DIREXION SHARES ETF TRUST

SEMI–ANNUAL REPORT APRIL 30, 2022

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

1X BEAR FUNDS

Direxion Daily CSI 300 China A Share Bear 1X Shares

Direxion Daily S&P 500® Bear 1X Shares

2X BULL FUNDS  

2X BEAR FUNDS

 
Direxion Daily CSI 300 China A Share Bull 2X Shares          
Direxion Daily CSI China Internet Index Bull 2X Shares          
Direxion Daily S&P 500® Bull 2X Shares          
Direxion Daily S&P 500® Equal Weight Bull 2X Shares          
Direxion Daily MSCI Brazil Bull 2X Shares          
Direxion Daily MSCI India Bull 2X Shares          
Direxion Daily 5G Communications Bull 2X Shares          
Direxion Daily Cloud Computing Bull 2X Shares  

Direxion Daily Cloud Computing Bear 2X Shares

 
Direxion Daily Energy Bull 2X Shares  

Direxion Daily Energy Bear 2X Shares

 
Direxion Daily FinTech Bull 2X Shares          
Direxion Daily Global Clean Energy Bull 2X Shares          
Direxion Daily Gold Miners Index Bull 2X Shares  

Direxion Daily Gold Miners Index Bear 2X Shares

 
Direxion Daily Junior Gold Miners Index Bull 2X Shares  

Direxion Daily Junior Gold Miners Index Bear 2X Shares

 
Direxion Daily Metal Miners Bull 2X Shares          
Direxion Daily Oil Services Bull 2X Shares          
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares          
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares  

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares

 
Direxion Daily Select Large Caps & FANGs Bull 2X Shares          
Direxion Daily Software Bull 2X Shares          
Direxion Daily TIPS Bull 2X Shares  

Direxion Daily TIPS Bear 2X Shares

 
Direxion Daily Travel & Vacation Bull 2X Shares          
Direxion Daily US Infrastructure Bull 2X Shares          

You can find a Fund's prospectus, reports to shareholders, and other information about the Fund online at http://www.direxioninvestments.com/regulatory-documents. You can also get this information at no cost by calling (800) 851-0511 or by sending an email request to info@direxionfunds.com.

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

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


Table of Contents

Letter to Shareholders

   

4

   
Expense Example    

13

   
Allocation of Portfolio Holdings    

16

   
Schedules of Investments    

17

   
Statements of Assets and Liabilities    

56

   
Statements of Operations    

64

   
Statements of Changes in Net Assets    

72

   
Financial Highlights    

87

   
Notes to the Financial Statements    

92

   
Supplemental Information    

123

   
Board Review of Investment Advisory
Agreement
   

124

   
Trustees and Officers    

126

   

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Letter to Shareholders

Dear Shareholders,

This Semi-Annual Report for the Direxion Shares exchange traded funds (the "ETFs") covers the period from November 1, 2021 to April 30, 2022 (the "Semi-Annual Period").

Market Review:

Although global equities ended 2021 on a high note, the Omicron variant of Covid-19 was beginning to spread, and the CPI index started to creep upward. The equity rally did not last into 2022, as the S&P 500 recorded its worst January since 2008, with value names outperforming growth names. Equity markets continued to decline through February 2022, further magnified by the Russian invasion of Ukraine. The S&P 500 posted its first monthly gain of the year in March 2022, but not all global markets followed suit. At the same time, Chinese markets were crashing, primarily due to renewed countrywide Covid-19 shut-downs. April 2022 was extremely volatile, with equity markets struggling both domestically and internationally.

In November 2021, the treasury yield curve flattened and appetite for bonds was weak. There was a slight shift in December 2021, as investors looked towards the debt markets as a safe haven against mounting inflationary pressures, but risk-off sentiment returned in 2022 as the Federal Reserve took a hawkish stance against the economic environment. The Russian invasion of Ukraine weakened the fixed income segment of the market further, especially in emerging market debt. The end of this period saw the treasury yield curve shift higher, hurting fixed income returns. The general economic sentiment was weak as CPI and inflation rose, geopolitical tensions continued, and the Federal Reserve raised rates.

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 200%, -100% or -200% 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 of 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 200% of the return 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 -100% or -200% of the return 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.

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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.

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 200% (for the Bull ETFs) or -100% or -200% (for the Bear ETFs) of the 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.

DIREXION SEMI-ANNUAL REPORT
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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 CSI 300 China A Share Bear 1X Shares seeks to provide -100% of the daily return of the CSI 300 Index. The CSI 300 Index is a modified free-float market capitalization weighted index comprised of the largest and most liquid stocks in the Chinese A-share market. Index constituent stocks must have been listed for more than three months (unless the stock's average daily A-share market capitalization since its initial listing ranks among the top 30 of all A-shares) and must not be experiencing obvious abnormal fluctuations or market manipulations. For the Semi-Annual Period, the CSI 300 Index returned -21.97%. The Direxion Daily CSI 300 China A Share Bear 1X Shares returned 22.16%, while the model indicated an expected return of 23.86%.

The Direxion Daily S&P 500® Bear 1X Shares seeks to provide -100% of the daily return of the S&P 500® Index. The S&P 500® Index is a capitalization-weighted index composed of 500 domestic common stocks. The S&P 500® Index is a capitalization-weighted index composed of 500 domestic common stocks. 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 -9.65%. The Direxion Daily S&P 500® Bear 1X Shares 8.40%, while the model indicated an expected return of 8.50%.

The Direxion Daily CSI 300 China A Share Bull 2X Shares seeks to provide 200% of the daily return of the CSI 300 Index. The CSI 300 Index is a modified free-float market capitalization weighted index comprised of the largest and most liquid stocks in the Chinese A-share market. Index constituent stocks must have been listed for more than three months (unless the stock's average daily A-share market capitalization since its initial listing ranks among the top 30 of all A-shares) and must not be experiencing obvious abnormal fluctuations or market manipulations. For the Semi-Annual Period, the CSI 300 Index returned -21.97%. 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 Fund. The Direxion Daily CSI 300 China A Share Bull 2X Shares returned -40.47%, while the model indicated an expected return -41.10%.

The Direxion Daily CSI China Internet Index Bull 2X Shares seeks to provide 200% of the daily return of the CSI Overseas China Internet Index. The CSI Overseas China Internet Index is provided by China Securities Index Co., LTD. The index is designed to measure the performance of the investable universe of publicly traded China-based companies whose primary business or businesses are in the internet and internet-related sectors, as defined by the index sponsor, China Securities Index Co., Ltd. A China-based company is a company that meets at least one of the following criteria: 1) the company is incorporated in mainland China; 2) its headquarters are in mainland China; or 3) at least 50% of the revenue from goods produced or sold, or services performed in mainland China. The index provider then removes securities that during the past year had a daily average trading value of less than $500,000 or a daily average market capitalization of less than $500 million. For the Semi-Annual Period, the CSI Overseas China Internet Index returned -36.30%. 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 Fund. The Direxion Daily CSI China Internet Index Bull 2X Shares returned -69.86%, while the model indicated an expected return of -69.64%.

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The Direxion Daily S&P 500® Bull 2X Shares seek to provide 200% of the daily return of the S&P 500® Index. The S&P 500® Index is a capitalization-weighted index composed of 500 domestic common stocks. The S&P 500® Index is a capitalization-weighted index composed of 500 domestic common stocks. 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 -9.65%. 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 Fund. The Direxion Daily S&P 500® Bull 2X Shares returned -20.61%, while the model indicated an expected return of -19.99%.

The Direxion Daily S&P 500® Equal Weight Bull 2X Shares seeks to provide 200% of the daily return of the S&P 500 Equal Weight Index. The S&P 500 Equal Weight Index consists of all of the components of the S&P 500® Index. The Index is an equal-weighted version of the S&P 500® Index. Unlike the S&P 500® Index, which employs a float-adjusted market capitalization weighted methodology, the Index assigns each component security the same weight upon rebalance. The Index is a stock market index tracking the performance of 500 large companies listed on stock exchanges in the United States. Since the Fund's inception on January 20, 2022, the S&P 500 Equal Weight Index returned -5.85%. 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® Equal Weight Bull 2X Shares returned -12.92%, while the model indicated an expected return of -12.40%.

The Direxion Daily MSCI Brazil Bull 2X Shares seeks to provide 200% of the daily return of the MSCI Brazil 25/50 Index. The MSCI Brazil 25/50 Index is designed to measure the performance of the large- and mid-capitalization segments of the Brazilian equity market, covering approximately 85% of the free float-adjusted market capitalization of Brazilian issuers. For the Semi-Annual Period, the MSCI Brazil 25/50 Index returned 20.26%. 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 MSCI Brazil Bull 2X Shares returned 37.73%, while the model indicated an expected return of 38.91%.

The Direxion Daily MSCI India Bull 2X Shares seeks to provide 200% of the daily return of the MSCI India Index. The MSCI India Index is designed to measure the performance of the large- and mid-capitalization segments of the Indian equity market, covering approximately 85% of companies in the Indian equity universe. For the Semi-Annual Period, the MSCI India Index returned -4.84%. 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 MSCI India Bull 2X Shares returned -12.41%, while the model indicated an expected return of -11.48%.

The Direxion Daily 5G Communications Bull 2X Shares seeks to provide 200% of the daily return of the BlueStar® 5G Communications Index. The BlueStar® 5G Communications Index is provided by MV Index Solutions GmbH and is a rules based index that consists of a tiered, modified market capitalization weighted portfolio of U.S. listed equity securities, including depository receipts, of companies whose products and services are economically tied to the market's adoption of 5G networking and communication technologies. For the Semi-Annual Period, the BlueStar® 5G Communications Index returned -10.20%. 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 5G Communications Bull 2X Shares returned -22.60%, while the model indicated an expected return of -22.03%.

The Direxion Daily Cloud Computing Bull 2X Shares and the Direxion Daily Cloud Computing Bear 2X Shares seek to provide 200% and -200%, respectively, of the daily return of the Indxx USA Cloud Computing Index. The Indxx USA Cloud Computing Index is provided by Indxx, LLC. and includes domestic companies that deliver cloud computing infrastructure, platforms, or services. The companies included in the Index are involved in the delivery of computing services – servers, storage, databases, networking, software, analytics, and more, over the internet, which is often referred to as the "Cloud." The Index Provider has defined cloud computing to include three themes: Infrastructure as a service; Platform as a service; and Software as a service. For the Semi-Annual Period, the Indxx USA Cloud Computing Index returned -40.03%. Given

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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 Cloud Computing Bull 2X Shares returned -67.18%, while the model indicated an expected return of -66.93%. The Direxion Daily Cloud Computing Bear 2X Shares returned 115.46%, while the model indicated an expected return of 116.97%.

The Direxion Daily Energy Bull 2X Shares and the Direxion Daily Energy Bear 2X Shares seek to provide 200% and -200%, respectively, of the daily return of the Energy Select Sector Index. The Energy Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the energy sector which includes the following industries: oil, gas and consumable fuels; and energy equipment and services. For the Semi-Annual Period, the Energy Select Sector Index returned 33.96%. 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 Energy Bull 2X Shares returned 70.56%, while the model indicated an expected return of 72.02%. The Direxion Daily Energy Bear 2X Shares returned -51.14%, while the model indicated an expected return of -50.97%.

The Direxion Daily FinTech Bull 2X Shares seeks to provide 200% of the daily return of the Indxx US FinTech and Decentralized Finance Index. The Indxx US FinTech and Decentralized Finance Index includes U.S.-listed securities, including ADRs, of companies that derive a minimum of 50% of their total revenue from offering technology-driven financial services ("FinTech"), including companies that facilitate decentralized finance systems. Indxx, the Index Provider, defines FinTech as being comprised of the following types of companies: Digital Payments, Point-of-Sale, Personal Finance Software and Credit/Debit Card Issuers, Tax Compliance Software and Backend Payment Processing, Decentralized Finance, Financial Enterprise Solutions, and Peer-to-Peer Lending and Crowdfunding. Since the Fund's inception on January 20, 2022, the Indxx US FinTech and Decentralized Finance Index returned -13.65%. 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 FinTech Bull 2X Shares returned -29.00%, while the model indicated an expected return of -28.51%.

The Direxion Daily Global Clean Energy Bull 2X Shares seeks to provide 200% of the daily return of the S&P Global Clean Energy Index. The S&P Global Clean Energy Index is designed to track the performance of companies from developed markets whose economic fortunes are tied to the global clean energy business. The Index has a target constituent count of 100 and is limited to those stocks traded on a developed market exchange that meet or exceed, at the time of inclusion, $300 million in total market capitalization, $100 million in float adjusted market capitalization, and $3 million average daily value traded over a six month period. The Index is rebalanced semiannually. For the Semi-Annual Period, the S&P Global Clean Energy Index returned -24.19%. 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 Global Clean Energy Bull 2X Shares returned -47.36%, while the model indicated an expected return of -46.14%.

The Direxion Daily Gold Miners Index Bull 2X Shares and the Direxion Daily Gold Miners Index Bear 2X Shares seek to provide 200% and -200%, respectively, of the daily return of the NYSE Arca Gold Miners Index. The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies that operate globally in both developed and emerging markets, and are involved primarily in mining for gold and, to a lesser extent, in mining for silver. The index will limit the weight of companies whose revenues are more significantly exposed to silver mining to less than 20% of the index at each rebalance date. The index may include small- and mid-capitalization companies and foreign issuers For the Semi-Annual Period, the NYSE Arca Gold Miners Index returned 12.27%. 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 Gold Miners Index Bull 2X Shares returned 18.52%, while the model indicated an expected return of 19.91%. The Direxion Daily Gold Miners Index Bear 2X Shares returned -32.09%, while the model indicated an expected return of -31.99%.

The Direxion Daily Junior Gold Miners Index Bull 2X Shares and the Direxion Daily Junior Gold Miners Index Bear 2X Shares seek to provide 200% and -200%, respectively, of the daily return of the MVIS Global Junior Gold Miners Index. The MVIS Global Junior Gold Miners Index tracks the performance of foreign and domestic micro-, small- and mid-capitalization

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companies that generate, or demonstrate the potential to generate, at least 50% of their revenues from, or have at least 50% of their assets related to, gold mining and/or silver mining, hold real property or have mining projects that have the potential to produce at least 50% of the company's revenue from gold or silver mining when developed, or primarily invest in gold or silver. For the Semi-Annual Period, the MVIS Global Junior Gold Miners Index returned 1.12%. 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 Junior Gold Miners Index Bull 2X Shares returned -5.38%, while the model indicated an expected return of -4.15%. The Direxion Daily Junior Gold Miners Index Bear 2X Shares returned -19.73%, while the model indicated an expected return of -19.59%.

The Direxion Daily Metal Miners Bull 2X Shares seeks to provide 200% of the daily return of the S&P Metals & Mining Select Industry Index. The S&P Metals & Mining Select Industry Index is a modified equal-weighted index that is designed to measure the performance of the equity securities of companies in the S&P Total Market Index that are classified by the Global Industry Classification Standard (GICS) as being in the metals and mining industry. The metals and mining industry includes companies in the following sub-industries: aluminum; coal & consumable fuels; copper; diversified metals & mining; gold; precious metals & minerals; silver; and steel. The Index does not include metal commodities. Since the Fund's inception on December 16, 2021, the S&P Metals & Mining Select Industry Index returned 35.83%. 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 Metal Miners Bull 2X Shares returned 74.04%, while the model indicated an expected return of 75.56%.

The Direxion Daily Oil Services Bull 2X Shares seeks to provide 200% of the daily return of the MVIS US Listed Oil Services 25 Index. The MVIS US Listed Oil Services 25 Index includes companies that have common stocks or depositary receipts listed on a U.S. stock exchange and that provide services to the oil industry. To be eligible for initial inclusion in the Index, companies must generate at least 50% of their revenues from providing services to upstream oil companies, such as those engaged primarily in providing oil equipment, oil services or oil drilling. Of the largest 50 such stocks by full market capitalization, the top 25 by free-float market capitalization and three-month average daily trading volume are included in the Index. Since the Fund's inception on January 20, 2022, the MVIS US Listed Oil Services 25 Index returned 19.24%. 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 Oil Services Bull 2X Shares returned 34.13%, while the model indicated an expected return of 34.81%.

The Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares sought to provide 200% of the daily return of the Indxx Global Robotics & Artificial Intelligence Thematic Index. The Indxx Global Robotics & Artificial Intelligence Thematic Index is designed to provide exposure to exchange-listed companies in developed markets that are expected to benefit from the adoption and utilization of robotics and/or artificial intelligence, including companies involved in developing industrial robots and production systems, automated inventory management, unmanned vehicles, voice/image/text recognition, and medical robots or robotic instruments, as defined by the index provider, Indxx. Companies must have a minimum market capitalization of $100 million and a minimum average daily turnover for the last 6 months greater than, or equal to, $2 million in order to be eligible for inclusion in the Index. For the Semi-Annual Period, the Indxx Global Robotics & Artificial Intelligence Thematic Index returned -36.70%. 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 Robotics, Artificial Intelligence & Automation Index Bull 2X Shares returned -62.64%, while the model indicated an expected return of -62.18%.

The Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares and the Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares seek to provide 200% and -200%, respectively, of the daily return of the S&P Oil & Gas Exploration & Production Select Industry Index. The S&P Oil & Gas Exploration & Production Select Industry Index is provided by Standard & Poor's and includes domestic companies from the oil and gas exploration and production sub-industry. The index is designed to measure the performance of a sub-industry or group of sub-industries determined based on the Global Industry Classification Standards. For the Semi-Annual Period, the S&P Oil & Gas Exploration & Production Select Industry Index returned 25.32%. 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 Oil & Gas

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9


Exp. & Prod. Bull 2X Shares returned 43.86%, while the model indicated an expected return of 45.16%. The Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares returned -50.10%, while the model indicated an expected return of -49.81%.

The Direxion Daily Select Large Caps & FANGs Bull 2X Shares seeks to provide 200% of the daily return of the ICE FANG 20 Index. The ICE FANG 20 Index is an equal weighted index designed to include Facebook, Apple, Amazon, Netflix and (Alphabet's) Google (i.e., the FANGs) and similar highly-traded growth stocks of technology and tech-enabled companies, such as Microsoft, from the information technology, communication services and consumer discretionary sectors. The Index consists of 20 stocks or depository receipts that are listed on a U.S. Exchange that have a minimum of a $5 billion market capitalization and a 6-month average daily trading value of at least $50 million. The Index selects companies whose economic fortunes are tied to technologies such as social networking, autonomous driving, electric vehicles, smartphones, mobile payments, e-commerce, online games, streaming media, online entertainment, cryptocurrencies, blockchain, big data, artificial intelligence, machine learning, digital advertising, cloud services and other innovative technologies. The Index is reconstituted and rebalanced quarterly. For the Semi-Annual Period, the ICE FANG 20 Index returned -45.19%. 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 Select Large Caps & FANGs Bull 2X Shares returned -73.75%, while the model indicated an expected return of -73.49%.

The Direxion Daily Software Bull 2X Shares seeks to provide 200% of the daily return of the S&P North American Expanded Technology Software Index. The S&P North American Expanded Technology Software Index measures the performance of the constituents of the S&P North American Technology Software Index (the "Underlying Index") as well as certain eligible supplemental stocks. The Underlying Index measures the performance of U.S. and Canadian stocks that are classified in the application software, systems software and home entertainment software sub-industries of the Global Industry Classification Standard (GICS) information technology sector. At its quarterly rebalances, the Index is weighted by float-adjusted market capitalization, subject to the following diversification requirements: (1) the weight of a single component cannot exceed 8.5%, and (2) the aggregate weight of the Index components with a weight greater than 4.5% cannot exceed 45%. Since the Fund's inception on December 16, 2021, the S&P North American Expanded Technology Software Index returned -25.28%. 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 Software Bull 2X Shares returned -47.40%, while the model indicated an expected return of -47.10%.

The Direxion Daily TIPS Bull 2X Shares and the Direxion Daily TIPS Bear 2X Shares seek to provide 200% and -200%, respectively, of the daily return of the Solactive TIPS ETF Index. The Solactive TIPS ETF Index provides exposure to the iShares TIPS Bond ETF, which seeks to track the investment results of an index composed of inflation-protected U.S Treasury bonds, commonly known as "TIPS." TIPS are securities issued by the U.S. Treasury that are designed to provide inflation protection to investors. Since the Funds' inception on April 7, 2022, the Solactive TIPS ETF Index returned -0.41%. 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 TIPS Bull 2X Shares returned -0.96%, while the model indicated an expected return of -0.84%. The Direxion Daily TIPS Bear 2X Shares returned 0.72%, while the model indicated an expected return of 0.76%.

The Direxion Daily Travel & Vacation Bull 2X Shares seeks to provide 200% of the daily return of the BlueStar® Travel and Vacation Index. The BlueStar® Travel and Vacation Index is provided by MV Index Solutions GmbH and is comprised of US listed stocks, including depository receipts, of companies that are "Travel and Vacation" companies, as defined by the Index Provider. To be eligible for inclusion in the Index, a company must either (a) derive 25% or more of its revenue from, or devote 25% or more of its annual budget to, operating theme parks and/or hotels or (b) derive 50% or more of its revenue from, or devote 50% or more of its annual budget to the following activities: 1. Hotel accommodations; 2. Commercial airlines; 3. Casino resorts; 4. Hotel time shares; 5. Ski resorts; 6. Cruises; 7. Hotel real estate investment trusts; 8. Performing arts centers; 9. Online travel and event booking; 10. Specialty travel and experiences (such as outer space passenger travel), and 11. Operation of theme parks. For the Semi-Annual Period, the BlueStar® Travel and Vacation Index returned -8.37%. 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 Travel & Vacation Bull 2X Shares returned -22.71%, while the model indicated an expected return of -22.01%.

DIREXION SEMI-ANNUAL REPORT
10


The Direxion Daily US Infrastructure Bull 2X Shares seeks to provide 200% of the daily return of the Indxx US Infrastructure Index. The Indxx US Infrastructure Index is designed to track the performance of U.S. listed securities, including ADRs, of companies which are involved in infrastructure through engineering, design, maintenance, and construction of infrastructure projects. The Index Provider defines infrastructure as being comprised of Construction & Engineering Services and Industrial Transportation companies. Companies that derive a minimum of 50% of their total revenue from Construction & Engineering Services or Industrial Transportation are eligible for inclusion. The Index Provider screens companies based on various market capitalization and liquidity metrics and selects the top 100 securities by market capitalization. In case there are fewer than 100 securities in the selection list, all the securities will form the portfolio. The Index constituents are equally weighted and the Index is reconstituted and rebalanced annually. For the Semi-Annual Period, the Indxx US Infrastructure Index returned -3.33%. 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 US Infrastructure Bull 2X Shares returned -8.81%, while the model indicated an expected return of -8.26%.

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

Best Regards,

 

 

Patrick Rudnick

 

Corey Nolter

 

Principal Executive Officer

 

Principal Financial Officer

 

DIREXION SEMI-ANNUAL REPORT
11


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 for performance under one year are cumulative, not annualized. For the most recent month-end performance please visit the Funds website at direxion.com.

Short-term performance, in particular, is not a good indication of the Fund's future performance, and an investment should not be made based solely on returns. Because of ongoing market volatility, Fund performance may be subject to substantial short-term changes. For additional information, see the Fund's prospectus.

Shares of the Direxion Shares are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. Market Price returns are based upon the midpoint of the bid/ask spread at 4:00 pm EST (when NAV is normally calculated) and do not represent the returns you would receive if you traded shares at other times. Brokerage commissions will reduce returns. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. Some performance results reflect expense reimbursements or recoupments and fee waivers in effect during certain periods shown. Absent these reimbursements or recoupments and fee waivers, results would have been less favorable.

LIBOR (London Interbank Offered Rate) is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks.

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

The views of this letter were those of the Adviser as of April 30, 2022 and may not necessarily reflect his views on the date this letter is first published or anytime thereafter. These views are intended to help shareholders in understanding the ETFs' present investment methodology and do not constitute investment advice.

Distributed by: Foreside Fund Services, LLC

DIREXION SEMI-ANNUAL REPORT
12


Expense Example (Unaudited)

April 30, 2022

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 funds.

The example is based on initial investments of $1,000 invested at the beginning of the period and held the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

The first line under each Fund in the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled "Expenses Paid During Period November 1, 2021 to April 30, 2022" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

Expense Example (Unaudited)

April 30, 2022

    Annualized
Expense Ratio
  Beginning
Account Value
November 1, 2021
  Ending
Account Value
April 30, 2022
  Expenses Paid
During Period
November 1, 2021 to
April 30, 2022*
 
Direxion Daily CSI 300 China A Share
Bear 1X Shares
 

Based on actual fund return

   

0.73

%

 

$

1,000.00

   

$

1,221.60

   

$

4.02

   

Based on hypothetical 5% return

   

0.73

%

   

1,000.00

     

1,021.17

     

3.66

   

Direxion Daily S&P 500® Bear 1X Shares

 

Based on actual fund return

   

0.45

%

   

1,000.00

     

1,084.00

     

2.33

   

Based on hypothetical 5% return

   

0.45

%

   

1,000.00

     

1,022.56

     

2.26

   
Direxion Daily CSI 300 China A Share
Bull 2X Shares
 

Based on actual fund return

   

0.89

%

   

1,000.00

     

595.30

     

3.52

   

Based on hypothetical 5% return

   

0.89

%

   

1,000.00

     

1,020.38

     

4.46

   

DIREXION SEMI-ANNUAL REPORT
13


Expense Example (Unaudited)

April 30, 2022

    Annualized
Expense Ratio
  Beginning
Account Value
November 1, 2021
  Ending
Account Value
April 30, 2022
  Expenses Paid
During Period
November 1, 2021 to
April 30, 2022*
 
Direxion Daily CSI China Internet Index
Bull 2X Shares
 

Based on actual fund return

   

0.87

%

 

$

1,000.00

   

$

301.40

   

$

2.81

   

Based on hypothetical 5% return

   

0.87

%

   

1,000.00

     

1,020.48

     

4.36

   

Direxion Daily S&P 500® Bull 2X Shares

 

Based on actual fund return

   

0.60

%

   

1,000.00

     

793.90

     

2.67

   

Based on hypothetical 5% return

   

0.60

%

   

1,000.00

     

1,021.82

     

3.01

   
Direxion Daily S&P 500 Equal Weight
Bull 2X Shares2
 

Based on actual fund return

   

0.95

%

   

1,000.00

     

870.80

     

2.46

   

Based on hypothetical 5% return

   

0.95

%

   

1,000.00

     

1,011.21

     

2.64

   

Direxion Daily MSCI Brazil Bull 2X Shares

 

Based on actual fund return

   

0.93

%

   

1,000.00

     

1,377.30

     

5.48

   

Based on hypothetical 5% return

   

0.93

%

   

1,000.00

     

1,020.18

     

4.66

   

Direxion Daily MSCI India Bull 2X Shares

 

Based on actual fund return

   

0.91

%

   

1,000.00

     

875.90

     

4.23

   

Based on hypothetical 5% return

   

0.91

%

   

1,000.00

     

1,020.28

     

4.56

   

Direxion Daily 5G Communications Bull 2X Shares

 

Based on actual fund return

   

0.95

%

   

1,000.00

     

774.00

     

4.18

   

Based on hypothetical 5% return

   

0.95

%

   

1,000.00

     

1,020.08

     

4.76

   

Direxion Daily Cloud Computing Bull 2X Shares

 

Based on actual fund return

   

0.95

%

   

1,000.00

     

328.20

     

3.13

   

Based on hypothetical 5% return

   

0.95

%

   

1,000.00

     

1,020.08

     

4.76

   

Direxion Daily Cloud Computing Bear 2X Shares

 

Based on actual fund return

   

0.97

%

   

1,000.00

     

2,154.60

     

7.59

   

Based on hypothetical 5% return

   

0.97

%

   

1,000.00

     

1,019.98

     

4.86

   

Direxion Daily Energy Bull 2X Shares

 

Based on actual fund return

   

0.94

%

   

1,000.00

     

1,705.60

     

6.31

   

Based on hypothetical 5% return

   

0.94

%

   

1,000.00

     

1,020.13

     

4.71

   

Direxion Daily Energy Bear 2X Shares

 

Based on actual fund return

   

0.95

%

   

1,000.00

     

488.60

     

3.51

   

Based on hypothetical 5% return

   

0.95

%

   

1,000.00

     

1,020.08

     

4.76

   

Direxion Daily Fintech Bull 2X Shares2

 

Based on actual fund return

   

0.95

%

   

1,000.00

     

710.00

     

2.25

   

Based on hypothetical 5% return

   

0.95

%

   

1,000.00

     

1,011.21

     

2.64

   
Direxion Daily Global Clean Energy Bull 2X
Shares ETF
 

Based on actual fund return

   

0.96

%

   

1,000.00

     

526.40

     

3.63

   

Based on hypothetical 5% return

   

0.96

%

   

1,000.00

     

1,020.03

     

4.81

   

Direxion Daily Gold Miners Index Bull 2X Shares

 

Based on actual fund return

   

0.88

%

   

1,000.00

     

1,185.20

     

4.77

   

Based on hypothetical 5% return

   

0.88

%

   

1,000.00

     

1,020.43

     

4.41

   

Direxion Daily Gold Miners Index Bear 2X Shares

 

Based on actual fund return

   

0.95

%

   

1,000.00

     

679.10

     

3.96

   

Based on hypothetical 5% return

   

0.95

%

   

1,000.00

     

1,020.08

     

4.76

   
Direxion Daily Junior Gold Miners Index
Bull 2X Shares
 

Based on actual fund return

   

0.85

%

   

1,000.00

     

946.20

     

4.10

   

Based on hypothetical 5% return

   

0.85

%

   

1,000.00

     

1,020.58

     

4.26

   

DIREXION SEMI-ANNUAL REPORT
14


Expense Example (Unaudited)

April 30, 2022

    Annualized
Expense Ratio
  Beginning
Account Value
November 1, 2021
  Ending
Account Value
April 30, 2022
  Expenses Paid
During Period
November 1, 2021 to
April 30, 2022*
 
Direxion Daily Junior Gold Miners Index
Bear 2X Shares
 

Based on actual fund return

   

0.92

%

 

$

1,000.00

   

$

802.70

   

$

4.11

   

Based on hypothetical 5% return

   

0.92

%

   

1,000.00

     

1,020.23

     

4.61

   

Direxion Daily Metal Miners Bull 2X Shares1

 

Based on actual fund return

   

0.95

%

   

1,000.00

     

1,740.40

     

4.85

   

Based on hypothetical 5% return

   

0.95

%

   

1,000.00

     

1,015.09

     

3.57

   

Direxion Daily Oil Services Bull 2X Shares2

 

Based on actual fund return

   

0.95

%

   

1,000.00

     

1,341.30

     

3.08

   

Based on hypothetical 5% return

   

0.95

%

   

1,000.00

     

1,011.21

     

2.64

   
Direxion Daily Robotics, Artificial Intelligence &
Automation Index Bull 2X Shares
 

Based on actual fund return

   

0.95

%

   

1,000.00

     

373.60

     

3.24

   

Based on hypothetical 5% return

   

0.95

%

   

1,000.00

     

1,020.08

     

4.76

   
Direxion Daily S&P Oil & Gas Exp. & Prod.
Bull 2X Shares
 

Based on actual fund return

   

0.95

%

   

1,000.00

     

1,438.60

     

5.74

   

Based on hypothetical 5% return

   

0.95

%

   

1,000.00

     

1,020.08

     

4.76

   
Direxion Daily S&P Oil & Gas Exp. & Prod.
Bear 2X Shares
 

Based on actual fund return

   

0.95

%

   

1,000.00

     

499.00

     

3.53

   

Based on hypothetical 5% return

   

0.95

%

   

1,000.00

     

1,020.08

     

4.76

   
Direxion Daily Select Large Caps & FANGs
Bull 2X Shares
 

Based on actual fund return

   

0.95

%

   

1,000.00

     

262.50

     

2.97

   

Based on hypothetical 5% return

   

0.95

%

   

1,000.00

     

1,020.08

     

4.76

   

Direxion Daily Software Bull 2X Shares1

 

Based on actual fund return

   

0.95

%

   

1,000.00

     

526.00

     

2.70

   

Based on hypothetical 5% return

   

0.95

%

   

1,000.00

     

1,015.09

     

3.57

   

Direxion Daily TIPS Bull 2X Shares3

 

Based on actual fund return

   

0.95

%

   

1,000.00

     

990.40

     

0.62

   

Based on hypothetical 5% return

   

0.95

%

   

1,000.00

     

1,002.66

     

0.63

   

Direxion Daily TIPS Bear 2X Shares3

 

Based on actual fund return

   

0.95

%

   

1,000.00

     

1,007.20

     

0.63

   

Based on hypothetical 5% return

   

0.95

%

   

1,000.00

     

1,002.66

     

0.63

   

Direxion Daily Travel & Vacation Bull 2X Shares

 

Based on actual fund return

   

0.95

%

   

1,000.00

     

772.90

     

4.18

   

Based on hypothetical 5% return

   

0.95

%

   

1,000.00

     

1,020.08

     

4.76

   

Direxion Daily US Infrastructure Bull 2X Shares

 

Based on actual fund return

   

0.95

%

   

1,000.00

     

911.90

     

4.50

   

Based on hypothetical 5% return

   

0.95

%

   

1,000.00

     

1,020.08

     

4.76

   

*  Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 days (the number of days in the period of November 1, 2021 to April 30, 2022), then divided by 365.

1  Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period from December 16, 2021 (commencement of operations) to April 30, 2022, multiplied by 136 days (the number of days since commencement of operations to April 30, 2022), then divided by 365.

2  Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period from January 20, 2022 (commencement of operations) to April 30, 2022, multiplied by 101 days (the number of days since commencement of operations to April 30, 2022), then divided by 365.

3  Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period from April 7, 2022 (commencement of operations) to April 30, 2022, multiplied by 24 days (the number of days since commencement of operations to April 30, 2022), then divided by 365.

DIREXION SEMI-ANNUAL REPORT
15


Allocation of Portfolio Holdings (Unaudited)

April 30, 2022

   

Cash*

  Common
Stocks
  Investment
Companies
 

Swaps

 

Total

 

Direxion Daily CSI 300 China A Share Bear 1X Shares

   

96

%

   

     

     

4

%

   

100

%

 

Direxion Daily S&P 500® Bear 1X Shares

   

98

%

   

     

     

2

%

   

100

%

 

Direxion Daily CSI 300 China A Share Bull 2X Shares

   

126

%

   

     

2

%

   

(28

)%

   

100

%

 

Direxion Daily CSI China Internet Index Bull 2X Shares

   

66

%

   

     

48

%

   

(14

)%

   

100

%

 

Direxion Daily S&P 500® Bull 2X Shares

   

8

%

   

     

100

%

   

(8

)%

   

100

%

 

Direxion Daily S&P 500® Equal Weight Bull 2X Shares

   

36

%

   

     

71

%

   

(7

)%

   

100

%

 

Direxion Daily MSCI Brazil Bull 2X Shares

   

71

%

   

     

23

%

   

6

%

   

100

%

 

Direxion Daily MSCI India Bull 2X Shares

   

68

%

   

     

35

%

   

(3

)%

   

100

%

 

Direxion Daily 5G Communications Bull 2X Shares

   

30

%

   

81

%

   

     

(11

)%

   

100

%

 

Direxion Daily Cloud Computing Bull 2X Shares

   

29

%

   

97

%

   

     

(26

)%

   

100

%

 

Direxion Daily Cloud Computing Bear 2X Shares

   

80

%

   

     

     

20

%

   

100

%

 

Direxion Daily Energy Bull 2X Shares

   

(4

)%

   

90

%

   

     

14

%

   

100

%

 

Direxion Daily Energy Bear 2X Shares

   

107

%

   

     

     

(7

)%

   

100

%

 

Direxion Daily FinTech Bull 2X Shares

   

30

%

   

85

%

   

     

(15

)%

   

100

%

 

Direxion Daily Global Clean Energy Bull 2X Shares

   

20

%

   

     

86

%

   

(6

)%

   

100

%

 

Direxion Daily Gold Miners Index Bull 2X Shares

   

31

%

   

     

55

%

   

14

%

   

100

%

 

Direxion Daily Gold Miners Index Bear 2X Shares

   

105

%

   

     

     

(5

)%

   

100

%

 

Direxion Daily Junior Gold Miners Index Bull 2X Shares

   

76

%

   

     

44

%

   

(20

)%

   

100

%

 

Direxion Daily Junior Gold Miners Index Bear 2X Shares

   

80

%

   

     

     

20

%

   

100

%

 

Direxion Daily Metal Miners Bull 2X Shares

   

29

%

   

85

%

   

     

(14

)%

   

100

%

 

Direxion Daily Oil Services Bull 2X Shares

   

20

%

   

81

%

   

     

(1

)%

   

100

%

 
Direxion Daily Robotics, Artificial Intelligence & Automation
Index Bull 2X Shares
   

75

%

   

     

63

%

   

(38

)%

   

100

%

 

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares

   

26

%

   

51

%

   

     

23

%

   

100

%

 

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares

   

101

%

   

     

     

(1

)%

   

100

%

 

Direxion Daily Select Large Caps & FANGs Bull 2X Shares

   

18

%

   

86

%

   

     

(4

)%

   

100

%

 

Direxion Daily Software Bull 2X Shares

   

28

%

   

87

%

   

     

(15

)%

   

100

%

 

Direxion Daily TIPS Bull 2X Shares

   

33

%

   

     

67

%

   

0

%**

   

100

%

 

Direxion Daily TIPS Bear 2X Shares

   

99

%

   

     

     

1

%

   

100

%

 

Direxion Daily Travel & Vacation Bull 2X Shares

   

23

%

   

79

%

   

     

(2

)%

   

100

%

 

Direxion Daily US Infrastructure Bull 2X Shares

   

38

%

   

66

%

   

     

(4

)%

   

100

%

 

*  Cash, cash equivalents and other assets less liabilities.

**  Percentage is less than 0.5%.

DIREXION SEMI-ANNUAL REPORT
16


Direxion Daily CSI 300 China A Share Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

SHORT TERM INVESTMENTS - 101.8%

 

Money Market Funds - 101.8%

 
 

155,261,681

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

$

155,261,681

   
 

8,126,700

    Goldman Sachs Financial
Square Treasury
Instruments Fund
Institutional Shares,
0.34% (a)
   

8,126,700

   
    TOTAL SHORT TERM
INVESTMENTS
(Cost $163,388,381) (b)
 

$

163,388,381

   
    TOTAL INVESTMENTS
(Cost $163,388,381) - 101.8%
 

$

163,388,381

   
    Liabilities in Excess of
Other Assets - (1.8)%
   

(2,843,237

)

 
   

TOTAL NET ASSETS - 100.0%

 

$

160,545,144

   

Percentages are stated as a percent of net assets.

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

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

(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $28,085,513.

Short Total Return Swap Contracts (Unaudited)

April 30, 2022

Terms of Payments
to be Received/(Paid)
at Termination
  Terms of Payments
to be Paid
at Termination
 

Counterparty

  Termination
Date
 

Contracts

  Notional
Amount
  Unrealized
Appreciation
(Depreciation)
 
(2.9200)%
representing
1 month SOFR
rate + spread
  Total return of Deutsche
Xtrackers Harvest
CSI 300 China A-Shares
ETF
 

Citibank N.A.

 

12/13/2022

   

1,009,416

   

$

29,234,005

   

$

(1,039,275

)

 
(1.3300)%
representing
1 month SOFR
rate + spread
  Total return of Deutsche
Xtrackers Harvest
CSI 300 China A-Shares
ETF
  UBS Securities
LLC
 

12/13/2022

   

4,222,796

     

133,058,748

     

6,280,017

   
(2.7200)%
representing
1 month SOFR
rate + spread
  Total return of Deutsche
Xtrackers Harvest
CSI 300 China A-Shares
ETF
 

J.P. Morgan

 

12/13/2022

   

122,882

     

4,189,566

     

457,593

   
                   

$

166,482,319

   

$

5,698,335

   

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

DIREXION SEMI-ANNUAL REPORT
17


Direxion Daily S&P 500® Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

SHORT TERM INVESTMENTS - 92.5%

 

Money Market Funds - 92.5%

 
 

311,177,650

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

$

311,177,650

   
 

18,474,520

    Goldman Sachs Financial
Square Treasury
Instruments Fund
Institutional Shares,
0.34% (a)
   

18,474,520

   
    TOTAL SHORT TERM
INVESTMENTS
(Cost $329,652,170) (b)
 

$

329,652,170

   
    TOTAL INVESTMENTS
(Cost $329,652,170) - 92.5%
 

$

329,652,170

   
    Other Assets in Excess of
Liabilities - 7.5%
   

26,661,321

   
   

TOTAL NET ASSETS - 100.0%

 

$

356,313,491

   

Percentages are stated as a percent of net assets.

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

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

(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $57,443,533.

Short Total Return Swap Contracts (Unaudited)

April 30, 2022

Terms of Payments
to be Received at
Termination
  Terms of Payments to be
Paid at Termination
 

Counterparty

  Termination
Date
 

Contracts

  Notional
Amount
  Unrealized
Appreciation
 
0.5800%
representing
1 month SOFR
rate + spread
  Total return of
S&P 500® Index
  Credit Suisse
International
 

12/7/2022

   

18,140

   

$

83,292,894

   

$

8,043,212

   
0.6500%
representing
1 month SOFR
rate + spread
  Total return of
S&P 500® Index
  UBS Securities
LLC
 

12/14/2022

   

68,096

     

281,367,905

     

312,123

   
                   

$

364,660,799

   

$

8,355,335

   

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

DIREXION SEMI-ANNUAL REPORT
18


Direxion Daily CSI 300 China A Share Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

INVESTMENT COMPANIES - 1.9%

     
 

37,927

    Deutsche Xtrackers
Harvest CSI 300
China A-Shares ETF (a)
 

$

1,137,051

   
        TOTAL INVESTMENT
COMPANIES
(Cost $1,115,341)
 

$

1,137,051

   

SHORT TERM INVESTMENTS - 126.3%

     

Money Market Funds - 126.3%

     
 

51,704,191

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

$

51,704,191

   
 

23,729,638

    Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
0.34% (b)
   

23,729,638

   
        TOTAL SHORT TERM
INVESTMENTS
(Cost $75,433,829)
 

$

75,433,829

   
        TOTAL INVESTMENTS
(Cost $76,549,170) -
128.2% (c)
 

$

76,570,880

   
        Liabilities in Excess of
Other Assets - (28.2)%
   

(16,828,742

)

 
       

TOTAL NET ASSETS - 100.0%

 

$

59,742,138

   

Percentages are stated as a percent of net assets.

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

(a)  Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

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

(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $43,147,751.

Long Total Return Swap Contracts (Unaudited)

April 30, 2022

Terms of Payments
to be Received at
Termination
  Terms of Payments
to be Paid/(Received)
at Termination
 

Counterparty

  Termination
Date
 

Contracts

  Notional
Amount
  Unrealized
Depreciation
 
Total return of
Deutsche Xtrackers
Harvest CSI 300
China A-Shares ETF
 
(2.7200)% representing
1 month SOFR
rate + spread
 

Citibank N.A.

 

12/13/2022

   

1,737,491

   

$

61,921,545

   

$

(9,063,896

)

 
Total return of
Deutsche Xtrackers
Harvest CSI 300
China A-Shares ETF
 
(1.7200)% representing
1 month SOFR
rate + spread
 

J.P. Morgan

 

12/13/2022

   

122,882

     

4,796,538

     

(1,032,072

)

 
Total return of
Deutsche Xtrackers
Harvest CSI 300
China A-Shares ETF
 
(1.0300)% representing
1 month SOFR
rate + spread
 

UBS Securities LLC

 

12/14/2022

   

2,087,191

     

69,340,406

     

(6,682,710

)

 
                   

$

136,058,489

   

$

(16,778,678

)

 

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

DIREXION SEMI-ANNUAL REPORT
19


Direxion Daily CSI China Internet Index Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

INVESTMENT COMPANIES - 47.9%

     
 

5,738,917

    KraneShares CSI China
Internet ETF (a)
 

$

162,239,184

   
        TOTAL INVESTMENT
COMPANIES
(Cost $164,925,040)
 

$

162,239,184

   

SHORT TERM INVESTMENTS - 70.2%

     

Money Market Funds - 70.2%

     
 

163,232,755

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

$

163,232,755

   
 

19,440,103

    Dreyfus Treasury Securities
Cash Management
Institutional Shares,
0.32% (b)
   

19,440,103

   
 

55,478,400

    Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
0.34% (b)
   

55,478,400

   
        TOTAL SHORT TERM
INVESTMENTS
(Cost $238,151,258)
 

$

238,151,258

   
        TOTAL INVESTMENTS
(Cost $403,076,298) -
118.1% (c)
 

$

400,390,442

   
        Liabilities in Excess of
Other Assets - (18.1)%
   

(61,382,528

)

 
       

TOTAL NET ASSETS - 100.0%

 

$

339,007,914

   

Percentages are stated as a percent of net assets.

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

(a)  Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

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

(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $186,945,820.

Long Total Return Swap Contracts (Unaudited)

April 30, 2022

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
KraneShares CSI
China Internet ETF
  0.6700% representing
1 month SOFR
rate + spread
 

BNP Paribas

 

12/7/2022

   

3,979,856

   

$

123,335,737

   

$

(10,925,898

)

 
Total return of
KraneShares CSI
China Internet ETF
  0.9300% representing
1 month SOFR
rate + spread
 

Citibank N.A.

 

12/13/2022

   

3,027,892

     

101,322,291

     

(15,902,840

)

 
Total return of
KraneShares CSI
China Internet ETF
  1.0200% representing
1 month SOFR
rate + spread
 

UBS Securities LLC

 

12/14/2022

   

5,665,757

     

184,698,560

     

(24,849,327

)

 
Total return of
KraneShares CSI
China Internet ETF
  0.8300% representing
1 month SOFR
rate + spread
  Bank of America
Merrill Lynch
 

2/23/2023

   

2,591,333

     

66,452,369

     

6,765,003

   
Total return of
KraneShares CSI
China Internet ETF
  0.8300% representing
1 month SOFR
rate + spread
 

Goldman Sachs

 

4/25/2023

   

2,980,318

     

85,996,046

     

(1,779,629

)

 
                   

$

561,805,003

   

$

(46,692,691

)

 

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

DIREXION SEMI-ANNUAL REPORT
20


Direxion Daily S&P 500® Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

INVESTMENT COMPANIES - 99.8%

     
 

121,514

   

iShares Core S&P 500 ETF (a)

 

$

50,253,330

   
        TOTAL INVESTMENT
COMPANIES
(Cost $43,993,195)
 

$

50,253,330

   

SHORT TERM INVESTMENTS - 9.2%

     

Money Market Funds - 9.2%

     
 

2,984,535

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

$

2,984,535

   
 

1,657,733

    Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional
Shares, 0.34% (b)
   

1,657,733

   
        TOTAL SHORT TERM
INVESTMENTS
(Cost $4,642,268)
 

$

4,642,268

   
        TOTAL INVESTMENTS
(Cost $48,635,463) - 109.0% (c)
 

$

54,895,598

   
        Liabilities in Excess of
Other Assets - (9.0)%
   

(4,551,946

)

 
       

TOTAL NET ASSETS - 100.0%

 

$

50,343,652

   

Percentages are stated as a percent of net assets.

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

(a)  Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

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

(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $21,646,023.

 

Long Total Return Swap Contracts (Unaudited)

April 30, 2022

Terms of Payments
to be Received at
Termination
  Terms of Payments to be
Paid at Termination
 

Counterparty

  Termination
Date
 

Contracts

  Notional
Amount
  Unrealized
Depreciation
 

Total return of
S&P 500® Index
  0.7800% representing
1 month SOFR
rate + spread
  Credit Suisse
International
 

12/7/2022

   

4,588

   

$

21,166,781

   

$

(2,154,719

)

 

Total return of
S&P 500® Index
  0.5300% representing
1 month SOFR
rate + spread
 

Citibank N.A.

 

12/13/2022

   

200

     

942,404

     

(112,749

)

 

Total return of
S&P 500® Index
  0.9200% representing
1 month SOFR
rate + spread
 

UBS Securities LLC

 

12/14/2022

   

7,418

     

32,485,171

     

(1,865,724

)

 
                   

$

54,594,356

   

$

(4,133,192

)

 

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

DIREXION SEMI-ANNUAL REPORT
21


Direxion Daily S&P 500 Equal Weight Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

INVESTMENT COMPANIES - 70.8%

 
 

20,900

    Invesco S&P 500®
Equal Weight ETF (a)
 

$

3,081,705

   
    TOTAL INVESTMENT
COMPANIES
(Cost $3,289,012)
 

$

3,081,705

   

SHORT TERM INVESTMENTS - 36.8%

 

Money Market Funds - 36.8%

 
 

1,604,273

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

$

1,604,273

   
    TOTAL SHORT TERM
INVESTMENTS
(Cost $1,604,273)
 

$

1,604,273

   
    TOTAL INVESTMENTS
(Cost $4,893,285) - 107.6% (c)
 

$

4,685,978

   
    Liabilities in Excess of
Other Assets - (7.6)%
   

(331,821

)

 
   

TOTAL NET ASSETS - 100.0%

 

$

4,354,157

   

Percentages are stated as a percent of net assets.

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

(a)  Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

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

(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,250,997.

 

Long Total Return Swap Contracts (Unaudited)

April 30, 2022

Terms of Payments
to be Received at
Termination
  Terms of Payments to be
Paid at Termination
 

Counterparty

  Termination
Date
 

Contracts

  Notional
Amount
  Unrealized
Depreciation
 
Total return of
S&P 500® Equal
Weight Index
  0.8300% representing
1 month SOFR
rate + spread
 

UBS Securities LLC

 

12/14/2022

   

861

   

$

5,444,002

   

$

(280,680

)

 
Total return of
S&P 500® Equal
Weight Index
  0.8300% representing
1 month SOFR
rate + spread
 

Barclays

 

4/3/2023

   

79

     

507,422

     

(34,693

)

 
               

$

5,951,424

   

$

(315,373

)

 

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

DIREXION SEMI-ANNUAL REPORT
22


Direxion Daily MSCI Brazil Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

INVESTMENT COMPANIES - 22.5%

     
 

906,297

    iShares MSCI Brazil
Capped ETF (a)
 

$

29,699,353

   
        TOTAL INVESTMENT
COMPANIES
(Cost $33,471,890)
 

$

29,699,353

   

SHORT TERM INVESTMENTS - 86.7%

     

Money Market Funds - 86.7%

     
 

101,017,637

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

$

101,017,637

   
 

6,911,423

    Goldman Sachs Financial
Square Government
Fund Institutional
Shares, 0.31% (b)
   

6,911,423

   
 

6,501,615

    Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional
Shares, 0.34% (b)
   

6,501,615

   
        TOTAL SHORT TERM
INVESTMENTS
(Cost $114,430,675)
 

$

114,430,675

   
        TOTAL INVESTMENTS
(Cost $147,902,565) -
109.2% (c)
 

$

144,130,028

   
        Liabilities in Excess of
Other Assets - (9.2)%
   

(12,092,792

)

 
       

TOTAL NET ASSETS - 100.0%

 

$

132,037,236

   

Percentages are stated as a percent of net assets.

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

(a)  Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

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

(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $62,493,717.

Long Total Return Swap Contracts (Unaudited)

April 30, 2022

Terms of Payments
to be Received at
Termination
  Terms of Payments
to be Paid/(Received)
at Termination
 

Counterparty

  Termination
Date
 

Contracts

  Notional
Amount
  Unrealized
Appreciation
(Depreciation)
 
Total return of
iShares MSCI Brazil
Capped ETF
  1.0300% representing
1 month SOFR
rate + spread
 

Barclays

 

12/7/2022

   

1,945,606

   

$

62,356,672

   

$

1,270,614

   
Total return of
iShares MSCI Brazil
Capped ETF
  0.8700% representing
1 month SOFR
rate + spread
 

BNP Paribas

 

12/7/2022

   

2,173,926

     

61,218,837

     

10,180,498

   
Total return of
iShares MSCI Brazil
Capped ETF
  0.4200% representing
1 month SOFR
rate + spread
 

UBS Securities LLC

 

12/14/2022

   

2,397,533

     

79,221,916

     

(700,675

)

 
Total return of
iShares MSCI Brazil
Capped ETF
  (0.2200)% representing
1 month SOFR
rate + spread
 

J.P. Morgan

 

5/4/2023

   

635,115

     

23,548,325

     

(2,733,309

)

 
                   

$

226,345,750

   

$

8,017,128

   

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

DIREXION SEMI-ANNUAL REPORT
23


Direxion Daily MSCI India Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

INVESTMENT COMPANIES - 35.0%

     
 

550,782

   

iShares MSCI India ETF (a)

 

$

24,036,126

   
        TOTAL INVESTMENT
COMPANIES
(Cost $27,324,885)
 

$

24,036,126

   

SHORT TERM INVESTMENTS - 69.0%

     

Money Market Funds - 69.0%

     
 

33,874,460

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

$

33,874,460

   
 

1,350,077

    Goldman Sachs Financial
Square Government
Fund Institutional
Shares, 0.31% (b)
   

1,350,077

   
 

12,192,643

    Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional
Shares, 0.34% (b)
   

12,192,643

   
        TOTAL SHORT TERM
INVESTMENTS
(Cost $47,417,180)
 

$

47,417,180

   
        TOTAL INVESTMENTS
(Cost $74,742,065) - 104.0% (c)
 

$

71,453,306

   
        Liabilities in Excess of
Other Assets - (4.0)%
   

(2,707,990

)

 
       

TOTAL NET ASSETS - 100.0%

 

$

68,745,316

   

Percentages are stated as a percent of net assets.

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

(a)  Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

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

(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $24,579,576.

Long Total Return Swap Contracts (Unaudited)

April 30, 2022

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
iShares MSCI India
ETF
  0.7800% representing
1 month SOFR
rate + spread
 

J.P. Morgan

 

12/6/2022

   

1,208,653

   

$

53,700,453

   

$

(1,005,240

)

 
Total return of
iShares MSCI India
ETF
  1.0800 representing
1 month SOFR
rate + spread
 

Barclays

 

12/7/2022

   

148,459

     

6,982,772

     

(268,497

)

 
Total return of
iShares MSCI India
ETF
  0.8200% representing
1 month SOFR
rate + spread
 

BNP Paribas

 

12/7/2022

   

750,000

     

33,322,500

     

(625,406

)

 
Total return of
iShares MSCI India
ETF
  0.9300% representing
1 month SOFR
rate + spread
 

Citibank N.A.

 

12/13/2022

   

140,056

     

6,795,517

     

(296,140

)

 
Total return of
iShares MSCI India
ETF
  1.0700% representing
1 month SOFR
rate + spread
 

UBS Securities LLC

 

12/14/2022

   

352,636

     

15,229,362

     

136,866

   
                   

$

116,030,604

   

$

(2,058,417

)

 

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

DIREXION SEMI-ANNUAL REPORT
24


Direxion Daily 5G Communications Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

COMMON STOCKS - 80.9%

     

Broadcasting (except Internet) - 2.1%

     
 

1,258

   

Altice USA, Inc. (a)

 

$

11,674

   
 

112

   

Charter Communications, Inc. (a)

   

47,991

   
 

431

    Rogers Communications, Inc.
ADR (Canada)
   

23,472

   
     

83,137

   

Computer and Electronic Product Manufacturing - 36.6%

     
 

954

   

ADTRAN, Inc.

   

16,590

   
 

2,347

   

Advanced Micro Devices, Inc. (a)

   

200,715

   
 

1,327

   

Airgain, Inc. (a)

   

11,240

   
 

1,071

   

Analog Devices, Inc.

   

165,341

   
 

229

   

Apple, Inc.

   

36,102

   
 

318

   

Arista Networks, Inc. (a)

   

36,751

   
 

68

   

Broadcom, Inc.

   

37,699

   
 

364

   

Calix, Inc. (a)

   

14,527

   
 

3,868

   

Casa Systems, Inc. (a)

   

18,953

   
 

7,128

   

Ceragon Networks Ltd. ADR (Israel) (a)

   

13,614

   
 

700

   

Cisco Systems, Inc.

   

34,286

   
 

301

   

Clearfield, Inc. (a)

   

17,527

   
 

790

   

Comtech Telecommunications Corp.

   

10,744

   
 

552

   

CTS Corp.

   

19,524

   
 

678

   

Dell Technologies, Inc.

   

31,873

   
 

1,421

   

DZS, Inc. (a)

   

17,180

   
 

2,892

   

EMCORE Corp. (a)

   

9,977

   
 

2,368

   

INFINERA Corp. (a)

   

18,210

   
 

771

   

Intel Corp.

   

33,608

   
 

321

   

InterDigital, Inc.

   

18,249

   
 

592

   

Keysight Technologies, Inc. (a)

   

83,040

   
 

405

   

Lattice Semiconductor Corp. (a)

   

19,456

   
 

214

   

Lumentum Holdings, Inc. (a)

   

17,379

   
 

256

    MACOM Technology Solutions
Holdings, Inc. (a)
   

13,043

   
 

1,569

   

Marvell Technology, Inc.

   

91,128

   
 

269

   

MaxLinear, Inc. (a)

   

12,877

   
 

1,298

   

NeoPhotonics Corp. (a)

   

19,652

   
 

125

   

NVIDIA Corp.

   

23,184

   
 

607

    NXP Semiconductors N.V. ADR
(Netherlands)
   

103,736

   
 

248

   

Qorvo, Inc. (a)

   

28,217

   
 

1,094

   

Qualcomm, Inc.

   

152,821

   
 

647

   

Radware Ltd. ADR (Israel) (a)

   

18,705

   
 

1,227

   

Sierra Wireless, Inc. ADR (Canada) (a)

   

19,276

   
 

415

   

Silicom Ltd. ADR (Israel) (a)

   

14,600

   
 

373

   

Skyworks Solutions, Inc.

   

42,261

   
 

1,238

   

Viavi Solutions, Inc. (a)

   

17,753

   
     

1,439,838

   

Data Processing, Hosting and Related Services - 0.6%

     
 

364

   

CSG Systems International, Inc.

   

22,375

   

Electrical Equipment, Appliance, and Component Manufacturing - 0.3%

     
 

116

   

IPG Photonics Corp. (a)

   

10,960

   

Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) - 0.4%

     
 

459

   

CEVA, Inc. (a)

   

16,680

   

Machinery Manufacturing - 0.5%

     
 

298

   

II-VI, Inc. (a)

   

18,241

   

Shares

     

Fair Value

 

Management of Companies and Enterprises - 0.8%

     
 

6,764

   

Telefonica S A ADR (Spain) (b)

 

$

32,332

   

Miscellaneous Store Retailers - 2.8%

     
 

2,371

   

Verizon Communications, Inc.

   

109,777

   

Nonmetallic Mineral Product Manufacturing - 0.6%

     
 

697

   

Corning, Inc.

   

24,528

   

Nonstore Retailers - 0.7%

     
 

11

   

Amazon.com, Inc. (a)

   

27,342

   

Professional, Scientific, and Technical Services - 8.2%

     
 

1,320

   

A10 Networks, Inc.

   

18,849

   
 

1,646

   

Allot Ltd. ADR (Israel) (a)

   

9,366

   
 

700

   

Amdocs Ltd. ADR (Guernsey)

   

55,783

   
 

845

   

Ciena Corp. (a)

   

46,619

   
 

1,448

   

Extreme Networks, Inc. (a)

   

13,901

   
 

298

   

F5 Networks, Inc. (a)

   

49,888

   
 

3,141

   

Inseego Corp. (a)

   

8,952

   
 

953

   

Juniper Networks, Inc.

   

30,038

   
 

635

   

NetScout Systems, Inc. (a)

   

19,558

   
 

3,514

   

Ribbon Communications, Inc. (a)

   

12,123

   
 

71

   

Ubiquiti, Inc.

   

20,040

   
 

348

   

VMware, Inc.

   

37,598

   
     

322,715

   

Publishing Industries (except Internet) - 5.2%

     
 

970

   

Akamai Technologies, Inc. (a)

   

108,912

   
 

2,819

   

Akoustis Technologies, Inc. (a)

   

12,516

   
 

2,562

   

Hewlett Packard Enterprise Co.

   

39,480

   
 

6,789

   

Limelight Networks, Inc. (a)

   

24,237

   
 

591

   

National Instruments Corp.

   

21,359

   
     

206,504

   

Real Estate - 5.5%

     
 

434

   

American Tower Corp.

   

104,603

   
 

352

   

Crown Castle International Corp.

   

65,194

   
 

197

   

Digital Realty Trust, Inc.

   

28,785

   
 

1,484

   

Uniti Group, Inc.

   

18,387

   
     

216,969

   

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.6%

     
 

1,800

   

CommScope Holding Co., Inc. (a)

   

10,854

   
 

368

   

GDS Holdings Ltd. ADR (China) (a)

   

11,563

   
     

22,417

   

Telecommunications - 16.0%

     
 

5,168

   

AT&T, Inc.

   

97,468

   
 

1,002

   

BCE, Inc. ADR (Canada)

   

53,276

   
 

763

   

Cambium Networks Corp. ADR (a)

   

11,651

   
 

80

   

Equinix, Inc.

   

57,526

   
 

8,656

   

Ericsson ADR (Sweden)

   

68,902

   
 

1,489

   

IHS Holding Ltd. ADR (a)(b)

   

15,635

   
 

1,525

   

KT Corp. ADR (South Korea) (a)

   

21,243

   
 

1,651

   

Lumen Technologies, Inc.

   

16,609

   
 

15,030

   

Nokia Corp. ADR (Finland)

   

75,751

   
 

2,266

   

Orange ADR (France)

   

26,626

   
 

99

   

SBA Communications Corp.

   

34,364

   
 

448

    SK Telecom Co., Ltd. ADR
(South Korea)
   

11,209

   
 

794

   

T-Mobile US, Inc. (a)

   

97,773

   

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

DIREXION SEMI-ANNUAL REPORT
25


Direxion Daily 5G Communications Bull 2X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

Telecommunications (continued)

     
 

2,915

    Vodafone Group PLC ADR
(United Kingdom)
 

$

44,279

   
     

632,312

   
        TOTAL COMMON STOCKS
(Cost $3,626,303)
 

$

3,186,127

   

SHORT TERM INVESTMENTS - 33.4%

     

Money Market Funds - 33.4%

     
 

987,567

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

$

987,567

   
 

327,136

    Goldman Sachs Financial
Square Government
Fund Institutional
Shares, 0.31% (c)
   

327,136

   
        TOTAL SHORT TERM
INVESTMENTS
(Cost $1,314,703)
 

$

1,314,703

   
        TOTAL INVESTMENTS
(Cost $4,941,006) - 114.3% (e)
 

$

4,500,830

   
        Liabilities in Excess of
Other Assets - (14.3)%
   

(562,437

)

 
       

TOTAL NET ASSETS - 100.0%

 

$

3,938,393

   

Percentages are stated as a percent of net assets.

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

(a)  Non-income producing security.

(b)  A portion of this security represents a security on loan.

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

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

(e)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,317,602.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

April 30, 2022

Terms of Payments
to be Received at
Termination
  Terms of Payments to be
Paid at Termination
 

Counterparty

  Termination
Date
 

Contracts

  Notional
Amount
  Unrealized
Depreciation
 
Total return of
BlueStar® 5G
Communications
Index
 
0.8300% representing
1 month SOFR
rate + spread
 

Barclays

 

12/7/2022

   

23,248

   

$

4,546,295

   

$

(393,266

)

 
Total return of
BlueStar® 5G
Communications
Index
 
0.8700% representing
1 month SOFR
rate + spread
 

UBS Securities LLC

 

12/14/2022

   

3,027

     

587,629

     

(43,912

)

 
               

$

5,133,924

   

$

(437,178

)

 

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

DIREXION SEMI-ANNUAL REPORT
26


Direxion Daily Cloud Computing Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2022

Shares

     

Fair Value

 

COMMON STOCKS - 97.3%

     

Administrative and Support Services - 1.0%

     
 

794

   

Alarm.com, Inc. (a)

 

$

48,498

   
 

998

   

nCino, Inc. (a)

   

37,415

   
     

85,913

   

Computer and Electronic Product Manufacturing - 0.2%

     
 

672

   

Radware Ltd. ADR (Israel) (a)

   

19,427

   

Data Processing, Hosting and Related Services - 2.7%

     
 

1,131

   

Five9, Inc. (a)

   

124,523

   
 

1,375

   

RingCentral, Inc. (a)

   

116,669

   
     

241,192

   

Heavy and Civil Engineering Construction - 0.7%

     
 

898

   

BlackLine, Inc. (a)

   

60,211

   

Professional, Scientific, and Technical Services - 28.3%

     
 

1,226

   

2U, Inc. (a)

   

12,235

   
 

2,218

   

Anaplan, Inc. (a)

   

144,148

   
 

744

   

DigitalOcean Holdings, Inc. (a)

   

29,336

   
 

1,122

   

Freshworks, Inc. (a)

   

20,387

   
 

1,118

   

LivePerson, Inc. (a)

   

25,289

   
 

1,035

    Mimecast Ltd. ADR
(United Kingdom) (a)
   

82,469

   
 

540

   

Model N, Inc. (a)

   

13,954

   
 

3,623

   

Nutanix, Inc. (a)

   

90,684

   
 

663

   

Paylocity Holding Corp. (a)

   

125,725

   
 

670

   

PROS Holdings, Inc. (a)

   

18,713

   
 

4,509

   

SAP SE ADR (Germany)

   

454,507

   
 

863

   

ServiceNow, Inc. (a)

   

412,600

   
 

2,203

   

Snowflake, Inc. (a)

   

377,682

   
 

1,081

   

Unisys Corp. (a)