FORM N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-22201

Direxion Shares ETF Trust

(Exact name of registrant as specified in charter)

33 Whitehall Street, 10^th Floor
New York, NY 10004

(Address of principal executive offices) (Zip code)

Daniel O’ Neill
33 Whitehall Street, 10^th Floor
New York, NY 10004

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-866-476-7523

Date of fiscal year end: October 31, 2009

Date of reporting period: April 30, 2009

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


Item 1.	Reports to Stockholders

Direxion Shares Etf Trust

SEMI–ANNUAL REPORT APRIL 30, 2009

33 Whitehall Street, 10th Floor New York, New York 10004 www.direxionshares.com



Bull Funds		Bear Funds

Domestic Equity Index Funds

Direxion Daily Large Cap Bull 3X Shares Direxion Daily Mid Cap Bull 3X Shares Direxion Daily Small Cap Bull 3X Shares		Direxion Daily Large Cap Bear 3X Shares Direxion Daily Mid Cap Bear 3X Shares Direxion Daily Small Cap Bear 3X Shares

International Funds

Direxion Daily Developed Markets Bull 3X Shares Direxion Daily Emerging Markets Bull 3X Shares		Direxion Daily Developed Markets Bear 3X Shares Direxion Daily Emerging Markets Bear 3X Shares

Specialty Funds

Direxion Daily Energy Bull 3X Shares Direxion Daily Financial Bull 3X Shares Direxion Daily Technology Bull 3X Shares		Direxion Daily Energy Bear 3X Shares Direxion Daily Financial Bear 3X Shares Direxion Daily Technology Bear 3X Shares

Fixed Income Funds

Direxion Daily 10-Year Treasury Bull 3X Shares Direxion Daily 30-Year Treasury Bull 3X Shares		Direxion Daily 10-Year Treasury Bear 3X Shares Direxion Daily 30-Year Treasury Bear 3X Shares

Letter to Shareholders

Dear Shareholders,

This Semi-Annual Report for the Direxion Shares covers the period from November 5th, 2008 to April 30th, 2009, (the “Semi-Annual Period”). The first four months of the six-month period were marked by severe distress in the economy and, in particular, the financial sector, with market volatility at perhaps its highest measured levels. Governments across the globe provided massive stimulus to keep the economy flowing and also became involved in the financial sector to an unprecedented extent. By the end of the period, the markets had recovered much of their earlier losses and volatility had returned to more customary levels.

The Direxion Shares exchange traded funds seek to provide daily returns which are a multiple — positive or negative — of the daily return of a particular benchmark. Particularly in periods of heightened volatility, the ETFs should be used by investors as short-term trading vehicles. As a consequence, we do not believe that investors should buy and hold the funds. Nevertheless, investors should understand the investment performance of the funds’ on a daily basis and through time. The ETFs are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk, consequences of seeking daily leveraged investment results and intend to actively monitor and manage their investments.

Direxion maintains models which indicate the expected performance of each ETF in light of the path of the relevant benchmark (the “Target Index”) and the fund’s expense ratios. The models, and a description of how they work, are available on the Direxion Shares website (www.direxionshares.com) under Tools/Tracking Center. The models do not take into account the size of a fund or any transaction fees associated with creating or maintaining a fund’s portfolio. A brief comparison of the actual returns versus the expected returns for each of the funds during the Semi-Annual Period is as follows below.

The Direxion Daily Large Cap Bull 3x Shares and the Direxion Daily Large Cap Bear 3x Shares seek to provide 300% and -300% of the return of the Russell 1000 Index, respectively. For the period, the Target Index returned -7.37%. The Direxion Daily Large Cap Bull 3x Shares returned -50.07% and Direxion Daily Large Cap Bear 3x Shares returned -25.82%. The model indicated an expected return of -51.26% for the Direxion Daily Large Cap Bull 3x Shares and an expected return of -23.33% for the Direxion Daily Large Cap Bear 3x Shares.

The Direxion Daily Mid Cap Bull 3x Shares and the Direxion Daily Mid Cap Bear 3x Shares seek to provide 300% and -300% of the return of the Russell Midcap Index, respectively. For the period, the Target Index returned -1.65%. The Direxion Daily Mid Cap Bull 3x Shares returned -10.44% and the Direxion Daily Mid Cap Bear 3x Shares returned -37.85%. The model indicated an expected return of -11.44% for the Direxion Daily Mid Cap Bull 3x Shares and an expected return of -36.25% for the Direxion Daily Mid Cap Bear 3x Shares.

The Direxion Daily Small Cap Bull 3x Shares and the Direxion Daily Small Cap Bear 3x Shares seek to provide 300% and -300% of the return of the Russell 2000 Index, respectively. For the period, the Target Index returned -8.40%.The Direxion Daily Small Cap Bull 3x Shares returned -56.90% and the Direxion Daily Small Cap Bear 3x Shares returned -51.13%. The model indicated an expected return of -58.23% for the Direxion Daily Small Cap Bull 3x Shares and an expected return of -49.85% for the Direxion Daily Small Cap Bear 3x Shares.

The Direxion Daily Developed Markets Bull 3x Shares and the Direxion Daily Developed Markets Bear 3x Shares seek to provide 300% and -300% of the return of the MSCI EAFE Index, respectively. For the period, Target Index returned -4.74%. The Direxion Daily Developed Markets Bull 3x Shares returned -33.99% and the Direxion Daily Developed Markets Bear 3x Shares returned -18.13%. The model indicated an expected return of -34.62% for the Direxion Daily Developed Markets Bull 3x Shares and an expected return of -16.41% for the Direxion Daily Developed Markets Bear 3x Shares.

The Direxion Daily Emerging Markets Bull 3x Shares and the Direxion Daily Emerging Markets Bear 3x Shares seek to provide 300% and -300% of the return of the MSCI Emerging Markets Index, respectively. For the period, the Target Index returned 14.34%. The Direxion Daily Emerging Markets Bull 3x Shares returned 0.62% and the Direxion Daily Emerging Markets Bear 3x Shares returned -60.28%. The model indicated an expected return of -2.05% for the Direxion Daily Emerging Markets Bull 3x Shares and an expected return of -59.74% for the Direxion Daily Emerging Markets Bear 3x Shares.

The Direxion Daily Energy Bull 3x Shares and the Direxion Daily Energy Bear 3x Shares seek to provide 300% and -300% of the return of the Russell 1000 Energy Index, respectively. For the period, the Target Index returned -9.79%. The Direxion Daily Energy Bull 3x Shares returned -55.53% and the Direxion Daily Energy Bear 3x Shares returned -50.58%. The model indicated an expected return of -56.33% for the Direxion Daily Energy Bull 3x Shares and an expected return of -48.88% for the Direxion Daily Energy Bear 3x Shares.

4 DIREXION SEMI-ANNUAL REPORT

The Direxion Daily Financial Bull 3x Shares and the Direxion Daily Financial Bear 3x Shares seek to provide 300% and -300% of the return of the Russell 1000 Financial Services Index, respectively. For the period, Target Index returned -23.36%. The Direxion Daily Financial Bull 3x Shares returned -86.27% and the Direxion Daily Financial Bear 3x Shares returned -86.22%. The model indicated an expected return of -87.04% for the Direxion Daily Financial Bull 3x Shares and an expected return of -85.32% for the Direxion Daily Financial Bear 3x Shares.

The Direxion Daily Technology Bull 3x Shares and the Direxion Daily Technology Bear 3x Shares seek to provide 300% and -300% of the return of the Russell 1000 Technology Index, respectively. For the period, the Target Index returned 6.59%. The Direxion Daily Technology Bull 3x Shares returned 25.30% and the Direxion Daily Technology Bear 3x Shares returned -53.87%. The model indicated an expected return of 25.28% for the Direxion Daily Technology Bull 3x Shares and an expected return of -53.87% for the Direxion Daily Technology Bear 3x Shares.

The Direxion Daily 10-Year Treasury Bull 3x Shares and the Direxion Daily 10-Year Treasury Bear 3x Shares seek to provide 300% and -300% of the return of the NYSE Arca Current 10-Year U.S. Treasury Index, respectively. For the period, the Target Index returned -2.76%. The Direxion Daily 10-Year Treasury Bull 3x Shares returned -8.31% and Direxion Daily 10-Year Treasury Bear 3x Shares returned 8.42%. The model indicated an expected return of -8.20% for the Direxion Daily 10-Year Treasury Bull 3x Shares and an expected return of 8.47% for the Direxion Daily 10-Year Treasury Bear 3x Shares.

The Direxion Daily 30-Year Treasury Bull 3x Shares and the Direxion Daily 30-Year Treasury 3x Shares seek to provide 300% and -300% of the return of the NYSE Arca Current 30-Year U.S. Treasury Index, respectively. For the period, the Target Index returned -6.34%. The Direxion Daily 30-Year Treasury Bull 3x Shares returned -18.47% and the Direxion Daily 30-Year Treasury Bear 3x Shares gained 20.40%. The model indicated an expected return of -18.27% for the Direxion Daily 30-Year Treasury Bull 3x Shares and an expected return of 20.51% for the Direxion Daily 30-Year Treasury Bear 3x Shares.

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

Best Regards,

Daniel O’Neill
President

Carefully consider the investment objectives, risks, and charges and expenses of the Funds before investing. This and other information can be found in the Funds’ prospectus. To obtain a prospectus, please visit www.direxionshares.com or call 1-866-476-7523.

There is no guarantee the funds will achieve their objective. Investing in index funds may be more volatile than investing in broadly diversified funds. The use of leverage by a fund means the Funds are riskier than alternatives which do not use leverage.

The risks associated with the funds are detailed in the prospectus which include: adverse market condition risk, adviser’s investment strategy risk, aggressive investment techniques risk, concentration risk, counterparty risk, credit and lower quality debt securities risk, equity securities risk, currency exchange risk, daily correlation risk, daily rebalancing and market volatility risk, depository receipt risk, foreign and emerging markets securities risk, sector securities risk, interest rate risk, inverse correlation risk, leverage risk, market risk, non-diversification risk, shorting risk, small and mid cap company risk, tracking error risk, and special risks of exchange-traded funds, market timing activity and high portfolio turnover risk, investing in other investment companies and ETFs risk, commodities securities risk, geographic concentration risk, valuation time risk, derivatives risk, commodity linked derivatives risk, wholly-owned subsidiary risk, tax risk, options and futures contracts risks, security selection risk, Debt Instrument Risk, Gain Limitation Risk, U.S. Government Securities Risk, and Special Risks of Exchange-Traded Funds.

Russell 1000 Index — measures the large cap segment of the US equity universe. It consists of the largest 1,000 securities in the Russell 3000 Index based on market cap. Russell 2000 Index — measures the small cap segment of the US equity universe and includes the smallest 2,000 securities in the Russell 3000 Index based on market cap. Russell 1000 Energy Index — measures the performance of all energy related securities in the Russell 1000 Index. Russell 1000 Financial Services Index — measures the performance of all financial services related securities in the Russell 1000 Index. The Russell 1000^® Technology Index is a capitalization weighted index of companies that serve the electronics and computer industries or that manufacture products based on the latest applied science. One cannot directly invest in an Index.

The MSCI EAFE^® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI Emerging Markets Index^SM is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. One cannot directly invest in an Index.

The NYSE Current 10 Year U.S. Treasury Index is a one-security index comprised of the most recently issued 10-Year Treasury Note. The NYSE Current 30 Year U.S. Treasury Index is a one-security index comprised of the most recently issued 30-Year Bond. One cannot directly invest in an Index.

The views in this letter were those of the Fund manager as of April 30, 2009 and may not necessarily reflect his views on the date this letter is first published or anytime thereafter. These views are intended to assist shareholders in understanding the Funds’ present investment methodology and do not constitute investment advice.

DIREXION SEMI-ANNUAL REPORT 5

Expense Examples

April 30, 2009 (Unaudited)

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 the Fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2008 to April 30, 2009).

Actual expenses

The first line under each Fund in the table below 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 the Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line under each Fund in the table 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 transaction costs were included, your costs would have been higher.

6 DIREXION SEMI-ANNUAL REPORT

Expense Examples

April 30, 2009 (Unaudited)


				Beginning
	Annualized			Account Value		Ending		Expenses
	Expense			(as of Funds’		Account Value		Paid During
	Ratios			inception date)		(April 30, 2009)		Period

Direxion Daily Large Cap Bull 3X Shares*
Based on actual fund return		0.95	%	$	1,000.00	$	499.30	$	3.43
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Large Cap Bear 3X Shares*
Based on actual fund return		0.95	%		1,000.00		741.80		3.99
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Mid Cap Bull 3X Shares**
Based on actual fund return		0.95	%		1,000.00		895.60		2.76
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Mid Cap Bear 3X Shares**
Based on actual fund return		0.95	%		1,000.00		621.50		2.36
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Small Cap Bull 3X Shares*
Based on actual fund return		0.95	%		1,000.00		431.00		3.28
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Small Cap Bear 3X Shares*
Based on actual fund return		0.95	%		1,000.00		488.70		3.41
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Developed Markets Bull 3X Shares***
Based on actual fund return		0.95	%		1,000.00		660.10		2.89
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Developed Markets Bear 3X Shares***
Based on actual fund return		0.95	%		1,000.00		818.70		3.17
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Emerging Markets Bull 3X Shares***
Based on actual fund return		0.95	%		1,000.00		1,006.20		3.50
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Emerging Markets Bear 3X Shares***
Based on actual fund return		0.95	%		1,000.00		397.20		2.44
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Energy Bull 3X Shares****
Based on actual fund return		0.95	%		1,000.00		444.70		3.29
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Energy Bear 3X Shares****
Based on actual fund return		0.95	%		1,000.00		494.20		3.40
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Financial Bull 3X Shares****
Based on actual fund return		0.95	%		1,000.00		137.30		2.59
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Financial Bear 3X Shares****
Based on actual fund return		0.95	%		1,000.00		137.80		2.59
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Technology Bull 3X Shares***
Based on actual fund return		0.95	%		1,000.00		1,253.00		3.93
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Technology Bear 3X Shares***
Based on actual fund return		0.95	%		1,000.00		461.30		2.55
Based on hypothetical 5% return		0.95	%		1,000.00		1020.08		4.76
Direxion Daily 10-Year Treasury Bull 3X Shares*****
Based on actual fund return		0.95	%		1,000.00		916.90		0.37
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily 10-Year Treasury Bear 3X Shares*****
Based on actual fund return		0.95	%		1,000.00		1,084.20		0.41
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily 30-Year Treasury Bull 3X Shares*****
Based on actual fund return		0.95	%		1,000.00		815.30		0.35
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily 30-Year Treasury Bear 3X Shares*****
Based on actual fund return		0.95	%		1,000.00		1,204.00		0.43
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76

DIREXION SEMI-ANNUAL REPORT 7

Expense Examples

April 30, 2009 (Unaudited)


*		The Fund commenced operations on November 5, 2008. Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 176 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one half year period).
**		The Fund commenced operations on January 8, 2009. Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 112 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one half year period).
***		The Fund commenced operations on December 17, 2008. Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 134 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one half year period).
****		The Fund commenced operations on November 6, 2008. Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 175 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one half year period).
*****		The Fund commenced operations on April 16, 2009. Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 15 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one half year period).

8 DIREXION SEMI-ANNUAL REPORT

Premium/Discount Summary Table

(Unaudited)

The tables that follow present information about the differences between the daily market price on secondary markets for shares of a Fund and that Fund’s net asset value. Net asset value, or “NAV”, is the price per share at which each Fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of each Fund generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the shares of such Fund is listed for trading, as of the time that the Fund’s NAV is calculated. Each Fund’s Market Price may be at, above or below its NAV. The NAV of each Fund will fluctuate with changes in the market value of its portfolio holdings. The Market Price of each Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a Fund on a given day, generally at the time NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a Fund is trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency distributions of premiums and discounts for each of the Funds. The information shown for each Fund is for the period from the inception date of such Fund through April 30, 2009.

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

Direxion Daily Large Cap Bull 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		1		0.56	%
> -2.0% and < -1.75%		0		0.00	%
> -1.75% and < -1.5%		0		0.00	%
> -1.5% and < -1.25%		2		1.14	%
> -1.25% and < -1.0%		11		6.22	%
> -1.0% and < -0.75%		4		2.26	%
> -0.75% and < -0.5%		26		14.69	%
> -0.5% and < -0.25%		35		19.77	%
> -0.25% and < 0.0%		44		24.86	%
> 0.0% and < 0.25%		34		19.22	%
> 0.25% and < 0.5%		7		3.95	%
> 0.5% and < 0.75%		7		3.95	%
> 0.75% and < 1.0%		1		0.56	%
> 1.0% and < 1.25%		1		0.56	%
> 1.25% and < 1.5%		2		1.13	%
> 1.5% and < 1.75%		0		0.00	%
> 1.75% and < 2.0%		0		0.00	%
> 2%		2		1.13	%

		177		100.00	%

Direxion Daily Large Cap Bear 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		0		0.00	%
> -2.0% and < -1.75%		2		1.13	%
> -1.75% and < -1.5%		0		0.00	%
> -1.5% and < -1.25%		0		0.00	%
> -1.25% and < -1.0%		0		0.00	%
> -1.0% and < -0.75%		6		3.39	%
> -0.75% and < -0.5%		11		6.21	%
> -0.5% and < -0.25%		18		10.17	%
> -0.25% and < 0.0%		41		23.16	%
> 0.0% and < 0.25%		48		27.13	%
> 0.25% and < 0.5%		31		17.52	%
> 0.5% and < 0.75%		8		4.53	%
> 0.75% and < 1.0%		9		5.08	%
> 1.0% and < 1.25%		1		0.56	%
> 1.25% and < 1.5%		1		0.56	%
> 1.5% and < 1.75%		0		0.00	%
> 1.75% and < 2.0%		0		0.00	%
> 2%		1		0.56	%

		177		100.00	%

DIREXION SEMI-ANNUAL REPORT 9

Premium/Discount Summary Table

(Unaudited)

Direxion Daily Mid Cap Bull 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		0		0.00	%
> -2.0% and < -1.75%		0		0.00	%
> -1.75% and < -1.5%		0		0.00	%
> -1.5% and < -1.25%		0		0.00	%
> -1.25% and < -1.0%		0		0.00	%
> -1.0% and < -0.75%		2		1.77	%
> -0.75% and < -0.5%		14		12.39	%
> -0.5% and < -0.25%		25		22.12	%
> -0.25% and < 0.0%		46		40.71	%
> 0.0% and < 0.25%		13		11.51	%
> 0.25% and < 0.5%		6		5.31	%
> 0.5% and < 0.75%		5		4.43	%
> 0.75% and < 1.0%		1		0.88	%
> 1.0% and < 1.25%		0		0.00	%
> 1.25% and < 1.5%		0		0.00	%
> 1.5% and < 1.75%		0		0.00	%
> 1.75% and < 2.0%		1		0.88	%
> 2%		0		0.00	%

		113		100.00	%

Direxion Daily Small Cap Bull 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		3		1.69	%
> -2.0% and < -1.75%		6		3.39	%
> -1.75% and < -1.5%		1		0.56	%
> -1.5% and < -1.25%		2		1.14	%
> -1.25% and < -1.0%		24		13.56	%
> -1.0% and < -0.75%		23		12.99	%
> -0.75% and < -0.5%		15		8.47	%
> -0.5% and < -0.25%		10		5.65	%
> -0.25% and < 0.0%		22		12.44	%
> 0.0% and < 0.25%		15		8.47	%
> 0.25% and < 0.5%		19		10.74	%
> 0.5% and < 0.75%		23		12.99	%
> 0.75% and < 1.0%		4		2.26	%
> 1.0% and < 1.25%		4		2.26	%
> 1.25% and < 1.5%		5		2.83	%
> 1.5% and < 1.75%		0		0.00	%
> 1.75% and < 2.0%		0		0.00	%
> 2%		1		0.56	%

		177		100.00	%

Direxion Daily Mid Cap Bear 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		0		0.00	%
> -2.0% and < -1.75%		0		0.00	%
> -1.75% and < -1.5%		0		0.00	%
> -1.5% and < -1.25%		0		0.00	%
> -1.25% and < -1.0%		0		0.00	%
> -1.0% and < -0.75%		1		0.89	%
> -0.75% and < -0.5%		4		3.57	%
> -0.5% and < -0.25%		9		8.04	%
> -0.25% and < 0.0%		21		18.75	%
> 0.0% and < 0.25%		24		21.43	%
> 0.25% and < 0.5%		38		33.93	%
> 0.5% and < 0.75%		5		4.46	%
> 0.75% and < 1.0%		10		8.93	%
> 1.0% and < 1.25%		0		0.00	%
> 1.25% and < 1.5%		0		0.00	%
> 1.5% and < 1.75%		0		0.00	%
> 1.75% and < 2.0%		0		0.00	%
> 2%		0		0.00	%

		112		100.00	%

Direxion Daily Small Cap Bear 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		1		0.56	%
> -2.0% and < -1.75%		3		1.69	%
> -1.75% and < -1.5%		0		0.00	%
> -1.5% and < -1.25%		2		1.13	%
> -1.25% and < -1.0%		4		2.26	%
> -1.0% and < -0.75%		5		2.82	%
> -0.75% and < -0.5%		20		11.30	%
> -0.5% and < -0.25%		16		9.05	%
> -0.25% and < 0.0%		20		11.30	%
> 0.0% and < 0.25%		26		14.69	%
> 0.25% and < 0.5%		15		8.47	%
> 0.5% and < 0.75%		22		12.44	%
> 0.75% and < 1.0%		5		2.82	%
> 1.0% and < 1.25%		18		10.17	%
> 1.25% and < 1.5%		10		5.65	%
> 1.5% and < 1.75%		0		0.00	%
> 1.75% and < 2.0%		2		1.13	%
> 2%		8		4.52	%

		177		100.00	%

10 DIREXION SEMI-ANNUAL REPORT

Premium/Discount Summary Table

(Unaudited)

Direxion Daily Developed Markets Bull 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		4		2.96	%
> -2.0% and < -1.75%		1		0.74	%
> -1.75% and < -1.5%		1		0.74	%
> -1.5% and < -1.25%		1		0.74	%
> -1.25% and < -1.0%		1		0.74	%
> -1.0% and < -0.75%		3		2.22	%
> -0.75% and < -0.5%		15		11.11	%
> -0.5% and < -0.25%		23		17.04	%
> -0.25% and < 0.0%		40		29.63	%
> 0.0% and < 0.25%		23		17.04	%
> 0.25% and < 0.5%		14		10.37	%
> 0.5% and < 0.75%		0		0.00	%
> 0.75% and < 1.0%		0		0.00	%
> 1.0% and < 1.25%		0		0.00	%
> 1.25% and < 1.5%		0		0.00	%
> 1.5% and < 1.75%		0		0.00	%
> 1.75% and < 2.0%		1		0.74	%
> 2%		8		5.93	%

		135		100.00	%

Direxion Daily Emerging Markets Bull 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		0		0.00	%
> -2.0% and < -1.75%		0		0.00	%
> -1.75% and < -1.5%		0		0.00	%
> -1.5% and < -1.25%		3		2.22	%
> -1.25% and < -1.0%		4		2.96	%
> -1.0% and < -0.75%		2		1.48	%
> -0.75% and < -0.5%		8		5.93	%
> -0.5% and < -0.25%		17		12.59	%
> -0.25% and < 0.0%		38		28.15	%
> 0.0% and < 0.25%		19		14.07	%
> 0.25% and < 0.5%		10		7.42	%
> 0.5% and < 0.75%		7		5.19	%
> 0.75% and < 1.0%		1		0.74	%
> 1.0% and < 1.25%		6		4.44	%
> 1.25% and < 1.5%		0		0.00	%
> 1.5% and < 1.75%		4		2.96	%
> 1.75% and < 2.0%		4		2.96	%
> 2%		12		8.89	%

		135		100.00	%

Direxion Daily Developed Markets Bear 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		0		0.00	%
> -2.0% and < -1.75%		0		0.00	%
> -1.75% and < -1.5%		0		0.00	%
> -1.5% and < -1.25%		0		0.00	%
> -1.25% and < -1.0%		0		0.00	%
> -1.0% and < -0.75%		0		0.00	%
> -0.75% and < -0.5%		1		0.74	%
> -0.5% and < -0.25%		23		17.04	%
> -0.25% and < 0.0%		41		30.37	%
> 0.0% and < 0.25%		38		28.15	%
> 0.25% and < 0.5%		26		19.26	%
> 0.5% and < 0.75%		4		2.96	%
> 0.75% and < 1.0%		0		0.00	%
> 1.0% and < 1.25%		0		0.00	%
> 1.25% and < 1.5%		0		0.00	%
> 1.5% and < 1.75%		0		0.00	%
> 1.75% and < 2.0%		0		0.00	%
> 2%		2		1.48	%

		135		100.00	%

Direxion Daily Emerging Markets Bear 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		0		0.00	%
> -2.0% and < -1.75%		0		0.00	%
> -1.75% and < -1.5%		0		0.00	%
> -1.5% and < -1.25%		0		0.00	%
> -1.25% and < -1.0%		0		0.00	%
> -1.0% and < -0.75%		1		0.74	%
> -0.75% and < -0.5%		3		2.22	%
> -0.5% and < -0.25%		20		14.81	%
> -0.25% and < 0.0%		42		31.11	%
> 0.0% and < 0.25%		41		30.37	%
> 0.25% and < 0.5%		13		9.64	%
> 0.5% and < 0.75%		7		5.19	%
> 0.75% and < 1.0%		6		4.44	%
> 1.0% and < 1.25%		2		1.48	%
> 1.25% and < 1.5%		0		0.00	%
> 1.5% and < 1.75%		0		0.00	%
> 1.75% and < 2.0%		0		0.00	%
> 2%		0		0.00	%

		135		100.00	%

DIREXION SEMI-ANNUAL REPORT 11

Premium/Discount Summary Table

(Unaudited)

Direxion Daily Energy Bull 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		3		1.70	%
> -2.0% and < -1.75%		2		1.14	%
> -1.75% and < -1.5%		0		0.00	%
> -1.5% and < -1.25%		0		0.00	%
> -1.25% and < -1.0%		1		0.57	%
> -1.0% and < -0.75%		0		0.00	%
> -0.75% and < -0.5%		3		1.70	%
> -0.5% and < -0.25%		56		31.82	%
> -0.25% and < 0.0%		44		25.00	%
> 0.0% and < 0.25%		23		13.07	%
> 0.25% and < 0.5%		29		16.48	%
> 0.5% and < 0.75%		4		2.28	%
> 0.75% and < 1.0%		3		1.70	%
> 1.0% and < 1.25%		3		1.70	%
> 1.25% and < 1.5%		0		0.00	%
> 1.5% and < 1.75%		0		0.00	%
> 1.75% and < 2.0%		3		1.70	%
> 2%		2		1.14	%

		176		100.00	%

Direxion Daily Financial Bull 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		17		9.66	%
> -2.0% and < -1.75%		5		2.84	%
> -1.75% and < -1.5%		7		3.98	%
> -1.5% and < -1.25%		12		6.82	%
> -1.25% and < -1.0%		10		5.68	%
> -1.0% and < -0.75%		17		9.66	%
> -0.75% and < -0.5%		19		10.80	%
> -0.5% and < -0.25%		13		7.39	%
> -0.25% and < 0.0%		16		9.09	%
> 0.0% and < 0.25%		10		5.68	%
> 0.25% and < 0.5%		5		2.84	%
> 0.5% and < 0.75%		12		6.82	%
> 0.75% and < 1.0%		16		9.09	%
> 1.0% and < 1.25%		6		3.41	%
> 1.25% and < 1.5%		3		1.70	%
> 1.5% and < 1.75%		1		0.57	%
> 1.75% and < 2.0%		1		0.57	%
> 2%		6		3.40	%

		176		100.00	%

Direxion Daily Energy Bear 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		3		1.70	%
> -2.0% and < -1.75%		0		0.00	%
> -1.75% and < -1.5%		1		0.57	%
> -1.5% and < -1.25%		1		0.57	%
> -1.25% and < -1.0%		0		0.00	%
> -1.0% and < -0.75%		7		3.98	%
> -0.75% and < -0.5%		12		6.81	%
> -0.5% and < -0.25%		8		4.55	%
> -0.25% and < 0.0%		38		21.59	%
> 0.0% and < 0.25%		38		21.59	%
> 0.25% and < 0.5%		33		18.75	%
> 0.5% and < 0.75%		23		13.07	%
> 0.75% and < 1.0%		9		5.11	%
> 1.0% and < 1.25%		1		0.57	%
> 1.25% and < 1.5%		0		0.00	%
> 1.5% and < 1.75%		0		0.00	%
> 1.75% and < 2.0%		0		0.00	%
> 2%		2		1.14	%

		176		100.00	%

Direxion Daily Financial Bear 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		3		1.70	%
> -2.0% and < -1.75%		1		0.57	%
> -1.75% and < -1.5%		0		0.00	%
> -1.5% and < -1.25%		10		5.68	%
> -1.25% and < -1.0%		18		10.23	%
> -1.0% and < -0.75%		11		6.25	%
> -0.75% and < -0.5%		21		11.93	%
> -0.5% and < -0.25%		13		7.39	%
> -0.25% and < 0.0%		14		7.95	%
> 0.0% and < 0.25%		19		10.80	%
> 0.25% and < 0.5%		20		11.36	%
> 0.5% and < 0.75%		6		3.42	%
> 0.75% and < 1.0%		11		6.25	%
> 1.0% and < 1.25%		4		2.27	%
> 1.25% and < 1.5%		10		5.68	%
> 1.5% and < 1.75%		1		0.57	%
> 1.75% and < 2.0%		3		1.70	%
> 2%		11		6.25	%

		176		100.00	%

12 DIREXION SEMI-ANNUAL REPORT

Premium/Discount Summary Table

(Unaudited)

Direxion Daily Technology Bull 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		0		0.00	%
> -2.0% and < -1.75%		0		0.00	%
> -1.75% and < -1.5%		0		0.00	%
> -1.5% and < -1.25%		0		0.00	%
> -1.25% and < -1.0%		0		0.00	%
> -1.0% and < -0.75%		1		0.74	%
> -0.75% and < -0.5%		11		8.15	%
> -0.5% and < -0.25%		28		20.74	%
> -0.25% and < 0.0%		58		42.96	%
> 0.0% and < 0.25%		24		17.78	%
> 0.25% and < 0.5%		9		6.67	%
> 0.5% and < 0.75%		3		2.22	%
> 0.75% and < 1.0%		0		0.00	%
> 1.0% and < 1.25%		1		0.74	%
> 1.25% and < 1.5%		0		0.00	%
> 1.5% and < 1.75%		0		0.00	%
> 1.75% and < 2.0%		0		0.00	%
> 2%		0		0.00	%

		135		100.00	%

Direxion Daily 10-Year Treasury Bull 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		0		0.00	%
> -2.0% and < -1.75%		0		0.00	%
> -1.75% and < -1.5%		0		0.00	%
> -1.5% and < -1.25%		0		0.00	%
> -1.25% and < -1.0%		0		0.00	%
> -1.0% and < -0.75%		0		0.00	%
> -0.75% and < -0.5%		0		0.00	%
> -0.5% and < -0.25%		1		6.67	%
> -0.25% and < 0.0%		9		60.00	%
> 0.0% and < 0.25%		5		33.33	%
> 0.25% and < 0.5%		0		0.00	%
> 0.5% and < 0.75%		0		0.00	%
> 0.75% and < 1.0%		0		0.00	%
> 1.0% and < 1.25%		0		0.00	%
> 1.25% and < 1.5%		0		0.00	%
> 1.5% and < 1.75%		0		0.00	%
> 1.75% and < 2.0%		0		0.00	%
> 2%		0		0.00	%

		15		100.00	%

Direxion Daily Technology Bear 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		0		0.00	%
> -2.0% and < -1.75%		0		0.00	%
> -1.75% and < -1.5%		0		0.00	%
> -1.5% and < -1.25%		1		0.74	%
> -1.25% and < -1.0%		0		0.00	%
> -1.0% and < -0.75%		0		0.00	%
> -0.75% and < -0.5%		1		0.74	%
> -0.5% and < -0.25%		8		5.93	%
> -0.25% and < 0.0%		35		25.93	%
> 0.0% and < 0.25%		47		34.81	%
> 0.25% and < 0.5%		28		20.74	%
> 0.5% and < 0.75%		11		8.15	%
> 0.75% and < 1.0%		1		0.74	%
> 1.0% and < 1.25%		2		1.48	%
> 1.25% and < 1.5%		0		0.00	%
> 1.5% and < 1.75%		1		0.74	%
> 1.75% and < 2.0%		0		0.00	%
> 2%		0		0.00	%

		135		100.00	%

Direxion Daily 10-Year Treasury Bear 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		0		0.00	%
> -2.0% and < -1.75%		0		0.00	%
> -1.75% and < -1.5%		0		0.00	%
> -1.5% and < -1.25%		0		0.00	%
> -1.25% and < -1.0%		0		0.00	%
> -1.0% and < -0.75%		0		0.00	%
> -0.75% and < -0.5%		0		0.00	%
> -0.5% and < -0.25%		0		0.00	%
> -0.25% and < 0.0%		1		6.67	%
> 0.0% and < 0.25%		14		93.33	%
> 0.25% and < 0.5%		0		0.00	%
> 0.5% and < 0.75%		0		0.00	%
> 0.75% and < 1.0%		0		0.00	%
> 1.0% and < 1.25%		0		0.00	%
> 1.25% and < 1.5%		0		0.00	%
> 1.5% and < 1.75%		0		0.00	%
> 1.75% and < 2.0%		0		0.00	%
> 2%		0		0.00	%

		15		100.00	%

DIREXION SEMI-ANNUAL REPORT 13

Premium/Discount Summary Table

(Unaudited)

Direxion Daily 30-Year Treasury Bull 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		0		0.00	%
> -2.0% and < -1.75%		0		0.00	%
> -1.75% and < -1.5%		0		0.00	%
> -1.5% and < -1.25%		0		0.00	%
> -1.25% and < -1.0%		0		0.00	%
> -1.0% and < -0.75%		0		0.00	%
> -0.75% and < -0.5%		3		20.00	%
> -0.5% and < -0.25%		0		0.00	%
> -0.25% and < 0.0%		6		40.00	%
> 0.0% and < 0.25%		6		40.00	%
> 0.25% and < 0.5%		0		0.00	%
> 0.5% and < 0.75%		0		0.00	%
> 0.75% and < 1.0%		0		0.00	%
> 1.0% and < 1.25%		0		0.00	%
> 1.25% and < 1.5%		0		0.00	%
> 1.5% and < 1.75%		0		0.00	%
> 1.75% and < 2.0%		0		0.00	%
> 2%		0		0.00	%

		15		100.00	%

Direxion Daily 30-Year Treasury Bear 3X Shares


	Number		% of
Premium/Discount Range	of Days		Total Days

< -2.0%		0		0.00	%
> -2.0% and < -1.75%		0		0.00	%
> -1.75% and < -1.5%		0		0.00	%
> -1.5% and < -1.25%		0		0.00	%
> -1.25% and < -1.0%		0		0.00	%
> -1.0% and < -0.75%		0		0.00	%
> -0.75% and < -0.5%		0		0.00	%
> -0.5% and < -0.25%		0		0.00	%
> -0.25% and < 0.0%		6		40.00	%
> 0.0% and < 0.25%		9		60.00	%
> 0.25% and < 0.5%		0		0.00	%
> 0.5% and < 0.75%		0		0.00	%
> 0.75% and < 1.0%		0		0.00	%
> 1.0% and < 1.25%		0		0.00	%
> 1.25% and < 1.5%		0		0.00	%
> 1.5% and < 1.75%		0		0.00	%
> 1.75% and < 2.0%		0		0.00	%
> 2%		0		0.00	%

		15		100.00	%

14 DIREXION SEMI-ANNUAL REPORT

Allocation of Portfolio Holdings

April 30, 2009 (Unaudited)


				Common			U.S. Treasury
	Cash*			Stocks			Obligations			Swaps			Total

Direxion Daily Large Cap Bull 3X Shares		11	%		87	%		—			2	%		100%
Direxion Daily Large Cap Bear 3X Shares		114	%		—			—			(14	)%		100%
Direxion Daily Mid Cap Bull 3X Shares		12	%		84	%		—			4	%		100%
Direxion Daily Mid Cap Bear 3X Shares		124	%		—			—			(24	)%		100%
Direxion Daily Small Cap Bull 3X Shares		15	%		87	%		—			(2	)%		100%
Direxion Daily Small Cap Bear 3X Shares		117	%		—			—			(17	)%		100%
Direxion Daily Developed Markets Bull 3X Shares		17	%		81	%		—			2	%		100%
Direxion Daily Developed Markets Bear 3X Shares		123	%		—			—			(23	)%		100%
Direxion Daily Emerging Markets Bull 3X Shares		21	%		79	%		—			0	%**		100%
Direxion Daily Emerging Markets Bear 3X Shares		115	%		—			—			(15	)%		100%
Direxion Daily Energy Bull 3X Shares		17	%		84	%		—			(1	)%		100%
Direxion Daily Energy Bear 3X Shares		112	%		—			—			(12	)%		100%
Direxion Daily Financial Bull 3X Shares		15	%		86	%		—			(1	)%		100%
Direxion Daily Financial Bear 3X Shares		112	%		—			—			(12	)%		100%
Direxion Daily Technology Bull 3X Shares		19	%		81	%		—			0	%**		100%
Direxion Daily Technology Bear 3X Shares		115	%		—			—			(15	)%		100%
Direxion Daily 10-Year Treasury Bull 3X Shares		10	%		—			95	%		(5	)%		100%
Direxion Daily 10-Year Treasury Bear 3X Shares		97	%		—			—			3	%		100%
Direxion Daily 30-Year Treasury Bull 3X Shares		9	%		—			104	%		(13	)%		100%
Direxion Daily 30-Year Treasury Bear 3X Shares		96	%		—			—			4	%		100%


*		Cash, cash equivalents and other assets less liabilities
**		Percentage is less than 0.5%

DIREXION SEMI-ANNUAL REPORT 15

Direxion Daily Large Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

COMMON STOCKS - 86.7%
Aerospace & Defense - 2.6%
	21,837	Boeing Co.	$	874,572
	11,589	General Dynamics Corp.		598,804
	31,113	Honeywell International, Inc.		971,037
	3,564	L-3 Communications Holdings, Inc.		271,399
	9,557	Lockheed Martin Corp.		750,511
	15,529	Northrop Grumman Corp.		750,827
	5,091	Precision Castparts Corp.		381,112
	16,501	Raytheon Co.		746,340
	42,679	United Technologies Corp.		2,084,442

				7,429,044

Air Freight & Logistics - 0.7%
	4,935	CH Robinson Worldwide, Inc.		262,345
	6,197	Expeditors International of Washington, Inc.		215,098
	8,984	FedEx Corp.		502,745
	19,840	United Parcel Service, Inc.		1,038,425

				2,018,613

Airlines - 0.1%
	21,350	Southwest Airlines Co.		149,023

Auto Components - 0.2%
	10,231	BorgWarner, Inc.		296,187
	17,182	Johnson Controls, Inc.		326,630

				622,817

Automobiles - 0.2%
	63,389	Ford Motor Co.*		379,066
	6,820	Harley-Davidson, Inc.		151,131

				530,197

Beverages - 1.8%
	3,555	Central European Distribution Corp.*		79,632
	63,399	Coca-Cola Co		2,729,327
	46,055	PepsiCo, Inc.		2,291,697

				5,100,656

Biotechnology - 1.5%
	31,626	Amgen, Inc.*		1,532,912
	3,956	Amylin Pharmaceuticals, Inc.*		43,279
	10,289	Celgene Corp.*		439,546
	7,769	Genzyme Corp.*		414,321
	33,035	Gilead Sciences, Inc.*		1,513,003
	12,901	Vertex Pharmaceuticals, Inc.*		397,609
				4,340,670

Building Products - 0.1%
	13,313	Masco Corp.		117,953
	6,383	Owens Corning*		114,256

				232,209

Capital Markets - 2.2%
	5,815	American Capital Ltd.*		17,968
	13,894	Ameriprise Financial, Inc.		366,107
	35,500	Bank of New York Mellon Corp.		904,540
	1,513	BlackRock, Inc.		221,685
	29,549	Charles Schwab Corp.		546,066
	7,452	Federated Investors, Inc. Class B		170,502
	4,469	Franklin Resources, Inc.		270,285
	11,434	Goldman Sachs Group, Inc.		1,469,268
	11,196	Invesco Ltd.		164,805
	32,202	Morgan Stanley		761,255
	6,382	Northern Trust Corp.		346,926
	11,795	SEI Investments Co.		165,484
	12,401	State Street Corp.		423,246
	11,261	T. Rowe Price Group, Inc.		433,774

				6,261,911

Chemicals - 2.0%
	11,020	Air Products & Chemicals, Inc.		726,218
	5,486	Cabot Corp.		80,096
	39,444	Dow Chemical Co		631,104
	26,129	EI Du Pont de Nemours & Co.		728,999
	6,470	FMC Corp.		315,283
	15,924	Monsanto Co.		1,351,788
	4,543	Mosaic Co		183,764
	4,767	PPG Industries, Inc.		209,986
	16,014	Praxair, Inc.		1,194,805
	7,874	Terra Industries, Inc.		208,661

				5,630,704

Commercial Banks - 1.6%
	17,526	BB&T Corp.		409,057
	5,418	Commerce Bancshares, Inc.		179,336
	12,330	PNC Financial Services Group, Inc.		489,501
	20,106	Regions Financial Corp.		90,276
	15,909	SunTrust Banks, Inc.		229,726
	50,562	US Bancorp		921,240
	106,474	Wells Fargo & Co.		2,130,544

				4,449,680

Commercial Services & Supplies - 0.6%
	10,556	Covanta Holding Corp.*		148,945
	15,582	Iron Mountain, Inc.*		443,931
	18,239	Pitney Bowes, Inc.		447,585
	18,389	RR Donnelley & Sons Co.		214,232
	14,225	Waste Management, Inc.		379,381

				1,634,074

Communications Equipment - 2.5%
	5,004	Ciena Corp.*		59,798
	178,212	Cisco Systems, Inc.*		3,443,055
	45,674	Corning, Inc.		667,754
	25,923	Juniper Networks, Inc.*		561,233
	65,404	Motorola, Inc.*		361,684
	46,959	QUALCOMM, Inc.		1,987,305

				7,080,829

Computers & Peripherals - 4.0%
	25,590	Apple, Inc.*		3,219,989
	52,758	Dell, Inc.*		613,048

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

16 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Large Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Computers & Peripherals (continued)
	59,964	EMC Corp.*	$	751,349
	61,114	Hewlett-Packard Co.		2,198,882
	37,641	International Business Machines Corp.		3,884,927
	7,601	Lexmark International, Inc.*		149,132
	9,953	NetApp, Inc.*		182,140
	35,636	Sun Microsystems, Inc.*		326,426

				11,325,893

Construction & Engineering - 0.2%
	2,895	Aecom Technology Corp.*		74,488
	7,613	Fluor Corp.		288,305
	2,402	Shaw Group, Inc.*		80,539

				443,332

Consumer Finance - 0.3%
	29,195	American Express Co.		736,298
	10,873	Capital One Financial Corp.		182,014

				918,312

Containers & Packaging - 0.2%
	8,432	Ball Corp.		318,055
	14,001	Sealed Air Corp.		266,859

				584,914

Distributors - 0.1%
	4,765	Genuine Parts Co.		161,819

Diversified Consumer Services - 0.1%
	3,681	Apollo Group, Inc. Class A*		231,719
	9,459	H&R Block, Inc.		143,209

				374,928

Diversified Financial Services - 2.2%
	173,038	Bank of America Corp.		1,545,229
	158,084	Citigroup, Inc.*		482,156
	1,948	CME Group, Inc.		431,190
	93,899	JPMorgan Chase & Co.		3,098,668
	15,571	Leucadia National Corp.		330,572
	5,688	Moody’s Corp.		167,910
	7,666	NYSE Euronext		177,621

				6,233,346

Diversified Telecommunication - 3.0%
	225,050	AT&T, Inc.		5,765,781
	82,792	Verizon Communications, Inc.		2,511,909
	21,332	Windstream Corp.		177,056

				8,454,746

Electric Utilities - 2.2%
	14,633	Allegheny Energy, Inc.		379,287
	36,781	Duke Energy Corp.		507,946
	11,800	Entergy Corp.		764,286
	19,025	Exelon Corp.		877,623
	8,856	FirstEnergy Corp.		362,210
	11,876	FPL Group, Inc.		638,810
	10,499	Great Plains Energy, Inc.		151,921
	8,706	Pinnacle West Capital Corp.		238,370
	10,813	PPL Corp.		323,417
	66,820	Southern Co.		1,929,762

				6,173,632

Electrical Equipment - 0.4%
	25,085	Emerson Electric Co.		853,893
	1,306	First Solar, Inc.*		244,601
	4,860	Hubbell, Inc. Class B		161,352

				1,259,846

Electronic Equipment, Instruments - 0.3%
	10,605	Arrow Electronics, Inc.*		241,158
	1,609	National Instruments Corp.		35,462
	10,499	Trimble Navigation Ltd.*		225,099
	13,920	Tyco Electronics Ltd.		242,764

				744,483

Energy Equipment & Services - 1.5%
	8,977	Baker Hughes, Inc.		319,402
	9,804	BJ Services Co.		136,178
	6,027	Diamond Offshore Drilling, Inc.		436,415
	25,262	Halliburton Co.		510,798
	9,043	Helmerich & Payne, Inc.		278,705
	3,847	IHS, Inc.*		159,112
	10,746	Key Energy Services, Inc.*		47,175
	16,115	Nabors Industries Ltd.*		245,109
	12,030	National Oilwell Varco, Inc.*		364,268
	29,976	Schlumberger Ltd.		1,468,523
	6,256	Smith International, Inc.		161,718
	4,595	Tidewater, Inc.		198,734

				4,326,137

Food & Staples Retailing - 2.7%
	12,589	Costco Wholesale Corp.		611,825
	45,725	CVS Caremark Corp.		1,453,141
	19,159	Kroger Co		414,218
	12,683	Safeway, Inc.		250,489
	33,181	Sysco Corp.		774,113
	29,715	Walgreen Co.		933,942
	65,148	Wal-Mart Stores, Inc.		3,283,459

				7,721,187

Food Products - 1.6%
	38,926	Archer-Daniels-Midland Co.		958,358
	3,496	Bunge Ltd.		167,843
	24,706	ConAgra Foods, Inc.		437,296
	4,305	Corn Products International, Inc.		102,890
	9,725	General Mills, Inc.		492,960
	19,527	HJ Heinz Co.		672,119
	7,256	Kellogg Co.		305,550
	42,670	Kraft Foods, Inc.		998,478
	61,811	Sara Lee Corp.		514,268

				4,649,762

Gas Utilities - 0.2%
	15,035	Questar Corp.		446,840

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

DIREXION SEMI-ANNUAL REPORT 17

Direxion Daily Large Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Health Care Equipment & Supplies - 2.3%
	54,648	Baxter International, Inc.	$	2,650,428
	12,657	Becton Dickinson and Co.		765,495
	43,518	Boston Scientific Corp.*		365,986
	1,381	Intuitive Surgical, Inc.*		198,491
	32,635	Medtronic, Inc.		1,044,320
	15,504	St. Jude Medical, Inc.*		519,694
	15,408	Stryker Corp.		596,444
	6,744	Zimmer Holdings, Inc.*		296,669

				6,437,527

Health Care Providers & Services - 1.3%
	24,432	Aetna, Inc.		537,748
	13,645	Cardinal Health, Inc.		461,065
	8,227	CIGNA Corp.		162,154
	14,700	Medco Health Solutions, Inc.*		640,185
	10,513	Patterson Cos, Inc.*		215,096
	37,134	UnitedHealth Group, Inc.		873,392
	4,208	Universal Health Services, Inc. Class B		212,083
	15,272	WellPoint, Inc.*		653,031

				3,754,754

Health Care Technology - 0.1%
	1,932	Cerner Corp.*		103,942
	15,534	IMS Health, Inc.		195,107

				299,049

Hotels Restaurants & Leisure - 1.4%
	3,337	Burger King Holdings, Inc.		54,527
	12,633	Carnival Corp.*		339,575
	2,897	Chipotle Mexican Grill, Inc. Class A*		234,918
	9,082	International Game Technology		112,163
	8,602	Marriott International, Inc. Class A		202,663
	32,892	McDonald’s Corp.		1,752,814
	19,792	Starbucks Corp.*		286,192
	16,085	Starwood Hotels & Resorts Worldwide, Inc.		335,533
	15,373	Wyndham Worldwide Corp.		179,557
	12,447	Yum! Brands, Inc.		415,107

				3,913,049

Household Durables - 0.2%
	5,719	Fortune Brands, Inc.		224,814
	1,277	MDC Holdings, Inc.		43,648
	18,375	Pulte Homes, Inc.*		211,496

				479,958

Household Products - 2.2%
	5,818	Church & Dwight Co., Inc.		316,557
	14,732	Colgate-Palmolive Co.		869,188
	12,127	Kimberly-Clark Corp.		595,921
	93,417	Procter & Gamble Co.		4,618,537

				6,400,203

Independent Power Producers - 0.2%
	10,662	Calpine Corp.*		86,469
	8,955	Mirant Corp.*		113,997
	12,489	NRG Energy, Inc.*		224,552
	9,945	Reliant Energy, Inc.*		49,327

				474,345

Industrial Conglomerates - 1.8%
	29,549	3M Co.		1,702,022
	265,941	General Electric Co.		3,364,155
	6,546	McDermott International, Inc.*		105,652
	8,306	Textron, Inc.		89,123

				5,260,952

Insurance - 2.5%
	13,774	Aflac, Inc.		397,931
	47,986	Allstate Corp.		1,119,514
	66,919	American International Group, Inc.*		92,348
	8,087	AON Corp.		341,271
	4,303	Axis Capital Holdings Ltd.		106,026
	31,897	Chubb Corp.		1,242,389
	6,346	Conseco, Inc.*		10,154
	18,180	Fidelity National Financial, Inc. Class A		329,603
	9,071	Hartford Financial Services Group, Inc.		104,044
	22,635	Lincoln National Corp.		254,417
	9,137	Loews Corp.		227,420
	14,876	Marsh & McLennan Cos, Inc.		313,735
	2,312	Mercury General Corp.		78,099
	18,195	MetLife, Inc.		541,301
	20,525	Old Republic International Corp.		192,319
	8,328	Principal Financial Group, Inc.		136,080
	19,769	Progressive Corp.		302,070
	10,153	Prudential Financial, Inc.		293,219
	5,405	RenaissanceRe Holdings Ltd.		263,007
	17,561	Travelers Cos, Inc.		722,460
	10,045	Unum Group		164,135

				7,231,542

Internet & Catalog Retail - 0.4%
	9,137	Amazon.com, Inc.*		735,710
	17,732	Expedia, Inc.*		241,333
	17,252	Liberty Media Corp. - Interactive Class A*		91,436

				1,068,479

Internet Software & Services - 1.5%
	74,179	eBay, Inc.*		1,221,728
	5,591	Google, Inc. Class A*		2,213,868
	1,369	Sohu.com, Inc.*		71,393
	5,620	VeriSign, Inc.*		115,660
	40,071	Yahoo!, Inc.*		572,615

				4,195,264

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

18 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Large Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

IT Services - 1.2%
	17,341	Accenture Ltd. Class A	$	510,346
	15,072	Automatic Data Processing, Inc.		530,534
	4,753	Fiserv, Inc.*		177,382
	8,391	Hewitt Associates, Inc.*		263,142
	2,746	Mastercard, Inc. Class A		503,754
	9,423	Paychex, Inc.		254,515
	13,019	Visa, Inc., FST		845,714
	23,640	Western Union Co		395,970

				3,481,357

Leisure Equipment & Products - 0.2%
	10,711	Hasbro, Inc.		285,555
	19,907	Mattel, Inc.		297,809

				583,364

Life Sciences Tools & Services - 0.2%
	3,242	Life Technologies Corp.*		120,927
	2,552	Pharmaceutical Product Development, Inc.		50,045
	12,127	Thermo Fisher Scientific, Inc.*		425,414

				596,386

Machinery - 1.8%
	40,154	Caterpillar, Inc.		1,428,679
	5,939	Cummins, Inc.		201,926
	15,487	Danaher Corp.		905,060
	12,485	Deere & Co.		515,131
	16,404	Dover Corp.		504,915
	25,503	Illinois Tool Works, Inc.		836,498
	4,433	Joy Global, Inc.		113,042
	2,042	Lincoln Electric Holdings, Inc.		90,930
	14,774	PACCAR, Inc.		523,591
	3,753	Pentair, Inc.		99,980
	2,955	Trinity Industries, Inc.		43,173

				5,262,925

Media - 2.1%
	6,473	Cablevision Systems Corp. Group A		111,077
	17,062	CBS Corp. Class B (a)		120,116
	75,957	Comcast Corp. Class A		1,174,295
	16,436	DIRECTV Group, Inc.*		406,462
	3,822	DreamWorks Animation SKG, Inc. Class A*		91,766
	9,550	Liberty Global, Inc. Class A*		157,480
	15,055	Liberty Media Corp. - Entertainment Series A*		366,589
	9,378	McGraw-Hill Cos, Inc.		282,747
	81,481	News Corp. Class A		673,033
	8,535	Omnicom Group, Inc.		268,596
	34,589	Time Warner Inc.		755,078
	16,219	Viacom, Inc. Class A*		312,054
	8,682	Virgin Media, Inc.		67,025
	55,336	Walt Disney Co.		1,211,859

				5,998,177

Metals & Mining - 0.8%
	3,222	AK Steel Holding Corp.		41,918
	23,578	Alcoa, Inc.		213,852
	3,064	Cliffs Natural Resources, Inc.		70,656
	10,043	Commercial Metals Co.		149,440
	11,082	Freeport-McMoRan Copper & Gold, Inc.*		472,647
	12,642	Newmont Mining Corp.		508,714
	19,513	Nucor Corp.		793,984
	3,392	United States Steel Corp.		90,058

				2,341,269

Multiline Retail - 1.6%
	19,415	JC Penney Co., Inc.		595,846
	8,940	Kohl’s Corp.*		405,429
	36,484	Macy’s, Inc.		499,101
	15,860	Nordstrom, Inc.		358,912
	68,618	Target Corp.		2,831,179

				4,690,467

Multi-Utilities - 1.0%
	7,318	Ameren Corp.		168,460
	28,668	Centerpoint Energy, Inc.		305,028
	16,766	Dominion Resources, Inc.		505,663
	7,994	OGE Energy Corp.		205,526
	14,718	Public Service Enterprise Group, Inc.		439,185
	21,724	Sempra Energy		999,738
	7,199	Vectren Corp.		159,602

				2,783,202

Oil, Gas & Consumable Fuels - 9.2%
	3,686	Alpha Natural Resources, Inc.*		75,489
	21,890	Anadarko Petroleum Corp.		942,583
	9,086	Apache Corp.		662,006
	3,014	Cabot Oil & Gas Corp.		90,993
	16,804	Chesapeake Energy Corp.		331,207
	67,963	Chevron Corp.		4,492,354
	54,603	ConocoPhillips		2,238,723
	10,300	Consol Energy, Inc.		322,184
	6,985	Denbury Resources, Inc.*		113,716
	12,958	Devon Energy Corp.		671,872
	4,646	Encore Acquisition Co.*		135,617
	11,609	EOG Resources, Inc.		736,939
	153,407	Exxon Mobil Corp.		10,227,646
	3,600	Holly Corp.		75,456
	20,552	Marathon Oil Corp.		610,394
	3,360	Newfield Exploration Co.*		104,765
	5,020	Noble Energy, Inc.		284,885
	29,549	Occidental Petroleum Corp.		1,663,313
	7,884	Peabody Energy Corp.		208,059
	12,052	PetroHawk Energy Corp.*		284,427
	10,386	Pioneer Natural Resources Co.		240,124
	9,395	SandRidge Energy, Inc.*		76,663
	9,925	Southwestern Energy Co.*		355,911
	18,378	Spectra Energy Corp.		266,481
	15,323	Valero Energy Corp.		304,008

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

DIREXION SEMI-ANNUAL REPORT 19

Direxion Daily Large Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Oil, Gas & Consumable Fuels (continued)
	16,946	Williams Cos, Inc.	$	238,939
	16,036	XTO Energy, Inc.		555,808

				26,310,562

Paper & Forest Products - 0.3%
	13,479	International Paper Co.		170,644
	5,085	MeadWestvaco Corp.		79,631
	13,457	Weyerhaeuser Co.		474,494

				724,769

Personal Products - 0.1%
	12,445	Avon Products, Inc.		283,248

Pharmaceuticals - 6.2%
	44,783	Abbott Laboratories		1,874,169
	15,400	Allergan, Inc.		718,564
	75,263	Bristol-Myers Squibb Co.		1,445,050
	28,988	Eli Lilly & Co.		954,285
	104,413	Johnson & Johnson		5,467,064
	62,325	Merck & Co., Inc.		1,510,758
	13,322	Mylan, Inc.*		176,517
	196,353	Pfizer, Inc.*		2,623,276
	47,097	Schering-Plough Corp.		1,084,173
	2,883	Watson Pharmaceuticals, Inc.*		89,200
	38,729	Wyeth		1,642,110

				17,585,166

Professional Services - 0.0%†
	3,756	Equifax, Inc.		109,525

Real Estate Investment Trusts - 1.4%
	15,628	Annaly Capital Management, Inc.		219,886
	10,430	Boston Properties, Inc.		515,452
	10,305	Douglas Emmett, Inc.		98,619
	11,571	Equity Residential		264,860
	21,860	HCP, Inc.		479,827
	45,307	Host Hotels & Resorts, Inc.		348,411
	2,228	Kilroy Realty Corp.		47,991
	7,054	Kimco Realty Corp.		84,789
	4,979	Plum Creek Timber Co., Inc.		171,875
	7,530	ProLogis		68,598
	3,680	Public Storage		246,045
	6,950	Rayonier, Inc.		268,409
	6,183	Regency Centers Corp.		231,553
	7,677	Simon Property Group, Inc.		396,133
	3,386	SL Green Realty Corp.		59,797
	4,677	Taubman Centers, Inc.		111,406
	11,019	UDR, Inc.		110,961
	3,953	Vornado Realty Trust		193,262

				3,917,874

Road & Rail - 0.8%
	8,157	Burlington Northern Santa Fe Corp.		550,434
	11,743	CSX Corp.		347,475
	10,891	Norfolk Southern Corp.		388,591
	5,006	Ryder System, Inc.		138,616
	14,997	Union Pacific Corp.		736,953

				2,162,069

Semiconductors & Semiconductor Equipment - 2.7%
	8,391	Analog Devices, Inc.		178,560
	39,279	Applied Materials, Inc.		479,597
	14,919	Broadcom Corp. Class A*		345,972
	5,277	Fairchild Semiconductor International, Inc.*		32,506
	302,481	Intel Corp.		4,773,151
	11,602	Kla-Tencor Corp.		321,839
	14,053	Marvell Technology Group Ltd.*		154,302
	16,035	Microchip Technology, Inc.		368,805
	6,620	National Semiconductor Corp.		81,889
	16,115	Nvidia Corp.*		185,000
	38,346	Texas Instruments, Inc.		692,529
	8,132	Xilinx, Inc.		166,218

				7,780,368

Software - 3.6%
	17,164	Activision Blizzard, Inc.*		184,856
	30,673	Adobe Systems, Inc.*		838,907
	2,425	ANSYS, Inc.*		66,979
	16,563	BMC Software, Inc.*		574,239
	11,291	CA, Inc.		194,770
	11,010	Electronic Arts, Inc.*		224,054
	9,350	Intuit, Inc.*		216,266
	246,445	Microsoft Corp.		4,992,975
	5,845	Nuance Communications, Inc.*		78,031
	115,072	Oracle Corp.*		2,225,491
	5,708	Salesforce.com, Inc.*		244,359
	24,363	Symantec Corp.*		420,262

				10,261,189

Specialty Retail - 2.2%
	8,159	Advance Auto Parts, Inc.		356,956
	7,464	Bed Bath & Beyond, Inc.*		227,055
	12,917	Best Buy Co., Inc.		495,754
	7,880	Carmax, Inc.*		100,549
	4,725	GameStop Corp. Class A*		142,506
	26,174	Gap, Inc.		406,744
	49,089	Home Depot, Inc.		1,292,022
	90,640	Lowe’s Cos, Inc.		1,948,760
	20,430	Staples, Inc.		421,267
	24,342	TJX Cos, Inc.		680,846
	7,923	Williams-Sonoma, Inc.		110,922

				6,183,381

Textiles, Apparel & Luxury Goods - 0.4%
	29,756	Coach, Inc.*		729,022
	10,261	NIKE, Inc. Class B		538,395

				1,267,417

Thrifts & Mortgage Finance - 0.2%
	15,134	Hudson City Bancorp, Inc.		190,083
	23,182	New York Community Bancorp, Inc.		262,189
	7,777	Washington Federal, Inc.		100,945

				553,217

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

20 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Large Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Tobacco - 1.2%
	60,773	Altria Group, Inc.	$	992,423
	5,045	Lorillard, Inc.		318,491
	61,229	Philip Morris International, Inc.		2,216,490

				3,527,404

Trading Companies & Distribution - 0.0%†
	1,784	GATX Corp.		53,717
	4,989	United Rentals, Inc.*		30,233

				83,950

Wireless Telecommunication Services - 0.5%
	11,536	American Tower Corp. Class A*		366,383
	24,438	Crown Castle International Corp.*		599,220
	80,480	Sprint Nextel Corp.*		350,893
				1,316,496

		TOTAL COMMON STOCKS (Cost $206,607,200)	$	246,618,508

SHORT TERM INVESTMENTS - 10.9%
MONEY MARKET FUNDS - 10.9%
	30,946,806	AIM Short Term Investment Treasury, 0.09% (b)		30,946,806
	204,689	AIM Short Term Investment Treasury (Collateral), 0.09% (b)		204,689

		TOTAL SHORT TERM INVESTMENTS (Cost $31,151,495)	$	31,151,495

		TOTAL INVESTMENTS (Cost $237,758,695) - 97.6%	$	277,770,003
		Other Assets in Excess of Liabilities - 2.4%		6,858,161

		TOTAL NET ASSETS - 100.0%	$	284,628,164

Percentages are stated as a percent of net assets.


(*)	Non- Income producing security.
(a)	Non- Voting Shares.
(b)	Represents annualized seven-day yield at April 30, 2009.
(†)	Less than 0.05%.

Direxion Daily Large Cap Bull 3X Shares

Swap Equity Contracts

April 30, 2009 (Unaudited)

Number of

Notional

Termination

Unrealized

Counterparty

Reference Entity

Contracts

Amount

Date

Appreciation

Credit Suisse Capital LLC

Russell 1000 Index

1,270,350

599,348,704

5/6/2010

6,606,859

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

DIREXION SEMI-ANNUAL REPORT 21

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

COMMON STOCKS - 83.6%
Aerospace & Defense - 2.4%
	439	Alliant Techsystems, Inc.*	$	34,966
	575	Goodrich Corp.		25,461
	1,841	ITT Corp.		75,499
	592	L-3 Communications Holdings, Inc.		45,081
	1,473	Precision Castparts Corp.		110,269
	926	Rockwell Collins, Inc.		35,512

				326,788

Air Freight & Logistics - 0.6%
	783	CH Robinson Worldwide, Inc.		41,624
	981	Expeditors International of Washington, Inc.		34,051

				75,675

Airlines - 0.3%
	1,289	Continental Airlines, Inc. Class B*		13,560
	3,363	Southwest Airlines Co.		23,474

				37,034

Auto Components - 0.3%
	1,002	Autoliv, Inc.		24,719
	656	Gentex Corp.		8,771

				33,490

Automobiles - 0.2%
	1,087	Harley-Davidson, Inc.		24,088

Beverages - 1.0%
	478	Brown-Forman Corp. Class B		22,227
	562	Central European Distribution Corp.*		12,589
	4,391	Coca-Cola Enterprises, Inc.		74,910
	850	Constellation Brands, Inc.*		9,852
	531	Molson Coors Brewing Co. Class B		20,311

				139,889

Biotechnology - 0.4%
	801	Amylin Pharmaceuticals, Inc.*		8,763
	318	Cephalon, Inc.*		20,864
	702	Vertex Pharmaceuticals, Inc.*		21,636

				51,263

Building Products - 0.2%
	1,662	Masco Corp.		14,725
	629	Owens Corning, Inc.*		11,259

				25,984

Capital Markets - 3.0%
	1,042	Ameriprise Financial, Inc.		27,457
	813	Eaton Vance Corp.		22,252
	1,818	Invesco Ltd.		26,761
	1,679	Jefferies Group, Inc.		32,858
	980	Legg Mason, Inc.		19,669
	1,032	Northern Trust Corp.		56,100
	1,317	Raymond James Financial, Inc.		20,664
	1,857	SEI Investments Co.		26,054
	3,581	T Rowe Price Group, Inc.		137,939
	1,618	TD Ameritrade Holding Corp.*		25,742

				395,496

Chemicals - 2.6%
	703	Airgas, Inc.		30,313
	1,051	Albemarle Corp.		28,188
	844	Ashland, Inc.		18,534
	2,005	Ecolab, Inc.		77,292
	533	FMC Corp.		25,973
	746	Huntsman Corp.		3,999
	1,623	Nalco Holding Co.		26,487
	911	PPG Industries, Inc.		40,130
	1,484	RPM International, Inc.		20,509
	497	Scotts Miracle-Gro Co.		16,784
	1,174	Terra Industries, Inc.		31,111
	939	Valspar Corp.		22,536

				341,856

Commercial Banks - 1.5%
	1,756	Associated Banc-Corp		27,165
	639	Bank of Hawaii Corp.		22,454
	307	BOK Financial Corp.		11,562
	538	City National Corp.		19,691
	1,898	Comerica, Inc.		39,820
	4,308	Fifth Third Bancorp		17,663
	2,308	Keycorp		14,194
	3,257	Regions Financial Corp.		14,624
	3,254	Synovus Financial Corp.		10,510
	627	Valley National Bancorp		9,073
	717	Wilmington Trust Corp.		10,404

				197,160

Commercial Services & Supplies - 1.5%
	794	Avery Dennison Corp.		22,820
	560	Brink’s Co.		15,876
	868	Corrections Corp. of America*		12,265
	1,516	Covanta Holding Corp.*		21,391
	871	Iron Mountain, Inc.*		24,815
	1,666	Pitney Bowes, Inc.		40,883
	755	Republic Services, Inc.		15,855
	2,813	RR Donnelley & Sons Co.		32,771
	404	Stericycle, Inc.*		19,020

				205,696

Communications Equipment - 0.9%
	568	ADC Telecommunications, Inc.*		4,180
	571	CommScope, Inc.*		14,332
	203	EchoStar Corp.*		3,211
	395	F5 Networks, Inc.*		10,772
	860	Harris Corp.		26,299
	2,534	Juniper Networks, Inc.*		54,862
	1,918	Tellabs, Inc.*		10,050

				123,706

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

DIREXION SEMI-ANNUAL REPORT 23

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Capital Markets (continued)
Computers & Peripherals - 0.6%
	684	Lexmark International, Inc.*	$	13,420
	2,310	NCR Corp.*		23,447
	1,658	NetApp, Inc.*		30,341
	868	Teradata Corp.*		14,513

				81,721

Construction & Engineering - 1.1%
	816	Fluor Corp.		30,902
	656	Jacobs Engineering Group, Inc.*		24,954
	1,951	KBR, Inc.		30,475
	953	Shaw Group, Inc.*		31,954
	765	URS Corp.*		33,706

				151,991

Construction Materials - 0.3%
	468	Martin Marietta Materials, Inc.		39,326

Containers & Packaging - 0.9%
	781	Aptargroup, Inc.		24,234
	1,523	Crown Holdings, Inc.*		33,582
	1,193	Packaging Corp. of America		18,933
	820	Pactiv Corp.*		17,925
	1,143	Sonoco Products Co.		27,901

				122,575

Distributors - 0.4%
	1,749	Genuine Parts Co.		59,396

Diversified Consumer Services - 1.0%
	621	Apollo Group, Inc.*		39,092
	1,235	Career Education Corp.*		27,219
	298	DeVry, Inc.		12,683
	2,534	H&R Block, Inc.		38,365
	433	Weight Watchers International, Inc.		10,773

				128,132

Diversified Financial Services - 0.3%
	1,248	Leucadia National Corp.*		26,495
	634	NASDAQ OMX Group, Inc.*		12,192

				38,687

Diversified Telecommunication - 0.4%
	2,832	Frontier Communications Corp.		20,136
	3,906	Windstream Corp.		32,419

				52,555

Electric Utilities - 1.8%
	774	Allegheny Energy, Inc.		20,062
	1,846	American Electric Power Co., Inc.		48,697
	650	DPL, Inc.		14,580
	1,498	Edison International		42,708
	1,759	Pepco Holdings, Inc.		21,020
	1,714	PPL Corp.		51,266
	1,201	Progress Energy, Inc.		40,978

				239,311

Electrical Equipment - 1.2%
	1,227	AMETEK, Inc.		39,522
	928	Cooper Industries Ltd. Class A		30,429
	613	Hubbell, Inc. Class B		20,352
	2,023	Rockwell Automation, Inc.		63,906

				154,209

Electronic Equipment, Instruments - 1.7%
	2,418	Amphenol Corp.		81,825
	592	Arrow Electronics, Inc.*		13,462
	1,659	Avnet, Inc.*		36,316
	696	Dolby Laboratories, Inc.*		27,930
	928	Ingram Micro, Inc.*		13,475
	729	Tech Data Corp.*		20,988
	1,632	Trimble Navigation Ltd.*		34,990
	900	Vishay Intertechnology, Inc.*		5,283

				234,269

Energy Equipment & Services - 2.7%
	1,351	BJ Services Co.		18,765
	995	Cameron International Corp.*		25,452
	317	Diamond Offshore Drilling, Inc.		22,954
	1,186	Dresser-Rand Group, Inc.*		29,211
	1,316	ENSCO International, Inc.		37,217
	589	FMC Technologies, Inc.*		20,161
	1,036	Helmerich & Payne, Inc.		31,930
	1,563	Nabors Industries Ltd.*		23,773
	1,475	Patterson-UTI Energy, Inc.		18,747
	2,038	Pride International, Inc.*		46,264
	1,553	Rowan Cos, Inc.		24,242
	992	Smith International, Inc.		25,643
	622	Superior Energy Services, Inc.*		11,949
	717	Tidewater, Inc.		31,010

				367,318

Food & Staples Retailing - 0.7%
	659	BJ’s Wholesale Club, Inc.*		21,971
	2,013	Safeway, Inc.		39,756
	976	SUPERVALU, Inc.		15,958
	645	Whole Foods Market, Inc.		13,371

				91,056

Food Products - 2.0%
	1,003	Campbell Soup Co.		25,797
	2,082	ConAgra Foods, Inc.		36,851
	661	Corn Products International, Inc.		15,798
	1,153	Dean Foods Co.*		23,867
	2,721	Del Monte Foods Co.		20,544
	706	Hershey Co.		25,515
	1,448	HJ Heinz Co.		49,840
	326	Hormel Foods Corp.		10,201
	546	JM Smucker Co.		21,512
	3,246	Sara Lee Corp.		27,007
	1,608	Smithfield Foods, Inc.*		13,893

				270,825

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

24 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Food Products (continued)
Gas Utilities - 1.1%
	788	Atmos Energy Corp.	$	19,471
	626	Energen Corp.		22,611
	555	National Fuel Gas Co.		18,154
	910	Oneok, Inc.		23,815
	1,513	Questar Corp.		44,967
	933	UGI Corp.		21,403

				150,421

Health Care Equipment & Supplies - 2.7%
	867	Beckman Coulter, Inc.		45,569
	466	CR Bard, Inc.		33,380
	698	DENTSPLY International, Inc.		19,977
	257	Edwards Lifesciences Corp.*		16,289
	744	Gen-Probe, Inc.*		35,831
	860	Hill-Rom Holdings, Inc.		11,163
	1,200	Hologic, Inc.*		17,832
	746	Hospira, Inc.*		24,521
	831	IDEXX Laboratories, Inc.*		32,658
	181	Intuitive Surgical, Inc.*		26,015
	447	Kinetic Concepts, Inc.*		11,068
	1,592	St Jude Medical, Inc.*		53,363
	364	Teleflex, Inc.		15,645
	589	Varian Medical Systems, Inc.*		19,655

				362,966

Health Care Providers & Services - 3.0%
	755	AmerisourceBergen Corp.		25,398
	3,872	CIGNA Corp.		76,317
	951	Community Health Systems, Inc.*		21,721
	491	DaVita, Inc.*		22,768
	987	Express Scripts, Inc.*		63,138
	424	Henry Schein, Inc.*		17,401
	794	Humana, Inc.*		22,851
	937	Laboratory Corp. of America Holdings*		60,109
	748	LifePoint Hospitals, Inc.*		19,336
	742	Quest Diagnostics, Inc.		38,087
	651	Universal Health Services, Inc.		32,810

				399,936

Health Care Technology - 0.3%
	431	Cerner Corp.*		23,188
	1,427	IMS Health, Inc.		17,923

				41,111

Hotels Restaurants & Leisure - 2.3%
	940	Burger King Holdings, Inc.		15,360
	420	Choice Hotels International, Inc.		12,571
	682	Darden Restaurants, Inc.		25,214
	1,440	Marriott International, Inc. Class A		33,926
	3,547	Starbucks Corp.*		51,290
	1,335	Starwood Hotels & Resorts Worldwide, Inc.		27,848
	1,799	Tim Hortons, Inc.		43,698
	567	Wynn Resorts Ltd.*		22,243
	2,308	Yum! Brands, Inc.		76,971

				309,121

Household Durables - 1.9%
	1,413	Fortune Brands, Inc.		55,545
	618	Garmin Ltd.		15,567
	937	Jarden Corp.*		18,834
	1,358	Leggett & Platt, Inc.		19,501
	456	MDC Holdings, Inc.		15,586
	3,818	Newell Rubbermaid, Inc.		39,898
	542	Snap-On, Inc.		18,385
	382	Stanley Works		14,527
	1,685	Toll Brothers, Inc.*		34,138
	493	Whirlpool Corp.		22,264

				254,245

Household Products - 0.5%
	574	Church & Dwight Co., Inc.		31,231
	634	Clorox Co.		35,536

				66,767

Independent Power Producers & Energy Traders - 0.6%
	5,424	AES Corp.*		38,348
	1,621	Mirant Corp.*		20,635
	1,415	NRG Energy, Inc.*		25,442

				84,425

Industrial Conglomerates - 0.3%
	2,037	McDermott International, Inc.*		32,877
	1,146	Textron, Inc.		12,297

				45,174

Insurance - 3.3%
	674	Allied World Assurance Co. Holdings Ltd.		25,032
	1,301	AON Corp.		54,902
	517	Arch Capital Group Ltd.*		29,872
	435	Arthur J Gallagher & Co.		9,779
	850	Brown & Brown, Inc.		16,541
	2,009	Cincinnati Financial Corp.		48,116
	2,950	Fidelity National Financial, Inc. Class A		53,484
	2,399	Marsh & McLennan Cos, Inc.		50,595
	367	Mercury General Corp.		12,397
	2,066	Old Republic International Corp.		19,358
	334	OneBeacon Insurance Group Ltd.		3,881
	3,177	Progressive Corp.		48,545
	277	Reinsurance Group of America, Inc.		8,806
	1,238	Torchmark Corp.		36,311
	372	Transatlantic Holdings, Inc.		14,110
	42	White Mountains Insurance Group Ltd.		8,035

				439,764

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

DIREXION SEMI-ANNUAL REPORT 25

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Internet & Catalog Retail - 0.1%
	1,011	Expedia, Inc.*	$	13,760

Internet Software & Services - 0.8%
	1,328	Akamai Technologies, Inc.*		29,243
	450	Equinix, Inc.*		31,603
	1,271	IAC/InterActiveCorp*		20,361
	1,143	VeriSign, Inc.*		23,523
	107	WebMD Health Corp. Class A*		2,762

				107,492

IT Services - 1.3%
	616	DST Systems, Inc.*		22,281
	2,691	Fidelity National Information Services, Inc.		48,035
	769	Fiserv, Inc.*		28,699
	687	Global Payments, Inc.		22,025
	1,517	Paychex, Inc.		40,974
	767	Total System Services, Inc.		9,564

				171,578

Leisure Equipment & Products - 0.2%
	2,177	Mattel, Inc.		32,568

Life Sciences Tools & Services - 0.7%
	940	Charles River Laboratories International, Inc.*		25,991
	867	Covance, Inc.*		34,056
	1,292	PerkinElmer, Inc.		18,824
	664	Pharmaceutical Product Development, Inc.		13,021

				91,892

Machinery - 2.5%
	676	Crane Co.		15,609
	933	Cummins, Inc.		31,722
	592	Graco, Inc.		13,965
	1,123	Harsco Corp.		30,939
	1,097	IDEX Corp.		27,699
	1,440	Ingersoll-Rand Co. Ltd.		31,349
	353	Kennametal, Inc.		7,219
	569	Lincoln Electric Holdings, Inc.		25,338
	1,578	Pall Corp.		41,675
	771	Parker Hannifin Corp.		34,965
	575	Pentair, Inc.		15,318
	491	SPX Corp.		22,669
	1,345	Terex Corp.*		18,561
	827	Timken Co.		13,298
	744	Trinity Industries, Inc.		10,870

				341,196

Marine - 0.2%
	744	Kirby Corp.*		22,960

Media - 1.3%
	1,080	Cablevision Systems Corp.		18,533
	2,873	CBS Corp. Class B		20,226
	1,158	DISH Network Corp. Class A*		15,344
	1,114	Gannett Co., Inc.		4,356
	483	John Wiley & Sons, Inc.		16,374
	1,061	Lamar Advertising Co. Class A*		17,931
	1,565	McGraw-Hill Cos, Inc.		47,184
	543	Meredith Corp.		13,618
	1,101	Regal Entertainment Group Class A		14,379

				167,945

Metals & Mining - 0.5%
	510	Carpenter Technology Corp.		10,542
	1,312	Commercial Metals Co.		19,523
	721	Reliance Steel & Aluminum Co.		25,400
	983	Titanium Metals Corp.		6,675

				62,140

Multiline Retail - 2.2%
	584	Big Lots, Inc.*		16,142
	438	Dollar Tree, Inc.*		18,545
	1,182	Family Dollar Stores, Inc.		39,231
	1,080	JC Penney Co., Inc.		33,145
	1,505	Kohl’s Corp.*		68,251
	2,053	Macy’s, Inc.		28,085
	2,509	Nordstrom, Inc.		56,779
	620	Sears Holdings Corp.*		38,731

				298,909

Multi-Utilities - 3.9%
	1,252	Ameren Corp.		28,821
	1,968	CMS Energy Corp.		23,655
	1,984	Consolidated Edison, Inc.		73,666
	1,425	DTE Energy Co.		42,137
	603	Integrys Energy Group, Inc.		15,925
	1,597	MDU Resources Group, Inc.		28,059
	2,395	NiSource, Inc.		26,321
	803	OGE Energy Corp.		20,645
	1,641	PG&E Corp.		60,914
	2,187	Sempra Energy		100,647
	1,819	TECO Energy, Inc.		19,263
	372	Vectren Corp.		8,247
	691	Wisconsin Energy Corp.		27,612
	2,247	Xcel Energy, Inc.		41,435

				517,347

Office Electronics - 0.1%
	556	Zebra Technologies Corp.*		11,815

Oil, Gas & Consumable Fuels - 3.5%
	663	Arch Coal, Inc.		9,262
	1,142	Cimarex Energy Co.		30,720
	840	Consol Energy, Inc.		26,275
	2,383	Denbury Resources, Inc.*		38,795
	4,287	El Paso Corp.		29,580
	408	Forest Oil Corp.*		6,528
	626	Foundation Coal Holdings, Inc.		10,166
	843	Frontier Oil Corp.		10,715
	873	Murphy Oil Corp.		41,651
	605	Newfield Exploration Co.*		18,864
	1,390	Noble Energy, Inc.		78,882

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

26 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Oil, Gas & Consumable Fuels (continued)
	311	Overseas Shipholding Group, Inc.	$	8,929
	709	Range Resources Corp.		28,339
	1,572	Southwestern Energy Co.*		56,371
	2,909	Spectra Energy Corp.		42,181
	769	St Mary Land & Exploration Co.		13,742
	537	Sunoco, Inc.		14,236
	583	Teekay Corp.		8,419

				473,655

Paper & Forest Products - 0.5%
	2,315	International Paper Co.		29,308
	971	Weyerhaeuser Co.		34,237

				63,545

Personal Products - 0.6%
	2,079	Avon Products, Inc.		47,318
	898	Herbalife Ltd.		17,798
	733	NBTY, Inc.*		18,992

				84,108

Pharmaceuticals - 1.0%
	1,525	Allergan, Inc.		71,156
	1,429	Forest Laboratories, Inc.*		30,995
	463	Perrigo Co.		12,001
	539	Sepracor, Inc.*		7,659
	682	Warner Chilcott Ltd.*		6,677

				128,488

Professional Services - 1.0%
	1,786	Equifax, Inc.		52,080
	860	Manpower, Inc.		37,057
	1,935	Robert Half International, Inc.		46,479

				135,616

Real Estate Investment Trusts - 4.1%
	556	AMB Property Corp.		10,614
	2,521	Annaly Capital Management, Inc.		35,470
	1,238	Apartment Investment & Management Co.		9,037
	753	Boston Properties, Inc.		37,213
	1,268	Equity Residential		29,025
	3,355	HCP, Inc.		73,642
	153	Kilroy Realty Corp.		3,296
	907	Mack-Cali Realty Corp.		24,362
	452	Nationwide Health Properties, Inc.		11,160
	2,360	Plum Creek Timber Co., Inc.		81,467
	1,229	ProLogis		11,196
	592	Public Storage		39,581
	1,082	Rayonier, Inc.		41,787
	964	Regency Centers Corp.		36,102
	804	SL Green Realty Corp.		14,199
	564	Taubman Centers, Inc.		13,434
	602	UDR, Inc.		6,062
	1,247	Vornado Realty Trust		60,966
	1,025	Weingarten Realty Investors		15,929

				554,542

Real Estate Management & Services - 0.3%
	439	Jones Lang LaSalle, Inc.		14,167
	881	St Joe Co.*		21,919

				36,086

Road & Rail - 0.2%
	629	Con-way, Inc.		15,587
	1,118	Kansas City Southern*		17,049

				32,636

Semiconductors & Semiconductor Equipment - 3.3%
	4,134	Altera Corp.		67,426
	1,400	Analog Devices, Inc.		29,792
	7,050	Broadcom Corp. Class A*		163,490
	827	Integrated Device Technology, Inc.*		4,491
	882	International Rectifier Corp.*		14,888
	1,707	Intersil Corp. Class A		19,801
	1,666	Lam Research Corp.*		46,448
	3,163	National Semiconductor Corp.		39,126
	1,073	Novellus Systems, Inc.*		19,378
	3,101	NVIDIA Corp.*		35,599
	504	Rambus, Inc.*		6,038

				446,477

Software - 2.3%
	2,892	Activision Blizzard, Inc.*		31,147
	408	ANSYS, Inc.*		11,269
	1,112	Autodesk, Inc.*		22,173
	922	BMC Software, Inc.*		31,966
	2,530	Citrix Systems, Inc.*		72,181
	1,263	Compuware Corp.*		9,447
	2,778	Electronic Arts, Inc.*		56,532
	2,071	Intuit, Inc.*		47,902
	920	Red Hat, Inc.*		15,888
	684	Synopsys, Inc.*		14,898

				313,403

Specialty Retail - 3.5%
	1,192	Abercrombie & Fitch Co.		32,256
	533	AutoZone, Inc.*		88,685
	1,933	Bed Bath & Beyond, Inc.*		58,802
	2,768	Carmax, Inc.*		35,320
	2,372	Gap, Inc.		36,861
	2,179	Ltd. Brands, Inc.		24,884
	1,756	PetSmart, Inc.		40,177
	1,070	RadioShack Corp.		15,066
	649	Ross Stores, Inc.		24,623
	463	Sherwin-Williams Co.		26,224
	2,069	TJX Cos, Inc.		57,870
	1,565	Urban Outfitters, Inc.*		30,502

				471,270

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

DIREXION SEMI-ANNUAL REPORT 27

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Textiles, Apparel & Luxury Goods - 0.6%
	1,663	Coach, Inc.	$	40,744
	875	Hanesbrands, Inc.*		14,403
	429	VF Corp.		25,427

				80,574

Thrifts & Mortgage Finance - 0.8%
	1,160	Astoria Financial Corp.		9,582
	303	Capitol Federal Financial		11,805
	2,434	Hudson City Bancorp, Inc.		30,571
	3,039	New York Community Bancorp, Inc.		34,370
	1,622	People’s United Financial, Inc.		25,336

				111,664

Tobacco - 0.4%
	799	Lorillard, Inc.		50,441

Trading Companies & Distributors - 0.4%
	629	Fastenal Co.		24,128
	671	GATX Corp.		20,204
	581	WESCO International, Inc.*		15,106

				59,438

Wireless Telecommunication Services - 1.3%
	1,823	American Tower Corp. Class A*		57,898
	3,765	Crown Castle International Corp.*		92,318
	929	NII Holdings, Inc.*		15,013
	77	US Cellular Corp.*		2,618

				167,847

		TOTAL COMMON STOCKS (Cost $9,363,294)	$	11,212,818

SHORT TERM INVESTMENTS - 12.1%
MONEY MARKET FUNDS - 12.1%
	1,613,723	AIM Short Term Investment Treasury, 0.09% (a)		1,613,723
	4,661	AIM Short Term Investment Treasury (Collateral), 0.09% (a)		4,661

		TOTAL SHORT TERM INVESTMENTS (Cost $1,618,384)	$	1,618,384

		TOTAL INVESTMENTS (Cost $10,981,678) - 95.7%	$	12,831,202
		Other Assets in Excess of Liabilities - 4.3%		570,904

		TOTAL NET ASSETS - 100.0%	$	13,402,106

Percentages are stated as a percent of net assets.


(*)	Non- Income producing security.
(a)	Represents annualized seven-day yield at April 30, 2009.

Direxion Daily Mid Cap Bull 3X Shares

Swap Equity Contracts

April 30, 2009 (Unaudited)

Number of

Notional

Unrealized

Counterparty

Reference Entity

Contracts

Amount

Termination Date

Appreciation

Credit Suisse Capital LLC

Russell Midcap Index

46,965

28,437,466

5/6/2010

583,561

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

28 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Small Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

COMMON STOCKS - 86.6%
Aerospace & Defense - 1.7%
	14,600	Curtiss-Wright Corp.	$	466,762
	9,595	Esterline Technologies Corp.*		252,828
	9,772	HEICO CORP.		280,554
	38,758	Hexcel Corp.*		371,689
	8,092	LMI Aerospace, Inc.*		53,326
	13,907	Moog, Inc. Class A*		372,429
	19,096	Orbital Sciences Corp.*		295,224
	7,684	Stanley, Inc.*		198,094
	11,563	Teledyne Technologies, Inc.*		369,207
	25,710	TransDigm Group, Inc.*		903,450
	5,935	Triumph Group, Inc.		245,294

				3,808,857

Air Freight & Logistics - 0.4%
	8,571	Dynamex, Inc.*		126,079
	34,455	HUB Group, Inc. Class A*		792,466
	7,616	Park-Ohio Holdings Corp.*		35,414

				953,959

Airlines - 0.3%
	33,536	Alaska Air Group, Inc.*		562,734
	27,290	Hawaiian Holdings, Inc.*		136,177

				698,911

Auto Components - 0.4%
	20,638	Amerigon, Inc.*		116,605
	11,269	Fuel Systems Solutions, Inc.*		172,078
	24,991	Raser Technologies, Inc.*		97,715
	30,213	Spartan Motors, Inc.		243,819
	21,487	Superior Industries International, Inc.		324,023

				954,240

Biotechnology - 3.6%
	23,878	Alexion Pharmaceuticals, Inc.*		798,003
	29,694	Alkermes, Inc.*		227,159
	3,037	Amicus Therapeutics, Inc.*		27,181
	35,045	Cubist Pharmaceuticals, Inc.*		581,747
	23,632	Enzon Pharmaceuticals, Inc.*		135,884
	8,654	Genomic Health, Inc.*		194,715
	41,156	Geron Corp.*		211,542
	11,576	GTx, Inc.*		113,792
	10,857	Idera Pharmaceuticals, Inc.*		65,251
	28,041	Isis Pharmaceuticals, Inc.*		439,683
	79,320	Medarex, Inc.*		469,574
	11,794	Metabolix, Inc.*		93,173
	27,743	Myriad Genetics, Inc.*		1,076,150
	17,271	Onyx Pharmaceuticals, Inc.*		447,319
	11,175	Orexigen Therapeutics, Inc.*		31,737
	17,774	OSI Pharmaceuticals, Inc.*		596,673
	54,416	PDL BioPharma, Inc.		389,074
	5,228	Pharmasset, Inc.*		47,052
	8,275	Progenics Pharmaceuticals, Inc.*		45,347
	26,753	Regeneron Pharmaceuticals, Inc.*		354,745
	22,754	Sangamo Biosciences, Inc.*		96,705
	16,851	Savient Pharmaceuticals, Inc.*		88,973
	37,643	Seattle Genetics, Inc.*		347,445
	13,993	United Therapeutics Corp.*		878,900
	69,885	XOMA Ltd.*		37,738
	23,185	Zymogenetics, Inc.*		81,148

				7,876,710

Building Products - 0.4%
	29,656	Quanex Building Products Corp.		303,974
	14,970	Universal Forest Products, Inc.		502,393

				806,367

Capital Markets - 2.0%
	61,876	Apollo Investment Corp.		297,005
	87,554	Ares Capital Corp.		513,942
	9,909	Epoch Holding Corp.		73,029
	8,880	Evercore Partners, Inc.		167,654
	5,603	GAMCO Investors, Inc.		280,990
	48,881	GFI Group, Inc.		199,434
	15,597	Gladstone Capital Corp.		104,656
	29,611	Hercules Technology Growth Capital, Inc.		177,962
	40,878	Knight Capital Group, Inc.*		633,201
	22,251	LaBranche & Co., Inc.*		93,009
	55,927	MCG Capital Corp.		98,432
	10,571	MVC Capital, Inc.		90,488
	15,996	NGP Capital Resources Co.		112,292
	38,154	optionsXpress Holdings, Inc.		628,015
	20,407	Prospect Capital Corp.		185,091
	5,543	Pzena Investment Management, Inc.		26,329
	20,878	SWS Group, Inc.		267,030
	17,791	Thinkorswim Group, Inc.*		169,015
	23,766	TradeStation Group, Inc.*		192,742

				4,310,316

Chemicals - 1.5%
	8,760	Balchem Corp.		218,036
	17,658	Ferro Corp.		48,913
	11,971	Flotek Industries, Inc.*		24,780
	19,565	HB Fuller Co.		345,518
	20,905	Landec Corp.*		141,318
	7,631	Minerals Technologies, Inc.		283,797
	5,441	NewMarket Corp.		342,783
	30,196	Olin Corp.		380,470
	16,841	Rockwood Holdings, Inc.*		207,144
	20,908	Sensient Technologies Corp.		488,828
	21,098	ShengdaTech, Inc.*		76,375
	4,353	Stepan Co.		172,248
	7,742	Westlake Chemical Corp.		144,775
	29,131	WR Grace & Co.*		257,227
	9,269	Zep, Inc.		125,410

				3,257,622

Commercial Banks - 4.4%
	6,491	1st Source Corp.		127,483
	3,210	Bancfirst Corp.		137,067

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

30 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Small Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Commercial Banks (continued)
	10,613	Capital City Bank Group, Inc.	$	159,620
	20,065	Cascade Bancorp		33,308
	12,490	Central Pacific Financial Corp.		73,191
	12,331	City Bank		38,596
	87,809	Colonial BancGroup, Inc.		66,735
	13,810	Columbia Banking System, Inc.		136,719
	45,835	CVB Financial Corp.		275,468
	27,599	East West Bancorp, Inc.		188,501
	11,050	First Busey Corp.		86,522
	3,946	First Community Bancshares, Inc.		57,020
	4,919	First Financial Corp.		182,495
	72,863	FirstMerit Corp.		1,414,270
	9,024	Home Bancshares, Inc.		198,979
	14,661	Independent Bank Corp.		292,634
	18,622	Integra Bank Corp.		40,224
	22,191	International Bancshares Corp.		299,800
	9,046	Lakeland Financial Corp.		169,793
	8,078	MainSource Financial Group, Inc.		69,955
	16,854	Nara Bancorp, Inc.		62,528
	28,802	Old National Bancorp		392,571
	19,389	PrivateBancorp, Inc.		392,627
	17,052	Prosperity Bancshares, Inc.		473,534
	11,032	S&T Bancorp, Inc.		197,142
	13,054	Sandy Spring Bancorp, Inc.		212,128
	9,185	SCBT Financial Corp.		211,898
	13,092	Southwest Bancorp, Inc.		89,680
	10,586	State Bancorp, Inc.		87,229
	9,825	StellarOne Corp.		126,448
	16,211	Sterling Bancorp		185,454
	13,021	SVB Financial Group*		270,316
	12,084	SY Bancorp, Inc.		304,758
	2,785	Tompkins Financial Corp.		117,388
	9,031	TowneBank		155,604
	13,515	UMB Financial Corp.		618,582
	5,588	Univest Corp. of Pennsylvania		116,622
	18,288	Westamerica Bancorporation		980,785
	17,188	Western Alliance Bancorp*		111,894
	21,274	Wintrust Financial Corp.		361,658
	10,325	Yadkin Valley Financial Corp.		84,665

				9,601,891

Commercial Services & Supplies - 2.2%
	31,678	American Reprographics Co.*		204,323
	15,816	Bowne & Co., Inc.		80,820
	20,286	Casella Waste Systems, Inc. Class A*		41,789
	7,982	Clean Harbors, Inc.*		399,898
	27,520	Comfort Systems USA, Inc.		296,941
	5,789	Consolidated Graphics, Inc.*		112,422
	45,094	Deluxe Corp.		653,863
	23,179	Ennis, Inc.		208,611
	10,478	Fuel Tech, Inc.*		137,367
	13,370	Healthcare Services Group		239,056
	18,310	Herman Miller, Inc.		272,270
	21,708	Innerworkings, Inc.*		109,625
	21,151	Mobile Mini, Inc.*		289,769
	13,343	Standard Register Co.		69,650
	18,173	SYKES Enterprises, Inc.*		357,281
	14,796	Team, Inc.*		212,619
	20,116	Tetra Tech, Inc.*		494,049
	22,700	Waste Connections, Inc.*		585,206

				4,765,559

Communications Equipment - 2.6%
	162,879	3Com Corp.*		659,660
	48,876	Adtran, Inc.		1,033,728
	12,716	Anaren, Inc.*		165,435
	10,312	Bel Fuse, Inc.,		166,848
	9,782	Comtech Telecommunications Corp.*		327,404
	8,874	DG FastChannel, Inc.*		207,030
	6,300	EMS Technologies, Inc.*		120,015
	60,633	Extreme Networks*		106,714
	56,371	Harmonic, Inc.*		413,199
	30,753	Netgear, Inc.*		492,356
	12,419	Neutral Tandem, Inc.*		355,183
	28,566	Polycom, Inc.*		532,470
	12,014	Starent Networks Corp.*		237,036
	26,345	Tekelec*		408,348
	22,044	Viasat, Inc.*		506,792

				5,732,218

Computers & Peripherals - 0.5%
	16,193	Hutchinson Technology, Inc.*		31,091
	20,224	Intevac, Inc.*		139,343
	27,572	Novatel Wireless, Inc.*		188,868
	25,786	Rackable Systems, Inc.*		117,584
	17,954	Stratasys, Inc.*		168,049
	13,734	Synaptics, Inc.*		446,081

				1,091,016

Construction & Engineering - 0.7%
	36,143	Dycom Industries, Inc.*		304,324
	27,414	EMCOR Group, Inc.*		569,938
	14,713	Furmanite Corp.*		58,263
	17,281	Layne Christensen Co.*		374,306
	19,434	Orion Marine Group, Inc.*		291,121

				1,597,952

Construction Materials - 0.0%†
	39,149	Headwaters, Inc.*		98,655

Consumer Finance - 0.3%
	34,507	Advanta Corp. Class B		40,373
	10,837	Cardtronics, Inc.		26,551
	14,513	CompuCredit Corp.*		46,442
	34,622	Ezcorp, Inc. Class A*		428,966
	15,761	Nelnet, Inc. Class A		95,039

				637,371

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

DIREXION SEMI-ANNUAL REPORT 31

Direxion Daily Small Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Consumer Finance (continued)
Containers & Packaging - 0.7%
	4,881	AEP Industries, Inc.*	$	99,231
	99,244	Graphic Packaging Holding Co.*		170,700
	24,242	Myers Industries, Inc.		243,147
	15,398	Rock-Tenn Co.		581,428
	10,185	Silgan Holdings, Inc.		473,501

				1,568,007

Diversified Consumer Services - 1.4%
	3,765	American Public Education, Inc.*		135,540
	4,866	Capella Education Co.*		250,015
	61,603	Corinthian Colleges, Inc.*		948,686
	25,618	Jackson Hewitt Tax Service, Inc.		125,272
	10,661	Matthews International Corp. Class A		333,903
	7,200	Pre-Paid Legal Services, Inc.*		265,176
	60,692	Sotheby’s		704,634
	19,401	Universal Technical Institute, Inc.*		276,270

				3,039,496

Diversified Financial Services - 0.6%
	13,443	Asset Acceptance Capital Corp.*		111,442
	22,951	Financial Federal Corp.		564,825
	6,674	Life Partners Holdings, Inc.		124,937
	14,580	Pico Holdings, Inc.*		437,400

				1,238,604

Diversified Telecommunication - 0.6%
	32,300	Alaska Communications Systems Group, Inc.		194,769
	7,054	Atlantic Tele-Network, Inc.		155,752
	66,394	Fairpoint Communications, Inc.		69,050
	83,305	PAETEC Holding Corp.*		255,746
	7,312	Shenandoah Telecommunications Co.		143,535
	45,713	tw telecom, Inc.*		420,102

				1,238,954

Electric Utilities - 1.5%
	18,706	Cleco Corp.		394,510
	14,057	IDACORP, Inc.		336,946
	15,358	ITC Holdings Corp.		668,534
	16,471	MGE Energy, Inc.		505,330
	19,433	Portland General Electric Co.		355,041
	15,720	UIL Holdings Corp.		362,975
	32,578	Westar Energy, Inc.		571,092

				3,194,428

Electrical Equipment - 2.2%
	16,403	Acuity Brands, Inc.		471,422
	13,704	American Superconductor Corp.*		352,193
	17,172	Baldor Electric Co.		398,390
	14,275	Belden, Inc.		230,113
	20,288	Brady Corp. Class A		427,468
	7,367	Encore Wire Corp.		160,895
	18,200	Energy Conversion Devices, Inc.*		334,516
	44,576	Evergreen Solar, Inc.*		108,320
	7,461	Franklin Electric Co., Inc.		176,751
	39,002	GrafTech International Ltd.*		342,828
	4,759	Harbin Electric, Inc.*		37,977
	21,242	II-VI, Inc.*		509,171
	8,363	Orion Energy Systems, Inc.*		35,543
	14,358	Polypore International, Inc.*		108,259
	6,903	Powell Industries, Inc.*		248,439
	10,495	Regal-Beloit Corp.		426,412
	11,316	Ultralife Corp.*		80,909
	19,157	Woodward Governor Co.		382,374

				4,831,980

Electronic Equipment, Instruments - 1.7%
	19,752	Agilysys, Inc.		119,105
	12,066	Anixter International, Inc.*		479,986
	28,971	Brightpoint, Inc.*		150,939
	11,429	China Security & Surveillance Technology, Inc.*		77,489
	35,738	Cogent, Inc.*		405,269
	14,985	Comverge, Inc.*		114,935
	8,275	CPI International, Inc.*		90,611
	15,928	Electro Rent Corp.		152,431
	25,276	Electro Scientific Industries, Inc.*		217,374
	15,549	FARO Technologies, Inc.*		235,723
	16,024	Insight Enterprises, Inc.*		91,657
	16,720	IPG Photonics Corp.*		186,762
	12,818	Littelfuse, Inc.*		210,087
	9,738	Measurement Specialties, Inc.*		66,121
	7,165	MTS Systems Corp.		151,396
	10,804	OSI Systems, Inc.*		202,575
	9,965	PC Mall, Inc.*		63,776
	7,243	Rogers Corp.*		184,334
	15,139	SYNNEX Corp.*		325,943
	17,241	TTM Technologies, Inc.*		127,928

				3,654,441

Energy Equipment & Services - 1.2%
	14,801	Allis-Chalmers Energy, Inc.*		28,566
	12,820	Basic Energy Services, Inc.*		130,764
	10,042	Bristow Group, Inc.*		228,556
	10,208	CARBO Ceramics, Inc.		313,487
	16,617	Complete Production Services, Inc.*		111,002
	9,610	Dril-Quip, Inc.*		330,391
	18,587	ENGlobal Corp.*		107,247
	11,523	Hornbeck Offshore Services, Inc.*		267,679
	34,163	ION Geophysical Corp.*		85,408
	4,594	Lufkin Industries, Inc.		160,331
	5,175	Mitcham Industries, Inc.*		23,288
	9,941	NATCO Group, Inc.*		239,180
	44,670	Newpark Resources*		125,076
	14,418	RPC, Inc.		154,273

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

32 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Small Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Energy Equipment & Services (continued)
	8,721	Superior Well Services, Inc.*	$	93,315
	6,590	T-3 Energy Services, Inc.*		88,504
	6,699	Trico Marine Services, Inc.*		25,992
	12,069	Willbros Group, Inc.		138,311

				2,651,369

Food & Staples Retailing - 0.7%
	9,749	Andersons, Inc.		156,666
	7,592	Pantry, Inc.*		179,323
	8,384	Pricesmart, Inc.		149,654
	18,311	Ruddick Corp.		469,861
	10,282	Weis Markets, Inc.		380,331
	23,524	Winn-Dixie Stores, Inc.*		269,585

				1,605,420

Food Products - 1.9%
	6,621	American Dairy, Inc.*		104,678
	26,587	Darling International, Inc.*		152,078
	14,966	Diamond Foods, Inc.		391,960
	33,635	Flowers Foods, Inc.		776,968
	13,781	Lancaster Colony Corp.		603,608
	17,118	Omega Protein Corp.*		54,606
	24,455	Ralcorp Holdings, Inc.*		1,397,847
	16,654	Reddy Ice Holdings, Inc.		37,472
	8,821	Sanderson Farms, Inc.		351,958
	9,666	Synutra International, Inc.*		81,581
	17,195	Zhongpin, Inc.*		150,456

				4,103,212

Gas Utilities - 1.5%
	15,237	New Jersey Resources Corp.		501,602
	33,665	Nicor, Inc.		1,081,994
	22,813	Piedmont Natural Gas Co.		557,093
	19,319	South Jersey Industries, Inc.		670,562
	15,372	WGL Holdings, Inc.		478,684

				3,289,935

Health Care Equipment & Supplies - 3.0%
	22,426	Accuray, Inc.*		135,677
	19,263	Align Technology, Inc.*		239,054
	8,324	Analogic Corp.		302,994
	7,515	Angiodynamics, Inc.*		95,215
	12,086	Cardiac Science Corp.*		35,654
	17,806	Conmed Corp.*		237,176
	14,758	Cyberonics, Inc.*		195,396
	14,211	Greatbatch, Inc.*		298,999
	7,992	Haemonetics Corp.*		412,627
	3,432	ICU Medical, Inc.*		129,043
	21,764	Immucor, Inc.*		354,536
	5,720	IRIS International, Inc.*		63,892
	14,314	Masimo Corp.*		413,675
	12,479	Meridian Bioscience, Inc.		216,885
	11,621	Merit Medical Systems, Inc.*		180,242
	11,052	NuVasive, Inc.*		418,871
	9,028	Orthofix International (NV)*		153,927
	17,507	Quidel Corp.*		203,781
	33,397	RTI Biologics, Inc.*		118,225
	10,444	SonoSite, Inc.*		188,410
	18,193	STERIS Corp.		438,451
	7,741	Synovis Life Technologies, Inc.*		117,508
	16,928	Thoratec Corp.*		491,929
	8,084	Vnus Medical Technologies, Inc.*		179,061
	12,746	West Pharmaceutical Services, Inc.		416,157
	23,099	Wright Medical Group, Inc.*		317,611
	6,493	Zoll Medical Corp.*		104,407

				6,459,403

Health Care Providers & Services - 3.2%
	6,668	Air Methods Corp.*		177,035
	13,480	Alliance Imaging, Inc.*		106,088
	3,956	Almost Family, Inc.*		97,713
	8,233	Amedisys, Inc.*		276,135
	16,638	AMERIGROUP Corp.*		496,977
	5,804	Assisted Living Concepts, Inc.*		115,093
	3,584	Bio-Reference Labs, Inc.*		92,001
	20,486	Catalyst Health Solutions, Inc.*		461,959
	21,383	Chemed Corp.		905,143
	10,400	Emeritus Corp.*		94,016
	14,268	Hanger Orthopedic Group, Inc.*		198,468
	27,339	Healthsouth Corp.*		256,166
	17,408	Kindred Healthcare, Inc.*		226,652
	9,097	LHC Group, Inc.*		207,594
	12,582	Magellan Health Services, Inc.*		371,924
	8,404	Medcath Corp.*		85,048
	9,242	MWI Veterinary Supply, Inc.*		287,241
	10,176	Odyssey HealthCare, Inc.*		105,423
	25,555	Owens & Minor, Inc.		886,248
	38,492	PSS World Medical, Inc.*		558,904
	17,223	Psychiatric Solutions, Inc.*		333,954
	9,533	RehabCare Group, Inc.*		159,201
	13,370	Sun Healthcare Group, Inc.*		113,244
	8,816	Triple-S Management Corp. Class B*		113,021
	35,442	Universal American Corp.*		366,116

				7,091,364

Health Care Technology - 0.4%
	22,947	Eclipsys Corp.*		302,900
	19,308	Omnicell, Inc.*		169,910
	26,591	Phase Forward, Inc.*		379,188

				851,998

Hotels Restaurants & Leisure - 2.6%
	17,201	Ambassadors Group, Inc.		209,852
	14,762	Ameristar Casinos, Inc.		302,916
	18,699	Bally Technologies, Inc.*		489,540
	15,681	BJ’s Restaurants, Inc.*		258,580
	11,338	CEC Entertainment, Inc.*		345,355
	3,271	Churchill Downs, Inc.		113,864
	12,579	Dover Downs Gaming & Entertainment, Inc.		53,712

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

DIREXION SEMI-ANNUAL REPORT 33

Direxion Daily Small Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Hotels Restaurants & Leisure (continued)
	3,960	Einstein Noah Restaurant Group, Inc.*	$	42,728
	20,086	Jack in the Box, Inc.*		493,915
	11,764	Marcus Corp.		149,403
	24,322	Morgans Hotel Group Co.*		104,341
	21,775	PF Chang’s China Bistro, Inc.*		657,170
	53,652	Pinnacle Entertainment, Inc.*		669,577
	5,885	Rick’s Cabaret International, Inc.*		35,075
	30,051	Ruby Tuesday, Inc.		230,792
	53,997	Sonic Corp.*		589,647
	10,694	Vail Resorts, Inc.*		312,265
	22,250	WMS Industries, Inc.*		714,447

				5,773,179

Household Durables - 1.0%
	3,548	Blyth, Inc.		156,396
	24,145	Furniture Brands International, Inc.		76,298
	24,539	Helen of Troy Ltd.*		391,397
	46,337	La-Z-Boy, Inc.		123,256
	8,672	M/I Homes, Inc.		132,421
	10,013	Meritage Homes Corp.*		208,371
	1,535	National Presto Industries, Inc.		109,384
	25,527	Tempur-Pedic International, Inc.		328,277
	21,188	Tupperware Brands Corp.		530,337
	4,833	Universal Electronics, Inc.*		90,570

				2,146,707

Industrial Conglomerates - 0.1%
	10,970	Otter Tail Corp.		243,315

Insurance - 3.8%
	16,963	Amerisafe, Inc.*		260,552
	37,152	Aspen Insurance Holdings Ltd.		876,045
	10,843	eHealth, Inc.*		208,077
	5,272	EMC Insurance Group, Inc.		119,464
	21,501	Employers Holdings, Inc.		179,318
	10,745	First Mercury Financial Corp.*		142,049
	25,960	Greenlight Capital Re Ltd.*		401,861
	6,660	Infinity Property & Casualty Corp.		234,698
	21,780	IPC Holdings Ltd.		567,151
	36,335	Maiden Holdings Ltd.		163,871
	24,560	Max Capital Group Ltd.		406,468
	49,993	Meadowbrook Insurance Group, Inc.		297,458
	40,621	Montpelier Re Holdings Ltd.		506,138
	1,406	National Western Life Insurance Co. Class A		160,129
	11,869	Navigators Group, Inc.*		538,615
	21,285	Platinum Underwriters Holdings Ltd.		612,369
	28,632	PMA Capital Corp.*		107,370
	16,022	Presidential Life Corp.		171,275
	13,947	ProAssurance Corp.*		612,831
	6,160	State Auto Financial Corp.		99,977
	18,204	Tower Group, Inc.		494,967
	28,032	Validus Holdings Ltd.		627,917
	23,260	Zenith National Insurance Corp.		530,095

				8,318,695

Internet & Catalog Retail - 0.4%
	13,791	NetFlix, Inc.*		624,871
	8,112	PetMed Express, Inc.*		131,901
	13,112	Stamps.com, Inc.*		122,728

				879,500

Internet Software & Services - 1.2%
	12,345	comScore, Inc.*		157,522
	8,209	Constant Contact, Inc.*		130,769
	14,997	Digital River, Inc.*		576,185
	21,162	GSI Commerce, Inc.*		300,712
	11,755	Infospace, Inc.		77,936
	33,677	Internet Capital Group, Inc.*		182,866
	12,019	Keynote Systems, Inc.*		92,666
	17,003	LoopNet, Inc.*		146,056
	10,292	MercadoLibre, Inc.*		281,280
	38,125	ModusLink Global Solutions, Inc.*		141,063
	18,579	Perficient, Inc.*		129,496
	21,547	SonicWALL, Inc.*		117,000
	17,854	Switch & Data Facilities Co., Inc.*		206,571
	36,298	Terremark Worldwide, Inc.*		141,199
	16,408	TheStreet.com, Inc.		34,949

				2,716,270

IT Services - 1.9%
	12,166	CACI International, Inc.*		481,165
	43,482	Cybersource Corp.*		635,272
	20,501	Euronet Worldwide, Inc.*		331,706
	51,509	Gartner, Inc.*		695,888
	11,780	Heartland Payment Systems, Inc.		94,711
	8,292	Mantech International Corp. Class A*		300,087
	6,374	MAXIMUS, Inc.		257,063
	5,658	NCI, Inc. Class A*		137,829
	34,936	Perot Systems Corp. Class A*		491,200
	13,354	TeleTech Holdings, Inc.*		177,208
	26,798	Wright Express Corp.*		613,138

				4,215,267

Leisure Equipment & Products - 0.9%
	59,877	Brunswick Corp.		358,064
	22,655	Callaway Golf Co.		171,045
	29,686	Leapfrog Enterprises, Inc.*		53,138
	13,313	Polaris Industries, Inc.		445,320
	43,091	Pool Corp.		769,606

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

34 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Small Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Leisure Equipment & Products (continued)
	6,179	Steinway Musical Instruments*	$	82,984

				1,880,157

Life Sciences Tools & Services - 0.9%
	43,143	Affymetrix, Inc.*		202,341
	7,276	Albany Molecular Research, Inc.*		71,014
	5,883	Bio-Rad Laboratories, Inc. Class A*		409,986
	5,977	Dionex Corp.*		376,551
	4,612	Life Sciences Research, Inc.		31,177
	25,619	Luminex Corp.*		420,407
	17,593	Parexel International Corp.*		174,347
	9,177	Varian, Inc.*		303,025

				1,988,848

Machinery - 2.8%
	18,227	Actuant Corp. Class A		223,463
	5,772	Alamo Group, Inc.		64,993
	6,408	American Railcar Industries, Inc.		58,441
	7,455	Ampco-Pittsburgh Corp.		181,604
	26,482	Blount International, Inc.*		169,485
	16,171	Briggs & Stratton Corp.		240,624
	24,383	Chart Industries, Inc.*		337,217
	12,180	China Fire & Security Group, Inc.*		134,102
	20,397	CLARCOR, Inc.		633,938
	17,703	Columbus McKinnon Corp.*		229,431
	8,141	FreightCar America, Inc.		156,551
	15,258	Greenbrier Cos, Inc.		129,846
	12,988	Kadant, Inc.*		160,272
	13,282	Kaydon Corp.		424,493
	3,888	Lindsay Corp.		151,282
	14,288	NN, Inc.		18,717
	10,992	Nordson Corp.		398,790
	7,193	PMFG, Inc.*		43,302
	8,800	RBC Bearings, Inc.*		162,800
	9,151	Robbins & Myers, Inc.		173,411
	7,622	Sauer-Danfoss, Inc.		31,631
	10,868	Sun Hydraulics Corp.		196,711
	15,473	Tennant Co.		230,084
	13,856	Titan International, Inc.		83,829
	13,187	Trimas Corp.*		32,968
	8,119	Twin Disc, Inc.		55,372
	28,629	Wabash National Corp.		35,786
	19,554	Wabtec Corp.		745,789
	27,220	Watts Water Technologies, Inc. Class A		605,917

				6,110,849

Marine - 0.3%
	24,525	American Commercial Lines, Inc.*		122,135
	18,889	Eagle Bulk Shipping, Inc.		123,156
	9,814	Genco Shipping & Trading Ltd.		187,447
	20,546	Horizon Lines, Inc. Class A		109,305
	9,768	TBS International Ltd. Class A*		77,460
	23,303	Ultrapetrol Bahamas Ltd.*		86,687

				706,190

Media - 0.8%
	9,324	Arbitron, Inc.		194,126
	41,743	Live Nation, Inc.*		163,215
	22,796	Martha Stewart Living Omnimedia Class A*		82,522
	16,724	Marvel Entertainment, Inc.*		499,043
	13,285	Media General, Inc. Class A		34,541
	17,912	National CineMedia, Inc.		260,261
	21,679	Scholastic Corp.		427,727
	7,254	World Wrestling Entertainment, Inc.		77,618

				1,739,053

Metals & Mining - 0.5%
	18,377	Brush Engineered Materials, Inc.*		310,939
	13,087	Compass Minerals International, Inc.		631,055
	9,701	General Steel Holdings, Inc.*		56,460
	6,875	Sutor Technology Group Ltd.*		15,469

				1,013,923

Multiline Retail - 0.2%
	42,303	99 Cents Only Stores*		454,334

Multi-Utilities - 0.3%
	39,566	Avista Corp.		595,468

Oil, Gas & Consumable Fuels - 2.6%
	11,780	Arena Resources, Inc.*		337,733
	17,154	Atlas America, Inc.		266,916
	13,814	ATP Oil & Gas Corp.*		98,908
	13,264	Berry Petroleum Co.		218,591
	11,381	Bill Barrett Corp.*		295,678
	14,357	Brigham Exploration Co.*		33,595
	13,587	Carrizo Oil & Gas, Inc.*		167,528
	2,852	Clayton Williams Energy, Inc.*		85,646
	14,155	Comstock Resources, Inc.*		487,781
	27,497	Concho Resources, Inc.*		753,967
	4,083	Contango Oil & Gas Co.*		154,705
	12,498	Crosstex Energy, Inc.		24,621
	12,150	CVR Energy, Inc.*		89,424
	21,240	Delta Petroleum Corp.*		62,446
	63,327	Energy XXI Bermuda Ltd.		32,930
	46,397	EXCO Resources, Inc.*		546,557
	3,208	Georesources, Inc.*		22,777
	24,260	Golar LNG Ltd.		130,761
	11,214	Goodrich Petroleum Corp.*		257,137
	10,960	Harvest Natural Resources, Inc.*		55,896
	39,522	International Coal Group, Inc.*		78,649
	18,644	McMoRan Exploration Co.*		102,356

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

DIREXION SEMI-ANNUAL REPORT 35

Direxion Daily Small Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Oil, Gas & Consumable Fuels (continued)
	17,895	Nordic American Tanker Shipping	$	581,050
	11,266	Northern Oil And Gas, Inc.		64,329
	21,859	Parallel Petroleum Corp.*		29,072
	12,924	Penn Virginia Corp.		181,841
	27,044	RAM Energy Resources, Inc.*		20,283
	25,571	Rosetta Resources, Inc.*		180,276
	9,842	Stone Energy Corp.*		42,419
	9,490	Swift Energy Co.*		102,682
	18,513	TXCO Resources, Inc.*		8,701
	15,773	Western Refining, Inc.		198,582

				5,713,837

Paper & Forest Products - 0.3%
	35,323	Buckeye Technologies, Inc.*		181,913
	9,477	Deltic Timber Corp.		399,361
	41,723	Louisiana-Pacific Corp.		169,813

				751,087

Personal Products - 0.4%
	9,680	Chattem, Inc.*		531,528
	16,169	Elizabeth Arden, Inc.*		140,024
	14,188	Mannatech, Inc.		62,002
	19,614	Prestige Brands Holdings, Inc.*		126,706

				860,260

Pharmaceuticals - 1.2%
	12,787	Auxilium Pharmaceuticals, Inc.*		292,822
	12,563	Cadence Pharmaceuticals, Inc.*		127,138
	19,830	Cypress Bioscience, Inc.*		142,776
	25,420	Durect Corp.*		62,025
	32,324	Medicines Co*		322,594
	35,077	Medicis Pharmaceutical Corp.		563,687
	7,714	Noven Pharmaceuticals, Inc.*		79,608
	10,680	Pain Therapeutics, Inc.*		50,623
	15,861	Pozen, Inc.*		121,495
	42,491	Valeant Pharmaceuticals International*		712,150
	15,621	XenoPort, Inc.*		213,539

				2,688,457

Professional Services - 1.2%
	15,296	CBIZ, Inc.*		120,227
	9,553	Duff & Phelps Corp. Class A*		180,170
	21,103	Hill International, Inc.*		85,256
	23,645	Kelly Services, Inc. Class A		268,607
	27,620	Kforce, Inc.*		301,334
	41,805	Korn Ferry International*		442,715
	39,941	TrueBlue, Inc.*		387,827
	14,585	Watson Wyatt Worldwide, Inc.		773,734

				2,559,870

Real Estate Investment Trusts - 5.5%
	29,076	Acadia Realty Trust		421,602
	7,026	Agree Realty Corp.		112,135
	52,958	Anthracite Capital, Inc.		21,183
	31,204	BioMed Realty Trust, Inc.		356,038
	40,323	CAPLEASE, Inc.		119,759
	9,818	Care Investment Trust, Inc.		50,072
	34,498	Cedar Shopping Centers, Inc.		123,848
	16,908	Corporate Office Properties Trust		516,708
	28,879	Cousins Properties, Inc.		244,028
	74,698	DCT Industrial Trust, Inc.		330,165
	10,736	DuPont Fabros Technology, Inc.		91,149
	25,694	Education Realty Trust, Inc.		120,505
	13,325	Entertainment Properties Trust		307,941
	29,015	Equity One, Inc.		431,743
	71,589	Extra Space Storage, Inc.		508,998
	50,727	FelCor Lodging Trust, Inc.		100,439
	7,543	Getty Realty Corp.		147,994
	34,055	Glimcher Realty Trust		83,435
	37,519	Gramercy Capital Corp.		81,041
	25,587	Healthcare Realty Trust, Inc.		429,606
	27,636	Highwoods Properties, Inc.		662,988
	13,763	Home Properties, Inc.		501,524
	18,250	Kite Realty Group Trust		63,875
	10,031	LTC Properties, Inc.		180,658
	34,462	Maguire Properties, Inc.		37,564
	59,808	Medical Properties Trust, Inc.		319,375
	11,417	Mid-America Apartment Communities, Inc.		422,315
	31,953	National Retail Properties, Inc.		566,846
	39,036	Newcastle Investment Corp.		24,202
	50,085	NorthStar Realty Finance Corp.		158,769
	35,632	Omega Healthcare Investors, Inc.		560,135
	7,661	One Liberty Properties, Inc.		31,257
	19,191	Post Properties, Inc.		244,877
	17,137	Potlatch Corp.		503,999
	13,530	PS Business Parks, Inc.		591,938
	11,637	Ramco-Gershenson Properties Trust		128,007
	44,071	Realty Income Corp.		984,104
	49,810	Senior Housing Properties Trust		816,385
	9,010	Urstadt Biddle Properties, Inc. Class A		138,394
	21,542	U-Store-It Trust		73,889
	21,500	Washington Real Estate Investment Trust		458,595

				12,068,085

Real Estate Management & Services - 0.1%
	5,493	Avatar Holdings, Inc.*		102,060
	4,496	Tejon Ranch Co.*		104,307

				206,367

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

36 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Small Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Road & Rail - 0.7%
	8,460	Amerco, Inc.*	$	274,527
	26,184	Knight Transportation, Inc.		462,933
	25,791	Old Dominion Freight Line, Inc.*		726,017
	12,538	Saia, Inc.*		163,746

				1,627,223

Semiconductors & Semiconductor Equipment - 3.0%
	10,214	Actel Corp.*		126,347
	23,968	Atheros Communications, Inc.*		412,729
	29,921	ATMI, Inc.*		472,453
	26,740	Brooks Automation, Inc.*		166,323
	17,518	Ceva, Inc.*		144,524
	7,525	Cohu, Inc.		73,444
	21,609	Cymer, Inc.*		613,912
	23,939	Emcore Corp.*		29,684
	17,002	Hittite Microwave Corp.*		631,794
	21,073	IXYS Corp.		201,036
	68,417	Microsemi Corp.*		918,156
	14,874	Netlogic Microsystems, Inc.*		484,744
	15,151	Pericom Semiconductor Corp.*		134,995
	94,928	PMC - Sierra, Inc.*		751,830
	21,025	Semitool, Inc.*		99,869
	57,417	Silicon Storage Technology, Inc.*		106,221
	65,848	Skyworks Solutions, Inc.*		582,096
	4,483	Supertex, Inc.*		115,303
	19,536	Tessera Technologies, Inc.*		274,285
	7,626	Ultratech, Inc.*		103,104
	17,407	Volterra Semiconductor Corp.*		200,006

				6,642,855

Software - 5.2%
	16,863	ACI Worldwide, Inc.*		291,224
	34,535	Ariba, Inc.		331,881
	38,911	Blackbaud, Inc.		592,225
	12,496	Blackboard, Inc.*		425,239
	17,408	Concur Technologies, Inc.*		471,235
	10,950	Deltek, Inc.*		45,114
	4,170	Ebix, Inc.*		115,926
	14,281	EPIQ Systems, Inc.*		220,927
	13,628	i2 Technologies, Inc.*		121,562
	35,756	Informatica Corp.*		568,520
	12,084	Interactive Intelligence, Inc.*		132,924
	32,542	Jack Henry & Associates, Inc.		586,407
	32,901	Micros Systems, Inc.*		690,263
	20,229	Netscout Systems, Inc.*		181,859
	11,466	Opnet Technologies, Inc.*		98,608
	46,518	Parametric Technology Corp.*		518,676
	12,547	Pegasystems, Inc.		219,196
	23,939	Phoenix Technologies Ltd.*		68,226
	21,238	Progress Software Corp.*		450,033
	29,225	Quest Software, Inc.*		424,639
	24,058	Radiant Systems, Inc.*		177,307
	26,464	Smith Micro Software, Inc.*		227,590
	44,892	Solera Holdings, Inc.*		1,024,435
	17,417	Sourcefire, Inc.*		188,626
	32,026	Sybase, Inc.*		1,087,604
	23,097	Symyx Technologies*		111,789
	69,270	Take-Two Interactive Software, Inc.		628,972
	18,993	Taleo Corp. Class A*		228,106
	30,053	THQ, Inc.*		102,781
	162,232	TIBCO Software, Inc.*		1,025,307
	17,023	VASCO Data Security International, Inc.*		117,799

				11,475,000

Specialty Retail - 3.3%
	17,715	Aaron Rents, Inc.		594,515
	22,863	Aeropostale, Inc.*		776,656
	34,592	Bebe Stores, Inc.		318,246
	14,964	Build-A-Bear Workshop, Inc.*		81,703
	8,292	Citi Trends, Inc.*		203,652
	40,836	Collective Brands, Inc.*		592,939
	24,450	Dress Barn, Inc.*		370,173
	12,074	DSW, Inc. Class A*		131,244
	37,529	Finish Line Class A		318,997
	13,875	Genesco, Inc.*		316,073
	23,660	Gymboree Corp.*		813,904
	25,624	Hibbett Sports, Inc.*		534,260
	5,455	Lumber Liquidators, Inc.*		81,607
	22,807	Rent-A-Center, Inc.*		439,035
	85,003	Sally Beauty Holdings, Inc.*		629,022
	6,407	Systemax, Inc.		108,022
	14,200	Talbots, Inc.		33,512
	11,390	Tractor Supply Co.*		459,928
	14,412	Tween Brands, Inc.*		42,083
	18,289	Ulta Salon Cosmetics & Fragrance, Inc.*		160,029
	17,695	Zumiez, Inc.*		213,402

				7,219,002

Textiles, Apparel & Luxury Goo - 1.3%
	8,146	Columbia Sportswear Co.		250,245
	4,457	Deckers Outdoor Corp.*		251,910
	13,048	Maidenform Brands, Inc.*		166,362
	9,246	Movado Group, Inc.		84,786
	15,907	Steven Madden Ltd.*		467,984
	43,073	Timberland Co. Class A*		699,506
	10,556	Volcom, Inc.*		142,400
	15,556	Warnaco Group, Inc.*		448,635
	17,009	Wolverine World Wide, Inc.		354,297

				2,866,125

Thrifts & Mortgage Finance - 1.0%
	7,755	Clifton Savings Bancorp, Inc.		85,150
	47,726	First Niagara Financial Group, Inc.		646,210
	12,553	First Place Financial Corp.		71,301
	19,297	Flushing Financial Corp.		177,725
	47,244	NewAlliance Bancshares, Inc.		609,920
	7,965	OceanFirst Financial Corp.		96,775

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

DIREXION SEMI-ANNUAL REPORT 37

Direxion Daily Small Cap Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Thrifts & Mortgage Finance (continued)
	17,446	Provident New York Bancorp	$	147,768
	16,009	United Financial Bancorp, Inc.		212,439
	8,169	ViewPoint Financial Group		127,110
	2,672	WSFS Financial Corp.		72,438

				2,246,836

Tobacco - 0.3%
	20,136	Universal Corp.		607,302

Trading Companies & Distribution - 0.7%
	20,302	Aircastle Ltd.		133,993
	39,906	Beacon Roofing Supply, Inc.*		634,506
	10,339	Houston Wire & Cable Co.		99,668
	3,771	Lawson Products, Inc.		43,291
	13,542	TAL International Group, Inc.		129,732
	9,438	Watsco, Inc.		405,362

				1,446,552

Transportation Infrastructure - 0.0%†
	6,857	CAI International, Inc.*		25,097

Water Utilities - 0.4%
	14,632	California Water Service Group		571,088
	9,894	Middlesex Water Co.		139,505
	18,249	Southwest Water Co.		104,749

				815,342

		TOTAL COMMON STOCKS (Cost $158,247,629)	$	189,611,307

SHORT TERM INVESTMENTS - 4.7%
MONEY MARKET FUNDS - 4.7%
	10,173,423	AIM Short Term Investment Treasury, 0.09% (a)		10,173,423
	37,997	AIM Short Term Investment Treasury (Collateral), 0.09% (a)		37,997

		TOTAL SHORT TERM INVESTMENTS (Cost $10,211,420)	$	10,211,420

RIGHTS - 0.0%†
	94	Gamco Investors Inc.		0
	12,205	Deltek, Inc. Rts (expiration May 28, 2009)		0

		TOTAL RIGHTS	$	0

		TOTAL INVESTMENTS (Cost $168,459,049) - 91.2%	$	199,822,727
		Other Assets in Excess of Liabilities - 8.8%		19,265,978

		TOTAL NET ASSETS - 100.0%	$	219,088,705

Percentages are stated as a percent of net assets.


(*)	Non- Income producing security.
(a)	Represents annualized seven-day yield at April 30, 2009.
(†)	Less than 0.05%.

Direxion Daily Small Cap Bull 3X Shares

Swap Equity Contracts

April 30, 2009 (Unaudited)

Number of

Notional

Termination

Unrealized

Counterparty

Reference Entity

Contracts

Amount

Date

Depreciation

Credit Suisse Capital LLC

Russell 2000 Index

963,700

473,629,639

5/6/2010

(3,363,399

)

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

38 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Developed Markets Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

COMMON STOCKS - 81.3%
Automobiles - 3.1%
	3,815	Daimler AG	$	136,195
	1,420	Honda Motor Co. Ltd. ADR (Japan)		41,265
	48	Toyota Motor Corp. ADR (Japan)		3,800

				181,260

Beverages - 0.5%
	1,440	Coca Cola Hellenic Bottling Co. SA ADR (Greece)		23,040
	167	Diageo PLC ADR (Britain)		7,991

				31,031

Capital Markets - 2.7%
	1,356	Credit Suisse Group AG ADR (Switzerland)		51,908
	162	Deutsche Bank AG		8,494
	15,825	Nomura Holdings, Inc. ADR (Japan)		95,108
	228	UBS AG		3,110

				158,620

Chemicals - 0.5%
	630	Syngenta AG ADR (Switzerland)		26,870

Commercial Banks - 6.4%
	13,979	Allied Irish Banks PLC ADR (Ireland)		32,152
	844	Banco Bilbao Vizcaya Argentaria SA ADR (Spain)		9,128
	5,287	Banco Santander SA ADR (Spain)		48,376
	1,061	Barclays PLC ADR (Britain)		16,987
	1,298	Governor & Co. the Bank of Ireland ADR (Ireland)		5,023
	2,450	HSBC Holdings PLC ADR (Britain)		87,220
	1,589	Lloyds Banking Group PLC ADR (Britain)		10,185
	2,564	Mitsubishi UFJ Financial Group, Inc. ADR (Japan)		13,897
	34,935	Mizuho Financial Group, Inc. ADR (Japan)		147,076
	1,485	National Bank of Greece SA ADR (Greece)		6,014
	176	Royal Bank of Scotland Group PLC ADR (Britain)*		2,154

				378,212

Communications Equipment - 1.8%
	18,254	Alcatel-Lucent ADR (France)*		45,636
	1,338	Nokia OYJ ADR (Finland)		18,919
	5,227	Telefonaktiebolaget LM Ericsson ADR (Sweden)		44,586

				109,141

Computers & Peripherals - 0.3%
	1,159	Logitech International SA*		15,438

Construction Materials - 2.6%
	5,866	CRH PLC ADR (Ireland)		150,874

Consumer Finance - 0.5%
	1,223	ORIX Corp. ADR (Japan)		28,582

Diversified Financial Services - 0.0%†
	154	ING Groep NV ADR (Netherlands)		1,395

Diversified Telecommunication - 6.6%
	4,188	BT Group PLC ADR (Britain)		57,501
	1,359	Deutsche Telekom AG ADR (Germany)		14,786
	1,847	France Telecom SA ADR (France)		40,745
	3,533	Hellenic Telecommunications Organization SA ADR (Greece)		26,250
	285	Nippon Telegraph & Telephone Corp. ADR (Japan)		5,358
	1,418	Portugal Telecom SGPS SA ADR (Portugal)		10,706
	15,910	Telecom Corp. of New Zealand Ltd. ADR (New Zealand)		127,438
	529	Telecom Italia SpA ADR (Italy)		6,623
	358	Telecom Italia SpA ADR (Italy)		3,179
	1,795	Telefonica SA ADR (Spain)		101,041

				393,627

Electrical Equipment - 3.4%
	13,984	ABB Ltd. ADR (Switzerland)		198,852

Electronic Equipment, Instruments - 2.9%
	1,390	FUJIFILM Holdings Corp. ADR (Japan)		35,737
	3,469	Hitachi Ltd. ADR (Japan)		120,756
	231	Kyocera Corp. ADR (Japan)		17,921

				174,414

Energy Equipment & Services - 1.1%
	3,289	Cie Generale de Geophysique-Veritas ADR (France)*		47,427
	605	Tenaris SA ADR (Luxembourg)		15,137

				62,564

Food & Staples Retailing - 1.1%
	956	Delhaize Group ADR (Belgium)		64,626

Food Products - 3.1%
	5,509	Cadbury PLC ADR (Britain)		165,766
	272	Unilever NV		5,383
	727	Unilever PLC ADR (Britain)		14,147

				185,296

Health Care Equipment & Supplies - 0.4%
	659	Smith & Nephew PLC ADR (Britain)		23,098

Health Care Providers & Service - 1.3%
	2,002	Fresenius Medical Care AG & Co. KGaA ADR (Germany)		77,097

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

40 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Developed Markets Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Hotels Restaurants & Leisure - 3.7%
	5,740	Carnival Corp. (Panama)	$	154,292
	1,312	Carnival PLC ADR (Britain)		35,870
	2,773	Intercontinental Hotels Group PLC ADR (Britain)		26,260

				216,422

Household Durables - 2.6%
	4,209	Panasonic Corp. ADR (Japan)		61,367
	3,678	Sony Corp. ADR (Japan)		95,113

				156,480

Industrial Conglomerates - 0.9%
	372	Koninklijke Philips Electronics NV (Netherlands)		6,689
	647	Siemens AG ADR (Germany)		43,304
	439	Tomkins Plc ADR (Britain)		4,451

				54,444

Insurance - 3.4%
	5,695	Aegon NV		27,051
	2,289	Allianz SE ADR (Germany)		20,738
	8,682	AXA SA ADR (France)		149,158
	569	Prudential PLC ADR (Britain)		6,509

				203,456

Machinery - 0.4%
	724	Kubota Corp. ADR (Japan)		21,713

Media - 5.8%
	5,131	British Sky Broadcasting Group PLC ADR (Britain)		145,976
	5,388	Pearson PLC ADR (Britain)		55,820
	2,553	Reed Elsevier NV ADR (Netherlands)		55,834
	2,228	Reed Elsevier PLC ADR (Britain)		65,949
	430	Thomson Reuters Corp.		12,225
	62	Thomson Reuters PLC ADR (Britain)		9,588

				345,392

Metals & Mining - 7.0%
	3,600	Anglo American PLC ADR (Britain)		38,772
	511	ArcelorMittal		12,049
	4,138	BHP Billiton Ltd. ADR (Australia)		199,203
	2,287	BHP Billiton PLC ADR (Britain)		95,688
	355	Rio Tinto PLC ADR (Britain)		57,847
	639	Sims Metal Management Ltd. ADR (Australia)		9,240

				412,799

Multi-Utilities - 0.4%
	477	National Grid PLC ADR (Britain)		19,867
	132	Veolia Environnement ADR (France)		3,605

				23,472

Office Electronics - 0.4%
	870	Canon, Inc. ADR (Japan)		26,283

Oil, Gas & Consumable Fuels - 3.5%
	68	BP PLC ADR (Britain)		2,887
	1,070	ENI SpA ADR (Italy)		45,678
	1,127	Frontline Ltd. (Bermuda)		22,687
	3,117	Repsol YPF SA ADR (Spain)		58,724
	251	Royal Dutch Shell PLC ADR Class B (Netherlands)		11,421
	563	Royal Dutch Shell PLC ADR Class A (Netherlands)		25,718
	342	StatoilHydro ASA ADR (Norway)		6,361
	737	Total SA ADR (France)		36,644

				210,120

Pharmaceuticals - 5.7%
	2,822	AstraZeneca PLC ADR (Britain)		98,685
	7,628	Elan Corp. PLC ADR (Ireland)*		45,081
	617	GlaxoSmithKline PLC ADR (Britain)		18,979
	335	Novartis AG ADR (Switzerland)		12,700
	2,882	Novo Nordisk A/S ADR (Denmark)		136,924
	773	Sanofi-Aventis SA ADR (France)		22,201

				334,570

Semiconductors & Semiconductor Equipment - 6.7%
	17,561	ASML Holding NV		371,414
	3,703	STMicroelectronics NV		24,329

				395,743

Software - 0.5%
	828	SAP AG ADR (Germany)		31,539

Textiles, Apparel & Luxury Goods - 0.2%
	666	Luxottica Group SpA ADR (Italy)		12,194

Tobacco - 0.5%
	619	British American Tobacco PLC ADR (Britain)		30,096

Wireless Telecommunication Services - 1.3%
	5,149	Hutchison Telecommunications International Ltd. ADR (Hong Kong)*		22,965
	246	Millicom International Cellular SA*		11,921
	2,632	NTT DoCoMo, Inc. ADR (Japan)		36,664
	395	Vodafone Group PLC ADR (Britain)		7,248

				78,798

		TOTAL COMMON STOCKS (Cost $4,329,292)	$	4,814,518

INVESTMENT COMPANY - 6.0%
	111	iPath Dow Jones-AIG Commodity Index Total Return ETN		3,697
	1,006	iPath GSCI Total Return Index ETN		24,587
	9,622	iShares MSCI Germany Index Fund		166,365

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

DIREXION SEMI-ANNUAL REPORT 41

Direxion Daily Developed Markets Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

INVESTMENT COMPANY (continued)
	18,895	iShares MSCI Japan Index Fund	$	160,796

		TOTAL INVESTMENT COMPANY (Cost $329,155)	$	355,445

SHORT TERM INVESTMENTS - 10.3%
MONEY MARKET FUNDS - 10.3%
	170,551	AIM Short Term Investment Treasury, 0.09% (a)		170,551
	437,891	AIM Short Term Investment Treasury (Collateral), 0.09% (a)		437,892

		TOTAL SHORT TERM INVESTMENTS (Cost $608,443)	$	608,443

		TOTAL INVESTMENTS (Cost $5,266,890) - 97.6%	$	5,778,406
		Other Assets in Excess of Liabilities - 2.4%		141,430

		TOTAL NET ASSETS - 100.0%	$	5,919,836

Percentages are stated as a percent of net assets.


(*)	Non- Income producing security.


(a)	Represents annualized seven-day yield at April 30, 2009.
(†)	Less than 0.05%.

Direxion Daily Developed Markets Bull 3X Shares

Equity Swap Contracts

April 30, 2009 (Unaudited)

Number of

Notional

Termination

Unrealized

Counterparty

Reference Entity

Contracts

Amount

Date

Appreciation

Credit Suisse Capital LLC

iShares MSCI EAFE Index

300,550

12,477,078

5/6/2010

124,997

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

42 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Emerging Markets Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

COMMON STOCKS - 73.7%
Aerospace & Defense - 0.1%
	670	Elbit Systems Ltd. (Israel)	$	32,957
	3,500	Empresa Brasileira de Aeronautica SA ADR (Brazil)		56,770

				89,727

Airlines - 0.2%
	5,049	Gol Linhas Aereas Inteligentes SA ADR (Brazil)		17,571
	7,058	Lan Airlines SA ADR (Chile)		64,015
	7,816	Tam SA ADR (Brazil)*		52,133

				133,719

Beverages - 1.8%
	809	Cia Cervecerias Unidas SA ADR (Chile)		23,938
	17,153	Cia de Bebidas das Americas ADR (Brazil)		967,087
	572	Coca-Cola Femsa SAB de CV ADR (Mexico)		22,502
	5,195	Fomento Economico Mexicano SAB de CV ADR (Mexico)		147,070

				1,160,597

Chemicals - 0.6%
	12,276	Braskem SA ADR (Brazil)		69,605
	495	Sinopec Shanghai Petrochemical Co. Ltd. ADR (China)		16,825
	9,642	Sociedad Quimica y Minera de Chile SA ADR (Chile)		303,819

				390,249

Commercial Banks - 8.3%
	156,930	Banco Bradesco SA ADR (Brazil)*		1,927,100
	1,145	Banco Macro SA ADR (Argentina)		13,740
	5,263	Banco Santander Chile ADR (Chile)		186,363
	1,582	BanColombia SA ADR (Colombia)		36,940
	1,723	Credicorp Ltd.		86,184
	9,155	HDFC Bank Ltd. ADR (India)		677,653
	41,438	ICICI Bank Ltd. ADR (India)		854,866
	29,867	Itau Unibanco Banco Mlutiplo SA ADR (Brazil)*		410,074
	17,710	Shinhan Financial Group Co. Ltd. ADR (South Korea)*		873,989
	8,099	Woori Finance Holdings Co. Ltd. ADR (South Korea)*		186,277

				5,253,186

Communications Equipment - 0.1%
	1,393	Nice Systems Ltd. ADR (Israel)*		35,675

Construction & Engineering - 0.0%†
	2,443	Empresas ICA SAB de CV ADR (Mexico)		17,712

				17,712

Construction Materials - 0.2%
	13,057	Cemex SAB de CV ADR (Mexico)		97,666

				97,666

Diversified Telecommunication - 6.1%
	8,836	Brasil Telecom Participacoes SA ADR (Brazil)		344,251
	874	Brasil Telecom SA ADR (Brazil)		16,274
	13,588	China Telecom Corp. Ltd. ADR (China)		670,840
	63,326	China Unicom Hong Kong Ltd. ADR (Hong Kong)		732,681
	47,294	Chunghwa Telecom Co. Ltd. ADR (Taiwan)		893,860
	1,158	Indosat Tbk PT ADR (Indonesia)		30,166
	7,016	KT Corp. ADR (South Korea)*		100,469
	2,264	Magyar Telekom Telecommunications Plc ADR (Hungary)		26,217
	3,508	Nortel Inversora SA ADR (Argentina)*		15,540
	4,401	Rostelecom ADR (Russia)		240,955
	651	Tata Communications Ltd. ADR (India)		15,012
	6,164	Tele Norte Leste Participacoes SA ADR (Brazil)		95,850
	1,988	Telecom Argentina SA ADR (Argentina)*		18,389
	7,257	Telefonos de Mexico SAB de CV ADR (Mexico)		116,112
	5,885	Telekomunikasi Indonesia Tbk PT ADR (Indonesia)		169,135
	1,780	Telkom SA Ltd. ADR (South Africa)		89,481
	7,865	Telmex Internacional SAB de CV ADR (Mexico)		81,639
	18,843	Vimpel-Communications ADR (Russia)		177,501

				3,834,372

Electric Utilities - 2.7%
	4,784	Centrais Eletricas Brasileiras SA ADR (Brazil)		61,092
	5,542	Centrais Eletricas Brasileiras SA ADR (Brazil)		72,489
	30,479	Cia Energetica de Minas Gerais ADR (Brazil)		458,709
	10,824	Cia Paranaense de Energia ADR (Brazil)		135,733
	997	CPFL Energia SA ADR (Brazil)		45,373
	29,605	Enersis SA ADR (Chile)		443,779
	45,818	Korea Electric Power Corp. ADR (South Korea)*		489,337

				1,706,512

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

44 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Emerging Markets Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Electronic Equipment, Instruments - 1.8%
	64,944	AU Optonics Corp ADR (Taiwan)*	$	704,642
	34,629	LG Display Co. Ltd. ADR (South Korea)*		425,590

				1,130,232

Energy Equipment & Services - 1.0%
	24,325	Tenaris SA ADR (Luxembourg)		608,612

				608,612

Food & Staples Retailing - 0.2%
	4,393	Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR (Brazil)		141,850

				141,850

Food Products - 0.4%
	6,104	Perdigao SA ADR (Brazil)*		179,396
	3,755	Sadia SA ADR (Brazil)		21,404
	555	Wimm-Bill-Dann Foods OJSC ADR (Russia)*		24,792

				225,592

Household Durables - 0.1%
	780	Desarrolladora Homex SAB de CV ADR (Mexico)*		14,500
	1,775	Gafisa SA ADR (Brazil)		30,725

				45,225

Independent Power Producers & Energy Traders - 0.8%
	12,404	Empresa Nacional de Electricidad SA/Chile ADR (Chile)		475,693
	1,461	Huaneng Power International, Inc. ADR (China)		39,783

				515,476

Insurance - 3.5%
	42,278	China Life Insurance Co. Ltd. ADR (China)		2,238,620

				2,238,620

IT Services - 2.8%
	50,457	Infosys Technologies Ltd. ADR (India)		1,554,580
	20,421	Wipro Ltd. ADR (India)		191,549

				1,746,129

Machinery - 0.1%
	4,164	Tata Motors Ltd. ADR (India)		32,104

Media - 0.4%
	992	Central European Media Enterprises Ltd. (Bermuda)*		16,278
	12,058	Grupo Televisa SA ADR (Mexico)		186,658
	8,568	NET Servicos de Comunicacao SA ADR (Brazil)		69,744

				272,680

Metals & Mining - 10.2%
	11,964	Aluminum Corp. of China Ltd. ADR (China)*		230,068
	4,600	AngloGold Ashanti Ltd. ADR (South Africa)		141,680
	3,217	Cia de Minas Buenaventura SA ADR (Peru)		68,072
	34,018	Cia Siderurgica Nacional SA ADR (Brazil)		630,013
	95,120	Cia Vale do Rio Doce ADR (Brazil)		1,570,431
	102,719	Cia Vale do Rio Doce ADR Class A (Brazil)		1,410,332
	13,970	Gerdau SA ADR (Brazil)		99,187
	11,384	Gold Fields Ltd. ADR (South Africa)		118,394
	5,813	Harmony Gold Mining Co. Ltd. ADR (South Africa)		54,177
	18,017	Mechel ADR (Russia)		95,850
	22,509	POSCO ADR (South Korea)		1,732,519
	6,447	Southern Copper Corp.		119,721
	21,313	Sterlite Industries India Ltd. ADR (India)		180,947

				6,451,391

Oil, Gas & Consumable Fuels - 11.3%
	15,326	China Petroleum & Chemical Corp. ADR (China)		1,189,298
	3,292	CNOOC Ltd. ADR (Hong Kong)		366,564
	7,506	Petrobras Energia Participaciones SA ADR (Argentina)		48,339
	4,462	PetroChina Co. Ltd. ADR (China)*		387,792
	103,865	Petroleo Brasileiro SA ADR (Brazil)		2,802,278
	55,849	Petroleo Brasileiro SA ADR Preference Shares (Brazil)		1,874,851
	13,160	Sasol Ltd. ADR (South Africa)		396,248
	13,197	Yanzhou Coal Mining Co. Ltd. ADR (China)		126,295

				7,191,665

Paper & Forest Products - 0.3%
	6,591	Aracruz Celulose SA ADR (Brazil)		78,697
	7,794	Sappi Ltd. ADR (South Africa)		20,264
	11,102	Votorantim Celulose e Papel SA ADR (Brazil)*		97,032

				195,993

Pharmaceuticals - 1.4%
	2,398	Dr Reddy’s Laboratories Ltd. ADR (India)		26,258
	19,303	Teva Pharmaceutical Industries Ltd. ADR (Israel)		847,209

				873,467

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

DIREXION SEMI-ANNUAL REPORT 45

Direxion Daily Emerging Markets Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Real Estate Management & Services - 4.5%
	228,442	E-House China Holdings Ltd. ADR (China)*	$	2,830,396

				2,830,396

Road & Rail - 0.0%†
	645	Guangshen Railway Co. Ltd. ADR (China)		14,416

				14,416

Semiconductors & Semiconductor Equipment - 8.2%
	83,575	Advanced Semiconductor Engineering, Inc. ADR (Taiwan)		253,232
	64,459	Siliconware Precision Industries Co. ADR (Taiwan)		481,509
	374,467	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		3,958,116
	174,240	United Microelectronics Corp. ADR (Taiwan)		531,432

				5,224,289

Software - 0.1%
	4,709	Check Point Software Technologies*		109,108

				109,108

Specialty Retail - 0.3%
	7,275	Ultrapar Participacoes SA ADR (Brazil)		202,682

				202,682

Transportation Infrastructure - 0.0%†
	1,124	Grupo Aeroportuario del Pacifico SAB de CV ADR (Mexico)		23,109

				23,109

Water Utilities - 0.1%
	1,546	Cia de Saneamento Basico do Estado de Sao Paulo ADR (Brazil)*		43,628

Wireless Telecommunication Services - 6.1%
	21,205	America Movil SAB de CV ADR (Mexico)		696,584
	1,196	Cellcom Israel Ltd.		26,061
	54,522	China Mobile Ltd. ADR (Hong Kong)		2,353,169
	6,310	Mobile Telesystems OJSC ADR (Russia)		209,113
	2,239	Partner Communications ADR (Israel)		36,384
	1,305	Philippine Long Distance Telephone Co. ADR (Philippines)		59,860
	9,794	SK Telecom Co. Ltd. ADR (South Korea)		153,472
	1,145	Tim Participacoes SA ADR (Brazil)		19,076
	23,810	Turkcell Iletisim Hizmet AS ADR (Turkey)		302,387
	2,134	Vivo Participacoes SA ADR (Brazil)*		34,059

				3,890,165

		TOTAL COMMON STOCK (Cost $39,348,572)	$	46,726,244

INVESTMENT COMPANY - 5.4%
	38,340	iShares MSCI South Korea Index Fund		1,311,995
	208,011	iShares MSCI Taiwan Index Fund		2,125,872

		TOTAL INVESTMENT COMPANY (Cost $2,672,719)	$	3,437,867

SHORT TERM INVESTMENTS - 14.8%
MONEY MARKET FUNDS - 14.8%
	6,015,100	AIM Short Term Investment Treasury, 0.09% (a)		6,015,100
	3,371,662	AIM Short Term Investment Treasury (Collateral), 0.09% (a)		3,371,662

		TOTAL SHORT TERM INVESTMENTS (Cost $9,386,762)	$	9,386,762

		TOTAL INVESTMENTS (Cost $51,408,053) - 93.9%	$	59,550,873
		Other Assets in Excess of Liabilities - 6.1%		3,812,577

		TOTAL NET ASSETS - 100.0%	$	63,363,450

Percentages are stated as a percent of net assets.


(*)	Non- Income producing security.
(a)	Represents annualized seven-day yield at April 30, 2009.
(†)	Less than 0.05%.

Direxion Daily Emerging Markets Bull 3X Shares

Swap Equity Contracts

April 30, 2009 (Unaudited)

Number of

Notional

Termination

Unrealized

Counterparty

Reference Entity

Contracts

Amount

Date

Depreciation

Credit Suisse Capital LLC

iShares MSCI Emerging Market Index

4,884,400

139,938,060

5/6/2010

(30,845

)

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

46 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Energy Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

COMMON STOCKS - 84.4%
Electrical Equipment - 0.9%
	4,856	First Solar, Inc.*	$	909,480
	8,953	SunPower Corp. Class A*		245,133

				1,154,613

Energy Equipment & Services - 15.8%
	6,077	Atwood Oceanics Inc.*		135,639
	33,491	Baker Hughes Inc.		1,191,610
	31,953	BJ Services Co.		443,827
	23,558	Cameron International Corp.*		602,614
	7,478	Diamond Offshore Drilling, Inc.		541,482
	55,553	Dresser-Rand Group, Inc.*		1,368,270
	54,461	ENSCO International, Inc.		1,540,157
	6,705	Exterran Holdings, Inc.*		138,458
	13,923	FMC Technologies, Inc.*		476,584
	12,535	Global Industries Ltd.*		81,101
	94,852	Halliburton Co.		1,917,908
	10,698	Helix Energy Solutions Group, Inc.*		97,245
	11,344	Helmerich & Payne, Inc.		349,622
	9,662	Hercules Offshore, Inc.*		30,918
	13,624	Key Energy Services, Inc.*		59,809
	30,609	Nabors Industries Ltd.*		465,563
	45,141	National Oilwell Varco, Inc.*		1,366,869
	5,993	Oceaneering International, Inc.*		273,101
	5,387	Oil States International, Inc.*		101,814
	16,791	Patterson-UTI Energy, Inc.		213,414
	68,652	Pride International, Inc.*		1,558,401
	12,244	Rowan Cos, Inc.*		191,129
	107,977	Schlumberger Ltd.		5,289,794
	2,267	SEACOR Holdings, Inc.*		148,987
	23,458	Smith International, Inc.		606,389
	8,779	Superior Energy Services, Inc.*		168,645
	8,110	Tetra Technologies, Inc.*		46,389
	46,307	Unit Corp.*		1,263,718

				20,669,457

Gas Utilities - 1.2%
	47,120	EQT Corp.		1,584,646

Oil, Gas & Consumable Fuels - 66.5%
	7,644	Alpha Natural Resources, Inc.*		156,549
	76,573	Anadarko Petroleum Corp.		3,297,233
	36,271	Apache Corp.		2,642,705
	15,671	Arch Coal Inc.		218,924
	11,237	Cabot Oil & Gas Corp.		339,245
	65,998	Chesapeake Energy Corp.		1,300,821
	224,894	Chevron Corp.		14,865,493
	50,664	Cimarex Energy Co.		1,362,862
	46,305	CNX Gas Corp.*		1,192,354
	167,709	ConocoPhillips		6,876,069
	19,872	Consol Energy, Inc.		621,596
	3,236	Continental Resources, Inc.*		75,561
	26,747	Denbury Resources, Inc.*		435,441
	48,511	Devon Energy Corp.		2,515,295
	76,363	El Paso Corp.		526,905
	5,795	Encore Acquisition Co.*		169,156
	26,998	EOG Resources, Inc.		1,713,833
	357,709	Exxon Mobil Corp.		23,848,458
	10,560	Forest Oil Corp.*		168,960
	4,932	Foundation Coal Holdings, Inc.		80,096
	11,302	Frontier Oil Corp.		143,648
	30,585	Hess Corp.		1,675,752
	4,642	Holly Corp.		97,296
	114,655	Marathon Oil Corp.		3,405,254
	9,546	Mariner Energy, Inc.*		108,633
	9,257	Massey Energy Co.		147,279
	44,077	Murphy Oil Corp.		2,102,914
	14,325	Newfield Exploration Co.*		446,654
	38,229	Noble Energy, Inc.		2,169,496
	82,713	Occidental Petroleum Corp.		4,655,915
	8,414	Patriot Coal Corp.*		53,008
	29,521	Peabody Energy Corp.		779,059
	27,289	PetroHawk Energy Corp.*		644,020
	12,998	Pioneer Natural Resources Co.		300,514
	11,688	Plains Exploration & Production Co.*		220,553
	11,848	Quicksilver Resources, Inc.*		96,324
	16,779	Range Resources Corp.		670,657
	11,321	SandRidge Energy, Inc.*		92,379
	37,181	Southwestern Energy Co.*		1,333,311
	6,689	St Mary Land & Exploration Co.		119,532
	12,705	Sunoco, Inc.		336,810
	14,975	Tesoro Corp.		228,369
	57,464	Valero Energy Corp.		1,140,086
	3,280	W&T Offshore, Inc.		30,438
	5,749	Walter Energy, Inc.		131,077
	5,500	Whiting Petroleum Corp.*		180,180
	63,542	Williams Cos, Inc.		895,943
	60,150	XTO Energy, Inc.		2,084,799

				86,697,456

Real Estate Investment Trust - 0.0%†
	1	Walter Investment Management Corp.*		7

		TOTAL COMMON STOCKS (Cost 97,440,363)	$	110,106,179

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

48 DIREXION ANNUAL REPORT

Direxion Daily Financial Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

COMMON STOCKS - 86.5%
Capital Markets - 16.9%
	33,002	Affiliated Managers Group, Inc.*	$	1,876,164
	144,061	Allied Capital Corp.		354,390
	173,110	American Capital Ltd.		534,910
	179,098	Ameriprise Financial, Inc.		4,719,232
	922,142	Bank of New York Mellon Corp.		23,496,177
	14,056	BlackRock, Inc.		2,059,485
	753,277	Charles Schwab Corp.		13,920,559
	367,537	ETrade Financial Corp.		525,578
	82,606	Eaton Vance Corp.		2,260,926
	70,353	Federated Investors, Inc.		1,609,677
	124,245	Franklin Resources, Inc.		7,514,338
	39,563	GLG Partners, Inc.		94,556
	405,457	Goldman Sachs Group, Inc.		52,101,224
	312,567	Invesco Ltd.		4,600,986
	35,252	Investment Technology Group, Inc.*		803,041
	131,243	Janus Capital Group, Inc.		1,316,367
	101,448	Jefferies Group, Inc.		1,985,337
	60,952	Lazard Ltd.		1,663,990
	112,189	Legg Mason, Inc.		2,251,633
	78,517	MF Global Ltd.*		478,954
	844,339	Morgan Stanley		19,960,174
	177,473	Northern Trust Corp.		9,647,432
	77,037	Raymond James Financial, Inc.		1,208,711
	108,560	SEI Investments Co.		1,523,097
	343,984	State Street Corp.		11,740,174
	209,369	T Rowe Price Group, Inc.		8,064,894
	195,991	TD Ameritrade Holding Corp.*		3,118,217
	69,879	Waddell & Reed Financial, Inc.		1,565,988

				180,996,211

Commercial Banks - 14.6%
	102,697	Associated Banc-Corp		1,588,723
	66,402	Bancorpsouth, Inc.		1,543,847
	38,643	Bank of Hawaii Corp.		1,357,915
	440,864	BB&T Corp.		10,289,766
	17,941	BOK Financial Corp.		675,658
	175,228	CapitalSource, Inc.		541,455
	32,299	City National Corp.		1,182,143
	121,326	Comerica, Inc.		2,545,419
	49,965	Commerce Bancshares, Inc.		1,653,842
	47,391	Cullen/Frost Bankers, Inc.		2,231,642
	405,113	Fifth Third Bancorp		1,660,963
	4,870	First Citizens BancShares, Inc.		582,793
	170,064	First Horizon National Corp.		1,957,437
	140,280	Fulton Financial Corp.		927,251
	295,236	Huntington Bancshares, Inc.		823,708
	396,845	Keycorp		2,440,597
	52,996	M&T Bank Corp.		2,779,640
	208,959	Marshall & Ilsley Corp.		1,207,783
	343,165	PNC Financial Services Group, Inc.		13,623,651
	226,561	Popular, Inc.		647,964
	560,152	Regions Financial Corp.		2,515,082
	284,843	SunTrust Banks, Inc.		4,113,133
	226,465	Synovus Financial Corp.		731,482
	101,972	TCF Financial Corp.		1,418,431
	1,403,238	US Bancorp		25,566,996
	113,550	Valley National Bancorp		1,643,069
	42,317	Webster Financial Corp.		221,318
	3,401,906	Wells Fargo & Co.		68,072,138
	54,293	Whitney Holding Corp.		649,344
	54,250	Wilmington Trust Corp.		787,168
	92,957	Zions Bancorporation		1,016,020

				156,996,378

Consumer Finance - 3.0%
	811,565	American Express Co.		20,467,669
	105,940	AmeriCredit Corp.*		1,077,410
	302,480	Capital One Financial Corp.		5,063,515
	386,428	Discover Financial Services		3,141,660
	376,365	SLM Corp.*		1,817,843
	3,176	Student Loan Corp.		152,956

				31,721,053

Diversified Financial Services - 17.8%
	5,104,199	Bank of America Corp.		45,580,497
	313,368	CIT Group, Inc.		695,677
	4,389,062	Citigroup, Inc.		13,386,639
	54,059	CME Group, Inc.		11,965,960
	56,892	IntercontinentalExchange, Inc.*		4,983,739
	2,986,094	JPMorgan Chase & Co.		98,541,102
	143,144	Leucadia National Corp.		3,038,947
	158,807	Moody’s Corp.		4,687,983
	35,480	MSCI, Inc.*		744,725
	108,983	NASDAQ OMX Group, Inc.*		2,095,743
	213,642	NYSE Euronext		4,950,085

				190,671,097

Insurance - 16.9%
	383,216	Aflac, Inc.		11,071,111
	4,190	Alleghany Corp.		1,062,835
	39,380	Allied World Assurance Co. Holdings Ltd.		1,462,573
	444,029	Allstate Corp.		10,359,197
	63,441	American Financial Group, Inc.		1,115,293
	1,872,874	American International Group, Inc.		2,584,566
	12,681	American National Insurance Co.		860,659
	223,856	AON Corp.		9,446,723
	37,072	Arch Capital Group Ltd.*		2,142,020
	80,480	Arthur J Gallagher & Co.		1,809,190
	95,314	Assurant, Inc.		2,329,474
	109,813	Axis Capital Holdings Ltd.		2,705,792
	93,257	Brown & Brown, Inc.		1,814,781
	294,655	Chubb Corp.		11,476,813
	117,466	Cincinnati Financial Corp.		2,813,311
	22,121	CNA Financial Corp.		264,788
	148,869	Conseco, Inc.*		238,190

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

DIREXION SEMI-ANNUAL REPORT 51

Direxion Daily Financial Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Insurance (continued)
	39,918	Endurance Specialty Holdings Ltd.	$	1,044,255
	25,768	Erie Indemnity Co.		910,126
	49,928	Everest Re Group Ltd.		3,726,626
	189,296	Fidelity National Financial, Inc.		3,431,936
	74,579	First American Corp.		2,094,178
	41,435	Hanover Insurance Group, Inc.		1,242,221
	253,720	Hartford Financial Services Group, Inc.		2,910,168
	92,954	HCC Insurance Holdings, Inc.		2,223,460
	209,049	Lincoln National Corp.		2,349,711
	253,086	Loews Corp.		6,299,311
	8,010	Markel Corp.*		2,298,870
	412,434	Marsh & McLennan Cos, Inc.		8,698,233
	132,088	MBIA, Inc.		624,776
	21,443	Mercury General Corp.		724,345
	406,906	MetLife, Inc.		12,105,455
	185,839	Old Republic International Corp.		1,741,311
	19,487	OneBeacon Insurance Group Ltd.		226,439
	43,759	PartnerRe Ltd.		2,983,926
	208,722	Principal Financial Group, Inc.		3,410,517
	546,207	Progressive Corp.		8,346,043
	56,287	Protective Life Corp.		482,380
	349,744	Prudential Financial, Inc.		10,100,607
	55,371	Reinsurance Group of America, Inc.		1,760,244
	49,370	RenaissanceRe Holdings Ltd.		2,402,344
	39,473	StanCorp Financial Group, Inc.		1,082,744
	68,553	Torchmark Corp.		2,010,659
	21,737	Transatlantic Holdings, Inc.		824,484
	487,509	Travelers Cos, Inc.		20,056,121
	33,195	Unitrin, Inc.		564,315
	279,227	Unum Group		4,562,569
	1,079	Wesco Financial Corp.		322,513
	5,974	White Mountains Insurance Group Ltd.		1,142,946
	109,749	WR Berkley Corp.		2,624,099
	266,702	XL Capital Ltd.		2,536,336

				181,421,584

IT Services - 5.0%
	48,055	Alliance Data Systems Corp.*		2,012,063
	112,921	Broadridge Financial Solutions, Inc.		2,185,021
	157,302	Fidelity National Information Services, Inc.		2,807,841
	125,293	Fiserv, Inc.*		4,675,935
	64,132	Global Payments, Inc.		2,056,072
	78,651	Lender Processing Services, Inc.		2,254,138
	58,591	Mastercard, Inc.		10,748,518
	72,389	Metavante Technologies, Inc.*		1,707,657
	131,814	Total System Services, Inc.		1,643,721
	360,908	Visa, Inc., FST		23,444,583

				53,535,549

Media - 0.0%†
	13,008	Morningstar, Inc.*		516,027

Professional Services - 0.6%
	44,994	Dun & Bradstreet Corp.		3,662,512
	104,419	Equifax, Inc.		3,044,858

				6,707,370

Real Estate Investment Trusts - 9.6%
	31,741	Alexandria Real Estate Equities, Inc.		1,157,912
	117,884	AMB Property Corp.		2,250,406
	433,499	Annaly Capital Management, Inc.		6,099,331
	94,565	Apartment Investment & Management Co.		690,325
	62,058	AvalonBay Communities, Inc.		3,525,515
	96,502	Boston Properties, Inc.		4,769,129
	70,626	Brandywine Realty Trust		437,175
	38,819	BRE Properties, Inc.		953,783
	42,849	Camden Property Trust		1,162,493
	57,299	CBL & Associates Properties, Inc.		454,954
	110,377	Developers Diversified Realty Corp.		455,857
	61,115	Digital Realty Trust, Inc.		2,200,751
	97,776	Douglas Emmett, Inc.		935,716
	180,428	Duke Realty Corp.		1,762,782
	218,078	Equity Residential		4,991,805
	21,621	Essex Property Trust, Inc.		1,372,717
	47,395	Federal Realty Investment Trust		2,616,204
	202,879	HCP, Inc.		4,453,194
	87,659	Health Care REIT, Inc.		2,986,542
	75,739	Hospitality Properties Trust		927,045
	485,491	Host Hotels & Resorts, Inc.		3,733,426
	181,752	HRPT Properties Trust		783,351
	85,332	iStar Financial, Inc.		287,569
	26,385	Kilroy Realty Corp.		568,333
	257,871	Kimco Realty Corp.		3,099,609
	79,135	Liberty Property Trust		1,926,146
	60,258	Macerich Co.		1,056,323
	52,956	Mack-Cali Realty Corp.		1,422,398
	82,474	Nationwide Health Properties, Inc.		2,036,283
	137,947	Plum Creek Timber Co., Inc.		4,761,930
	340,689	ProLogis		3,103,677
	102,002	Public Storage		6,819,854
	63,236	Rayonier, Inc.		2,442,174

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

52 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Financial Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Real Estate Investment Trusts (continued)
	64,513	Regency Centers Corp.	$	2,416,012
	205,756	Simon Property Group, Inc.		10,617,010
	47,058	SL Green Realty Corp.		831,044
	42,577	Taubman Centers, Inc.		1,014,184
	119,947	UDR, Inc.		1,207,866
	119,253	Ventas, Inc.		3,415,406
	125,898	Vornado Realty Trust		6,155,153
	59,964	Weingarten Realty Investors		931,841

				102,833,225

Real Estate Management & Services - 0.4%
	174,432	CB Richard Ellis Group, Inc.*		1,308,240
	59,835	Forest City Enterprises, Inc.*		504,409
	27,816	Jones Lang LaSalle, Inc.		897,622
	74,547	St. Joe Co.*		1,854,730

				4,565,001

Software - 0.2%
	34,425	Factset Research Systems, Inc.		1,844,836

Thrifts & Mortgage Finance - 1.5%
	67,850	Astoria Financial Corp.		560,441
	17,734	Capitol Federal Financial		690,917
	418,521	Hudson City Bancorp, Inc.		5,256,623
	100,826	MGIC Investment Corp.		258,115
	276,383	New York Community Bancorp, Inc.		3,125,892
	278,925	People’s United Financial, Inc.		4,356,808
	68,465	TFS Financial Corp.		803,094
	5,318	Tree.com, Inc.*		34,142
	70,775	Washington Federal, Inc.		918,660

				16,004,692

		TOTAL COMMON STOCKS (Cost $703,759,751)	$	927,813,023

SHORT TERM INVESTMENTS
MONEY MARKET FUNDS - 19.6%
	209,866,040	AIM Short Term Investment Treasury, 0.09% (a)		209,866,040
	602,971	AIM Short Term Investment Treasury (Collateral), 0.09% (a)		602,971

		TOTAL SHORT TERM INVESTMENTS (Cost $210,469,011)	$	210,469,011

		TOTAL INVESTMENTS (Cost $914,228,762) - 106.1%	$	1,138,282,034
		Liabilities in Excess of Other Assets - (6.1%)		(65,495,129	)

		NET ASSETS - 100.0%	$	1,072,786,905

Percentages are stated as a percent of net assets.


(*)	Non- Income producing security.
(a)	Represents annualized seven-day yield at April 30, 2009.
(†)	Less than 0.05%.

Direxion Daily Financial Bull 3X Shares

Swap Equity Contracts

April 30, 2009 (Unaudited)

Number of

Notional

Termination

Unrealized

Counterparty

Reference Entity

Contracts

Amount

Date

Depreciation

Credit Suisse Capital LLC

Russell 1000 Financial Services Index

3,903,200

2,288,274,070

5/6/2010

(8,815,707

)

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

DIREXION SEMI-ANNUAL REPORT 53

Direxion Daily Technology Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

COMMON STOCKS - 81.4%
Communications Equipment - 14.8%
	2,552	ADC Telecommunications, Inc.*	$	18,783
	10,121	Brocade Communications Systems, Inc.*		58,499
	2,331	Ciena Corp.*		27,855
	143,492	Cisco Systems, Inc.*		2,772,266
	1,849	CommScope, Inc.*		46,410
	42,168	Corning, Inc.		616,496
	1,123	EchoStar Corp.*		17,766
	2,187	F5 Networks, Inc.*		59,639
	3,589	Harris Corp.		109,752
	5,591	JDS Uniphase Corp.*		25,775
	17,701	Juniper Networks, Inc.*		383,227
	69,591	Motorola, Inc.		384,838
	36,450	QUALCOMM, Inc.		1,542,564
	10,601	Tellabs, Inc.*		55,549

				6,119,419

Computers & Peripherals - 23.4%
	22,093	Apple, Inc.*		2,779,962
	48,613	Dell, Inc.*		564,883
	55,173	EMC Corp.*		691,318
	37,093	Hewlett-Packard Co.		1,334,606
	33,482	International Business Machines Corp.		3,455,677
	4,221	NCR Corp.*		42,843
	9,223	NetApp, Inc.*		168,781
	3,235	QLogic Corp.*		45,872
	6,017	SanDisk Corp.*		94,587
	12,962	Seagate Technology		105,770
	19,754	Sun Microsystems, Inc.*		180,947
	4,800	Teradata Corp.*		80,256
	5,910	Western Digital Corp.*		139,003

				9,684,505

Electronic Equipment, Instruments - 2.4%
	4,690	Amphenol Corp. Class A		158,710
	3,287	Arrow Electronics, Inc.*		74,746
	4,030	Avnet, Inc.*		88,217
	1,325	AVX Corp.		13,263
	1,355	Dolby Laboratories, Inc. Class A*		54,376
	3,687	FLIR Systems, Inc.*		81,778
	4,492	Ingram Micro, Inc. Class A*		65,224
	5,587	Jabil Circuit, Inc.		45,255
	3,625	Molex, Inc.		60,429
	3,236	Trimble Navigation Ltd.*		69,380
	15,362	Tyco Electronics Ltd.		267,912
	4,965	Vishay Intertechnology, Inc.*		29,145

				1,008,435

Internet Software & Services - 5.3%
	4,486	Akamai Technologies, Inc.*		98,782
	871	Equinix, Inc.*		61,170
	3,297	Google, Inc. Class A*		1,305,514
	756	Sohu.com, Inc.*		39,425
	5,208	Verisign, Inc.*		107,181
	40,514	Yahoo!, Inc.*		578,945

				2,191,017

IT Services - 1.6%
	2,398	Affiliated Computer Services, Inc. Class A*		116,015
	7,713	Cognizant Technology Solutions Corp. Class A*		191,205
	4,051	Computer Sciences Corp.*		149,725
	1,090	DST Systems, Inc.*		39,425
	2,078	NeuStar, Inc. Class A*		39,503
	5,425	SAIC, Inc.*		98,193
	9,619	Unisys Corp.*		11,735

				645,801

Professional Services - 0.1%
	1,158	IHS, Inc. Class A*		47,895

Semiconductors & Semiconductor Equipment - 12.4%
	17,956	Advanced Micro Device, Inc.*		64,821
	8,022	Altera Corp.		130,839
	7,757	Analog Devices, Inc.		165,069
	47,683	Applied Materials, Inc.		582,209
	11,900	Atmel Corp.*		45,696
	16,456	Broadcom Corp. Class A*		381,614
	2,399	Cree, Inc.*		65,709
	3,681	Cypress Semiconductor Corp.*		29,190
	3,330	Fairchild Semiconductor International, Inc.*		20,513
	4,586	Integrated Device Technology, Inc.*		24,902
	85,661	Intel Corp.		1,351,730
	1,932	International Rectifier Corp.*		32,612
	3,300	Intersil Corp. Class A		38,280
	4,555	KLA-Tencor Corp.		126,356
	3,342	Lam Research Corp.*		93,175
	5,943	Linear Technology Corp.		129,439
	17,155	LSI Corp.*		65,875
	12,941	Marvell Technology Group Ltd.*		142,092
	6,090	MEMC Electronic Materials, Inc.*		98,658
	4,946	Microchip Technology, Inc.		113,758
	20,166	Micron Technology, Inc.*		98,410
	6,141	National Semiconductor Corp.		75,964
	2,668	Novellus Systems, Inc.*		48,184
	14,840	NVIDIA Corp.*		170,363
	10,911	ON Semiconductor Corp.*		59,138
	2,798	Rambus, Inc.*		33,520
	1,237	Silicon Laboratories, Inc.*		41,143
	4,586	Teradyne, Inc.*		27,241
	35,475	Texas Instruments, Inc.		640,678
	1,981	Varian Semiconductor Equipment Associates, Inc.*		50,694
	7,470	Xilinx, Inc.		152,687

				5,100,559

Software - 19.8%
	15,861	Activision Blizzard, Inc.*		170,823
	14,215	Adobe Systems, Inc.*		388,780
	5,251	Amdocs Ltd.*		109,903
	2,262	ANSYS, Inc.*		62,476
	5,998	Autodesk, Inc.*		119,401
	5,101	BMC Software, Inc.*		176,852
	10,399	CA, Inc.		179,383

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

DIREXION SEMI-ANNUAL REPORT 55

Direxion Daily Technology Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

Software (continued)
	6,917	Cadence Design Systems, Inc.*	$	38,597
	4,902	Citrix Systems, Inc.*		139,854
	6,574	Compuware Corp.*		49,174
	8,496	Electronic Arts, Inc.*		172,894
	11,729	Intuit, Inc.*		271,292
	4,037	McAfee, Inc.*		151,549
	190,544	Microsoft Corp.		3,860,420
	9,453	Novell, Inc.*		35,543
	5,245	Nuance Communications, Inc.*		70,021
	76,825	Oracle Corp.*		1,485,796
	5,095	Red Hat, Inc.*		87,991
	2,810	Salesforce.com, Inc.*		120,296
	22,495	Symantec Corp.*		388,039
	3,797	Synopsys, Inc.*		82,699
	1,108	VMware, Inc. Class A*		28,897

				8,190,680

Wireless Telecommunication Services - 1.6%
	12,040	American Tower Corp. Class A*		382,390
	7,559	Crown Castle International Corp.*		185,346
	3,113	SBA Communications Corp. Class A*		78,448

				646,184

		TOTAL COMMON STOCKS (cost $28,232,660)	$	33,634,495

SHORT TERM INVESTMENTS - 13.6%
MONEY MARKET FUNDS - 13.6%
	4,909,899	AIM Short Term Investment Treasury, 0.09% (a)		4,909,899
	702,657	AIM Short Term Investment Treasury (Collateral), 0.09% (a)		702,657
		TOTAL SHORT TERM INVESTMENTS (cost $5,612,556)	$	5,612,556

		TOTAL INVESTMENTS (Cost $33,845,216) - 95.0%	$	39,247,051
		Other Assets in Excess of Liabilities - 5.0%		2,083,741

		TOTAL NET ASSETS - 100.0%	$	41,330,792

Percentages are stated as a percent of net assets.


(*)	Non- Income producing security.
(a)	Represents annualized seven-day yield at April 30, 2009.

Direxion Daily Technology Bull 3X Shares

Swap Equity Contracts

April 30, 2009 (Unaudited)

Number of

Notional

Termination

Unrealized

Counterparty

Reference Entity

Contracts

Amount

Date

Depreciation

Credit Suisse Capital LLC

Russell 1000 Technology Index

117,600

90,369,720

5/6/2010

(10,458

)

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

56 DIREXION SEMI-ANNUAL REPORT

Direxion Daily 10-Year Treasury Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

U.S. TREASURY OBLIGATIONS - 95.2%
U.S. TREASURY BONDS - 95.2%
	5,400,000	U.S. Treasury Bond 2.75% 2/15/2019 (Cost $5,391,563)	$	5,234,625

		TOTAL U.S. TREASURY OBLIGATIONS (Cost $5,391,563)	$	5,234,625

SHORT TERM INVESTMENTS - 10.1%
MONEY MARKET FUNDS - 10.1%
	559,101	AIM Short Term Investment Treasury, 0.09% (a)		559,101

		TOTAL SHORT TERM INVESTMENTS (Cost $559,101)	$	559,101

		TOTAL INVESTMENTS (Cost $5,950,664) - 105.3%	$	5,793,726
		Liabilities in Excess of Other Assets - (5.3%)		(292,416	)

		TOTAL NET ASSETS - 100.0%	$	5,501,310

Percentages are stated as a percent of net assets.


(a)	Represent annualized seven-day yield at April 30, 2009.

Direxion Daily 10-Year Treasury Bull 3X Shares

Swap Equity Contracts

April 30, 2009 (Unaudited)

Number of

Notional

Termination

Unrealized

Counterparty

Reference Entity

Contracts

Amount

Date

Depreciation

Credit Suisse Capital LLC

NYSE Current 10 Yr US Treasury

11,335

11,628,526

5/6/2010

(321,270

)

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

58 DIREXION SEMI-ANNUAL REPORT

Direxion Daily 30-Year Treasury Bull 3X Shares

Schedule of Investments

April 30, 2009 (Unaudited)


Shares			Value

U.S. TREASURY OBLIGATIONS - 103.9%
U.S. TREASURY BONDS - 103.9%
	5,600,000	U.S. Treasury Bond 3.5% 02/15/2039 (Cost $5,440,750)	$	5,082,438

		TOTAL U.S. TREASURY OBLIGATIONS (Cost $5,440,750)	$	5,082,438

SHORT TERM INVESTMENTS - 8.7%
MONEY MARKET FUNDS - 8.7%
	423,363	AIM Short Term Investment Treasury, 0.09% (a)		423,362

		TOTAL SHORT TERM INVESTMENTS (Cost $423,362)	$	423,362

		TOTAL INVESTMENTS (Cost $5,864,112) - 112.6%	$	5,505,800
		Liabilities in Excess of Other Assets - (12.6%)		(613,910	)

		TOTAL NET ASSETS - 100.0%	$	4,891,890

Percentages are started as a percent of net assets.


(a)	Represents annualized seven-day yield at April 30, 2009.

Direxion Daily 30-Year Treasury Bull 3X Shares

Swap Equity Contracts

April 30, 2009 (Unaudited)

Number of

Notional

Termination

Unrealized

Counterparty

Reference Entity

Contracts

Amount

Date

Depreciation

Credit Suisse Capital LLC

NYSE Current 30 Yr US Treasury

10,120

10,267,163

5/6/2010

(646,525

)

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

60 DIREXION SEMI-ANNUAL REPORT

Statements of Assets and Liabilities

April 30, 2009 (Unaudited)


	Direxion			Direxion			Direxion			Direxion
	Daily Large			Daily Large			Daily Mid			Daily Mid
	Cap Bull			Cap Bear			Cap Bull			Cap Bear
	3X Shares			3X Shares			3X Shares			3X Shares^*

Assets:
Investments at market value	$	277,770,003		$	392,708,595		$	12,831,202		$	9,566,674
Cash		4,377,836			3,546			—			—
Receivable for Fund shares sold		—			24,485,776			—			—
Investment securities sold		—			—			—			—
Due from investment advisor		110,436			41,207			—			—
Dividend and interest receivable		479,510			21,210			10,638			703
Foreign tax reclaims		—			—			—			—
Due from broker		—			—			—			—
Unrealized appreciation on swaps		6,606,859			—			583,561			—
Other assets		103,805			66,660			7,059			7,012

Total Assets		289,448,449			417,326,994			13,432,460			9,574,389

Liabilities:
Payable for fund shares redeemed		4,372,514			—			—			—
Investment securities purchased		—			—			—			—
Unrealized depreciation on swaps		—			52,074,663			—			1,757,789
Accrued investment advisory fees		201,207			147,616			10,822			4,497
Due to investment advisor		—			—			1,030			8,461
Due to broker		—			—			—			333,979
Trustee fees		11,658			5,946			136			135
Due to custodian		—			—			335			—
Accrued expenses and other liabilities		234,906			125,256			18,031			12,515

Total Liabilities		4,820,285			52,353,481			30,354			2,117,376

Net Assets	$	284,628,164		$	364,973,513		$	13,402,106		$	7,457,013

Net Assets Consist Of:
Capital stock	$	289,781,876		$	449,421,906		$	10,107,940		$	13,997,909
Undistributed net investment income (loss)		309,817			(562,510	)		2,492			(20,382	)
Realized gain (loss) on:
Investments		(39,765,383	)		—			(803,580	)		—
Swaps		(12,316,313	)		(31,811,220	)		1,662,169			(4,762,725	)
Options		—			—			—			—
Net unrealized appreciation (depreciation) on:
Investments		40,011,308			—			1,849,524			—
Swaps		6,606,859			(52,074,663	)		583,561			(1,757,789	)

Net Assets	$	284,628,164		$	364,973,513		$	13,402,106		$	7,457,013

Calculation of Net Asset Value Per Share:
Net assets	$	284,628,164		$	364,973,513		$	13,402,106		$	7,457,013
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		9,550,417			8,200,417			250,000			100,000
Net assets value, redemption price and offering price per share	$	29.80		$	44.51		$	53.61		$	74.58

Cost of Investments	$	237,758,695		$	392,708,595		$	10,981,678		$	9,566,674


^*		On June 25, 2009, there was a 1 for 2 reverse stock split. Historical share amounts have been adjusted to reflect the 1 for 2 reverse stock split on a retroactive basis.

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

62 DIREXION SEMI-ANNUAL REPORT

Statements of Assets and Liabilities

April 30, 2009 (Unaudited)


	Direxion			Direxion			Direxion			Direxion
	Daily Small			Daily Small			Daily Developed			Daily Developed
	Cap Bull			Cap Bear			Markets Bull			Markets Bear
	3X Shares			3X Shares			3X Shares			3X Shares

Assets:
Investments at market value	$	199,822,727		$	215,122,802		$	5,778,406		$	6,086,375
Cash		—			1,228			1,185			—
Receivable for Fund shares sold		1,006,064			19,062,316			—			—
Investment securities sold		—			—			—
Due from investment advisor		82,083			9,802			—			—
Dividend and interest receivable		170,169			10,646			18,853			552
Foreign tax reclaims		—			—			1,847			—
Due from broker		21,661,670			—			—			—
Unrealized appreciation on swaps		—			—			124,997			—
Other assets		51,143			47,072			30,802			31,055

Total Assets		222,793,856			234,253,866			5,956,090			6,117,982

Liabilities:
Payable for fund shares redeemed		—			—			—			—
Investment securities purchased		—			—			3,531			—
Unrealized depreciation on swaps		3,363,399			34,746,968			—			1,149,026
Accrued investment advisory fees		145,113			75,706			3,239			3,540
Due to investment advisor		—			—			10,345			10,728
Due to broker		—			—			—			24,999
Trustee fees		5,850			3,756			101			171
Due to custodian		14,436			—			—			—
Accrued expenses and other liabilities		176,353			74,019			19,038			17,676

Total Liabilities		3,705,151			34,900,449			36,254			1,206,140

Net Assets	$	219,088,705		$	199,353,417		$	5,919,836		$	4,911,842

Net Assets Consist Of:
Capital stock	$	228,165,624		$	261,568,670		$	7,201,611		$	6,000,000
Undistributed net investment income (loss)		80,491			(325,414	)		27,313			(22,915	)
Realized gain (loss) on:
Investments		(27,644,247	)		—			(928,105	)		—
Swaps		(9,513,442	)		(27,142,871	)		(1,017,496	)		83,783
Options		—			—			—			—
Net unrealized appreciation (depreciation) on:
Investments		31,363,678			—			511,516			—
Swaps		(3,363,399	)		(34,746,968	)		124,997			(1,149,026	)

Net Assets	$	219,088,705		$	199,353,417		$	5,919,836		$	4,911,842

Calculation of Net Asset Value Per Share:
Net assets	$	219,088,705		$	199,353,417		$	5,919,836		$	4,911,842
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		8,500,017			6,800,017			150,000			100,000
Net assets value, redemption price and offering price per share	$	25.78		$	29.32		$	39.47		$	49.12

Cost of Investments	$	168,459,049		$	215,122,802		$	5,266,890		$	6,086,375

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

DIREXION SEMI-ANNUAL REPORT 63

Statements of Assets and Liabilities

April 30, 2009 (Unaudited)


	Direxion Daily			Direxion Daily
	Emerging			Emerging			Direxion Daily			Direxion Daily
	Markets Bull			Markets Bear			Energy Bull			Energy Bear
	3X Shares			3X Shares			3X Shares			3X Shares

Assets:
Investments at market value	$	59,550,873		$	15,922,548		$	128,935,843		$	41,612,897
Cash		2,903			—			1,412,988			1,533,039
Receivable for Fund shares sold		—			5,959,363			3,200			—
Investment securities sold		—			—			25,078,804			—
Due from investment advisor		—			—			7,056			—
Dividend and interest receivable		166,178			1,192			32,518			1,865
Foreign tax reclaims		—			—			—			—
Due from broker		3,709,678			—			—			—
Unrealized appreciation on swaps		—			—			—			—
Other assets		25,925			30,310			31,283			19,953

Total Assets		63,455,557			21,913,413			155,501,692			43,167,754

Liabilities:
Payable for fund shares redeemed		—			—			12,062,162			1,532,536
Investment securities purchased		—			—			11,345,390			—
Unrealized depreciation on swaps		30,845			2,812,174			901,333			4,519,149
Accrued investment advisory fees		29,489			8,106			84,129			14,376
Due to investment advisor		4,959			9,967			—			13,341
Due to broker		—			—			597,892			—
Trustee fees		343			253			2,842			730
Due to custodian		—			950			—			—
Accrued expenses and other liabilities		26,471			18,428			69,282			20,808

Total Liabilities		92,107			2,849,878			25,063,030			6,100,940

Net Assets	$	63,363,450		$	19,063,535		$	130,438,662		$	37,066,814

Net Assets Consist Of:
Capital stock	$	43,952,772		$	32,959,427		$	143,981,778		$	34,302,197
Undistributed net investment income (loss)		126,662			(42,273	)		(112,355	)		(57,291	)
Realized gain (loss) on:
Investments		(2,322,201	)		—			(14,893,581	)		—
Swaps		13,494,242			(11,041,445	)		(10,301,662	)		7,341,057
Options		—			—			—			—
Net unrealized appreciation (depreciation) on:
Investments		8,142,820			—			12,665,815			—
Swaps		(30,845	)		(2,812,174	)		(901,333	)		(4,519,149	)

Net Assets	$	63,363,450		$	19,063,535		$	130,438,662		$	37,066,814

Calculation of Net Asset Value Per Share:
Net assets	$	63,363,450		$	19,063,535		$	130,438,662		$	37,066,814
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		1,050,000			800,000			4,900,017			1,250,017
Net assets value, redemption price and offering price per share	$	60.35		$	23.83		$	26.62		$	29.65

Cost of Investments	$	51,408,053		$	15,922,548		$	116,270,028		$	41,612,897

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

64 DIREXION SEMI-ANNUAL REPORT

Statements of Assets and Liabilities

April 30, 2009 (Unaudited)


	Direxion Daily			Direxion Daily			Direxion Daily			Direxion Daily
	Financial Bull			Financial Bear			Technology Bull			Technology Bear
	3X Shares			3X Shares			3X Shares			3X Shares

Assets:
Investments at market value	$	1,138,282,034		$	1,482,287,532		$	39,247,051		$	11,162,756
Cash		13,324,478			—			—			—
Receivable for Fund shares sold		2,070,698			125,668,436			2,713,806			—
Investment securities sold		60,923,146			—			—			—
Due from investment advisor		14,084			—			—			—
Dividend and interest receivable		1,037,916			78,715			9,260			693
Foreign tax reclaims		—			—			—			—
Due from broker		—			551,701			2,129,846			—
Unrealized appreciation on swaps		—			—			—			—
Other assets		59,658			58,238			16,616			16,843

Total Assets		1,215,712,014			1,608,644,622			44,116,579			11,180,292

Liabilities:
Payable for fund shares redeemed		120,938,764			—			—			—
Investment securities purchased		7,658,691			—			2,718,378			—
Unrealized depreciation on swaps		8,815,707			174,740,925			10,458			1,419,744
Accrued investment advisory		777,939			532,707			21,353			4,811
Due to investment advisor		—			8,889			9,095			11,144
Due to broker		4,373,773			—			—			40,288
Trustee fees		11,688			5,908			324			141
Due to custodian		—			451			1,015			—
Accrued expenses and other liabilities		348,547			189,826			25,164			17,444

Total Liabilities		142,925,109			175,478,706			2,785,787			1,493,572

Net Assets	$	1,072,786,905		$	1,433,165,916		$	41,330,792		$	9,686,720

Net Assets Consist Of:
Capital stock	$	504,868,722		$	2,264,659,569		$	26,401,958		$	13,117,703
Undistributed net investment income (loss)		1,025,564			(1,101,032	)		(30,226	)		(20,379	)
Realized gain (loss) on:
Investments		(60,241,626	)		—			(894,958	)		—
Swaps		411,896,680			(655,646,983	)		10,462,641			(1,990,860	)
Options		—			(4,713	)		—			—
Net unrealized appreciation (depreciation) on:
Investments		224,053,272			—			5,401,835			—
Swaps		(8,815,707	)		(174,740,925	)		(10,458	)		(1,419,744	)

Net Assets	$	1,072,786,905		$	1,433,165,916		$	41,330,792		$	9,686,720

Calculation of Net Asset Value Per Share:
Net assets	$	1,072,786,905		$	1,433,165,916		$	41,330,792		$	9,686,720
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		130,800,417			173,400,417			550,000			350,000
Net assets value, redemption price and offering price per share	$	8.20		$	8.27		$	75.15		$	27.68

Cost of Investments	$	914,228,762		$	1,482,287,532		$	33,845,216		$	11,162,756

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

DIREXION SEMI-ANNUAL REPORT 65

Statements of Assets and Liabilities

April 30, 2009 (Unaudited)


	Direxion Daily			Direxion Daily			Direxion Daily			Direxion Daily
	10-Year			10-Year			30-Year			30-Year
	Treasury Bull			Treasury Bear			Treasury Bull			Treasury Bear
	3X Shares			3X Shares			3X Shares			3X Shares

Assets:
Investments at market value	$	5,793,726		$	6,340,248		$	5,505,800		$	7,030,922
Cash		—			—			—			—
Receivable for Fund shares sold		—			—			—			—
Investment securities sold		—			—			—			—
Due from investment advisor		5,312			5,300			5,319			5,293
Dividend and interest receivable		30,787			207			40,625			170
Foreign tax reclaims		—			—			—			—
Due from broker		—			—			—			—
Unrealized appreciation on swaps		—			166,736			—			294,692
Other assets		395			395			395			395

Total Assets		5,830,220			6,512,886			5,552,139			7,331,472

Liabilities:
Payable for fund shares redeemed		—			—			—			—
Investment securities purchased		—			—			—			—
Unrealized depreciation on swaps		321,270			—			646,525			—
Accrued investment advisory fees		1,784			1,913			1,716			1,980
Due to investment advisor		—			—			—			—
Due to broker		284			—			6,447			—
Trustee fees		8			8			8			8
Due to custodian		—			—			—			100,000
Accrued expenses and other liabilities		5,564			5,585			5,553			5,597

Total Liabilities		328,910			7,506			660,249			107,585

Net Assets	$	5,501,310		$	6,505,380		$	4,891,890		$	7,223,887

Net Assets Consist Of:
Capital stock	$	6,000,000		$	6,000,000		$	6,000,000		$	6,000,000
Undistributed net investment income (loss)		3,914			(2,216	)		5,965			(2,339	)
Realized gain (loss) on:
Investments		—			—			—			—
Swaps		(24,396	)		340,860			(109,238	)		931,534
Options		—			—			—			—
Net unrealized appreciation (depreciation) on:
Investments		(156,938	)		—			(358,312	)		—
Swaps		(321,270	)		166,736			(646,525	)		294,692

Net Assets	$	5,501,310		$	6,505,380		$	4,891,890		$	7,223,887

Calculation of Net Asset Value Per Share:
Net assets	$	5,501,310		$	6,505,380		$	4,891,890		$	7,223,887
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		100,000			100,000			100,000			100,000
Net assets value, redemption price and offering price per share	$	55.01		$	65.05		$	48.92		$	72.24

Cost of Investments	$	5,950,664		$	6,340,248		$	5,864,112		$	7,030,922

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

66 DIREXION SEMI-ANNUAL REPORT

Statements of Operations

Period Ended April 30, 2009 (Unaudited)


	Direxion Daily			Direxion Daily			Direxion Daily			Direxion Daily
	Large Cap Bull			Large Cap Bear			Mid Cap Bull			Mid Cap Bear
	3X Shares			3X Shares			3X Shares			3X Shares
	For the Period			For the Period			For the Period			For the Period
	November 5, 2008¹			November 5, 2008¹			January 8, 2009¹			January 8, 2009¹
	Through			Through			Through			Through
	April 30, 2009			April 30, 2009			April 30, 2009			April 30, 2009

Investment income:
Dividend income	$	3,390,767		$	—		$	60,177		$	—
Interest income		45,768			114,386			916			3,792

Total Income		3,436,535			114,386			61,093			3,792

Expenses:
Investment advisory fees		993,931			534,857			25,230			19,113
Licensing fees		185,399			97,701			2,576			1,459
Admin and accounting fees		95,356			47,728			3,959			1,700
Organization and offering fees		60,737			42,864			2,623			2,631
Professional fees		36,606			27,322			4,505			4,506
Printing and postage fees		27,360			14,157			353			356
Trustees’ fees and expenses		15,086			7,855			262			263
Custody fees		46,890			6,709			8,299			1,068
Transfer agent fees		6,003			6,003			4,010			4,010
Pricing fees		4,968			4,968			3,476			3,476
Compliance fees		8,831			4,783			1,091			1,092
Exchange listing fees		1,411			1,411			1,200			1,200
Insurance fees		718			718			221			221
Other		8,731			4,721			1,028			1,028

Total expenses before reimbursement		1,492,027			801,797			58,833			42,123
Less: Reimbursement of expenses from advisor		(234,314	)		(124,901	)		(26,908	)		(17,949	)

Total expenses		1,257,713			676,896			31,925			24,174

Net investment income (loss)		2,178,822			(562,510	)		29,168			(20,382	)

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investments		(39,765,383	)		—			(803,580	)		—
In-kind redemption		—			—			—			—
Swaps		(12,316,313	)		(31,811,220	)		1,662,169			(4,762,725	)
Options		—			—			—			—
Change in unrealized appreciation (depreciation) on:
Investments		40,011,308			—			1,849,524			—
Swaps		6,606,859			(52,074,663	)		583,561			(1,757,789	)

Net increase (decrease) in net assets resulting from operations	$	(3,284,707	)	$	(84,448,393	)	$	3,320,842		$	(6,540,896	)


¹		Commencement of investment operations.

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

DIREXION SEMI-ANNUAL REPORT 67

Statements of Operations

Period Ended April 30, 2009 (Unaudited)


							Direxion Daily			Direxion Daily
	Direxion Daily			Direxion Daily			Developed			Developed
	Small Cap Bull			Small Cap Bear			Markets Bull			Markets Bear
	3X Shares			3X Shares			3X Shares			3X Shares
	For the Period			For the Period			For the Period			For the Period
	November 5, 2008¹			November 5, 2008¹			December 17, 2008¹			December 17, 2008¹
	Through			Through			Through			Through
	April 30, 2009			April 30, 2009			April 30, 2009			April 30, 2009

Investment income:
Dividend income (net of foreign withholding tax of $–, $–, $3,712, and $–, respectively)	$	1,434,029		$	—		$	57,272		$	—
Interest income		27,349			76,809			802			3,910

Total Income		1,461,378			76,809			58,074			3,910

Expenses:
Investment advisory fees		613,016			317,774			11,997			21,202
Licensing fees		112,159			55,867			1,211			1,396
Admin and accounting fees		68,166			28,540			3,127			1,910
Organization and offering fees		25,253			24,693			5,085			5,172
Professional fees		27,067			19,174			5,823			5,953
Printing and postage fees		14,739			9,158			271			481
Trustees’ fees and expenses		7,827			4,987			192			303
Custody fees		59,266			4,549			2,341			1,195
Transfer agent fees		6,003			6,003			5,041			5,041
Pricing fees		4,968			4,968			4,259			4,259
Compliance fees		4,602			3,248			1,011			1,064
Exchange listing fees		1,411			1,411			1,325			1,325
Insurance fees		718			718			315			315
Other		4,550			3,197			950			1,005

Total expenses before reimbursement		949,745			484,287			42,948			50,621
Less: Reimbursement of expenses from advisor		(173,991	)		(82,064	)		(27,766	)		(23,796	)

Total expenses		775,754			402,223			15,182			26,825

Net investment income (loss)		685,624			(325,414	)		42,892			(22,915	)

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investments		(27,644,247	)		—			(928,105	)		—
In-kind redemption		—			—			—			—
Swaps		(9,513,442	)		(27,142,871	)		(1,017,496	)		83,783
Options		—			—			—			—
Change in unrealized appreciation (depreciation) on:
Investments		31,363,678			—			511,516			—
Swaps		(3,363,399	)		(34,746,968	)		124,997			(1,149,026	)

Net increase (decrease) in net assets resulting from operations	$	(8,471,786	)	$	(62,215,253	)	$	(1,266,196	)	$	(1,088,158	)


¹		Commencement of investment operations.

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

68 DIREXION SEMI-ANNUAL REPORT

Statements of Operations

Period Ended April 30, 2009 (Unaudited)


	Direxion Daily			Direxion Daily			Direxion Daily			Direxion Daily
	Emerging Markets			Emerging Markets			Energy			Energy
	Bull 3X Shares			Bear 3X Shares			Bull 3X Shares			Bear 3X Shares
	For the Period			For the Period			For the Period			For the Period
	December 17, 2008¹			December 17, 2008¹			November 6, 2008¹			November 6, 2008¹
	Through			Through			Through			Through
	April 30, 2009			April 30, 2009			April 30, 2009			April 30, 2009

Investment income:
Dividend income (net of foreign withholding tax of $1,606, $–, $– and $–, respectively)	$	220,822		$	—		$	631,475		$	—
Interest income		1,835			7,681			13,316			13,484

Total Income		222,657			7,681			644,791			13,484

Expenses:
Investment advisory fees		66,192			39,479			331,798			55,896
Licensing fees		5,982			2,931			37,307			3,546
Admin and accounting fees		7,791			3,546			31,173			5,029
Organization and offering fees		5,202			5,302			11,932			8,591
Professional fees		6,834			6,315			13,684			10,077
Printing and postage fees		806			857			7,141			1,877
Trustees’ fees and expenses		490			484			3,757			966
Custody fees		8,300			1,559			10,500			2,146
Transfer agent fees		5,041			5,041			6,003			6,003
Pricing fees		4,259			4,259			4,968			4,968
Compliance fees		1,153			1,150			2,190			860
Exchange listing fees		1,325			1,325			1,411			1,411
Insurance fees		315			315			710			710
Other		1,092			1,090			2,168			838

Total expenses before reimbursement		114,782			73,653			464,742			102,918
Less: Reimbursement of expenses from advisor		(31,036	)		(23,699	)		(44,967	)		(32,143	)

Total expenses		83,746			49,954			419,775			70,775

Net investment income (loss)		138,911			(42,273	)		225,016			(57,291	)

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investments		(2,322,201	)		—			(14,893,581	)		—
In-kind redemption		—			—			—			—
Swaps		13,494,242			(11,041,445	)		(10,301,662	)		7,341,057
Options		—			—			—			—
Change in unrealized appreciation (depreciation) on:
Investments		8,142,820			—			12,665,815			—
Swaps		(30,845	)		(2,812,174	)		(901,333	)		(4,519,149	)

Net increase (decrease) in net assets resulting from operations	$	19,422,927		$	(13,895,892	)	$	(13,205,745	)	$	2,764,617


¹		Commencement of investment operations.

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

DIREXION SEMI-ANNUAL REPORT 69

Statements of Operations

Period Ended April 30, 2009 (Unaudited)


	Direxion Daily			Direxion Daily			Direxion Daily			Direxion Daily
	Financial Bull			Financial Bear			Technology Bull			Technology Bear
	3X Shares			3X Shares			3X Shares			3X Shares
	For the Period			For the Period			For the Period			For the Period
	November 6, 2008¹			November 6, 2008¹			December 17, 2008¹			December 17, 2008¹
	Through			Through			Through			Through
	April 30, 2009			April 30, 2009			April 30, 2009			April 30, 2009

Investment income:
Dividend income	$	6,275,391		$	—		$	49,469		$	—
Interest income		89,053			191,781			1,713			3,327

Total Income		6,364,444			191,781			51,182			3,327

Expenses:
Investment advisory fees		1,845,723			1,021,503			54,663			18,734
Licensing fees		196,489			107,247			4,199			745
Admin and accounting fees		165,163			88,397			6,616			1,671
Organization and offering fees		26,324			28,549			5,193			5,170
Professional fees		34,368			26,957			6,115			5,901
Printing and postage fees		25,268			14,001			702			398
Trustees’ fees and expenses		14,089			7,715			444			260
Custody fees		46,340			11,930			3,640			1,280
Transfer agent fees		6,003			6,003			5,041			5,041
Pricing fees		4,968			4,968			4,259			4,259
Compliance fees		7,583			4,545			1,131			1,043
Exchange listing fees		1,411			1,411			1,325			1,325
Insurance fees		710			710			315			315
Other		7,531			4,493			1,072			984

Total expenses before reimbursement		2,381,970			1,328,429			94,715			47,126
Less: Reimbursement of expenses from advisor		(47,278	)		(35,616	)		(25,573	)		(23,420	)

Total expenses		2,334,692			1,292,813			69,142			23,706

Net investment income (loss)		4,029,752			(1,101,032	)		(17,960	)		(20,379	)

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investments		(157,478,622	)		—			(894,958	)		—
In-kind redemption		97,236,996			—			—			—
Swaps		411,896,680			(655,646,983	)		10,462,641			(1,990,860	)
Options		—			(4,713	)		—			—
Change in unrealized appreciation (depreciation) on:
Investments		224,053,272			—			5,401,835			—
Swaps		(8,815,707	)		(174,740,925	)		(10,458	)		(1,419,744	)

Net increase (decrease) in net assets resulting from operations	$	570,922,371		$	(831,493,653	)	$	14,941,100		$	(3,430,983	)


¹		Commencement of investment operations.

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

70 DIREXION SEMI-ANNUAL REPORT

Statements of Operations

Period Ended April 30, 2009 (Unaudited)


	Direxion Daily			Direxion Daily			Direxion Daily			Direxion Daily
	10-Year Bull			10-Year Bear			30-Year Bull			30-Year Bear
	3X Shares			3X Shares			3X Shares			3X Shares
	For the Period			For the Period			For the Period			For the Period
	April 16, 2009¹			April 16, 2009¹			April 16, 2009¹			April 16, 2009¹
	Through			Through			Through			Through
	April 30, 2009			April 30, 2009			April 30, 2009			April 30, 2009

Investment income:
Dividend income	$	—		$	—		$	—		$	—
Interest income		6,173			207			8,139			170

Total Income		6,173			207			8,139			170

Expenses:
Investment advisory fees		1,784			1,913			1,716			1,980
Licensing fees		119			128			114			133
Admin and accounting fees		175			187			169			193
Organization and offering fees		207			207			207			207
Professional fees		2,651			2,651			2,651			2,651
Printing and postage fees		29			29			29			29
Trustees’ fees and expenses		8			8			8			8
Custody fees		17			19			17			19
Transfer agent fees		528			528			528			528
Pricing fees		754			754			754			754
Compliance fees		8			8			8			8
Exchange listing fees		528			528			528			528
Insurance fees		11			11			11			11
Other		752			752			753			753

Total expenses before reimbursement		7,571			7,723			7,493			7,802
Less: Reimbursement of expenses from advisor		(5,312	)		(5,300	)		(5,319	)		(5,293	)

Total expenses		2,259			2,423			2,174			2,508

Net investment income (loss)		3,914			(2,216	)		5,965			(2,339	)

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investments		—			—			—			—
In-kind redemption		—			—			—			—
Swaps		(24,396	)		340,860			(109,238	)		931,534
Options		—			—			—			—
Change in unrealized appreciation (depreciation) on:
Investments		(156,938	)		—			(358,312	)		—
Swaps		(321,270	)		166,736			(646,525	)		294,692

Net increase (decrease) in net assets resulting from operations	$	(498,690	)	$	505,380		$	(1,108,110	)	$	1,223,887


¹		Commencement of investment operations.

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

DIREXION SEMI-ANNUAL REPORT 71

Statements of Changes in Net Assets (Unaudited)


	Direxion Daily			Direxion Daily			Direxion Daily			Direxion Daily
	Large Cap			Large Cap			Mid Cap			Mid Cap
	Bull 3X Shares			Bear 3X Shares			Bull 3X Shares			Bear 3X Shares
	For the Period			For the Period			For the Period			For the Period
	November 5, 2008¹			November 5, 2008¹			January 8, 2009¹			January 8, 2009^{1, 2}
	Through			Through			Through			Through
	April 30, 2009			April 30, 2009			April 30, 2009			April 30, 2009


Operations:
Net investment income (loss)	$	2,178,822		$	(562,510	)	$	29,168		$	(20,382	)
Net realized gain (loss) on investments and swap transactions		(52,081,696	)		(31,811,220	)		858,589			(4,762,725	)
Change in unrealized appreciation (depreciation) on investments and swaps		46,618,167			(52,074,663	)		2,433,085			(1,757,789	)

		(3,284,707	)		(84,448,393	)		3,320,842			(6,540,896	)

Distributions to shareholders from:
Net investment income		(1,869,005	)		—			(26,676	)		—

Total distributions		(1,869,005	)		—			(26,676	)		—

Capital share transactions:
Proceeds from shares sold		638,078,994			647,271,706			17,794,665			14,139,427
Value of shares repurchased		(349,358,384	)		(183,748,276	)		(7,708,488	)		—
Net income equalization		694,746			(14,377,119	)		14,663			(143,718	)
Transaction fees		341,507			250,583			7,100			2,200

Net increase in net assets resulting from capital transactions		289,756,863			449,396,894			10,107,940			13,997,909

Total increase (decrease) in net assets		284,603,151			364,948,501			13,402,106			7,457,013
Net assets:
Beginning of period		25,013			25,012			—			—

End of period	$	284,628,164		$	364,973,513		$	13,402,106		$	7,457,013

Undistributed net investment income at end of period	$	309,817		$	(562,510	)	$	2,492		$	(20,382	)

Changes in shares outstanding:
Shares outstanding, beginning of period		417			417			—			—
Shares sold		23,400,000			10,400,000			400,000			100,000
Shares repurchased		(13,850,000	)		(2,200,000	)		(150,000	)		—

Shares outstanding, end of period		9,550,417			8,200,417			250,000			100,000


¹		Commencement of investment operations.
²		On June 25, 2009, there was a 1 for 2 reverse stock split. Historical share amounts have been adjusted to reflect the 1 for 2 reverse stock split on a retroactive basis.

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

72 DIREXION SEMI-ANNUAL REPORT

Statements of Changes in Net Assets (Unaudited)


	Direxion Daily			Direxion Daily			Direxion Daily			Direxion Daily
	Small Cap			Small Cap			Developed Markets			Developed Markets
	Bull 3X Shares			Bear 3X Shares			Bull 3X Shares			Bear 3X Shares
	For the Period			For the Period			For the Period			For the Period
	November 5, 2008¹			November 5, 2008¹			December 17, 2008¹			December 17, 2008¹
	Through			Through			Through			Through
	April 30, 2009			April 30, 2009			April 30, 2009			April 30, 2009


Operations:
Net investment income (loss)	$	685,624		$	(325,414	)	$	42,892		$	(22,915	)
Net realized gain (loss) on investments and swap transactions		(37,157,690	)		(27,142,871	)		(1,945,601	)		83,783
Change in unrealized appreciation (depreciation) on investments and swaps		28,000,279			(34,746,968	)		636,513			(1,149,026	)

		(8,471,787	)		(62,215,253	)		(1,266,196	)		(1,088,158	)

Distributions to shareholders from:
Net investment income		(605,132	)		—			(15,578	)		—

Total distributions		(605,132	)		—			(15,578	)		—

Capital share transactions:
Proceeds from shares sold		416,319,954			456,773,759			7,119,630			6,000,000
Value of shares repurchased		(190,397,771	)		(185,531,418	)		—			—
Net income equalization		1,999,495			(9,880,016	)		81,620			—
Transaction fees		242,946			205,345			360			—

Net increase in net assets resulting from capital transactions		228,164,624			261,567,670			7,201,610			6,000,000

Total increase (decrease) in net assets		219,087,705			199,352,417			5,919,836			4,911,842
Net assets:
Beginning of period		1,000			1,000			—			—

End of period	$	219,088,705		$	199,353,417		$	5,919,836		$	4,911,842

Undistributed net investment income at end of period	$	80,491		$	(325,414	)	$	27,313		$	(22,915	)

Changes in shares outstanding:
Shares outstanding, beginning of period		17			17			—			—
Shares sold		17,400,000			9,350,000			150,000			100,000
Shares repurchased		(8,900,000	)		(2,550,000	)		—			—

Shares outstanding, end of period		8,500,017			6,800,017			150,000			100,000


¹		Commencement of investment operations.

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

DIREXION SEMI-ANNUAL REPORT 73

Statements of Changes in Net Assets (Unaudited)


	Direxion Daily			Direxion Daily			Direxion Daily			Direxion Daily
	Emerging Markets			Emerging Markets			Energy Bull			Energy Bear
	Bull 3X Shares			Bear 3X Shares			3X Shares			3X Shares
	For the Period			For the Period			For the Period			For the Period
	December 17, 2008¹			December 17, 2008¹			November 6, 2008¹			November 6, 2008¹
	Through			Through			Through			Through
	April 30, 2009			April 30, 2009			April 30, 2009			April 30, 2009


Operations:
Net investment income (loss)	$	138,911		$	(42,273	)	$	225,016		$	(57,291	)
Net realized gain (loss) on investments and swap transactions		11,172,041			(11,041,445	)		(25,195,243	)		7,341,057
Change in unrealized appreciation (depreciation) on investments and swaps		8,111,975			(2,812,174	)		11,764,482			(4,519,149	)

		19,422,927			(13,895,892	)		(13,205,745	)		2,764,617

Distributions to shareholders from:
Net investment income		(12,249	)		—			(337,371	)		—

Total distributions		(12,249	)		—			(337,371	)		—

Capital share transactions:
Proceeds from shares sold		44,463,090			35,571,054			240,171,302			83,613,964
Value of shares repurchased		(2,204,336	)		—			(99,429,142	)		(48,387,034	)
Net income equalization		1,676,028			(2,619,702	)		3,099,449			(981,767	)
Transaction fees		17,990			8,075			139,169			56,034

Net increase in net assets resulting from capital transactions		43,952,772			32,959,427			143,980,778			34,301,197

Total increase (decrease) in net assets		63,363,450			19,063,535			130,437,662			37,065,814
Net assets:
Beginning of period		—			—			1,000			1,000

End of period	$	63,363,450		$	19,063,535		$	130,438,662		$	37,066,814

Undistributed net investment income at end of period	$	126,662		$	(42,273	)	$	(112,355	)	$	(57,291	)

Changes in shares outstanding:
Shares outstanding, beginning of period		—			—			17			17
Shares sold		1,100,000			800,000			8,650,000			2,400,000
Shares repurchased		(50,000	)		—			(3,750,000	)		(1,150,000	)

Shares outstanding, end of period		1,050,000			800,000			4,900,017			1,250,017


¹		Commencement of investment operations.

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

74 DIREXION SEMI-ANNUAL REPORT

Statements of Changes in Net Assets (Unaudited)


	Direxion Daily			Direxion Daily			Direxion Daily			Direxion Daily
	Financial Bull			Financial Bear			Technology Bull			Technology Bear
	3X Shares			3X Shares			3X Shares			3X Shares
	For the Period			For the Period			For the Period			For the Period
	November 6, 2008¹			November 6, 2008¹			December 17, 2008¹			December 17, 2008¹
	Through			Through			Through			Through
	April 30, 2009			April 30, 2009			April 30, 2009			April 30, 2009

Operations:
Net investment income (loss)	$	4,029,752		$	(1,101,032	)	$	(17,960	)	$	(20,379	)
Net realized gain (loss) on investments and swap transactions		351,655,054			(655,651,696	)		9,567,683			(1,990,860	)
Change in unrealized appreciation (depreciation) on investments and swaps		215,237,565			(174,740,925	)		5,391,377			(1,419,744	)

		570,922,371			(831,493,653	)		14,941,100			(3,430,983	)

Distributions to shareholders from:
Net investment income		(3,004,188	)		—			(12,266	)		—

Total distributions		(3,004,188	)		—			(12,266	)		—

Capital share transactions:
Proceeds from shares sold		2,140,980,758			4,184,241,983			34,985,537			21,476,841
Value of shares repurchased		(1,749,158,860	)		(1,415,978,343	)		(8,705,056	)		(8,229,338	)
Net income equalization		111,829,585			(504,881,916	)		109,977			(138,300	)
Transaction fees		1,192,226			1,252,833			11,500			8,500

Net increase in net assets resulting from capital transactions		504,843,709			2,264,634,557			26,401,958			13,117,703

Total increase (decrease) in net assets		1,072,761,892			1,433,140,904			41,330,792			9,686,720
Net assets:
Beginning of period		25,013			25,012			—			—

End of period	$	1,072,786,905		$	1,433,165,916		$	41,330,792		$	9,686,720

Undistributed net investment income at end of period	$	1,025,564		$	(1,101,032	)	$	(30,226	)	$	(20,379	)

Changes in shares outstanding:
Shares outstanding, beginning of period		417			417			—			—
Shares sold		393,150,000			221,800,000			700,000			450,000
Shares repurchased		(262,350,000	)		(48,400,000	)		(150,000	)		(100,000	)

Shares outstanding, end of period		130,800,147			173,400,417			550,000			350,000


¹		Commencement of investment operations.

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

DIREXION SEMI-ANNUAL REPORT 75

Statements of Changes in Net Assets (Unaudited)


	Direxion Daily			Direxion Daily			Direxion Daily			Direxion Daily
	10-Year			10-Year			30-Year			30-Year
	Treasury Bull			Treasury Bear			Treasury Bull			Treasury Bear
	3X Shares			3X Shares			3X Shares			3X Shares
	For the Period			For the Period			For the Period			For the Period
	April 16, 2009¹			April 16, 2009¹			April 16, 2009¹			April 16, 2009¹
	Through			Through			Through			Through
	April 30, 2009			April 30, 2009			April 30, 2009			April 30, 2009

Operations:
Net investment income (loss)	$	3,914		$	(2,216	)	$	5,965		$	(2,339	)
Net realized gain (loss) on investments and swap transactions		(24,396	)		340,860			(109,238	)		931,534
Change in unrealized appreciation (depreciation) on investments and swaps		(478,208	)		166,736			(1,004,837	)		294,692

		(498,690	)		505,380			(1,108,110	)		1,223,887

Distributions to shareholders from:
Net investment income		—			—			—			—

Total distributions		—			—			—			—

Capital share transactions:
Proceeds from shares sold		6,000,000			6,000,000			6,000,000			6,000,000
Value of shares repurchased		—			—			—			—
Net income equalization		—			—			—			—
Transaction fees		—			—			—			—

Net increase in net assets resulting from capital transactions		6,000,000			6,000,000			6,000,000			6,000,000

Total increase (decrease) in net assets		5,501,310			6,505,380			4,891,890			7,223,887
Net assets:
Beginning of period		—			—			—			—

End of period	$	5,501,310		$	6,505,380		$	4,891,890		$	7,223,887

Undistributed net investment income at end of period	$	3,914		$	(2,216	)	$	5,965		$	(2,339	)

Changes in shares outstanding:
Shares outstanding, beginning of period		—			—			—			—
Shares sold		100,000			100,000			100,000			100,000
Shares repurchased		—			—			—			—

Shares outstanding, end of period		100,000			100,000			100,000			100,000


¹		Commencement of investment operations.

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

76 DIREXION SEMI-ANNUAL REPORT

Financial Highlights

April 30, 2009 (Unaudited)


																				RATIOS/SUPPLEMENTAL DATA
						Net Realized						Less:										Ratios to Average Net Assets
	Net Asset					and						Distributions			Net Asset					Net Assets,		Expenses,			Expenses,
	Value,		Net			Unrealized			Total			from Net			Value,					End of		Net of			Prior to			Net			Portfolio
	Beginning		Investment			Gain			from Investment			Investment			End of		Total			Period		Expense			Expense			Investment			Turnover
	of Period		Income²			on Investments			Operations			Income			Period		Return³			(000’s omitted)		Reimbursements⁴			Reimbursements⁴			Loss⁴			Rate⁵


Direxion Daily Large Cap Bull 3X Shares
For the Period November 5, 2008¹ Through April 30, 2009	$	60.00	$	0.20		$	(30.25	)	$	(30.05	)	$	(0.15	)	$	29.80		(50.07	)%	$	284,628		0.95	%		1.13	%		1.64	%		147	%
Direxion Daily Large Cap Bear 3X Shares
For the Period November 5, 2008¹ Through April 30, 2009	$	60.00		(0.19	)		(15.30	)		(15.49	)		—		$	44.51		(25.82	)%		364,974		0.95	%		1.12	%		(0.79	)%		0	%
Direxion Daily Mid Cap Bull 3X Shares
For the Period January 8, 2009¹ Through April 30, 2009	$	60.00		0.11			(6.41	)		(6.30	)		(0.09	)	$	53.61		(10.44	)%		13,402		0.95	%		2.07	%		0.87	%		107	%
Direxion Daily Mid Cap Bear 3X Shares⁶
For the Period January 8, 2009¹ Through April 30, 2009	$	120.00		(0.30	)		(45.12	)		(45.42	)		—		$	74.58		(37.85	)%		7,457		0.95	%		2.35	%		(0.80	)%		0	%
Direxion Daily Small Cap Bull 3X Shares
For the Period November 5, 2008¹ Through April 30, 2009	$	60.00		0.08			(34.22	)		(34.14	)		(0.08	)	$	25.78		(56.90	)%		219,089		0.95	%		1.16	%		0.84	%		90	%
Direxion Daily Small Cap Bear 3X Shares
For the Period November 5, 2008¹ Through April 30, 2009	$	60.00		(0.17	)		(30.51	)		(30.68	)		—		$	29.32		(51.13	)%		199,353		0.95	%		1.15	%		(0.77	)%		0	%
Direxion Daily Developed Markets Bull 3X Shares
For the Period December 17, 2008¹ Through April 30, 2009	$	60.00		0.36			(20.79	)		(20.43	)		(0.10	)	$	39.47		(33.99	)%		5,920		0.95	%		3.98	%		2.68	%		110	%
Direxion Daily Developed Markets Bear 3X Shares
For the Period December 17, 2008¹ Through April 30, 2009	$	60.00		(0.23	)		(10.65	)		(10.88	)		—		$	49.12		(18.13	)%		4,912		0.95	%		2.50	%		(0.81	)%		0	%
Direxion Daily Emerging Markets Bull 3X Shares
For the Period December 17, 2008¹ Through April 30, 2009	$	60.00		0.23			0.13			0.36			(0.01	)	$	60.35		0.62	%		63,363		0.95	%		1.46	%		1.57	%		73	%
Direxion Daily Emerging Markets Bear 3X Shares
For the Period December 17, 2008¹ Through April 30, 2009	$	60.00		(0.13	)		(36.04	)		(36.17	)		—		$	23.83		(60.28	)%		19,064		0.95	%		1.77	%		(0.80	)%		0	%
Direxion Daily Energy Bull 3X Shares
For the Period November 6, 2008¹ Through April 30, 2009	$	60.00		0.06			(33.38	)		(33.32	)		(0.06	)	$	26.62		(55.53	)%		130,439		0.95	%		1.05	%		0.51	%		252	%
Direxion Daily Energy Bear 3X Shares
For the Period November 6, 2008¹ Through April 30, 2009	$	60.00		(0.13	)		(30.22	)		(30.35	)		—		$	29.65		(50.58	)%		37,067		0.95	%		1.53	%		(0.77	)%		0	%
Direxion Daily Financial Bull 3X Shares
For the Period November 6, 2008¹ Through April 30, 2009	$	60.00		0.05			(51.79	)		(51.74	)		(0.06	)	$	8.20		(86.27	)%		1,072,787		0.95	%		0.99	%		1.64	%		199	%
Direxion Daily Financial Bear 3X Shares
For the Period November 6, 2008¹ Through April 30, 2009	$	60.00		(0.03	)		(51.70	)		(51.73	)		—		$	8.27		(86.22	)%		1,433,166		0.95	%		0.99	%		(0.81	)%		0	%
Direxion Daily Technology Bull 3X Shares
For the Period December 17, 2008¹ Through April 30, 2009	$	60.00		(0.04	)		15.21			15.17			(0.02	)	$	75.15		25.30	%		41,331		0.95	%		1.55	%		(0.25	)%		100	%
Direxion Daily Technology Bear 3X Shares
For the Period December 17, 2008¹ Through April 30, 2009	$	60.00		(0.13	)		(32.19	)		(32.32	)		—		$	27.68		(53.87	)%		9,687		0.95	%		2.70	%		(0.82	)%		0	%
Direxion Daily 10-Year Treasury Bull 3X Shares
For the Period April 16, 2009¹ Through April 30, 2009	$	60.00		0.04			(5.03	)		(4.99	)		—		$	55.01		(8.31	)%		5,501		0.95	%		3.18	%		1.65	%		0	%
Direxion Daily 10-Year Treasury Bear 3X Shares
For the Period April 16, 2009¹ Through April 30, 2009	$	60.00		(0.02	)		5.07			5.05			—		$	65.05		8.42	%		6,505		0.95	%		3.03	%		(0.87	)%		0	%
Direxion Daily 30-Year Treasury Bull 3X Shares
For the Period April 16, 2009¹ Through April 30, 2009	$	60.00		0.06			(11.14	)		(11.08	)		—		$	48.92		(18.47	)%		4,892		0.95	%		3.27	%		2.61	%		0	%
Direxion Daily 30-Year Treasury Bear 3X Shares
For the Period April 16, 2009¹ Through April 30, 2009	$	60.00		(0.02	)		12.26			12.24			—		$	72.24		20.40	%		7,224		0.95	%		2.95	%		(0.89	)%		0	%


¹		Commencement of investment operations.
²		Based on average shares outstanding.
³		Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the investment advisor.
⁴		Annualized.
⁵		Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
⁶		On June 25, 2009, the Direxion Daily Mid Cap Bear 3x Shares had a 1:2 reverse stock split. Per share data for the period prior to June 25, 2009 has been adjusted to give effect to 1:2 reverse stock split.

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

DIREXION SEMI-ANNUAL REPORT 77

Direxion Shares ETF Trust

NOTES TO THE FINANCIAL STATEMENTS

April 30, 2009 (Unaudited)


1.	ORGANIZATION

The Direxion Shares ETF Trust (the “Trust”) is a Delaware statutory trust formed on April 23, 2008 and is registered with the Securities and Exchange Commission (“SEC”) as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust offers 40 Funds (each, a “Fund” and together the “Funds”) of which 20 are operational and included in this report: Direxion Daily Large Cap Bull 3X Shares, Direxion Daily Large Cap Bear 3X Shares, Direxion Daily Mid Cap Bull 3X Shares, Direxion Daily Mid Cap Bear 3X Shares, Direxion Daily Small Cap Bull 3X Shares, Direxion Daily Small Cap Bear 3X Shares, Direxion Daily Developed Markets Bull 3X Shares, Direxion Daily Developed Markets Bear 3X Shares, Direxion Daily Emerging Markets Bull 3X Shares, Direxion Daily Emerging Markets Bear 3X Shares, Direxion Daily Energy Bull 3X Shares, Direxion Daily Energy Bear 3X Shares, Direxion Daily Financial Bull 3X Shares, Direxion Daily Financial Bear 3X Shares, Direxion Daily Technology Bull 3X Shares, Direxion Daily Technology Bear 3X Shares, Direxion Daily 10-Year Treasury Bull 3X Shares, Direxion Daily 10-Year Treasury Bear 3X Shares, Direxion Daily 30-Year Treasury Bull 3X Shares, and Direxion Daily 30-Year Treasury Bear 3X Shares.

The investment objective of the Direxion Daily Large Cap Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the price performance of the Russell 1000 Index (“Large Cap Index”). The Direxion Daily Large Cap Bear 3X Shares seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the price performance of the Large Cap Index. The investment objective of the Direxion Daily Mid Cap Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the price performance of the Russell Mid Cap Index (the “Mid Cap Index”). The Direxion Daily Mid Cap Bear 3X Shares seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the price performance of the Mid Cap Index. The investment objective of the Direxion Daily Small Cap Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the price performance of the Russell 2000 Index (“Small Cap Index”). The Direxion Daily Small Cap Bear 3X Shares seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the price performance of the Small Cap Index. The investment objective of the Direxion Daily Developed Markets Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the price performance of the MSCI EAFE Index (the “Developed Market Index”). The Direxion Daily Developed Markets Bear 3X Shares seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the price performance of the Developed Market Index. The investment objective of the Direxion Daily Emerging Markets Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the price performance of the MSCI Emerging Markets Index^SM (the “EM Index”). The Direxion Daily Emerging Markets Bear 3X Shares seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the price performance of the EM Index. The investment objective of the Direxion Daily Energy Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the price performance of the Russell 1000 Energy Index (“Energy Index”). The Direxion Daily Energy Bear 3X Shares seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the price performance of the Energy Index. The investment objective of the Direxion Daily Financial Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the price performance of the Russell 1000 Financial Services Index (“Financial Index”). The Direxion Daily Financial Bear 3X Shares seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the price performance of the Financial Index. The investment objective of the Direxion Daily Technology Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the price performance of the Russell 1000 Technology Index (the “Technology Index”). The Direxion Daily Technology Bear 3X Shares seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the price performance of the Technology Index. The investment objective of the Direxion Daily 10-Year Treasury Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the price performance of the NYSE Current 10-Year U.S. Treasury Index (“10-Year Treasury Index”). The Direxion Daily 10-Year Treasury Bear 3X Shares seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the price performance of the Direxion Daily 10-Year Treasury Index. The investment objective of the Direxion Daily 30-Year Treasury Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the price performance of the NYSE Current 30-Year U.S. Treasury Index

78 DIREXION SEMI-ANNUAL REPORT

(“30-Year Treasury Index”). The Direxion Daily 30-Year Treasury Bear 3X Shares seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the price performance of the 30-Year Treasury Index.


2.	SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). (The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts. The actual results could differ from those estimates.)

a) Investment Valuation – The Net Asset Value (“NAV”) per share of each Fund is determined daily, as of the close of regular trading on the New York Stock Exchange (“NYSE”) (normally at 4:00 p.m. Eastern time), each day the NYSE is open for business. On days that the Securities Industry and Financial Markets Association (“SIFMA”) recommends that the bond markets close all day, the Funds do not calculate their NAVs, even if the NYSE is open for business. Similarly, on days that SIFMA recommends that the bond markets close early each of the Funds calculate its NAV as of the time of the recommended close, usually 2:00pm Eastern time, rather than the close of regular trading on the NYSE. A security listed or traded on an exchange, domestic or foreign, is valued at its last sales price on the principal exchange on which it is traded prior to the time when assets are valued. If no sale is reported at that time, the mean of the last bid and asked prices is used. Securities primarily traded on the NASDAQ Global Market^® (“NASDAQ^®”) for which market quotations are readily available shall be valued using the NASDAQ^® Official Closing Price (“NOCP”) provided by NASDAQ^® each business day. OTC securities held by a Fund will be valued at the last sales price or, if no sales price is reported, the mean of the last bid and asked price is used. The portfolio securities of a Fund that are listed on national exchanges are valued at the last sales price of such securities; if no sales price is reported, the mean of the last bid and asked price is used. Dividend income and other distributions are recorded on the ex-distribution date.

b) Swap Contracts – The Fund may enter into equity swap contracts. Standard equity swap contracts are between two parties that agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross amount to be exchanged is calculated with respect to a “notional amount” (i.e. the return on or increase in value of a particular dollar amount invested in a “basket” of securities representing a particular index or industry sector). The Fund’s obligations are accrued daily and offset by any amounts owed to the Fund.

In a “long” equity swap agreement, the counterparty will generally agree to pay the Fund the amount, if any, by which the notional amount of swap contract would have increased in value if the Fund had been invested in the particular securities, plus dividends that would have been received on those securities. The Fund will agree to pay the counterparty a floating rate of interest on the notional amount of the swap contract plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such securities, plus, in certain instances, commissions or trading spreads on the notional amounts. Thus, the return on the swap contract should be the gain or loss on the notional amount plus dividends on the securities less the interest and commissions paid by the Fund on the notional amount. Payments may be made at the conclusion of the contract or periodically during its term. These swap contracts do not include the delivery by the Funds to the counterparty of securities or other underlying securities. The net amount of the excess, if any, of the Fund’s obligations owed over the obligations owed to the Fund with respect to each swap is accrued on a daily basis, and an amount of cash or liquid assets having an aggregate net asset value at least equal to such accrued excess is maintained in a segregated account by the Fund’s custodian. Until a swap contract is settled in cash, the gain or loss on the notional amount plus dividends on the securities less the interest paid by the Fund on the notional amount are recorded as “unrealized gains or losses on swaps and futures” and when cash is exchanged, the gain or loss is recorded as “realized gains or losses on swaps and futures”.

The Funds may enter into swap agreements for purposes of pursuing their investment objectives or as a substitute for investing directly in securities or to hedge a position. Index swap agreements entered into by the Funds calculate and settle the obligations of the parties to the agreement on a “net basis” with a single payment. Consequently, a Fund’s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or

DIREXION SEMI-ANNUAL REPORT 79

received under the agreement based on the relative values of such obligations (or rights) (the “net amount”). In a “long” swap agreement, the counterparty will generally agree to pay the Fund the amount, if any, by which the notional amount of the swap agreement would have increased in value had it been invested in the particular instruments, plus an amount equal to any dividends or interest that would have been received on those instruments. The Fund will agree to pay to the counterparty an amount equal to a floating rate of interest (e.g., a LIBOR based rate) on the notional amount of the swap agreement plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such instruments plus, in certain instances, commissions or trading spreads on the notional amount. Therefore, the return to the Fund on a long swap agreement should be the gain or loss on the notional amount plus dividends or interest on the instruments less the interest and commissions paid by the Fund on the notional amount. These swap agreements do not involve the delivery of securities or other underlying instruments.

Pursuant to valuation procedures approved by the Board, the net amount of the excess, if any, of a Fund’s obligations owed over the obligations owed to the Fund with respect to each swap is accrued on a daily basis, and an amount of cash or liquid assets having an aggregate NAV at least equal to such accrued excess is maintained in a segregated account by the Fund’s custodian. Until a swap agreement is settled in cash, the gain or loss on the notional amount plus dividends or interest on the underlying instruments less the interest payable by the Fund on the notional amount are recorded as “unrealized appreciation or depreciation on swap agreements” and when cash is exchanged, the gain or loss realized is recorded as “realized gains or losses on swap agreements.”

The Funds may also enter into swap agreements that provide the opposite return of their benchmark index or security (“short” the index or security). Their operations are similar to that of the “long” swaps discussed above, except that the counterparty makes the payments ascribed above to the Fund, and the Fund makes the payments ascribed above to the counterparty. These amounts are netted with any unrealized gain or loss to determine the value of the swap.

Swap agreements involve, to varying degrees, elements of market risk and exposure to loss in excess of the unrealized gain/loss reflected. The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement, which may exceed the NAV of the Fund. The primary risks associated with the use of swap agreements are imperfect correlation between the price of the swap contract and the price of the underlying investments, and the inability of counterparties to perform. A Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of swap agreement counterparty to the extent that posted collateral is insufficient. A Fund will enter into swap agreements only with large, well-capitalized and established financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Advisor.

The Funds collateralize swap agreements with cash and certain securities as indicated on the Schedule of Portfolio Investments of each of the Funds, respectively. Such collateral is held for the benefit of the counterparty in a segregated account at the Custodian to protect the counterparty against non-payment by the Funds. In the event of a default by the counterparty, the Funds will seek return of this collateral and may incur certain costs exercising their rights with respect to the collateral. Amounts expected to be owed to the Funds are regularly collateralized either directly with the Funds or in a segregated account at the Custodian.

c) Risks of Investing Foreign Securities – Investments in foreign securities involve greater risks than investing in domestic securities. As a result, the Fund’s returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The laws and accounting, auditing, and financial reporting standards in foreign countries typically are not as strict as they are in the U.S., and there may be less public information available about foreign companies. Investments in foreign emerging markets present a greater risk than investing in foreign issuers in general. The risk of political or social upheaval is greater in emerging markets. In addition, there may be risks of an economy’s dependence on revenues from particular commodities, currency transfer restrictions, a limited number of potential buyers for such securities and delays and disruption in securities settlement procedures.

80 DIREXION SEMI-ANNUAL REPORT

d) Security Transactions – Investment transactions are recorded on the trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the identified cost, which is the same basis used for federal income tax purposes, with the net sales proceeds.

e) Federal Income Taxes – Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to its shareholders sufficient to relieve it from all or substantially all federal income and excise taxes.

Financial Accounting Standards Board (“FASB”) Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”) requires the Funds to analyze all open tax years. Open tax years are those years that are open for examination by the relevant income taxing authority. As of April 30, 2009, the Funds have no examination in progress.

The Funds have concluded that the adoption of FIN 48 resulted in no effect to the Fund’s financial positions or results of operations. There is no tax liability resulting from uncertain income tax positions taken or expected to be taken on the tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in twelve months.

f) Income and Expenses – Dividend income is recorded on the ex-dividend date. Interest income, including amortization of premium and discount, is recognized on an accrual basis. The Funds are charged for those expenses that are directly attributable to each series, such as advisory fees and registration costs. Expenses that are not directly attributable to a series are generally allocated among the Trust’s series in proportion to their respective net assets.

g) Distributions to Shareholders – Each Fund generally pays dividends from substantially all of its net investment income and distributes net realized capital gains, if any, at least annually. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Certain Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Distributions to shareholders are recorded on the ex-dividend date.

The Funds paid distributions from ordinary income for the period ended April 30, 2009:


Funds	Distributions

Direxion Daily Large Cap Bull 3X Shares	$	1,869,005
Direxion Daily Mid Cap Bull 3X Shares		26,676
Direxion Daily Small Cap Bull 3X Shares		605,132
Direxion Daily Developed Markets Bull 3X Shares		15,578
Direxion Daily Emerging Markets Bull 3X Shares		12,249
Direxion Daily Energy Bull 3X Shares		337,371
Direxion Daily Financial Bull 3X Shares		3,004,188
Direxion Daily Technology Bull 3X Shares		12,266

DIREXION SEMI-ANNUAL REPORT 81

The cost basis of investments for federal tax purposes as of April 30, 2009 were as follows:


								Net
			Gross		Gross			Unrealized
			Unrealized		Unrealized			Appreciation
Funds	Cost		Appreciation		Depreciation			(Depreciation)

Direxion Daily Large Cap Bull 3X Shares	$	237,758,695	$	41,399,620	$	(1,388,312	)	$	40,011,308
Direxion Daily Large Cap Bear 3X Shares		392,708,595		—		—			—
Direxion Daily Mid Cap Bull 3X Shares		10,981,678		1,898,470		(48,946	)		1,849,524
Direxion Daily Mid Cap Bear 3X Shares		9,566,674		—		—			—
Direxion Daily Small Cap Bull 3X Shares		168,459,049		34,911,238		(3,547,560	)		31,363,678
Direxion Daily Small Cap Bear 3X Shares		215,122,802		—		—			—
Direxion Daily Developed Markets Bull 3X Shares		5,266,890		536,724		(25,208	)		511,516
Direxion Daily Developed Markets Bear 3X Shares		6,086,375		—		—			—
Direxion Daily Emerging Markets Bull 3X Shares		51,408,053		8,234,400		(91,580	)		8,142,820
Direxion Daily Emerging Markets Bear 3X Shares		15,922,548		—		—			—
Direxion Daily Energy Bull 3X Shares		116,270,028		12,693,908		(28,093	)		12,665,815
Direxion Daily Energy Bear 3X Shares		41,612,897		—		—			—
Direxion Daily Financial Bull 3X Shares		914,228,762		224,997,420		(944,148	)		224,053,272
Direxion Daily Financial Bear 3X Shares		1,482,287,532		—		—			—
Direxion Daily Technology Bull 3X Shares		33,845,216		5,423,388		(21,553	)		5,401,835
Direxion Daily Technology Bear 3X Shares		11,162,756		—		—			—
Direxion Daily 10-Year Treasury Bull 3X Shares		5,950,664		—		(156,938	)		(156,938	)
Direxion Daily 10-Year Treasury Bear 3X Shares		6,340,248		—		—			—
Direxion Daily 30-Year Treasury Bull 3X Shares		5,864,112		—		(358,312	)		(358,312	)
Direxion Daily 30-Year Treasury Bear 3X Shares		7,030,922		—		—			—

h) Indemnification – The Trust Instrument disclaims liability of the shareholders of the officers of the Trust for acts or obligations of the Trust which are binding only on the assets and property of the Trust. The Trust Instrument provides for indemnification from the Trust’s property for all loss and expense of any Fund shareholder held personally liable for the obligations of the Trust. The risk of a Trust shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the Funds would not be able to meet the Trust’s obligations and this risk, thus, should be considered remote.

i) Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.


3.	CREATION AND REDEMPTION TRANSACTIONS AND TRANSACTION FEES

Each Fund issues and redeems Shares on a continuous basis at NAV only in large blocks of Shares called “Creation Units.” A Creation Unit consists of 50,000 Shares. Creation Units of the Bull Funds are issued and redeemed in cash and/or in-kind for securities included in the relevant underlying index. Creation Units of the Bear Funds are issued and redeemed for cash. Investors such as market makers, large investors and institutions who wish to deal in Creation Units directly with a Fund must have entered into an authorized participant agreement with the principal underwriter and the transfer agent, or purchase through a dealer that has entered into such an agreement.

Transaction Fees payable to the Trust are imposed to compensate the Trust for the transfer and other transaction costs of a Fund associated with the issuance and redemption of Creation Units of Shares. There is a fixed and a variable component to the total Transaction Fee. A fixed Transaction Fee is applicable to each creation or redemption transaction, regardless of the number of Creation Units purchased or redeemed. In addition, a variable Transaction Fee equal to a percentage of the value of each Creation Unit purchased or redeemed is applicable to each creation or redemption transaction.

82 DIREXION SEMI-ANNUAL REPORT

4. INVESTMENT TRANSACTIONS

During the period ended April 30, 2009, the aggregate purchases and sales of investments (excluding short-term investments, swaps, and futures contracts) were:


Funds	Purchases		Sales

Direxion Daily Large Cap Bull 3X Shares	$	622,353,193	$	373,574,860
Direxion Daily Large Cap Bear 3X Shares		—		—
Direxion Daily Mid Cap Bull 3X Shares		20,392,434		10,226,075
Direxion Daily Mid Cap Bear 3X Shares		—		—
Direxion Daily Small Cap Bull 3X Shares		330,749,178		143,334,229
Direxion Daily Small Cap Bear 3X Shares		—		—
Direxion Daily Developed Markets Bull 3X Shares		9,253,525		4,299,784
Direxion Daily Developed Markets Bear 3X Shares		—		—
Direxion Daily Emerging Markets Bull 3X Shares		60,890,167		16,532,097
Direxion Daily Emerging Markets Bear 3X Shares		—		—
Direxion Daily Energy Bull 3X Shares		317,717,022		205,383,079
Direxion Daily Energy Bear 3X Shares		—		—
Direxion Daily Financial Bull 3X Shares		1,999,643,993		985,065,534
Direxion Daily Financial Bear 3X Shares		—		—
Direxion Daily Technology Bull 3X Shares		48,500,567		19,372,949
Direxion Daily Technology Bear 3X Shares		—		—
Direxion Daily 10-Year Treasury Bull 3X Shares		5,391,563		—
Direxion Daily 10-Year Treasury Bear 3X Shares		—		—
Direxion Daily 30-Year Treasury Bull 3X Shares		5,440,750		—
Direxion Daily 30-Year Treasury Bear 3X Shares		—		—

For the period ended April 30, 2009, the cost of in-kind transactions and proceeds from in-kind sales were as follows:


	Purchases
Funds	Received		Sales

Direxion Daily Large Cap Bull 3X Shares	$	11,865	$	—
Direxion Daily Large Cap Bear 3X Shares		—		—
Direxion Daily Mid Cap Bull 3X Shares		513		—
Direxion Daily Mid Cap Bear 3X Shares		—		—
Direxion Daily Small Cap Bull 3X Shares		—		—
Direxion Daily Small Cap Bear 3X Shares		—		—
Direxion Daily Developed Markets Bull 3X Shares		—		—
Direxion Daily Developed Markets Bear 3X Shares		—		—
Direxion Daily Emerging Markets Bull 3X Shares		—		—
Direxion Daily Emerging Markets Bear 3X Shares		—		—
Direxion Daily Energy Bull 3X Shares		—		—
Direxion Daily Energy Bear 3X Shares		—		—
Direxion Daily Financial Bull 3X Shares		114,406		250,805,893
Direxion Daily Financial Bear 3X Shares		—		—
Direxion Daily Technology Bull 3X Shares		—		—
Direxion Daily Technology Bear 3X Shares		—		—
Direxion Daily 10-Year Treasury Bull 3X Shares		—		—
Direxion Daily 10-Year Treasury Bear 3X Shares		—		—
Direxion Daily 30-Year Treasury Bull 3X Shares		—		—
Direxion Daily 30-Year Treasury Bear 3X Shares		—		—


5.	INVESTMENT ADVISORY AND OTHER AGREEMENTS

Under an Investment Advisory Agreement between the Trust, on behalf of each Fund, the Adviser provides a continuous investment program for each Fund’s assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of a Fund, subject to the supervision of the Trustees. Pursuant to the

DIREXION SEMI-ANNUAL REPORT 83

Advisory Agreement, each Fund pays the advisor 0.75% at an annual rate based on its average daily net assets. Each Fund is responsible for its own operating expenses.

The advisor has contractually agreed to waive its fees and/or reimburse the Funds’ operating expenses through March 1, 2010, to the extent that they exceed 0.95% of daily net assets. Any expense waiver is subject to reimbursement by the Funds, as applicable, within the following three years if overall expenses fall below these percentage limitations.

For the period ended April 30, 2009, the advisor reimbursed expenses as follows:


	Expense
Funds	Waived

Direxion Daily Large Cap Bull 3X Shares	$	234,314
Direxion Daily Large Cap Bear 3X Shares		124,901
Direxion Daily Mid Cap Bull 3X Shares		26,908
Direxion Daily Mid Cap Bear 3X Shares		17,949
Direxion Daily Small Cap Bull 3X Shares		173,991
Direxion Daily Small Cap Bear 3X Shares		82,064
Direxion Daily Developed Markets Bull 3X Shares		27,766
Direxion Daily Developed Markets Bear 3X Shares		23,796
Direxion Daily Emerging Markets Bull 3X Shares		31,036
Direxion Daily Emerging Markets Bear 3X Shares		23,699
Direxion Daily Energy Bull 3X Shares		44,967
Direxion Daily Energy Bear 3X Shares		32,143
Direxion Daily Financial Bull 3X Shares		47,278
Direxion Daily Financial Bear 3X Shares		35,616
Direxion Daily Technology Bull 3X Shares		25,573
Direxion Daily Technology Bear 3X Shares		23,420
Direxion Daily 10-Year Treasury Bull 3X Shares		5,312
Direxion Daily 10-Year Treasury Bear 3X Shares		5,300
Direxion Daily 30-Year Treasury Bull 3X Shares		5,319
Direxion Daily 30-Year Treasury Bear 3X Shares		5,293


6.	SUMMARY OF FAIR VALUE DISCLOSURE

The Financial Accounting Standard Board’s (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurement” establishes an authoritative framework for the measurement of fair value, and enhances disclosures about fair value measurements. The Funds utilized various inputs in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels as follows:


	Level 1 – Quoted prices in active markets for identical securities

	Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

	Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

84 DIREXION SEMI-ANNUAL REPORT

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used as of January 31, 2009 in valuing the Funds’ assets carried at fair value:


	Direxion Daily Large Cap				Direxion Daily Large Cap
	Bull 3X Shares				Bear 3X Shares
	Investments in		Other Financial		Investments in		Other Financial
Valuation inputs	Securities		Investments*		Securities		Investments*

Level 1 — Quoted Prices	$	277,770,003	$	—	$	392,708,595	$	—
Level 2 — Other Significant Observable Inputs		—		6,606,859		—		(52,074,663	)
Level 3 — Significant Unobservable Inputs		—		—		—		—

Total	$	277,770,003	$	6,606,859	$	392,708,595	$	(52,074,663	)


	Direxion Daily Mid Cap				Direxion Daily Mid Cap
	Bull 3X Shares				Bear 3X Shares
	Investments in		Other Financial		Investments in		Other Financial
Valuation inputs	Securities		Investments*		Securities		Investments*

Level 1 — Quoted Prices	$	12,831,202	$	—	$	9,566,674	$	—
Level 2 — Other Significant Observable Inputs		—		583,561		—		(1,757,789	)
Level 3 — Significant Unobservable Inputs		—		—		—		—

Total	$	12,831,202	$	583,561	$	9,566,674	$	(1,757,789	)


	Direxion Daily Small Cap					Direxion Daily Small Cap
	Bull 3X Shares					Bear 3X Shares
	Investments in		Other Financial			Investments in		Other Financial
Valuation inputs	Securities		Investments*			Securities		Investments*

Level 1 — Quoted Prices	$	199,822,727	$	—		$	215,122,802	$	—
Level 2 — Other Significant Observable Inputs		—		(3,363,399	)		—		(34,746,968	)
Level 3 — Significant Unobservable Inputs		—		—			—		—

Total	$	199,822,727	$	(3,363,399	)	$	215,122,802	$	(34,746,968	)


	Direxion Daily Developed				Direxion Daily Developed
	Markets Bull 3X Shares				Markets Bear 3X Shares
	Investments in		Other Financial		Investments in		Other Financial
Valuation inputs	Securities		Investments*		Securities		Investments*

Level 1 — Quoted Prices	$	5,778,406	$	—	$	6,086,375	$	—
Level 2 — Other Significant Observable Inputs		—		124,997		—		(1,149,026	)
Level 3 — Significant Unobservable Inputs		—		—		—		—

Total	$	5,778,406	$	124,997	$	6,086,375	$	(1,149,026	)


	Direxion Daily Emerging					Direxion Daily Emerging
	Markets Bull 3X Shares					Markets Bear 3X Shares
	Investments in		Other Financial			Investments in		Other Financial
Valuation inputs	Securities		Investments*			Securities		Investments*

Level 1 — Quoted Prices	$	59,550,873	$	—		$	15,922,548	$	—
Level 2 — Other Significant Observable Inputs		—		(30,845	)		—		(2,812,174	)
Level 3 — Significant Unobservable Inputs		—		—			—		—

Total	$	59,550,873	$	(30,845	)	$	15,922,548	$	(2,812,174	)

DIREXION SEMI-ANNUAL REPORT 85


	Direxion Daily Energy					Direxion Daily Energy
	Bull 3X Shares					Bear 3X Shares
	Investments in		Other Financial			Investments in		Other Financial
Valuation inputs	Securities		Investments*			Securities		Investments*

Level 1 — Quoted Prices	$	128,935,843	$	—		$	41,612,897	$	—
Level 2 — Other Significant Observable Inputs		—		(901,333	)		—		(4,519,149	)
Level 3 — Significant Unobservable Inputs		—		—			—		—

Total	$	128,935,843	$	(901,333	)	$	41,612,897	$	(4,519,149	)


	Direxion Daily Financial					Direxion Daily Financial
	Bull 3X Shares					Bear 3X Shares
	Investments in		Other Financial			Investments in		Other Financial
Valuation inputs	Securities		Investments*			Securities		Investments*

Level 1 — Quoted Prices	$	1,138,282,034	$	—		$	1,482,287,532	$	—
Level 2 — Other Significant Observable Inputs		—		(8,815,707	)		—		(174,740,925	)
Level 3 — Significant Unobservable Inputs		—		—			—		—

Total	$	1,138,282,034	$	(8,815,707	)	$	1,482,287,532	$	(174,740,925	)


	Direxion Daily Technology					Direxion Daily Technology
	Bull 3X Shares					Bear 3X Shares
	Investments in		Other Financial			Investments in		Other Financial
Valuation inputs	Securities		Investments*			Securities		Investments*

Level 1 — Quoted Prices	$	39,247,051	$	—		$	11,162,756	$	—
Level 2 — Other Significant Observable Inputs		—		(10,458	)		—	$	(1,419,744	)
Level 3 — Significant Unobservable Inputs		—		—			—		—

Total	$	39,247,051	$	(10,458	)	$	11,162,756	$	(1,419,744	)


	Direxion Daily 10-Year					Direxion Daily 10-Year
	Treasury Bull 3X Shares					Treasury Bear 3X Shares
	Investments in		Other Financial			Investments in		Other Financial
Valuation inputs	Securities		Investments*			Securities		Investments*

Level 1 — Quoted Prices	$	5,793,726	$	—		$	6,340,248	$	—
Level 2 — Other Significant Observable Inputs		—		(321,270	)		—		166,736
Level 3 — Significant Unobservable Inputs		—		—			—		—

Total	$	5,793,726	$	(321,270	)	$	6,340,248	$	166,736


	Direxion Daily 30-Year					Direxion Daily 30-Year
	Treasury Bull 3X Shares					Treasury Bear 3X Shares
	Investments in		Other Financial			Investments in		Other Financial
Valuation inputs	Securities		Investments*			Securities		Investments*

Level 1 — Quoted Prices	$	5,505,800	$	—		$	7,030,922	$	—
Level 2 — Other Significant Observable Inputs		—		(646,525	)		—		294,692
Level 3 — Significant Unobservable Inputs		—		—			—		—

Total	$	5,505,800	$	(646,525	)	$	7,030,922	$	294,692


*	Other financial instruments include swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

For the period ended April 30, 2009 the Funds did not hold any Level 3 securities.

86 DIREXION SEMI-ANNUAL REPORT


7.	ADDITIONAL DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS

In March 2008, FASB issued its Statement of Financial Accounting Standards No. 161, Disclosures about Derivatives Instruments and Hedging Activities (“FAS 161”) effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why a fund uses derivatives instruments, how derivatives instruments are accounted for and how derivative instruments affect a fund’s financial position and results of operations.

Each Fund uses derivative instruments as part of its principal investment strategy to achieve its investment objective. As of April 30, 2009, the Funds were invested in swap contracts. These contracts expose the Funds to the equity risk of the underlying instruments of the swap contract.

As of April 30, 2009 the Funds level, of derivative activity was:

Underlying

Notional

Derivative

Risk Exposure

Amount

Direxion Daily Large Cap Bull 3X Shares

Swap

Equity

599,348,704

Direxion Daily Large Cap Bear 3X Shares

Swap

Equity

1,043,069,843

Direxion Daily Mid Cap Bull 3X Shares

Swap

Equity

28,437,466

Direxion Daily Mid Cap Bear 3X Shares

Swap

Equity

20,625,148

Direxion Daily Small Cap Bull 3X Shares

Swap

Equity

473,629,639

Direxion Daily Small Cap Bear 3X Shares

Swap

Equity

563,736,373

Direxion Daily Developed Markets Bull 3X Shares

Swap

Equity

12,477,078

Direxion Daily Developed Markets Bear 3X Shares

Swap

Equity

13,594,977

Direxion Daily Emerging Markets Bull 3X Shares

Swap

Equity

139,938,060

Direxion Daily Emerging Markets Bear 3X Shares

Swap

Equity

54,364,557

Direxion Daily Energy Bull 3X Shares

Swap

Equity

282,146,754

Direxion Daily Energy Bear 3X Shares

Swap

Equity

106,715,757

Direxion Daily Financial Bull 3X Shares

Swap

Equity

2,288,274,070

Direxion Daily Financial Bear 3X Shares

Swap

Equity

4,146,137,052

Direxion Daily Technology Bull 3X Shares

Swap

Equity

90,369,720

Direxion Daily Technology Bear 3X Shares

Swap

Equity

27,664,074

Direxion Daily 10-Year Treasury Bull 3X Shares

Swap

Equity

11,628,526

Direxion Daily 10-Year Treasury Bear 3X Shares

Swap

Equity

19,706,623

Direxion Daily 30-Year Treasury Bull 3X Shares

Swap

Equity

10,267,163

Direxion Daily 30-Year Treasury Bear 3X Shares

Swap

Equity

21,959,588

Fair Value of Derivative Instrument as of April 30, 2009

Direxion Daily Large Cap Bull 3X Shares


	Asset Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Receivables	$	6,606,859

Direxion Daily Large Cap Bear 3X Shares


	Liability Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Payables	$	(52,074,663	)

DIREXION SEMI-ANNUAL REPORT 87

Direxion Daily Mid Cap Bull 3X Shares


	Asset Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Receivables	$	583,561

Direxion Daily Mid Cap Bear 3X Shares


	Liability Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Payables	$	(1,757,789	)

Direxion Daily Small Cap Bull 3X Shares


	Liability Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Payables	$	(3,363,399	)

Direxion Daily Small Cap Bear 3X Shares


	Liability Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Payables	$	(34,746,968	)

Direxion Daily Developed Markets Bull 3X Shares


	Asset Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Receivables	$	124,997

Direxion Daily Developed Markets Bear 3X Shares


	Liability Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Payables	$	(1,149,026	)

Direxion Daily Emerging Markets Bull 3X Shares


	Liability Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Payables	$	(30,845	)

Direxion Daily Emerging Markets Bear 3X Shares


	Liability Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Payables	$	(2,812,174	)

88 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Energy Bull 3X Shares


	Liability Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Payables	$	(901,333	)

Direxion Daily Energy Bear 3X Shares


	Liability Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Payables	$	(4,519,149	)

Direxion Daily Financial Bull 3X Shares


	Liability Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Payables	$	(8,815,707	)

Direxion Daily Financial Bear 3X Shares


	Liability Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Payables	$	(74,740,925	)

Direxion Daily Technology Bull 3X Shares


	Liability Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Payables	$	(10,458	)

Direxion Daily Technology Bear 3X Shares


	Liability Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Payables	$	(1,419,744	)

Direxion Daily 10-Year Treasury Bull 3X Shares


	Liability Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Payables	$	(321,270	)

Direxion Daily 10-Year Treasury Bear 3X Shares


	Asset Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Receivables	$	166,736

DIREXION SEMI-ANNUAL REPORT 89

Direxion Daily 30-Year Treasury Bull 3X Shares


	Liability Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Payables	$	(646,525	)

Direxion Daily 30-Year Treasury Bear 3X Shares


	Asset Derivatives as of
	April 30, 2009
Derivatives not accounted for as hedging	Balance Sheet
instruments under Statement 133	Location		Fair Value

Equity Contracts		Receivables	$	294,692

The Effect of Derivative Instruments on the Statement of Operations for the Period Ended April 30, 2009

Direxion Daily Large Cap Bull 3X Shares


Derivatives not					Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)			Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives			on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income			in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$	(12,316,313	)	$	6,606,859

Direxion Daily Large Cap Bear 3X Shares


Derivatives not					Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)			Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives			on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income			in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$	(31,811,220	)	$	(52,074,663	)

Direxion Daily Mid Cap Bull 3X Shares


Derivatives not				Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)		Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives		on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income		in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$	1,662,169	$	583,561

Direxion Daily Mid Cap Bear 3X Shares


Derivatives not					Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)			Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives			on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income			in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$	(4,762,725	)	$	(1,757,789	)

90 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Small Cap Bull 3X Shares


Derivatives not					Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)			Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives			on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income			in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$	(9,513,442	)	$	(3,363,399	)

Direxion Daily Small Cap Bear 3X Shares


Derivatives not					Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)			Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives			on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income			in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$	(27,142,871	)	$	(34,746,968	)

Direxion Daily Developed Markets Bull 3X Shares


Derivatives not					Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)			Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives			on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income			in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$	(1,017,496	)	$	124,997

Direxion Daily Developed Markets Bear 3X Shares


Derivatives not				Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)		Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives		on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income		in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$	83,783	$	(1,149,026	)

Direxion Daily Emerging Markets Bull 3X Shares


Derivatives not				Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)		Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives		on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income		in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$	13,494,242	$	(30,845	)

Direxion Daily Emerging Markets Bear 3X Shares


Derivatives not					Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)			Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives			on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income			in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$	(11,041,445	)	$	(2,812,174	)

DIREXION SEMI-ANNUAL REPORT 91

Direxion Daily Energy Bull 3X Shares


Derivatives not					Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)			Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives			on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income			in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$	(10,301,662	)	$	(901,333	)

Direxion Daily Energy Bear 3X Shares


Derivatives not				Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)		Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives		on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income		in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$	7,341,057	$	(4,519,149	)

Direxion Daily Financial Bull 3X Shares


Derivatives not				Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)		Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives		on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income		in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$	411,896,680	$	(8,815,707	)

Direxion Daily Financial Bear 3X Shares


Derivatives not			Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)	Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives	on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income	in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$(655,646,983)	$	(174,740,925	)
	on options	$(4,713)

Direxion Daily Technology Bull 3X Shares


Derivatives not				Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)		Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives		on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income		in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$	10,462,641	$	(10,458	)

Direxion Daily Technology Bear 3X Shares


Derivatives not					Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)			Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives			on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income			in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$	(1,990,860	)	$	(1,419,744	)

92 DIREXION SEMI-ANNUAL REPORT

Direxion Daily 10-Year Treasury Bull 3X Shares


Derivatives not					Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)			Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives			on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income			in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$	(24,396	)	$	(321,270	)

Direxion Daily 10-Year Treasury Bear 3X Shares


Derivatives not				Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)		Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives		on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income		in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$	340,860	$	166,736

Direxion Daily 30-Year Treasury Bull 3X Shares


Derivatives not					Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)			Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives			on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income			in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$	(109,238	)	$	(646,525	)

Direxion Daily 30-Year Treasury Bear 3X Shares


Derivatives not				Change in Unrealized
accounted for as	Location of Gain(Loss)	Realized Gain(Loss)		Appreciation (Depreciation)
hedging instruments	on Derivatives	on Derivatives		on Derivatives Recognized
under Statement 133	Recognized in Income	Recognized in Income		in Income


Equity Contracts	Net realized gain(loss) on swaps/Change in unrealized appreciation(depreciation) on swaps	$	931,534	$	294,692


8.	DISTRIBUTION AND SERVICE PLANS

The Board of Trustees of the Trust has adopted a Distribution and Service Plan (the “Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940. In accordance with the Plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services. No 12b-1 fees are currently being charged to any Fund, and there are currently no plans to impose these fees.


9.	RISK

Counterparty Risk – A Fund will be subject to credit risk with respect to the amount it expects to receive from counterparties to financial instruments entered into by the Fund. The Funds’ counterparties are generally required to post collateral to the Funds to the extent of the Funds’ daily exposure to such counterparties. However, to the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described in this paragraph. In addition, there may be a delay associated with realization by the Funds of the collateral posted by such counterparties in the event of counterparty default or bankruptcy. A Fund may be negatively impacted if counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. A Fund may experience significant

DIREXION SEMI-ANNUAL REPORT 93

delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and a Fund may obtain only limited recovery or may obtain no recovery in such circumstances.

Concentration Risk – The risk of concentrating investments in a limited number of issuers in a particular industry is that a Fund will be more susceptible to the risks associated with that industry than a Fund that does not concentrate its investments.

Correlation Risk – A number of factors may affect a Fund’s ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. A failure to achieve a high degree of correlation may prevent a Fund from achieving its investment objective. A number of factors may adversely affect a Fund’s correlation with its benchmark, including fees, expenses, transaction costs, costs associated with the use of leveraged investment techniques, income items, accounting standards, and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. A Fund may not have investment exposure to all securities in its underlying benchmark index, or its weighting of investment exposure to such stocks or industries may be different from that of the index. In addition, a Fund may invest in securities or financial instruments not included in the index underlying its benchmark. A Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to its benchmark. Activities surrounding annual index reconstitutions and other index rebalancing or reconstitution events may hinder the Funds’ ability to meet their daily investment objective on that day. Each Fund seeks to rebalance its portfolio daily to keep leverage consistent with its daily investment objective.

Certain Funds are “leveraged” funds in the sense that they have investment objectives to match a multiple of the performance of an index on a given day. These Funds are subject to all of the correlation risks described above. In addition, there is a special form of correlation risk that derives from these Funds’ use of leverage, which is that for periods greater than one day, the use of leverage tends to cause the performance of a Fund to be either greater than or less than the index performance times the stated multiple in the fund objective, before accounting for fees and fund expenses. In general, given a particular index return, increased volatility of the index will cause a decrease in the performance relative to the index performance times the stated fund multiple.

Leverage Risk – Leverage offers a means of magnifying market movements into larger changes in an investment’s value and provides greater investment exposure than an unleveraged investment. Swap agreements may be used to create leverage. Each Fund employs leveraged investment techniques to achieve its investment objective.

Liquidity Risk – In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a Fund invests, a Fund might not be able to dispose of certain holdings quickly or at prices that represent fair market value in the judgment of the Advisor. Additionally, certain counterparties may have the ability to demand repayment at any time, thereby exposing the Fund to the risk that it may be required to liquidate investments at an inopportune time. This may prevent a Fund from limiting losses, realizing gains or from achieving a high correlation or inverse correlation with its underlying index.


10.	NEW ACCOUNTING PRONOUNCEMENT

In April 2009, FASB issued Staff Position No. 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP 157-4”). FSP 157-4 provides additional guidance for estimating fair value in accordance with FAS 157 when the volume and level of activity for the asset or liability have significantly decreased. FSP 157-4 also requires additional disaggregation of the current FAS 157 required disclosures. FSP 157-4 is effective for interim and annual reporting periods ending after June 15, 2009, and will be applied prospectively. At this time, management is evaluating the implications of FSP 157-4 and the impact it will have on the financial statement disclosures.

94 DIREXION SEMI-ANNUAL REPORT


11.	SUBSEQUENT EVENTS

The Direxion Large Cap Bull 3x Shares, Direxion Daily Mid Cap Bull 3x Shares, Direxion Daily Small Cap Bull 3x Shares, Direxion Daily Developed Bull 3x Shares, Direxion Daily Emerging Markets Bull 3x Shares, Direxion Daily Energy Bull 3x Shares, Direxion Daily Financial Bull 3x Shares, Direxion Daily Technology Bull 3x Shares Direxion Daily 10 Year Treasury Bull 3x Shares, Direxion Daily 30 Year Treasury Bull 3x Shares paid income dividends per share of $0.11155, $0.05809, $0.01854, $0.22008, $0.20029, $0.06088, $0.01128, $0.02805, $0.15432, and $0.06507, respectively. The payable date for these quarterly dividends was June 30, 2009.

The Direxion Daily Mid Cap Bear 3x Shares ETF conducted a 1-for-2 reverse split with a record date of Wednesday, June 24, 2009 and an effective date of Thursday, June 25, 2009, when shares began trading on a split-adjusted basis. As a result of the reverse split, every two shares of the Fund were exchanged for one share (excluding fractional shares, which were redeemed in cash).

The Direxion Daily Financial Bull 3x Shares will conduct a 1-for-5 reverse split with a record date of Wednesday, July 8, 2009 and an effective date of Thursday, July 9, 2009, when shares began trading on a split-adjusted basis. As a result of the reverse split, every five shares of the Fund will be exchanged for one share (excluding fractional shares, which will be redeemed in cash).

The Direxion Daily Financial Bear 3x Shares will conduct a 1-for-10 reverse split with a record date of Wednesday, July 8, 2009 and an effective date of Thursday, July 9, 2009, when shares began trading on a split-adjusted basis. As a result of the reverse split, every ten shares of the Fund will be exchanged for one share (excluding fractional shares, which will be redeemed in cash).

DIREXION SEMI-ANNUAL REPORT 95

Direxion Shares ETF Trust

Board Review of Investment Advisory Agreement

April 30, 2009

Provided below is a summary of certain of the factors the Board considered at its August 13, 2008 and February 11, 2009 Board meetings in approving advisory agreements (each an “Agreement” and collectively, the “Agreements”) between Rafferty Asset Management (“Rafferty”) and the Direxion Shares ETF Trust (the “Trust”), on behalf of each series of the Trust. The Board at its meeting on August 13, 2008, approved the Agreement related to the Direxion Daily Total Market Bull 3X Shares, Direxion Daily Total Market Bear 3X Shares, Direxion Daily Large Cap Bull 3X Shares, Direxion Daily Large Cap Bear 3X Shares, Direxion Daily Mid Cap Bull 3X Shares, Direxion Daily Mid Cap Bear 3X Shares, Direxion Daily Small Cap Bull 3X Shares, Direxion Daily Small Cap Bear 3X Shares, Direxion Daily Developed Markets Bull 3X Shares, Direxion Daily Developed Markets Bear 3X Shares, Direxion Daily Emerging Markets Bull 3X Shares, Direxion Daily Emerging Markets Bear 3X Shares, Direxion Daily BRIC Bull 3X Shares, Direxion Daily BRIC Bear 3X Shares, Direxion Daily China Bull 3X Shares, Direxion Daily China Bear 3X Shares, Direxion Daily India Bull 3X Shares, Direxion Daily India Bear 3X Shares, Direxion Daily Latin America Bull 3X Shares, Direxion Daily Latin America Bear 3X Shares, Direxion Daily Clean Energy Bull 3X Shares, Direxion Daily Clean Energy Bear 3X Shares, Direxion Daily Energy Bull 3X Shares, Direxion Daily Energy Bear 3X Shares, Direxion Daily Financial Bull 3X Shares, Direxion Daily Financial Bear 3X Shares, Direxion Daily Technology Bull 3X Shares, Direxion Daily Technology Bear 3X Shares, Direxion Daily Real Estate Bull 3X Shares, Direxion Daily Real Estate Bear 3X Shares, Direxion Daily Homebuilders Bull 3X Shares and Direxion Daily Homebuilders Bear 3X Shares, each a series of the Trust (“Funds”). The Board at its meeting on February 11, 2009, approved the Agreement related to the Direxion Daily 2-Year Treasury Bull 3X Shares, Direxion Daily 2-Year Treasury Bear 3X Shares, Direxion Daily 5-Year Treasury Bull 3X Shares, Direxion Daily 5-Year Treasury Bear 3X Shares, Direxion Daily 10-Year Treasury Bull 3X Shares, Direxion Daily 10-Year Treasury Bear 3X Shares, Direxion Daily 30-Year Treasury Bull 3X Shares and Direxion Daily 30-Year Treasury Bear 3X Shares, each a series of the Trust (“Fixed Income Funds”).

At neither meeting did the Board identify any particular information that was most relevant to its consideration to approve the Agreements and each Trustee may have afforded different weight to the various factors. At the time that the Board considered each Fund and Fixed Income Fund, it noted that they had not yet commenced operations. Accordingly, the Board at each meeting considered primarily the services to be provided by Rafferty, the management fee rates to be paid to Rafferty and the Funds’ and Fixed Income Funds’ estimated expenses.

Nature, Extent and Quality of Services Provided. At both its August 13, 2008 and February 11, 2009 meetings, the Board considered the nature, extent and quality of the services to be provided under the Agreements by Rafferty. The Board noted that Rafferty has managed the Direxion Funds and the Direxion Insurance Trust (“Direxion Mutual Funds”) since their inception and has developed an expertise in managing funds using a leveraged strategy. In addition, the Board at its February 11, 2009 meeting noted that Rafferty has provided services to the Trust since its inception. The Board at both meetings also noted that Rafferty trades for the Direxion Mutual Funds efficiently with low commission rates, which helps improve performance results of these funds. The Board considered Rafferty’s representations that it has the financial resources and appropriate staffing to manage the Funds and the Fixed Income Funds and to meet its contractual fee waivers and/or expense limitations. The Board also considered Rafferty’s representations that Rafferty’s management of the Funds and the Fixed Income Funds would be minimally impacted by the fact that the Funds and the Fixed Income Funds would trade on NYSE Arca, Inc. The Board considered that Rafferty will oversee all aspects of the operation of the Funds and the Fixed Income Funds, including oversight of their service providers. Because the Funds had not commenced operations as of August 13, 2008 and the Fixed Income Funds had not commenced operations as of February 11, 2009, they did not have any prior performance history. Based on these and other considerations, the Board determined at each meeting that, in the exercise of its business judgment, the nature, extent and quality of the services to be provided by Rafferty to the Funds and the Fixed Income Funds under the Agreements were fair and reasonable.

Costs of Services Provided to the Funds and Profits Realized. The Board at each meeting considered the fees to be paid to Rafferty on an annual basis, including the proposed contractual fee waivers and/or expense limitations. In this regard, management advised the Board that the advisory fees for the Funds and the Fixed Income Funds are similar

96 DIREXION SEMI-ANNUAL REPORT

Direxion Shares ETF Trust

Board Review of Investment Advisory Agreement

April 30, 2009

to the advisory fees for comparable exchange-traded funds. The Board also noted that Rafferty does not have any non-mutual fund clients, except for one hedge fund client. In this connection, the Board considered that Rafferty charges a higher fee rate for that hedge fund compared to the advisory fee rate of the Funds and the Fixed Income Funds. The Board also considered that Rafferty agreed to limit the total expenses for the Funds and the Fixed Income Funds via contractual fee waivers and/or expense limitations. The Board also considered the overall profitability of Rafferty’s investment business. Because the Funds had not commenced operations as of August 13, 2008 and because the Fixed Income Funds had not commenced operations as of February 11, 2009, Rafferty did not have any prior profit data. Based on these considerations, the Board at each meeting determined that, in the exercise of its business judgment, the costs of the services to be provided and the profits to be realized under the Agreements were fair and reasonable.

Other Benefits. The Board considered Rafferty’s representations at the August 13, 2008 and February 11, 2009 meetings that its relationship with the Funds or the Fixed Income Funds, respectively, would provide any other benefits. The Board at each meeting noted that Rafferty previously had represented that its relationship with other investment companies managed by Rafferty could help to enable Rafferty to attract business to its hedge fund. The Board also considered that Rafferty’s overall business with brokerage firms can help to lower commission rates and provide better execution for Fund and Fixed Income Fund portfolio transactions. Based on these and other considerations, the Board at each meeting determined that, in the exercise of its business judgment, any benefits to Rafferty would be fair and reasonable.

Conclusion. Based on, but not limited to, the above considerations and determinations, the Board determined at its August 13, 2008 meeting in regards to the Funds, and at its February 11, 2009 meeting in regards to the Fixed Income Funds, that each Agreement was fair and reasonable in light of the services to be performed, fees, expenses and such other matters as the Board considered relevant in the exercise of its business judgment. On this basis, the Board at its August 13, 2008 meeting unanimously voted in favor of the approval of the Agreement related to the Funds, and the Board at its February 11, 2009 meeting unanimously voted in favor of the approval of the Agreement related to the Fixed Income Funds.

DIREXION SEMI-ANNUAL REPORT 97

SEMI-ANNUAL REPORT APRIL 30, 2009

33 Whitehall Street, 10th Floor New York, New York 10004 www.direxionshares.com

Investment Advisor

Rafferty Asset Management, LLC

33 Whitehall Street, 10th Floor

New York, NY 10004

Administrator, Transfer Agent, & Custodian

The Bank of New York Mellon

101 Barclay Street

New York, NY 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP

875 E. Wisconsin Avenue

MiIwaukee, WI 53202

Distributor

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

www.foreside.com

You may obtain a description of the Direxion Shares ETF Trust proxy voting, policies, procedures and information regarding how each Fund voted proxies relating to portfolio securities during the 12-month period ending June 30, 2009 (available by August 31, 2009) without charge, upon request, by calling 1-866-476-7523 or by accessing the SEC’s website at www.SEC.Gov. Such reports may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330.

The Fund files complete schedules of the portfolio holdings with the SEC for the first and third quarters on Form N-Q. The Form N-Q is available without charge, upon request, by calling 1-866-476-7523, or by accessing the SEC’s website, at www.SEC.Gov. It may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC.

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Item 2. Code of Ethics.

Not Applicable for the semi-annual reporting period.

Item 3. Audit Committee Financial Expert.

Not Applicable for the semi-annual reporting period.

Item 4. Principal Accountant Fees and Services.

Not Applicable for the semi-annual reporting period.

Item 5. Audit Committee of Listed Registrants.

Not Applicable for the semi-annual reporting period.

Item 6. Schedule of Investments.

	(a)		Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

	(b)		Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company & Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 11. Controls and Procedures.

(a) The Principal Executive Officer and Principal Financial Officer have evaluated the Registrant’s disclosure controls and procedures within 90 days of the filing date of this report and have concluded that these controls and procedures are effective.


	•	Receive email notifications when your most recent shareholder communications are available for review.
	•	Access prospectuses, annual reports and semiannual reports online.


Shares			Value

SHORT TERM INVESTMENTS - 107.6%
MONEY MARKET FUNDS - 107.6%
	138,986,385	AIM Short Term Investment Treasury, 0.09% (a)	$	138,986,385
	253,722,210	AIM Short Term Investment Treasury (Collateral), 0.09% (a)		253,722,210

		TOTAL SHORT TERM INVESTMENT (Cost $392,708,595)	$	392,708,595

		TOTAL INVESTMENTS (Cost $392,708,595) - 107.6%	$	392,708,595
		Other Liabilities in Excess of Assets - (7.6%)		(27,735,082	)

		TOTAL NET ASSETS - 100.0%	$	364,973,513


Shares			Value

SHORT TERM INVESTMENTS - 128.3%
MONEY MARKET FUNDS - 128.3%
	3,514,726	AIM Short Term Investment Treasury, 0.09% (a)	$	3,514,726
	6,051,948	AIM Short Term Investment Treasury (Collateral), 0.09% (a)		6,051,948

		TOTAL SHORT TERM INVESTMENT (Cost $9,566,674)	$	9,566,674

		TOTAL INVESTMENTS (Cost $9,566,674) - 128.3%	$	9,566,674
		Other Liabilities In Excess of Assets - (28.3%)		(2,109,661	)

		TOTAL NET ASSETS - 100.0%	$	7,457,013



Letter to Shareholders			4

Expense Examples			6

Premium/Discount Summary Table			9

Allocation of Portfolio Holdings			15

Schedules of Investments			16

Statements of Assets and Liabilities			62

Statements of Operations			67

Statements of Changes in Net Assets			72

Financial Highlights			77

Notes to the Financial Statements			78

Board Review of Investment Advisory Agreements			96
EX-99.CERT
EX-99.906CERT


1.	Visit www.direxionshares.com/edelivery

2.	Follow the simple enrollment instructions.


Shares			Value

SHORT TERM INVESTMENTS - 107.9%
MONEY MARKET FUNDS - 107.9%
	78,245,891	AIM Short Term Investment Treasury, 0.09% (a)	$	78,245,891
	136,876,911	AIM Short Term Investment Treasury (Collateral), 0.09% (a)		136,876,911
		TOTAL SHORT TERM INVESTMENTS (Cost $215,122,802)	$	215,122,802

		TOTAL INVESTMENTS (Cost $215,122,802) - 107.9%	$	215,122,802
		Other Liabilities in Excess of Assets - (7.9%)		(15,769,385	)

		TOTAL NET ASSETS - 100.0%	$	199,353,417


Shares			Value

SHORT TERM INVESTMENTS - 123.9%
MONEY MARKET FUNDS - 123.9%
	2,058,534	AIM Short Term Investment Treasury, 0.09% (a)	$	2,058,534
	4,027,841	AIM Short Term Investment Treasury (Collateral), 0.09% (a)		4,027,841

		TOTAL SHORT TERM INVESTMENTS (Cost $6,086,375)	$	6,086,375

		TOTAL INVESTMENTS (Cost $6,086,375) - 123.9%	$	6,086,375
		Other Liabilities in Excess of Assets - 23.9%		(1,174,533	)

		TOTAL NET ASSETS - 100.0%	$	4,911,842


Shares			Value

SHORT TERM INVESTMENTS - 83.5%
MONEY MARKET FUNDS - 83.5%
	4,617,746	AIM Short Term Investment Treasury, 0.09% (a)	$	4,617,746
	11,304,802	AIM Short Term Investment Treasury (Collateral), 0.09% (a)		11,304,802

		TOTAL SHORT TERM INVESTMENTS (Cost $15,922,548)	$	15,922,548

		TOTAL INVESTMENTS (Cost $15,922,548) - 83.5%	$	15,922,548
		Other Assets in Excess of Liabilities - 16.5%		3,140,987

		TOTAL NET ASSETS - 100.0%	$	19,063,535


Shares			Value

SHORT TERM INVESTMENTS - 14.4%
MONEY MARKET FUNDS - 14.4%
	18,825,360	AIM Short Term Investment Treasury, 0.09% (a)	$	18,825,361
	4,304	AIM Short Term Investment Treasury (Collateral), 0.09% (a)		4,304

		TOTAL SHORT TERM INVESTMENTS (Cost $18,829,665)	$	18,829,665

		TOTAL INVESTMENTS (Cost $116,270,028) - 98.8%	$	128,935,843
		Other Assets in Excess of Liabilities - 1.2%		1,502,819

		TOTAL NET ASSETS - 100.0%	$	130,438,662


(*)	Non-Income producing security.
(a)	Represents annualized seven-day yield at April 30, 2009.
(†)	Less than 0.05%.


Shares			Value

SHORT TERM INVESTMENTS - 112.2%
MONEY MARKET FUNDS - 112.2%
	15,342,825	AIM Short Term Investment Treasury, 0.09% (a)	$	15,342,825
	26,270,072	AIM Short Term Investment Treasury (Collateral), 0.09% (a)		26,270,072

		TOTAL SHORT TERM INVESTMENTS (Cost $41,612,897)	$	41,612,897

		TOTAL INVESTMENTS (Cost $41,612,897) - 112.2%	$	41,612,897
		Other Liabilities in Excess of Assets - (12.2%)		(4,546,083	)

		TOTAL NET ASSETS - 100.0%	$	37,066,814


Shares			Value

SHORT TERM INVESTMENTS - 103.4%
MONEY MARKET FUNDS - 103.4%
	530,350,552	AIM Short Term Investment Treasury, 0.09% (a)	$	530,350,552
	951,936,980	AIM Short Term Investment Treasury (Collateral), 0.09% (a)		951,936,980

		TOTAL SHORT TERM INVESTMENTS (Cost $1,482,287,532)	$	1,482,287,532

		TOTAL INVESTMENTS (Cost $1,482,287,532) - 103.4%	$	1,482,287,532
		Other Liabilities in Excess of Assets - (3.4%)		(49,121,616	)

		TOTAL NET ASSETS - 100.0%	$	1,433,165,916


Shares			Value

SHORT TERM INVESTMENTS - 115.2%
MONEY MARKET FUNDS - 115.2%
	4,001,231	AIM Short Term Investment Treasury, 0.09% (a)	$	4,001,231
	7,161,525	AIM Short Term Investment Treasury (Collateral), 0.09% (a)		7,161,525

		TOTAL SHORT TERM INVESTMENTS (Cost $11,162,756)	$	11,162,756

		TOTAL INVESTMENTS (Cost $11,162,756) - 115.2%	$	11,162,756
		Other Liabilities in Excess of Assets - (15.2%)		(1,476,036	)

		TOTAL NET ASSETS - 100.0%	$	9,686,720


Shares			Value

SHORT TERM INVESTMENTS - 97.5%
MONEY MARKET FUNDS - 97.5%
	3,580,248	AIM Short Term Investment Treasury, 0.09% (a)	$	3,580,248
	2,760,000	AIM Short Term Investment Treasury (Collateral), 0.09% (a)		2,760,000

		TOTAL SHORT TERM INVESTMENTS (Cost $6,340,248)	$	6,340,248

		TOTAL INVESTMENTS (Cost $6,340,248) - 97.5%	$	6,340,248
		Other Assets in Excess of Liabilities - 2.5%		165,132

		TOTAL NET ASSETS - 100.0%	$	6,505,380


Shares			Value

SHORT TERM INVESTMENTS - 97.3%
MONEY MARKET FUNDS - 97.3%
	3,900,922	AIM Short Term Investment Treasury, 0.09% (a)	$	3,900,922
	3,130,000	AIM Short Term Investment Treasury (Collateral), 0.09% (a)		3,130,000

		TOTAL SHORT TERM INVESTMENTS (Cost $7,030,922)	$	7,030,922

		TOTAL INVESTMENTS (Cost $7,030,922) - 97.3%	$	7,030,922
		Other Assets in Excess of Liabilities - 2.7%		192,965

		TOTAL NET ASSETS - 100.0%	$	7,223,887


By:		/s/ Guy Talarico
Guy Talarico, Principal Financial Officer