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

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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
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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
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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
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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
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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
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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
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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
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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
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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	)
Return of capital		—			—			—			(15,230	)
Total distributions		(8,091,521	)		(45,900,192	)		(92,198	)		(414,891	)
Capital share transactions:
Proceeds from shares sold		25,822,393			189,709,720			9,519,314			14,001,030
Cost of shares redeemed		(31,278,686	)		(112,074,283	)		(1,516	)		(12,374,593	)
Transaction fees (Note 4)		(79,868	)		130,092			—			—
Net increase (decrease) in net assets resulting from capital transactions		(5,536,161	)		77,765,529			9,517,798			1,626,437
Total increase (decrease) in net assets		8,209,729			43,856,868			9,763,176			(19,075,546	)
Net assets:
Beginning of year/period		297,287,806			253,430,938			22,138,675			41,214,221
End of year/period	$	305,497,535		$	297,287,806		$	31,901,851		$	22,138,675
Changes in shares outstanding
Shares outstanding, beginning of year/period		9,950,001			7,750,001			1,700,002			1,700,002
Shares sold		850,000			5,850,000			650,000			650,000
Shares repurchased		(1,050,000	)		(3,650,000	)		—			(650,000	)
Shares outstanding, end of year/period		9,750,001			9,950,001			2,350,002			1,700,002

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

DIREXION SEMI-ANNUAL REPORT
23

Statements of Changes in Net Assets

	Direxion Moonshot Innovators ETF						Direxion mRNA ETF¹
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			For the Period December 9, 2021²through October 31, 2022
Operations:
Net investment income	$	32,553		$	438,546		$	77,735		$	(4,789	)
Net realized loss		(6,750,759	)		(83,908,667	)		(551,613	)		(1,358,364	)
Change in net unrealized appreciation (depreciation)		(1,902,961	)		7,934,248			544,864			(506,686	)
Net increase (decrease) in net assets resulting from operations		(8,621,167	)		(75,535,873	)		70,986			(1,869,839	)
Distributions to shareholders:
Net distributions to shareholders		—			(953,134	)		(75,821	)		—
Return of capital		—			(193,011	)		—			—
Total distributions		—			(1,146,145	)		(75,821	)		—
Capital share transactions:
Proceeds from shares sold		9,527,350			17,599,599			1,803,876			5,419,623
Cost of shares redeemed		(9,925,464	)		(54,961,093	)		(5,223,110	)		—
Transaction fees (Note 4)		—			—			—			500
Net increase (decrease) in net assets resulting from capital transactions		(398,114	)		(37,361,494	)		(3,419,234	)		5,420,123
Total increase (decrease) in net assets		(9,019,281	)		(114,043,512	)		(3,424,069	)		3,550,284
Net assets:
Beginning of year/period		37,771,799			151,815,311			3,550,284			—
End of year/period	$	28,752,518		$	37,771,799		$	126,215		$	3,550,284
Changes in shares outstanding
Shares outstanding, beginning of year/period		2,875,001			4,500,001			250,001			—
Shares sold		750,000			900,000			125,000			250,001
Shares repurchased		(825,000	)		(2,525,000	)		(150,000	)		—
Shares outstanding, end of year/period		2,800,001			2,875,001			225,001			250,001

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.

² Commencement of operations.

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

DIREXION SEMI-ANNUAL REPORT
24

Statements of Changes in Net Assets

	Direxion NASDAQ-100^® Equal Weighted Index Shares						Direxion Work From Home 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	$	2,615,221		$	4,541,561		$	10,598		$	713,092
Net realized gain (loss)		2,897,523			83,777,094			(8,542,638	)		(1,926,715	)
Change in net unrealized appreciation (depreciation)		69,891,710			(227,222,717	)		7,532,901			(37,909,503	)
Net increase (decrease) in net assets resulting from operations		75,404,454			(138,904,062	)		(999,139	)		(39,123,126	)
Distributions to shareholders:
Net distributions to shareholders		(2,411,462	)		(18,877,170	)		(73,408	)		(723,713	)
Total distributions		(2,411,462	)		(18,877,170	)		(73,408	)		(723,713	)
Capital share transactions:
Proceeds from shares sold		415,566,339			995,342,941			1,108,042			1,987,577
Cost of shares redeemed		(574,576,841	)		(570,149,865	)		(9,681,583	)		(34,259,716	)
Net increase (decrease) in net assets resulting from capital transactions		(159,010,502	)		425,193,076			(8,573,541	)		(32,272,139	)
Total increase (decrease) in net assets		(86,017,510	)		267,411,844			(9,646,088	)		(72,118,978	)
Net assets:
Beginning of year/period		699,676,018			432,264,174			38,370,798			110,489,776
End of year/period	$	613,658,508		$	699,676,018		$	28,724,710		$	38,370,798
Changes in shares outstanding
Shares outstanding, beginning of year/period		10,950,002			4,950,002			875,001			1,425,001
Shares sold		6,100,000			14,200,000			25,000			25,000
Shares repurchased		(8,400,000	)		(8,200,000	)		(225,000	)		(575,000	)
Shares outstanding, end of year/period		8,650,002			10,950,002			675,001			875,001

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

DIREXION SEMI-ANNUAL REPORT
25

Financial Highlights

April 30, 2023

																																							RATIOS TO AVERAGE NET ASSETS⁵
	Net Asset Value, Beginning of Year/ Period		Net Investment Income (Loss)¹			Net Investment Income (Loss)^1,2			Net Realized and Unrealized Gain (Loss) on Investments³			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, Prior to Liquidation		Effect of Liquidation			Net Asset Value, End of Year/ Period		Total Return⁴			Net Assets, End of Year/ Period (000's omitted)		Net Expenses⁶			Total Expenses			Net Investment Income (Loss) After Expense Reimbursement			Net Expenses^2,6			Total Expenses²			Net Investment Income (Loss) After Expense Reimbursement²			Portfolio Turnover Rate⁷
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)
For the Six Months Ended April 30, 2023 (Unaudited)	$	29.88	$	0.51		$	0.51		$	1.80		$	2.31		$	(0.86	)	$	—		$	—		$	(0.86	)	$	31.33	$	—		$	31.33		7.92	%	$	305,498		0.70	%		0.70	%		3.41	%		0.70	%		0.70	%		3.41	%		0	%
For the Year Ended October 31, 2022		32.70		0.01			0.06			1.85			1.86			(4.68	)		—			—			(4.68	)		29.88		—			29.88		6.21	%		297,288		0.87	%		0.87	%		0.03	%		0.70	%		0.70	%		0.20	%		0	%
For the Year Ended October 31, 2021		23.13		(0.20	)		(0.20	)		9.77			9.57			—			—			—			—			32.70		—			32.70		41.37	%		253,431		0.70	%		0.70	%		(0.67	)%		0.70	%		0.70	%		(0.67	)%		0	%
For the Year Ended October 31, 2020		23.53		(0.02	)		(0.02	)		(0.29	)		(0.31	)		(0.06	)		—			(0.03	)		(0.09	)		23.13		—			23.13		-1.31	%		43,946		0.70	%		0.70	%		(0.10	)%		0.70	%		0.70	%		(0.10	)%		0	%
For the Year Ended October 31, 2019		24.58		0.35			0.35			(0.77	)		(0.42	)		(0.63	)		—			—			(0.63	)		23.53		—			23.53		-1.72	%		42,360		0.70	%		0.79	%		1.47	%		0.70	%		0.79	%		1.47	%		0	%
For the Year Ended October 31, 2018		23.82		0.20			0.20			0.72			0.92			(0.16	)		—			—			(0.16	)		24.58		—			24.58		3.84	%		52,847		0.70	%		0.84	%		0.80	%		0.70	%		0.84	%		0.80	%		0	%
Direxion Hydrogen ETF
For the Six Months Ended April 30, 2023 (Unaudited)		13.02		0.08			0.08			0.52			0.60			(0.04	)		—			—			(0.04	)		13.58		—			13.58		4.63	%		31,902		0.45	%		0.45	%		1.15	%		0.45	%		0.45	%		1.15	%		20	%
For the Year Ended October 31, 2022		24.24		0.21			0.21			(11.21	)		(11.00	)		(0.21	)		—			(0.01	)		(0.22	)		13.02		—			13.02		-45.57	%		22,139		0.45	%		0.45	%		1.18	%		0.45	%		0.45	%		1.18	%		37	%
For the Period March 25, 2021⁸ through October 31, 2021		25.00		0.16			0.16			0.16			0.32			(0.08	)		—			—			(0.08	)		24.24		—			24.24		1.37	%		41,214		0.45	%		0.45	%		1.21	%		0.45	%		0.45	%		1.21	%		55	%
Direxion Moonshot Innovators ETF
For the Six Months Ended April 30, 2023 (Unaudited)		13.14		0.01			0.01			(2.88	)		(2.87	)		—			—			—			—			10.27		—			10.27		-21.84	%		28,753		0.65	%		0.65	%		0.19	%		0.65	%		0.65	%		0.19	%		19	%
For the Year Ended October 31, 2022		33.74		0.13			0.13			(20.43	)		(20.30	)		(0.25	)		—			(0.05	)		(0.30	)		13.14		—			13.14		-60.64	%		37,772		0.65	%		0.65	%		0.64	%		0.65	%		0.65	%		0.64	%		120	%
For the Period November 12, 2020⁸ through October 31, 2021		25.00		0.27			0.27			8.61			8.88			(0.14	)		—			—			(0.14	)		33.74		—			33.74		35.54	%		151,815		0.65	%		0.65	%		0.76	%		0.65	%		0.65	%		0.76	%		87	%
Direxion mRNA ETF⁹
For the Six Months Ended April 30, 2023 (Unaudited)		14.20		0.32			0.32			(0.98	)		(0.66	)		(0.34	)		—			—			(0.34	)		13.20		(12.64	)		0.56		-4.70	%		126		0.65	%		0.65	%		4.72	%		0.65	%		0.65	%		4.72	%		35	%
For the Period December 9, 2021⁸ through October 31, 2022		25.00		(0.02	)		(0.02	)		(10.78	)		(10.80	)		—			—			—			—			14.20		—			14.20		-43.20	%		3,550		0.65	%		0.65	%		(0.15	)%		0.65	%		0.65	%		(0.15	)%		85	%
Direxion NASDAQ-100^® Equal Weighted Index Shares
For the Six Months Ended April 30, 2023 (Unaudited)		63.90		0.32			0.32			7.07			7.39			(0.35	)		—			—			(0.35	)		70.94		—			70.94		11.61	%		613,659		0.35	%		0.35	%		0.95	%		0.35	%		0.35	%		0.95	%		16	%
For the Year Ended October 31, 2022		87.33		0.53			0.53			(20.59	)		(20.06	)		(0.50	)		(2.87	)		—			(3.37	)		63.90		—			63.90		-23.78	%		699,676		0.35	%		0.35	%		0.75	%		0.35	%		0.35	%		0.75	%		34	%
For the Year Ended October 31, 2021		63.03		0.39			0.39			24.33			24.72			(0.39	)		(0.03	)		—			(0.42	)		87.33		—			87.33		39.30	%		432,264		0.35	%		0.35	%		0.49	%		0.35	%		0.35	%		0.49	%		30	%
For the Year Ended October 31, 2020		51.32		0.38			0.38			11.72			12.10			(0.39	)		—			—			(0.39	)		63.03		—			63.03		23.69	%		274,199		0.35	%		0.35	%		0.67	%		0.35	%		0.35	%		0.67	%		35	%
For the Year Ended October 31, 2019		43.27		0.39			0.39			8.04			8.43			(0.38	)		—			—			(0.38	)		51.32		—			51.32		19.59	%		215,563		0.35	%		0.44	%		0.82	%		0.35	%		0.44	%		0.82	%		28	%
For the Year Ended October 31, 2018		41.90		0.31			0.31			1.37			1.68			(0.31	)		—			—			(0.31	)		43.27		—			43.27		3.98	%		179,574		0.35	%		0.49	%		0.68	%		0.35	%		0.49	%		0.68	%		27	%
Direxion Work From Home ETF
For the Six Months Ended April 30, 2023 (Unaudited)		43.85		0.01			0.01			(1.21	)		(1.20	)		(0.09	)		—			—			(0.09	)		42.56		—			42.56		-2.73	%		28,725		0.45	%		0.45	%		0.06	%		0.45	%		0.45	%		0.06	%		19	%
For the Year Ended October 31, 2022		77.54		0.63			0.63			(33.78	)		(33.15	)		(0.54	)		—			—			(0.54	)		43.85		—			43.85		-43.00	%		38,371		0.45	%		0.45	%		1.04	%		0.45	%		0.45	%		1.04	%		45	%
For the Year Ended October 31, 2021		53.77		0.22			0.22			24.24			24.46			(0.27	)		(0.42	)		—			(0.69	)		77.54		—			77.54		45.69	%		110,490		0.45	%		0.45	%		0.31	%		0.45	%		0.45	%		0.31	%		35	%
For the Period June 25, 2020⁸ through October 31, 2020		50.00		0.15			0.15			3.65			3.80			(0.03	)		—			—			(0.03	)		53.77		—			53.77		7.60	%		133,078		0.45	%		0.45	%		0.81	%		0.45	%		0.45	%		0.81	%		32	%

¹ Net investment income (loss) per share represents net investment income divided by the daily average shares of beneficial interest outstanding throughout each period.

² Excludes interest expense and extraordinary expenses which comprise of tax and litigation expenses.

³ Due to the timing of sales and redemptions of capital shares, the net realized and unrealized gain (loss) per share will not equal the Fund's changes in net realized and unrealized gain (loss) on investments, in-kind redemptions, futures and swaps for the period.

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

DIREXION SEMI-ANNUAL REPORT
26

Financial Highlights

April 30, 2023

⁴ Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized. For the years October 31, 2018 through October 31, 2019 the total return would have been lower if certain expenses had not been reimbursed/waived by the investment advisor. The total return for Direxion mRNA ETF represents the total return prior to liquidation.

⁵ For periods less than a year, these ratios are annualized.

⁶ For the years ended October 31, 2018 through October 31, 2019, net expenses include affects of any reimbursement/waiver or recoupment.

⁷ Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Portfolio turnover rate does not include effects of turnover of the swap and future contracts portfolio. Short-term securities with maturities less than or equal to 365 days are also excluded from portfolio turnover calculation.

⁸ Commencement of operations.

⁹ 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
27

Direxion Shares ETF Trust

Notes to the Financial Statements (Unaudited)

April 30, 2023

1. ORGANIZATION

The Direxion Shares ETF Trust (the "Trust") is a Delaware statutory trust formed on April 23, 2008 and is registered with the Securities and Exchange Commission ("SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is a registered investment company that has 76 separate series (each, a "Fund" and together the "Funds"). 6 of these Funds are included in this report:

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

The Trust has evaluated the structure, objective and activities of the Funds and determined that they meet the characteristics of an investment company. As such, these financial statements have applied the guidance as set forth in the Accounting Standards Codifications ("ASC") 946, Financial Services-Investment Companies.

Rafferty Asset Management, LLC ("Rafferty") serves as investment adviser to the Funds. Rafferty has registered as a commodity pool operator ("CPO") and the Direxion Auspice Broad Commodity Strategy ETF (Consolidated) and Direxion Breakfast Commodities Strategy ETF (Consolidated) are considered commodity pools under the Commodity Exchange Act (the "CEA"). Accordingly, Rafferty is subject to registration and regulation as a CPO under the CEA and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission and the National Futures Association, including investor protection requirements, antifraud provisions, disclosure requirements and reporting and recordkeeping requirements.

Each Fund seeks investment results, before fees and expenses, that track the performance of the underlying index as listed below:

Funds				Index or Benchmark
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)				Auspice Broad Commodity Index
Direxion Hydrogen ETF				Indxx Hydrogen Economy Index
Direxion Moonshot Innovators ETF				S&P Kensho Moonshots Index
Direxion mRNA ETF				BITA Messenger RNA Technology Index
Direxion NASDAQ-100^® Equal Weighted Index Shares				NASDAQ-100^® Equal Weighted Index
Direxion Work From Home ETF				Solactive Remote Work Index

The Direxion Auspice Broad Commodity Strategy ETF (Consolidated) primarily invests in commodity and financial futures contracts directly and/or indirectly through its wholly-owned subsidiary, Direxion BCS Fund Ltd. ("BCS Fund"), in order to track the returns of the Auspice Broad Commodity Index within the limitation of the U.S. federal tax requirements applicable to regulated investment companies.

On April 3, 2023, the Trust filed an amendment to the registration statement notifying shareholders that the Direxion mRNA ETF would cease trading on the New York Stock Exchange Arca, Inc. ("NYSE Arca") on April 21, 2023. Subsequent to this date, the Direxion mRNA ETF stopped accepting creations of their shares, ceased pursuing their stated investment objectives, and on April 27, 2023 began liquidating their net assets and distributed cash pro rata to all shareholders who had not previously redeemed or sold their shares. A second distribution of cash was necessary due to restrictions on selling one of the Direxion mRNA ETF's portfolio securities. On May 24, 2023, the Direxion mRNA ETF engaged in a selling agreement to sell this restricted security and distribute cash pro rata on May 31, 2023 to all shareholders of record from the liquidation date of April 27, 2023.

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2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP").

a) Investment Valuation – The Net Asset Value ("NAV") per share of each Fund is determined daily, as of the close of regular trading on the NYSE Arca (normally at 4:00 p.m. Eastern time ("Valuation Time")), each day the NYSE is open for business. A security listed or traded on an exchange, domestic or foreign, is valued at its last sales price on the principal exchange on which it is traded prior to the time when assets are valued. If no sale is reported at that time, the mean of the last bid and asked prices is used. Securities primarily traded on the NASDAQ^® Global Market ("NASDAQ") for which market quotations are readily available are valued using the NASDAQ^® Official Closing Price ("NOCP") provided by NASDAQ each business day. Over-the-counter ("OTC") securities held by a Fund are valued at the last sales price or, if no sales price is reported, the mean of the last bid and asked price is used. The portfolio securities of a Fund that are listed on national exchanges are valued at the last sales price of such securities or; if no sales price is reported, the mean of the last bid and asked price is used. Swap contracts are valued using the closing price of the underlying reference entity or the closing value of the underlying reference index. The Funds valued their investments in money market funds based on their daily net asset values. If the settlement price established by the exchange reflects trading after the Valuation Time, then the last sales price prior to Valuation Time will be used. Securities and swap contracts are fair valued as determined by the Rafferty under the supervision of the Board of Trustees (the "Board") in the following scenarios: a) reliable market quotations are not readily available; b) the Funds' pricing service does not provide a valuation for such securities; c) the Funds' pricing service provides a valuation that in the judgment of the Rafferty does not represent fair value; or d) the Fund or Rafferty believes the market price is stale.

b) Futures Contracts – Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against, changes in the values of commodities, equities, interest rates or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. The Direxion Auspice Broad Commodity Strategy ETF (Consolidated) was invested in futures contracts as of the period ended April 30, 2023.

c) Risks of Futures Contracts, Options on Futures Contracts and Short Positions – The risks inherent in the use of options, futures contracts, options on futures contracts and short positions include 1) adverse changes in the fair value of such instruments; 2) imperfect correlation between the price of options and futures contracts and options thereon and movements in the price of the underlying securities, index or futures contracts; 3) the possible absence of a liquid secondary market for any particular instrument at any time; 4) the possible need to defer closing out certain positions to avoid adverse tax consequences; and 5) the possible non-performance by the counterparty under the terms of the contract. The Funds designate cash, cash equivalents and liquid securities as collateral for written options, futures contracts, options on futures contracts and short positions. The Funds were not invested in any type of options during the period ended April 30, 2023.

d) Risks of Investing in Foreign Securities – Investments in foreign securities involve greater risks than investing in domestic securities. As a result, the Funds' returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The laws, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore there may be less public information available about foreign companies. Investments in foreign emerging markets present a greater risk than investing in foreign issuers in general. The risk of political or social upheaval is greater in emerging markets. In addition, there may be risks of an economy's dependence on revenues from particular commodities, currency transfer restrictions, a limited number of potential buyers for such securities and delays and disruption in securities settlement procedures.

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e) Foreign Currency Translation – The accounting records of the Funds are maintained in U.S. dollars. The fair value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the Funds after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The Funds do not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of assets and liabilities other than investments at the period end, resulting from changes in the exchange rate.

f) Basis for Consolidation – The Direxion Auspice Broad Commodity Strategy ETF may invest up to 25% of its total assets in the Direxion BCS Fund Ltd. ("BCS Fund"). The BCS Fund, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by the Direxion Auspice Broad Commodity Strategy ETF. The BCS Fund acts as an investment vehicle to facilitate entering into certain investments for the Direxion Auspice Broad Commodity Strategy ETF consistent with the Fund's investment objectives and policies specified in its prospectus and statement of additional information and within the limitation of the U.S. federal tax requirements applicable to regulated investment companies. As of April 30, 2023, the net assets of the Direxion Auspice Broad Commodity Strategy ETF were $305,497,535 of which $57,240,715, or approximately 18.7%, represented the Direxion Auspice Broad Commodity Strategy ETF's ownership of all issued shares and voting rights of the BCS Fund. All intercompany balances, revenues and expenses have been eliminated in consolidation.

g) Risks of Investing Commodity-Linked Derivatives – The Direxion Auspice Broad Commodity Strategy ETF, through its investment in its respective subsidiary, may hold commodity-linked derivatives. Commodity-linked derivatives provide exposure, which may include long and/or short exposure, to the investment returns of physical commodities that trade in the commodities markets without investing directly in physical commodities. The value of a commodity-linked derivative investment typically is based upon the price movements of a physical commodity (such as heating oil, precious metals, livestock, or agricultural products), a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. The Direxion Auspice Broad Commodity Strategy ETF held commodity-linked derivatives during the period ended April 30, 2023.

h) Security Transactions – Investment transactions are recorded on the trade date. The Funds determine the gain or loss realized from investment transactions by comparing the identified cost, which is the same basis used for U.S. Federal income tax purposes, with the net sales proceeds.

i) Securities Lending – Each Fund may lend up to 33¹/₃% of the value of the securities in their portfolios to approved brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, cash equivalents, or securities issued or guaranteed by the U.S. government. The collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. Government securities held as collateral, net of fee rebates paid to borrower and net of fees paid to the lending agent. The amount of fees depends on a number of factors including the security type and the length of the loan. In addition, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. No more than 99% of the value of any security may be on loan at any time.

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As of April 30, 2023, all securities on loan were collateralized by cash and/or U.S. government obligations. The cash received as collateral for securities on loan was invested in money market funds, whose maturities are overnight and continuous, and is disclosed in the Schedules of Investments. The securities on loan in each Fund are also disclosed in the Schedule of Investments. The total value of securities loaned and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Non-cash collateral consists of U.S. Treasury securities and is not disclosed on the Statements of Assets and Liabilities as its held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell, reinvest or pledge those securities. Income earned by the Funds from securities lending is disclosed in the Statements of Operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds are contractually indemnified with the securities lending agent. Furthermore, the Funds require the value of the securities loaned to be computed daily at the close of the market and additional collateral be furnished, if required.

As of April 30, 2023, the market value of the securities loaned and the related cash and non-cash collateral received for securities lending were as follows:

Funds	Market Value of Securities Loaned		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Direxion Hydrogen ETF	$	7,437,000	$	6,104,038	$	1,688,328	$	7,792,366
Direxion Moonshot Innovators ETF		6,336,161		6,619,361		—		6,619,361
Direxion NASDAQ-100^® Equal Weighted Index Shares		17,058,451		17,719,242		43,630		17,762,872

j) Federal Income Taxes – Each Fund intends to make the requisite distributions of income and capital gains to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company. Therefore, no provision for U.S. Federal income tax has been made by the Funds.

The Funds may be subject to a nondeductible 4% U.S. excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. No Funds paid this excise tax during the period ended April 30, 2023.

k) Income and Expenses – Interest income, including amortization of premiums and discounts, is recognized on an accrual basis. Distributions are recorded on the ex-dividend date.

The Funds are charged for those expenses that are directly attributable to each series, such as advisory fees. Expenses that are not directly attributable to a series are generally allocated among the Trust's series in proportion to their respective average daily net assets. Expenses are charged to the Funds daily. Expenses are computed based on each Fund's respective average daily net assets. For additional discussion on expenses, refer to Note 6.

l) Distributions to Shareholders – Each Fund pays dividends from net investment income and distributes net realized capital gains, if any, at least annually. Income and capital gain distributions are determined in accordance with U.S. Federal income tax regulations, which may differ from GAAP. Certain Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Distributions to shareholders are recorded on the ex-dividend date.

m) Guarantees and Indemnifications – In the ordinary course of business, the Funds enter into contracts that contain a variety of indemnification provisions pursuant to which the Funds agree to indemnify third parties upon the occurrence of specified events. The Funds' maximum exposure relating to these indemnification agreements is unknown. However, the Funds have not had prior claims or losses in connection with these provisions and believe the risk of loss is remote.

n) Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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3. INCOME TAX AND DISTRIBUTION INFORMATION

The tax character of distributions paid during the periods ended April 30, 2023 and October 31, 2022 are presented in the following table. The tax character of distributions to shareholders made during the periods may differ from their ultimate characterization for U.S. Federal income tax purposes.

	Period Ended April 30, 2023 (Unaudited)						Year/Period Ended October 31, 2022
	Distributions Paid From:						Distributions Paid From:
Funds	Ordinary Income		Long Term Capital Gains		Return of Capital		Ordinary Income		Long Term Capital Gains		Return of Capital
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$	8,091,521	$	—	$	—	$	45,900,192	$	—	$	—
Direxion Hydrogen ETF		92,198		—		—		399,661		—		15,230
Direxion Moonshot Innovators ETF		—		—		—		953,134		—		193,011
Direxion mRNA ETF¹		75,821		—		—		—		—		—
Direxion NASDAQ-100^® Equal Weighted Index Shares		2,411,462		—		—		17,776,653		1,100,517		—
Direxion Work From Home ETF		73,408		—		—		723,713		—		—

¹ Commenced operations December 9, 2021.

At October 31, 2022, the components of accumulated earnings/(losses) on a tax-basis were as follows:

Funds	Net Unrealized Appreciation (Depreciation)			Undistributed Ordinary Income		Undistributed Capital Gain		Other Accumulated Earnings (Losses)¹			Total Accumulated Earnings (Losses)
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$	—		$	7,014,632	$	—	$	(3,508	)	$	7,011,124
Direxion Hydrogen ETF		(15,237,274	)		—		—		(4,033,215	)		(19,270,489	)
Direxion Moonshot Innovators ETF		(28,680,156	)		—		—		(103,417,417	)		(132,097,573	)
Direxion mRNA ETF		(1,068,488	)		—		—		(800,186	)		(1,868,674	)
Direxion NASDAQ-100^® Equal Weighted Index Shares		(125,840,211	)		218,735		—		—			(125,621,476	)
Direxion Work From Home ETF		(21,138,172	)		46,336		—		(4,152,695	)		(25,244,531	)

¹ Other Accumulated Earnings (Losses) consist of capital loss carryover, qualified late year losses and organizational costs.

At April 30, 2023, the aggregate gross unrealized appreciation and depreciation of investments for U.S. Federal income tax purposes were as follows:

Funds	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$	294,644,639	$	—	$	—		$	—
Direxion Hydrogen ETF		49,868,983		1,706,240		(13,638,344	)		(11,932,104	)
Direxion Moonshot Innovators ETF		65,703,874		1,204,861		(31,540,895	)		(30,336,034	)
Direxion mRNA ETF		88,037		38,178		—			38,178
Direxion NASDAQ-100^® Equal Weighted Index Shares		669,101,994		25,428,702		(63,211,275	)		(37,782,573	)
Direxion Work From Home ETF		41,782,994		2,932,657		(15,996,441	)		(13,063,784	)

In order to meet certain U.S. excise tax distribution requirements, each Fund is required to measure and distribute annually net capital gains realized during a twelve month period ending October 31 and net investment income earned during a twelve month period ending December 31. In connection with this, these Funds are permitted for tax purposes to defer

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into their next fiscal year qualified late year losses. Qualified late year ordinary losses are generally losses incurred between January 1 and the end of their fiscal year, October 31, 2022.

At October 31, 2022, these Funds deferred, on a tax basis, qualified late year losses of:

Funds	Ordinary Late Year Loss Deferral
Direxion Moonshot Innovators ETF	$	48,023
Direxion mRNA ETF		3,624

Under current law, each Fund may carry forward net capital losses indefinitely to use to offset capital gains realized in future years and their character is retained as either short-term and/or long-term.

At October 31, 2022, for U.S. Federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains:

Funds	Utilized in Current Year		Unlimited ST		Unlimited LT
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$	—	$	—	$	—
Direxion Hydrogen ETF		—		3,853,746		179,469
Direxion Moonshot Innovators ETF		—		54,710,113		48,659,281
Direxion mRNA ETF		—		796,562		—
Direxion NASDAQ-100^® Equal Weighted Index Shares		—		—		—
Direxion Work From Home ETF		—		2,614,600		1,538,095

The Funds follow authoritative financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. Management has reviewed all open tax years and concluded that there is no effect to the Funds' financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During this period, the Funds did not incur any interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of April 30, 2023, open U.S. Federal and state income tax years include the tax years ended October 31, 2020 through October 31, 2022. The Funds have no examinations in progress. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.

4. CREATION AND REDEMPTION TRANSACTIONS AND TRANSACTION FEES

Each Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares called "Creation Units." The number of shares in a Creation Unit for each respective Fund is as follows:

Fund				Number of shares per Creation Unit
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)				50,000 shares
Direxion Hydrogen ETF				50,000 shares
Direxion Moonshot Innovators ETF				25,000 shares
Direxion mRNA ETF				25,000 shares
Direxion NASDAQ-100^® Equal Weighted Index Shares				50,000 shares
Direxion Work From Home ETF				25,000 shares

Creation Units of the Funds are issued and redeemed in cash and/or in-kind for securities included in the relevant underlying index. Investors such as market makers, large investors and institutions who wish to deal in Creation Units directly with a Fund must have entered into an authorized participant agreement with the principal underwriter and the transfer agent, or purchase through a dealer that has entered into such an agreement. Transactions in shares for each Fund include both cash and in-kind transactions and are disclosed in detail in the Statements of Changes in Net Assets.

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Transaction fees are imposed to cover the costs associated with the issuance and redemption of Creation Units. There is a fixed and a variable component to the total transaction fee. A fixed transaction fee is paid to the transfer agent and is applicable to each creation or redemption transaction, regardless of the number of Creation Units purchased or redeemed. In addition, a variable transaction fee equal to a percentage of the value of each Creation Unit purchased or redeemed is applicable to each creation or redemption transaction and is paid to the Fund. Not all Funds will have a transaction fee associated with capital share activity for the year. Transaction fees received by each Fund are presented in the Capital Share Transaction section of the Statements of Changes in Net Assets.

5. INVESTMENT TRANSACTIONS

The table below presents each Fund's investment transactions during the period ended April 30, 2023. Purchases represent the aggregate purchases of investments excluding the cost of in-kind purchases, short-term investment purchases, swaps and futures contracts. Sales represent the aggregate sales of investments excluding proceeds from in-kind sales, short-term investments, swaps and futures contracts. Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:

Funds	Purchases		Sales		Purchases In-Kind		Sales In-Kind
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$	—	$	—	$	—	$	—
Direxion Hydrogen ETF		6,597,171		5,713,505		8,682,422		—
Direxion Moonshot Innovators ETF		6,462,104		6,398,605		9,529,476		9,926,845
Direxion mRNA ETF		1,077,282		4,068,177		1,786,856		2,207,515
Direxion NASDAQ-100^® Equal Weighted Index Shares		93,850,841		94,054,715		415,548,491		574,405,355
Direxion Work From Home ETF		6,343,246		6,360,721		1,107,044		9,682,046

There were no purchases or sales of long-term U.S. Government securities in the Funds during the period ended April 30, 2023.

6. INVESTMENT ADVISORY AND OTHER AGREEMENTS

Under an Investment Advisory Agreement between each Adviser and the Trust, on behalf of each Fund, the Adviser provides a continuous investment program for each Fund's assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of each Fund, subject to the supervision of the Trustees. Pursuant to the Advisory Agreement, each Fund pays their respective Adviser an investment advisory fees at an annual rate based on its average daily net assets. These rates are as follows:

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	0.50	%
Direxion Hydrogen ETF	0.40	%
Direxion Moonshot Innovators ETF	0.60	%
Direxion mRNA ETF	0.60	%
Direxion NASDAQ-100^® Equal Weighted Index Shares	0.30	%
Direxion Work From Home ETF	0.40	%

Additionally, the Trust has entered into a Management Services Agreement with Rafferty. Under the Management Services Agreement, the Trust pays Rafferty management service fees of 0.026% on the first $10,000,000,000 of the Trust's daily net assets and 0.024% on assets in excess of $10,000,000,000. This fee compensates Rafferty for performing certain management, administration and compliance functions related to the Trust.

The Funds have entered into an Operating Services Agreement. Under the Operating Services Agreement, Rafferty will pay all the expenses (with certain exceptions such as management fees, Rule 12b-1 fees and swap financing and related costs) of the Funds in exchange for a fee calculated based on the following rates multiplied by the respective average daily net assets of each Fund.

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Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	0.20	%
Direxion Hydrogen ETF	0.05	%
Direxion Moonshot Innovators ETF	0.05	%
Direxion mRNA ETF	0.05	%
Direxion NASDAQ-100^® Equal Weighted Index Shares	0.05	%
Direxion Work From Home ETF	0.05	%

The Board has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940. In accordance with the Plan, each Fund is authorized to charge an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services. No 12b-1 fees were charged by any Fund.

7. FAIR VALUE MEASUREMENTS

The Funds follow authoritative fair valuation accounting standards, which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels below:

Level 1 – Quoted prices in active markets for identical securities

Level 2 – Evaluated price based on other significant observable inputs (including quoted prices for similar securities, in active markets, quoted prices for identical or similar securities in inactive markets, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds' investments at April 30, 2023:

	Asset Class
	Level 1
Funds	Common Stocks		Short Term Investments		Futures Contracts*
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$	—	$	294,644,639	$	620,307
Direxion Hydrogen ETF		31,675,429		6,261,450		—
Direxion Moonshot Innovators ETF		28,593,719		6,774,121		—
Direxion mRNA ETF		126,215		—		—
Direxion NASDAQ-100^® Equal Weighted Index Shares		612,566,040		18,753,381		—
Direxion Work From Home ETF		28,663,159		56,051		—

For further detail on each asset class, see each Fund's Schedule of Investments.

* Futures contracts are valued at the unrealized appreciation/(depreciation).

The Funds also follow authoritative accounting standards, which require additional disclosure regarding fair value measurements. Specifically, these standards require reporting entities to disclose a) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions, b) transfers between all levels (including Level 1 and Level 2) on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfers and c) purchases and sales on a gross basis in the Level 3 rollforward rather than as one net number. Additionally, reporting entities are required to disclose quantitative information about unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy.

8. VALUATION OF DERIVATIVE INSTRUMENTS

The Funds follow authoritative standards of accounting for derivative instruments, which establish disclosure requirements for derivative instruments. These standards improve financial reporting for derivative instruments by requiring enhanced

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35

disclosures that enable investors to understand how and why a fund uses derivative instruments, how derivative instruments are accounted for and how derivative instruments affect a fund's financial position and results of operations.

Certain Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective. For additional discussion on the risks associated with derivative instruments refer to Note 2. As of April 30, 2023, certain Funds were invested in futures contracts. At April 30, 2023, the fair values of derivative instruments, by primary risk, were as follows:

	Asset Derivatives¹
Futures Contracts* Fund	Commodity Risk		Total
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$	620,307	$	620,307

* Cumulative appreciation(depreciation) of futures contracts as reported in the Schedule of Investments.
Only current day's variation margin, if any, is reported in the Statements of Assets and Liabilities.

Transactions in derivative instruments during the period ended April 30, 2023, by primary risk, were as follows:

Net Realized Gain (Loss)¹

Net Unrealized
Appreciation (Depreciation)²

Fund

Commodity Risk

Direxion Auspice Broad
Commodity Strategy ETF
(Consolidated)

Futures Contracts

16,420,352

620,307

¹ Statements of Operations location: Net realized gain (loss) on futures contracts.

² Statements of Operations location: Change in net unrealized appreciation (depreciation) on futures contracts.

For the period ended April 30, 2023, the volume of the derivatives held by the Funds was as follows:

	Quarterly Average Gross Notional Amounts
	Long Futures Contracts
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$	116,154,313

The Funds utilize this volume of derivatives in order to meet the investment objectives of each respective Fund.

9. PRINCIPAL RISKS

Below are some of the principal risks of investing in the Funds. Please refer to the Funds' prospectus for a full discussion.

Sector Concentration Risk – The risk of concentrating investments in a limited number of issuers in a particular industry is that a Fund will be more susceptible to the risks associated with that industry than a Fund that does not concentrate its investments.

Daily Index Correlation/Tracking Risk – A number of factors may affect a Fund's ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. A failure to achieve a high degree of correlation may prevent a Fund from achieving its investment objective. A number of factors may adversely affect a Fund's correlation with its benchmark, including fees, expenses, transaction costs, costs associated with the use of leveraged investment techniques, income items, accounting standards, and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. A Fund may not have investment exposure to all securities in its underlying benchmark index, or its weighting of investment exposure to such stocks or industries may be different from that of the index. In addition, a Fund may invest in securities or financial instruments not included in the index underlying its benchmark. A Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to its benchmark. Activities surrounding annual index

DIREXION SEMI-ANNUAL REPORT
36

reconstitutions and other index rebalancing or reconstitution events may hinder the Funds' ability to meet their daily investment objective on that day. Each Fund seeks to rebalance its portfolio daily to keep leverage consistent with its daily investment objective.

Derivatives Risk – The Fund's investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund's other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

In addition, the Fund's investments in derivatives are subject to the following risks:

• Futures Contracts. 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. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. Futures contracts are subject to liquidity risks; there may not be a liquid secondary market for the futures contracts and the Fund may not be able to enter into a closing transaction. Exchanges may also limit the number of positions that can be held or controlled by the Fund or the Adviser, thus limiting the ability of the Fund to implement its leveraged investment strategy. Futures markets are highly volatile and the use of futures may increase the Fund's volatility. Futures contracts are also subject to leverage risk.

Foreign Securities Risk – Investments in foreign securities directly or indirectly through investments in exchange traded funds which track foreign securities involve greater risks than investing in domestic securities. As a result, the Funds' returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The laws, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore there may be less public information available about foreign companies. Investments in foreign emerging markets present a greater risk than investing in foreign issuers in general. The risk of political or social upheaval is greater in emerging markets. In addition, there may be risks of an economy's dependence on revenues from particular commodities, currency transfer restrictions, a limited number of potential buyers for such securities and delays and disruption in securities settlement procedures.

Currency Exchange Rate Risk – Changes in foreign currency exchange rates will affect the value of the Fund's investments in securities denominated in a country's currency. Generally, when the U.S. Dollar rises in value against a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. Dollars. Devaluation of a currency by a country's government or banking authority also will have a significant impact on the value of any investments denominated in that currency. If the Fund is exposed to a limited number of currencies, any change in the value of these currencies could have a material impact on the Fund's net asset value.

Liquidity Risk – In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a Fund invests, a Fund might not be able to dispose of certain holdings quickly or at prices that represent fair market value in the judgment of the Adviser. Additionally, certain counterparties may have the ability to demand repayment at any time, thereby exposing the Fund to the risk that it may be required to liquidate investments at an inopportune time. This may prevent a Fund from limiting losses, realizing gains or from achieving a high correlation or inverse correlation with its underlying index.

Market Disruption Risk – Geopolitical and other events, including public health crises and natural disasters, have recently led to increased market volatility and significant market losses. Significant market volatility and market downturns may limit a Fund's ability to sell securities and the Fund's sales may exacerbate the market volatility and downturn. Under such circumstances, a Fund may have difficulty achieving its investment objective for one or more trading days, which may adversely impact the Fund's returns on those days and periods inclusive of those days. Alternatively, the Fund may incur higher costs in order to achieve its investment objective and may be forced to purchase and sell securities (including other ETFs' shares) at market prices that do not represent their fair value (including in the case of an ETF, its net asset value) or at times that result in differences between the price the Fund receives for the security and the market closing price of the security. Under those circumstances, the Fund's ability to track its index is likely to be adversely affected, the market price of Fund shares may reflect a greater premium or discount to net asset value, and bid-ask spreads in the Fund's shares may widen, resulting in increased transaction costs for secondary market purchasers and sellers. The Fund may also incur additional tracking error due to the use of other securities that are not perfectly correlated to the Fund's index.

DIREXION SEMI-ANNUAL REPORT
37

The recent pandemic spread of the novel coronavirus known as COVID-19 has proven to be a market disrupting event. The impact of this virus, like other pandemics that may arise in the future, has negatively affected and may continue to negatively affect the economies of many nations, companies and the global securities and commodities markets, including by reducing liquidity in the markets. Adverse effects may be more pronounced for developing or emerging market countries that have less established health care systems. How long such events will last and whether they will continue or recur cannot be predicted.

10. SUBSEQUENT EVENTS

Management has performed an evaluation of subsequent events through the date of the financial statements were issued and has determined that no items require recognition or disclosure besides those noted below.

On May 31, 2023, the Direxion mRNA ETF sold its remaining portfolio securities and distributed cash pro rata to all shareholders of record from the liquidation date of April 27, 2023.

On June 20, 2023, certain Funds declared income distributions with an ex-date of June 21, 2023 and payable date of June 28, 2023. The specific Funds and per share amounts of the distributions are listed below.

Funds	Per Share Income Distribution
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$	0.54710
Direxion Hydrogen ETF		0.07332
Direxion Moonshot Innovators ETF		0.01499
Direxion NASDAQ-100^® Equal Weighted Index Shares		0.15895

DIREXION SEMI-ANNUAL REPORT
38

Direxion Shares ETF Trust

Supplemental Information (Unaudited)

Householding

In an effort to decrease costs, the Funds intend to reduce the number of duplicate prospectuses, Annual and Semi-Annual Reports, proxy statements and other similar documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders we reasonably believe are from the same family or household. Householding begins once you have signed your account application. After such time, if you would like to discontinue householding for your accounts, please call toll-free at (800) 851-0511 to request individual copies of these documents. Once the Funds receive notice to stop householding, we will begin sending individual copies thirty days after receiving your request. This policy does not apply to account statements.

DIREXION SEMI-ANNUAL REPORT
39

Direxion Shares ETF Trust

Trustees and Officers

The business affairs of the Funds are managed by or under the direction of the Board of Trustees. Information pertaining to the Trustees and Officers of the Funds is set below. The report includes additional information about the Funds' Trustees and Officers and is available without charge, upon request by calling 1-800-851-0511.

Interested Trustees

Name, Address and
Age

Position(s)
Held with
Fund

Term of Office
and Length of
Time Served

Principal Occupation(s)
During Past Five Years

# of Portfolios
in Direxion
Family of
Investment
Companies
Overseen
by Trustee⁽³⁾

Other Trusteeships/
Directorships Held by
Trustee During Past
Five Years

Daniel D. O'Neill⁽¹⁾Age: 55

Chairman of the Board of Trustees

Lifetime of Trust until removal or resignation; Since 2008

Chief Executive Officer, Rafferty Asset Management, LLC, April 2021 – September 2022; Managing Director, Rafferty Asset Management, LLC, January 1999 – January 2019.

118

None.

Angela Brickl⁽²⁾Age: 47

Trustee

Lifetime of Trust until removal or resignation; Since 2022

Chief Executive Officer, Rafferty Asset Management, LLC since September 2022; Chief Operating Officer, Rafferty Asset Management, LLC May 2021 – September 2022; General Counsel, Rafferty Asset Management LLC, since October 2010; Chief Compliance Officer, Rafferty Asset Management, LLC, September 2012 – March 2023.

118

None.

⁽¹⁾ Mr. O'Neill is affiliated with Rafferty because he owns a beneficial interest in Rafferty.

⁽²⁾ Ms. Brickl is affiliated with Rafferty because she serves as an officer of Rafferty.

⁽³⁾ The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 75 of the 108 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 10 funds registered with the SEC.

DIREXION SEMI-ANNUAL REPORT
40

Direxion Shares ETF Trust

Trustees and Officers

Independent Trustees

Name, Address and
Age

Position(s)
Held with
Fund

Term of Office
and Length of
Time Served

Principal Occupation(s)
During Past Five Years

# of Portfolios
in Direxion
Family of
Investment
Companies
Overseen
by Trustee⁽³⁾

Other Trusteeships/
Directorships Held by
Trustee During Past
Five Years

David L. Driscoll
Age: 53

Trustee

Lifetime of Trust until removal or resignation; Since 2014

Board Member, Algorithmic Research and Trading, since 2022; Board Advisor, University Common Real Estate, since 2012; Member, Kendrick LLC, since 2006; Partner, King Associates, LLP, since 2004; Principal, Grey Oaks LLP, since 2003.

118

None.

Kathleen M. Berkery
Age: 55

Trustee

Lifetime of Trust until removal or resignation; Since 2019

Chief Financial Officer, Metro Physical Therapy, LLC, since 2023; Chief Financial Officer, Student Sponsor Partners, 2021 – 2023; Senior Manager – Trusts & Estates, Rynkar, Vail & Barrett, LLC, 2018 – 2021.

118

None.

Carlyle Peake
Age: 51

Trustee

Lifetime of Trust until removal or resignation; Since 2022

Head of US & LATAM Debt Syndicate, BBVA Securities, Inc., since 2011.

118

None.

Mary Jo Collins
Age: 66

Trustee

Lifetime of Trust until removal or resignation; Since 2022

Managing Director, B. Riley Financial, March – December 2022; Managing Director, Imperial Capital LLC, from 2020 – 2022; Director, Royal Bank of Canada, 2014 – 2020.

118

None.

DIREXION SEMI-ANNUAL REPORT
41

Direxion Shares ETF Trust

Trustees and Officers

The officers of the Trust conduct and supervise its daily business. Unless otherwise noted, an individual's business address is 1301 Avenue of the Americas, 28th Floor, New York, New York 10019. As of the date of this report, the officers of the Trust, their ages, their business address and their principal occupations during the past five years are as follows:

Principal Officers of the Trust

Name, Address and
Age

Position(s)
Held with
Fund

Term of Office⁽²⁾
and Length of
Time Served

Principal Occupation(s)
During Past Five Years

# of Portfolios
in the Direxion
Family of
Investment
Companies
Overseen
by Trustee⁽³⁾

Other Trusteeships/
Directorships Held by
Trustee During Past
Five Years

Angela Brickl⁽¹⁾Age: 47

Chief Executive Officer

Since 2022

Chief Executive Officer, Rafferty Asset Management, LLC, from September 2022; Chief Operating Officer, Rafferty Asset Management, LLC, May 2021 – September 2022; General Counsel, Rafferty Asset Management LLC, since October 2010; Chief Compliance Officer, Rafferty Asset Management, LLC, September 2012 – March 2023.

N/A

Todd Sherman
Age: 42

Chief Compliance Officer

Since 2023

Chief Risk Officer, Rafferty Asset Management, LLC, since 2018; SVP Head of Risk, 2012 – 2018.

N/A

Patrick J. Rudnick
Age: 49

Principal Executive Officer

Since 2018

Senior Vice President, Rafferty Asset Management, LLC, since March 2013.

N/A

Corey Noltner
Age: 34

Principal Financial Officer

Since 2021

Senior Business Analyst, Rafferty Asset Management, LLC, Since October 2015.

N/A

⁽¹⁾ Ms. Brickl serves on the Board of Trustees of the Direxion Funds and Direxion Shares ETF Trust.

⁽²⁾ Pursuant to the Trust's By-laws, each officer shall hold office until his or her successor shall have been elected and qualified or until his or her earlier death, inability to serve, removal or resignation. Officers serve at the pleasure of the Board of Trustees and may be removed at any time with or without cause.

DIREXION SEMI-ANNUAL REPORT
42

Direxion Shares ETF Trust

Trustees and Officers

Name, Address and
Age

Position(s)
Held with
Fund

Term of Office⁽²⁾
and Length of
Time Served

Principal Occupation(s)
During Past Five Years

# of Portfolios
in the Direxion
Family of
Investment
Companies
Overseen
by Trustee⁽³⁾

Other Trusteeships/
Directorships Held by
Trustee During Past
Five Years

Alyssa Sherman
Age: 34

Secretary

Since 2022

Assistant General Counsel, Rafferty Asset Management, LLC, since April 2021; Associate, K&L Gates LLP, September 2015 – March 2021.

N/A

DIREXION SEMI-ANNUAL REPORT
43

SEMI–ANNUAL REPORT APRIL 30, 2023

1301 Avenue of the Americas (6th Ave.), 28th Floor New York, New York 10019 (800) 851-0511 www.direxion.com

Investment Advisers

Rafferty Asset Management, LLC
Direxion Advisors, LLC
1301 Avenue of the Americas (6th Ave.), 28th Floor
New York, NY 10019

Administrator

U.S. Bancorp Fund Services, LLC
P.O. Box 1993
Milwaukee, WI 53201-1993

Transfer Agent, Custodian & Index Receipt Agent

The Bank of New York Mellon
101 Barclay Street
New York, New York 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP
700 Nicollet Mall, Suite 500
Minneapolis, MN 55402

Distributor

Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 01401
www.foreside.com

The Trust's Proxy Voting Policies are available without charge by calling 1-800-851-0511, or by accessing the SEC's website, at www.sec.gov.

The actual voting records relating to portfolio securities during the most recent period ended June 30 (starting with the year ended June 30, 2005) is available without charge by calling 1-800-851-0511 or by accessing the SEC's website at www.sec.gov.

Each Fund's premium/discount information is available free of charge on the Funds' websites or by calling (800) 851-8511 or (833) 547-4417.

The Trust files complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Part F of Form N-PORT. The Funds' Part F of Form N-PORT (and Form N-Q prior to April 30, 2019) is available on the SEC's website at www.sec.gov.

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

PRIVACY NOTICE

At the Direxion Funds, we are committed to protecting your privacy. To open and service your Direxion accounts, we collect and maintain certain nonpublic personal information about you, such as your address, phone number, social security number, purchases, sales, account balances, bank account information and other personal financial information. We collect this information from the following sources:

• Account applications or other forms on which you provide information,

• Mail, e-mail, the telephone and our website, and

• Your transactions and account inquiries with us.

We safeguard the personal information that you have entrusted to us in the following ways:

• As a general policy, only those employees who maintain your account and respond to your requests for additional services have access to your account information.

• We maintain physical, electronic, and procedural safeguards to insure the security of your personal information and to prevent unauthorized access to your information.

We do not disclose any nonpublic personal information about you or our former shareholders to anyone, except as permitted or required by law. In the course of conducting business and maintaining your account we may share shareholder information, as allowed by law, with our affiliated companies and with other service providers, including financial intermediaries, custodians, transfer agents and marketing consultants. Those companies are contractually bound to use that information only for the services for which we hired them. They are not permitted to use or share our shareholders' nonpublic personal information for any other purpose. There also may be times when we provide information to federal, state or local authorities as required by law.

In the event that you hold fund shares of Direxion through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your nonpublic personal information would be shared with nonaffiliated third parties.

For questions about our policy, please contact us at (800) 851-0511.

This page is not a part of the Semi-Annual Report.

DIREXION SEMI-ANNUAL REPORT