0001424958 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:C000276652Member 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member oef:RiskLoseMoneyMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:IndexCorrelationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:DerivativesRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:OptionsContractsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:PriceParticipationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:DistributionsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:NetAssetValueErosionfromDistributionsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:ReturnofCapitalRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:EquitySecuritiesRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:CallOptionStrategyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:PassiveInvestmentandIndexPerformanceRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:CounterpartyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:LargeCapitalizationCompanyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:AppleIncInvestingRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:AIandbigdatacompanyriskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:InformationTechnologySectorRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:ConcentrationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:MarketRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:CashTransactionRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:MoneyMarketInstrumentRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:TaxRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:LiquidityRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:EarlyCloseTradingHaltRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:HighPortfolioTurnoverRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:NonDiversificationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:AuthorizedParticipantsConcentrationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:AbsenceofActiveMarketRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:MarketPriceVarianceRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:TradingCostRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105856Member dsetft:ExchangeTradingRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:C000276653Member 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member oef:RiskLoseMoneyMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:IndexCorrelationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:DerivativesRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:OptionsContractsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:PriceParticipationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:DistributionsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:NetAssetValueErosionfromDistributionsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:ReturnofCapitalRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:EquitySecuritiesRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:CallOptionStrategyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:PassiveInvestmentandIndexPerformanceRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:CounterpartyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:LargeCapitalizationCompanyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:AmazonInvestingRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:AIandbigdatacompanyriskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:ConsumerDiscretionarySectorRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:RetailIndustryRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:ConcentrationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:MarketRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:CashTransactionRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:MoneyMarketInstrumentRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:TaxRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:LiquidityRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:EarlyCloseTradingHaltRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:HighPortfolioTurnoverRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:NonDiversificationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:AuthorizedParticipantsConcentrationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:AbsenceofActiveMarketRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:MarketPriceVarianceRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:TradingCostRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105857Member dsetft:ExchangeTradingRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:C000276654Member 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member oef:RiskLoseMoneyMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:IndexCorrelationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:DerivativesRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:OptionsContractsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:PriceParticipationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:DistributionsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:NetAssetValueErosionfromDistributionsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:ReturnofCapitalRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:EquitySecuritiesRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:CallOptionStrategyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:PassiveInvestmentandIndexPerformanceRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:CounterpartyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:LargeCapitalizationCompanyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:AlphabetIncClassAInvestingRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:AIandbigdatacompanyriskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:CommunicationServicesSectorRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:InteractiveMediaandServicesIndustryRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:ConcentrationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:MarketRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:CashTransactionRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:MoneyMarketInstrumentRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:TaxRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:LiquidityRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:EarlyCloseTradingHaltRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:HighPortfolioTurnoverRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:NonDiversificationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:AuthorizedParticipantsConcentrationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:AbsenceofActiveMarketRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:MarketPriceVarianceRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:TradingCostRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105858Member dsetft:ExchangeTradingRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:C000276655Member 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member oef:RiskLoseMoneyMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:IndexCorrelationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:DerivativesRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:OptionsContractsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:PriceParticipationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:DistributionsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:NetAssetValueErosionfromDistributionsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:ReturnofCapitalRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:EquitySecuritiesRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:CallOptionStrategyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:PassiveInvestmentandIndexPerformanceRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:CounterpartyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:LargeCapitalizationCompanyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:MetaPlatformsInvestingRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:AIandbigdatacompanyriskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:CommunicationServicesSectorRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:InteractiveMediaandServicesIndustryRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:ConcentrationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:MarketRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:CashTransactionRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:MoneyMarketInstrumentRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:TaxRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:LiquidityRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:EarlyCloseTradingHaltRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:HighPortfolioTurnoverRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:NonDiversificationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:AuthorizedParticipantsConcentrationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:AbsenceofActiveMarketRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:MarketPriceVarianceRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:TradingCostRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105859Member dsetft:ExchangeTradingRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:C000276657Member 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member oef:RiskLoseMoneyMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:IndexCorrelationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:DerivativesRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:OptionsContractsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:PriceParticipationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:DistributionsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:NetAssetValueErosionfromDistributionsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:ReturnofCapitalRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:EquitySecuritiesRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:CallOptionStrategyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:PassiveInvestmentandIndexPerformanceRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:CounterpartyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:LargeCapitalizationCompanyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:MicronTechnologyIncInvestingRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:AIandbigdatacompanyriskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:SemiconductorIndustryRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:InformationTechnologySectorRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:ConcentrationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:MarketRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:CashTransactionRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:MoneyMarketInstrumentRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:TaxRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:LiquidityRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:EarlyCloseTradingHaltRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:HighPortfolioTurnoverRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:NonDiversificationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:AuthorizedParticipantsConcentrationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:AbsenceofActiveMarketRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:MarketPriceVarianceRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:TradingCostRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105861Member dsetft:ExchangeTradingRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:C000276658Member 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member oef:RiskLoseMoneyMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:IndexCorrelationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:DerivativesRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:OptionsContractsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:PriceParticipationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:DistributionsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:NetAssetValueErosionfromDistributionsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:ReturnofCapitalRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:EquitySecuritiesRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:CallOptionStrategyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:PassiveInvestmentandIndexPerformanceRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:CounterpartyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:LargeCapitalizationCompanyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:NVIDIACorporationInvestingRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:AIandbigdatacompanyriskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:SemiconductorIndustryRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:InformationTechnologySectorRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:ConcentrationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:MarketRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:CashTransactionRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:MoneyMarketInstrumentRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:TaxRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:LiquidityRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:EarlyCloseTradingHaltRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:HighPortfolioTurnoverRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:NonDiversificationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:AuthorizedParticipantsConcentrationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:AbsenceofActiveMarketRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:MarketPriceVarianceRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:TradingCostRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105862Member dsetft:ExchangeTradingRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:C000276659Member 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member oef:RiskLoseMoneyMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:IndexCorrelationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:DerivativesRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:OptionsContractsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:PriceParticipationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:DistributionsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:NetAssetValueErosionfromDistributionsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:ReturnofCapitalRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:EquitySecuritiesRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:CallOptionStrategyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:PassiveInvestmentandIndexPerformanceRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:CounterpartyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:LargeCapitalizationCompanyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:PalantirTechnologiesIncInvestingRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:AIandbigdatacompanyriskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:InformationTechnologySectorRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:SoftwareIndustryRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:ConcentrationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:MarketRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:CashTransactionRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:MoneyMarketInstrumentRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:TaxRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:LiquidityRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:EarlyCloseTradingHaltRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:HighPortfolioTurnoverRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:NonDiversificationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:AuthorizedParticipantsConcentrationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:AbsenceofActiveMarketRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:MarketPriceVarianceRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:TradingCostRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105863Member dsetft:ExchangeTradingRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:C000276660Member 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member oef:RiskLoseMoneyMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:IndexCorrelationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:DerivativesRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:OptionsContractsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:PriceParticipationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:DistributionsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:NetAssetValueErosionfromDistributionsRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:ReturnofCapitalRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:EquitySecuritiesRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:CallOptionStrategyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:PassiveInvestmentandIndexPerformanceRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:CounterpartyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:LargeCapitalizationCompanyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:TeslaIncInvestingRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:ElectricandAutonomousVehiclesCompanyRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:AutomotiveCompaniesRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:ConsumerDiscretionarySectorRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:ConcentrationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:MarketRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:CashTransactionRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:MoneyMarketInstrumentRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:TaxRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:LiquidityRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:EarlyCloseTradingHaltRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:HighPortfolioTurnoverRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:NonDiversificationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:AuthorizedParticipantsConcentrationRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:AbsenceofActiveMarketRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:MarketPriceVarianceRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:TradingCostRiskMember 2025-10-31 2025-10-31 0001424958 dsetft:S000105864Member dsetft:ExchangeTradingRiskMember 2025-10-31 2025-10-31 pure iso4217:USD 2025-10-31 Direxion Shares ETF Trust 0001424958 false N-1A 485BPOS 2026-07-21 Direxion AAPL Defined Income Boost ETF Investment Objective The Direxion AAPL Defined Income Boost ETF (the “Fund”) seeks investment results, before fees and expenses, that track the Cboe AAPL Defined Income Index (the “Index”). 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) 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 Estimated for the Fund's current fiscal year. Estimated for the Fund's current fiscal year. September 1, 2027 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: 99 313 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 in Annual Fund Operating Expenses or in the example, affect the Fund’s performance. Principal Investment Strategy The Index is designed to track the performance of an investment strategy that systematically attempts to collect a target amount of income from option premiums by writing (selling) weekly, out-of-the-money equity call options on an underlying security (i.e., common shares of Apple Inc. (NASDAQ: AAPL) ("AAPL")) based on the Index’s target distribution amount, with daily delta hedging (as discussed below) conducted through long positions in the underlying security. The Index’s target distribution amount is set by Cboe Global Indices, LLC (the “Index Provider”) and is currently set at an annualized distribution rate of 20%.Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. AAPL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Apple Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-36743 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Apple Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of June 30, 2026, AAPL is assigned to the information technology sector and the hardware, storage & peripherals industry.The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Index’s constituent securities and financial instruments, such as swap agreements and options, that, in combination, provide exposure to the Index consistent with the Fund’s investment objective. The Fund principally will obtain exposure to the Index through swap agreements.Call Options Strategy and Delta Management The Index is constructed such that at the end of each week (generally Friday), an out-of-the-money call option on AAPL is sold that typically expires at the end of the following week. The seller of a call option receives a payment (“premium”) from the buyer. Using this strategy, the Index generates income in the form of option premiums. In a call option, the seller is obligated to sell shares of the underlying security to the buyer at a specified price (“strike price”) at a specified date (“expiration date”). At the expiration date, if the price of the underlying security is above the strike price (“in-the-money”), the buyer will exercise the call option, benefiting from the ability to purchase the shares from the seller at a price lower than the current market price. If the price of the underlying security is lower than the strike price (“out-of-the-money”), the call option will not be exercised, and the seller will retain the shares of the security and the premium. The option strike price is determined in a formulaic manner based on the Index’s target distribution amount. The Index’s option strike selection is adjusted weekly based on the price and volatility of AAPL, with the objective of maintaining a more consistent risk profile across changing market conditions. As selling call options introduces negative delta exposure (meaning the position may lose value if the stock price increases), the Index employs daily delta hedging. Delta hedging involves buying or selling shares of AAPL (or equivalent exposure) to maintain consistent exposure to movements in the price of AAPL. This hedge position is evaluated and adjusted at the end of each trading day, as the delta of the option position changes over time due to movements in the underlying stock price, changes in volatility, and the passage of time. In addition, the Index includes an options unwind strategy that allows for an options position that may be closed prior to its scheduled expiration if the option’s delta, measured daily, reaches a specified threshold (e.g., 0.85 delta). This is intended to reduce the likelihood of outsized losses in the event of a significant upward movement in the price of AAPL that causes the option to become deep in-the-money. If an option position is closed prior to expiration, a replacement option is generally not sold until the next scheduled weekly option reset. Distributions The Fund intends to make distributions twice a month that generally reflect the income and gains generated from the Index’s options strategy and delta-hedging activity and are calculated based off the Index’s target distribution amount described above. The Index’s target distribution amount is not a guarantee, nor does it represent a particular yield or total return. Additionally, at the end of each quarter, there may be additional distributions paid to investors when market conditions result in incremental income being generated by the options strategy and delta hedging. The occurrence and amount of any such distribution depend on the performance of the underlying security relative to the options sold and are not guaranteed. The Fund’s distributions are intended to provide investors with income and gains generated from its investment strategy. However, in the event that the strategy does not generate the targeted level of income during a period, some or all of the distributions may be characterized as a return of capital, which are not taxable income but reduce a shareholder’s basis in their Fund shares. The Fund is required to make distributions at least annually, but the Fund intends to make more frequent distributions. Distributions are not a measure of the Fund’s investment performance.The Index will be concentrated in the industry or group of industries to which the underlying security is assigned. The Fund will concentrate its investment in a particular industry or group of industries (i.e., hold 25% or more of its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index is so concentrated.The Fund uses a “passive” or indexing approach to attempt to achieve its investment objective. Although the Fund intends to fully replicate the Index, at times the Fund may hold a representative sample of the instruments in the Index that have aggregate characteristics similar to those of the Index. This means the Fund may not hold all of the instruments included in the Index, its weighting of investment exposure to such instruments or industries may be different from that of the Index and it may hold instruments that are not included in the Index but are designed to help the Fund track the Index. The Fund will rebalance its portfolio when the Index rebalances. 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 Index is designed to track the performance of an investment strategy that systematically attempts to collect a target amount of income from option premiums by writing (selling) weekly, out-of-the-money equity call options on an underlying security (i.e., common shares of Apple Inc. (NASDAQ: AAPL) ("AAPL")) based on the Index’s target distribution amount, with daily delta hedging (as discussed below) conducted through long positions in the underlying security. The Index’s target distribution amount is set by Cboe Global Indices, LLC (the “Index Provider”) and is currently set at an annualized distribution rate of 20%. Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. AAPL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Apple Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-36743 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Apple Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of June 30, 2026, AAPL is assigned to the information technology sector and the hardware, storage & peripherals industry. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Index’s constituent securities and financial instruments, such as swap agreements and options, that, in combination, provide exposure to the Index consistent with the Fund’s investment objective. The Fund principally will obtain exposure to the Index through swap agreements. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Index Correlation Risk — There is no guarantee that the Fund will achieve a high degree of correlation to the Index and, therefore, achieve its investment objective. The Fund may have difficulty achieving its investment objective for many reasons, including fees, expenses (including rebalancing expenses), transaction costs, including but not limited to brokerage and other trading costs, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, required compliance with the Fund’s exchange listing standards, disruptions or illiquidity in the markets for the instruments held by the Fund, the Fund’s holding of uninvested cash, costs of complying with various new or existing regulatory requirements and regulatory and tax considerations, which may cause the Fund to hold (or not to hold) certain Index constituents. Activities surrounding Index reconstitutions and other Index rebalancing events may hinder the Fund’s ability to meet its investment objective. The Fund may not have investment exposure to all of the constituents of the Index or its weighting of investment exposure to such constituents may be different from that of the Index, which may reduce the Fund’s correlation to the Index. Derivatives Risk — Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or 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. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian bank holding the assets. Options Contracts Risk — The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts is substantially influenced by the value of AAPL. The Index may experience substantial downside from specific option positions and certain option positions may expire worthless. The options are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options will be determined based on market quotations or other recognized pricing methods. Additionally, as the options contracts held by the Index are exercised or expire, it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Index may experience losses. Price Participation Risk — The Fund employs an investment strategy that seeks to track an Index, which includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by AAPL over the weekly call period. This means that if AAPL experiences an increase in value above the strike price of the sold call options during a call period, the Fund will likely not experience that increase to the same extent and may significantly underperform AAPL over the call period. Additionally, because the Fund is limited in the degree to which it will participate in increases in value experienced by AAPL over each call period, but has full exposure to any decreases in value experienced by AAPL over the call period, the net asset value of the Fund may decrease over any given time period. Since the constituents in the Index are based principally upon the performance of AAPL, the Fund’s performance will be based principally upon the performance of AAPL. The degree of participation in AAPL gains the Fund will experience will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold call option contracts and will vary over different call periods. The value of the options contracts is affected by changes in the value and dividend rates of AAPL, changes in interest rates, changes in the actual or perceived volatility of AAPL and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the price of AAPL changes and time moves towards the expiration of each call period, the value of the options contracts, and therefore the Fund’s net asset value, will change. However, it is not expected for the Fund’s net asset value to directly correlate on a day-to-day basis with the returns of AAPL. The amount of time remaining until the options contract’s expiration date affects the impact of the potential options premiums on the Fund’s net asset value, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the price of the AAPL will result in changes to the Fund’s net asset value, the Fund generally anticipates that the rate of change in the Fund’s net asset value will be different than that experienced by AAPL. Distributions Risk — The Fund seeks to distribute cash twice a month. There is no assurance that the Fund will make each distribution. If the Fund does make distributions, the amounts of such distributions may vary from one distribution to the next. Additionally, in the event that the Index’s strategy does not generate the targeted level of income during a period, some or all of the distributions may be characterized as a return of capital, which will decrease the Fund’s net asset value and trading price over time. As a result, an investor may suffer significant losses to their investment. Net Asset Value Erosion from Distributions Risk — <div> </div>When the Fund makes a distribution, the Fund’s net asset value will typically drop by the amount of the distribution on the related ex-dividend date (i.e., the day on or after which a stock trades without the value of its next dividend payment). The repeated payment of distributions by the Fund may significantly erode the Fund’s net asset value and trading price over time. As a result, an investor may suffer significant losses to their investment. Return of Capital Risk — A portion of the Fund’s distributions are expected to be treated as a return of capital for tax purposes. Return of capital distributions are not taxable income to a shareholder, but reduce a shareholder’s basis in their Shares. Such a reduction in tax basis will generally result in larger taxable gains and/or lower tax losses on a subsequent sale of Shares. A distribution in excess of a shareholder’s basis will be taxable in the same manner as a sale of a shareholder’s Shares. Shareholders who periodically receive the payments of dividends or other distributions consisting of a return of capital may be under the impression that they are receiving net profits from the Fund when, in fact, they are not. Equity Securities Risk — Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. Call Option Strategy Risk — The call option strategy utilized by the Index, which the Fund seeks to track, may limit the upside performance of any position for which a call is sold, since it is effectively selling upside performance in exchange for immediate cash flow. In markets where the underlying security position goes up dramatically, this could cause the Fund to underperform relative to the underlying security or equity markets generally. The relative pricing of options at different strike levels can vary due to volatility shifts, liquidity constraints, or other market dynamics, adding an additional layer of uncertainty to the Fund's performance. Passive Investment and Index Performance Risk — <div> </div>A third party (the “Index Provider”), who is unaffiliated with the Fund or the Fund's Adviser, maintains and exercises complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated performance. 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 investment objective. 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 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. Large-Capitalization Company Risk — Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns. Apple Inc. Investing Risk — Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with companies in the technology sector, Apple Inc. faces risks related to: global and economic conditions; market disrupting events, such as wars, natural disasters and public health issues; highly competitive global demand and rapidly changing technology; managing the frequent introductions and transitions of products and services; the outsourced manufacturing and logistical services provided by partners, many of which are located outside of the United States; the ability to obtain components in sufficient quantities on commercially reasonable terms for its products; potential design and manufacturing defects in its products and services; write-downs on the value of the company’s inventory and other assets; the reliance on access to third-party intellectual property and on third-party software developers; ability to obtain or create digital content that appeals to customers; the ability to retain and hire highly skilled employees, including key personnel; the performance of carriers, wholesalers, retailers and other resellers; information technology system failures and network disruptions; losses or unauthorized access to or releases of confidential information; investments in new business strategies may disrupt the current activities, changing needs and costs related to the company’s retail stores; and legal and regulatory compliance risks. Artificial Intelligence (AI) and Big Data Company Risk — <div> </div>Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. The products and services of AI and big data companies may face obsolescence due to rapid technological developments and frequent new product or service introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. AI and big data companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and big data companies may face regulatory fines and penalties, including forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of AI and big data companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies. Information Technology Sector Risk — The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology components. Concentration Risk — The Fund will be concentrated in a particular security, AAPL, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide exposure to the information technology sector and the hardware, storage & peripherals industry (the risks of which are described below), the same industry and/or sector to which AAPL is assigned. Since the Index is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund invests in instruments referencing only one security and industry, it should be expected to increase from any market movements that adversely impact AAPL and/or information technology sector and the hardware, storage & peripherals industry. 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. Cash Transaction Risk— At certain times, a Fund may effect creations and redemptions for cash rather than for in-kind securities. As a result, a Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities 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 transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. 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. 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. 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. Liquidity Risk — Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. 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 may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. 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 be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure for a period of time or close. 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. For example, there is a risk that sharp price declines in securities owned by the Fund may trigger trading halts, which may result in the Fund’s shares trading at an increasingly large discount to net asset value during part of, or all of, the trading day. High Portfolio Turnover Risk - The Fund may engage in active and frequent trading, which may lead to increased portfolio turnover, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains. Active and frequent trading may be due to Index rebalancing, cash purchases and sales of the Fund’s shares or other portfolio management reasons. 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. 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 Cboe BZX Exchange. 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. No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus. www.direxion.com/etfs?producttab=performance (866) 476-7523 Direxion AMZN Defined Income Boost ETF Investment Objective The Direxion AMZN Defined Income Boost ETF (the “Fund”) seeks investment results, before fees and expenses, that track the Cboe AMZN Defined Income Index (the “Index”). 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) 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 Estimated for the Fund's current fiscal year. Estimated for the Fund's current fiscal year. September 1, 2027 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: 99 313 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 in Annual Fund Operating Expenses or in the example, affect the Fund’s performance. Principal Investment Strategy The Index is designed to track the performance of an investment strategy that systematically attempts to collect a target amount of income from option premiums by writing (selling) weekly, out-of-the-money equity call options on an underlying security (i.e., common shares of Amazon.com, Inc. (NASDAQ: AMZN) ("AMZN")) based on the Index’s target distribution amount, with daily delta hedging (as discussed below) conducted through long positions in the underlying security. The Index’s target distribution amount is set by Cboe Global Indices, LLC (the “Index Provider”) and is currently set at an annualized distribution rate of 20%.Amazon.com, Inc. engages in the sale of consumer products, devices and provides entertainment, and cloud computing/IT infrastructure in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services. AMZN is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Amazon.com, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-22513 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Amazon.com, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of June 30, 2026, AMZN is assigned to the consumer discretionary sector and the retail industry.The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Index’s constituent securities and financial instruments, such as swap agreements and options, that, in combination, provide exposure to the Index consistent with the Fund’s investment objective. The Fund principally will obtain exposure to the Index through swap agreements.Call Options Strategy and Delta Management The Index is constructed such that at the end of each week (generally Friday), an out-of-the-money call option on AMZN is sold that typically expires at the end of the following week. The seller of a call option receives a payment (“premium”) from the buyer. Using this strategy, the Index generates income in the form of option premiums. In a call option, the seller is obligated to sell shares of the underlying security to the buyer at a specified price (“strike price”) at a specified date (“expiration date”). At the expiration date, if the price of the underlying security is above the strike price (“in-the-money”), the buyer will exercise the call option, benefiting from the ability to purchase the shares from the seller at a price lower than the current market price. If the price of the underlying security is lower than the strike price (“out-of-the-money”), the call option will not be exercised, and the seller will retain the shares of the security and the premium. The option strike price is determined in a formulaic manner based on the Index’s target distribution amount. The Index’s option strike selection is adjusted weekly based on the price and volatility of AMZN, with the objective of maintaining a more consistent risk profile across changing market conditions. As selling call options introduces negative delta exposure (meaning the position may lose value if the stock price increases), the Index employs daily delta hedging. Delta hedging involves buying or selling shares of AMZN (or equivalent exposure) to maintain consistent exposure to movements in the price of AMZN. This hedge position is evaluated and adjusted at the end of each trading day, as the delta of the option position changes over time due to movements in the underlying stock price, changes in volatility, and the passage of time. In addition, the Index includes an options unwind strategy that allows for an options position that may be closed prior to its scheduled expiration if the option’s delta, measured daily, reaches a specified threshold (e.g., 0.85 delta). This is intended to reduce the likelihood of outsized losses in the event of a significant upward movement in the price of AMZN that causes the option to become deep in-the-money. If an option position is closed prior to expiration, a replacement option is generally not sold until the next scheduled weekly option reset. Distributions The Fund intends to make distributions twice a month that generally reflect the income and gains generated from the Index’s options strategy and delta-hedging activity and are calculated based off the Index’s target distribution amount described above. The Index’s target distribution amount is not a guarantee, nor does it represent a particular yield or total return. Additionally, at the end of each quarter, there may be additional distributions paid to investors when market conditions result in incremental income being generated by the options strategy and delta hedging. The occurrence and amount of any such distribution depend on the performance of the underlying security relative to the options sold and are not guaranteed. The Fund’s distributions are intended to provide investors with income and gains generated from its investment strategy. However, in the event that the strategy does not generate the targeted level of income during a period, some or all of the distributions may be characterized as a return of capital, which are not taxable income but reduce a shareholder’s basis in their Fund shares. The Fund is required to make distributions at least annually, but the Fund intends to make more frequent distributions. Distributions are not a measure of the Fund’s investment performance.The Index will be concentrated in the industry or group of industries to which the underlying security is assigned. The Fund will concentrate its investment in a particular industry or group of industries (i.e., hold 25% or more of its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index is so concentrated.The Fund uses a “passive” or indexing approach to attempt to achieve its investment objective. Although the Fund intends to fully replicate the Index, at times the Fund may hold a representative sample of the instruments in the Index that have aggregate characteristics similar to those of the Index. This means the Fund may not hold all of the instruments included in the Index, its weighting of investment exposure to such instruments or industries may be different from that of the Index and it may hold instruments that are not included in the Index but are designed to help the Fund track the Index. The Fund will rebalance its portfolio when the Index rebalances. 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 Index is designed to track the performance of an investment strategy that systematically attempts to collect a target amount of income from option premiums by writing (selling) weekly, out-of-the-money equity call options on an underlying security (i.e., common shares of Amazon.com, Inc. (NASDAQ: AMZN) ("AMZN")) based on the Index’s target distribution amount, with daily delta hedging (as discussed below) conducted through long positions in the underlying security. The Index’s target distribution amount is set by Cboe Global Indices, LLC (the “Index Provider”) and is currently set at an annualized distribution rate of 20%. Amazon.com, Inc. engages in the sale of consumer products, devices and provides entertainment, and cloud computing/IT infrastructure in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services. AMZN is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Amazon.com, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-22513 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Amazon.com, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of June 30, 2026, AMZN is assigned to the consumer discretionary sector and the retail industry. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Index’s constituent securities and financial instruments, such as swap agreements and options, that, in combination, provide exposure to the Index consistent with the Fund’s investment objective. The Fund principally will obtain exposure to the Index through swap agreements. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Index Correlation Risk — There is no guarantee that the Fund will achieve a high degree of correlation to the Index and, therefore, achieve its investment objective. The Fund may have difficulty achieving its investment objective for many reasons, including fees, expenses (including rebalancing expenses), transaction costs, including but not limited to brokerage and other trading costs, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, required compliance with the Fund’s exchange listing standards, disruptions or illiquidity in the markets for the instruments held by the Fund, the Fund’s holding of uninvested cash, costs of complying with various new or existing regulatory requirements and regulatory and tax considerations, which may cause the Fund to hold (or not to hold) certain Index constituents. Activities surrounding Index reconstitutions and other Index rebalancing events may hinder the Fund’s ability to meet its investment objective. The Fund may not have investment exposure to all of the constituents of the Index or its weighting of investment exposure to such constituents may be different from that of the Index, which may reduce the Fund’s correlation to the Index. Derivatives Risk — Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or 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. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian bank holding the assets. Options Contracts Risk — The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts is substantially influenced by the value of AMZN. The Index may experience substantial downside from specific option positions and certain option positions may expire worthless. The options are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options will be determined based on market quotations or other recognized pricing methods. Additionally, as the options contracts held by the Index are exercised or expire, it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Index may experience losses. Price Participation Risk — The Fund employs an investment strategy that seeks to track an Index, which includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by AMZN over the weekly call period. This means that if AMZN experiences an increase in value above the strike price of the sold call options during a call period, the Fund will likely not experience that increase to the same extent and may significantly underperform AMZN over the call period. Additionally, because the Fund is limited in the degree to which it will participate in increases in value experienced by AMZN over each call period, but has full exposure to any decreases in value experienced by AMZN over the call period, the net asset value of the Fund may decrease over any given time period. Since the constituents in the Index are based principally upon the performance of AMZN, the Fund’s performance will be based principally upon the performance of AMZN. The degree of participation in AMZN gains the Fund will experience will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold call option contracts and will vary over different call periods. The value of the options contracts is affected by changes in the value and dividend rates of AMZN, changes in interest rates, changes in the actual or perceived volatility of AMZN and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the price of AMZN changes and time moves towards the expiration of each call period, the value of the options contracts, and therefore the Fund’s net asset value, will change. However, it is not expected for the Fund’s net asset value to directly correlate on a day-to-day basis with the returns of AMZN. The amount of time remaining until the options contract’s expiration date affects the impact of the potential options premiums on the Fund’s net asset value, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the price of the AMZN will result in changes to the Fund’s net asset value, the Fund generally anticipates that the rate of change in the Fund’s net asset value will be different than that experienced by AMZN. Distributions Risk — The Fund seeks to distribute cash twice a month. There is no assurance that the Fund will make each distribution. If the Fund does make distributions, the amounts of such distributions may vary from one distribution to the next. Additionally, in the event that the Index’s strategy does not generate the targeted level of income during a period, some or all of the distributions may be characterized as a return of capital, which will decrease the Fund’s net asset value and trading price over time. As a result, an investor may suffer significant losses to their investment. Net Asset Value Erosion from Distributions Risk — <div> </div>When the Fund makes a distribution, the Fund’s net asset value will typically drop by the amount of the distribution on the related ex-dividend date (i.e., the day on or after which a stock trades without the value of its next dividend payment). The repeated payment of distributions by the Fund may significantly erode the Fund’s net asset value and trading price over time. As a result, an investor may suffer significant losses to their investment. Return of Capital Risk — A portion of the Fund’s distributions are expected to be treated as a return of capital for tax purposes. Return of capital distributions are not taxable income to a shareholder, but reduce a shareholder’s basis in their Shares. Such a reduction in tax basis will generally result in larger taxable gains and/or lower tax losses on a subsequent sale of Shares. A distribution in excess of a shareholder’s basis will be taxable in the same manner as a sale of a shareholder’s Shares. Shareholders who periodically receive the payments of dividends or other distributions consisting of a return of capital may be under the impression that they are receiving net profits from the Fund when, in fact, they are not. Equity Securities Risk — Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. Call Option Strategy Risk — The call option strategy utilized by the Index, which the Fund seeks to track, may limit the upside performance of any position for which a call is sold, since it is effectively selling upside performance in exchange for immediate cash flow. In markets where the underlying security position goes up dramatically, this could cause the Fund to underperform relative to the underlying security or equity markets generally. The relative pricing of options at different strike levels can vary due to volatility shifts, liquidity constraints, or other market dynamics, adding an additional layer of uncertainty to the Fund's performance. Passive Investment and Index Performance Risk — <div> </div>A third party (the “Index Provider”), who is unaffiliated with the Fund or the Fund's Adviser, maintains and exercises complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated performance. 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 investment objective. 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 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. Large-Capitalization Company Risk — Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns. Amazon.com, Inc. Investing Risk– Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with companies in the consumer discretionary sector, Amazon.com, Inc. faces risks associated with: intense competition across different industries, including physical, e-commerce omnichannel retail, e-commerce services, web and infrastructure computing services, electronic devices, digital content, advertising, grocery, and transportation and logistics services; the expansion into new products, services, technologies and geographic regions; its international activities; the variability in the demand for its products and services; fraudulent and unlawful activities of sellers; intellectual property rights; foreign exchange risk; expansion of global operations, significant fluctuations in operating results and growth rate; successfully optimizing and operating its fulfilment network and data centers; data loss or other security breaches; system interruption and lack of redundancy; maintaining key senior management personnel and the ability to hire and retain highly skilled and other key personnel; maintaining good supplier relationships, including content and technology licensors; commercial agreements and business relationships expose the company to greater liability; the success of acquisitions or joint ventures or other investments; significant inventory disruptions due to seasonality, obsolescence, defective merchandise, changing consumer spending and interests and other factors; ever changing regulations and compliance related to the various payments accepted; its rapidly evolving and expanding business model; and legal, regulatory, tax liability, and litigation issues. Artificial Intelligence (AI) and Big Data Company Risk — <div> </div>Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. The products and services of AI and big data companies may face obsolescence due to rapid technological developments and frequent new product or service introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. AI and big data companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and big data companies may face regulatory fines and penalties, including forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of AI and big data companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies. Consumer Discretionary Sector Risk —Because companies in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer discretionary products in the marketplace. Retail Industry Risk - Retail and related industries can be significantly affected by the performance of the domestic and international economy, consumer confidence and spending, intense competition, changes in demographics, and changing consumer tastes and preferences. In addition, the retail industry is highly competitive and a company’s success can be tied to its ability to anticipate changing consumer tastes. Concentration Risk — The Fund will be concentrated in a particular security, AMZN, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide exposure to the consumer discretionary sector and the retail industry (the risks of which are described below), the same industry and/or sector to which AMZN is assigned. Since the Index is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund invests in instruments referencing only one security and industry, it should be expected to increase from any market movements that adversely impact AMZN and/or consumer discretionary sector and the retail industry. 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. Cash Transaction Risk— At certain times, a Fund may effect creations and redemptions for cash rather than for in-kind securities. As a result, a Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities 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 transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. 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. 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. 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. Liquidity Risk — Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. 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 may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. 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 be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure for a period of time or close. 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. For example, there is a risk that sharp price declines in securities owned by the Fund may trigger trading halts, which may result in the Fund’s shares trading at an increasingly large discount to net asset value during part of, or all of, the trading day. High Portfolio Turnover Risk - The Fund may engage in active and frequent trading, which may lead to increased portfolio turnover, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains. Active and frequent trading may be due to Index rebalancing, cash purchases and sales of the Fund’s shares or other portfolio management reasons. 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. 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 Cboe BZX Exchange. 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. No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus. www.direxion.com/etfs?producttab=performance (866) 476-7523 Direxion GOOGL Defined Income Boost ETF Investment Objective The Direxion GOOGL Defined Income Boost ETF (the “Fund”) seeks investment results, before fees and expenses, that track the Cboe GOOGL Defined Income Index (the “Index”). 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) 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 Estimated for the Fund's current fiscal year. Estimated for the Fund's current fiscal year. September 1, 2027 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: 99 313 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 in Annual Fund Operating Expenses or in the example, affect the Fund’s performance. Principal Investment Strategy The Index is designed to track the performance of an investment strategy that systematically attempts to collect a target amount of income from option premiums by writing (selling) weekly, out-of-the-money equity call options on an underlying security (i.e., common shares of Alphabet Inc. Class A (NASDAQ: GOOGL) ("GOOGL")) based on the Index’s target distribution amount, with daily delta hedging (as discussed below) conducted through long positions in the underlying security. The Index’s target distribution amount is set by Cboe Global Indices, LLC (the “Index Provider”) and is currently set at an annualized distribution rate of 20%.Alphabet, Inc. is an international technology company that includes Google search and online advertising services in addition to devices and cloud computing services. GOOGL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Alphabet, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-37580 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Alphabet, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of June 30, 2026, GOOGL is assigned to the communication services sector and the interactive media & services industry.The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Index’s constituent securities and financial instruments, such as swap agreements and options, that, in combination, provide exposure to the Index consistent with the Fund’s investment objective. The Fund principally will obtain exposure to the Index through swap agreements.Call Options Strategy and Delta Management The Index is constructed such that at the end of each week (generally Friday), an out-of-the-money call option on GOOGL is sold that typically expires at the end of the following week. The seller of a call option receives a payment (“premium”) from the buyer. Using this strategy, the Index generates income in the form of option premiums. In a call option, the seller is obligated to sell shares of the underlying security to the buyer at a specified price (“strike price”) at a specified date (“expiration date”). At the expiration date, if the price of the underlying security is above the strike price (“in-the-money”), the buyer will exercise the call option, benefiting from the ability to purchase the shares from the seller at a price lower than the current market price. If the price of the underlying security is lower than the strike price (“out-of-the-money”), the call option will not be exercised, and the seller will retain the shares of the security and the premium. The option strike price is determined in a formulaic manner based on the Index’s target distribution amount. The Index’s option strike selection is adjusted weekly based on the price and volatility of GOOGL, with the objective of maintaining a more consistent risk profile across changing market conditions. As selling call options introduces negative delta exposure (meaning the position may lose value if the stock price increases), the Index employs daily delta hedging. Delta hedging involves buying or selling shares of GOOGL (or equivalent exposure) to maintain consistent exposure to movements in the price of GOOGL. This hedge position is evaluated and adjusted at the end of each trading day, as the delta of the option position changes over time due to movements in the underlying stock price, changes in volatility, and the passage of time. In addition, the Index includes an options unwind strategy that allows for an options position that may be closed prior to its scheduled expiration if the option’s delta, measured daily, reaches a specified threshold (e.g., 0.85 delta). This is intended to reduce the likelihood of outsized losses in the event of a significant upward movement in the price of GOOGL that causes the option to become deep in-the-money. If an option position is closed prior to expiration, a replacement option is generally not sold until the next scheduled weekly option reset. Distributions The Fund intends to make distributions twice a month that generally reflect the income and gains generated from the Index’s options strategy and delta-hedging activity and are calculated based off the Index’s target distribution amount described above. The Index’s target distribution amount is not a guarantee, nor does it represent a particular yield or total return. Additionally, at the end of each quarter, there may be additional distributions paid to investors when market conditions result in incremental income being generated by the options strategy and delta hedging. The occurrence and amount of any such distribution depend on the performance of the underlying security relative to the options sold and are not guaranteed. The Fund’s distributions are intended to provide investors with income and gains generated from its investment strategy. However, in the event that the strategy does not generate the targeted level of income during a period, some or all of the distributions may be characterized as a return of capital, which are not taxable income but reduce a shareholder’s basis in their Fund shares. The Fund is required to make distributions at least annually, but the Fund intends to make more frequent distributions. Distributions are not a measure of the Fund’s investment performance.The Index will be concentrated in the industry or group of industries to which the underlying security is assigned. The Fund will concentrate its investment in a particular industry or group of industries (i.e., hold 25% or more of its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index is so concentrated.The Fund uses a “passive” or indexing approach to attempt to achieve its investment objective. Although the Fund intends to fully replicate the Index, at times the Fund may hold a representative sample of the instruments in the Index that have aggregate characteristics similar to those of the Index. This means the Fund may not hold all of the instruments included in the Index, its weighting of investment exposure to such instruments or industries may be different from that of the Index and it may hold instruments that are not included in the Index but are designed to help the Fund track the Index. The Fund will rebalance its portfolio when the Index rebalances. 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 Index is designed to track the performance of an investment strategy that systematically attempts to collect a target amount of income from option premiums by writing (selling) weekly, out-of-the-money equity call options on an underlying security (i.e., common shares of Alphabet Inc. Class A (NASDAQ: GOOGL) ("GOOGL")) based on the Index’s target distribution amount, with daily delta hedging (as discussed below) conducted through long positions in the underlying security. The Index’s target distribution amount is set by Cboe Global Indices, LLC (the “Index Provider”) and is currently set at an annualized distribution rate of 20%. Alphabet, Inc. is an international technology company that includes Google search and online advertising services in addition to devices and cloud computing services. GOOGL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Alphabet, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-37580 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Alphabet, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of June 30, 2026, GOOGL is assigned to the communication services sector and the interactive media & services industry. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Index’s constituent securities and financial instruments, such as swap agreements and options, that, in combination, provide exposure to the Index consistent with the Fund’s investment objective. The Fund principally will obtain exposure to the Index through swap agreements. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Index Correlation Risk — There is no guarantee that the Fund will achieve a high degree of correlation to the Index and, therefore, achieve its investment objective. The Fund may have difficulty achieving its investment objective for many reasons, including fees, expenses (including rebalancing expenses), transaction costs, including but not limited to brokerage and other trading costs, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, required compliance with the Fund’s exchange listing standards, disruptions or illiquidity in the markets for the instruments held by the Fund, the Fund’s holding of uninvested cash, costs of complying with various new or existing regulatory requirements and regulatory and tax considerations, which may cause the Fund to hold (or not to hold) certain Index constituents. Activities surrounding Index reconstitutions and other Index rebalancing events may hinder the Fund’s ability to meet its investment objective. The Fund may not have investment exposure to all of the constituents of the Index or its weighting of investment exposure to such constituents may be different from that of the Index, which may reduce the Fund’s correlation to the Index. Derivatives Risk — Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or 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. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian bank holding the assets. Options Contracts Risk — The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts is substantially influenced by the value of GOOGL. The Index may experience substantial downside from specific option positions and certain option positions may expire worthless. The options are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options will be determined based on market quotations or other recognized pricing methods. Additionally, as the options contracts held by the Index are exercised or expire, it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Index may experience losses. Price Participation Risk — The Fund employs an investment strategy that seeks to track an Index, which includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by GOOGL over the weekly call period. This means that if GOOGL experiences an increase in value above the strike price of the sold call options during a call period, the Fund will likely not experience that increase to the same extent and may significantly underperform GOOGL over the call period. Additionally, because the Fund is limited in the degree to which it will participate in increases in value experienced by GOOGL over each call period, but has full exposure to any decreases in value experienced by GOOGL over the call period, the net asset value of the Fund may decrease over any given time period. Since the constituents in the Index are based principally upon the performance of GOOGL, the Fund’s performance will be based principally upon the performance of GOOGL. The degree of participation in GOOGL gains the Fund will experience will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold call option contracts and will vary over different call periods. The value of the options contracts is affected by changes in the value and dividend rates of GOOGL, changes in interest rates, changes in the actual or perceived volatility of GOOGL and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the price of GOOGL changes and time moves towards the expiration of each call period, the value of the options contracts, and therefore the Fund’s net asset value, will change. However, it is not expected for the Fund’s net asset value to directly correlate on a day-to-day basis with the returns of GOOGL. The amount of time remaining until the options contract’s expiration date affects the impact of the potential options premiums on the Fund’s net asset value, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the price of the GOOGL will result in changes to the Fund’s net asset value, the Fund generally anticipates that the rate of change in the Fund’s net asset value will be different than that experienced by GOOGL. Distributions Risk — The Fund seeks to distribute cash twice a month. There is no assurance that the Fund will make each distribution. If the Fund does make distributions, the amounts of such distributions may vary from one distribution to the next. Additionally, in the event that the Index’s strategy does not generate the targeted level of income during a period, some or all of the distributions may be characterized as a return of capital, which will decrease the Fund’s net asset value and trading price over time. As a result, an investor may suffer significant losses to their investment. Net Asset Value Erosion from Distributions Risk — <div> </div>When the Fund makes a distribution, the Fund’s net asset value will typically drop by the amount of the distribution on the related ex-dividend date (i.e., the day on or after which a stock trades without the value of its next dividend payment). The repeated payment of distributions by the Fund may significantly erode the Fund’s net asset value and trading price over time. As a result, an investor may suffer significant losses to their investment. Return of Capital Risk — A portion of the Fund’s distributions are expected to be treated as a return of capital for tax purposes. Return of capital distributions are not taxable income to a shareholder, but reduce a shareholder’s basis in their Shares. Such a reduction in tax basis will generally result in larger taxable gains and/or lower tax losses on a subsequent sale of Shares. A distribution in excess of a shareholder’s basis will be taxable in the same manner as a sale of a shareholder’s Shares. Shareholders who periodically receive the payments of dividends or other distributions consisting of a return of capital may be under the impression that they are receiving net profits from the Fund when, in fact, they are not. Equity Securities Risk — Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. Call Option Strategy Risk — The call option strategy utilized by the Index, which the Fund seeks to track, may limit the upside performance of any position for which a call is sold, since it is effectively selling upside performance in exchange for immediate cash flow. In markets where the underlying security position goes up dramatically, this could cause the Fund to underperform relative to the underlying security or equity markets generally. The relative pricing of options at different strike levels can vary due to volatility shifts, liquidity constraints, or other market dynamics, adding an additional layer of uncertainty to the Fund's performance. Passive Investment and Index Performance Risk — <div> </div>A third party (the “Index Provider”), who is unaffiliated with the Fund or the Fund's Adviser, maintains and exercises complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated performance. 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 investment objective. 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 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. Large-Capitalization Company Risk — Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns. Alphabet Inc. Class A Investing Risk– Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with companies in the technology sector, Alphabet Inc.’s Class A shares face risks associated with: reliance on advertising revenue and the effect that loss of partners or new and existing technologies that block advertisements online may have on its business; intense competition for its products and services across different industries; investments in new businesses, products, services and technologies that may divert management attention or harm its financial condition or operating results; slowdowns in its revenue growth rate; the ability to protect its intellectual property rights; the ability to maintain or enhance its brands and its impact on the ability to expand its user base, advertisers, customers, content providers and other partners; manufacturing and supply chain issues; interruptions to, or interferences with, its complex technology and communication systems; its international operations; fluctuations in the fair values of its investments and in some instances, the subjective nature of some of the valuation methodologies used in its financial statements; failure to evolve with the advancement of technology and user preferences; data privacy and security concerns; problematic content posted on its platforms by users; increased restriction or charges related to each user’s ability to access the content provided by the company; as well as regulatory, legal and litigation issues. Artificial Intelligence (AI) and Big Data Company Risk — <div> </div>Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. The products and services of AI and big data companies may face obsolescence due to rapid technological developments and frequent new product or service introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. AI and big data companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and big data companies may face regulatory fines and penalties, including forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of AI and big data companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies. Communication Services Sector Risk — The communication services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances and the innovation of competitors. Communication services companies may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements, and government regulation. Fluctuating domestic and international demand, shifting demographics, and often unpredictable changes in consumer demand can drastically affect a communication services company’s profitability. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies. Certain companies in the communication services sector may be particular targets of network security breaches, hacking and potential theft of proprietary or consumer information, or disruptions in services, which would have a material adverse effect on their businesses. Interactive Media & Services Industry Risk — The interactive media and services industry includes companies producing and distributing digital content and generating revenue via advertising on social media, search engines and review portals. The prices of technology and media companies, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. These companies are subject to rapid changes in technology and consumer platform preference, including the increased use of mobile-based apps, competition for advertising revenue, changes in audience preferences, evolving industry standards and frequent new product productions. Regulatory changes regarding consumer and data protection, antitrust, taxation and payment laws may adversely impact these companies, especially if there are different regulatory requirements in different jurisdictions and countries. The collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Additionally, these companies may face the increased risk of cyberattacks. These companies also face significant competition for qualified, technical personnel. Concentration Risk — The Fund will be concentrated in a particular security, GOOGL, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide exposure to the communication services sector and the interactive media & services industry (the risks of which are described below), the same industry and/or sector to which GOOGL is assigned. Since the Index is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund invests in instruments referencing only one security and industry, it should be expected to increase from any market movements that adversely impact GOOGL and/or communication services sector and the interactive media & services industry. 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. Cash Transaction Risk— At certain times, a Fund may effect creations and redemptions for cash rather than for in-kind securities. As a result, a Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities 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 transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. 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. 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. 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. Liquidity Risk — Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. 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 may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. 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 be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure for a period of time or close. 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. For example, there is a risk that sharp price declines in securities owned by the Fund may trigger trading halts, which may result in the Fund’s shares trading at an increasingly large discount to net asset value during part of, or all of, the trading day. High Portfolio Turnover Risk - The Fund may engage in active and frequent trading, which may lead to increased portfolio turnover, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains. Active and frequent trading may be due to Index rebalancing, cash purchases and sales of the Fund’s shares or other portfolio management reasons. 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. 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 Cboe BZX Exchange. 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. No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus. www.direxion.com/etfs?producttab=performance (866) 476-7523 Direxion META Defined Income Boost ETF Investment Objective The Direxion META Defined Income Boost ETF (the “Fund”) seeks investment results, before fees and expenses, that track the Cboe META Defined Income Index (the “Index”). 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) 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 Estimated for the Fund's current fiscal year. Estimated for the Fund's current fiscal year. September 1, 2027 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: 99 313 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 in Annual Fund Operating Expenses or in the example, affect the Fund’s performance. Principal Investment Strategy The Index is designed to track the performance of an investment strategy that systematically attempts to collect a target amount of income from option premiums by writing (selling) weekly, out-of-the-money equity call options on an underlying security (i.e., common shares of Meta Platforms, Inc. (NASDAQ: META) ("META")) based on the Index’s target distribution amount, with daily delta hedging (as discussed below) conducted through long positions in the underlying security. The Index’s target distribution amount is set by Cboe Global Indices, LLC (the “Index Provider”) and is currently set at an annualized distribution rate of 20%.Meta Platforms, Inc. develops products that enable people to connect and share with friends and family via social media platforms, mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide in addition to providing online advertising to marketers. META is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Meta Platforms, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-35551 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Meta Platforms, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of June 30, 2026, META is assigned to the communication services sector and the interactive media & services industry.The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Index’s constituent securities and financial instruments, such as swap agreements and options, that, in combination, provide exposure to the Index consistent with the Fund’s investment objective. The Fund principally will obtain exposure to the Index through swap agreements.Call Options Strategy and Delta Management The Index is constructed such that at the end of each week (generally Friday), an out-of-the-money call option on META is sold that typically expires at the end of the following week. The seller of a call option receives a payment (“premium”) from the buyer. Using this strategy, the Index generates income in the form of option premiums. In a call option, the seller is obligated to sell shares of the underlying security to the buyer at a specified price (“strike price”) at a specified date (“expiration date”). At the expiration date, if the price of the underlying security is above the strike price (“in-the-money”), the buyer will exercise the call option, benefiting from the ability to purchase the shares from the seller at a price lower than the current market price. If the price of the underlying security is lower than the strike price (“out-of-the-money”), the call option will not be exercised, and the seller will retain the shares of the security and the premium. The option strike price is determined in a formulaic manner based on the Index’s target distribution amount. The Index’s option strike selection is adjusted weekly based on the price and volatility of META, with the objective of maintaining a more consistent risk profile across changing market conditions. As selling call options introduces negative delta exposure (meaning the position may lose value if the stock price increases), the Index employs daily delta hedging. Delta hedging involves buying or selling shares of META (or equivalent exposure) to maintain consistent exposure to movements in the price of META. This hedge position is evaluated and adjusted at the end of each trading day, as the delta of the option position changes over time due to movements in the underlying stock price, changes in volatility, and the passage of time. In addition, the Index includes an options unwind strategy that allows for an options position that may be closed prior to its scheduled expiration if the option’s delta, measured daily, reaches a specified threshold (e.g., 0.85 delta). This is intended to reduce the likelihood of outsized losses in the event of a significant upward movement in the price of META that causes the option to become deep in-the-money. If an option position is closed prior to expiration, a replacement option is generally not sold until the next scheduled weekly option reset. Distributions The Fund intends to make distributions twice a month that generally reflect the income and gains generated from the Index’s options strategy and delta-hedging activity and are calculated based off the Index’s target distribution amount described above. The Index’s target distribution amount is not a guarantee, nor does it represent a particular yield or total return. Additionally, at the end of each quarter, there may be additional distributions paid to investors when market conditions result in incremental income being generated by the options strategy and delta hedging. The occurrence and amount of any such distribution depend on the performance of the underlying security relative to the options sold and are not guaranteed. The Fund’s distributions are intended to provide investors with income and gains generated from its investment strategy. However, in the event that the strategy does not generate the targeted level of income during a period, some or all of the distributions may be characterized as a return of capital, which are not taxable income but reduce a shareholder’s basis in their Fund shares. The Fund is required to make distributions at least annually, but the Fund intends to make more frequent distributions. Distributions are not a measure of the Fund’s investment performance.The Index will be concentrated in the industry or group of industries to which the underlying security is assigned. The Fund will concentrate its investment in a particular industry or group of industries (i.e., hold 25% or more of its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index is so concentrated.The Fund uses a “passive” or indexing approach to attempt to achieve its investment objective. Although the Fund intends to fully replicate the Index, at times the Fund may hold a representative sample of the instruments in the Index that have aggregate characteristics similar to those of the Index. This means the Fund may not hold all of the instruments included in the Index, its weighting of investment exposure to such instruments or industries may be different from that of the Index and it may hold instruments that are not included in the Index but are designed to help the Fund track the Index. The Fund will rebalance its portfolio when the Index rebalances. 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 Index is designed to track the performance of an investment strategy that systematically attempts to collect a target amount of income from option premiums by writing (selling) weekly, out-of-the-money equity call options on an underlying security (i.e., common shares of Meta Platforms, Inc. (NASDAQ: META) ("META")) based on the Index’s target distribution amount, with daily delta hedging (as discussed below) conducted through long positions in the underlying security. The Index’s target distribution amount is set by Cboe Global Indices, LLC (the “Index Provider”) and is currently set at an annualized distribution rate of 20%. Meta Platforms, Inc. develops products that enable people to connect and share with friends and family via social media platforms, mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide in addition to providing online advertising to marketers. META is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Meta Platforms, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-35551 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Meta Platforms, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of June 30, 2026, META is assigned to the communication services sector and the interactive media & services industry. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Index’s constituent securities and financial instruments, such as swap agreements and options, that, in combination, provide exposure to the Index consistent with the Fund’s investment objective. The Fund principally will obtain exposure to the Index through swap agreements. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Index Correlation Risk — There is no guarantee that the Fund will achieve a high degree of correlation to the Index and, therefore, achieve its investment objective. The Fund may have difficulty achieving its investment objective for many reasons, including fees, expenses (including rebalancing expenses), transaction costs, including but not limited to brokerage and other trading costs, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, required compliance with the Fund’s exchange listing standards, disruptions or illiquidity in the markets for the instruments held by the Fund, the Fund’s holding of uninvested cash, costs of complying with various new or existing regulatory requirements and regulatory and tax considerations, which may cause the Fund to hold (or not to hold) certain Index constituents. Activities surrounding Index reconstitutions and other Index rebalancing events may hinder the Fund’s ability to meet its investment objective. The Fund may not have investment exposure to all of the constituents of the Index or its weighting of investment exposure to such constituents may be different from that of the Index, which may reduce the Fund’s correlation to the Index. Derivatives Risk — Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or 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. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian bank holding the assets. Options Contracts Risk — The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts is substantially influenced by the value of META. The Index may experience substantial downside from specific option positions and certain option positions may expire worthless. The options are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options will be determined based on market quotations or other recognized pricing methods. Additionally, as the options contracts held by the Index are exercised or expire, it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Index may experience losses. Price Participation Risk — The Fund employs an investment strategy that seeks to track an Index, which includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by META over the weekly call period. This means that if META experiences an increase in value above the strike price of the sold call options during a call period, the Fund will likely not experience that increase to the same extent and may significantly underperform META over the call period. Additionally, because the Fund is limited in the degree to which it will participate in increases in value experienced by META over each call period, but has full exposure to any decreases in value experienced by META over the call period, the net asset value of the Fund may decrease over any given time period. Since the constituents in the Index are based principally upon the performance of META, the Fund’s performance will be based principally upon the performance of META. The degree of participation in META gains the Fund will experience will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold call option contracts and will vary over different call periods. The value of the options contracts is affected by changes in the value and dividend rates of META, changes in interest rates, changes in the actual or perceived volatility of META and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the price of META changes and time moves towards the expiration of each call period, the value of the options contracts, and therefore the Fund’s net asset value, will change. However, it is not expected for the Fund’s net asset value to directly correlate on a day-to-day basis with the returns of META. The amount of time remaining until the options contract’s expiration date affects the impact of the potential options premiums on the Fund’s net asset value, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the price of the META will result in changes to the Fund’s net asset value, the Fund generally anticipates that the rate of change in the Fund’s net asset value will be different than that experienced by META. Distributions Risk — The Fund seeks to distribute cash twice a month. There is no assurance that the Fund will make each distribution. If the Fund does make distributions, the amounts of such distributions may vary from one distribution to the next. Additionally, in the event that the Index’s strategy does not generate the targeted level of income during a period, some or all of the distributions may be characterized as a return of capital, which will decrease the Fund’s net asset value and trading price over time. As a result, an investor may suffer significant losses to their investment. Net Asset Value Erosion from Distributions Risk — <div> </div>When the Fund makes a distribution, the Fund’s net asset value will typically drop by the amount of the distribution on the related ex-dividend date (i.e., the day on or after which a stock trades without the value of its next dividend payment). The repeated payment of distributions by the Fund may significantly erode the Fund’s net asset value and trading price over time. As a result, an investor may suffer significant losses to their investment. Return of Capital Risk — A portion of the Fund’s distributions are expected to be treated as a return of capital for tax purposes. Return of capital distributions are not taxable income to a shareholder, but reduce a shareholder’s basis in their Shares. Such a reduction in tax basis will generally result in larger taxable gains and/or lower tax losses on a subsequent sale of Shares. A distribution in excess of a shareholder’s basis will be taxable in the same manner as a sale of a shareholder’s Shares. Shareholders who periodically receive the payments of dividends or other distributions consisting of a return of capital may be under the impression that they are receiving net profits from the Fund when, in fact, they are not. Equity Securities Risk — Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. Call Option Strategy Risk — The call option strategy utilized by the Index, which the Fund seeks to track, may limit the upside performance of any position for which a call is sold, since it is effectively selling upside performance in exchange for immediate cash flow. In markets where the underlying security position goes up dramatically, this could cause the Fund to underperform relative to the underlying security or equity markets generally. The relative pricing of options at different strike levels can vary due to volatility shifts, liquidity constraints, or other market dynamics, adding an additional layer of uncertainty to the Fund's performance. Passive Investment and Index Performance Risk — <div> </div>A third party (the “Index Provider”), who is unaffiliated with the Fund or the Fund's Adviser, maintains and exercises complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated performance. 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 investment objective. 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 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. Large-Capitalization Company Risk — Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns. Meta Platforms, Inc. Investing Risk — Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, Meta Platforms, Inc. offers social media-related products such as Facebook, Instagram, Messenger, Threads and WhatsApp as well as certain augmented and virtual reality products. Meta Platforms, Inc. is subject to a number of risks, including, among others: risks related to its product offerings, such as its ability to add or retain users and to increase advertising spending, including the risks associated with not being successful in artificial intelligence (“AI”) initiatives although the company is making significant investment in AI; business operations and financial results, including the ability to compete effectively in the highly competitive information technology sector; government regulation and enforcement, including any restrictions on access to Meta Platform, Inc.’s products, especially in regard to AI; the ability to collect and use consumer data, including the phasing out of third-party cookies which the company has historically used to gauge success of various ads and will impact monetization; data, security and intellectual property, including the occurrences of security breaches or improper access of consumer data; and the dual class structure of the company’s common stock, which limits the ability of shareholders to influence corporate matters. Artificial Intelligence (AI) and Big Data Company Risk — <div> </div>Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. The products and services of AI and big data companies may face obsolescence due to rapid technological developments and frequent new product or service introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. AI and big data companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and big data companies may face regulatory fines and penalties, including forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of AI and big data companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies. Communication Services Sector Risk — The communication services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances and the innovation of competitors. Communication services companies may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements, and government regulation. Fluctuating domestic and international demand, shifting demographics, and often unpredictable changes in consumer demand can drastically affect a communication services company’s profitability. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies. Certain companies in the communication services sector may be particular targets of network security breaches, hacking and potential theft of proprietary or consumer information, or disruptions in services, which would have a material adverse effect on their businesses. Interactive Media & Services Industry Risk — The interactive media and services industry includes companies producing and distributing digital content and generating revenue via advertising on social media, search engines and review portals. The prices of technology and media companies, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. These companies are subject to rapid changes in technology and consumer platform preference, including the increased use of mobile-based apps, competition for advertising revenue, changes in audience preferences, evolving industry standards and frequent new product productions. Regulatory changes regarding consumer and data protection, antitrust, taxation and payment laws may adversely impact these companies, especially if there are different regulatory requirements in different jurisdictions and countries. The collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Additionally, these companies may face the increased risk of cyberattacks. These companies also face significant competition for qualified, technical personnel. Concentration Risk — The Fund will be concentrated in a particular security, META, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide exposure to the communication services sector and the interactive media & services industry (the risks of which are described below), the same industry and/or sector to which META is assigned. Since the Index is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund invests in instruments referencing only one security and industry, it should be expected to increase from any market movements that adversely impact META and/or communication services sector and the interactive media & services industry. 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. Cash Transaction Risk— At certain times, a Fund may effect creations and redemptions for cash rather than for in-kind securities. As a result, a Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities 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 transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. 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. 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. 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. Liquidity Risk — Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. 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 may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. 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 be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure for a period of time or close. 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. For example, there is a risk that sharp price declines in securities owned by the Fund may trigger trading halts, which may result in the Fund’s shares trading at an increasingly large discount to net asset value during part of, or all of, the trading day. High Portfolio Turnover Risk - The Fund may engage in active and frequent trading, which may lead to increased portfolio turnover, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains. Active and frequent trading may be due to Index rebalancing, cash purchases and sales of the Fund’s shares or other portfolio management reasons. 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. 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 Cboe BZX Exchange. 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. No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus. www.direxion.com/etfs?producttab=performance (866) 476-7523 Direxion MU Defined Income Boost ETF Investment Objective The Direxion MU Defined Income Boost ETF (the “Fund”) seeks investment results, before fees and expenses, that track the Cboe MU Defined Income Index (the “Index”). 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) 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 Estimated for the Fund's current fiscal year. Estimated for the Fund's current fiscal year. September 1, 2027 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: 99 313 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 in Annual Fund Operating Expenses or in the example, affect the Fund’s performance. Principal Investment Strategy The Index is designed to track the performance of an investment strategy that systematically attempts to collect a target amount of income from option premiums by writing (selling) weekly, out-of-the-money equity call options on an underlying security (i.e., common shares of Micron Technology, Inc. (NASDAQ: MU) ("MU")) based on the Index’s target distribution amount, with daily delta hedging (as discussed below) conducted through long positions in the underlying security. The Index’s target distribution amount is set by Cboe Global Indices, LLC (the “Index Provider”) and is currently set at an annualized distribution rate of 20%.Micron Technology, Inc. is a semiconductor company that produces computer memory and computer data storage, including dynamic random-access memory, flash memory, and USB flash drives. MU is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Micron Technology, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-10658 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Micron Technology, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of June 30, 2026, MU is assigned to the information technology sector and the semiconductor industry.The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Index’s constituent securities and financial instruments, such as swap agreements and options, that, in combination, provide exposure to the Index consistent with the Fund’s investment objective. The Fund principally will obtain exposure to the Index through swap agreements.Call Options Strategy and Delta Management The Index is constructed such that at the end of each week (generally Friday), an out-of-the-money call option on MU is sold that typically expires at the end of the following week. The seller of a call option receives a payment (“premium”) from the buyer. Using this strategy, the Index generates income in the form of option premiums. In a call option, the seller is obligated to sell shares of the underlying security to the buyer at a specified price (“strike price”) at a specified date (“expiration date”). At the expiration date, if the price of the underlying security is above the strike price (“in-the-money”), the buyer will exercise the call option, benefiting from the ability to purchase the shares from the seller at a price lower than the current market price. If the price of the underlying security is lower than the strike price (“out-of-the-money”), the call option will not be exercised, and the seller will retain the shares of the security and the premium. The option strike price is determined in a formulaic manner based on the Index’s target distribution amount. The Index’s option strike selection is adjusted weekly based on the price and volatility of MU, with the objective of maintaining a more consistent risk profile across changing market conditions. As selling call options introduces negative delta exposure (meaning the position may lose value if the stock price increases), the Index employs daily delta hedging. Delta hedging involves buying or selling shares of MU (or equivalent exposure) to maintain consistent exposure to movements in the price of MU. This hedge position is evaluated and adjusted at the end of each trading day, as the delta of the option position changes over time due to movements in the underlying stock price, changes in volatility, and the passage of time. In addition, the Index includes an options unwind strategy that allows for an options position that may be closed prior to its scheduled expiration if the option’s delta, measured daily, reaches a specified threshold (e.g., 0.85 delta). This is intended to reduce the likelihood of outsized losses in the event of a significant upward movement in the price of MU that causes the option to become deep in-the-money. If an option position is closed prior to expiration, a replacement option is generally not sold until the next scheduled weekly option reset. Distributions The Fund intends to make distributions twice a month that generally reflect the income and gains generated from the Index’s options strategy and delta-hedging activity and are calculated based off the Index’s target distribution amount described above. The Index’s target distribution amount is not a guarantee, nor does it represent a particular yield or total return. Additionally, at the end of each quarter, there may be additional distributions paid to investors when market conditions result in incremental income being generated by the options strategy and delta hedging. The occurrence and amount of any such distribution depend on the performance of the underlying security relative to the options sold and are not guaranteed. The Fund’s distributions are intended to provide investors with income and gains generated from its investment strategy. However, in the event that the strategy does not generate the targeted level of income during a period, some or all of the distributions may be characterized as a return of capital, which are not taxable income but reduce a shareholder’s basis in their Fund shares. The Fund is required to make distributions at least annually, but the Fund intends to make more frequent distributions. Distributions are not a measure of the Fund’s investment performance.The Index will be concentrated in the industry or group of industries to which the underlying security is assigned. The Fund will concentrate its investment in a particular industry or group of industries (i.e., hold 25% or more of its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index is so concentrated.The Fund uses a “passive” or indexing approach to attempt to achieve its investment objective. Although the Fund intends to fully replicate the Index, at times the Fund may hold a representative sample of the instruments in the Index that have aggregate characteristics similar to those of the Index. This means the Fund may not hold all of the instruments included in the Index, its weighting of investment exposure to such instruments or industries may be different from that of the Index and it may hold instruments that are not included in the Index but are designed to help the Fund track the Index. The Fund will rebalance its portfolio when the Index rebalances. 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 Index is designed to track the performance of an investment strategy that systematically attempts to collect a target amount of income from option premiums by writing (selling) weekly, out-of-the-money equity call options on an underlying security (i.e., common shares of Micron Technology, Inc. (NASDAQ: MU) ("MU")) based on the Index’s target distribution amount, with daily delta hedging (as discussed below) conducted through long positions in the underlying security. The Index’s target distribution amount is set by Cboe Global Indices, LLC (the “Index Provider”) and is currently set at an annualized distribution rate of 20%. Micron Technology, Inc. is a semiconductor company that produces computer memory and computer data storage, including dynamic random-access memory, flash memory, and USB flash drives. MU is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Micron Technology, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-10658 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Micron Technology, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of June 30, 2026, MU is assigned to the information technology sector and the semiconductor industry. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Index’s constituent securities and financial instruments, such as swap agreements and options, that, in combination, provide exposure to the Index consistent with the Fund’s investment objective. The Fund principally will obtain exposure to the Index through swap agreements. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Index Correlation Risk — There is no guarantee that the Fund will achieve a high degree of correlation to the Index and, therefore, achieve its investment objective. The Fund may have difficulty achieving its investment objective for many reasons, including fees, expenses (including rebalancing expenses), transaction costs, including but not limited to brokerage and other trading costs, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, required compliance with the Fund’s exchange listing standards, disruptions or illiquidity in the markets for the instruments held by the Fund, the Fund’s holding of uninvested cash, costs of complying with various new or existing regulatory requirements and regulatory and tax considerations, which may cause the Fund to hold (or not to hold) certain Index constituents. Activities surrounding Index reconstitutions and other Index rebalancing events may hinder the Fund’s ability to meet its investment objective. The Fund may not have investment exposure to all of the constituents of the Index or its weighting of investment exposure to such constituents may be different from that of the Index, which may reduce the Fund’s correlation to the Index. Derivatives Risk — Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or 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. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian bank holding the assets. Options Contracts Risk — The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts is substantially influenced by the value of MU. The Index may experience substantial downside from specific option positions and certain option positions may expire worthless. The options are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options will be determined based on market quotations or other recognized pricing methods. Additionally, as the options contracts held by the Index are exercised or expire, it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Index may experience losses. Price Participation Risk — The Fund employs an investment strategy that seeks to track an Index, which includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by MU over the weekly call period. This means that if MU experiences an increase in value above the strike price of the sold call options during a call period, the Fund will likely not experience that increase to the same extent and may significantly underperform MU over the call period. Additionally, because the Fund is limited in the degree to which it will participate in increases in value experienced by MU over each call period, but has full exposure to any decreases in value experienced by MU over the call period, the net asset value of the Fund may decrease over any given time period. Since the constituents in the Index are based principally upon the performance of MU, the Fund’s performance will be based principally upon the performance of MU. The degree of participation in MU gains the Fund will experience will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold call option contracts and will vary over different call periods. The value of the options contracts is affected by changes in the value and dividend rates of MU, changes in interest rates, changes in the actual or perceived volatility of MU and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the price of MU changes and time moves towards the expiration of each call period, the value of the options contracts, and therefore the Fund’s net asset value, will change. However, it is not expected for the Fund’s net asset value to directly correlate on a day-to-day basis with the returns of MU. The amount of time remaining until the options contract’s expiration date affects the impact of the potential options premiums on the Fund’s net asset value, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the price of the MU will result in changes to the Fund’s net asset value, the Fund generally anticipates that the rate of change in the Fund’s net asset value will be different than that experienced by MU. Distributions Risk — The Fund seeks to distribute cash twice a month. There is no assurance that the Fund will make each distribution. If the Fund does make distributions, the amounts of such distributions may vary from one distribution to the next. Additionally, in the event that the Index’s strategy does not generate the targeted level of income during a period, some or all of the distributions may be characterized as a return of capital, which will decrease the Fund’s net asset value and trading price over time. As a result, an investor may suffer significant losses to their investment. Net Asset Value Erosion from Distributions Risk — <div> </div>When the Fund makes a distribution, the Fund’s net asset value will typically drop by the amount of the distribution on the related ex-dividend date (i.e., the day on or after which a stock trades without the value of its next dividend payment). The repeated payment of distributions by the Fund may significantly erode the Fund’s net asset value and trading price over time. As a result, an investor may suffer significant losses to their investment. Return of Capital Risk — A portion of the Fund’s distributions are expected to be treated as a return of capital for tax purposes. Return of capital distributions are not taxable income to a shareholder, but reduce a shareholder’s basis in their Shares. Such a reduction in tax basis will generally result in larger taxable gains and/or lower tax losses on a subsequent sale of Shares. A distribution in excess of a shareholder’s basis will be taxable in the same manner as a sale of a shareholder’s Shares. Shareholders who periodically receive the payments of dividends or other distributions consisting of a return of capital may be under the impression that they are receiving net profits from the Fund when, in fact, they are not. Equity Securities Risk — Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. Call Option Strategy Risk — The call option strategy utilized by the Index, which the Fund seeks to track, may limit the upside performance of any position for which a call is sold, since it is effectively selling upside performance in exchange for immediate cash flow. In markets where the underlying security position goes up dramatically, this could cause the Fund to underperform relative to the underlying security or equity markets generally. The relative pricing of options at different strike levels can vary due to volatility shifts, liquidity constraints, or other market dynamics, adding an additional layer of uncertainty to the Fund's performance. Passive Investment and Index Performance Risk — <div> </div>A third party (the “Index Provider”), who is unaffiliated with the Fund or the Fund's Adviser, maintains and exercises complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated performance. 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 investment objective. 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 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. Large-Capitalization Company Risk — Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns. Micron Technology, Inc. Investing Risk– Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with companies in the technology sector and semiconductor industry, Micron Technology, Inc. faces risks associated with: volatility in selling prices of its products; the ability to develop and produce new and competitive technologies and products; the highly competitive nature of the semiconductor industry; its international operations, including geopolitical risks; availability and quality of materials, supplies, and capital equipment and dependency on third-party service providers; cybersecurity attacks and data breaches; the ability to attract, retain, and motivate highly skilled employees; reductions in demand for its products; potential concentration of revenues in a few large clients; geopolitical events and pandemics; adequate protection of technology or other intellectual property; exchange rates; potential incompatibility of product with some or all industry standard software and hardware; increases in costs; adverse government regulations; regulatory compliance costs; litigation; taxes; and indebtedness. Artificial Intelligence (AI) and Big Data Company Risk — <div> </div>Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. The products and services of AI and big data companies may face obsolescence due to rapid technological developments and frequent new product or service introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. AI and big data companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and big data companies may face regulatory fines and penalties, including forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of AI and big data companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies. Semiconductor Industry Risk– Semiconductor companies may face intense competition, both domestically and internationally, including from subsidized foreign competitors with lower production costs, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, equipment or tools. Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause production delays or impose unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter cybersecurity or other issues that can disrupt production or increase production costs. Semiconductor companies typically face high capital costs and such companies may need additional financing, which may be difficult to obtain. They also may be subject to risks relating to research and development costs and the availability and price of components. The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these companies. Information Technology Sector Risk — The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology components. Concentration Risk — The Fund will be concentrated in a particular security, MU, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide exposure to the information technology sector and the semiconductor industry (the risks of which are described below), the same industry and/or sector to which MU is assigned. Since the Index is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund invests in instruments referencing only one security and industry, it should be expected to increase from any market movements that adversely impact MU and/or information technology sector and the semiconductor industry. 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. Cash Transaction Risk— At certain times, a Fund may effect creations and redemptions for cash rather than for in-kind securities. As a result, a Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities 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 transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. 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. 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. 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. Liquidity Risk — Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. 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 may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. 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 be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure for a period of time or close. 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. For example, there is a risk that sharp price declines in securities owned by the Fund may trigger trading halts, which may result in the Fund’s shares trading at an increasingly large discount to net asset value during part of, or all of, the trading day. High Portfolio Turnover Risk - The Fund may engage in active and frequent trading, which may lead to increased portfolio turnover, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains. Active and frequent trading may be due to Index rebalancing, cash purchases and sales of the Fund’s shares or other portfolio management reasons. 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. 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 Cboe BZX Exchange. 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. No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus. www.direxion.com/etfs?producttab=performance (866) 476-7523 Direxion NVDA Defined Income Boost ETF Investment Objective The Direxion NVDA Defined Income Boost ETF (the “Fund”) seeks investment results, before fees and expenses, that track the Cboe NVDA Defined Income Index (the “Index”). 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) 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 Estimated for the Fund's current fiscal year. Estimated for the Fund's current fiscal year. September 1, 2027 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: 99 313 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 in Annual Fund Operating Expenses or in the example, affect the Fund’s performance. Principal Investment Strategy The Index is designed to track the performance of an investment strategy that systematically attempts to collect a target amount of income from option premiums by writing (selling) weekly, out-of-the-money equity call options on an underlying security (i.e., common shares of NVIDIA Corporation (NASDAQ: NVDA) ("NVDA")) based on the Index’s target distribution amount, with daily delta hedging (as discussed below) conducted through long positions in the underlying security. The Index’s target distribution amount is set by Cboe Global Indices, LLC (the “Index Provider”) and is currently set at an annualized distribution rate of 20%.NVIDIA Corporation is a technology company that designs and sells graphics processing units and artificial intelligence hardware and software utilized in gaming, professional visualization, data centers and the automotive industry. NVDA is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by NVIDIA Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-23985 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding NVIDIA Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of June 30, 2026, NVDA is assigned to the information technology sector and the semiconductor industry.The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Index’s constituent securities and financial instruments, such as swap agreements and options, that, in combination, provide exposure to the Index consistent with the Fund’s investment objective. The Fund principally will obtain exposure to the Index through swap agreements.Call Options Strategy and Delta Management The Index is constructed such that at the end of each week (generally Friday), an out-of-the-money call option on NVDA is sold that typically expires at the end of the following week. The seller of a call option receives a payment (“premium”) from the buyer. Using this strategy, the Index generates income in the form of option premiums. In a call option, the seller is obligated to sell shares of the underlying security to the buyer at a specified price (“strike price”) at a specified date (“expiration date”). At the expiration date, if the price of the underlying security is above the strike price (“in-the-money”), the buyer will exercise the call option, benefiting from the ability to purchase the shares from the seller at a price lower than the current market price. If the price of the underlying security is lower than the strike price (“out-of-the-money”), the call option will not be exercised, and the seller will retain the shares of the security and the premium. The option strike price is determined in a formulaic manner based on the Index’s target distribution amount. The Index’s option strike selection is adjusted weekly based on the price and volatility of NVDA, with the objective of maintaining a more consistent risk profile across changing market conditions. As selling call options introduces negative delta exposure (meaning the position may lose value if the stock price increases), the Index employs daily delta hedging. Delta hedging involves buying or selling shares of NVDA (or equivalent exposure) to maintain consistent exposure to movements in the price of NVDA. This hedge position is evaluated and adjusted at the end of each trading day, as the delta of the option position changes over time due to movements in the underlying stock price, changes in volatility, and the passage of time. In addition, the Index includes an options unwind strategy that allows for an options position that may be closed prior to its scheduled expiration if the option’s delta, measured daily, reaches a specified threshold (e.g., 0.85 delta). This is intended to reduce the likelihood of outsized losses in the event of a significant upward movement in the price of NVDA that causes the option to become deep in-the-money. If an option position is closed prior to expiration, a replacement option is generally not sold until the next scheduled weekly option reset. Distributions The Fund intends to make distributions twice a month that generally reflect the income and gains generated from the Index’s options strategy and delta-hedging activity and are calculated based off the Index’s target distribution amount described above. The Index’s target distribution amount is not a guarantee, nor does it represent a particular yield or total return. Additionally, at the end of each quarter, there may be additional distributions paid to investors when market conditions result in incremental income being generated by the options strategy and delta hedging. The occurrence and amount of any such distribution depend on the performance of the underlying security relative to the options sold and are not guaranteed. The Fund’s distributions are intended to provide investors with income and gains generated from its investment strategy. However, in the event that the strategy does not generate the targeted level of income during a period, some or all of the distributions may be characterized as a return of capital, which are not taxable income but reduce a shareholder’s basis in their Fund shares. The Fund is required to make distributions at least annually, but the Fund intends to make more frequent distributions. Distributions are not a measure of the Fund’s investment performance.The Index will be concentrated in the industry or group of industries to which the underlying security is assigned. The Fund will concentrate its investment in a particular industry or group of industries (i.e., hold 25% or more of its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index is so concentrated.The Fund uses a “passive” or indexing approach to attempt to achieve its investment objective. Although the Fund intends to fully replicate the Index, at times the Fund may hold a representative sample of the instruments in the Index that have aggregate characteristics similar to those of the Index. This means the Fund may not hold all of the instruments included in the Index, its weighting of investment exposure to such instruments or industries may be different from that of the Index and it may hold instruments that are not included in the Index but are designed to help the Fund track the Index. The Fund will rebalance its portfolio when the Index rebalances. 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 Index is designed to track the performance of an investment strategy that systematically attempts to collect a target amount of income from option premiums by writing (selling) weekly, out-of-the-money equity call options on an underlying security (i.e., common shares of NVIDIA Corporation (NASDAQ: NVDA) ("NVDA")) based on the Index’s target distribution amount, with daily delta hedging (as discussed below) conducted through long positions in the underlying security. The Index’s target distribution amount is set by Cboe Global Indices, LLC (the “Index Provider”) and is currently set at an annualized distribution rate of 20%. NVIDIA Corporation is a technology company that designs and sells graphics processing units and artificial intelligence hardware and software utilized in gaming, professional visualization, data centers and the automotive industry. NVDA is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by NVIDIA Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-23985 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding NVIDIA Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of June 30, 2026, NVDA is assigned to the information technology sector and the semiconductor industry. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Index’s constituent securities and financial instruments, such as swap agreements and options, that, in combination, provide exposure to the Index consistent with the Fund’s investment objective. The Fund principally will obtain exposure to the Index through swap agreements. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Index Correlation Risk — There is no guarantee that the Fund will achieve a high degree of correlation to the Index and, therefore, achieve its investment objective. The Fund may have difficulty achieving its investment objective for many reasons, including fees, expenses (including rebalancing expenses), transaction costs, including but not limited to brokerage and other trading costs, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, required compliance with the Fund’s exchange listing standards, disruptions or illiquidity in the markets for the instruments held by the Fund, the Fund’s holding of uninvested cash, costs of complying with various new or existing regulatory requirements and regulatory and tax considerations, which may cause the Fund to hold (or not to hold) certain Index constituents. Activities surrounding Index reconstitutions and other Index rebalancing events may hinder the Fund’s ability to meet its investment objective. The Fund may not have investment exposure to all of the constituents of the Index or its weighting of investment exposure to such constituents may be different from that of the Index, which may reduce the Fund’s correlation to the Index. Derivatives Risk — Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or 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. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian bank holding the assets. Options Contracts Risk — The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts is substantially influenced by the value of NVDA. The Index may experience substantial downside from specific option positions and certain option positions may expire worthless. The options are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options will be determined based on market quotations or other recognized pricing methods. Additionally, as the options contracts held by the Index are exercised or expire, it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Index may experience losses. Price Participation Risk — The Fund employs an investment strategy that seeks to track an Index, which includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by NVDA over the weekly call period. This means that if NVDA experiences an increase in value above the strike price of the sold call options during a call period, the Fund will likely not experience that increase to the same extent and may significantly underperform NVDA over the call period. Additionally, because the Fund is limited in the degree to which it will participate in increases in value experienced by NVDA over each call period, but has full exposure to any decreases in value experienced by NVDA over the call period, the net asset value of the Fund may decrease over any given time period. Since the constituents in the Index are based principally upon the performance of NVDA, the Fund’s performance will be based principally upon the performance of NVDA. The degree of participation in NVDA gains the Fund will experience will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold call option contracts and will vary over different call periods. The value of the options contracts is affected by changes in the value and dividend rates of NVDA, changes in interest rates, changes in the actual or perceived volatility of NVDA and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the price of NVDA changes and time moves towards the expiration of each call period, the value of the options contracts, and therefore the Fund’s net asset value, will change. However, it is not expected for the Fund’s net asset value to directly correlate on a day-to-day basis with the returns of NVDA. The amount of time remaining until the options contract’s expiration date affects the impact of the potential options premiums on the Fund’s net asset value, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the price of the NVDA will result in changes to the Fund’s net asset value, the Fund generally anticipates that the rate of change in the Fund’s net asset value will be different than that experienced by NVDA. Distributions Risk — The Fund seeks to distribute cash twice a month. There is no assurance that the Fund will make each distribution. If the Fund does make distributions, the amounts of such distributions may vary from one distribution to the next. Additionally, in the event that the Index’s strategy does not generate the targeted level of income during a period, some or all of the distributions may be characterized as a return of capital, which will decrease the Fund’s net asset value and trading price over time. As a result, an investor may suffer significant losses to their investment. Net Asset Value Erosion from Distributions Risk — <div> </div>When the Fund makes a distribution, the Fund’s net asset value will typically drop by the amount of the distribution on the related ex-dividend date (i.e., the day on or after which a stock trades without the value of its next dividend payment). The repeated payment of distributions by the Fund may significantly erode the Fund’s net asset value and trading price over time. As a result, an investor may suffer significant losses to their investment. Return of Capital Risk — A portion of the Fund’s distributions are expected to be treated as a return of capital for tax purposes. Return of capital distributions are not taxable income to a shareholder, but reduce a shareholder’s basis in their Shares. Such a reduction in tax basis will generally result in larger taxable gains and/or lower tax losses on a subsequent sale of Shares. A distribution in excess of a shareholder’s basis will be taxable in the same manner as a sale of a shareholder’s Shares. Shareholders who periodically receive the payments of dividends or other distributions consisting of a return of capital may be under the impression that they are receiving net profits from the Fund when, in fact, they are not. Equity Securities Risk — Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. Call Option Strategy Risk — The call option strategy utilized by the Index, which the Fund seeks to track, may limit the upside performance of any position for which a call is sold, since it is effectively selling upside performance in exchange for immediate cash flow. In markets where the underlying security position goes up dramatically, this could cause the Fund to underperform relative to the underlying security or equity markets generally. The relative pricing of options at different strike levels can vary due to volatility shifts, liquidity constraints, or other market dynamics, adding an additional layer of uncertainty to the Fund's performance. Passive Investment and Index Performance Risk — <div> </div>A third party (the “Index Provider”), who is unaffiliated with the Fund or the Fund's Adviser, maintains and exercises complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated performance. 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 investment objective. 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 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. Large-Capitalization Company Risk — Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns. NVIDIA Corporation Investing Risk — Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with companies in the technology sector and the semiconductor industry, NVIDIA Corporation faces risks associated with: failure to meet the evolving needs of its large markets – gaming, data center, professional visualization and automotive – and identifying new products, services and technologies; competition; changes in customer demand; supply chain issues; manufacturing delays; potential significant mismatches between supply and demand giving rise to product shortages or excessive inventory; the dependence on third-parties and their technology to manufacture, assemble, test, or package its products which reduces control over product quantity and quality, manufacturing yields, development, enhancement and product delivery schedules; significant product defects; international sales and operations, including adverse economic conditions; impacts from climate change, including water and energy availability; inability to realize the potential benefits from business investments and acquisitions; concentration of revenue from a limited number of partners, distributors and customers; the ability to attract, retain and motivate executives and key employees; system security and data protection breaches, including cyberattacks; business disruptions; the proper function of its business processes and information systems; fluctuations in operating results; increased scrutiny from shareholders and regulators regarding its environmental, social and governance responsibilities could result in increased operating expenses or adversely impact its reputation or ability to attract customers or suppliers; issues related to the responsible use of artificial intelligence (AI); ability to protect its intellectual property; ever changing and increasingly stringent data privacy and security laws and regulations; as well as other regulatory, tax related and legal issues, including the changing regulations regarding AI. Artificial Intelligence (AI) and Big Data Company Risk — <div> </div>Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. The products and services of AI and big data companies may face obsolescence due to rapid technological developments and frequent new product or service introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. AI and big data companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and big data companies may face regulatory fines and penalties, including forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of AI and big data companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies. Semiconductor Industry Risk– Semiconductor companies may face intense competition, both domestically and internationally, including from subsidized foreign competitors with lower production costs, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, equipment or tools. Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause production delays or impose unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter cybersecurity or other issues that can disrupt production or increase production costs. Semiconductor companies typically face high capital costs and such companies may need additional financing, which may be difficult to obtain. They also may be subject to risks relating to research and development costs and the availability and price of components. The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these companies. Information Technology Sector Risk — The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology components. Concentration Risk — The Fund will be concentrated in a particular security, NVDA, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide exposure to the information technology sector and the semiconductor industry (the risks of which are described below), the same industry and/or sector to which NVDA is assigned. Since the Index is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund invests in instruments referencing only one security and industry, it should be expected to increase from any market movements that adversely impact NVDA and/or information technology sector and the semiconductor industry. 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. Cash Transaction Risk— At certain times, a Fund may effect creations and redemptions for cash rather than for in-kind securities. As a result, a Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities 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 transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. 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. 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. 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. Liquidity Risk — Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. 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 may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. 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 be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure for a period of time or close. 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. For example, there is a risk that sharp price declines in securities owned by the Fund may trigger trading halts, which may result in the Fund’s shares trading at an increasingly large discount to net asset value during part of, or all of, the trading day. High Portfolio Turnover Risk - The Fund may engage in active and frequent trading, which may lead to increased portfolio turnover, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains. Active and frequent trading may be due to Index rebalancing, cash purchases and sales of the Fund’s shares or other portfolio management reasons. 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. 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 Cboe BZX Exchange. 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. No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus. www.direxion.com/etfs?producttab=performance (866) 476-7523 Direxion PLTR Defined Income Boost ETF Investment Objective The Direxion PLTR Defined Income Boost ETF (the “Fund”) seeks investment results, before fees and expenses, that track the Cboe PLTR Defined Income Index (the “Index”). 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) 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 Estimated for the Fund's current fiscal year. Estimated for the Fund's current fiscal year. September 1, 2027 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: 99 313 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 in Annual Fund Operating Expenses or in the example, affect the Fund’s performance. Principal Investment Strategy The Index is designed to track the performance of an investment strategy that systematically attempts to collect a target amount of income from option premiums by writing (selling) weekly, out-of-the-money equity call options on an underlying security (i.e., common shares of Palantir Technologies Inc. (NASDAQ: PLTR) ("PLTR")) based on the Index’s target distribution amount, with daily delta hedging (as discussed below) conducted through long positions in the underlying security. The Index’s target distribution amount is set by Cboe Global Indices, LLC (the “Index Provider”) and is currently set at an annualized distribution rate of 20%.Palantir Technologies Inc. specializes in software platforms for big data analytics. It started by building software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally, and expanded to work with commercial enterprises. PLTR is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Palantir Technologies Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39540 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Palantir Technologies Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of June 30, 2026, PLTR is assigned to the information technology sector and the software industry.The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Index’s constituent securities and financial instruments, such as swap agreements and options, that, in combination, provide exposure to the Index consistent with the Fund’s investment objective. The Fund principally will obtain exposure to the Index through swap agreements.Call Options Strategy and Delta Management The Index is constructed such that at the end of each week (generally Friday), an out-of-the-money call option on PLTR is sold that typically expires at the end of the following week. The seller of a call option receives a payment (“premium”) from the buyer. Using this strategy, the Index generates income in the form of option premiums. In a call option, the seller is obligated to sell shares of the underlying security to the buyer at a specified price (“strike price”) at a specified date (“expiration date”). At the expiration date, if the price of the underlying security is above the strike price (“in-the-money”), the buyer will exercise the call option, benefiting from the ability to purchase the shares from the seller at a price lower than the current market price. If the price of the underlying security is lower than the strike price (“out-of-the-money”), the call option will not be exercised, and the seller will retain the shares of the security and the premium. The option strike price is determined in a formulaic manner based on the Index’s target distribution amount. The Index’s option strike selection is adjusted weekly based on the price and volatility of PLTR, with the objective of maintaining a more consistent risk profile across changing market conditions. As selling call options introduces negative delta exposure (meaning the position may lose value if the stock price increases), the Index employs daily delta hedging. Delta hedging involves buying or selling shares of PLTR (or equivalent exposure) to maintain consistent exposure to movements in the price of PLTR. This hedge position is evaluated and adjusted at the end of each trading day, as the delta of the option position changes over time due to movements in the underlying stock price, changes in volatility, and the passage of time. In addition, the Index includes an options unwind strategy that allows for an options position that may be closed prior to its scheduled expiration if the option’s delta, measured daily, reaches a specified threshold (e.g., 0.85 delta). This is intended to reduce the likelihood of outsized losses in the event of a significant upward movement in the price of PLTR that causes the option to become deep in-the-money. If an option position is closed prior to expiration, a replacement option is generally not sold until the next scheduled weekly option reset. Distributions The Fund intends to make distributions twice a month that generally reflect the income and gains generated from the Index’s options strategy and delta-hedging activity and are calculated based off the Index’s target distribution amount described above. The Index’s target distribution amount is not a guarantee, nor does it represent a particular yield or total return. Additionally, at the end of each quarter, there may be additional distributions paid to investors when market conditions result in incremental income being generated by the options strategy and delta hedging. The occurrence and amount of any such distribution depend on the performance of the underlying security relative to the options sold and are not guaranteed. The Fund’s distributions are intended to provide investors with income and gains generated from its investment strategy. However, in the event that the strategy does not generate the targeted level of income during a period, some or all of the distributions may be characterized as a return of capital, which are not taxable income but reduce a shareholder’s basis in their Fund shares. The Fund is required to make distributions at least annually, but the Fund intends to make more frequent distributions. Distributions are not a measure of the Fund’s investment performance.The Index will be concentrated in the industry or group of industries to which the underlying security is assigned. The Fund will concentrate its investment in a particular industry or group of industries (i.e., hold 25% or more of its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index is so concentrated.The Fund uses a “passive” or indexing approach to attempt to achieve its investment objective. Although the Fund intends to fully replicate the Index, at times the Fund may hold a representative sample of the instruments in the Index that have aggregate characteristics similar to those of the Index. This means the Fund may not hold all of the instruments included in the Index, its weighting of investment exposure to such instruments or industries may be different from that of the Index and it may hold instruments that are not included in the Index but are designed to help the Fund track the Index. The Fund will rebalance its portfolio when the Index rebalances. 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 Index is designed to track the performance of an investment strategy that systematically attempts to collect a target amount of income from option premiums by writing (selling) weekly, out-of-the-money equity call options on an underlying security (i.e., common shares of Palantir Technologies Inc. (NASDAQ: PLTR) ("PLTR")) based on the Index’s target distribution amount, with daily delta hedging (as discussed below) conducted through long positions in the underlying security. The Index’s target distribution amount is set by Cboe Global Indices, LLC (the “Index Provider”) and is currently set at an annualized distribution rate of 20%. Palantir Technologies Inc. specializes in software platforms for big data analytics. It started by building software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally, and expanded to work with commercial enterprises. PLTR is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Palantir Technologies Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39540 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Palantir Technologies Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of June 30, 2026, PLTR is assigned to the information technology sector and the software industry. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Index’s constituent securities and financial instruments, such as swap agreements and options, that, in combination, provide exposure to the Index consistent with the Fund’s investment objective. The Fund principally will obtain exposure to the Index through swap agreements. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Index Correlation Risk — There is no guarantee that the Fund will achieve a high degree of correlation to the Index and, therefore, achieve its investment objective. The Fund may have difficulty achieving its investment objective for many reasons, including fees, expenses (including rebalancing expenses), transaction costs, including but not limited to brokerage and other trading costs, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, required compliance with the Fund’s exchange listing standards, disruptions or illiquidity in the markets for the instruments held by the Fund, the Fund’s holding of uninvested cash, costs of complying with various new or existing regulatory requirements and regulatory and tax considerations, which may cause the Fund to hold (or not to hold) certain Index constituents. Activities surrounding Index reconstitutions and other Index rebalancing events may hinder the Fund’s ability to meet its investment objective. The Fund may not have investment exposure to all of the constituents of the Index or its weighting of investment exposure to such constituents may be different from that of the Index, which may reduce the Fund’s correlation to the Index. Derivatives Risk — Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or 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. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian bank holding the assets. Options Contracts Risk — The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts is substantially influenced by the value of PLTR. The Index may experience substantial downside from specific option positions and certain option positions may expire worthless. The options are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options will be determined based on market quotations or other recognized pricing methods. Additionally, as the options contracts held by the Index are exercised or expire, it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Index may experience losses. Price Participation Risk — The Fund employs an investment strategy that seeks to track an Index, which includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by PLTR over the weekly call period. This means that if PLTR experiences an increase in value above the strike price of the sold call options during a call period, the Fund will likely not experience that increase to the same extent and may significantly underperform PLTR over the call period. Additionally, because the Fund is limited in the degree to which it will participate in increases in value experienced by PLTR over each call period, but has full exposure to any decreases in value experienced by PLTR over the call period, the net asset value of the Fund may decrease over any given time period. Since the constituents in the Index are based principally upon the performance of PLTR, the Fund’s performance will be based principally upon the performance of PLTR. The degree of participation in PLTR gains the Fund will experience will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold call option contracts and will vary over different call periods. The value of the options contracts is affected by changes in the value and dividend rates of PLTR, changes in interest rates, changes in the actual or perceived volatility of PLTR and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the price of PLTR changes and time moves towards the expiration of each call period, the value of the options contracts, and therefore the Fund’s net asset value, will change. However, it is not expected for the Fund’s net asset value to directly correlate on a day-to-day basis with the returns of PLTR. The amount of time remaining until the options contract’s expiration date affects the impact of the potential options premiums on the Fund’s net asset value, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the price of the PLTR will result in changes to the Fund’s net asset value, the Fund generally anticipates that the rate of change in the Fund’s net asset value will be different than that experienced by PLTR. Distributions Risk — The Fund seeks to distribute cash twice a month. There is no assurance that the Fund will make each distribution. If the Fund does make distributions, the amounts of such distributions may vary from one distribution to the next. Additionally, in the event that the Index’s strategy does not generate the targeted level of income during a period, some or all of the distributions may be characterized as a return of capital, which will decrease the Fund’s net asset value and trading price over time. As a result, an investor may suffer significant losses to their investment. Net Asset Value Erosion from Distributions Risk — <div> </div>When the Fund makes a distribution, the Fund’s net asset value will typically drop by the amount of the distribution on the related ex-dividend date (i.e., the day on or after which a stock trades without the value of its next dividend payment). The repeated payment of distributions by the Fund may significantly erode the Fund’s net asset value and trading price over time. As a result, an investor may suffer significant losses to their investment. Return of Capital Risk — A portion of the Fund’s distributions are expected to be treated as a return of capital for tax purposes. Return of capital distributions are not taxable income to a shareholder, but reduce a shareholder’s basis in their Shares. Such a reduction in tax basis will generally result in larger taxable gains and/or lower tax losses on a subsequent sale of Shares. A distribution in excess of a shareholder’s basis will be taxable in the same manner as a sale of a shareholder’s Shares. Shareholders who periodically receive the payments of dividends or other distributions consisting of a return of capital may be under the impression that they are receiving net profits from the Fund when, in fact, they are not. Equity Securities Risk — Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. Call Option Strategy Risk — The call option strategy utilized by the Index, which the Fund seeks to track, may limit the upside performance of any position for which a call is sold, since it is effectively selling upside performance in exchange for immediate cash flow. In markets where the underlying security position goes up dramatically, this could cause the Fund to underperform relative to the underlying security or equity markets generally. The relative pricing of options at different strike levels can vary due to volatility shifts, liquidity constraints, or other market dynamics, adding an additional layer of uncertainty to the Fund's performance. Passive Investment and Index Performance Risk — <div> </div>A third party (the “Index Provider”), who is unaffiliated with the Fund or the Fund's Adviser, maintains and exercises complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated performance. 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 investment objective. 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 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. Large-Capitalization Company Risk — Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns. Palantir Technologies Inc. Investing Risk– Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with companies in the information technology sector, Palantir Technologies Inc. faces risks associated with: a limited number of customer accounts for a substantial portion of its revenue; the development and deployment of new technologies; reliance on or capability with third-party products and services; the ability to hire, retain, train and motivate qualified personnel and senior management; sales and operations; intense competition; cybersecurity attacks and data breaches; the use of artificial intelligence in its platforms; intellectual property rights; government regulations and litigation. Artificial Intelligence (AI) and Big Data Company Risk — <div> </div>Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. The products and services of AI and big data companies may face obsolescence due to rapid technological developments and frequent new product or service introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. AI and big data companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and big data companies may face regulatory fines and penalties, including forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of AI and big data companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies. Information Technology Sector Risk — The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology components. Software Industry Risk — Companies that develop and implement computer software can face risks associated with intense competition, especially in new product development, deployment and delivery, product obsolescence or saturation, cybersecurity risks as well as changes in regulation especially with respect to consumer or customer data, and risks associated with technology. Concentration Risk — The Fund will be concentrated in a particular security, PLTR, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide exposure to the information technology sector and the software industry (the risks of which are described below), the same industry and/or sector to which PLTR is assigned. Since the Index is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund invests in instruments referencing only one security and industry, it should be expected to increase from any market movements that adversely impact PLTR and/or information technology sector and the software industry. 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. Cash Transaction Risk— At certain times, a Fund may effect creations and redemptions for cash rather than for in-kind securities. As a result, a Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities 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 transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. 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. 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. 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. Liquidity Risk — Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. 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 may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. 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 be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure for a period of time or close. 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. For example, there is a risk that sharp price declines in securities owned by the Fund may trigger trading halts, which may result in the Fund’s shares trading at an increasingly large discount to net asset value during part of, or all of, the trading day. High Portfolio Turnover Risk - The Fund may engage in active and frequent trading, which may lead to increased portfolio turnover, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains. Active and frequent trading may be due to Index rebalancing, cash purchases and sales of the Fund’s shares or other portfolio management reasons. 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. 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 Cboe BZX Exchange. 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. No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus. www.direxion.com/etfs?producttab=performance (866) 476-7523 Direxion TSLA Defined Income Boost ETF Investment Objective The Direxion TSLA Defined Income Boost ETF (the “Fund”) seeks investment results, before fees and expenses, that track the Cboe TSLA Defined Income Index (the “Index”). 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) 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 Estimated for the Fund's current fiscal year. Estimated for the Fund's current fiscal year. September 1, 2027 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: 99 313 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 in Annual Fund Operating Expenses or in the example, affect the Fund’s performance. Principal Investment Strategy The Index is designed to track the performance of an investment strategy that systematically attempts to collect a target amount of income from option premiums by writing (selling) weekly, out-of-the-money equity call options on an underlying security (i.e., common shares of Tesla, Inc. (NASDAQ: TSLA) ("TSLA")) based on the Index’s target distribution amount, with daily delta hedging (as discussed below) conducted through long positions in the underlying security. The Index’s target distribution amount is set by Cboe Global Indices, LLC (the “Index Provider”) and is currently set at an annualized distribution rate of 20%.Tesla, Inc. designs, manufactures and sells electric vehicles and electric vehicle powertrain components. TSLA is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Tesla, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-34756 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Tesla, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of June 30, 2026, TSLA is assigned to the consumer discretionary sector and the automotive company industry.The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Index’s constituent securities and financial instruments, such as swap agreements and options, that, in combination, provide exposure to the Index consistent with the Fund’s investment objective. The Fund principally will obtain exposure to the Index through swap agreements.Call Options Strategy and Delta Management The Index is constructed such that at the end of each week (generally Friday), an out-of-the-money call option on TSLA is sold that typically expires at the end of the following week. The seller of a call option receives a payment (“premium”) from the buyer. Using this strategy, the Index generates income in the form of option premiums. In a call option, the seller is obligated to sell shares of the underlying security to the buyer at a specified price (“strike price”) at a specified date (“expiration date”). At the expiration date, if the price of the underlying security is above the strike price (“in-the-money”), the buyer will exercise the call option, benefiting from the ability to purchase the shares from the seller at a price lower than the current market price. If the price of the underlying security is lower than the strike price (“out-of-the-money”), the call option will not be exercised, and the seller will retain the shares of the security and the premium. The option strike price is determined in a formulaic manner based on the Index’s target distribution amount. The Index’s option strike selection is adjusted weekly based on the price and volatility of TSLA, with the objective of maintaining a more consistent risk profile across changing market conditions. As selling call options introduces negative delta exposure (meaning the position may lose value if the stock price increases), the Index employs daily delta hedging. Delta hedging involves buying or selling shares of TSLA (or equivalent exposure) to maintain consistent exposure to movements in the price of TSLA. This hedge position is evaluated and adjusted at the end of each trading day, as the delta of the option position changes over time due to movements in the underlying stock price, changes in volatility, and the passage of time. In addition, the Index includes an options unwind strategy that allows for an options position that may be closed prior to its scheduled expiration if the option’s delta, measured daily, reaches a specified threshold (e.g., 0.85 delta). This is intended to reduce the likelihood of outsized losses in the event of a significant upward movement in the price of TSLA that causes the option to become deep in-the-money. If an option position is closed prior to expiration, a replacement option is generally not sold until the next scheduled weekly option reset. Distributions The Fund intends to make distributions twice a month that generally reflect the income and gains generated from the Index’s options strategy and delta-hedging activity and are calculated based off the Index’s target distribution amount described above. The Index’s target distribution amount is not a guarantee, nor does it represent a particular yield or total return. Additionally, at the end of each quarter, there may be additional distributions paid to investors when market conditions result in incremental income being generated by the options strategy and delta hedging. The occurrence and amount of any such distribution depend on the performance of the underlying security relative to the options sold and are not guaranteed. The Fund’s distributions are intended to provide investors with income and gains generated from its investment strategy. However, in the event that the strategy does not generate the targeted level of income during a period, some or all of the distributions may be characterized as a return of capital, which are not taxable income but reduce a shareholder’s basis in their Fund shares. The Fund is required to make distributions at least annually, but the Fund intends to make more frequent distributions. Distributions are not a measure of the Fund’s investment performance.The Index will be concentrated in the industry or group of industries to which the underlying security is assigned. The Fund will concentrate its investment in a particular industry or group of industries (i.e., hold 25% or more of its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index is so concentrated.The Fund uses a “passive” or indexing approach to attempt to achieve its investment objective. Although the Fund intends to fully replicate the Index, at times the Fund may hold a representative sample of the instruments in the Index that have aggregate characteristics similar to those of the Index. This means the Fund may not hold all of the instruments included in the Index, its weighting of investment exposure to such instruments or industries may be different from that of the Index and it may hold instruments that are not included in the Index but are designed to help the Fund track the Index. The Fund will rebalance its portfolio when the Index rebalances. 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 Index is designed to track the performance of an investment strategy that systematically attempts to collect a target amount of income from option premiums by writing (selling) weekly, out-of-the-money equity call options on an underlying security (i.e., common shares of Tesla, Inc. (NASDAQ: TSLA) ("TSLA")) based on the Index’s target distribution amount, with daily delta hedging (as discussed below) conducted through long positions in the underlying security. The Index’s target distribution amount is set by Cboe Global Indices, LLC (the “Index Provider”) and is currently set at an annualized distribution rate of 20%. Tesla, Inc. designs, manufactures and sells electric vehicles and electric vehicle powertrain components. TSLA is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Tesla, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-34756 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Tesla, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of June 30, 2026, TSLA is assigned to the consumer discretionary sector and the automotive company industry. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Index’s constituent securities and financial instruments, such as swap agreements and options, that, in combination, provide exposure to the Index consistent with the Fund’s investment objective. The Fund principally will obtain exposure to the Index through swap agreements. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Index Correlation Risk — There is no guarantee that the Fund will achieve a high degree of correlation to the Index and, therefore, achieve its investment objective. The Fund may have difficulty achieving its investment objective for many reasons, including fees, expenses (including rebalancing expenses), transaction costs, including but not limited to brokerage and other trading costs, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, required compliance with the Fund’s exchange listing standards, disruptions or illiquidity in the markets for the instruments held by the Fund, the Fund’s holding of uninvested cash, costs of complying with various new or existing regulatory requirements and regulatory and tax considerations, which may cause the Fund to hold (or not to hold) certain Index constituents. Activities surrounding Index reconstitutions and other Index rebalancing events may hinder the Fund’s ability to meet its investment objective. The Fund may not have investment exposure to all of the constituents of the Index or its weighting of investment exposure to such constituents may be different from that of the Index, which may reduce the Fund’s correlation to the Index. Derivatives Risk — Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or 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. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian bank holding the assets. Options Contracts Risk — The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts is substantially influenced by the value of TSLA. The Index may experience substantial downside from specific option positions and certain option positions may expire worthless. The options are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options will be determined based on market quotations or other recognized pricing methods. Additionally, as the options contracts held by the Index are exercised or expire, it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Index may experience losses. Price Participation Risk — The Fund employs an investment strategy that seeks to track an Index, which includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by TSLA over the weekly call period. This means that if TSLA experiences an increase in value above the strike price of the sold call options during a call period, the Fund will likely not experience that increase to the same extent and may significantly underperform TSLA over the call period. Additionally, because the Fund is limited in the degree to which it will participate in increases in value experienced by TSLA over each call period, but has full exposure to any decreases in value experienced by TSLA over the call period, the net asset value of the Fund may decrease over any given time period. Since the constituents in the Index are based principally upon the performance of TSLA, the Fund’s performance will be based principally upon the performance of TSLA. The degree of participation in TSLA gains the Fund will experience will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold call option contracts and will vary over different call periods. The value of the options contracts is affected by changes in the value and dividend rates of TSLA, changes in interest rates, changes in the actual or perceived volatility of TSLA and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the price of TSLA changes and time moves towards the expiration of each call period, the value of the options contracts, and therefore the Fund’s net asset value, will change. However, it is not expected for the Fund’s net asset value to directly correlate on a day-to-day basis with the returns of TSLA. The amount of time remaining until the options contract’s expiration date affects the impact of the potential options premiums on the Fund’s net asset value, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the price of the TSLA will result in changes to the Fund’s net asset value, the Fund generally anticipates that the rate of change in the Fund’s net asset value will be different than that experienced by TSLA. Distributions Risk — The Fund seeks to distribute cash twice a month. There is no assurance that the Fund will make each distribution. If the Fund does make distributions, the amounts of such distributions may vary from one distribution to the next. Additionally, in the event that the Index’s strategy does not generate the targeted level of income during a period, some or all of the distributions may be characterized as a return of capital, which will decrease the Fund’s net asset value and trading price over time. As a result, an investor may suffer significant losses to their investment. Net Asset Value Erosion from Distributions Risk — <div> </div>When the Fund makes a distribution, the Fund’s net asset value will typically drop by the amount of the distribution on the related ex-dividend date (i.e., the day on or after which a stock trades without the value of its next dividend payment). The repeated payment of distributions by the Fund may significantly erode the Fund’s net asset value and trading price over time. As a result, an investor may suffer significant losses to their investment. Return of Capital Risk — A portion of the Fund’s distributions are expected to be treated as a return of capital for tax purposes. Return of capital distributions are not taxable income to a shareholder, but reduce a shareholder’s basis in their Shares. Such a reduction in tax basis will generally result in larger taxable gains and/or lower tax losses on a subsequent sale of Shares. A distribution in excess of a shareholder’s basis will be taxable in the same manner as a sale of a shareholder’s Shares. Shareholders who periodically receive the payments of dividends or other distributions consisting of a return of capital may be under the impression that they are receiving net profits from the Fund when, in fact, they are not. Equity Securities Risk — Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. Call Option Strategy Risk — The call option strategy utilized by the Index, which the Fund seeks to track, may limit the upside performance of any position for which a call is sold, since it is effectively selling upside performance in exchange for immediate cash flow. In markets where the underlying security position goes up dramatically, this could cause the Fund to underperform relative to the underlying security or equity markets generally. The relative pricing of options at different strike levels can vary due to volatility shifts, liquidity constraints, or other market dynamics, adding an additional layer of uncertainty to the Fund's performance. Passive Investment and Index Performance Risk — <div> </div>A third party (the “Index Provider”), who is unaffiliated with the Fund or the Fund's Adviser, maintains and exercises complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated performance. 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 investment objective. 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 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. Large-Capitalization Company Risk — Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns. Tesla, Inc. Investing Risk — Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with companies involved in the production of electric and autonomous vehicles as well as automotive companies, Tesla, Inc. faces risks associated with: potential delays in launching and scaling production of products and features; suppliers may be unable to delivery components according to schedule or at acceptable prices or volumes; projected construction timelines may be hard to predict; growing global sales, delivery and installation capabilities as well as increasing the global vehicle charging network may be difficult; maintaining and growing access to battery cells may be difficult; the future demand for electric vehicles is unpredictable; competition is increasing from a growing list of established and new competitors; issues with manufacturing lithium-ion cells or other components for its electric vehicles; the ability to maintain and expand international operations; products or features may contain defects or take longer than expect to be fully functional; product liability claims; maintaining public credibility and confidence for the long term, including the management of recalls and warranties; the potential for difficulties with growing or maintaining the various offered financing programs; managing ongoing obligations with the Research Foundation for the State University of New York relating to the Gigafactory New York; the ability to attract, hire and retain key employees or qualified personnel; being highly dependent on the services of Elon Musk, its Chief Executive Officer; system security and data protection breaches, including cyberattacks; the potential for union activities to cause disruptions; as well as other operational, regulatory, tax related and legal issues. Additionally, communications by Mr. Musk to the public may significantly impact the trading price of Tesla, Inc.’s common stock. Any actual or anticipated large transactions in Tesla, Inc.’s common stock by Mr. Musk may cause the stock price to decline. The trading price of Tesla, Inc.’s common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of Tesla, Inc.’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further increasing volatility in its market price. Tesla, Inc. is a highly dynamic company, and its operations, including its products and services, may change. Electric and Autonomous Vehicles Company Risk — <div> </div>Electric and autonomous vehicles companies typically face intense competition and potentially rapid product obsolescence. Many of these companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. Electric and autonomous vehicles companies typically engage in significant amounts of spending on research and development, capital expenditures and mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. Companies that produce the raw materials that are used in electric vehicles may be concentrated in certain commodities, and therefore be exposed to the price fluctuations of those commodities. In addition, autonomous vehicle technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Electric and autonomous vehicles companies are also potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. Electric and autonomous vehicles companies rely on artificial intelligence and big data technologies for the development of their platforms and, as a result, could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. The customers and/or suppliers of electric and autonomous vehicles companies may be concentrated in a particular country, region or industry, including in emerging markets. Any adverse event affecting one of these countries, regions or industries could have a negative impact on electric and autonomous vehicles companies. Automotive Companies Risk — The automotive industry can be highly cyclical, and companies in the industry may suffer periodic operating losses. Automotive companies can be significantly affected by labor relations and fluctuating component prices. Developments in automotive technologies (e.g., autonomous vehicle technologies) may require significant capital expenditures that may not generate profits for several years, if ever. Automotive companies may be significantly subject to government policies and regulations regarding imports and exports of automotive products. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. While most of the major automotive manufacturers are large companies, certain others may be non-diversified in both product line and customer base and may be more vulnerable to certain events that may negatively impact the automotive industry. Consumer Discretionary Sector Risk —Because companies in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer discretionary products in the marketplace. Concentration Risk — The Fund will be concentrated in a particular security, TSLA, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide exposure to the consumer discretionary sector and the automotive company industry (the risks of which are described below), the same industry and/or sector to which TSLA is assigned. Since the Index is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund invests in instruments referencing only one security and industry, it should be expected to increase from any market movements that adversely impact TSLA and/or consumer discretionary sector and the automotive company industry. 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. Cash Transaction Risk— At certain times, a Fund may effect creations and redemptions for cash rather than for in-kind securities. As a result, a Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities 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 transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. 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. 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. 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. Liquidity Risk — Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. 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 may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. 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 be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure for a period of time or close. 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. For example, there is a risk that sharp price declines in securities owned by the Fund may trigger trading halts, which may result in the Fund’s shares trading at an increasingly large discount to net asset value during part of, or all of, the trading day. High Portfolio Turnover Risk - The Fund may engage in active and frequent trading, which may lead to increased portfolio turnover, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains. Active and frequent trading may be due to Index rebalancing, cash purchases and sales of the Fund’s shares or other portfolio management reasons. 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. 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 Cboe BZX Exchange. 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. No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus. www.direxion.com/etfs?producttab=performance (866) 476-7523 Estimated for the Fund's current fiscal year. 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).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. Estimated for the Fund's current fiscal year. 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).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. Estimated for the Fund's current fiscal year. 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).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. Estimated for the Fund's current fiscal year. 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).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. Estimated for the Fund's current fiscal year. 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).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. Estimated for the Fund's current fiscal year. 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).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. Estimated for the Fund's current fiscal year. 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).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. Estimated for the Fund's current fiscal year. 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).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.