Direxion to Close and Liquidate RUSL

NEW YORK, Feb. 28, 2022 /PRNewswire/ -- Due to the increased market volatility, and restrictions on Russian securities resulting from sanctions and other measures imposed on Russia by the United States and other countries in response to its invasion of Ukraine, the Board of Trustees (the "Board") of the Direxion Shares ETF Trust has decided to liquidate and close the Direxion Daily Russia Bull 2X Shares (the "Fund"), based on the recommendation of the Funds' adviser, Rafferty Asset Management, LLC ("Rafferty"). The Board determined, after considering Rafferty's recommendation, that it is in the best interests of the Fund and its shareholders to liquidate and terminate the Fund, as it could not conduct its business and operations in an economically efficient manner over the long-term.

Shares of the Fund will cease trading on the NYSE Arca, Inc. ("NYSE") as of the close of regular trading on the NYSE on March 11, 2022 (the "Closing Date"). As the Fund announced on February 24, 2022, the Fund is not currently accepting creations of its shares. Prior to the Closing Date, the Fund is not expected to meet its daily investment objective of 200% of the daily performance of its underlying index because it will transitioning to cash and liquidating its portfolio.  Additionally, the Fund has and may continue to experience significant premiums/discounts between the market price of the Fund's shares and the Fund's net asset value.

Shareholders may transact in shares of the Fund on an exchange prior to the Closing Date, and customary brokerage charges may apply to these transactions. However, from March 11, 2022 through March 18, 2022 (the "Liquidation Date"), shareholders will not be able to transact in the Fund shares on an exchange, and may only be able to sell their shares to certain broker-dealers, and there is no assurance there will be a market for the Fund's shares during this time period.

On or about the Liquidation Date, the Fund will distribute cash pro rata to all shareholders who have not previously redeemed or sold their shares. These distributions are taxable events. In addition, these payments to shareholders may include accrued capital gains and dividends. As calculated on the Liquidation Date, the Fund's net asset value will reflect the costs of closing the Fund. Once the distributions are complete, the Fund will terminate.

About Direxion:

Direxion equips investors who are driven by conviction with ETF solutions built for purpose and fine-tuned for precision. These solutions are available for a broad spectrum of investors, whether executing short-term tactical trades, or investing in thematic strategies. Direxion's reputation is founded on developing products that precisely express market perspectives and allow investors to manage their risk exposure. Founded in 1997, the company has approximately $30.8 billion in assets under management as of December 31, 2021. For more information, please visit www.direxion.com. 

There is no guarantee that the Funds will achieve their investment objectives.

For more information on all Direxion Shares daily leveraged ETFs, go to www.direxion.com, or call us at 866.301.9214.

Leveraged ETFs are not suitable for all investors and should be utilized only by investors who understand the risks associated with seeking daily leveraged and inverse investment results, and intend to actively monitor and manage their investments. Due to the daily nature of the leveraged and inverse investment strategies employed, there is no guarantee of long-term inverse returns. Past performance is not indicative of future results.

An investor should carefully consider a Fund's investment objective, risks, charges, and expenses before investing. A Fund's prospectus and summary prospectus contain this and other information about the Direxion Shares. To obtain a Fund's prospectus and summary prospectus call 866-716-0735 or visit our website at direxion.com. A Fund's prospectus and summary prospectus should be read carefully before investing.

Direxion Shares Risks - An investment in the ETFs involves risk, including the possible loss of principal. The ETFs are non-diversified and include risks associated with concentration that results from an ETF's investments in a particular industry or sector which can increase volatility. The use of derivatives such as futures contracts and swaps are subject to market risks that may cause their price to fluctuate over time. The ETFs do not attempt to, and should not be expected to, provide returns which are a multiple of the return of their respective index for periods other than a single day. For other risks including leverage, correlation, daily compounding, market volatility and risks specific to an industry or sector, please read the prospectus.

Distributor: Foreside Fund Services, LLC.

CONTACT:   
James Doyle
JConnelly
973.850.7308
[email protected]

SOURCE Direxion