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 [email protected].

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

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

Table of Contents

Letter to Shareholders					4
Expense Example					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.

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.

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%.

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

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

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

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%.

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

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

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

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

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.

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 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 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 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 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 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 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 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 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 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