Dear Shareholders,

This Annual Report for the Direxion Shares exchange traded funds (the "ETFs") covers the period from November 1, 2021 to October 31, 2022 (the "Annual Period").

Market Review:

Signs of broad-based inflation began in the fall of 2021, leading to a shaky global equity market environment. At the time, most experts predicted inflation levels were transitory, quelling investor concerns temporarily. Equity markets began to pick up through December, ending the year on a high. However, it soon became clear the widespread inflation was not going anywhere and the Federal Reserve announced an acceleration of monetary policy that was implemented through a series of interest rate hikes to combat inflation. Simultaneously, the highly contagious Covid-19 Omicron variant spread across the world and, despite high vaccination rates, breakthrough infections were at an all-time high. However, by the end of the Annual Period, Covid was far less of a concern for investors. Just as markets were looking up again, with the S&P 500 posting its first monthly gain in March 2022, Russia invaded Ukraine, and the effects of the invasion rippled across equity markets, as energy prices surged and fears of wider-spread conflict grew. In response, the United States and other western nations imposed extreme economic sanctions on Russia. Markets were very volatile on the heels of the Russian invasion, and the first two quarters of 2022 saw a shrinking U.S. GDP. June earnings reports were surprisingly strong, despite a mid-month S&P low. Despite these numbers, July was a strong month, but this positive sentiment did not last long. A hawkish speech from Federal Reserve Chair, Jerome Powell, in August negatively impacted markets around the world. September was another rough month for equities, with both the S&P 500 and NASDAQ dropping roughly 10%. Global markets fared no better, as the UK entered a recession, and China faced mass protests and unrest. October saw a modest increase in stocks as the Federal Reserve indicated it will pull back on its aggressive tightening in the near future after positive third quarter readings, but overall sentiment was still generally low. Investors are pivoting towards more risk-off investments in an attempt to navigate historic inflation levels, geopolitical conflict and high interest rates, although traditional safe haven investments, such as commodities, are less appealing than they have been in the past.

The U.S. bond market was in consistent decline for the majority of the Annual Period, oftentimes diverging from trends in the equities markets. In the fall, treasuries and international bonds were experiencing the worst performance of the Annual Period, as concerns over rising interest rates and inflation began. As inflation worsened and proved to be less transitory than initially predicted, central banks around the world pivoted towards more hawkish policies. In December, the Federal Reserve announced there would be three or four rate hikes throughout 2022, as well as a tapering of U.S. treasury asset purchases. In late February, the Russian invasion of Ukraine rippled through the global financial system, including fixed income markets. The U.S. Treasury yield curve started to flatten as the 10 – 20 year bond spread grew and became inverted. While bonds have typically been considered a way to hedge a portfolio against equities, this strategy has not typically held true in the current market environment. After the positive indication that the Federal Reserve is starting to get a handle on inflation, the global bond market saw a slight rebound, but the yield curve remained inverted at the end of the Annual Period, which remains a concern for many investors.

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 Annual Period. The performance of the ETFs for the 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 investment results, before fees and expenses, that track the Auspice Broad Commodity Index over a complete market cycle. The Auspice Broad Commodity Index seeks to capture the majority of the commodity upside returns, while seeking to mitigate downside risk. 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 Annual Period, the Auspice Broad Commodity Index returned 6.21%, while the Direxion Auspice Broad Commodity Strategy ETF returned 6.09%.

Until the last few months of the Annual Period, commodities had rallied in an otherwise bear market, primarily due to inflation. In particular, the energy and agriculture holdings of the Direxion Auspice Broad Commodity Strategy ETF performed well. Heating oil futures were up 58.69% and natural gas futures were up 55.64% over the Annual Period. The performance for metals was less positive, with silver down 20.59%, gold down 8.47%, and copper down 21.33%. The Direxion Auspice Broad Commodity Strategy ETF had relatively strong performance despite overall market volatility, largely due to the favorable commodity environment in the beginning-to-middle of 2022.

The Direxion Breakfast Commodities Strategy ETF seeks investment results, before fees and expenses, that track the S&P GSCI Dynamic Roll Breakfast (OJ 5% Capped) Index. The S&P GSCI Dynamic Roll Breakfast (OJ 5% Capped) Index measures the performance of tradeable commodities considered to be breakfast foods (corn, coffee, lean hogs, sugar, Chicago wheat and orange juice) by investing in monthly futures contracts for such commodities. The Index is world production weighted and designed to reflect the relative significance of each of the commodities to the world economy, except for orange juice which is capped at 5%. The Index is rebalanced annually and employs a flexible monthly futures rolling strategy. Since the Fund's inception on June 1, 2022, the S&P GSCI Dynamic Roll Breakfast (OJ 5% Capped) Index returned -9.04%, while the Direxion Breakfast Commodities Strategy ETF returned -8.19%.

The Direxion Breakfast Commodities Strategy ETF opened during the commodity rally. Soon after, the commodity market began to fall as many headwinds hit the space, including the Russia-Ukraine conflict, widespread droughts and labor shortages, just to name a few. Lean Hogs, Corn, Orange Juice and Sugar have had positive returns since the fund's inception, while Coffee and Wheat have fallen.

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 Annual Period, the Indxx Hydrogen Economy Index returned -45.79%, while the Direxion Hydrogen ETF returned -45.57%.

Kaori Heat Treatment was the top performer, while ITM Power Plc 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), experienced significant losses during the Annual Period. However, hydrogen is gaining momentum as an important source for the global energy transition, especially after the passage of the Inflation Reduction Act, which includes provisions for hydrogen tax credits.

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 Annual Period, the S&P Kensho Moonshots Index returned -60.92%, while the Direxion Moonshot Innovators ETF returned -60.64%.

Some more well-known names, such as Yelp and Roblox, experienced losses during the Annual Period. Adeia Inc. and Innoviz Technologies were the top performers for the Direxion Moonshot Innovators ETF this Annual Period. Overall, 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 -43.11%, while the Direxion mRNA ETF returned -43.20%.

The top performer for the Direxion mRNA ETF during the Annual Period was Vertex Pharmaceuticals (VRTX), which returned 68.28% and has a portfolio weight of 7.37%, which is one of the highest weighted stocks in the Direxion mRNA ETF. Well-known bio tech companies Moderna (MRNA) and Bio N Tech (BNTX) experienced similar losses of -55.4% and -49.1%, respectively. Curevac (CVAC) was the worst performer, losing -82.71% this Annual Period, with a weight of 4.01%.

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 -35.25%, while the Direxion Nanotechnology ETF returned -35.44%.

Liquidia Corp (LQDA), Cabot Corp (CBT), and Alnylam Pharmaceuticals (ALNY) were the top performers for the Direxion Nanotechnology ETF this Annual period. However, many other names in the healthcare sector, which makes up nearly 70% of the Direxion Nanotechnology ETF, did not fare as well. Well-known Moderna (MRNA) returned -55.41% and Bio N Tech (BNTX) returned -49.15% during the period, each with a portfolio weight of roughly 3%. Bruker Corp. (BRKR) is the top holding, making up 11.47% of the portfolio, and lost -23.64% 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 Annual Period, the NASDAQ-100^® Equal Weighted Index returned -23.58%, while the Direxion NASDAQ-100^® Equal Weighted Index Shares returned -23.78%.

The top performers for the Direxion NASDAQ-100^® Equal Weighted Index Shares during this period were largely biotech name,s including Amgen (AMGN) and Vertex Pharmaceuticals (VRTX) returning 33.15% and 68.28%, respectively. The IT sector had a rough year, with names like Netflix, Docusign, and Meta losing -60% to -70% each.

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 Annual Period, the Solactive Remote Work Index returned -42.95%, while the Direxion Work From Home ETF returned -43.00%.

IBM was the top performer for the Direxion Work From Home ETF during the Annual Period, returning 20.60%. Names such as Agora and RingCentral were among bottom performers, falling -88.27% and -85.93%, respectively. Names in the IT sector make up 86.99% of the Direxion Work From Home ETF, and tech generally had a rough year.

Index Volatility:

The Annual Period was extremely volatile, leaving investors without a clear strategy, and no clear sector winner. Typically defensive stocks were not immune to the volatility, and the market cycles were moving unpredictably. The VIX Index, a measure of volatility and market sentiment, averaged 25.20 during the Annual Period, with a high of 36.45 in early March 2022, whereas the average for the previous five years was 20.94.

Index	Return			Volatility
Auspice Broad Commodity Index		6.09	%		12.14	%
S&P GSCI Dynamic Roll Breakfast (OJ 5% Capped) Index¹		-9.04	%		20.23	%
Indxx Hydrogen Economy Index		-45.79	%		34.81	%
S&P Kensho Moonshots Index		-60.92	%		55.61	%
BITA Messenger RNA Technology Index²		-43.11	%		47.45	%
S&P Kensho Extended Nanotechnology Index³		-35.25	%		47.33	%
NASDAQ-100^® Equal Weighted Index		-23.58	%		29.06	%
Solactive Remote Work Index		-42.95	%		36.66	%

¹ June 1, 2022 through October 31, 2022

² December 9, 2021 through October 31, 2022

³ November 23, 2021 through October 31, 2022

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.

SOFR (Secured Overnight Financing Rate) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. 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 and Direxion Breakfast Commodities 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 underlying 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. A 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 a 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 a Fund. There may be an imperfect correlation between the changes in market value of the securities held by a 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"), a Fund and its 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 the Funds and Subsidiaries in accordance with CFTC rules, as well as the rules that apply to registered investment companies, which includes registering both each Fund and its 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 each Fund or its Subsidiary. Additionally, a Subsidiary's positions in futures contracts may have to be liquidated at disadvantageous times or prices to prevent a Fund from exceeding any applicable position limits established by the CFTC. Such actions may subject the Fund to substantial losses.

Direxion Shares ETF Risks – An investment in the ETFs involves risk, including the possible loss of principal. The ETFs are subject to certain risks, including imperfect index correlation and market price variance, that may decrease performance. As non-diversified funds, the ETFs may invest in a relatively small number of issuers and, as a result, be subject to greater risk of loss with respect to its portfolio securities. An ETF may concentrate its investments in certain industries or sectors, which can increase volatility. The ETFs may experience greater fluctuation in its net asset value as compared to other investments. These ETFs may be appropriate for investors

	Average Annual Total Return²
	1 Year			3 Year			5 Year			Since Inception
Direxion Auspice Broad Commodity Strategy ETF (Consolidated) (NAV)		6.21	%		14.01	%		8.63	%		6.75	%
Direxion Auspice Broad Commodity Strategy ETF (Consolidated) (Market Price)		5.86	%		13.97	%		8.57	%		6.72	%
Auspice Broad Commodity Index		6.09	%		14.09	%		7.81	%		5.78	%

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. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.70%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than the following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

This chart illustrates the performance of a hypothetical $10,000 investment made on the Fund's inception and is not intended to imply any future performance. Shares of Direxion Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Performance reflects reinvestment of all dividend and capital gains distributions.

The Auspice Broad Commodity Index is a tactical long strategy that focuses on Momentum and Term Structure to track either long or flat positions in a diversified portfolio of commodity futures which cover the energy, metal, and agricultural sectors. The index incorporates dynamic risk management and contract rolling methods. The index is available in total return (collateralized) and excess return (non-collateralized) versions. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

The Fund seeks daily exposure of 100% of its NAV through derivatives. "Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents, if any, divided by Net Assets.

¹Commencement of operations.

²As of October 31, 2022.

	Total Return²
	Since Inception
Direxion Breakfast Commodities Strategy ETF (Consolidated) (NAV)		-8.19	%
Direxion Breakfast Commodities Strategy ETF (Consolidated) (Market Price)		-8.23	%
S&P GSCI Dynamic Roll Breakfast (OJ 5% Capped) Index		-9.04	%

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. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.70%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

The S&P GSCI Dynamic Roll Breakfast (OJ 5% Capped) Index measures the performance of tradeable commodities considered to be breakfast foods (corn, coffee, lean hogs, sugar, Chicago wheat and orange juice) by investing in monthly futures contracts for such commodities. The Index is world production weighted and designed to reflect the relative significance of each of the commodities to the world economy, except for orange juice is capped at 5%. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

¹Commencement of operations.

²As of October 31, 2022.

	Average Annual Total Return²
	1 Year			Since Inception
Direxion Hydrogen ETF (NAV)		-45.57	%		-32.69	%
Direxion Hydrogen ETF (Market Price)		-45.84	%		-32.64	%
Indxx Hydrogen Economy Index		-45.79	%		-30.48	%

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. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.45%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

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 will include 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. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

The Fund seeks daily exposure of 100% of its NAV through equities. "Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents, if any, divided by Net Assets.

¹Commencement of operations.

²As of October 31, 2022.

	Average Annual Total Return²
	1 Year			Since Inception
Direxion Moonshot Innovators ETF (NAV)		-60.64	%		-27.31	%
Direxion Moonshot Innovators ETF (Market Price)		-60.61	%		-27.31	%
S&P Kensho Moonshots Index		-60.92	%		-27.79	%

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. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.65%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

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. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

¹ Commencement of operations.

²As of October 31, 2022.

	Total Return²
	Since Inception
Direxion mRNA ETF (NAV)		-43.20	%
Direxion mRNA ETF (Market Price)		-43.17	%
BITA Messenger RNA Technology Index		-43.11	%

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. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.65%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

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. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

¹Commencement of operations.

²As of October 31, 2022.

	Total Return²
	Since Inception
Direxion Nanotechnology ETF (NAV)		-35.44	%
Direxion Nanotechnology ETF (Market Price)		-35.45	%
S&P Kensho Extended Nanotechnology Index		-35.25	%

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. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.65%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

S&P Kensho Extended Nanotechnology Index is provided by S&P Dow Jones Indices LLC (the "Index Provider") and is designed to measure the performance of U.S.-listed securities, including depositary receipts, of companies involved in the nanotechnology industry. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

¹Commencement of operations.

²As of October 31, 2022.

	Average Annual Total Return¹
	1 Year			3 Years			5 Years			10 Years
Direxion NASDAQ-100^® Equal Weighted Index Shares (NAV)		-23.78	%		9.51	%		10.31	%		14.44	%
Direxion NASDAQ-100^® Equal Weighted Index Shares (Market Price)		-23.68	%		9.53	%		10.33	%		14.44	%
NASDAQ-100^® Equal Weighted Index		-23.58	%		9.88	%		10.69	%		14.85	%

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. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.35%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

The NASDAQ-100^® Equal Weighted Index includes 100 of the largest non-financial securities listed on NASDAQ^®, but instead of being weighted by market capitalization, each of the constituents is initially set at 1.00%. The Index is reviewed and adjusted annually in December, but replacements may be made any time throughout the year. The Index is rebalanced quarterly in March, June, September and December. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

¹As of October 31, 2022.

	Average Annual Total Return²
	1 Year			Since Inception
Direxion Work From Home ETF (NAV)		-43.00	%		-4.67	%
Direxion Work From Home ETF (Market Price)		-42.98	%		-4.69	%
Solactive Remote Work Index		-42.95	%		-4.52	%

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. As stated in the current prospectus, the Fund's total annual fund operating expense ratio is 0.45%. Rafferty Asset Management, LLC has contractually agreed to pay all expenses of the Fund other than following: management fees, Rule 12b-1 distribution fees and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund's most recent month end performance please visit www.direxion.com.

The Solactive Remote Work Index is comprised of U.S. listed securities and American Depository Receipts 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. Investors cannot invest directly in an index, although they can invest in its underlying securities.

Market Exposure

¹Commencement of operations.

²As of October 31, 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 (May 1, 2022 to October 31, 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 May 1, 2022 to October 31, 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.

	Annualized Expense Ratio			Beginning Account Value May 1, 2022		Ending Account Value October 31, 2022		Expenses Paid During Period May 1, 2022 to October 31, 2022*
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)
Based on actual fund return		0.86	%	$	1,000.00	$	918.50	$	4.16
Based on hypothetical 5% return		0.86	%		1,000.00		1,020.87		4.38
Direxion Breakfast Commodities Strategy ETF (Consolidated)¹
Based on actual fund return		0.70	%		1,000.00		918.10		2.81
Based on hypothetical 5% return		0.70	%		1,000.00		1,018.02		2.96
Direxion Hydrogen ETF
Based on actual fund return		0.45	%		1,000.00		765.80		2.00
Based on hypothetical 5% return		0.45	%		1,000.00		1,022.94		2.29
Direxion Moonshot Innovators ETF
Based on actual fund return		0.65	%		1,000.00		826.40		2.99
Based on hypothetical 5% return		0.65	%		1,000.00		1,021.93		3.31
Direxion mRNA ETF
Based on actual fund return		0.65	%		1,000.00		986.10		3.25
Based on hypothetical 5% return		0.65	%		1,000.00		1,021.93		3.31
Direxion Nanotechnology ETF
Based on actual fund return		0.65	%		1,000.00		1,064.60		3.38
Based on hypothetical 5% return		0.65	%		1,000.00		1,021.93		3.31
Direxion NASDAQ-100^® Equal Weighted Index Shares
Based on actual fund return		0.35	%		1,000.00		928.00		1.70
Based on hypothetical 5% return		0.35	%		1,000.00		1,023.44		1.79
Direxion Work From Home ETF
Based on actual fund return		0.45	%		1,000.00		774.50		2.01
Based on hypothetical 5% return		0.45	%		1,000.00		1,022.94		2.29

*Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days (the number of days in the period of May 1, 2022 to October 31, 2022), then divided by 365.

¹Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period from June 1, 2022 (commencement of operations) to October 31, 2022, multiplied by 153 days (the number of days since commencement of operations to October 31, 2022), then divided by 365.

	Cash*			Common Stocks			Futures			Total
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)		100	%		—			—			100	%
Direxion Breakfast Commodities Strategy ETF (Consolidated)		100	%		—			0	%**		100	%
Direxion Hydrogen ETF		1	%		99	%		—			100	%
Direxion Moonshot Innovators ETF		1	%		99	%		—			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	%

* Cash and other assets less liabilities.

** Percentage is less than 0.5%.

Long Futures Contracts

October 31, 2022

Reference Entity	Expiration Date	Number of Contracts		Notional Amount		Variation Margin Receivable/ (Payable), net			Unrealized Appreciation (Depreciation)
Coffee C	5/18/2023		5	$	324,281	$	11,437		$	(60,675	)
Corn	12/14/2023		89		2,784,588		21,138			(18,721	)
Frozen Concentrate Orange Juice	1/10/2023		13		392,145		1,657			26,884
Lean Hogs	12/14/2022		24		815,280		(11,280	)		7,310
Sugar #11	4/28/2023		36		681,005		9,677			(69,049	)
Wheat	7/14/2023		40		1,807,500		84,500			147,600
				$	6,804,799	$	117,129		$	33,349

All futures contracts held by Direxion BKT Fund Ltd. See Note 1.

Shares			Fair Value
COMMON STOCKS - 99.0%
Chemical Manufacturing - 42.1%
	14,072	Air Liquide S.A. (France)	$	1,840,032
	3,921	Air Products & Chemicals, Inc.		981,819
	52,997	Doosan Fuel Cell Co., Ltd (South Korea) ^(a)		1,013,843
	520,629	ITM Power (United Kingdom) ^(a)(b)		495,483
	3,281	Linde PLC (Ireland) ADR		975,605
	27,063	McPhy Energy SAS (France) ^(a)(b)		307,598
	1,496,312	Nel ASA (Norway) ^(a)		1,828,500
	57,298	Nippon Sanso Holdings Corp. (Japan)		914,393
	845,137	PTT Global Chemical PCL (Thailand)		965,934
				9,323,207
Computer and Electronic Product Manufacturing - 8.5%
	100,767	Bloom Energy Corp. ^(a)		1,885,351
Electrical Equipment, Appliance, and Component Manufacturing - 12.4%
	64,956	Chung-Hsin Electric & Machinery Manufacturing Corp. (Taiwan)		99,584
	2,894	Hyosung Heavy Industries (South Korea) ^(a)		116,617
	101,989	Plug Power, Inc. ^(a)		1,629,784
	61,132	PowerCell Sweden AB (Sweden) ^(a)(b)		672,148
	6,495	SFC Energy AG (Germany) ^(a)(b)		119,913
	3,882	VARTA AG (Germany) ^(b)		104,245
				2,742,291
Merchant Wholesalers, Durable Goods - 0.5%
	4,084	Hyster-Yale Materials Handling, Inc.		119,089
Miscellaneous Manufacturing - 0.5%
	53,568	Hexagon Purus Holding AS (Norway) ^(a)		103,871
Oil and Gas Extraction - 18.2%
	30,166	BP Plc (United Kingdom) ADR ^(a)		1,003,925
	102,805	CIMC Enric Holdings Limited (Hong Kong)		100,187
	293,081	ENEOS Holdings, Inc. (Japan)		965,796
	43,624	Idemitsu Kosan Co., Ltd (Japan)		953,867
	17,853	Shell Plc (United Kingdom) ADR ^(a)		993,162
				4,016,937
Primary Metal Manufacturing - 0.5%
	30,352	Kaori Heat Treatment Co., Ltd. (Taiwan)		110,208
Transportation Equipment Manufacturing - 6.9%
	270,177	Ballard Power Systems, Inc. (Canada) ADR ^(a)(b)		1,531,904

Shares			Fair Value
Utilities - 9.4%
	1,008,214	AFC Energy Plc (United Kingdom) ^(a)	$	246,090
	144,274	Ceres Power Holdings Plc (United Kingdom) ^(a)(b)		544,505
	311,189	FuelCell Energy, Inc. ^(a)		970,910
	4,538	Korea Gas Corp. (South Korea)		110,865
	15,602	S-Fuelcell Co., Ltd (South Korea)		219,608
				2,091,978
		TOTAL COMMON STOCKS (Cost $35,743,613)	$	21,924,836
SHORT TERM INVESTMENTS - 17.7%
Money Market Funds - 17.7%
	3,905,853	Dreyfus Government Cash Management Institutional Shares, 2.91% ^(c)(d)	$	3,905,853
		TOTAL SHORT TERM INVESTMENTS (Cost $3,905,853)	$	3,905,853
		TOTAL INVESTMENTS (Cost $39,649,466) - 116.7%	$	25,830,689
		Liabilities in Excess of Other Assets - (16.7%)		(3,692,014	)
		TOTAL NET ASSETS - 100.0%	$	22,138,675

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 October 31, 2022.

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

ADR - American Depository Receipt

Shares			Fair Value
COMMON STOCKS - 99.5%
Administrative and Support Services - 5.3%
	26,146	Roblox Corp. ^(a)	$	1,169,772
	37,014	SentinelOne, Inc. ^(a)		845,400
				2,015,172
Ambulatory Health Care Services - 2.2%
	325,057	Invitae Corp. ^(a)(b)		838,647
Chemical Manufacturing - 8.0%
	58,094	Arcturus Therapeutics Holdings, Inc. ^(a)		1,028,264
	100,579	BridgeBio Pharma, Inc. ^(a)		1,049,039
	17,590	Intellia Therapeutics, Inc. ^(a)		928,400
				3,005,703
Computer and Electronic Product Manufacturing - 12.1%
	13,235	Ambarella Inc. ADR ^(a)		724,352
	145,420	Indie Semiconductor, Inc. ^(a)		1,137,184
	226,912	MicroVision, Inc. ^(a)(b)		830,498
	289,944	Nano Dimension Ltd. ADR (Israel) ^(a)		719,061
	109,474	Ondas Holdings, Inc. ^(a)(b)		437,896
	140,421	Vuzix Corp. ^(a)(b)		702,105
				4,551,096
Construction of Buildings - 0.3%
	114,105	Xos, Inc. ^(a)		128,939
Electronics and Appliance Stores - 1.5%
	43,982	UiPath, Inc. ^(a)		556,372
Food Services and Drinking Places - 3.2%
	31,759	Yelp, Inc. ^(a)		1,219,863
Management of Companies and Enterprises - 1.3%
	66,671	CureVac N.V. ADR (Netherlands) ^(a)		485,365
Merchant Wholesalers, Nondurable Goods - 1.7%
	133,629	Atara Biotherapeutics, Inc. ^(a)		622,711
Miscellaneous Manufacturing - 2.8%
	481,750	Inovio Pharmaceuticals, Inc. ^(a)		1,040,580
Motion Picture and Sound Recording Industries - 1.8%
	62,130	ADEIA, Inc.		694,613
Nonstore Retailers - 1.8%
	136,146	Jumia Technologies AG ADR (Germany) ^(a)		675,284
Oil and Gas Extraction - 2.3%
	816,876	Meta Materials, Inc. ^(a)		865,888
Printing and Related Support Activities - 2.2%
	102,331	Fisker, Inc. ^(a)(b)		833,998
Professional, Scientific, and Technical Services - 13.7%
	46,070	Asana, Inc. ^(a)		949,042
	56,325	Avidity Biosciences, Inc. ^(a)		804,321
	79,726	Local Bounti Corp. ^(a)(b)		235,989
	9,661	Okta, Inc. ^(a)		542,175
	97,353	Sarcos Technology and Robotics Corp. ^(a)		196,653
	42,524	Squarespace, Inc. ^(a)		944,458
	109,360	Tusimple Holdings, Inc. ^(a)		375,105
	21,177	Unity Software, Inc. ^(a)		624,721
	135,362	Vimeo, Inc. ^(a)		514,376
				5,186,840

Shares			Fair Value
Publishing Industries (except Internet) - 3.3%
	48,851	C3.ai, Inc. ^(a)	$	640,437
	71,657	Fastly, Inc. ^(a)		608,368
				1,248,805
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 36.0%
	240,651	Aeva Technologies, Inc. ^(a)		481,302
	345,482	AEye, Inc. ^(a)		300,742
	428,953	Aurora Innovation, Inc. ^(a)		883,643
	243,762	Benson Hill, Inc. ^(a)		826,353
	293,566	Butterfly Network, Inc. ^(a)(b)		1,438,473
	406,671	Desktop Metal, Inc. ^(a)(b)		1,028,878
	336,707	Ginkgo Bioworks Holdings, Inc. Class A ^(a)(b)		919,210
	258,079	Hyliion Holdings Corp. ^(a)		735,525
	282,105	Hyzon Motors, Inc. ^(a)		538,821
	236,034	Inoviz Technologies Ltd. ADR (Israel) ^(a)		1,182,530
	757,591	Latch, Inc. ^(a)		1,015,172
	536,808	Ouster, Inc. ^(a)		671,010
	155,133	Pear Therapeutics, Inc. ^(a)		426,616
	192,899	Planet Labs PBC ^(a)		1,012,720
	131,492	Roivant Sciences Ltd. ADR ^(a)(b)		675,869
	831,337	Velodyne Lidar, Inc. ^(a)		820,945
	141,477	Virgin Galactic Holdings, Inc. ^(a)(b)		653,624
				13,611,433
		TOTAL COMMON STOCKS (Cost $66,014,382)	$	37,581,309
SHORT TERM INVESTMENTS - 16.7%
Money Market Funds - 16.7%
	6,325,075	Dreyfus Government Cash Management Institutional Shares, 2.91% ^(c)(d)	$	6,325,075
		TOTAL SHORT TERM INVESTMENTS (Cost $6,325,075)	$	6,325,075
		TOTAL INVESTMENTS (Cost $72,339,457) - 116.2%	$	43,906,384
		Liabilities in Excess of Other Assets - (16.2)%		(6,134,585	)
		TOTAL NET ASSETS - 100.0%	$	37,771,799

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 October 31, 2022.

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

ADR - American Depository Receipt

Shares			Fair Value
COMMON STOCKS - 99.8%
Chemical Manufacturing - 58.5%
	746	Alnylam Pharmaceuticals, Inc. ^(a)	$	154,616
	81,701	Arbutus Biopharma Corp. ADR (Canada) ^(a)		191,180
	9,187	Arcturus Therapeutics Holdings, Inc. ^(a)		162,610
	1,286	BeiGene Ltd. ADR ^(a)		217,192
	2,786	Intellia Therapeutics, Inc. ^(a)		147,045
	3,398	Ionis Pharmaceuticals, Inc. ^(a)		150,192
	7,905	Maravai LifeSciences Holdings, Inc. ^(a)		131,223
	7,393	PepGen, Inc. ^(a)		90,786
	32,241	Sangamo Therapeutics, Inc. ^(a)		141,538
	2,180	Sarepta Therapeutics, Inc. ^(a)		248,564
	12,474	Stoke Therapeutics, Inc. ^(a)		185,239
	822	Vertex Pharmaceuticals, Inc. ^(a)		256,464
				2,076,649
Management of Companies and Enterprises - 4.2%
	20,292	CureVac N.V. ADR (Netherlands) ^(a)		147,726
Merchant Wholesalers, Durable Goods - 3.9%
	12,268	Dyne Therapeutics, Inc. ^(a)		139,855
		Professional, Scientific, and Technical Services - 33.2%
	4,568	Arrowhead Pharmaceuticals, Inc. ^(a)		159,012
	9,527	Avidity Biosciences, Inc. ^(a)		136,046
	1,802	BioNTech SE ADR (Germany)		248,027
	50,816	Gritstone bio, Inc. ^(a)		163,627
	2,034	Moderna, Inc. ^(a)		305,771
	106,882	Sorrento Therapeutics Inc. ^(a)		167,805
				1,180,288
		TOTAL COMMON STOCKS (Cost $4,051,204)	$	3,544,518
SHORT TERM INVESTMENTS - 0.0% ^(†)
Money Market Funds - 0.0% ^(†)
	91	Dreyfus Government Cash Management Institutional Shares, 2.91% ^(b)	$	91
		TOTAL SHORT TERM INVESTMENTS (Cost $91)	$	91
		TOTAL INVESTMENTS (Cost $4,051,295) - 99.8%	$	3,544,609
		Other Assets in Excess of Liabilities - 0.2%		5,675
		TOTAL NET ASSETS - 100.0%	$	3,550,284

Shares			Fair Value
COMMON STOCKS - 99.9%
Chemical Manufacturing - 31.8%
	1,280	Aadi Bioscience, Inc. ^(a)	$	16,531
	1,909	Alkermes PLC ADR (Ireland) ^(a)		43,334
	219	Alnylam Pharmaceuticals, Inc. ^(a)		45,390
	5,630	Arcturus Therapeutics Holdings, Inc. ^(a)		99,651
	3,407	Beam Therapeutics, Inc. ^(a)		150,113
	664	Cabot Corp.		48,791
	3,897	Generation Bio Co. ^(a)		19,953
	880	Intellia Therapeutics, Inc. ^(a)		46,446
	304	Jazz Pharmaceuticals PLC ADR (Ireland) ^(a)		43,712
				513,921
Computer and Electronic Product Manufacturing - 39.2%
	378	AMETEK, Inc.		49,012
	58,210	Bionano Genomics, Inc. ^(a)(b)		136,211
	2,972	Bruker Corp.		183,788
	167	Danaher Corp.		42,029
	521	Lumentum Holdings, Inc. ^(a)		38,788
	25,724	Nano Dimension Ltd. ADR (Israel) ^(a)		63,796
	334	NVE Corp.		20,711
	2,998	Seer, Inc. ^(a)		23,474
	83	Thermo Fisher Scientific, Inc.		42,660
	6,269	Vuzix Corp. ^(a)(b)		31,345
				631,814
Machinery Manufacturing - 5.7%
	226	IDEX Corp.		50,242
	104	Lam Research Corp.		42,097
				92,339
Merchant Wholesalers, Durable Goods - 2.6%
	133	KLA-Tencor Corp.		42,088
Merchant Wholesalers, Nondurable Goods - 1.7%
	5,100	PDS Biotechnology Corp. ^(a)		26,724
Miscellaneous Manufacturing - 1.5%
	1,761	AngioDynamics, Inc. ^(a)		24,813
Oil and Gas Extraction - 5.0%
	76,319	Meta Materials, Inc. ^(a)		80,898
Professional, Scientific, and Technical Services - 9.1%
	322	BioNTech SE ADR (Germany)		44,320
	10,836	Liquidia Technologies, Inc. ^(a)		52,988
	334	Moderna, Inc. ^(a)		50,210
				147,518
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.3%
	10,243	Roivant Sciences Ltd. ADR ^(a)		52,649
		TOTAL COMMON STOCKS (Cost $2,012,813)	$	1,612,764

Shares			Fair Value
SHORT TERM INVESTMENTS - 0.1%
Money Market Funds - 0.1%
	144,050	Dreyfus Government Cash Management Institutional Shares, 2.91% ^(c)(d)	$	144,050
		TOTAL SHORT TERM INVESTMENTS (Cost $144,050)	$	144,050
		TOTAL INVESTMENTS (Cost $2,156,863) - 108.9%	$	1,756,814
		Liabilities in Excess of Other Assets - (8.9)%		(142,921	)
		TOTAL NET ASSETS - 100.0%	$	1,613,893

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 October 31, 2022.

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

ADR - American Depository Receipt

Shares			Fair Value
COMMON STOCKS - 99.9%
Accommodation - 1.0%
	45,305	Marriott International, Inc. Class A	$	7,253,784
Administrative and Support Services - 2.9%
	28,895	Atlassian Corp. ^(a)		5,857,884
	30,040	Automatic Data Processing, Inc.		7,260,668
	3,740	Booking Holdings, Inc. ^(a)		6,991,855
				20,110,407
Apparel Manufacturing - 1.0%
	21,061	Lululemon Athletica, Inc. ^(a)		6,929,911
Beverage and Tobacco Product Manufacturing - 3.2%
	188,825	Keurig Dr Pepper, Inc.		7,333,963
	80,452	Monster Beverage Corp. ^(a)		7,539,962
	42,035	PepsiCo, Inc.		7,632,715
				22,506,640
Broadcasting and Content Providers - 2.9%
	18,589	Charter Communications, Inc. ^(a)		6,833,688
	203,313	Comcast Corp. Class A		6,453,155
	1,175,650	Sirius XM Holdings, Inc. ^(b)		7,100,926
				20,387,769
Chemical Manufacturing - 7.8%
	30,365	Amgen, Inc.		8,209,178
	120,907	AstraZeneca PLC ADR (United Kingdom)		7,110,540
	33,701	Biogen, Inc. ^(a)		9,552,211
	106,991	Gilead Sciences, Inc.		8,394,514
	9,881	Regeneron Pharmaceuticals, Inc. ^(a)		7,398,399
	49,417	Seagen, Inc. ^(a)		6,283,866
	24,227	Vertex Pharmaceuticals, Inc. ^(a)		7,558,824
				54,507,532
Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 1.0%
	77,777	Ross Stores, Inc.		7,442,481
Computer and Electronic Product Manufacturing - 17.6%
	91,734	Advanced Micro Devices, Inc. ^(a)		5,509,544
	34,137	Alphabet, Inc. Class A ^(a)		3,226,288
	33,864	Alphabet, Inc. Class C ^(a)		3,205,566
	47,007	Analog Devices, Inc.		6,704,138
	46,574	Apple, Inc.		7,141,657
	13,968	Broadcom, Inc.		6,566,636
	162,093	Cisco Systems, Inc.		7,363,885
	139,203	Fortinet, Inc. ^(a)		7,956,843
	20,489	IDEXX Laboratories, Inc. ^(a)		7,369,483
	35,123	Illumina, Inc. ^(a)		8,036,845
	240,035	Intel Corp.		6,824,195
	151,426	Marvell Technology, Inc.		6,008,584
	106,828	Microchip Technology, Inc.		6,595,561
	132,803	Micron Technology, Inc.		7,184,642
	53,179	NVIDIA Corp. ^(a)		7,177,570
	43,883	NXP Semiconductors NV ADR (Netherlands)		6,410,429

Shares			Fair Value
Computer and Electronic Product Manufacturing (continued)
	56,172	Qualcomm, Inc.	$	6,609,198
	70,270	Skyworks Solutions, Inc.		6,043,923
	42,470	Texas Instruments, Inc.		6,821,956
				122,756,943
Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 1.0%
	67,741	Fiserv, Inc. ^(a)		6,959,710
Food Manufacturing - 2.1%
	116,395	Mondelez International, Inc.		7,155,965
	202,207	The Kraft Heinz Co.		7,778,903
				14,934,868
Food Services and Drinking Places - 2.0%
	17,358	Cintas Corp.		7,421,413
	76,866	Starbucks Corp.		6,655,827
				14,077,240
General Merchandise Retailers - 6.4%
	56,817	Amazon.com, Inc. ^(a)		5,820,334
	13,922	Costco Wholesale Corp.		6,981,883
	49,455	Dollar Tree, Inc. ^(a)		7,838,618
	167,110	eBay, Inc.		6,657,662
	126,759	JD.com, Inc. ADR (China)		4,726,843
	7,636	MercadoLibre, Inc. ^(a)		6,884,770
	106,886	Pinduoduo, Inc. ADR (China) ^(a)		5,860,559
				44,770,669
Health and Personal Care Stores - 1.1%
	204,804	Walgreens Boots Alliance, Inc.		7,475,346
Machinery Manufacturing - 3.0%
	78,976	Applied Materials, Inc.		6,972,791
	15,021	ASML Holding NV ADR (Netherlands)		7,096,221
	17,151	Lam Research Corp.		6,942,382
				21,011,394
Merchant Wholesalers, Durable Goods - 3.0%
	63,747	Copart, Inc. ^(a)		7,332,180
	148,190	Fastenal Co.		7,162,023
	20,918	KLA-Tencor Corp.		6,619,501
				21,113,704
Miscellaneous Manufacturing - 3.3%
	28,185	Align Technology, Inc. ^(a)		5,476,346
	77,907	DexCom, Inc. ^(a)		9,409,607
	34,026	Intuitive Surgical, Inc. ^(a)		8,386,388
				23,272,341
Motion Picture and Sound Recording Industries - 1.2%
	29,229	Netflix, Inc. ^(a)		8,531,361
Motor Vehicle and Parts Dealers - 1.2%
	10,120	O'Reilly Automotive, Inc. ^(a)		8,472,160
Performing Arts, Spectator Sports, and Related Industries - 2.0%
	92,326	Activision Blizzard, Inc.		6,721,333
	57,659	Electronic Arts, Inc.		7,262,727
				13,984,060

Shares			Fair Value
Professional, Scientific, and Technical Services - 11.2%
	56,743	Baidu, Inc. ADR (China) ^(a)	$	4,344,812
	112,840	Cognizant Technology Solutions Corp. Class A		7,024,290
	126,759	Match Group, Inc. ^(a)		5,475,989
	47,977	Meta Platforms, Inc. ^(a)		4,469,537
	50,956	Moderna, Inc. ^(a)		7,660,215
	118,940	Okta, Inc. ^(a)		6,674,913
	40,316	Palto Alto Networks, Inc. ^(a)		6,917,822
	58,425	Paychex, Inc.		6,912,262
	40,099	VeriSign, Inc. ^(a)		8,038,246
	38,056	Verisk Analytics, Inc. Class A		6,957,778
	46,088	Workday, Inc. ^(a)		7,181,432
	41,410	Zscaler, Inc. ^(a)		6,381,281
				78,038,577
Publishing Industries - 10.5%
	23,434	Adobe Systems, Inc. ^(a)		7,463,729
	29,154	ANSYS, Inc. ^(a)		6,447,699
	35,999	Autodesk, Inc. ^(a)		7,714,586
	42,726	Cadence Design Systems, Inc. ^(a)		6,468,289
	41,043	CrowdStrike Holdings, Inc. ^(a)		6,616,132
	76,917	Datadog, Inc. ^(a)		6,192,588
	124,048	DocuSign, Inc. ^(a)		5,991,518
	16,593	Intuit, Inc.		7,093,507
	28,678	Microsoft Corp.		6,657,024
	77,306	Splunk, Inc. ^(a)		6,424,902
	22,337	Synopsys, Inc. ^(a)		6,534,689
				73,604,663
Rail Transportation - 1.0%
	238,000	CSX Corp.		6,916,280
Rental and Leasing Services - 0.9%
	59,104	Airbnb, Inc. ^(a)		6,318,809
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.9%
	433,785	Lucid Group, Inc. ^(a)(b)		6,198,788
Specialty Trade Contractors - 0.7%
	84,858	NetEase.com, Inc. ADR (China) ^(a)		4,719,802
Telecommunications - 3.0%
	74,666	PayPal Holdings, Inc. ^(a)		6,240,584
	50,151	T-Mobile US, Inc. ^(a)		7,600,886
	89,205	Zoom Video Communications, Inc. ^(a)		7,443,265
				21,284,735
Transportation Equipment Manufacturing - 3.1%
	39,575	Honeywell International, Inc.		8,074,091
	82,436	Paccar, Inc.		7,982,278
	23,137	Tesla Motors, Inc. ^(a)		5,264,593
				21,320,962
Truck Transportation - 1.1%
	27,629	Old Dominion Freight Line, Inc.		7,586,923

Shares			Fair Value
Utilities - 3.8%
	69,935	American Electric Power Co., Inc.	$	6,148,685
	82,022	Constellation Energy Corp.		7,754,360
	162,439	Exelon Corp.		6,268,521
	94,974	Xcel Energy, Inc.		6,183,757
				26,355,323
		TOTAL COMMON STOCKS (Cost $806,517,465)	$	698,843,182
SHORT TERM INVESTMENTS - 1.9%
Money Market Funds - 1.9%
	13,201,004	Dreyfus Government Cash Management Institutional Shares, 2.91% ^(c)(d)	$	13,201,004
		TOTAL SHORT TERM INVESTMENTS (Cost $13,201,004)	$	13,201,004
		TOTAL INVESTMENTS (Cost $819,718,469) - 101.8%	$	712,044,186
		Liabilities in Excess of Other Assets - (1.8)%		(12,368,168	)
		TOTAL NET ASSETS - 100.0%	$	699,676,018

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 October 31, 2022.

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

ADR - American Depository Receipt

Shares			Fair Value
COMMON STOCKS - 99.7%
Administrative and Support Services - 6.7%
	11,654	Alibaba Group Holding Ltd. ADR ^(a)	$	740,961
	4,485	Atlassian Corp. ^(a)		909,244
	41,085	SentinelOne, Inc. ^(a)		938,382
				2,588,587
Computer and Electronic Product Manufacturing - 21.0%
	9,647	Alphabet, Inc. Class A ^(a)		911,738
	520,142	Avaya Holdings Corp. ^(a)(b)		821,824
	2,090	Broadcom, Inc.		982,551
	23,454	Cisco Systems, Inc.		1,065,515
	20,929	Fortinet, Inc. ^(a)		1,196,302
	8,268	International Business Machines Corp.		1,143,382
	22,581	Marvell Technology, Inc.		896,014
	14,935	NetApp, Inc.		1,034,547
				8,051,873
Data Processing, Hosting and Related Services - 5.0%
	24,647	RingCentral, Inc. ^(a)		875,461
	9,132	VMware, Inc.		1,027,624
				1,903,085
Electronics and Appliance Stores - 2.9%
	31,519	Smartsheet, Inc. ^(a)		1,100,644
Management of Companies and Enterprises - 3.0%
	60,718	America Movil SAB de CV Series L ADR (Mexico)		1,142,106
Nonstore Retailers - 2.2%
	8,155	Amazon.com, Inc. ^(a)		835,398
Professional, Scientific, and Technical Services - 23.3%
	6,583	Meta Platforms, Inc. ^(a)		613,272
	46,991	Nutanix, Inc. ^(a)		1,287,553
	17,256	Okta, Inc. ^(a)		968,407
	5,866	Palto Alto Networks, Inc. ^(a)		1,006,547
	221,825	Rackspace Technology, Inc. ^(a)(b)		1,142,399
	2,377	ServiceNow, Inc. ^(a)		1,000,099
	91,896	Sprinklr, Inc. ^(a)		850,038
	6,370	Workday, Inc. ^(a)		992,573
	7,148	Zscaler, Inc. ^(a)		1,101,507
				8,962,395
Publishing Industries (except Internet) - 30.4%
	2,781	Adobe Systems, Inc. ^(a)		885,748
	263,972	Agora, Inc. ADR ^(a)		736,482
	40,316	Box, Inc. ^(a)		1,171,180
	6,140	CrowdStrike Holdings, Inc. ^(a)		989,768
	7,410	CyberArk Software Ltd. ADR (Israel) ^(a)		1,162,703
	19,149	DocuSign, Inc. ^(a)		924,897
	1,291,133	Exela Technologies, Inc. ^(a)		306,644
	4,091	Microsoft Corp.		949,644
	14,175	Oracle Corp.		1,106,642
	22,596	Progress Software Corp.		1,153,074
	6,889	Salesforce.com, Inc. ^(a)		1,120,082
	15,551	Twilio, Inc. ^(a)		1,156,528
				11,663,392

Letter to Shareholders (Unaudited)					4
Performance Summary (Unaudited)					10
Expense Example (Unaudited)					18
Allocation of Portfolio Holdings (Unaudited)					20
Schedules of Investments					21
Statements of Assets and Liabilities					30
Statements of Operations					32
Statements of Changes in Net Assets					34
Financial Highlights					38
Notes to the Financial Statements					39
Report of Independent Registered Public Accounting Firm					51
Supplemental Information (Unaudited)					53
Board Review of Investment Advisory Agreement (Unaudited)					54
Board Review of Liquidity Risk Management Program (Unaudited)					59
Trustees and Officers (Unaudited)					60

Shares			Fair Value
SHORT TERM INVESTMENTS - 101.3%
Money Market Funds - 101.3%
	301,128,639	Dreyfus Government Cash Management Institutional Shares, 2.91% ^(a)	$	301,128,639
		TOTAL SHORT TERM INVESTMENTS (Cost $301,128,639)	$	301,128,639
		TOTAL INVESTMENTS (Cost $301,128,639) - 101.3%	$	301,128,639
		Liabilities in Excess of Other Assets - (1.3)%		(3,840,833	)
		TOTAL NET ASSETS - 100.0%	$	297,287,806

Shares			Fair Value
SHORT TERM INVESTMENTS - 91.3%
Money Market Funds - 91.3%
	6,273,596	Dreyfus Government Cash Management Institutional Shares, 2.91% ^(a)	$	6,273,596
		TOTAL SHORT TERM INVESTMENTS (Cost $6,273,596)	$	6,273,596
		TOTAL INVESTMENTS (Cost $6,273,596) - 91.3%	$	6,273,596
		Other Assets in Excess of Liabilities - 8.7% ^(b)		596,427
		TOTAL NET ASSETS - 100.0%	$	6,870,023

Shares			Fair Value
Telecommunications - 5.2%
	219,977	8x8, Inc. ^(a)	$	930,503
	13,032	Zoom Video Communications, Inc. ^(a)		1,087,390
				2,017,893
		TOTAL COMMON STOCKS (Cost $58,862,058)	$	38,265,373
SHORT TERM INVESTMENTS - 1.7%
Money Market Funds - 1.7%
	654,039	Dreyfus Government Cash Management Institutional Shares, 2.91% ^(c)(d)	$	654,039
		TOTAL SHORT TERM INVESTMENTS (Cost $654,039)	$	654,039
		TOTAL INVESTMENTS (Cost $59,516,097) - 101.4%<