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 [email protected].

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

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

Table of Contents

Letter to Shareholders					4
Expense Example					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%.

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

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

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.

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 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 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 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 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 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 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 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 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 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