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%.

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%.

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%.

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%.

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.

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

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

	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.

¹Expenses 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.

²Expenses 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.

	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%.

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.

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

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

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

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

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.

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

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

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

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

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