Attached files
file | filename |
---|---|
S-1/A - S-1/A - Direxion Shares ETF Trust II | d610100ds1a.htm |
EX-5 - EX-5 - Direxion Shares ETF Trust II | d610100dex5.htm |
EX-10.6 - EX-10.6 - Direxion Shares ETF Trust II | d610100dex106.htm |
EX-10.2 - EX-10.2 - Direxion Shares ETF Trust II | d610100dex102.htm |
EX-10.8 - EX-10.8 - Direxion Shares ETF Trust II | d610100dex108.htm |
EX-10.5 - EX-10.5 - Direxion Shares ETF Trust II | d610100dex105.htm |
EX-10.4 - EX-10.4 - Direxion Shares ETF Trust II | d610100dex104.htm |
EX-10.1 - EX-10.1 - Direxion Shares ETF Trust II | d610100dex101.htm |
EX-10.9 - EX-10.9 - Direxion Shares ETF Trust II | d610100dex109.htm |
EX-10.3 - EX-10.3 - Direxion Shares ETF Trust II | d610100dex103.htm |
EX-10.7 - EX-10.7 - Direxion Shares ETF Trust II | d610100dex107.htm |
Exhibit 8
Reed Smith LLP
Reed Smith Centre
225 Fifth Avenue
Pittsburgh, PA 15222-2716
+1 412 288 3131
Fax +1 412 288 3063
reedsmith.com
October 2, 2013
Direxion Shares ETF Trust II
c/o Direxion Asset Management LLC
1301 Avenue of the Americas (6th Avenue)
35th Floor New York, NY 10019
RE: | Direxion Shares ETF Trust II |
Registration Statement on Form S-1 (File No. 333-168227) |
Ladies and Gentlemen:
We have acted as tax counsel for Direxion Shares ETF Trust II (the Trust), a Delaware statutory trust established in series, in connection with the offer and sale (the Offering) of units (the Units) representing fractional undivided units of beneficial interest in the series of the Trust designated as (i) Direxion Daily Gold Bear 1X Shares, (ii) Direxion Daily Gold Bull 3X Shares, (iii) Direxion Daily Gold Bear 3X Shares, (iv) Direxion Daily Silver Bear 1X Shares, (v) Direxion Daily Silver Bull 3X Shares, (vi) Direxion Daily Silver Bear 3X Shares, (vii) Direxion Daily Japanese Yen Bull 3X Shares, (viii) Direxion Daily Japanese Yen Bear 3X Shares, (ix) Direxion Daily Dollar Bull 3X Shares, (x) Direxion Daily Dollar Bear 3X Shares, (xi) Direxion Daily Euro Bull 3X Shares and (xii) Direxion Daily Euro Bear 3X Shares.
As counsel to the Trust, we have participated in the preparation of the registration statement for the Offering on Form S-1 (the Registration Statement) to which this opinion is an exhibit, including the discussion set forth under the caption Material U.S. Federal Income Tax Considerations (the Discussion) in the Registration Statement.
The Discussion, subject to the qualifications and assumptions stated in the Discussion and the limitations and qualifications set forth herein, constitutes our opinion as to the material United States federal income tax consequences for purchasers of the Units pursuant to the Offering.
Our opinion is based on current provisions of the U.S. Internal Revenue Code of 1986, as amended (the Code), applicable U.S. Treasury regulations promulgated under the Code (the Regulations), and public administrative and judicial interpretations of the Code and the Regulations as of the date hereof, all of which are subject to change, possibly with retroactive effect. Our opinion represents only our legal judgment based on current law and the facts as referred to above, and has no binding effect on the U.S. Internal Revenue Service or the courts. The U.S. Internal Revenue Service may take a position contrary to our opinion, and if the matter is litigated, a court may reach a decision contrary to our opinion.
NEW YORK LONDON HONG KONG CHICAGO WASHINGTON, D.C. BEIJING PARIS LOS ANGELES SAN FRANCISCO PHILADELPHIA SHANGHAI PITTSBURGH HOUSTON SINGAPORE MUNICH ABU DHABI PRINCETON NORTHERN VIRGINIA WILMINGTON SILICON VALLEY DUBAI CENTURY CITY RICHMOND GREECE KAZAKHSTAN
Direxion Shares ETF Trust II
October 2, 2013
Page 2
Our opinion is limited to the matters set forth herein, and no opinions are intended to be implied or may be inferred beyond the opinion expressly stated herein. Our opinion is rendered as of the date hereof and we assume no obligation to update or supplement this opinion or any matter related to this opinion to reflect any change of fact, circumstances or law after the date hereof.
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the references to our firm and this opinion contained in the Discussion. In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or under the rules and regulations of the Securities and Exchange Commission relating thereto.
Respectfully submitted, | ||
/s/ Reed Smith LLP | ||
Reed Smith LLP | ||
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