Dear Shareholders,

This Semi-Annual Report for the Direxion Shares exchange-traded funds (the "ETFs") covers the period from November 1, 2022 to April 30, 2023 (the "Semi-Annual Period").

Market Review:

The Semi-Annual Period was filled with volatility in the equity markets as inflation, the Russia-Ukraine war, China's zero-Covid policy and the banking crisis were top of mind for many investors. In the fourth quarter of 2022, the S&P 500^® Index was down nearly 20%, although earnings grew. 2023 started out on a stronger note as equity markets rallied in January, but market sentiment in February was much more bearish on the heels of a higher-than expected Consumer Price Index (CPI) reading, confirming inflation is stickier than once anticipated. Through the end of 2022, tech was out of favor, while the energy sector provided a beacon of light. However, in 2023, that trend reversed, and tech outperformed energy, as well as the rest of the market, for most of the first part of this year. China effectively ended their zero-Covid policy in December, causing Chinese and Chinese-adjacent equities to rally. The Russia-Ukraine war waged on, but January through April saw global supply chain improvement. Domestically, despite high inflation and a weak dollar, the labor market remained tight throughout the Semi-Annual Period. In early March, three regional banks collapsed one after another, beginning with Silicon Valley Bank, causing the financials segment of the S&P 500^® Index to fall nearly 10% in March. Some fears around the banking sector, specifically smaller banks, bled into April. In summary, the Semi-Annual Period began, and ended, with recessionary fears, inflation and uncertainty surrounding the market environment.

All eyes were on the Federal Reserve during the Semi-Annual Period as it attempted to combat inflation and market volatility. As the Federal Reserve conducted a series of rate hikes, Treasury yields peaked in November, and started to go down in the latter half of November and December. Generally, short-term yields tended to be higher than long-term yields, and high yield modestly outperformed investment grade. In fact, bonds outperformed stocks in 2022, which is extremely rare, although both ended 2022 in the red. Inflation started to come down in January, and the Federal Reserve reduced rate hikes from 50 bps to 25 bps on February 1. Similar to equities, the fixed income market rallied in January as headline CPI ticked down. However, the February CPI reading was higher-than-expected, prompting markets to anticipate further hawkish monetary policy. The banking collapse also influenced the fixed income market, causing interest rate expectations to decrease and lending standards to tighten. Although the yield curve remains inverted, it is much less inverted than it was at the beginning of the Semi-Annual Period. U.S. high yield and U.S. corporate bonds provided the best returns in the first quarter of 2023, but the bond market remained at historically high volatility levels.

Direxion Shares Operational Review:

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

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

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

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

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

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

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

Because each ETF seeks daily investment results of its relevant benchmark, a comparison of the return of the ETF to the relevant benchmark tells you little about whether an ETF has met its investment objective. To determine if an ETF has met its daily investment goals, Rafferty maintains models which indicate the expected performance of each ETF as compared to the underlying relevant index. The models do not take into account the ETF's expense ratio or any transaction or trading fees associated with creating or maintaining an ETF's portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying index volatility.

Factors Affecting Direxion Shares Performance:

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

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

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

Cost of Financing – In order to attain leveraged exposure, a Bull ETF incurs a cost of SOFR plus or minus a spread and a Bear ETF receives SOFR plus or minus a spread as applied to the borrowed portion of the ETF's exposure. The spread varies

by both Fund and counterparty and is a function of market demand, hedging costs, access to balance sheet, borrow volatility, current counterparty exposure and administrative costs associated with the swap counterparty. Generally for most of the Bull ETFs, the financing costs will have a negative effect on tracking, but for Bear ETFs, the financing cost will have a positive effect on tracking. An increase in interest rates which effects the cost of financing will further impact an ETF's performance and ability to track its index.

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

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

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

Direxion Shares Performance Review:

The Direxion Daily Mid Cap Bull 3X Shares seeks to provide 300% of the daily return of the S&P MidCap 400^® Index. The S&P MidCap 400^® Index is a float-adjusted market capitalization weighted index that attempts to measure the performance of 400 mid-sized companies in the United States. For the Semi-Annual Period, the S&P MidCap 400^® Index returned 3.24%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Mid Cap Bull 3X Shares returned -2.32%, while the model indicated an expected return of 3.17%.

The Direxion Daily S&P 500^® Bull 3X Shares and the Direxion Daily S&P 500^® 3X Bear Shares seek to provide 300% and -300%, respectively, of the daily return of the S&P 500^® Index. Standard & Poor's^® selects the stocks comprising the S&P 500^® Index on the basis of market capitalization, financial viability of the company and the public float, liquidity and price of a company's shares outstanding. The Index is a float-adjusted, market capitalization-weighted index. For the Semi-Annual Period, the S&P 500^® Index returned 8.63%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily S&P 500^® Bull 3X Shares returned 15.56%, while the model indicated an expected return of 21.98%. The Direxion Daily S&P 500^® Bear 3X Shares returned -23.93%, while the model indicated an expected return of -29.70%.

The Direxion Daily Small Cap Bull 3X Shares and the Direxion Daily Small Cap Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Russell 2000^® Index. The Russell 2000^® Index measures the performance of approximately 2,000 small-capitalization companies in the Russell 3000^® Index, based on a combination of their market capitalization and current index membership. For the Semi-Annual Period, the Russell 2000^® Index returned -3.45%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Small Cap Bull 3X Shares returned -21.04%, while the model indicated an expected return of -16.67%. The Direxion Daily Small Cap Bear 3X Shares returned 2.95%, while the model indicated an expected return of -4.89%.

The Direxion Daily FTSE China Bull 3X Shares and the Direxion Daily FTSE China Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the FTSE China 50 Index. The FTSE China 50 Index consists of the 50 largest and most liquid public Chinese companies currently trading on the Hong Kong Stock Exchange. Securities in the index are weighted based on the total market value of their shares, so that securities with higher total market values will generally

have a higher representation in the index. Index constituents are screened for liquidity and weightings and are capped to prevent the index from being overly concentrated in any one stock. For the Semi-Annual Period, the FTSE China 50 Index returned 38.05%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily FTSE China Bull 3X Shares returned 108.32%, while the model indicated an expected return of 120.48%. The Direxion Daily FTSE China Bear 3X Shares returned -72.20%, while the model indicated an expected return of -74.26%.

The Direxion Daily FTSE Europe Bull 3X Shares seeks to provide 300% of the daily return of the FTSE Developed Europe All Cap Index. The FTSE Developed Europe All Cap Index is a market capitalization weighted index that is designed to measure the equity market performance of large-, mid- and small-cap companies in developed markets in Europe. For the Semi-Annual Period, the FTSE Developed Europe All Cap Index returned 28.22%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily FTSE Europe Bull 3X Shares returned 89.05%, while the model indicated an expected return of 99.39%.

The Direxion Daily MSCI Emerging Markets Bull 3X Shares and the Direxion Daily MSCI Emerging Markets Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the MSCI Emerging Markets Index^SM. The MSCI Emerging Market Index^SM is a free float-adjusted market capitalization index that is designed to represent the performance of large-and mid-capitalizations securities across 24 emerging markets countries. For the Semi-Annual Period, the MSCI Emerging Market Index^SM returned 16.18% return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Emerging Markets MSCI Bull 3X Shares returned 40.90%, while the model indicated an expected return of 49.05%. The Direxion Daily MSCI Emerging Markets Bear 3X Shares returned -38.13%, while the model indicated an expected return of -42.64%.

The Direxion Daily MSCI Mexico Bull 3X Shares seeks to provide 300% of the daily return of the MSCI Mexico IMI 25/50 Index. The MSCI Mexico IMI 25/50 Index is designed to measure the performance of the large-, mid- and small-capitalization segments of the Mexican equity market, covering approximately 99% of the free float-adjusted market capitalization in Mexico. The index consists of stocks traded primarily on the Mexican Stock Market. For the Semi-Annual Period, the MSCI Mexico IMI 25/50 Index returned 22.85%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily MSCI Mexico Bull 3X Shares returned 64.88%, while the model indicated an expected return of 73.50%.

The Direxion Daily MSCI South Korea Bull 3X Shares seeks to provide 300% of the MSCI Korea 25/50 Index. The MSCI Korea 25/50 Index is designed to measure the performance of the large- and mid-cap segments of the South Korean equity market, covering approximately 85% of the free float-adjusted market capitalization of South Korean issuers. For the Semi-Annual Period, the MSCI Korea 25/50 Index returned 18.50%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily MSCI South Korea Bull 3X Shares returned 41.22%, while the model indicated an expected return of 49.39%.

The Direxion Daily Aerospace & Defense Bull 3X Shares seeks to provide 300% of the daily return of the Dow Jones U.S. Select Aerospace & Defense Index. The Dow Jones U.S. Select Aerospace & Defense Index is provided by Dow Jones U.S. Index. The index attempts to measure the performance of the aerospace and defense industry of the U.S. equity market. The index provider selects the stocks comprising the index from the aerospace and defense sector on the basis of the float-adjusted, market capitalization-weight of each constituent. Aerospace companies include manufacturers, assemblers and distributors of aircraft and aircraft parts. Defense companies include producers of components and equipment for the defense industry, such as military aircraft, radar equipment and weapons. For the Semi-Annual Period, the Dow Jones U.S. Select Aerospace & Defense Index returned 6.99%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Aerospace & Defense Bull 3X Shares returned 10.87% for the same period, while the model indicated an expected return of 17.14%.

The Direxion Daily Consumer Discretionary Bull 3X Shares seeks to provide 300% of the daily return of the Consumer Discretionary Select Sector Index. The Consumer Discretionary Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the consumer discretionary sector which includes the following industries: retail (specialty, multiline, internet & direct marketing); hotels, restaurants & leisure; textiles, apparel & luxury goods; household durables; automobiles; automobile components; distributors; leisure equipment & products; and diversified consumer services. For the Semi-Annual Period, the Consumer Discretionary Select Sector Index returned 3.24%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Consumer Discretionary Bull 3X Shares returned -5.56% for the same period, while the model indicated an expected return of -0.12%.

The Direxion Daily Dow Jones Internet Bull 3X Shares and the Direxion Daily Dow Jones Internet Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Dow Jones Internet Composite Index. The Dow Jones Internet Composite Index includes companies that generate at least 50% of their annual sales/revenue from the internet as determined by the Index Provider. Additionally, each stock must have a minimum of three months' trading history and a three month average market capitalization of at least $100 million. The Index consists of 40 stocks that are included in two different sectors, internet commerce and internet services. For the Semi-Annual Period, the Dow Jones Internet Composite Index returned 10.73%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Dow Jones Internet Bull 3X Shares returned 9.43%, while the model indicated an expected return of 15.67%. The Direxion Daily Dow Jones Internet Bear 3X Shares returned -44.34%, while the model indicated an expected return of -48.34%.

The Direxion Daily Financial Bull 3X Shares and the Direxion Daily Financial Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Financial Select Sector Index. The Financial Select Sector Index is provided by S&P Dow Jones Indices and includes securities of companies from the following industries: Banks; Thrifts & Mortgage Finance; Diversified Financial Services; Consumer Finance; Capital Markets; Insurance; and Mortgage Real Estate Investment Trusts (REITs). For the Semi-Annual Period, the Financial Select Sector Index returned -1.15%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Financial Bull 3X Shares returned -14.39%, while the model indicated an expected return of -9.30%. The Direxion Daily Financial Bear 3X Shares returned -0.67%, while the model indicated an expected return of -8.58%.

The Direxion Daily Healthcare Bull 3X Shares seeks to provide 300% of the daily return of the Health Care Select Sector Index. The Health Care Select Sector Index is provided by Standard & Poor's and includes domestic companies from the healthcare sector, which includes the following industries: pharmaceuticals; health care equipment and supplies; health care providers and services; biotechnology; life sciences tools and services; and health care technology. For the Semi-Annual Period, the Health Care Select Sector Index returned 1.41%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Healthcare Bull 3X Shares returned -4.03%, while the model indicated an expected return of 1.46%.

The Direxion Daily Homebuilders & Supplies Bull 3X Shares seeks to provide 300% of the daily return of the Dow Jones U.S. Select Home Construction Index. The Dow Jones U.S. Select Home Construction Index measures U.S companies in the home construction sector that provide a wide range of products and services related to homebuilding, including home construction and producers, sellers and suppliers of building materials, furnishings and fixtures and also home improvement retailers. The index may include large-, mid- or small-capitalization companies. For the Semi-Annual Period, the Dow Jones U.S. Select Home Construction Index returned 35.60%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Homebuilders & Supplies Bull 3X Shares 110.49%, while the model indicated an expected return of 122.19%.

The Direxion Daily Industrials Bull 3X Shares seeks to provide 300% of the daily return of the Industrials Select Sector Index. The Industrials Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the industrials sector which includes the following industries: aerospace and defense: industry conglomerates; machinery; road and rail; air freight and logistics; commercial services and supplies; professional services; electrical equipment; construction and engineering; trading companies and distributors; airlines; and building products. For the Semi-Annual Period, the Industrials Select Sector Index returned 7.00%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Industrials Bull 3X Shares returned 10.60%, while the model indicated an expected return of 16.90%.

The Direxion Daily Pharmaceutical & Medical Bull 3X Shares seeks to provide 300% of the daily return of the S&P Pharmaceuticals Select Industry Index. The S&P Pharmaceuticals Select Industry Index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard (GICS) pharmaceuticals subindustry. For the Semi-Annual Period, the S&P Pharmaceuticals Select Industry Index returned -0.11%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Pharmaceutical & Medical Bull 3X Shares returned -10.41%, while the model indicated an expected return of -5.27%.

The Direxion Daily Real Estate Bull 3X Shares and the Direxion Daily Real Estate Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Real Estate Select Sector Index. The Real Estate Select Sector Index is provided by S&P Dow Jones Indices and includes securities of companies from the following industries: real estate management and development and real estate investment trusts ("REITs"), excluding mortgage REITs. For the Semi-Annual Period, the Real Estate Select Sector Index returned 4.73%. Given the daily investment objectives of the Real Estate ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the Real Estate ETFs. The Direxion Daily Real Estate Bull 3X Shares returned -0.01%, while the model indicated an expected return of 5.35%. The Direxion Daily Real Estate Bear 3X Shares returned -21.77%, while the model indicated an expected return of -27.46%.

The Direxion Daily Regional Banks Bull 3X Shares seeks to provide 300% of the daily return of the S&P Regional Banks Select Industry Index. The S&P Regional Banks Select Industry Index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard regional banks sub-industry. For the Semi-Annual Period, the S&P Regional Banks Select Industry Index returned -7.46%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Regional Banks Bull 3X Shares returned -76.84%, while the model indicated an expected return of -74.67%.

The Direxion Daily Retail Bull 3X Shares seeks to provide 300% of the daily return of the S&P Retail Select Industry Index. The S&P Retail Select Industry Index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard retail sub-industry. For the Semi-Annual Period, the S&P Retail Select Industry Index returned -1.11%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Retail Bull 3X Shares returned -18.64%, while the model indicated an expected return of -14.12%.

The Direxion Daily S&P 500^® High Beta Bull 3X Shares and the Direxion Daily S&P 500^® High Beta Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the S&P 500^® High Beta Index. The S&P 500^® High Beta Index selects 100 securities to include in the Index from the S&P 500^® Index that have the highest sensitivity to market movements, or "beta" over the past 12 months as determined by the Index Provider. Securities with the highest beta are generally the most volatile securities of the S&P 500^® Index. The Index is reviewed and rebalanced quarterly. For the Semi-Annual Period, the S&P 500^® High Beta Index returned 8.26%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance

of the ETFs. The Direxion Daily S&P 500^® High Beta Bull 3X Shares returned 5.60%, while the model indicated an expected return of 11.85%. The Direxion Daily S&P 500^® High Beta Bear 3X Shares returned -35.29%, while the model indicated an expected return of -39.81%.

The Direxion Daily S&P Biotech Bull 3X Shares and the Direxion Daily S&P Biotech Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the S&P Biotechnology Select Industry Index. The S&P Biotechnology Select Industry Index is provided by Standard & Poor's and includes domestic companies from the biotechnology industry. The index is designed to measure the performance of the biotechnology sub-industry based on the Global Industry Classification Standards. For the Semi-Annual Period, the S&P Biotechnology Select Industry Index returned -2.61%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily S&P Biotech Bull 3X Shares returned -24.66%, while the model indicated an expected return of -20.81%. The Direxion Daily S&P Biotech Bear 3X Shares returned -14.93%, while the model indicated an expected return of -21.43%.

The Direxion Daily Semiconductor Bull 3X Shares and the Direxion Daily Semiconductor Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the ICE Semiconductor Index. The ICE Semiconductor Index is a rules-based, modified float-adjusted market capitalization-weighted index that tracks the performance of the thirty largest U.S. listed semiconductor companies. For the Semi-Annual Period, the ICE Semiconductor Index returned 27.21%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Semiconductor Bull 3X Shares returned 61.46%, while the model indicated an expected return of 70.78%. The Direxion Daily Semiconductor Bear 3X Shares returned -65.32%, while the model indicated an expected return of -67.99%.

The Direxion Daily Technology Bull 3X Shares and the Direxion Daily Technology Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Technology Select Sector Index. The Technology Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the technology sector which includes domestic companies from the technology sector which includes the following industries: computers and peripherals; software; diversified telecommunications services; communications equipment; semiconductors and semi-conductor equipment; internet software and services; IT services; electronic equipment, instruments and components; wireless telecommunication services; and office electronics. For the Semi-Annual Period, the Technology Select Sector Index returned 18.63%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Technology Bull 3X Shares returned 42.77%, while the model indicated an expected return of 50.86%. The Direxion Daily Technology Bear 3X Shares returned -47.93%, while the model indicated an expected return of -51.89%.

The Direxion Daily Transportation Bull 3X Shares seeks to provide 300% of the daily return of the S&P Transportation Select Industry FMC Capped Index. The S&P Transportation Select Industry FMC Capped Index is provided by S&P Dow Jones Indices and is designed to measure stocks in the S&P Total Market Index that are included in the GICS transportation sub-industry For the Semi-Annual Period, the S&P Transportation Select Industry FMC Capped Index returned 5.65%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Transportation Bull 3X Shares returned 2.50%, while the model indicated an expected return of 2.87%.

The Direxion Daily Utilities Bull 3X Shares seeks to provide 300% of the daily return of the Utilities Select Sector Index. The Utilities Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the utilities sector which includes the following industries: electric utilities; multi-utilities; water utilities; independent power producers and energy trades; and gas utilities. For the Semi-Annual Period, the Utilities Select Sector Index returned 4.92%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Utilities Bull 3X Shares returned 3.68%, while the model indicated an expected return of 9.52%.

The Direxion Daily 7-10 Year Treasury Bull 3X Shares and the Direxion Daily 7-10 Year Treasury Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the ICE U.S. Treasury 7-10 Year Bond Index. The ICE U.S. Treasury 7-10 Year Bond Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than seven years and less than or equal to ten years. Eligible securities must be fixed rate, denominated in U.S. dollars, and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. Securities excluded from the index are zero-coupon STRIPS, inflation linked securities, floating rate notes, cash management and Treasury bills, and any government agency debt issued with or without a government guarantee. For the Semi-Annual Period, the ICE U.S. Treasury 7-10 Year Bond Index returned 6.98%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily 7-10 Year Treasury Bull 3X Shares returned 14.72%, while the model indicated an expected return of 20.49%. The Direxion Daily 7-10 Year Treasury Bear 3X Shares returned -15.36%, while the model indicated and an expected return of -20.78%.

The Direxion Daily 20+ Year Treasury Bull 3X Shares and the Direxion Daily 20+ Year Treasury Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the ICE U.S. Treasury 20+ Year Bond Index. The ICE U.S. Treasury 20+ Year Bond Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than 20 years. Eligible securities must be fixed rate, denominated in U.S. dollars, and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. Securities excluded from the index are zero-coupon STRIPS, inflation linked securities, floating rate notes, cash management and Treasury bills, and any government agency debt issued with or without a government guarantee. For the Semi-Annual Period, the ICE U.S. Treasury 20+ Year Bond Index returned 12.55%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily 20+ Year Treasury Bull 3X Shares returned 27.60%, while the model indicated an expected return of 34.92%. The Direxion Daily 20+ Year Treasury Bear 3X Shares returned -32.41%, while the model indicated an expected return of -37.08%.

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

Best Regards,


Patrick Rudnick				Corey Noltner
Principal Executive Officer				Principal Financial Officer

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

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

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns

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

The example is based on initial investments of $1,000 invested at the beginning of the period and held the entire period (November 1, 2022 to April 30, 2023).

Actual Expenses

The first line under each Fund in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled "Expenses Paid During Period November 1, 2022 to April 30, 2023" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

Expense Example (Unaudited)

April 30, 2023

	Annualized Expense Ratio			Beginning Account Value November 1, 2022		Ending Account Value April 30, 2023		Expenses Paid During Period*
Direxion Daily Mid Cap Bull 3X Shares
Based on actual fund return		1.23	%	$	1,000.00	$	976.80	$	6.03
Based on hypothetical 5% return		1.23	%		1,000.00		1,018.70		6.16
Direxion Daily S&P 500^® Bull 3X Shares
Based on actual fund return		1.04	%		1,000.00		1,155.60		5.56
Based on hypothetical 5% return		1.04	%		1,000.00		1,019.64		5.21
Direxion Daily S&P 500^® Bear 3X Shares
Based on actual fund return		1.29	%		1,000.00		760.70		5.63
Based on hypothetical 5% return		1.29	%		1,000.00		1,018.40		6.46
Direxion Daily Small Cap Bull 3X Shares
Based on actual fund return		1.17	%		1,000.00		789.60		5.19
Based on hypothetical 5% return		1.17	%		1,000.00		1,018.99		5.86
Direxion Daily Small Cap Bear 3X Shares
Based on actual fund return		1.19	%		1,000.00		1,029.50		5.99
Based on hypothetical 5% return		1.19	%		1,000.00		1,018.89		5.96

	Annualized Expense Ratio			Beginning Account Value November 1, 2022		Ending Account Value April 30, 2023		Expenses Paid During Period*
Direxion Daily FTSE China Bull 3X Shares
Based on actual fund return		1.29	%	$	1,000.00	$	2,083.20	$	9.86
Based on hypothetical 5% return		1.29	%		1,000.00		1,018.40		6.46
Direxion Daily FTSE China Bear 3X Shares
Based on actual fund return		1.54	%		1,000.00		278.00		4.88
Based on hypothetical 5% return		1.54	%		1,000.00		1,017.16		7.70
Direxion Daily FTSE Europe Bull 3X Shares
Based on actual fund return		1.16	%		1,000.00		1,890.50		8.31
Based on hypothetical 5% return		1.16	%		1,000.00		1,019.04		5.81
Direxion Daily MSCI Emerging Markets Bull 3X Shares
Based on actual fund return		1.18	%		1,000.00		1,409.00		7.05
Based on hypothetical 5% return		1.18	%		1,000.00		1,018.94		5.91
Direxion Daily MSCI Emerging Markets Bear 3X Shares
Based on actual fund return		1.46	%		1,000.00		618.70		5.86
Based on hypothetical 5% return		1.46	%		1,000.00		1,017.56		7.30
Direxion Daily MSCI Mexico Bull 3X Shares
Based on actual fund return		1.68	%		1,000.00		1,648.80		11.03
Based on hypothetical 5% return		1.68	%		1,000.00		1,016.46		8.40
Direxion Daily MSCI South Korea Bull 3X Shares
Based on actual fund return		1.28	%		1,000.00		1,412.20		7.66
Based on hypothetical 5% return		1.28	%		1,000.00		1,018.45		6.41
Direxion Daily Aerospace & Defense Bull 3X Shares
Based on actual fund return		1.27	%		1,000.00		1,108.70		6.64
Based on hypothetical 5% return		1.27	%		1,000.00		1,018.50		6.36
Direxion Daily Consumer Discretionary Bull 3X Shares
Based on actual fund return		1.14	%		1,000.00		944.40		5.50
Based on hypothetical 5% return		1.14	%		1,000.00		1,019.14		5.71
Direxion Daily Dow Jones Internet Bull 3X Shares
Based on actual fund return		1.19	%		1,000.00		1,094.30		6.18
Based on hypothetical 5% return		1.19	%		1,000.00		1,018.89		5.96
Direxion Daily Dow Jones Internet Bear 3X Shares
Based on actual fund return		1.76	%		1,000.00		556.60		6.79
Based on hypothetical 5% return		1.76	%		1,000.00		1,016.07		8.80
Direxion Daily Financial Bull 3X Shares
Based on actual fund return		1.18	%		1,000.00		856.10		5.43
Based on hypothetical 5% return		1.18	%		1,000.00		1,018.94		5.91
Direxion Daily Financial Bear 3X Shares
Based on actual fund return		1.20	%		1,000.00		993.30		5.93
Based on hypothetical 5% return		1.20	%		1,000.00		1,018.84		6.01
Direxion Daily Healthcare Bull 3X Shares
Based on actual fund return		1.05	%		1,000.00		959.70		5.10
Based on hypothetical 5% return		1.05	%		1,000.00		1,019.59		5.26
Direxion Daily Homebuilders & Supplies Bull 3X Shares
Based on actual fund return		1.45	%		1,000.00		2,104.90		11.16
Based on hypothetical 5% return		1.45	%		1,000.00		1,017.60		7.25
Direxion Daily Industrials Bull 3X Shares
Based on actual fund return		1.15	%		1,000.00		1,106.00		6.00
Based on hypothetical 5% return		1.15	%		1,000.00		1,019.09		5.76
Direxion Daily Pharmaceutical & Medical Bull 3X Shares
Based on actual fund return		1.08	%		1,000.00		895.90		5.08
Based on hypothetical 5% return		1.08	%		1,000.00		1,019.44		5.41
Direxion Daily Real Estate Bull 3X Shares
Based on actual fund return		1.27	%		1,000.00		999.90		6.30
Based on hypothetical 5% return		1.27	%		1,000.00		1,018.50		6.36

	Annualized Expense Ratio			Beginning Account Value November 1, 2022		Ending Account Value April 30, 2023		Expenses Paid During Period*
Direxion Daily Real Estate Bear 3X Shares
Based on actual fund return		1.30	%	$	1,000.00	$	782.30	$	5.74
Based on hypothetical 5% return		1.30	%		1,000.00		1,018.35		6.51
Direxion Daily Regional Banks Bull 3X Shares
Based on actual fund return		1.05	%		1,000.00		231.60		3.21
Based on hypothetical 5% return		1.05	%		1,000.00		1,019.59		5.26
Direxion Daily Retail Bull 3X Shares
Based on actual fund return		1.24	%		1,000.00		813.60		5.58
Based on hypothetical 5% return		1.24	%		1,000.00		1,018.65		6.21
Direxion Daily S&P 500^® High Beta Bull 3X Shares
Based on actual fund return		1.37	%		1,000.00		1,056.00		6.98
Based on hypothetical 5% return		1.37	%		1,000.00		1,018.00		6.85
Direxion Daily S&P 500^® High Beta Bear 3X Shares
Based on actual fund return		1.48	%		1,000.00		647.10		6.04
Based on hypothetical 5% return		1.48	%		1,000.00		1,017.46		7.40
Direxion Daily S&P Biotech Bull 3X Shares
Based on actual fund return		1.24	%		1,000.00		753.40		5.39
Based on hypothetical 5% return		1.24	%		1,000.00		1,018.65		6.21
Direxion Daily S&P Biotech Bear 3X Shares
Based on actual fund return		1.47	%		1,000.00		850.70		6.75
Based on hypothetical 5% return		1.47	%		1,000.00		1,017.51		7.35
Direxion Daily Semiconductor Bull 3X Shares
Based on actual fund return		1.29	%		1,000.00		1,614.60		8.36
Based on hypothetical 5% return		1.29	%		1,000.00		1,018.40		6.46
Direxion Daily Semiconductor Bear 3X Shares
Based on actual fund return		1.15	%		1,000.00		346.80		3.84
Based on hypothetical 5% return		1.15	%		1,000.00		1,019.09		5.76
Direxion Daily Technology Bull 3X Shares
Based on actual fund return		1.16	%		1,000.00		1,427.70		6.98
Based on hypothetical 5% return		1.16	%		1,000.00		1,019.04		5.81
Direxion Daily Technology Bear 3X Shares
Based on actual fund return		1.56	%		1,000.00		520.70		5.88
Based on hypothetical 5% return		1.56	%		1,000.00		1,017.06		7.80
Direxion Daily Transportation Bull 3X Shares
Based on actual fund return		1.13	%		1,000.00		1,025.00		5.67
Based on hypothetical 5% return		1.13	%		1,000.00		1,019.19		5.66
Direxion Daily Utilities Bull 3X Shares
Based on actual fund return		1.10	%		1,000.00		1,036.80		5.56
Based on hypothetical 5% return		1.10	%		1,000.00		1,019.34		5.51
Direxion Daily 7-10 Year Treasury Bull 3X Shares
Based on actual fund return		0.99	%		1,000.00		1,147.20		5.27
Based on hypothetical 5% return		0.99	%		1,000.00		1,019.89		4.96
Direxion Daily 7-10 Year Treasury Bear 3X Shares
Based on actual fund return		1.24	%		1,000.00		846.40		5.68
Based on hypothetical 5% return		1.24	%		1,000.00		1,018.65		6.21
Direxion Daily 20+ Year Treasury Bull 3X Shares
Based on actual fund return		0.92	%		1,000.00		1,276.00		5.19
Based on hypothetical 5% return		0.92	%		1,000.00		1,020.23		4.61
Direxion Daily 20+ Year Treasury Bear 3X Shares
Based on actual fund return		1.42	%		1,000.00		675.90		5.90
Based on hypothetical 5% return		1.42	%		1,000.00		1,017.75		7.10

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 days (the number of days in the period of November 1, 2022 to April 30, 2023), then divided by 365.

	Cash*			Common Stocks			Investment Companies			Swaps			Total
Direxion Daily Mid Cap Bull 3X Shares		29	%		—			72	%		(1	)%		100	%
Direxion Daily S&P 500^® Bull 3X Shares		14	%		76	%		—			10	%		100	%
Direxion Daily S&P 500^® Bear 3X Shares		103	%		—			—			(3	)%		100	%
Direxion Daily Small Cap Bull 3X Shares		40	%		—			64	%		(4	)%		100	%
Direxion Daily Small Cap Bear 3X Shares		86	%		—			—			14	%		100	%
Direxion Daily FTSE China Bull 3X Shares		40	%		—			66	%		(6	)%		100	%
Direxion Daily FTSE China Bear 3X Shares		88	%		—			—			12	%		100	%
Direxion Daily FTSE Europe Bull 3X Shares		36	%		—			43	%		21	%		100	%
Direxion Daily MSCI Emerging Markets Bull 3X Shares		102	%		—			3	%		(5	)%		100	%
Direxion Daily MSCI Emerging Markets Bear 3X Shares		99	%		—			—			1	%		100	%
Direxion Daily MSCI Mexico Bull 3X Shares		25	%		—			44	%		31	%		100	%
Direxion Daily MSCI South Korea Bull 3X Shares		49	%		—			51	%		0	%**		100	%
Direxion Daily Aerospace & Defense Bull 3X Shares		31	%		66	%		—			3	%		100	%
Direxion Daily Consumer Discretionary Bull 3X Shares		15	%		76	%		—			9	%		100	%
Direxion Daily Dow Jones Internet Bull 3X Shares		16	%		73	%		—			11	%		100	%
Direxion Daily Dow Jones Internet Bear 3X Shares		101	%		—			—			(1	)%		100	%
Direxion Daily Financial Bull 3X Shares		40	%		65	%		—			(5	)%		100	%
Direxion Daily Financial Bear 3X Shares		88	%		—			—			12	%		100	%
Direxion Daily Healthcare Bull 3X Shares		29	%		73	%		—			(2	)%		100	%
Direxion Daily Homebuilders & Supplies Bull 3X Shares		14	%		64	%		—			22	%		100	%
Direxion Daily Industrials Bull 3X Shares		33	%		68	%		—			(1	)%		100	%
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		36	%		66	%		—			(2	)%		100	%
Direxion Daily Real Estate Bull 3X Shares		25	%		77	%		—			(2	)%		100	%
Direxion Daily Real Estate Bear 3X Shares		95	%		—			—			5	%		100	%
Direxion Daily Regional Banks Bull 3X Shares		33	%		77	%		—			(10	)%		100	%
Direxion Daily Retail Bull 3X Shares		40	%		69	%		—			(9	)%		100	%
Direxion Daily S&P 500^® High Beta Bull 3X Shares		26	%		76	%		—			(2	)%		100	%
Direxion Daily S&P 500^® High Beta Bear 3X Shares		83	%		—			—			17	%		100	%
Direxion Daily S&P Biotech Bull 3X Shares		23	%		76	%		—			1	%		100	%
Direxion Daily S&P Biotech Bear 3X Shares		88	%		—			—			12	%		100	%
Direxion Daily Semiconductor Bull 3X Shares		12	%		76	%		—			12	%		100	%
Direxion Daily Semiconductor Bear 3X Shares		94	%		—			—			6	%		100	%
Direxion Daily Technology Bull 3X Shares		10	%		69	%		—			21	%		100	%
Direxion Daily Technology Bear 3X Shares		117	%		—			—			(17	)%		100	%
Direxion Daily Transportation Bull 3X Shares		31	%		72	%		—			(3	)%		100	%
Direxion Daily Utilities Bull 3X Shares		31	%		64	%		—			5	%		100	%
Direxion Daily 7-10 Year Treasury Bull 3X Shares		20	%		—			77	%		3	%		100	%
Direxion Daily 7-10 Year Treasury Bear 3X Shares		103	%		—			—			(3	)%		100	%
Direxion Daily 20+ Year Treasury Bull 3X Shares		33	%		—			65	%		2	%		100	%
Direxion Daily 20+ Year Treasury Bear 3X Shares		96	%		—			—			4	%		100	%

Allocation of Portfolio Holdings reflects percentages of net assets.

* Cash, cash equivalents and other assets less liabilities.

** Less than 0.5%.

Shares			Fair Value
COMMON STOCKS - 76.1%
Accommodation - 0.3%
	12,865	Caesars Entertainment Inc. ^(a)	$	582,656
	16,000	Hilton Worldwide Holdings, Inc.		2,304,320
	42,913	Host Hotels & Resorts, Inc.		693,903
	19,684	Las Vegas Sands Corp. ^(a)		1,256,823
	16,156	Marriott International, Inc. Class A		2,735,857
	18,869	MGM Resorts International		847,596
				8,421,155
Administrative and Support Services - 1.9%
	5,240	Allegion PLC ADR (Ireland)		578,915
	89,110	Amcor PLC ADR (United Kingdom)		977,537
	24,825	Automatic Data Processing, Inc.		5,461,500
	2,316	Booking Holdings, Inc. ^(a)		6,221,494
	7,052	Broadridge Financial Solutions, Inc.		1,025,432
	7,329	Equifax, Inc.		1,527,217
	2,290	FactSet Research System, Inc.		942,770
	4,422	FleetCor Technologies, Inc. ^(a)		945,954
	4,709	Gartner, Inc. ^(a)		1,424,284
	17,437	Iron Mountain, Inc.		963,220
	8,518	Live Nation Entertainment, Inc. ^(a)		577,350
	9,478	Moody's Corp.		2,967,752
	6,470	Robert Half International, Inc.		472,310
	13,893	Rollins, Inc.		586,979
	97,444	Visa, Inc. Class A		22,678,142
	22,306	Waste Management, Inc.		3,703,911
				51,054,767
Air Transportation - 0.1%
	7,678	Alaska Air Group, Inc. ^(a)		333,686
	39,017	American Airlines Group, Inc. ^(a)		532,192
	38,453	Delta Air Lines, Inc. ^(a)		1,319,322
	35,672	Southwest Airlines Co.		1,080,505
	19,594	United Continental Holdings, Inc. ^(a)		858,217
				4,123,922
Ambulatory Health Care Services - 0.1%
	3,298	DaVita, Inc. ^(a)		298,007
	5,283	Laboratory Corp. of America Holdings		1,197,709
	3,483	Molina Healthcare, Inc. ^(a)		1,037,551
	6,691	Quest Diagnostics, Inc.		928,778
	72,733	Viatris, Inc.		678,599
				4,140,644
Amusement, Gambling, and Recreation Industries - 0.5%
	15,764	Global Payments, Inc.		1,776,761
	109,580	The Walt Disney Co. ^(a)		11,231,950
	6,172	Wynn Resorts Ltd. ^(a)		705,336
				13,714,047

Shares			Fair Value
Apparel Manufacturing - 0.0% ^(†)
	2,427	Ralph Lauren Corp.	$	278,595
	19,804	VF Corp.		465,592
				744,187
Beverage and Tobacco Product Manufacturing - 1.9%
	107,041	Altria Group, Inc.		5,085,518
	233,401	Coca-Cola Co.		14,972,674
	9,709	Constellation Brands, Inc. Class A		2,227,924
	50,924	Keurig Dr Pepper, Inc.		1,665,215
	11,304	Molson Coors Brewing Co. Class B		672,362
	45,739	Monster Beverage Corp. ^(a)		2,561,384
	82,623	PepsiCo, Inc.		15,771,904
	92,944	Philip Morris International, Inc.		9,291,612
				52,248,593
Broadcasting (except Internet) - 0.1%
	17,791	FOX Corp. Class A		591,729
	8,295	FOX Corp. Class B		253,329
	30,290	ViacomCBS, Inc. Class B		706,666
				1,551,724
Broadcasting and Content Providers - 0.5%
	6,283	Charter Communications, Inc. ^(a)		2,316,542
	252,228	Comcast Corp. Class A		10,434,672
	15,085	Dish Network Corp. ^(a)		113,288
	132,483	Warner Bros Discovery, Inc. ^(a)		1,803,094
				14,667,596
Building Material and Garden Equipment and Supplies Dealers - 1.0%
	36,285	Lowe's Companies, Inc.		7,541,112
	3,210	Snap-on, Inc.		832,706
	61,104	The Home Depot, Inc.		18,364,196
				26,738,014
Chemical Manufacturing - 6.2%
	106,047	AbbVie, Inc.		16,025,823
	13,329	Air Products & Chemicals, Inc.		3,923,524
	7,026	Albemarle Corp.		1,303,042
	32,030	Amgen, Inc.		7,678,872
	8,602	Biogen, Inc. ^(a)		2,616,987
	9,465	Bio-Techne Corp.		756,064
	127,492	Bristol-Myers Squibb Co.		8,512,641
	10,788	Catalent, Inc. ^(a)		540,695
	6,014	Celanese Corp.		638,927
	11,756	CF Industries Holdings, Inc.		841,495
	14,612	Church & Dwight Co., Inc.		1,419,117
	7,383	Clorox Co.		1,222,773
	50,133	Colgate-Palmolive Co.		4,000,613
	27,485	DuPont de Nemours, Inc.		1,916,254
	7,155	Eastman Chemical Co.		602,952
	14,855	Ecolab, Inc.		2,493,263
	47,330	Eli Lilly and Company		18,736,054
	7,509	FMC Corp.		927,962
	74,772	Gilead Sciences, Inc.		6,147,006
	11,109	Incyte Corp. ^(a)		826,621
	15,267	International Flavors & Fragrances, Inc.		1,480,288

Shares			Fair Value
Chemical Manufacturing (continued)
	20,224	Kimberly-Clark Corp.	$	2,930,255
	29,523	Linde PLC ADR (Ireland)		10,907,272
	15,214	LyondellBasell Industries N.V. Class A ADR (Netherlands)		1,439,397
	152,063	Merck & Co., Inc.		17,558,715
	20,420	Mosaic Co.		874,997
	15,238	Organon & Co.		375,312
	336,606	Pfizer, Inc.		13,090,607
	14,077	PPG Industries, Inc.		1,974,440
	141,453	Procter & Gamble Co.		22,120,420
	6,461	Regeneron Pharmaceuticals, Inc. ^(a)		5,180,365
	8,634	Sealed Air Corp.		414,346
	15,414	Vertex Pharmaceuticals, Inc. ^(a)		5,252,012
	4,440	West Pharmaceutical Services, Inc.		1,603,906
	27,926	Zoetis, Inc.		4,908,832
				171,241,849
Clothing and Clothing Accessories Stores - 0.2%
	69,295	TJX Companies, Inc.		5,461,832
Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 0.1%
	13,702	Bath & Body Works, Inc.		480,940
	20,653	Ross Stores, Inc.		2,204,295
				2,685,235
Computer and Electronic Product Manufacturing - 15.6%
	96,701	Advanced Micro Devices, Inc. ^(a)		8,642,168
	17,740	Agilent Technologies, Inc.		2,402,528
	357,175	Alphabet, Inc. Class A ^(a)		38,339,164
	311,325	Alphabet, Inc. Class C ^(a)		33,691,591
	13,773	AMETEK, Inc.		1,899,710
	35,687	Amphenol Corp. Class A		2,693,298
	30,401	Analog Devices, Inc.		5,468,532
	891,839	Apple, Inc.		151,327,241
	14,815	Arista Networks, Inc. ^(a)		2,372,770
	1,260	Bio-Rad Laboratories, Inc. ^(a)		567,995
	25,021	Broadcom, Inc.		15,675,656
	246,324	Cisco Systems, Inc.		11,638,809
	39,305	Danaher Corp.		9,311,748
	8,145	Enphase Energy, Inc. ^(a)		1,337,409
	38,839	Fortinet, Inc. ^(a)		2,448,799
	21,180	Fortive Corp.		1,336,246
	21,802	GE HealthCare Technologies, Inc. ^(a)		1,773,375
	14,773	Hologic, Inc. ^(a)		1,270,626
	51,844	HP, Inc.		1,540,285
	4,975	IDEXX Laboratories, Inc. ^(a)		2,448,496
	9,467	Illumina, Inc. ^(a)		1,946,036
	248,067	Intel Corp.		7,704,961
	54,210	International Business Machines Corp.		6,852,686
	10,717	Keysight Technologies, Inc. ^(a)		1,550,107
	11,391	L3 Harris Technologies, Inc.		2,222,954
	32,842	Microchip Technology, Inc.		2,397,138
	65,420	Micron Technology, Inc.		4,210,431
	2,694	Monolithic Power Systems, Inc.		1,244,547

Shares			Fair Value
Computer and Electronic Product Manufacturing (continued)
	10,055	Motorola Solutions, Inc.	$	2,930,027
	12,913	NetApp, Inc.		812,099
	8,596	Northrop Grumman Corp.		3,965,077
	147,492	NVIDIA Corp.		40,927,555
	15,567	NXP Semiconductors NV ADR (Netherlands)		2,548,941
	25,907	ON Semiconductor Corp. ^(a)		1,864,268
	24,846	Otis Worldwide Corp.		2,119,364
	7,527	PerkinElmer, Inc.		982,198
	6,021	Qorvo, Inc. ^(a)		554,414
	66,851	Qualcomm, Inc.		7,808,197
	87,852	Raytheon Technologies Corp.		8,776,415
	6,317	Roper Technologies, Inc.		2,872,845
	11,519	Seagate Technology Holdings PLC ADR (Ireland)		676,972
	9,561	Skyworks Solutions, Inc.		1,012,510
	3,373	SolarEdge Technologies, Inc. ^(a)		963,430
	9,332	Teradyne, Inc.		852,758
	54,338	Texas Instruments, Inc.		9,085,314
	23,542	Thermo Fisher Scientific, Inc.		13,063,456
	14,777	Trimble, Inc. ^(a)		695,997
	3,532	Waters Corp. ^(a)		1,060,871
	19,155	Western Digital Corp. ^(a)		659,698
	3,055	Zebra Technologies Corp. Class A ^(a)		879,932
				429,427,644
Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.2%
	38,078	Fiserv, Inc. ^(a)		4,650,085
Construction of Buildings - 0.2%
	18,709	D.R. Horton, Inc.		2,054,623
	15,193	Lennar Corp. Class A		1,713,922
	145	NVR, Inc. ^(a)		846,800
	13,508	PulteGroup, Inc.		907,062
				5,522,407
Couriers and Messengers - 0.4%
	13,939	FedEx Corp.		3,175,026
	43,752	United Parcel Service, Inc. Class B		7,867,047
				11,042,073
Credit Intermediation and Related Activities - 3.7%
	35,728	American Express Co.		5,764,355
	418,565	Bank of America Corp.		12,255,583
	44,134	Bank of New York Mellon Corp.		1,879,667
	22,896	Capital One Financial Corp.		2,227,781
	116,138	Citigroup, Inc.		5,466,616
	29,520	Citizens Financial Group, Inc.		913,349
	7,854	Comerica, Inc.		340,628
	16,003	Discover Financial Services		1,655,830
	35,626	Fidelity National Information Services, Inc.		2,091,959
	40,980	Fifth Third Bancorp		1,073,676
	11,143	First Republic Bank ^(b)		39,112
	86,555	Huntington Bancshares, Inc.		969,416

Shares			Fair Value
Credit Intermediation and Related Activities (continued)
	175,863	JPMorgan Chase & Co.	$	24,311,301
	55,972	KeyCorp		630,245
	10,169	M&T Bank Corp.		1,279,260
	50,579	MasterCard, Inc. Class A		19,221,537
	12,498	Northern Trust Corp.		976,844
	24,088	PNC Financial Services Group, Inc.		3,137,462
	55,981	Regions Financial Corp.		1,022,213
	20,889	State Street Corp.		1,509,439
	26,168	Synchrony Financial		772,218
	79,558	Truist Financial Corp.		2,592,000
	83,527	U.S. Bancorp		2,863,305
	228,484	Wells Fargo & Co.		9,082,239
	8,999	Zions Bancorp		250,712
				102,326,747
Electrical Equipment, Appliance, and Component Manufacturing - 0.3%
	7,615	A.O. Smith Corp.		520,028
	34,233	Emerson Electric Co.		2,850,240
	3,815	Generac Holdings, Inc. ^(a)		389,969
	6,850	Rockwell Automation, Inc.		1,941,358
	18,972	TE Connectivity Ltd. ADR (Switzerland)		2,321,604
	3,276	Whirlpool Corp.		457,297
				8,480,496
Electronics and Appliance Stores - 0.0% ^(†)
	11,791	Best Buy Co., Inc.		878,665
Fabricated Metal Product Manufacturing - 0.2%
	18,846	Ball Corp.		1,002,230
	15,164	Nucor Corp.		2,247,001
	9,846	Pentair PLC ADR (Ireland)		571,856
	8,894	Stanley Black & Decker, Inc.		767,908
				4,588,995
Food and Beverage Stores - 0.1%
	39,068	Kroger Co.		1,899,877
Food Manufacturing - 0.9%
	32,830	Archer-Daniels-Midland Co.		2,563,366
	9,008	Bunge Ltd. ADR		843,149
	11,997	Campbell Soup Co.		651,437
	35,340	General Mills, Inc.

Shares			Fair Value
INVESTMENT COMPANIES - 72.4%
	140,843	iShares Core S&P Mid-Cap ETF ^(a)	$	34,957,232
		TOTAL INVESTMENT COMPANIES (Cost $34,828,414)	$	34,957,232
SHORT TERM INVESTMENTS - 25.1%
Money Market Funds - 25.1%
	7,250,232	Dreyfus Government Cash Management Institutional Shares, 4.76% ^(b)	$	7,250,232
	4,873,305	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% ^(b)		4,873,305
		TOTAL SHORT TERM INVESTMENTS (Cost $12,123,537)	$	12,123,537
		TOTAL INVESTMENTS (Cost $46,951,951) - 97.5% ^(c)	$	47,080,769
		Other Assets in Excess of Liabilities - 2.5%		1,216,348
		TOTAL NET ASSETS - 100.0%	$	48,297,117

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of S&P MidCap 400^® Index	5.2500% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		4,846	$	12,047,558	$	(103,495	)
Total return of S&P MidCap 400^® Index	5.1000% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		16,470		40,962,355		(348,356	)
Total return of S&P MidCap 400^® Index	5.3400% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		11,500		28,208,043		274,211
Total return of S&P MidCap 400^® Index	5.2000% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		11,329		28,269,367		(397,496	)
						$	109,487,323	$	(575,136	)

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

Letter to Shareholders					4
Expense Example					13
Allocation of Portfolio Holdings					16
Schedules of Investments					17
Statements of Assets and Liabilities					83
Statements of Operations					93
Statements of Changes in Net Assets					103
Financial Highlights					123
Notes to the Financial Statements					131
Supplemental Information					168
Trustees and Officers					169