increased premium or discount.

● A Reference ETP may suspend the issuance of shares at any time which will impact the price of shares of a Reference ETP, resulting in significant difference (premium/discount) between the Reference ETP's market price and its net asset value. Additionally, the Fund may be unable to transact in the shares of the Reference ETP at an acceptable price and therefore the Fund may be unable to achieve its investment objective.

● Authorized participants may not transact in the shares of the Reference ETPs or the Fund, thus impacting the liquidity of the Reference ETPs and the Fund.

● Security threats to a Reference ETP's account at its custodian could result in the halting of the Reference ETP's operations and a loss of the Reference ETP's assets or damage the reputation of the Reference ETP, which could result in a reduction of the value of the shares of the Reference ETP and the Fund.

● Ether transactions are irrevocable and stolen or incorrectly transferred ether may be irretrievable. As a result, any incorrectly executed ether transactions could adversely impact the value of the Reference ETPs and the Fund.

● If a Reference ETP's custodian agreement is terminated or its custodian fails to provide services as required, a Reference ETP may need to find and appoint a replacement custodian, which could pose a challenge due to the limited number of custodians that provide these services. Additionally, the safekeeping of a Reference ETP's assets may be challenged and its ability to operate may be adversely impacted.

● Loss of a critical banking relationship for, or the failure of a bank used by, the Reference ETPs' prime execution agent could adversely impact the Reference ETPs' ability to create or redeem shares or could cause losses to the Reference ETPs.

● The Reference ETPs are subject to the risks of investment in ether, as noted above in "Ether Risk." Additionally, due to the limited operating history of the Reference

ETPs, and lack of regulation regarding ether, adverse performance of the Reference ETPs or adverse legislative or regulatory developments regarding ether could significantly harm the value of the Reference ETPs.

● Reference ETPs rely on composite indexes and other pricing sources to determine the spot price of ether and to calculate their net asset values. The indexes have a limited performance history, the price reported by the indexes could fail to track the global ether price, and a failure of the index price could adversely affect the value of a Reference ETP's shares. The value of a ether as represented by an index or other pricing source used by a Reference ETP could be adversely affected by trading activity on digital asset platforms, which, in many cases, are largely unregulated or may be subject to manipulation; manipulative trading activity on digital asset platforms, which, in many cases, are largely unregulated; interruptions in service from, closures or failures of major digital asset platforms or their banking partners, or outages or system failures affecting the Ether blockchain; or decreased confidence in digital assets platforms.

***Other Investment Companies (including ETFs) Risk***—

The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an "underlying fund"), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund's proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund's own operations. If the underlying fund fails to achieve its investment objective the Fund's performance will likely be adversely affected.

In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF's net asset value which may result in an ETF's market price being more or less than the value of the Reference ETP or ETPs especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF's bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund's shares are suspended from trading on an exchange, the Fund may not be able to obtain the required exposure to meet its investment objective.

***Non-Affiliation Risk —*** The Reference ETPs are not affiliated with the Trust, the Adviser or any affiliates thereof and are not involved with this offering in any way, and have no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of a Reference ETP and make no representation as to the performance of a Reference ETP. Investing in the Fund is not equivalent to investing in a Reference ETP. Fund shareholders will not have voting rights or rights to receive

Summary Prospectus

Direxion Daily Ether Bull 2X ETF

------

dividends or other distributions or any other rights with respect to a Reference ETP.

***Liquidity Risk —*** Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with a Reference ETP. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the value of a Reference ETP increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Reference ETPs. Under such circumstances, the market for the Reference ETPs may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the Reference ETPs and the Fund's transactions could exacerbate the price changes of the Reference ETPs and may impact the ability of the Fund to achieve its investment objective.

In certain cases, the market for the Fund's investments may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund's transactions could exacerbate illiquidity and volatility in the price of the securities and correlated derivative instruments.

***Market Risk —*** The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund's investments may be adversely impacted.

The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market and individual securities.

***Tax Risk —*** In order to qualify for the special tax treatment accorded a regulated investment company ("RIC") and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from "qualifying income," meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund's pursuit of its investment strategy will potentially be limited by the Fund's intention to qualify for such treatment

and could adversely affect the Fund's ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear.

The Fund expects to gain exposure to ether and generate qualifying income by investing in ether indirectly through a wholly-owned subsidiary organized under the laws of the Cayman Islands. To comply with the asset diversification test applicable to a RIC, a Fund will limit its investments in such subsidiary to 25% of the Fund's total assets at the end of each tax quarter. A Fund may, however, exceed this amount from time to time if the Adviser believes doing so is in the best interests of the Fund, provided, however, that the Fund intends to continue to comply with the asset diversification test applicable to RICs. If the Fund's investments in the subsidiary were to exceed 25% of the Fund's total assets at the end of a tax quarter, the Fund may no longer be eligible to be treated as a RIC. The Adviser will carefully monitor the Fund's investments in the subsidiary to ensure that no more than 25% of the Fund's assets are invested in the subsidiary at the end of each tax quarter. The Fund intends to invest in complex derivatives for which there is not clear guidance from the Internal Revenue Service ("IRS") as to the calculation of such investments under the asset diversification test applicable to RICs. There are no assurances that the IRS will agree with the Fund's calculation under the asset diversification test which could cause the Fund to fail to qualify as a RIC.

If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund's net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled "Dividends, Other Distributions and Taxes" in the Statement of Additional Information for more information.

***Subsidiary Investment Risk —*** By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. Since the Subsidiary is organized under the law of the Cayman Islands and is not registered with the SEC under the Investment Company Act of 1940, as amended, the Fund will not receive all of the protections offered to shareholders of registered investment companies. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as intended, which may negatively affect the Fund and its shareholders.

***Cash Transaction Risk—*** At certain times, the Fund may effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by

Summary Prospectus

Direxion Daily Ether Bull 2X ETF

------

transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund's net asset value.

***Ether Futures Risk —*** The market for ether futures is less developed, and potentially less liquid and more volatile, than more established futures markets. While the ether futures market has grown substantially since ether futures commenced trading, there can be no assurance that this growth will continue. The price for ether futures contracts is based on a number of factors, including the supply of and the demand for them. The crypto asset trading platforms on which ether or bitcoin are traded, and which may serve as a pricing source for the calculation of the ether or bitcoin reference rate that is used for the purposes of valuing the Fund's investments, are or may become subject to enforcement actions by regulatory authorities, and that such enforcement actions may have a material adverse impact on the Fund, its investments, and its ability to implement its investment strategy. Market conditions and expectations, position limits, collateral requirements, and other factors each can impact the supply of and demand for ether futures contracts. The level of demand for ether futures may cause them to trade at a significant premium or discount to the "spot" price of ether. Market conditions and expectations, position limits, collateral requirements, and other factors may also limit the Fund's ability to achieve its desired exposure to ether futures contracts. If the Fund is unable to achieve such exposure it may not be able to meet its investment objective and the Fund's returns may be different or lower than expected. Additionally, collateral requirements may require the Fund to liquidate its position, potentially incurring losses and expenses, when it otherwise would not do so. Margin levels for ether futures contracts are substantially higher than the margin requirements for more established futures contracts. Additionally, the Futures Commission Merchants ("FCMs") utilized by the Fund may impose margin requirements in addition to those imposed by the exchanges. Margin requirements are subject to change, and may be raised in the future by the exchanges and the FCMs. High margin requirements could prevent the Fund from obtaining sufficient exposure to ether futures and may adversely affect its ability to achieve its investment objective. Further, FCMs utilized by the Funds may impose limits on the amount of exposure to futures contracts the Fund can obtain through such FCMs. If the Fund cannot obtain sufficient exposure through its FCMs, the Fund may not be able to achieve its investment objective. Investing in derivatives like ether futures may be considered aggressive and may expose the Fund to significant risks. These risks include counterparty risk and liquidity risk. The performance of ether futures contracts and ether may differ and may not be correlated with each other, over short or long periods of time.

***Ether Futures Capacity Risk —*** If the Fund's ability to obtain exposure to ether futures contracts consistent with its investment objective is disrupted for any reason including, for example, limited liquidity in the ether futures market, a disruption to the ether futures market, or as a result of margin requirements, position limits, accountability levels, or other limitations imposed by the Fund's FCMs, the CME,

or the CFTC, the Fund may not be able to achieve its investment objective and may experience significant losses.

In such circumstances, the Adviser may take such action as it deems appropriate and in the best interest of the Fund; however, it will not suspend creations. If the Fund is unable to obtain the desired exposure to ether futures contracts because it is approaching or has exceeded position limits or because of liquidity or other constraints, the Fund may invest in registered investment companies or operating companies whose securities are registered under the Securities Act of 1933 and the Securities Exchange Act of 1934 and are publicly traded that invest in, or have exposure to, bitcoin, ether, bitcoin futures or ether futures. Any disruption in the Fund's ability to obtain exposure to ether futures contracts will cause the Fund's performance to deviate from the performance of ether futures. Additionally, the ability of the Fund to obtain exposure to ether futures contracts is limited by certain tax rules that limit the amount the Fund can invest in its wholly-owned subsidiary as of the end of each tax quarter. Exceeding this amount may have adverse tax consequences. Additionally, compliance with these tax rules may result in the Fund being under-exposed to ether futures and may result in the Fund not achieving its investment objective and/or increasing the expenses of the Fund.

***Ether Futures Liquidity Risk —*** The market for ether futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be difficult or impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it difficult to find a counterparty willing to transact at a reasonable price and sufficient size. Illiquid markets may cause losses, which could be significant. The large size of the positions which the Fund may acquire increases the risk of illiquidity, may make its positions more difficult to liquidate, and may increase the losses incurred while trying to do so. Such large positions also may impact the price of ether futures, which could decrease the correlation between the performance of ether futures and the "spot" price of ether.

***Early Close/Trading Halt Risk —*** An exchange or market may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund's creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses or reduced gains. Additionally, an exchange or market may also halt the trading of the Fund's shares, limiting an investor's ability to buy or sell Fund shares on that exchange or market.

***High Portfolio Turnover Risk—*** Daily rebalancing of the Fund's holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and

Summary Prospectus

Direxion Daily Ether Bull 2X ETF

------

increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund's trading. As such, if the Fund's extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.

***Money Market Instrument Risk —*** The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments may lose money.

***Non-Diversification Risk —*** The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund's volatility and increase the risk that the Fund's performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or a single economic, political or regulatory event.

***Concentration Risk —*** The Fund's investments will be concentrated (*i.e.*, more than 25% of the Fund's total assets) in investments that provide exposure to ether. As a result, the Fund may be more volatile than a Fund with a more diversified portfolio.

***New Fund Risk —*** The Fund recently commenced operations, has a limited operating history, and started operations with a small asset base. There can be no assurance that the Fund will be successful or grow to or maintain a viable size, that an active trading market for the Fund's shares will develop or be maintained, or that the Fund's shares' listing will continue unchanged.

***Special Risks of Exchange-Traded Funds***

***Authorized Participants Concentration Risk.*** The Fund may have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower trading volumes.

***Absence of Active Market Risk.*** Although Shares are listed for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread and at a greater premium or discount to net asset value.

***Market Price Variance Risk.*** Fund Shares can be bought and sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a "premium." When they trade at a price less than net asset value, they are said to trade

at a "discount." The market price of Shares fluctuates based on changes in the value of the Fund's holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund's net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund's Shares and/or create or redeem Creation Units premiums or discounts may increase.

***Trading Cost Risk.*** When buying or selling Shares in the secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the "spread" also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the "bid" price) and the price at which they are willing to sell Fund shares (the "ask" price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment results.

***Exchange Trading Risk.*** Shares are listed for trading on the NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund's creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place downward pressure on their market price.

Fund Performance

No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus. Upon commencement of operations, updated performance will be available on the Fund's website at www.direxion.com/etfs?producttab=performance or by calling the Fund toll-free at (866) 476-7523.

Management

**Investment Adviser.** Rafferty Asset Management, LLC is the Fund's investment adviser.

**Portfolio Managers.** The following members of Rafferty's investment team are jointly and primarily responsible for the day-to-day management of the Fund:

<u> Portfolio Managers </u> <u> Years of Service with the Fund </u> <u> Primary Title </u> <br> Paul Brigandi Since Inception Portfolio Manager <br> Tony Ng Since Inception Portfolio Manager

Purchase and Sale of Fund Shares

The Fund's individual shares may only be purchased or sold in the secondary market through a broker-dealer or other financial intermediaries at market price rather than at net

Summary Prospectus

Direxion Daily Ether Bull 2X ETF

------

asset value. The market price of Shares will fluctuate in response to changes in the value of the Fund's holdings and supply and demand for the Shares, which may result in shareholders purchasing or selling the Shares on the secondary market at a market price that is greater than net asset value (a premium) or less than net asset value (a discount). A shareholder may incur costs attributable to the difference between the highest price a buyer is willing to pay for the Fund's Shares (bid) and the lowest price a seller is willing to accept for the Fund's Shares (ask) when buying or selling Shares on the secondary market (the "bid-ask spread") in addition to brokerage commissions. The bid-ask spread may vary over time for Shares based on trading volume and market liquidity. Recent information regarding the Fund Shares such as net asset value, market price, premiums and discounts and bid-ask spreads and related other information is available on the Fund's website, www.direxion.com/etfs?producttab=performance.

The Fund's shares are not individually redeemable by the Fund. The Fund will issue and redeem Shares only to Authorized Participants in exchange for cash or a deposit or delivery of a basket of assets (securities and/or cash) in large blocks, known as creation units, each of which is comprised of 25,000 Shares.

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or long-term capital gains. Those distributions will be subject to federal income tax and may also be subject to state and local taxes, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Distributions or investments made through tax-deferred arrangements may be taxed later upon withdrawal. Distributions by the Fund may be significantly higher than those of most other ETFs.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or financial adviser), the Fund and/or its Adviser may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

Summary Prospectus

Direxion Daily Ether Bull 2X ETF

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Direxion Daily Ether Bull 2X ETF

Summary Prospectus

SEC File Number: 811-22201

------