Prospectus by Investment Company (Form 497)

DIREXION SHARES ETF TRUST

Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST)
Direxion Daily Semiconductor Bear 3X Shares (SOXS)
Direxion Daily Gold Miners Index Bear 2X Shares (DUST)
Direxion Daily S&P 500® High Beta Bear 3X Shares (HIBS)
Direxion Daily MU Bear 1X Shares (MUD)
Direxion Daily TSLA Bear 1X Shares (TSLS)
(the "Funds")

Supplement dated February 4, 2026 to the
Summary Prospectuses, Prospectuses, and
Statements of Additional Information ("SAI"), as last supplemented

After the close of the markets on March 4, 2026 (the "Effective Date"), each Fund will effect a reverse split of its issued and outstanding shares as follows: 

Fund Name	Reverse Split Ratio	Approximate decrease in total number of outstanding shares
Direxion Daily Junior Gold Miners Index Bear 2X Shares	1 for 20	95%
Direxion Daily Semiconductor Bear 3X Shares	1 for 20	95%
Direxion Daily Gold Miners Index Bear 2X Shares	1 for 10	90%
Direxion Daily S&P 500® High Beta Bear 3X Shares	1 for 10	90%
Direxion Daily MU Bear 1X Shares	1 for 10	90%
Direxion Daily TSLA Bear 1X Shares	1 for 10	90%

Effective after the close of markets on the Effective Date, each Fund's CUSIP will change as noted in the table below: 

Fund Name	Current CUSIP	New CUSIP
Direxion Daily Junior Gold Miners Index Bear 2X Shares	25461A577	25461A171
Direxion Daily Semiconductor Bear 3X Shares	25460G112	25461H572
Direxion Daily Gold Miners Index Bear 2X Shares	25461A478	25461A189
Direxion Daily S&P 500® High Beta Bear 3X Shares	25460E224	25461H556
Direxion Daily MU Bear 1X Shares	25461A510	25461A163
Direxion Daily TSLA Bear 1X Shares	25460G260	25461H564

As a result of these reverse splits, every twenty, or ten shares of a Fund will be exchanged for one share as indicated in the table above. Accordingly, the total number of the issued and outstanding shares for a Fund will decrease by the approximate percentage indicated above. In addition, the per share net asset value ("NAV") and next day's opening market price will be approximately twenty, or ten-times higher for the Funds. Shares of the Funds will begin trading on their respective listing exchange (the "Exchange") on a split-adjusted basis on March 5, 2026.

The next day's opening market value of the Funds' issued and outstanding shares, and thus a shareholder's investment value, will not be affected by the reverse split. The table below illustrates the effect of a hypothetical one-for-twenty or one-for-ten reverse split anticipated for the Funds:

1-for-20 Reverse Split 

Period	# of Shares Owned	Hypothetical NAV	Total Market Value
Pre-Split	100	$10	$1,000
Post-Split	5	$200	$1,000

1-for-10 Reverse Split 

Period	# of Shares Owned	Hypothetical NAV	Total Market Value
Pre-Split	100	$10	$1,000
Post-Split	10	$100	$1,000

The Trust's transfer agent will notify the Depository Trust Company ("DTC") of the reverse splits and instruct DTC to adjust each shareholder's investment(s) accordingly. DTC is the registered owner of the Funds' shares and maintains a record of each Fund's record owners.

Redemption of Fractional Shares and Tax Consequences of the Reverse Splits
As a result of the reverse splits, a shareholder of a Fund's shares potentially could hold a fractional share. However, fractional shares cannot trade on the Exchange. Thus, a Fund will redeem for cash a shareholder's fractional shares at the Fund's split-adjusted NAV as of the Effective Date. Such redemption may have tax implications for those shareholders and a shareholder could recognize a gain or loss in connection with the redemption of the shareholder's fractional shares. Otherwise, the reverse splits will not result in a taxable transaction for holders of Fund shares. No transaction fee will be imposed on shareholders for such redemption.

"Odd Lot" Unit
Also as a result of the reverse splits, a Fund may have outstanding one aggregation of less than 50,000 or 25,000, as applicable, shares to make a creation unit, or an "odd lot unit." Thus, a Fund will provide one authorized participant with a one-time opportunity to redeem the odd lot unit at the split-adjusted NAV or the NAV on such date the authorized participant seeks to redeem the odd lot unit.

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