DIREXION SHARES ETF TRUST

SEMI–ANNUAL REPORT APRIL 30, 2023

1301 Avenue of the Americas (6th Ave.), 28th Floor  New York, New York 10019  www.direxion.com

1X BEAR FUNDS

Direxion Daily S&P 500^®​ Bear 1X Shares

Direxion Daily AAPL Bear 1X Shares

Direxion Daily AMZN Bear 1X Shares

Direxion Daily GOOGL Bear 1X Shares

Direxion Daily MSFT Bear 1X Shares

Direxion Daily TSLA Bear 1X Shares

1.5X BULL FUNDS

Direxion Daily AAPL Bull 1.5X Shares

Direxion Daily AMZN Bull 1.5X Shares

Direxion Daily GOOGL Bull 1.5X Shares

Direxion Daily MSFT Bull 1.5X Shares

Direxion Daily TSLA Bull 1.5X Shares

2X BULL FUNDS				2X BEAR FUNDS
Direxion Daily CSI 300 China A Share Bull 2X Shares
Direxion Daily CSI China Internet Index Bull 2X Shares
Direxion Daily S&P 500®​ Bull 2X Shares
Direxion Daily MSCI Brazil Bull 2X Shares
Direxion Daily MSCI India Bull 2X Shares
Direxion Daily Cloud Computing Bull 2X Shares
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares
Direxion Daily Energy Bull 2X Shares				Direxion Daily Energy Bear 2X Shares
Direxion Daily Global Clean Energy Bull 2X Shares
Direxion Daily Gold Miners Index Bull 2X Shares				Direxion Daily Gold Miners Index Bear 2X Shares
Direxion Daily Junior Gold Miners Index Bull 2X Shares				Direxion Daily Junior Gold Miners Index Bear 2X Shares
Direxion Daily NYSE FANG+ Bull 2X Shares
(formerly Direxion Daily Select Large Caps & FANGs Bull 2X Shares)
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares				Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares
Direxion Daily Travel & Vacation Bull 2X Shares

Table of Contents

Letter to Shareholders					4
Expense Example					17
Allocation of Portfolio Holdings					20
Schedules of Investments					21
Statements of Assets and Liabilities					62
Statements of Operations					70
Statements of Changes in Net Assets					78
Financial Highlights					93
Notes to the Financial Statements					98
Supplemental Information					129
Trustees and Officers					130

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Letter to Shareholders

Dear Shareholders,

This Semi-Annual Report for the Direxion Shares exchange-traded funds (the "ETFs") covers the period from November 1, 2022 to April 30, 2023 (the "Semi-Annual Period").

Market Review:

The Semi-Annual Period was filled with volatility in the equity markets as inflation, the Russia-Ukraine war, China's zero-Covid policy and the banking crisis were top of mind for many investors. In the fourth quarter of 2022, the S&P 500^®​ Index was down nearly 20%, although earnings grew. 2023 started out on a stronger note as equity markets rallied in January, but market sentiment in February was much more bearish on the heels of a higher-than expected Consumer Price Index (CPI) reading, confirming inflation is stickier than once anticipated. Through the end of 2022, tech was out of favor, while the energy sector provided a beacon of light. However, in 2023, that trend reversed, and tech outperformed energy, as well as the rest of the market, for most of the first part of this year. China effectively ended their zero-Covid policy in December, causing Chinese and Chinese-adjacent equities to rally. The Russia-Ukraine war waged on, but January through April saw global supply chain improvement. Domestically, despite high inflation and a weak dollar, the labor market remained tight throughout the Semi-Annual Period. In early March, three regional banks collapsed one after another, beginning with Silicon Valley Bank, causing the financials segment of the S&P 500^®​ Index to fall nearly 10% in March. Some fears around the banking sector, specifically smaller banks, bled into April. In summary, the Semi-Annual Period began, and ended, with recessionary fears, inflation and uncertainty surrounding the market environment.

All eyes were on the Federal Reserve during the Semi-Annual Period as it attempted to combat inflation and market volatility. As the Federal Reserve conducted a series of rate hikes, Treasury yields peaked in November, and started to go down in the latter half of November and December. Generally, short-term yields tended to be higher than long-term yields, and high yield modestly outperformed investment grade. In fact, bonds outperformed stocks in 2022, which is extremely rare, although both ended 2022 in the red. Inflation started to come down in January, and the Federal Reserve reduced rate hikes from 50 bps to 25 bps on February 1. Similar to equities, the fixed income market rallied in January as headline CPI ticked down. However, the February CPI reading was higher-than-expected, prompting markets to anticipate further hawkish monetary policy. The banking collapse also influenced the fixed income market, causing interest rate expectations to decrease and lending standards to tighten. Although the yield curve remains inverted, it is much less inverted than it was at the beginning of the Semi-Annual Period. U.S. high yield and U.S. corporate bonds provided the best returns in the first quarter of 2023, but the bond market remained at historically high volatility levels.

Direxion Shares Operational Review:

The discussion below relates to the performance of the ETFs for the Semi-Annual Period. The ETFs are leveraged and seek daily investment results, before fees and expenses, of 200%, -100% or -200% of the performance of a particular benchmark. All ETF returns are NAV (net asset value) returns.

The ETFs, as stated above, seek daily investment results. They do not seek to track a multiple of their respective benchmarks for periods longer than one day and the performance of the ETFs over longer periods may not correlate to their benchmarks' performance. The ETFs should not be held by investors for long periods and should be used as short-term trading vehicles. These products are not suitable for all investors, and should be utilized only by sophisticated investors who understand the risks associated with the use of leverage, the consequences of seeking daily leveraged investment results and intend to actively monitor and manage their investments.

The ETFs with the word "Bull" in their name (the "Bull ETFs"), attempt to provide investment results that correlate to 200%, before fees and expenses, of the daily performance of a benchmark index, meaning the Bull Funds attempt to move in the same direction as their respective target benchmark index.

The Funds with the word "Bear" in their name (the "Bear ETFs"), attempt to provide investment results that correlate to -100% or -200%, before fees and expenses, of the daily performance of a benchmark index, meaning that the Bear Funds attempt to move in the opposite, or inverse, direction of their respective target benchmark index.

In seeking to achieve each ETF's daily investment results, Rafferty Asset Management, LLC ("Rafferty" or the "Adviser"), relies upon a pre-determined investment model to generate orders resulting in repositioning each ETF's investments in accordance with its daily investment objective. Using this approach, Rafferty determines the type, quantity and mix of investment positions that it believes in combination should produce daily returns consistent with an ETF's objective. As a consequence, if an ETF is performing as designed, the return of the benchmark index will dictate the return for that ETF. Each ETF pursues its investment objective regardless of market conditions and does not take defensive positions.

Each ETF has a clearly articulated goal which requires the ETF to seek economic exposure significantly in excess of its net assets. To meet its objectives, each ETF invests in some combination of financial instruments, including derivatives. Each ETF invests significantly in derivatives, including swap agreements. Rafferty uses these types of investments to produce economically "leveraged" investment results. Leveraging allows Rafferty to generate a greater positive or negative return than what would be generated on the invested capital without leverage, thus changing small market movements into larger changes in the value of the investments of an ETF.

The ETFs may use certain investment techniques, including investments in derivatives, which may be considered aggressive. Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate dramatically over time. Additionally, use of such instruments may increase the volatility of the ETFs. The use of derivatives may expose the ETFs to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives, such as counterparty risk. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case.

Because each ETF seeks daily investment results of its relevant benchmark, a comparison of the return of the ETF to the relevant benchmark tells you little about whether an ETF has met its investment objective. To determine if an ETF has met its daily investment goals, Rafferty maintains models which indicate the expected performance of each ETF as compared to the underlying relevant index. The models do not take into account the ETF's expense ratio or any transaction or trading fees associated with creating or maintaining an ETF's portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying index volatility.

Factors Affecting Direxion Shares Performance:

Benchmark Performance – The daily performance of each ETF's benchmark index, and the factors and market conditions implicitly affecting that index, are the primary factors driving ETF performance. Given the daily goals, the series of daily index returns are most important. The market conditions that affected the benchmark indexes during the past year are described below.

Leverage – Each 200% or -200% ETF seeks daily investment results (before fees and expenses) of either 200% (for the Bull ETFs) or -200% (for the Bear ETFs) of the daily performance of its respective underlying index. The use of leverage magnifies an ETF's gains or losses and increases the investment's risk and volatility. The Bear ETFs seek to achieve inverse magnified correlation to their respective underlying indexes.

Volatility and Compounding – The goal of leveraged ETFs is to provide a multiple of the daily return of an underlying index. Over periods longer than a single day, an ETF should not be expected to provide its respective multiple of the return of the underlying index. Due to the effects of compounding, a universal mathematical concept that applies to all investments, returns of the ETFs over longer periods are greater or less than the ETF's daily stated goal. Periods of high volatility that lack a clear trend hurt an ETF's performance while trending, low volatility markets enhance an ETF's performance.

Cost of Financing – In order to attain leveraged exposure, a Bull ETF incurs a cost of SOFR plus or minus a spread and a Bear ETF receives SOFR plus or minus a spread as applied to the borrowed portion of the ETF's exposure. The spread varies

by both Fund and counterparty and is a function of market demand, hedging costs, access to balance sheet, borrow volatility, current counterparty exposure and administrative costs associated with the swap counterparty. Generally for most of the Bull ETFs, the financing costs will have a negative effect on tracking, but for Bear ETFs, the financing cost will have a positive effect on tracking. An increase in interest rates which effects the cost of financing will further impact an ETF's performance and ability to track its index.

Optimized Baskets – Each Bull ETF holds a basket of equities designed to provide returns that track its underlying index. In order to decrease transaction costs, certain Bull ETFs hold only a representative sample, or optimized basket, that tracks closely over time, but deviates from its underlying index in the short-term.

Equity Dividends and Bond Interest – Equity Bull ETFs are positively impacted by equity and index dividends as the ETFs receive those payments. Equity Bear ETFs are negatively impacted as they are obligated to pay the dividends. Treasury Bull ETFs receive interest, accrued on a daily basis, to account for the Treasury's semi-annual coupon payments while the Treasury Bear ETFs pay interest, accrued on a daily basis.

Fees, Expenses, and Transaction Costs – Fees and expenses are listed in each ETF's prospectus and may be higher than many traditional index ETFs' fees, which cause a greater negative impact on ETF performance. Transactions costs are not included in the expense ratio of the ETFs. Transaction costs can be higher due to the ETF's use of leverage, frequent creation and redemption activity, or trading securities that are comparatively less liquid.

Direxion Shares Performance Review:

The Direxion Daily S&P 500^®​ Bear 1X Shares seeks to provide -100% of the daily return of the S&P 500^®​ Index. The S&P 500^®​ Index is a capitalization-weighted index composed of 500 domestic common stocks. The S&P 500^®​ Index is a capitalization-weighted index composed of 500 domestic common stocks. Standard & Poor's^®​ selects the stocks comprising the S&P 500^®​ Index on the basis of market capitalization, financial viability of the company and the public float, liquidity and price of a company's shares outstanding. The index is a float-adjusted, market capitalization-weighted index. For the Semi-Annual Period, the S&P 500^®​ Index returned 8.63%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily S&P 500^®​ Bear 1X Shares -5.73%, while the model indicated an expected return of -9.50%.

The Direxion Daily CSI 300 China A Share Bull 2X Shares seeks to provide 200% of the daily return of the CSI 300 Index. The CSI 300 Index is a modified free-float market capitalization weighted index comprised of the largest and most liquid stocks in the Chinese A-share market. Index constituent stocks must have been listed for more than three months (unless the stock's average daily A-share market capitalization since its initial listing ranks among the top 30 of all A-shares) and must not be experiencing obvious abnormal fluctuations or market manipulations. For the Semi-Annual Period, the CSI 300 Index returned 21.86%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily CSI 300 China A Share Bull 2X Shares returned 43.26%, while the model indicated an expected return 44.35%.

The Direxion Daily CSI China Internet Index Bull 2X Shares seeks to provide 200% of the daily return of the CSI Overseas China Internet Index. The CSI Overseas China Internet Index is provided by China Securities Index Co., LTD. The index is designed to measure the performance of the investable universe of publicly traded China-based companies whose primary business or businesses are in the internet and internet-related sectors, as defined by the index sponsor, China Securities Index Co., Ltd. A China-based company is a company that meets at least one of the following criteria: 1) the company is incorporated in mainland China; 2) its headquarters are in mainland China; or 3) at least 50% of the revenue from goods produced or sold, or services performed in mainland China. The index provider then removes securities that during the past year had a daily average trading value of less than $500,000 or a daily average market capitalization of less than $500 million. For the Semi-Annual Period, the CSI Overseas China Internet Index returned 45.63%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily CSI China Internet Index Bull 2X Shares returned 81.57%, while the model indicated an expected return of 87.49%.

The Direxion Daily S&P 500^®​ Bull 2X Shares seek to provide 200% of the daily return of the S&P 500^®​ Index. The S&P 500^®​ Index is a capitalization-weighted index composed of 500 domestic common stocks. The S&P 500^®​ Index is a capitalization-weighted index composed of 500 domestic common stocks. Standard & Poor's^®​ selects the stocks comprising the S&P 500^®​ Index on the basis of market capitalization, financial viability of the company and the public float, liquidity and price of a company's shares outstanding. The index is a float-adjusted market capitalization-weighted index. For the Semi-Annual Period, the S&P 500^®​ Index returned 8.63%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily S&P 500^®​ Bull 2X Shares returned 12.93%, while the model indicated an expected return of 16.06%.

The Direxion Daily MSCI Brazil Bull 2X Shares seeks to provide 200% of the daily return of the MSCI Brazil 25/50 Index. The MSCI Brazil 25/50 Index is designed to measure the performance of the large- and mid-capitalization segments of the Brazilian equity market, covering approximately 85% of the free float-adjusted market capitalization of Brazilian issuers. For the Semi-Annual Period, the MSCI Brazil 25/50 Index returned -6.87%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily MSCI Brazil Bull 2X Shares returned -20.06%, while the model indicated an expected return of -17.83%.

The Direxion Daily MSCI India Bull 2X Shares seeks to provide 200% of the daily return of the MSCI India Index. The MSCI India Index is designed to measure the performance of the large- and mid-capitalization segments of the Indian equity market, covering approximately 85% of companies in the Indian equity universe. For the Semi-Annual Period, the MSCI India Index returned -2.56%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily MSCI India Bull 2X Shares returned -8.95%, while the model indicated an expected return of -5.96%.

The Direxion Daily Cloud Computing Bull 2X Shares seeks to provide 200% of the daily return of the Indxx USA Cloud Computing Index. The Indxx USA Cloud Computing Index is provided by Indxx, LLC. and includes domestic companies that deliver cloud computing infrastructure, platforms, or services. The companies included in the Index are involved in the delivery of computing services – servers, storage, databases, networking, software, analytics, and more, over the internet, which is often referred to as the "Cloud." The Index Provider has defined cloud computing to include three themes: Infrastructure as a service; Platform as a service; and Software as a service. For the Semi-Annual Period, the Indxx USA Cloud Computing Index returned -1.21%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Cloud Computing Bull 2X Shares returned -9.79%, while the model indicated an expected return of -7.36%.

The Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares seeks to provide 200% of the daily return of the Indxx US Electric and Autonomous Vehicles Index. The Indxx US Electric and Autonomous Vehicles Index is designed to track the performance of electric and autonomous vehicles companies. The Index Provider defines electric and autonomous vehicles companies as those companies that derive at least 50% of their revenues from the following activities (or "sub-themes"): Manufacturers – companies that manufacture and sell electric or autonomous vehicles; Enablers – companies that build infrastructure or create technology for electric or autonomous vehicles, such as charging docks and batteries; and Software and Technology Services – companies that engage in the development of software and technology for electric or autonomous vehicles. For the Semi-Annual Period, the Indxx US Electric and Autonomous Vehicles Index returned -22.21%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. Since inception, the Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares returned -49.13%, while the model indicated an expected return of -47.84%.

The Direxion Daily Energy Bull 2X Shares and the Direxion Daily Energy Bear 2X Shares seek to provide 200% and -200%, respectively, of the daily return of the Energy Select Sector Index. The Energy Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the energy sector which includes the following industries: oil, gas and consumable fuels; and energy equipment and services. For the Semi-Annual Period, the Energy Select Sector Index returned -3.36%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the

annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Energy Bull 2X Shares returned -12.79%, while the model indicated an expected return of -10.11%. The Direxion Daily Energy Bear 2X Shares returned 1.41%, while the model indicated an expected return of -4.41%.

The Direxion Daily Global Clean Energy Bull 2X Shares seeks to provide 200% of the daily return of the S&P Global Clean Energy Index. The S&P Global Clean Energy Index is designed to track the performance of companies from developed markets whose economic fortunes are tied to the global clean energy business. The Index has a target constituent count of 100 and is limited to those stocks traded on a developed market exchange that meet or exceed, at the time of inclusion, $300 million in total market capitalization, $100 million in float adjusted market capitalization, and $3 million average daily value traded over a six month period. The Index is rebalanced semiannually. For the Semi-Annual Period, the S&P Global Clean Energy Index returned -0.62%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. Since inception, the Direxion Daily Global Clean Energy Bull 2X Shares returned -7.35%, while the model indicated an expected return of -6.18%.

The Direxion Daily Gold Miners Index Bull 2X Shares and the Direxion Daily Gold Miners Index Bear 2X Shares seek to provide 200% and -200%, respectively, of the daily return of the NYSE Arca Gold Miners Index. The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies that operate globally in both developed and emerging markets, and are involved primarily in mining for gold and, to a lesser extent, in mining for silver. The index will limit the weight of companies whose revenues are more significantly exposed to silver mining to less than 20% of the index at each rebalance date. The index may include small- and mid-capitalization companies and foreign issuers For the Semi-Annual Period, the NYSE Arca Gold Miners Index returned 41.38%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Gold Miners Index Bull 2X Shares returned 80.43%, while the model indicated an expected return of 86.33%. The Direxion Daily Gold Miners Index Bear 2X Shares returned -57.53%, while the model indicated an expected return of -60.05%.

The Direxion Daily Junior Gold Miners Index Bull 2X Shares and the Direxion Daily Junior Gold Miners Index Bear 2X Shares seek to provide 200% and -200%, respectively, of the daily return of the MVIS Global Junior Gold Miners Index. The MVIS Global Junior Gold Miners Index tracks the performance of foreign and domestic micro-, small- and mid-capitalization companies that generate, or demonstrate the potential to generate, at least 50% of their revenues from, or have at least 50% of their assets related to, gold mining and/or silver mining, hold real property or have mining projects that have the potential to produce at least 50% of the company's revenue from gold or silver mining when developed, or primarily invest in gold or silver. For the Semi-Annual Period, the MVIS Global Junior Gold Miners Index returned 35.47%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Junior Gold Miners Index Bull 2X Shares returned 62.99%, while the model indicated an expected return of 68.32%. The Direxion Daily Junior Gold Miners Index Bear 2X Shares returned -56.00%, while the model indicated an expected return of -58.59%.

The Direxion Daily NYSE FANG+ Bull 2X Shares (the "FANG ETF") seeks to provide 200% of the daily return of the NYSE FANG+ Index. The NYSE FANG+ Index is an equal-dollar weighted Index designed to track the performance of 10 highly-traded growth stocks of technology and tech-enabled companies. The Index is comprised of the securities of U.S.-listed companies that ICE Data Indices, LLC (the "Index Provider") has identified as FANG+ companies, which are comprised of the six FAANMG companies and four non-FAANMG companies. The Index Provider defines the FAANMG as Meta Platforms Inc. (META), Apple Inc. (AAPL), Amazon.com Inc. (AMZN), Netflix Inc. (NFLX), Microsoft Corp. (MSFT), and Alphabet Inc. Class A (GOOGL). The Index is reconstituted quarterly. From March 1, 2023 through April 30, 2023, the NYSE FANG+ Index returned 11.70%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The FANG ETF returned 21.81%, while the model indicated an expected return of 23.24%.

From November 1, 2022 through February 28, 2023, the FANG ETF sought to provide 200% of the daily return of the ICE FANG 20 Index. The ICE FANG 20 Index is an equal weighted index designed to include Facebook, Apple, Amazon, Netflix and (Alphabet's) Google (i.e., the FANGs) and similar highly-traded growth stocks of technology and tech-enabled companies, such as Microsoft, from the information technology, communication services and consumer discretionary sectors. The Index consists of 20 stocks or depository receipts that are listed on a U.S. Exchange that have a minimum of a $5 billion market capitalization and a 6-month average daily trading value of at least $50 million. The Index selects companies whose economic fortunes are tied to technologies such as social networking, autonomous driving, electric vehicles, smartphones, mobile payments, e-commerce, online games, streaming media, online entertainment, cryptocurrencies, blockchain, big data, artificial intelligence, machine learning, digital advertising, cloud services and other innovative technologies. The Index is reconstituted and rebalanced quarterly. From November 1, 2022 through February 28, 2023, the ICE FANG 20 Index returned 0.21%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The FANG ETF returned -6.94%, while the model indicated an expected return of -5.12%.

The Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares sought to provide 200% of the daily return of the Indxx Global Robotics & Artificial Intelligence Thematic Index. The Indxx Global Robotics & Artificial Intelligence Thematic Index is designed to provide exposure to exchange-listed companies in developed markets that are expected to benefit from the adoption and utilization of robotics and/or artificial intelligence, including companies involved in developing industrial robots and production systems, automated inventory management, unmanned vehicles, voice/image/text recognition, and medical robots or robotic instruments, as defined by the index provider, Indxx. Companies must have a minimum market capitalization of $100 million and a minimum average daily turnover for the last 6 months greater than, or equal to, $2 million in order to be eligible for inclusion in the Index. For the Semi-Annual Period, the Indxx Global Robotics & Artificial Intelligence Thematic Index returned 26.96%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares returned 50.59%, while the model indicated an expected return of 55.37%.

The Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares and the Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares seek to provide 200% and -200%, respectively, of the daily return of the S&P Oil & Gas Exploration & Production Select Industry Index. The S&P Oil & Gas Exploration & Production Select Industry Index is provided by Standard & Poor's and includes domestic companies from the oil and gas exploration and production sub-industry. The index is designed to measure the performance of a sub-industry or group of sub-industries determined based on the Global Industry Classification Standards. For the Semi-Annual Period, the S&P Oil & Gas Exploration & Production Select Industry Index returned -14.60%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares returned -34.00%, while the model indicated an expected return of -31.90%. The Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares returned 18.82%, while the model indicated an expected return of 12.11%.

The Direxion Daily Travel & Vacation Bull 2X Shares seeks to provide 200% of the daily return of the BlueStar^®​ Travel and Vacation Index. The BlueStar^®​ Travel and Vacation Index is provided by MV Index Solutions GmbH and is comprised of US listed stocks, including depository receipts, of companies that are "Travel and Vacation" companies, as defined by the Index Provider. To be eligible for inclusion in the Index, a company must either (a) derive 25% or more of its revenue from, or devote 25% or more of its annual budget to, operating theme parks and/or hotels or (b) derive 50% or more of its revenue from, or devote 50% or more of its annual budget to the following activities: 1. Hotel accommodations; 2. Commercial airlines; 3. Casino resorts; 4. Hotel time shares; 5. Ski resorts; 6. Cruises; 7. Hotel real estate investment trusts; 8. Performing arts centers; 9. Online travel and event booking; 10. Specialty travel and experiences (such as outer space passenger travel), and 11. Operation of theme parks. For the Semi-Annual Period, the BlueStar^®​ Travel and Vacation Index returned 12.60%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Travel & Vacation Bull 2X Shares returned 19.31%, while the model indicated an expected return of 22.89%.

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

Best Regards,

Patrick Rudnick				Corey Noltner
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.

Investing in a Direxion Shares ETF may be more volatile than investing in broadly diversified funds. The use of leverage by an ETF increases the risk to the ETF. The Direxion Shares ETFs are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk, consequences of seeking daily leveraged, or daily inverse leveraged, investment results and intend to actively monitor and manage their investment. The Direxion Shares ETFs are not designed to track their respective underlying indices over a period of time longer than one day.

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 Funds 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.

SOFR (Secured Overnight Financing Rate) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. 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.

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 risk that results from the ETFs' investments in a particular industry or sector which can increase volatility. The use of derivatives such as futures contracts, forward contracts, options 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 underlying index for periods other than a single day. For other risks including

correlation, leverage, compounding, market volatility and specific risks regarding each sector, please read each ETF's prospectus.

The views of this letter were those of the Adviser as of April 30, 2023 and may not necessarily reflect its 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

Letter to Single Stock Shareholders

Dear Shareholders,

This Semi-Annual Report for the Direxion Shares exchange traded funds (the "ETFs") covers the period from November 1, 2022 to April 30, 2023 (the "Semi-Annual Period").

Market Review:

The Semi-Annual Period was filled with volatility in the equity markets as inflation, the Russia-Ukraine war, China's zero-Covid policy and the banking crisis were top of mind for many investors. In the fourth quarter of 2022, the S&P 500^®​ Index was down nearly 20%, although earnings grew. 2023 started out on a stronger note as equity markets rallied in January, but market sentiment in February was much more bearish on the heels of a higher-than expected Consumer Price Index (CPI) reading, confirming inflation is stickier than once anticipated. Through the end of 2022, tech was out of favor, while the energy sector provided a beacon of light. However, in 2023, that trend reversed, and tech outperformed energy, as well as the rest of the market, for most of the first part of this year. China effectively ended their zero-Covid policy in December, causing Chinese and Chinese-adjacent equities to rally. The Russia-Ukraine war waged on, but January through April saw global supply chain improvement. Domestically, despite high inflation and a weak dollar, the labor market remained tight throughout the Semi-Annual Period. In early March, three regional banks collapsed one after another, beginning with Silicon Valley Bank, causing the financials segment of the S&P 500^®​ Index to fall nearly 10% in March. Some fears around the banking sector, specifically smaller banks, bled into April. In Summary, the Semi-Annual Period began, and ended, with recessionary fears, inflation and uncertainty surrounding the market environment.

All eyes were on the Federal Reserve during the Semi-Annual Period as it attempted to combat inflation and market volatility. As the Federal Reserve conducted a series of rate hikes, Treasury yields peaked in November, and started to go down in the latter half of November and December. Generally, short-term yields tended to be higher than long-term yields, and high yield modestly outperformed investment grade. In fact, bonds outperformed stocks in 2022, which is extremely rare, although both ended 2022 in the red. Inflation started to come down in January, and the Federal Reserve reduced rate hikes from 50 bps to 25 bps on February 1. Similar to equities, the fixed income market rallied in January as headline CPI ticked down. However, the February CPI reading was higher-than-expected, prompting markets to anticipate further hawkish monetary policy. The banking collapse also influenced the fixed income market, causing interest rate expectations to decrease and lending standards to tighten. Although the yield curve remains inverted, it is much less inverted than it was at the beginning of the Semi-Annual Period. U.S. high yield and U.S. corporate bonds provided the best returns in the first quarter of 2023, but the bond market remained at historically high volatility levels.

Direxion Shares Operational Review:

The discussion below relates to the performance of the ETFs for the Semi-Annual Period. The ETFs are leveraged or inverse and seek daily investment results, before fees and expenses, of 150% or -100% (opposite or inverse) of the performance of a particular security. All ETF returns are NAV (net asset value) returns.

The ETFs, as stated above, seek daily investment results. They do not seek to track a multiple of their respective underlying security for periods of longer than one day, and the performance of the ETFs over longer periods may not correlate to their underlying security's performance. The ETFs should not be held by investors for long periods, and should be used as short-term trading vehicles. These products are not suitable for all investors, and should be utilized only by sophisticated investors who understand the risks associated with the use of leverage, the consequences of seeking daily leveraged investment results and intend to actively monitor and manage their investments.

The ETFs with the word "Bull" in their name (the "Bull ETFs"), attempt to provide investment results that correlate to 150%, before fees and expenses, of the daily performance of an underlying security, meaning the Bull Funds attempt to move in the same direction as their respective target underlying security.

The Funds with the word "Bear" in their name (the "Bear ETFs"), attempt to provide investment results that correlate to -100%, before fees and expenses, of the daily performance of an underlying security, meaning that the Bear Funds attempt to move in the opposite, or inverse, direction of their respective target underlying security.

In seeking to achieve each ETF's daily investment results, Rafferty Asset Management, LLC ("Rafferty" or the "Adviser"), relies upon a pre-determined investment model to generate orders resulting in repositioning each ETF's investments in accordance with its daily investment objective. Using this approach, Rafferty determines the type, quantity and mix of investment positions that it believes in combination should produce daily returns consistent with an ETF's objective. As a consequence, if an ETF is performing as designed, the return of the underlying security will dictate the return for that ETF. Each ETF pursues its investment objective regardless of market conditions and does not take defensive positions.

Each ETF has a clearly articulated goal which requires the ETF to seek economic exposure significantly in excess of its net assets. To meet its objectives, each ETF invests in some combination of financial instruments, including derivatives. Each ETF invests significantly in derivatives, including swap agreements. Rafferty uses these types of investments to produce economically "leveraged" investment results. Leveraging allows Rafferty to generate a greater positive or negative return than what would be generated on the invested capital without leverage, thus changing small market movements into larger changes in the value of the investments of an ETF.

The ETFs may use certain investment techniques, including investments in derivatives, which may be considered aggressive. Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate dramatically over time. Additionally, use of such instruments may increase the volatility of the ETFs. The use of derivatives may expose the ETFs to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives, such as counterparty risk. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case.

Because each ETF seeks daily investment results of a particular underlying security, a comparison of the return of the ETF to the relevant common shares tells you little about whether an ETF has met its investment objective. To determine if an ETF has met its daily investment goals, Rafferty maintains models which indicate the expected performance of each ETF as compared to the respective underlying security. The models do not take into account the ETF's expense ratio or any transaction or trading fees associated with creating or maintaining an ETF's portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying index volatility.

Factors Affecting the ETFs Performance:

Benchmark Performance – The daily performance of each ETF's underlying security, and the factors and market conditions implicitly affecting that underlying security, are the primary factors driving ETF performance. Given the daily goals, the series of daily underlying security returns are most important. The market conditions that affected the underlying security during the past year are described below.

Leverage – Each Bull ETF seeks daily investment results (before fees and expenses) of 150% of the performance of its respective underlying security. The use of leverage magnifies an ETF's gains or losses and increases the investment's risk and volatility.

Volatility and Compounding – The goal of leveraged ETFs is to provide a multiple of the daily return of a particular underlying security. Over periods longer than a single day, an ETF should not be expected to provide its respective multiple of the return of the particular underlying security. Due to the effects of compounding, a universal mathematical concept that applies to all investments, returns of the ETFs over longer periods are greater or less than the ETF's daily stated goal. Periods of high volatility that lack a clear trend hurt an ETF's performance while trending, low volatility markets enhance an ETF's performance.

Cost of Financing – In order to attain leveraged exposure, a Bull ETF incurs a cost of SOFR plus or minus a spread and a Bear ETF receives SOFR plus or minus a spread as applied to the borrowed portion of the ETF's exposure. The spread varies

by both Fund and counterparty and is a function of market demand, hedging costs, access to balance sheet, borrow volatility, current counterparty exposure and administrative costs associated with the swap counterparty. Generally for most of the Bull ETFs, the financing costs will have a negative effect on tracking, but for Bear ETFs, the financing cost will have a positive effect on tracking. An increase in interest rates which effects the cost of financing will further impact an ETF's performance and ability to track its underlying security.

Optimized Baskets – Each Bull ETF holds a basket of equities designed to provide returns that track its particular underlying security. In order to decrease transaction costs, certain Bull ETFs hold only a representative sample, or optimized basket, that tracks closely over time, but deviates from its particular underlying security in the short-term.

Equity Dividends and Bond Interest – Equity Bull ETFs are positively impacted by equity and common shares dividends as the ETFs receive those payments. Equity Bear ETFs are negatively impacted as they are obligated to pay the dividends.

Fees, Expenses, and Transaction Costs – Fees and expenses are listed in each ETF's prospectus and may be higher than many traditional ETFs' fees, which cause a greater negative impact on ETF performance. Transactions costs are not included in the expense ratio of the ETFs. Transaction costs can be higher due to the ETF's use of leverage, frequent creation and redemption activity, or trading securities that are comparatively less liquid.

Direxion Shares Performance Review:

The Direxion Daily AAPL Bull 1.5X Shares and the Direxion Daily AAPL Bear 1X Shares seek to provide 150% or -100%, respectively, of the daily return of the common shares of Apple Inc. (NASDAQ: AAPL). Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. For the Semi-Annual Period, the common shares of Apple Inc. returned 11.01%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETFs. The Direxion Daily AAPL Bull 1.5X Shares returned 11.87%, while the model indicated an expected return of 15.10%. The Direxion Daily AAPL Bear 1X Shares returned -11.04%, while the model indicated an expected return of -13.76%.

The Direxion Daily AMZN Bull 1.5X Shares and the Direxion Daily AMZN Bear 1X Shares seek to provide 150% or -100%, respectively, of the daily return of the common shares of Amazon.com, Inc. (NASDAQ: AMZN). Amazon.com, Inc. engages in the retail sale of consumer products and subscriptions in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services. For the Semi-Annual Period, the common shares of Amazon.com, Inc. returned 2.94%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETFs. The Direxion Daily AMZN Bull 1.5X Shares returned -1.98%, while the model indicated an expected return of 1.14%. The Direxion Daily AMZN Bear 1X Shares returned -8.22%, while the model indicated an expected return of -11.04.

The Direxion Daily GOOGL Bull 1.5X Shares and the Direxion Daily GOOGL Bear 1X Shares seek to provide 150% or -100%, respectively, of the daily return of the class A shares of Alphabet Inc. (NASDAQ: GOOGL). Alphabet Inc. provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. For the Semi-Annual Period, the common shares of Alphabet Inc. returned 13.58%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETFs. The Direxion Daily GOOGL Bull 1.5X Shares returned 14.53% while the model indicated an expected return of 17.98%. The Direxion Daily GOOGL Bear 1X Shares returned -15.22%, while the model indicated an expected return of -17.85%.

The Direxion Daily MSFT Bull 1.5X Shares and the Direxion Daily MSFT Bear 1X Shares seek to provide 150% or -100%, respectively, of the daily return of the common shares of Microsoft Corporation (NASDAQ: MSFT). Microsoft Corporation develops, licenses, and supports software, services, devices, and solutions worldwide. For the Semi-Annual Period, the common shares of Microsoft Corporation returned 33.07%. Given the daily investment objectives of the ETFs and the path

dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETFs. The Direxion Daily MSFT Bull 1.5X Shares returned 46.14%, while the model indicated an expected return of 50.52%. The Direxion Daily MSFT Bear 1X Shares returned -26.60%, while the model indicated an expected return of -28.85%.

The Direxion Daily TSLA Bull 1.5X Shares and the Direxion Daily TSLA Bear 1X Shares seek to provide 150% or -100%, respectively, of the daily return of the common shares of Tesla, Inc. (NASDAQ: TSLA). Tesla, Inc. designs, manufactures and sells electric vehicles and electric vehicle powertrain components. For the Semi-Annual Period, the common shares of Tesla, Inc. returned -27.79%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETFs. The Direxion Daily TSLA Bull 1.5X Shares returned -45.86%, while the model indicated an expected return of -43.86%. The Direxion Daily TSLA Bear 1X Shares returned 13.07%, while the model indicated an expected return of 9.72%.

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

Best Regards,

Patrick Rudnick				Corey Noltner
Principal Executive Officer				Principal Financial Officer

Investing in the funds involves a high degree of risk. Unlike traditional ETFs, or even other leveraged and/or inverse ETFs, these leveraged and/or inverse single-stock ETFs track the price of a single stock rather than an index, eliminating the benefits of diversification. Leveraged and inverse ETFs pursue daily leveraged investment objectives, which means they are riskier than alternatives which do not use leverage. They seek daily goals and should not be expected to track the underlying stock's performance over periods longer than one day. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. The Funds will lose money if the underlying stock's performance is flat, and it is possible that the Bull Fund will lose money even if the underlying stock's performance increases, and the Bear Fund will lose money even if the underlying stock's performance decreases, over a period longer than a single day. An investor could lose the full principal value of his or her investment in a single day.

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 Funds 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.

Direxion Shares ETF 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 company, 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 underlying security for periods other than a single day. For other risks including leverage, correlation, daily compounding, market volatility and risks specific to an industry, sector, or company, please read each ETF's prospectus.

The views of this letter were those of the Adviser as of April 30, 2023 and may not necessarily reflect its 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

Expense Example (Unaudited)

April 30, 2023

As a shareholder of the Direxion Shares ETF Trust, 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 (November 1, 2022 to April 30, 2023).

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 November 1, 2022 to April 30, 2023" 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)

April 30, 2023

				Annualized Expense Ratio				Beginning Account Value November 1, 2022				Ending Account Value April 30, 2023				Expenses Paid During Period November 1, 2022 to April 30, 2023*
Direxion Daily S&P 500®​ Bear 1X Shares
Based on actual fund return					0.49	%		$	1,000.00			$	942.70			$	2.36
Based on hypothetical 5% return					0.49	%			1,000.00				1,022.37				2.46
Direxion Daily AAPL Bear 1X Shares
Based on actual fund return					1.09	%			1,000.00				889.60				5.11
Based on hypothetical 5% return					1.09	%			1,000.00				1,019.39				5.46
Direxion Daily AMZN Bear 1X Shares
Based on actual fund return					1.05	%			1,000.00				917.80				4.99
Based on hypothetical 5% return					1.05	%			1,000.00				1,019.59				5.26
Direxion Daily GOOGL Bear 1X Shares
Based on actual fund return					1.10	%			1,000.00				847.80				5.04
Based on hypothetical 5% return					1.10	%			1,000.00				1,019.34				5.51

Expense Example (Unaudited)

April 30, 2023

				Annualized Expense Ratio				Beginning Account Value November 1, 2022				Ending Account Value April 30, 2023				Expenses Paid During Period November 1, 2022 to April 30, 2023*
Direxion Daily MSFT Bear 1X Shares
Based on actual fund return					1.03	%		$	1,000.00			$	734.00			$	4.43
Based on hypothetical 5% return					1.03	%			1,000.00				1,019.69				5.16
Direxion Daily TSLA Bear 1X Shares
Based on actual fund return					1.17	%			1,000.00				1,130.70				6.18
Based on hypothetical 5% return					1.17	%			1,000.00				1,018.99				5.86
Direxion Daily AAPL Bull 1.5X Shares
Based on actual fund return					1.11	%			1,000.00				1,118.70				5.83
Based on hypothetical 5% return					1.11	%			1,000.00				1,019.29				5.56
Direxion Daily AMZN Bull 1.5X Shares
Based on actual fund return					1.03	%			1,000.00				980.20				5.06
Based on hypothetical 5% return					1.03	%			1,000.00				1,019.69				5.16
Direxion Daily GOOGL Bull 1.5X Shares
Based on actual fund return					1.05	%			1,000.00				1,145.30				5.59
Based on hypothetical 5% return					1.05	%			1,000.00				1,019.59				5.26
Direxion Daily MSFT Bull 1.5X Shares
Based on actual fund return					1.06	%			1,000.00				1,461.40				6.47
Based on hypothetical 5% return					1.06	%			1,000.00				1,019.54				5.31
Direxion Daily TSLA Bull 1.5X Shares
Based on actual fund return					1.07	%			1,000.00				541.40				4.09
Based on hypothetical 5% return					1.07	%			1,000.00				1,019.49				5.36
Direxion Daily CSI 300 China A Share Bull 2X Shares
Based on actual fund return					1.09	%			1,000.00				1,432.60				6.57
Based on hypothetical 5% return					1.09	%			1,000.00				1,019.39				5.46
Direxion Daily CSI China Internet Index Bull 2X Shares
Based on actual fund return					1.17	%			1,000.00				1,815.70				8.17
Based on hypothetical 5% return					1.17	%			1,000.00				1,018.99				5.86
Direxion Daily S&P 500®​ Bull 2X Shares
Based on actual fund return					0.63	%			1,000.00				1,129.30				3.33
Based on hypothetical 5% return					0.63	%			1,000.00				1,021.67				3.16
Direxion Daily MSCI Brazil Bull 2X Shares
Based on actual fund return					1.18	%			1,000.00				799.40				5.26
Based on hypothetical 5% return					1.18	%			1,000.00				1,018.94				5.91
Direxion Daily MSCI India Bull 2X Shares
Based on actual fund return					0.98	%			1,000.00				910.50				4.64
Based on hypothetical 5% return					0.98	%			1,000.00				1,019.94				4.91
Direxion Daily Cloud Computing Bull 2X Shares
Based on actual fund return					1.03	%			1,000.00				902.10				4.86
Based on hypothetical 5% return					1.03	%			1,000.00				1,019.69				5.16
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares
Based on actual fund return					1.03	%			1,000.00				508.70				3.85
Based on hypothetical 5% return					1.03	%			1,000.00				1,019.69				5.16
Direxion Daily Energy Bull 2X Shares
Based on actual fund return					1.28	%			1,000.00				872.10				5.94
Based on hypothetical 5% return					1.28	%			1,000.00				1,018.45				6.41
Direxion Daily Energy Bear 2X Shares
Based on actual fund return					1.06	%			1,000.00				1,014.10				5.29
Based on hypothetical 5% return					1.06	%			1,000.00				1,019.54				5.31
Direxion Daily Global Clean Energy Bull 2X Shares
Based on actual fund return					0.99	%			1,000.00				926.50				4.73
Based on hypothetical 5% return					0.99	%			1,000.00				1,019.89				4.96

Expense Example (Unaudited)

April 30, 2023

				Annualized Expense Ratio				Beginning Account Value November 1, 2022				Ending Account Value April 30, 2023				Expenses Paid During Period November 1, 2022 to April 30, 2023*
Direxion Daily Gold Miners Index Bull 2X Shares
Based on actual fund return					1.08	%		$	1,000.00			$	1,804.30			$	7.51
Based on hypothetical 5% return					1.08	%			1,000.00				1,019.44				5.41
Direxion Daily Gold Miners Index Bear 2X Shares
Based on actual fund return					1.26	%			1,000.00				424.70				4.45
Based on hypothetical 5% return					1.26	%			1,000.00				1,018.55				6.31
Direxion Daily Junior Gold Miners Index Bull 2X Shares
Based on actual fund return					1.16	%			1,000.00				1,629.90				7.56
Based on hypothetical 5% return					1.16	%			1,000.00				1,019.04				5.81
Direxion Daily Junior Gold Miners Index Bear 2X Shares
Based on actual fund return					1.13	%			1,000.00				440.00				4.03
Based on hypothetical 5% return					1.13	%			1,000.00				1,019.19				5.66
Direxion Daily NYSE FANG+ Bull 2X Shares
Based on actual fund return					1.10	%			1,000.00				1,133.30				5.82
Based on hypothetical 5% return					1.10	%			1,000.00				1,019.34				5.51
Direxion Daily Robotics, Artificial Intelligence & Automation
Based on actual fund return					1.18	%			1,000.00				1,505.90				7.33
Based on hypothetical 5% return					1.18	%			1,000.00				1,018.94				5.91
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares
Based on actual fund return					1.51	%			1,000.00				660.00				6.21
Based on hypothetical 5% return					1.51	%			1,000.00				1,017.31				7.55
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares
Based on actual fund return					1.17	%			1,000.00				1,188.20				6.35
Based on hypothetical 5% return					1.17	%			1,000.00				1,018.99				5.86
Direxion Daily Travel & Vacation Bull 2X Shares
Based on actual fund return					1.21	%			1,000.00				1,193.10				6.58
Based on hypothetical 5% return					1.21	%			1,000.00				1,018.79				6.06

*  Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 days (the number of days in the period of November 1, 2022 to April 30, 2023), then divided by 365.

Allocation of Portfolio Holdings (Unaudited)

April 30, 2023

				Cash*				Common Stocks				Investment Companies				Swaps				Total
Direxion Daily S&P 500®​ Bear 1X Shares					103	%			—				—				(3	%)			100	%
Direxion Daily AAPL Bear 1X Shares					109	%			—				—				(9	%)			100	%
Direxion Daily AMZN Bear 1X Shares					104	%			—				—				(4	%)			100	%
Direxion Daily GOOGL Bear 1X Shares					108	%			—				—				(8	%)			100	%
Direxion Daily MSFT Bear 1X Shares					107	%			—				—				(7	%)			100	%
Direxion Daily TSLA Bear 1X Shares					90	%			—				—				10	%			100	%
Direxion Daily AAPL Bull 1.5X Shares					65	%			18	%			—				17	%			100	%
Direxion Daily AMZN Bull 1.5X Shares					75	%			22	%			—				3	%			100	%
Direxion Daily GOOGL Bull 1.5X Shares					68	%			18	%			—				14	%			100	%
Direxion Daily MSFT Bull 1.5X Shares					70	%			19	%			—				11	%			100	%
Direxion Daily TSLA Bull 1.5X Shares					95	%			24	%			—				(19	%)			100	%
Direxion Daily CSI 300 China A Share Bull 2X Shares					53	%			—				48	%			(1	%)			100	%
Direxion Daily CSI China Internet Index Bull 2X Shares					66	%			—				48	%			(14	%)			100	%
Direxion Daily S&P 500®​ Bull 2X Shares					7	%			89	%			—				4	%			100	%
Direxion Daily MSCI Brazil Bull 2X Shares					58	%			—				41	%			1	%			100	%
Direxion Daily MSCI India Bull 2X Shares					60	%			—				46	%			(6	%)			100	%
Direxion Daily Cloud Computing Bull 2X Shares					15	%			85	%			—				0	%**			100	%
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares					24	%			88	%			—				(12	%)			100	%
Direxion Daily Energy Bull 2X Shares					28	%			71	%			—				1	%			100	%
Direxion Daily Energy Bear 2X Shares					99	%			—				—				1	%			100	%
Direxion Daily Global Clean Energy Bull 2X Shares					28	%			—				81	%			(9	%)			100	%
Direxion Daily Gold Miners Index Bull 2X Shares					32	%			—				50	%			18	%			100	%
Direxion Daily Gold Miners Index Bear 2X Shares					106	%			—				—				(6	%)			100	%
Direxion Daily Junior Gold Miners Index Bull 2X Shares					42	%			—				41	%			17	%			100	%
Direxion Daily Junior Gold Miners Index Bear 2X Shares					104	%			—				—				(4	%)			100	%
Direxion Daily NYSE FANG+ Bull 2X Shares					50	%			35	%			—				15	%			100	%
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares					33	%			—				55	%			12	%			100	%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares					50	%			56	%			—				(6	%)			100	%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares					88	%			—				—				12	%			100	%
Direxion Daily Travel & Vacation Bull 2X Shares					21	%			75	%			—				4	%			100	%

*  Cash, cash equivalents and other assets less liabilities.

**  Percentage is less than 0.5%.

Direxion Daily S&P 500^®​ Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares								Fair Value
SHORT TERM INVESTMENTS - 99.4%
Money Market Funds - 99.4%
	339,068,673			Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​				$	339,068,673
	101,560,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (a)​					101,560,000
	801,363			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​					801,363
				TOTAL SHORT TERM INVESTMENTS (Cost $441,430,036) (b)​				$	441,430,036
				TOTAL INVESTMENTS (Cost $441,430,036) - 99.4%				$	441,430,036
				Other Assets in Excess of Liabilities - 0.6%					2,645,419
				TOTAL NET ASSETS - 100.0%				$	444,075,455

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 April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $103,270,344.

 

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination				Terms of Payments to be Paid at Termination				Counterparty				Termination Date				Contracts				Notional Amount				Unrealized Depreciation
4.8000% representing 1 month SOFR rate + spread				Total return of S&P 500®​ Index				UBS Securities LLC				12/13/2023					1,053			$	4,229,866			$	(130,296	)
5.1300% representing 1 month SOFR rate + spread				Total return of S&P 500®​ Index				Barclays				12/20/2023					105,454				423,404,664				(13,193,732	)
																				$	427,634,530			$	(13,324,028	)

The accompanying notes are an integral part of these financial statements.

Direxion Daily AAPL Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares								Fair Value
SHORT TERM INVESTMENTS - 109.3%
Money Market Funds - 109.3%
	19,565,948			Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​				$	19,565,948
	3,535,110			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​					3,535,110
	6,475,753			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​					6,475,753
				TOTAL SHORT TERM INVESTMENTS (Cost $29,576,811) (b)​				$	29,576,811
				TOTAL INVESTMENTS (Cost $29,576,811) - 109.3%				$	29,576,811
				Liabilities in Excess of Other Assets - (9.3)%					(2,507,099	)
				TOTAL NET ASSETS - 100.0%				$	27,069,712

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 April 30, 2023.

^(b)  ​All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $10,713,102.

 

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination				Terms of Payments to be Paid at Termination				Counterparty				Termination Date				Contracts				Notional Amount				Unrealized Depreciation
3.3000% representing 1 month SOFR rate + spread				Total return of common shares of Apple, Inc.				BNP Paribas				12/5/2023					6,800			$	928,200			$	(216,623	)
4.8000% representing 1 month SOFR rate + spread				Total return of common shares of Apple, Inc.				Goldman Sachs				12/7/2023					57,442				8,501,731				(1,155,654	)
3.3000% representing 1 month SOFR rate + spread				Total return of common shares of Apple, Inc.				Bank of America Merrill Lynch				12/8/2023					55,365				9,029,716				(343,342	)
2.8000% representing 1 month SOFR rate + spread				Total return of common shares of Apple, Inc.				Citibank N.A.				12/19/2023					39,927				5,902,134				(837,582	)
																				$	24,361,781			$	(2,553,201	)

The accompanying notes are an integral part of these financial statements.

Direxion Daily AMZN Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares								Fair Value
SHORT TERM INVESTMENTS - 69.5%
Money Market Funds - 69.5%
	2,875,037			Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​				$	2,875,037
	615,005			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​					615,005
	2,953,826			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​					2,953,826
				TOTAL SHORT TERM INVESTMENTS (Cost $6,443,868) (b)​				$	6,443,868
				TOTAL INVESTMENTS (Cost $6,443,868) - 69.5%				$	6,443,868
				Other Assets in Excess of Liabilities - 30.5%					2,828,543
				TOTAL NET ASSETS - 100.0%				$	9,272,411

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 April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $3,568,832.

 

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination				Terms of Payments to be Paid at Termination				Counterparty				Termination Date				Contracts				Notional Amount				Unrealized Depreciation
4.8000% representing 1 month SOFR rate + spread				Total return of common shares of Amazon.com, Inc.				Goldman Sachs				12/7/2023					21,267			$	2,201,564			$	(27,538	)
3.3000% representing 1 month SOFR rate + spread				Total return of common shares of Amazon.com, Inc.				Bank of America Merrill Lynch				12/8/2023					22,318				2,040,454				(292,769	)
2.8000% representing 1 month SOFR rate + spread				Total return of common shares of Amazon.com, Inc.				Citibank N.A.				12/19/2023					44,346				4,618,947				(49,204	)
																				$	8,860,965			$	(369,511	)

The accompanying notes are an integral part of these financial statements.

Direxion Daily GOOGL Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares								Fair Value
SHORT TERM INVESTMENTS - 107.7%
Money Market Funds - 107.7%
	3,460,405			Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​				$	3,460,405
	759,685			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​					759,685
	773,589			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​					773,589
				TOTAL SHORT TERM INVESTMENTS (Cost $4,993,679) (b)​				$	4,993,679
				TOTAL INVESTMENTS (Cost $4,993,679) - 107.7%				$	4,993,679
				Liabilities in Excess of Other Assets - (7.7)%					(355,610	)
				TOTAL NET ASSETS - 100.0%				$	4,638,069

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 April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,533,274.

 

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination				Terms of Payments to be Paid at Termination				Counterparty				Termination Date				Contracts				Notional Amount				Unrealized Depreciation
4.8000% representing 1 month SOFR rate + spread				Total return of common shares of Alphabet, Inc.				Goldman Sachs				12/7/2023					23,902			$	2,244,734			$	(288,735	)
3.3000% representing 1 month SOFR rate + spread				Total return of common shares of Alphabet, Inc.				Bank of America Merrill Lynch				12/8/2023					10,731				1,139,032				(9,414	)
2.8000% representing 1 month SOFR rate + spread				Total return of common shares of Alphabet, Inc.				Citibank N.A.				12/19/2023					8,576				846,985				(69,570	)
																				$	4,230,751			$	(367,719	)

The accompanying notes are an integral part of these financial statements.

Direxion Daily MSFT Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares								Fair Value
SHORT TERM INVESTMENTS - 64.9%
Money Market Funds - 64.9%
	3,422,452			Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​				$	3,422,452
	1,259,614			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​					1,259,614
	2,860,420			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​					2,860,420
				TOTAL SHORT TERM INVESTMENTS (Cost $7,542,486) (b)​				$	7,542,486
				TOTAL INVESTMENTS (Cost $7,542,486) - 64.9%				$	7,542,486
				Other Assets in Excess of Liabilities - 35.1%					4,078,653
				TOTAL NET ASSETS - 100.0%				$	11,621,139

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 April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $4,120,034.

 

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination				Terms of Payments to be Paid at Termination				Counterparty				Termination Date				Contracts				Notional Amount				Unrealized Depreciation
4.8000% representing 1 month SOFR rate + spread				Total return of common shares of Microsoft Corp.				Goldman Sachs				12/7/2023					12,840			$	3,642,509			$	(289,231	)
3.3000% representing 1 month SOFR rate + spread				Total return of common shares of Microsoft Corp.				Bank of America Merrill Lynch				12/8/2023					12,726				3,673,778				(229,978	)
2.8000% representing 1 month SOFR rate + spread				Total return of common shares of Microsoft Corp.				Citibank N.A.				12/19/2023					12,255				3,463,215				(294,531	)
																				$	10,779,502			$	(813,740	)

The accompanying notes are an integral part of these financial statements.

Direxion Daily TSLA Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares								Fair Value
SHORT TERM INVESTMENTS - 106.3%
Money Market Funds - 106.3%
	30,064,192			Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​				$	30,064,192
	6,816,488			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​					6,816,488
	7,815,789			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​					7,815,789
				TOTAL SHORT TERM INVESTMENTS (Cost $44,696,469) (b)​				$	44,696,469
				TOTAL INVESTMENTS (Cost $44,696,469) - 106.3%				$	44,696,469
				Liabilities in Excess of Other Assets - (6.3)%					(2,661,952	)
				TOTAL NET ASSETS - 100.0%				$	42,034,517

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 April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $19,026,417.

 

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination				Terms of Payments to be Paid at Termination				Counterparty				Termination Date				Contracts				Notional Amount				Unrealized Appreciation
3.3000% representing 1 month SOFR rate + spread				Total return of common shares of Tesla, Inc.				BNP Paribas				12/5/2023					54,892			$	9,160,572			$	230,139
4.8000% representing 1 month SOFR rate + spread				Total return of common shares of Tesla, Inc.				Goldman Sachs				12/7/2023					98,104				17,042,069				970,282
3.3000% representing 1 month SOFR rate + spread				Total return of common shares of Tesla, Inc.				Bank of America Merrill Lynch				12/8/2023					83,496				16,105,148				2,468,758
2.8000% representing 1 month SOFR rate + spread				Total return of common shares of Tesla, Inc.				Citibank N.A.				12/19/2023					19,331				3,689,614				543,303
																				$	45,997,403			$	4,212,482

The accompanying notes are an integral part of these financial statements.

Direxion Daily AAPL Bull 1.5X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares								Fair Value
COMMON STOCKS - 17.7%
Computer and Electronic Product Manufacturing - 17.7%
	20,210			Apple, Inc.				$	3,429,233
				TOTAL COMMON STOCKS (Cost $3,065,974)				$	3,429,233
SHORT TERM INVESTMENTS - 78.6%
Money Market Funds - 78.6%
	8,130,093			Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​				$	8,130,093
	2,134,657			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​					2,134,657
	4,950,427			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​					4,950,427
				TOTAL SHORT TERM INVESTMENTS (Cost $15,215,177)				$	15,215,177
				TOTAL INVESTMENTS (Cost $18,281,151) - 96.3% (b)​				$	18,644,410
				Other Assets in Excess of Liabilities - 3.7%					720,609
				TOTAL NET ASSETS - 100.0%				$	19,365,019

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 April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $7,618,034.

 

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination				Terms of Payments to be Paid at Termination				Counterparty				Termination Date				Contracts				Notional Amount				Unrealized Appreciation (Depreciation)
Total return of Apple, Inc.				6.8000% representing 1 month SOFR rate + spread				BNP Paribas				12/05/2023					7,400			$	1,010,100			$	222,381
Total return of Apple, Inc.				5.8000% representing 1 month SOFR rate + spread				Goldman Sachs				12/7/2023					50,094				7,072,108				1,324,950
Total return of Apple, Inc.				7.3000% representing 1 month SOFR rate + spread				Bank of America Merrill Lynch				12/8/2023					50,698				7,787,906				694,627
Total return of Apple, Inc.				7.3000% representing 1 month SOFR rate + spread				Citibank N.A.				12/19/2023					42,788				6,006,133				1,126,929
																				$	21,876,247			$	3,368,887

The accompanying notes are an integral part of these financial statements.

Direxion Daily AMZN Bull 1.5X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares								Fair Value
COMMON STOCKS - 21.8%
General Merchandise Retailers - 21.8%
	43,178			Amazon.com, Inc. (a)​				$	4,553,120
				TOTAL COMMON STOCKS (Cost $4,205,772)				$	4,553,120
SHORT TERM INVESTMENTS - 78.4%
Money Market Funds - 78.4%
	8,495,226			Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​				$	8,495,226
	3,119,044			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (b)​					3,119,044
	4,739,630			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​					4,739,630
				TOTAL SHORT TERM INVESTMENTS (Cost $16,353,900)				$	16,353,900
				TOTAL INVESTMENTS (Cost $20,559,672) - 100.2% (c)​				$	20,907,020
				Liabilities in Excess of Other Assets - (0.2)%					(50,705	)
				TOTAL NET ASSETS - 100.0%				$	20,856,315

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)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $7,858,673.

 

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination				Terms of Payments to be Paid at Termination				Counterparty				Termination Date				Contracts				Notional Amount				Unrealized Appreciation (Depreciation)
Total return of common shares of Amazon.com, Inc.				6.0500% representing 1 month SOFR rate + spread				Goldman Sachs				12/7/2023					108,451			$	10,772,689			$	540,965
Total return of common shares of Amazon.com, Inc.				7.3000% representing 1 month SOFR rate + spread				Bank of America Merrill Lynch				12/8/2023					66,869				6,951,702				(22,773	)
Total return of common shares of Amazon.com, Inc.				7.8000% representing 1 month SOFR rate + spread				Citibank N.A.				12/19/2023					78,179				7,914,626				191,010
																				$	25,639,017			$	709,202

The accompanying notes are an integral part of these financial statements.

Direxion Daily GOOGL Bull 1.5X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares								Fair Value
COMMON STOCKS - 18.0%
Web Search Portals, Libraries, Archives, and Other Information Services - 18.0%
	28,207			Alphabet, Inc. (a)​				$	3,027,739
				TOTAL COMMON STOCKS (Cost $2,772,247)				$	3,027,739
SHORT TERM INVESTMENTS - 77.8%
Money Market Funds - 77.8%
	6,057,584			Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​				$	6,057,584
	2,355,184			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (b)​					2,355,184
	4,668,876			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​					4,668,876
				TOTAL SHORT TERM INVESTMENTS (Cost $13,081,644)				$	13,081,644
				TOTAL INVESTMENTS (Cost $15,853,891) - 95.8% (c)​				$	16,109,383
				Other Assets in Excess of Liabilities - 4.2%					700,834
				TOTAL NET ASSETS - 100.0%				$	16,810,217

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)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $7,024,061.

 

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination				Terms of Payments to be Paid at Termination				Counterparty				Termination Date				Contracts				Notional Amount				Unrealized Appreciation
Total return of common shares of Alphabet, Inc.				6.0500% representing 1 month SOFR rate + spread				Goldman Sachs				12/7/2023					75,231			$	7,040,076			$	910,957
Total return of common shares of Alphabet, Inc.				7.3000% representing 1 month SOFR rate + spread				Bank of America Merrill Lynch				12/8/2023					58,893				5,715,962				511,794
Total return of common shares of Alphabet, Inc.				7.3000% representing 1 month SOFR rate + spread				Citibank N.A.				12/19/2023					72,580				6,760,584				899,422
																				$	19,516,622			$	2,322,173

The accompanying notes are an integral part of these financial statements.

Direxion Daily MSFT Bull 1.5X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares								Fair Value
COMMON STOCKS - 18.6%
Publishing Industries - 18.6%
	11,350			Microsoft Corp.				$	3,487,401
				TOTAL COMMON STOCKS (Cost $3,022,894)				$	3,487,401
SHORT TERM INVESTMENTS - 78.1%
Money Market Funds - 78.1%
	7,007,766			Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​				$	7,007,766
	2,234,168			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​					2,234,168
	5,381,288			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​					5,381,288
				TOTAL SHORT TERM INVESTMENTS (Cost $14,623,222)				$	14,623,222
				TOTAL INVESTMENTS (Cost $17,646,116) - 96.7% (b)​				$	18,110,623
				Other Assets in Excess of Liabilities - 3.3%					613,738
				TOTAL NET ASSETS - 100.0%				$	18,724,361

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 April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $7,615,457.