DIREXION SHARES ETF TRUST

SEMI-ANNUAL REPORT APRIL 30, 2022

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

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

Direxion Fallen Knives ETF

Direxion Hydrogen ETF

Direxion Low Priced Stock ETF

Direxion Moonshot Innovators ETF

Direxion mRNA ETF

Direxion Nanotechnology ETF

Direxion NASDAQ-100® Equal Weighted Index Shares

Direxion Work From Home ETF

Direxion World Without Waste ETF

Direxion Russell 1000® Growth Over Value ETF

Direxion Russell 1000® Value Over Growth 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 info@direxionfunds.com.

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    

10

   
Allocation of Portfolio Holdings    

12

   
Schedules of Investments    

13

   
Statements of Assets and Liabilities    

29

   
Statements of Operations    

32

   
Statements of Changes in Net Assets    

35

   
Financial Highlights    

41

   
Notes to the Financial Statements    

43

   
Supplemental Information    

58

   
Board Review of Investment Advisory
Agreement
   

59

   
Trustees and Officers    

61

   

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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, 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.

Factors Affecting the ETFs Performance:

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

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

The ETFs Performance Review:

The following discussion relates to the performance of the ETFs for the 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.

Non-Leveraged ETFs

The Direxion Auspice Broad Commodity Strategy ETF seeks to provide total returns that exceed that of the Auspice Broad Commodity Index over a complete market cycle. The Auspice Broad Commodity Index attempts to capture upward trends in the commodity markets while minimizing risk during down trends. The Auspice Broad Commodity Index will use a quantitative methodology to track either long or flat positions in a diversified portfolio of 12 different commodity futures contracts, or "components", which cover the energy, metal, and agricultural sectors. It attempts to incorporate dynamic risk management and contract rolling methods. For the Semi-Annual Period, the Auspice Broad Commodity Index returned 16.01%, while the Direxion Auspice Broad Commodity Strategy ETF returned 15.64%.

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Commodities have rallied in an otherwise bear market, primarily due to inflation. In particular, the energy and agriculture holdings the Direxion Auspice Broad Commodity Strategy ETF performed extremely well. Heating oil futures were up 128.12% and natural gas futures were up 116.31% over the Semi-Annual Period. The performance for metals was more muted, with silver down 4.26%, gold up 6.36%, and copper essentially flat. The Direxion Auspice Broad Commodity Strategy ETF had strong performance despite overall market volatility.

The Direxion Fallen Knives ETF seeks investment results, before fees and expenses, that track the Indxx US Fallen Knives Index. The Indxx US Fallen Knives Index is designed by Indxx, LLC to consist of U.S equity securities that have experienced considerable share price declines over the prior year and have financial health, suggesting that the security has potential for share price recovery in the future. For the Semi-Annual Period, the Indxx US Fallen Knives Index returned -29.59%, while the Direxion Fallen Knives ETF returned -29.70%.

Grocery Outlet Holding Corp. (GO), a grocery store owner and operator, was one of the top performers during the Semi-Annual, with a total return of 44.69%. Coupa Software Inc. (COUP) was one of the bottom performers that has a significant portfolio weight, losing -63.72% this period. Almost 50% of the Direxion Fallen Knives ETF's portfolio is held in health care, which experienced losses as a sector.

The Direxion Hydrogen ETF seeks investment results, before fees and expenses, that track the Indxx Hydrogen Economy Index. The Indxx Hydrogen Economy Index tracks the performance of companies that provide goods and/or services related to the Hydrogen Industry, including hydrogen generation and storage, fuel cells, hydrogen stations, and hydrogen-based vehicles. The Index includes domestic securities as well as securities listed on various foreign markets, including among others, Japan and South Korea. The Index is reconstituted annually and rebalanced quarterly. For the Semi-Annual Period, the Indxx Hydrogen Economy Index returned -28.98%, while the Direxion Hydrogen ETF returned -28.93%.

Idemitsu Kosan (5019 JP Equity) was one of the top performers, while Ballard Power Systems (BLDP) brought up the rear for the Direxion Hydrogen ETF. Two of the biggest names in the hydrogen industry, Plug Power (PLUG) and Bloom Energy (BE), also experienced significant losses during the Semi-Annual Period. However, hydrogen is gaining momentum as an important source for the global energy transition.

The Direxion Low Priced Stock ETF seeks investment results, before fees and expenses, that track the Solactive Two Bucks Index. The Solactive Two Bucks Index is an equal-weighted index provided by Solactive AG that is designed to measure the performance of U.S.-listed securities with relatively low trading prices. The Index Provider begins with the Solactive GBS United States All Cap Index and applies certain requirements that vary depending on the quarter at which the Index is rebalanced in order to select a total of 50 securities. The Index is rebalanced and reconstituted quarterly in February, May, August, and November. For the Semi-Annual Period, the Solactive Two Bucks Index returned -28.51%, while the Direxion Low Priced Stock ETF returned -28.33%.

Nextier Oilfield Solutions (NEX) and RPC Inc. (RES) both experienced significant gains of 138.73% and 89.38%, respectively, during the Semi-Annual Period. However, the majority of the Direxion Low Priced Stock ETF's portfolio posted negative returns, which outweighed these substantial gains. Despite losses, roughly 40% of the portfolio is held in the energy sector, which has potential for strong returns moving forward.

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 -52.54%, while the Direxion Moonshot Innovators ETF returned -52.37%.

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Some more well-known names, such as Dropbox and Yelp, experienced losses during the Semi-Annual Period, in line with the overall holdings of the Direxion Moonshot Innovators ETF. Tech names have had difficulties recently, and IT companies make up roughly 50% of the portfolio.

The Direxion mRNA ETF seeks investment results, before fees and expenses, that track the BITA Messenger RNA Technology Index. The BITA Messenger RNA Technology Index provides exposure to the performance of companies, publicly listed in the United States, Canada and Europe, that are leading the development and application of messenger RNA ("mRNA") technology. mRNA is a single-stranded ribonucleic acid ("RNA") molecule that is complementary to one of the DNA strands of a gene. mRNA plays a vital role in protein synthesis in the human body, and mRNA technologies leverage this vital role to enable targeted cells to produce proteins that enable the body to fight or prevent a given disease. As an example, mRNA technology is the basis for certain COVID-19 vaccines. Eligible companies must meet certain conditions as specified by the Index Provider as well as market capitalization and liquidity requirements. Index constituents are weighted based on a modified free float market capitalization and reconstituted and rebalanced quarterly. Since the Fund's inception on December 9, 2021, the BITA Messenger RNA Technology Index returned -42.33%, while the Direxion mRNA ETF returned -42.40%.

The top performer during the Semi-Annual Period was Vertex Pharmaceuticals (VRTX), which returned 32.24% and has a portfolio weight of 9.25%, the highest weighted stock in the Direxion mRNA ETF. Well-known bio tech companies Moderna (MRNA) and Bio N Tech (BNTX) experienced almost identical losses of roughly -52%. Gritstone Bio (GRTS) was the worst performer, losing -79.03% since the Fund's inception, with a weight of 3.55%. For the most part, the healthcare sector has struggled during the Period, which has translated to poor fund performance, but many companies have interesting projects upcoming. For example, Bio N Tech is in a trial for pancreatic cancer treatment.

The Direxion Nanotechnology ETF seeks investment results, before fees and expenses, that track the S&P Kensho Extended Nanotechnology Index. The S&P Kensho Extended Nanotechnology Index, a subsector index within the S&P Kensho New Economy Index Series, is designed to measure the performance of U.S. listed securities, including depositary receipts, of companies involved in the nanotechnology industry. The Index Provider defines nanotechnology as the creation and/or manipulation of matter at the molecular (or smaller) level. The Index includes companies that produce nanomaterials or provide systems, products and services that allow for construction, measurement, simulation or manipulation of nanomaterials. Since the Fund's inception on November 23, 2021, the S&P Kensho Extended Nanotechnology Index returned -39.24%, while the Direxion Nanotechnology ETF returned -39.36%.

Jazz Pharmaceuticals (JAZZ) was the top performer, returning 17.94%. However, many other names in the healthcare sector, which makes up nearly 70% of the Direxion Nanotechnology ETF, did not fare as well during the Semi-Annual Period. Well-known Moderna (MRNA) returned -60.14% and Bio N Tech (BNTX) returned -49.41% during the six month period, each with a portfolio weight of roughly 2.5%. Bruker Corp. (BRKR) is the top holding, making up 10.47% of the portfolio, and lost -29.13% this period.

The Direxion NASDAQ-100® Equal Weighted Index Shares seeks investment results, before fees and expenses, that track the NASDAQ-100® Equal Weighted Index. The NASDAQ-100® Equal Weighted Index is the equal weighted version of the NASDAQ-100 Index® which includes approximately 100 of the largest domestic and international non-financial companies listed on the NASDAQ® Stock Market based on market capitalization selected by NASDAQ, Inc., the index provider. Equal weighting is a method of weighting index stocks whereby the same exposure is provided to both the smallest and largest companies included in the Index. The Index is rebalanced quarterly and reconstituted annually. For the Semi-Annual Period, the NASDAQ-100® Equal Weighted Index returned -17.67%, while the Direxion NASDAQ-100® Equal Weighted Index Shares returned -17.86%.

The Direxion NASDAQ-100® Equal Weighted Index Shares slightly outperformed the NASDAQ-100® , with the later returning -18.90%. Some of the top performers during the Semi-Annual Period were well-known consumer names, such as Kraft Heinz and Dollar Tree, returning 18.63% and 46.67%, respectively. Exelon also performed well, returning 23.59%. The IT sector had a rough six months, with names like Netflix, PayPal, and Docusign losing -60% to -70%.

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The Direxion Work From Home ETF seeks investment results, before fees and expenses, that track the Solactive Remote Work Index. The Solactive Remote Work Index is comprised of U.S. listed securities and ADRs of companies that provide products and services in at least one of the following business segments that facilitate the ability of people to work from home: remote communications, cyber security, online project and document management, and cloud computing technologies ("WFH Industries"). The Index consists of 40 companies, namely, the top 10 ranked companies in each of the four WFH Industries. The Index is equal weighted at each semi-annual reconstitution and rebalance date. For the Semi-Annual Period, the Solactive Remote Work Index returned -26.43%, while the Direxion Work From Home ETF returned -26.40%.

Plantronics (POLY), a headset company, was the top performer during the Semi-Annual Period, returning 38.07%. Names such as Ring Central (RNG) and Docusign (DOCU) were among bottom performers, falling -66.38% and -70.86%, respectively. Names in the IT sector make up 86.48% of the Direxion Work From Home ETF, and tech generally had a tough six months.

The Direxion World Without Waste ETF seeks investment results, before fees and expenses, that track the Indxx US Circular Economy Index. The Indxx US Circular Economy Index tracks the performance of 50 US-listed companies that are representative of the transformative shift from the linear model of economy to a circular one. The index includes five sub-themes central to the circular economy, providing investors access to the shifting paradigm in growing segments such as biofuels, solar power, and waste management, along with collaboration and content sharing platforms. Companies that cumulatively derive revenue greater than, or equal to, 50% from categories comprising a sub-theme, are 'pure-play' companies. All of the 'pure-play' companies from the sub-themes will form the selection list. The top 10 companies from each sub-theme, by largest total market capitalization, will form the final index. For the Semi-Annual Period, the Indxx US Circular Economy Index returned -31.40%, while the Direxion World Without Waste ETF returned -31.55%.

US Ecology (ECOL), a waste collection and management company, was the top performer during the Semi-Annual Period, gaining 44.24%. Well-known names in tech such as Shopify, Netflix, Etsy, and Zoom were all down between roughly 60%-70%, contributing more greatly to the Direxion World Without Waste ETF's performance.

Relative Weight ETFs

The Direxion Russell 1000® Growth Over Value ETF seeks investment results, before fees and expenses, that track the Russell 1000® Growth/Value 150/50 Index. Russell 1000® Growth/Value 150/50 Index measures the performance of a portfolio that has 150% long exposure to the Russell 1000® Growth Index (the "Long Component") and 50% short exposure to the Russell 1000® Value Index (the "Short Component"). On a monthly basis, the index will rebalance such that the weight of the Long Component is equal to 150% and the weight of the Short Component is equal to 50% of the index value. In tracking the index, the Fund seeks to provide a vehicle for investors looking to efficiently express a growth over value investment view by overweighting exposure to the Long Component and shorting exposure to the Short Component. For the Semi-Annual Period, the Russell 1000® Growth/Value 150/50 Index returned -24.42%, while the Direxion Russell 1000® Growth Over Value ETF returned -24.76%.

The Direxion Russell 1000® Value Over Growth ETF seeks investment results, before fees and expenses, that track the Russell 1000® Value/Growth 150/50 Index. The Russell 1000® Value/Growth 150/50 Index measures the performance of a portfolio that has 150% long exposure to the Russell 1000® Value Index (the "Long Component") and 50% short exposure to the Russell 1000® Growth Index (the "Short Component"). On a monthly basis, the index will rebalance such that the weight of the Long Component is equal to 150% and the weight of the Short Component is equal to 50% of the index value. In tracking the index, the Fund seeks to provide a vehicle for investors looking to efficiently express a value over growth investment view by overweighting exposure to the Long Component and shorting exposure to the Short Component. For the Semi-Annual Period, the Russell 1000® Value/Growth 150/50 Index returned 3.35%, while the Direxion Russell 1000® Value Over Growth ETF returned 2.86%.

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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. 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.

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

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

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

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

The views of this letter were those of the Adviser as of 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

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Expense Example (Unaudited)

April 30, 2022

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, 2021 to April 30, 2022).

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, 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 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
November 1, 2021
to April 30, 2022*
 
Direxion Auspice Broad Commodity Strategy ETF
(Consolidated)
 

Based on actual fund return

   

0.88

%

 

$

1,000.00

   

$

1,156.40

   

$

4.71

   

Based on hypothetical 5% return

   

0.88

%

   

1,000.00

     

1,020.43

     

4.41

   

Direxion Fallen Knives ETF

 

Based on actual fund return

   

0.50

%

   

1,000.00

     

703.00

     

2.11

   

Based on hypothetical 5% return

   

0.50

%

   

1,000.00

     

1,022.32

     

2.51

   

Direxion Hydrogen ETF

 

Based on actual fund return

   

0.45

%

   

1,000.00

     

710.70

     

1.91

   

Based on hypothetical 5% return

   

0.45

%

   

1,000.00

     

1,022.56

     

2.26

   

Direxion Low Priced Stock ETF

 

Based on actual fund return

   

0.50

%

   

1,000.00

     

716.70

     

2.13

   

Based on hypothetical 5% return

   

0.50

%

   

1,000.00

     

1,022.32

     

2.51

   

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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
November 1, 2021
to April 30, 2022*
 

Direxion Moonshot Innovators ETF

 

Based on actual fund return

   

0.65

%

 

$

1,000.00

   

$

476.30

   

$

2.38

   

Based on hypothetical 5% return

   

0.65

%

   

1,000.00

     

1,021.57

     

3.26

   

Direxion mRNA ETF2

 

Based on actual fund return

   

0.65

%

   

1,000.00

     

576.00

     

2.01

   

Based on hypothetical 5% return

   

0.65

%

   

1,000.00

     

1,017.04

     

2.57

   

Direxion Nanotechnology ETF1

 

Based on actual fund return

   

0.65

%

   

1,000.00

     

606.40

     

2.27

   

Based on hypothetical 5% return

   

0.65

%

   

1,000.00

     

1,018.95

     

2.86

   

Direxion NASDAQ-100® Equal Weighted Index Shares

 

Based on actual fund return

   

0.35

%

   

1,000.00

     

821.40

     

1.58

   

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

     

736.00

     

1.94

   

Based on hypothetical 5% return

   

0.45

%

   

1,000.00

     

1,022.56

     

2.26

   

Direxion World Without Waste ETF

 

Based on actual fund return

   

0.50

%

   

1,000.00

     

684.50

     

2.09

   

Based on hypothetical 5% return

   

0.50

%

   

1,000.00

     

1,022.32

     

2.51

   

Direxion Russell 1000® Growth Over Value ETF

 

Based on actual fund return

   

0.45

%

   

1,000.00

     

752.40

     

1.96

   

Based on hypothetical 5% return

   

0.45

%

   

1,000.00

     

1,022.56

     

2.26

   

Direxion Russell 1000® Value Over Growth ETF

 

Based on actual fund return

   

0.45

%

   

1,000.00

     

1,028.60

     

2.26

   

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

1  Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period from November 23, 2021 (commencement of operations) to April 30, 2022, multiplied by 159 days (the number of days since commencement of operations to April 30, 2022), then divided by 365.

2  Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period from December 9, 2021 (commencement of operations) to April 30, 2022, multiplied by 143 days (the number of days since commencement of operations to April 30, 2022), then divided by 365.

DIREXION SEMI-ANNUAL REPORT
11


Allocation of Portfolio Holdings (Unaudited)

April 30, 2022

   

Cash*

  Common
Stocks
  Investment
Companies
 

Futures

 

Swaps

 

Total

 

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

   

97

%

   

     

     

3

%

   

     

100

%

 

Direxion Fallen Knives ETF

   

0

%**

   

100

%

   

     

     

     

100

%

 

Direxion Hydrogen ETF

   

2

%

   

98

%

   

     

     

     

100

%

 

Direxion Low Priced Stock ETF

   

1

%

   

99

%

   

     

     

     

100

%

 

Direxion Moonshot Innovators ETF

   

0

%**

   

100

%

   

     

     

     

100

%

 

Direxion mRNA ETF

   

0

%**

   

100

%

   

     

     

     

100

%

 

Direxion Nanotechnology ETF

   

0

%**

   

100

%

   

     

     

     

100

%

 

Direxion NASDAQ-100® Equal Weighted Index Shares

   

0

%**

   

100

%

   

     

     

     

100

%

 

Direxion Work From Home ETF

   

0

%**

   

100

%

   

     

     

     

100

%

 

Direxion World Without Waste ETF

   

0

%**

   

100

%

   

     

     

     

100

%

 

Direxion Russell 1000® Growth Over Value ETF

   

13

%

   

     

97

%

   

     

(10

)%

   

100

%

 

Direxion Russell 1000® Value Over Growth ETF

   

12

%

   

     

90

%

   

     

(2

)%

   

100

%

 

*  Cash, cash equivalents and other assets less liabilities.

**  Percentage is less than 0.5%.

DIREXION SEMI-ANNUAL REPORT
12


Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

Schedule of Investments (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

SHORT TERM INVESTMENTS - 94.3%

 

Money Market Funds - 94.3%

 
 

405,335,661

    Dreyfus Government Cash
Management Institutional
Shares, 0.24% (a)
 

$

405,335,661

   
    TOTAL SHORT TERM
INVESTMENTS
(Cost $405,335,661)
 

$

405,335,661

   
    TOTAL INVESTMENTS
(Cost $405,335,661) - 94.3%
 

$

405,335,661

   
    Other Assets in Excess of
Liabilities - 5.7%
   

24,621,775

   
   

TOTAL NET ASSETS - 100.0%

 

$

429,957,436

   

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)  $20,448,813 of cash is pledged as collateral for futures contracts.

  

  

Long Futures Contracts (Unaudited)

April 30, 2022

Reference Entity

 

Expiration
Date

 

Number of
Contracts

 

Notional
Amount

 

Variation
Margin
Receivable/
(Payable), net

 

Unrealized
Appreciation
(Depreciation)

 

Copper

 

7/27/22

   

244

   

$

26,891,850

   

$

(150,625

)

 

$

(1,889,051

)

 

Corn

 

12/14/22

   

800

     

30,050,000

     

(19,875

)

   

6,493,920

   

Cotton No. 2

 

12/7/22

   

478

     

29,174,730

     

(691,510

)

   

3,879,213

   

Gasoline RBOB

 

10/31/22

   

143

     

16,921,905

     

(111,359

)

   

(409,692

)

 

Gold

 

6/28/22

   

246

     

47,027,820

     

495,690

     

(586,983

)

 

Natural Gas

 

3/29/23

   

382

     

17,335,160

     

648,390

     

1,461,128

   

NY Harbor ULSD

 

5/31/22

   

97

     

16,366,073

     

35,478

     

4,723,842

   

Silver

 

7/27/22

   

248

     

28,625,400

     

(117,600

)

   

(1,957,848

)

 

Soybean

 

11/14/22

   

442

     

33,475,975

     

(136,563

)

   

3,433,575

   

Sugar #11

 

4/28/23

   

2185

     

45,958,416

     

48,104

     

(2,222,145

)

 

Wheat

 

12/14/22

   

341

     

18,043,162

     

(421,250

)

   

(1,029,966

)

 

WTI Crude Oil

 

2/21/23

   

152

     

13,541,680

     

(123,830

)

   

(833,168

)

 
           

$

323,412,171

   

$

(544,950

)

 

$

11,062,825

   

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
13


Direxion Fallen Knives ETF

Schedule of Investments (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

COMMON STOCKS - 100.0%

     

Accommodation - 4.1%

     
 

3,986

   

Las Vegas Sands Corp. (a)

 

$

141,223

   

Administrative and Support Services - 2.2%

     
 

12,333

   

MultiPlan Corporation (a)

   

54,635

   
 

7,111

   

Workhorse Group, Inc. (a)(b)

   

21,404

   
     

76,039

   

Ambulatory Health Care Services - 1.8%

     
 

10,735

   

Invitae Corp. (a)

   

57,003

   
 

1,177

   

Tabula Rasa HealthCare, Inc. (a)

   

3,966

   
     

60,969

   

Chemical Manufacturing - 28.0%

     
 

1,828

   

ADC Therapeutics SA (a)(b)

   

21,516

   
 

13,009

   

Amicus Therapeutics, Inc. (a)

   

92,104

   
 

3,462

   

Coherus BioSciences, Inc. (a)

   

31,296

   
 

2,078

   

Forma Therapeutics Holdings, Inc. (a)

   

15,710

   
 

2,251

   

Generation Bio Co. (a)

   

14,249

   
 

2,559

   

Gossamer Bio, Inc. (a)

   

17,683

   
 

5,729

   

Ionis Pharmaceuticals, Inc. (a)

   

210,598

   
 

1,150

   

iTeos Therapeutics, Inc. (a)

   

30,693

   
 

1,491

   

ORIC Pharmaceuticals Inc. (a)

   

4,950

   
 

3,307

   

PTC Therapeutics, Inc. (a)

   

116,836

   
 

2,439

   

Sage Therapeutics, Inc. (a)

   

76,877

   
 

2,447

   

Sarepta Therapeutics, Inc. (a)

   

176,967

   
 

2,752

   

Travere Therapeutics, Inc. (a)

   

69,158

   
 

2,082

   

Turning Point Therapeutics, Inc. (a)

   

61,294

   
 

2,002

   

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

   

29,910

   
     

969,841

   

Credit Intermediation and Related Activities - 1.3%

     
 

552

   

LendingTree, Inc. (a)

   

43,840

   

Food and Beverage Stores - 4.1%

     
 

4,225

   

Grocery Outlet Holding Corp. (a)(b)

   

142,256

   

Food Manufacturing - 5.5%

     
 

1,913

   

McCormick & Co, Inc.

   

192,390

   

Hospitals - 0.0%

     
 

558

   

Ontrak, Inc. (a)

   

664

   

Merchant Wholesalers, Durable Goods - 1.6%

     
 

1,631

   

Silk Road Medical, Inc. (a)

   

57,167

   

Merchant Wholesalers, Nondurable Goods - 5.1%

     
 

3,030

   

Global Blood Therapeutics, Inc. (a)

   

93,021

   
 

3,530

   

Relay Therapeutics, Inc. (a)

   

84,120

   
     

177,141

   

Mining (except Oil and Gas) - 2.0%

     
 

10,975

    NovaGold Resources Inc.
ADR (Canada) (a)
   

68,265

   

Miscellaneous Manufacturing - 5.4%

     
 

8,079

   

Cerus Corp. (a)

   

37,325

   
 

2,444

   

Haemonetics Corp. (a)

   

123,837

   
 

9,989

   

Inovio Pharmaceuticals, Inc. (a)(b)

   

27,270

   
     

188,432

   

Shares

     

Fair Value

 

Performing Arts, Spectator Sports, and Related Industries - 1.9%

     
 

18,246

   

iQIYI, Inc. ADR (China) (a)

 

$

64,956

   

Petroleum and Coal Products Manufacturing - 2.3%

     
 

18,981

    YPF Sociedad Anónima ADR
(Argentina) (a)
   

80,479

   

Printing and Related Support Activities - 0.9%

     
 

3,399

   

Arko Corp.

   

31,509

   

Professional, Scientific, and Technical Services - 9.5%

     
 

3,517

   

Allogene Therapeutics, Inc. (a)

   

29,367

   
 

2,798

   

Alteryx, Inc. (a)

   

179,632

   
 

3,014

   

Kura Oncology, Inc. (a)

   

43,251

   
 

1,566

   

Model N, Inc. (a)

   

40,465

   
 

763

   

Simulations Plus, Inc.

   

35,602

   
     

328,317

   

Publishing Industries (except Internet) - 18.3%

     
 

6,134

   

21Vianet Group, Inc. ADR (China) (a)

   

36,620

   
 

1,845

   

Citrix Systems, Inc.

   

184,684

   
 

1,569

   

Coupa Software, Inc. (a)

   

135,405

   
 

5,135

   

Fastly, Inc. (a)

   

81,647

   
 

1,596

   

Splunk, Inc. (a)

   

194,744

   
     

633,100

   

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 5.1%

     
 

4,772

   

Canoo Inc. (a)(b)

   

22,905

   
 

4,364

   

GDS Holdings Ltd. ADR (China) (a)(b)

   

137,117

   
 

5,208

   

Hyliion Holdings Corp. (a)

   

16,718

   
     

176,740

   

Telecommunications - 0.7%

     
 

1,090

   

Bandwidth Inc. (a)

   

24,111

   

Transportation Equipment Manufacturing - 0.2%

     
 

4,528

   

XL Fleet Corp. (a)

   

6,339

   
        TOTAL COMMON STOCKS
(Cost $5,253,991)
 

$

3,463,778

   

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

DIREXION SEMI-ANNUAL REPORT
14


Direxion Fallen Knives ETF

Schedule of Investments, continued (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

SHORT TERM INVESTMENTS - 10.6%

 

Money Market Funds - 10.6%

 
 

367,947

    Dreyfus Government Cash
Management Institutional
Shares, 0.24% (c)(d)
 

$

367,947

   
    TOTAL SHORT TERM
INVESTMENTS
(Cost $367,947)
 

$

367,947

   
    TOTAL INVESTMENTS
(Cost $5,621,938) - 110.6% (e)
 

$

3,831,725

   
    Liabilities in Excess of
Other Assets - (10.6)%
   

(368,343

)

 
   

TOTAL NET ASSETS - 100.0%

 

$

3,463,382

   

Percentages are stated as a percent of net assets.

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

  Less than 0.005%.

(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, 2022.

(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
15


Direxion Hydrogen ETF

Schedule of Investments (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

COMMON STOCKS - 98.1%

     

Chemical Manufacturing - 44.8%

     
 

16,027

   

Air Liquide S.A. (France) (a)

 

$

2,795,523

   
 

6,332

   

Air Products & Chemicals, Inc.

   

1,482,131

   
 

55,812

   

Air Water, Inc. (Japan) (a)

   

741,374

   
 

158,032

   

Cell Impact AB (Sweden) (a)

   

294,010

   
 

52,322

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

1,451,769

   
 

358,194

   

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

   

1,490,339

   
 

7,626

   

Linde PLC (Ireland) ADR

   

2,379,007

   
 

60,603

   

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

   

1,119,472

   
 

51,098

    Nippon Sanso Holdings Corp.
(Japan) (a)
   

921,705

   
 

837,439

    PTT Global Chemical PCL
(Thailand) (a)
   

1,222,539

   
 

55,488

   

Showa Denko K.K. (Japan) (a)

   

1,082,264

   
     

14,980,133

   

Computer and Electronic Product Manufacturing - 7.9%

     
 

142,784

   

Bloom Energy Corp.

   

2,650,071

   

Electrical Equipment, Appliance, and Component Manufacturing - 15.1%

     
 

153,838

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

283,923

   
 

3,691

    Hyosung Heavy Industries
(South Korea) (a)
   

163,979

   
 

123,726

   

Plug Power, Inc. (b)

   

2,600,721

   
 

79,453

   

PowerCell Sweden AB (Sweden) (a)

   

1,185,708

   
 

6,466

   

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

   

175,308

   
 

6,680

   

VARTA AG (Germany) (a)

   

632,687

   
     

5,042,326

   

Heavy and Civil Engineering Construction - 0.5%

     
 

7,483

   

SK D&D Co., Ltd. (South Korea) (a)

   

170,393

   

Merchant Wholesalers, Durable Goods - 0.5%

     
 

5,555

   

Hyster-Yale Materials Handling, Inc.

   

170,650

   

Miscellaneous Manufacturing - 0.5%

     
 

42,219

    Hexagon Purus Holding AS
(Norway) (a)
   

165,494

   

Oil and Gas Extraction - 9.2%

     
 

167,035

    CIMC Enric Holdings Limited
(Hong Kong) (a)(b)
   

177,123

   
 

399,181

   

ENEOS Holdings, Inc. (Japan) (a)

   

1,405,575

   
 

57,324

   

Idemitsu Kosan Co., Ltd (Japan) (a)

   

1,506,547

   
     

3,089,245

   

Primary Metal Manufacturing - 0.5%

     
 

93,001

    Kaori Heat Treatment Co., Ltd.
(Taiwan) (a)
   

168,803

   

Transportation Equipment Manufacturing - 7.6%

     
 

307,296

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

2,550,557

   

Shares

     

Fair Value

 

Utilities - 11.5%

     
 

168,373

    Ceres Power Holdings PLC
(United Kingdom) (a)
 

$

1,574,864

   
 

350,277

   

FuelCell Energy, Inc.

   

1,429,130

   
 

14,574

   

Korea Gas Corp. (South Korea) (a)

   

475,744

   
 

18,510

   

S-Fuelcell Co., Ltd (South Korea) (a)

   

352,221

   
     

3,831,959

   
        TOTAL COMMON STOCKS
(Cost $42,933,407)
 

$

32,819,631

   

SHORT TERM INVESTMENTS - 15.2%

     

Money Market Funds - 15.2%

     
 

5,072,575

    Dreyfus Government Cash
Management Institutional
Shares, 0.24% (c)(d)
 

$

5,072,575

   
        TOTAL SHORT TERM
INVESTMENTS
(Cost $5,072,575)
 

$

5,072,575

   
        TOTAL INVESTMENTS
(Cost $48,005,982) - 113.3%
 

$

37,892,206

   
        Liabilities in Excess of
Other Assets - (13.3)%
   

(4,449,989

)

 
       

TOTAL NET ASSETS - 100.0%

 

$

33,442,217

   

Percentages are stated as a percent of net assets.

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

(a)  Non-income producing security.

(b)  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.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
16


Direxion Low Priced Stock ETF

Schedule of Investments (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

COMMON STOCKS - 99.4%

     

Administrative and Support Services - 6.3%

     
 

23,652

    Arrival Group ADR
(United Kingdom) (a)
 

$

45,648

   
 

63,878

   

CarLotz, Inc. (a)

   

56,717

   
 

48,350

   

Citius Pharmaceuticals, Inc. (a)(b)

   

48,834

   
 

18,541

   

MultiPlan Corporation (a)

   

82,137

   
     

233,336

   

Broadcasting (except Internet) - 2.0%

     
 

17,896

   

Qurate Retail, Inc. (a)

   

75,342

   

Chemical Manufacturing - 15.9%

     
 

67,318

   

Adverum Biotechnologies, Inc. (a)

   

72,030

   
 

19,276

   

Amyris, Inc. (a)

   

66,117

   
 

21,715

   

Antares Pharma, Inc. (a)

   

120,844

   
 

26,763

   

CymaBay Therapeutics, Inc. (a)

   

60,752

   
 

66,804

   

Kala Pharmaceuticals, Inc. (a)

   

43,389

   
 

22,555

   

MannKind Corp. (a)

   

70,597

   
 

24,933

   

OPKO Health, Inc. (a)

   

67,319

   
 

33,920

   

Xeris Biopharma Holdings, Inc. (a)

   

82,765

   
     

583,813

   

Computer and Electronic Product Manufacturing - 3.3%

     
 

49,443

   

Orbital Energy Group, Inc. (a)(b)

   

58,837

   
 

45,110

   

Senseonics Holdings, Inc. (a)(b)

   

63,154

   
     

121,991

   

Insurance Carriers and Related Activities - 4.5%

     
 

22,969

   

Genworth Financial, Inc. Class A (a)

   

85,215

   
 

42,689

   

Hippo Holdings, Inc. (a)

   

80,255

   
     

165,470

   

Merchant Wholesalers, Nondurable Goods - 4.2%

     
 

20,352

   

Amneal Pharmaceuticals, Inc. (a)

   

78,559

   
 

37,885

    Endo International PLC ADR
(Ireland) (a)
   

75,770

   
     

154,329

   

Mining (except Oil and Gas) - 2.2%

     
 

18,699

   

Uranium Energy Corp. (a)(b)

   

79,471

   

Miscellaneous Manufacturing - 1.9%

     
 

25,892

   

Accuray, Inc. (a)

   

68,873

   

Oil and Gas Extraction - 9.0%

     
 

11,064

   

Kosmos Energy Ltd. (a)

   

74,793

   
 

11,907

   

Southwestern Energy Co. (a)

   

89,303

   
 

13,803

   

Tellurian, Inc. (a)

   

68,739

   
 

20,738

   

W&T Offshore, Inc. (a)

   

98,713

   
     

331,548

   

Professional, Scientific, and Technical Services - 15.0%

     
 

37,885

   

22nd Century Group, Inc. (a)

   

72,360

   
 

25,148

    Clear Channel Outdoor Holdings,
Inc. (a)
   

61,864

   
 

38,383

   

ContextLogic, Inc. (a)

   

65,251

   
 

18,739

   

ironSource Ltd. ADR (Israel) (a)

   

71,770

   
 

12,610

   

NextDecade Corp. (a)(b)

   

70,490

   
 

28,506

   

Pieris Pharmaceuticals, Inc. (a)

   

79,817

   
 

37,721

   

Sorrento Therapeutics Inc. (a)(b)

   

56,959

   
 

28,978

   

Vinco Ventures, Inc. (a)(b)

   

71,865

   
     

550,376

   

Shares

     

Fair Value

 

Real Estate - 7.2%

     
 

27,178

   

Diversified Healthcare Trust

 

$

61,151

   
 

37,885

   

Invesco Mortgage Capital (b)

   

65,920

   
 

23,976

   

New York Mortgage Trust, Inc.

   

77,203

   
 

50,008

   

VBI Vaccines Inc. ADR (Canada) (a)

   

62,510

   
     

266,784

   

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 18.7%

     
 

20,026

   

BGC Partners, Inc.

   

72,694

   
 

18,463

   

Desktop Metal, Inc. (a)

   

64,805

   
 

19,844

   

EQRx, Inc. (a)

   

102,990

   
 

20,837

   

Ginkgo Bioworks Holdings, Inc. (a)

   

60,427

   
 

25,220

    Grab Holdings Ltd. ADR
(Cayman Islands) (a)
   

74,399

   
 

19,447

   

Payoneer Global, Inc. (a)

   

81,288

   
 

24,652

   

Paysafe Ltd. ADR (United Kingdom) (a)

   

68,533

   
 

18,081

    Roivant Sciences Ltd. ADR
(Switzerland) (a)
   

66,719

   
 

34,454

   

Sharecare, Inc. (a)

   

94,404

   
     

686,259

   

Support Activities for Mining - 1.9%

     
 

18,861

   

Transocean Ltd. ADR (Switzerland) (a)

   

70,917

   

Transportation Equipment Manufacturing - 4.5%

     
 

45,580

   

REE Automotive Ltd. ADR (Israel) (a)

   

84,323

   
 

27,094

   

XOS, Inc. (a)

   

81,553

   
     

165,876

   

Water Transportation - 2.8%

     
 

40,144

    Nordic American Tankers Ltd.
(Bermuda) ADR
   

102,769

   
        TOTAL COMMON STOCKS
(Cost $4,517,634)
 

$

3,657,154

   

SHORT TERM INVESTMENTS - 12.5%

     

Money Market Funds - 12.5%

     
 

459,703

    Dreyfus Government Cash
Management Institutional
Shares, 0.24% (c)(d)
 

$

459,703

   
        TOTAL SHORT TERM
INVESTMENTS
(Cost $459,703)
 

$

459,703

   
        TOTAL INVESTMENTS
(Cost $4,977,337) - 111.9%
 

$

4,116,857

   
        Liabilities in Excess of
Other Assets - (11.9)%
   

(437,248

)

 
       

TOTAL NET ASSETS - 100.0%

 

$

3,679,609

   

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, 2022.

(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 Moonshot Innovators ETF

Schedule of Investments (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

COMMON STOCKS - 99.6%

     

Administrative and Support Services - 2.1%

     
 

369,926

   

Workhorse Group, Inc. (a)(b)

 

$

1,113,477

   

Chemical Manufacturing - 4.0%

     
 

51,831

    Arcturus Therapeutics Holdings,
Inc. (a)(b)
   

1,004,485

   
 

323,020

   

ImmunityBio, Inc. (a)(b)

   

1,172,562

   
     

2,177,047

   

Computer and Electronic Product Manufacturing - 15.4%

     
 

75,657

   

908 Devices, Inc. (a)(b)

   

1,342,912

   
 

239,721

   

Accelerate Diagnostics, Inc. (a)(b)

   

230,132

   
 

9,406

   

Ambarella Inc. ADR (a)

   

772,044

   
 

322,004

   

Canaan, Inc. ADR (a)(b)

   

1,223,615

   
 

284,670

   

MicroVision, Inc. (a)(b)

   

919,484

   
 

439,284

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

1,247,567

   
 

196,181

   

Vuzix Corp. (a)(b)

   

1,014,256

   
 

101,913

   

Xperi Holdings, Corp.

   

1,589,843

   
     

8,339,853

   

Credit Intermediation and Related Activities - 1.8%

     
 

64,254

   

LendingClub Corp. (a)

   

979,874

   

Food Services and Drinking Places - 3.3%

     
 

54,695

   

Yelp, Inc. (a)

   

1,779,228

   

Management of Companies and Enterprises - 2.4%

     
 

1,425,375

    Ebang International Holdings,
Inc. ADR (a)(b)
   

1,325,599

   

Merchant Wholesalers, Durable Goods - 4.9%

     
 

42,649

   

Agilysys, Inc. (a)

   

1,569,910

   
 

808,846

    OneConnect Financial Technology
Co. Ltd. ADR (a)
   

1,108,119

   
     

2,678,029

   

Miscellaneous Manufacturing - 2.8%

     
 

1,445,589

   

Asensus Surgical, Inc. (a)

   

655,285

   
 

306,968

   

Inovio Pharmaceuticals, Inc. (a)(b)

   

838,023

   
     

1,493,308

   

Nonmetallic Mineral Product Manufacturing - 1.2%

     
 

430,928

   

View, Inc. (a)(b)

   

663,629

   

Primary Metal Manufacturing - 2.5%

     
 

9,961

   

Silicon Laboratories, Inc. (a)

   

1,343,839

   

Professional, Scientific, and Technical Services - 19.5%

     
 

134,894

   

A10 Networks, Inc.

   

1,926,286

   
 

532,188

    Adaptimmune Therapeutics PLC
ADR (United Kingdom) ADR (a)
   

915,363

   
 

25,476

   

Asana, Inc. (a)

   

682,757

   
 

25,673

    Crispr Therapeutics AG ADR
(Switzerland) (a)
   

1,273,894

   
 

165,051

   

Gritstone bio, Inc. (a)

   

427,482

   
 

62,846

   

Juniper Networks, Inc.

   

1,980,906

   
 

64,837

   

NetScout Systems, Inc. (a)

   

1,996,980

   
 

283,490

    ProQR Therapeutics N.V. ADR
(Netherlands) (a)
   

196,459

   
 

102,890

   

Recursion Pharmaceuticals, Inc. (a)(b)

   

637,918

   
 

51,181

   

Tusimple Holdings, Inc. (a)(b)

   

530,747

   
     

10,568,792

   

Shares

     

Fair Value

 

Publishing Industries (except Internet) - 9.9%

     
 

47,574

   

BigCommerce Holdings, Inc. (a)

 

$

850,148

   
 

59,968

   

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

   

1,018,856

   
 

82,647

   

Dropbox, Inc. (a)

   

1,797,572

   
 

38,714

   

Varonis Systems, Inc. (a)

   

1,672,445

   
     

5,339,021

   

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 15.5%

     
 

209,922

   

Aeva Technologies, Inc. (a)

   

688,544

   
 

297,998

   

Bit Mining Ltd. ADR (a)

   

497,657

   
 

264,030

   

Butterfly Network, Inc. (a)(b)

   

879,220

   
 

97,146

   

ChargePoint Holdings, Inc. (a)(b)

   

1,257,069

   
 

327,702

   

Desktop Metal, Inc. (a)(b)

   

1,150,234

   
 

235,367

   

EOS Enegy Enterprises, Inc. (a)(b)

   

498,978

   
 

312,614

   

Ouster, Inc. (a)(b)

   

1,034,752

   
 

103,518

   

Stem, Inc. (a)

   

742,224

   
 

370,598

   

Velodyne Lidar, Inc. (a)

   

696,724

   
 

125,503

   

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

   

940,018

   
     

8,385,420

   

Support Activities for Mining - 3.3%

     
 

95,341

   

Energy Recovery, Inc. (a)

   

1,765,715

   

Transportation Equipment Manufacturing - 11.0%

     
 

141,058

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

1,170,781

   
 

710,200

    ElectraMeccanica Vehicles Corp.
ADR (Canada) (a)(b)
   

1,242,850

   
 

126,136

   

Luminar Technologies, Inc. (a)(b)

   

1,560,302

   
 

196,931

   

Nikola Corp. (a)(b)

   

1,413,965

   
 

491,155

   

Romeo Power, Inc. (a)(b)

   

540,270

   
     

5,928,168

   
        TOTAL COMMON STOCKS
(Cost $137,130,987)
 

$

53,880,999

   

SHORT TERM INVESTMENTS - 32.9%

     

Money Market Funds - 32.9%

     
 

17,781,788

    Dreyfus Government Cash
Management Institutional
Shares, 0.24% (c)(d)
 

$

17,781,788

   
        TOTAL SHORT TERM
INVESTMENTS
(Cost $17,781,788)
 

$

17,781,788

   
        TOTAL INVESTMENTS
(Cost $154,912,775) - 132.5%
 

$

71,662,787

   
        Liabilities in Excess of
Other Assets - (32.5)%
   

(17,592,980

)

 
       

TOTAL NET ASSETS - 100.0%

 

$

54,069,807

   

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
18


Direxion Moonshot Innovators ETF

Schedule of Investments, continued (Unaudited)

April 30, 2022

(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.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
19


Direxion mRNA ETF

Schedule of Investments (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

COMMON STOCKS - 99.9%

     

Chemical Manufacturing - 63.2%

     
 

1,788

   

Alnylam Pharmaceuticals, Inc. (a)

 

$

238,573

   
 

63,186

    Arbutus Biopharma Corp. ADR
(Canada) (a)
   

147,223

   
 

6,732

    Arcturus Therapeutics Holdings,
Inc. (a)
   

130,466

   
 

1,536

   

BeiGene Ltd. (a)

   

245,760

   
 

2,556

   

Intellia Therapeutics, Inc. (a)

   

125,321

   
 

4,180

   

Ionis Pharmaceuticals, Inc. (a)

   

153,657

   
 

4,694

   

Maravai LifeSciences Holdings, Inc. (a)

   

144,247

   
 

29,577

   

Omega Therapeutics, Inc. (a)

   

100,857

   
 

32,194

   

Sangamo Therapeutics, Inc. (a)

   

133,605

   
 

2,619

   

Sarepta Therapeutics, Inc. (a)

   

189,406

   
 

8,923

   

Stoke Therapeutics, Inc. (a)

   

128,848

   
 

1,137

   

Vertex Pharmaceuticals, Inc. (a)

   

310,651

   
     

2,048,614

   

Management of Companies and Enterprises - 4.7%

     
 

8,922

   

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

   

152,477

   

Professional, Scientific, and Technical Services - 32.0%

     
 

3,544

   

Arrowhead Pharmaceuticals, Inc. (a)

   

145,694

   
 

1,693

   

BioNTech SE ADR (Germany) (a)

   

234,955

   
 

82,347

   

Brooklyn ImmunoTherapeutics, Inc. (a)

   

86,464

   
 

16,689

   

Codex DNA, Inc. (a)

   

61,749

   
 

20,391

   

Enochian Biosciences, Inc. (a)

   

156,807

   
 

46,117

   

Gritstone bio, Inc. (a)

   

119,443

   
 

1,714

   

Moderna, Inc. (a)

   

230,379

   
     

1,035,491

   
        TOTAL COMMON STOCKS
(Cost $4,820,865)
 

$

3,236,582

   

SHORT TERM INVESTMENTS - 0.2%

     

Money Market Funds - 0.2%

     
 

5,257

    Dreyfus Government Cash
Management Institutional
Shares, 0.24% (b)
 

$

5,257

   
        TOTAL SHORT TERM
INVESTMENTS
(Cost $5,257)
 

$

5,257

   
        TOTAL INVESTMENTS
(Cost $4,826,122) - 100.1%
 

$

3,241,839

   
        Liabilities in Excess of
Other Assets - (0.1)%
   

(1,227

)

 
        TOTAL NET ASSETS - 100.0%  

$

3,240,612

   

Percentages are stated as a percent of net assets.

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

(a)  Non-income producing security.

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

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
20


Direxion Nanotechnology ETF

Schedule of Investments (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

COMMON STOCKS - 99.9%

     

Chemical Manufacturing - 32.8%

     
 

1,720

   

Alkermes PLC ADR (Ireland) (a)

 

$

49,622

   
 

300

   

Alnylam Pharmaceuticals, Inc. (a)

   

40,029

   
 

6,416

    Arcturus Therapeutics Holdings,
Inc. (a)
   

124,342

   
 

2,586

   

Beam Therapeutics, Inc. (a)

   

97,053

   
 

619

   

Cabot Corp.

   

40,761

   
 

8,889

   

Generation Bio Co. (a)

   

56,267

   
 

481

   

Intellia Therapeutics, Inc. (a)

   

23,583

   
 

318

    Jazz Pharmaceuticals PLC ADR
(Ireland) (a)
   

50,950

   
 

12,839

   

Matinas BioPharma Holdings, Inc. (a)

   

9,052

   
 

1,114

   

Omega Therapeutics, Inc. (a)

   

3,799

   
     

495,458

   

Computer and Electronic Product Manufacturing - 41.6%

     
 

349

   

AMETEK, Inc.

   

44,065

   
 

20,756

   

Bionano Genomics, Inc. (a)

   

33,832

   
 

2,761

   

Bruker Corp.

   

158,730

   
 

172

   

Danaher Corp.

   

43,194

   
 

48,788

   

Nano Dimension Ltd. ADR (Israel) (a)

   

138,558

   
 

2,977

   

NeoPhotonics Corp. (a)

   

45,072

   
 

272

   

NVE Corp.

   

12,615

   
 

3,879

    Pacific Biosciences of California,
Inc. (a)
   

24,593

   
 

6,359

   

Seer, Inc. (a)

   

46,294

   
 

84

   

Thermo Fisher Scientific, Inc.

   

46,445

   
 

7,110

   

Vuzix Corp. (a)

   

36,759

   
     

630,157

   

Machinery Manufacturing - 7.9%

     
 

242

   

IDEX Corp.

   

45,936

   
 

78

   

Lam Research Corp.

   

36,329

   
 

388

   

Nova Ltd. ADR (Israel) (a)

   

38,261

   
     

120,526

   

Management of Companies and Enterprises - 0.5%

     
 

2,759

   

Clene, Inc. (a)

   

7,146

   

Merchant Wholesalers, Durable Goods - 2.5%

     
 

120

   

KLA-Tencor Corp.

   

38,311

   

Merchant Wholesalers, Nondurable Goods - 1.9%

     
 

4,085

   

PDS Biotechnology Corp. (a)

   

22,590

   
 

2,254

   

Poseida Therapeutics, Inc. (a)

   

6,965

   
     

29,555

   

Miscellaneous Manufacturing - 5.2%

     
 

2,048

   

AngioDynamics, Inc. (a)

   

43,111

   
 

3,074

   

Cytek Biosciences, Inc. (a)

   

29,049

   
 

37,841

   

Surgalign Holdings, Inc. (a)

   

7,205

   
     

79,365

   

Pharmaceuticals, Biotechnology & Life Sciences - 1.5%

     
 

4,114

   

Liquidia Technologies, Inc. (a)

   

22,380

   

Professional, Scientific, and Technical Services - 6.0%

     
 

278

   

BioNTech SE ADR (Germany) (a)

   

38,581

   
 

303

   

Moderna, Inc. (a)

   

40,726

   
 

15,350

   

Selecta Biosciences, Inc. (a)

   

11,763

   
     

91,070

   
        TOTAL COMMON STOCKS
(Cost $2,450,324)
 

$

1,513,968

   

Shares

     

Fair Value

 

SHORT TERM INVESTMENTS - 0.2%

 

Money Market Funds - 0.2%

 
 

2,338

    Dreyfus Government Cash
Management Institutional
Shares, 0.24% (b)
 

$

2,338

   
    TOTAL SHORT TERM
INVESTMENTS
(Cost $2,338)
 

$

2,338

   
    TOTAL INVESTMENTS
(Cost $2,452,662) - 100.1%
 

$

1,516,306

   
    Liabilities in Excess of
Other Assets - (0.1)%
   

(724

)

 
   

TOTAL NET ASSETS - 100.0%

 

$

1,515,582

   

Percentages are stated as a percent of net assets.

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

(a)  Non-income producing security.

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

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
21


Direxion NASDAQ-100® Equal Weighted Index Shares

Schedule of Investments (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

COMMON STOCKS - 99.9%

     

Accommodation - 1.1%

     
 

35,757

    Marriott International, Inc.
Class A (a)
 

$

6,347,583

   

Administrative and Support Services - 3.0%

     
 

20,766

    Atlassian Corp. PLC ADR
(United Kingdom) (a)
   

4,668,820

   
 

28,516

   

Automatic Data Processing, Inc.

   

6,221,621

   
 

2,802

   

Booking Holdings, Inc. (a)

   

6,193,288

   
     

17,083,729

   

Apparel Manufacturing - 1.2%

     
 

19,312

   

Lululemon Athletica, Inc. (a)

   

6,848,615

   

Beverage and Tobacco Product Manufacturing - 3.4%

     
 

161,907

   

Keurig Dr Pepper Inc.

   

6,055,322

   
 

75,955

   

Monster Beverage Corp. (a)

   

6,507,824

   
 

37,606

   

PepsiCo, Inc.

   

6,457,326

   
     

19,020,472

   

Broadcasting (except Internet) - 2.8%

     
 

10,605

   

Charter Communications, Inc. (a)

   

4,544,137

   
 

130,499

   

Comcast Corp. Class A

   

5,188,640

   
 

967,126

   

Sirius XM Holdings, Inc. (b)

   

5,802,756

   
     

15,535,533

   

Chemical Manufacturing - 7.6%

     
 

25,915

   

Amgen, Inc.

   

6,043,119

   
 

96,816

   

AstraZeneca PLC ADR (England)

   

6,428,582

   
 

29,356

   

Biogen, Inc. (a)

   

6,089,609

   
 

103,026

   

Gilead Sciences, Inc.

   

6,113,563

   
 

8,923

   

Regeneron Pharmaceuticals, Inc. (a)

   

5,881,238

   
 

42,872

   

Seagen Inc. (a)

   

5,616,661

   
 

24,577

   

Vertex Pharmaceuticals, Inc. (a)

   

6,714,928

   
     

42,887,700

   

Clothing and Clothing Accessories Stores - 1.2%

     
 

65,594

   

Ross Stores, Inc.

   

6,544,313

   

Computer and Electronic Product Manufacturing - 17.1%

     
 

53,963

   

Advanced Micro Devices, Inc. (a)

   

4,614,916

   
 

37,455

   

Analog Devices, Inc.

   

5,782,303

   
 

37,338

   

Apple, Inc.

   

5,886,336

   
 

10,025

   

Broadcom, Inc.

   

5,557,760

   
 

109,377

   

Cisco Systems, Inc.

   

5,357,286

   
 

19,133

   

Fortinet, Inc. (a)

   

5,529,628

   
 

31,441

   

Honeywell International, Inc.

   

6,084,148

   
 

11,288

   

IDEXX Laboratories, Inc. (a)

   

4,859,258

   
 

17,684

   

Illumina, Inc. (a)

   

5,245,959

   
 

129,017

   

Intel Corp.

   

5,623,851

   
 

85,828

   

Marvell Technology, Inc.

   

4,984,890

   
 

79,201

   

Microchip Technology, Inc.

   

5,163,905

   
 

77,086

   

Micron Technology, Inc.

   

5,256,494

   
 

23,144

   

NVIDIA Corp.

   

4,292,518

   
 

31,821

    NXP Semiconductors N.V. ADR
(Netherlands)
   

5,438,209

   
 

39,757

   

Qualcomm, Inc.

   

5,553,655

   
 

45,290

   

Skyworks Solutions, Inc.

   

5,131,357

   
 

33,989

   

Texas Instruments, Inc.

   

5,786,627

   
     

96,149,100

   

Shares

     

Fair Value

 

Data Processing, Hosting and Related Services - 2.9%

     
 

36,660

   

Airbnb, Inc. (a)

 

$

5,616,679

   
 

60,845

   

Fiserv, Inc. (a)

   

5,957,942

   
 

59,618

   

Match Group, Inc. (a)

   

4,718,765

   
     

16,293,386

   

Food Manufacturing - 2.4%

     
 

99,532

   

Mondelez International, Inc.

   

6,417,823

   
 

162,725

   

The Kraft Heinz Co.

   

6,936,967

   
     

13,354,790

   

Food Services and Drinking Places - 2.0%

     
 

15,289

   

Cintas Corp.

   

6,073,708

   
 

68,321

   

Starbucks Corp.

   

5,099,480

   
     

11,173,188

   

General Merchandise Stores - 2.1%

     
 

10,906

   

Costco Wholesale Corp.

   

5,798,938

   
 

38,955

   

Dollar Tree, Inc. (a)

   

6,328,240

   
     

12,127,178

   

Health and Personal Care Stores - 1.0%

     
 

129,264

   

Walgreens Boots Alliance, Inc.

   

5,480,794

   

Machinery Manufacturing - 2.7%

     
 

45,304

   

Applied Materials, Inc.

   

4,999,297

   
 

9,008

    ASML Holding NV ADR
(Netherlands)
   

5,078,440