SCHEDULE 13G/A 0001170152 XXXXXXXX LIVE 9 Direxion Daily S&P 500 Bear 1X Shares 10/01/2025 0001424958 Direxion Shares ETF Trust 25460E869 1301 Avenue of the Americas, 35th Floor New York NY 10019 Rule 13d-1(b) LEUTHOLD GROUP, LLC DE 2163637 368431 2163637 368431 2532068 N 18.7 IA This percentage is calculated based on 13,549,982 shares outstanding. Direxion Shares ETF Trust 1301 Avenue of the Americas, 35th Floor, New York, New York, 10019 The Leuthold Group, LLC (d/b/a Leuthold Weeden Capital Management), an investment adviser registered under Section 203 of the Investment Advisers Act of 1940. 150 South Fifth Street, Suite 1700, Minneapolis, MN 55402 The Leuthold Group, LLC (d/b/a Leuthold Weeden Capital Management) is a Delaware limited liability company. N IA 2,532,068 18.7 2,163,637 368,431 2,163,637 368,431 N The securities reported in this statement are beneficially owned by managed accounts that are investment management clients of the Reporting Person. The investment management contracts of these clients grant to the Reporting Person all investment and voting power over the securities reported in this statement. Therefore, for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, the Reporting Person is deemed to be the beneficial owner of the securities reported in this statement. The clients of the Reporting Person have the right to receive or power to direct the receipt of dividends from, as well as the proceeds from the sale of, the securities reported in this statement. Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. LEUTHOLD GROUP, LLC /s/ Glenn R. Larson 10/02/2025