U.S. Bancorp Fund Services LLC
615 East Michigan Street
Milwaukee, WI 53202
September 13, 2013
VIA EDGAR
United States Securities and Exchange Commission
Division of Investment Management
100 F. Street, N.E.
Washington, D.C. 20549-1004
| Re: | Direxion Insurance Trust (the “Trust”) |
| File Nos. 333-93813 and 811-09761 |
Dear Sir or Madam:
Pursuant to Rule 497(e) of the Securities Act of 1933, as amended (the “1933 Act”) and the regulations thereunder, transmitted herewith on behalf of the Trust is the XBRL risk/return summaries and corresponding XBRL exhibits, noted below, that mirrors the revisions to the risk/return summary described for the Dynamic VP HY Bond Fund (the “Fund”) and filed pursuant to Rule 497(e) under the 1933 Act on August 23, 2013. This August 23, 2013 Rule 497(e) filing (Accession No. 0000894189-13-004704) is hereby incorporated by reference to today’s Rule 497(e) filing.
The XBRL exhibits attached hereto consist of the following:
EXHIBIT INDEX
| Exhibit |
Exhibit No. | |
| Instance Document | EX-101.INS | |
| Schema Document | EX-101.SCH | |
| Calculation Linkbase Document | EX-101.CAL | |
| Definition Linkbase Document | EX-101.DEF | |
| Label Linkbase Document | EX-101.LAB | |
| Presentation Linkbase Document | EX-101.PRE |
If you have any questions concerning the foregoing, please contact Adam Henkel of U.S. Bancorp Fund Services, LLC at (312) 325-2037 or Nicole Trudeau of K&L Gates LLP at (202) 778-9189.
Sincerely,
| /s/Adam R. Henkel |
| Adam R. Henkel, Esq. |
| For U.S. Bancorp Fund Services, LLC |
| Label | Element | Value |
|---|---|---|
| Risk/Return: | rr_RiskReturnAbstract | |
| Registrant Name | dei_EntityRegistrantName | DIREXION INSURANCE TRUST |
| Prospectus Date | rr_ProspectusDate | Apr. 30, 2013 |
| Document Creation Date | dei_DocumentCreationDate | Aug. 23, 2013 |
| Label | Element | Value | ||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||||||||||||||||||||||||||
| Registrant Name | dei_EntityRegistrantName | DIREXION INSURANCE TRUST | ||||||||||||||||||||||||||||||||||||||
| Prospectus Date | rr_ProspectusDate | Apr. 30, 2013 | ||||||||||||||||||||||||||||||||||||||
| supplement [Text Block] | dit_SupplementTextBlock | Dynamic VP HY Bond Fund a Series of the Direxion Insurance Trust Supplement dated August 23, 2013 to the Summary Prospectus and Prospectus each dated April 30, 2013 Effective September 1, 2013, the Board of Trustees (the “Board”) of the Direxion Insurance Trust (the “Trust”) and Rafferty Asset Management, LLC (“Rafferty”), the Trust’s adviser, for the Dynamic VP HY Bond Fund (the “Fund”), have agreed to a reduction in the Operating Services Fee payable to Rafferty by the Fund pursuant to the Operating Services Agreement described in the Fund’s Prospectus. As a result, the Fund’s Operating Services Fee will change from 0.55% to 0.35%. In connection with these fee reductions, the Board has agreed to terminate the 0.15% contractual fee waiver of the Management Fee applicable to the Fund. In accordance with these changes, as of September 1, 2013, the “Annual Fund Operating Expenses” table and corresponding “Example” appearing in the Fund’s summary section under the heading “Fees and Expenses of the Fund” are hereby replaced with the following: Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The fees and expenses below do not reflect any fees and expenses imposed on shares of the Fund purchased through variable annuity contracts and variable life insurance policies (“Contracts”), which would increase overall fees and expenses. Please refer to your Contract Prospectus for a description of those fees and expenses. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)(1)
Example. The 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. The example does not reflect any fees and expenses imposed under a Contract, which would increase overall fees and expenses. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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Dynamic VP HY Bond Fund
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| Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||||||||||||||||||||||||||
| supplement [Text Block] | dit_SupplementTextBlock | Dynamic VP HY Bond Fund a Series of the Direxion Insurance Trust Supplement dated August 23, 2013 to the Summary Prospectus and Prospectus each dated April 30, 2013 Effective September 1, 2013, the Board of Trustees (the “Board”) of the Direxion Insurance Trust (the “Trust”) and Rafferty Asset Management, LLC (“Rafferty”), the Trust’s adviser, for the Dynamic VP HY Bond Fund (the “Fund”), have agreed to a reduction in the Operating Services Fee payable to Rafferty by the Fund pursuant to the Operating Services Agreement described in the Fund’s Prospectus. As a result, the Fund’s Operating Services Fee will change from 0.55% to 0.35%. In connection with these fee reductions, the Board has agreed to terminate the 0.15% contractual fee waiver of the Management Fee applicable to the Fund. In accordance with these changes, as of September 1, 2013, the “Annual Fund Operating Expenses” table and corresponding “Example” appearing in the Fund’s summary section under the heading “Fees and Expenses of the Fund” are hereby replaced with the following: Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The fees and expenses below do not reflect any fees and expenses imposed on shares of the Fund purchased through variable annuity contracts and variable life insurance policies (“Contracts”), which would increase overall fees and expenses. Please refer to your Contract Prospectus for a description of those fees and expenses. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)(1)
Example. The 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. The example does not reflect any fees and expenses imposed under a Contract, which would increase overall fees and expenses. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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| Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund | ||||||||||||||||||||||||||||||||||||||
| Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The fees and expenses below do not reflect any fees and expenses imposed on shares of the Fund purchased through variable annuity contracts and variable life insurance policies (“Contracts”), which would increase overall fees and expenses. Please refer to your Contract Prospectus for a description of those fees and expenses. | ||||||||||||||||||||||||||||||||||||||
| Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||||||||||
| Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | September 1, 2015 | ||||||||||||||||||||||||||||||||||||||
| Expenses Restated to Reflect Current [Text] | rr_ExpensesRestatedToReflectCurrent | The Annual Operating Expenses of the Fund have been restated to reflect a reduction in Operating Services Fee and removal of the contractual fee waiver of the Management Fees. | ||||||||||||||||||||||||||||||||||||||
| Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] | rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees | Total Annual Fund Operating Expenses for the Fund do not correlate to the “Ratios to Average Net Assets: Net Expenses” provided in the “Financial Highlights” section of the statutory Prospectus, which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses. | ||||||||||||||||||||||||||||||||||||||
| Expense Example [Heading] | rr_ExpenseExampleHeading | Example. | ||||||||||||||||||||||||||||||||||||||
| Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | The 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. The example does not reflect any fees and expenses imposed under a Contract, which would increase overall fees and expenses. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||||||||||||||||||||||||||||||||||||
|
Dynamic VP HY Bond Fund | Class A
|
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| Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||||||||||||||||||||||||||
| Management Fees | rr_ManagementFeesOverAssets | 0.75% | [1] | |||||||||||||||||||||||||||||||||||||
| Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | [1] | |||||||||||||||||||||||||||||||||||||
| Operating Services Fee | rr_Component1OtherExpensesOverAssets | 0.35% | [1] | |||||||||||||||||||||||||||||||||||||
| Shareholder Servicing Fee | rr_Component2OtherExpensesOverAssets | 0.20% | [1] | |||||||||||||||||||||||||||||||||||||
| Other Expenses of the Fund | rr_OtherExpensesOverAssets | 0.55% | [1],[2] | |||||||||||||||||||||||||||||||||||||
| Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.32% | [1] | |||||||||||||||||||||||||||||||||||||
| Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.87% | [1],[3] | |||||||||||||||||||||||||||||||||||||
| 1 Year | rr_ExpenseExampleYear01 | $ 190 | ||||||||||||||||||||||||||||||||||||||
| 3 Years | rr_ExpenseExampleYear03 | 588 | ||||||||||||||||||||||||||||||||||||||
| 5 Years | rr_ExpenseExampleYear05 | 1,011 | ||||||||||||||||||||||||||||||||||||||
| 10 Years | rr_ExpenseExampleYear10 | $ 2,190 | ||||||||||||||||||||||||||||||||||||||
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Dynamic VP HY Bond Fund a Series of the Direxion Insurance Trust Supplement dated August 23, 2013 to the Summary Prospectus and Prospectus each dated April 30, 2013 Effective September 1, 2013, the Board of Trustees (the “Board”) of the Direxion Insurance Trust (the “Trust”) and Rafferty Asset Management, LLC (“Rafferty”), the Trust’s adviser, for the Dynamic VP HY Bond Fund (the “Fund”), have agreed to a reduction in the Operating Services Fee payable to Rafferty by the Fund pursuant to the Operating Services Agreement described in the Fund’s Prospectus. As a result, the Fund’s Operating Services Fee will change from 0.55% to 0.35%. In connection with these fee reductions, the Board has agreed to terminate the 0.15% contractual fee waiver of the Management Fee applicable to the Fund. In accordance with these changes, as of September 1, 2013, the “Annual Fund Operating Expenses” table and corresponding “Example” appearing in the Fund’s summary section under the heading “Fees and Expenses of the Fund” are hereby replaced with the following: Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The fees and expenses below do not reflect any fees and expenses imposed on shares of the Fund purchased through variable annuity contracts and variable life insurance policies (“Contracts”), which would increase overall fees and expenses. Please refer to your Contract Prospectus for a description of those fees and expenses. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)(1)
Example. The 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. The example does not reflect any fees and expenses imposed under a Contract, which would increase overall fees and expenses. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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Document and Entity Information
|
12 Months Ended |
|---|---|
|
Apr. 30, 2013
|
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| Risk/Return: | |
| Document Type | Other |
| Document Period End Date | Dec. 31, 2012 |
| Registrant Name | DIREXION INSURANCE TRUST |
| Central Index Key | 0001102060 |
| Amendment Flag | false |
| Document Creation Date | Aug. 23, 2013 |
| Document Effective Date | Aug. 23, 2013 |
| Prospectus Date | Apr. 30, 2013 |