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

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

Direxion Hydrogen ETF

Direxion Moonshot Innovators ETF

Direxion mRNA ETF

Direxion NASDAQ-100®​ Equal Weighted Index Shares

Direxion Work From Home ETF

You can find a Fund's prospectus, reports to shareholders, and other information about the Fund online at http://www.direxioninvestments.com/regulatory-documents. You can also get this information at no cost by calling (800) 851-0511 or by sending an email request to [email protected].


Table of Contents

Letter to Shareholders

   

4

   
Expense Example    

8

   
Allocation of Portfolio Holdings    

10

   
Schedules of Investments    

11

   
Statements of Assets and Liabilities    

19

   
Statements of Operations    

21

   
Statements of Changes in Net Assets    

23

   
Financial Highlights    

26

   
Notes to the Financial Statements    

28

   
Supplemental Information    

39

   
Trustees and Officers    

40

   

Help Preserve the Environment – Go Green!

Go paperless with Direxion e-Delivery – a service allowing shareholders to reduce clutter with full online access to regulatory documents. Begin the preservation process with e-delivery.

With Direxion e-Delivery, you can:

•  Receive email notifications when your most recent shareholder communications are available for review.

•  Access prospectuses, annual reports and semi-annual reports online.

It's easy to enroll:

1.  Visit www.direxioninvestments.com/edelivery

2.  Follow the simple enrollment instructions

If you have questions about Direxion e-Delivery services, contact one of our shareholder representatives at 800-851-0511.


Letter to Shareholders (Unaudited)

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.

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

DIREXION SEMI-ANNUAL REPORT
4


Non-Leveraged ETFs

The Direxion Auspice Broad Commodity Strategy ETF seeks investment results, before fees and expenses, that track the Auspice Broad Commodity Index over a complete market cycle. The Auspice Broad Commodity Index seeks to capture the majority of the commodity upside returns, while seeking to mitigate downside risk. 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 Semi-Annual Period, the Auspice Broad Commodity Index returned 6.11%, while the Direxion Auspice Broad Commodity Strategy ETF returned 7.92%.

The metals portion of the Direxion Auspice Broad Commodity Strategy ETF had a particularly strong showing this Semi-Annual Period, allowing the fund to post positive returns despite negative returns in agriculture and energy (with the exception of sugar and cotton). In terms of top and bottom performers, sugar active contract futures returned 56.75%, while natural gas active contract futures lost -45.63% over the course of the Semi-Annual Period.

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, transportation and supply of hydrogen, fuel cells, and hydrogen fueling stations. 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. For the Semi-Annual Period, the Indxx Hydrogen Economy Index returned 4.66%, while the Direxion Hydrogen ETF returned 4.63%.

Hydrogen continues to gain momentum in discussions and policy surrounding the future of the energy sector, especially after the passage of the Inflation Reduction Act, which includes tax exemption provisions for hydrogen. Chung-Hsin Electric & Machinery Manufacturing (1513 TT) and Hyster-Yale Materials Handling (HY) were the top performers during the Semi-Annual Period for the Direxion Hydrogen ETF, while more well-known names in the industry such as Plug Power (PLUG) and FuelCell Energy (FCEL) experienced significant losses.

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. For the Semi-Annual Period, the S&P Kensho Moonshots Index returned -22.01%, while the Direxion Moonshot Innovators ETF returned -21.84%.

International names with ADRs such as Bilibili (BILI) and EHang Holdings (EH) were the top performers for the Direxion Moonshot Innovators ETF, whereas names like Meta Materials (MMAT) and View Inc (VIEW) struggled, although they make up very little of the portfolio by weight. Mega-tech names have come back into favor during this Semi-Annual Period, which has made it more difficult for smaller companies, such as those contained in Direxion Moonshot Innovators ETF, to garner interest. The Direxion Moonshot Innovators ETF is made up of nearly 50% tech names, followed by healthcare, which has also had a difficult few months.

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 Semi-Annual Period, the NASDAQ-100®​ Equal Weighted Index returned 11.79%, while the Direxion NASDAQ-100®​ Equal Weighted Index Shares returned 11.61%.

DIREXION SEMI-ANNUAL REPORT
5


The top performers were Meta Platforms, Inc. (META) and NVIDIA Corporation (NVDA), both returning over 100%. Rivian Automotive Inc brought up the rear (RIVN). Tech came back into favor during the course of this Semi-Annual Period, which helped drive positive returns. However, it is important to note that while the Direxion NASDAQ-100®​ Equal Weighted Index Shares leans towards tech names, the portfolio is diversified across sectors, with consumer discretionary and healthcare following IT in terms of weight.

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 American Depository Receipts (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 approximately 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 Semi-Annual Period, the Solactive Remote Work Index returned -2.62%, while the Direxion Work From Home ETF returned -2.73%.

By now, it is clear that working from home in a significant capacity is a permanent fixture in the corporate world. Meta Platforms, Inc. (META) had outstanding performance, returning over 150% during the Semi-Annual Period, whereas lesser known holdings such as Exela Technologies Inc (XELA) and Rackspace Technology, Inc. (RXT) struggled, both of which are in the cloud space.

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.

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.

DIREXION SEMI-ANNUAL REPORT
6


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 Auspice Broad Commodity Strategy – 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 underlying 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. A 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 a 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 a Fund. There may be an imperfect correlation between the changes in market value of the securities held by a 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"), a Fund and its 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 the Funds and Subsidiaries in accordance with CFTC rules, as well as the rules that apply to registered investment companies, which includes registering both each Fund and its 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 each Fund or its Subsidiary. Additionally, a Subsidiary's positions in futures contracts may have to be liquidated at disadvantageous times or prices to prevent a Fund from exceeding any applicable position limits established by the CFTC. Such actions may subject the Fund to substantial losses.

Direxion Shares ETF Risks – An investment in the ETFs involves risk, including the possible loss of principal. The ETFs are subject to certain risks, including imperfect index correlation and market price variance, that may decrease performance. As non-diversified funds, the ETFs may invest in a relatively small number of issuers and, as a result, be subject to greater risk of loss with respect to its portfolio securities. An ETF may concentrate its investments in certain industries or sectors, which can increase volatility. The ETFs may experience greater fluctuation in its net asset value as compared to other investments. These ETFs may be appropriate for investors with a long-term investment time horizon, who primarily seek capital growth, and who are able to tolerate periods of prolonged price declines. Please read each ETF's prospectus for a more complete description of the investment risks. There is no guarantee that an ETF will achieve its investment objective.

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

DIREXION SEMI-ANNUAL REPORT
7


Expense Example (Unaudited)

April 30, 2023

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 (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.

DIREXION SEMI-ANNUAL REPORT
8


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 Auspice Broad Commodity Strategy ETF
(Consolidated)
 

Based on actual fund return

   

0.70

%

 

$

1,000.00

   

$

1,079.20

   

$

3.61

   

Based on hypothetical 5% return

   

0.70

%

   

1,000.00

     

1,021.32

     

3.51

   

Direxion Hydrogen ETF

 

Based on actual fund return

   

0.45

%

   

1,000.00

     

1,046.30

     

2.28

   

Based on hypothetical 5% return

   

0.45

%

   

1,000.00

     

1,022.56

     

2.26

   

Direxion Moonshot Innovators ETF

 

Based on actual fund return

   

0.65

%

   

1,000.00

     

781.60

     

2.87

   

Based on hypothetical 5% return

   

0.65

%

   

1,000.00

     

1,021.57

     

3.26

   

Direxion mRNA ETF

 

Based on actual fund return

   

0.65

%

   

1,000.00

     

953.00

     

3.15

   

Based on hypothetical 5% return

   

0.65

%

   

1,000.00

     

1,021.57

     

3.26

   

Direxion NASDAQ-100®​ Equal Weighted Index Shares

 

Based on actual fund return

   

0.35

%

   

1,000.00

     

1,116.10

     

1.84

   

Based on hypothetical 5% return

   

0.35

%

   

1,000.00

     

1,023.06

     

1.76

   

Direxion Work From Home ETF

 

Based on actual fund return

   

0.45

%

   

1,000.00

     

972.70

     

2.20

   

Based on hypothetical 5% return

   

0.45

%

   

1,000.00

     

1,022.56

     

2.26

   

*  ​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.

DIREXION SEMI-ANNUAL REPORT
9


Allocation of Portfolio Holdings (Unaudited)

April 30, 2023

   

Cash*

  Common
Stocks
 

Futures

 

Total

 

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

   

100

%

   

     

0

%**

   

100

%

 

Direxion Hydrogen ETF

   

1

%

   

99

%

   

     

100

%

 

Direxion Moonshot Innovators ETF

   

1

%

   

99

%

   

     

100

%

 

Direxion mRNA ETF

   

     

100

%

   

     

100

%

 

Direxion NASDAQ-100®​ Equal Weighted Index Shares

   

0

%**

   

100

%

   

     

100

%

 

Direxion Work From Home ETF

   

0

%**

   

100

%

   

     

100

%

 

*  Cash, cash equivalents and other assets less liabilities.

**  Percentage is less than 0.5%.

DIREXION SEMI-ANNUAL REPORT
10


Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

Schedule of Investments (Unaudited)

April 30, 2023

Shares

     

Fair Value

 

SHORT TERM INVESTMENTS - 96.4%

 

Money Market Funds - 96.4%

 
 

294,644,639

    Dreyfus Government Cash
Management Institutional
Shares, 4.76% (a)
 

$

294,644,639

   
    TOTAL SHORT TERM
INVESTMENTS
(Cost $294,644,639)
 

$

294,644,639

   
    TOTAL INVESTMENTS
(Cost $294,644,639) - 96.4%
 

$

294,644,639

   
    Other Assets in Excess of
Liabilities - 4.1% (b)
   

10,852,896

   
   

TOTAL NET ASSETS - 100.0%

 

$

305,497,535

   

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)​  $9,558,547 of cash is pledged as collateral for futures contracts.

  

  

Long Futures Contracts (Unaudited)

April 30, 2023

Reference Entity

  Expiration
Date
  Number of
Contracts
  Notional
Amount
  Variation
Margin
Receivable,
net
  Unrealized
Appreciation
(Depreciation)
 

Copper

 

7/27/2023

   

245

   

$

23,829,313

   

$

39,813

   

$

(596,779

)

 

Gold

 

6/28/2023

   

208

     

41,581,280

     

2,080

     

(45,030

)

 

Silver

 

7/27/2023

   

186

     

23,460,180

     

15,810

     

(48,768

)

 

Soybean

 

11/14/2023

   

634

     

40,052,950

     

253,600

     

(3,624,453

)

 

Sugar #11

 

6/30/2023

   

1,502

     

44,327,024

     

     

4,935,337

   
           

$

173,250,747

   

$

311,303

   

$

620,307

   

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

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

DIREXION SEMI-ANNUAL REPORT
11


Direxion Hydrogen ETF

Schedule of Investments (Unaudited)

April 30, 2023

Shares

     

Fair Value

 

COMMON STOCKS - 99.3%

     

Chemical Manufacturing - 41.2%

     
 

14,314

   

Air Liquide S.A. (France)

 

$

2,578,669

   
 

4,905

   

Air Products & Chemicals, Inc.

   

1,443,836

   
 

57,340

    Doosan Fuel Cell Co., Ltd
(South Korea) (a)
   

1,280,982

   
 

990,700

   

ITM Power (United Kingdom) (a)(b)

   

973,504

   
 

3,905

   

Linde PLC (Ireland) ADR

   

1,442,702

   
 

51,632

   

McPhy Energy SAS (France) (a)(b)

   

701,119

   
 

2,043,050

   

Nel ASA (Norway) (a)(b)

   

2,790,989

   
 

55,098

    Nippon Sanso Holdings Corp.
(Japan)
   

987,325

   
 

791,506

    PTT Global Chemical PCL
(Thailand)
   

961,930

   
     

13,161,056

   

Computer and Electronic Product Manufacturing - 7.3%

     
 

140,599

   

Bloom Energy Corp. (a)

   

2,340,973

   

Electrical Equipment, Appliance, and Component Manufacturing - 13.2%

     
 

46,253

    Chung-Hsin Electric & Machinery
Manufacturing Corp. (Taiwan)
   

152,710

   
 

2,782

    Hyosung Heavy Industries
(South Korea) (a)
   

163,170

   
 

288,188

   

Plug Power, Inc. (a)(b)

   

2,602,338

   
 

116,689

   

PowerCell Sweden AB (Sweden) (a)

   

987,003

   
 

6,769

   

SFC Energy AG (Germany) (a)(b)

   

161,042

   
 

5,905

   

VARTA AG (Germany) (b)

   

152,873

   
     

4,219,136

   

Merchant Wholesalers, Durable Goods - 0.5%

     
 

3,037

   

Hyster-Yale Materials Handling, Inc.

   

159,928

   

Miscellaneous Manufacturing - 0.5%

     
 

74,252

    Hexagon Purus Holding AS
(Norway) (a)(b)
   

156,267

   

Oil and Gas Extraction - 21.1%

     
 

35,992

   

BP Plc (United Kingdom) ADR

   

1,449,758

   
 

170,265

    CIMC Enric Holdings Limited
(Hong Kong)
   

156,386

   
 

405,781

   

ENEOS Holdings, Inc. (Japan)

   

1,436,393

   
 

67,624

   

Idemitsu Kosan Co., Ltd (Japan)

   

1,431,296

   
 

36,199

   

Shell Plc (United Kingdom) ADR

   

2,243,614

   
     

6,717,447

   

Primary Metal Manufacturing - 0.5%

     
 

23,237

    Kaori Heat Treatment Co., Ltd.
(Taiwan)
   

150,038

   

Transportation Equipment Manufacturing - 4.3%

     
 

307,862

    Ballard Power Systems, Inc.
(Canada) ADR (a)(b)
   

1,360,750

   

Shares

     

Fair Value

 

Utilities - 10.7%

     
 

1,846,779

    AFC Energy Plc
(United Kingdom) (a)(b)
 

$

447,529

   
 

276,525

    Ceres Power Holdings Plc
(United Kingdom) (a)(b)
   

1,214,387

   
 

693,062

   

FuelCell Energy, Inc. (a)

   

1,302,956

   
 

7,572

   

Korea Gas Corp. (South Korea) (a)

   

151,621

   
 

19,436

   

S-Fuelcell Co., Ltd (South Korea)

   

293,341

   
     

3,409,834

   
        TOTAL COMMON STOCKS
(Cost $43,607,533)
 

$

31,675,429

   

SHORT TERM INVESTMENTS - 19.6%

     

Money Market Funds - 19.6%

     
 

6,261,450

    Dreyfus Government Cash
Management Institutional
Shares, 4.76% (c)(d)
 

$

6,261,450

   
        TOTAL SHORT TERM
INVESTMENTS
(Cost $6,261,450)
 

$

6,261,450

   
        TOTAL INVESTMENTS
(Cost $49,868,983) - 118.9% (e)
 

$

37,936,879

   
        Liabilities in Excess of
Other Assets - (18.9%)
   

(6,035,028

)

 
       

TOTAL NET ASSETS - 100.0%

 

$

31,901,851

   

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 April 30, 2023.

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

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
12


Direxion Moonshot Innovators ETF

Schedule of Investments (Unaudited)

April 30, 2023

Shares

     

Fair Value

 

COMMON STOCKS - 99.4%

     

Administrative and Support Services - 7.7%

     
 

31,508

   

Bilibili, Inc. ADR (a)

 

$

641,503

   
 

22,240

   

Roblox Corp. (a)

   

791,744

   
 

48,985

   

SentinelOne, Inc. (a)

   

787,189

   
     

2,220,436

   

Ambulatory Health Care Services - 1.3%

     
 

279,324

   

Invitae Corp. (a)(b)

   

379,881

   

Chemical Manufacturing - 11.0%

     
 

38,383

    Arcturus Therapeutics
Holdings, Inc. (a)
   

1,021,755

   
 

86,189

   

bluebird bio, Inc. (a)

   

374,922

   
 

73,982

   

BridgeBio Pharma, Inc. (a)

   

1,074,219

   
 

17,986

   

Intellia Therapeutics, Inc. (a)

   

678,972

   
     

3,149,868

   

Computer and Electronic Product Manufacturing - 10.8%

     
 

8,969

   

Ambarella Inc. ADR (a)

   

555,898

   
 

93,619

   

Indie Semiconductor, Inc. (a)

   

708,696

   
 

235,980

   

MicroVision, Inc. (a)(b)

   

471,960

   
 

315,368

   

Nano Dimension Ltd. ADR (Israel) (a)(b)

   

778,959

   
 

151,335

   

Vuzix Corp. (a)(b)

   

608,367

   
     

3,123,880

   

Food Services and Drinking Places - 2.5%

     
 

23,937

   

Yelp, Inc. (a)

   

716,195

   

Management of Companies and Enterprises - 3.1%

     
 

59,356

   

CureVac N.V. ADR (Netherlands) (a)

   

437,454

   
 

41,483

   

EHang Holdings Ltd. ADR (a)(b)

   

460,876

   
     

898,330

   

Merchant Wholesalers, Nondurable Goods - 1.4%

     
 

146,856

   

Atara Biotherapeutics, Inc. (a)

   

397,980

   

Miscellaneous Manufacturing - 1.0%

     
 

373,980

   

Inovio Pharmaceuticals, Inc. (a)

   

288,900

   

Nonmetallic Mineral Product Manufacturing - 0.3%

     
 

216,641

   

View, Inc. (a)

   

74,091

   

Nonstore Retailers - 1.7%

     
 

171,947

    Jumia Technologies AG ADR
(Germany) (a)(b)
   

484,891

   

Oil and Gas Extraction - 0.2%

     
 

333,849

   

Meta Materials, Inc. (a)

   

61,495

   

Printing and Related Support Activities - 2.1%

     
 

94,392

   

Fisker, Inc. (a)(b)

   

607,884

   

Professional, Scientific, and Technical Services - 16.4%

     
 

50,993

   

Asana, Inc. (a)

   

825,067

   
 

65,552

   

Avidity Biosciences, Inc. (a)

   

812,845

   
 

73,351

   

Recursion Pharmaceuticals, Inc. (a)

   

349,884

   
 

34,651

   

Squarespace, Inc. (a)

   

1,077,646

   
 

400,199

   

TuSimple Holdings, Inc. (a)

   

484,241

   
 

20,265

   

Unity Software, Inc. (a)

   

546,547

   
 

185,461

   

Vimeo, Inc. (a)

   

610,166

   
     

4,706,396

   

Shares

     

Fair Value

 

Publishing Industries (except Internet) - 10.0%

     
 

57,122

   

C3.ai, Inc. (a)(b)

 

$

1,017,914

   
 

71,362

   

Fastly, Inc. (a)

   

1,054,731

   
 

15,107

   

Twilio, Inc. (a)

   

794,779

   
     

2,867,424

   

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 24.6%

     
 

384,715

   

Aeva Technologies, Inc. (a)

   

381,599

   
 

547,477

   

Aurora Innovation, Inc. (a)

   

782,892

   
 

113,677

   

Benson Hill, Inc. (a)

   

120,498

   
 

244,416

   

Butterfly Network, Inc. (a)(b)

   

527,938

   
 

386,634

   

Desktop Metal, Inc. (a)(b)

   

850,595

   
 

391,053

    Ginkgo Bioworks Holdings, Inc.
Class A (a)(b)
   

477,085

   
 

221,104

   

Hyliion Holdings Corp. (a)

   

302,912

   
 

260,079

   

Hyzon Motors, Inc. (a)(b)

   

216,282

   
 

138,812

    Inoviz Technologies Ltd.
ADR (Israel) (a)(b)
   

347,030

   
 

242,389

   

Latch, Inc. (a)

   

191,439

   
 

71,714

   

Ouster, Inc. (a)(b)

   

253,867

   
 

128,640

   

Planet Labs PBC (a)

   

524,851

   
 

173,692

   

Rocket Lab USA, Inc. (a)

   

680,873

   
 

103,687

   

Roivant Sciences Ltd. ADR (a)

   

886,524

   
 

149,421

   

Virgin Galactic Holdings, Inc. (a)(b)

   

543,892

   
     

7,088,277

   

Software - 5.3%

     
 

11,099

   

Okta, Inc. (a)

   

760,614

   
 

54,487

   

UiPath, Inc. (a)

   

767,177

   
     

1,527,791

   
        TOTAL COMMON STOCKS
(Cost $58,929,753)
 

$

28,593,719

   

SHORT TERM INVESTMENTS - 23.6%

     

Money Market Funds - 23.6%

     
 

6,774,121

    Dreyfus Government Cash
Management Institutional
Shares, 4.76% (c)(d)
 

$

6,774,121

   
        TOTAL SHORT TERM
INVESTMENTS
(Cost $6,774,121)
 

$

6,774,121

   
        TOTAL INVESTMENTS
(Cost $65,703,874) - 123.0%
 

$

35,367,840

   
        Liabilities in Excess of
Other Assets - (23.0)%
   

(6,615,322

)

 
       

TOTAL NET ASSETS - 100.0%

 

$

28,752,518

   

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.

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

DIREXION SEMI-ANNUAL REPORT
13


Direxion Moonshot Innovators ETF

Schedule of Investments, continued (Unaudited)

April 30, 2023

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

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

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
14


Direxion mRNA ETF

Schedule of Investments (Unaudited)

April 30, 2023

Shares

     

Fair Value

 

COMMON STOCKS - 100.0%

 

Chemical Manufacturing - 100.0%

 
 

17,433

   

Scilex Holding Co. (a)

 

$

126,215

   
    TOTAL COMMON STOCKS
(Cost $88,037)
 

$

126,215

   
    TOTAL INVESTMENTS
(Cost $88,037) - 100.0%
 

$

126,215

   
    Other Assets in Excess of
Liabilities - 0.0%
   

   
   

TOTAL NET ASSETS - 100.0%

 

$

126,215

   

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.

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

DIREXION SEMI-ANNUAL REPORT
15


Direxion NASDAQ-100®​ Equal Weighted Index Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares

     

Fair Value

 

COMMON STOCKS - 99.8%

     

Accommodation - 2.0%

     
 

50,209

   

Airbnb, Inc. (a)

 

$

6,008,511

   
 

37,351

    Marriott International, Inc.
Class A
   

6,325,018

   
     

12,333,529

   

Administrative and Support Services - 3.7%

     
 

27,817

   

Automatic Data Processing, Inc.

   

6,119,740

   
 

2,428

   

Booking Holdings, Inc. (a)

   

6,522,361

   
 

152,739

   

JD.com, Inc. ADR (China)

   

5,455,837

   
 

64,499

   

Pinduoduo, Inc. ADR (China) (a)

   

4,395,607

   
     

22,493,545

   

Apparel Manufacturing - 1.3%

     
 

20,113

   

Lululemon Athletica, Inc. (a)

   

7,641,532

   

Beverage and Tobacco Product Manufacturing - 3.0%

     
 

170,144

   

Keurig Dr Pepper, Inc.

   

5,563,709

   
 

115,184

   

Monster Beverage Corp. (a)

   

6,450,304

   
 

33,866

   

PepsiCo, Inc.

   

6,464,681

   
     

18,478,694

   

Broadcasting and Content Providers - 4.1%

     
 

16,944

   

Charter Communications, Inc. (a)

   

6,247,253

   
 

164,619

   

Comcast Corp. Class A

   

6,810,288

   
 

1,629,455

   

Sirius XM Holdings, Inc. (b)

   

6,191,929

   
 

413,607

   

Warner Bros Discovery, Inc. (a)

   

5,629,191

   
     

24,878,661

   

Chemical Manufacturing - 7.4%

     
 

25,802

   

Amgen, Inc.

   

6,185,771

   
 

90,394

    AstraZeneca PLC ADR
(United Kingdom)
   

6,618,649

   
 

22,528

   

Biogen, Inc. (a)

   

6,853,693

   
 

76,717

   

Gilead Sciences, Inc.

   

6,306,905

   
 

7,935

    Regeneron Pharmaceuticals,
Inc. (a)
   

6,362,204

   
 

29,602

   

Seagen, Inc. (a)

   

5,920,400

   
 

20,051

   

Vertex Pharmaceuticals, Inc. (a)

   

6,831,977

   
     

45,079,599

   

Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 1.0%

     
 

58,105

   

Ross Stores, Inc.

   

6,201,547

   

Computer and Electronic Product Manufacturing - 18.1%

     
 

60,623

   

Advanced Micro Devices, Inc. (a)

   

5,417,878

   
 

29,184

   

Alphabet, Inc. Class A (a)

   

3,132,611

   
 

28,954

   

Alphabet, Inc. Class C (a)

   

3,133,402

   
 

31,919

   

Analog Devices, Inc.

   

5,741,590

   
 

38,276

   

Apple, Inc.

   

6,494,672

   
 

9,391

   

Broadcom, Inc.

   

5,883,461

   
 

118,172

   

Cisco Systems, Inc.

   

5,583,627

   
 

32,299

   

Enphase Energy, Inc. (a)

   

5,303,496

   
 

96,886

   

Fortinet, Inc. (a)

   

6,108,662

   
 

89,253

   

GlobalFoundries, Inc. ADR (a)(b)

   

5,248,076

   
 

12,587

   

IDEXX Laboratories, Inc. (a)

   

6,194,818

   
 

26,416

   

Illumina, Inc. (a)

   

5,430,073

   
 

198,971

   

Intel Corp.

   

6,180,039

   
 

148,390

   

Marvell Technology, Inc.

   

5,858,437

   
 

73,476

   

Microchip Technology, Inc.

   

5,363,013

   

Shares

     

Fair Value

 

Computer and Electronic Product Manufacturing (continued)

     
 

104,681

   

Micron Technology, Inc.

 

$

6,737,269

   
 

23,046

   

NVIDIA Corp.

   

6,395,035

   
 

33,462

    NXP Semiconductors NV ADR
(Netherlands)
   

5,479,068

   
 

49,119

   

Qualcomm, Inc.

   

5,737,099

   
 

33,747

   

Texas Instruments, Inc.

   

5,642,498

   
     

111,064,824

   

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 1.1%

     
 

54,823

   

Fiserv, Inc. (a)

   

6,694,985

   

Food Manufacturing - 2.1%

     
 

89,323

   

Mondelez International, Inc.

   

6,852,861

   
 

157,613

   

The Kraft Heinz Co.

   

6,189,462

   
     

13,042,323

   

Food Services and Drinking Places - 1.1%

     
 

60,096

   

Starbucks Corp.

   

6,868,372

   

General Merchandise Retailers - 5.2%

     
 

59,941

   

Amazon.com, Inc. (a)

   

6,320,778

   
 

12,167

   

Costco Wholesale Corp.

   

6,122,678

   
 

43,238

   

Dollar Tree, Inc. (a)

   

6,646,113

   
 

141,011

   

eBay, Inc.

   

6,547,141

   
 

4,947

   

MercadoLibre, Inc. (a)

   

6,319,743

   
     

31,956,453

   

Health and Personal Care Retailers - 1.0%

     
 

180,219

   

Walgreens Boots Alliance, Inc.

   

6,352,720

   

Machinery Manufacturing - 3.9%

     
 

48,377

   

Applied Materials, Inc.

   

5,468,053

   
 

9,356

    ASML Holding NV ADR
(Netherlands)
   

5,958,462

   
 

220,326

   

Baker Hughes Co.

   

6,442,332

   
 

11,677

   

Lam Research Corp.

   

6,119,682

   
     

23,988,529

   

Merchant Wholesalers, Durable Goods - 4.1%

     
 

13,699

   

Cintas Corp.

   

6,243,593

   
 

85,065

   

Copart, Inc. (a)

   

6,724,388

   
 

113,766

   

Fastenal Co.

   

6,125,162

   
 

15,306

   

KLA-Tencor Corp.

   

5,916,381

   
     

25,009,524

   

Miscellaneous Manufacturing - 3.2%

     
 

18,485

   

Align Technology, Inc. (a)

   

6,013,170

   
 

52,052

   

DexCom, Inc. (a)

   

6,315,990

   
 

24,933

   

Intuitive Surgical, Inc. (a)

   

7,510,318

   
     

19,839,478

   

Motion Picture and Sound Recording Industries - 1.1%

     
 

19,540

   

Netflix, Inc. (a)

   

6,446,832

   

Motor Vehicle and Parts Dealers - 1.1%

     
 

7,433

   

O'Reilly Automotive, Inc. (a)

   

6,818,365

   

Performing Arts, Spectator Sports, and Related Industries - 2.0%

     
 

75,095

   

Activision Blizzard, Inc. (a)

   

5,835,632

   
 

52,328

   

Electronic Arts, Inc.

   

6,660,308

   
     

12,495,940

   

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

DIREXION SEMI-ANNUAL REPORT
16


Direxion NASDAQ-100®​ Equal Weighted Index Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares

     

Fair Value

 

Professional, Scientific, and Technical Services - 7.8%

     
 

102,630

    Cognizant Technology Solutions
Corp. Class A
 

$

6,128,037

   
 

30,332

   

Meta Platforms, Inc. (a)

   

7,289,386

   
 

39,539

   

Moderna, Inc. (a)

   

5,254,338

   
 

31,372

   

Palto Alto Networks, Inc. (a)

   

5,724,135

   
 

55,152

   

Paychex, Inc.

   

6,058,999

   
 

32,945

   

Verisk Analytics, Inc. Class A

   

6,394,954

   
 

31,423

   

Workday, Inc. (a)

   

5,849,077

   
 

56,215

   

Zscaler, Inc. (a)

   

5,064,972

   
     

47,763,898

   

Publishing Industries - 9.7%

     
 

16,564

   

Adobe Systems, Inc. (a)

   

6,253,904

   
 

19,058

   

ANSYS, Inc. (a)

   

5,982,687

   
 

37,481

   

Atlassian Corp. (a)

   

5,534,444

   
 

29,779

   

Autodesk, Inc. (a)

   

5,800,651

   
 

28,670

   

Cadence Design Systems, Inc. (a)

   

6,004,932

   
 

44,557

   

CrowdStrike Holdings, Inc. (a)

   

5,349,068

   
 

86,428

   

Datadog, Inc. (a)

   

5,823,518

   
 

14,337

   

Intuit, Inc.

   

6,364,911

   
 

21,229

   

Microsoft Corp.

   

6,522,823

   
 

15,918

   

Synopsys, Inc. (a)

   

5,910,672

   
     

59,547,610

   

Rail Transportation - 1.0%

     
 

205,168

   

CSX Corp.

   

6,286,348

   

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.0%

     
 

771,292

   

Lucid Group, Inc. (a)(b)

   

6,124,058

   

Support Activities for Mining - 1.1%

     
 

48,177

   

Diamondback Energy, Inc.

   

6,850,769

   

Telecommunications - 2.8%

     
 

81,248

   

PayPal Holdings, Inc. (a)

   

6,174,848

   
 

41,636

   

T-Mobile US, Inc. (a)

   

5,991,420

   
 

85,718

    Zoom Video Communications,
Inc. (a)
   

5,265,657

   
     

17,431,925

   

Transportation Equipment Manufacturing - 3.9%

     
 

32,124

   

Honeywell International, Inc.

   

6,419,660

   
 

86,350

   

Paccar, Inc.

   

6,449,482

   
 

455,895

   

Rivian Automotive, Inc. (a)

   

5,844,574

   
 

32,936

   

Tesla Motors, Inc. (a)

   

5,411,714

   
     

24,125,430

   

Truck Transportation - 0.9%

     
 

17,899

   

Old Dominion Freight Line, Inc.

   

5,734,661

   

Utilities - 4.0%

     
 

65,403

   

American Electric Power Co., Inc.

   

6,044,545

   
 

77,254

   

Constellation Energy Corp.

   

5,979,460

   
 

140,754

   

Exelon Corp.

   

5,973,600

   
 

88,673

   

Xcel Energy, Inc.

   

6,199,129

   
     

24,196,734

   

Web Search Portals, Libraries, Archives, and Other Information Services - 1.1%

     
 

88,618

   

CoStar Group, Inc. (a)

   

6,819,155

   
        TOTAL COMMON STOCKS
(Cost $650,348,613)
 

$

612,566,040

   

Shares

     

Fair Value

 

SHORT TERM INVESTMENTS - 3.1%

 

Money Market Funds - 3.1%

 
 

18,753,381

    Dreyfus Government Cash
Management Institutional
Shares, 4.76% (c)(d)
 

$

18,753,381

   
    TOTAL SHORT TERM
INVESTMENTS
(Cost $18,753,381)
 

$

18,753,381

   
    TOTAL INVESTMENTS
(Cost $669,101,994) - 102.9%
 

$

631,319,421

   
    Liabilities in Excess of
Other Assets - (2.9)%
   

(17,660,913

)

 
   

TOTAL NET ASSETS - 100.0%

 

$

613,658,508

   

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 April 30, 2023.

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

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
17


Direxion Work From Home ETF

Schedule of Investments (Unaudited)

April 30, 2023

Shares

     

Fair Value

 

COMMON STOCKS - 99.8%

     

Administrative and Support Services - 4.7%

     
 

12,529

   

Cloudflare, Inc. (a)

 

$

589,489

   
 

47,850

   

SentinelOne, Inc. (a)

   

768,950

   
     

1,358,439

   

Broadcasting and Content Providers - 2.1%

     
 

174,121

   

Altice USA, Inc. (a)

   

609,424

   

Computer and Electronic Product Manufacturing - 18.2%

     
 

8,113

   

Alphabet, Inc. Class A (a)

   

870,849

   
 

1,235

   

Broadcom, Inc.

   

773,727

   
 

15,164

   

Cisco Systems, Inc.

   

716,499

   
 

12,543

   

Fortinet, Inc. (a)

   

790,836

   
 

5,719

    International Business Machines
Corp.
   

722,939

   
 

16,160

   

Marvell Technology, Inc.

   

637,997

   
 

11,348

   

NetApp, Inc.

   

713,676

   
     

5,226,523

   

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 7.6%

     
 

15,925

   

Pegasystems, Inc.

   

726,498

   
 

22,186

   

RingCentral, Inc. (a)

   

611,446

   
 

6,659

   

VMware, Inc. (a)

   

832,575

   
     

2,170,519

   

General Merchandise Retailers - 2.9%

     
 

7,953

   

Amazon.com, Inc. (a)

   

838,644

   

Management of Companies and Enterprises - 5.0%

     
 

8,149

   

Alibaba Group Holding Ltd. ADR (a)

   

690,139

   
 

34,876

    America Movil SAB de CV ADR
(Mexico)
   

749,485

   
     

1,439,624

   

Professional, Scientific, and Technical Services - 20.1%

     
 

4,226

   

Meta Platforms, Inc. (a)

   

1,015,592

   
 

3,921

   

Palto Alto Networks, Inc. (a)

   

715,426

   
 

321,515

   

Rackspace Technology, Inc. (a)

   

469,412

   
 

1,710

   

ServiceNow, Inc. (a)

   

785,608

   
 

68,317

   

Sprinklr, Inc. (a)

   

817,071

   
 

19,512

   

Verint Systems, Inc. (a)

   

711,993

   
 

3,982

   

Workday, Inc. (a)

   

741,209

   
 

5,707

   

Zscaler, Inc. (a)

   

514,201

   
     

5,770,512

   

Publishing Industries - 34.4%

     
 

2,267

   

Adobe Systems, Inc. (a)

   

855,928

   
 

4,519

   

Atlassian Corp. (a)

   

667,276

   
 

21,830

   

Box, Inc. (a)

   

577,622

   
 

6,099

   

CrowdStrike Holdings, Inc. (a)

   

732,185

   
 

5,057

    CyberArk Software Ltd. ADR
(Israel) (a)
   

630,102

   
 

12,426

   

DocuSign, Inc. (a)

   

614,341

   
 

15,114,518

   

Exela Technologies, Inc. (a)

   

513,894

   
 

2,978

   

Microsoft Corp.

   

915,020

   
 

10,261

   

Okta, Inc. (a)

   

703,186

   
 

8,491

   

Oracle Corp.

   

804,268

   
 

12,742

   

Progress Software Corp.

   

699,281

   

Shares

     

Fair Value

 

Publishing Industries (continued)

     
 

4,380

   

Salesforce.com, Inc. (a)

 

$

868,861

   
 

16,904

   

Smartsheet, Inc. (a)

   

690,867

   
 

11,150

   

Twilio, Inc. (a)

   

586,601

   
     

9,859,432

   

Telecommunications - 4.8%

     
 

19,141

   

Verizon Communications, Inc.

   

743,245

   
 

10,529

    Zoom Video Communications,
Inc. (a)
   

646,797

   
     

1,390,042

   
        TOTAL COMMON STOCKS
(Cost $41,726,943)
 

$

28,663,159

   

SHORT TERM INVESTMENTS - 0.2%

     

Money Market Funds - 0.2%

     
 

56,051

    Dreyfus Government Cash
Management Institutional
Shares, 4.76% (b)
 

$

56,051

   
        TOTAL SHORT TERM
INVESTMENTS
(Cost $56,051)
 

$

56,051

   
        TOTAL INVESTMENTS
(Cost $41,782,994) - 100.0%
 

$

28,719,210

   
        Other Assets in Excess of
Liabilities - 0.0% (†)
   

5,500

   
       

TOTAL NET ASSETS - 100.0%

 

$

28,724,710

   

Percentages are stated as a percent of net assets.

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

(†)​  Less than 0.05%.

(a)​  Non-income producing security.

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

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
18


Statements of Assets and Liabilities (Unaudited)

April 30, 2023

    Direxion Auspice
Broad Commodity
Strategy ETF
(Consolidated)
  Direxion
Hydrogen ETF
  Direxion
Moonshot
Innovators ETF
 

Assets:

 

Investments, at fair value (including securities loaned*) (Note 2)

 

$

294,644,639

   

$

37,936,879

   

$

35,367,840

   

Cash held in foreign currency, at value

   

     

505

     

   

Receivable for investments sold

   

     

3,058,351

     

   

Due from broker for futures contracts

   

66

     

     

   

Deposit at broker for futures contracts

   

9,558,547

     

     

   

Variation margin receivable, net

   

311,303

     

     

   

Dividend and interest receivable

   

1,110,552

     

87,702

     

14,636

   

Tax reclaim receivable

   

     

7,807

     

   

Total Assets

   

305,625,107

     

41,091,244

     

35,382,476

   

Liabilities:

 

Collateral for securities loaned (Note 2)

   

     

6,104,038

     

6,619,361

   

Payable for investments purchased

   

     

3,077,331

     

   

Due to Adviser, net (Note 6)

   

78,644

     

6,691

     

9,351

   

Accrued operating services fees (Note 6)

   

48,928

     

1,333

     

1,246

   

Total Liabilities

   

127,572

     

9,189,393

     

6,629,958

   

Net Assets

 

$

305,497,535

   

$

31,901,851

   

$

28,752,518

   

Net Assets Consist of:

 

Capital stock

 

$

284,740,521

   

$

50,926,962

   

$

169,471,258

   

Total distributable earnings (loss)

   

20,757,014

     

(19,025,111

)

   

(140,718,740

)

 

Net Assets

 

$

305,497,535

   

$

31,901,851

   

$

28,752,518

   

Calculation of Net Asset Value Per Share:

 

Net assets

 

$

305,497,535

   

$

31,901,851

   

$

28,752,518

   
Shares outstanding (unlimited shares of beneficial interest
authorized, par value)
   

9,750,001

     

2,350,002

     

2,800,001

   

Net assets value, redemption price and offering price per share

 

$

31.33

   

$

13.58

   

$

10.27

   

Cost of Investments

 

$

294,644,639

   

$

49,868,983

   

$

65,703,874

   

*  Securities loaned with values of $–, $7,437,000 and $6,336,161, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
19


Statements of Assets and Liabilities (Unaudited)

April 30, 2023

   
Direxion
mRNA ETF1
  Direxion
NASDAQ-100®
​Equal Weighted
Index Shares
  Direxion
Work From
Home ETF
 

Assets:

 

Investments, at fair value (including securities loaned*) (Note 2)

 

$

126,215

   

$

631,319,421

   

$

28,719,210

   

Cash

   

162

     

     

   

Receivable for Fund shares sold

   

     

1,039

     

   

Dividend and interest receivable

   

8

     

177,050

     

13,154

   

Tax reclaim receivable

   

440

     

     

   

Total Assets

   

126,825

     

631,497,510

     

28,732,364

   

Liabilities:

 

Collateral for securities loaned (Note 2)

   

     

17,719,242

     

   

Due to Adviser, net (Note 6)

   

521

     

95,088

     

6,385

   

Accrued operating services fees (Note 6)

   

89

     

24,672

     

1,269

   

Total Liabilities

   

610

     

17,839,002

     

7,654

   

Net Assets

 

$

126,215

   

$

613,658,508

   

$

28,724,710

   

Net Assets Consist of:

 

Capital stock

 

$

1,999,724

   

$

666,286,992

   

$

55,041,788

   

Total distributable loss

   

(1,873,509

)

   

(52,628,484

)

   

(26,317,078

)

 

Net Assets

 

$

126,215

   

$

613,658,508

   

$

28,724,710

   

Calculation of Net Asset Value Per Share:

 

Net assets

 

$

126,215

   

$

613,658,508

   

$

28,724,710

   
Shares outstanding (unlimited shares of beneficial interest
authorized, par value)
   

225,001

     

8,650,002

     

675,001

   

Net assets value, redemption price and offering price per share

 

$

0.56

   

$

70.94

   

$

42.56

   

Cost of Investments

 

$

88,037

   

$

669,101,994

   

$

41,782,994

   

1  The Fund ceased trading at the close of trading on April 21, 2023 and subsequently commenced liquidation procedures. See Note 1 in the accompanying Notes to the Financial Statements.

*  Securities loaned with values of $–, $17,058,451 and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
20


Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

    Direxion Auspice
Broad Commodity
Strategy ETF
(Consolidated)
  Direxion
Hydrogen ETF
  Direxion
Moonshot
Innovators ETF
 

Investment Income:

 
Dividend income (net of foreign withholding tax of $—, $8,618
and $—, respectively)
 

$

   

$

162,890

   

$

3,052

   

Interest income

   

5,780,952

     

3,380

     

3,211

   

Securities lending income

   

     

67,659

     

137,301

   

Total investment income

   

5,780,952

     

233,929

     

143,564

   

Expenses:

 

Investment advisory fees (Note 6)

   

703,000

     

58,442

     

102,472

   

Operating services fees (Note 6)

   

281,200

     

7,305

     

8,539

   

Total Expenses

   

984,200

     

65,747

     

111,011

   

Net investment income

   

4,796,752

     

168,182

     

32,553

   

Net realized and unrealized gain (loss) on investments:

 

Net realized gain (loss) on:

 

Investment securities

   

     

(1,702,168

)

   

(6,958,686

)

 

Foreign currency translation

   

     

(16,721

)

   

   

In-kind redemptions

   

     

     

207,927

   

Futures contracts

   

16,420,352

     

     

   

Net realized gain (loss)

   

16,420,352

     

(1,718,889

)

   

(6,750,759

)

 

Change in net unrealized appreciation (depreciation) on:

 

Investment securities

   

     

1,886,673

     

(1,902,961

)

 

Foreign currency translation

   

     

1,610

     

   

Futures contracts

   

620,307

     

     

   

Change in net unrealized appreciation (depreciation)

   

620,307

     

1,888,283

     

(1,902,961

)

 

Net realized and unrealized gain (loss)

   

17,040,659

     

169,394

     

(8,653,720

)

 
Net increase (decrease) in net assets resulting from
operations
 

$

21,837,411

   

$

337,576

   

$

(8,621,167

)

 

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

DIREXION SEMI-ANNUAL REPORT
21


Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

    Direxion
mRNA ETF1
  Direxion
NASDAQ-100®
​Equal Weighted
Index Shares
  Direxion
Work From
Home ETF
 

Investment Income:

 
Dividend income (net of foreign withholding tax of $—, $12,371
and $4,386, respectively)
 

$

88,042

   

$

3,163,653

   

$

81,195

   

Interest income

   

94

     

17,802

     

896

   

Securities lending income

   

314

     

394,626

     

2,368

   

Total investment income

   

88,450

     

3,576,081

     

84,459

   

Expenses:

 

Investment advisory fees (Note 6)

   

9,891

     

823,594

     

65,654

   

Operating services fees (Note 6)

   

824

     

137,266

     

8,207

   

Total Expenses

   

10,715

     

960,860

     

73,861

   

Net investment income

   

77,735

     

2,615,221

     

10,598

   

Net realized and unrealized gain (loss) on investments:

 

Net realized gain (loss) on:

 

Investment securities

   

(939,218

)

   

(32,133,921

)

   

(8,212,660

)

 

In-kind redemptions

   

387,605

     

35,031,444

     

(329,978

)

 

Net realized gain (loss)

   

(551,613

)

   

2,897,523

     

(8,542,638

)

 

Change in net unrealized appreciation on:

 

Investment securities

   

544,864

     

69,891,710

     

7,532,901

   

Change in net unrealized appreciation

   

544,864

     

69,891,710

     

7,532,901

   

Net realized and unrealized gain (loss)

   

(6,749

)

   

72,789,233

     

(1,009,737

)

 

Net increase (decrease) in net assets resulting from operations

 

$

70,986

   

$

75,404,454

   

$

(999,139

)

 

1  The Fund ceased trading at the close of trading on April 21, 2023 and subsequently commenced liquidation procedures. See Note 1 in the accompanying Notes to the Financial Statements.

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

DIREXION SEMI-ANNUAL REPORT
22


Statements of Changes in Net Assets

    Direxion Auspice Broad Commodity
Strategy ETF (Consolidated)
 

Direxion Hydrogen ETF

 
    Six Months Ended
April 30, 2023
(Unaudited)
  Year Ended
October 31, 2022
  Six Months Ended
April 30, 2023
(Unaudited)
  Year Ended
October 31, 2022
 

Operations:

 

Net investment income

 

$

4,796,752

   

$

111,261

   

$

168,182

   

$

381,449

   

Net realized gain (loss)

   

16,420,352

     

27,202,526

     

(1,718,889

)

   

(5,481,013

)

 
Change in net unrealized appreciation
(depreciation)
   

620,307

     

(15,322,256

)

   

1,888,283

     

(15,187,528

)

 
Net increase (decrease) in net assets resulting
from operations
   

21,837,411

     

11,991,531

     

337,576

     

(20,287,092

)

 

Distributions to shareholders:

 

Net distributions to shareholders

   

(8,091,521

)

   

(45,900,192

)

   

(92,198

)

   

(399,661