Dear Shareholders,

This Annual Report for the Direxion Shares exchange traded funds (the "ETFs") covers the period from November 1, 2020 to October 31, 2021 (the "Annual Period").

Market Review:

Worsening COVID-19 case counts in the US, on the heels of a resurgence of the virus in Europe, bore fears of a second wave, all while hopes of a vaccine began to materialize to start the Annual Period. As a result, equity markets ended down for October. The election of Joseph Biden, as President of the United States, generated sharp returns for domestic equity markets in November, which was in stark contrast to what was widely expected if a Democrat were to win the race. A pledge of essentially unlimited monetary support from the Federal Reserve, coupled with stimulus for families and small businesses, served as necessary bolster to an economy reeling from the pandemic. Hopes of an effective vaccine began to emerge in November as well. Emerging markets performed well during the fourth quarter of 2020, largely on the back of U.S. dollar weakness. Equities were mixed amid higher volatility in January, on slower than expected vaccine rollout, frenzied retail trading and further stimulus expectations. Rising bond yields in February became a signal the economy was on the mend. On balance with dovish statements from the Federal Reserve, yields abated somewhat into the end of February as the global economy attempted to navigate the road to a post-COVID economy. Optimism took hold in March of 2021 as promises of a $1.9 trillion fiscal stimulus package, along with a $2 trillion infrastructure package, bolstered hopes for an economic recovery. Spring saw the re-opening trade, as COVID-19 vaccine rollout began to see broad traction, allowing an uptick in economic activity while also bringing inflation data into the broader discussion as the consumer price index rose from 3% to 3.8%. July saw added volatility in equity markets relating to the Delta variant of COVID-19, a more transmissible variant, along with concerns of a moderating economic recovery and tightening regulatory scrutiny in China on its tech sector, which hit emerging markets particularly hard. Despite the headwinds, the S&P 500 continued to post gains through summer on a strong second quarter 2021 earnings season. In August, dovish tones from Federal Reserve Chairman, Jerome Powell, regarding the pace and timing of tapering were enough to offset concerns of inflation running too hot in the near term, and that the COVID-19 Delta variant could potentially derail the ongoing economic recovery. Equities pulled back in September amid concerns that rising inflation would eat into growth, along with a statement from the Federal Reserve that it would announce a plan for tapering its asset purchases at its November meeting. Profit margins and the supply chain were the themes for Q3 earnings. The consumer discretionary sector was the big winner for October, as a broad swathe of companies were able to navigate supply-chain issues while, also maintaining margins that were under threat of being eaten away by rising inflation.

The Federal Reserve continued to keep the federal funds rate at the low range of .00 – .25bps, and pledged to continue through 2023, in hopes fiscal stimulus plans and the development and deployment of vaccines will encourage economic growth. At the end of the Annual Period, 67% of the US population has received at least one dose of a vaccine. The continued low benchmark set by the Federal Reserve, put in place in March of 2019, has increased expectations of inflation. This caused CPI to increase 6.2% through the end of the Annual Period, to a CPI of 276.724, marking the highest rate of inflation in years. This, in turn, drove bond prices lower, and yields even higher. The 2 to 10 year yield curve, which is an indication that short term yields have dropped more than long term yields, increased from .71% to 1.07%. For the Annual Period, the 10 year treasury yield finished at 1.55%, as the market rallied back from pandemic lows.

Factors Affecting the ETFs Performance:

Benchmark Performance – The performance of each ETF's benchmark index, and the factors and market conditions implicitly affecting that index, are the primary factors driving ETF performance. The market conditions that affected the benchmark indexes during the past year are described in the Market Review section above.

Fees, Expenses, and Transaction Costs – Fees and expenses are listed in each ETF's prospectus and may be higher than many traditional index funds' fees, which cause a greater negative impact on ETF performance. Transaction costs are not included in the expense ratio of the ETFs.

The ETFs Performance Review:

The following discussion relates to the performance of the ETFs for the Annual Period. The performance of the ETFs for the Annual Period is important primarily for understanding whether the ETFs meet their investment goals. All ETF returns are NAV (net asset value) returns.

Non-Leveraged ETFs

The Direxion Auspice Broad Commodity Strategy ETF seeks to provide total returns that exceed that of the Auspice Broad Commodity Index over a complete market cycle. The Auspice Broad Commodity Index attempts to capture upward trends in the commodity markets while minimizing risk during down trends. The Auspice Broad Commodity Index will use a quantitative methodology to track either long or flat positions in a diversified portfolio of 12 different commodity futures contracts, or "components", which cover the energy, metal, and agricultural sectors. It attempts to incorporate dynamic risk management and contract rolling methods. For the Annual Period, the Auspice Broad Commodity Index returned 42.48%, while the Direxion Auspice Broad Commodity Strategy ETF returned 41.37%.

The Direxion Auspice Broad Commodity Strategy ETF began the Annual Period long 10 of 12 possible commodities, with only natural gas and gold being flat. The positive Fund performance to start the Period was partially fueled by a weaker U.S. dollar, but also strong gains from its crude oil position as part of the economic reopening trade. December was a very strong month for performance, as positive vaccine news continued to fuel the reopening trade on both the energy and agriculture fronts, particularly corn, as China boosted imports. Remaining long 10 of 12 commodities heading into 2021, the agricultural sector continued to shine with China putting pressure on corn supplies, and wheat advanced as an alternative livestock feed with the pressure on corn. February Fund performance benefitted primarily from its energy positions, as a record cold snap put pressure on Texas' electrical grid. March saw some weakness as pullbacks in cotton, sugar and wheat were enough to outweigh gains made elsewhere, leading to a down month overall. The Fund saw a strong bounce back as the narrative in the commodities space reached the mainstream media, with the price of lumber skyrocketing as part of the reopening trade in April. Positive performance for April was led by the agriculture space, particularly corn and soybeans, on tightening global supplies. May saw the Fund benefit from its positions in energy and metals, as crude oil prices continued to creep upward amid increasing mentions of inflation in the broader economic dialogue. As equities surged, commodities were mixed for the month of June. Crude continued its strong run on tightening supply, while the agricultural positions performed well on similar concerns, as well as rising food prices. A pullback in metals though, was enough to offset a large portion of those gains, as gold lost some luster amid a stronger U.S. Dollar and a hawkish Federal Reserve. Upward performance in July was led by the energy sector, with natural gas having a strong month on demand from the continued economic reopening trade. Gold also bounced back after selling off the prior month. Weakness in oil and gasoline was offset by a continued move up in natural gas as the Fund benefitted mainly from strong gains in its sugar position, as that crop suffered from hot and dry weather in August. Into the end of the Annual Period, September and October saw strong positive performance driven by energy and agricultural exposures. Natural gas continued to surge, as petroleum exposure also moved up amid energy shortages and supply disruptions. Cotton also saw strong upward performance to compliment the energy moves, as rain interfered with harvest season leading to tight supplies in the US.

The Direxion Dynamic Hedge ETF seeks investment results, before fees and expenses, that track the Salt truVol^TM US Large Cap Dynamic Hedge Index. The Salt truVol^TM US Large Cap Dynamic Hedge Index is designed to adjust net exposure to the S&P 500 Index in an attempt to capitalize on the inverse relationship between volatility and the returns of the S&P 500^® Index. The Index utilizes a proprietary volatility model developed by Salt Financial Indices, LLC., to estimate future market volatility to determine the size of the Index's hedge (short position). The Index's hedge or short position is reviewed daily and may range from 0% to 100% of the long position in the S&P 500 Index. For the Annual Period, the Salt truVol^TM US Large Cap Dynamic Hedge Index returned 22.85%, while the Direxion Dynamic Hedge ETF returned 22.22%.

The Direxion Dynamic Hedge ETF's performance was consistent with the overall broad market uptrend, following the global pandemic earlier in the year 2020. Despite a brief market correction in the February of 2021 due to rising 10 year yield, the broad market's volatility was exceptionally calm, as highlighted by CBOE Volatility Index's daily average level of roughly 20 for the entire Annual Period. As such, the Fund was heavily exposed to the S&P 500 Index, which also performed well, driven primarily by the financial, technology and healthcare sectors. All were big winners on the heels of the pandemic driven market. With the market at all-time highs, there were certain periods when the Fund was hedged in anticipation of a sell off. The hedge contributed to the underperformance of the Fund, when compared to the S&P 500, as the market continued to trend higher during the Annual Period.

The Direxion Fallen Knives ETF seeks investment results, before fees and expenses, that track the Indxx US Fallen Knives Index. The Indxx US Fallen Knives Index is designed by Indxx, LLC to consist of U.S equity securities that have experienced considerable share price declines over the prior year and have financial health, suggesting that the security has potential for share price recovery in the future. For the Annual Period, the Indxx US Fallen Knives Index returned 35.09%, while the Direxion Fallen Knives ETF returned 34.30%.

The Direxion Fallen Knives ETF was weighted towards financials, healthcare and information technology for a large part of the Annual Period. Financial sector names, which comprised approximately one third of the Fund, gained 71.14% as investors seized upon the opportunity to buy financial names at bargain prices, while earnings grew faster relative to the S&P 500 Index. The industrials sector posted gains of 39.70%, bolstered by growing optimism over cyclical economic growth, and reopening of the economy after a vaccine was developed on November of 2020. Finally, the technology sector was the most popular theme during the Annual Period, as it gained 43.61% due to the demand for an increased data capacity surged as people sheltered in place for work and school. The Fund successfully caught equities on a rebound, after it fell out of favor during the onset of the COVID-19.

The Direxion Flight to Safety Strategy ETF seeks to provide total returns that exceed the total return of the Solactive Flight to Safety Index over a complete market cycle. The Solactive Flight to Safety Index measures the performance of a volatility-weighted basket of gold, U.S. listed large-capitalization utility stocks, and U.S. treasury bonds with remaining maturities of greater than 20 years. The Index rebalances on a quarterly basis such that the weight of each component (U.S. treasury bonds, utility stocks, and gold) will be based on the contribution of the volatility of each component to the overall Index. The least volatile component of the Index, based on each component's trailing 5 year volatility measure, will receive the largest weighting. The gold component will be limited to 22.5% of the Index and its volatility will be based on the volatility of the spot price of gold. For the Annual Period, the Solactive Flight to Safety Index returned -1.72%, while the Direxion Flight to Safety Strategy ETF returned -1.51%.

The Direxion Flight to Safety Strategy ETF underperformed during the Annual Period as the equity markets rallied very strongly from pandemic lows, coinciding with a higher vaccination rate. During this period, defensive investors who were looking for safe havens were disappointed. The utilities sector of the Fund was able to capture some of the equity market upside, but not enough to mitigate the performance of gold and treasuries. Since the Fund seeks to provide risk mitigation, as well as a long-term appreciation potential, the uncertain nature of the overall market bouncing back so strongly from pandemic lows created a difficult environment.

The Direxion Hydrogen ETF seeks investment results, before fees and expenses, that track the Indxx Hydrogen Economy Index. The Indxx Hydrogen Economy Index tracks the performance of companies that provide goods and/or services related to the Hydrogen Industry, including hydrogen generation and storage, fuel cells, hydrogen stations, and hydrogen-based vehicles. The Index includes domestic securities as well as securities listed on various foreign markets, including among others, Japan and South Korea. The Index is reconstituted annually and rebalanced quarterly. Since the Fund's inception on March 25, 2021, Indxx Hydrogen Economy Index returned 2.90%, while the Direxion Hydrogen ETF returned 1.37%.

The Direxion Hydrogen ETF initially benefitted from a newly elected democratic congress, and President Biden's focal shift to a green energy-friendly mandate. After ending 2020 near the highs, hydrogen stocks reversed course towards the end of March 2021. Hydrogen fuel cell names such Plug Power Inc. lost as much as 30.79%, as investors were concerned over high production costs and weak progress. However, the Fund had a positive outlook to close out the Annual Period, due to

news of bipartisan support for the $1 trillion infrastructure bill. As a result of this deal, green hydrogen fuel production is expected to significantly reduce costs and increase its output by multiples, potentially benefitting the Fund both short- and long-term.

The Direxion Low Priced Stock ETF seeks investment results, before fees and expenses, that track the Solactive Two Bucks Index. The Solactive Two Bucks Index is an equal-weighted index provided by Solactive AG that is designed to measure the performance of U.S.-listed securities with relatively low trading prices. The Index Provider begins with the Solactive GBS United States All Cap Index and applies certain requirements that vary depending on the quarter at which the Index is rebalanced in order to select a total of 50 securities. The Index is rebalanced and reconstituted quarterly in February, May, August, and November. Since the Fund's inception on July 22, 2021, Solactive Two Bucks Index returned -6.37%, while the Direxion Low Priced Stock ETF returned -6.27%.

The Direxion Low Priced Stock ETF underperformed the broader equity markets during the Annual Period, but did have some standout performers. Uranium Energy Corporation returned 95%, Accuray Incorporated 20.91%, and Endo International PLC 19.43%. Culprits for the overall underperformance Kala Pharmaceuticals, Inc. returning -53.97%, Xeris Biopharma Holdings, Inc. -47.16%, and Orbital Energy Group, Inc. -28.03%.

The Direxion Moonshot Innovators ETF seeks investment results, before fees and expenses, that track the S&P Kensho Moonshots Index. The S&P Kensho Moonshots Index is comprised of 50 U.S. companies that pursue innovative technologies that have the potential to disrupt existing technologies and/or industries (i.e., moonshot innovators) and are considered to have the highest "early-stage composite innovation scores" which is determined based off a natural language processing review of the constituent company's latest annual regulatory filing for the use of words and phrases that are related to innovation. The Index is modified equal-weighted, reconstituted annually, and rebalanced semi-annually. Since the Fund's inception on November 12, 2020, the S&P Kensho Moonshots Index returned 34.73%, while the Direxion Moonshot Innovators ETF returned 35.54%.

The Direxion Moonshot Innovators ETF outperformed a range of major indexes through the end of 2020. The Fund has a small cap tilt, with standout names including Asana, Inc. returning 537.26%, LendingClub Corporation 741.76%, Ambarella, Inc. 220.18%. These three names were also the highest weightings for the Fund at Period-end. The Fund continued to rally into February 2021, before softening a bit through the summer, and then falling to an 11-month low at the end of the Annual Period.

The Direxion NASDAQ-100^® Equal Weighted Index Shares seeks investment results, before fees and expenses, that track the NASDAQ-100^® Equal Weighted Index. The NASDAQ-100^® Equal Weighted Index is the equal weighted version of the NASDAQ-100 Index^® which includes approximately 100 of the largest domestic and international non-financial companies listed on the NASDAQ^® Stock Market based on market capitalization selected by NASDAQ, Inc., the index provider. Equal weighting is a method of weighting index stocks whereby the same exposure is provided to both the smallest and largest companies included in the Index. The Index is rebalanced quarterly and reconstituted annually. For the Annual Period, the NASDAQ-100^® Equal Weighted Index returned 39.84%, while the Direxion NASDAQ-100^® Equal Weighted Index Shares returned 39.30%.

The Direxion NASDAQ-100^® Equal Weighted Index Shares tracked very closely to the NASDAQ 100 during the Annual Period, as the top performers for each had very similar weightings. A large part of the Fund's gains took place between June and August of 2021, as investors shifted back into tech stocks on growing vaccine rollouts and promising Q2 earnings. Even in the face of the delta variant fears, fading optimism in Federal Reserve policy, slower growth and high inflation in September, the Fund continued to reach new highs at the end of the Annual Period.

The Direxion Work From Home ETF seeks investment results, before fees and expenses, that track the Solactive Remote Work Index. The Solactive Remote Work Index is comprised of U.S. listed securities and ADRs of companies that provide products and services in at least one of the following business segments that facilitate the ability of people to work from home: remote communications, cyber security, online project and document management, and cloud computing technologies ("WFH Industries"). The Index consists of 40 companies, namely, the top 10 ranked companies in each of the

four WFH Industries. The Index is equal weighted at each semi-annual reconstitution and rebalance date. For the Annual Period, the Solactive Remote Work Index returned 46.05%, while the Direxion Work From Home ETF returned 45.69%.

The Direxion Work from Home ETF performed well to star the Annual Period, as it gained approximately 40% through mid-February. The Fund, which is technology sector-heavy, then experienced a setback due to rising 10 year yields and fears of a Federal Reserve rate hike. Concerned investors believed the potentially higher interest rate would erode the present value of the future earnings on these tech growth stocks, and subsequently rotated into value stocks. As a result, the Fund suffered an almost -11% loss from mid-February through mid-May. However, the market was assured by the Federal Reserve that the inflation was transitory and a rate hike will happen gradually, which calmed the market and halted the tech sell-off. Currently, with the American workforce gradually returning back to work, there is a concern that the core objective of the Fund will be challenged. However, with more than half of the American companies committing to a permanent hybrid work from home model, persistent COVID-19 flare-ups, along with accelerating technological transformation, it is reasonable to say the remote work model has staying power.

The Direxion World Without Waste ETF seeks investment results, before fees and expenses, that track the Indxx US Circular Economy Index. The Indxx US Circular Economy Index tracks the performance of 50 US-listed companies that are representative of the transformative shift from the linear model of economy to a circular one. The index includes five sub-themes central to the circular economy, providing investors access to the shifting paradigm in growing segments such as biofuels, solar power, and waste management, along with collaboration and content sharing platforms. Companies that cumulatively derive revenue greater than, or equal to, 50% from categories comprising a sub-theme, are 'pure-play' companies. All of the 'pure-play' companies from the sub-themes will form the selection list. The top 10 companies from each sub-theme, by largest total market capitalization, will form the final index. Since the Fund's inception on December 17, 2020, the Indxx US Circular Economy Index returned 25.00%, while the Direxion World Without Waste ETF returned 24.36%.

The Direxion World Without Waste ETF' best performing holdings include Atlassian Corporation, an enterprise software company, which gained 84.69%, Tesla, an electric vehicle company, which gained 69.84%, and Intuit Inc. a business and financial management software company, which gained 65.49%. The Fund's strongest returns occurred from mid-May through the end of June, and then again in October to close out the Annual Period.

Relative Weight ETFs

The Direxion Russell 1000^® Growth Over Value ETF seeks investment results, before fees and expenses, that track the Russell 1000^® Growth/Value 150/50 Net Spread Index. Russell 1000^® Growth/Value 150/50 Net Spread Index measures the performance of a portfolio that has 150% long exposure to the Russell 1000^® Growth Index (the "Long Component") and 50% short exposure to the Russell 1000^® Value Index (the "Short Component"). On a monthly basis, the index will rebalance such that the weight of the Long Component is equal to 150% and the weight of the Short Component is equal to 50% of the index value. In tracking the index, the Fund seeks to provide a vehicle for investors looking to efficiently express a growth over value investment view by overweighting exposure to the Long Component and shorting exposure to the Short Component. For the Annual Period, the Russell 1000^® Growth/Value 150/50 Net Spread Index returned 41.66%, while the Direxion Russell 1000^® Growth Over Value ETF returned 41.11%.

The Direxion Russell 1000^® Value Over Growth ETF seeks investment results, before fees and expenses, that track the Russell 1000^® Value/Growth 150/50 Net Spread Index. The Russell 1000^® Value/Growth 150/50 Net Spread Index measures the performance of a portfolio that has 150% long exposure to the Russell 1000^® Value Index (the "Long Component") and 50% short exposure to the Russell 1000^® Growth Index (the "Short Component"). On a monthly basis, the index will rebalance such that the weight of the Long Component is equal to 150% and the weight of the Short Component is equal to 50% of the index value. In tracking the index, the Fund seeks to provide a vehicle for investors looking to efficiently express a value over growth investment view by overweighting exposure to the Long Component and shorting exposure to the Short Component. For the Annual Period, the Russell 1000^® Value/Growth 150/50 Net Spread Index returned 42.74%, while the Direxion Russell 1000^® Value Over Growth ETF returned 41.96%.

Index Volatility:

After the initial onslaught of the equity sell off during the height of the pandemic, the CBOE Volatility Index reached a low point in October 2021, trading around 15, which was a remarkable improvement from the index peak that touched 37 in late January 2021. The decline was a result of the decreasing case counts, an increase in vaccinations, and the passing of the initial uncertainty in the equity market. However, upon entering the Annual Period, the volatility spiked and the downward trend was due to the failure to agree on an economic aid package before the November 3rd election by lawmakers. Volatility spiked once again in mid-February, following the tech sector's rout due to the fear of rising 10 year rates. The tech and work from home thematic names, which were some of the best performing stocks during the pandemic in the prior year, were hit the hardest by the uptick in the interest rates. The rates have since stabilized through the summer, but continued to decrease through Period end. This further emphasized inflation fears. Even though the CBOE Volatility Index finished the period at 16.53, volatility is slated to remain tied to geopolitical risk, as the U.S. and world leaders continue to adjust to the pandemic and inflation fears.

Index	Return			Volatility
Auspice Broad Commodity Index		42.48	%		11.51	%
Salt truVol^TM US Large Cap Dynamic Hedge Index		22.85	%		9.86	%
Indxx US Fallen Knives Index		35.09	%		20.97	%
Solactive Flight to Safety Index		-1.72	%		8.95	%
Indxx Hydrogen Economy Index¹		2.90	%		28.70	%
Solactive Two Bucks Index²		-6.37	%		33.41	%
S&P Kensho Moonshots Index³		34.73	%		44.51	%
NASDAQ-100^® Equal Weighted Index		39.84	%		16.75	%
Solactive Remote Work Index		46.05	%		20.80	%
Indxx US Circular Economy Index⁴		25.00	%		23.04	%
Russell 1000^® Growth/Value 150/50 Net Spread Index		41.66	%		20.80	%
Russell 1000^® Value/Growth 150/50 Net Spread Index		42.74	%		16.69	%

¹ March 25, 2021 through October 31, 2021

² July 22, 2021 through October 31, 2021

³ November 12, 2020 through October 31, 2021

⁴ December 17, 2020 through October 31, 2021

As always, we thank you for using the Direxion Shares ETFs and we look forward to our mutual success.

Best Regards,


Patrick Rudnick				Corey Nolter
Principal Executive Officer				Principal Financial Officer

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 866-476-7523 or visit our website at direxion.com. A Fund's prospectus and summary prospectus should be read carefully before investing.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns

for performance under one year are cumulative, not annualized. For the most recent month-end performance please visit the Fund's website at direxion.com.

Short-term performance, in particular, is not a good indication of the Fund's future performance, and an investment should not be made based solely on returns. Because of ongoing market volatility, Fund performance may be subject to substantial short-term changes. For additional information, see the Fund's prospectus.

Shares of the Direxion Shares are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. Market Price returns are based upon the midpoint of the bid/ask spread at 4:00 pm EST (when NAV is normally calculated) and do not represent the returns you would receive if you traded shares at other times. Brokerage commissions will reduce returns. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. Some performance results reflect expense reimbursements or recoupments and fee waivers in effect during certain periods shown. Absent these reimbursements or recoupments and fee waivers, results would have been less favorable.

LIBOR (London Interbank Offered Rate) is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks.

Futures Contract: an agreement traded on an organized exchange to buy or sell assets, especially commodities or shares, at a fixed price but to be delivered and paid for later.

ESG (Environmental, Social and Governance: Environmental criteria considers how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company's leadership, executive pay, audits, internal controls, and shareholder rights.

Direxion Auspice Broad Commodity Strategy ETF – Commodities and futures generally are volatile and are not suitable for all investors. The value of a commodity-linked derivative investment typically is based upon the price movements of a physical commodity and may be affected by changes in overall market movements, volatility of the Index, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. Commodity linked derivatives also may be subject to credit and interest rate risks that in general affect the values of debt securities. 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 leverage, imperfect correlations with underlying investments or the Fund's other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Futures contracts are typically exchange traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. There may not be a liquid secondary market for the futures contracts.

Under amended regulations promulgated by the U.S. Commodities Futures Trading Commission ("CFTC"), the Fund and the Subsidiary are considered commodity pools, and therefore each is subject to regulation under the Commodity Exchange Act and CFTC rules. The Adviser is registered as a commodity pool operator ("CPO") and will manage both the Fund and Subsidiary in accordance with CFTC rules, as well as the rules that apply to registered investment companies, which includes registering both the Fund and the Subsidiary as commodity pools. Registration as a commodity pool subjects the registrant to additional laws, regulations and enforcement policies, all of which may potentially increase compliance costs and may affect the operations and financial performance of the Fund or the Subsidiary. Additionally, the Subsidiary's positions in futures contracts may have to be liquidated at disadvantageous times or prices to prevent the Fund from exceeding any applicable position limits established by the CFTC. Such actions may subject the Fund to substantial losses.

Direxion Relative Weight ETFs Risks – Investing involves risk including possible loss of principal. The ETFs' investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in or shorting securities or other investments. There is no guarantee that the returns on an ETF's long or short positions will produce high, or even positive returns and the ETF could lose money if either or both of the ETF's long and short positions produce negative returns. Please see the summary and full prospectuses for a more complete description of these and other risks of the ETFs.

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.

The views of this letter were those of the Adviser as of October 31, 2021 and may not necessarily reflect his views on the date this letter is first published or anytime thereafter. These views are intended to help shareholders in understanding the ETFs' present investment methodology and do not constitute investment advice.

Distributed by: Foreside Fund Services, LLC

	Average Annual Total Return²
	1 Year			3 Year			Since Inception
Direxion Auspice Broad Commodity Strategy ETF (Consolidated) (NAV)		41.37	%		11.10	%		6.87	%
Direxion Auspice Broad Commodity Strategy ETF (Consolidated) (Market Price)		41.76	%		11.17	%		6.91	%
Auspice Broad Commodity Index		42.48	%		10.05	%		5.77	%

The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.70%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

This chart illustrates the performance of a hypothetical $10,000 investment made on the Fund's inception and is not intended to imply any future performance. Shares of Direxion Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Performance reflects reinvestment of all dividend and capital gains distributions. During this period, some of the Fund's fees were waived and/or expenses reimbursed; otherwise, the Fund's performance would have been lower.

The Auspice Broad Commodity Index is a tactical long strategy that focuses on Momentum and Term Structure to track either long or flat positions in a diversified portfolio of commodity futures which cover the energy, metal, and agricultural sectors. The index incorporates dynamic risk management and contract rolling methods. The index is available in total return (collateralized) and excess return (non-collateralized) versions. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

The Fund seeks daily exposure of 100% of its NAV through derivatives. "Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents, if any, divided by Net Assets.

¹Commencement of operations.

²As of October 31, 2021.

	Average Annual Total Return²
	1 Year			Since Inception
Direxion Dynamic Hedge ETF (NAV)		22.22	%		14.52	%
Direxion Dynamic Hedge ETF (Market Price)		22.49	%		14.58	%
Salt truVol^TM US Large Cap Dynamic Hedge Index		22.85	%		15.05	%

The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.55%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

The Salt truVol^TM US Large Cap Dynamic Hedge Index is designed to adjust net exposure to the S&P 500^® Index in an attempt to capitalize on the inverse relationship between volatility and the returns of the S&P 500^® Index. The Index utilizes a proprietary volatility model developed by Salt Financial Indices, LLC to estimate future market volatility to determine the size of the Index's hedge (short position). The Index's hedge or short position may range from 0% to 100% of the long position in the S&P 500^® Index. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

The Fund seeks daily exposure of 100% of its NAV through a combination of equities and derivatives. "Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents, if any, divided by Net Assets.

¹Commencement of operations.

²As of October 31, 2021.

	Average Annual Total Return²
	1 Year			Since Inception
Direxion Fallen Knives ETF (NAV)		34.30	%		32.04	%
Direxion Fallen Knives ETF (Market Price)		34.43	%		31.88	%
Indxx US Fallen Knives Index		35.09	%		32.83	%

The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.50%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

The Indxx US Fallen Knives Index is designed to consist of U.S equity securities that have experienced considerable share price declines over the prior year and have financial health, suggesting that the security has potential for share price recovery in the future. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

The Fund seeks daily exposure of 100% of its NAV through equities. "Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents, if any, divided by Net Assets.

¹Commencement of operations.

²As of October 31, 2021.

	Average Annual Total Return²
	1 Year			Since Inception
Direxion Flight to Safety Strategy ETF (Consolidated) (NAV)		(1.51	)%		2.42	%
Direxion Flight to Safety Strategy ETF (Consolidated) (Market Price)		(1.54	)%		2.41	%
Solactive Flight to Safety Index		(1.72	)%		2.70	%

The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.30%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

The Solactive Flight to Safety Index measures the performance of a volatility-weighted basket of gold, U.S. listed large-capitalization utility stocks, and U.S. treasury bonds with remaining maturities of greater than 20 years. The Index rebalances on a quarterly basis such that the weight of each component (U.S. treasury bonds, utility stocks, and gold) will be based on the contribution of the volatility of each component to the overall Index. The least volatile component of the Index, based on each component's trailing 5 year volatility measure, will receive the largest weighting. The gold component will be limited to 22.5% of the Index and its volatility will be based on the volatility of the spot price of gold. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

¹Commencement of operations.

²As of October 31, 2021.

	Total Return²
	Since Inception
Direxion Hydrogen ETF (NAV)		1.37	%
Direxion Hydrogen ETF (Market Price)		(2.09	)%
Indxx Hydrogen Economy Index		2.90	%

The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.45%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

The Indxx Hydrogen Economy Index tracks the performance of companies that provide goods and/or services related to the Hydrogen Industry, including hydrogen generation and storage, fuel cells, hydrogen stations, and hydrogen-based vehicles. The Index will include domestic securities as well as securities listed on various foreign markets, including among others, Japan and South Korea. The Index is reconstituted annually and rebalanced quarterly. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

¹ Commencement of operations.

² As of October 31, 2021.

	Total Return²
	Since Inception
Direxion Low Priced Stock ETF (NAV)		(6.27	)%
Direxion Low Priced Stock ETF (Market Price)		(6.22	)%
Solactive Two Bucks Index		(6.37	)%

The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.50%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

The Solactive Two Bucks Index is an equal-weighted index provided by Solactive AG that is designed to measure the performance of U.S.-listed securities with relatively low trading prices. The Index Provider begins with the Solactive GBS United States All Cap Index and applies certain requirements that vary depending on the quarter at which the Index is rebalanced in order to select a total of 50 securities. The Index is rebalanced and reconstituted quarterly in February, May, August, and November. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

¹Commencement of operations.

²As of October 31, 2021.

	Total Return²
	Since Inception
Direxion Moonshot Innovators ETF (NAV)		35.54	%
Direxion Moonshot Innovators ETF (Market Price)		35.41	%
S&P Kensho Moonshots Index		34.73	%

The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.65%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

The S&P Kensho Moonshots Index is comprised of 50 U.S. companies that pursue innovative technologies that have the potential to disrupt existing technologies and/or industries (i.e., moonshot innovators) and are considered to have the highest "early-stage composite innovation scores" which is determined based off a natural language processing review of the constituent company's latest annual regulatory filing for the use of words and phrases that are related to innovation. The Index is modified equal-weighted, reconstituted annually, and rebalanced semi-annually. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

¹Commencement of operations.

²As of October 31, 2021.

	Average Annual Total Return²
	1 Year			3 Years			5 Years			Since Inception
Direxion NASDAQ-100^® Equal Weighted Index Shares (NAV)		39.30	%		27.25	%		22.00	%		17.57	%
Direxion NASDAQ-100^® Equal Weighted Index Shares (Market Price)		39.25	%		27.23	%		21.96	%		17.56	%
NASDAQ-100^® Equal Weighted Index		39.84	%		27.73	%		22.46	%		18.06	%

The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.35%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

The NASDAQ-100^® Equal Weighted Index includes 100 of the largest non-financial securities listed on NASDAQ^®, but instead of being weighted by market capitalization, each of the constituents is initially set at 1.00%. The Index is reviewed and adjusted annually in December, but replacements may be made any time throughout the year. The Index is rebalanced quarterly in March, June, September and December. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

¹Commencement of operations.

²As of October 31, 2021.

	Average Annual Total Return²
	1 Year			Since Inception
Direxion Work From Home ETF (NAV)		45.69	%		39.40	%
Direxion Work From Home ETF (Market Price)		45.58	%		39.33	%
Solactive Remote Work Index		46.05	%		39.71	%

The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.45%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

The Solactive Remote Work Index is comprised of U.S. listed securities and American Depository Receipts of companies that provide products and services in at least one of the following business segments that facilitate the ability of people to work from home: remote communications, cyber security, online project and document management, and cloud computing technologies ("WFH Industries"). The Index consists of 40 companies, namely, the top 10 ranked companies in each of the four WFH Industries. The Index is equal weighted at each semi-annual reconstitution and rebalance date. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

¹Commencement of operations.

²As of October 31, 2021.

	Average Annual Total Return²
	Since Inception
Direxion World Without Waste ETF (NAV)		24.36	%
Direxion World Without Waste (Market Price)		24.40	%
Indxx US Circular Economy Index		25.00	%

The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.50%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

The Indxx US Circular Economy Index tracks the performance of 50 US-listed companies that are representative of the transformative shift from the linear model of economy to a circular one. The index includes five sub-themes central to the circular economy, providing investors access to the shifting paradigm in growing segments such as biofuels, solar power, and waste management, along with collaboration and content sharing platforms. Companies that cumulatively derive revenue greater than, or equal to, 50% from categories comprising a sub-theme, are 'pure-play' companies. All of the 'pure-play' companies from the sub-themes will form the selection list. The top 10 companies from each sub-theme, by largest total market capitalization, will form the final index. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

¹Commencement of operations.

²As of October 31, 2021.

	Average Annual Total Return²
	1 Year			Since Inception
Direxion Russell 1000^® Growth Over Value ETF (NAV)		41.11	%		41.23	%
Direxion Russell 1000^® Growth Over Value ETF (Market Price)		41.05	%		41.08	%
Russell 1000^® Growth/Value 150/50 Net Spread Index		41.66	%		41.85	%

The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.45%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

Russell 1000^® Growth/Value 150/50 Net Spread Index measures the performance of a portfolio that has 150% long exposure to the Russell 1000^® Growth Index (the "Long Component") and 50% short exposure to the Russell 1000^® Value Index (the "Short Component"). On a monthly basis, the Index will rebalance such that the weight of the Long Component is equal to 150% and the weight of the Short Component is equal to 50% of the Index value. In tracking the Index, the Fund seeks to provide a vehicle for investors looking to efficiently express a growth over value investment view by overweighting exposure to the Long Component and shorting exposure to the Short Component. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

¹Commencement of operations.

²As of October 31, 2021.

	Average Annual Total Return²
	1 Year			Since Inception
Direxion Russell 1000^® Value Over Growth ETF (NAV)		41.96	%		7.20	%
Direxion Russell 1000^® Value Over Growth ETF (Market Price)		42.71	%		7.21	%
Russell 1000^® Value/Growth 150/50 Net Spread Index		42.74	%		7.69	%

The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.45%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

The Russell 1000^® Value/Growth 150/50 Net Spread Index measures the performance of a portfolio that has 150% long exposure to the Russell 1000^® Value Index (the "Long Component") and 50% short exposure to the Russell 1000^® Growth Index (the "Short Component"). On a monthly basis, the Index will rebalance such that the weight of the Long Component is equal to 150% and the weight of the Short Component is equal to 50% of the Index value. In tracking the Index, the Fund seeks to provide a vehicle for investors looking to efficiently express a value over growth investment view by overweighting exposure to the Long Component and shorting exposure to the Short Component. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

¹Commencement of operations.

²As of October 31, 2021.

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, for purchasing and selling shares and exchange fees; and (2) ongoing costs, including management fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on initial investments of $1,000 invested at the beginning of the period and held the entire period (May 1, 2021 to October 31, 2021).

Actual expenses

The first line under each Fund in the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled "Expenses Paid During Period May 1, 2021 to October 31, 2021" to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing Fund costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense Example (Unaudited)

October 31, 2021

	Annualized Expense Ratio			Beginning Account Value May 1, 2021		Ending Account Value October 31, 2021		Expenses Paid During Period May 1, 2021 to October 31, 2021*
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)
Based on actual fund return		0.70	%	$	1,000.00	$	1,111.90	$	3.73
Based on hypothetical 5% return		0.70	%		1,000.00		1,021.68		3.57
Direxion Dynamic Hedge ETF
Based on actual fund return		0.55	%		1,000.00		1,056.90		2.85
Based on hypothetical 5% return		0.55	%		1,000.00		1,022.43		2.80
Direxion Fallen Knives ETF
Based on actual fund return		0.50	%		1,000.00		894.50		2.39
Based on hypothetical 5% return		0.50	%		1,000.00		1,022.68		2.55
Direxion Flight to Safety Strategy ETF (Consolidated)
Based on actual fund return		0.30	%		1,000.00		1,042.50		1.54
Based on hypothetical 5% return		0.30	%		1,000.00		1,023.69		1.53

	Annualized Expense Ratio			Beginning Account Value May 1, 2021		Ending Account Value October 31, 2021		Expenses Paid During Period May 1, 2021 to October 31, 2021*
Direxion Hydrogen ETF
Based on actual fund return		0.45	%	$	1,000.00	$	1,014.20	$	2.28
Based on hypothetical 5% return		0.45	%		1,000.00		1,022.94		2.29
Direxion Low Priced Stock ETF¹
Based on actual fund return		0.50	%		1,000.00		937.30		1.35
Based on hypothetical 5% return		0.50	%		1,000.00		1,012.58		1.41
Direxion Moonshot Innovators ETF
Based on actual fund return		0.65	%		1,000.00		921.00		3.15
Based on hypothetical 5% return		0.65	%		1,000.00		1,021.93		3.31
Direxion NASDAQ-100^® Equal Weighted Index Shares
Based on actual fund return		0.35	%		1,000.00		1,098.30		1.85
Based on hypothetical 5% return		0.35	%		1,000.00		1,023.44		1.79
Direxion Work From Home ETF
Based on actual fund return		0.45	%		1,000.00		1,080.80		2.36
Based on hypothetical 5% return		0.45	%		1,000.00		1,022.94		2.29
Direxion World Without Waste ETF
Based on actual fund return		0.50	%		1,000.00		1,172.30		2.74
Based on hypothetical 5% return		0.50	%		1,000.00		1,022.68		2.55
Direxion Russell 1000^® Growth Over Value ETF
Based on actual fund return		0.45	%		1,000.00		1,195.00		2.49
Based on hypothetical 5% return		0.45	%		1,000.00		1,022.94		2.29
Direxion Russell 1000^® Value Over Growth ETF
Based on actual fund return		0.45	%		1,000.00		1,001.20		2.27
Based on hypothetical 5% return		0.45	%		1,000.00		1,022.94		2.29

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days (the number of days in the period of May 1, 2021 to October 31, 2021), then divided by 365.

¹ Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period from July 22, 2021 (commencement of operations) to October 31, 2021, multiplied by 102 days (the number of days since commencement of operations to October 31, 2021), then divided by 365.

	Cash*			Common Stocks			Investment Companies			Futures			Swaps			Total
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)		94	%		—			—			6	%		—			100	%
Direxion Dynamic Hedge ETF		6	%		—			94	%		—			0	%**		100	%
Direxion Fallen Knives ETF		0	%**		100	%		—			—			—			100	%
Direxion Flight to Safety Strategy ETF (Consolidated)		9	%		27	%		64	%		0	%**		—			100	%
Direxion Moonshot Innovators ETF		0	%**		100	%		—			—			—			100	%
Direxion Hydrogen ETF		0	%**		100	%		—			—			—			100	%
Direxion Low Priced Stock ETF		0	%**		100	%		—			—			—			100	%
Direxion NASDAQ-100^® Equal Weighted Index Shares		0	%**		100	%		—			—			—			100	%
Direxion Work From Home ETF		0	%**		100	%		—			—			—			100	%
Direxion World Without Waste ETF		0	%**		100	%		—			—			—			100	%
Direxion Russell 1000^® Growth Over Value ETF		6	%		—			92	%		—			2	%		100	%
Direxion Russell 1000^® Value Over Growth ETF		7	%		—			97	%		—			(4	)%		100	%

* Cash and other assets less liabilities.

** Percentage is less than 0.5%.

Shares			Fair Value
SHORT TERM INVESTMENTS - 97.0%
Money Market Funds - 97.0%
	245,882,426	Dreyfus Government Cash Management Institutional Shares, 0.03% ^(a)	$	245,882,426
		TOTAL SHORT TERM INVESTMENTS (Cost $245,882,426)	$	245,882,426
		TOTAL INVESTMENTS (Cost $245,882,426) - 97.0%	$	245,882,426
		Other Assets in Excess of Liabilities - 3.0% ^(b)		7,548,512
		TOTAL NET ASSETS - 100.0%	$	253,430,938

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

^(a) Represents annualized seven-day yield at October 31, 2021.

^(b) $8,303,341 of cash is pledged as collateral for futures contracts.

Long Futures Contracts

October 31, 2021

Reference Entity	Expiration Date	Number of Contracts		Notional Amount		Variation Margin Receivable/ (Payable), net			Unrealized Appreciation (Depreciation)
Copper	12/29/2021		167	$	18,236,400	$	(294,338	)	$	1,190,299
Cotton No. 2	12/8/2021		459		26,358,075		257,040			6,512,093
Gasoline RBOB	11/30/2021		190		18,910,206		86,184			5,161,670
Natural Gas	4/27/2022		152		6,011,600		(124,640	)		1,533,190
NY Harbor ULSD	5/31/2022		212		20,719,608		(110,410	)		(770,836	)
Sugar	9/30/2022		949		19,620,765		(255,091	)		(137,207	)
Wheat	7/14/2022		489		18,967,087		(67,237	)		618,738
WTI Crude Oil	9/20/2022		219		15,886,260		(70,080	)		1,214,309
				$	144,710,001	$	(578,572	)	$	15,322,256

All futures contracts held by Direxion BCS Fund Ltd. See Note 1.

Shares			Fair Value
INVESTMENT COMPANIES - 94.4%
	9,164	iShares Core S&P 500 ETF ^(a)	$	4,224,512
		TOTAL INVESTMENT COMPANIES (Cost $3,341,732)	$	4,224,512
SHORT TERM INVESTMENTS - 3.3%
Money Market Funds - 3.3%
	145,865	Dreyfus Government Cash Management Institutional Shares, 0.03% ^(b)	$	145,865
	3,823	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 0.01% ^(b)		3,823
		TOTAL SHORT TERM INVESTMENTS (Cost $149,688)	$	149,688
		TOTAL INVESTMENTS (Cost $3,491,420) - 97.7% ^(c)	$	4,374,200
		Other Assets in Excess of Liabilities - 2.3%		99,935
		TOTAL NET ASSETS - 100.0%	$	4,474,135

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

^(a) Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

^(b) Represents annualized seven-day yield at October 31, 2021.

^(c) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,044,738.

Shares			Fair Value
COMMON STOCKS - 100.0%
Accommodation - 4.9%
	6,473	Las Vegas Sands Corp. ^(a)	$	251,218
Administrative and Support Services - 1.6%
	11,591	MultiPlan Corporation ^(a)		49,957
	5,091	Workhorse Group, Inc. ^(a)(b)		34,263
				84,220
Ambulatory Health Care Services - 5.4%
	9,373	Invitae Corp. ^(a)(b)		248,385
	1,054	Tabula Rasa HealthCare, Inc. ^(a)		28,616
				277,001
Chemical Manufacturing - 25.8%
	1,709	ADC Therapeutics SA ^(a)		49,544
	11,680	Amicus Therapeutics, Inc. ^(a)		122,640
	3,180	Coherus BioSciences, Inc. ^(a)		53,201
	1,699	Forma Therapeutics Holdings, Inc. ^(a)		31,533
	2,006	Generation Bio Co. ^(a)		42,046
	2,452	Gossamer Bio, Inc. ^(a)		30,454
	6,239	Ionis Pharmaceuticals, Inc. ^(a)		198,837
	1,338	iTeos Therapeutics, Inc. ^(a)		35,791
	7,436	Kadmon Holdings, Inc. ^(a)		70,270
	1,333	ORIC Pharmaceuticals Inc. ^(a)		19,515
	3,055	PTC Therapeutics, Inc. ^(a)		115,876
	2,307	Sage Therapeutics, Inc. ^(a)		93,111
	3,385	Sarepta Therapeutics, Inc. ^(a)		267,855
	2,683	Travere Therapeutics, Inc. ^(a)		77,297
	1,927	Turning Point Therapeutics, Inc. ^(a)		80,125
	1,563	uniQure N.V. ADR (Netherlands) ^(a)		47,625
				1,335,720
Credit Intermediation and Related Activities - 1.6%
	514	LendingTree, Inc. ^(a)		82,954
Food and Beverage Stores - 1.6%
	3,786	Grocery Outlet Holding Corp. ^(a)		84,011
Food Manufacturing - 4.6%
	2,965	McCormick & Co, Inc.		237,882
Hospitals - 0.1%
	388	Ontrak, Inc. ^(a)(b)		3,337
Merchant Wholesalers, Durable Goods - 1.7%
	1,504	Silk Road Medical, Inc. ^(a)		88,300
Merchant Wholesalers, Nondurable Goods - 3.5%
	2,719	Global Blood Therapeutics, Inc. ^(a)		99,298
	2,503	Relay Therapeutics, Inc. ^(a)		83,225
				182,523
Mining (except Oil and Gas) - 1.4%
	10,127	NovaGold Resources Inc. ADR ^(a)		74,028
Miscellaneous Manufacturing - 5.2%
	7,463	Cerus Corp. ^(a)		49,256
	2,261	Haemonetics Corp. ^(a)		155,353
	9,253	Inovio Pharmaceuticals, Inc. ^(a)(b)		66,067
				270,676
Performing Arts, Spectator Sports, and Related Industries - 2.7%
	16,919	iQIYI, Inc. ADR ^(a)		140,089

Shares			Fair Value
Petroleum and Coal Products Manufacturing - 1.4%
	17,592	YPF Sociedad Anónima ADR ^(a)	$	73,886
Printing and Related Support Activities - 0.6%
	3,141	Arko Corp. ^(a)		30,122
Professional, Scientific, and Technical Services - 7.2%
	3,192	Allogene Therapeutics, Inc. ^(a)		55,030
	2,604	Alteryx, Inc. ^(a)		190,587
	2,734	Kura Oncology, Inc. ^(a)		44,892
	1,425	Model N, Inc. ^(a)		46,184
	700	Simulations Plus, Inc. ^(b)		35,350
				372,043
Publishing Industries (except Internet) - 21.6%
	5,716	21Vianet Group, Inc. ADR ^(a)		89,627
	2,512	Citrix Systems, Inc.		237,962
	1,144	Coupa Software, Inc. ^(a)		260,489
	4,665	Fastly, Inc. ^(a)		236,095
	1,773	Splunk, Inc. ^(a)		292,226
				1,116,399
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 7.0%
	4,453	Canoo Inc. ^(a)(b)		35,713
	4,839	GDS Holdings Ltd. ADR (China) ^(a)		287,437
	4,935	Hyliion Holdings Corp. ^(a)(b)		39,924
				363,074
Telecommunications - 1.7%
	1,014	Bandwidth Inc. ^(a)		86,474
Transportation Equipment Manufacturing - 0.4%
	4,248	XL Fleet Corp. ^(a)(b)		23,279
		TOTAL COMMON STOCKS (Cost $5,511,175)	$	5,177,236
SHORT TERM INVESTMENTS - 3.2%
Money Market Funds - 3.2%
	165,542	Dreyfus Government Cash Management Institutional Shares, 0.03% ^(c)(d)	$	165,542
		TOTAL SHORT TERM INVESTMENTS (Cost $165,542)	$	165,542
		TOTAL INVESTMENTS (Cost $5,676,717) - 103.2%	$	5,342,778
		Liabilities in Excess of Other Assets - (3.2)%		(165,141	)
		TOTAL NET ASSETS - 100.0%	$	5,177,637

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

^(a) Non-income producing security.

^(b) A portion of this security represents a security on loan.

^(c) Represents annualized seven-day yield at October 31, 2021.

^(d) All or a portion of this security represents an investment of securities lending collateral.

ADR - American Depository Receipt

Shares			Fair Value
COMMON STOCKS - 26.7%
Utilities - 26.7%
	1,078	Alliant Energy Corp.	$	60,982
	1,096	Ameren Corp.		92,382
	2,142	American Electric Power Co., Inc.		181,449
	781	American Water Works Co., Inc.		136,035
	549	Atmos Energy Corp.		50,574
	244	Avangrid, Inc.		12,859
	2,371	CenterPoint Energy, Inc.		61,741
	1,243	CMS Energy Corp.		75,015
	1,476	Consolidated Edison, Inc.		111,290
	3,470	Dominion Energy, Inc.		263,477
	831	DTE Energy Co.		94,194
	3,317	Duke Energy Corp.		338,367
	1,637	Edison International		103,016
	865	Entergy Corp.		89,112
	977	Evergy, Inc.		62,284
	1,477	Eversource Energy		125,397
	4,208	Exelon Corp.		223,824
	2,342	FirstEnergy Corp.		90,237
	8,448	NextEra Energy, Inc.		720,868
	1,683	NiSource, Inc.		41,520
	6,484	PG&E Corp. ^(a)		75,214
	485	Pinnacle West Capital Corp.		31,278
	3,320	PPL Corp.		95,616
	2,175	Public Service Enterprise Group, Inc.		138,765
	1,305	Sempra Energy		166,557
	4,564	Southern Co.		284,428
	1,359	WEC Energy Group, Inc.		122,392
	2,313	Xcel Energy, Inc.		149,397
		TOTAL COMMON STOCKS (Cost $4,070,014)	$	3,998,270

Shares			Fair Value
INVESTMENT COMPANIES - 63.7%
	51,795	iShares 20+ Year Treasury Bond ETF ^(b)(c)	$	7,649,603
	55,403	iShares Gold Trust ^(b)		1,879,824
		TOTAL INVESTMENT COMPANIES (Cost $9,131,548)	$	9,529,427
SHORT TERM INVESTMENTS - 57.2%
Money Market Funds - 57.2%
	8,560,433	Dreyfus Government Cash Management Institutional Shares, 0.03% ^(d)(e)	$	8,560,433
		TOTAL SHORT TERM INVESTMENTS (Cost $8,560,433)	$	8,560,433
		TOTAL INVESTMENTS (Cost $21,761,995) - 147.6%	$	22,088,130
		Liabilities in Excess of Other Assets - (47.6)% ^(f)		(7,127,163	)
		TOTAL NET ASSETS - 100.0%	$	14,960,967

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

^(a) Non-income producing security.

^(b) Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

^(c) A portion of this security represents a security on loan.

^(d) Represents annualized seven-day yield at October 31, 2021.

^(e) All or a portion of this security represents an investment of securities lending collateral.

^(f) $66,000 of cash is pledged as collateral for futures contracts.

Shares			Fair Value
COMMON STOCKS - 99.5%
Chemical Manufacturing - 40.6%
	18,515	Air Liquide S.A. (France) ^(a)	$	3,090,554
	5,925	Air Products & Chemicals, Inc.		1,776,374
	61,612	Air Water, Inc. (Japan) ^(a)		940,588
	64,529	Cell Impact AB (Sweden) ^(a)		339,306
	41,000	Doosan Fuel Cell Co., Ltd (South Korea) ^(a)		1,831,501
	262,591	ITM Power (United Kingdom) ^(a)(b)		1,760,138
	5,593	Linde PLC (Ireland) ADR		1,785,286
	27,460	McPhy Energy SAS (France) ^(a)(b)		746,149
	53,398	Nippon Sanso Holdings Corp. (Japan) ^(a)		1,257,388
	854,828	PTT Global Chemical PCL (Thailand) ^(a)		1,616,528
	63,488	Showa Denko K.K. (Japan) ^(a)		1,592,639
				16,736,451
Computer and Electronic Product Manufacturing - 10.6%
	139,589	Bloom Energy Corp. ^(b)		4,363,552
Electrical Equipment, Appliance, and Component Manufacturing - 15.9%
	130,719	Chung-Hsin Electric & Machinery Manufacturing Corp. (Taiwan) ^(a)		193,433
	3,254	Hyosung Heavy Industries Corp. (South Korea)		186,744
	91,939	Plug Power, Inc.		3,518,506
	62,518	PowerCell Sweden AB (Sweden) ^(a)		1,396,164
	5,584	SFC Energy AG (Germany) ^(a)		208,535
	6,816	VARTA AG (Germany) ^(a)(b)		1,049,079
				6,552,461
Heavy and Civil Engineering Construction - 0.5%
	6,944	SK D&D Co., Ltd. (South Korea) ^(a)		187,483
Merchant Wholesalers, Durable Goods - 0.5%
	3,974	Hyster-Yale Materials Handling, Inc.		190,911
Miscellaneous Manufacturing - 0.5%
	53,722	Hexagon Purus Holding AS (Norway) ^(a)		192,610
Oil and Gas Extraction - 8.7%
	156,024	CIMC Enric Holdings Limited (Hong Kong) ^(a)		201,773
	425,781	ENEOS Holdings, Inc. (Japan) ^(a)		1,716,193
	60,824	Idemitsu Kosan Co., Ltd (Japan) ^(a)		1,661,625
				3,579,591
Primary Metal Manufacturing - 0.5%
	121,729	Kaori Heat Treatment Co., Ltd. (Taiwan) ^(a)		220,183
Transportation Equipment Manufacturing - 8.3%
	189,913	Ballard Power Systems, Inc. (Canada) ADR ^(b)		3,441,224

Shares			Fair Value
Utilities - 13.4%
	107,501	Ceres Power Holdings PLC (United Kingdom) ^(a)	$	1,834,593
	355,915	FuelCell Energy, Inc. ^(b)		2,843,761
	12,454	Korea Gas Corp. (South Korea) ^(a)		472,134
	14,017	S-Fuelcell Co., Ltd (South Korea) ^(a)		393,443
				5,543,931
		TOTAL COMMON STOCKS (Cost $39,642,062)	$	41,008,397
SHORT TERM INVESTMENTS - 27.3%
Money Market Funds - 27.3%
	11,240,145	Dreyfus Government Cash Management Institutional Shares, 0.03% ^(c)(d)	$	11,240,145
		TOTAL SHORT TERM INVESTMENTS (Cost $11,240,145)	$	11,240,145
		TOTAL INVESTMENTS (Cost $50,882,207) - 126.8%	$	52,248,542
		Liabilities in Excess of Other Assets - (26.8)%		(11,034,321	)
		TOTAL NET ASSETS - 100.0%	$	41,214,221

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

^(a) Non-income producing security.

^(b) A portion of this security represents a security on loan.

^(c) Represents annualized seven-day yield at October 31, 2021.

^(d) All or a portion of this security represents an investment of securities lending collateral.

ADR - American Depository Receipt

Shares			Fair Value
COMMON STOCKS - 99.6%
Administrative and Support Services - 5.9%
	27,509	CarLotz, Inc. ^(a)(b)	$	99,032
	51,631	Citius Pharmaceuticals, Inc. ^(a)(b)		96,550
	53,749	Ideanomics, Inc. ^(a)(b)		106,423
				302,005
Chemical Manufacturing - 21.4%
	48,078	Adverum Biotechnologies, Inc. ^(a)		109,137
	28,637	Antares Pharma, Inc. ^(a)		107,102
	28,251	CymaBay Therapeutics, Inc. ^(a)		110,179
	11,816	Kadmon Holdings, Inc. ^(a)		111,661
	38,252	Kala Pharmaceuticals, Inc. ^(a)		66,559
	23,188	MannKind Corp. ^(a)(b)		109,216
	34,364	Odonate Therapeutics, Inc. ^(a)		105,497
	29,277	OPKO Health, Inc. ^(a)		110,960
	44,038	Seelos Therapeutics, Inc. ^(a)(b)		95,122
	67,620	vTv Therapeutics, Inc. ^(a)		96,697
	42,433	Xeris Biopharma Holdings, Inc. ^(a)		78,925
				1,101,055
Computer and Electronic Product Manufacturing - 5.7%
	42,433	Ault Global Holdings, Inc. ^(a)(b)		98,444
	34,140	Orbital Energy Group, Inc. ^(a)(b)		91,154
	30,380	Senseonics Holdings, Inc. ^(a)(b)		106,330
				295,928
Insurance Carriers and Related Activities - 4.1%
	27,013	Genworth Financial, Inc. Class A ^(a)		111,023
	22,785	Hippo Holdings, Inc. ^(a)		96,836
				207,859
Merchant Wholesalers, Durable Goods - 2.1%
	20,002	RPC, Inc. ^(a)		107,811
Merchant Wholesalers, Nondurable Goods - 4.5%
	18,919	Amneal Pharmaceuticals, Inc. ^(a)		103,866
	30,557	Endo International PLC ADR (Ireland) ^(a)		129,867
				233,733
Mining (except Oil and Gas) - 2.5%
	34,821	Uranium Energy Corp. ^(a)(b)		129,534
Miscellaneous Manufacturing - 4.4%
	25,815	Accuray, Inc. ^(a)		128,817
	57,274	Asensus Surgical, Inc. ^(a)		96,793
				225,610
Oil and Gas Extraction - 8.4%
	22,785	Contango Oil & Gas Co. ^(a)		94,102
	33,919	Kosmos Energy Ltd. ^(a)		122,108
	26,401	Tellurian, Inc. ^(a)(b)		103,492
	26,944	W&T Offshore, Inc. ^(a)		110,740
				430,442
Performing Arts, Spectator Sports, and Related Industries - 1.7%
	39,402	Hall of Fame Resort & Entertainment Co. ^(a)(b)		90,625

Shares			Fair Value
Professional, Scientific, and Technical Services - 13.5%
	33,701	22nd Century Group, Inc. ^(a)(b)	$	92,341
	35,650	Athenex, Inc. ^(a)		90,551
	36,393	Clear Channel Outdoor Holdings, Inc. ^(a)		105,539
	37,299	NextDecade Corp. ^(a)		136,887
	20,117	Pieris Pharmaceuticals, Inc. ^(a)		92,136
	33,273	Second Sight Medical Products, Inc. ^(a)		91,168
	17,070	Vinco Ventures, Inc. ^(a)(b)		86,545
				695,167
Publishing Industries (except Internet) - 2.0%
	55,163	Exela Technologies, Inc. ^(a)		103,706
Real Estate - 10.0%
	29,691	Diversified Healthcare Trust		108,075
	32,349	Invesco Mortgage Capital ^(b)		101,576
	22,735	MFA Financial, Inc.		102,535
	24,318	New York Mortgage Trust, Inc.		106,756
	34,252	VBI Vaccines Inc. ADR (Canada) ^(a)		99,331
				518,273
Support Activities for Mining - 3.8%
	22,348	NexTier Oilfield Solutions, Inc. ^(a)		99,672
	27,437	Transocean Ltd. ADR (Switzerland) ^(a)		96,853
				196,525
Telecommunications - 2.0%
	49,910	VEON Ltd. ADR ^(a)		105,310
Transportation Equipment Manufacturing - 5.9%
	34,364	AgEagle Aerial Systems, Inc. ^(a)(b)		98,625
	22,395	REE Automotive Ltd. ADR (Israel) ^(a)		91,372
	21,881	Xos, Inc. ^(a)		115,532
				305,529
Water Transportation - 1.7%
	36,393	Nordic American Tankers Ltd. ADR		85,524
		TOTAL COMMON STOCKS (Cost $5,205,555)	$	5,134,636
SHORT TERM INVESTMENTS - 2.6%
Money Market Funds - 2.6%
	132,376	Dreyfus Government Cash Management Institutional Shares, 0.03% ^(c)(d)	$	132,376
		TOTAL SHORT TERM INVESTMENTS (Cost $132,376)	$	132,376
		TOTAL INVESTMENTS (Cost $5,337,931) - 102.2%	$	5,267,012
		Liabilities in Excess of Other Assets - (2.2)%		(113,850	)
		TOTAL NET ASSETS - 100.0%	$	5,153,162

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

Shares			Fair Value
COMMON STOCKS - 99.6%
Administrative and Support Services - 0.9%
	199,099	Workhorse Group, Inc. ^(a)(b)	$	1,339,936
Chemical Manufacturing - 4.9%
	98,667	Arcturus Therapeutics Holdings Inc. ^(a)(b)		4,435,082
	218,777	ImmunityBio, Inc. ^(a)(b)		1,713,024
	640,910	Orchard Therapeutics PLC ADR (United Kingdom) ^(a)		1,230,547
				7,378,653
Computer and Electronic Product Manufacturing - 20.0%
	79,246	908 Devices, Inc. ^(a)(b)		2,607,193
	170,273	Accelerate Diagnostics, Inc. ^(a)(b)		1,004,611
	34,944	Ambarella Inc. ADR ^(a)		6,493,644
	50,898	Mercury Computer Systems, Inc. ^(a)		2,623,283
	158,343	MicroVision, Inc. ^(a)(b)		1,204,990
	10,182	MongoDB, Inc. ^(a)		5,307,775
	425,922	Nano Dimension Ltd. ADR (Israel) ^(a)(b)		2,504,421
	113,337	Radware Ltd. ADR (Israel) ^(a)		4,015,530
	177,184	Vuzix Corp. ^(a)(b)		1,894,097
	149,349	Xperi Holdings Corp.		2,676,334
				30,331,878
Credit Intermediation and Related Activities - 6.2%
	205,925	LendingClub Corp. ^(a)		9,464,313
Data Processing, Hosting and Related Services - 2.6%
	195,400	Sohu.com Ltd. ADR ^(a)		3,958,804
Food Services and Drinking Places - 2.1%
	81,891	Yelp, Inc. ^(a)		3,163,449
Machinery Manufacturing - 1.9%
	34,733	iRobot Corp. ^(a)		2,897,427
Management of Companies and Enterprises - 1.4%
	942,518	Ebang International Holdings, Inc. ADR ^(a)(b)		2,045,264
Merchant Wholesalers, Durable Goods - 2.5%
	61,135	Agilysys, Inc. ^(a)		2,917,362
	265,150	OneConnect Financial Technology Co. Ltd. ADR ^(a)		840,525
				3,757,887
Miscellaneous Manufacturing - 2.9%
	1,152,329	Asensus Surgical, Inc. ^(a)(b)		1,947,436
	335,472	Inovio Pharmaceuticals, Inc. ^(a)(b)		2,395,270
				4,342,706
Performing Arts, Spectator Sports, and Related Industries - 1.2%
	606,264	Super League Gaming, Inc. ^(a)		1,903,669
Primary Metal Manufacturing - 3.1%
	25,063	Silicon Laboratories, Inc. ^(a)		4,730,892
Professional, Scientific, and Technical Services - 22.1%
	728,309	Adaptimmune Therapeutics PLC ADR (United Kingdom) ADR ^(a)		3,692,527
	81,768	Asana, Inc. ^(a)		11,104,094

Shares			Fair Value
Professional, Scientific, and Technical Services (continued)
	28,052	Crispr Therapeutics AG ADR (Switzerland) ^(a)	$	2,561,989
	17,918	F5 Networks, Inc. ^(a)		3,783,386
	118,151	Juniper Networks, Inc.		3,487,817
	111,679	NetScout Systems, Inc. ^(a)		3,022,034
	520,864	ProQR Therapeutics NV ADR (Netherlands) ^(a)(b)		4,021,070
	655,906	Xunlei Ltd. ADR ^(a)		1,915,246
				33,588,163
Publishing Industries (except Internet) - 6.9%
	56,802	BigCommerce Holdings, Inc. ^(a)		2,624,820
	115,742	Dropbox, Inc. ^(a)		3,528,974
	67,543	Varonis Systems, Inc. ^(a)		4,372,734
				10,526,528
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 10.5%
	422,183	Bit Mining Ltd. ADR ^(a)(b)		3,542,115
	118,863	ChargePoint Holdings, Inc. ^(a)(b)		2,945,425
	249,796	Desktop Metal, Inc. ^(a)(b)		1,746,074
	179,073	EOS Enegy Enterprises, Inc. ^(a)(b)		1,889,220
	137,732	Luminar Technologies, Inc. ^(a)		2,257,428
	293,100	Velodyne Lidar, Inc. ^(a)(b)		1,787,910
	95,701

Letter to Shareholders (Unaudited)					4
Performance Summary (Unaudited)					12
Expense Example (Unaudited)					24
Allocation of Portfolio Holdings (Unaudited)					26
Schedules of Investments					27
Statements of Assets and Liabilities					43
Statements of Operations					46
Statements of Changes in Net Assets					49
Financial Highlights					55
Notes to the Financial Statements					57
Report of Independent Registered Public Accounting Firm					75
Supplemental Information (Unaudited)					77
Board Review of Investment Advisory Agreement (Unaudited)					78
Board Review of Liquidity Risk Management Program (Unaudited)					83
Trustees and Officers (Unaudited)					84