DIREXION SHARES ETF TRUST

SEMI-ANNUAL REPORT APRIL 30, 2022

1301 Avenue of the Americas (6th Ave.), 35th Floor  New York, New York 10019  www.direxioninvestments.com

3X BULL FUNDS				3X BEAR FUNDS
Direxion Daily Mid Cap Bull 3X Shares
Direxion Daily S&P 500® Bull 3X Shares				Direxion Daily S&P 500® Bear 3X Shares
Direxion Daily Small Cap Bull 3X Shares				Direxion Daily Small Cap Bear 3X Shares
Direxion Daily FTSE China Bull 3X Shares				Direxion Daily FTSE China Bear 3X Shares
Direxion Daily FTSE Europe Bull 3X Shares
Direxion Daily MSCI Emerging Markets Bull 3X Shares				Direxion Daily MSCI Emerging Markets Bear 3X Shares
Direxion Daily MSCI Mexico Bull 3X Shares
Direxion Daily MSCI South Korea Bull 3X Shares
Direxion Daily Aerospace & Defense Bull 3X Shares
Direxion Daily Consumer Discretionary Bull 3X Shares
Direxion Daily Dow Jones Internet Bull 3X Shares				Direxion Daily Dow Jones Internet Bear 3X Shares
Direxion Daily Financial Bull 3X Shares				Direxion Daily Financial Bear 3X Shares
Direxion Daily Healthcare Bull 3X Shares
Direxion Daily Homebuilders & Supplies Bull 3X Shares
Direxion Daily Industrials Bull 3X Shares
Direxion Daily Pharmaceutical & Medical Bull 3X Shares
Direxion Daily Real Estate Bull 3X Shares				Direxion Daily Real Estate Bear 3X Shares
Direxion Daily Regional Banks Bull 3X Shares
Direxion Daily Retail Bull 3X Shares
Direxion Daily S&P 500® High Beta Bull 3X Shares				Direxion Daily S&P 500® High Beta Bear 3X Shares
Direxion Daily S&P Biotech Bull 3X Shares				Direxion Daily S&P Biotech Bear 3X Shares
Direxion Daily Semiconductor Bull 3X Shares				Direxion Daily Semiconductor Bear 3X Shares
Direxion Daily Technology Bull 3X Shares				Direxion Daily Technology Bear 3X Shares
Direxion Daily Transportation Bull 3X Shares
Direxion Daily Utilities Bull 3X Shares
Direxion Daily 7-10 Year Treasury Bull 3X Shares				Direxion Daily 7-10 Year Treasury Bear 3X Shares
Direxion Daily 20+ Year Treasury Bull 3X Shares				Direxion Daily 20+ Year Treasury Bear 3X Shares

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].

IMPORTANT NOTE: Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the shareholder reports from your financial intermediary such as a broker-dealer or bank. Instead, annual and semi-annual shareholder reports will be available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future annual and semi-annual shareholder reports in paper, free of charge. To elect to continue receive paper copies of shareholder reports through the mail or to otherwise change your delivery method, contact your financial intermediary or follow the instructions included with this disclosure. Your election to receive shareholder reports in paper will apply to all funds that you hold through the financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

Table of Contents

Letter to Shareholders					4
Expense Example					13
Allocation of Portfolio Holdings					16
Schedules of Investments					17
Statements of Assets and Liabilities					77
Statements of Operations					87
Statements of Changes in Net Assets					97
Financial Highlights					117
Notes to the Financial Statements					125
Supplemental Information					163
Trustees and Officers					164

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Letter to Shareholders

Dear Shareholders,

This Semi-Annual Report for the Direxion Shares exchange traded funds (the "ETFs") covers the period from November 1, 2021 to April 30, 2022 (the "Semi-Annual Period").

Market Review:

Although global equities ended 2021 on a high note, the Omicron variant of Covid-19 was beginning to spread, and the CPI index started to creep upward. The equity rally did not last into 2022, as the S&P 500 recorded its worst January since 2008, with value names outperforming growth names. Equity markets continued to decline through February 2022, further magnified by the Russian invasion of Ukraine. The S&P 500 posted its first monthly gain of the year in March 2022, but not all global markets followed suit. At the same time, Chinese markets were crashing, primarily due to renewed countrywide Covid-19 shut-downs. April 2022 was extremely volatile, with equity markets struggling both domestically and internationally.

In November 2021, the treasury yield curve flattened and appetite for bonds was weak. There was a slight shift in December 2021, as investors looked towards the debt markets as a safe haven against mounting inflationary pressures, but risk-off sentiment returned in 2022 as the Federal Reserve took a hawkish stance against the economic environment. The Russian invasion of Ukraine weakened the fixed income segment of the market further, especially in emerging market debt. The end of this period saw the treasury yield curve shift higher, hurting fixed income returns. The general economic sentiment was weak as CPI and inflation rose, geopolitical tensions continued, and the Federal Reserve raised rates.

Direxion Shares Operational Review:

The discussion below relates to the performance of the ETFs for the Semi-Annual Period. The ETFs are leveraged and seek daily investment results, before fees and expenses, of 300% or -300% of the performance of a particular benchmark. All ETF returns are NAV (net asset value) returns.

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

The ETFs with the word "Bull" in their name (the "Bull ETFs") attempt to provide investment results that correlate to 300% of the return of a benchmark index, meaning the Bull Funds attempt to move in the same direction as their respective target benchmark index.

The Funds with the word "Bear" in their name (the "Bear ETFs") attempt to provide investment results that correlate to -300% of the return of a benchmark index, meaning that the Bear Funds attempt to move in the opposite, or inverse, direction of their respective target benchmark index.

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

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

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

Because each ETF seeks daily investment results of its relevant benchmark, a comparison of the return of the ETF to the relevant benchmark tells you little about whether an ETF has met its investment objective. To determine if an ETF has met its daily investment goals, Rafferty maintains models which indicate the expected performance of each ETF as compared to the underlying relevant index. The models do not take into account the ETF's expense ratio or any transaction or trading fees associated with creating or maintaining an ETF's portfolio.

Factors Affecting Direxion Shares Performance:

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

Leverage – Each ETF seeks daily investment results (before fees and expenses) of either 300% (for the Bull ETFs) or -300% (for the Bear ETFs) of the performance of its respective underlying index. The use of leverage magnifies an ETF's gains or losses and increases the investment's risk and volatility. The Bear ETFs seek to achieve inverse magnified correlation to their respective underlying indexes.

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

Cost of Financing – In order to attain leveraged exposure, a Bull ETF incurs a cost of SOFR plus or minus a spread and a Bear ETF receives SOFR plus or minus a spread as applied to the borrowed portion of the ETF's exposure. The spread varies by both Fund and counterparty and is a function of market demand, hedging costs, access to balance sheet, borrow volatility, current counterparty exposure and administrative costs associated with the swap counterparty. Generally for most of the Bull ETFs, the financing costs will have a negative effect on tracking, but for Bear ETFs, the financing cost will have a positive effect on tracking. An increase in interest rates which effects the cost of financing will further impact an ETF's performance and ability to track its index.

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

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

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

Direxion Shares Performance Review:

The Direxion Daily Mid Cap Bull 3X Shares seeks to provide 300% of the daily return of the S&P Mid Cap 400^® Index. The S&P Mid Cap 400^® Index is a float-adjusted market capitalization weighted index that attempts to measure the performance of 400 mid-sized companies in the United States. For the Semi-Annual Period, the S&P Mid Cap 400^® Index returned -9.88%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Mid Cap Bull 3X Shares returned -32.96%, while the model indicated an expected return of -32.10%.

The Direxion Daily S&P 500^® Bull 3X Shares and the Direxion Daily S&P 500^® 3X Bear Shares seek to provide 300% and -300%, respectively, of the daily return of the S&P 500^® Index. Standard & Poor's^® selects the stocks comprising the S&P 500^® Index on the basis of market capitalization, financial viability of the company and the public float, liquidity and price of a company's shares outstanding. The Index is a float-adjusted, market capitalization-weighted index. For the Semi-Annual Period, the S&P 500^® Index returned -9.65%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily S&P 500^® Bull 3X Shares returned -31.45%, while the model indicated an expected return of -30.58%. The Direxion Daily S&P 500^® Bear 3X Shares returned 20.07%, while the model indicated an expected return of 20.32%.

The Direxion Daily Small Cap Bull 3X Shares and the Direxion Daily Small Cap Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Russell 2000^® Index. The Russell 2000^® Index measures the performance of approximately 2,000 small-capitalization companies in the Russell 3000^® Index, based on a combination of their market capitalization and current index membership. For the Semi-Annual Period, the Russell 2000^® Index returned -18.38%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Small Cap Bull 3X Shares returned -51.38%, while the model indicated an expected return of -50.74%. The Direxion Daily Small Cap Bear 3X Shares returned 50.73%, while the model indicated an expected return of 51.25%.

The Direxion Daily FTSE China Bull 3X Shares and the Direxion Daily FTSE China Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the FTSE China 50 Index. The FTSE China 50 Index consists of the 50 largest and most liquid public Chinese companies currently trading on the Hong Kong Stock Exchange. Securities in the index are weighted based on the total market value of their shares, so that securities with higher total market values will generally have a higher representation in the index. Index constituents are screened for liquidity and weightings and are capped to prevent the index from being overly concentrated in any one stock. For the Semi-Annual Period, the FTSE China 50 Index returned -22.40%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily FTSE China Bull 3X Shares returned -63.90%, while the model indicated an expected return of -63.65%. The Direxion Daily FTSE China Bear 3X Shares returned 0.42%, while the model indicated an expected return of -0.03%.

The Direxion Daily FTSE Europe Bull 3X Shares seeks to provide 300% of the daily return of the FTSE Developed Europe All Cap Index. The FTSE Developed Europe All Cap Index is a market capitalization weighted index that is designed to measure the equity market performance of large-, mid- and small-cap companies in developed markets in Europe. For the Semi-Annual Period, the FTSE Developed Europe All Cap Index returned -14.20%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily FTSE Europe Bull 3X Shares returned -42.12%, while the model indicated an expected return of -41.28%.

The Direxion Daily MSCI Emerging Markets Bull 3X Shares and the Direxion Daily MSCI Emerging Markets Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the MSCI Emerging Markets Index^SM. The MSCI Emerging Market Index^SM is a free float-adjusted market capitalization index that is designed to represent the performance of large-and mid-capitalizations securities across 24 emerging markets countries. For the Semi-Annual Period, the MSCI Emerging Market Index^SM returned -15.52%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Emerging Markets MSCI Bull 3X Shares returned -44.88%, while the model indicated an expected return of -44.01%. The Direxion Daily MSCI Emerging Markets Bear 3X Shares returned 40.75%, while the model indicated an expected return of 41.51%.

The Direxion Daily MSCI Mexico Bull 3X Shares seeks to provide 300% of the daily return of the MSCI Mexico IMI 25/50 Index. The MSCI Mexico IMI 25/50 Index is designed to measure the performance of the large-, mid- and small-capitalization segments of the Mexican equity market, covering approximately 99% of the free float-adjusted market capitalization in Mexico. The index consists of stocks traded primarily on the Mexican Stock Market. For the Semi-Annual Period, the MSCI Mexico IMI 25/50 Index returned 3.68%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily MSCI Mexico Bull 3X Shares returned 4.18%, while the model indicated an expected return of 4.27%.

The Direxion Daily MSCI South Korea Bull 3X Shares seeks to provide 300% of the MSCI Korea 25/50 Index. The MSCI Korea 25/50 Index is designed to measure the performance of the large- and mid-cap segments of the South Korean equity market, covering approximately 85% of the free float-adjusted market capitalization of South Korean issuers. For the Semi-Annual Period, the MSCI Korea 25/50 Index returned -14.36%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily MSCI South Korea Bull 3X Shares returned -43.22%, while the model indicated an expected return of -42.41%.

The Direxion Daily Aerospace & Defense Bull 3X Shares seeks to provide 300% of the daily return of the Dow Jones U.S. Select Aerospace & Defense Index. The Dow Jones U.S. Select Aerospace & Defense Index is provided by Dow Jones U.S. Index. The index attempts to measure the performance of the aerospace and defense industry of the U.S. equity market. The index provider selects the stocks comprising the index from the aerospace and defense sector on the basis of the float-adjusted, market capitalization-weight of each constituent. Aerospace companies include manufacturers, assemblers and distributors of aircraft and aircraft parts. Defense companies include producers of components and equipment for the defense industry, such as military aircraft, radar equipment and weapons. For the Semi-Annual Period, the Dow Jones U.S. Select Aerospace & Defense Index returned -1.03%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Aerospace & Defense Bull 3X Shares returned -11.26% for the same period, while the model indicated an expected return of -10.03%.

The Direxion Daily Consumer Discretionary Bull 3X Shares seeks to provide 300% of the daily return of the Consumer Discretionary Select Sector Index. The Consumer Discretionary Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the consumer discretionary sector which includes the following industries: retail (specialty, multiline, internet & direct marketing); hotels, restaurants & leisure; textiles, apparel & luxury goods; household durables; automobiles; automobile components; distributors; leisure equipment & products; and diversified consumer services. For the Semi-Annual Period, the Consumer Discretionary Select Sector Index returned -18.70%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Consumer Discretionary Bull 3X Shares returned -53.82% for the same period, while the model indicated an expected return of -53.14%.

The Direxion Daily Dow Jones Internet Bull 3X Shares and the Direxion Daily Dow Jones Internet Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Dow Jones Internet Composite Index. The Dow Jones Internet Composite Index includes companies that generate at least 50% of their annual sales/revenue from the internet as determined by the Index Provider. Additionally, each stock must have a minimum of three months' trading history and a

three month average market capitalization of at least $100 million. The Index consists of 40 stocks that are included in two different sectors, internet commerce and internet services. For the Semi-Annual Period, the Dow Jones Internet Composite Index returned -36.48%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Dow Jones Internet Bull 3X Shares returned -79.68%, while the model indicated an expected return of -79.36%. The Direxion Daily Dow Jones Internet Bear 3X Shares returned 155.66%, while the model indicated an expected return of 156.58%.

The Direxion Daily Financial Bull 3X Shares and the Direxion Daily Financial Bear 3X Shares sought to provide 300% and -300%, respectively, of the daily return of the Russell 1000^® Index – Financials. The Russell 1000^® Index – Financials is a subset of the Russell 1000^® Index that measures the performance of the securities classified in the financial services sector of the large-capitalization U.S. equity market. This includes companies that are classified as banking, mortgage finance, consumer finance, specialized finance, investment banking and brokerage, asset management and custody, corporate lending, insurance, financial investments, and real estate, including real estate investment trusts (REITS). From November 1, 2021 through February 27, 2022, the Russell 1000^® Index – Financials returned -3.06%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Financial Bull 3X Shares returned -13.07%, while the model indicated an expected return of -12.33%. The Direxion Daily Financial Bear 3X Shares returned 1.69%, while the model indicated an expected return of 1.70%.

The Direxion Daily Financial Bull 3X Shares and the Direxion Daily Financial Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Russell 1000 Financials 40 Act 15/22.5 Daily Capped Index. The Russell 1000 Financials 40 Act 15/22.5 Daily Capped Index is a subset of the Russell 1000^® Index and measures the performance of US large capitalization companies that are assigned to the Financials Industry by the ICB sector classification framework. The Index is reviewed quarterly and at each review, all companies that have a weight greater than 4.5% in aggregate are no more than 22.5% of the index, and no individual company in the index has a weight greater than 15% of the index. From February 28, 2022 through April 30, 2022, the Russell 1000 Financials 40 Act 15/22.5 Daily Capped Index returned -11.44%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Financial Bull 3X Shares returned -33.49%, while the model indicated an expected return of -33.12%. The Direxion Daily Financial Bear 3X Shares returned 33.88%, while the model indicated an expected return of 33.81%.

The Direxion Daily Healthcare Bull 3X Shares seeks to provide 300% of the daily return of the Health Care Select Sector Index. The Health Care Select Sector Index is provided by Standard & Poor's and includes domestic companies from the healthcare sector, which includes the following industries: pharmaceuticals; health care equipment and supplies; health care providers and services; biotechnology; life sciences tools and services; and health care technology. For the Semi-Annual Period, the Health Care Select Sector Index returned -1.86%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Healthcare Bull 3X Shares returned -10.57%, while the model indicated an expected return of -9.30%.

The Direxion Daily Homebuilders & Supplies 3X Bull Shares seeks to provide 300% of the daily return of the Dow Jones U.S. Select Home Construction Index. The Dow Jones U.S. Select Home Construction Index measures U.S companies in the home construction sector that provide a wide range of products and services related to homebuilding, including home construction and producers, sellers and suppliers of building materials, furnishings and fixtures and also home improvement retailers. The index may include large-, mid- or small-capitalization companies. For the Semi-Annual Period, the Dow Jones U.S. Select Home Construction Index returned -19.26%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Homebuilders & Supplies 3X Bull Shares -56.33%, while the model indicated an expected return of -55.69%.

The Direxion Daily Industrials Bull 3X Shares seeks to provide 300% of the daily return of the Industrials Select Sector Index. The Industrials Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the industrials sector which includes the following industries: aerospace and defense: industry conglomerates; machinery; road and rail; air freight and logistics; commercial services and supplies; professional services; electrical equipment; construction and engineering; trading companies and distributors; airlines; and building products. For the Semi-Annual Period, the Industrials Select Sector Index returned -8.22%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Industrials Bull 3X Shares returned -27.23%, while the model indicated an expected return of -26.29%.

The Direxion Daily Pharmaceutical & Medical Bull 3X Shares seeks to provide 300% of the daily return of the S&P Pharmaceuticals Select Industry Index. The S&P Pharmaceuticals Select Industry Index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard (GICS) pharmaceuticals subindustry. For the Semi-Annual Period, the S&P Pharmaceuticals Select Industry Index returned -13.27%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Pharmaceutical & Medical Bull 3X Shares returned -40.50%, while the model indicated an expected return of -39.63%.

The Direxion Daily MSCI Real Estate Bull 3X Shares and the Direxion Daily MSCI Real Estate Bear 3X Shares sought to provide 300% and -300%, respectively, of the daily return of the MSCI US IMI Real Estate 25/50 Index. The MSCI US IMI Real Estate 25/50 Index is designed to measure the performance of the large-, mid- and small-capitalization segments of the U.S. equity universe that are classified in the real estate sector as per the Global Industry Classification Standard (GICS). From November 1, 2021 through February 27, 2022, the MSCI US IMI Real Estate 25/50 Index returned -3.51%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily MSCI Real Estate Bull 3X Shares returned -13.91%, while the model indicated an expected return of -13.19%. The Direxion Daily MSCI Real Estate Bear 3X Shares returned 3.77%, while the model indicated an expected return of 3.95%.

The Direxion Daily Real Estate Bull 3X Shares and the Direxion Daily Real Estate Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Real Estate Select Sector Index. The Real Estate Select Sector Index is provided by S&P Dow Jones Indices (the "Index Provider") and includes securities of companies from the following industries: real estate management and development and real estate investment trusts ("REITs"), excluding mortgage REITs. From February 28, 2022 through April 30, 2022, the Real Estate Select Sector Index returned 2.15%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Real Estate Bull 3X Shares returned 3.28%, while the model indicated an expected return of 3.81%. The Direxion Daily Real Estate Bear 3X Shares returned -10.93%, while the model indicated an expected return of -10.89%.

The Direxion Daily Regional Banks Bull 3X Shares seeks to provide 300% of the daily return of the S&P Regional Banks Select Industry Index. The S&P Regional Banks Select Industry Index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard regional banks sub-industry. For the Semi-Annual Period, the S&P Regional Banks Select Industry Index returned -11.72%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Regional Banks Bull 3X Shares returned -40.79%, while the model indicated an expected return of -39.97%.

The Direxion Daily Retail Bull 3X Shares seeks to provide 300% of the daily return of the S&P Retail Select Industry Index. The S&P Retail Select Industry Index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard retail sub-industry. For the Semi-Annual Period, the S&P Retail Select Industry Index returned -24.53%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should

not generate expectations of annual performance of the ETFs. The Direxion Daily Retail Bull 3X Shares returned -64.50%, while the model indicated an expected return of -64.00%

The Direxion Daily S&P 500^® High Beta Bull 3X Shares and the Direxion Daily S&P 500^® High Beta Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the S&P 500^® High Beta Index. The S&P 500^® High Beta Index selects 100 securities to include in the Index from the S&P 500^® Index that have the highest sensitivity to market movements, or "beta" over the past 12 months as determined by the Index Provider. Securities with the highest beta are generally the most volatile securities of the S&P 500^® Index. The Index is reviewed and rebalanced quarterly. For the Semi-Annual Period, the S&P 500^® High Beta Index returned -13.90%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily S&P 500^® High Beta Bull 3X Shares returned -45.43%, while the model indicated an expected return of -44.62%. The Direxion Daily S&P 500^® High Beta Bear 3X Shares returned 17.88%, while the model indicated an expected return of 18.27%.

The Direxion Daily S&P Biotech Bull 3X Shares and the Direxion Daily S&P Biotech Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the S&P Biotechnology Select Industry Index. The S&P Biotechnology Select Industry Index is provided by Standard & Poor's and includes domestic companies from the biotechnology industry. The index is designed to measure the performance of the biotechnology sub-industry based on the Global Industry Classification Standards. For the Semi-Annual Period, the S&P Biotechnology Select Industry Index returned -40.78%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily S&P Biotech Bull 3X Shares returned -84.75%, while the model indicated an expected return of -84.53%. The Direxion Daily S&P Biotech Bear 3X Shares returned 169.20%, while the model indicated an expected return of 170.52%.

The Direxion Daily Semiconductor Bull 3X Shares and the Direxion Daily Semiconductor Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the ICE Semiconductor Index. The ICE Semiconductor Index is a rules-based, modified float-adjusted market capitalization-weighted index that tracks the performance of the thirty largest U.S. listed semiconductor companies. For the Semi-Annual Period, the ICE Semiconductor Index returned -15.18%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Semiconductor Bull 3X Shares returned -53.47%, while the model indicated an expected return of -52.77%. The Direxion Daily Semiconductor Bear 3X Shares returned -1.97%, while the model indicated an expected return of -1.65%.

The Direxion Daily Technology Bull 3X Shares and the Direxion Daily Technology Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Technology Select Sector Index. The Technology Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the technology sector which includes domestic companies from the technology sector which includes the following industries: computers and peripherals; software; diversified telecommunications services; communications equipment; semiconductors and semi-conductor equipment; internet software and services; IT services; electronic equipment, instruments and components; wireless telecommunication services; and office electronics. For the Semi-Annual Period, the Technology Select Sector Index returned -12.08%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Technology Bull 3X Shares returned -41.05%, while the model indicated an expected return of -40.17%. The Direxion Daily Technology Bear 3X Shares returned 13.56%, while the model indicated an expected return of 14.03%.

The Direxion Daily Transportation Bull 3X Shares seeks to provide 300% of the daily return of the Dow Jones Transportation Average. The Dow Jones Transportation Average is provided by Dow Jones U.S. Index and measures the performance of large, well-known companies within the transportation industry (e.g. shipping, railroad companies, airlines, etc.). For the Semi-Annual Period, the Dow Jones Transportation Average returned -5.97%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Transportation Bull 3X Shares returned -26.60%, while the model indicated an expected return of -25.44%.

The Direxion Daily Utilities Bull 3X Shares seeks to provide 300% of the daily return of the Utilities Select Sector Index. The Utilities Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the utilities sector which includes the following industries: electric utilities; multi-utilities; water utilities; independent power producers and energy trades; and gas utilities. For the Semi-Annual Period, the Utilities Select Sector Index returned 8.17%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Utilities Bull 3X Shares returned 20.14%, while the model indicated an expected return of 21.70%.

The Direxion Daily 7-10 Year Treasury Bull 3X Shares and the Direxion Daily 7-10 Year Treasury Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the ICE U.S. Treasury 7-10 Year Bond Index. The ICE U.S. Treasury 7-10 Year Bond Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than seven years and less than or equal to ten years. Eligible securities must be fixed rate, denominated in U.S. dollars, and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. Securities excluded from the index are zero-coupon STRIPS, inflation linked securities, floating rate notes, cash management and Treasury bills, and any government agency debt issued with or without a government guarantee. For the Semi-Annual Period, the ICE U.S. Treasury 7-10 Year Bond Index returned -9.79%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily 7-10 Year Treasury Bull 3X Shares returned -27.90%, while the model indicated an expected return of -27.42%. The Direxion Daily 7-10 Year Treasury Bear 3X Shares returned 31.92%, while the model indicated and an expected return of 33.67%.

The Direxion Daily 20+ Year Treasury Bull 3X Shares and the Direxion Daily 20+ Year Treasury Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the ICE U.S. Treasury 20+ Year Bond Index. The ICE U.S. Treasury 20+ Year Bond Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than 20 years. Eligible securities must be fixed rate, denominated in U.S. dollars, and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. Securities excluded from the index are zero-coupon STRIPS, inflation linked securities, floating rate notes, cash management and Treasury bills, and any government agency debt issued with or without a government guarantee. For the Semi-Annual Period, the ICE U.S. Treasury 20+ Year Bond Index returned -18.41%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily 20+ Year Treasury Bull 3X Shares returned -48.89%, while the model indicated an expected return of -48.23%. The Direxion Daily 20+ Year Treasury Bear 3X Shares returned 66.34%, while the model indicated an expected return of 68.19%.

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

Best Regards,

Patrick Rudnick				Corey Noltner
Principal Executive Officer				Principal Financial Officer

An investor should carefully consider a Fund's investment objective, risks, charges, and expenses before investing. A Fund's prospectus and summary prospectus contain this and other information about the Direxion Shares. To obtain a Fund's prospectus and summary prospectus call 866-476-7523 or visit our website at direxion.com. A Fund's prospectus and summary prospectus should be read carefully before investing.

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

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns for performance under one year are cumulative, not annualized. For the most recent month-end performance please visit the Funds website at direxion.com.

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

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

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

Direxion Shares Risks – An investment in the ETFs involves risk, including the possible loss of principal. The ETFs are non-diversified and include risks associated with concentration risk that results from the ETFs' investments in a particular industry or sector which can increase volatility. The use of derivatives such as futures contracts, forward contracts, options and swaps are subject to market risks that may cause their price to fluctuate over time. The ETF does not attempt to, and should not be expected to; provide returns which are a multiple of the return of the Index for periods other than a single day. For other risks including correlation, leverage, compounding, market volatility and specific risks regarding each sector, please read the prospectus.

The views of this letter were those of the Adviser as of April 30, 2022 and may not necessarily reflect his views on the date this letter is first published or anytime thereafter. These views are intended to help shareholders in understanding the ETFs' present investment methodology and do not constitute investment advice.

Distributed by: Foreside Fund Services, LLC

Expense Example (Unaudited)

April 30, 2022

As a shareholder of the Direxion Shares ETF Trust, you incur two types of costs: (1) transaction costs, for purchasing and selling shares and exchange fees; and (2) ongoing costs, including management fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual 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, 2021 to April 30, 2022).

Actual Expenses

The first line under each Fund in the following 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, 2021 to April 30, 2022" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

Expense Example (Unaudited)

April 30, 2022

				Annualized Expense Ratio				Beginning Account Value November 1, 2021				Ending Account Value April 30, 2022				Expenses Paid During Period*
Direxion Daily Mid Cap Bull 3X Shares
Based on actual fund return					0.96	%		$	1,000.00			$	670.40			$	3.98
Based on hypothetical 5% return					0.96	%			1,000.00				1,020.03				4.81
Direxion Daily S&P 500® Bull 3X Shares
Based on actual fund return					0.86	%			1,000.00				685.50				3.59
Based on hypothetical 5% return					0.86	%			1,000.00				1,020.53				4.31
Direxion Daily S&P 500® Bear 3X Shares
Based on actual fund return					0.95	%			1,000.00				1,200.70				5.18
Based on hypothetical 5% return					0.95	%			1,000.00				1,020.08				4.76
Direxion Daily Small Cap Bull 3X Shares
Based on actual fund return					0.89	%			1,000.00				486.20				3.28
Based on hypothetical 5% return					0.89	%			1,000.00				1,020.38				4.46
Direxion Daily Small Cap Bear 3X Shares
Based on actual fund return					0.92	%			1,000.00				1,507.30				5.91
Based on hypothetical 5% return					0.92	%			1,000.00				1,020.23				4.76

Expense Example (Unaudited)

April 30, 2022

				Annualized Expense Ratio				Beginning Account Value November 1, 2021				Ending Account Value April 30, 2022				Expenses Paid During Period*
Direxion Daily FTSE China Bull 3X Shares
Based on actual fund return					0.95	%		$	1,000.00			$	361.00			$	3.21
Based on hypothetical 5% return					0.95	%			1,000.00				1,020.08				4.76
Direxion Daily FTSE China Bear 3X Shares
Based on actual fund return					0.95	%			1,000.00				1,004.20				4.72
Based on hypothetical 5% return					0.95	%			1,000.00				1,020.08				4.76
Direxion Daily FTSE Europe Bull 3X Shares
Based on actual fund return					0.98	%			1,000.00				578.80				3.84
Based on hypothetical 5% return					0.98	%			1,000.00				1,019.94				4.91
Direxion Daily MSCI Emerging Markets Bull 3X Shares
Based on actual fund return					0.95	%			1,000.00				551.20				3.65
Based on hypothetical 5% return					0.95	%			1,000.00				1,020.08				4.76
Direxion Daily MSCI Emerging Markets Bear 3X Shares
Based on actual fund return					0.96	%			1,000.00				1,407.50				5.73
Based on hypothetical 5% return					0.96	%			1,000.00				1,020.03				4.81
Direxion Daily MSCI Mexico Bull 3X Shares
Based on actual fund return					0.96	%			1,000.00				1,041.80				4.86
Based on hypothetical 5% return					0.96	%			1,000.00				1,020.03				4.81
Direxion Daily MSCI South Korea Bull 3X Shares
Based on actual fund return					0.95	%			1,000.00				567.80				3.69
Based on hypothetical 5% return					0.95	%			1,000.00				1,020.08				4.76
Direxion Daily Aerospace & Defense Bull 3X Shares
Based on actual fund return					0.94	%			1,000.00				887.40				4.40
Based on hypothetical 5% return					0.94	%			1,000.00				1,020.13				4.71
Direxion Daily Consumer Discretionary Bull 3X Shares
Based on actual fund return					0.96	%			1,000.00				461.80				3.48
Based on hypothetical 5% return					0.96	%			1,000.00				1,020.03				4.81
Direxion Daily Dow Jones Internet Bull 3X Shares
Based on actual fund return					0.95	%			1,000.00				203.20				2.83
Based on hypothetical 5% return					0.95	%			1,000.00				1,020.08				4.76
Direxion Daily Dow Jones Internet Bear 3X Shares
Based on actual fund return					0.95	%			1,000.00				2,556.60				8.38
Based on hypothetical 5% return					0.95	%			1,000.00				1,020.08				4.76
Direxion Daily Financial Bull 3X Shares
Based on actual fund return					0.84	%			1,000.00				578.20				3.29
Based on hypothetical 5% return					0.84	%			1,000.00				1,020.63				4.21
Direxion Daily Financial Bear 3X Shares
Based on actual fund return					0.95	%			1,000.00				1,361.70				5.56
Based on hypothetical 5% return					0.95	%			1,000.00				1,020.08				4.76
Direxion Daily Healthcare Bull 3X Shares
Based on actual fund return					0.96	%			1,000.00				894.30				4.51
Based on hypothetical 5% return					0.96	%			1,000.00				1,020.03				4.81
Direxion Daily Homebuilders & Supplies Bull 3X Shares
Based on actual fund return					0.94	%			1,000.00				436.70				3.35
Based on hypothetical 5% return					0.94	%			1,000.00				1,020.13				4.71
Direxion Daily Industrials Bull 3X Shares
Based on actual fund return					0.96	%			1,000.00				727.70				4.11
Based on hypothetical 5% return					0.96	%			1,000.00				1,020.03				4.81
Direxion Daily Pharmaceutical & Medical Bull 3X Shares
Based on actual fund return					0.95	%			1,000.00				595.00				3.76
Based on hypothetical 5% return					0.95	%			1,000.00				1,020.08				4.76
Direxion Daily Real Estate Bull 3X Shares
Based on actual fund return					0.96	%			1,000.00				889.20				4.50
Based on hypothetical 5% return					0.96	%			1,000.00				1,020.03				4.81

Expense Example (Unaudited)

April 30, 2022

				Annualized Expense Ratio				Beginning Account Value November 1, 2021				Ending Account Value April 30, 2022				Expenses Paid During Period*
Direxion Daily Real Estate Bear 3X Shares
Based on actual fund return					0.95	%		$	1,000.00			$	924.30			$	4.53
Based on hypothetical 5% return					0.95	%			1,000.00				1,020.08				4.76
Direxion Daily Regional Banks Bull 3X Shares
Based on actual fund return					0.89	%			1,000.00				592.10				3.51
Based on hypothetical 5% return					0.89	%			1,000.00				1,020.38				4.46
Direxion Daily Retail Bull 3X Shares
Based on actual fund return					0.95	%			1,000.00				355.00				3.19
Based on hypothetical 5% return					0.95	%			1,000.00				1,020.08				4.76
Direxion Daily S&P 500® High Beta Bull 3X Shares
Based on actual fund return					0.96	%			1,000.00				545.70				3.68
Based on hypothetical 5% return					0.96	%			1,000.00				1,020.03				4.81
Direxion Daily S&P 500® High Beta Bear 3X Shares
Based on actual fund return					0.95	%			1,000.00				1,178.80				5.13
Based on hypothetical 5% return					0.95	%			1,000.00				1,020.08				4.76
Direxion Daily S&P Biotech Bull 3X Shares
Based on actual fund return					0.92	%			1,000.00				152.50				2.63
Based on hypothetical 5% return					0.92	%			1,000.00				1,020.23				4.61
Direxion Daily S&P Biotech Bear 3X Shares
Based on actual fund return					0.97	%			1,000.00				2,692.00				8.88
Based on hypothetical 5% return					0.97	%			1,000.00				1,019.98				4.86
Direxion Daily Semiconductor Bull 3X Shares
Based on actual fund return					0.73	%			1,000.00				465.30				2.65
Based on hypothetical 5% return					0.73	%			1,000.00				1,021.18				3.66
Direxion Daily Semiconductor Bear 3X Shares
Based on actual fund return					0.90	%			1,000.00				980.30				4.42
Based on hypothetical 5% return					0.90	%			1,000.00				1,020.33				4.51
Direxion Daily Technology Bull 3X Shares
Based on actual fund return					0.87	%			1,000.00				589.50				3.43
Based on hypothetical 5% return					0.87	%			1,000.00				1,020.48				4.36
Direxion Daily Technology Bear 3X Shares
Based on actual fund return					0.95	%			1,000.00				1,135.60				5.03
Based on hypothetical 5% return					0.95	%			1,000.00				1,020.08				4.76
Direxion Daily Transportation Bull 3X Shares
Based on actual fund return					0.96	%			1,000.00				734.00				4.13
Based on hypothetical 5% return					0.96	%			1,000.00				1,020.03				4.81
Direxion Daily Utilities Bull 3X Shares
Based on actual fund return					0.96	%			1,000.00				1,201.40				5.24
Based on hypothetical 5% return					0.96	%			1,000.00				1,020.03				4.81
Direxion Daily 7-10 Year Treasury Bull 3X Shares
Based on actual fund return					0.95	%			1,000.00				721.00				4.05
Based on hypothetical 5% return					0.95	%			1,000.00				1,020.08				4.76
Direxion Daily 7-10 Year Treasury Bear 3X Shares
Based on actual fund return					0.96	%			1,000.00				1,319.20				5.52
Based on hypothetical 5% return					0.96	%			1,000.00				1,020.03				4.81
Direxion Daily 20+ Year Treasury Bull 3X Shares
Based on actual fund return					0.89	%			1,000.00				511.10				3.33
Based on hypothetical 5% return					0.89	%			1,000.00				1,020.38				4.46
Direxion Daily 20+ Year Treasury Bear 3X Shares
Based on actual fund return					0.89	%			1,000.00				1,663.40				5.88
Based on hypothetical 5% return					0.89	%			1,000.00				1,020.38				4.46

*  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, 2021 to April 30, 2022), then divided by 365.

Allocation of Portfolio Holdings (Unaudited)

April 30, 2022

				Cash*				Common Stocks				Investment Companies				Swaps				Total
Direxion Daily Mid Cap Bull 3X Shares					40	%			—				76	%			(16	)%			100	%
Direxion Daily S&P 500® Bull 3X Shares					31	%			—				83	%			(14	)%			100	%
Direxion Daily S&P 500® Bear 3X Shares					79	%			—				—				21	%			100	%
Direxion Daily Small Cap Bull 3X Shares					57	%			—				66	%			(23	)%			100	%
Direxion Daily Small Cap Bear 3X Shares					69	%			—				—				31	%			100	%
Direxion Daily FTSE China Bull 3X Shares					58	%			—				42	%			0	%**			100	%
Direxion Daily FTSE China Bear 3X Shares					119	%			—				—				(19	)%			100	%
Direxion Daily FTSE Europe Bull 3X Shares					70	%			—				51	%			(21	)%			100	%
Direxion Daily MSCI Emerging Markets Bull 3X Shares					125	%			—				1	%			(26	)%			100	%
Direxion Daily MSCI Emerging Markets Bear 3X Shares					91	%			—				—				9	%			100	%
Direxion Daily MSCI Mexico Bull 3X Shares					58	%			—				46	%			(4	)%			100	%
Direxion Daily MSCI South Korea Bull 3X Shares					71	%			—				57	%			(28	)%			100	%
Direxion Daily Aerospace & Defense Bull 3X Shares					27	%			72	%			—				1	%			100	%
Direxion Daily Consumer Discretionary Bull 3X Shares					32	%			84	%			—				(16	)%			100	%
Direxion Daily Dow Jones Internet Bull 3X Shares					57	%			83	%			—				(40	)%			100	%
Direxion Daily Dow Jones Internet Bear 3X Shares					99	%			—				—				1	%			100	%
Direxion Daily Financial Bull 3X Shares					45	%			79	%			—				(24	)%			100	%
Direxion Daily Financial Bear 3X Shares					81	%			—				—				19	%			100	%
Direxion Daily Healthcare Bull 3X Shares					32	%			72	%			—				(4	)%			100	%
Direxion Daily Homebuilders & Supplies Bull 3X Shares					45	%			73	%			—				(18	)%			100	%
Direxion Daily Industrials Bull 3X Shares					57	%			58	%			—				(15	)%			100	%
Direxion Daily Pharmaceutical & Medical Bull 3X Shares					57	%			56	%			—				(13	)%			100	%
Direxion Daily Real Estate Bull 3X Shares					59	%			51	%			—				(10	)%			100	%
Direxion Daily Real Estate Bear 3X Shares					95	%			—				—				5	%			100	%
Direxion Daily Regional Banks Bull 3X Shares					45	%			79	%			—				(24	)%			100	%
Direxion Daily Retail Bull 3X Shares					39	%			83	%			—				(22	)%			100	%
Direxion Daily S&P 500® High Beta Bull 3X Shares					41	%			83	%			—				(24	)%			100	%
Direxion Daily S&P 500® High Beta Bear 3X Shares					81	%			—				—				19	%			100	%
Direxion Daily S&P Biotech Bull 3X Shares					59	%			83	%			—				(42	)%			100	%
Direxion Daily S&P Biotech Bear 3X Shares					42	%			—				—				58	%			100	%
Direxion Daily Semiconductor Bull 3X Shares					45	%			80	%			—				(25	)%			100	%
Direxion Daily Semiconductor Bear 3X Shares					80	%			—				—				20	%			100	%
Direxion Daily Technology Bull 3X Shares					49	%			71	%			—				(20	)%			100	%
Direxion Daily Technology Bear 3X Shares					88	%			—				—				12	%			100	%
Direxion Daily Transportation Bull 3X Shares					77	%			45	%			—				(22	)%			100	%
Direxion Daily Utilities Bull 3X Shares					5	%			87	%			—				8	%			100	%
Direxion Daily 7-10 Year Treasury Bull 3X Shares					31	%			—				86	%			(17	)%			100	%
Direxion Daily 7-10 Year Treasury Bear 3X Shares					88	%			—				—				12	%			100	%
Direxion Daily 20+ Year Treasury Bull 3X Shares					63	%			—				64	%			(27	)%			100	%
Direxion Daily 20+ Year Treasury Bear 3X Shares					80	%			—				—				20	%			100	%

Allocation of Portfolio Holdings reflects percentages of net assets.

*  Cash, cash equivalents and other assets less liabilities.

**  Less than 0.5%.

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2022

Shares								Fair Value
INVESTMENT COMPANIES - 76.0%
	178,279			iShares Core S&P Mid-Cap ETF (a)				$	44,439,606
				TOTAL INVESTMENT COMPANIES (Cost $43,806,890)				$	44,439,606
SHORT TERM INVESTMENTS - 40.8%
Money Market Funds - 40.8%
	12,222,667			Dreyfus Government Cash Management Institutional Shares, 0.24% (b)				$	12,222,667
	11,635,923			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 0.34% (b)					11,635,923
				TOTAL SHORT TERM INVESTMENTS (Cost $23,858,590)				$	23,858,590
				TOTAL INVESTMENTS (Cost $67,665,480) - 116.8% (c)				$	68,298,196
				Liabilities in Excess of Other Assets - (16.8)%					(9,819,675	)
				TOTAL NET ASSETS - 100.0%				$	58,478,521

Percentages are stated as a percent of net assets.

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

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

^(b)  Represents annualized seven-day yield at April 30, 2022.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $61,116,756.

  

Long Total Return Swap Contracts (Unaudited)

April 30, 2022

Terms of Payments to be Received at Termination				Terms of Payments to be Paid at Termination				Counterparty				Termination Date				Contracts				Notional Amount				Unrealized Depreciation
Total return of S&P MidCap 400® Index				0.5800% representing 1 month SOFR rate + spread				J.P. Morgan				12/6/2022					10,614			$	27,283,070			$	(723,437	)
Total return of S&P MidCap 400® Index				0.5800% representing 1 month SOFR rate + spread				Citibank N.A.				12/13/2022					8,600				23,727,351				(2,152,240	)
Total return of S&P MidCap 400® Index				0.7300% representing 1 month SOFR rate + spread				Bank of America Merrill Lynch				12/13/2022					15,577				41,746,112				(2,781,442	)
Total return of S&P MidCap 400® Index				0.7800% representing 1 month SOFR rate + spread				UBS Securities LLC				12/14/2022					17,604				47,983,624				(3,855,015	)
																				$	140,740,157			$	(9,512,134	)

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

Direxion Daily S&P 500^® Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2022

Shares								Fair Value
INVESTMENT COMPANIES - 83.4%
	5,144,210			iShares Core S&P 500 ETF (a)				$	2,127,439,488
				TOTAL INVESTMENT COMPANIES (Cost $2,162,814,141)				$	2,127,439,488
SHORT TERM INVESTMENTS - 28.6%
Money Market Funds - 28.6%
	459,419,032			Dreyfus Government Cash Management Institutional Shares, 0.24% (b)				$	459,419,032
	154,989,627			Dreyfus Treasury Securities Cash Management Institutional Shares, 0.32% (b)					154,989,627
	16,660,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 0.31% (b)					16,660,000
	99,746,979			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 0.34% (b)					99,746,979
				TOTAL SHORT TERM INVESTMENTS (Cost $730,815,638)				$	730,815,638
				TOTAL INVESTMENTS (Cost $2,893,629,779) - 112.0% (c)				$	2,858,255,126
				Liabilities in Excess of Other Assets - (12.0)%					(305,983,357	)
				TOTAL NET ASSETS - 100.0%				$	2,552,271,769

Percentages are stated as a percent of net assets.

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

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

^(b)  Represents annualized seven-day yield at April 30, 2022.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,322,306,250.

Long Total Return Swap Contracts (Unaudited)

April 30, 2022

Terms of Payments to be Received at Termination				Terms of Payments to be Paid at Termination				Counterparty				Termination Date				Contracts				Notional Amount				Unrealized Depreciation
Total return of S&P 500® Index				0.7800% representing 1 month SOFR rate + spread				Goldman Sachs				10/26/2022					211,602			$	923,506,363			$	(46,621,205	)
Total return of S&P 500® Index				0.7500% representing 1 month SOFR rate + spread				Barclays				12/7/2022					211,276				916,176,808				(42,871,710	)
Total return of S&P 500® Index				0.9300% representing 1 month SOFR rate + spread				BNP Paribas				12/7/2022					225,000				988,088,286				(58,307,213	)
Total return of S&P 500® Index				0.5300% representing 1 month SOFR rate + spread				Citibank N.A.				12/13/2022					197,016				864,887,966				(50,387,205	)
Total return of S&P 500® Index				0.7300% representing 1 month SOFR rate + spread				Bank of America Merrill Lynch				12/13/2022					119,488				548,210,825				(53,428,402	)
Total return of S&P 500® Index				0.9200% representing 1 month SOFR rate + spread				UBS Securities LLC				12/14/2022					179,969				773,032,630				(28,861,626	)
Total return of S&P 500® Index				0.6300% representing 1 month SOFR rate + spread				J.P. Morgan				2/10/2023					193,909				867,405,576				(65,084,171	)
																				$	5,881,308,454			$	(345,561,532	)

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

Direxion Daily S&P 500^® Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2022

Shares								Fair Value
SHORT TERM INVESTMENTS - 91.7%
Money Market Funds - 91.7%
	228,363,717			Dreyfus Government Cash Management Institutional Shares, 0.24% (a)				$	228,363,717
	96,223,885			Dreyfus Treasury Securities Cash Management Institutional Shares, 0.32% (a)					96,223,885
	26,244,053			Goldman Sachs Financial Square Government Fund Institutional Shares, 0.31% (a)					26,244,053
	88,939,044			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 0.34% (a)					88,939,044
				TOTAL SHORT TERM INVESTMENTS (Cost $439,770,699) (b)				$	439,770,699
				TOTAL INVESTMENTS (Cost $439,770,699) - 91.7%				$	439,770,699
				Other Assets in Excess of Liabilities - 8.3%					39,974,999
				TOTAL NET ASSETS - 100.0%				$	479,745,698

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, 2022.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $259,973,390.

Short Total Return Swap Contracts (Unaudited)

April 30, 2022

Terms of Payments to be Received at Termination				Terms of Payments to be Paid at Termination				Counterparty				Termination Date				Contracts				Notional Amount				Unrealized Appreciation
0.3200% representing 1 month SOFR rate + spread				Total return of S&P 500® Index				BNP Paribas				6/14/2022					354			$	1,495,739			$	15,746
0.3200% representing 1 month SOFR rate + spread				Total return of S&P 500® Index				BNP Paribas				9/20/2022					15,257				68,012,950				4,362,135
0.6100% representing 1 month SOFR rate + spread				Total return of S&P 500® Index				Barclays				12/7/2022					78,988				342,003,906				15,448,837
0.3300% representing 1 month SOFR rate + spread				Total return of S&P 500® Index				Citibank N.A.				12/13/2022					16,396				77,258,280				9,183,524
0.5300% representing 1 month SOFR rate + spread				Total return of S&P 500® Index				Bank of America Merrill Lynch				12/13/2022					26,225				120,553,945				11,837,644
0.6500% representing 1 month SOFR rate + spread				Total return of S&P 500® Index				UBS Securities LLC				12/14/2022					45,937				205,997,124				15,882,166
0.5800% representing 1 month SOFR rate + spread				Total return of S&P 500® Index				Goldman Sachs				1/4/2023					110,264				481,126,260				24,896,919
0.3800% representing 1 month SOFR rate + spread				Total return of S&P 500® Index				J.P. Morgan				2/10/2023					49,922				223,663,790				16,910,789
0.3200% representing 1 month SOFR rate + spread				Total return of S&P 500® Index				BNP Paribas				4/19/2023					5,000				22,276,744				1,600,548
																				$	1,542,388,738			$	100,138,308

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

Direxion Daily Small Cap Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2022

Shares								Fair Value
INVESTMENT COMPANIES - 66.3%
	4,527,564			iShares Russell 2000 ETF (a)(b)				$	837,372,962
				TOTAL INVESTMENT COMPANIES (Cost $962,001,000)				$	837,372,962
SHORT TERM INVESTMENTS - 82.1%
Money Market Funds - 82.1%
	579,860,799			Dreyfus Government Cash Management Institutional Shares, 0.24% (c)(d)				$	579,860,799
	41,720,004			Goldman Sachs Financial Square Government Fund Institutional Shares, 0.31% (c)					41,720,004
	414,714,092			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 0.34% (c)					414,714,092
				TOTAL SHORT TERM INVESTMENTS (Cost $1,036,294,895)				$	1,036,294,895
				TOTAL INVESTMENTS (Cost $1,998,295,895) - 148.4% (e)				$	1,873,667,857
				Liabilities in Excess of Other Assets - (48.4)%					(610,883,846	)
				TOTAL NET ASSETS - 100.0%				$	1,262,784,011

Percentages are stated as a percent of net assets.

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

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

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

^(c)  Represents annualized seven-day yield at April 30, 2022.

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

^(e)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,182,421,179.

Long Total Return Swap Contracts (Unaudited)

April 30, 2022

Terms of Payments to be Received at Termination				Terms of Payments to be Paid at Termination				Counterparty				Termination Date				Contracts				Notional Amount				Unrealized Depreciation
Total return of Russell 2000® Index				0.5800% representing 1 month SOFR rate + spread				J.P. Morgan				12/6/2022					106,269			$	207,671,199			$	(9,576,063	)
Total return of Russell 2000® Index				0.6300% representing 1 month SOFR rate + spread				Barclays				12/7/2022					285,000				588,530,415				(57,080,671	)
Total return of Russell 2000® Index				0.7800% representing 1 month SOFR rate + spread				Credit Suisse International				12/8/2022					245,000				505,929,655				(49,160,064	)
Total return of Russell 2000® Index				0.5200% representing 1 month SOFR rate + spread				Citibank N.A.				12/13/2022					298,503				637,355,852				(79,826,258	)
Total return of Russell 2000® Index				0.6800% representing 1 month SOFR rate + spread				Bank of America Merrill Lynch				12/13/2022					132,190				256,456,485				(5,616,995	)
Total return of Russell 2000® Index				0.8600% representing 1 month SOFR rate + spread				UBS Securities LLC				12/14/2022					277,413				566,277,627				(48,641,477	)
Total return of Russell 2000® Index				0.6200% representing 1 month SOFR rate + spread				BNP Paribas				2/15/2023					71,630				146,518,031				(12,720,006	)
Total return of Russell 2000® Index				0.6200% representing 1 month SOFR rate + spread				BNP Paribas				3/15/2023					125,000				256,410,587				(23,114,654	)
Total return of Russell 2000® Index				0.6200% representing 1 month SOFR rate + spread				BNP Paribas				4/19/2023					2,110				4,413,125				(480,273	)
Total return of Russell 2000® Index				0.6200% representing 1 month SOFR rate + spread				BNP Paribas				5/17/2023					40,000				81,246,846				(6,688,332	)
																				$	3,250,809,822			$	(292,904,793	)

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

Direxion Daily Small Cap Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2022

Shares								Fair Value
SHORT TERM INVESTMENTS - 99.4%
Money Market Funds - 99.4%
	164,033,901			Dreyfus Government Cash Management Institutional Shares, 0.24% (a)				$	164,033,901
	171,380,498			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 0.34% (a)					171,380,498
				TOTAL SHORT TERM INVESTMENTS (Cost $335,414,399) (b)				$	335,414,399
				TOTAL INVESTMENTS (Cost $335,414,399) - 99.4%				$	335,414,399
				Other Assets in Excess of Liabilities - 0.6%					1,868,565
				TOTAL NET ASSETS - 100.0%				$	337,282,964

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, 2022.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $193,854,788.

  

Short Total Return Swap Contracts (Unaudited)

April 30, 2022

Terms of Payments to be Received at Termination				Terms of Payments to be Paid at Termination				Counterparty				Termination Date				Contracts				Notional Amount				Unrealized Appreciation (Depreciation)
0.2800% representing 1 month SOFR rate + spread				Total return of Russell 2000® Index				J.P. Morgan				7/1/2022					106,106			$	232,924,846			$	34,347,091
0.4200% representing 1 month SOFR rate + spread				Total return of Russell 2000® Index				BNP Paribas				12/7/2022					58,607				122,853,459				13,313,638
0.2300% representing 1 month SOFR rate + spread				Total return of Russell 2000® Index				Citibank N.A.				12/13/2022					140,652				303,557,804				40,685,423
0.4800% representing 1 month SOFR rate + spread				Total return of Russell 2000® Index				Bank of America Merrill Lynch				12/13/2022					156,610				291,937,171				(1,732	)
0.5500% representing 1 month SOFR rate + spread				Total return of Russell 2000® Index				UBS Securities LLC				12/14/2022					80,830				166,734,750				15,723,227
																				$	1,118,008,030			$	104,067,647