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)

1301 Avenue of the Americas (6^th Ave.), 28^th Floor

New York, NY 10019
(Address of principal executive offices) (Zip code)

1301 Avenue of the Americas (6^th Ave.), 28^th Floor

New York, NY 10019
(Name and address of agent for service)

1-800-851-0511

Registrant's telephone number, including area code

Date of fiscal year end: October 31, 2023

Date of reporting period: April 30, 2023

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. Report to Stockholders.

(a)

DIREXION SHARES ETF TRUST

SEMI–ANNUAL REPORT APRIL 30, 2023

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

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

Direxion Hydrogen ETF

Direxion Moonshot Innovators ETF

Direxion mRNA ETF

Direxion NASDAQ-100^®​ Equal Weighted Index Shares

Direxion Work From Home ETF

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

Table of Contents

Letter to Shareholders	4
Expense Example	8
Allocation of Portfolio Holdings	10
Schedules of Investments	11
Statements of Assets and Liabilities	19
Statements of Operations	21
Statements of Changes in Net Assets	23
Financial Highlights	26
Notes to the Financial Statements	28
Supplemental Information	39
Trustees and Officers	40

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Letter to Shareholders (Unaudited)

Dear Shareholders,

This Semi-Annual Report for the Direxion Shares exchange traded funds (the "ETFs") covers the period from November 1, 2022 to April 30, 2023 (the "Semi-Annual Period").

Market Review:

The Semi-Annual Period was filled with volatility in the equity markets as inflation, the Russia-Ukraine war, China's zero-Covid policy and the banking crisis were top of mind for many investors. In the fourth quarter of 2022, the S&P 500^®​ Index was down nearly 20%, although earnings grew. 2023 started out on a stronger note as equity markets rallied in January, but market sentiment in February was much more bearish on the heels of a higher-than expected Consumer Price Index (CPI) reading, confirming inflation is stickier than once anticipated. Through the end of 2022, tech was out of favor, while the energy sector provided a beacon of light. However, in 2023, that trend reversed, and tech outperformed energy, as well as the rest of the market, for most of the first part of this year. China effectively ended their zero-Covid policy in December, causing Chinese and Chinese-adjacent equities to rally. The Russia-Ukraine war waged on, but January through April saw global supply chain improvement. Domestically, despite high inflation and a weak dollar, the labor market remained tight throughout the Semi-Annual Period. In early March, three regional banks collapsed one after another, beginning with Silicon Valley Bank, causing the financials segment of the S&P 500^®​ Index to fall nearly 10% in March. Some fears around the banking sector, specifically smaller banks, bled into April. In summary, the Semi-Annual Period began, and ended, with recessionary fears, inflation and uncertainty surrounding the market environment.

All eyes were on the Federal Reserve during the Semi-Annual Period as it attempted to combat inflation and market volatility. As the Federal Reserve conducted a series of rate hikes, Treasury yields peaked in November, and started to go down in the latter half of November and December. Generally, short-term yields tended to be higher than long-term yields, and high yield modestly outperformed investment grade. In fact, bonds outperformed stocks in 2022, which is extremely rare, although both ended 2022 in the red. Inflation started to come down in January, and the Federal Reserve reduced rate hikes from 50 bps to 25 bps on February 1. Similar to equities, the fixed income market rallied in January as headline CPI ticked down. However, the February CPI reading was higher-than-expected, prompting markets to anticipate further hawkish monetary policy. The banking collapse also influenced the fixed income market, causing interest rate expectations to decrease and lending standards to tighten. Although the yield curve remains inverted, it is much less inverted than it was at the beginning of the Semi-Annual Period. U.S. high yield and U.S. corporate bonds provided the best returns in the first quarter of 2023, but the bond market remained at historically high volatility levels.

Factors Affecting the ETFs Performance:

Benchmark Performance – The performance of each ETF's benchmark index, and the factors and market conditions implicitly affecting that index, are the primary factors driving ETF performance. The market conditions that affected the benchmark indexes during the period are described in the Market Review section above.

Fees, Expenses, and Transaction Costs – Fees and expenses are listed in each ETF's prospectus and may be higher than many traditional index funds' fees, which cause a greater negative impact on ETF performance. Transaction costs are not included in the expense ratio of the ETFs.

The ETFs Performance Review:

The following discussion relates to the performance of the ETFs for the Semi-Annual Period. The performance of the ETFs for the Semi-Annual Period is important primarily for understanding whether the ETFs meet their investment goals. All ETF returns are NAV (net asset value) returns.

DIREXION SEMI-ANNUAL REPORT
4

Non-Leveraged ETFs

The Direxion Auspice Broad Commodity Strategy ETF seeks investment results, before fees and expenses, that track the Auspice Broad Commodity Index over a complete market cycle. The Auspice Broad Commodity Index seeks to capture the majority of the commodity upside returns, while seeking to mitigate downside risk. The Auspice Broad Commodity Index will use a quantitative methodology to track either long or flat positions in a diversified portfolio of 12 different commodity futures contracts, or "components", which cover the energy, metal, and agricultural sectors. It attempts to incorporate dynamic risk management and contract rolling methods. For the Semi-Annual Period, the Auspice Broad Commodity Index returned 6.11%, while the Direxion Auspice Broad Commodity Strategy ETF returned 7.92%.

The metals portion of the Direxion Auspice Broad Commodity Strategy ETF had a particularly strong showing this Semi-Annual Period, allowing the fund to post positive returns despite negative returns in agriculture and energy (with the exception of sugar and cotton). In terms of top and bottom performers, sugar active contract futures returned 56.75%, while natural gas active contract futures lost -45.63% over the course of the Semi-Annual Period.

The Direxion Hydrogen ETF seeks investment results, before fees and expenses, that track the Indxx Hydrogen Economy Index. The Indxx Hydrogen Economy Index tracks the performance of companies that provide goods and/or services related to the Hydrogen Industry, including hydrogen generation and storage, transportation and supply of hydrogen, fuel cells, and hydrogen fueling stations. The Index includes domestic securities as well as securities listed on various foreign markets, including among others, Japan and South Korea. The Index is reconstituted annually and rebalanced quarterly. For the Semi-Annual Period, the Indxx Hydrogen Economy Index returned 4.66%, while the Direxion Hydrogen ETF returned 4.63%.

Hydrogen continues to gain momentum in discussions and policy surrounding the future of the energy sector, especially after the passage of the Inflation Reduction Act, which includes tax exemption provisions for hydrogen. Chung-Hsin Electric & Machinery Manufacturing (1513 TT) and Hyster-Yale Materials Handling (HY) were the top performers during the Semi-Annual Period for the Direxion Hydrogen ETF, while more well-known names in the industry such as Plug Power (PLUG) and FuelCell Energy (FCEL) experienced significant losses.

The Direxion Moonshot Innovators ETF seeks investment results, before fees and expenses, that track the S&P Kensho Moonshots Index. The S&P Kensho Moonshots Index is comprised of 50 U.S. companies that pursue innovative technologies that have the potential to disrupt existing technologies and/or industries (i.e., moonshot innovators) and are considered to have the highest "early-stage composite innovation scores" which is determined based off a natural language processing review of the constituent company's latest annual regulatory filing for the use of words and phrases that are related to innovation. The Index is modified equal-weighted, reconstituted annually, and rebalanced semi-annually. For the Semi-Annual Period, the S&P Kensho Moonshots Index returned -22.01%, while the Direxion Moonshot Innovators ETF returned -21.84%.

International names with ADRs such as Bilibili (BILI) and EHang Holdings (EH) were the top performers for the Direxion Moonshot Innovators ETF, whereas names like Meta Materials (MMAT) and View Inc (VIEW) struggled, although they make up very little of the portfolio by weight. Mega-tech names have come back into favor during this Semi-Annual Period, which has made it more difficult for smaller companies, such as those contained in Direxion Moonshot Innovators ETF, to garner interest. The Direxion Moonshot Innovators ETF is made up of nearly 50% tech names, followed by healthcare, which has also had a difficult few months.

The Direxion NASDAQ-100^®​ Equal Weighted Index Shares seeks investment results, before fees and expenses, that track the NASDAQ-100^®​ Equal Weighted Index. The NASDAQ-100^®​ Equal Weighted Index is the equal weighted version of the NASDAQ-100 Index^®​ which includes approximately 100 of the largest domestic and international non-financial companies listed on the NASDAQ^®​ Stock Market based on market capitalization selected by NASDAQ, Inc., the index provider. Equal weighting is a method of weighting index stocks whereby the same exposure is provided to both the smallest and largest companies included in the Index. The Index is rebalanced quarterly and reconstituted annually. For the Semi-Annual Period, the NASDAQ-100^®​ Equal Weighted Index returned 11.79%, while the Direxion NASDAQ-100^®​ Equal Weighted Index Shares returned 11.61%.

DIREXION SEMI-ANNUAL REPORT
5

The top performers were Meta Platforms, Inc. (META) and NVIDIA Corporation (NVDA), both returning over 100%. Rivian Automotive Inc brought up the rear (RIVN). Tech came back into favor during the course of this Semi-Annual Period, which helped drive positive returns. However, it is important to note that while the Direxion NASDAQ-100^®​ Equal Weighted Index Shares leans towards tech names, the portfolio is diversified across sectors, with consumer discretionary and healthcare following IT in terms of weight.

The Direxion Work From Home ETF seeks investment results, before fees and expenses, that track the Solactive Remote Work Index. The Solactive Remote Work Index is comprised of U.S. listed securities and American Depository Receipts (ADRs) of companies that provide products and services in at least one of the following business segments that facilitate the ability of people to work from home: remote communications, cyber security, online project and document management, and cloud computing technologies ("WFH Industries"). The Index consists of approximately 40 companies, namely, the top 10 ranked companies in each of the four WFH Industries. The Index is equal weighted at each semi-annual reconstitution and rebalance date. For the Semi-Annual Period, the Solactive Remote Work Index returned -2.62%, while the Direxion Work From Home ETF returned -2.73%.

By now, it is clear that working from home in a significant capacity is a permanent fixture in the corporate world. Meta Platforms, Inc. (META) had outstanding performance, returning over 150% during the Semi-Annual Period, whereas lesser known holdings such as Exela Technologies Inc (XELA) and Rackspace Technology, Inc. (RXT) struggled, both of which are in the cloud space.

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

Best Regards,

Patrick Rudnick	Corey Noltner
Principal Executive Officer	Principal Financial Officer

An investor should carefully consider a Fund's investment objective, risks, charges, and expenses before investing. A Fund's prospectus and summary prospectus contain this and other information about the Direxion Shares. To obtain a Fund's prospectus and summary prospectus call 866-476-7523 or visit our website at direxion.com. A Fund's prospectus and summary prospectus should be read carefully before investing.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns for performance under one year are cumulative, not annualized. For the most recent month-end performance please visit the Fund's website at direxion.com.

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

Shares of the Direxion Shares are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. Market Price returns are based upon the midpoint of the bid/ask spread at 4:00 pm EST (when NAV is normally calculated) and do not represent the returns you would receive if you traded shares at other times. Brokerage commissions will reduce returns. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

DIREXION SEMI-ANNUAL REPORT
6

SOFR (Secured Overnight Financing Rate) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. Futures Contract: an agreement traded on an organized exchange to buy or sell assets, especially commodities or shares, at a fixed price but to be delivered and paid for later.

Direxion Auspice Broad Commodity Strategy – Commodities and futures generally are volatile and are not suitable for all investors. The value of a commodity-linked derivative investment typically is based upon the price movements of a physical commodity and may be affected by changes in overall market movements, volatility of the underlying index, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. Commodity linked derivatives also may be subject to credit and interest rate risks that in general affect the values of debt securities. A Fund's investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to leverage, imperfect correlations with underlying investments or a Fund's other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Futures contracts are typically exchange traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. Futures markets are highly volatile and the use of futures may increase the volatility of a Fund. There may be an imperfect correlation between the changes in market value of the securities held by a Fund and the prices of futures contracts. There may not be a liquid secondary market for the futures contracts.

Under amended regulations promulgated by the U.S. Commodities Futures Trading Commission ("CFTC"), a Fund and its Subsidiary are considered commodity pools, and therefore each is subject to regulation under the Commodity Exchange Act and CFTC rules. The Adviser is registered as a commodity pool operator ("CPO") and will manage the Funds and Subsidiaries in accordance with CFTC rules, as well as the rules that apply to registered investment companies, which includes registering both each Fund and its Subsidiary as commodity pools. Registration as a commodity pool subjects the registrant to additional laws, regulations and enforcement policies, all of which may potentially increase compliance costs and may affect the operations and financial performance of each Fund or its Subsidiary. Additionally, a Subsidiary's positions in futures contracts may have to be liquidated at disadvantageous times or prices to prevent a Fund from exceeding any applicable position limits established by the CFTC. Such actions may subject the Fund to substantial losses.

Direxion Shares ETF Risks – An investment in the ETFs involves risk, including the possible loss of principal. The ETFs are subject to certain risks, including imperfect index correlation and market price variance, that may decrease performance. As non-diversified funds, the ETFs may invest in a relatively small number of issuers and, as a result, be subject to greater risk of loss with respect to its portfolio securities. An ETF may concentrate its investments in certain industries or sectors, which can increase volatility. The ETFs may experience greater fluctuation in its net asset value as compared to other investments. These ETFs may be appropriate for investors with a long-term investment time horizon, who primarily seek capital growth, and who are able to tolerate periods of prolonged price declines. Please read each ETF's prospectus for a more complete description of the investment risks. There is no guarantee that an ETF will achieve its investment objective.

The views of this letter were those of the Adviser as of April 30, 2023 and may not necessarily reflect its views on the date this letter is first published or anytime thereafter. These views are intended to help shareholders in understanding the ETFs' present investment methodology and do not constitute investment advice.

Distributed by: Foreside Fund Services, LLC

DIREXION SEMI-ANNUAL REPORT
7

Expense Example (Unaudited)

April 30, 2023

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, for purchasing and selling shares and exchange fees; and (2) ongoing costs, including management fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on initial investments of $1,000 invested at the beginning of the period and held the entire period (November 1, 2022 to April 30, 2023).

Actual expenses

The first line under each Fund in the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled "Expenses Paid During Period November 1, 2022 to April 30, 2023" to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

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

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

DIREXION SEMI-ANNUAL REPORT
8

Expense Example (Unaudited)

April 30, 2023

	Annualized Expense Ratio			Beginning Account Value November 1, 2022		Ending Account Value April 30, 2023		Expenses Paid During Period November 1, 2022 to April 30, 2023*
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)
Based on actual fund return		0.70	%	$	1,000.00	$	1,079.20	$	3.61
Based on hypothetical 5% return		0.70	%		1,000.00		1,021.32		3.51
Direxion Hydrogen ETF
Based on actual fund return		0.45	%		1,000.00		1,046.30		2.28
Based on hypothetical 5% return		0.45	%		1,000.00		1,022.56		2.26
Direxion Moonshot Innovators ETF
Based on actual fund return		0.65	%		1,000.00		781.60		2.87
Based on hypothetical 5% return		0.65	%		1,000.00		1,021.57		3.26
Direxion mRNA ETF
Based on actual fund return		0.65	%		1,000.00		953.00		3.15
Based on hypothetical 5% return		0.65	%		1,000.00		1,021.57		3.26
Direxion NASDAQ-100®​ Equal Weighted Index Shares
Based on actual fund return		0.35	%		1,000.00		1,116.10		1.84
Based on hypothetical 5% return		0.35	%		1,000.00		1,023.06		1.76
Direxion Work From Home ETF
Based on actual fund return		0.45	%		1,000.00		972.70		2.20
Based on hypothetical 5% return		0.45	%		1,000.00		1,022.56		2.26

*  ​Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 days (the number of days in the period of November 1, 2022 to April 30, 2023), then divided by 365.

DIREXION SEMI-ANNUAL REPORT
9

Allocation of Portfolio Holdings (Unaudited)

April 30, 2023

	Cash*			Common Stocks			Futures			Total
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)		100	%		—			0	%**		100	%
Direxion Hydrogen ETF		1	%		99	%		—			100	%
Direxion Moonshot Innovators ETF		1	%		99	%		—			100	%
Direxion mRNA ETF		—			100	%		—			100	%
Direxion NASDAQ-100®​ Equal Weighted Index Shares		0	%**		100	%		—			100	%
Direxion Work From Home ETF		0	%**		100	%		—			100	%

*  Cash, cash equivalents and other assets less liabilities.

**  Percentage is less than 0.5%.

DIREXION SEMI-ANNUAL REPORT
10

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 96.4%
Money Market Funds - 96.4%
	294,644,639	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	294,644,639
		TOTAL SHORT TERM INVESTMENTS (Cost $294,644,639)	$	294,644,639
		TOTAL INVESTMENTS (Cost $294,644,639) - 96.4%	$	294,644,639
		Other Assets in Excess of Liabilities - 4.1% (b)​		10,852,896
		TOTAL NET ASSETS - 100.0%	$	305,497,535

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  $9,558,547 of cash is pledged as collateral for futures contracts.

Long Futures Contracts (Unaudited)

April 30, 2023

Reference Entity	Expiration Date	Number of Contracts		Notional Amount		Variation Margin Receivable, net		Unrealized Appreciation (Depreciation)
Copper	7/27/2023		245	$	23,829,313	$	39,813	$	(596,779	)
Gold	6/28/2023		208		41,581,280		2,080		(45,030	)
Silver	7/27/2023		186		23,460,180		15,810		(48,768	)
Soybean	11/14/2023		634		40,052,950		253,600		(3,624,453	)
Sugar #11	6/30/2023		1,502		44,327,024		—		4,935,337
				$	173,250,747	$	311,303	$	620,307

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

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

DIREXION SEMI-ANNUAL REPORT
11

Direxion Hydrogen ETF

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 99.3%
Chemical Manufacturing - 41.2%
	14,314	Air Liquide S.A. (France)	$	2,578,669
	4,905	Air Products & Chemicals, Inc.		1,443,836
	57,340	Doosan Fuel Cell Co., Ltd (South Korea) (a)​		1,280,982
	990,700	ITM Power (United Kingdom) (a)(b)​		973,504
	3,905	Linde PLC (Ireland) ADR		1,442,702
	51,632	McPhy Energy SAS (France) (a)(b)​		701,119
	2,043,050	Nel ASA (Norway) (a)(b)​		2,790,989
	55,098	Nippon Sanso Holdings Corp. (Japan)		987,325
	791,506	PTT Global Chemical PCL (Thailand)		961,930
				13,161,056
Computer and Electronic Product Manufacturing - 7.3%
	140,599	Bloom Energy Corp. (a)​		2,340,973
Electrical Equipment, Appliance, and Component Manufacturing - 13.2%
	46,253	Chung-Hsin Electric & Machinery Manufacturing Corp. (Taiwan)		152,710
	2,782	Hyosung Heavy Industries (South Korea) (a)​		163,170
	288,188	Plug Power, Inc. (a)(b)​		2,602,338
	116,689	PowerCell Sweden AB (Sweden) (a)​		987,003
	6,769	SFC Energy AG (Germany) (a)(b)​		161,042
	5,905	VARTA AG (Germany) (b)​		152,873
				4,219,136
Merchant Wholesalers, Durable Goods - 0.5%
	3,037	Hyster-Yale Materials Handling, Inc.		159,928
Miscellaneous Manufacturing - 0.5%
	74,252	Hexagon Purus Holding AS (Norway) (a)(b)​		156,267
Oil and Gas Extraction - 21.1%
	35,992	BP Plc (United Kingdom) ADR		1,449,758
	170,265	CIMC Enric Holdings Limited (Hong Kong)		156,386
	405,781	ENEOS Holdings, Inc. (Japan)		1,436,393
	67,624	Idemitsu Kosan Co., Ltd (Japan)		1,431,296
	36,199	Shell Plc (United Kingdom) ADR		2,243,614
				6,717,447
Primary Metal Manufacturing - 0.5%
	23,237	Kaori Heat Treatment Co., Ltd. (Taiwan)		150,038
Transportation Equipment Manufacturing - 4.3%
	307,862	Ballard Power Systems, Inc. (Canada) ADR (a)(b)​		1,360,750

Shares			Fair Value
Utilities - 10.7%
	1,846,779	AFC Energy Plc (United Kingdom) (a)(b)​	$	447,529
	276,525	Ceres Power Holdings Plc (United Kingdom) (a)(b)​		1,214,387
	693,062	FuelCell Energy, Inc. (a)​		1,302,956
	7,572	Korea Gas Corp. (South Korea) (a)​		151,621
	19,436	S-Fuelcell Co., Ltd (South Korea)		293,341
				3,409,834
		TOTAL COMMON STOCKS (Cost $43,607,533)	$	31,675,429
SHORT TERM INVESTMENTS - 19.6%
Money Market Funds - 19.6%
	6,261,450	Dreyfus Government Cash Management Institutional Shares, 4.76% (c)(d)​	$	6,261,450
		TOTAL SHORT TERM INVESTMENTS (Cost $6,261,450)	$	6,261,450
		TOTAL INVESTMENTS (Cost $49,868,983) - 118.9% (e)​	$	37,936,879
		Liabilities in Excess of Other Assets - (18.9%)		(6,035,028	)
		TOTAL NET ASSETS - 100.0%	$	31,901,851

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

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

^(c)​  Represents annualized seven-day yield at April 30, 2023.

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

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
12

Direxion Moonshot Innovators ETF

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 99.4%
Administrative and Support Services - 7.7%
	31,508	Bilibili, Inc. ADR (a)​	$	641,503
	22,240	Roblox Corp. (a)​		791,744
	48,985	SentinelOne, Inc. (a)​		787,189
				2,220,436
Ambulatory Health Care Services - 1.3%
	279,324	Invitae Corp. (a)(b)​		379,881
Chemical Manufacturing - 11.0%
	38,383	Arcturus Therapeutics Holdings, Inc. (a)​		1,021,755
	86,189	bluebird bio, Inc. (a)​		374,922
	73,982	BridgeBio Pharma, Inc. (a)​		1,074,219
	17,986	Intellia Therapeutics, Inc. (a)​		678,972
				3,149,868
Computer and Electronic Product Manufacturing - 10.8%
	8,969	Ambarella Inc. ADR (a)​		555,898
	93,619	Indie Semiconductor, Inc. (a)​		708,696
	235,980	MicroVision, Inc. (a)(b)​		471,960
	315,368	Nano Dimension Ltd. ADR (Israel) (a)(b)​		778,959
	151,335	Vuzix Corp. (a)(b)​		608,367
				3,123,880
Food Services and Drinking Places - 2.5%
	23,937	Yelp, Inc. (a)​		716,195
Management of Companies and Enterprises - 3.1%
	59,356	CureVac N.V. ADR (Netherlands) (a)​		437,454
	41,483	EHang Holdings Ltd. ADR (a)(b)​		460,876
				898,330
Merchant Wholesalers, Nondurable Goods - 1.4%
	146,856	Atara Biotherapeutics, Inc. (a)​		397,980
Miscellaneous Manufacturing - 1.0%
	373,980	Inovio Pharmaceuticals, Inc. (a)​		288,900
Nonmetallic Mineral Product Manufacturing - 0.3%
	216,641	View, Inc. (a)​		74,091
Nonstore Retailers - 1.7%
	171,947	Jumia Technologies AG ADR (Germany) (a)(b)​		484,891
Oil and Gas Extraction - 0.2%
	333,849	Meta Materials, Inc. (a)​		61,495
Printing and Related Support Activities - 2.1%
	94,392	Fisker, Inc. (a)(b)​		607,884
Professional, Scientific, and Technical Services - 16.4%
	50,993	Asana, Inc. (a)​		825,067
	65,552	Avidity Biosciences, Inc. (a)​		812,845
	73,351	Recursion Pharmaceuticals, Inc. (a)​		349,884
	34,651	Squarespace, Inc. (a)​		1,077,646
	400,199	TuSimple Holdings, Inc. (a)​		484,241
	20,265	Unity Software, Inc. (a)​		546,547
	185,461	Vimeo, Inc. (a)​		610,166
				4,706,396

Shares			Fair Value
Publishing Industries (except Internet) - 10.0%
	57,122	C3.ai, Inc. (a)(b)​	$	1,017,914
	71,362	Fastly, Inc. (a)​		1,054,731
	15,107	Twilio, Inc. (a)​		794,779
				2,867,424
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 24.6%
	384,715	Aeva Technologies, Inc. (a)​		381,599
	547,477	Aurora Innovation, Inc. (a)​		782,892
	113,677	Benson Hill, Inc. (a)​		120,498
	244,416	Butterfly Network, Inc. (a)(b)​		527,938
	386,634	Desktop Metal, Inc. (a)(b)​		850,595
	391,053	Ginkgo Bioworks Holdings, Inc. Class A (a)(b)​		477,085
	221,104	Hyliion Holdings Corp. (a)​		302,912
	260,079	Hyzon Motors, Inc. (a)(b)​		216,282
	138,812	Inoviz Technologies Ltd. ADR (Israel) (a)(b)​		347,030
	242,389	Latch, Inc. (a)​		191,439
	71,714	Ouster, Inc. (a)(b)​		253,867
	128,640	Planet Labs PBC (a)​		524,851
	173,692	Rocket Lab USA, Inc. (a)​		680,873
	103,687	Roivant Sciences Ltd. ADR (a)​		886,524
	149,421	Virgin Galactic Holdings, Inc. (a)(b)​		543,892
				7,088,277
Software - 5.3%
	11,099	Okta, Inc. (a)​		760,614
	54,487	UiPath, Inc. (a)​		767,177
				1,527,791
		TOTAL COMMON STOCKS (Cost $58,929,753)	$	28,593,719
SHORT TERM INVESTMENTS - 23.6%
Money Market Funds - 23.6%
	6,774,121	Dreyfus Government Cash Management Institutional Shares, 4.76% (c)(d)​	$	6,774,121
		TOTAL SHORT TERM INVESTMENTS (Cost $6,774,121)	$	6,774,121
		TOTAL INVESTMENTS (Cost $65,703,874) - 123.0%	$	35,367,840
		Liabilities in Excess of Other Assets - (23.0)%		(6,615,322	)
		TOTAL NET ASSETS - 100.0%	$	28,752,518

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

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

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

DIREXION SEMI-ANNUAL REPORT
13

Direxion Moonshot Innovators ETF

Schedule of Investments, continued (Unaudited)

April 30, 2023

^(c)​  Represents annualized seven-day yield at April 30, 2023.

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

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
14

Direxion mRNA ETF

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 100.0%
Chemical Manufacturing - 100.0%
	17,433	Scilex Holding Co. (a)​	$	126,215
		TOTAL COMMON STOCKS (Cost $88,037)	$	126,215
		TOTAL INVESTMENTS (Cost $88,037) - 100.0%	$	126,215
		Other Assets in Excess of Liabilities - 0.0%		—
		TOTAL NET ASSETS - 100.0%	$	126,215

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

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

DIREXION SEMI-ANNUAL REPORT
15

Direxion NASDAQ-100^®​ Equal Weighted Index Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 99.8%
Accommodation - 2.0%
	50,209	Airbnb, Inc. (a)​	$	6,008,511
	37,351	Marriott International, Inc. Class A		6,325,018
				12,333,529
Administrative and Support Services - 3.7%
	27,817	Automatic Data Processing, Inc.		6,119,740
	2,428	Booking Holdings, Inc. (a)​		6,522,361
	152,739	JD.com, Inc. ADR (China)		5,455,837
	64,499	Pinduoduo, Inc. ADR (China) (a)​		4,395,607
				22,493,545
Apparel Manufacturing - 1.3%
	20,113	Lululemon Athletica, Inc. (a)​		7,641,532
Beverage and Tobacco Product Manufacturing - 3.0%
	170,144	Keurig Dr Pepper, Inc.		5,563,709
	115,184	Monster Beverage Corp. (a)​		6,450,304
	33,866	PepsiCo, Inc.		6,464,681
				18,478,694
Broadcasting and Content Providers - 4.1%
	16,944	Charter Communications, Inc. (a)​		6,247,253
	164,619	Comcast Corp. Class A		6,810,288
	1,629,455	Sirius XM Holdings, Inc. (b)​		6,191,929
	413,607	Warner Bros Discovery, Inc. (a)​		5,629,191
				24,878,661
Chemical Manufacturing - 7.4%
	25,802	Amgen, Inc.		6,185,771
	90,394	AstraZeneca PLC ADR (United Kingdom)		6,618,649
	22,528	Biogen, Inc. (a)​		6,853,693
	76,717	Gilead Sciences, Inc.		6,306,905
	7,935	Regeneron Pharmaceuticals, Inc. (a)​		6,362,204
	29,602	Seagen, Inc. (a)​		5,920,400
	20,051	Vertex Pharmaceuticals, Inc. (a) ​		6,831,977
				45,079,599
Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 1.0%
	58,105	Ross Stores, Inc.		6,201,547
Computer and Electronic Product Manufacturing - 18.1%
	60,623	Advanced Micro Devices, Inc. (a)​		5,417,878
	29,184	Alphabet, Inc. Class A (a)​		3,132,611
	28,954	Alphabet, Inc. Class C (a)​		3,133,402
	31,919	Analog Devices, Inc.		5,741,590
	38,276	Apple, Inc.		6,494,672
	9,391	Broadcom, Inc.		5,883,461
	118,172	Cisco Systems, Inc.		5,583,627
	32,299	Enphase Energy, Inc. (a)​		5,303,496
	96,886	Fortinet, Inc. (a)​		6,108,662
	89,253	GlobalFoundries, Inc. ADR (a)(b)​		5,248,076
	12,587	IDEXX Laboratories, Inc. (a)​		6,194,818
	26,416	Illumina, Inc. (a)​		5,430,073
	198,971	Intel Corp.		6,180,039
	148,390	Marvell Technology, Inc.		5,858,437
	73,476	Microchip Technology, Inc.		5,363,013

Shares			Fair Value
Computer and Electronic Product Manufacturing (continued)
	104,681	Micron Technology, Inc.	$	6,737,269
	23,046	NVIDIA Corp.		6,395,035
	33,462	NXP Semiconductors NV ADR (Netherlands)		5,479,068
	49,119	Qualcomm, Inc.		5,737,099
	33,747	Texas Instruments, Inc.		5,642,498
				111,064,824
Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 1.1%
	54,823	Fiserv, Inc. (a)​		6,694,985
Food Manufacturing - 2.1%
	89,323	Mondelez International, Inc.		6,852,861
	157,613	The Kraft Heinz Co.		6,189,462
				13,042,323
Food Services and Drinking Places - 1.1%
	60,096	Starbucks Corp.		6,868,372
General Merchandise Retailers - 5.2%
	59,941	Amazon.com, Inc. (a)​		6,320,778
	12,167	Costco Wholesale Corp.		6,122,678
	43,238	Dollar Tree, Inc. (a)​		6,646,113
	141,011	eBay, Inc.		6,547,141
	4,947	MercadoLibre, Inc. (a)​		6,319,743
				31,956,453
Health and Personal Care Retailers - 1.0%
	180,219	Walgreens Boots Alliance, Inc.		6,352,720
Machinery Manufacturing - 3.9%
	48,377	Applied Materials, Inc.		5,468,053
	9,356	ASML Holding NV ADR (Netherlands)		5,958,462
	220,326	Baker Hughes Co.		6,442,332
	11,677	Lam Research Corp.		6,119,682
				23,988,529
Merchant Wholesalers, Durable Goods - 4.1%
	13,699	Cintas Corp.		6,243,593
	85,065	Copart, Inc. (a)​		6,724,388
	113,766	Fastenal Co.		6,125,162
	15,306	KLA-Tencor Corp.		5,916,381
				25,009,524
Miscellaneous Manufacturing - 3.2%
	18,485	Align Technology, Inc. (a)​		6,013,170
	52,052	DexCom, Inc. (a)​		6,315,990
	24,933	Intuitive Surgical, Inc. (a)​		7,510,318
				19,839,478
Motion Picture and Sound Recording Industries - 1.1%
	19,540	Netflix, Inc. (a)​		6,446,832
Motor Vehicle and Parts Dealers - 1.1%
	7,433	O'Reilly Automotive, Inc. (a)​		6,818,365
Performing Arts, Spectator Sports, and Related Industries - 2.0%
	75,095	Activision Blizzard, Inc. (a)​		5,835,632
	52,328	Electronic Arts, Inc.		6,660,308
				12,495,940

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

DIREXION SEMI-ANNUAL REPORT
16

Direxion NASDAQ-100^®​ Equal Weighted Index Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
Professional, Scientific, and Technical Services - 7.8%
	102,630	Cognizant Technology Solutions Corp. Class A	$	6,128,037
	30,332	Meta Platforms, Inc. (a)​		7,289,386
	39,539	Moderna, Inc. (a)​		5,254,338
	31,372	Palto Alto Networks, Inc. (a)​		5,724,135
	55,152	Paychex, Inc.		6,058,999
	32,945	Verisk Analytics, Inc. Class A		6,394,954
	31,423	Workday, Inc. (a)​		5,849,077
	56,215	Zscaler, Inc. (a)​		5,064,972
				47,763,898
Publishing Industries - 9.7%
	16,564	Adobe Systems, Inc. (a)​		6,253,904
	19,058	ANSYS, Inc. (a)​		5,982,687
	37,481	Atlassian Corp. (a)​		5,534,444
	29,779	Autodesk, Inc. (a)​		5,800,651
	28,670	Cadence Design Systems, Inc. (a)​		6,004,932
	44,557	CrowdStrike Holdings, Inc. (a)​		5,349,068
	86,428	Datadog, Inc. (a)​		5,823,518
	14,337	Intuit, Inc.		6,364,911
	21,229	Microsoft Corp.		6,522,823
	15,918	Synopsys, Inc. (a)​		5,910,672
				59,547,610
Rail Transportation - 1.0%
	205,168	CSX Corp.		6,286,348
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.0%
	771,292	Lucid Group, Inc. (a)(b)​		6,124,058
Support Activities for Mining - 1.1%
	48,177	Diamondback Energy, Inc.		6,850,769
Telecommunications - 2.8%
	81,248	PayPal Holdings, Inc. (a)​		6,174,848
	41,636	T-Mobile US, Inc. (a)​		5,991,420
	85,718	Zoom Video Communications, Inc. (a)​		5,265,657
				17,431,925
Transportation Equipment Manufacturing - 3.9%
	32,124	Honeywell International, Inc.		6,419,660
	86,350	Paccar, Inc.		6,449,482
	455,895	Rivian Automotive, Inc. (a)​		5,844,574
	32,936	Tesla Motors, Inc. (a)​		5,411,714
				24,125,430
Truck Transportation - 0.9%
	17,899	Old Dominion Freight Line, Inc.		5,734,661
Utilities - 4.0%
	65,403	American Electric Power Co., Inc.		6,044,545
	77,254	Constellation Energy Corp.		5,979,460
	140,754	Exelon Corp.		5,973,600
	88,673	Xcel Energy, Inc.		6,199,129
				24,196,734
Web Search Portals, Libraries, Archives, and Other Information Services - 1.1%
	88,618	CoStar Group, Inc. (a)​		6,819,155
		TOTAL COMMON STOCKS (Cost $650,348,613)	$	612,566,040

Shares			Fair Value
SHORT TERM INVESTMENTS - 3.1%
Money Market Funds - 3.1%
	18,753,381	Dreyfus Government Cash Management Institutional Shares, 4.76% (c)(d)​	$	18,753,381
		TOTAL SHORT TERM INVESTMENTS (Cost $18,753,381)	$	18,753,381
		TOTAL INVESTMENTS (Cost $669,101,994) - 102.9%	$	631,319,421
		Liabilities in Excess of Other Assets - (2.9)%		(17,660,913	)
		TOTAL NET ASSETS - 100.0%	$	613,658,508

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

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

^(c)​  Represents annualized seven-day yield at April 30, 2023.

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

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
17

Direxion Work From Home ETF

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 99.8%
Administrative and Support Services - 4.7%
	12,529	Cloudflare, Inc. (a)​	$	589,489
	47,850	SentinelOne, Inc. (a)​		768,950
				1,358,439
Broadcasting and Content Providers - 2.1%
	174,121	Altice USA, Inc. (a)​		609,424
Computer and Electronic Product Manufacturing - 18.2%
	8,113	Alphabet, Inc. Class A (a)​		870,849
	1,235	Broadcom, Inc.		773,727
	15,164	Cisco Systems, Inc.		716,499
	12,543	Fortinet, Inc. (a)​		790,836
	5,719	International Business Machines Corp.		722,939
	16,160	Marvell Technology, Inc.		637,997
	11,348	NetApp, Inc.		713,676
				5,226,523
Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 7.6%
	15,925	Pegasystems, Inc.		726,498
	22,186	RingCentral, Inc. (a)​		611,446
	6,659	VMware, Inc. (a)​		832,575
				2,170,519
General Merchandise Retailers - 2.9%
	7,953	Amazon.com, Inc. (a)​		838,644
Management of Companies and Enterprises - 5.0%
	8,149	Alibaba Group Holding Ltd. ADR (a)​		690,139
	34,876	America Movil SAB de CV ADR (Mexico)		749,485
				1,439,624
Professional, Scientific, and Technical Services - 20.1%
	4,226	Meta Platforms, Inc. (a)​		1,015,592
	3,921	Palto Alto Networks, Inc. (a)​		715,426
	321,515	Rackspace Technology, Inc. (a)​		469,412
	1,710	ServiceNow, Inc. (a)​		785,608
	68,317	Sprinklr, Inc. (a)​		817,071
	19,512	Verint Systems, Inc. (a)​		711,993
	3,982	Workday, Inc. (a)​		741,209
	5,707	Zscaler, Inc. (a)​		514,201
				5,770,512
Publishing Industries - 34.4%
	2,267	Adobe Systems, Inc. (a)​		855,928
	4,519	Atlassian Corp. (a)​		667,276
	21,830	Box, Inc. (a)​		577,622
	6,099	CrowdStrike Holdings, Inc. (a)​		732,185
	5,057	CyberArk Software Ltd. ADR (Israel) (a)​		630,102
	12,426	DocuSign, Inc. (a)​		614,341
	15,114,518	Exela Technologies, Inc. (a)​		513,894
	2,978	Microsoft Corp.		915,020
	10,261	Okta, Inc. (a)​		703,186
	8,491	Oracle Corp.		804,268
	12,742	Progress Software Corp.		699,281

Shares			Fair Value
Publishing Industries (continued)
	4,380	Salesforce.com, Inc. (a)​	$	868,861
	16,904	Smartsheet, Inc. (a)​		690,867
	11,150	Twilio, Inc. (a)​		586,601
				9,859,432
Telecommunications - 4.8%
	19,141	Verizon Communications, Inc.		743,245
	10,529	Zoom Video Communications, Inc. (a)​		646,797
				1,390,042
		TOTAL COMMON STOCKS (Cost $41,726,943)	$	28,663,159
SHORT TERM INVESTMENTS - 0.2%
Money Market Funds - 0.2%
	56,051	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	56,051
		TOTAL SHORT TERM INVESTMENTS (Cost $56,051)	$	56,051
		TOTAL INVESTMENTS (Cost $41,782,994) - 100.0%	$	28,719,210
		Other Assets in Excess of Liabilities - 0.0% (†)​		5,500
		TOTAL NET ASSETS - 100.0%	$	28,724,710

Percentages are stated as a percent of net assets.

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

^(†)​  Less than 0.05%.

^(a)​  Non-income producing security.

^(b)​  Represents annualized seven-day yield at April 30, 2023.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
18

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion Auspice Broad Commodity Strategy ETF (Consolidated)		Direxion Hydrogen ETF			Direxion Moonshot Innovators ETF
Assets:
Investments, at fair value (including securities loaned*) (Note 2)	$	294,644,639	$	37,936,879		$	35,367,840
Cash held in foreign currency, at value		—		505			—
Receivable for investments sold		—		3,058,351			—
Due from broker for futures contracts		66		—			—
Deposit at broker for futures contracts		9,558,547		—			—
Variation margin receivable, net		311,303		—			—
Dividend and interest receivable		1,110,552		87,702			14,636
Tax reclaim receivable		—		7,807			—
Total Assets		305,625,107		41,091,244			35,382,476
Liabilities:
Collateral for securities loaned (Note 2)		—		6,104,038			6,619,361
Payable for investments purchased		—		3,077,331			—
Due to Adviser, net (Note 6)		78,644		6,691			9,351
Accrued operating services fees (Note 6)		48,928		1,333			1,246
Total Liabilities		127,572		9,189,393			6,629,958
Net Assets	$	305,497,535	$	31,901,851		$	28,752,518
Net Assets Consist of:
Capital stock	$	284,740,521	$	50,926,962		$	169,471,258
Total distributable earnings (loss)		20,757,014		(19,025,111	)		(140,718,740	)
Net Assets	$	305,497,535	$	31,901,851		$	28,752,518
Calculation of Net Asset Value Per Share:
Net assets	$	305,497,535	$	31,901,851		$	28,752,518
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		9,750,001		2,350,002			2,800,001
Net assets value, redemption price and offering price per share	$	31.33	$	13.58		$	10.27
Cost of Investments	$	294,644,639	$	49,868,983		$	65,703,874

*  Securities loaned with values of $–, $7,437,000 and $6,336,161, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
19

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion mRNA ETF1​			Direxion NASDAQ-100® ​Equal Weighted Index Shares			Direxion Work From Home ETF
Assets:
Investments, at fair value (including securities loaned*) (Note 2)	$	126,215		$	631,319,421		$	28,719,210
Cash		162			—			—
Receivable for Fund shares sold		—			1,039			—
Dividend and interest receivable		8			177,050			13,154
Tax reclaim receivable		440			—			—
Total Assets		126,825			631,497,510			28,732,364
Liabilities:
Collateral for securities loaned (Note 2)		—			17,719,242			—
Due to Adviser, net (Note 6)		521			95,088			6,385
Accrued operating services fees (Note 6)		89			24,672			1,269
Total Liabilities		610			17,839,002			7,654
Net Assets	$	126,215		$	613,658,508		$	28,724,710
Net Assets Consist of:
Capital stock	$	1,999,724		$	666,286,992		$	55,041,788
Total distributable loss		(1,873,509	)		(52,628,484	)		(26,317,078	)
Net Assets	$	126,215		$	613,658,508		$	28,724,710
Calculation of Net Asset Value Per Share:
Net assets	$	126,215		$	613,658,508		$	28,724,710
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		225,001			8,650,002			675,001
Net assets value, redemption price and offering price per share	$	0.56		$	70.94		$	42.56
Cost of Investments	$	88,037		$	669,101,994		$	41,782,994

¹​  The Fund ceased trading at the close of trading on April 21, 2023 and subsequently commenced liquidation procedures. See Note 1 in the accompanying Notes to the Financial Statements.

*  Securities loaned with values of $–, $17,058,451 and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
20

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion Auspice Broad Commodity Strategy ETF (Consolidated)		Direxion Hydrogen ETF			Direxion Moonshot Innovators ETF
Investment Income:
Dividend income (net of foreign withholding tax of $—, $8,618 and $—, respectively)	$	—	$	162,890		$	3,052
Interest income		5,780,952		3,380			3,211
Securities lending income		—		67,659			137,301
Total investment income		5,780,952		233,929			143,564
Expenses:
Investment advisory fees (Note 6)		703,000		58,442			102,472
Operating services fees (Note 6)		281,200		7,305			8,539
Total Expenses		984,200		65,747			111,011
Net investment income		4,796,752		168,182			32,553
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities		—		(1,702,168	)		(6,958,686	)
Foreign currency translation		—		(16,721	)		—
In-kind redemptions		—		—			207,927
Futures contracts		16,420,352		—			—
Net realized gain (loss)		16,420,352		(1,718,889	)		(6,750,759	)
Change in net unrealized appreciation (depreciation) on:
Investment securities		—		1,886,673			(1,902,961	)
Foreign currency translation		—		1,610			—
Futures contracts		620,307		—			—
Change in net unrealized appreciation (depreciation)		620,307		1,888,283			(1,902,961	)
Net realized and unrealized gain (loss)		17,040,659		169,394			(8,653,720	)
Net increase (decrease) in net assets resulting from operations	$	21,837,411	$	337,576		$	(8,621,167	)

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

DIREXION SEMI-ANNUAL REPORT
21

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion mRNA ETF1​			Direxion NASDAQ-100® ​Equal Weighted Index Shares			Direxion Work From Home ETF
Investment Income:
Dividend income (net of foreign withholding tax of $—, $12,371 and $4,386, respectively)	$	88,042		$	3,163,653		$	81,195
Interest income		94			17,802			896
Securities lending income		314			394,626			2,368
Total investment income		88,450			3,576,081			84,459
Expenses:
Investment advisory fees (Note 6)		9,891			823,594			65,654
Operating services fees (Note 6)		824			137,266			8,207
Total Expenses		10,715			960,860			73,861
Net investment income		77,735			2,615,221			10,598
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities		(939,218	)		(32,133,921	)		(8,212,660	)
In-kind redemptions		387,605			35,031,444			(329,978	)
Net realized gain (loss)		(551,613	)		2,897,523			(8,542,638	)
Change in net unrealized appreciation on:
Investment securities		544,864			69,891,710			7,532,901
Change in net unrealized appreciation		544,864			69,891,710			7,532,901
Net realized and unrealized gain (loss)		(6,749	)		72,789,233			(1,009,737	)
Net increase (decrease) in net assets resulting from operations	$	70,986		$	75,404,454		$	(999,139	)

¹​  The Fund ceased trading at the close of trading on April 21, 2023 and subsequently commenced liquidation procedures. See Note 1 in the accompanying Notes to the Financial Statements.

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

DIREXION SEMI-ANNUAL REPORT
22

Statements of Changes in Net Assets

	Direxion Auspice Broad Commodity Strategy ETF (Consolidated)						Direxion Hydrogen ETF
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income	$	4,796,752		$	111,261		$	168,182		$	381,449
Net realized gain (loss)		16,420,352			27,202,526			(1,718,889	)		(5,481,013	)
Change in net unrealized appreciation (depreciation)		620,307			(15,322,256	)		1,888,283			(15,187,528	)
Net increase (decrease) in net assets resulting from operations		21,837,411			11,991,531			337,576			(20,287,092	)
Distributions to shareholders:
Net distributions to shareholders		(8,091,521	)		(45,900,192	)		(92,198	)		(399,661	)
Return of capital		—			—			—			(15,230	)
Total distributions		(8,091,521	)		(45,900,192	)		(92,198	)		(414,891	)
Capital share transactions:
Proceeds from shares sold		25,822,393			189,709,720			9,519,314			14,001,030
Cost of shares redeemed		(31,278,686	)		(112,074,283	)		(1,516	)		(12,374,593	)
Transaction fees (Note 4)		(79,868	)		130,092			—			—
Net increase (decrease) in net assets resulting from capital transactions		(5,536,161	)		77,765,529			9,517,798			1,626,437
Total increase (decrease) in net assets		8,209,729			43,856,868			9,763,176			(19,075,546	)
Net assets:
Beginning of year/period		297,287,806			253,430,938			22,138,675			41,214,221
End of year/period	$	305,497,535		$	297,287,806		$	31,901,851		$	22,138,675
Changes in shares outstanding
Shares outstanding, beginning of year/period		9,950,001			7,750,001			1,700,002			1,700,002
Shares sold		850,000			5,850,000			650,000			650,000
Shares repurchased		(1,050,000	)		(3,650,000	)		—			(650,000	)
Shares outstanding, end of year/period		9,750,001			9,950,001			2,350,002			1,700,002

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

DIREXION SEMI-ANNUAL REPORT
23

Statements of Changes in Net Assets

	Direxion Moonshot Innovators ETF						Direxion mRNA ETF1​
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			For the Period December 9, 20212 ​through October 31, 2022
Operations:
Net investment income	$	32,553		$	438,546		$	77,735		$	(4,789	)
Net realized loss		(6,750,759	)		(83,908,667	)		(551,613	)		(1,358,364	)
Change in net unrealized appreciation (depreciation)		(1,902,961	)		7,934,248			544,864			(506,686	)
Net increase (decrease) in net assets resulting from operations		(8,621,167	)		(75,535,873	)		70,986			(1,869,839	)
Distributions to shareholders:
Net distributions to shareholders		—			(953,134	)		(75,821	)		—
Return of capital		—			(193,011	)		—			—
Total distributions		—			(1,146,145	)		(75,821	)		—
Capital share transactions:
Proceeds from shares sold		9,527,350			17,599,599			1,803,876			5,419,623
Cost of shares redeemed		(9,925,464	)		(54,961,093	)		(5,223,110	)		—
Transaction fees (Note 4)		—			—			—			500
Net increase (decrease) in net assets resulting from capital transactions		(398,114	)		(37,361,494	)		(3,419,234	)		5,420,123
Total increase (decrease) in net assets		(9,019,281	)		(114,043,512	)		(3,424,069	)		3,550,284
Net assets:
Beginning of year/period		37,771,799			151,815,311			3,550,284			—
End of year/period	$	28,752,518		$	37,771,799		$	126,215		$	3,550,284
Changes in shares outstanding
Shares outstanding, beginning of year/period		2,875,001			4,500,001			250,001			—
Shares sold		750,000			900,000			125,000			250,001
Shares repurchased		(825,000	)		(2,525,000	)		(150,000	)		—
Shares outstanding, end of year/period		2,800,001			2,875,001			225,001			250,001

¹​  The Fund ceased trading at the close of trading on April 21, 2023 and subsequently commenced liquidation procedures. See Note 1 in the accompanying Notes to the Financial Statements.

²​  Commencement of operations.

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

DIREXION SEMI-ANNUAL REPORT
24

Statements of Changes in Net Assets

	Direxion NASDAQ-100®​ Equal Weighted Index Shares						Direxion Work From Home ETF
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income	$	2,615,221		$	4,541,561		$	10,598		$	713,092
Net realized gain (loss)		2,897,523			83,777,094			(8,542,638	)		(1,926,715	)
Change in net unrealized appreciation (depreciation)		69,891,710			(227,222,717	)		7,532,901			(37,909,503	)
Net increase (decrease) in net assets resulting from operations		75,404,454			(138,904,062	)		(999,139	)		(39,123,126	)
Distributions to shareholders:
Net distributions to shareholders		(2,411,462	)		(18,877,170	)		(73,408	)		(723,713	)
Total distributions		(2,411,462	)		(18,877,170	)		(73,408	)		(723,713	)
Capital share transactions:
Proceeds from shares sold		415,566,339			995,342,941			1,108,042			1,987,577
Cost of shares redeemed		(574,576,841	)		(570,149,865	)		(9,681,583	)		(34,259,716	)
Net increase (decrease) in net assets resulting from capital transactions		(159,010,502	)		425,193,076			(8,573,541	)		(32,272,139	)
Total increase (decrease) in net assets		(86,017,510	)		267,411,844			(9,646,088	)		(72,118,978	)
Net assets:
Beginning of year/period		699,676,018			432,264,174			38,370,798			110,489,776
End of year/period	$	613,658,508		$	699,676,018		$	28,724,710		$	38,370,798
Changes in shares outstanding
Shares outstanding, beginning of year/period		10,950,002			4,950,002			875,001			1,425,001
Shares sold		6,100,000			14,200,000			25,000			25,000
Shares repurchased		(8,400,000	)		(8,200,000	)		(225,000	)		(575,000	)
Shares outstanding, end of year/period		8,650,002			10,950,002			675,001			875,001

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

DIREXION SEMI-ANNUAL REPORT
25

Financial Highlights

April 30, 2023

																																							RATIOS TO AVERAGE NET ASSETS5​
	Net Asset Value, Beginning of Year/ Period		Net Investment Income (Loss)1​			Net Investment Income (Loss)1,2​			Net Realized and Unrealized Gain (Loss) on Investments3​			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, Prior to Liquidation		Effect of Liquidation			Net Asset Value, End of Year/ Period		Total Return4​			Net Assets, End of Year/ Period (000's omitted)		Net Expenses6​			Total Expenses			Net Investment Income (Loss) After Expense Reimbursement			Net Expenses2,6​			Total Expenses2​			Net Investment Income (Loss) After Expense Reimbursement2​			Portfolio Turnover Rate7​
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)
For the Six Months Ended April 30, 2023 (Unaudited)	$	29.88	$	0.51		$	0.51		$	1.80		$	2.31		$	(0.86	)	$	—		$	—		$	(0.86	)	$	31.33	$	—		$	31.33		7.92	%	$	305,498		0.70	%		0.70	%		3.41	%		0.70	%		0.70	%		3.41	%		0	%
For the Year Ended October 31, 2022		32.70		0.01			0.06			1.85			1.86			(4.68	)		—			—			(4.68	)		29.88		—			29.88		6.21	%		297,288		0.87	%		0.87	%		0.03	%		0.70	%		0.70	%		0.20	%		0	%
For the Year Ended October 31, 2021		23.13		(0.20	)		(0.20	)		9.77			9.57			—			—			—			—			32.70		—			32.70		41.37	%		253,431		0.70	%		0.70	%		(0.67	)%		0.70	%		0.70	%		(0.67	)%		0	%
For the Year Ended October 31, 2020		23.53		(0.02	)		(0.02	)		(0.29	)		(0.31	)		(0.06	)		—			(0.03	)		(0.09	)		23.13		—			23.13		-1.31	%		43,946		0.70	%		0.70	%		(0.10	)%		0.70	%		0.70	%		(0.10	)%		0	%
For the Year Ended October 31, 2019		24.58		0.35			0.35			(0.77	)		(0.42	)		(0.63	)		—			—			(0.63	)		23.53		—			23.53		-1.72	%		42,360		0.70	%		0.79	%		1.47	%		0.70	%		0.79	%		1.47	%		0	%
For the Year Ended October 31, 2018		23.82		0.20			0.20			0.72			0.92			(0.16	)		—			—			(0.16	)		24.58		—			24.58		3.84	%		52,847		0.70	%		0.84	%		0.80	%		0.70	%		0.84	%		0.80	%		0	%
Direxion Hydrogen ETF
For the Six Months Ended April 30, 2023 (Unaudited)		13.02		0.08			0.08			0.52			0.60			(0.04	)		—			—			(0.04	)		13.58		—			13.58		4.63	%		31,902		0.45	%		0.45	%		1.15	%		0.45	%		0.45	%		1.15	%		20	%
For the Year Ended October 31, 2022		24.24		0.21			0.21			(11.21	)		(11.00	)		(0.21	)		—			(0.01	)		(0.22	)		13.02		—			13.02		-45.57	%		22,139		0.45	%		0.45	%		1.18	%		0.45	%		0.45	%		1.18	%		37	%
For the Period March 25, 20218​ through October 31, 2021		25.00		0.16			0.16			0.16			0.32			(0.08	)		—			—			(0.08	)		24.24		—			24.24		1.37	%		41,214		0.45	%		0.45	%		1.21	%		0.45	%		0.45	%		1.21	%		55	%
Direxion Moonshot Innovators ETF
For the Six Months Ended April 30, 2023 (Unaudited)		13.14		0.01			0.01			(2.88	)		(2.87	)		—			—			—			—			10.27		—			10.27		-21.84	%		28,753		0.65	%		0.65	%		0.19	%		0.65	%		0.65	%		0.19	%		19	%
For the Year Ended October 31, 2022		33.74		0.13			0.13			(20.43	)		(20.30	)		(0.25	)		—			(0.05	)		(0.30	)		13.14		—			13.14		-60.64	%		37,772		0.65	%		0.65	%		0.64	%		0.65	%		0.65	%		0.64	%		120	%
For the Period November 12, 20208​ through October 31, 2021		25.00		0.27			0.27			8.61			8.88			(0.14	)		—			—			(0.14	)		33.74		—			33.74		35.54	%		151,815		0.65	%		0.65	%		0.76	%		0.65	%		0.65	%		0.76	%		87	%
Direxion mRNA ETF9​
For the Six Months Ended April 30, 2023 (Unaudited)		14.20		0.32			0.32			(0.98	)		(0.66	)		(0.34	)		—			—			(0.34	)		13.20		(12.64	)		0.56		-4.70	%		126		0.65	%		0.65	%		4.72	%		0.65	%		0.65	%		4.72	%		35	%
For the Period December 9, 20218​ through October 31, 2022		25.00		(0.02	)		(0.02	)		(10.78	)		(10.80	)		—			—			—			—			14.20		—			14.20		-43.20	%		3,550		0.65	%		0.65	%		(0.15	)%		0.65	%		0.65	%		(0.15	)%		85	%
Direxion NASDAQ-100®​ Equal Weighted Index Shares
For the Six Months Ended April 30, 2023 (Unaudited)		63.90		0.32			0.32			7.07			7.39			(0.35	)		—			—			(0.35	)		70.94		—			70.94		11.61	%		613,659		0.35	%		0.35	%		0.95	%		0.35	%		0.35	%		0.95	%		16	%
For the Year Ended October 31, 2022		87.33		0.53			0.53			(20.59	)		(20.06	)		(0.50	)		(2.87	)		—			(3.37	)		63.90		—			63.90		-23.78	%		699,676		0.35	%		0.35	%		0.75	%		0.35	%		0.35	%		0.75	%		34	%
For the Year Ended October 31, 2021		63.03		0.39			0.39			24.33			24.72			(0.39	)		(0.03	)		—			(0.42	)		87.33		—			87.33		39.30	%		432,264		0.35	%		0.35	%		0.49	%		0.35	%		0.35	%		0.49	%		30	%
For the Year Ended October 31, 2020		51.32		0.38			0.38			11.72			12.10			(0.39	)		—			—			(0.39	)		63.03		—			63.03		23.69	%		274,199		0.35	%		0.35	%		0.67	%		0.35	%		0.35	%		0.67	%		35	%
For the Year Ended October 31, 2019		43.27		0.39			0.39			8.04			8.43			(0.38	)		—			—			(0.38	)		51.32		—			51.32		19.59	%		215,563		0.35	%		0.44	%		0.82	%		0.35	%		0.44	%		0.82	%		28	%
For the Year Ended October 31, 2018		41.90		0.31			0.31			1.37			1.68			(0.31	)		—			—			(0.31	)		43.27		—			43.27		3.98	%		179,574		0.35	%		0.49	%		0.68	%		0.35	%		0.49	%		0.68	%		27	%
Direxion Work From Home ETF
For the Six Months Ended April 30, 2023 (Unaudited)		43.85		0.01			0.01			(1.21	)		(1.20	)		(0.09	)		—			—			(0.09	)		42.56		—			42.56		-2.73	%		28,725		0.45	%		0.45	%		0.06	%		0.45	%		0.45	%		0.06	%		19	%
For the Year Ended October 31, 2022		77.54		0.63			0.63			(33.78	)		(33.15	)		(0.54	)		—			—			(0.54	)		43.85		—			43.85		-43.00	%		38,371		0.45	%		0.45	%		1.04	%		0.45	%		0.45	%		1.04	%		45	%
For the Year Ended October 31, 2021		53.77		0.22			0.22			24.24			24.46			(0.27	)		(0.42	)		—			(0.69	)		77.54		—			77.54		45.69	%		110,490		0.45	%		0.45	%		0.31	%		0.45	%		0.45	%		0.31	%		35	%
For the Period June 25, 20208​ through October 31, 2020		50.00		0.15			0.15			3.65			3.80			(0.03	)		—			—			(0.03	)		53.77		—			53.77		7.60	%		133,078		0.45	%		0.45	%		0.81	%		0.45	%		0.45	%		0.81	%		32	%

¹​  Net investment income (loss) per share represents net investment income divided by the daily average shares of beneficial interest outstanding throughout each period.

²​  Excludes interest expense and extraordinary expenses which comprise of tax and litigation expenses.

³​  Due to the timing of sales and redemptions of capital shares, the net realized and unrealized gain (loss) per share will not equal the Fund's changes in net realized and unrealized gain (loss) on investments, in-kind redemptions, futures and swaps for the period.

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

DIREXION SEMI-ANNUAL REPORT
26

Financial Highlights

April 30, 2023

⁴​  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. For the years October 31, 2018 through October 31, 2019 the total return would have been lower if certain expenses had not been reimbursed/waived by the investment advisor. The total return for Direxion mRNA ETF represents the total return prior to liquidation.

⁵​  For periods less than a year, these ratios are annualized.

⁶​  For the years ended October 31, 2018 through October 31, 2019, net expenses include affects of any reimbursement/waiver or recoupment.

⁷​  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. Portfolio turnover rate does not include effects of turnover of the swap and future contracts portfolio. Short-term securities with maturities less than or equal to 365 days are also excluded from portfolio turnover calculation.

⁸​  Commencement of operations.

⁹​  The Fund ceased trading at the close of trading on April 21, 2023 and subsequently commenced liquidation procedures. See Note 1 in the accompanying Notes to the Financial Statements.

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

DIREXION SEMI-ANNUAL REPORT
27

Direxion Shares ETF Trust

Notes to the Financial Statements (Unaudited)

April 30, 2023

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 is a registered investment company that has 76 separate series (each, a "Fund" and together the "Funds"). 6 of these Funds are included in this report:

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

Direxion Hydrogen ETF

Direxion Moonshot Innovators ETF

Direxion mRNA ETF

Direxion NASDAQ-100^®​ Equal Weighted Index Shares

Direxion Work From Home ETF

The Trust has evaluated the structure, objective and activities of the Funds and determined that they meet the characteristics of an investment company. As such, these financial statements have applied the guidance as set forth in the Accounting Standards Codifications ("ASC") 946, Financial Services-Investment Companies.

Rafferty Asset Management, LLC ("Rafferty") serves as investment adviser to the Funds. Rafferty has registered as a commodity pool operator ("CPO") and the Direxion Auspice Broad Commodity Strategy ETF (Consolidated) and Direxion Breakfast Commodities Strategy ETF (Consolidated) are considered commodity pools under the Commodity Exchange Act (the "CEA"). Accordingly, Rafferty is subject to registration and regulation as a CPO under the CEA and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission and the National Futures Association, including investor protection requirements, antifraud provisions, disclosure requirements and reporting and recordkeeping requirements.

Each Fund seeks investment results, before fees and expenses, that track the performance of the underlying index as listed below:

Funds	Index or Benchmark
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	Auspice Broad Commodity Index
Direxion Hydrogen ETF	Indxx Hydrogen Economy Index
Direxion Moonshot Innovators ETF	S&P Kensho Moonshots Index
Direxion mRNA ETF	BITA Messenger RNA Technology Index
Direxion NASDAQ-100®​ Equal Weighted Index Shares	NASDAQ-100®​ Equal Weighted Index
Direxion Work From Home ETF	Solactive Remote Work Index

The Direxion Auspice Broad Commodity Strategy ETF (Consolidated) primarily invests in commodity and financial futures contracts directly and/or indirectly through its wholly-owned subsidiary, Direxion BCS Fund Ltd. ("BCS Fund"), in order to track the returns of the Auspice Broad Commodity Index within the limitation of the U.S. federal tax requirements applicable to regulated investment companies.

On April 3, 2023, the Trust filed an amendment to the registration statement notifying shareholders that the Direxion mRNA ETF would cease trading on the New York Stock Exchange Arca, Inc. ("NYSE Arca") on April 21, 2023. Subsequent to this date, the Direxion mRNA ETF stopped accepting creations of their shares, ceased pursuing their stated investment objectives, and on April 27, 2023 began liquidating their net assets and distributed cash pro rata to all shareholders who had not previously redeemed or sold their shares. A second distribution of cash was necessary due to restrictions on selling one of the Direxion mRNA ETF's portfolio securities. On May 24, 2023, the Direxion mRNA ETF engaged in a selling agreement to sell this restricted security and distribute cash pro rata on May 31, 2023 to all shareholders of record from the liquidation date of April 27, 2023.

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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").

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 NYSE Arca (normally at 4:00 p.m. Eastern time ("Valuation Time")), each day the NYSE is open for business. 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 are valued using the NASDAQ^®​ Official Closing Price ("NOCP") provided by NASDAQ each business day. Over-the-counter ("OTC") securities held by a Fund are 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 or; if no sales price is reported, the mean of the last bid and asked price is used. Swap contracts are valued using the closing price of the underlying reference entity or the closing value of the underlying reference index. The Funds valued their investments in money market funds based on their daily net asset values. If the settlement price established by the exchange reflects trading after the Valuation Time, then the last sales price prior to Valuation Time will be used. Securities and swap contracts are fair valued as determined by the Rafferty under the supervision of the Board of Trustees (the "Board") in the following scenarios: a) reliable market quotations are not readily available; b) the Funds' pricing service does not provide a valuation for such securities; c) the Funds' pricing service provides a valuation that in the judgment of the Rafferty does not represent fair value; or d) the Fund or Rafferty believes the market price is stale.

b) Futures Contracts – Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against, changes in the values of commodities, equities, interest rates or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. The Direxion Auspice Broad Commodity Strategy ETF (Consolidated) was invested in futures contracts as of the period ended April 30, 2023.

c) Risks of Futures Contracts, Options on Futures Contracts and Short Positions – The risks inherent in the use of options, futures contracts, options on futures contracts and short positions include 1) adverse changes in the fair value of such instruments; 2) imperfect correlation between the price of options and futures contracts and options thereon and movements in the price of the underlying securities, index or futures contracts; 3) the possible absence of a liquid secondary market for any particular instrument at any time; 4) the possible need to defer closing out certain positions to avoid adverse tax consequences; and 5) the possible non-performance by the counterparty under the terms of the contract. The Funds designate cash, cash equivalents and liquid securities as collateral for written options, futures contracts, options on futures contracts and short positions. The Funds were not invested in any type of options during the period ended April 30, 2023.

d) Risks of Investing in Foreign Securities – Investments in foreign securities involve greater risks than investing in domestic securities. As a result, the Funds' 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, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore 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.

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e) Foreign Currency Translation – The accounting records of the Funds are maintained in U.S. dollars. The fair value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the Funds after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The Funds do not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of assets and liabilities other than investments at the period end, resulting from changes in the exchange rate.

f) Basis for Consolidation – The Direxion Auspice Broad Commodity Strategy ETF may invest up to 25% of its total assets in the Direxion BCS Fund Ltd. ("BCS Fund"). The BCS Fund, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by the Direxion Auspice Broad Commodity Strategy ETF. The BCS Fund acts as an investment vehicle to facilitate entering into certain investments for the Direxion Auspice Broad Commodity Strategy ETF consistent with the Fund's investment objectives and policies specified in its prospectus and statement of additional information and within the limitation of the U.S. federal tax requirements applicable to regulated investment companies. As of April 30, 2023, the net assets of the Direxion Auspice Broad Commodity Strategy ETF were $305,497,535 of which $57,240,715, or approximately 18.7%, represented the Direxion Auspice Broad Commodity Strategy ETF's ownership of all issued shares and voting rights of the BCS Fund. All intercompany balances, revenues and expenses have been eliminated in consolidation.

g) Risks of Investing Commodity-Linked Derivatives – The Direxion Auspice Broad Commodity Strategy ETF, through its investment in its respective subsidiary, may hold commodity-linked derivatives. Commodity-linked derivatives provide exposure, which may include long and/or short exposure, to the investment returns of physical commodities that trade in the commodities markets without investing directly in physical commodities. The value of a commodity-linked derivative investment typically is based upon the price movements of a physical commodity (such as heating oil, precious metals, livestock, or agricultural products), a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. The Direxion Auspice Broad Commodity Strategy ETF held commodity-linked derivatives during the period ended April 30, 2023.

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

i) Securities Lending – Each Fund may lend up to 33¹​/₃% of the value of the securities in their portfolios to approved brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, cash equivalents, or securities issued or guaranteed by the U.S. government. The collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. Government securities held as collateral, net of fee rebates paid to borrower and net of fees paid to the lending agent. The amount of fees depends on a number of factors including the security type and the length of the loan. In addition, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. No more than 99% of the value of any security may be on loan at any time.

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As of April 30, 2023, all securities on loan were collateralized by cash and/or U.S. government obligations. The cash received as collateral for securities on loan was invested in money market funds, whose maturities are overnight and continuous, and is disclosed in the Schedules of Investments. The securities on loan in each Fund are also disclosed in the Schedule of Investments. The total value of securities loaned and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Non-cash collateral consists of U.S. Treasury securities and is not disclosed on the Statements of Assets and Liabilities as its held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell, reinvest or pledge those securities. Income earned by the Funds from securities lending is disclosed in the Statements of Operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds are contractually indemnified with the securities lending agent. Furthermore, the Funds require the value of the securities loaned to be computed daily at the close of the market and additional collateral be furnished, if required.

As of April 30, 2023, the market value of the securities loaned and the related cash and non-cash collateral received for securities lending were as follows:

Funds	Market Value of Securities Loaned		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Direxion Hydrogen ETF	$	7,437,000	$	6,104,038	$	1,688,328	$	7,792,366
Direxion Moonshot Innovators ETF		6,336,161		6,619,361		—		6,619,361
Direxion NASDAQ-100®​ Equal Weighted Index Shares		17,058,451		17,719,242		43,630		17,762,872

j) Federal Income Taxes – Each Fund intends to make the requisite distributions of income and capital gains to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company. Therefore, no provision for U.S. Federal income tax has been made by the Funds.

The Funds may be subject to a nondeductible 4% U.S. excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. No Funds paid this excise tax during the period ended April 30, 2023.

k) Income and Expenses – Interest income, including amortization of premiums and discounts, is recognized on an accrual basis. Distributions are recorded on the ex-dividend date.

The Funds are charged for those expenses that are directly attributable to each series, such as advisory fees. Expenses that are not directly attributable to a series are generally allocated among the Trust's series in proportion to their respective average daily net assets. Expenses are charged to the Funds daily. Expenses are computed based on each Fund's respective average daily net assets. For additional discussion on expenses, refer to Note 6.

l) Distributions to Shareholders – Each Fund pays dividends from net investment income and distributes net realized capital gains, if any, at least annually. Income and capital gain distributions are determined in accordance with U.S. Federal 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.

m) Guarantees and Indemnifications – In the ordinary course of business, the Funds enter into contracts that contain a variety of indemnification provisions pursuant to which the Funds agree to indemnify third parties upon the occurrence of specified events. The Funds' maximum exposure relating to these indemnification agreements is unknown. However, the Funds have not had prior claims or losses in connection with these provisions and believe the risk of loss is remote.

n) 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.

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3.  INCOME TAX AND DISTRIBUTION INFORMATION

The tax character of distributions paid during the periods ended April 30, 2023 and October 31, 2022 are presented in the following table. The tax character of distributions to shareholders made during the periods may differ from their ultimate characterization for U.S. Federal income tax purposes.

	Period Ended April 30, 2023 (Unaudited)						Year/Period Ended October 31, 2022
	Distributions Paid From:						Distributions Paid From:
Funds	Ordinary Income		Long Term Capital Gains		Return of Capital		Ordinary Income		Long Term Capital Gains		Return of Capital
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$	8,091,521	$	—	$	—	$	45,900,192	$	—	$	—
Direxion Hydrogen ETF		92,198		—		—		399,661		—		15,230
Direxion Moonshot Innovators ETF		—		—		—		953,134		—		193,011
Direxion mRNA ETF1​		75,821		—		—		—		—		—
Direxion NASDAQ-100®​ Equal Weighted Index Shares		2,411,462		—		—		17,776,653		1,100,517		—
Direxion Work From Home ETF		73,408		—		—		723,713		—		—

¹​  Commenced operations December 9, 2021.

At October 31, 2022, the components of accumulated earnings/(losses) on a tax-basis were as follows:

Funds	Net Unrealized Appreciation (Depreciation)			Undistributed Ordinary Income		Undistributed Capital Gain		Other Accumulated Earnings (Losses)1​			Total Accumulated Earnings (Losses)
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$	—		$	7,014,632	$	—	$	(3,508	)	$	7,011,124
Direxion Hydrogen ETF		(15,237,274	)		—		—		(4,033,215	)		(19,270,489	)
Direxion Moonshot Innovators ETF		(28,680,156	)		—		—		(103,417,417	)		(132,097,573	)
Direxion mRNA ETF		(1,068,488	)		—		—		(800,186	)		(1,868,674	)
Direxion NASDAQ-100®​ Equal Weighted Index Shares		(125,840,211	)		218,735		—		—			(125,621,476	)
Direxion Work From Home ETF		(21,138,172	)		46,336		—		(4,152,695	)		(25,244,531	)

¹​  Other Accumulated Earnings (Losses) consist of capital loss carryover, qualified late year losses and organizational costs.

At April 30, 2023, the aggregate gross unrealized appreciation and depreciation of investments for U.S. Federal income tax purposes were as follows:

Funds	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$	294,644,639	$	—	$	—		$	—
Direxion Hydrogen ETF		49,868,983		1,706,240		(13,638,344	)		(11,932,104	)
Direxion Moonshot Innovators ETF		65,703,874		1,204,861		(31,540,895	)		(30,336,034	)
Direxion mRNA ETF		88,037		38,178		—			38,178
Direxion NASDAQ-100®​ Equal Weighted Index Shares		669,101,994		25,428,702		(63,211,275	)		(37,782,573	)
Direxion Work From Home ETF		41,782,994		2,932,657		(15,996,441	)		(13,063,784	)

In order to meet certain U.S. excise tax distribution requirements, each Fund is required to measure and distribute annually net capital gains realized during a twelve month period ending October 31 and net investment income earned during a twelve month period ending December 31. In connection with this, these Funds are permitted for tax purposes to defer

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into their next fiscal year qualified late year losses. Qualified late year ordinary losses are generally losses incurred between January 1 and the end of their fiscal year, October 31, 2022.

At October 31, 2022, these Funds deferred, on a tax basis, qualified late year losses of:

Funds	Ordinary Late Year Loss Deferral
Direxion Moonshot Innovators ETF	$	48,023
Direxion mRNA ETF		3,624

Under current law, each Fund may carry forward net capital losses indefinitely to use to offset capital gains realized in future years and their character is retained as either short-term and/or long-term.

At October 31, 2022, for U.S. Federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains:

Funds	Utilized in Current Year		Unlimited ST		Unlimited LT
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$	—	$	—	$	—
Direxion Hydrogen ETF		—		3,853,746		179,469
Direxion Moonshot Innovators ETF		—		54,710,113		48,659,281
Direxion mRNA ETF		—		796,562		—
Direxion NASDAQ-100®​ Equal Weighted Index Shares		—		—		—
Direxion Work From Home ETF		—		2,614,600		1,538,095

The Funds follow authoritative financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. Management has reviewed all open tax years and concluded that there is no effect to the Funds' financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During this period, the Funds did not incur any interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of April 30, 2023, open U.S. Federal and state income tax years include the tax years ended October 31, 2020 through October 31, 2022. The Funds have no examinations in progress. 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 the next twelve months.

4.  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." The number of shares in a Creation Unit for each respective Fund is as follows:

Fund	Number of shares per Creation Unit
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	50,000 shares
Direxion Hydrogen ETF	50,000 shares
Direxion Moonshot Innovators ETF	25,000 shares
Direxion mRNA ETF	25,000 shares
Direxion NASDAQ-100®​ Equal Weighted Index Shares	50,000 shares
Direxion Work From Home ETF	25,000 shares

Creation Units of the Funds are issued and redeemed in cash and/or in-kind for securities included in the relevant underlying index. 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. Transactions in shares for each Fund include both cash and in-kind transactions and are disclosed in detail in the Statements of Changes in Net Assets.

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Transaction fees are imposed to cover the costs associated with the issuance and redemption of Creation Units. There is a fixed and a variable component to the total transaction fee. A fixed transaction fee is paid to the transfer agent and 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 and is paid to the Fund. Not all Funds will have a transaction fee associated with capital share activity for the year. Transaction fees received by each Fund are presented in the Capital Share Transaction section of the Statements of Changes in Net Assets.

5.  INVESTMENT TRANSACTIONS

The table below presents each Fund's investment transactions during the period ended April 30, 2023. Purchases represent the aggregate purchases of investments excluding the cost of in-kind purchases, short-term investment purchases, swaps and futures contracts. Sales represent the aggregate sales of investments excluding proceeds from in-kind sales, short-term investments, swaps and futures contracts. Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:

Funds	Purchases		Sales		Purchases In-Kind		Sales In-Kind
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$	—	$	—	$	—	$	—
Direxion Hydrogen ETF		6,597,171		5,713,505		8,682,422		—
Direxion Moonshot Innovators ETF		6,462,104		6,398,605		9,529,476		9,926,845
Direxion mRNA ETF		1,077,282		4,068,177		1,786,856		2,207,515
Direxion NASDAQ-100®​ Equal Weighted Index Shares		93,850,841		94,054,715		415,548,491		574,405,355
Direxion Work From Home ETF		6,343,246		6,360,721		1,107,044		9,682,046

There were no purchases or sales of long-term U.S. Government securities in the Funds during the period ended April 30, 2023.

6.  INVESTMENT ADVISORY AND OTHER AGREEMENTS

Under an Investment Advisory Agreement between each Adviser and 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 each Fund, subject to the supervision of the Trustees. Pursuant to the Advisory Agreement, each Fund pays their respective Adviser an investment advisory fees at an annual rate based on its average daily net assets. These rates are as follows:

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	0.50	%
Direxion Hydrogen ETF	0.40	%
Direxion Moonshot Innovators ETF	0.60	%
Direxion mRNA ETF	0.60	%
Direxion NASDAQ-100®​ Equal Weighted Index Shares	0.30	%
Direxion Work From Home ETF	0.40	%

Additionally, the Trust has entered into a Management Services Agreement with Rafferty. Under the Management Services Agreement, the Trust pays Rafferty management service fees of 0.026% on the first $10,000,000,000 of the Trust's daily net assets and 0.024% on assets in excess of $10,000,000,000. This fee compensates Rafferty for performing certain management, administration and compliance functions related to the Trust.

The Funds have entered into an Operating Services Agreement. Under the Operating Services Agreement, Rafferty will pay all the expenses (with certain exceptions such as management fees, Rule 12b-1 fees and swap financing and related costs) of the Funds in exchange for a fee calculated based on the following rates multiplied by the respective average daily net assets of each Fund.

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Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	0.20	%
Direxion Hydrogen ETF	0.05	%
Direxion Moonshot Innovators ETF	0.05	%
Direxion mRNA ETF	0.05	%
Direxion NASDAQ-100®​ Equal Weighted Index Shares	0.05	%
Direxion Work From Home ETF	0.05	%

The Board 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 charge 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 were charged by any Fund.

7.  FAIR VALUE MEASUREMENTS

The Funds follow authoritative fair valuation accounting standards, which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels below:

Level 1 – Quoted prices in active markets for identical securities

Level 2 – Evaluated price based on other significant observable inputs (including quoted prices for similar securities, in active markets, quoted prices for identical or similar securities in inactive markets, 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)

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 to value the Funds' investments at April 30, 2023:

	Asset Class
	Level 1
Funds	Common Stocks		Short Term Investments		Futures Contracts*
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$	—	$	294,644,639	$	620,307
Direxion Hydrogen ETF		31,675,429		6,261,450		—
Direxion Moonshot Innovators ETF		28,593,719		6,774,121		—
Direxion mRNA ETF		126,215		—		—
Direxion NASDAQ-100®​ Equal Weighted Index Shares		612,566,040		18,753,381		—
Direxion Work From Home ETF		28,663,159		56,051		—

For further detail on each asset class, see each Fund's Schedule of Investments.

*  Futures contracts are valued at the unrealized appreciation/(depreciation).

The Funds also follow authoritative accounting standards, which require additional disclosure regarding fair value measurements. Specifically, these standards require reporting entities to disclose a) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions, b) transfers between all levels (including Level 1 and Level 2) on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfers and c) purchases and sales on a gross basis in the Level 3 rollforward rather than as one net number. Additionally, reporting entities are required to disclose quantitative information about unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy.

8.  VALUATION OF DERIVATIVE INSTRUMENTS

The Funds follow authoritative standards of accounting for derivative instruments, which establish disclosure requirements for derivative instruments. These standards improve financial reporting for derivative instruments by requiring enhanced

DIREXION SEMI-ANNUAL REPORT
35

disclosures that enable investors to understand how and why a fund uses derivative instruments, how derivative instruments are accounted for and how derivative instruments affect a fund's financial position and results of operations.

Certain Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective. For additional discussion on the risks associated with derivative instruments refer to Note 2. As of April 30, 2023, certain Funds were invested in futures contracts. At April 30, 2023, the fair values of derivative instruments, by primary risk, were as follows:

	Asset Derivatives1​
Futures Contracts* Fund	Commodity Risk		Total
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$	620,307	$	620,307

*  Cumulative appreciation(depreciation) of futures contracts as reported in the Schedule of Investments.
Only current day's variation margin, if any, is reported in the Statements of Assets and Liabilities.

Transactions in derivative instruments during the period ended April 30, 2023, by primary risk, were as follows:

		Net Realized Gain (Loss)1​		Net Unrealized Appreciation (Depreciation)2​
Fund		Commodity Risk		Commodity Risk
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	Futures Contracts	$	16,420,352	$	620,307

¹​  Statements of Operations location: Net realized gain (loss) on futures contracts.

²​  Statements of Operations location: Change in net unrealized appreciation (depreciation) on futures contracts.

For the period ended April 30, 2023, the volume of the derivatives held by the Funds was as follows:

	Quarterly Average Gross Notional Amounts
	Long Futures Contracts
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$	116,154,313

The Funds utilize this volume of derivatives in order to meet the investment objectives of each respective Fund.

9.  PRINCIPAL RISKS

Below are some of the principal risks of investing in the Funds. Please refer to the Funds' prospectus for a full discussion.

Sector 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.

Daily Index Correlation/Tracking 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

DIREXION SEMI-ANNUAL REPORT
36

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.

Derivatives Risk – The Fund's investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund's other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

In addition, the Fund's investments in derivatives are subject to the following risks:

•  Futures Contracts. Futures contracts are typically exchange-traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. Futures contracts are subject to liquidity risks; there may not be a liquid secondary market for the futures contracts and the Fund may not be able to enter into a closing transaction. Exchanges may also limit the number of positions that can be held or controlled by the Fund or the Adviser, thus limiting the ability of the Fund to implement its leveraged investment strategy. Futures markets are highly volatile and the use of futures may increase the Fund's volatility. Futures contracts are also subject to leverage risk.

Foreign Securities Risk – Investments in foreign securities directly or indirectly through investments in exchange traded funds which track foreign securities involve greater risks than investing in domestic securities. As a result, the Funds' 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, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore 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.

Currency Exchange Rate Risk – Changes in foreign currency exchange rates will affect the value of the Fund's investments in securities denominated in a country's currency. Generally, when the U.S. Dollar rises in value against a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. Dollars. Devaluation of a currency by a country's government or banking authority also will have a significant impact on the value of any investments denominated in that currency. If the Fund is exposed to a limited number of currencies, any change in the value of these currencies could have a material impact on the Fund's net asset value.

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 Adviser. 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.

Market Disruption Risk – Geopolitical and other events, including public health crises and natural disasters, have recently led to increased market volatility and significant market losses. Significant market volatility and market downturns may limit a Fund's ability to sell securities and the Fund's sales may exacerbate the market volatility and downturn. Under such circumstances, a Fund may have difficulty achieving its investment objective for one or more trading days, which may adversely impact the Fund's returns on those days and periods inclusive of those days. Alternatively, the Fund may incur higher costs in order to achieve its investment objective and may be forced to purchase and sell securities (including other ETFs' shares) at market prices that do not represent their fair value (including in the case of an ETF, its net asset value) or at times that result in differences between the price the Fund receives for the security and the market closing price of the security. Under those circumstances, the Fund's ability to track its index is likely to be adversely affected, the market price of Fund shares may reflect a greater premium or discount to net asset value, and bid-ask spreads in the Fund's shares may widen, resulting in increased transaction costs for secondary market purchasers and sellers. The Fund may also incur additional tracking error due to the use of other securities that are not perfectly correlated to the Fund's index.

DIREXION SEMI-ANNUAL REPORT
37

The recent pandemic spread of the novel coronavirus known as COVID-19 has proven to be a market disrupting event. The impact of this virus, like other pandemics that may arise in the future, has negatively affected and may continue to negatively affect the economies of many nations, companies and the global securities and commodities markets, including by reducing liquidity in the markets. Adverse effects may be more pronounced for developing or emerging market countries that have less established health care systems. How long such events will last and whether they will continue or recur cannot be predicted.

10.  SUBSEQUENT EVENTS

Management has performed an evaluation of subsequent events through the date of the financial statements were issued and has determined that no items require recognition or disclosure besides those noted below.

On May 31, 2023, the Direxion mRNA ETF sold its remaining portfolio securities and distributed cash pro rata to all shareholders of record from the liquidation date of April 27, 2023.

On June 20, 2023, certain Funds declared income distributions with an ex-date of June 21, 2023 and payable date of June 28, 2023. The specific Funds and per share amounts of the distributions are listed below.

Funds	Per Share Income Distribution
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$	0.54710
Direxion Hydrogen ETF		0.07332
Direxion Moonshot Innovators ETF		0.01499
Direxion NASDAQ-100®​ Equal Weighted Index Shares		0.15895

DIREXION SEMI-ANNUAL REPORT
38

Direxion Shares ETF Trust

Supplemental Information (Unaudited)

Householding

In an effort to decrease costs, the Funds intend to reduce the number of duplicate prospectuses, Annual and Semi-Annual Reports, proxy statements and other similar documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders we reasonably believe are from the same family or household. Householding begins once you have signed your account application. After such time, if you would like to discontinue householding for your accounts, please call toll-free at (800) 851-0511 to request individual copies of these documents. Once the Funds receive notice to stop householding, we will begin sending individual copies thirty days after receiving your request. This policy does not apply to account statements.

DIREXION SEMI-ANNUAL REPORT
39

Direxion Shares ETF Trust

Trustees and Officers

The business affairs of the Funds are managed by or under the direction of the Board of Trustees. Information pertaining to the Trustees and Officers of the Funds is set below. The report includes additional information about the Funds' Trustees and Officers and is available without charge, upon request by calling 1-800-851-0511.

Interested Trustees

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	# of Portfolios in Direxion Family of Investment Companies Overseen by Trustee(3)​		Other Trusteeships/ Directorships Held by Trustee During Past Five Years
Daniel D. O'Neill(1) ​Age: 55	Chairman of the Board of Trustees	Lifetime of Trust until removal or resignation; Since 2008	Chief Executive Officer, Rafferty Asset Management, LLC, April 2021 – September 2022; Managing Director, Rafferty Asset Management, LLC, January 1999 – January 2019.		118	None.
Angela Brickl(2) ​Age: 47	Trustee	Lifetime of Trust until removal or resignation; Since 2022	Chief Executive Officer, Rafferty Asset Management, LLC since September 2022; Chief Operating Officer, Rafferty Asset Management, LLC May 2021 – September 2022; General Counsel, Rafferty Asset Management LLC, since October 2010; Chief Compliance Officer, Rafferty Asset Management, LLC, September 2012 – March 2023.		118	None.

⁽¹⁾​  Mr. O'Neill is affiliated with Rafferty because he owns a beneficial interest in Rafferty.

⁽²⁾​  Ms. Brickl is affiliated with Rafferty because she serves as an officer of Rafferty.

⁽³⁾​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 75 of the 108 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 10 funds registered with the SEC.

DIREXION SEMI-ANNUAL REPORT
40

Direxion Shares ETF Trust

Trustees and Officers

Independent Trustees

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	# of Portfolios in Direxion Family of Investment Companies Overseen by Trustee(3)​		Other Trusteeships/ Directorships Held by Trustee During Past Five Years
David L. Driscoll Age: 53	Trustee	Lifetime of Trust until removal or resignation; Since 2014	Board Member, Algorithmic Research and Trading, since 2022; Board Advisor, University Common Real Estate, since 2012; Member, Kendrick LLC, since 2006; Partner, King Associates, LLP, since 2004; Principal, Grey Oaks LLP, since 2003.		118	None.
Kathleen M. Berkery Age: 55	Trustee	Lifetime of Trust until removal or resignation; Since 2019	Chief Financial Officer, Metro Physical Therapy, LLC, since 2023; Chief Financial Officer, Student Sponsor Partners, 2021 – 2023; Senior Manager – Trusts & Estates, Rynkar, Vail & Barrett, LLC, 2018 – 2021.		118	None.
Carlyle Peake Age: 51	Trustee	Lifetime of Trust until removal or resignation; Since 2022	Head of US & LATAM Debt Syndicate, BBVA Securities, Inc., since 2011.		118	None.
Mary Jo Collins Age: 66	Trustee	Lifetime of Trust until removal or resignation; Since 2022	Managing Director, B. Riley Financial, March – December 2022; Managing Director, Imperial Capital LLC, from 2020 – 2022; Director, Royal Bank of Canada, 2014 – 2020.		118	None.

⁽³⁾​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 75 of the 108 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 10 funds registered with the SEC.

DIREXION SEMI-ANNUAL REPORT
41

Direxion Shares ETF Trust

Trustees and Officers

The officers of the Trust conduct and supervise its daily business. Unless otherwise noted, an individual's business address is 1301 Avenue of the Americas, 28th Floor, New York, New York 10019. As of the date of this report, the officers of the Trust, their ages, their business address and their principal occupations during the past five years are as follows:

Principal Officers of the Trust

Name, Address and Age	Position(s) Held with Fund	Term of Office(2)​ and Length of Time Served	Principal Occupation(s) During Past Five Years	# of Portfolios in the Direxion Family of Investment Companies Overseen by Trustee(3)​		Other Trusteeships/ Directorships Held by Trustee During Past Five Years
Angela Brickl(1) ​Age: 47	Chief Executive Officer	Since 2022	Chief Executive Officer, Rafferty Asset Management, LLC, from September 2022; Chief Operating Officer, Rafferty Asset Management, LLC, May 2021 – September 2022; General Counsel, Rafferty Asset Management LLC, since October 2010; Chief Compliance Officer, Rafferty Asset Management, LLC, September 2012 – March 2023.		N/A	N/A
Todd Sherman Age: 42	Chief Compliance Officer	Since 2023	Chief Risk Officer, Rafferty Asset Management, LLC, since 2018; SVP Head of Risk, 2012 – 2018.		N/A	N/A
Patrick J. Rudnick Age: 49	Principal Executive Officer	Since 2018	Senior Vice President, Rafferty Asset Management, LLC, since March 2013.		N/A	N/A
Corey Noltner Age: 34	Principal Financial Officer	Since 2021	Senior Business Analyst, Rafferty Asset Management, LLC, Since October 2015.		N/A	N/A

⁽¹⁾​  Ms. Brickl serves on the Board of Trustees of the Direxion Funds and Direxion Shares ETF Trust.

⁽²⁾​  Pursuant to the Trust's By-laws, each officer shall hold office until his or her successor shall have been elected and qualified or until his or her earlier death, inability to serve, removal or resignation. Officers serve at the pleasure of the Board of Trustees and may be removed at any time with or without cause.

⁽³⁾​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 75 of the 108 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 10 funds registered with the SEC.

DIREXION SEMI-ANNUAL REPORT
42

Direxion Shares ETF Trust

Trustees and Officers

Name, Address and Age	Position(s) Held with Fund	Term of Office(2)​ and Length of Time Served	Principal Occupation(s) During Past Five Years	# of Portfolios in the Direxion Family of Investment Companies Overseen by Trustee(3)​		Other Trusteeships/ Directorships Held by Trustee During Past Five Years
Alyssa Sherman Age: 34	Secretary	Since 2022	Assistant General Counsel, Rafferty Asset Management, LLC, since April 2021; Associate, K&L Gates LLP, September 2015 – March 2021.		N/A	N/A

⁽²⁾​  Pursuant to the Trust's By-laws, each officer shall hold office until his or her successor shall have been elected and qualified or until his or her earlier death, inability to serve, removal or resignation. Officers serve at the pleasure of the Board of Trustees and may be removed at any time with or without cause.

⁽³⁾​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 75 of the 108 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 10 funds registered with the SEC.

DIREXION SEMI-ANNUAL REPORT
43

SEMI–ANNUAL REPORT APRIL 30, 2023

1301 Avenue of the Americas (6th Ave.), 28th Floor  New York, New York 10019  (800) 851-0511  www.direxion.com

Investment Advisers

Rafferty Asset Management, LLC
Direxion Advisors, LLC
1301 Avenue of the Americas (6th Ave.), 28th Floor
New York, NY 10019

Administrator

U.S. Bancorp Fund Services, LLC
P.O. Box 1993
Milwaukee, WI 53201-1993

Transfer Agent, Custodian & Index Receipt Agent

The Bank of New York Mellon
101 Barclay Street
New York, New York 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP
700 Nicollet Mall, Suite 500
Minneapolis, MN 55402

Distributor

Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 01401
www.foreside.com

The Trust's Proxy Voting Policies are available without charge by calling 1-800-851-0511, or by accessing the SEC's website, at www.sec.gov.

The actual voting records relating to portfolio securities during the most recent period ended June 30 (starting with the year ended June 30, 2005) is available without charge by calling 1-800-851-0511 or by accessing the SEC's website at www.sec.gov.

Each Fund's premium/discount information is available free of charge on the Funds' websites or by calling (800) 851-8511 or (833) 547-4417.

The Trust files complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Part F of Form N-PORT. The Funds' Part F of Form N-PORT (and Form N-Q prior to April 30, 2019) is available on the SEC's website at www.sec.gov.

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

PRIVACY NOTICE

At the Direxion Funds, we are committed to protecting your privacy. To open and service your Direxion accounts, we collect and maintain certain nonpublic personal information about you, such as your address, phone number, social security number, purchases, sales, account balances, bank account information and other personal financial information. We collect this information from the following sources:

•  Account applications or other forms on which you provide information,

•  Mail, e-mail, the telephone and our website, and

•  Your transactions and account inquiries with us.

We safeguard the personal information that you have entrusted to us in the following ways:

•  As a general policy, only those employees who maintain your account and respond to your requests for additional services have access to your account information.

•  We maintain physical, electronic, and procedural safeguards to insure the security of your personal information and to prevent unauthorized access to your information.

We do not disclose any nonpublic personal information about you or our former shareholders to anyone, except as permitted or required by law. In the course of conducting business and maintaining your account we may share shareholder information, as allowed by law, with our affiliated companies and with other service providers, including financial intermediaries, custodians, transfer agents and marketing consultants. Those companies are contractually bound to use that information only for the services for which we hired them. They are not permitted to use or share our shareholders' nonpublic personal information for any other purpose. There also may be times when we provide information to federal, state or local authorities as required by law.

In the event that you hold fund shares of Direxion through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your nonpublic personal information would be shared with nonaffiliated third parties.

For questions about our policy, please contact us at (800) 851-0511.

This page is not a part of the Semi-Annual Report.

DIREXION SEMI-ANNUAL REPORT

DIREXION SHARES ETF TRUST

SEMI–ANNUAL REPORT APRIL 30, 2023

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

1X BEAR FUNDS

Direxion Daily S&P 500^®​ Bear 1X Shares

Direxion Daily AAPL Bear 1X Shares

Direxion Daily AMZN Bear 1X Shares

Direxion Daily GOOGL Bear 1X Shares

Direxion Daily MSFT Bear 1X Shares

Direxion Daily TSLA Bear 1X Shares

1.5X BULL FUNDS

Direxion Daily AAPL Bull 1.5X Shares

Direxion Daily AMZN Bull 1.5X Shares

Direxion Daily GOOGL Bull 1.5X Shares

Direxion Daily MSFT Bull 1.5X Shares

Direxion Daily TSLA Bull 1.5X Shares

2X BULL FUNDS	2X BEAR FUNDS
Direxion Daily CSI 300 China A Share Bull 2X Shares
Direxion Daily CSI China Internet Index Bull 2X Shares
Direxion Daily S&P 500®​ Bull 2X Shares
Direxion Daily MSCI Brazil Bull 2X Shares
Direxion Daily MSCI India Bull 2X Shares
Direxion Daily Cloud Computing Bull 2X Shares
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares
Direxion Daily Energy Bull 2X Shares	Direxion Daily Energy Bear 2X Shares
Direxion Daily Global Clean Energy Bull 2X Shares
Direxion Daily Gold Miners Index Bull 2X Shares	Direxion Daily Gold Miners Index Bear 2X Shares
Direxion Daily Junior Gold Miners Index Bull 2X Shares	Direxion Daily Junior Gold Miners Index Bear 2X Shares
Direxion Daily NYSE FANG+ Bull 2X Shares
(formerly Direxion Daily Select Large Caps & FANGs Bull 2X Shares)
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares	Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares
Direxion Daily Travel & Vacation Bull 2X Shares

Table of Contents

Letter to Shareholders	4
Expense Example	17
Allocation of Portfolio Holdings	20
Schedules of Investments	21
Statements of Assets and Liabilities	62
Statements of Operations	70
Statements of Changes in Net Assets	78
Financial Highlights	93
Notes to the Financial Statements	98
Supplemental Information	129
Trustees and Officers	130

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Letter to Shareholders

Dear Shareholders,

This Semi-Annual Report for the Direxion Shares exchange-traded funds (the "ETFs") covers the period from November 1, 2022 to April 30, 2023 (the "Semi-Annual Period").

Market Review:

The Semi-Annual Period was filled with volatility in the equity markets as inflation, the Russia-Ukraine war, China's zero-Covid policy and the banking crisis were top of mind for many investors. In the fourth quarter of 2022, the S&P 500^®​ Index was down nearly 20%, although earnings grew. 2023 started out on a stronger note as equity markets rallied in January, but market sentiment in February was much more bearish on the heels of a higher-than expected Consumer Price Index (CPI) reading, confirming inflation is stickier than once anticipated. Through the end of 2022, tech was out of favor, while the energy sector provided a beacon of light. However, in 2023, that trend reversed, and tech outperformed energy, as well as the rest of the market, for most of the first part of this year. China effectively ended their zero-Covid policy in December, causing Chinese and Chinese-adjacent equities to rally. The Russia-Ukraine war waged on, but January through April saw global supply chain improvement. Domestically, despite high inflation and a weak dollar, the labor market remained tight throughout the Semi-Annual Period. In early March, three regional banks collapsed one after another, beginning with Silicon Valley Bank, causing the financials segment of the S&P 500^®​ Index to fall nearly 10% in March. Some fears around the banking sector, specifically smaller banks, bled into April. In summary, the Semi-Annual Period began, and ended, with recessionary fears, inflation and uncertainty surrounding the market environment.

All eyes were on the Federal Reserve during the Semi-Annual Period as it attempted to combat inflation and market volatility. As the Federal Reserve conducted a series of rate hikes, Treasury yields peaked in November, and started to go down in the latter half of November and December. Generally, short-term yields tended to be higher than long-term yields, and high yield modestly outperformed investment grade. In fact, bonds outperformed stocks in 2022, which is extremely rare, although both ended 2022 in the red. Inflation started to come down in January, and the Federal Reserve reduced rate hikes from 50 bps to 25 bps on February 1. Similar to equities, the fixed income market rallied in January as headline CPI ticked down. However, the February CPI reading was higher-than-expected, prompting markets to anticipate further hawkish monetary policy. The banking collapse also influenced the fixed income market, causing interest rate expectations to decrease and lending standards to tighten. Although the yield curve remains inverted, it is much less inverted than it was at the beginning of the Semi-Annual Period. U.S. high yield and U.S. corporate bonds provided the best returns in the first quarter of 2023, but the bond market remained at historically high volatility levels.

Direxion Shares Operational Review:

The discussion below relates to the performance of the ETFs for the Semi-Annual Period. The ETFs are leveraged and seek daily investment results, before fees and expenses, of 200%, -100% or -200% of the performance of a particular benchmark. All ETF returns are NAV (net asset value) returns.

The ETFs, as stated above, seek daily investment results. They do not seek to track a multiple of their respective benchmarks for periods longer than one day and the performance of the ETFs over longer periods may not correlate to their benchmarks' performance. The ETFs should not be held by investors for long periods and should be used as short-term trading vehicles. These products are not suitable for all investors, and should be utilized only by sophisticated investors who understand the risks associated with the use of leverage, the consequences of seeking daily leveraged investment results and intend to actively monitor and manage their investments.

The ETFs with the word "Bull" in their name (the "Bull ETFs"), attempt to provide investment results that correlate to 200%, before fees and expenses, of the daily performance of a benchmark index, meaning the Bull Funds attempt to move in the same direction as their respective target benchmark index.

DIREXION SEMI-ANNUAL REPORT
4

The Funds with the word "Bear" in their name (the "Bear ETFs"), attempt to provide investment results that correlate to -100% or -200%, before fees and expenses, of the daily performance of a benchmark index, meaning that the Bear Funds attempt to move in the opposite, or inverse, direction of their respective target benchmark index.

In seeking to achieve each ETF's daily investment results, Rafferty Asset Management, LLC ("Rafferty" or the "Adviser"), relies upon a pre-determined investment model to generate orders resulting in repositioning each ETF's investments in accordance with its daily investment objective. Using this approach, Rafferty determines the type, quantity and mix of investment positions that it believes in combination should produce daily returns consistent with an ETF's objective. As a consequence, if an ETF is performing as designed, the return of the benchmark index will dictate the return for that ETF. Each ETF pursues its investment objective regardless of market conditions and does not take defensive positions.

Each ETF has a clearly articulated goal which requires the ETF to seek economic exposure significantly in excess of its net assets. To meet its objectives, each ETF invests in some combination of financial instruments, including derivatives. Each ETF invests significantly in derivatives, including swap agreements. Rafferty uses these types of investments to produce economically "leveraged" investment results. Leveraging allows Rafferty to generate a greater positive or negative return than what would be generated on the invested capital without leverage, thus changing small market movements into larger changes in the value of the investments of an ETF.

The ETFs may use certain investment techniques, including investments in derivatives, which may be considered aggressive. Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate dramatically over time. Additionally, use of such instruments may increase the volatility of the ETFs. The use of derivatives may expose the ETFs to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives, such as counterparty risk. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case.

Because each ETF seeks daily investment results of its relevant benchmark, a comparison of the return of the ETF to the relevant benchmark tells you little about whether an ETF has met its investment objective. To determine if an ETF has met its daily investment goals, Rafferty maintains models which indicate the expected performance of each ETF as compared to the underlying relevant index. The models do not take into account the ETF's expense ratio or any transaction or trading fees associated with creating or maintaining an ETF's portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying index volatility.

Factors Affecting Direxion Shares Performance:

Benchmark Performance – The daily performance of each ETF's benchmark index, and the factors and market conditions implicitly affecting that index, are the primary factors driving ETF performance. Given the daily goals, the series of daily index returns are most important. The market conditions that affected the benchmark indexes during the past year are described below.

Leverage – Each 200% or -200% ETF seeks daily investment results (before fees and expenses) of either 200% (for the Bull ETFs) or -200% (for the Bear ETFs) of the daily performance of its respective underlying index. The use of leverage magnifies an ETF's gains or losses and increases the investment's risk and volatility. The Bear ETFs seek to achieve inverse magnified correlation to their respective underlying indexes.

Volatility and Compounding – The goal of leveraged ETFs is to provide a multiple of the daily return of an underlying index. Over periods longer than a single day, an ETF should not be expected to provide its respective multiple of the return of the underlying index. Due to the effects of compounding, a universal mathematical concept that applies to all investments, returns of the ETFs over longer periods are greater or less than the ETF's daily stated goal. Periods of high volatility that lack a clear trend hurt an ETF's performance while trending, low volatility markets enhance an ETF's performance.

Cost of Financing – In order to attain leveraged exposure, a Bull ETF incurs a cost of SOFR plus or minus a spread and a Bear ETF receives SOFR plus or minus a spread as applied to the borrowed portion of the ETF's exposure. The spread varies

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by both Fund and counterparty and is a function of market demand, hedging costs, access to balance sheet, borrow volatility, current counterparty exposure and administrative costs associated with the swap counterparty. Generally for most of the Bull ETFs, the financing costs will have a negative effect on tracking, but for Bear ETFs, the financing cost will have a positive effect on tracking. An increase in interest rates which effects the cost of financing will further impact an ETF's performance and ability to track its index.

Optimized Baskets – Each Bull ETF holds a basket of equities designed to provide returns that track its underlying index. In order to decrease transaction costs, certain Bull ETFs hold only a representative sample, or optimized basket, that tracks closely over time, but deviates from its underlying index in the short-term.

Equity Dividends and Bond Interest – Equity Bull ETFs are positively impacted by equity and index dividends as the ETFs receive those payments. Equity Bear ETFs are negatively impacted as they are obligated to pay the dividends. Treasury Bull ETFs receive interest, accrued on a daily basis, to account for the Treasury's semi-annual coupon payments while the Treasury Bear ETFs pay interest, accrued on a daily basis.

Fees, Expenses, and Transaction Costs – Fees and expenses are listed in each ETF's prospectus and may be higher than many traditional index ETFs' fees, which cause a greater negative impact on ETF performance. Transactions costs are not included in the expense ratio of the ETFs. Transaction costs can be higher due to the ETF's use of leverage, frequent creation and redemption activity, or trading securities that are comparatively less liquid.

Direxion Shares Performance Review:

The Direxion Daily S&P 500^®​ Bear 1X Shares seeks to provide -100% of the daily return of the S&P 500^®​ Index. The S&P 500^®​ Index is a capitalization-weighted index composed of 500 domestic common stocks. The S&P 500^®​ Index is a capitalization-weighted index composed of 500 domestic common stocks. Standard & Poor's^®​ selects the stocks comprising the S&P 500^®​ Index on the basis of market capitalization, financial viability of the company and the public float, liquidity and price of a company's shares outstanding. The index is a float-adjusted, market capitalization-weighted index. For the Semi-Annual Period, the S&P 500^®​ Index returned 8.63%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily S&P 500^®​ Bear 1X Shares -5.73%, while the model indicated an expected return of -9.50%.

The Direxion Daily CSI 300 China A Share Bull 2X Shares seeks to provide 200% of the daily return of the CSI 300 Index. The CSI 300 Index is a modified free-float market capitalization weighted index comprised of the largest and most liquid stocks in the Chinese A-share market. Index constituent stocks must have been listed for more than three months (unless the stock's average daily A-share market capitalization since its initial listing ranks among the top 30 of all A-shares) and must not be experiencing obvious abnormal fluctuations or market manipulations. For the Semi-Annual Period, the CSI 300 Index returned 21.86%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily CSI 300 China A Share Bull 2X Shares returned 43.26%, while the model indicated an expected return 44.35%.

The Direxion Daily CSI China Internet Index Bull 2X Shares seeks to provide 200% of the daily return of the CSI Overseas China Internet Index. The CSI Overseas China Internet Index is provided by China Securities Index Co., LTD. The index is designed to measure the performance of the investable universe of publicly traded China-based companies whose primary business or businesses are in the internet and internet-related sectors, as defined by the index sponsor, China Securities Index Co., Ltd. A China-based company is a company that meets at least one of the following criteria: 1) the company is incorporated in mainland China; 2) its headquarters are in mainland China; or 3) at least 50% of the revenue from goods produced or sold, or services performed in mainland China. The index provider then removes securities that during the past year had a daily average trading value of less than $500,000 or a daily average market capitalization of less than $500 million. For the Semi-Annual Period, the CSI Overseas China Internet Index returned 45.63%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily CSI China Internet Index Bull 2X Shares returned 81.57%, while the model indicated an expected return of 87.49%.

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The Direxion Daily S&P 500^®​ Bull 2X Shares seek to provide 200% of the daily return of the S&P 500^®​ Index. The S&P 500^®​ Index is a capitalization-weighted index composed of 500 domestic common stocks. The S&P 500^®​ Index is a capitalization-weighted index composed of 500 domestic common stocks. Standard & Poor's^®​ selects the stocks comprising the S&P 500^®​ Index on the basis of market capitalization, financial viability of the company and the public float, liquidity and price of a company's shares outstanding. The index is a float-adjusted market capitalization-weighted index. For the Semi-Annual Period, the S&P 500^®​ Index returned 8.63%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily S&P 500^®​ Bull 2X Shares returned 12.93%, while the model indicated an expected return of 16.06%.

The Direxion Daily MSCI Brazil Bull 2X Shares seeks to provide 200% of the daily return of the MSCI Brazil 25/50 Index. The MSCI Brazil 25/50 Index is designed to measure the performance of the large- and mid-capitalization segments of the Brazilian equity market, covering approximately 85% of the free float-adjusted market capitalization of Brazilian issuers. For the Semi-Annual Period, the MSCI Brazil 25/50 Index returned -6.87%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily MSCI Brazil Bull 2X Shares returned -20.06%, while the model indicated an expected return of -17.83%.

The Direxion Daily MSCI India Bull 2X Shares seeks to provide 200% of the daily return of the MSCI India Index. The MSCI India Index is designed to measure the performance of the large- and mid-capitalization segments of the Indian equity market, covering approximately 85% of companies in the Indian equity universe. For the Semi-Annual Period, the MSCI India Index returned -2.56%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily MSCI India Bull 2X Shares returned -8.95%, while the model indicated an expected return of -5.96%.

The Direxion Daily Cloud Computing Bull 2X Shares seeks to provide 200% of the daily return of the Indxx USA Cloud Computing Index. The Indxx USA Cloud Computing Index is provided by Indxx, LLC. and includes domestic companies that deliver cloud computing infrastructure, platforms, or services. The companies included in the Index are involved in the delivery of computing services – servers, storage, databases, networking, software, analytics, and more, over the internet, which is often referred to as the "Cloud." The Index Provider has defined cloud computing to include three themes: Infrastructure as a service; Platform as a service; and Software as a service. For the Semi-Annual Period, the Indxx USA Cloud Computing Index returned -1.21%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Cloud Computing Bull 2X Shares returned -9.79%, while the model indicated an expected return of -7.36%.

The Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares seeks to provide 200% of the daily return of the Indxx US Electric and Autonomous Vehicles Index. The Indxx US Electric and Autonomous Vehicles Index is designed to track the performance of electric and autonomous vehicles companies. The Index Provider defines electric and autonomous vehicles companies as those companies that derive at least 50% of their revenues from the following activities (or "sub-themes"): Manufacturers – companies that manufacture and sell electric or autonomous vehicles; Enablers – companies that build infrastructure or create technology for electric or autonomous vehicles, such as charging docks and batteries; and Software and Technology Services – companies that engage in the development of software and technology for electric or autonomous vehicles. For the Semi-Annual Period, the Indxx US Electric and Autonomous Vehicles Index returned -22.21%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. Since inception, the Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares returned -49.13%, while the model indicated an expected return of -47.84%.

The Direxion Daily Energy Bull 2X Shares and the Direxion Daily Energy Bear 2X Shares seek to provide 200% and -200%, respectively, of the daily return of the Energy Select Sector Index. The Energy Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the energy sector which includes the following industries: oil, gas and consumable fuels; and energy equipment and services. For the Semi-Annual Period, the Energy Select Sector Index returned -3.36%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the

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annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Energy Bull 2X Shares returned -12.79%, while the model indicated an expected return of -10.11%. The Direxion Daily Energy Bear 2X Shares returned 1.41%, while the model indicated an expected return of -4.41%.

The Direxion Daily Global Clean Energy Bull 2X Shares seeks to provide 200% of the daily return of the S&P Global Clean Energy Index. The S&P Global Clean Energy Index is designed to track the performance of companies from developed markets whose economic fortunes are tied to the global clean energy business. The Index has a target constituent count of 100 and is limited to those stocks traded on a developed market exchange that meet or exceed, at the time of inclusion, $300 million in total market capitalization, $100 million in float adjusted market capitalization, and $3 million average daily value traded over a six month period. The Index is rebalanced semiannually. For the Semi-Annual Period, the S&P Global Clean Energy Index returned -0.62%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. Since inception, the Direxion Daily Global Clean Energy Bull 2X Shares returned -7.35%, while the model indicated an expected return of -6.18%.

The Direxion Daily Gold Miners Index Bull 2X Shares and the Direxion Daily Gold Miners Index Bear 2X Shares seek to provide 200% and -200%, respectively, of the daily return of the NYSE Arca Gold Miners Index. The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies that operate globally in both developed and emerging markets, and are involved primarily in mining for gold and, to a lesser extent, in mining for silver. The index will limit the weight of companies whose revenues are more significantly exposed to silver mining to less than 20% of the index at each rebalance date. The index may include small- and mid-capitalization companies and foreign issuers For the Semi-Annual Period, the NYSE Arca Gold Miners Index returned 41.38%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Gold Miners Index Bull 2X Shares returned 80.43%, while the model indicated an expected return of 86.33%. The Direxion Daily Gold Miners Index Bear 2X Shares returned -57.53%, while the model indicated an expected return of -60.05%.

The Direxion Daily Junior Gold Miners Index Bull 2X Shares and the Direxion Daily Junior Gold Miners Index Bear 2X Shares seek to provide 200% and -200%, respectively, of the daily return of the MVIS Global Junior Gold Miners Index. The MVIS Global Junior Gold Miners Index tracks the performance of foreign and domestic micro-, small- and mid-capitalization companies that generate, or demonstrate the potential to generate, at least 50% of their revenues from, or have at least 50% of their assets related to, gold mining and/or silver mining, hold real property or have mining projects that have the potential to produce at least 50% of the company's revenue from gold or silver mining when developed, or primarily invest in gold or silver. For the Semi-Annual Period, the MVIS Global Junior Gold Miners Index returned 35.47%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Junior Gold Miners Index Bull 2X Shares returned 62.99%, while the model indicated an expected return of 68.32%. The Direxion Daily Junior Gold Miners Index Bear 2X Shares returned -56.00%, while the model indicated an expected return of -58.59%.

The Direxion Daily NYSE FANG+ Bull 2X Shares (the "FANG ETF") seeks to provide 200% of the daily return of the NYSE FANG+ Index. The NYSE FANG+ Index is an equal-dollar weighted Index designed to track the performance of 10 highly-traded growth stocks of technology and tech-enabled companies. The Index is comprised of the securities of U.S.-listed companies that ICE Data Indices, LLC (the "Index Provider") has identified as FANG+ companies, which are comprised of the six FAANMG companies and four non-FAANMG companies. The Index Provider defines the FAANMG as Meta Platforms Inc. (META), Apple Inc. (AAPL), Amazon.com Inc. (AMZN), Netflix Inc. (NFLX), Microsoft Corp. (MSFT), and Alphabet Inc. Class A (GOOGL). The Index is reconstituted quarterly. From March 1, 2023 through April 30, 2023, the NYSE FANG+ Index returned 11.70%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The FANG ETF returned 21.81%, while the model indicated an expected return of 23.24%.

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From November 1, 2022 through February 28, 2023, the FANG ETF sought to provide 200% of the daily return of the ICE FANG 20 Index. The ICE FANG 20 Index is an equal weighted index designed to include Facebook, Apple, Amazon, Netflix and (Alphabet's) Google (i.e., the FANGs) and similar highly-traded growth stocks of technology and tech-enabled companies, such as Microsoft, from the information technology, communication services and consumer discretionary sectors. The Index consists of 20 stocks or depository receipts that are listed on a U.S. Exchange that have a minimum of a $5 billion market capitalization and a 6-month average daily trading value of at least $50 million. The Index selects companies whose economic fortunes are tied to technologies such as social networking, autonomous driving, electric vehicles, smartphones, mobile payments, e-commerce, online games, streaming media, online entertainment, cryptocurrencies, blockchain, big data, artificial intelligence, machine learning, digital advertising, cloud services and other innovative technologies. The Index is reconstituted and rebalanced quarterly. From November 1, 2022 through February 28, 2023, the ICE FANG 20 Index returned 0.21%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The FANG ETF returned -6.94%, while the model indicated an expected return of -5.12%.

The Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares sought to provide 200% of the daily return of the Indxx Global Robotics & Artificial Intelligence Thematic Index. The Indxx Global Robotics & Artificial Intelligence Thematic Index is designed to provide exposure to exchange-listed companies in developed markets that are expected to benefit from the adoption and utilization of robotics and/or artificial intelligence, including companies involved in developing industrial robots and production systems, automated inventory management, unmanned vehicles, voice/image/text recognition, and medical robots or robotic instruments, as defined by the index provider, Indxx. Companies must have a minimum market capitalization of $100 million and a minimum average daily turnover for the last 6 months greater than, or equal to, $2 million in order to be eligible for inclusion in the Index. For the Semi-Annual Period, the Indxx Global Robotics & Artificial Intelligence Thematic Index returned 26.96%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares returned 50.59%, while the model indicated an expected return of 55.37%.

The Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares and the Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares seek to provide 200% and -200%, respectively, of the daily return of the S&P Oil & Gas Exploration & Production Select Industry Index. The S&P Oil & Gas Exploration & Production Select Industry Index is provided by Standard & Poor's and includes domestic companies from the oil and gas exploration and production sub-industry. The index is designed to measure the performance of a sub-industry or group of sub-industries determined based on the Global Industry Classification Standards. For the Semi-Annual Period, the S&P Oil & Gas Exploration & Production Select Industry Index returned -14.60%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares returned -34.00%, while the model indicated an expected return of -31.90%. The Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares returned 18.82%, while the model indicated an expected return of 12.11%.

The Direxion Daily Travel & Vacation Bull 2X Shares seeks to provide 200% of the daily return of the BlueStar^®​ Travel and Vacation Index. The BlueStar^®​ Travel and Vacation Index is provided by MV Index Solutions GmbH and is comprised of US listed stocks, including depository receipts, of companies that are "Travel and Vacation" companies, as defined by the Index Provider. To be eligible for inclusion in the Index, a company must either (a) derive 25% or more of its revenue from, or devote 25% or more of its annual budget to, operating theme parks and/or hotels or (b) derive 50% or more of its revenue from, or devote 50% or more of its annual budget to the following activities: 1. Hotel accommodations; 2. Commercial airlines; 3. Casino resorts; 4. Hotel time shares; 5. Ski resorts; 6. Cruises; 7. Hotel real estate investment trusts; 8. Performing arts centers; 9. Online travel and event booking; 10. Specialty travel and experiences (such as outer space passenger travel), and 11. Operation of theme parks. For the Semi-Annual Period, the BlueStar^®​ Travel and Vacation Index returned 12.60%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Travel & Vacation Bull 2X Shares returned 19.31%, while the model indicated an expected return of 22.89%.

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

Best Regards,

Patrick Rudnick	Corey Noltner
Principal Executive Officer	Principal Financial Officer

An investor should carefully consider a Fund's investment objective, risks, charges, and expenses before investing. A Fund's prospectus and summary prospectus contain this and other information about the Direxion Shares. To obtain a Fund's prospectus and summary prospectus call 866-476-7523 or visit our website at direxion.com. A Fund's prospectus and summary prospectus should be read carefully before investing.

Investing in a Direxion Shares ETF may be more volatile than investing in broadly diversified funds. The use of leverage by an ETF increases the risk to the ETF. The Direxion Shares ETFs are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk, consequences of seeking daily leveraged, or daily inverse leveraged, investment results and intend to actively monitor and manage their investment. The Direxion Shares ETFs are not designed to track their respective underlying indices over a period of time longer than one day.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns for performance under one year are cumulative, not annualized. For the most recent month-end performance please visit the Funds website at direxion.com.

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

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

SOFR (Secured Overnight Financing Rate) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. Futures Contract: an agreement traded on an organized exchange to buy or sell assets, especially commodities or shares, at a fixed price but to be delivered and paid for later.

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

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correlation, leverage, compounding, market volatility and specific risks regarding each sector, please read each ETF's prospectus.

The views of this letter were those of the Adviser as of April 30, 2023 and may not necessarily reflect its views on the date this letter is first published or anytime thereafter. These views are intended to help shareholders in understanding the ETFs' present investment methodology and do not constitute investment advice.

Distributed by: Foreside Fund Services, LLC

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Letter to Single Stock Shareholders

Dear Shareholders,

This Semi-Annual Report for the Direxion Shares exchange traded funds (the "ETFs") covers the period from November 1, 2022 to April 30, 2023 (the "Semi-Annual Period").

Market Review:

The Semi-Annual Period was filled with volatility in the equity markets as inflation, the Russia-Ukraine war, China's zero-Covid policy and the banking crisis were top of mind for many investors. In the fourth quarter of 2022, the S&P 500^®​ Index was down nearly 20%, although earnings grew. 2023 started out on a stronger note as equity markets rallied in January, but market sentiment in February was much more bearish on the heels of a higher-than expected Consumer Price Index (CPI) reading, confirming inflation is stickier than once anticipated. Through the end of 2022, tech was out of favor, while the energy sector provided a beacon of light. However, in 2023, that trend reversed, and tech outperformed energy, as well as the rest of the market, for most of the first part of this year. China effectively ended their zero-Covid policy in December, causing Chinese and Chinese-adjacent equities to rally. The Russia-Ukraine war waged on, but January through April saw global supply chain improvement. Domestically, despite high inflation and a weak dollar, the labor market remained tight throughout the Semi-Annual Period. In early March, three regional banks collapsed one after another, beginning with Silicon Valley Bank, causing the financials segment of the S&P 500^®​ Index to fall nearly 10% in March. Some fears around the banking sector, specifically smaller banks, bled into April. In Summary, the Semi-Annual Period began, and ended, with recessionary fears, inflation and uncertainty surrounding the market environment.

All eyes were on the Federal Reserve during the Semi-Annual Period as it attempted to combat inflation and market volatility. As the Federal Reserve conducted a series of rate hikes, Treasury yields peaked in November, and started to go down in the latter half of November and December. Generally, short-term yields tended to be higher than long-term yields, and high yield modestly outperformed investment grade. In fact, bonds outperformed stocks in 2022, which is extremely rare, although both ended 2022 in the red. Inflation started to come down in January, and the Federal Reserve reduced rate hikes from 50 bps to 25 bps on February 1. Similar to equities, the fixed income market rallied in January as headline CPI ticked down. However, the February CPI reading was higher-than-expected, prompting markets to anticipate further hawkish monetary policy. The banking collapse also influenced the fixed income market, causing interest rate expectations to decrease and lending standards to tighten. Although the yield curve remains inverted, it is much less inverted than it was at the beginning of the Semi-Annual Period. U.S. high yield and U.S. corporate bonds provided the best returns in the first quarter of 2023, but the bond market remained at historically high volatility levels.

Direxion Shares Operational Review:

The discussion below relates to the performance of the ETFs for the Semi-Annual Period. The ETFs are leveraged or inverse and seek daily investment results, before fees and expenses, of 150% or -100% (opposite or inverse) of the performance of a particular security. All ETF returns are NAV (net asset value) returns.

The ETFs, as stated above, seek daily investment results. They do not seek to track a multiple of their respective underlying security for periods of longer than one day, and the performance of the ETFs over longer periods may not correlate to their underlying security's performance. The ETFs should not be held by investors for long periods, and should be used as short-term trading vehicles. These products are not suitable for all investors, and should be utilized only by sophisticated investors who understand the risks associated with the use of leverage, the consequences of seeking daily leveraged investment results and intend to actively monitor and manage their investments.

The ETFs with the word "Bull" in their name (the "Bull ETFs"), attempt to provide investment results that correlate to 150%, before fees and expenses, of the daily performance of an underlying security, meaning the Bull Funds attempt to move in the same direction as their respective target underlying security.

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The Funds with the word "Bear" in their name (the "Bear ETFs"), attempt to provide investment results that correlate to -100%, before fees and expenses, of the daily performance of an underlying security, meaning that the Bear Funds attempt to move in the opposite, or inverse, direction of their respective target underlying security.

In seeking to achieve each ETF's daily investment results, Rafferty Asset Management, LLC ("Rafferty" or the "Adviser"), relies upon a pre-determined investment model to generate orders resulting in repositioning each ETF's investments in accordance with its daily investment objective. Using this approach, Rafferty determines the type, quantity and mix of investment positions that it believes in combination should produce daily returns consistent with an ETF's objective. As a consequence, if an ETF is performing as designed, the return of the underlying security will dictate the return for that ETF. Each ETF pursues its investment objective regardless of market conditions and does not take defensive positions.

Each ETF has a clearly articulated goal which requires the ETF to seek economic exposure significantly in excess of its net assets. To meet its objectives, each ETF invests in some combination of financial instruments, including derivatives. Each ETF invests significantly in derivatives, including swap agreements. Rafferty uses these types of investments to produce economically "leveraged" investment results. Leveraging allows Rafferty to generate a greater positive or negative return than what would be generated on the invested capital without leverage, thus changing small market movements into larger changes in the value of the investments of an ETF.

The ETFs may use certain investment techniques, including investments in derivatives, which may be considered aggressive. Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate dramatically over time. Additionally, use of such instruments may increase the volatility of the ETFs. The use of derivatives may expose the ETFs to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives, such as counterparty risk. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case.

Because each ETF seeks daily investment results of a particular underlying security, a comparison of the return of the ETF to the relevant common shares tells you little about whether an ETF has met its investment objective. To determine if an ETF has met its daily investment goals, Rafferty maintains models which indicate the expected performance of each ETF as compared to the respective underlying security. The models do not take into account the ETF's expense ratio or any transaction or trading fees associated with creating or maintaining an ETF's portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying index volatility.

Factors Affecting the ETFs Performance:

Benchmark Performance – The daily performance of each ETF's underlying security, and the factors and market conditions implicitly affecting that underlying security, are the primary factors driving ETF performance. Given the daily goals, the series of daily underlying security returns are most important. The market conditions that affected the underlying security during the past year are described below.

Leverage – Each Bull ETF seeks daily investment results (before fees and expenses) of 150% of the performance of its respective underlying security. The use of leverage magnifies an ETF's gains or losses and increases the investment's risk and volatility.

Volatility and Compounding – The goal of leveraged ETFs is to provide a multiple of the daily return of a particular underlying security. Over periods longer than a single day, an ETF should not be expected to provide its respective multiple of the return of the particular underlying security. Due to the effects of compounding, a universal mathematical concept that applies to all investments, returns of the ETFs over longer periods are greater or less than the ETF's daily stated goal. Periods of high volatility that lack a clear trend hurt an ETF's performance while trending, low volatility markets enhance an ETF's performance.

Cost of Financing – In order to attain leveraged exposure, a Bull ETF incurs a cost of SOFR plus or minus a spread and a Bear ETF receives SOFR plus or minus a spread as applied to the borrowed portion of the ETF's exposure. The spread varies

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by both Fund and counterparty and is a function of market demand, hedging costs, access to balance sheet, borrow volatility, current counterparty exposure and administrative costs associated with the swap counterparty. Generally for most of the Bull ETFs, the financing costs will have a negative effect on tracking, but for Bear ETFs, the financing cost will have a positive effect on tracking. An increase in interest rates which effects the cost of financing will further impact an ETF's performance and ability to track its underlying security.

Optimized Baskets – Each Bull ETF holds a basket of equities designed to provide returns that track its particular underlying security. In order to decrease transaction costs, certain Bull ETFs hold only a representative sample, or optimized basket, that tracks closely over time, but deviates from its particular underlying security in the short-term.

Equity Dividends and Bond Interest – Equity Bull ETFs are positively impacted by equity and common shares dividends as the ETFs receive those payments. Equity Bear ETFs are negatively impacted as they are obligated to pay the dividends.

Fees, Expenses, and Transaction Costs – Fees and expenses are listed in each ETF's prospectus and may be higher than many traditional ETFs' fees, which cause a greater negative impact on ETF performance. Transactions costs are not included in the expense ratio of the ETFs. Transaction costs can be higher due to the ETF's use of leverage, frequent creation and redemption activity, or trading securities that are comparatively less liquid.

Direxion Shares Performance Review:

The Direxion Daily AAPL Bull 1.5X Shares and the Direxion Daily AAPL Bear 1X Shares seek to provide 150% or -100%, respectively, of the daily return of the common shares of Apple Inc. (NASDAQ: AAPL). Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. For the Semi-Annual Period, the common shares of Apple Inc. returned 11.01%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETFs. The Direxion Daily AAPL Bull 1.5X Shares returned 11.87%, while the model indicated an expected return of 15.10%. The Direxion Daily AAPL Bear 1X Shares returned -11.04%, while the model indicated an expected return of -13.76%.

The Direxion Daily AMZN Bull 1.5X Shares and the Direxion Daily AMZN Bear 1X Shares seek to provide 150% or -100%, respectively, of the daily return of the common shares of Amazon.com, Inc. (NASDAQ: AMZN). Amazon.com, Inc. engages in the retail sale of consumer products and subscriptions in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services. For the Semi-Annual Period, the common shares of Amazon.com, Inc. returned 2.94%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETFs. The Direxion Daily AMZN Bull 1.5X Shares returned -1.98%, while the model indicated an expected return of 1.14%. The Direxion Daily AMZN Bear 1X Shares returned -8.22%, while the model indicated an expected return of -11.04.

The Direxion Daily GOOGL Bull 1.5X Shares and the Direxion Daily GOOGL Bear 1X Shares seek to provide 150% or -100%, respectively, of the daily return of the class A shares of Alphabet Inc. (NASDAQ: GOOGL). Alphabet Inc. provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. For the Semi-Annual Period, the common shares of Alphabet Inc. returned 13.58%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETFs. The Direxion Daily GOOGL Bull 1.5X Shares returned 14.53% while the model indicated an expected return of 17.98%. The Direxion Daily GOOGL Bear 1X Shares returned -15.22%, while the model indicated an expected return of -17.85%.

The Direxion Daily MSFT Bull 1.5X Shares and the Direxion Daily MSFT Bear 1X Shares seek to provide 150% or -100%, respectively, of the daily return of the common shares of Microsoft Corporation (NASDAQ: MSFT). Microsoft Corporation develops, licenses, and supports software, services, devices, and solutions worldwide. For the Semi-Annual Period, the common shares of Microsoft Corporation returned 33.07%. Given the daily investment objectives of the ETFs and the path

DIREXION SEMI-ANNUAL REPORT
14

dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETFs. The Direxion Daily MSFT Bull 1.5X Shares returned 46.14%, while the model indicated an expected return of 50.52%. The Direxion Daily MSFT Bear 1X Shares returned -26.60%, while the model indicated an expected return of -28.85%.

The Direxion Daily TSLA Bull 1.5X Shares and the Direxion Daily TSLA Bear 1X Shares seek to provide 150% or -100%, respectively, of the daily return of the common shares of Tesla, Inc. (NASDAQ: TSLA). Tesla, Inc. designs, manufactures and sells electric vehicles and electric vehicle powertrain components. For the Semi-Annual Period, the common shares of Tesla, Inc. returned -27.79%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETFs. The Direxion Daily TSLA Bull 1.5X Shares returned -45.86%, while the model indicated an expected return of -43.86%. The Direxion Daily TSLA Bear 1X Shares returned 13.07%, while the model indicated an expected return of 9.72%.

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

Best Regards,

Patrick Rudnick	Corey Noltner
Principal Executive Officer	Principal Financial Officer

Investing in the funds involves a high degree of risk. Unlike traditional ETFs, or even other leveraged and/or inverse ETFs, these leveraged and/or inverse single-stock ETFs track the price of a single stock rather than an index, eliminating the benefits of diversification. Leveraged and inverse ETFs pursue daily leveraged investment objectives, which means they are riskier than alternatives which do not use leverage. They seek daily goals and should not be expected to track the underlying stock's performance over periods longer than one day. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. The Funds will lose money if the underlying stock's performance is flat, and it is possible that the Bull Fund will lose money even if the underlying stock's performance increases, and the Bear Fund will lose money even if the underlying stock's performance decreases, over a period longer than a single day. An investor could lose the full principal value of his or her investment in a single day.

An investor should carefully consider a Fund's investment objective, risks, charges, and expenses before investing. A Fund's prospectus and summary prospectus contain this and other information about the Direxion Shares. To obtain a Fund's prospectus and summary prospectus call 866-476-7523 or visit our website at direxion.com. A Fund's prospectus and summary prospectus should be read carefully before investing.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns for performance under one year are cumulative, not annualized. For the most recent month-end performance please visit the Funds website at direxion.com.

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

DIREXION SEMI-ANNUAL REPORT
15

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

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

The views of this letter were those of the Adviser as of April 30, 2023 and may not necessarily reflect its views on the date this letter is first published or anytime thereafter. These views are intended to help shareholders in understanding the ETFs' present investment methodology and do not constitute investment advice.

Distributed by: Foreside Fund Services, LLC

DIREXION SEMI-ANNUAL REPORT
16

Expense Example (Unaudited)

April 30, 2023

As a shareholder of the Direxion Shares ETF Trust, you incur two types of costs: (1) transaction costs, for purchasing and selling shares and exchange fees; and (2) ongoing costs, including management fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on initial investments of $1,000 invested at the beginning of the period and held the entire period (November 1, 2022 to April 30, 2023).

Actual Expenses

The first line under each Fund in the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled "Expenses Paid During Period November 1, 2022 to April 30, 2023" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

Expense Example (Unaudited)

April 30, 2023

	Annualized Expense Ratio			Beginning Account Value November 1, 2022		Ending Account Value April 30, 2023		Expenses Paid During Period November 1, 2022 to April 30, 2023*
Direxion Daily S&P 500®​ Bear 1X Shares
Based on actual fund return		0.49	%	$	1,000.00	$	942.70	$	2.36
Based on hypothetical 5% return		0.49	%		1,000.00		1,022.37		2.46
Direxion Daily AAPL Bear 1X Shares
Based on actual fund return		1.09	%		1,000.00		889.60		5.11
Based on hypothetical 5% return		1.09	%		1,000.00		1,019.39		5.46
Direxion Daily AMZN Bear 1X Shares
Based on actual fund return		1.05	%		1,000.00		917.80		4.99
Based on hypothetical 5% return		1.05	%		1,000.00		1,019.59		5.26
Direxion Daily GOOGL Bear 1X Shares
Based on actual fund return		1.10	%		1,000.00		847.80		5.04
Based on hypothetical 5% return		1.10	%		1,000.00		1,019.34		5.51

DIREXION SEMI-ANNUAL REPORT
17

Expense Example (Unaudited)

April 30, 2023

	Annualized Expense Ratio			Beginning Account Value November 1, 2022		Ending Account Value April 30, 2023		Expenses Paid During Period November 1, 2022 to April 30, 2023*
Direxion Daily MSFT Bear 1X Shares
Based on actual fund return		1.03	%	$	1,000.00	$	734.00	$	4.43
Based on hypothetical 5% return		1.03	%		1,000.00		1,019.69		5.16
Direxion Daily TSLA Bear 1X Shares
Based on actual fund return		1.17	%		1,000.00		1,130.70		6.18
Based on hypothetical 5% return		1.17	%		1,000.00		1,018.99		5.86
Direxion Daily AAPL Bull 1.5X Shares
Based on actual fund return		1.11	%		1,000.00		1,118.70		5.83
Based on hypothetical 5% return		1.11	%		1,000.00		1,019.29		5.56
Direxion Daily AMZN Bull 1.5X Shares
Based on actual fund return		1.03	%		1,000.00		980.20		5.06
Based on hypothetical 5% return		1.03	%		1,000.00		1,019.69		5.16
Direxion Daily GOOGL Bull 1.5X Shares
Based on actual fund return		1.05	%		1,000.00		1,145.30		5.59
Based on hypothetical 5% return		1.05	%		1,000.00		1,019.59		5.26
Direxion Daily MSFT Bull 1.5X Shares
Based on actual fund return		1.06	%		1,000.00		1,461.40		6.47
Based on hypothetical 5% return		1.06	%		1,000.00		1,019.54		5.31
Direxion Daily TSLA Bull 1.5X Shares
Based on actual fund return		1.07	%		1,000.00		541.40		4.09
Based on hypothetical 5% return		1.07	%		1,000.00		1,019.49		5.36
Direxion Daily CSI 300 China A Share Bull 2X Shares
Based on actual fund return		1.09	%		1,000.00		1,432.60		6.57
Based on hypothetical 5% return		1.09	%		1,000.00		1,019.39		5.46
Direxion Daily CSI China Internet Index Bull 2X Shares
Based on actual fund return		1.17	%		1,000.00		1,815.70		8.17
Based on hypothetical 5% return		1.17	%		1,000.00		1,018.99		5.86
Direxion Daily S&P 500®​ Bull 2X Shares
Based on actual fund return		0.63	%		1,000.00		1,129.30		3.33
Based on hypothetical 5% return		0.63	%		1,000.00		1,021.67		3.16
Direxion Daily MSCI Brazil Bull 2X Shares
Based on actual fund return		1.18	%		1,000.00		799.40		5.26
Based on hypothetical 5% return		1.18	%		1,000.00		1,018.94		5.91
Direxion Daily MSCI India Bull 2X Shares
Based on actual fund return		0.98	%		1,000.00		910.50		4.64
Based on hypothetical 5% return		0.98	%		1,000.00		1,019.94		4.91
Direxion Daily Cloud Computing Bull 2X Shares
Based on actual fund return		1.03	%		1,000.00		902.10		4.86
Based on hypothetical 5% return		1.03	%		1,000.00		1,019.69		5.16
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares
Based on actual fund return		1.03	%		1,000.00		508.70		3.85
Based on hypothetical 5% return		1.03	%		1,000.00		1,019.69		5.16
Direxion Daily Energy Bull 2X Shares
Based on actual fund return		1.28	%		1,000.00		872.10		5.94
Based on hypothetical 5% return		1.28	%		1,000.00		1,018.45		6.41
Direxion Daily Energy Bear 2X Shares
Based on actual fund return		1.06	%		1,000.00		1,014.10		5.29
Based on hypothetical 5% return		1.06	%		1,000.00		1,019.54		5.31
Direxion Daily Global Clean Energy Bull 2X Shares
Based on actual fund return		0.99	%		1,000.00		926.50		4.73
Based on hypothetical 5% return		0.99	%		1,000.00		1,019.89		4.96

DIREXION SEMI-ANNUAL REPORT
18

Expense Example (Unaudited)

April 30, 2023

	Annualized Expense Ratio			Beginning Account Value November 1, 2022		Ending Account Value April 30, 2023		Expenses Paid During Period November 1, 2022 to April 30, 2023*
Direxion Daily Gold Miners Index Bull 2X Shares
Based on actual fund return		1.08	%	$	1,000.00	$	1,804.30	$	7.51
Based on hypothetical 5% return		1.08	%		1,000.00		1,019.44		5.41
Direxion Daily Gold Miners Index Bear 2X Shares
Based on actual fund return		1.26	%		1,000.00		424.70		4.45
Based on hypothetical 5% return		1.26	%		1,000.00		1,018.55		6.31
Direxion Daily Junior Gold Miners Index Bull 2X Shares
Based on actual fund return		1.16	%		1,000.00		1,629.90		7.56
Based on hypothetical 5% return		1.16	%		1,000.00		1,019.04		5.81
Direxion Daily Junior Gold Miners Index Bear 2X Shares
Based on actual fund return		1.13	%		1,000.00		440.00		4.03
Based on hypothetical 5% return		1.13	%		1,000.00		1,019.19		5.66
Direxion Daily NYSE FANG+ Bull 2X Shares
Based on actual fund return		1.10	%		1,000.00		1,133.30		5.82
Based on hypothetical 5% return		1.10	%		1,000.00		1,019.34		5.51
Direxion Daily Robotics, Artificial Intelligence & Automation
Based on actual fund return		1.18	%		1,000.00		1,505.90		7.33
Based on hypothetical 5% return		1.18	%		1,000.00		1,018.94		5.91
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares
Based on actual fund return		1.51	%		1,000.00		660.00		6.21
Based on hypothetical 5% return		1.51	%		1,000.00		1,017.31		7.55
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares
Based on actual fund return		1.17	%		1,000.00		1,188.20		6.35
Based on hypothetical 5% return		1.17	%		1,000.00		1,018.99		5.86
Direxion Daily Travel & Vacation Bull 2X Shares
Based on actual fund return		1.21	%		1,000.00		1,193.10		6.58
Based on hypothetical 5% return		1.21	%		1,000.00		1,018.79		6.06

*  Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 days (the number of days in the period of November 1, 2022 to April 30, 2023), then divided by 365.

DIREXION SEMI-ANNUAL REPORT
19

Allocation of Portfolio Holdings (Unaudited)

April 30, 2023

	Cash*			Common Stocks			Investment Companies			Swaps			Total
Direxion Daily S&P 500®​ Bear 1X Shares		103	%		—			—			(3	%)		100	%
Direxion Daily AAPL Bear 1X Shares		109	%		—			—			(9	%)		100	%
Direxion Daily AMZN Bear 1X Shares		104	%		—			—			(4	%)		100	%
Direxion Daily GOOGL Bear 1X Shares		108	%		—			—			(8	%)		100	%
Direxion Daily MSFT Bear 1X Shares		107	%		—			—			(7	%)		100	%
Direxion Daily TSLA Bear 1X Shares		90	%		—			—			10	%		100	%
Direxion Daily AAPL Bull 1.5X Shares		65	%		18	%		—			17	%		100	%
Direxion Daily AMZN Bull 1.5X Shares		75	%		22	%		—			3	%		100	%
Direxion Daily GOOGL Bull 1.5X Shares		68	%		18	%		—			14	%		100	%
Direxion Daily MSFT Bull 1.5X Shares		70	%		19	%		—			11	%		100	%
Direxion Daily TSLA Bull 1.5X Shares		95	%		24	%		—			(19	%)		100	%
Direxion Daily CSI 300 China A Share Bull 2X Shares		53	%		—			48	%		(1	%)		100	%
Direxion Daily CSI China Internet Index Bull 2X Shares		66	%		—			48	%		(14	%)		100	%
Direxion Daily S&P 500®​ Bull 2X Shares		7	%		89	%		—			4	%		100	%
Direxion Daily MSCI Brazil Bull 2X Shares		58	%		—			41	%		1	%		100	%
Direxion Daily MSCI India Bull 2X Shares		60	%		—			46	%		(6	%)		100	%
Direxion Daily Cloud Computing Bull 2X Shares		15	%		85	%		—			0	%**		100	%
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares		24	%		88	%		—			(12	%)		100	%
Direxion Daily Energy Bull 2X Shares		28	%		71	%		—			1	%		100	%
Direxion Daily Energy Bear 2X Shares		99	%		—			—			1	%		100	%
Direxion Daily Global Clean Energy Bull 2X Shares		28	%		—			81	%		(9	%)		100	%
Direxion Daily Gold Miners Index Bull 2X Shares		32	%		—			50	%		18	%		100	%
Direxion Daily Gold Miners Index Bear 2X Shares		106	%		—			—			(6	%)		100	%
Direxion Daily Junior Gold Miners Index Bull 2X Shares		42	%		—			41	%		17	%		100	%
Direxion Daily Junior Gold Miners Index Bear 2X Shares		104	%		—			—			(4	%)		100	%
Direxion Daily NYSE FANG+ Bull 2X Shares		50	%		35	%		—			15	%		100	%
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares		33	%		—			55	%		12	%		100	%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		50	%		56	%		—			(6	%)		100	%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares		88	%		—			—			12	%		100	%
Direxion Daily Travel & Vacation Bull 2X Shares		21	%		75	%		—			4	%		100	%

*  Cash, cash equivalents and other assets less liabilities.

**  Percentage is less than 0.5%.

DIREXION SEMI-ANNUAL REPORT
20

Direxion Daily S&P 500^®​ Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 99.4%
Money Market Funds - 99.4%
	339,068,673	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	339,068,673
	101,560,000	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (a)​		101,560,000
	801,363	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		801,363
		TOTAL SHORT TERM INVESTMENTS (Cost $441,430,036) (b)​	$	441,430,036
		TOTAL INVESTMENTS (Cost $441,430,036) - 99.4%	$	441,430,036
		Other Assets in Excess of Liabilities - 0.6%		2,645,419
		TOTAL NET ASSETS - 100.0%	$	444,075,455

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $103,270,344.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
4.8000% representing 1 month SOFR rate + spread	Total return of S&P 500®​ Index	UBS Securities LLC	12/13/2023		1,053	$	4,229,866	$	(130,296	)
5.1300% representing 1 month SOFR rate + spread	Total return of S&P 500®​ Index	Barclays	12/20/2023		105,454		423,404,664		(13,193,732	)
						$	427,634,530	$	(13,324,028	)

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

DIREXION SEMI-ANNUAL REPORT
21

Direxion Daily AAPL Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 109.3%
Money Market Funds - 109.3%
	19,565,948	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	19,565,948
	3,535,110	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​		3,535,110
	6,475,753	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		6,475,753
		TOTAL SHORT TERM INVESTMENTS (Cost $29,576,811) (b)​	$	29,576,811
		TOTAL INVESTMENTS (Cost $29,576,811) - 109.3%	$	29,576,811
		Liabilities in Excess of Other Assets - (9.3)%		(2,507,099	)
		TOTAL NET ASSETS - 100.0%	$	27,069,712

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)  ​All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $10,713,102.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
3.3000% representing 1 month SOFR rate + spread	Total return of common shares of Apple, Inc.	BNP Paribas	12/5/2023		6,800	$	928,200	$	(216,623	)
4.8000% representing 1 month SOFR rate + spread	Total return of common shares of Apple, Inc.	Goldman Sachs	12/7/2023		57,442		8,501,731		(1,155,654	)
3.3000% representing 1 month SOFR rate + spread	Total return of common shares of Apple, Inc.	Bank of America Merrill Lynch	12/8/2023		55,365		9,029,716		(343,342	)
2.8000% representing 1 month SOFR rate + spread	Total return of common shares of Apple, Inc.	Citibank N.A.	12/19/2023		39,927		5,902,134		(837,582	)
						$	24,361,781	$	(2,553,201	)

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

DIREXION SEMI-ANNUAL REPORT
22

Direxion Daily AMZN Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 69.5%
Money Market Funds - 69.5%
	2,875,037	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	2,875,037
	615,005	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​		615,005
	2,953,826	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		2,953,826
		TOTAL SHORT TERM INVESTMENTS (Cost $6,443,868) (b)​	$	6,443,868
		TOTAL INVESTMENTS (Cost $6,443,868) - 69.5%	$	6,443,868
		Other Assets in Excess of Liabilities - 30.5%		2,828,543
		TOTAL NET ASSETS - 100.0%	$	9,272,411

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $3,568,832.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
4.8000% representing 1 month SOFR rate + spread	Total return of common shares of Amazon.com, Inc.	Goldman Sachs	12/7/2023		21,267	$	2,201,564	$	(27,538	)
3.3000% representing 1 month SOFR rate + spread	Total return of common shares of Amazon.com, Inc.	Bank of America Merrill Lynch	12/8/2023		22,318		2,040,454		(292,769	)
2.8000% representing 1 month SOFR rate + spread	Total return of common shares of Amazon.com, Inc.	Citibank N.A.	12/19/2023		44,346		4,618,947		(49,204	)
						$	8,860,965	$	(369,511	)

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

DIREXION SEMI-ANNUAL REPORT
23

Direxion Daily GOOGL Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 107.7%
Money Market Funds - 107.7%
	3,460,405	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	3,460,405
	759,685	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​		759,685
	773,589	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		773,589
		TOTAL SHORT TERM INVESTMENTS (Cost $4,993,679) (b)​	$	4,993,679
		TOTAL INVESTMENTS (Cost $4,993,679) - 107.7%	$	4,993,679
		Liabilities in Excess of Other Assets - (7.7)%		(355,610	)
		TOTAL NET ASSETS - 100.0%	$	4,638,069

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,533,274.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
4.8000% representing 1 month SOFR rate + spread	Total return of common shares of Alphabet, Inc.	Goldman Sachs	12/7/2023		23,902	$	2,244,734	$	(288,735	)
3.3000% representing 1 month SOFR rate + spread	Total return of common shares of Alphabet, Inc.	Bank of America Merrill Lynch	12/8/2023		10,731		1,139,032		(9,414	)
2.8000% representing 1 month SOFR rate + spread	Total return of common shares of Alphabet, Inc.	Citibank N.A.	12/19/2023		8,576		846,985		(69,570	)
						$	4,230,751	$	(367,719	)

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

DIREXION SEMI-ANNUAL REPORT
24

Direxion Daily MSFT Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 64.9%
Money Market Funds - 64.9%
	3,422,452	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	3,422,452
	1,259,614	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​		1,259,614
	2,860,420	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		2,860,420
		TOTAL SHORT TERM INVESTMENTS (Cost $7,542,486) (b)​	$	7,542,486
		TOTAL INVESTMENTS (Cost $7,542,486) - 64.9%	$	7,542,486
		Other Assets in Excess of Liabilities - 35.1%		4,078,653
		TOTAL NET ASSETS - 100.0%	$	11,621,139

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $4,120,034.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
4.8000% representing 1 month SOFR rate + spread	Total return of common shares of Microsoft Corp.	Goldman Sachs	12/7/2023		12,840	$	3,642,509	$	(289,231	)
3.3000% representing 1 month SOFR rate + spread	Total return of common shares of Microsoft Corp.	Bank of America Merrill Lynch	12/8/2023		12,726		3,673,778		(229,978	)
2.8000% representing 1 month SOFR rate + spread	Total return of common shares of Microsoft Corp.	Citibank N.A.	12/19/2023		12,255		3,463,215		(294,531	)
						$	10,779,502	$	(813,740	)

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

DIREXION SEMI-ANNUAL REPORT
25

Direxion Daily TSLA Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 106.3%
Money Market Funds - 106.3%
	30,064,192	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	30,064,192
	6,816,488	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​		6,816,488
	7,815,789	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		7,815,789
		TOTAL SHORT TERM INVESTMENTS (Cost $44,696,469) (b)​	$	44,696,469
		TOTAL INVESTMENTS (Cost $44,696,469) - 106.3%	$	44,696,469
		Liabilities in Excess of Other Assets - (6.3)%		(2,661,952	)
		TOTAL NET ASSETS - 100.0%	$	42,034,517

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $19,026,417.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
3.3000% representing 1 month SOFR rate + spread	Total return of common shares of Tesla, Inc.	BNP Paribas	12/5/2023		54,892	$	9,160,572	$	230,139
4.8000% representing 1 month SOFR rate + spread	Total return of common shares of Tesla, Inc.	Goldman Sachs	12/7/2023		98,104		17,042,069		970,282
3.3000% representing 1 month SOFR rate + spread	Total return of common shares of Tesla, Inc.	Bank of America Merrill Lynch	12/8/2023		83,496		16,105,148		2,468,758
2.8000% representing 1 month SOFR rate + spread	Total return of common shares of Tesla, Inc.	Citibank N.A.	12/19/2023		19,331		3,689,614		543,303
						$	45,997,403	$	4,212,482

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

DIREXION SEMI-ANNUAL REPORT
26

Direxion Daily AAPL Bull 1.5X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 17.7%
Computer and Electronic Product Manufacturing - 17.7%
	20,210	Apple, Inc.	$	3,429,233
		TOTAL COMMON STOCKS (Cost $3,065,974)	$	3,429,233
SHORT TERM INVESTMENTS - 78.6%
Money Market Funds - 78.6%
	8,130,093	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	8,130,093
	2,134,657	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​		2,134,657
	4,950,427	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		4,950,427
		TOTAL SHORT TERM INVESTMENTS (Cost $15,215,177)	$	15,215,177
		TOTAL INVESTMENTS (Cost $18,281,151) - 96.3% (b)​	$	18,644,410
		Other Assets in Excess of Liabilities - 3.7%		720,609
		TOTAL NET ASSETS - 100.0%	$	19,365,019

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $7,618,034.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of Apple, Inc.	6.8000% representing 1 month SOFR rate + spread	BNP Paribas	12/05/2023		7,400	$	1,010,100	$	222,381
Total return of Apple, Inc.	5.8000% representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		50,094		7,072,108		1,324,950
Total return of Apple, Inc.	7.3000% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		50,698		7,787,906		694,627
Total return of Apple, Inc.	7.3000% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		42,788		6,006,133		1,126,929
						$	21,876,247	$	3,368,887

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

DIREXION SEMI-ANNUAL REPORT
27

Direxion Daily AMZN Bull 1.5X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 21.8%
General Merchandise Retailers - 21.8%
	43,178	Amazon.com, Inc. (a)​	$	4,553,120
		TOTAL COMMON STOCKS (Cost $4,205,772)	$	4,553,120
SHORT TERM INVESTMENTS - 78.4%
Money Market Funds - 78.4%
	8,495,226	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	8,495,226
	3,119,044	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (b)​		3,119,044
	4,739,630	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		4,739,630
		TOTAL SHORT TERM INVESTMENTS (Cost $16,353,900)	$	16,353,900
		TOTAL INVESTMENTS (Cost $20,559,672) - 100.2% (c)​	$	20,907,020
		Liabilities in Excess of Other Assets - (0.2)%		(50,705	)
		TOTAL NET ASSETS - 100.0%	$	20,856,315

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $7,858,673.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of common shares of Amazon.com, Inc.	6.0500% representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		108,451	$	10,772,689	$	540,965
Total return of common shares of Amazon.com, Inc.	7.3000% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		66,869		6,951,702		(22,773	)
Total return of common shares of Amazon.com, Inc.	7.8000% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		78,179		7,914,626		191,010
						$	25,639,017	$	709,202

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

DIREXION SEMI-ANNUAL REPORT
28

Direxion Daily GOOGL Bull 1.5X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 18.0%
Web Search Portals, Libraries, Archives, and Other Information Services - 18.0%
	28,207	Alphabet, Inc. (a)​	$	3,027,739
		TOTAL COMMON STOCKS (Cost $2,772,247)	$	3,027,739
SHORT TERM INVESTMENTS - 77.8%
Money Market Funds - 77.8%
	6,057,584	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	6,057,584
	2,355,184	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (b)​		2,355,184
	4,668,876	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		4,668,876
		TOTAL SHORT TERM INVESTMENTS (Cost $13,081,644)	$	13,081,644
		TOTAL INVESTMENTS (Cost $15,853,891) - 95.8% (c)​	$	16,109,383
		Other Assets in Excess of Liabilities - 4.2%		700,834
		TOTAL NET ASSETS - 100.0%	$	16,810,217

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $7,024,061.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of common shares of Alphabet, Inc.	6.0500% representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		75,231	$	7,040,076	$	910,957
Total return of common shares of Alphabet, Inc.	7.3000% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		58,893		5,715,962		511,794
Total return of common shares of Alphabet, Inc.	7.3000% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		72,580		6,760,584		899,422
						$	19,516,622	$	2,322,173

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

DIREXION SEMI-ANNUAL REPORT
29

Direxion Daily MSFT Bull 1.5X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 18.6%
Publishing Industries - 18.6%
	11,350	Microsoft Corp.	$	3,487,401
		TOTAL COMMON STOCKS (Cost $3,022,894)	$	3,487,401
SHORT TERM INVESTMENTS - 78.1%
Money Market Funds - 78.1%
	7,007,766	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	7,007,766
	2,234,168	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​		2,234,168
	5,381,288	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		5,381,288
		TOTAL SHORT TERM INVESTMENTS (Cost $14,623,222)	$	14,623,222
		TOTAL INVESTMENTS (Cost $17,646,116) - 96.7% (b)​	$	18,110,623
		Other Assets in Excess of Liabilities - 3.3%		613,738
		TOTAL NET ASSETS - 100.0%	$	18,724,361

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $7,615,457.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of common shares of Microsoft Corp.	6.0500% representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		24,735	$	7,540,736	$	55,588
Total return of common shares of Microsoft Corp.	7.3000% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		30,155		8,230,572		947,157
Total return of common shares of Microsoft Corp.	7.3000% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		25,169		6,536,975		1,110,464
						$	22,308,283	$	2,113,209

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

DIREXION SEMI-ANNUAL REPORT
30

Direxion Daily TSLA Bull 1.5X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 24.3%
Transportation Equipment Manufacturing - 24.3%
	638,514	Tesla, Inc. (a)​	$	104,914,235
		TOTAL COMMON STOCKS (Cost $113,551,364)	$	104,914,235
SHORT TERM INVESTMENTS - 95.6%
Money Market Funds - 95.6%
	175,755,971	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	175,755,971
	96,954,799	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (b)​		96,954,799
	139,460,347	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		139,460,347
		TOTAL SHORT TERM INVESTMENTS (Cost $412,171,117)	$	412,171,117
		TOTAL INVESTMENTS (Cost $525,722,481) - 119.9% (c)​	$	517,085,352
		Liabilities in Excess of Other Assets - (19.9)%		(85,912,541	)
		TOTAL NET ASSETS - 100.0%	$	431,172,811

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $350,181,878.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
Total return of common shares of Tesla, Inc.	6.8000% representing 1 month SOFR rate + spread	BNP Paribas	12/05/2023		512,147	$	89,429,854	$	(6,619,738	)
Total return of common shares of Tesla, Inc.	8.3000% representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		1,092,009		204,303,886		(26,855,225	)
Total return of common shares of Tesla, Inc.	7.3000% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		893,394		159,785,771		(15,546,524	)
Total return of common shares of Tesla, Inc.	7.8000% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		800,137		161,453,694		(32,022,427	)
						$	614,973,205	$	(81,043,914	)

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

DIREXION SEMI-ANNUAL REPORT
31

Direxion Daily CSI 300 China A Share Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
INVESTMENT COMPANIES - 47.5%
	1,148,779	Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF (a)​	$	33,532,859
		TOTAL INVESTMENT COMPANIES (Cost $33,647,832)	$	33,532,859
SHORT TERM INVESTMENTS - 52.5%
Money Market Funds - 52.5%
	18,527,522	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	18,527,522
	18,450,598	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		18,450,598
		TOTAL SHORT TERM INVESTMENTS (Cost $36,978,120)	$	36,978,120
		TOTAL INVESTMENTS (Cost $70,625,952) - 100.0% (c)​	$	70,510,979
		Liabilities in Excess of Other Assets - (0.0)% (†)​		(17,151	)
		TOTAL NET ASSETS - 100.0%	$	70,493,828

Percentages are stated as a percent of net assets.

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

^(†)​  Less than 0.05%.

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

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $21,572,727.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF	2.8000% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		1,656,729	$	48,436,000	$	(140,421	)
Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF	5.0500% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		714,994		20,466,097		199,778
Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF	2.3000% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		1,309,504		38,732,768		(474,196	)
						$	107,634,865	$	(414,839	)

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

DIREXION SEMI-ANNUAL REPORT
32

Direxion Daily CSI China Internet Index Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
INVESTMENT COMPANIES - 48.0%
	5,005,977	KraneShares CSI China Internet ETF (a)​	$	139,967,117
		TOTAL INVESTMENT COMPANIES (Cost $145,552,677)	$	139,967,117
SHORT TERM INVESTMENTS - 63.0%
Money Market Funds - 63.0%
	110,125,413	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	110,125,413
	28,383,127	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (b)​		28,383,127
	45,310,144	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		45,310,144
		TOTAL SHORT TERM INVESTMENTS (Cost $183,818,684)	$	183,818,684
		TOTAL INVESTMENTS (Cost $329,371,361) - 111.0% (c)​	$	323,785,801
		Liabilities in Excess of Other Assets - (11.0)%		(32,089,917	)
		TOTAL NET ASSETS - 100.0%	$	291,695,884

Percentages are stated as a percent of net assets.

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

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

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $220,376,862.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
Total return of KraneShares CSI China Internet ETF	5.1900% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		2,881,945	$	86,314,253	$	(7,333,826	)
Total return of KraneShares CSI China Internet ETF	5.3500% representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		2,942,389		90,541,125		(9,491,187	)
Total return of KraneShares CSI China Internet ETF	5.3500% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		3,227,202		93,921,476		(4,255,374	)
Total return of KraneShares CSI China Internet ETF	5.5400% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		3,416,746		105,478,876		(11,966,725	)
Total return of KraneShares CSI China Internet ETF	5.4000% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		3,391,041		101,273,622		(7,981,881	)
						$	477,529,352	$	(41,028,993	)

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

DIREXION SEMI-ANNUAL REPORT
33

Direxion Daily S&P 500^®​ Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 88.9%
Accommodation - 0.4%
	1,299	Caesars Entertainment Inc. (a)​	$	58,832
	1,613	Hilton Worldwide Holdings, Inc.		232,304
	4,319	Host Hotels & Resorts, Inc.		69,838
	1,986	Las Vegas Sands Corp. (a)​		126,806
	1,624	Marriott International, Inc. Class A		275,008
	1,903	MGM Resorts International		85,483
				848,271
Administrative and Support Services - 2.2%
	529	Allegion PLC ADR (Ireland)		58,444
	8,981	Amcor PLC ADR (United Kingdom)		98,522
	2,505	Automatic Data Processing, Inc.		551,100
	230	Booking Holdings, Inc. (a)​		617,851
	715	Broadridge Financial Solutions, Inc.		103,968
	739	Equifax, Inc.		153,993
	227	FactSet Research System, Inc.		93,454
	446	FleetCor Technologies, Inc. (a)​		95,408
	476	Gartner, Inc. (a)​		143,971
	1,756	Iron Mountain, Inc.		97,001
	862	Live Nation Entertainment, Inc. (a)​		58,426
	950	Moody's Corp.		297,464
	645	Robert Half International, Inc.		47,085
	1,402	Rollins, Inc.		59,235
	9,822	Visa, Inc. Class A		2,285,874
	2,245	Waste Management, Inc.		372,782
				5,134,578
Air Transportation - 0.2%
	773	Alaska Air Group, Inc. (a)​		33,595
	3,935	American Airlines Group, Inc. (a)​		53,673
	3,879	Delta Air Lines, Inc. (a)​		133,088
	3,589	Southwest Airlines Co.		108,711
	1,977	United Continental Holdings, Inc. (a)​		86,593
				415,660
Ambulatory Health Care Services - 0.2%
	329	DaVita, Inc. (a)​		29,729
	533	Laboratory Corp. of America Holdings		120,836
	355	Molina Healthcare, Inc. (a)​		105,751
	673	Quest Diagnostics, Inc.		93,419
	7,326	Viatris, Inc.		68,352
				418,087
Amusement, Gambling, and Recreation Industries - 0.6%
	1,591	Global Payments, Inc.		179,322
	11,043	The Walt Disney Co. (a)​		1,131,907
	624	Wynn Resorts Ltd. (a)​		71,311
				1,382,540

Shares			Fair Value
Apparel Manufacturing - 0.0% (†)​
	251	Ralph Lauren Corp.	$	28,812
	1,994	VF Corp.		46,879
				75,691
Beverage and Tobacco Product Manufacturing - 2.2%
	10,792	Altria Group, Inc.		512,728
	23,526	Coca-Cola Co.		1,509,193
	984	Constellation Brands, Inc. Class A		225,798
	5,138	Keurig Dr Pepper, Inc.		168,012
	1,139	Molson Coors Brewing Co. Class B		67,748
	4,608	Monster Beverage Corp. (a)​		258,048
	8,321	PepsiCo, Inc.		1,588,396
	9,366	Philip Morris International, Inc.		936,319
				5,266,242
Broadcasting (except Internet) - 0.1%
	1,796	FOX Corp. Class A		59,735
	834	FOX Corp. Class B		25,470
	3,054	ViacomCBS, Inc. Class B		71,250
				156,455
Broadcasting and Content Providers - 0.6%
	635	Charter Communications, Inc. (a)​		234,124
	25,429	Comcast Corp. Class A		1,051,998
	1,518	Dish Network Corp. (a)​		11,400
	13,355	Warner Bros Discovery, Inc. (a)​		181,762
				1,479,284
Building Material and Garden Equipment and Supplies Dealers - 1.1%
	3,655	Lowe's Companies, Inc.		759,619
	320	Snap-on, Inc.		83,011
	6,161	The Home Depot, Inc.		1,851,627
				2,694,257
Chemical Manufacturing - 7.3%
	10,688	AbbVie, Inc.		1,615,170
	1,346	Air Products & Chemicals, Inc.		396,208
	708	Albemarle Corp.		131,306
	3,224	Amgen, Inc.		772,922
	874	Biogen, Inc. (a)​		265,897
	949	Bio-Techne Corp.		75,806
	12,852	Bristol-Myers Squibb Co.		858,128
	1,090	Catalent, Inc. (a)​		54,631
	603	Celanese Corp.		64,063
	1,189	CF Industries Holdings, Inc.		85,109
	1,471	Church & Dwight Co., Inc.		142,863
	744	Clorox Co.		123,221
	5,047	Colgate-Palmolive Co.		402,751
	2,769	DuPont de Nemours, Inc.		193,055
	721	Eastman Chemical Co.		60,759
	1,496	Ecolab, Inc.		251,089
	4,769	Eli Lilly and Company		1,887,856
	761	FMC Corp.		94,044
	7,534	Gilead Sciences, Inc.		619,370
	1,120	Incyte Corp. (a)​		83,339

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

DIREXION SEMI-ANNUAL REPORT
34

Direxion Daily S&P 500^®​ Bull 2X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
Chemical Manufacturing (continued)
	1,541	International Flavors & Fragrances, Inc.	$	149,415
	2,039	Kimberly-Clark Corp.		295,431
	2,977	Linde PLC ADR (Ireland)		1,099,853
	1,537	LyondellBasell Industries N.V. Class A ADR (Netherlands)		145,416
	15,326	Merck & Co., Inc.		1,769,693
	2,059	Mosaic Co.		88,228
	1,538	Organon & Co.		37,881
	33,929	Pfizer, Inc.		1,319,499
	1,418	PPG Industries, Inc.		198,889
	14,260	Procter & Gamble Co.		2,229,979
	645	Regeneron Pharmaceuticals, Inc. (a)​		517,154
	877	Sealed Air Corp.		42,087
	1,557	Vertex Pharmaceuticals, Inc. (a)​		530,517
	452	West Pharmaceutical Services, Inc.		163,280
	2,817	Zoetis, Inc.		495,172
				17,260,081
Clothing and Clothing Accessories Stores - 0.2%
	6,988	TJX Companies, Inc.		550,794
Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 0.1%
	1,382	Bath & Body Works, Inc.		48,508
	2,082	Ross Stores, Inc.		222,212
				270,720
Computer and Electronic Product Manufacturing - 18.3%
	9,745	Advanced Micro Devices, Inc. (a)​		870,911
	1,785	Agilent Technologies, Inc.		241,742
	35,998	Alphabet, Inc. Class A (a)​		3,864,025
	31,386	Alphabet, Inc. Class C (a)​		3,396,593
	1,388	AMETEK, Inc.		191,447
	3,591	Amphenol Corp. Class A		271,013
	3,062	Analog Devices, Inc.		550,792
	89,896	Apple, Inc.		15,253,553
	1,495	Arista Networks, Inc. (a)​		239,439
	125	Bio-Rad Laboratories, Inc. (a)​		56,349
	2,528	Broadcom, Inc.		1,583,792
	24,827	Cisco Systems, Inc.		1,173,076
	3,958	Danaher Corp.		937,690
	824	Enphase Energy, Inc. (a)​		135,301
	3,925	Fortinet, Inc. (a)​		247,471
	2,134	Fortive Corp.		134,634
	2,194	GE HealthCare Technologies, Inc. (a)​		178,460
	1,490	Hologic, Inc. (a)​		128,155
	5,224	HP, Inc.		155,205
	505	IDEXX Laboratories, Inc. (a)​		248,541
	949	Illumina, Inc. (a)​		195,076
	25,009	Intel Corp.		776,779
	5,464	International Business Machines Corp.		690,704
	1,082	Keysight Technologies, Inc. (a)​		156,500
	1,151	L3 Harris Technologies, Inc.		224,618

Shares			Fair Value
Computer and Electronic Product Manufacturing (continued)
	3,312	Microchip Technology, Inc.	$	241,743
	6,593	Micron Technology, Inc.		424,325
	269	Monolithic Power Systems, Inc.		124,270
	1,006	Motorola Solutions, Inc.		293,148
	1,304	NetApp, Inc.		82,009
	873	Northrop Grumman Corp.		402,689
	14,867	NVIDIA Corp.		4,125,444
	1,566	NXP Semiconductors NV ADR (Netherlands)		256,417
	2,611	ON Semiconductor Corp. (a)​		187,888
	2,507	Otis Worldwide Corp.		213,847
	767	PerkinElmer, Inc.		100,086
	603	Qorvo, Inc. (a)​		55,524
	6,740	Qualcomm, Inc.		787,232
	8,855	Raytheon Technologies Corp.		884,614
	638	Roper Technologies, Inc.		290,150
	1,158	Seagate Technology Holdings PLC ADR (Ireland)		68,056
	956	Skyworks Solutions, Inc.		101,240
	333	SolarEdge Technologies, Inc. (a)​		95,115
	941	Teradyne, Inc.		85,989
	5,473	Texas Instruments, Inc.		915,086
	2,372	Thermo Fisher Scientific, Inc.		1,316,223
	1,491	Trimble, Inc. (a)​		70,226
	360	Waters Corp. (a)​		108,130
	1,930	Western Digital Corp. (a)​		66,469
	312	Zebra Technologies Corp. Class A (a)​		89,865
				43,287,651
Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.2%
	3,838	Fiserv, Inc. (a)​		468,697
Construction of Buildings - 0.2%
	1,887	D.R. Horton, Inc.		207,230
	1,528	Lennar Corp. Class A		172,374
	15	NVR, Inc. (a)​		87,600
	1,362	PulteGroup, Inc.		91,458
				558,662
Couriers and Messengers - 0.5%
	1,405	FedEx Corp.		320,031
	4,412	United Parcel Service, Inc. Class B		793,322
				1,113,353
Credit Intermediation and Related Activities - 4.4%
	3,594	American Express Co.		579,856
	42,190	Bank of America Corp.		1,235,323
	4,450	Bank of New York Mellon Corp.		189,526
	2,303	Capital One Financial Corp.		224,082
	11,711	Citigroup, Inc.		551,237
	2,977	Citizens Financial Group, Inc.		92,108
	790	Comerica, Inc.		34,262
	1,615	Discover Financial Services		167,104
	3,585	Fidelity National Information Services, Inc.		210,511
	4,135	Fifth Third Bancorp		108,337
	1,123	First Republic Bank (b)​		3,942

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

DIREXION SEMI-ANNUAL REPORT
35

Direxion Daily S&P 500^®​ Bull 2X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
Credit Intermediation and Related Activities (continued)
	8,722	Huntington Bancshares, Inc.	$	97,686
	17,725	JPMorgan Chase & Co.		2,450,304
	5,642	KeyCorp		63,529
	1,023	M&T Bank Corp.		128,693
	5,099	MasterCard, Inc. Class A		1,937,773
	1,258	Northern Trust Corp.		98,325
	2,425	PNC Financial Services Group, Inc.		315,856
	5,645	Regions Financial Corp.		103,078
	2,111	State Street Corp.		152,541
	2,641	Synchrony Financial		77,936
	8,025	Truist Financial Corp.		261,455
	8,419	U.S. Bancorp		288,603
	23,033	Wells Fargo & Co.		915,562
	900	Zions Bancorp		25,074
				10,312,703
Electrical Equipment, Appliance, and Component Manufacturing - 0.4%
	770	A.O. Smith Corp.		52,583
	3,458	Emerson Electric Co.		287,913
	380	Generac Holdings, Inc. (a)​		38,844
	691	Rockwell Automation, Inc.		195,836
	1,912	TE Connectivity Ltd. ADR (Switzerland)		233,972
	326	Whirlpool Corp.		45,506
				854,654
Electronics and Appliance Stores - 0.0% (†)​
	1,193	Best Buy Co., Inc.		88,902
Fabricated Metal Product Manufacturing - 0.2%
	1,900	Ball Corp.		101,042
	1,526	Nucor Corp.		226,123
	994	Pentair PLC ADR (Ireland)		57,731
	893	Stanley Black & Decker, Inc.		77,102
				461,998
Food and Beverage Stores - 0.1%
	3,938	Kroger Co.		191,505
Food Manufacturing - 1.0%
	3,309	Archer-Daniels-Midland Co.		258,367
	901	Bunge Ltd.		84,334
	1,210	Campbell Soup Co.		65,703
	3,567	General Mills, Inc.		316,143
	1,751	Hormel Foods Corp.		70,811
	1,546	Kellogg Co.		107,864
	873	Lamb Weston Holdings, Inc.		97,610
	1,515	McCormick & Co, Inc.		133,093
	8,243	Mondelez International, Inc.		632,403
	888	The Hershey Co.		242,477
	641	The J.M. Smucker Co.		98,977
	4,816	The Kraft Heinz Co.		189,124
	1,725	Tyson Foods, Inc. Class A		107,795
				2,404,701
Food Services and Drinking Places - 1.2%
	165	Chipotle Mexican Grill, Inc. (a)​		341,157
	735	Darden Restaurants, Inc.		111,669
	213	Domino's Pizza, Inc.		67,621

Shares			Fair Value
Food Services and Drinking Places (continued)
	4,424	McDonald's Corp.	$	1,308,398
	6,947	Starbucks Corp.		793,973
	1,694	Yum! Brands, Inc.		238,142
				2,860,960
Funds, Trusts, and Other Financial Vehicles - 0.1%
	930	Garmin Ltd. ADR (Switzerland)		91,298
	1,356	T. Rowe Price Group, Inc.		152,320
				243,618
Gasoline Stations - 0.8%
	10,754	Chevron Corp.		1,812,909
General Merchandise Retailers - 3.1%
	53,886	Amazon.com, Inc. (a)​		5,682,279
	2,684	Costco Wholesale Corp.		1,350,642
	1,256	Dollar Tree, Inc. (a)​		193,060
	3,277	eBay, Inc.		152,151
	759	Etsy, Inc. (a)​		76,682
				7,454,814
General Merchandise Stores - 0.9%
	1,353	Dollar General Corp.		299,635
	2,785	Target Corp.		439,334
	8,473	Wal-Mart Stores, Inc.		1,279,169
				2,018,138
Health & Personal Care Stores - 0.2%
	7,766	CVS Health Corp.		569,326
Health and Personal Care Retailers - 0.1%
	4,324	Walgreens Boots Alliance, Inc.		152,421
Health and Personal Care Stores - 0.1%
	309	Ulta Salon, Cosmetics & Fragrance, Inc. (a)​		170,392
Hospitals - 0.2%
	1,282	HCA Healthcare, Inc.		368,357
	384	Universal Health Services, Inc. Class B		57,734
				426,091
Insurance Carriers and Related Activities - 5.4%
	3,381	Aflac, Inc.		236,163
	1,591	Allstate Corp.		184,174
	4,486	American International Group, Inc.		237,937
	1,244	Aon PLC ADR (United Kingdom)		404,524
	2,237	Arch Capital Group Ltd.ADR (a)​		167,932
	1,282	Arthur J. Gallagher & Co.		266,733
	318	Assurant, Inc.		39,155
	10,891	Berkshire Hathaway, Inc. Class B (a)​		3,578,238
	1,418	Brown & Brown, Inc.		91,305
	3,326	Centene Corp. (a)​		229,261
	2,508	Chubb Limited ADR (Switzerland)		505,513
	1,805	Cigna Corp.		457,189
	948	Cincinnati Financial Corp.		100,905
	1,443	Elevance Health, Inc.		676,262
	231	Everest Re Group Ltd.		87,318
	541	Globe Life, Inc.		58,709
	1,905	Hartford Financial Services Group, Inc.		135,236

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

DIREXION SEMI-ANNUAL REPORT
36

Direxion Daily S&P 500^®​ Bull 2X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
Insurance Carriers and Related Activities (continued)
	756	Humana, Inc.	$	401,050
	933	Lincoln National Corp.		20,274
	1,178	Loews Corp.		67,818
	2,995	Marsh & McLennan Companies, Inc.		539,669
	3,986	MetLife, Inc.		244,461
	1,371	Principal Financial Group, Inc.		102,400
	3,533	Progressive Corp.		481,901
	2,224	Prudential Financial, Inc.		193,488
	1,400	Travelers Companies, Inc.		253,596
	5,647	UnitedHealth Group, Inc.		2,778,832
	1,231	W.R. Berkley Corp.		72,531
	642	Willis Towers Watson PLC ADR (Ireland)		148,687
				12,761,261
Leather and Allied Product Manufacturing - 0.4%
	7,527	NIKE, Inc. Class B		953,821
	1,423	Tapestry, Inc.		58,073
				1,011,894
Machinery Manufacturing - 2.0%
	5,095	Applied Materials, Inc.		575,888
	6,082	Baker Hughes Co.		177,838
	5,042	Carrier Global Corp.		210,856
	3,149	Caterpillar, Inc.		689,001
	850	Cummins, Inc.		199,784
	1,631	Deere & Co.		616,551
	6,584	General Electric Co.		651,618
	459	IDEX Corp.		94,701
	2,448	Ingersoll Rand, Inc.		139,585
	820	Lam Research Corp.		429,746
	138	Mettler-Toledo International, Inc. (a)​		205,827
	323	Nordson Corp.		69,868
	777	Parker Hannifin Corp.		252,432
	1,385	Trane Technologies PLC ADR (Ireland)		257,347
	1,091	Xylem, Inc.		113,289
				4,684,331
Management of Companies and Enterprises - 0.5%
	10,536	Abbott Laboratories		1,163,912
	6,058	Carnival Corp. ADR (Panama) (a)​		55,794
	2,544	Norwegian Cruise Line Holdings Ltd. ADR (a)​		33,963
				1,253,669
Merchant Wholesalers, Durable Goods - 0.7%
	522	Cintas Corp.		237,912
	2,591	Copart, Inc. (a)​		204,819
	3,456	Fastenal Co.		186,071
	823	Henry Schein, Inc. (a)​		66,507
	245	Huntington Ingalls Industries, Inc.		49,407
	4,154	Johnson Controls International PLC ADR (Ireland)		248,575
	837	KLA-Tencor Corp.		323,534
	1,536	LKQ Corp.		88,673
	318	Mohawk Industries, Inc. (a)​		33,676
	231	Pool Corp.		81,155

Shares			Fair Value
Merchant Wholesalers, Durable Goods (continued)
	270	W.W. Grainger, Inc.	$	187,804
	1,540	WestRock Co.		46,092
				1,754,225
Merchant Wholesalers, Nondurable Goods - 0.7%
	981	AmerisourceBergen Corp.		163,680
	1,104	Brown Forman Corp. Class B		71,859
	1,559	Cardinal Health, Inc.		127,994
	2,885	ConAgra Brands, Inc.		109,515
	1,676	Illinois Tool Works, Inc.		405,491
	829	McKesson Corp.		301,955
	3,065	Sysco Corp.		235,208
	1,422	The Sherwin Williams Co.		337,782
				1,753,484
Mining (except Oil and Gas) - 0.3%
	8,635	Freeport-McMoRan Copper & Gold, Inc.		327,353
	374	Martin Marietta Materials, Inc.		135,837
	4,794	Newmont Mining Corp.		227,235
	799	Vulcan Materials Co.		139,921
				830,346
Miscellaneous Manufacturing - 3.5%
	3,325	3M Co.		353,182
	435	Align Technology, Inc. (a)​		141,506
	3,052	Baxter International, Inc.		145,519
	1,718	Becton, Dickinson & Co.		454,085
	8,660	Boston Scientific Corp. (a)​		451,359
	1,301	Dentsply Sirona, Inc.		54,551
	2,334	DexCom, Inc. (a)​		283,208
	843	Dover Corp.		123,213
	3,736	Edwards Lifesciences Corp. (a)​		328,693
	1,403	Estee Lauder Companies, Inc. Class A		346,148
	785	Hasbro, Inc.		46,488
	420	Insulet Corp. (a)​		133,577
	2,118	Intuitive Surgical, Inc. (a)​		637,984
	15,802	Johnson & Johnson		2,586,787
	8,041	Medtronic PLC ADR (Ireland)		731,329
	888	ResMed, Inc.		213,972
	600	Steris PLC ADR (Ireland)		113,130
	2,037	Stryker Corp.		610,387
	279	Teleflex, Inc.		76,033
	1,260	Textron, Inc.		84,344
	301	The Cooper Companies, Inc.		114,816
	1,265	Zimmer Biomet Holdings, Inc.		175,127
				8,205,438
Miscellaneous Store Retailers - 0.1%
	670	Tractor Supply Co.		159,728
Motion Picture and Sound Recording Industries - 0.4%
	2,692	Netflix, Inc. (a)​		888,171
	954	Take-Two Interactive Software, Inc. (a)​		118,573
				1,006,744
Motor Vehicle and Parts Dealers - 0.3%
	360	Advance Auto Parts, Inc.		45,191
	112	AutoZone, Inc. (a)​		298,291

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

DIREXION SEMI-ANNUAL REPORT
37

Direxion Daily S&P 500^®​ Bull 2X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
Motor Vehicle and Parts Dealers (continued)
	951	CarMax, Inc. (a)​	$	66,598
	375	O'Reilly Automotive, Inc. (a)​		343,991
				754,071
National Security and International Affairs - 0.0% (†)​
	828	Leidos Holdings, Inc.		77,219
Nonmetallic Mineral Product Manufacturing - 0.1%
	4,605	Corning, Inc.		152,978
Oil and Gas Extraction - 0.8%
	1,941	APA Corp.		71,526
	4,768	Coterra Energy, Inc.		122,061
	3,950	Devon Energy Corp.		211,049
	5,037	Dominion Energy, Inc.		287,814
	3,550	EOG Resources, Inc.		424,119
	2,219	EQT Corp.		77,310
	3,839	Marathon Oil Corp.		92,750
	4,399	Occidental Petroleum Corp.		270,670
	2,817	Phillips 66		278,883
				1,836,182
Paper Manufacturing - 0.0% (†)​
	562	Packaging Corp of America		76,016
Performing Arts, Spectator Sports, and Related Industries - 0.2%
	4,306	Activision Blizzard, Inc. (a)​		334,619
	1,573	Electronic Arts, Inc.		200,212
				534,831
Petroleum and Coal Products Manufacturing - 1.8%
	7,402	ConocoPhillips		761,592
	24,896	Exxon Mobil Corp.		2,946,193
	2,744	Marathon Petroleum Corp.		334,768
	2,330	Valero Energy Corp.		267,181
				4,309,734
Pipeline Transportation - 0.1%
	7,363	Williams Companies, Inc.		222,804
Plastics and Rubber Products Manufacturing - 0.0% (†)​
	486	Avery Dennison Corp.		84,798
	2,275	Newell Rubbermaid, Inc.		27,641
				112,439
Primary Metal Manufacturing - 0.1%
	2,225	Howmet Aerospace, Inc.		98,545
	1,004	Steel Dynamics, Inc.		104,366
				202,911
Professional, Scientific, and Technical Services - 3.2%
	3,802	Accenture PLC Class A ADR (Ireland)		1,065,663
	822	CDW Corp.		139,403
	309	Charles River Laboratories International, Inc. (a)​		58,747
	3,077	Cognizant Technology Solutions Corp. Class A		183,728
	1,372	DXC Technology Co. (a)​		32,722
	2,403	Eaton Corp PLC ADR (Ireland)		401,589
	351	EPAM Systems, Inc. (a)​		99,136
	810	Extra Space Storage, Inc.		123,152
	364	F5 Networks, Inc. (a)​		48,907

Shares			Fair Value
Professional, Scientific, and Technical Services (continued)
	2,148	International Paper Co.	$	71,120
	2,348	Interpublic Group of Companies, Inc.		83,894
	1,123	IQVIA Holdings, Inc. (a)​		211,382
	437	Jack Henry & Associates, Inc.		71,380
	769	Jacobs Solutions, Inc.		88,789
	1,959	Juniper Networks, Inc.		59,064
	1,684	Match Group, Inc. (a)​		62,140
	13,453	Meta Platforms, Inc. (a)​		3,233,025
	1,994	Moderna, Inc. (a)​		264,983
	1,226	Omnicom Group, Inc.		111,039
	1,937	Paychex, Inc.		212,799
	296	Paycom Software, Inc. (a)​		85,949
	1,227	ServiceNow, Inc. (a)​		563,708
	279	Teledyne Technologies, Inc. (a)​		115,618
	558	VeriSign, Inc. (a)​		123,764
	945	Verisk Analytics, Inc. Class A		183,434
				7,695,135
Publishing Industries - 7.7%
	2,767	Adobe Systems, Inc. (a)​		1,044,708
	526	ANSYS, Inc. (a)​		165,122
	1,305	Autodesk, Inc. (a)​		254,201
	1,661	Cadence Design Systems, Inc. (a)​		347,896
	932	Ceridian HCM Holding, Inc. (a)​		59,163
	1,698	Intuit, Inc.		753,827
	44,995	Microsoft Corp.		13,825,164
	640	PTC, Inc. (a)​		80,506
	6,042	Salesforce.com, Inc. (a)​		1,198,552
	925	Synopsys, Inc. (a)​		343,471
	254	Tyler Technologies, Inc. (a)​		96,274
				18,168,884
Publishing Industries (except Internet) - 0.5%
	949	Akamai Technologies, Inc. (a)​		77,790
	153	Fair Isaac Corp. (a)​		111,376
	7,744	Hewlett Packard Enterprise Co.		110,894
	2,314	News Corp. Class A		40,750
	716	News Corp. Class B		12,709
	3,435	NortonLifeLock, Inc.		60,696
	9,291	Oracle Corp.		880,044
				1,294,259
Rail Transportation - 0.5%
	12,710	CSX Corp.		389,434
	3,695	Union Pacific Corp.		723,112
				1,112,546
Real Estate - 1.9%
	950	Alexandria Real Estate Equities, Inc.		117,971
	2,815	American Tower Corp.		575,358
	844	AvalonBay Communities, Inc.		152,232
	862	Boston Properties, Inc.		45,996
	668	Camden Property Trust		73,513
	1,910	CBRE Group, Inc. Class A (a)​		146,421
	2,616	Crown Castle International Corp.		322,003
	1,735	Digital Realty Trust, Inc.		172,025
	2,060	Equity Residential		130,295

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

DIREXION SEMI-ANNUAL REPORT
38

Direxion Daily S&P 500^®​ Bull 2X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
Real Estate (continued)
	385	Essex Property Trust, Inc.	$	84,596
	437	Federal Realty Investment Trust		43,215
	3,308	Healthpeak Properties, Inc.		72,677
	3,514	Invitation Homes, Inc.		117,262
	3,737	Kimco Realty Corp.		71,713
	694	Mid-America Apartment Communities, Inc.		106,737
	5,575	Prologis, Inc.		698,269
	952	Public Storage		280,678
	3,790	Realty Income Corp.		238,164
	933	Regency Centers Corp.		57,314
	1,977	Simon Property Group, Inc.		224,034
	1,872	UDR, Inc.		77,370
	2,420	Ventas, Inc.		116,281
	6,066	VICI Properties, Inc.		205,880
	2,854	Welltower, Inc.		226,094
	4,426	Weyerhaeuser Co.		132,382
				4,488,480
Rental and Leasing Services - 0.1%
	419	United Rentals, Inc.		151,305
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.2%
	635	Ameriprise Financial, Inc.		193,751
	901	BlackRock, Inc.		604,751
	639	CBOE Holdings, Inc.		89,268
	9,219	Charles Schwab Corp.		481,601
	2,174	CME Group, Inc.		403,864
	4,260	Dow, Inc.		231,744
	1,723	Franklin Resources, Inc.		46,314
	2,044	Goldman Sachs Group, Inc.		701,991
	3,376	IntercontinentalExchange, Inc.		367,748
	2,747	Invesco Ltd. (a)​		47,056
	224	MarketAxess Holdings, Inc.		71,315
	7,895	Morgan Stanley		710,313
	481	MSCI, Inc. Class A		232,059
	2,046	NASDAQ OMX Group, Inc.		113,287
	1,172	Raymond James Financial, Inc.		106,101
	1,988	S&P Global, Inc.		720,809
				5,121,972
Specialty Trade Contractors - 0.1%
	864	Quanta Services, Inc.		146,569
Support Activities for Agriculture and Forestry - 0.1%
	4,309	Corteva, Inc.		263,366
Support Activities for Mining - 0.6%
	1,107	Diamondback Energy, Inc.		157,416
	5,464	Halliburton Co.		178,946
	1,675	Hess Corp.		242,976
	1,437	Pioneer Natural Resources Co.		312,619
	8,581	Schlumberger Ltd. ADR (Curaco) (a)​		423,472
	1,366	Targa Resources Corp.		103,174
				1,418,603
Support Activities for Transportation - 0.3%
	715	C.H. Robinson Worldwide, Inc.		72,122
	893	Expedia, Inc. (a)​		83,906

Shares			Fair Value
Support Activities for Transportation (continued)
	957	Expeditors International of Washington, Inc.	$	108,945
	506	J.B. Hunt Transport Services, Inc.		88,697
	1,379	Norfolk Southern Corp.		279,978
				633,648
Telecommunications - 1.4%
	43,086	AT&T, Inc.		761,330
	562	Equinix, Inc.		406,933
	6,840	PayPal Holdings, Inc. (a)​		519,840
	653	SBA Communications Corp.		170,361
	3,579	T-Mobile US, Inc. (a)​		515,018
	25,386	Verizon Communications, Inc.		985,738
				3,359,220
Transportation Equipment Manufacturing - 2.7%
	1,640	Aptiv PLC ADR (United Kingdom) (a)​		168,690
	3,404	Boeing Co. (a)​		703,879
	1,414	BorgWarner, Inc.		68,056
	23,665	Ford Motor Co.		281,140
	1,360	General Dynamics Corp.		296,943
	8,426	General Motors Co.		278,395
	4,040	Honeywell International, Inc.		807,354
	1,370	Lockheed Martin Corp.		636,297
	3,157	Paccar, Inc.		235,796
	16,254	Tesla Motors, Inc. (a)​		2,670,695
	314	TransDigm Group, Inc.		240,210
	1,099	Wabtec Corp.		107,339
				6,494,794
Truck Transportation - 0.1%
	548	Old Dominion Freight Line, Inc.		175,574
Utilities - 2.6%
	4,039	AES Corp.		95,563
	1,516	Alliant Energy Corp.		83,592
	1,564	Ameren Corp.		139,149
	3,107	American Electric Power Co., Inc.		287,149
	1,162	American Water Works Co., Inc.		172,266
	865	Atmos Energy Corp.		98,731
	3,801	CenterPoint Energy, Inc.		115,816
	1,759	CMS Energy Corp.		109,515
	2,144	Consolidated Edison, Inc.		211,120
	1,978	Constellation Energy Corp.		153,097
	1,172	DTE Energy Co.		131,745
	4,658	Duke Energy Corp.		460,583
	2,306	Edison International		169,722
	1,230	Entergy Corp.		132,323
	1,387	Evergy, Inc.		86,147
	2,108	Eversource Energy		163,602
	6,007	Exelon Corp.		254,937
	600	First Solar, Inc. (a)​		109,548
	3,279	FirstEnergy Corp.		130,504
	11,953	Kinder Morgan, Inc.		204,994
	12,006	NextEra Energy, Inc.		920,020
	2,454	NiSource, Inc.		69,841
	1,391	NRG Energy, Inc.		47,530
	2,699	Oneok, Inc.		176,542
	9,729	PG&E Corp. (a)​		166,463

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

DIREXION SEMI-ANNUAL REPORT
39

Direxion Daily S&P 500^®​ Bull 2X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
Utilities (continued)
	683	Pinnacle West Capital Corp.	$	53,588
	4,453	PPL Corp.		127,890
	3,013	Public Service Enterprise Group, Inc.		190,422
	1,902	Sempra Energy		295,742
	6,581	Southern Co.		484,033
	1,907	WEC Energy Group, Inc.		183,396
	3,310	Xcel Energy, Inc.		231,402
				6,256,972
Waste Management and Remediation Services - 0.1%
	1,244	Republic Services, Inc.		179,907
Water Transportation - 0.0% (†)​
	1,328	Royal Caribbean Cruises Ltd. ADR (Liberia) (a)​		86,891
Web Search Portals, Libraries, Archives, and Other Information Services - 0.1%
	2,457	CoStar Group, Inc. (a)​		189,066
Wholesale Electronic Markets and Agents and Brokers - 0.1%
	848	Genuine Parts Co.		142,727
Wood Product Manufacturing - 0.0% (†)​
	1,361	Masco Corp.		72,827
		TOTAL COMMON STOCKS (Cost $202,798,548)	$	210,557,204
SHORT TERM INVESTMENTS - 10.1%
Money Market Funds - 10.1%
	20,670,855	Dreyfus Government Cash Management Institutional Shares, 4.76% (c)(d)​	$	20,670,855
	16,122	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (c)​		16,122
	3,235,277	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (c)​		3,235,277
		TOTAL SHORT TERM INVESTMENTS (Cost $23,922,254)	$	23,922,254
		TOTAL INVESTMENTS (Cost $226,720,802) - 99.0% (e)​	$	234,479,458
		Other Assets in Excess of Liabilities - 1.0%		2,349,953
		TOTAL NET ASSETS - 100.0%	$	236,829,411

Percentages are stated as a percent of net assets.

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

^(†)​  Less than 0.005%.

^(a)​  Non-income producing security.

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

^(c)​  Represents annualized seven-day yield at April 30, 2023.

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

^(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $99,339,837.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
40

Direxion Daily S&P 500^®​ Bull 2X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of S&P 500®​ Index	5.1200% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		31,403	$	126,657,735	$	3,763,071
Total return of S&P 500®​ Index	5.2500% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		28,580		114,104,510		4,204,411
Total return of S&P 500®​ Index	5.3000% representing 1 month SOFR rate + spread	Goldman Sachs	4/9/2024		3,119		12,346,978		591,270
						$	253,109,223	$	8,558,752

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

DIREXION SEMI-ANNUAL REPORT
41

Direxion Daily MSCI Brazil Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
INVESTMENT COMPANIES - 41.3%
	1,764,690	iShares MSCI Brazil Capped ETF (a)​	$	49,887,786
		TOTAL INVESTMENT COMPANIES (Cost $60,139,440)	$	49,887,786
SHORT TERM INVESTMENTS - 59.8%
Money Market Funds - 59.8%
	47,656,964	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	47,656,964
	321,420	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (b)​		321,420
	24,245,969	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		24,245,969
		TOTAL SHORT TERM INVESTMENTS (Cost $72,224,353)	$	72,224,353
		TOTAL INVESTMENTS (Cost $132,363,793) - 101.1% (c)​	$	122,112,139
		Liabilities in Excess of Other Assets - (1.1)%		(1,299,118	)
		TOTAL NET ASSETS - 100.0%	$	120,813,021

Percentages are stated as a percent of net assets.

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

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

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $53,744,261.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of iShares MSCI Brazil Capped ETF	5.3900% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		125,683	$	3,313,004	$	176,158
Total return of iShares MSCI Brazil Capped ETF	4.3000% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		4,176,730		120,973,310		(1,905,033	)
Total return of iShares MSCI Brazil Capped ETF	5.1000% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		2,274,157		60,035,093		3,309,846
Total return of iShares MSCI Brazil Capped ETF	5.5500% representing 1 month SOFR rate + spread	Barclays	12/20/2023		205,850		6,325,771		(223,191	)
						$	190,647,178	$	1,357,780

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

DIREXION SEMI-ANNUAL REPORT
42

Direxion Daily MSCI India Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
INVESTMENT COMPANIES - 46.0%
	626,695	iShares MSCI India ETF (a)​	$	25,769,699
		TOTAL INVESTMENT COMPANIES (Cost $28,535,490)	$	25,769,699
SHORT TERM INVESTMENTS - 60.8%
Money Market Funds - 60.8%
	17,604,739	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	17,604,739
	6,370,077	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (b)​		6,370,077
	10,063,140	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		10,063,140
		TOTAL SHORT TERM INVESTMENTS (Cost $34,037,956)	$	34,037,956
		TOTAL INVESTMENTS (Cost $62,573,446) - 106.8% (c)​	$	59,807,655
		Liabilities in Excess of Other Assets - (6.8)%		(3,783,508	)
		TOTAL NET ASSETS - 100.0%	$	56,024,147

Percentages are stated as a percent of net assets.

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

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

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $20,072,299.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of iShares MSCI India ETF	5.5900% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		636,042	$	25,152,253	$	836,039
Total return of iShares MSCI India ETF	5.5500% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		899,528		38,634,728		(2,417,028	)
Total return of iShares MSCI India ETF	5.6000% representing 1 month SOFR rate + spread	Barclays	12/20/2023		562,644		24,272,462		(1,651,643	)
						$	88,059,443	$	(3,232,632	)

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

DIREXION SEMI-ANNUAL REPORT
43

Direxion Daily Cloud Computing Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 84.8%
Administrative and Support Services - 0.8%
	615	Alarm.com, Inc. (a)​	$	29,329
	774	nCino, Inc. (a)​		19,141
				48,470
Computer and Electronic Product Manufacturing - 0.2%
	513	Radware Ltd. ADR (Israel) (a)​		10,337
Data Processing, Hosting and Related Services - 5.8%
	911	Five9, Inc. (a)​		59,069
	1,091	RingCentral, Inc. (a)​		30,068
	2,092	VMware, Inc. (a)​		261,563
				350,700
Heavy and Civil Engineering Construction - 0.6%
	639	BlackLine, Inc. (a)​		35,599
Professional, Scientific, and Technical Services - 27.2%
	986	2U, Inc. (a)​		5,462
	761	DigitalOcean Holdings, Inc. (a)​		24,002
	1,753	Freshworks, Inc. (a)​		23,420
	921	LivePerson, Inc. (a)​		4,264
	476	Model N, Inc. (a)​		14,661
	2,990	Nutanix, Inc. (a)​		71,700
	668	Paycom Software, Inc. (a)​		193,967
	538	Paylocity Holding Corp. (a)​		103,990
	538	PROS Holdings, Inc. (a)​		15,263
	2,076	SAP SE ADR (Germany)		280,821
	591	ServiceNow, Inc. (a)​		271,517
	1,873	Snowflake, Inc. (a)​		277,354
	1,857	Vimeo, Inc. (a)​		6,110
	1,343	Workday, Inc. (a)​		249,986
	1,127	Zscaler, Inc. (a)​		101,543
				1,644,060
Publishing Industries - 12.8%
	683	Adobe Systems, Inc. (a)​		257,873
	1,277	Autodesk, Inc. (a)​		248,747
	1,345	Salesforce.com, Inc. (a)​		266,808
				773,428
Publishing Industries (except Internet) - 28.2%
	1,394	ACI Worldwide, Inc. (a)​		35,310
	2,009	Akamai Technologies, Inc. (a)​		164,678
	240	AppFolio, Inc. (a)​		33,509
	1,331	Bill.com Holdings, Inc. (a)​		102,234
	555	Blackbaud, Inc. (a)​		38,492
	1,813	Box, Inc. (a)​		47,972
	1,129	C3.ai, Inc. (a)(b)​		20,119
	764	Clearwater Analytics Holdings, Inc. (a)​		11,773
	1,945	CrowdStrike Holdings, Inc. (a)​		233,497
	3,455	Dropbox, Inc. (a)​		70,275
	378	Enfusion, Inc. (a)​		3,168
	519	Everbridge, Inc. (a)​		13,639
	1,433	Informatica, Inc. (a)​		22,154
	125	MicroStrategy, Inc. Class A (a)(b)​		41,047
	2,907	Oracle Corp.		275,351
	821	Paycor HCM, Inc. (a)​		19,293
	471	Qualys, Inc. (a)​		53,195
	470	SPS Commerce, Inc. (a)​		69,231

Shares			Fair Value
Publishing Industries (except Internet) (continued)
	2,296	Twilio, Inc. (a)​	$	120,793
	1,458	Veeva Systems, Inc. (a)​		261,099
	606	Workiva, Inc. (a)​		56,612
	1,624	Zuora, Inc. (a)​		12,651
				1,706,092
Software - 6.2%
	1,676	Atlassian Corp. (a)​		247,478
	2,595	DocuSign, Inc. (a)​		128,297
				375,775
Telecommunications - 3.0%
	1,402	8x8, Inc. (a)​		4,024
	2,838	Zoom Video Communications, Inc. (a)​		174,338
				178,362
		TOTAL COMMON STOCKS (Cost $6,797,699)	$	5,122,823
SHORT TERM INVESTMENTS - 15.6%
Money Market Funds - 15.6%
	94,385	Dreyfus Government Cash Management Institutional Shares, 4.76% (c)(d)​	$	94,385
	1	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (c)​		1
	848,501	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (c)​		848,501
		TOTAL SHORT TERM INVESTMENTS (Cost $942,887)	$	942,887
		TOTAL INVESTMENTS (Cost $7,740,586) - 100.4% (e)​	$	6,065,710
		Liabilities in Excess of Other Assets - (0.4)%		(25,944	)
		TOTAL NET ASSETS - 100.0%	$	6,039,766

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

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

^(c)​  Represents annualized seven-day yield at April 30, 2023.

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

^(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,045,316.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
44

Direxion Daily Cloud Computing Bull 2X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of Indxx USA Cloud Computing Index	4.9500% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		8,563	$	6,028,667	$	25,231
Total return of Indxx USA Cloud Computing Index	4.9500% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		1,133		821,010		(14,276	)
						$	6,849,677	$	10,955

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

DIREXION SEMI-ANNUAL REPORT
45

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 88.2%
Automobiles & Components - 3.5%
	39,560	Polestar Automotive Holding UK PLC ADR (Sweden) (a)​	$	151,515
Capital Goods - 0.5%
	7,596	Wallbox NV ADR (Spain) (a)​		20,737
Computer and Electronic Product Manufacturing - 6.8%
	23,080	Blink Charging Co. (a)​		164,560
	17,212	Indie Semiconductor, Inc. (a)​		130,295
				294,855
Management of Companies and Enterprises - 3.5%
	13,587	EHang Holdings Ltd. ADR (China) (a)​		150,952
Motor Vehicle and Parts Dealers - 3.1%
	22,563	EVgo, Inc. (a)​		135,152
Printing and Related Support Activities - 5.6%
	37,810	Fisker, Inc. (a)​		243,496
Rental and Leasing Services - 2.1%
	3,595	Cerence, Inc. (a)​		91,852
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 18.7%
	19,033	ChargePoint Holdings, Inc. (a)​		165,016
	42,549	Lucid Group, Inc. (a)​		337,839
	35,909	Nio, Inc. ADR (China) (a)​		282,604
	12,865	The Lion Electric Company ADR (Canada) (a)​		28,560
				814,019
Specialty Trade Contractors - 3.6%
	22,585	QuantumScape Corp. (a)​		158,095
Transportation Equipment Manufacturing - 40.8%
	3,435	BorgWarner, Inc. (a)​		165,327
	6,287	Gentex Corp.		173,458
	7,338	Li Auto, Inc. ADR (China) (a)​		172,443
	29,519	Luminar Technologies, Inc. (a)​		177,704
	182,371	Nikola Corp. (a)​		161,490
	24,418	Rivian Automotive, Inc. (a)​		313,039
	1,812	Tesla Motors, Inc. (a)​		297,730
	32,337	XPeng, Inc. ADR (China) (a)​		307,203
				1,768,393
		TOTAL COMMON STOCKS (Cost $4,080,061)	$	3,829,066

Shares			Fair Value
SHORT TERM INVESTMENTS - 22.8%
Money Market Funds - 22.8%
	359,004	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	359,004
	570,625	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (b)​		570,625
	58,628	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		58,628
		TOTAL SHORT TERM INVESTMENTS (Cost $988,257)	$	988,257
		TOTAL INVESTMENTS (Cost $5,068,318) - 111.0% (c)​	$	4,817,323
		Liabilities in Excess of Other Assets - (11.0)%		(479,140	)
		TOTAL NET ASSETS - 100.0%	$	4,338,183

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,075,923.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
46

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
Total return of Indxx US Electric and Autonomous Vehicles Index	4.9000% representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		2,785	$	2,845,095	$	(442,369	)
Total return of Indxx US Electric and Autonomous Vehicles Index	4.8000% representing 1 month SOFR rate + spread	J.P. Morgan	2/26/2024		2,736		2,459,920		(61,170	)
						$	5,305,015	$	(503,539	)

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

DIREXION SEMI-ANNUAL REPORT
47

Direxion Daily Energy Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 70.5%
Gasoline Stations - 14.0%
	346,319	Chevron Corp.	$	58,382,457
Machinery Manufacturing - 1.5%
	219,284	Baker Hughes Co.		6,411,864
Oil and Gas Extraction - 13.0%
	70,083	APA Corp.		2,582,559
	171,867	Coterra Energy, Inc.		4,399,795
	142,490	Devon Energy Corp.		7,613,241
	114,353	EOG Resources, Inc.		13,661,753
	80,010	EQT Corp.		2,787,548
	138,430	Marathon Oil Corp.		3,344,469
	158,497	Occidental Petroleum Corp.		9,752,320
	101,575	Phillips 66		10,055,925
				54,197,610
Petroleum and Coal Products Manufacturing - 25.3%
	122,651	ConocoPhillips		12,619,562
	606,180	Exxon Mobil Corp.		71,735,341
	98,967	Marathon Petroleum Corp.		12,073,974
	84,033	Valero Energy Corp.		9,636,064
				106,064,941
Pipeline Transportation - 1.9%
	265,494	Williams Companies, Inc.		8,033,848
Support Activities for Mining - 11.5%
	40,059	Diamondback Energy, Inc.		5,696,390
	197,066	Halliburton Co.		6,453,912
	60,482	Hess Corp.		8,773,519
	51,793	Pioneer Natural Resources Co.		11,267,567
	250,644	Schlumberger Ltd. ADR (Curaco) (a)​		12,369,281
	49,343	Targa Resources Corp.		3,726,877
				48,287,546
Utilities - 3.3%
	431,217	Kinder Morgan, Inc.		7,395,371
	97,431	Oneok, Inc.		6,372,962
				13,768,333
		TOTAL COMMON STOCKS (Cost $237,170,419)	$	295,146,599

Shares			Fair Value
SHORT TERM INVESTMENTS - 29.2%
Money Market Funds - 29.2%
	107,197,600	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	107,197,600
	15,093,498	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (b)​		15,093,498
	41,931	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		41,931
		TOTAL SHORT TERM INVESTMENTS (Cost $122,333,029)	$	122,333,029
		TOTAL INVESTMENTS (Cost $359,503,448) - 99.7% (c)​	$	417,479,628
		Other Assets in Excess of Liabilities - 0.3%		1,239,454
		TOTAL NET ASSETS - 100.0%	$	418,719,082

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $255,496,744.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of Energy Select Sector Index	5.2900% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		188,094	$	170,597,360	$	(3,100,805	)
Total return of Energy Select Sector Index	5.2500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		116,062		101,256,100		2,234,904
Total return of Energy Select Sector Index	5.4600% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		92,002		77,586,904		4,377,783
Total return of Energy Select Sector Index	5.3000% representing 1 month SOFR rate + spread	Barclays	12/20/2023		209,570		184,989,816		1,400,033
						$	534,430,180	$	4,911,915

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

DIREXION SEMI-ANNUAL REPORT
48

Direxion Daily Energy Bear 2X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 93.1%
Money Market Funds - 93.1%
	27,127,324	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	27,127,324
	1,970,420	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (a)​		1,970,420
	945,104	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		945,104
		TOTAL SHORT TERM INVESTMENTS (Cost $30,042,848) (b)​	$	30,042,848
		TOTAL INVESTMENTS (Cost $30,042,848) - 93.1%	$	30,042,848
		Other Assets in Excess of Liabilities - 6.9%		2,231,280
		TOTAL NET ASSETS - 100.0%	$	32,274,128

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $13,197,927.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
4.8400% representing 1 month SOFR rate + spread	Total return of Energy Select Sector Index	BNP Paribas	12/5/2023		27,522	$	24,595,830	$	75,103
4.8000% representing 1 month SOFR rate + spread	Total return of Energy Select Sector Index	J.P. Morgan	12/12/2023		1,828		1,715,855		93,625
5.1200% representing 1 month SOFR rate + spread	Total return of Energy Select Sector Index	UBS Securities LLC	12/13/2023		30,722		27,649,385		179,738
5.0000% representing 1 month SOFR rate + spread	Total return of Energy Select Sector Index	Barclays	12/20/2023		12,027		10,730,803		20,180
						$	64,691,873	$	368,646

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

DIREXION SEMI-ANNUAL REPORT
49

Direxion Daily Global Clean Energy Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
INVESTMENT COMPANIES - 81.2%
	177,821	iShares Global Clean Energy ETF (a)(b)​	$	3,327,031
		TOTAL INVESTMENT COMPANIES (Cost $3,931,759)	$	3,327,031
SHORT TERM INVESTMENTS - 30.5%
Money Market Funds - 30.5%
	235,066	Dreyfus Government Cash Management Institutional Shares, 4.76% (c)(d)​	$	235,066
	1,013,206	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (c)​		1,013,206
		TOTAL SHORT TERM INVESTMENTS (Cost $1,248,272) (e)​	$	1,248,272
		TOTAL INVESTMENTS (Cost $5,180,031) - 111.7% (e)​	$	4,575,303
		Liabilities in Excess of Other Assets - (11.7)%		(478,256	)
		TOTAL NET ASSETS - 100.0%	$	4,097,047

Percentages are stated as a percent of net assets.

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

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

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

^(c)​  Represents annualized seven-day yield at April 30, 2023.

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

^(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,030,300.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
Total return of The S&P Global Clean Energy Index	5.2500% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		123,866	$	2,398,031	$	(95,612	)
Total return of The S&P Global Clean Energy Index	5.3500% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		136,270		2,758,573		(259,416	)
						$	5,156,604	$	(355,028	)

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

DIREXION SEMI-ANNUAL REPORT
50

Direxion Daily Gold Miners Index Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
INVESTMENT COMPANIES - 50.4%
	8,174,634	VanEck VectorsTM​ Gold Miners ETF (a)​	$	274,504,209
		TOTAL INVESTMENT COMPANIES (Cost $240,288,410)	$	274,504,209
SHORT TERM INVESTMENTS - 51.6%
Money Market Funds - 51.6%
	224,067,318	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	224,067,318
	18,409,137	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (b)​		18,409,137
	39,072,779	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		39,072,779
		TOTAL SHORT TERM INVESTMENTS (Cost $281,549,234)	$	281,549,234
		TOTAL INVESTMENTS (Cost $521,837,644) - 102.0% (c)​	$	556,053,443
		Liabilities in Excess of Other Assets - (2.0)%		(10,912,358	)
		TOTAL NET ASSETS - 100.0%	$	545,141,085

Percentages are stated as a percent of net assets.

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

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

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $354,737,997.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of VanEck Vectors®​ Gold Miners ETF	5.5900% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		4,096,826	$	117,291,372	$	19,734,691
Total return of VanEck Vectors®​ Gold Miners ETF	5.4000% representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		3,100,000		91,066,938		12,256,174
Total return of VanEck Vectors®​ Gold Miners ETF	5.6500% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		4,581,993		138,287,884		14,948,198
Total return of VanEck Vectors®​ Gold Miners ETF	5.6500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		4,037,634		115,570,334		19,096,044
Total return of VanEck Vectors®​ Gold Miners ETF	5.9700% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		4,588,575		136,658,994		16,411,496
Total return of VanEck Vectors®​ Gold Miners ETF	5.5400% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		3,888,710		111,718,329		18,288,606
						$	710,593,851	$	100,735,209

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

DIREXION SEMI-ANNUAL REPORT
51

Direxion Daily Gold Miners Index Bear 2X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 104.5%
Money Market Funds - 104.5%
	102,753,159	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	102,753,159
	39,714,746	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		39,714,746
		TOTAL SHORT TERM INVESTMENTS (Cost $142,467,905) (b)​	$	142,467,905
		TOTAL INVESTMENTS (Cost $142,467,905) - 104.5%	$	142,467,905
		Liabilities in Excess of Other Assets - (4.5)%		(6,138,569	)
		TOTAL NET ASSETS - 100.0%	$	136,329,336

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $68,279,558.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
5.1800% representing 1 month SOFR rate + spread	Total return of VanEck Vectors®​ Gold Miners ETF	BNP Paribas	12/5/2023		1,872,062	$	59,974,654	$	(2,178,117	)
5.4500% representing 1 month SOFR rate + spread	Total return of VanEck Vectors®​ Gold Miners ETF	Bank of America Merrill Lynch	12/8/2023		1,645,801		53,357,167		(1,616,907	)
4.7500% representing 1 month SOFR rate + spread	Total return of VanEck Vectors®​ Gold Miners ETF	J.P. Morgan	12/12/2023		1,630,893		50,492,757		(4,031,743	)
5.3900% representing 1 month SOFR rate + spread	Total return of VanEck Vectors®​ Gold Miners ETF	UBS Securities LLC	12/13/2023		1,579,602		51,497,782		(1,051,643	)
5.2700% representing 1 month SOFR rate + spread	Total return of VanEck Vectors®​ Gold Miners ETF	Citibank N.A.	12/19/2023		1,391,304		47,030,572		532,041
						$	262,352,932	$	(8,346,369	)

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

DIREXION SEMI-ANNUAL REPORT
52

Direxion Daily Junior Gold Miners Index Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
INVESTMENT COMPANIES - 41.4%
	3,176,081	VanEck VectorsTM​ Junior Gold Miners ETF (a)​	$	126,249,220
		TOTAL INVESTMENT COMPANIES (Cost $119,728,108)	$	126,249,220
SHORT TERM INVESTMENTS - 59.8%
Money Market Funds - 59.8%
	173,551,526	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	173,551,526
	8,534,354	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		8,534,354
		TOTAL SHORT TERM INVESTMENTS (Cost $182,085,880)	$	182,085,880
		TOTAL INVESTMENTS (Cost $301,813,988) - 101.2% (c)​	$	308,335,100
		Liabilities in Excess of Other Assets - (1.2)%		(3,702,823	)
		TOTAL NET ASSETS - 100.0%	$	304,632,277

Percentages are stated as a percent of net assets.

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

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

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $178,628,085.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of VanEck VectorsTM​ Junior Gold Miners ETF	5.5900% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		4,587,516	$	158,315,177	$	21,704,412
Total return of VanEck VectorsTM​ Junior Gold Miners ETF	5.6000% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		1,228,056		41,545,532		6,946,911
Total return of VanEck VectorsTM​ Junior Gold Miners ETF	5.9100% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		1,592,137		56,349,414		6,427,013
Total return of VanEck VectorsTM​ Junior Gold Miners ETF	5.5100% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		4,743,636		169,976,565		16,401,895
						$	426,186,688	$	51,480,231

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

DIREXION SEMI-ANNUAL REPORT
53

Direxion Daily Junior Gold Miners Index Bear 2X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 106.2%
Money Market Funds - 106.2%
	88,844,108	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	88,844,108
	21,997,084	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		21,997,084
		TOTAL SHORT TERM INVESTMENTS (Cost $110,841,192) (b)​	$	110,841,192
		TOTAL INVESTMENTS (Cost $110,841,192) - 106.2%	$	110,841,192
		Liabilities in Excess of Other Assets - (6.2)%		(6,425,176	)
		TOTAL NET ASSETS - 100.0%	$	104,416,016

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $48,778,534.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
5.1800% representing 1 month SOFR rate + spread	Total return of VanEck VectorsTM ​Junior Gold Miners ETF	BNP Paribas	12/5/2023		1,246,892	$	45,052,561	$	(4,006,251	)
4.7000% representing 1 month SOFR rate + spread	Total return of VanEck VectorsTM ​Junior Gold Miners ETF	J.P. Morgan	12/12/2023		1,306,000		51,499,642		(149,085	)
5.3700% representing 1 month SOFR rate + spread	Total return of VanEck VectorsTM ​Junior Gold Miners ETF	UBS Securities LLC	12/13/2023		1,589,100		65,727,191		2,778,810
5.2000% representing 1 month SOFR rate + spread	Total return of VanEck VectorsTM​ Junior Gold Miners ETF	Citibank N.A.	12/19/2023		1,111,635		41,358,358		(2,297,107	)
						$	203,637,752	$	(3,673,633	)

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

DIREXION SEMI-ANNUAL REPORT
54

Direxion Daily NYSE FANG+ Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 34.7%
Computer and Electronic Product Manufacturing - 13.9%
	4,022	Advanced Micro Devices, Inc. (a)​	$	359,446
	3,753	Alphabet, Inc. Class A (a)​		402,847
	2,357	Apple, Inc.		399,936
	1,489	NVIDIA Corp.		413,183
				1,575,412
General Merchandise Retailers - 3.5%
	3,750	Amazon.com, Inc. (a)​		395,437
Motion Picture and Sound Recording Industries - 3.5%
	1,188	Netflix, Inc. (a)​		391,957
Professional, Scientific, and Technical Services - 7.2%
	1,824	Meta Platforms, Inc. (a)​		438,343
	2,584	Snowflake, Inc. (a)​		382,639
				820,982
Publishing Industries - 3.7%
	1,359	Microsoft Corp.		417,566
Transportation Equipment Manufacturing - 2.9%
		Tesla Motors, Inc. (a)​		328,456
		TOTAL COMMON STOCKS (Cost $3,526,655)	$	3,929,810

Shares			Fair Value
SHORT TERM INVESTMENTS - 65.0%
Money Market Funds - 65.0%
	6,777,873	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	6,777,873
	430,004	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (b)​		430,004
	164,082	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		164,082
		TOTAL SHORT TERM INVESTMENTS (Cost $7,371,959)	$	7,371,959
		TOTAL INVESTMENTS (Cost $10,898,614) - 99.7% (c)​	$	11,301,769
		Other Assets in Excess of Liabilities - 0.3%		37,507
		TOTAL NET ASSETS - 100.0%	$	11,339,276

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $4,650,889.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of NYSE FANG+ Index	5.3900% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		2,453	$	13,451,463	$	1,441,163
Total return of NYSE FANG+ Index	5.4500% representing 1 month SOFR rate + spread	Barclays	12/20/2023		611		3,462,870		255,567
						$	16,914,333	$	1,696,730

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

DIREXION SEMI-ANNUAL REPORT
55

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

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
INVESTMENT COMPANIES - 54.8%
	459,325	Global X Robotics & Artificial Intelligence ETF (a)​	$	11,441,786
		TOTAL INVESTMENT COMPANIES (Cost $11,411,914)	$	11,441,786
SHORT TERM INVESTMENTS - 41.0%
Money Market Funds - 41.0%
	5,269,673	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	5,269,673
	549,302	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (b)​		549,302
	2,737,347	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		2,737,347
		TOTAL SHORT TERM INVESTMENTS (Cost $8,556,322)	$	8,556,322
		TOTAL INVESTMENTS (Cost $19,968,236) - 95.8% (c)​	$	19,998,108
		Other Assets in Excess of Liabilities - 4.2%		894,713
		TOTAL NET ASSETS - 100.0%	$	20,892,821

Percentages are stated as a percent of net assets.

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

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

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $6,443,111.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index	5.2500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		488,745	$	10,420,996	$	1,560,095
Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index	5.5900% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		525,156		12,783,252		187,942
Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index	5.4000% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		79,854		1,716,062		239,059
Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index	5.5500% representing 1 month SOFR rate + spread	Barclays	12/20/2023		124,387		2,595,957		447,956
						$	27,516,267	$	2,435,052

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

DIREXION SEMI-ANNUAL REPORT
56

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

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 56.3%
Chemical Manufacturing - 0.2%
	1,255,170	Gevo, Inc. (a)​	$	1,455,996
Gasoline Stations and Fuel Dealers - 2.3%
	50,021	Chevron Corp.		8,432,540
	251,944	Delek US Holdings, Inc.		5,479,782
				13,912,322
Merchant Wholesalers, Durable Goods - 0.1%
	15,480	REX American Resources Corp. (a)​		437,929
Merchant Wholesalers, Nondurable Goods - 0.2%
	63,020	World Fuel Services Corp.		1,489,793
Mining (except Oil and Gas) - 2.6%
	520,839	CNX Resources Corp. (a)​		8,088,630
	743,663	Permian Resources Corp.		7,771,279
				15,859,909
Oil and Gas Extraction - 33.0%
	341,324	Antero Resources Corp. (a)​		7,847,039
	222,168	APA Corp.		8,186,891
	101,122	Berry Petroleum Corp.		772,572
	416,924	Clean Energy Fuels Corp. (a)​		1,780,265
	739,532	Comstock Resources Inc.		8,504,618
	324,804	Coterra Energy, Inc.		8,314,982
	57,259	Crescent Energy Co.		665,350
	154,309	Devon Energy Corp.		8,244,730
	239,117	Earthstone Energy, Inc. (a)(b)​		3,242,427
	71,197	EOG Resources, Inc.		8,505,906
	262,641	EQT Corp.		9,150,412
	133,539	Green Plains, Inc. (a)​		4,563,028
	911,167	Kosmos Energy Ltd. (a)​		5,831,469
	280,756	Magnolia Oil & Gas Corp.		5,929,567
	333,208	Marathon Oil Corp.		8,050,305
	156,607	Matador Resources Co.		7,678,441
	217,864	Murphy Oil Corp.		7,997,787
	229,925	Northern Oil and Gas, Inc.		7,626,612
	58,712	Oasis Petroleum, Inc.		8,356,479
	133,426	Occidental Petroleum Corp.		8,209,702
	203,854	Ovintiv, Inc.		7,355,052
	102,435	Par Pacific Holdings, Inc. (a)​		2,400,052
	121,845	PDC Energy, Inc.		7,926,017
	78,906	Phillips 66		7,811,694
	311,019	Range Resources Corp.		8,226,453
	50,902	Ranger Oil Corp.		2,097,162
	53,776	SilverBow Resources, Inc. (a)(b)​		1,282,558
	114,531	Sitio Royalties Corp.		2,907,942
	277,422	SM Energy Co.		7,790,010
	1,616,791	Southwestern Energy Co. (a)​		8,391,145
	229,081	Talos Energy, Inc. (a)​		3,122,374
	2,851,065	Tellurian, Inc. (a)(b)​		4,048,512
	4,688	Texas Pacific Land Corp.		6,927,223
	213,235	VAALCO Energy, Inc.		912,646
	509,724	W&T Offshore, Inc. (a)​		2,227,494
				202,884,916

Shares			Fair Value
Petroleum and Coal Products Manufacturing - 9.2%
	76,637	ConocoPhillips	$	7,885,181
	132,019	CVR Energy, Inc.		3,477,380
	74,102	Exxon Mobil Corp.		8,769,231
	162,106	HF Sinclair Corp.		7,150,496
	62,131	Marathon Petroleum Corp.		7,579,982
	180,375	PBF Energy, Inc.		6,287,872
	60,435	Valero Energy Corp.		6,930,081
	339,792	Vertex Energy, Inc. (a)(b)​		2,684,357
	116,884	Vital Energy, Inc. (a)​		5,438,613
				56,203,193
Support Activities for Mining - 8.7%
	114,925	California Resources Corp.		4,654,462
	204,801	Callon Petroleum Co. (a)​		6,787,105
	84,615	Civitas Resources, Inc.		5,842,666
	92,273	Denbury, Inc. (a)​		8,616,453
	58,768	Diamondback Energy, Inc.		8,356,809
	17,384	Gulfport Energy Corp. (a)​		1,572,557
	61,612	Hess Corp.		8,937,437
	40,180	Pioneer Natural Resources Co.		8,741,159
				53,508,648
		TOTAL COMMON STOCKS (Cost $369,938,236)	$	345,752,706
SHORT TERM INVESTMENTS - 49.6%
Money Market Funds - 49.6%
	219,256,574	Dreyfus Government Cash Management Institutional Shares, 4.76% (c)(d)​	$	219,256,574
	8,811,842	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (c)​		8,811,842
	76,790,693	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (c)​		76,790,693
		TOTAL SHORT TERM INVESTMENTS (Cost $304,859,109)	$	304,859,109
		TOTAL INVESTMENTS (Cost $674,797,345) - 105.9% (e)​	$	650,611,815
		Liabilities in Excess of Other Assets - (5.9)%		(36,572,259	)
		TOTAL NET ASSETS - 100.0%	$	614,039,556

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

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

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

DIREXION SEMI-ANNUAL REPORT
57

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

Schedule of Investments, continued (Unaudited)

April 30, 2023

^(c)​  Represents annualized seven-day yield at April 30, 2023.

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

^(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $464,023,710.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of S&P Oil & Gas Exploration & Production Select Industry Index	5.3400% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		38,324	$	201,903,096	$	(16,013,694	)
Total return of S&P Oil & Gas Exploration & Production Select Industry Index	5.3000% representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		29,793		139,595,559		5,871,259
Total return of S&P Oil & Gas Exploration & Production Select Industry Index	5.2000% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		19,916		95,605,232		1,704,577
Total return of S&P Oil & Gas Exploration & Production Select Industry Index	5.0500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		30,524		159,399,135		(10,744,090	)
Total return of S&P Oil & Gas Exploration & Production Select Industry Index	5.0700% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		14,374		73,338,691		(3,217,196	)
Total return of S&P Oil & Gas Exploration & Production Select Industry Index	5.2400% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		46,897		240,993,632		(12,604,095	)
						$	910,835,345	$	(35,003,239	)

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

DIREXION SEMI-ANNUAL REPORT
58

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

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 106.0%
Money Market Funds - 106.0%
	48,473,354	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	48,473,354
	10,278,560	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​		10,278,560
	13,721,035	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		13,721,035
		TOTAL SHORT TERM INVESTMENTS (Cost $72,472,949) (b)​	$	72,472,949
		TOTAL INVESTMENTS (Cost $72,472,949) - 106.0%	$	72,472,949
		Liabilities in Excess of Other Assets - (6.0)%		(4,088,812	)
		TOTAL NET ASSETS - 100.0%	$	68,384,137

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $29,994,614.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
5.0000% representing 1 month SOFR rate + spread	Total return of S&P Oil & Gas Exploration & Production Select Industry Index	Goldman Sachs	12/7/2023		10,195	$	51,388,231	$	1,502,633
5.0000% representing 1 month SOFR rate + spread	Total return of S&P Oil & Gas Exploration & Production Select Industry Index	Bank of America Merrill Lynch	12/8/2023		1,327		7,337,461		863,066
4.4000% representing 1 month SOFR rate + spread	Total return of S&P Oil & Gas Exploration & Production Select Industry Index	J.P. Morgan	12/12/2023		5,422		28,367,092		1,882,685
4.8300% representing 1 month SOFR rate + spread	Total return of S&P Oil & Gas Exploration & Production Select Industry Index	UBS Securities LLC	12/13/2023		5,262		27,601,190		2,127,453
4.9400% representing 1 month SOFR rate + spread	Total return of S&P Oil & Gas Exploration & Production Select Industry Index	Citibank N.A.	12/19/2023		5,670		29,367,501		1,688,738
						$	144,061,475	$	8,064,575

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

DIREXION SEMI-ANNUAL REPORT
59

Direxion Daily Travel & Vacation Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 74.9%
Accommodation - 28.0%
	8,221	Apple Hospitality REIT, Inc.	$	122,411
	2,713	Boyd Gaming Co.		188,282
	4,092	Caesars Entertainment Inc. (a)​		185,327
	1,332	Choice Hotels International, Inc.		169,857
	3,103	Hilton Grand Vacations, Inc. (a)​		132,809
	4,753	Hilton Worldwide Holdings, Inc.		684,527
	14,164	Host Hotels & Resorts, Inc.		229,032
	6,523	Huazhu Group Ltd. ADR (a)​		305,929
	1,548	Hyatt Hotels Corp. (a)​		176,936
	4,808	InterContinental Hotels Group PLC ADR (United Kingdom)		333,098
	9,027	Las Vegas Sands Corp. (a)​		576,374
	4,057	Marriott International, Inc. Class A		687,012
	11,901	Melco Crown Entertainment Ltd. ADR (a)​		162,330
	7,528	MGM Resorts International		338,158
	9,925	Park Hotels & Resorts, Inc.		119,596
	4,587	Penn National Gaming, Inc. (a)​		136,647
	11,012	Sunstone Hotel Investors, Inc.		104,944
	3,589	Travel + Leisure Co.		137,351
	868	Vail Resorts, Inc.		208,771
	2,733	Wyndham Hotels & Resorts, Inc.		186,445
				5,185,836
Administrative and Support Services - 7.8%
	326	Booking Holdings, Inc. (a)​		875,737
	3,816	Live Nation Entertainment, Inc. (a)​		258,649
	18,775	Sabre Corp. (a)​		75,100
	5,059	Six Flags Entertainment Corp. (a)​		122,782
	6,432	TripAdvisor, Inc. (a)​		114,039
				1,446,307
Air Transportation - 12.1%
	4,182	Alaska Air Group, Inc. (a)​		181,750
	1,370	Allegiant Travel Co. (a)​		142,357
	17,287	American Airlines Group, Inc. (a)​		235,795
	14,198	Delta Air Lines, Inc. (a)​		487,133
	16,591	JetBlue Airways Corp. (a)​		118,460
	3,563	Ryanair Holdings PLC ADR (Ireland) (a)​		340,587
	10,337	Southwest Airlines Co.		313,108
	5,885	Spirit Airlines, Inc.		100,633
	7,368	United Continental Holdings, Inc. (a)​		322,718
				2,242,541
Amusement, Gambling, and Recreation Industries - 5.9%
	1,918	SeaWorld Entertainment, Inc. (a)​		102,920
	6,927	The Walt Disney Co. (a)​		710,017
	2,470	Wynn Resorts Ltd. (a)​		282,272
				1,095,209
Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 4.5%
	6,977	Airbnb, Inc. (a)​		834,938

Shares			Fair Value
Management of Companies and Enterprises - 5.0%
	29,943	Carnival Corp. ADR (Panama) (a)​	$	275,775
	12,301	Norwegian Cruise Line Holdings Ltd. ADR (a)​		164,218
	13,647	Trip.com Group Ltd. ADR (China) (a)​		484,605
				924,598
Performing Arts, Spectator Sports, and Related Industries - 1.5%
	908	Churchill Downs, Inc.		265,617
Real Estate - 6.2%
	5,399	Gaming & Leisure Properties, Inc.		280,748
	1,137	Marriott Vacations Worldwide Corp.		152,995
	7,081	Pebblebrook Hotel Trust		100,763
	1,730	Ryman Hospitality Properties, Inc.		155,112
	13,708	VICI Properties, Inc.		465,249
				1,154,867
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.4%
	21,918	Virgin Galactic Holdings, Inc. (a)(b)​		79,781
Support Activities for Transportation - 1.8%
	3,575	Expedia, Inc. (a)​		335,907
Water Transportation - 1.7%
	4,787	Royal Caribbean Cruises Ltd. ADR (Liberia) (a)​		313,213
		TOTAL COMMON STOCKS (Cost $16,211,507)	$	13,878,814
SHORT TERM INVESTMENTS - 37.1%
Money Market Funds - 37.1%
	5,141,985	Dreyfus Government Cash Management Institutional Shares, 4.76% (c)(d)​	$	5,141,985
	3	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (c)​		3
	1,742,997	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (c)​		1,742,997
		TOTAL SHORT TERM INVESTMENTS (Cost $6,884,985)	$	6,884,985
		TOTAL INVESTMENTS (Cost $23,096,492) - 112.0% (e)​	$	20,763,799
		Liabilities in Excess of Other Assets - (12.0)%		(2,226,721	)
		TOTAL NET ASSETS - 100.0%	$	18,537,078

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

DIREXION SEMI-ANNUAL REPORT
60

Direxion Daily Travel & Vacation Bull 2X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

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

^(c)​  Represents annualized seven-day yield at April 30, 2023.

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

^(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $10,969,653.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of BlueStar®​ Travel and Vacation Index	5.3000% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		45,296	$	6,251,131	$	(71,718	)
Total return of BlueStar®​ Travel and Vacation Index	5.2500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		123,596		15,959,918		761,834
						$	22,211,049	$	690,116

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

DIREXION SEMI-ANNUAL REPORT
61

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion Daily S&P 500®​ Bear 1X Shares			Direxion Daily AAPL Bear 1X Shares			Direxion Daily AMZN Bear 1X Shares			Direxion Daily GOOGL Bear 1X Shares
Assets:
Investments, at fair value (Note 2)	$	441,430,036		$	29,576,811		$	6,443,868		$	4,993,679
Receivable for Fund shares sold		38,554,570			—			3,183,520			—
Dividend and interest receivable		1,721,745			98,014			22,422			19,503
Due from broker for swap contracts		—			116,297			—			11,550
Prepaid expenses and other assets		17,363			2,789			2,834			2,746
Total Assets		481,723,714			29,793,911			9,652,644			5,027,478
Liabilities:
Payable for Fund shares redeemed		23,009,251			—			—			—
Unrealized depreciation on swap contracts		13,324,028			2,553,201			369,511			367,719
Due to Adviser, net (Note 6)		117,892			10,763			2,198			1,653
Due to broker for swap contracts		1,031,178			149,405			—			11,729
Accrued expenses and other liabilities		165,910			10,830			8,524			8,308
Total Liabilities		37,648,259			2,724,199			380,233			389,409
Net Assets	$	444,075,455		$	27,069,712		$	9,272,411		$	4,638,069
Net Assets Consist of:
Capital stock	$	570,648,752		$	31,271,245		$	9,546,761		$	5,263,951
Total distributable loss		(126,573,297	)		(4,201,533	)		(274,350	)		(625,882	)
Net Assets	$	444,075,455		$	27,069,712		$	9,272,411		$	4,638,069
Calculation of Net Asset Value Per Share:
Net assets	$	444,075,455		$	27,069,712		$	9,272,411		$	4,638,069
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		28,949,983			1,175,001			350,001			200,001
Net assets value, redemption price and offering price per share	$	15.34		$	23.04		$	26.49		$	23.19
Cost of Investments	$	441,430,036		$	29,576,811		$	6,443,868		$	4,993,679

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

DIREXION SEMI-ANNUAL REPORT
62

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion Daily MSFT Bear 1X Shares			Direxion Daily TSLA Bear 1X Shares			Direxion Daily AAPL Bull 1.5X Shares		Direxion Daily AMZN Bull 1.5X Shares
Assets:
Investments, at fair value (Note 2)	$	7,542,486		$	44,696,469		$	18,644,410	$	20,907,020
Cash		—			—			409,083		1,061,265
Receivable for Fund shares sold		4,875,263			485			—		—
Dividend and interest receivable		25,434			161,422			56,969		61,249
Due from broker for swap contracts		—			2,202,650			—		—
Unrealized appreciation on swap contracts		—			4,212,482			3,368,887		731,975
Prepaid expenses and other assets		2,685			2,548			2,938		2,463
Total Assets		12,445,868			51,276,056			22,482,287		22,763,972
Liabilities:
Payable for Fund shares redeemed		—			1,616,722			—		—
Unrealized depreciation on swap contracts		813,740			—			—		22,773
Due to Adviser, net (Note 6)		2,707			19,143			11,771		8,527
Due to broker for swap contracts		—			7,591,000			3,096,000		1,866,278
Accrued expenses and other liabilities		8,282			14,674			9,497		10,079
Total Liabilities		824,729			9,241,539			3,117,268		1,907,657
Net Assets	$	11,621,139		$	42,034,517		$	19,365,019	$	20,856,315
Net Assets Consist of:
Capital stock	$	13,070,500		$	51,249,442		$	17,258,501	$	18,865,540
Total distributable earnings (loss)		(1,449,361	)		(9,214,925	)		2,106,518		1,990,775
Net Assets	$	11,621,139		$	42,034,517		$	19,365,019	$	20,856,315
Calculation of Net Asset Value Per Share:
Net assets	$	11,621,139		$	42,034,517		$	19,365,019	$	20,856,315
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		600,001			1,300,001			800,001		1,200,001
Net assets value, redemption price and offering price per share	$	19.37		$	32.33		$	24.21	$	17.38
Cost of Investments	$	7,542,486		$	44,696,469		$	18,281,151	$	20,559,672

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

DIREXION SEMI-ANNUAL REPORT
63

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion Daily GOOGL Bull 1.5X Shares		Direxion Daily MSFT Bull 1.5X Shares		Direxion Daily TSLA Bull 1.5X Shares			Direxion Daily CSI 300 China A Share Bull 2X Shares
Assets:
Investments, at fair value (Note 2)	$	16,109,383	$	18,110,623	$	517,085,352		$	70,510,979
Cash		506,447		1,281,988		—			326,333
Dividend and interest receivable		51,853		47,158		1,396,237			149,763
Due from broker for swap contracts		—		417		2,296			—
Unrealized appreciation on swap contracts		2,322,173		2,113,209		—			199,778
Prepaid expenses and other assets		2,624		2,524		4,531			20,093
Total Assets		18,992,480		21,555,919		518,488,416			71,206,946
Liabilities:
Payable for Fund shares redeemed		—		—		6,025,704			27,679
Unrealized depreciation on swap contracts		—		—		81,043,914			614,617
Due to Adviser, net (Note 6)		10,404		9,621		177,661			29,771
Due to broker for swap contracts		2,162,404		2,813,000		—			—
Accrued expenses and other liabilities		9,455		8,937		68,326			41,051
Total Liabilities		2,182,263		2,831,558		87,315,605			713,118
Net Assets	$	16,810,217	$	18,724,361	$	431,172,811		$	70,493,828
Net Assets Consist of:
Capital stock	$	14,938,757	$	15,160,614	$	507,067,600		$	108,395,463
Total distributable earnings (loss)		1,871,460		3,563,747		(75,894,789	)		(37,901,635	)
Net Assets	$	16,810,217	$	18,724,361	$	431,172,811		$	70,493,828
Calculation of Net Asset Value Per Share:
Net assets	$	16,810,217	$	18,724,361	$	431,172,811		$	70,493,828
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		725,001		600,001		48,500,001			3,300,000
Net assets value, redemption price and offering price per share	$	23.19	$	31.21	$	8.89		$	21.36
Cost of Investments	$	15,853,891	$	17,646,116	$	525,722,481		$	70,625,952

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

DIREXION SEMI-ANNUAL REPORT
64

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion Daily CSI China Internet Index Bull 2X Shares			Direxion Daily S&P 500®​ Bull 2X Shares		Direxion Daily MSCI Brazil Bull 2X Shares			Direxion Daily MSCI India Bull 2X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)	$	323,785,801		$	234,479,458	$	122,112,139		$	59,807,655
Cash		13,983,792			—		—			—
Dividend and interest receivable		720,262			247,268		280,472			129,248
Due from broker for swap contracts		3			—		—			—
Unrealized appreciation on swap contracts		—			8,558,752		3,486,004			836,039
Prepaid expenses and other assets		34,590			4,912		12,294			16,487
Total Assets		338,524,448			243,290,390		125,890,909			60,789,429
Liabilities:
Collateral for securities loaned (Note 2)		—			5,610		—			—
Payable for investments purchased		5,539,800			—		—			—
Unrealized depreciation on swap contracts		41,028,993			—		2,128,224			4,068,671
Due to Adviser, net (Note 6)		126,354			85,778		50,428			21,817
Due to broker for swap contracts		—			6,316,000		2,840,000			620,000
Accrued expenses and other liabilities		133,417			53,591		59,236			54,794
Total Liabilities		46,828,564			6,460,979		5,077,888			4,765,282
Net Assets	$	291,695,884		$	236,829,411	$	120,813,021		$	56,024,147
Net Assets Consist of:
Capital stock	$	759,359,944		$	228,335,230	$	600,801,600		$	65,735,195
Total distributable earnings (loss)		(467,664,060	)		8,494,181		(479,988,579	)		(9,711,048	)
Net Assets	$	291,695,884		$	236,829,411	$	120,813,021		$	56,024,147
Calculation of Net Asset Value Per Share:
Net assets	$	291,695,884		$	236,829,411	$	120,813,021		$	56,024,147
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		7,224,087			2,883,236		1,808,631			1,299,686
Net assets value, redemption price and offering price per share	$	40.38		$	82.14	$	66.80		$	43.11
Cost of Investments	$	329,371,361		$	226,720,802	$	132,363,793		$	62,573,446

*  Securities loaned with values of $–, $5,342, $– and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
65

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion Daily Cloud Computing Bull 2X Shares			Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			Direxion Daily Energy Bull 2X Shares		Direxion Daily Energy Bear 2X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)	$	6,065,710		$	4,817,323		$	417,479,628	$	30,042,848
Receivable for Fund shares sold		—			35,663			—		2,982,995
Receivable for investments sold		—			1,034,373			—		—
Due from Adviser, net (Note 6)		—			1,355			—		—
Dividend and interest receivable		4,589			9,984			759,225		122,033
Due from broker for swap contracts		—			—			—		104,691
Foreign tax reclaims		2,878			—			—		—
Unrealized appreciation on swap contracts		25,231			—			8,012,720		368,646
Prepaid expenses and other assets		19,826			1,622			16,890		24,588
Total Assets		6,118,234			5,900,320			426,268,463		33,645,801
Liabilities:
Collateral for securities loaned (Note 2)		43,741			—			—		—
Payable for investments purchased		—			1,038,723			—		—
Unrealized depreciation on swap contracts		14,276			503,539			3,100,805		—
Due to Adviser, net (Note 6)		957			—			178,660		18,833
Due to broker for swap contracts		3			2,244			4,050,000		1,319,000
Accrued expenses and other liabilities		19,491			17,631			219,916		33,840
Total Liabilities		78,468			1,562,137			7,549,381		1,371,673
Net Assets	$	6,039,766		$	4,338,183		$	418,719,082	$	32,274,128
Net Assets Consist of:
Capital stock	$	22,912,014		$	10,200,622		$	347,682,846	$	230,010,721
Total distributable earnings (loss)		(16,872,248	)		(5,862,439	)		71,036,236		(197,736,593	)
Net Assets	$	6,039,766		$	4,338,183		$	418,719,082	$	32,274,128
Calculation of Net Asset Value Per Share:
Net assets	$	6,039,766		$	4,338,183		$	418,719,082	$	32,274,128
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		950,001			900,001			6,863,531		1,115,264
Net assets value, redemption price and offering price per share	$	6.36		$	4.82		$	61.01	$	28.94
Cost of Investments	$	7,740,586		$	5,068,318		$	359,503,448	$	30,042,848

*  Securities loaned with values of $42,865, $–, $– and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
66

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion Daily Global Clean Energy Bull 2X Shares			Direxion Daily Gold Miners Index Bull 2X Shares			Direxion Daily Gold Miners Index Bear 2X Shares			Direxion Daily Junior Gold Miners Index Bull 2X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)	$	4,575,303		$	556,053,443		$	142,467,905		$	308,335,100
Receivable for Fund shares sold		—			670			2,444,251			—
Due from Adviser, net (Note 6)		644			—			—			—
Dividend and interest receivable		4,223			1,147,222			509,275			821,038
Due from broker for swap contracts		—			1,957,980			1,429,138			—
Unrealized appreciation on swap contracts		—			100,735,209			532,041			51,480,231
Prepaid expenses and other assets		11,768			14,537			43,047			9,113
Total Assets		4,591,938			659,909,061			147,425,657			360,645,482
Liabilities:
Collateral for securities loaned (Note 2)		117,000			—			—			—
Payable for Fund shares redeemed		—			4,573,004			497,187			18,692
Unrealized depreciation on swap contracts		355,028			—			8,878,410			—
Due to Adviser, net (Note 6)		—			243,893			52,162			137,782
Due to broker for swap contracts		11,768			109,729,985			1,630,091			55,723,665
Accrued expenses and other liabilities		11,095			221,094			38,471			133,066
Total Liabilities		494,891			114,767,976			11,096,321			56,013,205
Net Assets	$	4,097,047		$	545,141,085		$	136,329,336		$	304,632,277
Net Assets Consist of:
Capital stock	$	9,167,805		$	2,380,119,170		$	816,055,315		$	1,904,592,018
Total distributable loss		(5,070,758	)		(1,834,978,085	)		(679,725,979	)		(1,599,959,741	)
Net Assets	$	4,097,047		$	545,141,085		$	136,329,336		$	304,632,277
Calculation of Net Asset Value Per Share:
Net assets	$	4,097,047		$	545,141,085		$	136,329,336		$	304,632,277
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		300,001			12,201,908			13,710,171			7,243,351
Net assets value, redemption price and offering price per share	$	13.66		$	44.68		$	9.94		$	42.06
Cost of Investments	$	5,180,031		$	521,837,644		$	142,467,905		$	301,813,988

*  Securities loaned with values of $113,640, $–, $– and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
67

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion Daily Junior Gold Miners Index Bear 2X Shares			Direxion Daily NYSE FANG+ Bull 2X Shares			Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)	$	110,841,192		$	11,301,769		$	19,998,108		$	650,611,815
Cash		—			—			770,554			1,111,841
Receivable for Fund shares sold		87			—			—			—
Dividend and interest receivable		390,992			27,613			36,226			1,366,968
Due from broker for swap contracts		890,000			—			—			1
Unrealized appreciation on swap contracts		2,778,810			1,696,730			2,435,052			7,575,836
Prepaid expenses and other assets		23,442			19,037			13,221			24,340
Total Assets		114,924,523			13,045,149			23,253,161			660,690,801
Liabilities:
Collateral for securities loaned (Note 2)		—			—			—			1,330,284
Payable for Fund shares redeemed		865,746			—			—			—
Unrealized depreciation on swap contracts		6,452,443			—			—			42,579,075
Due to Adviser, net (Note 6)		38,786			6,556			11,929			260,744
Due to broker for swap contracts		3,120,000			1,670,000			2,330,696			2,126,804
Accrued expenses and other liabilities		31,532			29,317			17,715			354,338
Total Liabilities		10,508,507			1,705,873			2,360,340			46,651,245
Net Assets	$	104,416,016		$	11,339,276		$	20,892,821		$	614,039,556
Net Assets Consist of:
Capital stock	$	367,995,403		$	25,959,409		$	40,090,624		$	578,553,561
Total distributable earnings (loss)		(263,579,387	)		(14,620,133	)		(19,197,803	)		35,485,995
Net Assets	$	104,416,016		$	11,339,276		$	20,892,821		$	614,039,556
Calculation of Net Asset Value Per Share:
Net assets	$	104,416,016		$	11,339,276		$	20,892,821		$	614,039,556
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		17,882,449			229,852			1,223,646			5,078,422
Net assets value, redemption price and offering price per share	$	5.84		$	49.33		$	17.07		$	120.91
Cost of Investments	$	110,841,192		$	10,898,614		$	19,968,236		$	674,797,345

*  Securities loaned with values of $–, $–, $– and $2,432,027, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
68

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			Direxion Daily Travel & Vacation Bull 2X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)	$	72,472,949		$	20,763,799
Dividend and interest receivable		265,721			31,538
Due from broker for swap contracts		2,000,110			74,829
Unrealized appreciation on swap contracts		8,064,575			761,834
Prepaid expenses and other assets		30,115			12,200
Total Assets		82,833,470			21,644,200
Liabilities:
Collateral for securities loaned (Note 2)		—			64,091
Payable for investments purchased		—			2,527,422
Unrealized depreciation on swap contracts		—			71,718
Due to Adviser, net (Note 6)		44,761			10,777
Due to broker for swap contracts		14,360,631			410,000
Accrued expenses and other liabilities		43,941			23,114
Total Liabilities		14,449,333			3,107,122
Net Assets	$	68,384,137		$	18,537,078
Net Assets Consist of:
Capital stock	$	291,930,826		$	40,795,895
Total distributable loss		(223,546,689	)		(22,258,817	)
Net Assets	$	68,384,137		$	18,537,078
Calculation of Net Asset Value Per Share:
Net assets	$	68,384,137		$	18,537,078
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		4,707,895			1,500,001
Net assets value, redemption price and offering price per share	$	14.53		$	12.36
Cost of Investments	$	72,472,949		$	23,096,492

*  Securities loaned with values of $– and $59,989, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
69

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion Daily S&P 500®​ Bear 1X Shares			Direxion Daily AAPL Bear 1X Shares			Direxion Daily AMZN Bear 1X Shares			Direxion Daily GOOGL Bear 1X Shares
Investment Income:
Dividend income	$	—		$	—		$	—		$	—
Interest income		11,384,529			468,523			141,896			108,617
Total investment income		11,384,529			468,523			141,896			108,617
Expenses:
Investment advisory fees (Note 6)		929,979			79,766			24,757			18,859
Licensing fees		132,853			—			—			—
Fund servicing fees		100,151			4,454			1,728			1,434
Interest expense		93,580			14,497			3,029			2,894
Management service fees (Note 6)		65,936			2,638			819			624
Reports to shareholders		37,897			1,497			466			355
Professional fees		26,615			5,815			5,226			5,162
Trustees' fees and expenses		7,190			269			86			65
Insurance fees		6,076			240			75			57
Pricing fees		2,976			2,976			2,975			2,976
Exchange listing fees		2,697			2,480			2,480			2,480
Excise tax		—			372			122			769
Other		4,951			188			57			44
Total Expenses		1,410,901			115,192			41,820			35,719
Recoupment of expenses to Adviser (Note 6)		—			1,425			—			—
Less: Reimbursement of expenses from Adviser (Note 6)		(121,632	)		(711	)		(7,311	)		(8,168	)
Net Expenses		1,289,269			115,906			34,509			27,551
Net investment income		10,095,260			352,617			107,387			81,066
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on: Swap contracts		(70,420,391	)		(1,450,995	)		103,910			(237,482	)
Net realized gain (loss)		(70,420,391	)		(1,450,995	)		103,910			(237,482	)
Change in net unrealized appreciation (depreciation) on: Swap contracts		23,537,273			(2,938,128	)		(842,954	)		(730,511	)
Change in net unrealized appreciation (depreciation)		23,537,273			(2,938,128	)		(842,954	)		(730,511	)
Net realized and unrealized loss		(46,883,118	)		(4,389,123	)		(739,044	)		(967,993	)
Net decrease in net assets resulting from operations	$	(36,787,858	)	$	(4,036,506	)	$	(631,657	)	$	(886,927	)

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

DIREXION SEMI-ANNUAL REPORT
70

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion Daily MSFT Bear 1X Shares			Direxion Daily TSLA Bear 1X Shares			Direxion Daily AAPL Bull 1.5X Shares			Direxion Daily AMZN Bull 1.5X Shares
Investment Income:
Dividend income	$	—		$	—		$	5,789		$	—
Interest income		102,273			954,729			209,668			268,980
Total investment income		102,273			954,729			215,457			268,980
Expenses:
Investment advisory fees (Note 6)		17,635			154,734			43,782			56,139
Professional fees		5,149			6,608			5,423			5,553
Pricing fees		2,976			2,976			2,976			2,976
Exchange listing fees		2,480			2,480			2,480			2,480
Interest expense		1,828			43,716			9,222			5,804
Fund servicing fees		1,373			8,147			2,655			3,261
Management service fees (Note 6)		583			5,116			1,447			1,856
Reports to shareholders		331			2,885			812			1,040
Trustees' fees and expenses		61			500			143			179
Insurance fees		53			463			130			167
Excise tax		—			1,798			5			14
Other		42			359			105			139
Total Expenses		32,511			229,782			69,180			79,608
Recoupment of expenses to Adviser (Note 6)		—			12,098			—			137
Less: Reimbursement of expenses from Adviser (Note 6)		(8,345	)		(369	)		(4,496	)		(2,811	)
Net Expenses		24,166			241,511			64,684			76,934
Net investment income		78,107			713,218			150,773			192,046
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on: Investment securities		—			—			(44,007	)		—
In-kind redemptions		—			—			9,222			102,932
Swap contracts		(594,277	)		(13,539,244	)		(894,445	)		852,649
Net realized gain (loss)		(594,277	)		(13,539,244	)		(929,230	)		955,581
Change in net unrealized appreciation (depreciation) on: Investment securities		—			—			436,388			460,590
Swap contracts		(1,069,399	)		3,020,473			3,480,555			1,566,467
Change in net unrealized appreciation (depreciation)		(1,069,399	)		3,020,473			3,916,943			2,027,057
Net realized and unrealized gain (loss)		(1,663,676	)		(10,518,771	)		2,987,713			2,982,638
Net increase (decrease) in net assets resulting from operations	$	(1,585,569	)	$	(9,805,553	)	$	3,138,486		$	3,174,684

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

DIREXION SEMI-ANNUAL REPORT
71

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion Daily GOOGL Bull 1.5X Shares			Direxion Daily MSFT Bull 1.5X Shares			Direxion Daily TSLA Bull 1.5X Shares			Direxion Daily CSI 300 China A Share Bull 2X Shares
Investment Income:
Dividend income	$	—		$	6,515		$	—		$	194,320
Interest income		194,606			132,331			5,142,472			876,624
Total investment income		194,606			138,846			5,142,472			1,070,944
Expenses:
Investment advisory fees (Note 6)		39,603			27,851			1,043,141			244,746
Professional fees		5,378			5,253			15,936			7,581
Interest expense		5,354			3,938			291,968			50,434
Pricing fees		2,976			2,976			2,976			2,977
Exchange listing fees		2,480			2,480			2,480			2,697
Fund servicing fees		2,445			1,863			51,711			12,633
Management service fees (Note 6)		1,309			920			34,478			8,094
Reports to shareholders		733			513			19,210			4,587
Trustees' fees and expenses		126			88			3,254			832
Insurance fees		117			82			3,080			735
Excise tax		7			31			—			7,747
Licensing fees		—			—			—			9,826
Other		94			70			2,464			835
Total Expenses		60,622			46,065			1,470,698			353,724
Recoupment of expenses to Adviser (Note 6)		1			—			19,885			1
Less: Reimbursement of expenses from Adviser (Note 6)		(5,098	)		(6,818	)		—			(1	)
Net Expenses		55,525			39,247			1,490,583			353,724
Net investment income		139,081			99,599			3,651,889			717,220
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on: Investment securities		(38,785	)		(3,533	)		(12,128,828	)		(517,377	)
In-kind redemptions		75,543			36,732			7,967,895			873,228
Swap contracts		(727,326	)		980,346			20,250,967			(1,137,026	)
Net realized gain (loss)		(690,568	)		1,013,545			16,090,034			(781,175	)
Change in net unrealized appreciation (depreciation) on: Investment securities		322,076			516,548			(6,691,738	)		465,538
Swap contracts		2,861,409			2,413,115			(63,024,380	)		16,735,143
Change in net unrealized appreciation (depreciation)		3,183,485			2,929,663			(69,716,118	)		17,200,681
Net realized and unrealized gain (loss)		2,492,917			3,943,208			(53,626,084	)		16,419,506
Net increase (decrease) in net assets resulting from operations	$	2,631,998		$	4,042,807		$	(49,974,195	)	$	17,136,726

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

DIREXION SEMI-ANNUAL REPORT
72

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion Daily CSI China Internet Index Bull 2X Shares			Direxion Daily S&P 500®​ Bull 2X Shares			Direxion Daily MSCI Brazil Bull 2X Shares			Direxion Daily MSCI India Bull 2X Shares
Investment Income:
Dividend income	$	—		$	604,462		$	3,562,233		$	—
(net of foreign withholding tax of $—, $195, $— and $—, respectively)		3,885,642			175,063			1,542,653			652,226
Securities lending income		—			55			161			8,594
Total investment income		3,885,642			779,580			5,105,047			660,820
Expenses:
Investment advisory fees (Note 6)		1,244,233			236,868			457,355			194,205
Interest expense		477,767			15,019			151,794			13,702
Fund servicing fees		62,242			17,965			23,259			10,163
Licensing fees		49,770			28,424			39,788			10,358
Management service fees (Note 6)		41,150			11,744			15,128			6,424
Reports to shareholders		23,348			6,559			8,626			3,663
Professional fees		18,301			8,708			9,888			7,052
Trustees' fees and expenses		4,251			1,133			1,597			685
Insurance fees		3,743			1,052			1,383			587
Pricing fees		2,976			2,976			2,976			2,976
Exchange listing fees		2,697			2,697			2,697			2,697
Excise tax		—			1,333			—			—
Other		3,679			1,065			1,581			697
Total Expenses		1,934,157			335,543			716,072			253,209
Less: Reimbursement of expenses from Adviser (Note 6)		—			(34,949	)		—			—
Net Expenses		1,934,157			300,594			716,072			253,209
Net investment income		1,951,485			478,986			4,388,975			407,611
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on: Investment securities		(17,065,843	)		(468,769	)		—			(1,781,482	)
In-kind redemptions		34,222,624			5,157,722			2,427,892			25,411
Swap contracts		50,071,269			1,441,687			(7,518,684	)		399,230
Net realized gain (loss)		67,228,050			6,130,640			(5,090,792	)		(1,356,841	)
Change in net unrealized appreciation (depreciation) on: Investment securities		15,526,970			3,630,129			(6,540,310	)		888,151
Swap contracts		43,594,921			6,050,314			(14,101,859	)		(4,546,840	)
Change in net unrealized appreciation (depreciation)		59,121,891			9,680,443			(20,642,169	)		(3,658,689	)
Net realized and unrealized gain (loss)		126,349,941			15,811,083			(25,732,961	)		(5,015,530	)
Net increase (decrease) in net assets resulting from operations	$	128,301,426		$	16,290,069		$	(21,343,986	)	$	(4,607,919	)

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

DIREXION SEMI-ANNUAL REPORT
73

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion Daily Cloud Computing Bull 2X Shares			Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			Direxion Daily Energy Bull 2X Shares			Direxion Daily Energy Bear 2X Shares
Investment Income:
Dividend income	$	2,923		$	1,040		$	7,574,689		$	—
Interest income		26,674			12,568			2,114,012			900,267
Securities lending income		1,440			13,853			—			—
Total investment income		31,037			27,461			9,688,701			900,267
Expenses:
Investment advisory fees (Note 6)		25,393			11,435			1,760,420			153,133
Licensing fees		11,901			11,901			147,233			12,810
Professional fees		5,232			5,081			23,981			6,620
Pricing fees		2,975			2,976			2,976			2,976
Interest expense		2,810			1,227			852,468			22,529
Exchange listing fees		2,697			2,697			2,697			2,697
Fund servicing fees		1,758			1,062			88,241			8,144
Management service fees (Note 6)		840			378			58,235			5,066
Reports to shareholders		478			214			33,287			2,906
Trustees' fees and expenses		88			39			6,289			560
Insurance fees		77			34			5,337			466
Excise tax		—			—			11,426			—
Other		112			28			5,368			422
Total Expenses		54,361			37,072			2,997,958			218,329
Recoupment of expenses to Adviser (Note 6)		—			—			—			275
Less: Reimbursement of expenses from Adviser (Note 6)		(19,387	)		(21,359	)		—			(2,107	)
Net Expenses		34,974			15,713			2,997,958			216,497
Net investment income (loss)		(3,937	)		11,748			6,690,743			683,770
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on: Investment securities		(1,169,732	)		(1,721,191	)		(9,629,998	)		—
In-kind redemptions		135,423			147,468			39,716,876			—
Swap contracts		(690,001	)		(915,090	)		82,416,538			(10,274,373	)
Net realized gain (loss)		(1,724,310	)		(2,488,813	)		112,503,416			(10,274,373	)
Change in net unrealized appreciation (depreciation) on: Investment securities		933,437			717,385			(59,678,340	)		—
Swap contracts		67,163			(466,187	)		(120,317,496	)		11,198,437
Change in net unrealized appreciation (depreciation)		1,000,600			251,198			(179,995,836	)		11,198,437
Net realized and unrealized gain (loss)		(723,710	)		(2,237,615	)		(67,492,420	)		924,064
Net increase (decrease) in net assets resulting from operations	$	(727,647	)	$	(2,225,867	)	$	(60,801,677	)	$	1,607,834

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

DIREXION SEMI-ANNUAL REPORT
74

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion Daily Global Clean Energy Bull 2X Shares			Direxion Daily Gold Miners Index Bull 2X Shares			Direxion Daily Gold Miners Index Bear 2X Shares			Direxion Daily Junior Gold Miners Index Bull 2X Shares
Investment Income:
Dividend income	$	7,295		$	3,880,840		$	—		$	574,354
Interest income		25,161			5,419,244			2,307,118			3,835,931
Securities lending income		200			776			—			—
Total investment income		32,656			9,300,860			2,307,118			4,410,285
Expenses:
Investment advisory fees (Note 6)		18,125			1,855,371			377,671			1,094,060
Licensing fees		12,397			44,518			5,112			1,240
Professional fees		5,155			24,868			9,004			16,700
Pricing fees		2,976			2,976			2,976			2,976
Exchange listing fees		2,697			2,697			2,697			2,697
Fund servicing fees		1,399			92,608			19,224			54,812
Interest expense		853			554,692			195,855			446,432
Management service fees (Note 6)		599			61,363			12,490			36,184
Reports to shareholders		342			34,841			7,077			20,546
Trustees' fees and expenses		64			6,401			1,293			3,770
Insurance fees		55			5,586			1,135			3,294
Other		61			6,394			1,042			3,846
Total Expenses		44,723			2,692,315			635,576			1,686,557
Less: Reimbursement of expenses from Adviser (Note 6)		(20,912	)		—			—			—
Net Expenses		23,811			2,692,315			635,576			1,686,557
Net investment income		8,845			6,608,545			1,671,542			2,723,728
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on: Investment securities		(137,565	)		(17,078,190	)		—			(7,608,451	)
In-kind redemptions		—			45,744,932			—			25,738,448
Swap contracts		(87,998	)		55,315,960			(37,359,186	)		34,415,091
Net realized gain (loss)		(225,563	)		83,982,702			(37,359,186	)		52,545,088
Change in net unrealized appreciation (depreciation) on: Investment securities		15,586			47,102,562			—			13,067,635
Swap contracts		(190,692	)		168,199,991			(23,643,055	)		84,728,995
Change in net unrealized appreciation (depreciation)		(175,106	)		215,302,553			(23,643,055	)		97,796,630
Net realized and unrealized gain (loss)		(400,669	)		299,285,255			(61,002,241	)		150,341,718
Net increase (decrease) in net assets resulting from operations	$	(391,824	)	$	305,893,800		$	(59,330,699	)	$	153,065,446

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

DIREXION SEMI-ANNUAL REPORT
75

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion Daily Junior Gold Miners Index Bear 2X Shares			Direxion Daily NYSE FANG+ Bull 2X Shares			Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares
Investment Income:
Dividend income	$	—		$	9,340		$	—		$	6,212,834
Interest income		2,097,723			90,304			173,447			6,160,280
Securities lending income		—			4,928			2			42,773
Total investment income		2,097,723			104,572			173,449			12,415,887
Expenses:
Investment advisory fees (Note 6)		343,474			42,221			58,967			2,523,640
Interest expense		117,874			8,269			18,228			1,981,869
Fund servicing fees		17,600			2,592			3,413			126,201
Management service fees (Note 6)		11,362			1,396			1,950			83,480
Professional fees		8,665			5,413			5,588			32,196
Reports to shareholders		6,484			793			1,100			47,665
Pricing fees		2,976			2,778			2,976			2,976
Exchange listing fees		2,697			2,697			2,697			2,697
Licensing fees		1,240			4,959			5,975			269,188
Trustees' fees and expenses		1,211			148			198			8,974
Insurance fees		1,039			127			176			7,642
Other		960			120			246			7,801
Total Expenses		515,582			71,513			101,514			5,094,329
Less: Reimbursement of expenses from Adviser (Note 6)		—			(9,764	)		(8,594	)		—
Net Expenses		515,582			61,749			92,920			5,094,329
Net investment income		1,582,141			42,823			80,529			7,321,558
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on: Investment securities		—			(911,371	)		—			(31,822,460	)
In-kind redemptions		—			637,222			(12,678	)		33,548,469
Swap contracts		(53,539,669	)		(780,045	)		(654,605	)		134,120,443
Net realized gain (loss)		(53,539,669	)		(1,054,194	)		(667,283	)		135,846,452
Change in net unrealized appreciation (depreciation) on: Investment securities		—			540,204			1,674,801			(63,228,747	)
Swap contracts		(12,436,023	)		1,641,564			4,681,987			(327,531,863	)
Change in net unrealized appreciation (depreciation)		(12,436,023	)		2,181,768			6,356,788			(390,760,610	)
Net realized and unrealized gain (loss)		(65,975,692	)		1,127,574			5,689,505			(254,914,158	)
Net increase (decrease) in net assets resulting from operations	$	(64,393,551	)	$	1,170,397		$	5,770,034		$	(247,592,600	)

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

DIREXION SEMI-ANNUAL REPORT
76

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			Direxion Daily Travel & Vacation Bull 2X Shares
Investment Income:
Dividend income	$	—		$	68,500
Interest income		1,925,055			154,505
Securities lending income		—			186
Total investment income		1,925,055			223,191
Expenses:
Investment advisory fees (Note 6)		331,830			79,666
Interest expense		97,666			27,207
Licensing fees		35,395			6,374
Fund servicing fees		17,068			4,459
Management service fees (Note 6)		10,978			2,635
Professional fees		8,558			5,817
Reports to shareholders		6,297			1,501
Pricing fees		2,976			2,976
Exchange listing fees		2,697			2,697
Trustees' fees and expenses		1,202			281
Insurance fees		1,010			241
Other		990			254
Total Expenses		516,667			134,108
Recoupment of expenses to Adviser (Note 6)		1,544			—
Less: Reimbursement of expenses from Adviser (Note 6)		(228	)		(5,991	)
Net Expenses		517,983			128,117
Net investment income		1,407,072			95,074
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on: Investment securities		—			(328,465	)
In-kind redemptions		—			(828,618	)
Swap contracts		(7,466,556	)		2,517,574
Net realized gain (loss)		(7,466,556	)		1,360,491
Change in net unrealized appreciation (depreciation) on: Investment securities		—			2,840,978
Swap contracts		30,830,096			(518,772	)
Change in net unrealized appreciation		30,830,096			2,322,206
Net realized and unrealized gain		23,363,540			3,682,697
Net increase in net assets resulting from operations	$	24,770,612		$	3,777,771

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

DIREXION SEMI-ANNUAL REPORT
77

Statements of Changes in Net Assets

	Direxion Daily S&P 500®​ Bear 1X Shares						Direxion Daily AAPL Bear 1X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			For the Period August 9, 20221 ​through October 31, 2022
Operations:
Net investment income	$	10,095,260		$	2,699,129		$	352,617		$	26,791
Net realized gain (loss)		(70,420,391	)		51,953,665			(1,450,995	)		(315,323	)
Change in net unrealized appreciation (depreciation)		23,537,273			(27,471,031	)		(2,938,128	)		384,927
Net increase (decrease) in net assets resulting from operations		(36,787,858	)		27,181,763			(4,036,506	)		96,395
Distributions to shareholders:
Net distributions to shareholders		(7,928,283	)		(741,705	)		(250,110	)		(7,923	)
Total distributions		(7,928,283	)		(741,705	)		(250,110	)		(7,923	)
Capital share transactions:
Proceeds from shares sold		1,131,245,432			1,154,899,972			29,073,585			14,381,898
Cost of shares redeemed		(1,256,256,246	)		(691,207,042	)		(10,825,517	)		(1,365,767	)
Transaction fees (Note 4)		—			143			3,247			410
Net increase (decrease) in net assets resulting from capital transactions		(125,010,814	)		463,693,073			18,251,315			13,016,541
Total increase (decrease) in net assets		(169,726,955	)		490,133,131			13,964,699			13,105,013
Net assets:
Beginning of year/period		613,802,410			123,669,279			13,105,013			—
End of year/period	$	444,075,455		$	613,802,410		$	27,069,712		$	13,105,013
Changes in shares outstanding
Shares outstanding, beginning of year/period		37,199,983			8,449,983			500,001			—
Shares sold		70,450,000			71,350,000			1,075,000			550,001
Shares repurchased		(78,700,000	)		(42,600,000	)		(400,000	)		(50,000	)
Shares outstanding, end of year/period		28,949,983			37,199,983			1,175,001			500,001

¹​  Commencement of Operations.

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

DIREXION SEMI-ANNUAL REPORT
78

Statements of Changes in Net Assets

	Direxion Daily AMZN Bear 1X Shares						Direxion Daily GOOGL Bear 1X Shares
	Six Months Ended April 30, 2023 (Unaudited)			For the Period September 7, 20221 ​through October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			For the Period September 7, 20221 ​through October 31, 2022
Operations:
Net investment income	$	107,387		$	7,957		$	81,066		$	7,898
Net realized gain (loss)		103,910			132,589			(237,482	)		(49,876	)
Change in net unrealized appreciation (depreciation)		(842,954	)		473,443			(730,511	)		362,792
Net increase (decrease) in net assets resulting from operations		(631,657	)		613,989			(886,927	)		320,814
Distributions to shareholders:
Net distributions to shareholders		(255,840	)		(1,055	)		(58,980	)		(1,002	)
Total distributions		(255,840	)		(1,055	)		(58,980	)		(1,002	)
Capital share transactions:
Proceeds from shares sold		11,071,461			3,119,793			3,942,584			3,829,950
Cost of shares redeemed		(4,645,674	)		—			(2,509,123	)		—
Transaction fees (Note 4)		1,394			—			753			—
Net increase in net assets resulting from capital transactions		6,427,181			3,119,793			1,434,214			3,829,950
Total increase in net assets		5,539,684			3,732,727			488,307			4,149,762
Net assets:
Beginning of year/period		3,732,727			—			4,149,762			—
End of year/period	$	9,272,411		$	3,732,727		$	4,638,069		$	4,149,762
Changes in shares outstanding
Shares outstanding, beginning of year/period		125,001			—			150,001			—
Shares sold		375,000			125,001			150,000			150,001
Shares repurchased		(150,000	)		—			(100,000	)		—
Shares outstanding, end of year/period		350,001			125,001			200,001			150,001

¹​  Commencement of Operations.

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

DIREXION SEMI-ANNUAL REPORT
79

Statements of Changes in Net Assets

	Direxion Daily MSFT Bear 1X Shares						Direxion Daily TSLA Bear 1X Shares
	Six Months Ended April 30, 2023 (Unaudited)			For the Period September 7, 20221 ​through October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			For the Period August 9, 20221 ​through October 31, 2022
Operations:
Net investment income	$	78,107		$	8,660		$	713,218		$	25,940
Net realized gain (loss)		(594,277	)		(74,486	)		(13,539,244	)		1,099,836
Change in net unrealized appreciation (depreciation)		(1,069,399	)		255,659			3,020,473			1,192,009
Net increase (decrease) in net assets resulting from operations		(1,585,569	)		189,833			(9,805,553	)		2,317,785
Distributions to shareholders:
Net distributions to shareholders		(52,827	)		(1,011	)		(1,418,378	)		(6,449	)
Total distributions		(52,827	)		(1,011	)		(1,418,378	)		(6,449	)
Capital share transactions:
Proceeds from shares sold		11,524,975			3,817,356			157,844,092			15,844,577
Cost of shares redeemed		(2,272,300	)		—			(116,692,112	)		(6,086,279	)
Transaction fees (Note 4)		682			—			35,008			1,826
Net increase in net assets resulting from capital transactions		9,253,357			3,817,356			41,186,988			9,760,124
Total increase in net assets		7,614,961			4,006,178			29,963,057			12,071,460
Net assets:
Beginning of year/period		4,006,178			—			12,071,460			—
End of year/period	$	11,621,139		$	4,006,178		$	42,034,517		$	12,071,460
Changes in shares outstanding
Shares outstanding, beginning of year/period		150,001			—			400,001			—
Shares sold		550,000			150,001			4,375,000			600,001
Shares repurchased		(100,000	)		—			(3,475,000	)		(200,000	)
Shares outstanding, end of year/period		600,001			150,001			1,300,001			400,001

¹​  Commencement of Operations.

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

DIREXION SEMI-ANNUAL REPORT
80

Statements of Changes in Net Assets

	Direxion Daily AAPL Bull 1.5X Shares						Direxion Daily AMZN Bull 1.5X Shares
	Six Months Ended April 30, 2023 (Unaudited)			For the Period August 9, 20221 ​through October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			For the Period September 7, 20221 ​through October 31, 2022
Operations:
Net investment income	$	150,773		$	15,983		$	192,046		$	6,758
Net realized gain (loss)		(929,230	)		(754,618	)		955,581			(89,769	)
Change in net unrealized appreciation (depreciation)		3,916,943			(184,797	)		2,027,057			(970,507	)
Net increase (decrease) in net assets resulting from operations		3,138,486			(923,432	)		3,174,684			(1,053,518	)
Distributions to shareholders:
Net distributions to shareholders		(100,816	)		(3,904	)		(129,878	)		(726	)
Total distributions		(100,816	)		(3,904	)		(129,878	)		(726	)
Capital share transactions:
Proceeds from shares sold		11,811,217			10,607,502			20,015,473			7,316,587
Cost of shares redeemed		(2,592,388	)		(2,572,989	)		(8,468,451	)		—
Transaction fees (Note 4)		678			665			2,144			—
Net increase in net assets resulting from capital transactions		9,219,507			8,035,178			11,549,166			7,316,587
Total increase in net assets		12,257,177			7,107,842			14,593,972			6,262,343
Net assets:
Beginning of year/period		7,107,842			—			6,262,343			—
End of year/period	$	19,365,019		$	7,107,842		$	20,856,315		$	6,262,343
Changes in shares outstanding
Shares outstanding, beginning of year/period		325,001			—			350,001			—
Shares sold		600,000			450,001			1,375,000			350,001
Shares repurchased		(125,000	)		(125,000	)		(525,000	)		—
Shares outstanding, end of year/period		800,001			325,001			1,200,001			350,001

¹​  Commencement of Operations.

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

DIREXION SEMI-ANNUAL REPORT
81

Statements of Changes in Net Assets

	Direxion Daily GOOGL Bull 1.5X Shares						Direxion Daily MSFT Bull 1.5X Shares
	Six Months Ended April 30, 2023 (Unaudited)			For the Period September 7, 20221 ​through October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			For the Period September 7, 20221 ​through October 31, 2022
Operations:
Net investment income	$	139,081		$	6,978		$	99,599		$	5,907
Net realized gain (loss)		(690,568	)		(74,204	)		1,013,545			(74,937	)
Change in net unrealized appreciation (depreciation)		3,183,485			(605,820	)		2,929,663			(351,947	)
Net increase (decrease) in net assets resulting from operations		2,631,998			(673,046	)		4,042,807			(420,977	)
Distributions to shareholders:
Net distributions to shareholders		(86,946	)		(759	)		(57,522	)		(774	)
Total distributions		(86,946	)		(759	)		(57,522	)		(774	)
Capital share transactions:
Proceeds from shares sold		13,525,166			5,267,270			13,971,956			3,652,329
Cost of shares redeemed		(3,854,296	)		—			(2,464,009	)		—
Transaction fees (Note 4)		830			—			551			—
Net increase in net assets resulting from capital transactions		9,671,700			5,267,270			11,508,498			3,652,329
Total increase in net assets		12,216,752			4,593,465			15,493,783			3,230,578
Net assets:
Beginning of year/period		4,593,465			—			3,230,578			—
End of year/period	$	16,810,217		$	4,593,465		$	18,724,361		$	3,230,578
Changes in shares outstanding
Shares outstanding, beginning of year/period		225,001			—			150,001			—
Shares sold		675,000			225,001			550,000			150,001
Shares repurchased		(175,000	)		—			(100,000	)		—
Shares outstanding, end of year/period		725,001			225,001			600,001			150,001

¹​  Commencement of Operations.

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

DIREXION SEMI-ANNUAL REPORT
82

Statements of Changes in Net Assets

	Direxion Daily TSLA Bull 1.5X Shares						Direxion Daily CSI 300 China A Share Bull 2X Shares
	Six Months Ended April 30, 2023 (Unaudited)			For the Period August 9, 20221 ​through October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income	$	3,651,889		$	181,124		$	717,220		$	351,792
Net realized gain (loss)		16,090,034			(3,243,389	)		(781,175	)		(37,806,811	)
Change in net unrealized appreciation (depreciation)		(69,716,118	)		(19,964,925	)		17,200,681			(22,294,625	)
Net increase (decrease) in net assets resulting from operations		(49,974,195	)		(23,027,190	)		17,136,726			(59,749,644	)
Distributions to shareholders:
Net distributions to shareholders		(2,744,376	)		(30,807	)		(598,492	)		(2,058,066	)
Total distributions		(2,744,376	)		(30,807	)		(598,492	)		(2,058,066	)
Capital share transactions:
Proceeds from shares sold		579,794,467			134,559,639			23,269,000			15,465,039
Cost of shares redeemed		(196,278,501	)		(11,218,388	)		(8,434,437	)		(32,460,891	)
Transaction fees (Note 4)		89,861			2,301			1,802			3,948
Net increase (decrease) in net assets resulting from capital transactions		383,605,827			123,343,552			14,836,365			(16,991,904	)
Total increase (decrease) in net assets		330,887,256			100,285,555			31,374,599			(78,799,614	)
Net assets:
Beginning of year/period		100,285,555			—			39,119,229			117,918,843
End of year/period	$	431,172,811		$	100,285,555		$	70,493,828		$	39,119,229
Changes in shares outstanding
Shares outstanding, beginning of year/period		6,025,001			—			2,600,000			3,000,000
Shares sold		62,125,000			6,550,001			1,100,000			650,000
Shares repurchased		(19,650,000	)		(525,000	)		(400,000	)		(1,050,000	)
Shares outstanding, end of year/period		48,500,001			6,025,001			3,300,000			2,600,000

¹​  Commencement of Operations.

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

DIREXION SEMI-ANNUAL REPORT
83

Statements of Changes in Net Assets

	Direxion Daily CSI China Internet Index Bull 2X Shares						Direxion Daily S&P 500®​ Bull 2X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income (loss)	$	1,951,485		$	(1,363,764	)	$	478,986		$	422,645
Net realized gain (loss)		67,228,050			(491,823,998	)		6,130,640			(12,660,489	)
Capital gain distributions from regulated investment companies		—			12,059,110			—			—
Change in net unrealized appreciation (depreciation)		59,121,891			(68,911,801	)		9,680,443			(8,762,638	)
Net increase (decrease) in net assets resulting from operations		128,301,426			(550,040,453	)		16,290,069			(21,000,482	)
Distributions to shareholders:
Net distributions to shareholders		(444,614	)		—			(395,304	)		(1,711,768	)
Total distributions		(444,614	)		—			(395,304	)		(1,711,768	)
Capital share transactions:
Proceeds from shares sold		142,138,783			654,966,818			219,923,828			19,723,377
Cost of shares redeemed		(140,301,397	)		(257,428,128	)		(49,139,750	)		(6,521,292	)
Transaction fees (Note 4)		28,060			42,053			11,378			1,640
Net increase in net assets resulting from capital transactions		1,865,446			397,580,743			170,795,456			13,203,725
Total increase (decrease) in net assets		129,722,258			(152,459,710	)		186,690,221			(9,508,525	)
Net assets:
Beginning of year/period		161,973,626			314,433,336			50,139,190			59,647,715
End of year/period	$	291,695,884		$	161,973,626		$	236,829,411		$	50,139,190
Changes in shares outstanding
Shares outstanding, beginning of year/period		7,274,087			1,620,000			683,236			533,236
Shares sold		2,850,000			9,980,000			2,850,000			250,000
Shares repurchased		(2,900,000	)		(4,325,913	)		(650,000	)		(100,000	)
Shares outstanding, end of year/period		7,224,087			7,274,087			2,883,236			683,236

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

DIREXION SEMI-ANNUAL REPORT
84

Statements of Changes in Net Assets

	Direxion Daily MSCI Brazil Bull 2X Shares						Direxion Daily MSCI India Bull 2X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income	$	4,388,975		$	11,720,064		$	407,611		$	2,013,129
Net realized gain (loss)		(5,090,792	)		5,491,430			(1,356,841	)		5,113,869
Change in net unrealized appreciation (depreciation)		(20,642,169	)		71,184,704			(3,658,689	)		(25,073,960	)
Net increase (decrease) in net assets resulting from operations		(21,343,986	)		88,396,198			(4,607,919	)		(17,946,962	)
Distributions to shareholders:
Net distributions to shareholders		(4,133,541	)		(11,641,388	)		(281,194	)		(2,174,613	)
Total distributions		(4,133,541	)		(11,641,388	)		(281,194	)		(2,174,613	)
Capital share transactions:
Proceeds from shares sold		85,593,188			123,236,413			10,940,741			8,635,613
Cost of shares redeemed		(78,272,035	)		(246,578,721	)		(2,388,789	)		(29,004,628	)
Transaction fees (Note 4)		15,655			49,316			478			5,801
Net increase (decrease) in net assets resulting from capital transactions		7,336,808			(123,292,992	)		8,552,430			(20,363,214	)
Total increase (decrease) in net assets		(18,140,719	)		(46,538,182	)		3,663,317			(40,484,789	)
Net assets:
Beginning of year/period		138,953,740			185,491,922			52,360,830			92,845,619
End of year/period	$	120,813,021		$	138,953,740		$	56,024,147		$	52,360,830
Changes in shares outstanding
Shares outstanding, beginning of year/period		1,608,631			2,758,631			1,099,686			1,499,686
Shares sold		1,300,000			1,650,000			250,000			150,000
Shares repurchased		(1,100,000	)		(2,800,000	)		(50,000	)		(550,000	)
Shares outstanding, end of year/period		1,808,631			1,608,631			1,299,686			1,099,686

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

DIREXION SEMI-ANNUAL REPORT
85

Statements of Changes in Net Assets

	Direxion Daily Cloud Computing Bull 2X Shares						Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares2​
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			For the Period August 11, 20221 ​through October 31, 2022
Operations:
Net investment income (loss)	$	(3,937	)	$	(65,290	)	$	11,748		$	(1,023	)
Net realized loss		(1,724,310	)		(13,676,597	)		(2,488,813	)		(2,827,026	)
Change in net unrealized appreciation (depreciation)		1,000,600			(7,337,162	)		251,198			(1,005,732	)
Net (decrease) in net assets resulting from operations		(727,647	)		(21,079,049	)		(2,225,867	)		(3,833,781	)
Distributions to shareholders:
Net distributions to shareholders		—			(916,786	)		(10,640	)		—
Total distributions		—			(916,786	)		(10,640	)		—
Capital share transactions:
Proceeds from shares sold		1,269,162			9,649,094			5,047,482			7,493,147
Cost of shares redeemed		(2,261,449	)		(7,197,093	)		(1,332,483	)		(804,121	)
Transaction fees (Note 4)		573			1,822			4,285			161
Net increase (decrease) in net assets resulting from capital transactions		(991,714	)		2,453,823			3,719,284			6,689,187
Total increase (decrease) in net assets		(1,719,361	)		(19,542,012	)		1,482,777			2,855,406
Net assets:
Beginning of year/period		7,759,127			27,301,139			2,855,406			—
End of year/period	$	6,039,766		$	7,759,127		$	4,338,183		$	2,855,406
Changes in shares outstanding
Shares outstanding, beginning of year/period		1,100,001			850,001			300,001			—
Shares sold		200,000			725,000			750,000			350,001
Shares repurchased		(350,000	)		(475,000	)		(150,000	)		(50,000	)
Shares outstanding, end of year/period		950,001			1,100,001			900,001			300,001

¹​  Commencement of Operations.

²​  Effective June 5, 2023, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

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

DIREXION SEMI-ANNUAL REPORT
86

Statements of Changes in Net Assets

	Direxion Daily Energy Bull 2X Shares						Direxion Daily Energy Bear 2X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income	$	6,690,743		$	15,518,837		$	683,770		$	89,568
Net realized gain (loss)		112,503,416			447,620,168			(10,274,373	)		(36,887,314	)
Change in net unrealized appreciation (depreciation)		(179,995,836	)		42,283,430			11,198,437			(2,135,712	)
Net increase (decrease) in net assets resulting from operations		(60,801,677	)		505,422,435			1,607,834			(38,933,458	)
Distributions to shareholders:
Net distributions to shareholders		(6,034,102	)		(15,441,018	)		(556,398	)		—
Total distributions		(6,034,102	)		(15,441,018	)		(556,398	)		—
Capital share transactions:
Proceeds from shares sold		177,552,532			751,431,269			68,455,530			174,088,336
Cost of shares redeemed		(250,088,921	)		(1,283,479,408	)		(76,768,461	)		(134,787,990	)
Transaction fees (Note 4)		63,107			339,804			23,031			40,431
Net increase (decrease) in net assets resulting from capital transactions		(72,473,282	)		(531,708,335	)		(8,289,900	)		39,340,777
Total increase (decrease) in net assets		(139,309,061	)		(41,726,918	)		(7,238,464	)		407,319
Net assets:
Beginning of year/period		558,028,143			599,755,061			39,512,592			39,105,273
End of year/period	$	418,719,082		$	558,028,143		$	32,274,128		$	39,512,592
Changes in shares outstanding
Shares outstanding, beginning of year/period		7,863,531			18,963,531			1,365,264			355,706
Shares sold		2,850,000			15,400,000			2,300,000			3,705,000
Shares repurchased		(3,850,000	)		(26,500,000	)		(2,550,000	)		(2,695,442	)
Shares outstanding, end of year/period		6,863,531			7,863,531			1,115,264			1,365,264

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

DIREXION SEMI-ANNUAL REPORT
87

Statements of Changes in Net Assets

	Direxion Daily Global Clean Energy Bull 2X Shares						Direxion Daily Gold Miners Index Bull 2X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income	$	8,845		$	17,429		$	6,608,545		$	3,268,537
Net realized gain (loss)		(225,563	)		(4,638,471	)		83,982,702			(286,711,631	)
Change in net unrealized appreciation (depreciation)		(175,106	)		(2,341,235	)		215,302,553			59,878,147
Net increase (decrease) in net assets resulting from operations		(391,824	)		(6,962,277	)		305,893,800			(223,564,947	)
Distributions to shareholders:
Net distributions to shareholders		(1,998	)		(23,227	)		(4,098,467	)		—
Return of capital		—			(4,294	)		—			—
Total distributions		(1,998	)		(27,521	)		(4,098,467	)		—
Capital share transactions:
Proceeds from shares sold		827,548			10,289,918			196,841,332			460,894,417
Cost of shares redeemed		(761,344	)		(6,406,383	)		(329,478,663	)		(612,430,469	)
Transaction fees (Note 4)		228			1,584			74,940			145,063
Net increase (decrease) in net assets resulting from capital transactions		66,432			3,885,119			(132,562,391	)		(151,390,989	)
Total increase (decrease) in net assets		(327,390	)		(3,104,679	)		169,232,942			(374,955,936	)
Net assets:
Beginning of year/period		4,424,437			7,529,116			375,908,143			750,864,079
End of year/period	$	4,097,047		$	4,424,437		$	545,141,085		$	375,908,143
Changes in shares outstanding
Shares outstanding, beginning of year/period		300,001			250,001			15,051,908			15,301,908
Shares sold		50,000			400,000			5,700,000			12,650,000
Shares repurchased		(50,000	)		(350,000	)		(8,550,000	)		(12,900,000	)
Shares outstanding, end of year/period		300,001			300,001			12,201,908			15,051,908

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

DIREXION SEMI-ANNUAL REPORT
88

Statements of Changes in Net Assets

	Direxion Daily Gold Miners Index Bear 2X Shares						Direxion Daily Junior Gold Miners Index Bull 2X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income (loss)	$	1,671,542		$	(113,247	)	$	2,723,728		$	2,023,874
Net realized gain (loss)		(37,359,186	)		23,187,657			52,545,088			(260,332,073	)
Change in net unrealized appreciation (depreciation)		(23,643,055	)		6,708,766			97,796,630			28,870,355
Net increase (decrease) in net assets resulting from operations		(59,330,699	)		29,783,176			153,065,446			(229,437,844	)
Distributions to shareholders:
Net distributions to shareholders		(1,179,923	)		—			(1,462,743	)		—
Total distributions		(1,179,923	)		—			(1,462,743	)		—
Capital share transactions:
Proceeds from shares sold		331,863,748			330,933,462			134,481,757			361,559,015
Cost of shares redeemed		(221,839,595	)		(338,144,875	)		(208,182,509	)		(421,336,708	)
Transaction fees (Note 4)		66,552			101,443			44,804			91,182
Net increase (decrease) in net assets resulting from capital transactions		110,090,705			(7,109,970	)		(73,655,948	)		(59,686,511	)
Total increase (decrease) in net assets		49,580,083			22,673,206			77,946,755			(289,124,355	)
Net assets:
Beginning of year/period		86,749,253			64,076,047			226,685,522			515,809,877
End of year/period	$	136,329,336		$	86,749,253		$	304,632,277		$	226,685,522
Changes in shares outstanding
Shares outstanding, beginning of year/period		3,660,171			3,110,171			8,743,351			7,693,351
Shares sold		25,550,000			18,450,000			3,900,000			8,800,000
Shares repurchased		(15,500,000	)		(17,900,000	)		(5,400,000	)		(7,750,000	)
Shares outstanding, end of year/period		13,710,171			3,660,171			7,243,351			8,743,351

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

DIREXION SEMI-ANNUAL REPORT
89

Statements of Changes in Net Assets

	Direxion Daily Junior Gold Miners Index Bear 2X Shares						Direxion Daily NYSE FANG+ Bull 2X Shares1​
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income (loss)	$	1,582,141		$	(41,173	)	$	42,823		$	(44,987	)
Net realized gain (loss)		(53,539,669	)		42,186,314			(1,054,194	)		(15,745,051	)
Change in net unrealized appreciation (depreciation)		(12,436,023	)		10,279,173			2,181,768			(730,276	)
Net increase (decrease) in net assets resulting from operations		(64,393,551	)		52,424,314			1,170,397			(16,520,314	)
Distributions to shareholders:
Net distributions to shareholders		(1,197,081	)		—			(21,162	)		(408,960	)
Return of capital		—			—			—			(4,293	)
Total distributions		(1,197,081	)		—			(21,162	)		(413,253	)
Capital share transactions:
Proceeds from shares sold		197,252,372			319,290,732			2,099,998			30,327,495
Cost of shares redeemed		(140,908,969	)		(333,869,034	)		(4,550,991	)		(8,168,154	)
Transaction fees (Note 4)		42,272			100,161			924			1,778
Net increase (decrease) in net assets resulting from capital transactions		56,385,675			(14,478,141	)		(2,450,069	)		22,161,119
Total increase (decrease) in net assets		(9,204,957	)		37,946,173			(1,300,834	)		5,227,552
Net assets:
Beginning of year/period		113,620,973			75,674,800			12,640,110			7,412,558
End of year/period	$	104,416,016		$	113,620,973		$	11,339,276		$	12,640,110
Changes in shares outstanding
Shares outstanding, beginning of year/period		8,432,449			6,882,449			290,000			25,000
Shares sold		27,350,000			29,150,000			55,000			375,000
Shares repurchased		(17,900,000	)		(27,600,000	)		(115,148	)		(110,000	)
Shares outstanding, end of year/period		17,882,449			8,432,449			229,852			290,000

¹​  Effective February 13, 2023, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

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

DIREXION SEMI-ANNUAL REPORT
90

Statements of Changes in Net Assets

	Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares						Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income (loss)	$	80,529		$	(121,520	)	$	7,321,558		$	4,696,504
Net realized gain (loss)		(667,283	)		(17,234,969	)		135,846,452			674,709,212
Change in net unrealized appreciation (depreciation)		6,356,788			(17,469,833	)		(390,760,610	)		(171,000,449	)
Net increase (decrease) in net assets resulting from operations		5,770,034			(34,826,322	)		(247,592,600	)		508,405,267
Distributions to shareholders:
Net distributions to shareholders		(7,978	)		(905,597	)		(6,002,733	)		(3,198,438	)
Total distributions		(7,978	)		(905,597	)		(6,002,733	)		(3,198,438	)
Capital share transactions:
Proceeds from shares sold		4,691,282			771,899			364,064,158			788,277,104
Cost of shares redeemed		(603,599	)		—			(297,112,420	)		(1,384,481,531	)
Transaction fees (Note 4)		121			—			65,394			325,293
Net increase (decrease) in net assets resulting from capital transactions		4,087,804			771,899			67,017,132			(595,879,134	)
Total increase (decrease) in net assets		9,849,860			(34,960,020	)		(186,578,201	)		(90,672,305	)
Net assets:
Beginning of year/period		11,042,961			46,002,981			800,617,757			891,290,062
End of year/period	$	20,892,821		$	11,042,961		$	614,039,556		$	800,617,757
Changes in shares outstanding
Shares outstanding, beginning of year/period		973,646			923,646			4,328,422			8,078,422
Shares sold		300,000			50,000			2,750,000			6,250,000
Shares repurchased		(50,000	)		—			(2,000,000	)		(10,000,000	)
Shares outstanding, end of year/period		1,223,646			973,646			5,078,422			4,328,422

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

DIREXION SEMI-ANNUAL REPORT
91

Statements of Changes in Net Assets

	Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares						Direxion Daily Travel & Vacation Bull 2X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income (loss)	$	1,407,072		$	90,609		$	95,074		$	(71,662	)
Net realized gain (loss)		(7,466,556	)		(111,719,648	)		1,360,491			(22,069,084	)
Change in net unrealized appreciation (depreciation)		30,830,096			15,933,549			2,322,206			(3,473,918	)
Net increase (decrease) in net assets resulting from operations		24,770,612			(95,695,490	)		3,777,771			(25,614,664	)
Distributions to shareholders:
Net distributions to shareholders		(1,163,562	)		—			—			—
Total distributions		(1,163,562	)		—			—			—
Capital share transactions:
Proceeds from shares sold		134,094,589			596,239,590			1,041,266			80,233,471
Cost of shares redeemed		(192,122,082	)		(491,434,316	)		(10,108,195	)		(43,250,498	)
Transaction fees (Note 4)		57,636			147,419			2,076			9,056
Net increase (decrease) in net assets resulting from capital transactions		(57,969,857	)		104,952,693			(9,064,853	)		36,992,029
Total increase (decrease) in net assets		(34,362,807	)		9,257,203			(5,287,082	)		11,377,365
Net assets:
Beginning of year/period		102,746,944			93,489,741			23,824,160			12,446,795
End of year/period	$	68,384,137		$	102,746,944		$	18,537,078		$	23,824,160
Changes in shares outstanding
Shares outstanding, beginning of year/period		8,257,895			1,924,620			2,300,001			600,001
Shares sold		10,100,000			26,980,000			100,000			4,800,000
Shares repurchased		(13,650,000	)		(20,646,725	)		(900,000	)		(3,100,000	)
Shares outstanding, end of year/period		4,707,895			8,257,895			1,500,001			2,300,001

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

DIREXION SEMI-ANNUAL REPORT
92

Financial Highlights

April 30, 2023

																																		RATIOS TO AVERAGE NET ASSETS5​
	Net Asset Value, Beginning of Year/ Period		Net Investment Income (Loss)1​			Net Investment Income (Loss)1,2​			Net Realized and Unrealized Gain (Loss) on Investments3​			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period		Total Return4​			Net Assets, End of Year/ Period (000's omitted)		Net Expenses6​			Total Expenses			Net Investment Income (Loss) after Expense Reimbursement			Net Expenses2,6​			Total Expenses2​			Net Investment Income (Loss) after Expense Reimbursement2​			Portfolio Turnover Rate7​
Direxion Daily S&P 500®​ Bear 1X Shares
For the Six Months Ended April 30, 2023 (Unaudited)	$	16.50	$	0.30		$	0.30		$	(1.23	)	$	(0.93	)	$	(0.23	)	$	—		$	—		$	(0.23	)	$	15.34		-5.73	%	$	444,075		0.49	%		0.54	%		3.79	%		0.45	%		0.50	%		3.83	%		0	%
For the Year Ended October 31, 2022		14.64		0.13			0.14			1.76			1.89			(0.03	)		—			—			(0.03	)		16.50		12.88	%		613,802		0.49	%		0.55	%		0.84	%		0.45	%		0.51	%		0.88	%		0	%
For the Year Ended October 31, 2021		21.28		(0.07	)		(0.07	)		(6.57	)		(6.64	)		—			—			—			—			14.64		-31.20	%		123,669		0.45	%		0.51	%		(0.42	)%		0.45	%		0.51	%		(0.42	)%		0	%
For the Year Ended October 31, 2020		26.03		(0.06	)		(0.05	)		(4.60	)		(4.66	)		(0.05	)		—			(0.04	)		(0.09	)		21.28		-17.95	%		175,571		0.45	%		0.56	%		(0.24	)%		0.45	%		0.56	%		(0.24	)%		0	%
For the Year Ended October 31, 2019		29.73		0.52			0.52			(3.72	)		(3.20	)		(0.50	)		—			—			(0.50	)		26.03		-10.90	%		19,525		0.45	%		0.73	%		1.86	%		0.45	%		0.73	%		1.86	%		0	%
For the Year Ended October 31, 2018		31.91		0.30			0.30			(2.14	)		(1.84	)		(0.34	)		—			—			(0.34	)		29.73		-5.74	%		13,380		0.45	%		0.65	%		0.99	%		0.45	%		0.65	%		0.99	%		0	%
Direxion Daily AAPL Bear 1X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		26.21		0.43			0.45			(3.28	)		(2.85	)		(0.31	)		(0.01	)		—			(0.32	)		23.04		-11.04	%		27,070		1.09	%		1.08	%		3.32	%		0.95	%		0.94	%		3.46	%		0	%
For the Period August 9, 20228​ through October 31, 2022		25.00		0.09			0.09			1.15			1.24			(0.03	)		—			—			(0.03	)		26.21		4.95	%		13,105		0.98	%		2.06	%		1.51	%		0.95	%		2.03	%		1.54	%		0	%
Direxion Daily AMZN Bear 1X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		29.86		0.48			0.49			(2.78	)		(2.30	)		(0.38	)		(0.69	)		—			(1.07	)		26.49		-8.22	%		9,272		1.05	%		1.27	%		3.25	%		0.95	%		1.17	%		3.35	%		0	%
For the Period September 7, 20228​ through October 31, 2022		25.00		0.07			0.07			4.80			4.87			(0.01	)		—			—			(0.01	)		29.86		19.48	%		3,733		0.96	%		4.96	%		1.68	%		0.95	%		4.95	%		1.69	%		0	%
Direxion Daily GOOGL Bear 1X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		27.66		0.42			0.44			(4.62	)		(4.20	)		(0.27	)		—			—			(0.27	)		23.19		-15.22	%		4,638		1.10	%		1.42	%		3.22	%		0.95	%		1.27	%		3.37	%		0	%
For the Period September 7, 20228​ through October 31, 2022		25.00		0.06			0.06			2.61			2.67			(0.01	)		—			—			(0.01	)		27.66		10.68	%		4,150		0.95	%		4.89	%		1.63	%		0.95	%		4.89	%		1.63	%		0	%
Direxion Daily MSFT Bear 1X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		26.71		0.37			0.38			(7.43	)		(7.06	)		(0.27	)		(0.01	)		—			(0.28	)		19.37		-26.60	%		11,621		1.03	%		1.38	%		3.32	%		0.95	%		1.30	%		3.40	%		0	%
For the Period September 7, 20228​ through October 31, 2022		25.00		0.06			0.06			1.66			1.72			(0.01	)		—			—			(0.01	)		26.71		6.88	%		4,006		0.95	%		4.61	%		1.67	%		0.95	%		4.61	%		1.67	%		0	%
Direxion Daily TSLA Bear 1X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		30.18		0.55			0.59			3.53			4.08			(0.31	)		(1.62	)		—			(1.93	)		32.33		13.07	%		42,035		1.17	%		1.11	%		3.46	%		0.95	%		0.89	%		3.68	%		0	%
For the Period August 9, 20228​ through October 31, 2022		25.00		0.10			0.10			5.10			5.20			(0.02	)		—			—			(0.02	)		30.18		20.84	%		12,071		0.96	%		2.15	%		1.52	%		0.95	%		2.14	%		1.53	%		0	%
Direxion Daily AAPL Bull 1.5X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		21.87		0.26			0.28			2.28			2.54			(0.20	)		—			—			(0.20	)		24.21		11.87	%		19,365		1.11	%		1.19	%		2.58	%		0.95	%		1.03	%		2.74	%		7	%
For the Period August 9, 20228​ through October 31, 2022		25.00		0.06			0.06			(3.18	)		(3.12	)		(0.01	)		—			—			(0.01	)		21.87		-12.48	%		7,108		0.95	%		2.40	%		1.20	%		0.95	%		2.40	%		1.20	%		9	%
Direxion Daily AMZN Bull 1.5X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		17.89		0.20			0.21			(0.58	)		(0.38	)		(0.13	)		—			—			(0.13	)		17.38		-1.98	%		20,856		1.03	%		1.07	%		2.56	%		0.95	%		0.99	%		2.64	%		0	%
For the Period September 7, 20228​ through October 31, 2022		25.00		0.05			0.05			(7.15	)		(7.10	)		(0.01	)		—			—			(0.01	)		17.89		-28.42	%		6,262		0.95	%		5.02	%		1.43	%		0.95	%		5.02	%		1.43	%		0	%
Direxion Daily GOOGL Bull 1.5X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		20.42		0.27			0.28			2.67			2.94			(0.17	)		—			—			(0.17	)		23.19		14.53	%		16,810		1.05	%		1.15	%		2.64	%		0.95	%		1.05	%		2.74	%		17	%
For the Period September 7, 20228​ through October 31, 2022		25.00		0.05			0.05			(4.62	)		(4.57	)		(0.01	)		—			—			(0.01	)		20.42		-18.30	%		4,593		0.95	%		5.02	%		1.48	%		0.95	%		5.02	%		1.48	%		0	%

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

DIREXION SEMI-ANNUAL REPORT
93

Financial Highlights

April 30, 2023

																																		RATIOS TO AVERAGE NET ASSETS5​
	Net Asset Value, Beginning of Year/ Period		Net Investment Income (Loss)1​			Net Investment Income (Loss)1,2​			Net Realized and Unrealized Gain (Loss) on Investments3​			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period		Total Return4​			Net Assets, End of Year/ Period (000's omitted)		Net Expenses6​			Total Expenses			Net Investment Income (Loss) after Expense Reimbursement			Net Expenses2,6​			Total Expenses2​			Net Investment Income (Loss) after Expense Reimbursement2​			Portfolio Turnover Rate7​
Direxion Daily MSFT Bull 1.5X Shares
For the Six Months Ended April 30, 2023 (Unaudited)	$	21.54	$	0.33		$	0.35		$	9.55		$	9.88		$	(0.21	)	$	—		$	—		$	(0.21	)	$	31.21		46.14	%	$	18,724		1.06	%		1.24	%		2.68	%		0.95	%		1.13	%		2.79	%		7	%
For the Period September 7, 20228​ through October 31, 2022		25.00		0.05			0.05			(3.50	)		(3.45	)		(0.01	)		—			—			(0.01	)		21.54		-13.82	%		3,231		0.95	%		5.19	%		1.31	%		0.95	%		5.19	%		1.31	%		0	%
Direxion Daily TSLA Bull 1.5X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		16.64		0.13			0.14			(7.75	)		(7.62	)		(0.09	)		(0.04	)		—			(0.13	)		8.89		-45.86	%		431,173		1.07	%		1.06	%		2.63	%		0.86	%		0.85	%		2.84	%		44	%
For the Period August 9, 20228​ through October 31, 2022		25.00		0.07			0.07			(8.42	)		(8.35	)		(0.01	)		—			—			(0.01	)		16.64		-33.40	%		100,286		0.98	%		1.15	%		1.55	%		0.95	%		1.12	%		1.58	%		33	%
Direxion Daily CSI 300 China A Share Bull 2X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		15.05		0.24			0.25			6.26			6.50			(0.19	)		—			—			(0.19	)		21.36		43.26	%		70,494		1.09	%		1.09	%		2.20	%		0.91	%		0.91	%		2.38	%		21	%
For the Year Ended October 31, 2022		39.31		0.13			0.14			(23.61	)		(23.48	)		(0.09	)		(0.69	)		—			(0.78	)		15.05		-60.95	%		39,119		0.92	%		0.92	%		0.46	%		0.90	%		0.90	%		0.48	%		83	%
For the Year Ended October 31, 2021		32.67		(0.17	)		(0.17	)		6.81			6.64			—			—			—			—			39.31		20.32	%		117,919		0.90	%		0.89	%		(0.42	)%		0.89	%		0.88	%		(0.41	)%		123	%
For the Year Ended October 31, 2020		21.50		0.05			0.06			11.21			11.26			(0.08	)		—			(0.01	)		(0.09	)		32.67		52.60	%		96,388		1.01	%		1.00	%		0.19	%		0.95	%		0.94	%		0.25	%		0	%
For the Year Ended October 31, 2019		15.95		0.14			0.19			5.56			5.70			(0.15	)		—			—			(0.15	)		21.50		35.87	%		127,897		1.20	%		1.17	%		0.69	%		0.95	%		0.92	%		0.94	%		0	%
For the Year Ended October 31, 2018		28.60		0.17			0.19			(12.76	)		(12.59	)		(0.06	)		—			—			(0.06	)		15.95		-44.05	%		76,552		1.05	%		1.03	%		0.68	%		0.95	%		0.93	%		0.78	%		339	%
Direxion Daily CSI China Internet Index Bull 2X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		22.27		0.29			0.36			17.88			18.17			(0.06	)		—			—			(0.06	)		40.38		81.57	%		291,696		1.17	%		1.17	%		1.17	%		0.88	%		0.88	%		1.46	%		120	%
For the Year Ended October 31, 2022		194.10		(0.30	)		(0.27	)		(171.53	)		(171.83	)		—			—			—			—			22.27		-88.53	%		161,974		0.93	%		0.93	%		(0.42	)%		0.89	%		0.89	%		(0.38	)%		142	%
For the Year Ended October 31, 2021		539.10		(2.20	)		(2.20	)		(342.80	)		(345.00	)		—			—			—			—			194.10		-64.00	%		314,433		0.89	%		0.88	%		(0.70	)%		0.89	%		0.88	%		(0.70	)%		23	%
For the Year Ended October 31, 2020		241.90		(0.30	)		(0.10	)		298.50			298.20			(0.60	)		—			(0.40	)		(1.00	)		539.10		123.61	%		56,608		1.00	%		1.01	%		(0.09	)%		0.95	%		0.96	%		(0.04	)%		40	%
For the Year Ended October 31, 2019		227.00		1.80			2.00			15.00			16.80			(1.90	)		—			—			(1.90	)		241.90		7.53	%		53,219		1.03	%		1.03	%		0.74	%		0.94	%		0.94	%		0.83	%		13	%
For the Year Ended October 31, 2018		490.70		2.20			2.80			(248.70	)		(246.50	)		(2.00	)		(15.20	)		—			(17.20	)		227.00		-52.04	%		49,937		1.06	%		1.03	%		0.46	%		0.95	%		0.92	%		0.57	%		189	%
Direxion Daily S&P 500®​ Bull 2X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		73.38		0.38			0.40			9.00			9.38			(0.62	)		—			—			(0.62	)		82.14		12.93	%		236,829		0.63	%		0.70	%		1.02	%		0.60	%		0.67	%		1.05	%		85	%
For the Year Ended October 31, 2022		111.86		0.75			0.76			(36.02	)		(35.27	)		(0.94	)		(2.27	)		—			(3.21	)		73.38		-32.51	%		50,139		0.61	%		0.71	%		0.82	%		0.60	%		0.70	%		0.83	%		72	%
For the Year Ended October 31, 2021		61.16		0.77			0.77			55.98			56.75			(0.69	)		(5.36	)		—			(6.05	)		111.86		98.25	%		59,648		0.60	%		0.72	%		0.85	%		0.60	%		0.72	%		0.85	%		42	%
For the Year Ended October 31, 2020		59.28		0.69			0.70			2.15			2.84			(0.75	)		(0.21	)		—			(0.96	)		61.16		4.75	%		17,324		0.63	%		0.88	%		1.20	%		0.60	%		0.85	%		1.23	%		105	%
For the Year Ended October 31, 2019		48.89		0.96			0.98			10.36			11.32			(0.93	)		—			—			(0.93	)		59.28		23.64	%		10,861		0.51	%		0.97	%		1.85	%		0.47	%9​		0.93	%		1.89	%		75	%
For the Year Ended October 31, 2018		46.22		0.89			0.98			4.02			4.91			(0.87	)		(1.37	)		—			(2.24	)		48.89		10.13	%		6,514		0.18	%		1.24	%		1.71	%		0.00	%9​		1.06	%		1.89	%		59	%
Direxion Daily MSCI Brazil Bull 2X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		86.38		2.47			2.56			(19.77	)		(17.30	)		(2.28	)		—			—			(2.28	)		66.80		-20.06	%		120,813		1.18	%		1.18	%		7.20	%		0.93	%		0.93	%		7.45	%		0	%
For the Year Ended October 31, 2022		67.24		5.75			5.80			18.05			23.80			(4.66	)		—			—			(4.66	)		86.38		37.79	%		138,954		0.98	%		0.98	%		7.16	%		0.92	%		0.92	%		7.22	%		54	%
For the Year Ended October 31, 2021		61.66		0.56			0.56			5.94			6.50			(0.64	)		—			(0.28	)		(0.92	)		67.24		9.83	%		185,492		0.91	%		0.91	%		0.55	%		0.91	%		0.91	%		0.55	%		25	%
For the Year Ended October 31, 2020		1116.50		1.54			1.69			(1,049.80	)		(1,048.26	)		(5.28	)		—			(1.30	)		(6.58	)		61.66		-94.40	%		160,853		1.05	%		1.05	%		1.01	%		0.95	%		0.95	%		1.11	%		232	%
For the Year Ended October 31, 2019		1029.00		10.85			15.05			88.90			99.75			(12.25	)		—			—			(12.25	)		1116.50		9.85	%		413,185		1.35	%		1.33	%		1.04	%		0.95	%		0.93	%		1.44	%		208	%
For the Year Ended October 31, 2018		1410.15		14.00			15.75			(380.80	)		(366.80	)		(13.65	)		—			(0.70	)		(14.35	)		1029.00		-25.98	%		407,268		1.15	%		1.14	%		1.54	%		0.95	%		0.94	%		1.74	%		133	%

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

DIREXION SEMI-ANNUAL REPORT
94

Financial Highlights

April 30, 2023

																																		RATIOS TO AVERAGE NET ASSETS5​
	Net Asset Value, Beginning of Year/ Period		Net Investment Income (Loss)1​			Net Investment Income (Loss)1,2​			Net Realized and Unrealized Gain (Loss) on Investments3​			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period		Total Return4​			Net Assets, End of Year/ Period (000's omitted)		Net Expenses6​			Total Expenses			Net Investment Income (Loss) after Expense Reimbursement			Net Expenses2,6​			Total Expenses2​			Net Investment Income (Loss) after Expense Reimbursement2​			Portfolio Turnover Rate7​
Direxion Daily MSCI India Bull 2X Shares
For the Six Months Ended April 30, 2023 (Unaudited)	$	47.61	$	0.34		$	0.36		$	(4.62	)	$	(4.28	)	$	(0.22	)	$	—		$	—		$	(0.22	)	$	43.11		-8.95	%	$	56,024		0.98	%		0.98	%		1.58	%		0.93	%		0.93	%		1.63	%		9	%
For the Year Ended October 31, 2022		61.91		1.54			1.56			(14.44	)		(12.90	)		(1.40	)		—			—			(1.40	)		47.61		-21.15	%		52,361		0.95	%		0.95	%		2.89	%		0.92	%		0.92	%		2.92	%		0	%
For the Year Ended October 31, 2021		30.67		(0.41	)		(0.40	)		31.65			31.24			—			—			—			—			61.91		101.86	%		92,846		0.92	%		0.91	%		(0.83	)%		0.91	%		0.90	%		(0.82	)%		11	%
For the Year Ended October 31, 2020		66.74		(0.14	)		(0.13	)		(35.92	)		(36.06	)		(0.01	)		—			(0.00	)10​		(0.01	)		30.67		-54.04	%		84,346		0.99	%		0.98	%		(0.46	)%		0.95	%		0.94	%		(0.42	)%		157	%
For the Year Ended October 31, 2019		51.51		0.60			0.67			15.20			15.80			(0.57	)		—			—			(0.57	)		66.74		30.61	%		83,398		1.05	%		1.03	%		0.92	%		0.95	%		0.93	%		1.02	%		111	%
For the Year Ended October 31, 2018		95.50		0.09			0.14			(43.76	)		(43.67	)		(0.24	)		—			(0.08	)		(0.32	)		51.51		-45.89	%		100,427		1.01	%		0.99	%		0.11	%		0.95	%		0.93	%		0.17	%		59	%
Direxion Daily Cloud Computing Bull 2X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		7.05		0.0010​			0.0010​			(0.69	)		(0.69	)		—			—			—			—			6.36		-9.79	%		6,040		1.03	%		1.60	%		(0.11	)%		0.95	%		1.52	%		(0.03	)%		12	%
For the Year Ended October 31, 2022		32.12		(0.07	)		(0.07	)		(23.98	)		(24.05	)		—			(1.02	)		—			(1.02	)		7.05		-77.03	%		7,759		0.96	%		1.24	%		(0.54	)%		0.95	%		1.23	%		(0.53	)%		16	%
For the Period January 8, 20218​ through October 31, 2021		25.00		(0.18	)		(0.17	)		7.30			7.12			—			—			—			—			32.12		28.48	%		27,301		0.95	%		1.03	%		(0.82	)%		0.95	%		1.03	%		(0.82	)%		19	%
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares12​
For the Six Months Ended April 30, 2023 (Unaudited)		9.52		0.03			0.03			(4.70	)		(4.67	)		(0.03	)		—			—			(0.03	)		4.82		-49.13	%		4,338		1.03	%		2.43	%		0.77	%		0.95	%		2.35	%		0.85	%		64	%
For the Period August 11, 20228​ through October 31, 2022		25.00		0.0010​			0.0010​			(15.48	)		(15.48	)		—			—			—			—			9.52		-61.92	%		2,855		0.95	%		4.74	%		(0.11	)%		0.95	%		4.74	%		(0.11	)%		74	%
Direxion Daily Energy Bull 2X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		70.96		0.92			1.04			(10.04	)		(9.12	)		(0.83	)		—			—			(0.83	)		61.01		-12.79	%		418,719		1.28	%		1.28	%		2.85	%		0.91	%		0.91	%		3.22	%		2	%
For the Year Ended October 31, 2022		31.63		1.24			1.29			39.43			40.67			(1.34	)		—			—			(1.34	)		70.96		130.82	%		558,028		1.03	%		1.03	%		2.62	%		0.92	%		0.92	%		2.73	%		8	%
For the Year Ended October 31, 2021		8.45		0.51			0.51			23.20			23.71			(0.53	)		—			—			(0.53	)		31.63		283.45	%		599,755		0.95	%		0.93	%		2.31	%		0.94	%		0.92	%		2.32	%		36	%
For the Year Ended October 31, 2020		143.60		0.52			0.53			(134.67	)		(134.15	)		(1.00	)		—			—			(1.00	)		8.45		-93.97	%		257,498		0.98	%		1.00	%		2.80	%		0.95	%		0.97	%		2.83	%		72	%
For the Year Ended October 31, 2019		253.40		3.00			3.30			(110.00	)		(107.00	)		(2.80	)		—			—			(2.80	)		143.60		-42.46	%		285,099		1.10	%		1.11	%		1.56	%		0.95	%		0.96	%		1.71	%		204	%
For the Year Ended October 31, 2018		291.60		4.20			4.60			(36.40	)		(32.20	)		(5.90	)		—			(0.10	)		(6.00	)		253.40		-11.59	%		349,655		1.08	%		1.08	%		1.24	%		0.95	%		0.95	%		1.37	%		56	%
Direxion Daily Energy Bear 2X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		28.94		0.49			0.50			(0.04	)		0.45			(0.45	)		—			—			(0.45	)		28.94		1.41	%		32,274		1.06	%		1.07	%		3.35	%		0.95	%		0.96	%		3.46	%		0	%
For the Year Ended October 31, 2022		109.90		0.11			0.14			(81.07	)		(80.96	)		—			—			—			—			28.94		-73.67	%		39,513		1.00	%		1.03	%		0.22	%		0.95	%		0.98	%		0.27	%		0	%
For the Year Ended October 31, 2021		735.70		(1.70	)		(1.70	)		(624.10	)		(625.80	)		—			—			—			—			109.90		-85.06	%		39,105		0.95	%		0.99	%		(0.93	)%		0.95	%		0.99	%		(0.93	)%		0	%
For the Year Ended October 31, 2020		506.10		(1.90	)		(1.60	)		233.80			231.90			(1.50	)		—			(0.80	)		(2.30	)		735.70		45.80	%		33,626		1.00	%		1.09	%		(0.32	)%		0.95	%		1.04	%		(0.27	)%		0	%
For the Year Ended October 31, 2019		448.70		5.70			6.60			58.90			64.60			(7.20	)		—			—			(7.20	)		506.10		14.51	%		25,663		1.14	%		1.22	%		1.22	%		0.95	%		1.03	%		1.41	%		0	%
For the Year Ended October 31, 2018		558.50		2.60			2.80			(110.80	)		(108.20	)		(1.60	)		—			—			(1.60	)		448.70		-19.34	%		51,915		1.00	%		1.04	%		0.65	%		0.95	%		0.99	%		0.70	%		0	%
Direxion Daily Global Clean Energy Bull 2X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		14.75		0.03			0.03			(1.11	)		(1.08	)		(0.01	)		—			—			(0.01	)		13.66		-7.35	%		4,097		0.99	%		1.86	%		0.36	%		0.95	%		1.82	%		0.40	%		19	%
For the Year Ended October 31, 2022		30.12		0.05			0.06			(15.34	)		(15.29	)		(0.07	)		—			(0.01	)		(0.08	)		14.75		-50.82	%		4,424		1.00	%		1.61	%		0.26	%		0.95	%		1.56	%		0.31	%		0	%
For the Period July 29, 20218​ through October 31, 2021		25.00		(0.06	)		(0.06	)		5.18			5.12			—			—			—			—			30.12		20.48	%		7,529		0.95	%		2.37	%		(0.95	)%		0.95	%		2.37	%		(0.95	)%		15	%

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

DIREXION SEMI-ANNUAL REPORT
95

Financial Highlights

April 30, 2023

																																		RATIOS TO AVERAGE NET ASSETS5​
	Net Asset Value, Beginning of Year/ Period		Net Investment Income (Loss)1​			Net Investment Income (Loss)1,2​			Net Realized and Unrealized Gain (Loss) on Investments3​			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period		Total Return4​			Net Assets, End of Year/ Period (000's omitted)		Net Expenses6​			Total Expenses			Net Investment Income (Loss) after Expense Reimbursement			Net Expenses2,6​			Total Expenses2​			Net Investment Income (Loss) after Expense Reimbursement2​			Portfolio Turnover Rate7​
Direxion Daily Gold Miners Index Bull 2X Shares
For the Six Months Ended April 30, 2023 (Unaudited)	$	24.97	$	0.49		$	0.53		$	19.51		$	20.00		$	(0.29	)	$	—		$	—		$	(0.29	)	$	44.68		80.43	%	$	545,141		1.08	%		1.08	%		2.68	%		0.86	%		0.86	%		2.90	%		63	%
For the Year Ended October 31, 2022		49.07		0.25			0.26			(24.35	)		(24.10	)		—			—			—			—			24.97		-49.11	%		375,908		0.89	%		0.89	%		0.56	%		0.87	%		0.87	%		0.58	%		117	%
For the Year Ended October 31, 2021		76.72		(0.30	)		(0.30	)		(27.35	)		(27.65	)		—			—			—			—			49.07		-36.04	%		750,864		0.86	%		0.86	%		(0.49	)%		0.86	%		0.86	%		(0.49	)%		71	%
For the Year Ended October 31, 2020		158.15		(0.22	)		(0.06	)		(80.50	)		(80.72	)		(0.37	)		—			(0.34	)		(0.71	)		76.72		-51.26	%		1,032,006		1.07	%		1.07	%		(0.23	)%		0.90	%		0.90	%		(0.06	)%		333	%
For the Year Ended October 31, 2019		66.40		0.40			0.80			91.90			92.30			(0.40	)		—			(0.15	)		(0.55	)		158.15		139.42	%		1,541,547		1.30	%		1.30	%		0.37	%		0.91	%		0.91	%		0.76	%		231	%
For the Year Ended October 31, 2018		145.15		0.55			0.60			(79.00	)		(78.45	)		(0.10	)		—			(0.20	)		(0.30	)		66.40		-54.12	%		1,131,021		0.94	%		0.94	%		0.50	%		0.91	%		0.91	%		0.53	%		96	%
Direxion Daily Gold Miners Index Bear 2X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		23.70		0.21			0.23			(13.81	)		(13.60	)		(0.16	)		—			—			(0.16	)		9.94		-57.53	%		136,329		1.26	%		1.26	%		3.32	%		0.87	%		0.87	%		3.71	%		0	%
For the Year Ended October 31, 2022		20.60		(0.03	)		0.01			3.13			3.10			—			—			—			—			23.70		15.05	%		86,749		1.10	%		1.09	%		(0.14	)%		0.92	%		0.91	%		0.04	%		0	%
For the Year Ended October 31, 2021		20.08		(0.17	)		(0.17	)		0.69			0.52			—			—			—			—			20.60		2.59	%		64,076		0.87	%		0.88	%		(0.85	)%		0.87	%		0.88	%		(0.85	)%		0	%
For the Year Ended October 31, 2020		169.75		0.10			0.11			(148.72	)		(148.62	)		(0.63	)		—			(0.42	)		(1.05	)		20.08		-88.01	%		101,595		0.93	%		0.93	%		0.20	%		0.91	%		0.91	%		0.22	%		0	%
For the Year Ended October 31, 2019		875.50		4.00			4.25			(706.00	)		(702.00	)		(3.75	)		—			—			(3.75	)		169.75		-80.38	%		378,674		1.01	%		1.01	%		1.57	%		0.92	%		0.92	%		1.66	%		0	%
For the Year Ended October 31, 2018		683.50		2.75			3.75			190.75			193.50			(1.50	)		—			—			(1.50	)		875.50		28.33	%		154,753		1.04	%		1.04	%		0.43	%		0.91	%		0.91	%		0.56	%		0	%
Direxion Daily Junior Gold Miners Index Bull 2X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		25.93		0.35			0.41			15.95			16.30			(0.17	)		—			—			(0.17	)		42.06		62.99	%		304,632		1.16	%		1.16	%		1.86	%		0.85	%		0.85	%		2.17	%		61	%
For the Year Ended October 31, 2022		67.05		0.28			0.28			(41.40	)		(41.12	)		—			—			—			—			25.93		-61.33	%		226,686		0.86	%		0.86	%		0.55	%		0.85	%		0.85	%		0.56	%		140	%
For the Year Ended October 31, 2021		117.16		(0.08	)		(0.07	)		(49.69	)		(49.77	)		—			—			(0.34	)		(0.34	)		67.05		-42.53	%		515,810		0.85	%		0.85	%		(0.09	)%		0.84	%		0.84	%		(0.08	)%		67	%
For the Year Ended October 31, 2020		695.10		(0.55	)		(0.30	)		(577.27	)		(577.82	)		(0.10	)		—			(0.02	)		(0.12	)		117.16		-83.11	%		672,880		1.02	%		1.02	%		(0.32	)%		0.87	%		0.87	%		(0.17	)%		312	%
For the Year Ended October 31, 2019		357.50		3.20			5.10			338.50			341.70			(3.70	)		—			(0.40	)		(4.10	)		695.10		95.77	%		948,731		1.26	%		1.26	%		0.62	%		0.89	%		0.89	%		0.99	%		279	%
For the Year Ended October 31, 2018		756.50		2.00			2.50			(401.00	)		(399.00	)		—			—			—			—			357.50		-52.74	%		635,801		0.93	%		0.93	%		0.35	%		0.89	%		0.89	%		0.39	%		116	%
Direxion Daily Junior Gold Miners Index Bear 2X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		13.47		0.12			0.13			(7.64	)		(7.52	)		(0.11	)		—			—			(0.11	)		5.84		-56.00	%		104,416		1.13	%		1.13	%		3.45	%		0.87	%		0.87	%		3.71	%		0	%
For the Year Ended October 31, 2022		11.00		(0.01	)		0.02			2.48			2.47			—			—			—			—			13.47		22.45	%		113,621		1.08	%		1.08	%		(0.05	)%		0.89	%		0.89	%		0.14	%		0	%
For the Year Ended October 31, 2021		11.72		(0.09	)		(0.09	)		(0.63	)		(0.72	)		—			—			—			—			11.00		-6.14	%		75,675		0.87	%		0.87	%		(0.84	)%		0.87	%		0.87	%		(0.84	)%		0	%
For the Year Ended October 31, 2020		335.75		0.0010​			0.01			(322.21	)		(322.21	)		(1.11	)		—			(0.71	)		(1.82	)		11.72		-96.42	%		83,570		0.93	%		0.93	%		0.01	%		0.91	%		0.91	%		0.03	%		0	%
For the Year Ended October 31, 2019		1892.25		8.50			9.00			(1,555.75	)		(1,547.25	)		(9.25	)		—			—			(9.25	)		335.75		-82.03	%		148,229		1.06	%		1.03	%		10.44	%		0.95	%		0.92	%		1.55	%		0	%
For the Year Ended October 31, 2018		1612.00		7.00			8.25			278.00			285.00			(4.75	)		—			—			(4.75	)		1892.25		17.70	%		59,624		1.03	%		0.99	%		0.51	%		0.95	%		0.91	%		0.59	%		0	%
Direxion Daily NYSE FANG+ Bull 2X Shares11​
For the Six Months Ended April 30, 2023 (Unaudited)		43.60		0.15			0.18			6.34			6.49			(0.76	)		—			—			(0.76	)		49.33		13.33	%		11,339		1.10	%		1.27	%		0.76	%		0.95	%		1.12	%		0.91	%		48	%
For the Year Ended October 31, 2022		296.50		(0.30	)		(0.30	)		(240.80	)		(241.10	)		—			(11.70	)		(0.10	)		(11.80	)		43.60		-84.62	%		12,640		0.96	%		1.15	%		(0.39	)%		0.95	%		1.14	%		(0.38	)%		170	%
For the Period September 30, 20218​ through October 31, 2021		250.00		(0.20	)		(0.20	)		46.70			45.50			—			—			—			—			296.50		18.60	%		7,413		0.95	%		3.72	%		(0.94	)%		0.95	%		3.72	%		(0.94	)%		20	%
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		11.34		0.08			0.09			5.66			5.74			(0.01	)		—			—			(0.01	)		17.07		50.59	%		20,893		1.18	%		1.29	%		1.03	%		0.95	%		1.06	%		1.26	%		0	%
For the Year Ended October 31, 2022		49.81		(0.13	)		(0.13	)		(37.36	)		(37.49	)		—			(0.98	)		—			(0.98	)		11.34		-76.73	%		11,043		0.96	%		1.01	%		(0.54	)%		0.95	%		1.00	%		(0.53	)%		0	%
For the Year Ended October 31, 2021		33.43		(0.38	)		(0.38	)		23.19			22.81			(2.81	)		(3.62	)		—			(6.43	)		49.81		73.55	%		46,003		0.96	%		0.95	%		(0.88	)%		0.95	%		0.94	%		(0.87	)%		11	%
For the Year Ended October 31, 2020		22.74		(0.13	)		(0.12	)		10.85			10.72			(0.03	)		—			—			(0.03	)		33.43		47.15	%		44,245		1.03	%		1.10	%		(0.56	)%		0.95	%		1.02	%		(0.48	)%		93	%
For the Year Ended October 31, 2019		23.56		0.16			0.18			(0.82	)		(0.66	)		(0.16	)		—			—			(0.16	)		22.74		-2.66	%		20,468		1.05	%		1.19	%		0.76	%		0.95	%		1.09	%		0.86	%		184	%
For the Period April 19, 20188​ through October 31, 2018		50.00		(0.06	)		(0.06	)		(26.38	)		(26.44	)		—			—			—			—			23.56		-52.88	%		4,123		0.95	%		2.34	%		(0.27	)%		0.95	%		2.34	%		(0.27	)%		75	%

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

DIREXION SEMI-ANNUAL REPORT
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Financial Highlights

April 30, 2023

																																	RATIOS TO AVERAGE NET ASSETS5​
	Net Asset Value, Beginning of Year/ Period		Net Investment Income (Loss)1​			Net Investment Income (Loss)1,2​			Net Realized and Unrealized Gain (Loss) on Investments3​			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period		Total Return4​			Net Assets, End of Year/ Period (000's omitted)		Net Expenses6​			Total Expenses			Net Investment Income (Loss) after Expense Reimbursement			Net Expenses2,6​			Total Expenses2​			Net Investment Income (Loss) after Expense Reimbursement2​			Portfolio Turnover Rate7​
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares
For the Six Months Ended April 30, 2023 (Unaudited)	$	184.97	$	1.57		$	1.99		$	(64.50	)	$	(62.93	)	$	(1.13	)	$	—	$	—		$	(1.13	)	$	120.91		-34.00	%	$	614,040		1.52	%		1.52	%		2.17	%		0.93	%		0.93	%		2.76	%		13	%
For the Year Ended October 31, 2022		110.33		0.76			1.11			74.57			75.33			(0.69	)		—		—			(0.69	)		184.97		68.43	%		800,618		1.18	%		1.18	%		0.56	%		0.93	%		0.93	%		0.81	%		55	%
For the Year Ended October 31, 2021		19.53		(0.16	)		(0.16	)		91.03			90.87			(0.07	)		—		(0.00	)10​		(0.07	)		110.33		465.94	%		891,290		0.95	%		0.93	%		(0.25	)%		0.94	%		0.92	%		(0.24	)%		194	%
For the Year Ended October 31, 2020		1081.60		0.18			0.19			(1,059.32	)		(1,059.14	)		(2.93	)		—		—			(2.93	)		19.53		-98.19	%		342,250		0.97	%		1.00	%		0.47	%		0.95	%		0.98	%		0.49	%		315	%
For the Year Ended October 31, 2019		8752.00		24.00			27.60			(7,671.20	)		(7,647.20	)		(23.20	)		—		—			(23.20	)		1081.60		-87.55	%		193,733		1.09	%		1.10	%		0.95	%		0.95	%		0.96	%		1.09	%		257	%
For the Year Ended October 31, 2018		9772.00		24.00			36.00			(1,040.00	)		(1,016.00	)		(4.00	)		—		—			(4.00	)		8752.00		-10.42	%		156,655		1.04	%		1.05	%		0.21	%		0.95	%		0.96	%		0.30	%		119	%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		12.44		0.22			0.23			2.14			2.36			(0.27	)		—		—			(0.27	)		14.53		18.82	%		68,384		1.17	%		1.17	%		3.18	%		0.95	%		0.95	%		3.40	%		0	%
For the Year Ended October 31, 2022		48.60		0.02			0.03			(36.18	)		(36.16	)		—			—		—			—			12.44		-74.40	%		102,747		1.01	%		1.01	%		0.09	%		0.95	%		0.95	%		0.15	%		0	%
For the Year Ended October 31, 2021		714.90		(0.90	)		(0.90	)		(665.40	)		(666.30	)		0.0010​			—		—			0.0010​			48.60		-93.20	%		93,490		0.95	%		0.95	%		(0.93	)%		0.95	%		0.95	%		(0.93	)%		0	%
For the Year Ended October 31, 2020		739.40		(3.00	)		(1.40	)		(21.20	)		(24.20	)		(0.30	)		—		—			(0.30	)		714.90		-3.26	%		39,046		1.18	%		1.24	%		(0.44	)%		0.95	%		1.01	%		(0.21	)%		0	%
For the Year Ended October 31, 2019		362.50		4.40			6.70			379.20			383.60			(6.70	)		—		—			(6.70	)		739.40		106.33	%		36,006		1.40	%		1.46	%		0.88	%		0.95	%		1.01	%		1.33	%		0	%
For the Year Ended October 31, 2018		685.80		2.50			2.50			(324.20	)		(321.70	)		(1.60	)		—		—			(1.60	)		362.50		-46.86	%		42,465		0.99	%		1.02	%		0.77	%		0.95	%		0.98	%		0.81	%		0	%
Direxion Daily Travel & Vacation Bull 2X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		10.36		0.05			0.07			1.95			2.00			—			—		—			—			12.36		19.31	%		18,537		1.21	%		1.27	%		0.89	%		0.95	%		1.01	%		1.15	%		12	%
For the Year Ended October 31, 2022		20.74		(0.03	)		(0.03	)		(10.35	)		(10.38	)		—			—		—			—			10.36		-50.05	%		23,824		0.97	%		1.01	%		(0.24	)%		0.95	%		0.99	%		(0.22	)%		10	%
For the Period June 10, 20218​ through October 31, 2021		25.00		(0.03	)		(0.03	)		(4.23	)		(4.26	)		—			—		—			—			20.74		-17.04	%		12,447		0.95	%		1.31	%		(0.36	)%		0.95	%		1.31	%		(0.36	)%		26	%

¹​  Net investment income (loss) per share represents net investment income divided by the daily average shares of beneficial interest outstanding throughout each period.

²​  Excludes interest expense and extraordinary expenses which comprise of tax and litigation expenses.

³​  Due to the timing of sales and redemptions of capital shares, the net realized and unrealized gain (loss) per share will not equal the Fund's changes in net realized and unrealized gain (loss) on investments, in-kind redemptions, futures and swaps for the period.

⁴​  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 or recouped by the investment advisor.

⁵​  For periods less than a year, these ratios are annualized.

⁶​  Net expenses include effects of any reimbursement/waiver or recoupment.

⁷​  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. Portfolio turnover rate does not include effects of turnover of the swap and future contracts portfolio. Short-term securities with maturities less than or equal to 365 days are also excluded from portfolio turnover calculation.

⁸​  Commencement of operations.

⁹​  This ratio includes the voluntary waiver of expenses by the Adviser. Excluding the voluntary waiver, the net expense ratio would have been 0.60%.

¹⁰​  Between $(0.005) and $0.005.

¹¹​  Effective February 13, 2023, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

¹²​  Effective June 5, 2023, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

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

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97

Direxion Shares ETF Trust

Notes to the Financial Statements (Unaudited)

April 30, 2023

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 is a registered investment company that has 76 separate series (each, a "Fund" and together the "Funds"). 30 of these Funds are included in this report:

Bull Funds	Bear Funds
Direxion Daily AAPL Bull 1.5X Shares	Direxion Daily S&P 500®​ Bear 1X Shares
Direxion Daily AMZN Bull 1.5X Shares	Direxion Daily AAPL Bear 1X Shares
Direxion Daily GOOGL Bull 1.5X Shares	Direxion Daily AMZN Bear 1X Shares
Direxion Daily MSFT Bull 1.5X Shares	Direxion Daily GOOGL Bear 1X Shares
Direxion Daily TSLA Bull 1.5X Shares	Direxion Daily MSFT Bear 1X Shares
Direxion Daily CSI 300 China A Share Bull 2X Shares	Direxion Daily TSLA Bear 1X Shares
Direxion Daily CSI China Internet Index Bull 2X Shares	Direxion Daily Energy Bear 2X Shares
Direxion Daily S&P 500®​ Bull 2X Shares	Direxion Daily Gold Miners Index Bear 2X Shares
Direxion Daily MSCI Brazil Bull 2X Shares	Direxion Daily Junior Gold Miners Index Bear 2X Shares
Direxion Daily MSCI India Bull 2X Shares	Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares
Direxion Daily Cloud Computing Bull 2X Shares
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares
Direxion Daily Energy Bull 2X Shares
Direxion Daily Global Clean Energy Bull 2X Shares
Direxion Daily Gold Miners Index Bull 2X Shares
Direxion Daily Junior Gold Miners Index Bull 2X Shares
Direxion Daily NYSE FANG+ Bull 2X Shares*
Direxion Daily Robotics, Artificial Intelligence & Automation
Index Bull 2X Shares
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares
Direxion Daily Travel & Vacation Bull 2X Shares

*  Effective March 1, 2023 Direxion Daily Select Large Caps & FANGs Bull 2X Shares changed its name to Direxion NYSE FANG+ Bull 2X Shares.

The Trust has evaluated the structure, objective and activities of the Funds and determined that they meet the characteristics of an investment company. As such, these financial statements have applied the guidance as set forth in the Accounting Standards Codifications ("ASC") 946, Financial Services-Investment Companies.

Rafferty Asset Management, LLC (the "Adviser") has registered as a commodity pool operator ("CPO"). All Funds presented in this report are considered commodity pools under the Commodity Exchange Act (the "CEA). Accordingly, the Adviser is subject to registration and regulation as a CPO under the CEA and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission and the National Futures Association, including investor protection requirements, antifraud provisions, disclosure requirements and reporting and recordkeeping requirements.

Each Fund's investment objective is to seek daily investment results, before fees and expenses, that correspond to the performance of a particular index or benchmark. The Funds with the word "Bull" in their name attempt to provide investment results that correlate positively to the return of an index or benchmark. The Funds with the word "Bear" in their name attempt to provide investment results that correlate negatively to the return of an index or benchmark. The correlations sought by the Bull Funds are a multiple of 150% or 200% of the return of the target index or benchmark and a multiple of -100% or -200% of the return of the target index or benchmark for the Bear Funds.

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Funds	Index or Benchmark	Daily Target
Direxion Daily S&P 500®​ Bear 1X Shares	S&P 500®​ Index		-100	%
Direxion Daily AAPL Bear 1X Shares	Common shares of Apple, Inc.		-100	%
Direxion Daily AMZN Bear 1X Shares	Common shares of Amazon, Inc.		-100	%
Direxion Daily GOOGL Bear 1X Shares	Common shares of Alphabet, Inc.		-100	%
Direxion Daily MSFT Bear 1X Shares	Common shares of Microsoft Corp.		-100	%
Direxion Daily TSLA Bear 1X Shares	Common shares of Tesla, Inc.		-100	%
Direxion Daily AAPL Bull 1.5X Shares	Common shares of Apple, Inc.		150	%
Direxion Daily AMZN Bull 1.5X Shares	Common shares of Amazon, Inc.		150	%
Direxion Daily GOOGL Bull 1.5X Shares	Common shares of Alphabet, Inc.		150	%
Direxion Daily MSFT Bull 1.5X Shares	Common shares of Microsoft Corp.		150	%
Direxion Daily TSLA Bull 1.5X Shares	Common shares of Tesla, Inc.		150	%
Direxion Daily CSI 300 China A Share Bull 2X Shares	CSI 300 Index		200	%
Direxion Daily CSI China Internet Index Bull 2X Shares	CSI Overseas China Internet Index		200	%
Direxion Daily S&P 500®​ Bull 2X Shares	S&P 500®​ Index		200	%
Direxion Daily MSCI Brazil Bull 2X Shares	MSCI Brazil 25/50 Index		200	%
Direxion Daily MSCI India Bull 2X Shares	MSCI India Index		200	%
Direxion Daily Cloud Computing Bull 2X Shares	Indxx USA Cloud Computing Index		200	%
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares	Indxx US Electric and Autonomous Vehicles Index		200	%
Direxion Daily Energy Bull 2X Shares			200	%
Direxion Daily Energy Bear 2X Shares	Energy Select Sector Index		-200	%
Direxion Global Clean Energy Bull 2X Shares	S&P Global Clean Energy Index		200	%
Direxion Daily Gold Miners Index Bull 2X Shares			200	%
Direxion Daily Gold Miners Index Bear 2X Shares	NYSE Arca Gold Miners Index		-200	%
Direxion Daily Junior Gold Miners Index Bull 2X Shares			200	%
Direxion Daily Junior Gold Miners Index Bear 2X Shares	MVIS Global Junior Gold Miners Index		-200	%
Direxion Daily NYSE FANG+ Bull 2X Shares	ICE FANG 20 Index		200	%
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares	Indxx Global Robotics and Artificial Intelligence Thematic Index		200	%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares	S&P Oil & Gas Exploration & Production Select		200	%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares	Industry Index		-200	%
Direxion Daily Travel & Vacation Bull 2X Shares	BlueStar®​ Travel and Vacation Index		200	%

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").

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 ("Valuation Time")), each day the NYSE is open for business. 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 are valued using the NASDAQ^®​ Official Closing Price ("NOCP") provided by NASDAQ each business day. Over-the-counter ("OTC") securities held by a Fund are 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 or; if no sales price is reported,

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99

the mean of the last bid and asked price is used. Swap contracts are valued using the closing price of the underlying reference entity or the closing value of the underlying reference index. The Funds valued their investments in money market funds based on their daily net asset values. Futures contracts are valued at the settlement price established on the exchange on which they are traded, if that settlement price reflects trading prior to the Valuation Time. If the settlement price established by the exchange reflects trading after the Valuation Time, then the last sales price prior to Valuation Time will be used. Securities, swap or futures contracts are fair valued as determined by the Adviser under the supervision of the Board of Trustees (the "Board") in the following scenarios: a) reliable market quotations are not readily available; b) the Fund's pricing service does not provide a valuation for such securities; c) the Fund's pricing service provides a valuation that in the judgment of the Adviser does not represent fair value; or d) the Fund or Adviser believes the market price is stale.

b) Swap Contracts – Each Fund may enter into equity swap contacts. 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). Each Fund enters into master netting agreements with counterparties to mitigate counterparty credit risk in derivative contracts. A Fund does not offset fair value amounts for derivative contracts and related cash collateral on the Statements of Assets and Liabilities arising from derivative contracts executed with the same counterparties under such master netting agreements. Each 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 the 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 commission paid by the Fund on the notional amount. Payments may be made at the conclusion of the contract or periodically during its term. In certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the counterparty will pay the Fund interest. These swap contracts do not include the delivery of securities by the Funds to the counterparty. The net amount of the excess, if any, of the Fund's obligations owed over its entitlement 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 Funds' 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 appreciation or depreciation on swaps" and when cash is exchanged, the gain or loss is recorded as "realized gains or losses on swaps".

Each Fund may enter into swap contracts that provide the opposite return of the underlying benchmark or security ("short" the index or security). The operations are similar to that of the swaps disclosed above except that the counterparty pays interest to the Fund on the notional amount outstanding and the dividends on the underlying securities reduce the return of the swap. However, in certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the Fund will pay the counterparty interest. These amounts are netted with any unrealized appreciation or depreciation to determine the value of the swap. The Funds will typically enter into equity swap agreements to obtain leverage in order to meet their investment objectives.

Accounting Standards Update No. 2013-01, "Disclosures about Offsetting Assets and Liabilities" ("ASU 2013-01"), requires entities to disclose (i) gross and net information about both instruments and transactions eligible for offset in the financial statements, and (ii) instruments and transactions subject to an agreement similar to a master netting agreement. ASU 2013-01 is limited in scope recognize derivative instruments accounted for under ASC 815, Derivatives and Hedging, to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement of similar agreement.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including swap contracts, and typically contains, among other things, collateral posting terms, netting and rights of set-off provisions in the event of a default and/or termination event. Under an ISDA

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Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and receivables to create a single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral requirements generally differ by type of derivative. Collateral terms are contract specific for OTC derivatives (e.g. swaps). Generally, for transactions traded under an ISDA Master Agreement, the collateral requirements are calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to the counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its derivative counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Interest earned on collateral pledged to a counterparty is presented as part of Interest income on the Statements of Operations. Interest incurred on collateral received from a counterparty is presented as Interest expense on the Statements of Operations.

For financial reporting purposes, the Funds elect to not offset assets and liabilities subject to an ISDA Master Agreement, if any, in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of April 30, 2023, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting/set-off provisions in the ISDA Master Agreement are detailed in the following tables.

In the event of the counterparty's default, bankruptcy or any other event for which the counterparty cannot meet its obligations, a Fund bears the risk of loss equal to the amount of the daily appreciation owed to the Fund. This obligation represents the daily gain accrued to the Fund from the close of business day prior to this event to the day on which this event occurs and the counterparty can no longer meet its obligations. 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 Adviser. Shareholders may obtain swap counterparty financial statements at www.sec.gov. Swap contracts are subject to credit risk. Credit risk occurs when the financial condition of an issuer of a security or instrument may cause it to default or become unable to pay interest or principal due on the security. The counterparty to a swap contract might default on its obligations. In addition, the Funds have agreements with certain counterparties with which it trades swap contracts that contain credit risk-related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value and performance-based thresholds. The maximum exposure to the Funds in regard to potential counterparty default and credit-risk related contingent features at April 30, 2023 is detailed in the following tables. If such credit risk-related contingencies were triggered, the counterparties would have the option to terminate any positions open under the master netting agreement.

Description: Swap Contract

Counterparty: Bank of America Merrill Lynch

			Assets:								Liabilities:
			Gross Amounts not offset in the Statement of Asset and Liabilities								Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily AAPL Bear 1X Shares	$	—	$	—	$	—	$	—	$	343,342	$	—	$	343,3421​	$	—
Direxion Daily AMZN Bear 1X Shares		—		—		—		—		292,769		—		292,7691​		—
Direxion Daily GOOGL Bear 1X Shares		—		—		—		—		9,414		—		9,4141​		—

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			Assets:								Liabilities:
			Gross Amounts not offset in the Statement of Asset and Liabilities								Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily MSFT Bear 1X Shares	$	—	$	—	$	—	$	—	$	229,978	$	—	$	229,9781​	$	—
Direxion Daily TSLA Bear 1X Shares		2,468,758		—		2,468,7581​		—		—		—		—		—
Direxion Daily AAPL Bull 1.5X Shares		694,627		—		640,000		54,627		—		—		—		—
Direxion Daily AMZN Bull 1.5X Shares		—		—		—		—		22,773		—		22,7731​		—
Direxion Daily GOOGL Bull 1.5X Shares		511,794		—		511,7941​		—		—		—		—		—
Direxion Daily MSFT Bull 1.5X Shares		947,157		—		880,000		67,157		—		—		—		—
Direxion Daily TSLA Bull 1.5X Shares		—		—		—		—		15,546,524		—		15,546,5241​		—
Direxion Daily CSI China Internet Index Bull 2X Shares		—		—		—		—		4,255,374		—		4,255,3741​		—
Direxion Daily Cloud Computing Bull 2X Shares		25,231		—		—		25,231		—		—		—		—
Direxion Daily Global Clean Energy Bull 2X Shares		—		—		—		—		95,612		—		95,6121​		—
Direxion Daily Gold Miners Index Bull 2X Shares		14,948,198		—		14,948,1981​		—		—		—		—		—
Direxion Daily Gold Miners Index Bear 2X Shares		—		—		—		—		1,616,907		—		1,616,9071​		—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		1,704,577		—		—		1,704,577		—		—		—		—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares		863,066		—		863,0661​		—		—		—		—		—
Direxion Daily Travel & Vacation Bull 2X Shares		—		—		—		—		71,718		—		71,7181​		—

¹​  The amount of collateral shown has been limited such that the net amount cannot be less than zero.

²​  The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

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Description: Swap Contract

Counterparty: BNP Paribas

			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily AAPL Bear 1X Shares	$	—	$	—	$	—	$	—	$	216,623	$	—	$	216,6231​	$	—
Direxion Daily TSLA Bear 1X Shares		230,139		—		230,1391​		—		—		—		—		—
Direxion Daily AAPL Bull 1.5X Shares		222,381		—		120,000		102,381		—		—		—		—
Direxion Daily TSLA Bull 1.5X Shares		—		—		—		—		6,619,738		—		6,619,7381​		—
Direxion Daily CSI China Internet Index Bull 2X Shares		—		—		—		—		7,333,826		—		7,333,8261​		—
Direxion Daily MSCI Brazil Bull 2X Shares		176,158		—		120,000		56,158		—		—		—		—
Direxion Daily Energy Bull 2X Shares		—		—		—		—		3,100,805		—		3,100,8051​		—
Direxion Daily Energy Bear 2X Shares		75,103		—		75,1031​		—		—		—		—		—
Direxion Daily Gold Miners Index Bull 2X Shares		19,734,691		—		19,734,6911​		—		—		—		—		—
Direxion Daily Gold Miners Index Bear 2X Shares		—		—		—		—		2,178,117		—		2,178,1171​		—
Direxion Daily Junior Gold Miners Index Bull 2X Shares		21,704,412		—		21,704,4121​		—		—		—		—		—
Direxion Daily Junior Gold Miners Index Bear 2X Shares		—		—		—		—		4,006,251		—		4,006,2511​		—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		—		—		—		—		16,013,694		—		16,013,6941​		—

¹​  The amount of collateral shown has been limited such that the net amount cannot be less than zero.

²​  The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

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Description: Swap Contract

Counterparty: Barclays

			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily S&P 500®​ Bear 1X Shares	$	—	$	—	$	—	$	—	$	13,193,732	$	—	$	13,193,7321​	$	—
Direxion Daily MSCI Brazil Bull 2X Shares		—		—		—		—		223,191		—		223,1911​		—
Direxion Daily MSCI India Bull 2X Shares		—		—		—		—		1,651,643		—		1,651,6431​		—
Direxion Daily Energy Bull 2X Shares		1,400,033		—		—		1,400,033		—		—		—		—
Direxion Daily Energy Bear 2X Shares		20,180		—		—		20,180		—		—		—		—
Direxion Daily NYSE FANG+ Bull 2X Shares		255,567		—		255,5671​		—		—		—		—		—
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares		447,956		—		447,9561​		—		—		—		—		—

¹​  The amount of collateral shown has been limited such that the net amount cannot be less than zero.

²​  The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: Citibank N.A.

			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily AAPL Bear 1X Shares	$	—	$	—	$	—	$	—	$	837,582	$	—	$	837,5821​	$	—
Direxion Daily AMZN Bear 1X Shares		—		—		—		—		49,204		—		49,2041​		—
Direxion Daily GOOGL Bear 1X Shares		—		—		—		—		69,570		—		69,5701​		—
Direxion Daily MSFT Bear 1X Shares		—		—		—		—		294,531		—		294,5311​		—

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			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily TSLA Bear 1X Shares	$	543,303	$	—	$	543,3031​	$	—	$	—	$	—	$	—	$	—
Direxion Daily AAPL Bull 1.5X Shares		1,126,929		—		1,076,000		50,929		—		—		—		—
Direxion Daily AMZN Bull 1.5X Shares		191,010		—		191,0101​		—		—		—		—		—
Direxion Daily GOOGL Bull 1.5X Shares		899,422		—		899,4221​		—		—		—		—		—
Direxion Daily MSFT Bull 1.5X Shares		1,110,464		—		1,053,000		57,464		—		—		—		—
Direxion Daily TSLA Bull 1.5X Shares		—		—		—		—		32,022,427		—		32,022,4271​		—
Direxion Daily CSI 300 China A Share Bull 2X Shares		—		—		—		—		474,196		—		474,1961​		—
Direxion Daily CSI China Internet Index Bull 2X Shares		—		—		—		—		7,981,881		—		7,981,8811​		—
Direxion Daily S&P 500®​ Bull 2X Shares		4,204,411		—		3,266,000		938,411		—		—		—		—
Direxion Daily MSCI India Bull 2X Shares		—		—		—		—		2,417,028		—		2,417,0281​		—
Direxion Daily Cloud Computing Bull 2X Shares		—		—		—		—		14,276		—		14,2761​		—
Direxion Daily Global Clean Energy Bull 2X Shares		—		—		—		—		259,416		—		259,4161​		—
Direxion Daily Gold Miners Index Bull 2X Shares		18,288,606		—		18,288,6061​		—		—		—		—		—
Direxion Daily Gold Miners Index Bear 2X Shares		532,041		—		142,000		390,041		—		—		—		—
Direxion Daily Junior Gold Miners Index Bull 2X Shares		16,401,895		—		16,401,8951​		—		—		—		—		—
Direxion Daily Junior Gold Miners Index Bear 2X Shares		—		—		—		—		2,297,107		—		2,297,1071​		—

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			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares	$	239,059	$	—	$	130,000	$	109,059	$	—	$	—	$	—	$	—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		—		—		—		—		12,604,095		—		12,604,0951​		—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares		1,688,738		—		1,688,7381​		—		—		—		—		—

¹​  The amount of collateral shown has been limited such that the net amount cannot be less than zero.

²​  The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: Goldman Sachs

			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily AAPL Bear 1X Shares	$	—	$	—	$	—	$	—	$	1,155,654	$	—	$	1,155,6541​	$	—
Direxion Daily AMZN Bear 1X Shares		—		—		—		—		27,538		—		27,5381​		—
Direxion Daily GOOGL Bear 1X Shares		—		—		—		—		288,735		—		288,7351​		—
Direxion Daily MSFT Bear 1X Shares		—		—		—		—		289,231		—		289,2311​		—
Direxion Daily TSLA Bear 1X Shares		970,282		—		970,2821​		—		—		—		—		—
Direxion Daily AAPL Bull 1.5X Shares		1,324,950		—		1,260,000		64,950		—		—		—		—
Direxion Daily AMZN Bull 1.5X Shares		540,965		—		540,9651​		—		—		—		—		—
Direxion Daily GOOGL Bull 1.5X Shares		910,957		—		710,000		200,957		—		—		—		—

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			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily MSFT Bull 1.5X Shares	$	55,588	$	—	$	55,5881​	$	—	$	—	$	—	$	—	$	—
Direxion Daily TSLA Bull 1.5X Shares		—		—		—		—		26,855,225		—		26,855,2251​		—
Direxion Daily CSI China Internet Index Bull 2X Shares		—		—		—		—		9,491,187		—		9,491,1871​		—
Direxion Daily S&P 500®​ Bull 2X Shares		591,270		—		290,000		301,270		—		—		—		—
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares		—		—		—		—		442,369		—		442,3691​		—
Direxion Daily Gold Miners Index Bull 2X Shares		12,256,174		—		12,256,1741​		—		—		—		—		—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		5,871,259		—		2,060,000		3,811,259		—		—		—		—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares		1,502,633		—		1,502,6331​		—		—		—		—		—

¹​  The amount of collateral shown has been limited such that the net amount cannot be less than zero.

²​  The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: J.P. Morgan

			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily CSI 300 China A Share Bull 2X Shares	$	—	$	—	$	—	$	—	$	140,421	$	—	$	140,4211​	$	—
Direxion Daily MSCI Brazil Bull 2X Shares		—		—		—		—		1,905,033		—		1,905,0331​		—

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			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares	$	—	$	—	$	—	$	—	$	61,170	$	—	$	61,1701​	$	—
Direxion Daily Energy Bull 2X Shares		2,234,904		—		890,000		1,344,904		—		—		—		—
Direxion Daily Energy Bear 2X Shares		93,625		—		93,6251​		—		—		—		—		—
Direxion Daily Gold Miners Index Bull 2X Shares		19,096,044		—		19,096,0441​		—		—		—		—		—
Direxion Daily Gold Miners Index Bear 2X Shares		—		—		—		—		4,031,743		—		4,031,7431​		—
Direxion Daily Junior Gold Miners Index Bull 2X Shares		6,946,911		—		6,946,9111​		—		—		—		—		—
Direxion Daily Junior Gold Miners Index Bear 2X Shares		—		—		—		—		149,085		—		149,0851​		—
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares		1,560,095		—		1,430,000		130,095		—		—		—		—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		—		—		—		—		10,744,090		—		10,744,0901​		—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares		1,882,685		—		1,882,6851​		—		—		—		—		—
Direxion Daily Travel & Vacation Bull 2X Shares		761,834		—		410,000		351,834		—		—		—		—

¹​  The amount of collateral shown has been limited such that the net amount cannot be less than zero.

²​  The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

DIREXION SEMI-ANNUAL REPORT
108

Description: Swap Contract

Counterparty: UBS Securities LLC

			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily S&P 500®​ Bear 1X Shares	$	—	$	—	$	—	$	—	$	130,296	$	—	$	130,2961​	$	—
Direxion Daily CSI 300 China A Share Bull 2X Shares		199,778		—		—		199,778		—		—		—		—
Direxion Daily CSI China Internet Index Bull 2X Shares		—		—		—		—		11,966,725		—		11,966,7251​		—
Direxion Daily S&P 500®​ Bull 2X Shares		3,763,071		—		2,760,000		1,003,071		—		—		—		—
Direxion Daily MSCI Brazil Bull 2X Shares		3,309,846		—		2,720,000		589,846		—		—		—		—
Direxion Daily MSCI India Bull 2X Shares		836,039		—		620,000		216,039		—		—		—		—
Direxion Daily Energy Bull 2X Shares		4,377,783		—		3,160,000		1,217,783		—		—		—		—
Direxion Daily Energy Bear 2X Shares		179,738		—		179,7381​		—		—		—		—		—
Direxion Daily Gold Miners Index Bull 2X Shares		16,411,496		—		16,411,4961​		—		—		—		—		—
Direxion Daily Gold Miners Index Bear 2X Shares		—		—		—		—		1,051,643		—		1,051,6431​		—
Direxion Daily Junior Gold Miners Index Bull 2X Shares		6,427,013		—		6,427,0131​		—		—		—		—		—
Direxion Daily Junior Gold Miners Index Bear 2X Shares		2,778,810		—		2,230,000		548,810		—		—		—		—
Direxion Daily NYSE FANG+ Bull 2X Shares		1,441,163		—		1,370,000		71,163		—		—		—		—
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares		187,942		—		187,9421​		—		—		—		—		—

DIREXION SEMI-ANNUAL REPORT
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			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares	$	—	$	—	$	—	$	—	$	3,217,196	$	—	$	3,217,1961​	$	—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares		2,127,453		—		2,127,4531​		—		—		—		—		—

c) Futures Contracts – Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against, changes in the values of commodities, equities, interest rates or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts

d) Risks of Futures Contracts, Options on Futures Contracts and Short Positions – The risks inherent in the use of options, futures contracts, options on futures contracts and short positions include 1) adverse changes in the fair value of such instruments; 2) imperfect correlation between the price of options and futures contracts and options thereon and movements in the price of the underlying securities, index or futures contracts; 3) the possible absence of a liquid secondary market for any particular instrument at any time; 4) the possible need to defer closing out certain positions to avoid adverse tax consequences; and 5) the possible non-performance by the counterparty under the terms of the contract. The Funds designate cash, cash equivalents and liquid securities as collateral for written options, futures contracts, options on futures contracts and short positions. The Funds were not invested in any type of futures or options contracts during the period ended April 30, 2023.

e) Risks of Investing in Foreign Securities – Investments in foreign securities involve greater risks than investing in domestic securities. As a result, the Funds' 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, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore 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.

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

g) Securities Lending – Each Fund may lend up to 33¹​/₃% of the value of the securities in their portfolios to approved brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, cash equivalents, or securities issued or guaranteed by the U.S. government. The collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities. During the term of the loan, each Fund is

DIREXION SEMI-ANNUAL REPORT
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entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. Government securities held as collateral, net of fee rebates paid to borrower and net of fees paid to the lending agent. The amount of fees depends on a number of factors including the security type and the length of the loan. In addition, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. No more than 99% of the value of any security may be on loan at any time.

As of April 30, 2023, all securities on loan were collateralized by cash and/or U.S. government obligations. The cash received as collateral for securities on loan was invested in money market funds, whose maturities are overnight and continuous, and is disclosed in the Schedules of Investments. The securities on loan in each Fund are also disclosed in the Schedule of Investments. The total value of securities loaned and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Non-cash collateral consists of U.S. Treasury securities and is not disclosed on the Statements of Assets and Liabilities as its held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell, reinvest or pledge those securities. Income earned by the Funds from securities lending is disclosed in the Statements of Operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds are contractually indemnified with the securities lending agent. Furthermore, the Funds require the value of the securities loaned to be computed daily at the close of the market and additional collateral be furnished, if required.

As of April 30, 2023, the market value of the securities loaned and the related cash and non-cash collateral received for securities lending were as follows:

Funds	Market Value of Securities Loaned		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Direxion Daily S&P 500®​ Bull 2X Shares	$	5,342	$	5,610	$	—	$	5,610
Direxion Daily Cloud Computing Bull 2X Shares		42,865		43,741		—		43,741
Direxion Daily Global Clean Energy Bull 2X Shares		113,640		117,000		—		117,000
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		2,432,027		1,330,284		1,168,608		2,498,892
Direxion Daily Travel & Vacation Bull 2X Shares		59,989		64,091		—		64,091

h) Federal Income Taxes – Each Fund intends to make the requisite distributions of income and capital gains to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company. Therefore, no provision for U.S. Federal income tax has been made by the Funds.

The Funds may be subject to a nondeductible 4% U.S. excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. Certain Funds paid this excise tax during the period ended April 30, 2023, which is disclosed on the Statements of Operations.

i) Income and Expenses – Interest income, including amortization of premiums and discounts, is recognized on an accrual basis. Distributions are recorded on the ex-dividend date.

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 average daily net assets.

j) Distributions to Shareholders – Each Fund pays dividends from net investment income and distributes net realized capital gains, if any, at least annually. Income and capital gain distributions are determined in accordance with U.S. Federal 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.

DIREXION SEMI-ANNUAL REPORT
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k) Guarantees and Indemnifications – In the ordinary course of business, the Funds enter into contracts that contain a variety of indemnification provisions pursuant to which the Funds agree to indemnify third parties upon the occurrence of specified events. The Funds' maximum exposure relating to these indemnification agreements is unknown. However, the Funds have not had prior claims or losses in connection with these provisions and believe the risk of loss is remote.

l) 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.  INCOME TAX AND DISTRIBUTION INFORMATION

The tax character of distributions paid during the periods ended April 30, 2023 and October 31, 2022 are presented in the following table. The tax character of distributions to shareholders made during the period may differ from their ultimate characterization for U.S. Federal income tax purposes.

	Period Ended April 30, 2023 (Unaudited)						Year/Period Ended October 31, 2022
	Distributions Paid From:						Distributions Paid From:
Funds	Ordinary Income		Long Term Capital Gains		Return of Capital		Ordinary Income		Long Term Capital Gains		Return of Capital
Direxion Daily S&P 500®​ Bear 1X Shares	$	7,928,283	$	—	$	—	$	741,705	$	—	$	—
Direxion Daily AAPL Bear 1X Shares1​		245,367		4,743		—		7,923		—		—
Direxion Daily AMZN Bear 1X Shares3​		82,327		173,513		—		1,055		—		—
Direxion Daily GOOGL Bear 1X Shares3​		58,980		—		—		1,002		—		—
Direxion Daily MSFT Bear 1X Shares3​		50,244		2,583		—		1,011		—		—
Direxion Daily TSLA Bear 1X Shares1​		527,684		890,694		—		6,449		—		—
Direxion Daily AAPL Bull 1.5X Shares1​		100,816		—		—		3,904		—		—
Direxion Daily AMZN Bull 1.5X Shares3​		129,878		—		—		726		—		—
Direxion Daily GOOGL Bull 1.5X Shares3​		86,946		—		—		759		—		—
Direxion Daily MSFT Bull 1.5X Shares3​		57,522		—		—		774		—		—
Direxion Daily TSLA Bull 1.5X Shares1​		2,354,446		389,930		—		30,807		—		—
Direxion Daily CSI 300 China A Share Bull 2X Shares		598,492		—		—		2,058,066		—		—
Direxion Daily CSI China Internet Index Bull 2X Shares		444,614		—		—		—		—		—
Direxion Daily S&P 500®​ Bull 2X Shares		395,304		—		—		1,711,768		—		—
Direxion Daily MSCI Brazil Bull 2X Shares		4,133,541		—		—		11,641,388		—		—
Direxion Daily MSCI India Bull 2X Shares		281,194		—		—		2,174,613		—		—
Direxion Daily Cloud Computing Bull 2X Shares		—		—		—		916,786		—		—
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares2​		10,640		—		—		—		—		—
Direxion Daily Energy Bull 2X Shares		6,034,102		—		—		15,441,018		—		—
Direxion Daily Energy Bear 2X Shares		556,398		—		—		—		—		—
Direxion Daily Global Clean Energy Bull 2X Shares		1,998		—				23,227		—		4,294
Direxion Daily Gold Miners Index Bull 2X Shares		4,098,467		—		—		—		—		—
Direxion Daily Gold Miners Index Bear 2X Shares		1,179,923		—		—		—		—		—
Direxion Daily Junior Gold Miners Index Bull 2X Shares		1,462,743		—		—		—		—		—
Direxion Daily Junior Gold Miners Index Bear 2X Shares		1,197,081		—		—		—		—		—
Direxion Daily NYSE FANG+ Bull 2X Shares		21,162		—				408,960		—		4,293

DIREXION SEMI-ANNUAL REPORT
112

	Period Ended April 30, 2023 (Unaudited)						Year/Period Ended October 31, 2022
	Distributions Paid From:						Distributions Paid From:
Funds	Ordinary Income		Long Term Capital Gains		Return of Capital		Ordinary Income		Long Term Capital Gains		Return of Capital
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares	$	7,978	$	—	$	—	$	905,597	$	—	$	—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		6,002,733		—		—		3,198,438		—		—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares		1,163,562		—		—		—		—		—
Direxion Daily Travel & Vacation Bull 2X Shares		—		—		—		—		—		—

¹​  Commenced operations on August 9, 2022.

²​  Commenced operations on August 11, 2022.

³​  Commenced operations on September 7, 2022.

At October 31, 2022, the components of accumulated earnings/(losses) on a tax-basis were as follows:

Funds	Net Unrealized Appreciation (Depreciation)			Undistributed Ordinary Income (Loss)		Undistributed Capital Gain (Loss)		Other Accumulated Earnings (Losses)1​			Total Accumulated Earnings (Losses)
Direxion Daily S&P 500®​ Bear 1X Shares	$	(45,669,233	)	$	1,533,131	$	—	$	(37,721,054	)	$	(81,857,156	)
Direxion Daily AAPL Bear 1X Shares		61,322			25,071		—		(1,310	)		85,083
Direxion Daily AMZN Bear 1X Shares		432,520			181,944		—		(1,317	)		613,147
Direxion Daily GOOGL Bear 1X Shares		312,924			8,426		—		(1,325	)		320,025
Direxion Daily MSFT Bear 1X Shares		178,590			11,762		—		(1,317	)		189,035
Direxion Daily TSLA Bear 1X Shares		1,097,587			912,736		—		(1,317	)		2,009,006
Direxion Daily AAPL Bull 1.5X Shares		(907,076	)		13,549		—		(37,625	)		(931,152	)
Direxion Daily AMZN Bull 1.5X Shares		(1,058,113	)		7,569		—		(3,487	)		(1,054,031	)
Direxion Daily GOOGL Bull 1.5X Shares		(677,224	)		7,756		—		(4,124	)		(673,592	)
Direxion Daily MSFT Bull 1.5X Shares		(423,303	)		6,670		—		(4,905	)		(421,538	)
Direxion Daily TSLA Bull 1.5X Shares		(23,717,628	)		542,727		—		(1,317	)		(23,176,218	)
Direxion Daily CSI 300 China A Share Bull 2X Shares		(43,041,349	)		131,457		—		(11,529,977	)		(54,439,869	)
Direxion Daily CSI China Internet Index Bull 2X Shares		(402,370,577	)		—		—		(193,150,295	)		(595,520,872	)
Direxion Daily S&P 500®​ Bull 2X Shares		2,792,835			295,260		—		(10,488,679	)		(7,400,584	)
Direxion Daily MSCI Brazil Bull 2X Shares		(31,932,750	)		96,292		—		(422,674,594	)		(454,511,052	)
Direxion Daily MSCI India Bull 2X Shares		(4,821,935	)		—		—		—			(4,821,935	)
Direxion Daily Cloud Computing Bull 2X Shares		(11,752,306	)		—		—		(4,392,295	)		(16,144,601	)
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares		(3,567,582	)		10,637		—		(68,987	)		(3,625,932	)
Direxion Daily Energy Bull 2X Shares		208,887,776			274,227		—		(71,289,988	)		137,872,015

DIREXION SEMI-ANNUAL REPORT
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Funds	Net Unrealized Appreciation (Depreciation)			Undistributed Ordinary Income (Loss)		Undistributed Capital Gain (Loss)		Other Accumulated Earnings (Losses)1​			Total Accumulated Earnings (Losses)
Direxion Daily Energy Bear 2X Shares	$	(29,579,945	)	$	—	$	—	$	(169,208,084	)	$	(198,788,029	)
Direxion Daily Global Clean Energy Bull 2X Shares		(2,434,415	)		—		—		(2,242,521	)		(4,676,936	)
Direxion Daily Gold Miners Index Bull 2X Shares		(333,747,294	)		—		—		(1,803,026,124	)		(2,136,773,418	)
Direxion Daily Gold Miners Index Bear 2X Shares		(2,385,133	)		—		—		(616,830,224	)		(619,215,357	)
Direxion Daily Junior Gold Miners Index Bull 2X Shares		(343,692,965	)		—		—		(1,407,869,479	)		(1,751,562,444	)
Direxion Daily Junior Gold Miners Index Bear 2X Shares		(15,361,033	)		—		—		(182,627,722	)		(197,988,755	)
Direxion Daily NYSE FANG+ Bull 2X Shares		(12,053,658	)		—		—		(3,715,710	)		(15,769,368	)
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares		(12,214,586	)		—		—		(12,745,273	)		(24,959,859	)
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		289,081,328			—		—		—			289,081,328
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares		(58,608,501	)		—		—		(188,545,238	)		(247,153,739	)
Direxion Daily Travel & Vacation Bull 2X Shares		(17,345,098	)		—		—		(8,691,490	)		(26,036,588	)

¹​  Other Accumulated Earnings (Losses) consist of capital loss carryover, qualified late year losses and organizational costs.

At April 30, 2023, the aggregate gross unrealized appreciation and depreciation of investments for U.S. Federal income tax purposes were as follows:

Funds	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Direxion Daily S&P 500®​ Bear 1X Shares	$	441,430,036	$	—	$	—		$	—
Direxion Daily AAPL Bear 1X Shares		29,576,811		—		—			—
Direxion Daily AMZN Bear 1X Shares		6,443,868		—		—			—
Direxion Daily GOOGL Bear 1X Shares		4,993,679		—		—			—
Direxion Daily MSFT Bear 1X Shares		7,542,486		—		—			—
Direxion Daily TSLA Bear 1X Shares		44,696,469		—		—			—
Direxion Daily AAPL Bull 1.5X Shares		18,281,151		363,259		—			363,259
Direxion Daily AMZN Bull 1.5X Shares		20,559,672		347,348		—			347,348
Direxion Daily GOOGL Bull 1.5X Shares		15,853,891		255,492		—			255,492
Direxion Daily MSFT Bull 1.5X Shares		17,646,116		464,507		—			464,507
Direxion Daily TSLA Bull 1.5X Shares		525,722,481		—		(8,637,129	)		(8,637,129	)
Direxion Daily CSI 300 China A Share Bull 2X Shares		70,625,952		—		(114,973	)		(114,973	)
Direxion Daily CSI China Internet Index Bull 2X Shares		329,371,361		—		(5,585,560	)		(5,585,560	)
Direxion Daily S&P 500®​ Bull 2X Shares		226,720,802		11,794,566		(4,035,910	)		7,758,656
Direxion Daily MSCI Brazil Bull 2X Shares		132,363,793		—		(10,251,654	)		(10,251,654	)
Direxion Daily MSCI India Bull 2X Shares		62,573,446		—		(2,765,791	)		(2,765,791	)
Direxion Daily Cloud Computing Bull 2X Shares		7,740,586		168,585		(1,843,461	)		(1,674,876	)
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares		5,068,318		88,651		(339,646	)		(250,995	)
Direxion Daily Energy Bull 2X Shares		359,503,448		58,460,892		(484,712	)		57,976,180
Direxion Daily Energy Bear 2X Shares		30,042,848		—		—			—
Direxion Daily Global Clean Energy Bull 2X Shares		5,180,031		—		(604,728	)		(604,728	)
Direxion Daily Gold Miners Index Bull 2X Shares		521,837,644		34,215,799		—			34,215,799

DIREXION SEMI-ANNUAL REPORT
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Funds	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Direxion Daily Gold Miners Index Bear 2X Shares	$	142,467,905	$	—	$	—		$	—
Direxion Daily Junior Gold Miners Index Bull 2X Shares		301,813,988		6,521,112		—			6,521,112
Direxion Daily Junior Gold Miners Index Bear 2X Shares		110,841,192		—		—			—
Direxion Daily NYSE FANG+ Bull 2X Shares		10,898,614		576,855		(173,700	)		403,155
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares		19,968,236		29,872		—			29,872
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		674,797,345		8,733,382		(32,918,912	)		(24,185,530	)
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares		72,472,949		—		—			—
Direxion Daily Travel & Vacation Bull 2X Shares		23,096,492		538,401		(2,871,094	)		(2,332,693	)

In order to meet certain U.S. excise tax distribution requirements, each Fund is required to measure and distribute annually net capital gains realized during a twelve month period ending October 31 and net investment income earned during a twelve month period ending December 31. In connection with this, these Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year ordinary losses are generally losses incurred between January 1 and the end of their fiscal year, October 31, 2022.

At October 31, 2022, these Funds deferred, on a tax basis, qualified late year losses of:

Funds	Ordinary Late Year Loss Deferral
Direxion Daily CSI China Internet Index Bull 2X Shares	$	870,301
Direxion Daily Cloud Computing Bull 2X Shares		42,215
Direxion Daily Global Clean Energy Bull 2X Shares		5,653
Direxion Daily Gold Miners Index Bull 2X Shares		1,654,482
Direxion Daily Gold Miners Index Bear 2X Shares		11,432
Direxion Daily Junior Gold Miners Index Bull 2X Shares		546,028
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares		52,446
Direxion Daily Travel & Vacation Bull 2X Shares		77,306

Under current law, each Fund may carry forward net capital losses indefinitely to use to offset capital gains realized in future years and their character is retained as either short-term and/or long-term.

At October 31, 2022, for U.S. Federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains:

Funds	Utilized in Current Year			Unlimited ST		Unlimited LT
Direxion Daily S&P 500®​ Bear 1X Shares	$	(18,757,644	)	$	37,721,054	$	—
Direxion Daily AAPL Bear 1X Shares		—			—		—
Direxion Daily AMZN Bear 1X Shares		—			—		—
Direxion Daily GOOGL Bear 1X Shares		—			8		—
Direxion Daily MSFT Bear 1X Shares		—			—		—
Direxion Daily TSLA Bear 1X Shares		—			—		—
Direxion Daily AAPL Bull 1.5X Shares		—			36,308		—
Direxion Daily AMZN Bull 1.5X Shares		—			2,163		—
Direxion Daily GOOGL Bull 1.5X Shares		—			2,800		—
Direxion Daily MSFT Bull 1.5X Shares		—			3,581		—
Direxion Daily TSLA Bull 1.5X Shares		—			—		—
Direxion Daily CSI 300 China A Share Bull 2X Shares		—			9,444,885		2,085,092
Direxion Daily CSI China Internet Index Bull 2X Shares		—			192,279,994		—
Direxion Daily S&P 500®​ Bull 2X Shares		—			10,488,679		—
Direxion Daily MSCI Brazil Bull 2X Shares		(1,383,050	)		421,558,341		1,116,253
Direxion Daily MSCI India Bull 2X Shares		—			—		—
Direxion Daily Cloud Computing Bull 2X Shares		—			3,807,087		542,993
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares		—			68,987		—

DIREXION SEMI-ANNUAL REPORT
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Funds	Utilized in Current Year			Unlimited ST		Unlimited LT
Direxion Daily Energy Bull 2X Shares	$	(221,757,766	)	$	28,636,863	$	42,651,859
Direxion Daily Energy Bear 2X Shares		—			169,207,601		—
Direxion Daily Global Clean Energy Bull 2X Shares		—			2,236,868		—
Direxion Daily Gold Miners Index Bull 2X Shares		—			1,196,796,131		604,575,511
Direxion Daily Gold Miners Index Bear 2X Shares		(19,521,131	)		616,818,792		—
Direxion Daily Junior Gold Miners Index Bull 2X Shares		—			1,303,597,331		103,726,120
Direxion Daily Junior Gold Miners Index Bear 2X Shares		(28,616,502	)		182,627,722		—
Direxion Daily NYSE FANG+ Bull 2X Shares		—			3,369,884		345,826
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares		—			11,280,447		1,410,918
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		(251,412,275	)		—		—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares		—			188,545,238		—
Direxion Daily Travel & Vacation Bull 2X Shares		—			8,238,677		375,507

The Funds follow authoritative financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. Management has reviewed all open tax years and concluded that there is no effect to the Funds' financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During this period, the Funds did not incur any interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of April 30, 2023, open U.S. Federal and state income tax years include the tax years ended October 31, 2020 through October 31, 2022. The Funds have no examinations in progress. 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 the next twelve months.

4.  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." The number of shares in a Creation Unit for each respective Fund is as follows:

Fund	Number of Shares per Creation Unit
Direxion Daily S&P 500®​ Bear 1X Shares		50,000	shares
Direxion Daily AAPL Bear 1X Shares		25,000	shares
Direxion Daily AMZN Bear 1X Shares		25,000	shares
Direxion Daily GOOGL Bear 1X Shares		25,000	shares
Direxion Daily MSFT Bear 1X Shares		25,000	shares
Direxion Daily TSLA Bear 1X Shares		25,000	shares
Direxion Daily AAPL Bull 1.5X Shares		25,000	shares
Direxion Daily AMZN Bull 1.5X Shares		25,000	shares
Direxion Daily GOOGL Bull 1.5X Shares		25,000	shares
Direxion Daily MSFT Bull 1.5X Shares		25,000	shares
Direxion Daily TSLA Bull 1.5X Shares		25,000	shares
Direxion Daily CSI China A Share Bull 2X Shares		50,000	shares
Direxion Daily CSI China Internet Index Bull 2X Shares		50,000	shares
Direxion Daily S&P 500®​ Bull 2X Shares		50,000	shares
Direxion Daily MSCI Brazil Bull 2X Shares		50,000	shares
Direxion Daily MSCI India Bull 2X Shares		50,000	shares
Direxion Cloud Computing Bull 2X Shares		50,000	shares
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares		50,000	shares
Direxion Daily Energy Bull 2X Shares		50,000	shares
Direxion Daily Energy Bear 2X Shares		50,000	shares
Direxion Daily Global Clean Energy Bull 2X Shares		50,000	shares
Direxion Daily Gold Miners Index Bull 2X Shares		50,000	shares
Direxion Daily Gold Miners Index Bear Shares		50,000	shares
Direxion Daily Junior Gold Miners Index Bull 2X Shares		50,000	shares
Direxion Daily Junior Gold Miners Index Bear 2X Shares		50,000	shares

DIREXION SEMI-ANNUAL REPORT
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Fund	Number of Shares per Creation Unit
Direxion Daily NYSE FANG+ Bull 2X Shares		50,000	shares
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares		50,000	shares
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		50,000	shares
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares		50,000	shares
Direxion Daily Travel & Vacation Bull 2X Shares		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. Transactions in shares for each Fund include both cash and in-kind transactions and are disclosed in detail in the Statements of Changes in Net Assets.

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. 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. Not all Funds will have a transaction fee associated with capital share activity for the year. Transaction fees received by each Fund are presented in the Capital Share Transaction section of the Statements of Changes in Net Assets.

5.  INVESTMENT TRANSACTIONS

The table below presents each Fund's investment transactions during the period ended April 30, 2023. Purchases represent the aggregate purchases of investments excluding the cost of in-kind purchases, short-term investment purchases, swaps and futures contracts. Sales represent the aggregate sales of investments excluding proceeds from in-kind sales, short-term investments, swaps and futures contracts. Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:

Funds	Purchases		Sales		Purchases In-Kind		Sales In-Kind
Direxion Daily S&P 500®​ Bear 1X Shares	$	—	$	—	$	—	$	—
Direxion Daily AAPL Bear 1X Shares		—		—		—		—
Direxion Daily AMZN Bear 1X Shares		—		—		—		—
Direxion Daily GOOGL Bear 1X Shares		—		—		—		—
Direxion Daily MSFT Bear 1X Shares		—		—		—		—
Direxion Daily TSLA Bear 1X Shares		—		—		—		—
Direxion Daily AAPL Bull 1.5X Shares		150,829		288,555		1,968,802		201,293
Direxion Daily AMZN Bull 1.5X Shares		—		—		3,624,493		786,526
Direxion Daily GOOGL Bull 1.5X Shares		323,247		508,968		2,753,273		655,483
Direxion Daily MSFT Bull 1.5X Shares		889,529		110,432		1,878,380		375,358
Direxion Daily TSLA Bull 1.5X Shares		43,100,804		33,107,306		113,300,824		26,131,769
Direxion Daily CSI 300 China A Share Bull 2X Shares		23,853,070		5,151,739		18,955,594		7,278,447
Direxion Daily CSI China Internet Index Bull 2X Shares		208,557,609		178,467,110		140,814,351		139,052,966
Direxion Daily S&P 500®​ Bull 2X Shares		109,339,869		75,585,009		154,321,420		33,698,424
Direxion Daily MSCI Brazil Bull 2X Shares		12,015,202		—		81,159,052		77,228,262
Direxion Daily MSCI India Bull 2X Shares		2,153,450		5,832,367		10,995,249		2,390,739
Direxion Daily Cloud Computing Bull 2X Shares		674,192		1,913,320		1,245,895		1,053,810
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares		1,792,147		3,531,717		5,132,882		1,309,527
Direxion Daily Energy Bull 2X Shares		8,951,493		163,217,276		169,489,840		119,136,929
Direxion Daily Energy Bear 2X Shares		—		—		—		—
Direxion Daily Global Clean Energy Bull 2X Shares		1,209,399		720,849		—		—
Direxion Daily Gold Miners Index Bull 2X Shares		209,377,100		155,294,295		194,999,289		237,266,055
Direxion Daily Gold Miners Index Bear 2X Shares		—		—		—		—
Direxion Daily Junior Gold Miners Index Bull 2X Shares		121,221,250		71,052,065		130,751,422		175,898,476
Direxion Daily Junior Gold Miners Index Bear 2X Shares		—		—		—		—
Direxion Daily NYSE FANG+ Bull 2X Shares		3,559,983		7,714,811		2,080,434		4,433,895

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Funds	Purchases		Sales		Purchases In-Kind		Sales In-Kind
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares	$	—	$	—	$	4,736,610	$	619,416
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		53,607,086		130,042,061		306,816,729		235,411,578
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares		—		—		—		—
Direxion Daily Travel & Vacation Bull 2X Shares		5,863,267		1,738,787		1,071,309		9,684,711

There were no purchases or sales of long-term U.S. Government securities in the Funds during the period ended April 30, 2023.

6.  INVESTMENT ADVISORY AND OTHER AGREEMENTS

Under an Investment Advisory Agreement between the Adviser and 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 each Fund, subject to the supervision of the Trustees. Pursuant to the Advisory Agreement, each Fund pays the Adviser investment advisory fees at an annual rate based on its average daily net assets. These rates are as follows:

Direxion Daily S&P 500®​ Bear 1X Shares	0.35	%
Direxion Daily AAPL Bear 1X Shares	0.75	%
Direxion Daily AMZN Bear 1X Shares	0.75	%
Direxion Daily GOOGL Bear 1X Shares	0.75	%
Direxion Daily MSFT Bear 1X Shares	0.75	%
Direxion Daily TSLA Bear 1X Shares	0.75	%
Direxion Daily AAPL Bull 1.5X Shares	0.75	%
Direxion Daily AMZN Bull 1.5X Shares	0.75	%
Direxion Daily GOOGL Bull 1.5X Shares	0.75	%
Direxion Daily MSFT Bull 1.5X Shares	0.75	%
Direxion Daily TSLA Bull 1.5X Shares	0.75	%
Direxion Daily CSI 300 China A Share Bull 2X Shares	0.75	%
Direxion Daily CSI China Internet Index Bull 2X Shares	0.75	%
Direxion Daily S&P 500®​ Bull 2X Shares	0.50	%
Direxion Daily MSCI Brazil Bull 2X Shares	0.75	%
Direxion Daily MSCI India Bull 2X Shares	0.75	%
Direxion Daily Cloud Computing Bull 2X Shares	0.75	%
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares	0.75	%
Direxion Daily Energy Bull 2X Shares	0.75	%
Direxion Daily Energy Bear 2X Shares	0.75	%
Direxion Daily Global Clean Energy Bull 2X Shares	0.75	%
Direxion Daily Gold Miners Index Bull 2X Shares	0.75	%
Direxion Daily Gold Miners Index Bear 2X Shares	0.75	%
Direxion Daily Junior Gold Miners Index Bull 2X Shares	0.75	%
Direxion Daily Junior Gold Miners Index Bear 2X Shares	0.75	%
Direxion Daily NYSE FANG+ Bull 2X Shares	0.75	%
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares	0.75	%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares	0.75	%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares	0.75	%
Direxion Daily Travel & Vacation Bull 2X Shares	0.75	%

Additionally, the Trust has entered into a Management Services Agreement with the Adviser. Under the Management Services Agreement, the Trust pays the Adviser management service fees of 0.026% on the first $10,000,000,000 of the Trust's daily net assets and 0.024% on assets in excess of $10,000,000,000. This fee compensates the Adviser for performing certain management, administration and compliance functions related to the Trust.

Each Fund is responsible for its own operating expenses. The Adviser has contractually agreed to waive its fees and/or reimburse the Funds' operating expenses to the extent that they exceed the following rates multiplied by the Fund's

DIREXION SEMI-ANNUAL REPORT
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respective average daily net assets at least until September 1, 2024. Any expense waiver is subject to recoupment by the Adviser, as applicable, within the following three years if overall expenses fall below these percentage limitations.

Direxion Daily S&P 500®​ Bear 1X Shares	0.45	%
Direxion Daily AAPL Bear 1X Shares	0.95	%
Direxion Daily AMZN Bear 1X Shares	0.95	%
Direxion Daily GOOGL Bear 1X Shares	0.95	%
Direxion Daily MSFT Bear 1X Shares	0.95	%
Direxion Daily TSLA Bear 1X Shares	0.95	%
Direxion Daily AAPL Bull 1.5X Shares	0.95	%
Direxion Daily AMZN Bull 1.5X Shares	0.95	%
Direxion Daily GOOGL Bull 1.5X Shares	0.95	%
Direxion Daily MSFT Bull 1.5X Shares	0.95	%
Direxion Daily TSLA Bull 1.5X Shares	0.95	%
Direxion Daily CSI 300 China A Share Bull 2X Shares	0.95	%
Direxion Daily CSI China Internet Index Bull 2X Shares	0.95	%
Direxion Daily S&P 500®​ Bull 2X Shares	0.60	%
Direxion Daily S&P 500®​ Equal Weight Bull 2X Shares	0.95	%
Direxion Daily MSCI Brazil Bull 2X Shares	0.95	%
Direxion Daily MSCI India Bull 2X Shares	0.95	%
Direxion Daily Cloud Computing Bull 2X Shares	0.95	%
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares	0.95	%
Direxion Daily Energy Bull 2X Shares	0.95	%
Direxion Daily Energy Bear 2X Shares	0.95	%
Direxion Daily Global Clean Energy Bull 2X Shares	0.95	%
Direxion Daily Gold Miners Index Bull 2X Shares	0.95	%
Direxion Daily Gold Miners Index Bear 2X Shares	0.95	%
Direxion Daily Junior Gold Miners Index Bull 2X Shares	0.95	%
Direxion Daily Junior Gold Miners Index Bear 2X Shares	0.95	%
Direxion Daily NYSE FANG+ Bull 2X Shares	0.95	%
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares	0.95	%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares	0.95	%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares	0.95	%
Direxion Daily Travel & Vacation Bull 2X Shares	0.95	%

The table below presents amounts that the Adviser recouped, reimbursed and the amounts available for potential recoupment by the Adviser.

					Potential Recoupment Amounts Expiring:								Total Potential
	Expenses Recouped		Expenses Reimbursed		October 31, 2023		October 31, 2024		October 31, 2025		April 30, 2026		Recoupment Amount
Direxion Daily S&P 500®​ Bear 1X Shares	$	—	$	121,632	$	99,197	$	69,822	$	205,822	$	121,632	$	496,473
Direxion Daily AAPL Bear 1X Shares		1,425		711		—		—		17,730		711		18,441
Direxion Daily AMZN Bear 1X Shares		—		7,311		—		—		19,009		7,311		26,320
Direxion Daily GOOGL Bear 1X Shares		—		8,168		—		—		19,064		8,168		27,232
Direxion Daily MSFT Bear 1X Shares		—		8,345		—		—		19,028		8,345		27,373
Direxion Daily TSLA Bear 1X Shares		12,098		369		—		—		8,232		369		8,601
Direxion Daily AAPL Bull 1.5X Shares		—		4,496		—		—		19,339		4,496		23,835
Direxion Daily AMZN Bull 1.5X Shares		137		2,811		—		—		19,131		2,811		21,942
Direxion Daily GOOGL Bull 1.5X Shares		1		5,098		—		—		19,204		5,098		24,302
Direxion Daily MSFT Bull 1.5X Shares		—		6,818		—		—		19,082		6,818		25,900

DIREXION SEMI-ANNUAL REPORT
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					Potential Recoupment Amounts Expiring:								Total Potential
	Expenses Recouped		Expenses Reimbursed		October 31, 2023		October 31, 2024		October 31, 2025		April 30, 2026		Recoupment Amount
Direxion Daily TSLA Bull 1.5X Shares	$	19,885	$	—	$	—	$	—	$	—	$	—	$	—
Direxion Daily CSI 300 China A Share Bull 2X Shares		1		1		—		—		—		—		—
Direxion Daily CSI China Internet Index Bull 2X Shares		—		—		—		—		—		—		—
Direxion Daily S&P 500®​ Bull 2X Shares		—		34,949		25,174		35,971		50,190		34,949		146,284
Direxion Daily MSCI Brazil Bull 2X Shares		—		—		—		—		—		—		—
Direxion Daily MSCI India Bull 2X Shares		—		—		—		—		—		—		—
Direxion Daily Cloud Computing Bull 2X Shares		—		19,387		—		17,799		33,849		19,387		71,035
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares		—		21,359		—		—		34,238		21,359		55,597
Direxion Daily Energy Bull 2X Shares		—		—		—		—		—		—		—
Direxion Daily Energy Bear 2X Shares		275		2,107		15,757		11,909		13,901		2,107		43,674
Direxion Daily Global Clean Energy Bull 2X Shares		—		20,912		—		19,710		40,638		20,912		81,260
Direxion Daily Gold Miners Index Bull 2X Shares		—		—		—		—		—		—		—
Direxion Daily Gold Miners Index Bear 2X Shares		—		—		—		—		—		—		—
Direxion Daily Junior Gold Miners Index Bull 2X Shares		—		—		—		—		—		—		—
Direxion Daily Junior Gold Miners Index Bear 2X Shares		—		—		—		—		—		—		—
Direxion Daily NYSE FANG+ Bull 2X Shares		—		9,764		—		15,183		22,305		9,764		47,252
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares		—		8,594		24,009		248		14,498		8,594		47,349
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		—		—		—		—		—		—		—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares		1,544		228		19,939		2,524		9,715		228		32,406
Direxion Daily Travel & Vacation Bull 2X Shares		—		5,991		—		13,991		12,058		5,991		32,040

The net amounts receivable (payable) arising from the Investment Advisory Agreement, Management Services Agreement and waiver of any expenses as of April 30, 2023, is presented on the Statement of Assets and Liabilities as Due from (to) Adviser, net.

DIREXION SEMI-ANNUAL REPORT
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The Board 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 charge 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 were charged by any Fund.

7.  FAIR VALUE MEASUREMENTS

The Funds follow authoritative fair valuation accounting standards, which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels below:

Level 1 – Quoted prices in active markets for identical securities

Level 2 – Evaluated price based on other significant observable inputs (including quoted prices for similar securities in active markets, quoted prices for identical or similar securities in inactive markets, 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)

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 to value the Funds' investments at April 30, 2023:

	Asset Class								Liability Class
	Level 1						Level 2		Level 2
Funds	Investment Companies		Common Stocks		Short Term Investments		Total Return Swap Contracts*		Total Return Swap Contracts*
Direxion Daily S&P 500®​ Bear 1X Shares	$	—	$	—	$	441,430,036	$	—	$	(13,324,028	)
Direxion Daily AAPL Bear 1X Shares		—		—		29,576,811		—		(2,553,201	)
Direxion Daily AMZN Bear 1X Shares		—		—		6,443,868		—		(369,511	)
Direxion Daily GOOGL Bear 1X Shares		—		—		4,993,679		—		(367,719	)
Direxion Daily MSFT Bear 1X Shares		—		—		7,542,486		—		(813,740	)
Direxion Daily TSLA Bear 1X Shares		—		—		44,696,469		4,212,482		—
Direxion Daily AAPL Bull 1.5X Shares		—		3,429,233		15,215,177		3,368,887		—
Direxion Daily AMZN Bull 1.5X Shares		—		4,553,120		16,353,900		731,975		(22,773	)
Direxion Daily GOOGL Bull 1.5X Shares		—		3,027,739		13,081,644		2,322,173		—
Direxion Daily MSFT Bull 1.5X Shares		—		3,487,401		14,623,222		2,113,209		—
Direxion Daily TSLA Bull 1.5X Shares		—		104,914,235		412,171,117		—		(81,043,914	)
Direxion Daily CSI 300 China A Share Bull 2X Shares		33,532,859		—		36,978,120		199,778		(614,617	)
Direxion Daily CSI China Internet Index Bull 2X Shares		139,967,117		—		183,818,684		—		(41,028,993	)

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	Asset Class								Liability Class
	Level 1						Level 2		Level 2
Funds	Investment Companies		Common Stocks		Short Term Investments		Total Return Swap Contracts*		Total Return Swap Contracts*
Direxion Daily S&P 500®​ Bull 2X Shares	$	—	$	210,557,204	$	23,922,254	$	8,558,752	$	—
Direxion Daily MSCI Brazil Bull 2X Shares		49,887,786		—		72,224,353		3,486,004		(2,128,224	)
Direxion Daily MSCI India Bull 2X Shares		25,769,699		—		34,037,956		836,039		(4,068,671	)
Direxion Daily Cloud Computing Bull 2X Shares		—		5,122,823		942,887		25,231		(14,276	)
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares		—		3,829,066		988,257		—		(503,539	)
Direxion Daily Energy Bull 2X Shares		—		295,146,599		122,333,029		8,012,720		(3,100,805	)
Direxion Daily Energy Bear 2X Shares		—		—		30,042,848		368,646		—
Direxion Daily Global Clean Energy Bull 2X Shares		3,327,031		—		1,248,272		—		(355,028	)
Direxion Daily Gold Miners Index Bull 2X Shares		274,504,209		—		281,549,234		100,735,209		—
Direxion Daily Gold Miners Index Bear 2X Shares		—		—		142,467,905		532,041		(8,878,410	)
Direxion Daily Junior Gold Miners Index Bull 2X Shares		126,249,220		—		182,085,880		51,480,231		—
Direxion Daily Junior Gold Miners Index Bear 2X Shares		—		—		110,841,192		2,778,810		(6,452,443	)
Direxion Daily NYSE FANG+ Bull 2X Shares		—		3,929,810		7,371,959		1,696,730		—
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares		11,441,786		—		8,556,322		2,435,052		—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		—		345,752,706		304,859,109		7,575,836		(42,579,075	)
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares		—		—		72,472,949		8,064,575		—
Direxion Daily Travel & Vacation Bull 2X Shares		—		13,878,814		6,884,985		761,834		(71,718	)

For further detail on each asset class, see each Fund's Schedule of Investments.

*  Total return swap contracts are valued at the unrealized appreciation/(depreciation).

The Funds also follow authoritative accounting standards, which require additional disclosure regarding fair value measurements. Specifically, these standards require reporting entities to disclose a) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions, and b) purchases and sales on a gross basis in the Level 3 rollforward rather than as one net number. Additionally, reporting entities are required to disclose quantitative information about unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy.

There were no Level 3 securities held by the Funds during the period ended April 30, 2023.

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8.  VALUATION OF DERIVATIVE INSTRUMENTS

The Funds follow authoritative standards of accounting for derivative instruments, which establish disclosure requirements for derivative instruments. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enable investors to understand how and why a fund uses derivative instruments, how derivative instruments are accounted for and how derivative instruments affect a fund's financial position and results of operations.

Certain Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective. For additional discussion on the risks associated with derivative instruments refer to Note 2. As of April 30, 2023, the Funds were invested in swap contracts. At April 30, 2023, the fair values of derivative instruments, by primary risk, were as follows:

	Asset Derivatives1​
Swap Contracts Fund	Equity Risk		Total
Direxion Daily TSLA Bear 1X Shares	$	4,212,482	$	4,212,482
Direxion Daily AAPL Bull 1.5X Shares		3,368,887		3,368,887
Direxion Daily AMZN Bull 1.5X Shares		731,975		731,975
Direxion Daily GOOGL Bull 1.5X Shares		2,322,173		2,322,173
Direxion Daily MSFT Bull 1.5X Shares		2,113,209		2,113,209
Direxion Daily CSI 300 China A Share Bull 2X Shares		199,778		199,778
Direxion Daily S&P 500®​ Bull 2X Shares		8,558,752		8,558,752
Direxion Daily MSCI Brazil Bull 2X Shares		3,486,004		3,486,004
Direxion Daily MSCI India Bull 2X Shares		836,039		836,039
Direxion Daily Cloud Computing Bull 2X Shares		25,231		25,231
Direxion Daily Energy Bull 2X Shares		8,012,720		8,012,720
Direxion Daily Energy Bear 2X Shares		368,646		368,646
Direxion Daily Gold Miners Index Bull 2X Shares		100,735,209		100,735,209
Direxion Daily Gold Miners Index Bear 2X Shares		532,041		532,041
Direxion Daily Junior Gold Miners Index Bull 2X Shares		51,480,231		51,480,231
Direxion Daily Junior Gold Miners Index Bear 2X Shares		2,778,810		2,778,810
Direxion Daily NYSE FANG+ Bull 2X Shares		1,696,730		1,696,730
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares		2,435,052		2,435,052
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		7,575,836		7,575,836
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares		8,064,575		8,064,575
Direxion Daily Travel & Vacation Bull 2X Shares		761,834		761,834
	Liability Derivatives2​
Swap Contracts Fund	Equity Risk		Total
Direxion Daily S&P 500®​ Bear 1X Shares	$	13,324,028	$	13,324,028
Direxion Daily AAPL Bear 1X Shares		2,553,201		2,553,201
Direxion Daily AMZN Bear 1X Shares		369,511		369,511
Direxion Daily GOOGL Bear 1X Shares		367,719		367,719
Direxion Daily MSFT Bear 1X Shares		813,740		813,740
Direxion Daily AMZN Bull 1.5X Shares		22,773		22,773
Direxion Daily TSLA Bull 1.5X Shares		81,043,914		81,043,914
Direxion Daily CSI 300 China A Share Bull 2X Shares		614,617		614,617
Direxion Daily CSI China Internet Index Bull 2X Shares		41,028,993		41,028,993
Direxion Daily MSCI Brazil Bull 2X Shares		2,128,224		2,128,224
Direxion Daily MSCI India Bull 2X Shares		4,068,671		4,068,671
Direxion Daily Cloud Computing Bull 2X Shares		14,276		14,276
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares		503,539		503,539
Direxion Daily Energy Bull 2X Shares		3,100,805		3,100,805
Direxion Daily Global Clean Energy Bull 2X Shares		355,028		355,028
Direxion Daily Gold Miners Index Bear 2X Shares		8,878,410		8,878,410
Direxion Daily Junior Gold Miners Index Bear 2X Shares		6,452,443		6,452,443
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		42,579,075		42,579,075
Direxion Daily Travel & Vacation Bull 2X Shares		71,718		71,718

¹​  Statements of Assets and Liabilities location: Unrealized appreciation on swap contracts.

²​  Statements of Assets and Liabilities location: Unrealized depreciation on swap contracts.

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Transactions in derivative instruments during the period ended April 30, 2023, by primary risk, were as follows:

		Net Realized Gain (Loss)1​			Net Unrealized Appreciation/ (Depreciation)2​
Fund		Equity Risk			Equity Risk
Direxion Daily S&P 500®​ Bear 1X Shares	Swap Contracts	$	(70,420,391	)	$	23,537,273
Direxion Daily AAPL Bear 1X Shares	Swap Contracts		(1,450,995	)		(2,938,128	)
Direxion Daily AMZN Bear 1X Shares	Swap Contracts		103,910			(842,954	)
Direxion Daily GOOGL Bear 1X Shares	Swap Contracts		(237,482	)		(730,511	)
Direxion Daily MSFT Bear 1X Shares	Swap Contracts		(594,277	)		(1,069,399	)
Direxion Daily TSLA Bear 1X Shares	Swap Contracts		(13,539,244	)		3,020,473
Direxion Daily AAPL Bull 1.5X Shares	Swap Contracts		(894,447	)		3,480,555
Direxion Daily AMZN Bull 1.5X Shares	Swap Contracts		852,649			1,566,467
Direxion Daily GOOGL Bull 1.5X Shares	Swap Contracts		(727,326	)		2,861,409
Direxion Daily MSFT Bull 1.5X Shares	Swap Contracts		980,346			2,413,115
Direxion Daily TSLA Bull 1.5X Shares	Swap Contracts		20,250,967			(63,024,380	)
Direxion Daily CSI 300 China A Share Bull 2X Shares	Swap Contracts		(1,137,026	)		16,735,143
Direxion Daily CSI China Internet Index Bull 2X Shares	Swap Contracts		50,071,269			43,594,921
Direxion Daily S&P 500®​ Bull 2X Shares	Swap Contracts		1,441,687			6,050,314
Direxion Daily MSCI Brazil Bull 2X Shares	Swap Contracts		(7,518,684	)		(14,101,859	)
Direxion Daily MSCI India Bull 2X Shares	Swap Contracts		399,230			(4,546,840	)
Direxion Daily Cloud Computing Bull 2X Shares	Swap Contracts		(690,001	)		67,163
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares	Swap Contracts		(915,090	)		(466,187	)
Direxion Daily Energy Bull 2X Shares	Swap Contracts		82,416,538			(120,317,496	)
Direxion Daily Energy Bear 2X Shares	Swap Contracts		(10,274,373	)		11,198,437
Direxion Daily Global Clean Energy Bull 2X Shares	Swap Contracts		(87,998	)		(190,692	)
Direxion Daily Gold Miners Index Bull 2X Shares	Swap Contracts		55,315,960			168,199,991
Direxion Daily Gold Miners Index Bear 2X Shares	Swap Contracts		(37,359,186	)		(23,643,055	)
Direxion Daily Junior Gold Miners Index Bull 2X Shares	Swap Contracts		34,415,091			84,728,995
Direxion Daily Junior Gold Miners Index Bear 2X Shares	Swap Contracts		(53,539,669	)		(12,436,023	)
Direxion Daily NYSE FANG+ Bull 2X Shares	Swap Contracts		(780,045	)		1,641,564
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares	Swap Contracts		(654,605	)		4,681,987
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares	Swap Contracts		134,120,443			(327,531,863	)
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares	Swap Contracts		(7,466,556	)		30,830,096
Direxion Daily Travel & Vacation Bull 2X Shares	Swap Contracts		2,517,574			(518,772	)

¹​  Statements of Operations location: Net realized gain (loss) on swap contracts.

²​  Statements of Operations location: Change in net unrealized appreciation (depreciation) on swap contracts.

For the period ended April 30, 2023, the volume of the derivatives held by the Funds was as follows:

	Quarterly Average Gross Notional Amounts
	Long Total Return Swap Contracts		Short Total Return Swap Contracts
Direxion Daily S&P 500®​ Bear 1X Shares	$	—	$	484,073,738
Direxion Daily AAPL Bear 1X Shares		—		20,597,388
Direxion Daily AMZN Bear 1X Shares		—		6,382,692
Direxion Daily GOOGL Bear 1X Shares		—		4,551,021

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	Quarterly Average Gross Notional Amounts
	Long Total Return Swap Contracts		Short Total Return Swap Contracts
Direxion Daily MSFT Bear 1X Shares	$	—	$	6,250,230
Direxion Daily TSLA Bear 1X Shares		—		39,473,536
Direxion Daily AAPL Bull 1.5X Shares		14,746,411		—
Direxion Daily AMZN Bull 1.5X Shares		19,645,215		—
Direxion Daily GOOGL Bull 1.5X Shares		12,380,011		—
Direxion Daily MSFT Bull 1.5X Shares		11,161,410		—
Direxion Daily TSLA Bull 1.5X Shares		382,168,441		—
Direxion Daily CSI 300 China A Share Bull 2X Shares		103,727,482		—
Direxion Daily CSI China Internet Index Bull 2X Shares		460,052,506		—
Direxion Daily S&P 500®​ Bull 2X Shares		116,272,649		—
Direxion Daily MSCI Brazil Bull 2X Shares		207,279,959		—
Direxion Daily MSCI India Bull 2X Shares		83,716,244		—
Direxion Daily Cloud Computing Bull 2X Shares		8,123,773		—
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares		4,395,452		—
Direxion Daily Energy Bull 2X Shares		535,889,759		—
Direxion Daily Energy Bear 2X Shares		—		68,144,553
Direxion Daily Global Clean Energy Bull 2X Shares		5,757,479		—
Direxion Daily Gold Miners Index Bull 2X Shares		687,292,999		—
Direxion Daily Gold Miners Index Bear 2X Shares		—		230,082,356
Direxion Daily Junior Gold Miners Index Bull 2X Shares		417,431,843		—
Direxion Daily Junior Gold Miners Index Bear 2X Shares		—		210,142,127
Direxion Daily NYSE FANG+ Bull 2X Shares		14,788,168		—
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares		23,474,996		—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		911,745,532		—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares		—		167,084,430
Direxion Daily Travel & Vacation Bull 2X Shares		27,331,832		—

The Funds utilize this volume of derivatives in order to obtain leverage in order to meet the investment objectives of -100%, 150%, 200%, or -200% daily performance of their respective index.

9.  PRINCIPAL RISKS

Below are some of the principal risks of investing in the Funds. Please refer to the Funds' prospectus for a full discussion.

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 a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. A Fund may experience significant 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.

Daily Index Correlation/Tracking 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

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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.

Derivatives Risk – The Fund's investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund's other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

In addition, the Fund's investments in derivatives are subject to the following risks:

•  Swap Agreements. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities representing a particular index or an ETF that seeks to track an index. Swaps are subject to counterparty, valuation and leveraging risks.

•  Futures Contracts. Futures contracts are typically exchange-traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. Futures contracts are subject to liquidity risks; there may not be a liquid secondary market for the futures contracts and the Fund may not be able to enter into a closing transaction. Exchanges may also limit the number of positions that can be held or controlled by the Fund or the Adviser, thus limiting the ability of the Fund to implement its leveraged investment strategy. Futures markets are highly volatile and the use of futures may increase the Fund's volatility. Futures contracts are also subject to leverage risk.

Foreign Securities Risk – Investments in foreign securities directly or indirectly through investments in exchange traded funds which track foreign securities involve greater risks than investing in domestic securities. As a result, the Funds' 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, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore 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.

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 and futures contracts may be used to create leverage. Certain Funds employ 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 Adviser. 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.

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Market Disruption Risk – Geopolitical and other events, including public health crises and natural disasters, have recently led to increased market volatility and significant market losses. Significant market volatility and market downturns may limit a Fund's ability to sell securities and the Fund's sales may exacerbate the market volatility and downturn. Under such circumstances, a Fund may have difficulty achieving its investment objective for one or more trading days, which may adversely impact the Fund's returns on those days and periods inclusive of those days. Alternatively, the Fund may incur higher costs in order to achieve its investment objective and may be forced to purchase and sell securities (including other ETFs' shares) at market prices that do not represent their fair value (including in the case of an ETF, its net asset value) or at times that result in differences between the price the Fund receives for the security and the market closing price of the security. Under those circumstances, the Fund's ability to track its index is likely to be adversely affected, the market price of Fund shares may reflect a greater premium or discount to net asset value, and bid-ask spreads in the Fund's shares may widen, resulting in increased transaction costs for secondary market purchasers and sellers. The Fund may also incur additional tracking error due to the use of other securities that are not perfectly correlated to the Fund's index.

The recent pandemic spread of the novel coronavirus known as COVID-19 has proven to be a market disrupting event. The impact of this virus, like other pandemics that may arise in the future, has negatively affected and may continue to negatively affect the economies of many nations, companies and the global securities and commodities markets, including by reducing liquidity in the markets. Adverse effects may be more pronounced for developing or emerging market countries that have less established health care systems. How long such events will last and whether they will continue or recur cannot be predicted.

Sector 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.

10.  ADDITIONAL INFORMATION

On February 13, 2023, shares of the following Fund were adjusted to reflect a reverse stock split. The effect of the reverse stock split was to decrease the number of shares outstanding and increase the net asset value. The reverse stock split has no impact on the net assets of the Fund or the value of a shareholder's investment in the Fund. A summary of the reverse stock split is as follows:

Fund	Effective Date	Rate			Net Asset Value Before Split		Net Asset Value After Split		Shares Outstanding Before Split		Shares Outstanding After Split
Direxion Daily NYSE FANG+ Bull 2X Shares	February 13, 2023		1	:10	$	4.18	$	41.80		2,800,001		280,000

11.  SUBSEQUENT EVENTS

Management has performed an evaluation of subsequent events through the date of the financial statements were issued and has determined that no items require recognition or disclosure besides those noted below.

On June 5, 2023, shares of the following Fund were adjusted to reflect a reverse stock split. The effect of the reverse stock split was to decrease the number of shares outstanding and increase the net asset value. The reverse stock split has no impact on the net assets of the Fund or the value of a shareholder's investment in the Fund. A summary of the reverse stock split is as follows:

Funds	Effective Date	Rate			Net Asset Value Before Split		Net Asset Value After Split		Shares Outstanding Before Split		Shares Outstanding After Split
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares	June 5, 2023		1	:10	$	4.74	$	47.40		750,001		75,000

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On June 20, 2023, certain Funds declared income distributions with an ex-date of June 21, 2023 and payable date of June 28, 2023. The specific Funds and per share amounts of the distributions are listed below.

Funds	Per Share Income Distribution
Direxion Daily S&P 500®​ Bear 1X Shares	$	0.26537
Direxion Daily AAPL Bear 1X Shares		0.24297
Direxion Daily AMZN Bear 1X Shares		0.29372
Direxion Daily GOOGL Bear 1X Shares		0.27676
Direxion Daily MSFT Bear 1X Shares		0.18988
Direxion Daily TSLA Bear 1X Shares		0.18593
Direxion Daily AAPL Bull 1.5X Shares		0.14031
Direxion Daily AMZN Bull 1.5X Shares		0.12387
Direxion Daily GOOGL Bull 1.5X Shares		0.16784
Direxion Daily MSFT Bull 1.5X Shares		0.17810
Direxion Daily TSLA Bull 1.5X Shares		0.08326
Direxion Daily CSI 300 China A Share Bull 2X Shares		0.12119
Direxion Daily CSI China Internet Index Bull 2X Shares		0.17071
Direxion Daily S&P 500®​ Bull 2X Shares		0.35060
Direxion Daily MSCI Brazil Bull 2X Shares		1.10605
Direxion Daily MSCI India Bull 2X Shares		0.26390
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares		0.24089
Direxion Daily Energy Bull 2X Shares		0.46915
Direxion Daily Energy Bear 2X Shares		0.32407
Direxion Daily Global Clean Energy Bull 2X Shares		0.08268
Direxion Daily Gold Miners Index Bull 2X Shares		0.08680
Direxion Daily Gold Miners Index Bear 2X Shares		0.09820
Direxion Daily Junior Gold Miners Index Bull 2X Shares		0.12809
Direxion Daily Junior Gold Miners Index Bear 2X Shares		0.05175
Direxion Daily NYSE FANG+ Bull 2X Shares		0.16252
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares		0.02320
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		0.93244
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares		0.12248
Direxion Daily Travel & Vacation Bull 2X Shares		0.02305

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Direxion Shares ETF Trust

Supplemental Information (Unaudited)

Householding

In an effort to decrease costs, the Funds intend to reduce the number of duplicate prospectuses, Annual and Semi-Annual Reports, proxy statements and other similar documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders we reasonably believe are from the same family or household. Householding begins once you have signed your account application. After such time, if you would like to discontinue householding for your accounts, please call toll-free at (800) 851-0511 to request individual copies of these documents. Once the Funds receive notice to stop householding, we will begin sending individual copies thirty days after receiving your request. This policy does not apply to account statements.

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Direxion Shares ETF Trust

Trustees and Officers

The business affairs of the Funds are managed by or under the direction of the Board of Trustees. Information pertaining to the Trustees and Officers of the Funds is set below. The report includes additional information about the Funds' Trustees and Officers and is available without charge, upon request by calling 1-800-851-0511.

Interested Trustees

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	# of Portfolios in Direxion Family of Investment Companies Overseen by Trustee(3)​		Other Trusteeships/ Directorships Held by Trustee During Past Five Years
Daniel D. O'Neill(1) ​Age: 55	Chairman of the Board of Trustees	Lifetime of Trust until removal or resignation; Since 2008	Chief Executive Officer, Rafferty Asset Management, LLC, April 2021 – September 2022; Managing Director, Rafferty Asset Management, LLC, January 1999 – January 2019.		118	None.
Angela Brickl(2) ​Age: 47	Trustee	Lifetime of Trust until removal or resignation; Since 2022	Chief Executive Officer, Rafferty Asset Management, LLC since September 2022; Chief Operating Officer, Rafferty Asset Management, LLC May 2021 – September 2022; General Counsel, Rafferty Asset Management LLC, since October 2010; Chief Compliance Officer, Rafferty Asset Management, LLC, September 2012 – March 2023.		118	None.

⁽¹⁾​  Mr. O'Neill is affiliated with Rafferty because he owns a beneficial interest in Rafferty.

⁽²⁾​  Ms. Brickl is affiliated with Rafferty because she serves as an officer of Rafferty.

⁽³⁾​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 75 of the 108 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 10 funds registered with the SEC.

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Direxion Shares ETF Trust

Trustees and Officers

Independent Trustees

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	# of Portfolios in Direxion Family of Investment Companies Overseen by Trustee(3)​	Other Trusteeships/ Directorships Held by Trustee During Past Five Years
David L. Driscoll Age: 53	Trustee	Lifetime of Trust until removal or resignation; Since 2014	Board Member, Algorithmic Research and Trading, since 2022; Board Advisor, University Common Real Estate, since 2012; Member, Kendrick LLC, since 2006; Partner, King Associates, LLP, since 2004; Principal, Grey Oaks LLP, since 2003.	118	None.
Kathleen M. Berkery Age: 55	Trustee	Lifetime of Trust until removal or resignation; Since 2019	Chief Financial Officer, Metro Physical Therapy, LLC, since 2023; Chief Financial Officer, Student Sponsor Partners, 2021 – 2023; Senior Manager – Trusts & Estates, Rynkar, Vail & Barrett, LLC, 2018 – 2021.	118	None.
Carlyle Peake Age: 51	Trustee	Lifetime of Trust until removal or resignation; Since 2022	Head of US & LATAM Debt Syndicate, BBVA Securities, Inc., since 2011.	118	None.
Mary Jo Collins Age: 66	Trustee	Lifetime of Trust until removal or resignation; Since 2022	Managing Director, B. Riley Financial, March – December 2022; Managing Director, Imperial Capital LLC, from 2020 – 2022; Director, Royal Bank of Canada, 2014 – 2020.	118	None.

⁽³⁾​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 75 of the 108 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 10 funds registered with the SEC.

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Direxion Shares ETF Trust

Trustees and Officers

The officers of the Trust conduct and supervise its daily business. Unless otherwise noted, an individual's business address is 1301 Avenue of the Americas, 28th Floor, New York, New York 10019. As of the date of this report, the officers of the Trust, their ages, their business address and their principal occupations during the past five years are as follows:

Principal Officers of the Trust

Name, Address and Age	Position(s) Held with Fund	Term of Office(2)​ and Length of Time Served	Principal Occupation(s) During Past Five Years	# of Portfolios in the Direxion Family of Investment Companies Overseen by Trustee(3)​	Other Trusteeships/ Directorships Held by Trustee During Past Five Years
Angela Brickl(1) ​Age: 47	Chief Executive Officer	Since 2022	Chief Executive Officer, Rafferty Asset Management, LLC, from September 2022; Chief Operating Officer, Rafferty Asset Management, LLC, May 2021 – September 2022; General Counsel, Rafferty Asset Management LLC, since October 2010; Chief Compliance Officer, Rafferty Asset Management, LLC, September 2012 – March 2023.	N/A	N/A
Todd Sherman Age: 42	Chief Compliance Officer	Since 2023	Chief Risk Officer, Rafferty Asset Management, LLC, since 2018; SVP Head of Risk, 2012 – 2018.	N/A	N/A
Patrick J. Rudnick Age: 49	Principal Executive Officer	Since 2018	Senior Vice President, Rafferty Asset Management, LLC, since March 2013.	N/A	N/A
Corey Noltner Age: 34	Principal Financial Officer	Since 2021	Senior Business Analyst, Rafferty Asset Management, LLC, Since October 2015.	N/A	N/A

⁽¹⁾​  Ms. Brickl serves on the Board of Trustees of the Direxion Funds and Direxion Shares ETF Trust.

⁽²⁾​  Pursuant to the Trust's By-laws, each officer shall hold office until his or her successor shall have been elected and qualified or until his or her earlier death, inability to serve, removal or resignation. Officers serve at the pleasure of the Board of Trustees and may be removed at any time with or without cause.

⁽³⁾​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 75 of the 108 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 10 funds registered with the SEC.

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Direxion Shares ETF Trust

Trustees and Officers

Name, Address and Age	Position(s) Held with Fund	Term of Office(2)​ and Length of Time Served	Principal Occupation(s) During Past Five Years	# of Portfolios in the Direxion Family of Investment Companies Overseen by Trustee(3)​	Other Trusteeships/ Directorships Held by Trustee During Past Five Years
Alyssa Sherman Age: 34	Secretary	Since 2022	Assistant General Counsel, Rafferty Asset Management, LLC, since April 2021; Associate, K&L Gates LLP, September 2015 – March 2021.	N/A	N/A

⁽²⁾​  Pursuant to the Trust's By-laws, each officer shall hold office until his or her successor shall have been elected and qualified or until his or her earlier death, inability to serve, removal or resignation. Officers serve at the pleasure of the Board of Trustees and may be removed at any time with or without cause.

⁽³⁾​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 75 of the 108 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 10 funds registered with the SEC.

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SEMI–ANNUAL REPORT APRIL 30, 2023

1301 Avenue of the Americas (6th Ave.), 28th Floor  New York, New York 10019  (800) 851-0511  www.direxion.com

Investment Adviser

Rafferty Asset Management, LLC
1301 Avenue of the Americas (6th Ave.), 28th Floor
New York, NY 10019

Administrator

U.S. Bancorp Fund Services, LLC
P.O. Box 1993
Milwaukee, WI 53201-1993

Transfer Agent, Custodian & Index Receipt Agent

The Bank of New York Mellon
101 Barclay Street
New York, New York 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP
700 Nicollet Mall, Suite 500
Minneapolis, MN 55402

Distributor

Foreside Fund Services, LLC
3 Canal Plaza, Suite 100
Portland, Maine 04101
www.foreside.com

The Trust's Proxy Voting Policies are available without charge by calling 1-800-851-0511, or by accessing the SEC's website, at www.sec.gov.

The actual voting records relating to portfolio securities during the most recent period ended June 30 (starting with the year ended June 30, 2005) is available without charge by calling 1-800-851-0511 or by accessing the SEC's website at www.sec.gov.

Each Fund's premium/discount information is available free of charge on the Funds' website, www.direxioninvestments.com or by calling (800) 851-0511.

The Trust files complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Part F of Form N-PORT. The Funds' Part F of Form N-PORT (and Form N-Q prior to April 30, 2019) is available on the SEC's website at www.sec.gov.

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

PRIVACY NOTICE

At the Direxion Funds, we are committed to protecting your privacy. To open and service your Direxion accounts, we collect and maintain certain nonpublic personal information about you, such as your address, phone number, social security number, purchases, sales, account balances, bank account information and other personal financial information. We collect this information from the following sources:

•  Account applications or other forms on which you provide information,

•  Mail, e-mail, the telephone and our website, and

•  Your transactions and account inquiries with us.

We safeguard the personal information that you have entrusted to us in the following ways:

•  As a general policy, only those employees who maintain your account and respond to your requests for additional services have access to your account information.

•  We maintain physical, electronic, and procedural safeguards to insure the security of your personal information and to prevent unauthorized access to your information.

We do not disclose any nonpublic personal information about you or our former shareholders to anyone, except as permitted or required by law. In the course of conducting business and maintaining your account we may share shareholder information, as allowed by law, with our affiliated companies and with other service providers, including financial intermediaries, custodians, transfer agents and marketing consultants. Those companies are contractually bound to use that information only for the services for which we hired them. They are not permitted to use or share our shareholders' nonpublic personal information for any other purpose. There also may be times when we provide information to federal, state or local authorities as required by law.

In the event that you hold fund shares of Direxion through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your nonpublic personal information would be shared with nonaffiliated third parties.

For questions about our policy, please contact us at (800) 851-0511.

This page is not a part of the Semi-Annual Report.

DIREXION SEMI-ANNUAL REPORT

DIREXION SHARES ETF TRUST

SEMI–ANNUAL REPORT APRIL 30, 2023

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

3X BULL FUNDS	3X BEAR FUNDS
Direxion Daily Mid Cap Bull 3X Shares
Direxion Daily S&P 500®​ Bull 3X Shares	Direxion Daily S&P 500®​ Bear 3X Shares
Direxion Daily Small Cap Bull 3X Shares	Direxion Daily Small Cap Bear 3X Shares
Direxion Daily FTSE China Bull 3X Shares	Direxion Daily FTSE China Bear 3X Shares
Direxion Daily FTSE Europe Bull 3X Shares
Direxion Daily MSCI Emerging Markets Bull 3X Shares	Direxion Daily MSCI Emerging Markets Bear 3X Shares
Direxion Daily MSCI Mexico Bull 3X Shares
Direxion Daily MSCI South Korea Bull 3X Shares
Direxion Daily Aerospace & Defense Bull 3X Shares
Direxion Daily Consumer Discretionary Bull 3X Shares
Direxion Daily Dow Jones Internet Bull 3X Shares	Direxion Daily Dow Jones Internet Bear 3X Shares
Direxion Daily Financial Bull 3X Shares	Direxion Daily Financial Bear 3X Shares
Direxion Daily Healthcare Bull 3X Shares
Direxion Daily Homebuilders & Supplies Bull 3X Shares
Direxion Daily Industrials Bull 3X Shares
Direxion Daily Pharmaceutical & Medical Bull 3X Shares
Direxion Daily Real Estate Bull 3X Shares	Direxion Daily Real Estate Bear 3X Shares
Direxion Daily Regional Banks Bull 3X Shares
Direxion Daily Retail Bull 3X Shares
Direxion Daily S&P 500®​ High Beta Bull 3X Shares	Direxion Daily S&P 500®​ High Beta Bear 3X Shares
Direxion Daily S&P Biotech Bull 3X Shares	Direxion Daily S&P Biotech Bear 3X Shares
Direxion Daily Semiconductor Bull 3X Shares	Direxion Daily Semiconductor Bear 3X Shares
Direxion Daily Technology Bull 3X Shares	Direxion Daily Technology Bear 3X Shares
Direxion Daily Transportation Bull 3X Shares
Direxion Daily Utilities Bull 3X Shares
Direxion Daily 7-10 Year Treasury Bull 3X Shares	Direxion Daily 7-10 Year Treasury Bear 3X Shares
Direxion Daily 20+ Year Treasury Bull 3X Shares	Direxion Daily 20+ Year Treasury Bear 3X Shares

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

Table of Contents

Letter to Shareholders	4
Expense Example	13
Allocation of Portfolio Holdings	16
Schedules of Investments	17
Statements of Assets and Liabilities	83
Statements of Operations	93
Statements of Changes in Net Assets	103
Financial Highlights	123
Notes to the Financial Statements	131
Supplemental Information	168
Trustees and Officers	169

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Letter to Shareholders

Dear Shareholders,

This Semi-Annual Report for the Direxion Shares exchange-traded funds (the "ETFs") covers the period from November 1, 2022 to April 30, 2023 (the "Semi-Annual Period").

Market Review:

The Semi-Annual Period was filled with volatility in the equity markets as inflation, the Russia-Ukraine war, China's zero-Covid policy and the banking crisis were top of mind for many investors. In the fourth quarter of 2022, the S&P 500^®​ Index was down nearly 20%, although earnings grew. 2023 started out on a stronger note as equity markets rallied in January, but market sentiment in February was much more bearish on the heels of a higher-than expected Consumer Price Index (CPI) reading, confirming inflation is stickier than once anticipated. Through the end of 2022, tech was out of favor, while the energy sector provided a beacon of light. However, in 2023, that trend reversed, and tech outperformed energy, as well as the rest of the market, for most of the first part of this year. China effectively ended their zero-Covid policy in December, causing Chinese and Chinese-adjacent equities to rally. The Russia-Ukraine war waged on, but January through April saw global supply chain improvement. Domestically, despite high inflation and a weak dollar, the labor market remained tight throughout the Semi-Annual Period. In early March, three regional banks collapsed one after another, beginning with Silicon Valley Bank, causing the financials segment of the S&P 500^®​ Index to fall nearly 10% in March. Some fears around the banking sector, specifically smaller banks, bled into April. In summary, the Semi-Annual Period began, and ended, with recessionary fears, inflation and uncertainty surrounding the market environment.

All eyes were on the Federal Reserve during the Semi-Annual Period as it attempted to combat inflation and market volatility. As the Federal Reserve conducted a series of rate hikes, Treasury yields peaked in November, and started to go down in the latter half of November and December. Generally, short-term yields tended to be higher than long-term yields, and high yield modestly outperformed investment grade. In fact, bonds outperformed stocks in 2022, which is extremely rare, although both ended 2022 in the red. Inflation started to come down in January, and the Federal Reserve reduced rate hikes from 50 bps to 25 bps on February 1. Similar to equities, the fixed income market rallied in January as headline CPI ticked down. However, the February CPI reading was higher-than-expected, prompting markets to anticipate further hawkish monetary policy. The banking collapse also influenced the fixed income market, causing interest rate expectations to decrease and lending standards to tighten. Although the yield curve remains inverted, it is much less inverted than it was at the beginning of the Semi-Annual Period. U.S. high yield and U.S. corporate bonds provided the best returns in the first quarter of 2023, but the bond market remained at historically high volatility levels.

Direxion Shares Operational Review:

The discussion below relates to the performance of the ETFs for the Semi-Annual Period. The ETFs are leveraged and seek daily investment results, before fees and expenses, of 300% or -300% of the performance of a particular benchmark. All ETF returns are NAV (net asset value) returns.

The ETFs, as stated above, seek daily investment results. They do not seek to track a multiple of their respective benchmarks for periods longer than one day and the performance of the ETFs over longer periods may not correlate to their benchmarks' performance. The ETFs should not be held by investors for long periods and should be used as short-term trading vehicles. These products are not suitable for all investors, and should be utilized only by sophisticated investors who understand the risks associated with the use of leverage, the consequences of seeking daily leveraged investment results and intend to actively monitor and manage their investments.

The ETFs with the word "Bull" in their name (the "Bull ETFs"), attempt to provide investment results that correlate to 300%, before fees and expenses, of the daily performance of a benchmark index, meaning the Bull Funds attempt to move in the same direction as their respective target benchmark index.

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4

The Funds with the word "Bear" in their name (the "Bear ETFs"), attempt to provide investment results that correlate to -300%, before fees and expenses, of the daily performance of a benchmark index, meaning that the Bear Funds attempt to move in the opposite, or inverse, direction of their respective target benchmark index.

In seeking to achieve each ETF's daily investment results, Rafferty Asset Management, LLC ("Rafferty" or the "Adviser"), relies upon a pre-determined investment model to generate orders resulting in repositioning each ETF's investments in accordance with its daily investment objective. Using this approach, Rafferty determines the type, quantity and mix of investment positions that it believes in combination should produce daily returns consistent with an ETF's objective. As a consequence, if an ETF is performing as designed, the return of the benchmark index will dictate the return for that ETF. Each ETF pursues its investment objective regardless of market conditions and does not take defensive positions.

Each ETF has a clearly articulated goal which requires the ETF to seek economic exposure significantly in excess of its net assets. To meet its objectives, each ETF invests in some combination of financial instruments, including derivatives. Each ETF invests significantly in derivatives, including swap agreements. Rafferty uses these types of investments to produce economically "leveraged" investment results. Leveraging allows Rafferty to generate a greater positive or negative return than what would be generated on the invested capital without leverage, thus changing small market movements into larger changes in the value of the investments of an ETF.

The ETFs may use certain investment techniques, including investments in derivatives, which may be considered aggressive. Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate dramatically over time. Additionally, use of such instruments may increase the volatility of the ETFs. The use of derivatives may expose the ETFs to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives, such as counterparty risk. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case.

Because each ETF seeks daily investment results of its relevant benchmark, a comparison of the return of the ETF to the relevant benchmark tells you little about whether an ETF has met its investment objective. To determine if an ETF has met its daily investment goals, Rafferty maintains models which indicate the expected performance of each ETF as compared to the underlying relevant index. The models do not take into account the ETF's expense ratio or any transaction or trading fees associated with creating or maintaining an ETF's portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying index volatility.

Factors Affecting Direxion Shares Performance:

Benchmark Performance – The daily performance of each ETF's benchmark index, and the factors and market conditions implicitly affecting that index, are the primary factors driving ETF performance. Given the daily goals, the series of daily index returns are most important. The market conditions that affected the benchmark indexes during the past year are described below.

Leverage – Each ETF seeks daily investment results (before fees and expenses) of either 300% (for the Bull ETFs) or -300% (for the Bear ETFs) of the daily performance of its respective underlying index. The use of leverage magnifies an ETF's gains or losses and increases the investment's risk and volatility. The Bear ETFs seek to achieve inverse magnified correlation to their respective underlying indexes.

Volatility and Compounding – The goal of leveraged ETFs is to provide a multiple of the daily return of an underlying index. Over periods longer than a single day, an ETF should not be expected to provide its respective multiple of the return of the underlying index. Due to the effects of compounding, a universal mathematical concept that applies to all investments, returns of the ETFs over longer periods are greater or less than the ETF's daily stated goal. Periods of high volatility that lack a clear trend hurt an ETF's performance while trending, low volatility markets enhance an ETF's performance.

Cost of Financing – In order to attain leveraged exposure, a Bull ETF incurs a cost of SOFR plus or minus a spread and a Bear ETF receives SOFR plus or minus a spread as applied to the borrowed portion of the ETF's exposure. The spread varies

DIREXION SEMI-ANNUAL REPORT
5

by both Fund and counterparty and is a function of market demand, hedging costs, access to balance sheet, borrow volatility, current counterparty exposure and administrative costs associated with the swap counterparty. Generally for most of the Bull ETFs, the financing costs will have a negative effect on tracking, but for Bear ETFs, the financing cost will have a positive effect on tracking. An increase in interest rates which effects the cost of financing will further impact an ETF's performance and ability to track its index.

Optimized Baskets – Each Bull ETF holds a basket of equities designed to provide returns that track its underlying index. In order to decrease transaction costs, certain Bull ETFs hold only a representative sample, or optimized basket, that tracks closely over time, but deviates from its underlying index in the short-term.

Equity Dividends and Bond Interest – Equity Bull ETFs are positively impacted by equity and index dividends as the ETFs receive those payments. Equity Bear ETFs are negatively impacted as they are obligated to pay the dividends. Treasury Bull ETFs receive interest, accrued on a daily basis, to account for the Treasury's semi-annual coupon payments while the Treasury Bear ETFs pay interest, accrued on a daily basis.

Fees, Expenses, and Transaction Costs – Fees and expenses are listed in each ETF's prospectus and may be higher than many traditional index ETFs' fees, which cause a greater negative impact on ETF performance. Transactions costs are not included in the expense ratio of the ETFs. Transaction costs can be higher due to the ETF's use of leverage, frequent creation and redemption activity, or trading securities that are comparatively less liquid.

Direxion Shares Performance Review:

The Direxion Daily Mid Cap Bull 3X Shares seeks to provide 300% of the daily return of the S&P MidCap 400^®​ Index. The S&P MidCap 400^®​ Index is a float-adjusted market capitalization weighted index that attempts to measure the performance of 400 mid-sized companies in the United States. For the Semi-Annual Period, the S&P MidCap 400^®​ Index returned 3.24%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Mid Cap Bull 3X Shares returned -2.32%, while the model indicated an expected return of 3.17%.

The Direxion Daily S&P 500^®​ Bull 3X Shares and the Direxion Daily S&P 500^®​ 3X Bear Shares seek to provide 300% and -300%, respectively, of the daily return of the S&P 500^®​ Index. Standard & Poor's^®​ selects the stocks comprising the S&P 500^®​ Index on the basis of market capitalization, financial viability of the company and the public float, liquidity and price of a company's shares outstanding. The Index is a float-adjusted, market capitalization-weighted index. For the Semi-Annual Period, the S&P 500^®​ Index returned 8.63%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily S&P 500^®​ Bull 3X Shares returned 15.56%, while the model indicated an expected return of 21.98%. The Direxion Daily S&P 500^®​ Bear 3X Shares returned -23.93%, while the model indicated an expected return of -29.70%.

The Direxion Daily Small Cap Bull 3X Shares and the Direxion Daily Small Cap Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Russell 2000^®​ Index. The Russell 2000^®​ Index measures the performance of approximately 2,000 small-capitalization companies in the Russell 3000^®​ Index, based on a combination of their market capitalization and current index membership. For the Semi-Annual Period, the Russell 2000^®​ Index returned -3.45%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Small Cap Bull 3X Shares returned -21.04%, while the model indicated an expected return of -16.67%. The Direxion Daily Small Cap Bear 3X Shares returned 2.95%, while the model indicated an expected return of -4.89%.

The Direxion Daily FTSE China Bull 3X Shares and the Direxion Daily FTSE China Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the FTSE China 50 Index. The FTSE China 50 Index consists of the 50 largest and most liquid public Chinese companies currently trading on the Hong Kong Stock Exchange. Securities in the index are weighted based on the total market value of their shares, so that securities with higher total market values will generally

DIREXION SEMI-ANNUAL REPORT
6

have a higher representation in the index. Index constituents are screened for liquidity and weightings and are capped to prevent the index from being overly concentrated in any one stock. For the Semi-Annual Period, the FTSE China 50 Index returned 38.05%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily FTSE China Bull 3X Shares returned 108.32%, while the model indicated an expected return of 120.48%. The Direxion Daily FTSE China Bear 3X Shares returned -72.20%, while the model indicated an expected return of -74.26%.

The Direxion Daily FTSE Europe Bull 3X Shares seeks to provide 300% of the daily return of the FTSE Developed Europe All Cap Index. The FTSE Developed Europe All Cap Index is a market capitalization weighted index that is designed to measure the equity market performance of large-, mid- and small-cap companies in developed markets in Europe. For the Semi-Annual Period, the FTSE Developed Europe All Cap Index returned 28.22%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily FTSE Europe Bull 3X Shares returned 89.05%, while the model indicated an expected return of 99.39%.

The Direxion Daily MSCI Emerging Markets Bull 3X Shares and the Direxion Daily MSCI Emerging Markets Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the MSCI Emerging Markets Index^SM​. The MSCI Emerging Market Index^SM​ is a free float-adjusted market capitalization index that is designed to represent the performance of large-and mid-capitalizations securities across 24 emerging markets countries. For the Semi-Annual Period, the MSCI Emerging Market Index^SM​ returned 16.18% return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Emerging Markets MSCI Bull 3X Shares returned 40.90%, while the model indicated an expected return of 49.05%. The Direxion Daily MSCI Emerging Markets Bear 3X Shares returned -38.13%, while the model indicated an expected return of -42.64%.

The Direxion Daily MSCI Mexico Bull 3X Shares seeks to provide 300% of the daily return of the MSCI Mexico IMI 25/50 Index. The MSCI Mexico IMI 25/50 Index is designed to measure the performance of the large-, mid- and small-capitalization segments of the Mexican equity market, covering approximately 99% of the free float-adjusted market capitalization in Mexico. The index consists of stocks traded primarily on the Mexican Stock Market. For the Semi-Annual Period, the MSCI Mexico IMI 25/50 Index returned 22.85%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily MSCI Mexico Bull 3X Shares returned 64.88%, while the model indicated an expected return of 73.50%.

The Direxion Daily MSCI South Korea Bull 3X Shares seeks to provide 300% of the MSCI Korea 25/50 Index. The MSCI Korea 25/50 Index is designed to measure the performance of the large- and mid-cap segments of the South Korean equity market, covering approximately 85% of the free float-adjusted market capitalization of South Korean issuers. For the Semi-Annual Period, the MSCI Korea 25/50 Index returned 18.50%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily MSCI South Korea Bull 3X Shares returned 41.22%, while the model indicated an expected return of 49.39%.

The Direxion Daily Aerospace & Defense Bull 3X Shares seeks to provide 300% of the daily return of the Dow Jones U.S. Select Aerospace & Defense Index. The Dow Jones U.S. Select Aerospace & Defense Index is provided by Dow Jones U.S. Index. The index attempts to measure the performance of the aerospace and defense industry of the U.S. equity market. The index provider selects the stocks comprising the index from the aerospace and defense sector on the basis of the float-adjusted, market capitalization-weight of each constituent. Aerospace companies include manufacturers, assemblers and distributors of aircraft and aircraft parts. Defense companies include producers of components and equipment for the defense industry, such as military aircraft, radar equipment and weapons. For the Semi-Annual Period, the Dow Jones U.S. Select Aerospace & Defense Index returned 6.99%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Aerospace & Defense Bull 3X Shares returned 10.87% for the same period, while the model indicated an expected return of 17.14%.

DIREXION SEMI-ANNUAL REPORT
7

The Direxion Daily Consumer Discretionary Bull 3X Shares seeks to provide 300% of the daily return of the Consumer Discretionary Select Sector Index. The Consumer Discretionary Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the consumer discretionary sector which includes the following industries: retail (specialty, multiline, internet & direct marketing); hotels, restaurants & leisure; textiles, apparel & luxury goods; household durables; automobiles; automobile components; distributors; leisure equipment & products; and diversified consumer services. For the Semi-Annual Period, the Consumer Discretionary Select Sector Index returned 3.24%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Consumer Discretionary Bull 3X Shares returned -5.56% for the same period, while the model indicated an expected return of -0.12%.

The Direxion Daily Dow Jones Internet Bull 3X Shares and the Direxion Daily Dow Jones Internet Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Dow Jones Internet Composite Index. The Dow Jones Internet Composite Index includes companies that generate at least 50% of their annual sales/revenue from the internet as determined by the Index Provider. Additionally, each stock must have a minimum of three months' trading history and a three month average market capitalization of at least $100 million. The Index consists of 40 stocks that are included in two different sectors, internet commerce and internet services. For the Semi-Annual Period, the Dow Jones Internet Composite Index returned 10.73%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Dow Jones Internet Bull 3X Shares returned 9.43%, while the model indicated an expected return of 15.67%. The Direxion Daily Dow Jones Internet Bear 3X Shares returned -44.34%, while the model indicated an expected return of -48.34%.

The Direxion Daily Financial Bull 3X Shares and the Direxion Daily Financial Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Financial Select Sector Index. The Financial Select Sector Index is provided by S&P Dow Jones Indices and includes securities of companies from the following industries: Banks; Thrifts & Mortgage Finance; Diversified Financial Services; Consumer Finance; Capital Markets; Insurance; and Mortgage Real Estate Investment Trusts (REITs). For the Semi-Annual Period, the Financial Select Sector Index returned -1.15%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Financial Bull 3X Shares returned -14.39%, while the model indicated an expected return of -9.30%. The Direxion Daily Financial Bear 3X Shares returned -0.67%, while the model indicated an expected return of -8.58%.

The Direxion Daily Healthcare Bull 3X Shares seeks to provide 300% of the daily return of the Health Care Select Sector Index. The Health Care Select Sector Index is provided by Standard & Poor's and includes domestic companies from the healthcare sector, which includes the following industries: pharmaceuticals; health care equipment and supplies; health care providers and services; biotechnology; life sciences tools and services; and health care technology. For the Semi-Annual Period, the Health Care Select Sector Index returned 1.41%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Healthcare Bull 3X Shares returned -4.03%, while the model indicated an expected return of 1.46%.

The Direxion Daily Homebuilders & Supplies Bull 3X Shares seeks to provide 300% of the daily return of the Dow Jones U.S. Select Home Construction Index. The Dow Jones U.S. Select Home Construction Index measures U.S companies in the home construction sector that provide a wide range of products and services related to homebuilding, including home construction and producers, sellers and suppliers of building materials, furnishings and fixtures and also home improvement retailers. The index may include large-, mid- or small-capitalization companies. For the Semi-Annual Period, the Dow Jones U.S. Select Home Construction Index returned 35.60%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Homebuilders & Supplies Bull 3X Shares 110.49%, while the model indicated an expected return of 122.19%.

DIREXION SEMI-ANNUAL REPORT
8

The Direxion Daily Industrials Bull 3X Shares seeks to provide 300% of the daily return of the Industrials Select Sector Index. The Industrials Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the industrials sector which includes the following industries: aerospace and defense: industry conglomerates; machinery; road and rail; air freight and logistics; commercial services and supplies; professional services; electrical equipment; construction and engineering; trading companies and distributors; airlines; and building products. For the Semi-Annual Period, the Industrials Select Sector Index returned 7.00%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Industrials Bull 3X Shares returned 10.60%, while the model indicated an expected return of 16.90%.

The Direxion Daily Pharmaceutical & Medical Bull 3X Shares seeks to provide 300% of the daily return of the S&P Pharmaceuticals Select Industry Index. The S&P Pharmaceuticals Select Industry Index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard (GICS) pharmaceuticals subindustry. For the Semi-Annual Period, the S&P Pharmaceuticals Select Industry Index returned -0.11%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Pharmaceutical & Medical Bull 3X Shares returned -10.41%, while the model indicated an expected return of -5.27%.

The Direxion Daily Real Estate Bull 3X Shares and the Direxion Daily Real Estate Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Real Estate Select Sector Index. The Real Estate Select Sector Index is provided by S&P Dow Jones Indices and includes securities of companies from the following industries: real estate management and development and real estate investment trusts ("REITs"), excluding mortgage REITs. For the Semi-Annual Period, the Real Estate Select Sector Index returned 4.73%. Given the daily investment objectives of the Real Estate ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the Real Estate ETFs. The Direxion Daily Real Estate Bull 3X Shares returned -0.01%, while the model indicated an expected return of 5.35%. The Direxion Daily Real Estate Bear 3X Shares returned -21.77%, while the model indicated an expected return of -27.46%.

The Direxion Daily Regional Banks Bull 3X Shares seeks to provide 300% of the daily return of the S&P Regional Banks Select Industry Index. The S&P Regional Banks Select Industry Index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard regional banks sub-industry. For the Semi-Annual Period, the S&P Regional Banks Select Industry Index returned -7.46%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Regional Banks Bull 3X Shares returned -76.84%, while the model indicated an expected return of -74.67%.

The Direxion Daily Retail Bull 3X Shares seeks to provide 300% of the daily return of the S&P Retail Select Industry Index. The S&P Retail Select Industry Index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard retail sub-industry. For the Semi-Annual Period, the S&P Retail Select Industry Index returned -1.11%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Retail Bull 3X Shares returned -18.64%, while the model indicated an expected return of -14.12%.

The Direxion Daily S&P 500^®​ High Beta Bull 3X Shares and the Direxion Daily S&P 500^®​ High Beta Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the S&P 500^®​ High Beta Index. The S&P 500^®​ High Beta Index selects 100 securities to include in the Index from the S&P 500^®​ Index that have the highest sensitivity to market movements, or "beta" over the past 12 months as determined by the Index Provider. Securities with the highest beta are generally the most volatile securities of the S&P 500^®​ Index. The Index is reviewed and rebalanced quarterly. For the Semi-Annual Period, the S&P 500^®​ High Beta Index returned 8.26%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance

DIREXION SEMI-ANNUAL REPORT
9

of the ETFs. The Direxion Daily S&P 500^®​ High Beta Bull 3X Shares returned 5.60%, while the model indicated an expected return of 11.85%. The Direxion Daily S&P 500^®​ High Beta Bear 3X Shares returned -35.29%, while the model indicated an expected return of -39.81%.

The Direxion Daily S&P Biotech Bull 3X Shares and the Direxion Daily S&P Biotech Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the S&P Biotechnology Select Industry Index. The S&P Biotechnology Select Industry Index is provided by Standard & Poor's and includes domestic companies from the biotechnology industry. The index is designed to measure the performance of the biotechnology sub-industry based on the Global Industry Classification Standards. For the Semi-Annual Period, the S&P Biotechnology Select Industry Index returned -2.61%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily S&P Biotech Bull 3X Shares returned -24.66%, while the model indicated an expected return of -20.81%. The Direxion Daily S&P Biotech Bear 3X Shares returned -14.93%, while the model indicated an expected return of -21.43%.

The Direxion Daily Semiconductor Bull 3X Shares and the Direxion Daily Semiconductor Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the ICE Semiconductor Index. The ICE Semiconductor Index is a rules-based, modified float-adjusted market capitalization-weighted index that tracks the performance of the thirty largest U.S. listed semiconductor companies. For the Semi-Annual Period, the ICE Semiconductor Index returned 27.21%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Semiconductor Bull 3X Shares returned 61.46%, while the model indicated an expected return of 70.78%. The Direxion Daily Semiconductor Bear 3X Shares returned -65.32%, while the model indicated an expected return of -67.99%.

The Direxion Daily Technology Bull 3X Shares and the Direxion Daily Technology Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Technology Select Sector Index. The Technology Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the technology sector which includes domestic companies from the technology sector which includes the following industries: computers and peripherals; software; diversified telecommunications services; communications equipment; semiconductors and semi-conductor equipment; internet software and services; IT services; electronic equipment, instruments and components; wireless telecommunication services; and office electronics. For the Semi-Annual Period, the Technology Select Sector Index returned 18.63%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Technology Bull 3X Shares returned 42.77%, while the model indicated an expected return of 50.86%. The Direxion Daily Technology Bear 3X Shares returned -47.93%, while the model indicated an expected return of -51.89%.

The Direxion Daily Transportation Bull 3X Shares seeks to provide 300% of the daily return of the S&P Transportation Select Industry FMC Capped Index. The S&P Transportation Select Industry FMC Capped Index is provided by S&P Dow Jones Indices and is designed to measure stocks in the S&P Total Market Index that are included in the GICS transportation sub-industry For the Semi-Annual Period, the S&P Transportation Select Industry FMC Capped Index returned 5.65%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Transportation Bull 3X Shares returned 2.50%, while the model indicated an expected return of 2.87%.

The Direxion Daily Utilities Bull 3X Shares seeks to provide 300% of the daily return of the Utilities Select Sector Index. The Utilities Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the utilities sector which includes the following industries: electric utilities; multi-utilities; water utilities; independent power producers and energy trades; and gas utilities. For the Semi-Annual Period, the Utilities Select Sector Index returned 4.92%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Utilities Bull 3X Shares returned 3.68%, while the model indicated an expected return of 9.52%.

DIREXION SEMI-ANNUAL REPORT
10

The Direxion Daily 7-10 Year Treasury Bull 3X Shares and the Direxion Daily 7-10 Year Treasury Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the ICE U.S. Treasury 7-10 Year Bond Index. The ICE U.S. Treasury 7-10 Year Bond Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than seven years and less than or equal to ten years. Eligible securities must be fixed rate, denominated in U.S. dollars, and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. Securities excluded from the index are zero-coupon STRIPS, inflation linked securities, floating rate notes, cash management and Treasury bills, and any government agency debt issued with or without a government guarantee. For the Semi-Annual Period, the ICE U.S. Treasury 7-10 Year Bond Index returned 6.98%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily 7-10 Year Treasury Bull 3X Shares returned 14.72%, while the model indicated an expected return of 20.49%. The Direxion Daily 7-10 Year Treasury Bear 3X Shares returned -15.36%, while the model indicated and an expected return of -20.78%.

The Direxion Daily 20+ Year Treasury Bull 3X Shares and the Direxion Daily 20+ Year Treasury Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the ICE U.S. Treasury 20+ Year Bond Index. The ICE U.S. Treasury 20+ Year Bond Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than 20 years. Eligible securities must be fixed rate, denominated in U.S. dollars, and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. Securities excluded from the index are zero-coupon STRIPS, inflation linked securities, floating rate notes, cash management and Treasury bills, and any government agency debt issued with or without a government guarantee. For the Semi-Annual Period, the ICE U.S. Treasury 20+ Year Bond Index returned 12.55%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily 20+ Year Treasury Bull 3X Shares returned 27.60%, while the model indicated an expected return of 34.92%. The Direxion Daily 20+ Year Treasury Bear 3X Shares returned -32.41%, while the model indicated an expected return of -37.08%.

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

Best Regards,

Patrick Rudnick	Corey Noltner
Principal Executive Officer	Principal Financial Officer

An investor should carefully consider a Fund's investment objective, risks, charges, and expenses before investing. A Fund's prospectus and summary prospectus contain this and other information about the Direxion Shares. To obtain a Fund's prospectus and summary prospectus call 866-476-7523 or visit our website at direxion.com. A Fund's prospectus and summary prospectus should be read carefully before investing.

Investing in a Direxion Shares ETF may be more volatile than investing in broadly diversified funds. The use of leverage by an ETF increases the risk to the ETF. The Direxion Shares ETFs are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk, consequences of seeking daily leveraged, or daily inverse leveraged, investment results and intend to actively monitor and manage their investment. The Direxion Shares ETFs are not designed to track their respective underlying indices over a period of time longer than one day.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns

DIREXION SEMI-ANNUAL REPORT
11

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

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

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

SOFR (Secured Overnight Financing Rate) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities.

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

The views of this letter were those of the Adviser as of April 30, 2023, and may not necessarily reflect its views on the date this letter is first published or anytime thereafter. These views are intended to help shareholders in understanding the ETFs' present investment methodology and do not constitute investment advice.

Distributed by: Foreside Fund Services, LLC

DIREXION SEMI-ANNUAL REPORT
12

Expense Example (Unaudited)

April 30, 2023

As a shareholder of the Direxion Shares ETF Trust, you incur two types of costs: (1) transaction costs, for purchasing and selling shares and exchange fees; and (2) ongoing costs, including management fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on initial investments of $1,000 invested at the beginning of the period and held the entire period (November 1, 2022 to April 30, 2023).

Actual Expenses

The first line under each Fund in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled "Expenses Paid During Period November 1, 2022 to April 30, 2023" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

Expense Example (Unaudited)

April 30, 2023

	Annualized Expense Ratio			Beginning Account Value November 1, 2022		Ending Account Value April 30, 2023		Expenses Paid During Period*
Direxion Daily Mid Cap Bull 3X Shares
Based on actual fund return		1.23	%	$	1,000.00	$	976.80	$	6.03
Based on hypothetical 5% return		1.23	%		1,000.00		1,018.70		6.16
Direxion Daily S&P 500®​ Bull 3X Shares
Based on actual fund return		1.04	%		1,000.00		1,155.60		5.56
Based on hypothetical 5% return		1.04	%		1,000.00		1,019.64		5.21
Direxion Daily S&P 500®​ Bear 3X Shares
Based on actual fund return		1.29	%		1,000.00		760.70		5.63
Based on hypothetical 5% return		1.29	%		1,000.00		1,018.40		6.46
Direxion Daily Small Cap Bull 3X Shares
Based on actual fund return		1.17	%		1,000.00		789.60		5.19
Based on hypothetical 5% return		1.17	%		1,000.00		1,018.99		5.86
Direxion Daily Small Cap Bear 3X Shares
Based on actual fund return		1.19	%		1,000.00		1,029.50		5.99
Based on hypothetical 5% return		1.19	%		1,000.00		1,018.89		5.96

DIREXION SEMI-ANNUAL REPORT
13

Expense Example (Unaudited)

April 30, 2023

	Annualized Expense Ratio			Beginning Account Value November 1, 2022		Ending Account Value April 30, 2023		Expenses Paid During Period*
Direxion Daily FTSE China Bull 3X Shares
Based on actual fund return		1.29	%	$	1,000.00	$	2,083.20	$	9.86
Based on hypothetical 5% return		1.29	%		1,000.00		1,018.40		6.46
Direxion Daily FTSE China Bear 3X Shares
Based on actual fund return		1.54	%		1,000.00		278.00		4.88
Based on hypothetical 5% return		1.54	%		1,000.00		1,017.16		7.70
Direxion Daily FTSE Europe Bull 3X Shares
Based on actual fund return		1.16	%		1,000.00		1,890.50		8.31
Based on hypothetical 5% return		1.16	%		1,000.00		1,019.04		5.81
Direxion Daily MSCI Emerging Markets Bull 3X Shares
Based on actual fund return		1.18	%		1,000.00		1,409.00		7.05
Based on hypothetical 5% return		1.18	%		1,000.00		1,018.94		5.91
Direxion Daily MSCI Emerging Markets Bear 3X Shares
Based on actual fund return		1.46	%		1,000.00		618.70		5.86
Based on hypothetical 5% return		1.46	%		1,000.00		1,017.56		7.30
Direxion Daily MSCI Mexico Bull 3X Shares
Based on actual fund return		1.68	%		1,000.00		1,648.80		11.03
Based on hypothetical 5% return		1.68	%		1,000.00		1,016.46		8.40
Direxion Daily MSCI South Korea Bull 3X Shares
Based on actual fund return		1.28	%		1,000.00		1,412.20		7.66
Based on hypothetical 5% return		1.28	%		1,000.00		1,018.45		6.41
Direxion Daily Aerospace & Defense Bull 3X Shares
Based on actual fund return		1.27	%		1,000.00		1,108.70		6.64
Based on hypothetical 5% return		1.27	%		1,000.00		1,018.50		6.36
Direxion Daily Consumer Discretionary Bull 3X Shares
Based on actual fund return		1.14	%		1,000.00		944.40		5.50
Based on hypothetical 5% return		1.14	%		1,000.00		1,019.14		5.71
Direxion Daily Dow Jones Internet Bull 3X Shares
Based on actual fund return		1.19	%		1,000.00		1,094.30		6.18
Based on hypothetical 5% return		1.19	%		1,000.00		1,018.89		5.96
Direxion Daily Dow Jones Internet Bear 3X Shares
Based on actual fund return		1.76	%		1,000.00		556.60		6.79
Based on hypothetical 5% return		1.76	%		1,000.00		1,016.07		8.80
Direxion Daily Financial Bull 3X Shares
Based on actual fund return		1.18	%		1,000.00		856.10		5.43
Based on hypothetical 5% return		1.18	%		1,000.00		1,018.94		5.91
Direxion Daily Financial Bear 3X Shares
Based on actual fund return		1.20	%		1,000.00		993.30		5.93
Based on hypothetical 5% return		1.20	%		1,000.00		1,018.84		6.01
Direxion Daily Healthcare Bull 3X Shares
Based on actual fund return		1.05	%		1,000.00		959.70		5.10
Based on hypothetical 5% return		1.05	%		1,000.00		1,019.59		5.26
Direxion Daily Homebuilders & Supplies Bull 3X Shares
Based on actual fund return		1.45	%		1,000.00		2,104.90		11.16
Based on hypothetical 5% return		1.45	%		1,000.00		1,017.60		7.25
Direxion Daily Industrials Bull 3X Shares
Based on actual fund return		1.15	%		1,000.00		1,106.00		6.00
Based on hypothetical 5% return		1.15	%		1,000.00		1,019.09		5.76
Direxion Daily Pharmaceutical & Medical Bull 3X Shares
Based on actual fund return		1.08	%		1,000.00		895.90		5.08
Based on hypothetical 5% return		1.08	%		1,000.00		1,019.44		5.41
Direxion Daily Real Estate Bull 3X Shares
Based on actual fund return		1.27	%		1,000.00		999.90		6.30
Based on hypothetical 5% return		1.27	%		1,000.00		1,018.50		6.36

DIREXION SEMI-ANNUAL REPORT
14

Expense Example (Unaudited)

April 30, 2023

	Annualized Expense Ratio			Beginning Account Value November 1, 2022		Ending Account Value April 30, 2023		Expenses Paid During Period*
Direxion Daily Real Estate Bear 3X Shares
Based on actual fund return		1.30	%	$	1,000.00	$	782.30	$	5.74
Based on hypothetical 5% return		1.30	%		1,000.00		1,018.35		6.51
Direxion Daily Regional Banks Bull 3X Shares
Based on actual fund return		1.05	%		1,000.00		231.60		3.21
Based on hypothetical 5% return		1.05	%		1,000.00		1,019.59		5.26
Direxion Daily Retail Bull 3X Shares
Based on actual fund return		1.24	%		1,000.00		813.60		5.58
Based on hypothetical 5% return		1.24	%		1,000.00		1,018.65		6.21
Direxion Daily S&P 500®​ High Beta Bull 3X Shares
Based on actual fund return		1.37	%		1,000.00		1,056.00		6.98
Based on hypothetical 5% return		1.37	%		1,000.00		1,018.00		6.85
Direxion Daily S&P 500®​ High Beta Bear 3X Shares
Based on actual fund return		1.48	%		1,000.00		647.10		6.04
Based on hypothetical 5% return		1.48	%		1,000.00		1,017.46		7.40
Direxion Daily S&P Biotech Bull 3X Shares
Based on actual fund return		1.24	%		1,000.00		753.40		5.39
Based on hypothetical 5% return		1.24	%		1,000.00		1,018.65		6.21
Direxion Daily S&P Biotech Bear 3X Shares
Based on actual fund return		1.47	%		1,000.00		850.70		6.75
Based on hypothetical 5% return		1.47	%		1,000.00		1,017.51		7.35
Direxion Daily Semiconductor Bull 3X Shares
Based on actual fund return		1.29	%		1,000.00		1,614.60		8.36
Based on hypothetical 5% return		1.29	%		1,000.00		1,018.40		6.46
Direxion Daily Semiconductor Bear 3X Shares
Based on actual fund return		1.15	%		1,000.00		346.80		3.84
Based on hypothetical 5% return		1.15	%		1,000.00		1,019.09		5.76
Direxion Daily Technology Bull 3X Shares
Based on actual fund return		1.16	%		1,000.00		1,427.70		6.98
Based on hypothetical 5% return		1.16	%		1,000.00		1,019.04		5.81
Direxion Daily Technology Bear 3X Shares
Based on actual fund return		1.56	%		1,000.00		520.70		5.88
Based on hypothetical 5% return		1.56	%		1,000.00		1,017.06		7.80
Direxion Daily Transportation Bull 3X Shares
Based on actual fund return		1.13	%		1,000.00		1,025.00		5.67
Based on hypothetical 5% return		1.13	%		1,000.00		1,019.19		5.66
Direxion Daily Utilities Bull 3X Shares
Based on actual fund return		1.10	%		1,000.00		1,036.80		5.56
Based on hypothetical 5% return		1.10	%		1,000.00		1,019.34		5.51
Direxion Daily 7-10 Year Treasury Bull 3X Shares
Based on actual fund return		0.99	%		1,000.00		1,147.20		5.27
Based on hypothetical 5% return		0.99	%		1,000.00		1,019.89		4.96
Direxion Daily 7-10 Year Treasury Bear 3X Shares
Based on actual fund return		1.24	%		1,000.00		846.40		5.68
Based on hypothetical 5% return		1.24	%		1,000.00		1,018.65		6.21
Direxion Daily 20+ Year Treasury Bull 3X Shares
Based on actual fund return		0.92	%		1,000.00		1,276.00		5.19
Based on hypothetical 5% return		0.92	%		1,000.00		1,020.23		4.61
Direxion Daily 20+ Year Treasury Bear 3X Shares
Based on actual fund return		1.42	%		1,000.00		675.90		5.90
Based on hypothetical 5% return		1.42	%		1,000.00		1,017.75		7.10

*  Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 days (the number of days in the period of November 1, 2022 to April 30, 2023), then divided by 365.

DIREXION SEMI-ANNUAL REPORT
15

Allocation of Portfolio Holdings (Unaudited)

April 30, 2023

	Cash*			Common Stocks			Investment Companies			Swaps			Total
Direxion Daily Mid Cap Bull 3X Shares		29	%		—			72	%		(1	)%		100	%
Direxion Daily S&P 500®​ Bull 3X Shares		14	%		76	%		—			10	%		100	%
Direxion Daily S&P 500®​ Bear 3X Shares		103	%		—			—			(3	)%		100	%
Direxion Daily Small Cap Bull 3X Shares		40	%		—			64	%		(4	)%		100	%
Direxion Daily Small Cap Bear 3X Shares		86	%		—			—			14	%		100	%
Direxion Daily FTSE China Bull 3X Shares		40	%		—			66	%		(6	)%		100	%
Direxion Daily FTSE China Bear 3X Shares		88	%		—			—			12	%		100	%
Direxion Daily FTSE Europe Bull 3X Shares		36	%		—			43	%		21	%		100	%
Direxion Daily MSCI Emerging Markets Bull 3X Shares		102	%		—			3	%		(5	)%		100	%
Direxion Daily MSCI Emerging Markets Bear 3X Shares		99	%		—			—			1	%		100	%
Direxion Daily MSCI Mexico Bull 3X Shares		25	%		—			44	%		31	%		100	%
Direxion Daily MSCI South Korea Bull 3X Shares		49	%		—			51	%		0	%**		100	%
Direxion Daily Aerospace & Defense Bull 3X Shares		31	%		66	%		—			3	%		100	%
Direxion Daily Consumer Discretionary Bull 3X Shares		15	%		76	%		—			9	%		100	%
Direxion Daily Dow Jones Internet Bull 3X Shares		16	%		73	%		—			11	%		100	%
Direxion Daily Dow Jones Internet Bear 3X Shares		101	%		—			—			(1	)%		100	%
Direxion Daily Financial Bull 3X Shares		40	%		65	%		—			(5	)%		100	%
Direxion Daily Financial Bear 3X Shares		88	%		—			—			12	%		100	%
Direxion Daily Healthcare Bull 3X Shares		29	%		73	%		—			(2	)%		100	%
Direxion Daily Homebuilders & Supplies Bull 3X Shares		14	%		64	%		—			22	%		100	%
Direxion Daily Industrials Bull 3X Shares		33	%		68	%		—			(1	)%		100	%
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		36	%		66	%		—			(2	)%		100	%
Direxion Daily Real Estate Bull 3X Shares		25	%		77	%		—			(2	)%		100	%
Direxion Daily Real Estate Bear 3X Shares		95	%		—			—			5	%		100	%
Direxion Daily Regional Banks Bull 3X Shares		33	%		77	%		—			(10	)%		100	%
Direxion Daily Retail Bull 3X Shares		40	%		69	%		—			(9	)%		100	%
Direxion Daily S&P 500®​ High Beta Bull 3X Shares		26	%		76	%		—			(2	)%		100	%
Direxion Daily S&P 500®​ High Beta Bear 3X Shares		83	%		—			—			17	%		100	%
Direxion Daily S&P Biotech Bull 3X Shares		23	%		76	%		—			1	%		100	%
Direxion Daily S&P Biotech Bear 3X Shares		88	%		—			—			12	%		100	%
Direxion Daily Semiconductor Bull 3X Shares		12	%		76	%		—			12	%		100	%
Direxion Daily Semiconductor Bear 3X Shares		94	%		—			—			6	%		100	%
Direxion Daily Technology Bull 3X Shares		10	%		69	%		—			21	%		100	%
Direxion Daily Technology Bear 3X Shares		117	%		—			—			(17	)%		100	%
Direxion Daily Transportation Bull 3X Shares		31	%		72	%		—			(3	)%		100	%
Direxion Daily Utilities Bull 3X Shares		31	%		64	%		—			5	%		100	%
Direxion Daily 7-10 Year Treasury Bull 3X Shares		20	%		—			77	%		3	%		100	%
Direxion Daily 7-10 Year Treasury Bear 3X Shares		103	%		—			—			(3	)%		100	%
Direxion Daily 20+ Year Treasury Bull 3X Shares		33	%		—			65	%		2	%		100	%
Direxion Daily 20+ Year Treasury Bear 3X Shares		96	%		—			—			4	%		100	%

Allocation of Portfolio Holdings reflects percentages of net assets.

*  Cash, cash equivalents and other assets less liabilities.

**  Less than 0.5%.

DIREXION SEMI-ANNUAL REPORT
16

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
INVESTMENT COMPANIES - 72.4%
	140,843	iShares Core S&P Mid-Cap ETF (a)​	$	34,957,232
		TOTAL INVESTMENT COMPANIES (Cost $34,828,414)	$	34,957,232
SHORT TERM INVESTMENTS - 25.1%
Money Market Funds - 25.1%
	7,250,232	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	7,250,232
	4,873,305	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		4,873,305
		TOTAL SHORT TERM INVESTMENTS (Cost $12,123,537)	$	12,123,537
		TOTAL INVESTMENTS (Cost $46,951,951) - 97.5% (c)​	$	47,080,769
		Other Assets in Excess of Liabilities - 2.5%		1,216,348
		TOTAL NET ASSETS - 100.0%	$	48,297,117

Percentages are stated as a percent of net assets.

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

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

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $35,014,016.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of S&P MidCap 400®​ Index	5.2500% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		4,846	$	12,047,558	$	(103,495	)
Total return of S&P MidCap 400®​ Index	5.1000% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		16,470		40,962,355		(348,356	)
Total return of S&P MidCap 400®​ Index	5.3400% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		11,500		28,208,043		274,211
Total return of S&P MidCap 400®​ Index	5.2000% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		11,329		28,269,367		(397,496	)
						$	109,487,323	$	(575,136	)

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

DIREXION SEMI-ANNUAL REPORT
17

Direxion Daily S&P 500^®​ Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 76.1%
Accommodation - 0.3%
	12,865	Caesars Entertainment Inc. (a)​	$	582,656
	16,000	Hilton Worldwide Holdings, Inc.		2,304,320
	42,913	Host Hotels & Resorts, Inc.		693,903
	19,684	Las Vegas Sands Corp. (a)​		1,256,823
	16,156	Marriott International, Inc. Class A		2,735,857
	18,869	MGM Resorts International		847,596
				8,421,155
Administrative and Support Services - 1.9%
	5,240	Allegion PLC ADR (Ireland)		578,915
	89,110	Amcor PLC ADR (United Kingdom)		977,537
	24,825	Automatic Data Processing, Inc.		5,461,500
	2,316	Booking Holdings, Inc. (a)​		6,221,494
	7,052	Broadridge Financial Solutions, Inc.		1,025,432
	7,329	Equifax, Inc.		1,527,217
	2,290	FactSet Research System, Inc.		942,770
	4,422	FleetCor Technologies, Inc. (a)​		945,954
	4,709	Gartner, Inc. (a)​		1,424,284
	17,437	Iron Mountain, Inc.		963,220
	8,518	Live Nation Entertainment, Inc. (a)​		577,350
	9,478	Moody's Corp.		2,967,752
	6,470	Robert Half International, Inc.		472,310
	13,893	Rollins, Inc.		586,979
	97,444	Visa, Inc. Class A		22,678,142
	22,306	Waste Management, Inc.		3,703,911
				51,054,767
Air Transportation - 0.1%
	7,678	Alaska Air Group, Inc. (a)​		333,686
	39,017	American Airlines Group, Inc. (a)​		532,192
	38,453	Delta Air Lines, Inc. (a)​		1,319,322
	35,672	Southwest Airlines Co.		1,080,505
	19,594	United Continental Holdings, Inc. (a)​		858,217
				4,123,922
Ambulatory Health Care Services - 0.1%
	3,298	DaVita, Inc. (a)​		298,007
	5,283	Laboratory Corp. of America Holdings		1,197,709
	3,483	Molina Healthcare, Inc. (a)​		1,037,551
	6,691	Quest Diagnostics, Inc.		928,778
	72,733	Viatris, Inc.		678,599
				4,140,644
Amusement, Gambling, and Recreation Industries - 0.5%
	15,764	Global Payments, Inc.		1,776,761
	109,580	The Walt Disney Co. (a)​		11,231,950
	6,172	Wynn Resorts Ltd. (a)​		705,336
				13,714,047

Shares			Fair Value
Apparel Manufacturing - 0.0% (†)​
	2,427	Ralph Lauren Corp.	$	278,595
	19,804	VF Corp.		465,592
				744,187
Beverage and Tobacco Product Manufacturing - 1.9%
	107,041	Altria Group, Inc.		5,085,518
	233,401	Coca-Cola Co.		14,972,674
	9,709	Constellation Brands, Inc. Class A		2,227,924
	50,924	Keurig Dr Pepper, Inc.		1,665,215
	11,304	Molson Coors Brewing Co. Class B		672,362
	45,739	Monster Beverage Corp. (a)​		2,561,384
	82,623	PepsiCo, Inc.		15,771,904
	92,944	Philip Morris International, Inc.		9,291,612
				52,248,593
Broadcasting (except Internet) - 0.1%
	17,791	FOX Corp. Class A		591,729
	8,295	FOX Corp. Class B		253,329
	30,290	ViacomCBS, Inc. Class B		706,666
				1,551,724
Broadcasting and Content Providers - 0.5%
	6,283	Charter Communications, Inc. (a)​		2,316,542
	252,228	Comcast Corp. Class A		10,434,672
	15,085	Dish Network Corp. (a)​		113,288
	132,483	Warner Bros Discovery, Inc. (a)​		1,803,094
				14,667,596
Building Material and Garden Equipment and Supplies Dealers - 1.0%
	36,285	Lowe's Companies, Inc.		7,541,112
	3,210	Snap-on, Inc.		832,706
	61,104	The Home Depot, Inc.		18,364,196
				26,738,014
Chemical Manufacturing - 6.2%
	106,047	AbbVie, Inc.		16,025,823
	13,329	Air Products & Chemicals, Inc.		3,923,524
	7,026	Albemarle Corp.		1,303,042
	32,030	Amgen, Inc.		7,678,872
	8,602	Biogen, Inc. (a)​		2,616,987
	9,465	Bio-Techne Corp.		756,064
	127,492	Bristol-Myers Squibb Co.		8,512,641
	10,788	Catalent, Inc. (a)​		540,695
	6,014	Celanese Corp.		638,927
	11,756	CF Industries Holdings, Inc.		841,495
	14,612	Church & Dwight Co., Inc.		1,419,117
	7,383	Clorox Co.		1,222,773
	50,133	Colgate-Palmolive Co.		4,000,613
	27,485	DuPont de Nemours, Inc.		1,916,254
	7,155	Eastman Chemical Co.		602,952
	14,855	Ecolab, Inc.		2,493,263
	47,330	Eli Lilly and Company		18,736,054
	7,509	FMC Corp.		927,962
	74,772	Gilead Sciences, Inc.		6,147,006
	11,109	Incyte Corp. (a)​		826,621
	15,267	International Flavors & Fragrances, Inc.		1,480,288

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

DIREXION SEMI-ANNUAL REPORT
18

Direxion Daily S&P 500^®​ Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
Chemical Manufacturing (continued)
	20,224	Kimberly-Clark Corp.	$	2,930,255
	29,523	Linde PLC ADR (Ireland)		10,907,272
	15,214	LyondellBasell Industries N.V. Class A ADR (Netherlands)		1,439,397
	152,063	Merck & Co., Inc.		17,558,715
	20,420	Mosaic Co.		874,997
	15,238	Organon & Co.		375,312
	336,606	Pfizer, Inc.		13,090,607
	14,077	PPG Industries, Inc.		1,974,440
	141,453	Procter & Gamble Co.		22,120,420
	6,461	Regeneron Pharmaceuticals, Inc. (a)​		5,180,365
	8,634	Sealed Air Corp.		414,346
	15,414	Vertex Pharmaceuticals, Inc. (a)​		5,252,012
	4,440	West Pharmaceutical Services, Inc.		1,603,906
	27,926	Zoetis, Inc.		4,908,832
				171,241,849
Clothing and Clothing Accessories Stores - 0.2%
	69,295	TJX Companies, Inc.		5,461,832
Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 0.1%
	13,702	Bath & Body Works, Inc.		480,940
	20,653	Ross Stores, Inc.		2,204,295
				2,685,235
Computer and Electronic Product Manufacturing - 15.6%
	96,701	Advanced Micro Devices, Inc. (a)​		8,642,168
	17,740	Agilent Technologies, Inc.		2,402,528
	357,175	Alphabet, Inc. Class A (a)​		38,339,164
	311,325	Alphabet, Inc. Class C (a)​		33,691,591
	13,773	AMETEK, Inc.		1,899,710
	35,687	Amphenol Corp. Class A		2,693,298
	30,401	Analog Devices, Inc.		5,468,532
	891,839	Apple, Inc.		151,327,241
	14,815	Arista Networks, Inc. (a)​		2,372,770
	1,260	Bio-Rad Laboratories, Inc. (a)​		567,995
	25,021	Broadcom, Inc.		15,675,656
	246,324	Cisco Systems, Inc.		11,638,809
	39,305	Danaher Corp.		9,311,748
	8,145	Enphase Energy, Inc. (a)​		1,337,409
	38,839	Fortinet, Inc. (a)​		2,448,799
	21,180	Fortive Corp.		1,336,246
	21,802	GE HealthCare Technologies, Inc. (a)​		1,773,375
	14,773	Hologic, Inc. (a)​		1,270,626
	51,844	HP, Inc.		1,540,285
	4,975	IDEXX Laboratories, Inc. (a)​		2,448,496
	9,467	Illumina, Inc. (a)​		1,946,036
	248,067	Intel Corp.		7,704,961
	54,210	International Business Machines Corp.		6,852,686
	10,717	Keysight Technologies, Inc. (a)​		1,550,107
	11,391	L3 Harris Technologies, Inc.		2,222,954
	32,842	Microchip Technology, Inc.		2,397,138
	65,420	Micron Technology, Inc.		4,210,431
	2,694	Monolithic Power Systems, Inc.		1,244,547

Shares			Fair Value
Computer and Electronic Product Manufacturing (continued)
	10,055	Motorola Solutions, Inc.	$	2,930,027
	12,913	NetApp, Inc.		812,099
	8,596	Northrop Grumman Corp.		3,965,077
	147,492	NVIDIA Corp.		40,927,555
	15,567	NXP Semiconductors NV ADR (Netherlands)		2,548,941
	25,907	ON Semiconductor Corp. (a)​		1,864,268
	24,846	Otis Worldwide Corp.		2,119,364
	7,527	PerkinElmer, Inc.		982,198
	6,021	Qorvo, Inc. (a)​		554,414
	66,851	Qualcomm, Inc.		7,808,197
	87,852	Raytheon Technologies Corp.		8,776,415
	6,317	Roper Technologies, Inc.		2,872,845
	11,519	Seagate Technology Holdings PLC ADR (Ireland)		676,972
	9,561	Skyworks Solutions, Inc.		1,012,510
	3,373	SolarEdge Technologies, Inc. (a)​		963,430
	9,332	Teradyne, Inc.		852,758
	54,338	Texas Instruments, Inc.		9,085,314
	23,542	Thermo Fisher Scientific, Inc.		13,063,456
	14,777	Trimble, Inc. (a)​		695,997
	3,532	Waters Corp. (a)​		1,060,871
	19,155	Western Digital Corp. (a)​		659,698
	3,055	Zebra Technologies Corp. Class A (a)​		879,932
				429,427,644
Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.2%
	38,078	Fiserv, Inc. (a)​		4,650,085
Construction of Buildings - 0.2%
	18,709	D.R. Horton, Inc.		2,054,623
	15,193	Lennar Corp. Class A		1,713,922
	145	NVR, Inc. (a)​		846,800
	13,508	PulteGroup, Inc.		907,062
				5,522,407
Couriers and Messengers - 0.4%
	13,939	FedEx Corp.		3,175,026
	43,752	United Parcel Service, Inc. Class B		7,867,047
				11,042,073
Credit Intermediation and Related Activities - 3.7%
	35,728	American Express Co.		5,764,355
	418,565	Bank of America Corp.		12,255,583
	44,134	Bank of New York Mellon Corp.		1,879,667
	22,896	Capital One Financial Corp.		2,227,781
	116,138	Citigroup, Inc.		5,466,616
	29,520	Citizens Financial Group, Inc.		913,349
	7,854	Comerica, Inc.		340,628
	16,003	Discover Financial Services		1,655,830
	35,626	Fidelity National Information Services, Inc.		2,091,959
	40,980	Fifth Third Bancorp		1,073,676
	11,143	First Republic Bank (b)​		39,112
	86,555	Huntington Bancshares, Inc.		969,416

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

DIREXION SEMI-ANNUAL REPORT
19

Direxion Daily S&P 500^®​ Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
Credit Intermediation and Related Activities (continued)
	175,863	JPMorgan Chase & Co.	$	24,311,301
	55,972	KeyCorp		630,245
	10,169	M&T Bank Corp.		1,279,260
	50,579	MasterCard, Inc. Class A		19,221,537
	12,498	Northern Trust Corp.		976,844
	24,088	PNC Financial Services Group, Inc.		3,137,462
	55,981	Regions Financial Corp.		1,022,213
	20,889	State Street Corp.		1,509,439
	26,168	Synchrony Financial		772,218
	79,558	Truist Financial Corp.		2,592,000
	83,527	U.S. Bancorp		2,863,305
	228,484	Wells Fargo & Co.		9,082,239
	8,999	Zions Bancorp		250,712
				102,326,747
Electrical Equipment, Appliance, and Component Manufacturing - 0.3%
	7,615	A.O. Smith Corp.		520,028
	34,233	Emerson Electric Co.		2,850,240
	3,815	Generac Holdings, Inc. (a)​		389,969
	6,850	Rockwell Automation, Inc.		1,941,358
	18,972	TE Connectivity Ltd. ADR (Switzerland)		2,321,604
	3,276	Whirlpool Corp.		457,297
				8,480,496
Electronics and Appliance Stores - 0.0% (†)​
	11,791	Best Buy Co., Inc.		878,665
Fabricated Metal Product Manufacturing - 0.2%
	18,846	Ball Corp.		1,002,230
	15,164	Nucor Corp.		2,247,001
	9,846	Pentair PLC ADR (Ireland)		571,856
	8,894	Stanley Black & Decker, Inc.		767,908
				4,588,995
Food and Beverage Stores - 0.1%
	39,068	Kroger Co.		1,899,877
Food Manufacturing - 0.9%
	32,830	Archer-Daniels-Midland Co.		2,563,366
	9,008	Bunge Ltd. ADR		843,149
	11,997	Campbell Soup Co.		651,437
	35,340	General Mills, Inc.		3,132,184
	17,379	Hormel Foods Corp.		702,807
	15,338	Kellogg Co.		1,070,132
	8,596	Lamb Weston Holdings, Inc.		961,119
	15,040	McCormick & Co, Inc.		1,321,264
	81,754	Mondelez International, Inc.		6,272,167
	8,857	The Hershey Co.		2,418,492
	6,385	The J.M. Smucker Co.		985,908
	47,759	The Kraft Heinz Co.		1,875,496
	17,148	Tyson Foods, Inc. Class A		1,071,579
				23,869,100
Food Services and Drinking Places - 1.0%
	1,666	Chipotle Mexican Grill, Inc. (a)​		3,444,655
	7,295	Darden Restaurants, Inc.		1,108,329
	2,163	Domino's Pizza, Inc.		686,688
	43,888	McDonald's Corp.		12,979,876

Shares			Fair Value
Food Services and Drinking Places (continued)
	68,882	Starbucks Corp.	$	7,872,524
	16,794	Yum! Brands, Inc.		2,360,900
				28,452,972
Funds, Trusts, and Other Financial Vehicles - 0.1%
	9,163	Garmin Ltd. ADR (Switzerland)		899,532
	13,446	T. Rowe Price Group, Inc.		1,510,389
				2,409,921
Gasoline Stations - 0.7%
	106,681	Chevron Corp.		17,984,283
General Merchandise Retailers - 2.7%
	534,586	Amazon.com, Inc. (a)​		56,372,094
	26,615	Costco Wholesale Corp.		13,393,200
	12,495	Dollar Tree, Inc. (a)​		1,920,606
	32,544	eBay, Inc.		1,511,018
	7,495	Etsy, Inc. (a)​		757,220
				73,954,138
General Merchandise Stores - 0.7%
	13,411	Dollar General Corp.		2,970,000
	27,600	Target Corp.		4,353,900
	84,079	Wal-Mart Stores, Inc.		12,693,407
				20,017,307
Health and Personal Care Retailers - 0.1%
	42,948	Walgreens Boots Alliance, Inc.		1,513,917
Health and Personal Care Stores - 0.3%
	77,017	CVS Health Corp.		5,646,116
	3,009	Ulta Salon, Cosmetics & Fragrance, Inc. (a)​		1,659,253
				7,305,369
Hospitals - 0.1%
	12,715	HCA Healthcare, Inc.		3,653,401
	3,853	Universal Health Services, Inc. Class B		579,298
				4,232,699
Insurance Carriers and Related Activities - 4.6%
	33,553	Aflac, Inc.		2,343,677
	15,760	Allstate Corp.		1,824,378
	44,543	American International Group, Inc.		2,362,561
	12,312	Aon PLC ADR (United Kingdom)		4,003,616
	22,198	Arch Capital Group Ltd. ADR (a)​		1,666,404
	12,721	Arthur J. Gallagher & Co.		2,646,731
	3,210	Assurant, Inc.		395,247
	108,020	Berkshire Hathaway, Inc. Class B (a)​		35,489,971
	14,079	Brown & Brown, Inc.		906,547
	33,001	Centene Corp. (a)​		2,274,759
	24,854	Chubb Limited ADR (Switzerland)		5,009,572
	17,928	Cigna Corp.		4,540,983
	9,461	Cincinnati Financial Corp.		1,007,029
	14,337	Elevance Health, Inc.		6,719,035
	2,334	Everest Re Group Ltd. ADR		882,252

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

DIREXION SEMI-ANNUAL REPORT
20

Direxion Daily S&P 500^®​ Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
Insurance Carriers and Related Activities (continued)
	5,454	Globe Life, Inc.	$	591,868
	18,891	Hartford Financial Services Group, Inc.		1,341,072
	7,462	Humana, Inc.		3,958,517
	9,195	Lincoln National Corp.		199,807
	11,702	Loews Corp.		673,684
	29,680	Marsh & McLennan Companies, Inc.		5,348,039
	39,535	MetLife, Inc.		2,424,682
	13,635	Principal Financial Group, Inc.		1,018,398
	35,108	Progressive Corp.		4,788,731
	22,028	Prudential Financial, Inc.		1,916,436
	13,871	Travelers Companies, Inc.		2,512,593
	55,998	UnitedHealth Group, Inc.		27,556,056
	12,231	W.R. Berkley Corp.		720,651
	6,392	Willis Towers Watson PLC ADR (Ireland)		1,480,387
				126,603,683
Leather and Allied Product Manufacturing - 0.4%
	74,703	NIKE, Inc. Class B		9,466,364
	14,147	Tapestry, Inc.		577,339
				10,043,703
Machinery Manufacturing - 1.7%
	50,524	Applied Materials, Inc.		5,710,728
	60,317	Baker Hughes Co.		1,763,669
	49,993	Carrier Global Corp.		2,090,707
	31,187	Caterpillar, Inc.		6,823,716
	8,463	Cummins, Inc.		1,989,144
	16,221	Deere & Co.		6,131,862
	65,353	General Electric Co.		6,467,986
	4,506	IDEX Corp.		929,678
	24,254	Ingersoll Rand, Inc.		1,382,963
	8,053	Lam Research Corp.		4,220,416
	1,288	Mettler-Toledo International, Inc. (a)​		1,921,052
	3,240	Nordson Corp.		700,844
	7,723	Parker Hannifin Corp.		2,509,048
	13,745	Trane Technologies PLC ADR (Ireland)		2,553,959
	10,796	Xylem, Inc.		1,121,057
				46,316,829
Management of Companies and Enterprises - 0.4%
	104,546	Abbott Laboratories		11,549,197
	60,086	Carnival Corp. ADR (Panama) (a)​		553,392
	25,287	Norwegian Cruise Line Holdings Ltd. ADR (a)​		337,581
				12,440,170
Merchant Wholesalers, Durable Goods - 0.6%
	5,176	Cintas Corp.		2,359,066
	25,694	Copart, Inc. (a)​		2,031,111
	34,206	Fastenal Co.		1,841,651
	8,083	Henry Schein, Inc. (a)​		653,187
	2,367	Huntington Ingalls Industries, Inc.		477,329

Shares			Fair Value
Merchant Wholesalers, Durable Goods (continued)
	41,217	Johnson Controls International PLC ADR (Ireland) ADR	$	2,466,425
	8,327	KLA-Tencor Corp.		3,218,719
	15,206	LKQ Corp.		877,842
	3,205	Mohawk Industries, Inc. (a)​		339,410
	2,328	Pool Corp.		817,873
	2,705	W.W. Grainger, Inc.		1,881,517
	15,252	WestRock Co.		456,492
				17,420,622
Merchant Wholesalers, Nondurable Goods - 0.6%
	9,678	AmerisourceBergen Corp.		1,614,774
	10,966	Brown Forman Corp. Class B		713,777
	15,441	Cardinal Health, Inc.		1,267,706
	28,586	ConAgra Brands, Inc.		1,085,125
	16,614	Illinois Tool Works, Inc.		4,019,591
	8,252	McKesson Corp.		3,005,709
	30,437	Sysco Corp.		2,335,735
	14,136	The Sherwin Williams Co.		3,357,865
				17,400,282
Mining (except Oil and Gas) - 0.3%
	85,713	Freeport-McMoRan Copper & Gold, Inc.		3,249,380
	3,753	Martin Marietta Materials, Inc.		1,363,089
	47,550	Newmont Mining Corp.		2,253,870
	7,947	Vulcan Materials Co.		1,391,679
				8,258,018
Miscellaneous Manufacturing - 3.0%
	32,990	3M Co.		3,504,198
	4,374	Align Technology, Inc. (a)​		1,422,862
	30,257	Baxter International, Inc.		1,442,654
	16,997	Becton, Dickinson & Co.		4,492,477
	85,898	Boston Scientific Corp. (a)​		4,477,004
	12,882	Dentsply Sirona, Inc.		540,142
	23,138	DexCom, Inc. (a)​		2,807,565
	8,410	Dover Corp.		1,229,206
	37,055	Edwards Lifesciences Corp. (a)​		3,260,099
	13,904	Estee Lauder Companies, Inc. Class A		3,430,395
	7,813	Hasbro, Inc.		462,686
	4,131	Insulet Corp. (a)​		1,313,823
	21,036	Intuitive Surgical, Inc. (a)​		6,336,464
	156,730	Johnson & Johnson		25,656,701
	79,714	Medtronic PLC ADR (Ireland)		7,249,988
	8,855	ResMed, Inc.		2,133,701
	5,981	Steris PLC ADR (Ireland)		1,127,718
	20,207	Stryker Corp.		6,055,027
	2,818	Teleflex, Inc.		767,961
	12,504	Textron, Inc.		837,018
	2,936	The Cooper Companies, Inc.		1,119,937
	12,552	Zimmer Biomet Holdings, Inc.		1,737,699
				81,405,325
Miscellaneous Store Retailers - 0.1%
	6,657	Tractor Supply Co.		1,587,029

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

DIREXION SEMI-ANNUAL REPORT
21

Direxion Daily S&P 500^®​ Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
Motion Picture and Sound Recording Industries - 0.4%
	26,693	Netflix, Inc. (a)​	$	8,806,822
	9,532	Take-Two Interactive Software, Inc. (a)​		1,184,732
				9,991,554
Motor Vehicle and Parts Dealers - 0.3%
	3,525	Advance Auto Parts, Inc.		442,493
	1,127	AutoZone, Inc. (a)​		3,001,550
	9,492	CarMax, Inc. (a)​		664,725
	3,780	O'Reilly Automotive, Inc. (a)​		3,467,432
				7,576,200
National Security and International Affairs - 0.0% (†)​
	8,241	Leidos Holdings, Inc.		768,556
Nonmetallic Mineral Product Manufacturing - 0.1%
	45,613	Corning, Inc.		1,515,264
Oil and Gas Extraction - 0.7%
	19,256	APA Corp.		709,584
	47,294	Coterra Energy, Inc.		1,210,726
	39,219	Devon Energy Corp.		2,095,471
	49,941	Dominion Energy, Inc.		2,853,629
	35,192	EOG Resources, Inc.		4,204,388
	21,982	EQT Corp.		765,853
	38,080	Marathon Oil Corp.		920,013
	43,600	Occidental Petroleum Corp.		2,682,708
	27,923	Phillips 66		2,764,377
				18,206,749
Paper Manufacturing - 0.0% (†)​
	5,555	Packaging Corp of America		751,369
Performing Arts, Spectator Sports, and Related Industries - 0.2%
	42,695	Activision Blizzard, Inc. (a)​		3,317,829
	15,633	Electronic Arts, Inc.		1,989,768
				5,307,597
Petroleum and Coal Products Manufacturing - 1.6%
	73,383	ConocoPhillips		7,550,377
	246,929	Exxon Mobil Corp.		29,221,578
	27,222	Marathon Petroleum Corp.		3,321,084
	23,096	Valero Energy Corp.		2,648,418
				42,741,457
Pipeline Transportation - 0.1%
	73,023	Williams Companies, Inc.		2,209,676
Plastics and Rubber Products Manufacturing - 0.0% (†)​
	4,885	Avery Dennison Corp.		852,335
	22,543	Newell Rubbermaid, Inc.		273,897
				1,126,232
Primary Metal Manufacturing - 0.1%
	22,038	Howmet Aerospace, Inc.		976,063
	10,005	Steel Dynamics, Inc.		1,040,020
				2,016,083
Professional, Scientific, and Technical Services - 2.8%
	37,715	Accenture PLC Class A ADR (Ireland)		10,571,137
	8,076	CDW Corp.		1,369,609

Shares			Fair Value
Professional, Scientific, and Technical Services (continued)
	3,009	Charles River Laboratories International, Inc. (a)​	$	572,071
	30,498	Cognizant Technology Solutions Corp. Class A		1,821,036
	13,648	DXC Technology Co. (a)​		325,505
	23,838	Eaton Corp PLC ADR (Ireland)		3,983,806
	3,441	EPAM Systems, Inc. (a)​		971,876
	7,998	Extra Space Storage, Inc.		1,216,016
	3,566	F5 Networks, Inc. (a)​		479,128
	21,328	International Paper Co.		706,170
	23,289	Interpublic Group of Companies, Inc.		832,116
	11,138	IQVIA Holdings, Inc. (a)​		2,096,506
	4,390	Jack Henry & Associates, Inc.		717,063
	7,608	Jacobs Solutions, Inc.		878,420
	19,429	Juniper Networks, Inc.		585,784
	16,771	Match Group, Inc. (a)​		618,850
	133,445	Meta Platforms, Inc. (a)​		32,069,502
	19,805	Moderna, Inc. (a)​		2,631,886
	12,154	Omnicom Group, Inc.		1,100,788
	19,222	Paychex, Inc.		2,111,729
	2,881	Paycom Software, Inc. (a)​		836,556
	12,187	ServiceNow, Inc. (a)​		5,598,951
	2,817	Teledyne Technologies, Inc. (a)​		1,167,365
	5,534	VeriSign, Inc. (a)​		1,227,441
	9,382	Verisk Analytics, Inc. Class A		1,821,140
				76,310,451
Publishing Industries - 6.6%
	27,460	Adobe Systems, Inc. (a)​		10,367,798
	5,202	ANSYS, Inc. (a)​		1,633,012
	12,923	Autodesk, Inc. (a)​		2,517,271
	16,438	Cadence Design Systems, Inc. (a)​		3,442,939
	9,189	Ceridian HCM Holding, Inc. (a)​		583,318
	16,847	Intuit, Inc.		7,479,226
	446,345	Microsoft Corp.		137,143,965
	6,375	PTC, Inc. (a)​		801,911
	59,956	Salesforce.com, Inc. (a)​		11,893,472
	9,108	Synopsys, Inc. (a)​		3,381,982
	2,453	Tyler Technologies, Inc. (a)​		929,760
				180,174,654
Publishing Industries (except Internet) - 0.5%
	9,464	Akamai Technologies, Inc. (a)​		775,764
	1,528	Fair Isaac Corp. (a)​		1,112,308
	76,840	Hewlett Packard Enterprise Co.		1,100,349
	22,956	News Corp. Class A		404,255
	7,101	News Corp. Class B		126,043
	34,075	NortonLifeLock, Inc.		602,105
	92,157	Oracle Corp.		8,729,111
				12,849,935
Rail Transportation - 0.4%
	126,062	CSX Corp.		3,862,540
	36,699	Union Pacific Corp.		7,181,994
				11,044,534

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

DIREXION SEMI-ANNUAL REPORT
22

Direxion Daily S&P 500^®​ Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
Real Estate - 1.6%
	9,477	Alexandria Real Estate Equities, Inc.	$	1,176,854
	27,880	American Tower Corp.		5,698,393
	8,419	AvalonBay Communities, Inc.		1,518,535
	8,527	Boston Properties, Inc.		455,001
	6,626	Camden Property Trust		729,191
	18,948	CBRE Group, Inc. Class A (a)​		1,452,554
	25,948	Crown Castle International Corp.		3,193,939
	17,227	Digital Realty Trust, Inc.		1,708,057
	20,452	Equity Residential		1,293,589
	3,875	Essex Property Trust, Inc.		851,454
	4,402	Federal Realty Investment Trust		435,314
	32,815	Healthpeak Properties, Inc.		720,946
	34,800	Invitation Homes, Inc.		1,161,276
	37,066	Kimco Realty Corp.		711,297
	6,883	Mid-America Apartment Communities, Inc.		1,058,605
	55,346	Prologis, Inc.		6,932,086
	9,493	Public Storage		2,798,821
	37,594	Realty Income Corp.		2,362,407
	9,196	Regency Centers Corp.		564,910
	19,595	Simon Property Group, Inc.		2,220,505
	18,558	UDR, Inc.		767,002
	24,020	Ventas, Inc.		1,154,161
	60,148	VICI Properties, Inc.		2,041,423
	28,353	Welltower, Inc.		2,246,125
	43,913	Weyerhaeuser Co.		1,313,438
				44,565,883
Rental and Leasing Services - 0.0% (†)​
	4,123	United Rentals, Inc.		1,488,857
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.9%
	6,282	Ameriprise Financial, Inc.		1,916,764
	9,005	BlackRock, Inc.		6,044,156
	6,318	CBOE Holdings, Inc.		882,625
	91,469	Charles Schwab Corp.		4,778,341
	21,598	CME Group, Inc.		4,012,260
	42,292	Dow, Inc.		2,300,685
	17,127	Franklin Resources, Inc.		460,374
	20,277	Goldman Sachs Group, Inc.		6,963,933
	33,476	IntercontinentalExchange, Inc.		3,646,541
	27,260	Invesco Ltd. ADR (a)​		466,964
	2,260	MarketAxess Holdings, Inc.		719,516
	78,349	Morgan Stanley		7,049,059
	4,787	MSCI, Inc. Class A		2,309,488
	20,325	NASDAQ OMX Group, Inc.		1,125,395
	11,633	Raymond James Financial, Inc.		1,053,135
	19,742	S&P Global, Inc.		7,158,054
				50,887,290
Specialty Trade Contractors - 0.0% (†)​
	8,540	Quanta Services, Inc.		1,448,726
Support Activities for Agriculture and Forestry - 0.1%
	42,703	Corteva, Inc.		2,610,007

Shares			Fair Value
Support Activities for Mining - 0.5%
	11,018	Diamondback Energy, Inc.	$	1,566,760
	54,207	Halliburton Co.		1,775,279
	16,607	Hess Corp.		2,409,011
	14,231	Pioneer Natural Resources Co.		3,095,954
	85,151	Schlumberger Ltd. ADR (Curaco) (a)​		4,202,202
	13,562	Targa Resources Corp.		1,024,338
				14,073,544
Support Activities for Transportation - 0.2%
	7,053	C.H. Robinson Worldwide, Inc.		711,436
	8,889	Expedia, Inc. (a)​		835,210
	9,568	Expeditors International of Washington, Inc.		1,089,221
	4,979	J.B. Hunt Transport Services, Inc.		872,769
	13,655	Norfolk Southern Corp.		2,772,375
				6,281,011
Telecommunications - 1.2%
	427,398	AT&T, Inc.		7,552,123
	5,556	Equinix, Inc.		4,022,988
	67,810	PayPal Holdings, Inc. (a)​		5,153,560
	6,472	SBA Communications Corp.		1,688,480
	35,538	T-Mobile US, Inc. (a)​		5,113,918
	251,837	Verizon Communications, Inc.		9,778,831
				33,309,900
Transportation Equipment Manufacturing - 2.3%
	16,252	Aptiv PLC ADR (United Kingdom) (a)​		1,671,681
	33,717	Boeing Co. (a)​		6,972,001
	14,031	BorgWarner, Inc.		675,312
	234,753	Ford Motor Co.		2,788,866
	13,481	General Dynamics Corp.		2,943,442
	83,613	General Motors Co.		2,762,573
	40,095	Honeywell International, Inc.		8,012,585
	13,618	Lockheed Martin Corp.		6,324,880
	31,308	Paccar, Inc.		2,338,395
	161,265	Tesla Motors, Inc. (a)​		26,497,452
	3,055	TransDigm Group, Inc.		2,337,075
	10,869	Wabtec Corp.		1,061,575
				64,385,837
Truck Transportation - 0.1%
	5,461	Old Dominion Freight Line, Inc.		1,749,650
Utilities - 2.3%
	40,071	AES Corp.		948,080
	15,069	Alliant Energy Corp.		830,905
	15,518	Ameren Corp.		1,380,636
	30,822	American Electric Power Co., Inc.		2,848,569
	11,552	American Water Works Co., Inc.		1,712,584
	8,556	Atmos Energy Corp.		976,582
	37,705	CenterPoint Energy, Inc.		1,148,871
	17,463	CMS Energy Corp.		1,087,246
	21,273	Consolidated Edison, Inc.		2,094,752

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

DIREXION SEMI-ANNUAL REPORT
23

Direxion Daily S&P 500^®​ Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
Utilities (continued)
	19,597	Constellation Energy Corp.	$	1,516,808
	11,629	DTE Energy Co.		1,307,216
	46,171	Duke Energy Corp.		4,565,389
	22,930	Edison International		1,687,648
	12,210	Entergy Corp.		1,313,552
	13,768	Evergy, Inc.		855,130
	20,855	Eversource Energy		1,618,557
	59,557	Exelon Corp.		2,527,599
	5,975	First Solar, Inc. (a)​		1,090,916
	32,584	FirstEnergy Corp.		1,296,843
	118,652	Kinder Morgan, Inc.		2,034,882
	119,142	NextEra Energy, Inc.		9,129,851
	24,329	NiSource, Inc.		692,403
	13,796	NRG Energy, Inc.		471,409
	26,778	Oneok, Inc.		1,751,549
	96,521	PG&E Corp. (a)​		1,651,474
	6,771	Pinnacle West Capital Corp.		531,253
	44,153	PPL Corp.		1,268,074
	29,909	Public Service Enterprise Group, Inc.		1,890,249
	18,854	Sempra Energy		2,931,608
	65,323	Southern Co.		4,804,507
	18,905	WEC Energy Group, Inc.		1,818,094
	32,838	Xcel Energy, Inc.		2,295,705
				62,078,941
Waste Management and Remediation Services - 0.1%
	12,312	Republic Services, Inc.		1,780,561
Water Transportation - 0.0% (†)​
	13,173	Royal Caribbean Cruises Ltd. ADR (Liberia) (a)​		861,909
Web Search Portals, Libraries, Archives, and Other Information Services - 0.1%
	24,383	CoStar Group, Inc. (a)​		1,876,272
Wholesale Electronic Markets and Agents and Brokers - 0.0% (†)​
	8,447	Genuine Parts Co.		1,421,715
Wood Product Manufacturing - 0.0% (†)​
	13,489	Masco Corp.		721,796
		TOTAL COMMON STOCKS (Cost $1,944,765,374)	$	2,088,958,131
SHORT TERM INVESTMENTS - 19.1%
Money Market Funds - 19.1%
	350,072,346	Dreyfus Government Cash Management Institutional Shares, 4.76% (c)(d)​	$	350,072,346
	44,014,130	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (c)​		44,014,130
	47,142	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (c)​		47,142

Shares			Fair Value
Money Market Funds (continued)
	129,190,301	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (c)​	$	129,190,301
		TOTAL SHORT TERM INVESTMENTS (Cost $523,323,919)	$	523,323,919
		TOTAL INVESTMENTS (Cost $2,468,089,293) - 95.2% (e)​	$	2,612,282,050
		Other Assets in Excess of Liabilities - 4.8%		131,402,309
		TOTAL NET ASSETS - 100.0%	$	2,743,684,359

Percentages are stated as a percent of net assets.

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

^(†)​  Less than 0.005%.

^(a)​  Non-income producing security.

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

^(c)​  Represents annualized seven-day yield at April 30, 2023.

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

^(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,838,553,181.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
24

Direxion Daily S&P 500^®​ Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of S&P 500®​ Index	5.4500% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		186,114	$	740,136,409	$	30,783,104
Total return of S&P 500®​ Index	5.3000% representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		163,533		643,574,594		33,770,704
Total return of S&P 500®​ Index	5.2500% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		184,495		725,696,294		37,387,101
Total return of S&P 500®​ Index	5.1500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		203,011		805,427,934		36,099,130
Total return of S&P 500®​ Index	5.1200% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		242,348		962,432,065		42,212,069
Total return of S&P 500®​ Index	5.2500% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		236,366		941,271,889		36,927,361
Total return of S&P 500®​ Index	5.2700% representing 1 month SOFR rate + spread	Barclays	12/20/2023		257,337		1,019,812,857		44,009,844
						$	5,838,352,042	$	261,189,313

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

DIREXION SEMI-ANNUAL REPORT
25

Direxion Daily S&P 500^®​ Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 94.4%
Money Market Funds - 94.4%
	413,418,786	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	413,418,786
	126,872,033	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​		126,872,033
	181,234,057	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (a)​		181,234,057
	345,385,277	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		345,385,277
		TOTAL SHORT TERM INVESTMENTS (Cost $1,066,910,153) (b)​	$	1,066,910,153
		TOTAL INVESTMENTS (Cost $1,066,910,153) - 94.4%	$	1,066,910,153
		Other Assets in Excess of Liabilities - 5.6%		63,712,543
		TOTAL NET ASSETS - 100.0%	$	1,130,622,696

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $787,821,460.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
4.8400% representing 1 month SOFR rate + spread	Total return of S&P 500®​ Index	BNP Paribas	12/5/2023		105,176	$	433,483,498	$	(2,795,467	)
5.1000% representing 1 month SOFR rate + spread	Total return of S&P 500®​ Index	Goldman Sachs	12/7/2023		148,704		607,916,121		(10,210,988	)
5.0500% representing 1 month SOFR rate + spread	Total return of S&P 500®​ Index	Bank of America Merrill Lynch	12/8/2023		127,183		525,516,480		(2,767,765	)
4.9000% representing 1 month SOFR rate + spread	Total return of S&P 500®​ Index	J.P. Morgan	12/12/2023		91,715		377,115,885		(4,435,062	)
4.8000% representing 1 month SOFR rate + spread	Total return of S&P 500®​ Index	UBS Securities LLC	12/13/2023		39,974		165,153,787		(1,284,797	)
5.0500% representing 1 month SOFR rate + spread	Total return of S&P 500®​ Index	Citibank N.A.	12/19/2023		132,240		545,968,079		(4,299,434	)
5.1300% representing 1 month SOFR rate + spread	Total return of S&P 500®​ Index	Barclays	12/20/2023		168,526		693,496,986		(3,781,406	)
						$	3,348,650,836	$	(29,574,919	)

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

DIREXION SEMI-ANNUAL REPORT
26

Direxion Daily Small Cap Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
INVESTMENT COMPANIES - 63.5%
	4,112,765	iShares Russell 2000 ETF (a)​	$	720,556,428
		TOTAL INVESTMENT COMPANIES (Cost $728,926,906)	$	720,556,428
SHORT TERM INVESTMENTS - 41.4%
Money Market Funds - 41.4%
	320,400,267	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	320,400,267
	15,810,002	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (b)​		15,810,002
	133,162,022	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		133,162,022
		TOTAL SHORT TERM INVESTMENTS (Cost $469,372,291)	$	469,372,291
		TOTAL INVESTMENTS (Cost $1,198,299,197) - 104.9% (c)​	$	1,189,928,719
		Liabilities in Excess of Other Assets - (4.9)%		(55,176,437	)
		TOTAL NET ASSETS - 100.0%	$	1,134,752,282

Percentages are stated as a percent of net assets.

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

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

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,018,932,028.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of Russell 2000®​ Index	5.1400% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		293,273	$	517,745,750	$	(4,090,204	)
Total return of Russell 2000®​ Index	4.5500% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		136,193		238,090,500		1,502,870
Total return of Russell 2000®​ Index	5.1000% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		211,936		387,551,592		(16,510,283	)
Total return of Russell 2000®​ Index	5.4200% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		354,042		634,764,977		(14,188,960	)
Total return of Russell 2000®​ Index	5.1500% representing 1 month SOFR rate + spread	Societe Generale	12/18/2023		1,000		1,720,635		41,344
Total return of Russell 2000®​ Index	4.9900% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		296,435		523,576,357		(2,657,182	)
Total return of Russell 2000®​ Index	5.1500% representing 1 month SOFR rate + spread	Barclays	12/20/2023		224,168		405,173,885		(12,279,012	)
						$	2,708,623,696	$	(48,181,427	)

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

DIREXION SEMI-ANNUAL REPORT
27

Direxion Daily Small Cap Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 98.9%
Money Market Funds - 98.9%
	268,640,131	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	268,640,131
	53,030,000	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (a)​		53,030,000
	157,802,036	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		157,802,036
		TOTAL SHORT TERM INVESTMENTS (Cost $479,472,167) (b)​	$	479,472,167
		TOTAL INVESTMENTS (Cost $479,472,167) - 98.9%	$	479,472,167
		Other Assets in Excess of Liabilities - 1.1%		5,438,122
		TOTAL NET ASSETS - 100.0%	$	484,910,289

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $304,910,433.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
4.9400% representing 1 month SOFR rate + spread	Total return of Russell 2000®​ Index	BNP Paribas	12/5/2023		188,873	$	347,426,274	$	15,390,296
4.3500% representing 1 month SOFR rate + spread	Total return of Russell 2000®​ Index	Bank of America Merrill Lynch	12/8/2023		122,169		222,895,694		7,637,245
4.8000% representing 1 month SOFR rate + spread	Total return of Russell 2000®​ Index	J.P. Morgan	12/12/2023		113,201		213,960,814		15,026,800
5.0700% representing 1 month SOFR rate + spread	Total return of Russell 2000®​ Index	UBS Securities LLC	12/13/2023		99,579		185,708,215		10,618,703
4.7800% representing 1 month SOFR rate + spread	Total return of Russell 2000®​ Index	Citibank N.A.	12/19/2023		183,098		339,963,116		18,019,678
4.7500% representing 1 month SOFR rate + spread	Total return of Russell 2000®​ Index	Barclays	12/20/2023		115,448		203,346,342		(245,885	)
						$	1,513,300,455	$	66,446,837

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

DIREXION SEMI-ANNUAL REPORT
28

Direxion Daily FTSE China Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
INVESTMENT COMPANIES - 66.3%
	13,538,306	iShares China Large-Cap ETF (a)​	$	383,540,209
		TOTAL INVESTMENT COMPANIES (Cost $379,456,469)	$	383,540,209
SHORT TERM INVESTMENTS - 39.7%
Money Market Funds - 39.7%
	166,059,639	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	166,059,639
	23,260,000	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (b)​		23,260,000
	40,577,349	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		40,577,349
		TOTAL SHORT TERM INVESTMENTS (Cost $229,896,988)	$	229,896,988
		TOTAL INVESTMENTS (Cost $609,353,457) - 106.0% (c)​	$	613,437,197
		Liabilities in Excess of Other Assets - (6.0)%		(34,473,929	)
		TOTAL NET ASSETS - 100.0%	$	578,963,268

Percentages are stated as a percent of net assets.

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

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

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $444,935,781.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
Total return of iShares China Large-Cap ETF	5.1900% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		11,374,623	$	327,193,686	$	(6,347,223	)
Total return of iShares China Large-Cap ETF	5.3000% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		12,483,162		352,897,381		(3,139,826	)
Total return of iShares China Large-Cap ETF	5.4300% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		11,923,632		341,628,307		(9,173,844	)
Total return of iShares China Large-Cap ETF	5.5500% representing 1 month SOFR rate + spread	Barclays	12/20/2023		11,988,472		351,950,239		(13,892,813	)
						$	1,373,669,613	$	(32,553,706	)

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

DIREXION SEMI-ANNUAL REPORT
29

Direxion Daily FTSE China Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 100.1%
Money Market Funds - 100.1%
	82,206,657	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	82,206,657
	52,727,716	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		52,727,716
		TOTAL SHORT TERM INVESTMENTS (Cost $134,934,373) (b)​	$	134,934,373
		TOTAL INVESTMENTS (Cost $134,934,373) - 100.1%	$	134,934,373
		Liabilities in Excess of Other Assets - (0.1)%		(185,114	)
		TOTAL NET ASSETS - 100.0%	$	134,749,259

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $85,420,527.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
4.8000% representing 1 month SOFR rate + spread	Total return of iShares China Large-Cap ETF	BNP Paribas	12/5/2023		3,031,492	$	92,562,830	$	7,438,011
5.1000% representing 1 month SOFR rate + spread	Total return of iShares China Large-Cap ETF	Bank of America Merrill Lynch	12/8/2023		8,883,543		248,791,525		(1,720,463	)
4.9300% representing 1 month SOFR rate + spread	Total return of iShares China Large-Cap ETF	UBS Securities LLC	12/13/2023		2,354,684		75,546,697		9,869,082
						$	416,901,052	$	15,586,630

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

DIREXION SEMI-ANNUAL REPORT
30

Direxion Daily FTSE Europe Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
INVESTMENT COMPANIES - 43.0%
	244,605	Vanguard FTSE Europe ETF (a)​	$	15,525,079
		TOTAL INVESTMENT COMPANIES (Cost $15,000,100)	$	15,525,079
SHORT TERM INVESTMENTS - 51.3%
Money Market Funds - 51.3%
	12,587,954	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	12,587,954
	3,099,832	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (b)​		3,099,832
	2,840,698	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		2,840,698
		TOTAL SHORT TERM INVESTMENTS (Cost $18,528,484)	$	18,528,484
		TOTAL INVESTMENTS (Cost $33,528,584) - 94.3% (c)​	$	34,053,563
		Other Assets in Excess of Liabilities - 5.7%		2,053,746
		TOTAL NET ASSETS - 100.0%	$	36,107,309

Percentages are stated as a percent of net assets.

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

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

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $22,028,064.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of Vanguard FTSE Europe ETF	5.0900% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		461,795	$	26,642,132	$	2,509,032
Total return of Vanguard FTSE Europe ETF	4.8000% representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		283,717		16,218,953		1,687,209
Total return of Vanguard FTSE Europe ETF	5.2500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		278,617		16,230,456		1,306,409
Total return of Vanguard FTSE Europe ETF	5.5400% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		131,382		7,791,422		491,136
Total return of Vanguard FTSE Europe ETF	5.2000% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		306,555		17,673,075		1,648,858
						$	84,556,038	$	7,642,644

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

DIREXION SEMI-ANNUAL REPORT
31

Direxion Daily MSCI Emerging Markets Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
INVESTMENT COMPANIES - 2.8%
	62,284	iShares MSCI Emerging Markets ETF (a)​	$	2,437,173
		TOTAL INVESTMENT COMPANIES (Cost $2,614,721)	$	2,437,173
SHORT TERM INVESTMENTS - 101.9%
Money Market Funds - 101.9%
	46,391,918	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	46,391,918
	43,578,304	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		43,578,304
		TOTAL SHORT TERM INVESTMENTS (Cost $89,970,222)	$	89,970,222
		TOTAL INVESTMENTS (Cost $92,584,943) - 104.7% (c)​	$	92,407,395
		Liabilities in Excess of Other Assets - (4.7)%		(4,083,179	)
		TOTAL NET ASSETS - 100.0%	$	88,324,216

Percentages are stated as a percent of net assets.

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

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

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $55,034,549.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of iShares MSCI Emerging Markets ETF	5.1500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		2,655,764	$	103,095,647	$	298,716
Total return of iShares MSCI Emerging Markets ETF	5.4000% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		1,728,458		66,634,056		(11,961	)
Total return of iShares MSCI Emerging Markets ETF	5.0900% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		2,325,123		94,442,586		(4,585,552	)
						$	264,172,289	$	(4,298,797	)

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

DIREXION SEMI-ANNUAL REPORT
32

Direxion Daily MSCI Emerging Markets Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 102.5%
Money Market Funds - 102.5%
	17,638,567	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	17,638,567
	14,477,262	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		14,477,262
		TOTAL SHORT TERM INVESTMENTS (Cost $32,115,829) (b)​	$	32,115,829
		TOTAL INVESTMENTS (Cost $32,115,829) - 102.5%	$	32,115,829
		Liabilities in Excess of Other Assets - (2.5)%		(773,434	)
		TOTAL NET ASSETS - 100.0%	$	31,342,395

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $19,101,393.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
4.5000% representing 1 month SOFR rate + spread	Total return of iShares MSCI Emerging Markets ETF	J.P. Morgan	12/12/2023		1,264,562	$	47,255,105	$	(1,963,965	)
4.9300% representing 1 month SOFR rate + spread	Total return of iShares MSCI Emerging Markets ETF	UBS Securities LLC	12/13/2023		724,752		29,020,993		874,424
4.8400% representing 1 month SOFR rate + spread	Total return of iShares MSCI Emerging Markets ETF	Citibank N.A.	12/19/2023		413,663		17,270,101		1,287,147
						$	93,546,199	$	197,606

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

DIREXION SEMI-ANNUAL REPORT
33

Direxion Daily MSCI Mexico Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
INVESTMENT COMPANIES - 44.1%
	137,328	iShares MSCI Mexico ETF (a)(b)​	$	8,360,529
		TOTAL INVESTMENT COMPANIES (Cost $7,063,318)	$	8,360,529
SHORT TERM INVESTMENTS - 77.2%
Money Market Funds - 77.2%
	9,010,871	Dreyfus Government Cash Management Institutional Shares, 4.76% (c)(d)​	$	9,010,871
	2,109,720	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (c)​		2,109,720
	1,230,000	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (c)​		1,230,000
	2,296,190	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (c)​		2,296,190
		TOTAL SHORT TERM INVESTMENTS (Cost $14,646,781)	$	14,646,781
		TOTAL INVESTMENTS (Cost $21,710,099) - 121.3% (e)​	$	23,007,310
		Liabilities in Excess of Other Assets - (21.3)%		(4,040,884	)
		TOTAL NET ASSETS - 100.0%	$	18,966,426

Percentages are stated as a percent of net assets.

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

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

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

^(c)​  Represents annualized seven-day yield at April 30, 2023.

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

^(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $7,864,259.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of iShares MSCI Mexico ETF	4.3000% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		222,450	$	11,574,103	$	1,851,980
Total return of iShares MSCI Mexico ETF	5.3500% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		248,353		12,574,112		2,303,595
Total return of iShares MSCI Mexico ETF	5.5500% representing 1 month SOFR rate + spread	Barclays	12/20/2023		110,000		5,726,570		965,306
Total return of iShares MSCI Mexico ETF	5.3000% representing 1 month SOFR rate + spread	Goldman Sachs	2/21/2024		216,482		12,445,033		673,744
						$	42,319,818	$	5,794,625

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

DIREXION SEMI-ANNUAL REPORT
34

Direxion Daily MSCI South Korea Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
INVESTMENT COMPANIES - 51.4%
	234,575	iShares MSCI South Korea ETF (a)​	$	14,231,665
		TOTAL INVESTMENT COMPANIES (Cost $13,889,242)	$	14,231,665
SHORT TERM INVESTMENTS - 51.6%
Money Market Funds - 51.6%
	4,329,000	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	4,329,000
	290,000	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (b)​		290,000
	9,654,220	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		9,654,220
		TOTAL SHORT TERM INVESTMENTS (Cost $14,273,220)	$	14,273,220
		TOTAL INVESTMENTS (Cost $28,162,462) - 103.0% (c)​	$	28,504,885
		Liabilities in Excess of Other Assets - (3.0)%		(818,855	)
		TOTAL NET ASSETS - 100.0%	$	27,686,030

Percentages are stated as a percent of net assets.

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

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

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $20,530,164.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of iShares MSCI South Korea ETF	5.3000% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		172,020	$	10,102,632	$	185,928
Total return of iShares MSCI South Korea ETF	5.2500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		329,148		19,198,269		598,918
Total return of iShares MSCI South Korea ETF	5.2500% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		570,267		35,042,002		(703,813	)
Total return of iShares MSCI South Korea ETF	5.4500% representing 1 month SOFR rate + spread	Barclays	12/20/2023		63,006		3,979,331		(214,182	)
						$	68,322,234	$	(133,149	)

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

DIREXION SEMI-ANNUAL REPORT
35

Direxion Daily Aerospace & Defense Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 65.6%
Administrative and Support Services - 0.1%
	3,419	V2X, Inc. (a)​	$	147,701
Computer and Electronic Product Manufacturing - 21.5%
	23,616	Aerojet Rocketdyne Holdings, Inc. (a)​		1,332,178
	24,344	L3 Harris Technologies, Inc.		4,750,732
	18,100	Mercury Computer Systems, Inc. (a)​		862,827
	8,945	Moog, Inc. Class A		806,034
	10,881	Northrop Grumman Corp.		5,019,079
	235,698	Raytheon Technologies Corp.		23,546,230
				36,317,080
Credit Intermediation and Related Activities - 0.1%
	14,296	Smith & Wesson Brands, Inc.		171,838
Electrical Equipment, Appliance, and Component Manufacturing - 2.6%
	21,058	Axon Enterprise, Inc. (a)​		4,437,131
Fabricated Metal Product Manufacturing - 3.7%
	28,416	BWX Technologies, Inc.		1,835,105
	11,934	Curtiss-Wright Corp.		2,026,751
	9,040	RBC Bearings, Inc. (a)​		2,052,171
	5,504	Sturm, Ruger & Co, Inc.		316,810
				6,230,837
Merchant Wholesalers, Durable Goods - 2.7%
	26,255	Hexcel Corp.		1,892,460
	12,414	Huntington Ingalls Industries, Inc.		2,503,407
	8,727	Kaman Corp.		192,605
				4,588,472
Miscellaneous Manufacturing - 2.6%
	65,033	Textron, Inc.		4,353,309
Primary Metal Manufacturing - 3.0%
	114,697	Howmet Aerospace, Inc.		5,079,930
Professional, Scientific, and Technical Services - 1.0%
	23,262	Maxar Technologies, Inc.		1,226,373
	10,317	Parsons Corp. (a)​		448,789
				1,675,162
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.3%
	67,814	Rocket Lab USA, Inc. (a)​		265,831
	74,405	Virgin Galactic Holdings, Inc. (a)(b)​		270,834
				536,665
Textile Mills - 0.1%
	1,583	National Presto Industries, Inc.		107,676
Transportation Equipment Manufacturing - 27.9%
	10,195	AAR Corp. (a)​		538,092
	7,837	AeroVironment, Inc. (a)​		789,108
	44,279	Archer Aviation, Inc. (a)​		87,673
	90,474	Boeing Co. (a)​		18,708,214
	22,294	General Dynamics Corp.		4,867,672
	21,594	HEICO Corp.		2,898,563
	12,314	HEICO Corp. Class A		2,076,633

Shares			Fair Value
Transportation Equipment Manufacturing (continued)
	39,236	Kratos Defense & Security Solutions, Inc. (a)​	$	506,144
	18,596	Lockheed Martin Corp.		8,636,912
	32,786	Spirit AeroSystems Holdings, Inc.		975,711
	6,621	TransDigm Group, Inc.		5,065,065
	20,251	Triumph Group, Inc. (a)​		218,913
	18,607	Woodward, Inc.		1,786,644
				47,155,344
		TOTAL COMMON STOCKS (Cost $104,517,929)	$	110,801,145
SHORT TERM INVESTMENTS - 33.6%
Money Market Funds - 33.6%
	44,039,383	Dreyfus Government Cash Management Institutional Shares, 4.76% (c)(d)​	$	44,039,383
	1	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (c)​		1
	12,686,036	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (c)​		12,686,036
		TOTAL SHORT TERM INVESTMENTS (Cost $56,725,420)	$	56,725,420
		TOTAL INVESTMENTS (Cost $161,243,349) - 99.2% (e)​	$	167,526,565
		Other Assets in Excess of Liabilities - 0.8%		1,381,844
		TOTAL NET ASSETS - 100.0%	$	168,908,409

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

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

^(c)​  Represents annualized seven-day yield at April 30, 2023.

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

^(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $133,263,214.

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

DIREXION SEMI-ANNUAL REPORT
36

Direxion Daily Aerospace & Defense Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of Dow Jones U.S. Select Aerospace & Defense Index	5.5900% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		3,531	$	97,664,106	$	2,499,103
Total return of Dow Jones U.S. Select Aerospace & Defense Index	5.2500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		4,051		114,024,892		1,540,222
Total return of Dow Jones U.S. Select Aerospace & Defense Index	5.3500% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		6,157		173,661,132		1,131,306
						$	385,350,130	$	5,170,631

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

DIREXION SEMI-ANNUAL REPORT
37

Direxion Daily Consumer Discretionary Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 76.1%
Accommodation - 3.1%
	1,385	Caesars Entertainment Inc. (a)​	$	62,727
	1,720	Hilton Worldwide Holdings, Inc.		247,714
	2,121	Las Vegas Sands Corp. (a)​		135,426
	1,737	Marriott International, Inc. Class A		294,144
	2,031	MGM Resorts International		91,232
				831,243
Administrative and Support Services - 2.5%
	250	Booking Holdings, Inc. (a)​		671,579
Amusement, Gambling, and Recreation Industries - 0.3%
	666	Wynn Resorts Ltd. (a)​		76,110
Apparel Manufacturing - 0.3%
	265	Ralph Lauren Corp.		30,420
	2,132	VF Corp.		50,123
				80,543
Building Material and Garden Equipment and Supplies Dealers - 10.2%
	3,903	Lowe's Companies, Inc.		811,161
	6,297	The Home Depot, Inc.		1,892,500
				2,703,661
Clothing and Clothing Accessories Stores - 2.2%
	7,458	TJX Companies, Inc.		587,840
Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 1.1%
	1,474	Bath & Body Works, Inc.		51,737
	2,223	Ross Stores, Inc.		237,261
				288,998
Construction of Buildings - 2.3%
	2,017	D.R. Horton, Inc.		221,507
	1,636	Lennar Corp. Class A		184,557
	20	NVR, Inc. (a)​		116,800
	1,456	PulteGroup, Inc.		97,771
				620,635
Electrical Equipment, Appliance, and Component Manufacturing - 0.2%
	352	Whirlpool Corp.		49,136
Electronics and Appliance Stores - 0.4%
	1,271	Best Buy Co., Inc.		94,715
Food Services and Drinking Places - 9.8%
	178	Chipotle Mexican Grill, Inc. (a)​		368,037
	786	Darden Restaurants, Inc.		119,417
	228	Domino's Pizza, Inc.		72,383
	3,225	McDonald's Corp.		953,794
	7,418	Starbucks Corp.		847,803
	1,807	Yum! Brands, Inc.		254,028
				2,615,462
Funds, Trusts, and Other Financial Vehicles - 0.4%
	990	Garmin Ltd. ADR (Switzerland)		97,188

Shares			Fair Value
General Merchandise Retailers - 18.7%
	44,894	Amazon.com, Inc. (a)​	$	4,734,072
	3,502	eBay, Inc.		162,598
	811	Etsy, Inc. (a)​		81,935
				4,978,605
Health and Personal Care Stores - 0.7%
	328	Ulta Salon, Cosmetics & Fragrance, Inc. (a)​		180,869
Leather and Allied Product Manufacturing - 3.9%
	7,697	NIKE, Inc. Class B		975,364
	1,524	Tapestry, Inc.		62,194
				1,037,558
Management of Companies and Enterprises - 0.4%
	6,468	Carnival Corp. ADR (Panama) (a)​		59,570
	2,720	Norwegian Cruise Line Holdings Ltd. ADR (a)​		36,312
				95,882
Merchant Wholesalers, Durable Goods - 0.8%
	1,638	LKQ Corp.		94,562
	340	Mohawk Industries, Inc. (a)​		36,006
	252	Pool Corp.		88,532
				219,100
Miscellaneous Manufacturing - 0.2%
	838	Hasbro, Inc.		49,626
Miscellaneous Store Retailers - 0.6%
	713	Tractor Supply Co.		169,979
Motor Vehicle and Parts Dealers - 3.1%
	382	Advance Auto Parts, Inc.		47,952
	121	AutoZone, Inc. (a)​		322,260
	1,020	CarMax, Inc. (a)​		71,431
	402	O'Reilly Automotive, Inc. (a)​		368,759
				810,402
Plastics and Rubber Products Manufacturing - 0.1%
	2,429	Newell Rubbermaid, Inc.		29,512
Support Activities for Transportation - 0.3%
	954	Expedia, Inc. (a)​		89,638
Transportation Equipment Manufacturing - 13.5%
	1,749	Aptiv PLC ADR (United Kingdom) (a)​		179,902
	1,511	BorgWarner, Inc.		72,724
	25,271	Ford Motor Co.		300,220
	9,001	General Motors Co.		297,393
	16,618	Tesla Motors, Inc. (a)​		2,730,504
				3,580,743
Water Transportation - 0.3%
	1,417	Royal Caribbean Cruises Ltd. ADR (Liberia) (a)​		92,714

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

DIREXION SEMI-ANNUAL REPORT
38

Direxion Daily Consumer Discretionary Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
Wholesale Electronic Markets and Agents and Brokers - 0.6%
	910	Genuine Parts Co.	$	153,162
		TOTAL COMMON STOCKS (Cost $19,934,167)	$	20,204,900
SHORT TERM INVESTMENTS - 24.5%
Money Market Funds - 24.5%
	2,991,217	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	2,991,217
	280,079	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (b)​		280,079
	3,229,768	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		3,229,768
		TOTAL SHORT TERM INVESTMENTS (Cost $6,501,064)	$	6,501,064
		TOTAL INVESTMENTS (Cost $26,435,231) - 100.5% (c)​	$	26,705,964
		Liabilities in Excess of Other Assets - (0.5)%		(149,353	)
		TOTAL NET ASSETS - 100.0%	$	26,556,611

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $18,589,142.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of Consumer Discretionary Select Sector Index	5.2500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		19,383	$	28,282,247	$	531,901
Total return of Consumer Discretionary Select Sector Index	5.4000% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		15,722		21,144,596		2,055,917
Total return of Consumer Discretionary Select Sector Index	5.3500% representing 1 month SOFR rate + spread	Barclays	12/20/2023		4,718		7,244,202		(263,299	)
						$	56,671,045	$	2,324,519

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

DIREXION SEMI-ANNUAL REPORT
39

Direxion Daily Dow Jones Internet Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 72.5%
Administrative and Support Services - 1.9%
	29,534	Cloudflare, Inc. (a)​	$	1,389,575
	37,094	Teladoc Health, Inc. (a)​		984,104
				2,373,679
Computer and Electronic Product Manufacturing - 13.8%
	51,276	Alphabet, Inc. Class A (a)​		5,503,966
	44,704	Alphabet, Inc. Class C (a)​		4,837,867
	16,348	Arista Networks, Inc. (a)​		2,618,296
	98,878	Cisco Systems, Inc.		4,671,985
				17,632,114
Data Processing, Hosting and Related Services - 2.1%
	22,151	Airbnb, Inc. (a)​		2,650,810
General Merchandise Retailers - 10.0%
	87,527	Amazon.com, Inc. (a)​		9,229,722
	45,800	eBay, Inc.		2,126,494
	14,289	Etsy, Inc. (a)​		1,443,618
				12,799,834
Motion Picture and Sound Recording Industries - 3.4%
	13,280	Netflix, Inc. (a)​		4,381,470
Nonstore Retailers - 1.4%
	28,708	DoorDash, Inc. (a)​		1,756,643
Other Information Services - 1.2%
	64,921	Pinterest, Inc. (a)​		1,493,183
Professional, Scientific, and Technical Services - 16.3%
	24,013	Ciena Corp. (a)​		1,105,558
	19,557	GoDaddy, Inc. (a)​		1,480,074
	44,438	Juniper Networks, Inc.		1,339,806
	37,323	Match Group, Inc. (a)​		1,377,219
	34,175	Meta Platforms, Inc. (a)​		8,212,936
	42,474	Nutanix, Inc. (a)​		1,018,526
	129,773	Snap, Inc. (a)​		1,130,323
	17,821	Snowflake, Inc. (a)​		2,638,933
	13,277	Workday, Inc. (a)​		2,471,381
				20,774,756
Publishing Industries - 3.9%
	25,419	Salesforce.com, Inc. (a)​		5,042,367
Publishing Industries (except Internet) - 7.7%
	19,929	Akamai Technologies, Inc. (a)​		1,633,580
	33,856	Box, Inc. (a)​		895,830
	36,504	Confluent, Inc. (a)​		803,088
	24,885	Datadog, Inc. (a)​		1,676,751
	52,628	Dropbox, Inc. (a)​		1,070,453
	44,532	Fastly, Inc. (a)​		658,183
	11,811	Veeva Systems, Inc. (a)​		2,115,114
	47,032	ZoomInfo Technologies, Inc. (a)​		1,030,471
				9,883,470
Real Estate - 1.4%
	324,593	Opendoor Technologies, Inc. (a)​		447,938
	8,422	Zillow Group, Inc. Class A (a)​		360,293
	23,572	Zillow Group, Inc. Class C (a)​		1,026,325
				1,834,556

Shares			Fair Value
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.3%
	89,045	CommScope Holding Co., Inc. (a)​	$	438,992
Software - 4.1%
	11,944	Atlassian Corp. (a)​		1,763,651
	23,823	DocuSign, Inc. (a)​		1,177,809
	18,154	Okta, Inc. (a)​		1,244,094
	24,479	Smartsheet, Inc. (a)​		1,000,457
				5,186,011
Support Activities for Transportation - 1.2%
	15,834	Expedia, Inc. (a)​		1,487,763
Telecommunications - 3.8%
	45,119	PayPal Holdings, Inc. (a)​		3,429,044
	23,959	Zoom Video Communications, Inc. (a)​		1,471,801
				4,900,845
		TOTAL COMMON STOCKS (Cost $89,234,362)	$	92,636,493
SHORT TERM INVESTMENTS - 29.3%
Money Market Funds - 29.3%
	20,100,441	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	20,100,441
	17,334,926	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		17,334,926
		TOTAL SHORT TERM INVESTMENTS (Cost $37,435,367)	$	37,435,367
		TOTAL INVESTMENTS (Cost $126,669,729) - 101.8% (c)​	$	130,071,860
		Liabilities in Excess of Other Assets - (1.8)%		(2,245,059	)
		TOTAL NET ASSETS - 100.0%	$	127,826,801

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $104,012,409.

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

DIREXION SEMI-ANNUAL REPORT
40

Direxion Daily Dow Jones Internet Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of Dow Jones Internet Composite Index	4.9000% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		174,763	$	113,315,176	$	(590,809	)
Total return of Dow Jones Internet Composite Index	5.2500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		86,010		52,315,375		2,802,877
Total return of Dow Jones Internet Composite Index	5.0500% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		94,315		54,268,948		6,064,185
Total return of Dow Jones Internet Composite Index	5.1000% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		93,452		54,335,715		5,479,381
						$	274,235,214	$	13,755,634

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

DIREXION SEMI-ANNUAL REPORT
41

Direxion Daily Dow Jones Internet Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 96.6%
Money Market Funds - 96.6%
	20,883,562	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	20,883,562
	22,228,582	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		22,228,582
		TOTAL SHORT TERM INVESTMENTS (Cost $43,112,144) (b)​	$	43,112,144
		TOTAL INVESTMENTS (Cost $43,112,144) - 96.6%	$	43,112,144
		Other Assets in Excess of Liabilities - 3.4%		1,509,145
		TOTAL NET ASSETS - 100.0%	$	44,621,289

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $26,608,153.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
4.7000% representing 1 month SOFR rate + spread	Total return of Dow Jones Internet Composite Index	Bank of America Merrill Lynch	12/8/2023		117,313	$	75,427,098	$	(388,052	)
4.8500% representing 1 month SOFR rate + spread	Total return of Dow Jones Internet Composite Index	UBS Securities LLC	12/13/2023		40,963		25,945,903		(360,189	)
4.8000% representing 1 month SOFR rate + spread	Total return of Dow Jones Internet Composite Index	Citibank N.A.	12/19/2023		14,537		9,207,059		(150,566	)
5.0000% representing 1 month SOFR rate + spread	Total return of Dow Jones Internet Composite Index	J.P. Morgan	1/23/2024		33,636		22,168,080		484,189
						$	132,748,140	$	(414,618	)

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

DIREXION SEMI-ANNUAL REPORT
42

Direxion Daily Financial Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 65.4%
Administrative and Support Services - 6.6%
	9,612	FactSet Research System, Inc.	$	3,957,164
	18,537	FleetCor Technologies, Inc. (a)​		3,965,435
	39,582	Moody's Corp.		12,393,916
	408,279	Visa, Inc. Class A		95,018,772
				115,335,287
Amusement, Gambling, and Recreation Industries - 0.4%
	66,111	Global Payments, Inc.		7,451,371
Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 1.1%
	159,563	Fiserv, Inc. (a)​		19,485,833
Credit Intermediation and Related Activities - 24.4%
	149,588	American Express Co.		24,134,528
	1,753,684	Bank of America Corp.		51,347,867
	184,810	Bank of New York Mellon Corp.		7,871,058
	95,812	Capital One Financial Corp.		9,322,508
	486,658	Citigroup, Inc.		22,906,992
	123,735	Citizens Financial Group, Inc.		3,828,361
	32,916	Comerica, Inc.		1,427,567
	67,082	Discover Financial Services		6,940,974
	149,104	Fidelity National Information Services, Inc.		8,755,387
	171,714	Fifth Third Bancorp		4,498,907
	46,678	First Republic Bank (b)​		163,840
	362,596	Huntington Bancshares, Inc.		4,061,075
	737,005	JPMorgan Chase & Co.		101,883,571
	234,514	KeyCorp		2,640,628
	42,537	M&T Bank Corp.		5,351,155
	211,993	MasterCard, Inc. Class A		80,563,700
	52,371	Northern Trust Corp.		4,093,317
	100,755	PNC Financial Services Group, Inc.		13,123,339
	234,686	Regions Financial Corp.		4,285,366
	87,692	State Street Corp.		6,336,624
	109,804	Synchrony Financial		3,240,316
	333,382	Truist Financial Corp.		10,861,585
	350,054	U.S. Bancorp		11,999,851
	957,421	Wells Fargo & Co.		38,057,485
	37,597	Zions Bancorp		1,047,452
				428,743,453
Funds, Trusts, and Other Financial Vehicles - 0.4%
	56,348	T. Rowe Price Group, Inc.		6,329,571
Insurance Carriers and Related Activities - 19.5%
	140,667	Aflac, Inc.		9,825,590
	66,092	Allstate Corp.		7,650,810
	186,687	American International Group, Inc.		9,901,878
	51,604	Aon PLC ADR (United Kingdom)		16,780,589
	92,937	Arch Capital Group Ltd. ADR (a)​		6,976,781
	53,293	Arthur J. Gallagher & Co.		11,088,142
	13,272	Assurant, Inc.		1,634,181
	452,700	Berkshire Hathaway, Inc. Class B (a)​		148,734,585

Shares			Fair Value
Insurance Carriers and Related Activities (continued)
	59,056	Brown & Brown, Inc.	$	3,802,616
	104,280	Chubb Limited ADR (Switzerland)		21,018,677
	39,500	Cincinnati Financial Corp.		4,204,380
	9,843	Everest Re Group Ltd. ADR		3,720,654
	22,733	Globe Life, Inc.		2,466,985
	79,177	Hartford Financial Services Group, Inc.		5,620,775
	38,699	Lincoln National Corp.		840,929
	49,003	Loews Corp.		2,821,103
	124,379	Marsh & McLennan Companies, Inc.		22,411,852
	165,591	MetLife, Inc.		10,155,696
	57,181	Principal Financial Group, Inc.		4,270,849
	146,962	Progressive Corp.		20,045,617
	92,464	Prudential Financial, Inc.		8,044,368
	58,077	Travelers Companies, Inc.		10,520,068
	51,185	W.R. Berkley Corp.		3,015,820
	26,819	Willis Towers Watson PLC ADR (Ireland)		6,211,280
				341,764,225
Professional, Scientific, and Technical Services - 0.2%
	18,329	Jack Henry & Associates, Inc.		2,993,859
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 11.6%
	26,456	Ameriprise Financial, Inc.		8,072,255
	37,620	BlackRock, Inc.		25,250,544
	26,660	CBOE Holdings, Inc.		3,724,402
	383,257	Charles Schwab Corp.		20,021,346
	90,392	CME Group, Inc.		16,792,122
	71,651	Franklin Resources, Inc.		1,925,979
	85,084	Goldman Sachs Group, Inc.		29,221,249
	140,419	IntercontinentalExchange, Inc.		15,295,842
	114,285	Invesco Ltd. ADR (a)​		1,957,702
	9,458	MarketAxess Holdings, Inc.		3,011,144
	328,281	Morgan Stanley		29,535,441
	20,099	MSCI, Inc. Class A		9,696,762
	85,173	NASDAQ OMX Group, Inc.		4,716,029
	48,702	Raymond James Financial, Inc.		4,408,992
	82,705	S&P Global, Inc.		29,987,179
				203,616,988
Telecommunications - 1.2%
	284,257	PayPal Holdings, Inc. (a)​		21,603,532
		TOTAL COMMON STOCKS (Cost $1,093,844,104)	$	1,147,324,119

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

DIREXION SEMI-ANNUAL REPORT
43

Direxion Daily Financial Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 40.8%
Money Market Funds - 40.8%
	492,541,661	Dreyfus Government Cash Management Institutional Shares, 4.76% (c)(d)​	$	492,541,661
	3,303,172	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (c)​		3,303,172
	68,511,294	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (c)​		68,511,294
	152,104,577	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (c)​		152,104,577
		TOTAL SHORT TERM INVESTMENTS (Cost $716,460,704)	$	716,460,704
		TOTAL INVESTMENTS (Cost $1,810,304,808) - 106.2% (e)​	$	1,863,784,823
		Liabilities in Excess of Other Assets - (6.2)%		(108,980,279	)
		TOTAL NET ASSETS - 100.0%	$	1,754,804,544

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

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

^(c)​  Represents annualized seven-day yield at April 30, 2023.

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

^(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,502,732,618.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of Financials Select Sector Index	5.6900% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		1,375,000	$	571,374,419	$	(16,355,850	)
Total return of Financials Select Sector Index	5.3500% representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		1,291,561		504,529,047		21,814,500
Total return of Financials Select Sector Index	5.5000% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		798,170		345,748,575		(23,529,677	)
Total return of Financials Select Sector Index	5.3000% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		1,584,880		624,416,785		21,508,440
Total return of Financials Select Sector Index	5.3900% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		1,394,003		573,663,945		(7,073,011	)
Total return of Financials Select Sector Index	5.4500% representing 1 month SOFR rate + spread	Societe Generale	12/18/2023		7,000		2,987,138		(167,952	)
Total return of Financials Select Sector Index	5.4000% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		1,617,000		695,503,176		(42,732,374	)
Total return of Financials Select Sector Index	5.3500% representing 1 month SOFR rate + spread	Barclays	12/20/2023		2,005,414		855,770,316		(46,420,844	)
						$	4,173,993,401	$	(92,956,768	)

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

DIREXION SEMI-ANNUAL REPORT
44

Direxion Daily Financial Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 105.8%
Money Market Funds - 105.8%
	67,884,438	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	67,884,438
	28,104,237	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​		28,104,237
	80,664,013	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		80,664,013
		TOTAL SHORT TERM INVESTMENTS (Cost $176,652,688) (b)​	$	176,652,688
		TOTAL INVESTMENTS (Cost $176,652,688) - 105.8%	$	176,652,688
		Liabilities in Excess of Other Assets - (5.8)%		(9,606,082	)
		TOTAL NET ASSETS - 100.0%	$	167,046,606

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $116,459,355.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
5.0500% representing 1 month SOFR rate + spread	Total return of Financials Select Sector Index	Goldman Sachs	12/7/2023		328,880	$	130,759,808	$	(3,553,855	)
5.3000% representing 1 month SOFR rate + spread	Total return of Financials Select Sector Index	Bank of America Merrill Lynch	12/8/2023		616,309		265,780,565		16,808,244
5.0500% representing 1 month SOFR rate + spread	Total return of Financials Select Sector Index	J.P. Morgan	12/12/2023		137,185		57,996,510		2,480,934
5.1500% representing 1 month SOFR rate + spread	Total return of Financials Select Sector Index	UBS Securities LLC	12/13/2023		115,718		51,208,906		4,263,934
4.8000% representing 1 month SOFR rate + spread	Total return of Financials Select Sector Index	Societe Generale	12/18/2023		28,000		10,713,177		(698,590	)
						$	516,458,966	$	19,300,667

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

DIREXION SEMI-ANNUAL REPORT
45

Direxion Daily Healthcare Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 73.0%
Ambulatory Health Care Services - 1.0%
	1,536	DaVita, Inc. (a)​	$	138,793
	2,475	Laboratory Corp. of America Holdings		561,107
	1,631	Molina Healthcare, Inc. (a)​		485,858
	3,102	Quest Diagnostics, Inc.		430,589
	33,890	Viatris, Inc.		316,194
				1,932,541
Chemical Manufacturing - 26.6%
	49,421	AbbVie, Inc.		7,468,501
	14,922	Amgen, Inc.		3,577,400
	4,024	Biogen, Inc. (a)​		1,224,221
	4,394	Bio-Techne Corp.		350,993
	59,416	Bristol-Myers Squibb Co.		3,967,206
	5,033	Catalent, Inc. (a)​		252,254
	22,039	Eli Lilly and Company		8,724,359
	34,848	Gilead Sciences, Inc.		2,864,854
	5,171	Incyte Corp. (a)​		384,774
	70,853	Merck & Co., Inc.		8,181,396
	7,109	Organon & Co.		175,095
	156,868	Pfizer, Inc.		6,100,597
	3,005	Regeneron Pharmaceuticals, Inc. (a)​		2,409,379
	7,185	Vertex Pharmaceuticals, Inc. (a)​		2,448,145
	2,069	West Pharmaceutical Services, Inc.		747,406
	13,025	Zoetis, Inc.		2,289,534
				51,166,114
Computer and Electronic Product Manufacturing - 8.4%
	8,268	Agilent Technologies, Inc.		1,119,735
	601	Bio-Rad Laboratories, Inc. (a)​		270,925
	18,317	Danaher Corp.		4,339,481
	10,147	GE HealthCare Technologies, Inc. (a)​		825,357
	6,890	Hologic, Inc. (a)​		592,609
	2,315	IDEXX Laboratories, Inc. (a)​		1,139,350
	4,395	Illumina, Inc. (a)​		903,436
	3,531	PerkinElmer, Inc.		460,760
	10,960	Thermo Fisher Scientific, Inc.		6,081,704
	1,660	Waters Corp. (a)​		498,598
				16,231,955
Health & Personal Care Stores - 1.4%
	35,884	CVS Health Corp.		2,630,656
Hospitals - 1.0%
	5,925	HCA Healthcare, Inc.		1,702,430
	1,793	Universal Health Services, Inc. Class B		269,578
				1,972,008
Insurance Carriers and Related Activities - 10.9%
	15,391	Centene Corp. (a)​		1,060,902
	8,347	Cigna Corp.		2,114,211

Shares			Fair Value
Insurance Carriers and Related Activities (continued)
	6,674	Elevance Health, Inc.	$	3,127,770
	3,492	Humana, Inc.		1,852,471
	26,111	UnitedHealth Group, Inc.		12,848,962
				21,004,316
Machinery Manufacturing - 0.5%
	618	Mettler-Toledo International, Inc. (a)​		921,747
Management of Companies and Enterprises - 2.8%
	48,726	Abbott Laboratories		5,382,761
Merchant Wholesalers, Durable Goods - 0.2%
	3,789	Henry Schein, Inc. (a)​		306,189
Merchant Wholesalers, Nondurable Goods - 1.4%
	4,523	AmerisourceBergen Corp.		754,663
	7,200	Cardinal Health, Inc.		591,120
	3,827	McKesson Corp.		1,393,946
				2,739,729
Miscellaneous Manufacturing - 17.5%
	2,030	Align Technology, Inc. (a)​		660,359
	14,103	Baxter International, Inc.		672,431
	7,934	Becton, Dickinson & Co.		2,097,036
	40,026	Boston Scientific Corp. (a)​		2,086,155
	6,006	Dentsply Sirona, Inc.		251,832
	10,799	DexCom, Inc. (a)​		1,310,351
	17,277	Edwards Lifesciences Corp. (a)​		1,520,030
	1,941	Insulet Corp. (a)​		617,316
	9,791	Intuitive Surgical, Inc. (a)​		2,949,245
	73,062	Johnson & Johnson		11,960,249
	37,172	Medtronic PLC ADR (Ireland)		3,380,793
	4,104	ResMed, Inc.		988,900
	2,775	Steris PLC ADR (Ireland)		523,226
	9,422	Stryker Corp.		2,823,302
	1,311	Teleflex, Inc.		357,274
	1,379	The Cooper Companies, Inc.		526,020
	5,864	Zimmer Biomet Holdings, Inc.		811,812
				33,536,331
Professional, Scientific, and Technical Services - 1.3%
	1,422	Charles River Laboratories International, Inc. (a)​		270,351
	5,190	IQVIA Holdings, Inc. (a)​		976,914
	9,233	Moderna, Inc. (a)​		1,226,973
				2,474,238
		TOTAL COMMON STOCKS (Cost $142,834,115)	$	140,298,585

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

DIREXION SEMI-ANNUAL REPORT
46

Direxion Daily Healthcare Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 30.7%
Money Market Funds - 30.7%
	13,782,127	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	13,782,127
	4,535,855	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (b)​		4,535,855
	40,577,815	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		40,577,815
		TOTAL SHORT TERM INVESTMENTS (Cost $58,895,797)	$	58,895,797
		TOTAL INVESTMENTS (Cost $201,729,912) - 103.7% (c)​	$	199,194,382
		Liabilities in Excess of Other Assets - (3.7)%		(7,083,003	)
		TOTAL NET ASSETS - 100.0%	$	192,111,379

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $172,540,863.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of Health Care Select Sector Index	5.2500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		183,300	$	249,138,780	$	(4,172,374	)
Total return of Health Care Select Sector Index	5.4400% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		69,809		90,354,329		3,404,888
Total return of Health Care Select Sector Index	5.4000% representing 1 month SOFR rate + spread	Barclays	12/20/2023		70,208		97,146,995		(3,801,676	)
						$	436,640,104	$	(4,569,162	)

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

DIREXION SEMI-ANNUAL REPORT
47

Direxion Daily Homebuilders & Supplies Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 64.3%
Building Material and Garden Equipment and Supplies Dealers - 5.5%
	25,610	Lowe's Companies, Inc.	$	5,322,526
	26,430	MasterBrand, Inc. (a)​		213,290
	17,671	The Home Depot, Inc.		5,310,843
				10,846,659
Construction of Buildings - 38.1%
	17,147	Beazer Homes USA, Inc. (a)​		365,403
	16,456	Century Communities, Inc.		1,108,147
	181,838	D.R. Horton, Inc.		19,969,449
	15,806	Green Brick Partners , Inc. (a)​		589,090
	47,498	KB Home		2,081,362
	8,417	Lennar Corp.		823,351
	147,537	Lennar Corp. Class A		16,643,649
	11,926	LGI Homes, Inc. (a)​		1,416,809
	33,791	M.D.C Holdings, Inc.		1,384,417
	15,960	M/I Homes, Inc. (a)​		1,079,534
	21,281	Meritage Homes Corp.		2,725,032
	1,761	NVR, Inc. (a)​		10,284,240
	131,274	PulteGroup, Inc.		8,815,049
	63,046	Taylor Morrison Home Corp. (a)​		2,716,652
	59,838	Toll Brothers, Inc.		3,824,247
	58,721	TRI Pointe Group, Inc. (a)​		1,684,118
				75,510,549
Fabricated Metal Product Manufacturing - 0.7%
	12,365	PGT Innovations, Inc. (a)​		317,286
	8,779	Simpson Manufacturing Company, Inc.		1,104,223
				1,421,509
Furniture and Related Product Manufacturing - 0.1%
	3,426	American Woodmark Corp. (a)​		173,081
Furniture, Home Furnishings, Electronics, and Appliance Retailers - 1.2%
	4,702	Ethan Allen Interiors, Inc.		131,327
	21,870	Floor & Decor Holdings, Inc. (a)​		2,172,566
				2,303,893
Machinery Manufacturing - 0.1%
	23,948	Hayward Holdings, Inc. (a)​		288,334
Management of Companies and Enterprises - 0.3%
	22,367	AZEK Company, Inc. (a)​		607,040
Merchant Wholesalers, Durable Goods - 5.8%
	10,461	Beacon Roofing Supply, Inc. (a)​		629,543
	30,333	Builders FirstSource, Inc. (a)​		2,874,659
	26,430	Fortune Brands Home & Security, Inc.		1,709,757
	27,327	Leggett & Platt, Inc.		882,935
	6,651	Lennox International, Inc.		1,874,983
	6,037	Lumber Liquidators Holdings, Inc. (a)​		19,862
	10,866	Mohawk Industries, Inc. (a)​		1,150,709
	6,855	Watsco, Inc.		2,374,435
				11,516,883
Merchant Wholesalers, Nondurable Goods - 2.8%
	23,412	The Sherwin Williams Co.		5,561,286

Shares			Fair Value
Nonmetallic Mineral Product Manufacturing - 1.7%
	7,429	Eagle Materials, Inc.	$	1,101,052
	19,261	Owens Corning		2,057,267
	6,850	Quanex Building Products Corp.		130,835
				3,289,154
Specialty Trade Contractors - 3.0%
	13,648	Installed Building Products, Inc.		1,696,037
	18,606	TopBuild Corp. (a)​		4,195,281
				5,891,318
Wood Product Manufacturing - 5.0%
	4,706	Cavco Industries, Inc. (a)​		1,412,835
	17,382	JELD-WEN Holding, Inc. (a)​		222,142
	14,778	Louisiana-Pacific Corp.		882,838
	46,413	Masco Corp.		2,483,560
	4,592	Masonite International Corp. ADR (a)​		419,755
	30,874	Skyline Champion Corp. (a)​		2,289,925
	22,617	Trex Company, Inc. (a)​		1,236,245
	12,701	UFP Industries, Inc.		997,282
				9,944,582
		TOTAL COMMON STOCKS (Cost $109,198,673)	$	127,354,288
SHORT TERM INVESTMENTS - 31.7%
Money Market Funds - 31.7%
	33,435,949	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	33,435,949
	451,238	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (b)​		451,238
	28,933,613	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		28,933,613
		TOTAL SHORT TERM INVESTMENTS (Cost $62,820,800)	$	62,820,800
		TOTAL INVESTMENTS (Cost $172,019,473) - 96.0% (c)​	$	190,175,088
		Other Assets in Excess of Liabilities - 4.0%		7,870,157
		TOTAL NET ASSETS - 100.0%	$	198,045,245

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $143,961,720.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
48

Direxion Daily Homebuilders & Supplies Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of Dow Jones U.S. Select Home Construction Index	5.5900% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		3,148	$	39,036,349	$	3,368,038
Total return of Dow Jones U.S. Select Home Construction Index	5.3500% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		7,893		95,157,401		11,237,336
Total return of Dow Jones U.S. Select Home Construction Index	5.3500% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		11,548		156,488,508		(1,578,371	)
Total return of Dow Jones U.S. Select Home Construction Index	5.3000% representing 1 month SOFR rate + spread	Barclays	12/20/2023		11,859		127,700,386		31,179,160
						$	418,382,644	$	44,206,163

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

DIREXION SEMI-ANNUAL REPORT
49

Direxion Daily Industrials Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 68.1%
Administrative and Support Services - 5.1%
	419	Allegion PLC ADR (Ireland)	$	46,291
	1,974	Automatic Data Processing, Inc.		434,280
	561	Broadridge Financial Solutions, Inc.		81,575
	584	Equifax, Inc.		121,694
	513	Robert Half International, Inc.		37,449
	1,103	Rollins, Inc.		46,602
	1,770	Waste Management, Inc.		293,908
				1,061,799
Air Transportation - 1.6%
	608	Alaska Air Group, Inc. (a)​		26,424
	3,100	American Airlines Group, Inc. (a)​		42,284
	3,056	Delta Air Lines, Inc. (a)​		104,851
	2,832	Southwest Airlines Co.		85,781
	1,558	United Continental Holdings, Inc. (a)​		68,241
				327,581
Building Material and Garden Equipment and Supplies Dealers - 0.3%
	253	Snap-on, Inc.		65,631
Computer and Electronic Product Manufacturing - 7.8%
	1,094	AMETEK, Inc.		150,896
	1,682	Fortive Corp.		106,117
	907	L3 Harris Technologies, Inc.		177,001
	686	Northrop Grumman Corp.		316,431
	1,977	Otis Worldwide Corp.		168,638
	6,981	Raytheon Technologies Corp.		697,402
				1,616,485
Couriers and Messengers - 4.2%
	1,106	FedEx Corp.		251,925
	3,478	United Parcel Service, Inc. Class B		625,379
				877,304
Electrical Equipment, Appliance, and Component Manufacturing - 2.2%
	605	A.O. Smith Corp.		41,316
	2,723	Emerson Electric Co.		226,717
	302	Generac Holdings, Inc. (a)​		30,870
	547	Rockwell Automation, Inc.		155,025
				453,928
Fabricated Metal Product Manufacturing - 0.5%
	784	Pentair PLC ADR (Ireland)		45,535
	705	Stanley Black & Decker, Inc.		60,869
				106,404
Machinery Manufacturing - 12.5%
	3,975	Carrier Global Corp.		166,234
	2,480	Caterpillar, Inc.		542,624
	673	Cummins, Inc.		158,182
	1,289	Deere & Co.		487,268
	5,191	General Electric Co.		513,753
	359	IDEX Corp.		74,069
	1,930	Ingersoll Rand, Inc.		110,049
	256	Nordson Corp.		55,375
	611	Parker Hannifin Corp.		198,502

Shares			Fair Value
Machinery Manufacturing (continued)
	1,092	Trane Technologies PLC ADR (Ireland)	$	202,904
	859	Xylem, Inc.		89,199
				2,598,159
Merchant Wholesalers, Durable Goods - 4.3%
	412	Cintas Corp.		187,777
	2,043	Copart, Inc. (a)​		161,499
	2,720	Fastenal Co.		146,445
	190	Huntington Ingalls Industries, Inc.		38,316
	3,275	Johnson Controls International PLC ADR (Ireland)		195,976
	214	W.W. Grainger, Inc.		148,852
				878,865
Merchant Wholesalers, Nondurable Goods - 1.5%
	1,323	Illinois Tool Works, Inc.		320,087
Miscellaneous Manufacturing - 2.1%
	2,623	3M Co.		278,615
	666	Dover Corp.		97,343
	995	Textron, Inc.		66,605
				442,563
National Security and International Affairs - 0.3%
	651	Leidos Holdings, Inc.		60,712
Primary Metal Manufacturing - 0.4%
	1,755	Howmet Aerospace, Inc.		77,729
Professional, Scientific, and Technical Services - 3.7%
	1,895	Eaton Corp PLC ADR (Ireland)		316,692
	604	Jacobs Solutions, Inc.		69,738
	1,529	Paychex, Inc.		167,976
	230	Paycom Software, Inc. (a)​		66,785
	745	Verisk Analytics, Inc. Class A		144,612
				765,803
Publishing Industries - 0.2%
	733	Ceridian HCM Holding, Inc. (a)​		46,531
Rail Transportation - 4.2%
	10,018	CSX Corp.		306,952
	2,916	Union Pacific Corp.		570,661
				877,613
Rental and Leasing Services - 0.6%
	331	United Rentals, Inc.		119,527
Specialty Trade Contractors - 0.6%
	681	Quanta Services, Inc.		115,525
Support Activities for Transportation - 2.1%
	561	C.H. Robinson Worldwide, Inc.		56,588
	758	Expeditors International of Washington, Inc.		86,291
	395	J.B. Hunt Transport Services, Inc.		69,239
	1,085	Norfolk Southern Corp.		220,288
				432,406
Transportation Equipment Manufacturing - 11.5%
	2,680	Boeing Co. (a)​		554,170
	1,072	General Dynamics Corp.		234,061
	3,184	Honeywell International, Inc.		636,291
	1,083	Lockheed Martin Corp.		502,999

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

DIREXION SEMI-ANNUAL REPORT
50

Direxion Daily Industrials Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
Transportation Equipment Manufacturing (continued)
	2,487	Paccar, Inc.	$	185,754
	247	TransDigm Group, Inc.		188,955
	867	Wabtec Corp.		84,680
				2,386,910
Truck Transportation - 0.7%
	432	Old Dominion Freight Line, Inc.		138,408
Waste Management and Remediation Services - 0.7%
	979	Republic Services, Inc.		141,583
Web Search Portals, Libraries, Archives, and Other Information Services - 0.7%
	1,938	CoStar Group, Inc. (a)​		149,129
Wood Product Manufacturing - 0.3%
	1,073	Masco Corp.		57,416
		TOTAL COMMON STOCKS (Cost $15,281,688)	$	14,118,098
SHORT TERM INVESTMENTS - 32.7%
Money Market Funds - 32.7%
	1,885,112	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	1,885,112
	3,270,000	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (b)​		3,270,000
	1,631,397	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		1,631,397
		TOTAL SHORT TERM INVESTMENTS (Cost $6,786,509)	$	6,786,509
		TOTAL INVESTMENTS (Cost $22,068,197) - 100.8% (c)​	$	20,904,607
		Liabilities in Excess of Other Assets - (0.8)%		(166,473	)
		TOTAL NET ASSETS - 100.0%	$	20,738,134

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $16,746,418.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of Industrials Select Sector Index	5.2500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		16,096	$	16,033,846	$	91,587
Total return of Industrials Select Sector Index	5.3000% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		12,629		12,757,555		(198,802	)
Total return of Industrials Select Sector Index	5.1500% representing 1 month SOFR rate + spread	Barclays	12/20/2023		18,977		19,027,623		(98,852	)
						$	47,819,024	$	(206,067	)

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

DIREXION SEMI-ANNUAL REPORT
51

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 66.4%
Administrative and Support Services - 3.0%
	7,961	Royalty Pharma PLC ADR (United Kingdom)	$	279,829
Ambulatory Health Care Services - 6.0%
	4,513	Axsome Therapeutics, Inc. (a)​		322,815
	26,350	Viatris, Inc.		245,845
				568,660
Chemical Manufacturing - 48.7%
	5,749	Aclaris Therapeutics, Inc. (a)​		51,109
	1,110	Amphastar Pharmaceuticals, Inc. (a)​		39,705
	439	ANI Pharmaceuticals, Inc. (a)​		16,559
	4,010	Bristol-Myers Squibb Co.		267,748
	4,293	Cara Therapeutics, Inc. (a)​		18,030
	9,167	Cassava Sciences, Inc. (a)(b)​		212,858
	3,880	Catalent, Inc. (a)​		194,465
	2,499	Collegium Pharmaceutical, Inc. (a)​		58,152
	4,347	Corcept Therapeutics, Inc. (a)​		97,938
	6,017	CymaBay Therapeutics, Inc. (a)​		64,743
	27,534	Elanco Animal Health, Inc. (a)​		260,747
	836	Eli Lilly and Company		330,939
	13,287	Esperion Therapeutics, Inc. (a)​		17,539
	3,795	Harmony Biosciences Holdings, Inc. (a)​		122,351
	4,515	Innoviva, Inc. (a)​		52,961
	4,313	Intra-Cellular Therapies, Inc. (a)​		268,053
	1,966	Jazz Pharmaceuticals PLC ADR (Ireland) (a)​		276,164
	915	Ligand Pharmaceuticals, Inc. (a)​		69,860
	2,447	Merck & Co., Inc.		282,555
	11,618	Organon & Co.		286,151
	3,498	Pacira Pharmaceuticals, Inc. (a)​		158,494
	7,235	Perrigo Co. PLC ADR (Ireland)		269,070
	6,690	Pfizer, Inc.		260,174
	2,477	Pliant Therapeutics, Inc. (a)​		69,975
	1,724	Prestige Consumer Healthcare, Inc. (a)​		106,078
	7,049	Revance Therapeutics, Inc. (a)​		224,370
	2,498	Supernus Pharmaceuticals, Inc. (a)​		92,076
	2,927	Theravance Biopharma, Inc. ADR (a)​		31,699
	3,851	Ventyx Biosciences, Inc. (a)​		144,798
	1,631	Zoetis, Inc.		286,697
				4,632,058
Computer and Electronic Product Manufacturing - 0.2%
	3,003	Ocular Therapeutix, Inc. (a)​		18,619
Merchant Wholesalers, Nondurable Goods - 1.6%
	5,451	Amylxy Pharmaceuticals, Inc. (a)​		154,808
Miscellaneous Manufacturing - 3.0%
	1,738	Johnson & Johnson		284,511

Shares			Fair Value
Professional, Scientific, and Technical Services - 3.9%
	3,703	Arvinas, Inc. (a)​	$	97,056
	2,763	DICE Therapeutics, Inc. (a)​		89,798
	1,854	Reata Pharmaceuticals, Inc. (a)​		183,286
				370,140
		TOTAL COMMON STOCKS (Cost $6,493,988)	$	6,308,625
SHORT TERM INVESTMENTS - 33.6%
Money Market Funds - 33.6%
	978,531	Dreyfus Government Cash Management Institutional Shares, 4.76% (c)(d)​	$	978,531
	550,595	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (c)​		550,595
	1,662,382	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (c)​		1,662,382
		TOTAL SHORT TERM INVESTMENTS (Cost $3,191,508)	$	3,191,508
		TOTAL INVESTMENTS (Cost $9,685,496) - 100.0% (e)​	$	9,500,133
		Other Assets in Excess of Liabilities - 0.0% (†)​		3,427
		TOTAL NET ASSETS - 100.0%	$	9,503,560

Percentages are stated as a percent of net assets.

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

^(†)​  Less than 0.05%.

^(a)​  Non-income producing security.

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

^(c)​  Represents annualized seven-day yield at April 30, 2023.

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

^(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $6,289,577.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
52

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of S&P Pharmaceuticals Select Industry Index	5.4400% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		1,178	$	5,570,394	$	94,334
Total return of S&P Pharmaceuticals Select Industry Index	5.2500% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		1,775		8,587,313		(118,029	)
Total return of S&P Pharmaceuticals Select Industry Index	5.4000% representing 1 month SOFR rate + spread	Barclays	12/20/2023		1,635		7,897,842		(118,972	)
						$	22,055,549	$	(142,667	)

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

DIREXION SEMI-ANNUAL REPORT
53

Direxion Daily Real Estate Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 76.6%
Accommodation - 1.0%
	30,044	Host Hotels & Resorts, Inc.	$	485,811
Administrative and Support Services - 1.4%
	12,216	Iron Mountain, Inc.		674,812
Professional, Scientific, and Technical Services - 1.8%
	5,625	Extra Space Storage, Inc.		855,225
Real Estate - 64.2%
	6,618	Alexandria Real Estate Equities, Inc.		821,823
	19,563	American Tower Corp.		3,998,482
	5,875	AvalonBay Communities, Inc.		1,059,674
	5,995	Boston Properties, Inc.		319,893
	4,624	Camden Property Trust		508,871
	13,275	CBRE Group, Inc. Class A (a)​		1,017,662
	18,189	Crown Castle International Corp.		2,238,884
	12,083	Digital Realty Trust, Inc.		1,198,029
	14,309	Equity Residential		905,044
	2,716	Essex Property Trust, Inc.		596,787
	3,075	Federal Realty Investment Trust		304,087
	22,976	Healthpeak Properties, Inc.		504,783
	24,404	Invitation Homes, Inc.		814,362
	25,989	Kimco Realty Corp.		498,729
	4,851	Mid-America Apartment Communities, Inc.		746,084
	38,785	Prologis, Inc.		4,857,821
	6,639	Public Storage		1,957,376
	26,352	Realty Income Corp.		1,655,960
	6,469	Regency Centers Corp.		397,391
	13,739	Simon Property Group, Inc.		1,556,903
	12,992	UDR, Inc.		536,959
	16,809	Ventas, Inc.		807,672
	42,172	VICI Properties, Inc.		1,431,318
	19,851	Welltower, Inc.		1,572,596
	30,786	Weyerhaeuser Co.		920,809
				31,227,999
Telecommunications - 8.2%
	3,890	Equinix, Inc.		2,816,671
	4,533	SBA Communications Corp.		1,182,615
				3,999,286
		TOTAL COMMON STOCKS (Cost $40,126,504)	$	37,243,133

Shares			Fair Value
SHORT TERM INVESTMENTS - 27.5%
Money Market Funds - 27.5%
	4,214,560	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	4,214,560
	9,162,594	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		9,162,594
		TOTAL SHORT TERM INVESTMENTS (Cost $13,377,154)	$	13,377,154
		TOTAL INVESTMENTS (Cost $53,503,658) - 104.1% (c)​	$	50,620,287
		Liabilities in Excess of Other Assets - (4.1)%		(1,981,564	)
		TOTAL NET ASSETS - 100.0%	$	48,638,723

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $43,261,350.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of Real Estate Select Sector Index	4.8500% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		360,749	$	69,135,083	$	(2,470,899	)
Total return of Real Estate Select Sector Index	5.0500% representing 1 month SOFR rate + spread	J.P. Morgan	1/8/2024		225,924		40,387,835		1,400,687
						$	109,522,918	$	(1,070,212	)

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

DIREXION SEMI-ANNUAL REPORT
54

Direxion Daily Real Estate Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 102.2%
Money Market Funds - 102.2%
	96,491,771	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	96,491,771
	77,787,625	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		77,787,625
		TOTAL SHORT TERM INVESTMENTS (Cost $174,279,396) (b)​	$	174,279,396
		TOTAL INVESTMENTS (Cost $174,279,396) - 102.2%	$	174,279,396
		Liabilities in Excess of Other Assets - (2.2)%		(3,711,961	)
		TOTAL NET ASSETS - 100.0%	$	170,567,435

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $108,913,538.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
4.6500% representing 1 month SOFR rate + spread	Total return of Real Estate Select Sector Index	Bank of America Merrill Lynch	12/8/2023		1,164,687	$	223,917,575	$	8,357,205
4.5500% representing 1 month SOFR rate + spread	Total return of Real Estate Select Sector Index	J.P. Morgan	12/12/2023		484,384		88,216,631		(1,358,011	)
4.6000% representing 1 month SOFR rate + spread	Total return of Real Estate Select Sector Index	UBS Securities LLC	12/13/2023		1,113,353		207,506,089		1,754,021
						$	519,640,295	$	8,753,215

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

DIREXION SEMI-ANNUAL REPORT
55

Direxion Daily Regional Banks Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 76.6%
Credit Intermediation and Related Activities - 70.2%
	8,118	1st Source Corp.	$	338,358
	31,959	Amalgamated Financial Corp.		520,292
	10,845	Amerant Bancorp, Inc.		201,717
	61,414	Ameris Bancorp		2,057,369
	230,780	Associated Banc-Corp		4,114,807
	44,864	Atlantic Union Bankshares Corp.		1,284,008
	54,786	Axos Financial, Inc. (a)​		2,228,147
	15,416	BancFirst Corp.		1,231,584
	30,184	Bank of Hawaii Corp.		1,461,811
	7,496	Bank of Marin Bancorp		132,154
	166,304	Bank OZK		5,940,379
	141,161	BankUnited, Inc.		3,183,181
	29,095	Banner Corp.		1,452,422
	49,721	Berkshire Hills Bancorp, Inc.		1,057,566
	32,437	BOK Financial Corp.		2,720,491
	108,435	Brookline Bancorp, Inc.		1,034,470
	220,095	Cadence Bank		4,450,321
	7,213	Camden National Corp.		230,455
	146,114	Capitol Federal Financial, Inc.		905,907
	55,962	Cathay General Bancorp		1,783,509
	310,453	Citizens Financial Group, Inc.		9,605,416
	11,702	City Holding Co.		1,067,105
	10,660	Coastal Financial Corp. (a)​		386,425
	259,880	Columbia Banking System, Inc.		5,551,037
	69,764	Commerce Bancshares, Inc.		3,896,319
	37,787	Community Bank System, Inc.		1,887,838
	9,459	Community Trust Bancorp, Inc.		340,619
	26,611	ConnectOne Bancorp, Inc.		419,922
	91,015	Customers Bancorp, Inc. (a)​		1,987,768
	115,936	CVB Financial Corp.		1,735,562
	21,070	Dime Community Bancshares, Inc.		434,042
	33,431	Eagle Bancorp, Inc.		839,118
	154,404	East West Bancorp, Inc.		7,981,143
	133,216	Eastern Bankshares, Inc.		1,551,966
	22,043	Enterprise Financial Services Corp.		942,559
	372,932	F.N.B. Corp.		4,281,259
	24,183	FB Financial Corp.		711,706
	6,542	Financial Institutions, Inc.		114,354
	30,242	First Bancorp		930,849
	226,114	First BanCorp ADR		2,656,839
	24,606	First Bancshares, Inc.		617,611
	25,539	First Busey Corp.		464,299
	95,587	First Commonwealth Financial Corp.		1,192,926
	54,266	First Financial Bancorp		1,123,306
	77,925	First Financial Bankshares, Inc.		2,280,085
	7,937	First Financial Corp.		274,223
	100,259	First Hawaiian, Inc.		1,915,949
	531,977	First Horizon National Corp.		9,336,196
	30,620	First Merchants Corp.		893,492
	130,738	First Republic Bank (b)​		458,890
	27,215	Flushing Finanicial Corp.		327,396
	163,212	Fulton Financial Corp.		1,947,119
	74,853	Glacier Bancorp, Inc.		2,487,365
	3,711	Great Southern Bancorp, Inc.		188,816
	90,449	Hancock Holding Co.		3,303,197
	29,111	Hanmi Financial Corp. Class A		470,434

Shares			Fair Value
Credit Intermediation and Related Activities (continued)
	26,043	HarborOne Bancorp, Inc.	$	279,962
	24,834	Heartland Financial USA, Inc.		808,595
	46,524	Heritage Commerce Corp.		395,454
	37,355	Heritage Financial Corp.		657,822
	57,540	Hilltop Holdings, Inc.		1,784,891
	25,963	HomeStreet, Inc.		253,399
	135,809	Hope Bancorp, Inc.		1,235,862
	30,154	Horizon Bancorp, Inc.		317,522
	799,706	Huntington Bancshares, Inc.		8,956,707
	40,654	Independent Bank Corp. (Massachusetts)		2,276,624
	16,765	Independent Bank Corp. (Michigan)		298,752
	25,262	Independent Bank Group, Inc.		919,032
	40,843	International Bancshares Corp.		1,742,771
	41,404	Kearny Financial Corp.		322,537
	32,560	Lakeland Bancorp, Inc.		466,910
	17,603	Lakeland Financial Corp.		891,944
	48,972	Live Oak Bancshares, Inc.		1,153,780
	81,170	M&T Bank Corp.		10,211,186
	5,398	Mercantile Bank Corp.		151,468
	38,871	Meta Financial Group, Inc.		1,730,926
	10,882	Midland States Bancorp, Inc.		217,640
	34,874	NBT Bancorp, Inc.		1,124,338
	1,450,736	New York Community Bancorp, Inc.		15,508,368
	5,366	Nicolet Bankshares, Inc. (a)​		307,525
	112,895	Northwest Bancshares, Inc.		1,319,743
	38,580	OceanFirst Financial Corp.		617,280
	34,345	OFG Bancorp ADR		878,202
	293,263	Old National Bancorp		3,932,657
	28,457	Old Second Bancorp, Inc.		349,736
	16,944	Origin Bancorp, Inc.		498,662
	80,436	Pacific Premier Bancorp, Inc.		1,788,897
	439,376	PacWest Bancorp (b)​		4,459,666
	7,942	Park National Corp.		860,277
	11,672	Peapack-Gladstone Financial Corp.		310,008
	19,427	Peoples Bancorp, Inc.		506,268
	107,312	Pinnacle Financial Partners, Inc.		5,819,530
	98,827	Popular, Inc. ADR		5,930,608
	16,548	Preferred Bank		795,628
	22,014	Premier Financial Corp.		365,653
	91,388	Prosperity Bancshares, Inc.		5,722,717
	65,623	Provident Financial Services, Inc.		1,147,090
	527,260	Regions Financial Corp.		9,627,768
	36,435	Renasant Corp.		1,024,552
	25,487	S&T Bancorp, Inc.		701,657
	43,949	Sandy Spring Bancorp, Inc.		987,973
	127,160	Seacoast Banking Corp. of Florida		2,821,680
	91,984	Simmons First National Corp.		1,537,053
	16,312	Southside Bancshares, Inc.		517,580
	26,457	Stellar Bancorp, Inc.		606,924
	229,685	Synovus Financial Corp.		7,074,298
	65,038	Texas Capital Bancshares, Inc. (a)​		3,268,159
	48,114	The Bancorp, Inc. (a)​		1,535,318
	6,159	Tompkins Financial Corp.		361,041

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

DIREXION SEMI-ANNUAL REPORT
56

Direxion Daily Regional Banks Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
Credit Intermediation and Related Activities (continued)
	27,922	Towne Bank	$	661,472
	12,413	TriCo Bancshares		444,510
	31,357	Triumph Bancorp, Inc. (a)​		1,629,310
	275,272	Truist Financial Corp.		8,968,362
	14,728	TrustCo Bank Corp. NY		439,483
	64,703	Trustmark Corp.		1,545,755
	34,838	UMB Financial Corp.		2,216,045
	91,048	United Bankshares, Inc.		3,016,420
	92,512	United Community Banks, Inc.		2,303,549
	15,277	Univest Corp. of Pennsylvania		307,373
	532,749	Valley National Bancorp		4,997,186
	75,166	Washington Federal, Inc.		2,107,655
	14,054	Washington Trust Bancorp, Inc.		395,058
	189,386	Webster Financial Corp.		7,064,098
	27,500	WesBanco, Inc.		732,050
	34,174	Westamerica Bancorp		1,384,389
	214,994	Western Alliance Bancorp		7,980,577
	78,202	Wintrust Financial Corp.		5,346,671
	43,461	WSFS Financial Corp.		1,528,523
	264,957	Zions Bancorp		7,381,702
				288,762,926
Management of Companies and Enterprises - 6.2%
	67,608	Banc of California, Inc.		767,351
	16,607	Byline Bancorp, Inc.		321,345
	27,508	Central Pacific Financial Corp.		436,827
	23,655	Colmombia Financial, Inc. (a)​		396,931
	72,633	Cullen/Frost Bankers, Inc.		8,007,788
	91,584	First Foundation, Inc.		576,063
	105,584	First Interstate BancSystem, Inc.		2,701,895
	128,178	Home Bancshares, Inc.		2,790,435
	19,727	Metropolitan Bank Holding Corp. (a)​		633,039
	50,281	National Bank Holdings Corp.		1,598,936
	34,143	ServisFirst Bancshares, Inc.		1,724,222
	67,680	South State Corp.		4,668,566
	59,061	Veritex Holdings, Inc.		1,016,440
				25,639,838
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.2%
	17,871	CrossFirst Bankshares, Inc. (a)​		179,246
	12,294	QCR Holdings, Inc.		508,972
				688,218
		TOTAL COMMON STOCKS (Cost $322,195,007)	$	315,090,982

Shares			Fair Value
SHORT TERM INVESTMENTS - 33.5%
Money Market Funds - 33.5%
	47,594,566	Dreyfus Government Cash Management Institutional Shares, 4.76% (c)(d)​	$	47,594,566
	23,551,850	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (c)​		23,551,850
	19,114,242	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (c)​		19,114,242
	47,715,352	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (c)​		47,715,352
		TOTAL SHORT TERM INVESTMENTS (Cost $137,976,010)	$	137,976,010
		TOTAL INVESTMENTS (Cost $460,171,017) - 110.1% (e)​	$	453,066,992
		Liabilities in Excess of Other Assets - (10.1)%		(41,408,134	)
		TOTAL NET ASSETS - 100.0%	$	411,658,858

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

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

^(c)​  Represents annualized seven-day yield at April 30, 2023.

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

^(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $371,069,140.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
57

Direxion Daily Regional Banks Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
Total return of S&P Regional Banks Select Industry Index	5.3500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		200,000	$	280,009,784	$	(12,625,335	)
Total return of S&P Regional Banks Select Industry Index	5.3400% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		67,414		95,615,167		(5,503,928	)
Total return of S&P Regional Banks Select Industry Index	5.3000% representing 1 month SOFR rate + spread	Barclays	12/20/2023		201,987		274,049,726		(3,661,826	)
Total return of S&P Regional Banks Select Industry Index	5.3000% representing 1 month SOFR rate + spread	Goldman Sachs	3/5/2024		215,718		306,480,071		(18,180,857	)
						$	956,154,748	$	(39,971,946	)

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

DIREXION SEMI-ANNUAL REPORT
58

Direxion Daily Retail Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 68.8%
Administrative and Support Services - 0.7%
	16,211	Revolve Group, Inc. (a)​	$	334,757
Clothing and Clothing Accessories Stores - 14.4%
	14,822	Abercrombie & Fitch Co. Class A (a)​		348,910
	6,678	Academy Sports & Outdoors Inc.		424,187
	30,011	American Eagle Outfitters, Inc.		401,847
	5,365	Boot Barn Holdings, Inc. (a)​		388,802
	16,704	Caleres, Inc.		380,851
	54,905	Chicos FAS, Inc. (a)​		276,721
	9,705	Childrens Place Retail Stores, Inc. (a)(b)​		287,656
	44,269	Designer Brands, Inc.		362,563
	36,773	Gap, Inc.		353,021
	5,051	Genesco, Inc. (a)​		175,068
	17,946	Guess?, Inc.		338,282
	21,916	Nordstrom, Inc. (b)​		338,821
	10,155	Shoe Carnival, Inc.		236,104
	5,656	Signet Jewelers Ltd. ADR		416,168
	10,602	The Buckle, Inc.		355,485
	5,379	TJX Companies, Inc.		423,973
	14,827	Urban Outfitters, Inc. (a)​		401,219
	12,552	Victoria's Secret & Co. (a)​		389,237
	12,117	Zumiez, Inc. (a)​		211,866
				6,510,781
Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 1.7%
	10,723	Bath & Body Works, Inc.		376,377
	3,837	Ross Stores, Inc.		409,523
				785,900
Electronics and Appliance Stores - 1.8%
	5,084	Best Buy Co., Inc.		378,860
	23,173	GameStop Corp. Class A (a)(b)​		447,007
				825,867
Food and Beverage Stores - 4.7%
	20,079	Albertsons Companies, Inc. Class A		419,651
	14,971	Grocery Outlet Holding Corp. (a)​		445,836
	2,480	Ingles Markets, Inc.		228,259
	8,487	Kroger Co.		412,723
	12,106	Sprouts Farmers Market, Inc. (a)​		419,594
	2,158	Weis Markets, Inc.		178,014
				2,104,077
Food Services and Drinking Places - 1.0%
	1,889	Casey's General Stores, Inc.		432,241
Gasoline Stations - 0.3%
	1,651	TravelCenters of America Inc. (a)​		142,201
General Merchandise Retailers - 4.8%
	4,405	Amazon.com, Inc. (a)​		464,507
	848	Costco Wholesale Corp.		426,731
	2,848	Dollar Tree, Inc. (a)​		437,766
	9,509	eBay, Inc.		441,503
	3,773	Etsy, Inc. (a)​		381,186
				2,151,693

Shares			Fair Value
General Merchandise Stores - 8.8%
	29,052	Big Lots, Inc. (b)​	$	261,177
	5,345	BJ's Wholesale Club Holdings, Inc. (a)​		408,198
	1,910	Burlington Stores, Inc. (a)​		368,267
	1,190	Dillard's, Inc. Class A		355,084
	1,847	Dollar General Corp.		409,037
	2,038	Five Below, Inc. (a)​		402,220
	16,099	Kohl's Corp.		354,661
	20,404	Macy's, Inc.		333,401
	3,039	PriceSmart, Inc.		223,914
	2,527	Target Corp.		398,634
	2,918	Wal-Mart Stores, Inc.		440,530
				3,955,123
Health and Personal Care Retailers - 0.9%
	12,021	Walgreens Boots Alliance, Inc.		423,740
Health and Personal Care Stores - 1.4%
	12,496	Petmed Express, Inc.		192,064
	766	Ulta Salon, Cosmetics & Fragrance, Inc. (a)​		422,395
				614,459
Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) - 0.2%
	306	Winmark Corp.		102,180
Machinery Manufacturing - 0.8%
	33,146	Leslie's, Inc. (a)​		359,634
Merchant Wholesalers, Durable Goods - 0.5%
	2,598	America's Car-Mart, Inc. (a)​		208,853
Merchant Wholesalers, Nondurable Goods - 0.9%
	9,322	Foot Locker, Inc.		391,431
Miscellaneous Manufacturing - 1.8%
	19,917	National Vision Holdings, Inc. (a)​		419,054
	39,776	Petco Health & Wellness Co., Inc. (a)​		396,169
				815,223
Miscellaneous Store Retailers - 4.3%
	10,304	Chewy, Inc. (a)(b)​		319,527
	7,446	Ollie's Bargain Outlet Holdings, Inc. (a)​		485,851
	25,992	Sally Beauty Holdings, Inc. (a)​		369,866
	8,385	The ODP Corp. (a)​		362,316
	1,757	Tractor Supply Co.		418,869
				1,956,429
Motor Vehicle and Parts Dealers - 11.5%
	3,120	Advance Auto Parts, Inc.		391,654
	1,776	Asbury Automotive Group, Inc. (a)​		343,585
	2,892	AutoNation, Inc. (a)​		380,876
	168	AutoZone, Inc. (a)​		447,436
	6,272	CarMax, Inc. (a)​		439,228
	54,686	Carvana Co. (a)(b)​		379,521
	67,186	EVgo, Inc. (a)(b)​		402,444
	1,823	Group 1 Automotive, Inc.		409,227
	11,848	MarineMax, Inc. (a)​		345,014
	1,577	Murphy USA, Inc.		434,038
	486	O'Reilly Automotive, Inc. (a)​		445,813

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

DIREXION SEMI-ANNUAL REPORT
59

Direxion Daily Retail Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
Motor Vehicle and Parts Dealers (continued)
	3,234	OneWater Marine. Inc. (a)(b)​	$	85,378
	2,818	Penske Automotive Group, Inc.		390,518
	7,141	Sonic Automotive, Inc.		317,917
				5,212,649
Nonstore Retailers - 1.4%
	81,331	Stitch Fix, Inc. (a)​		277,339
	34,754	Warby Parker, Inc. (a)(b)​		365,959
				643,298
Printing and Related Support Activities - 0.1%
	6,273	Arko Corp.		52,442
Professional, Scientific, and Technical Services - 1.5%
	14,677	Franchise Group, Inc. (b)​		429,302
	335,926	Qurate Retail, Inc. (a)​		267,599
				696,901
Rental and Leasing Services - 0.9%
	15,482	Upbound Group, Inc.		412,750
Repair and Maintenance - 0.9%
	8,320	Monro Muffler Brake, Inc.		406,682
Sporting Goods, Hobby, Musical Instrument, and Book Stores - 2.7%
	18,152	Camping World Holdings, Inc. (b)​		406,423
	2,733	Dick's Sporting Goods, Inc.		396,313
	6,118	Hibbett Sports, Inc.		332,391
	12,333	Sportsman's Warehouse Holdings, Inc. (a)​		76,711
				1,211,838
Truck Transportation - 0.8%
	1,625	Lithia Motors, Inc. Class A		358,945
		TOTAL COMMON STOCKS (Cost $30,376,430)	$	31,110,094
SHORT TERM INVESTMENTS - 43.5%
Money Market Funds - 43.5%
	11,026,448	Dreyfus Government Cash Management Institutional Shares, 4.76% (c)(d)​	$	11,026,448
	1	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (c)​		1
	8,637,328	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (c)​		8,637,328
		TOTAL SHORT TERM INVESTMENTS (Cost $19,663,777)	$	19,663,777
		TOTAL INVESTMENTS (Cost $50,040,207) - 112.3% (e)​	$	50,773,871
		Liabilities in Excess of Other Assets - (12.3)%		(5,579,541	)
		TOTAL NET ASSETS - 100.0%	$	45,194,330

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

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

^(c)​  Represents annualized seven-day yield at April 30, 2023.

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

^(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $36,393,617.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
60

Direxion Daily Retail Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
Total return of S&P Retail Select Industry®​ Index	5.2000% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		6,244	$	41,678,552	$	(1,530,028	)
Total return of S&P Retail Select Industry®​ Index	5.3900% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		4,842		31,837,648		(584,543	)
Total return of S&P Retail Select Industry®​ Index	5.2500% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		5,045		34,221,446		(1,979,664	)
						$	107,737,646	$	(4,094,235	)

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

DIREXION SEMI-ANNUAL REPORT
61

Direxion Daily S&P 500^®​ High Beta Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 76.0%
Accommodation - 1.9%
	14,439	Caesars Entertainment Inc. (a)​	$	653,942
	12,941	MGM Resorts International		581,310
				1,235,252
Air Transportation - 2.0%
	32,887	American Airlines Group, Inc. (a)​		448,579
	11,774	Delta Air Lines, Inc. (a)​		403,966
	10,152	United Continental Holdings, Inc. (a)​		444,657
				1,297,202
Amusement, Gambling, and Recreation Industries - 0.9%
	4,783	Wynn Resorts Ltd. (a)​		546,601
Apparel Manufacturing - 0.7%
	4,060	Ralph Lauren Corp.		466,047
Broadcasting and Content Providers - 1.2%
	41,799	Dish Network Corp. (a)​		313,911
	32,881	Warner Bros Discovery, Inc. (a)​		447,510
				761,421
Chemical Manufacturing - 1.0%
	1,852	Albemarle Corp.		343,472
	6,231	Catalent, Inc. (a)​		312,298
				655,770
Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 0.6%
	11,602	Bath & Body Works, Inc.		407,230
Computer and Electronic Product Manufacturing - 22.2%
	8,586	Advanced Micro Devices, Inc. (a)​		767,331
	4,782	Alphabet, Inc. Class C (a)​		517,508
	2,580	Analog Devices, Inc.		464,090
	3,041	Apple, Inc.		515,997
	3,547	Arista Networks, Inc. (a)​		568,088
	757	Broadcom, Inc.		474,260
	2,533	Enphase Energy, Inc. (a)​		415,919
	9,284	Fortinet, Inc. (a)​		585,356
	15,058	HP, Inc.		447,373
	894	IDEXX Laboratories, Inc. (a)​		439,991
	2,551	Illumina, Inc. (a)​		524,384
	15,579	Intel Corp.		483,884
	6,716	Microchip Technology, Inc.		490,201
	8,751	Micron Technology, Inc.		563,214
	1,560	Monolithic Power Systems, Inc.		720,673
	3,550	NVIDIA Corp.		985,089
	2,864	NXP Semiconductors NV ADR (Netherlands)		468,951
	8,422	ON Semiconductor Corp. (a)​		606,047
	5,153	Qorvo, Inc. (a)​		474,488
	4,117	Qualcomm, Inc.		480,866
	6,292	Seagate Technology Holdings PLC (Ireland)		369,781
	4,431	Skyworks Solutions, Inc.		469,243
	1,649	SolarEdge Technologies, Inc. (a)​		471,004
	5,383	Teradyne, Inc.		491,899
	9,245	Trimble, Inc. (a)​		435,439
	11,884	Western Digital Corp. (a)​		409,285

Shares			Fair Value
Computer and Electronic Product Manufacturing (continued)
	1,656	Zebra Technologies Corp. Class A (a)​	$	476,978
				14,117,339
Construction of Buildings - 2.5%
	4,560	D.R. Horton, Inc.		500,779
	4,486	Lennar Corp. Class A		506,066
	8,473	PulteGroup, Inc.		568,962
				1,575,807
Credit Intermediation and Related Activities - 2.4%
	4,120	Capital One Financial Corp.		400,876
	3,837	Discover Financial Services		397,014
	3,290	First Republic Bank (b)​		11,548
	4,837	State Street Corp.		349,522
	13,379	Synchrony Financial		394,814
				1,553,774
Electrical Equipment, Appliance, and Component Manufacturing - 0.9%
	5,823	Generac Holdings, Inc. (a)​		595,227
Funds, Trusts, and Other Financial Vehicles - 0.8%
	4,383	T. Rowe Price Group, Inc.		492,342
General Merchandise Retailers - 1.8%
	5,855	Amazon.com, Inc. (a)​		617,410
	5,068	Etsy, Inc. (a)​		512,020
				1,129,430
Insurance Carriers and Related Activities - 0.5%
	14,871	Lincoln National Corp.		323,147
Leather and Allied Product Manufacturing - 1.5%
	3,941	NIKE, Inc. Class B		499,404
	11,357	Tapestry, Inc.		463,479
				962,883
Machinery Manufacturing - 2.0%
	5,260	Applied Materials, Inc.		594,538
	1,232	Lam Research Corp.		645,666
				1,240,204
Management of Companies and Enterprises - 1.8%
	61,661	Carnival Corp. ADR (Panama) (a)​		567,898
	41,729	Norwegian Cruise Line Holdings Ltd. ADR (a)​		557,082
				1,124,980
Merchant Wholesalers, Durable Goods - 2.1%
	1,421	KLA-Tencor Corp.		549,273
	3,653	Mohawk Industries, Inc. (a)​		386,853
	1,149	Pool Corp.		403,667
				1,339,793
Mining (except Oil and Gas) - 0.7%
	11,548	Freeport-McMoRan Copper & Gold, Inc.		437,785
Miscellaneous Manufacturing - 3.4%
	1,719	Align Technology, Inc. (a)​		559,191
	4,644	DexCom, Inc. (a)​		563,503

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

DIREXION SEMI-ANNUAL REPORT
62

Direxion Daily S&P 500^®​ High Beta Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
Miscellaneous Manufacturing (continued)
	1,791	Estee Lauder Companies, Inc. Class A	$	441,876
	1,925	Intuitive Surgical, Inc. (a)​		579,848
				2,144,418
Motion Picture and Sound Recording Industries - 0.8%
	1,557	Netflix, Inc. (a)​		513,701
Motor Vehicle and Parts Dealers - 0.7%
	6,624	CarMax, Inc. (a)​		463,879
Professional, Scientific, and Technical Services - 5.1%
	1,569	EPAM Systems, Inc. (a)​		443,148
	13,103	Match Group, Inc. (a)​		483,501
	3,377	Meta Platforms, Inc. (a)​		811,561
	3,190	Moderna, Inc. (a)​		423,919
	1,798	Paycom Software, Inc. (a)​		522,085
	1,271	ServiceNow, Inc. (a)​		583,923
				3,268,137
Publishing Industries - 8.6%
	1,336	Adobe Systems, Inc. (a)​		504,420
	1,906	ANSYS, Inc. (a)​		598,331
	2,578	Autodesk, Inc. (a)​		502,169
	2,495	Cadence Design Systems, Inc. (a)​		522,578
	8,549	Ceridian HCM Holding, Inc. (a)​		542,691
	1,418	Intuit, Inc.		629,521
	1,729	Microsoft Corp.		531,253
	3,105	Salesforce.com, Inc. (a)​		615,939
	1,317	Synopsys, Inc. (a)​		489,028
	1,413	Tyler Technologies, Inc. (a)​		535,569
				5,471,499
Rental and Leasing Services - 0.6%
	1,048	United Rentals, Inc.		378,443
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.3%
	1,280	Ameriprise Financial, Inc.		390,553
	638	BlackRock, Inc.		428,226
	14,348	Franklin Resources, Inc.		385,674
	27,222	Invesco Ltd. ADR (a)​		466,313
	871	MSCI, Inc. Class A		420,214
				2,090,980
Support Activities for Transportation - 0.6%
	4,214	Expedia, Inc. (a)​		395,947
Telecommunications - 0.9%
	7,131	PayPal Holdings, Inc. (a)​		541,956
Transportation Equipment Manufacturing - 3.0%
	5,129	Aptiv PLC ADR (United Kingdom) (a)​		527,569
	37,936	Ford Motor Co.		450,680
	11,774	General Motors Co.		389,013
	3,119	Tesla Motors, Inc. (a)​		512,483
				1,879,745
Truck Transportation - 0.6%
	1,243	Old Dominion Freight Line, Inc.		398,245

Shares			Fair Value
Water Transportation - 0.9%
	8,521	Royal Caribbean Cruises Ltd. ADR (Liberia) (a)​	$	557,529
		TOTAL COMMON STOCKS (Cost $48,059,971)	$	48,366,713
SHORT TERM INVESTMENTS - 27.9%
Money Market Funds - 27.9%
	12,061,657	Dreyfus Government Cash Management Institutional Shares, 4.76% (c)(d)​	$	12,061,657
	233,563	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (c)​		233,563
	5,412,671	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (c)​		5,412,671
		TOTAL SHORT TERM INVESTMENTS (Cost $17,707,891)	$	17,707,891
		TOTAL INVESTMENTS (Cost $65,767,862) - 103.9% (e)​	$	66,074,604
		Liabilities in Excess of Other Assets - (3.9)%		(2,484,002	)
		TOTAL NET ASSETS - 100.0%	$	63,590,602

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

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

^(c)​  Represents annualized seven-day yield at April 30, 2023.

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

^(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $51,312,201.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
63

Direxion Daily S&P 500^®​ High Beta Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of S&P 500®​ High Beta Index	4.8300% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		3,671	$	60,453,001	$	(2,574,541	)
Total return of S&P 500®​ High Beta Index	5.2000% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		1,792		28,809,314		(592,070	)
Total return of S&P 500®​ High Beta Index	5.2500% representing 1 month SOFR rate + spread	Barclays	12/20/2023		3,512		53,353,015		1,794,776
						$	142,615,330	$	(1,371,835	)

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

DIREXION SEMI-ANNUAL REPORT
64

Direxion Daily S&P 500^®​ High Beta Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 105.8%
Money Market Funds - 105.8%
	41,110,530	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	41,110,530
	15,401,045	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (a)​		15,401,045
	11,778,479	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		11,778,479
		TOTAL SHORT TERM INVESTMENTS (Cost $68,290,054) (b)​	$	68,290,054
		TOTAL INVESTMENTS (Cost $68,290,054) - 105.8%	$	68,290,054
		Liabilities in Excess of Other Assets - (5.8)%		(3,728,547	)
		TOTAL NET ASSETS - 100.0%	$	64,561,507

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $39,353,840.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
5.0500% representing 1 month SOFR rate + spread	Total return of S&P 500® ​High Beta Index	Bank of America Merrill Lynch	12/8/2023		1,752	$	30,298,851	$	2,774,671
4.5500% representing 1 month SOFR rate + spread	Total return of S&P 500® ​High Beta Index	J.P. Morgan	12/12/2023		1,623		25,633,609		49,314
4.6200% representing 1 month SOFR rate + spread	Total return of S&P 500® ​High Beta Index	UBS Securities LLC	12/13/2023		4,719		81,162,114		6,865,899
5.0000% representing 1 month SOFR rate + spread	Total return of S&P 500® ​High Beta Index	Barclays	12/20/2023		4,113		66,565,594		1,595,828
						$	203,660,168	$	11,285,712

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

DIREXION SEMI-ANNUAL REPORT
65

Direxion Daily S&P Biotech Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 75.8%
Administrative and Support Services - 0.3%
	196,256	Day One Biopharmaceuticals (a)​	$	2,433,574
Ambulatory Health Care Services - 1.3%
	417,657	CareDx, Inc. (a)​		3,378,845
	64,585	Keros Therapeutics, Inc. (a)​		2,864,668
	129,020	Natera, Inc. (a)​		6,543,894
				12,787,407
Apparel Manufacturing - 0.2%
	418,659	Sana Biotechnology, Inc. (a)(b)​		2,214,706
Chemical Manufacturing - 48.3%
	227,622	2seventy bio, Inc. (a)​		2,164,685
	327,601	89BIO, Inc. (a)​		5,235,064
	46,430	AbbVie, Inc.		7,016,502
	340,828	Acadia Pharmaceuticals Inc. (a)​		7,269,861
	1,006,313	ADMA Biologics, Inc. (a)​		3,371,149
	211,319	Agios Pharmaceuticals, Inc. (a)​		4,832,866
	262,174	Alkermes PLC ADR (Ireland) (a)​		7,485,068
	38,100	Alnylam Pharmaceuticals, Inc. (a)​		7,589,520
	529,761	Altimmune, Inc. (a)​		2,675,293
	30,685	Amgen, Inc.		7,356,422
	609,876	Amicus Therapeutics, Inc. (a)​		7,037,969
	145,081	Arcellx, Inc. (a)​		6,192,057
	163,847	Arcturus Therapeutics Holdings, Inc. (a)​		4,361,607
	421,471	Arcus Biosciences Inc. (a)​		7,523,257
	312,566	Arcutis Biotherapeutics, Inc. (a)​		4,325,913
	181,288	Avid Bioservices, Inc. (a)​		3,272,248
	216,964	Beam Therapeutics, Inc. (a)​		6,662,964
	841,462	BioCryst Pharmaceuticals, Inc. (a)​		6,403,526
	27,244	Biogen, Inc. (a)​		8,288,442
	77,148	BioMarin Pharmaceutical, Inc. (a)​		7,409,294
	152,932	Bioxcel Therapeutics Inc. (a)(b)​		3,153,458
	1,664,350	bluebird bio, Inc. (a)​		7,239,922
	165,926	Blueprint Medicines Corp. (a)​		8,470,522
	274,768	BridgeBio Pharma, Inc. (a)​		3,989,631
	239,718	Caribou Biosciences, Inc. (a)​		1,030,787
	476,561	Catalyst Pharmaceuticals, Inc. (a)​		7,586,851
	149,512	Celldex Therapeutics, Inc. (a)​		4,700,657
	185,685	Chinook Therapeutics, Inc. (a)(b)​		3,715,557
	248,289	Cogent Biosciences, Inc. (a)​		2,671,590
	410,890	Coherus BioSciences, Inc. (a)​		2,970,735
	132,062	Crinetics Pharmaceuticals, Inc. (a)​		2,580,491
	1,165,290	CTI BioPharma Corp. (a)​		5,663,309
	239,977	Deciphera Pharmaceuticals, Inc. (a)​		3,410,073
	263,515	Denali Therapeutics, Inc. (a)​		6,545,713
	392,912	Emergent Biosolutions, Inc. (a)​		3,469,413
	52,412	Enanta Pharmaceuticals, Inc. (a)​		1,863,247
	251,988	FibroGen, Inc. (a)​		4,314,035
	1,891,596	Geron Corp. (a)​		4,653,326

Shares			Fair Value
Chemical Manufacturing (continued)
	87,768	Gilead Sciences, Inc.	$	7,215,407
	167,651	Halozyme Therapeutics, Inc. (a)​		5,386,627
	1,402,786	Immunogen, Inc. (a)​		7,561,017
	97,040	Incyte Corp. (a)​		7,220,746
	387,793	Insmed, Inc. (a)​		7,561,963
	194,544	Intellia Therapeutics, Inc. (a)​		7,344,036
	267,082	Intercept Pharmaceuticals, Inc. (a)​		4,625,860
	205,379	Ionis Pharmaceuticals, Inc. (a)​		7,264,255
	638,007	Ironwood Pharmaceuticals, Inc. Class A (a)​		6,641,653
	116,995	iTeos Therapeutics, Inc. (a)​		1,607,511
	38,973	Karuna Therapeutics, Inc. (a)​		7,733,802
	936,522	Karyopharm Therapeutics, Inc. (a)​		3,352,749
	132,612	Kiniksa Pharmaceuticals, Ltd. (a)​		1,425,579
	63,083	Krystal Biotech, Inc. (a)​		5,298,972
	28,802	Madrigal Pharmaceuticals, Inc. (a)​		8,986,224
	1,418,176	MannKind Corp. (a)​		5,459,978
	498,014	Mersana Therapeutics Inc. (a)​		2,181,301
	32,664	Mink Therapeutics, Inc. (a)​		58,469
	88,300	Mirum Pharmaceuticals, Inc. (a)​		2,370,855
	60,292	Morphic Holding, Inc. (a)​		2,849,400
	174,180	Myriad Genetics, Inc. (a)​		3,708,292
	72,845	Neurocrine Biosciences, Inc. (a)​		7,360,259
	1,069,841	Novavax, Inc. (a)(b)​		8,205,680
	60,969	Prometheus Biosciences, Inc. (a)​		11,824,938
	145,244	Prothena Corp. PLC ADR (Ireland) (a)​		7,642,739
	157,634	PTC Therapeutics, Inc. (a)​		8,691,939
	114,278	RAPT Therapeutics, Inc. (a)​		2,079,860
	9,305	Regeneron Pharmaceuticals, Inc. (a)​		7,460,656
	132,319	REGENXBIO, Inc. (a)​		2,561,696
	222,227	Replimune Group Inc. (a)​		3,717,858
	261,674	Rhythm Pharmaceuticals, Inc. (a)​		5,277,965
	307,078	Rocket Pharmaceuticals, Inc. (a)​		5,502,838
	169,939	Sage Therapeutics, Inc. (a)​		8,301,520
	632,340	Sangamo Therapeutics, Inc. (a)​		929,540
	48,548	Sarepta Therapeutics, Inc. (a)​		5,960,238
	40,384	Seagen, Inc. (a)​		8,076,800
	245,347	Seres Therapeutics, Inc. (a)​		1,196,067
	224,385	SpringWorks Therapeutics, Inc. (a)​		5,246,121
	221,240	Sutro Biopharma, Inc. (a)​		942,482
	290,065	Syndax Pharmaceuticals Inc. (a)​		5,960,836
	495,253	TG Therapeutics, Inc. (a)​		12,297,132
	334,813	Travere Therapeutics, Inc. (a)​		7,221,916
	442,072	Twist Bioscience Corp. (a)​		5,517,059
	180,055	Ultragenyx Pharmaceutical, Inc. (a)​		7,863,002
	221,261	uniQure N.V. ADR (Netherlands) (a)​		4,294,676
	30,572	United Therapeutics Corp. (a)​		7,035,534
	235,913	Vanda Pharmaceuticals, Inc. (a)​		1,448,506
	298,137	Veracyte, Inc. (a)​		6,749,822

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

DIREXION SEMI-ANNUAL REPORT
66

Direxion Daily S&P Biotech Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
Chemical Manufacturing (continued)
	111,654	Vericel Corp. (a)​	$	3,518,218
	24,338	Vertex Pharmaceuticals, Inc. (a)​		8,292,687
	181,402	Viridian Therapeutics, Inc. (a)​		5,084,698
	130,135	Xencor, Inc. (a)​		3,440,769
				480,061,771
Hospitals - 0.3%
	70,274	Nuvalent, Inc. (a)​		2,486,997
Merchant Wholesalers, Nondurable Goods - 3.6%
	168,723	Akero Therapeutics, Inc. (a)​		7,548,667
	387,290	Allakos, Inc. (a)​		1,645,983
	579,110	Atara Biotherapeutics, Inc. (a)​		1,569,388
	157,222	Protagonist Therapeutics Inc. (a)​		3,553,217
	454,942	Relay Therapeutics, Inc. (a)​		5,172,691
	554,133	Viking Therapeutics, Inc. (a)​		11,808,574
	214,149	Zentalis Pharmaceuticals, Inc. (a)​		4,717,702
				36,016,222
Miscellaneous Manufacturing - 1.1%
	29,722	Anika Therapeutics, Inc. (a)​		762,666
	2,335,413	Inovio Pharmaceuticals, Inc. (a)​		1,804,107
	175,860	MiMedx Group, Inc. (a)​		673,544
	177,938	Mirati Therapeutics, Inc. (a)​		7,884,433
				11,124,750
Pharmaceuticals, Biotechnology & Life Sciences - 0.5%
	365,473	Biohaven, Ltd. (a)​		4,780,387
Professional, Scientific, and Technical Services - 17.0%
	138,227	4D Molecular Therapeutics, Inc. (a)​		2,489,468
	2,237,137	Agenus, Inc. (a)​		3,378,077
	254,477	Alector, Inc. (a)​		1,679,548
	694,313	Allogene Therapeutics, Inc. (a)(b)​		3,770,120
	79,230	AnaptysBio, Inc. (a)​		1,649,569
	477,039	Anavex Life Sciences Corp. (a)(b)​		3,883,097
	112,159	Apellis Pharmaceuticals, Inc. (a)​		9,357,425
	1,587,522	Ardelyx, Inc. (a)​		7,080,348
	265,170	Arrowhead Pharmaceuticals, Inc. (a)​		9,389,670
	316,489	Avidity Biosciences, Inc. (a)​		3,924,464
	161,455	Crispr Therapeutics AG ADR (Switzerland) (a)​		7,901,608
	195,969	Cytokinetics, Inc. (a)​		7,329,241
	554,776	Dynavax Technologies Corp. (a)(b)​		5,775,218
	701,797	Editas Medicine, Inc. (a)​		5,726,664
	112,508	Exact Sciences Corp. (a)​		7,208,388
	418,222	Exelixis, Inc. (a)​		7,653,463
	1,429,506	Fate Therapeutics, Inc. (a)​		8,677,101
	63,451	Horizon Therapeutics PLC ADR (Ireland) (a)​		7,053,213
	130,847	IDEAYA Biosciences, Inc. (a)​		2,389,266
	158,985	Inhibrx, Inc. (a)​		3,338,685
	323,543	Iveric Bio, Inc. (a)​		10,641,329
	255,559	Kezar Life Sciences, Inc. (a)​		621,008
	281,563	Kura Oncology, Inc. (a)​		2,742,424

Shares			Fair Value
Professional, Scientific, and Technical Services (continued)
	214,343	Kymera Therapeutics, Inc. (a)​	$	6,760,378
	519,145	Lyell Immunopharma, Inc. (a)​		1,053,864
	50,398	Moderna, Inc. (a)​		6,697,390
	143,760	Nurix Therapeutics, Inc. (a)​		1,384,409
	386,977	Recursion Pharmaceuticals, Inc. (a)​		1,845,880
	335,955	Revolution Medicines, Inc. (a)​		7,891,583
	184,410	Vaxcyte, Inc. (a)​		7,898,280
	269,750	Verve Therapeutics, Inc. (a)​		4,297,117
	308,577	Vir Biotechnology, Inc. (a)​		7,760,712
				169,249,007
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.6%
	215,562	Cerevel Therapeutics Holdings, Inc. (a)​		6,259,921
	1,130,452	EQRx, Inc. (a)​		1,899,159
	336,310	Immunovant Inc. (a)​		5,428,043
	175,090	POINT Biopharma Global Inc. (a)​		1,355,197
	764,904	Roivant Sciences Ltd. ADR (Ireland) (a)​		6,539,929
	620,131	Scilex Holding Co. (a)(b)​		4,489,749
				25,971,998
Support Activities for Transportation - 0.6%
	1,123,268	Iovance Biotherapeutics, Inc. (a)​		6,335,231
		TOTAL COMMON STOCKS (Cost $753,433,050)	$	753,462,050
SHORT TERM INVESTMENTS - 25.8%
Money Market Funds - 25.8%
	128,630,858	Dreyfus Government Cash Management Institutional Shares, 4.76% (c)(d)​	$	128,630,858
	28,004,275	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (c)​		28,004,275
	12,300,000	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (c)​		12,300,000
	87,006,471	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (c)​		87,006,471
		TOTAL SHORT TERM INVESTMENTS (Cost $255,941,604)	$	255,941,604
		TOTAL INVESTMENTS (Cost $1,009,374,654) - 101.6% (e)​	$	1,009,403,654
		Liabilities in Excess of Other Assets - (1.6)%		(15,516,217	)
		TOTAL NET ASSETS - 100.0%	$	993,887,437

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

DIREXION SEMI-ANNUAL REPORT
67

Direxion Daily S&P Biotech Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

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

^(c)​  Represents annualized seven-day yield at April 30, 2023.

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

^(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $815,875,454.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of S&P Biotechnology Select Industry Index	5.3000% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		48,000	$	301,269,600	$	(8,416,543	)
Total return of S&P Biotechnology Select Industry Index	5.3000% representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		54,082		334,620,339		(4,547,833	)
Total return of S&P Biotechnology Select Industry Index	4.6000% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		74,212		433,227,547		26,521,195
Total return of S&P Biotechnology Select Industry Index	5.0500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		44,107		269,805,403		3,596,863
Total return of S&P Biotechnology Select Industry Index	5.3200% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		48,819		303,369,827		(1,929,880	)
Total return of S&P Biotechnology Select Industry Index	5.3400% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		45,828		282,594,291		(957,286	)
Total return of S&P Biotechnology Select Industry Index	5.7500% representing 1 month SOFR rate + spread	Barclays	12/20/2023		43,321		270,413,158		(5,375,707	)
						$	2,195,300,165	$	8,890,809

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

DIREXION SEMI-ANNUAL REPORT
68

Direxion Daily S&P Biotech Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 107.9%
Money Market Funds - 107.9%
	44,309,426	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	44,309,426
	9,563,289	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​		9,563,289
	8,370,000	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (a)​		8,370,000
	33,800,139	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		33,800,139
		TOTAL SHORT TERM INVESTMENTS (Cost $96,042,854) (b)​	$	96,042,854
		TOTAL INVESTMENTS (Cost $96,042,854) - 107.9%	$	96,042,854
		Liabilities in Excess of Other Assets - (7.9)%		(7,035,830	)
		TOTAL NET ASSETS - 100.0%	$	89,007,024

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $59,060,686.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
5.0000% representing 1 month SOFR rate + spread	Total return of S&P Biotechnology Select Industry Index	Goldman Sachs	12/7/2023		7,104	$	47,793,155	$	4,226,265
4.4000% representing 1 month SOFR rate + spread	Total return of S&P Biotechnology Select Industry Index	Bank of America Merrill Lynch	12/8/2023		6,049		35,079,163		(2,413,512	)
4.6500% representing 1 month SOFR rate + spread	Total return of S&P Biotechnology Select Industry Index	J.P. Morgan	12/12/2023		14,129		87,603,530		163,250
4.9100% representing 1 month SOFR rate + spread	Total return of S&P Biotechnology Select Industry Index	UBS Securities LLC	12/13/2023		2,785		19,843,235		2,870,917
5.0700% representing 1 month SOFR rate + spread	Total return of S&P Biotechnology Select Industry Index	Citibank N.A.	12/19/2023		6,078		38,038,310		440,529
5.0500% representing 1 month SOFR rate + spread	Total return of S&P Biotechnology Select Industry Index	Barclays	12/20/2023		6,806		47,598,039		5,814,154
						$	275,955,432	$	11,101,603

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

DIREXION SEMI-ANNUAL REPORT
69

Direxion Daily Semiconductor Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 76.4%
Computer and Electronic Product Manufacturing - 62.5%
	2,920,065	Advanced Micro Devices, Inc. (a)​	$	260,966,209
	817,325	Analog Devices, Inc.		147,020,421
	2,895,733	ASE Technology Holding Co., Ltd. ADR (Taiwan)		19,864,728
	503,816	Broadcom, Inc.		315,640,724
	6,011,647	Intel Corp.		186,721,756
	613,328	Lattice Semiconductor Corp. (a)​		48,882,242
	3,320,173	Marvell Technology, Inc.		131,080,430
	1,849,551	Microchip Technology, Inc.		134,998,727
	2,591,644	Micron Technology, Inc.		166,798,208
	260,007	MKS Instruments, Inc.		21,806,787
	201,317	Monolithic Power Systems, Inc.		93,002,414
	1,291,001	NVIDIA Corp.		358,239,867
	839,474	NXP Semiconductors NV ADR (Netherlands)		137,455,473
	1,935,686	ON Semiconductor Corp. (a)​		139,291,965
	448,996	Qorvo, Inc. (a)​		41,343,552
	1,857,678	Qualcomm, Inc.		216,976,790
	717,357	Skyworks Solutions, Inc.		75,968,106
	1,207,477	STMicroelectronics NV ADR (Netherlands)		51,776,614
	1,544,102	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) ADR		130,167,799
	702,283	Teradyne, Inc.		64,174,621
	1,748,242	Texas Instruments, Inc.		292,306,062
	3,316,032	United Microelectronics Corp. ADR (Taiwan) (b)​		26,627,737
	558,306	Wolfspeed, Inc. (a)​		25,989,144
				3,087,100,376
Electrical Equipment, Appliance, and Component Manufacturing - 0.3%
	175,036	Synaptics, Inc. (a)​		15,501,188
Machinery Manufacturing - 9.1%
	1,291,001	Applied Materials, Inc.		145,921,843
	217,795	ASML Holding NV ADR (Netherlands)		138,704,924
	307,979	Lam Research Corp.		161,405,634
				446,032,401
Merchant Wholesalers, Durable Goods - 4.1%
	672,106	Entegris, Inc.		50,354,182
	395,706	KLA-Tencor Corp.		152,956,197
				203,310,379
Primary Metal Manufacturing - 0.4%
	140,998	Silicon Laboratories, Inc. (a)​		19,641,022
		TOTAL COMMON STOCKS (Cost $3,434,042,221)	$	3,771,585,366

Shares			Fair Value
SHORT TERM INVESTMENTS - 19.9%
Money Market Funds - 19.9%
	300,257,210	Dreyfus Government Cash Management Institutional Shares, 4.76% (c)(d)​	$	300,257,210
	679,600,000	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (c)​		679,600,000
	927,604	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (c)​		927,604
	4,000,000	JPMorgan 100% U.S. Treasury Securities Money Market Fund Institutional Shares, 4.46% (c)​		4,000,000
		TOTAL SHORT TERM INVESTMENTS (Cost $984,784,814)	$	984,784,814
		TOTAL INVESTMENTS (Cost $4,418,827,035) - 96.3% (e)​	$	4,756,370,180
		Other Assets in Excess of Liabilities - 3.7%		182,573,987
		TOTAL NET ASSETS - 100.0%	$	4,938,944,167

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

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

^(c)​  Represents annualized seven-day yield at April 30, 2023.

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

^(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,055,906,580.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
70

Direxion Daily Semiconductor Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of ICE Semiconductor Index	5.6900% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		2,363,493	$	1,599,231,140	$	43,864,233
Total return of ICE Semiconductor Index	5.6500% representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		3,365,639		2,198,435,010		143,833,253
Total return of ICE Semiconductor Index	5.4000% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		2,234,793		1,516,290,915		33,103,041
Total return of ICE Semiconductor Index	5.1000% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		1,605,363		1,018,222,173		98,243,454
Total return of ICE Semiconductor Index	5.6100% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		2,155,181		1,405,272,035		91,108,018
Total return of ICE Semiconductor Index	5.4400% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		2,348,400		1,563,943,712		66,851,579
Total return of ICE Semiconductor Index	5.5800% representing 1 month SOFR rate + spread	Barclays	12/20/2023		1,666,852		1,042,682,479		115,057,055
						$	10,344,077,464	$	592,060,633

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

DIREXION SEMI-ANNUAL REPORT
71

Direxion Daily Semiconductor Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 108.3%
Money Market Funds - 108.3%
	711,651,028	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	711,651,028
	192,884,954	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​		192,884,954
	128,823,245	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (a)​		128,823,245
	251,596,047	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		251,596,047
		TOTAL SHORT TERM INVESTMENTS (Cost $1,284,955,274) (b)​	$	1,284,955,274
		TOTAL INVESTMENTS (Cost $1,284,955,274) - 108.3%	$	1,284,955,274
		Liabilities in Excess of Other Assets - (8.3)%		(98,415,229	)
		TOTAL NET ASSETS - 100.0%	$	1,186,540,045

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $769,989,852.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
4.8400% representing 1 month SOFR rate + spread	Total return of ICE Semiconductor Index	BNP Paribas	12/5/2023		404,553	$	272,218,851	$	(9,576,215	)
4.9500% representing 1 month SOFR rate + spread	Total return of ICE Semiconductor Index	Goldman Sachs	12/7/2023		1,075,199		762,144,433		13,788,236
5.2000% representing 1 month SOFR rate + spread	Total return of ICE Semiconductor Index	Bank of America Merrill Lynch	12/8/2023		277,876		183,092,496		(9,380,862	)
4.6500% representing 1 month SOFR rate + spread	Total return of ICE Semiconductor Index	J.P. Morgan	12/12/2023		582,587		403,695,288		(3,043,765	)
5.2100% representing 1 month SOFR rate + spread	Total return of ICE Semiconductor Index	UBS Securities LLC	12/13/2023		1,100,592		815,480,364		47,500,976
5.2200% representing 1 month SOFR rate + spread	Total return of ICE Semiconductor Index	Citibank N.A.	12/19/2023		697,631		493,512,572		6,797,830
5.1300% representing 1 month SOFR rate + spread	Total return of ICE Semiconductor Index	Barclays	12/20/2023		934,452		676,064,523		24,524,582
						$	3,606,208,527	$	70,610,782

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

DIREXION SEMI-ANNUAL REPORT
72

Direxion Daily Technology Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 69.2%
Administrative and Support Services - 0.2%
	13,460	Gartner, Inc. (a)​	$	4,071,112
Computer and Electronic Product Manufacturing - 36.8%
	274,634	Advanced Micro Devices, Inc. (a)​		24,544,041
	101,279	Amphenol Corp. Class A		7,643,526
	86,333	Analog Devices, Inc.		15,529,580
	1,766,681	Apple, Inc.		299,770,432
	42,159	Arista Networks, Inc. (a)​		6,752,185
	71,179	Broadcom, Inc.		44,593,644
	699,736	Cisco Systems, Inc.		33,062,526
	23,152	Enphase Energy, Inc. (a)​		3,801,558
	110,447	Fortinet, Inc. (a)​		6,963,683
	147,215	HP, Inc.		4,373,758
	704,658	Intel Corp.		21,886,678
	154,000	International Business Machines Corp.		19,467,140
	30,377	Keysight Technologies, Inc. (a)​		4,393,729
	93,306	Microchip Technology, Inc.		6,810,405
	185,861	Micron Technology, Inc.		11,962,014
	7,623	Monolithic Power Systems, Inc.		3,521,597
	28,480	Motorola Solutions, Inc.		8,299,072
	36,719	NetApp, Inc.		2,309,258
	204,947	NVIDIA Corp.		56,870,743
	44,139	NXP Semiconductors NV ADR (Netherlands)		7,227,320
	73,577	ON Semiconductor Corp. (a)​		5,294,601
	17,014	Qorvo, Inc. (a)​		1,566,649
	189,919	Qualcomm, Inc.		22,182,539
	18,064	Roper Technologies, Inc.		8,215,146
	32,709	Seagate Technology Holdings PLC ADR (Ireland)		1,922,308
	27,078	Skyworks Solutions, Inc.		2,867,560
	9,521	SolarEdge Technologies, Inc. (a)​		2,719,483
	26,530	Teradyne, Inc.		2,424,311
	154,355	Texas Instruments, Inc.		25,808,156
	42,008	Trimble, Inc. (a)​		1,978,577
	54,390	Western Digital Corp. (a)​		1,873,192
	8,794	Zebra Technologies Corp. Class A (a)​		2,532,936
				669,168,347
Electrical Equipment, Appliance, and Component Manufacturing - 0.4%
	53,902	TE Connectivity Ltd. ADR (Switzerland)		6,595,988
Machinery Manufacturing - 1.5%
	143,602	Applied Materials, Inc.		16,231,334
	22,984	Lam Research Corp.		12,045,455
				28,276,789
Merchant Wholesalers, Durable Goods - 0.5%
	23,587	KLA-Tencor Corp.		9,117,319

Shares			Fair Value
Nonmetallic Mineral Product Manufacturing - 0.2%
	129,661	Corning, Inc.	$	4,307,338
Professional, Scientific, and Technical Services - 3.8%
	107,264	Accenture PLC Class A ADR (Ireland)		30,065,027
	23,061	CDW Corp.		3,910,915
	86,698	Cognizant Technology Solutions Corp. Class A		5,176,738
	38,781	DXC Technology Co. (a)​		924,927
	9,796	EPAM Systems, Inc. (a)​		2,766,782
	10,240	F5 Networks, Inc. (a)​		1,375,846
	55,180	Juniper Networks, Inc.		1,663,677
	34,577	ServiceNow, Inc. (a)​		15,885,365
	7,984	Teledyne Technologies, Inc. (a)​		3,308,570
	15,604	VeriSign, Inc. (a)​		3,460,967
				68,538,814
Publishing Industries - 23.7%
	77,977	Adobe Systems, Inc. (a)​		29,440,996
	14,838	ANSYS, Inc. (a)​		4,657,945
	36,752	Autodesk, Inc. (a)​		7,158,922
	46,724	Cadence Design Systems, Inc. (a)​		9,786,342
	47,850	Intuit, Inc.		21,243,007
	1,009,816	Microsoft Corp.		310,276,064
	18,129	PTC, Inc. (a)​		2,280,447
	170,331	Salesforce.com, Inc. (a)​		33,788,560
	25,961	Synopsys, Inc. (a)​		9,639,839
	7,093	Tyler Technologies, Inc. (a)​		2,688,460
				430,960,582
Publishing Industries (except Internet) - 1.9%
	26,783	Akamai Technologies, Inc. (a)​		2,195,402
	4,285	Fair Isaac Corp. (a)​		3,119,266
	218,333	Hewlett Packard Enterprise Co.		3,126,529
	96,888	NortonLifeLock, Inc.		1,712,011
	261,775	Oracle Corp.		24,795,328
				34,948,536
Utilities - 0.2%
	16,887	First Solar, Inc. (a)​		3,083,228
		TOTAL COMMON STOCKS (Cost $1,076,853,246)	$	1,259,068,053

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

DIREXION SEMI-ANNUAL REPORT
73

Direxion Daily Technology Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 27.6%
Money Market Funds - 27.6%
	256,032,200	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	256,032,200
	103,683,649	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (b)​		103,683,649
	56,050,002	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (b)​		56,050,002
	86,412,865	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​	$	86,412,865
		TOTAL SHORT TERM INVESTMENTS (Cost $502,178,716)	$	502,178,716
		TOTAL INVESTMENTS (Cost $1,579,031,962) - 96.8% (c)​	$	1,761,246,769
		Other Assets in Excess of Liabilities - 3.2%		58,328,182
		TOTAL NET ASSETS - 100.0%	$	1,819,574,951

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,190,275,599.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of Technology Select Sector Index	5.5900% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		375,714	$	507,886,150	$	56,610,518
Total return of Technology Select Sector Index	5.3000% representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		507,712		670,640,649		90,763,892
Total return of Technology Select Sector Index	5.4000% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		280,688		389,231,983		32,122,505
Total return of Technology Select Sector Index	5.2500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		404,144		540,839,322		68,390,111
Total return of Technology Select Sector Index	5.4800% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		319,157		440,768,776		38,699,412
Total return of Technology Select Sector Index	5.3400% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		282,925		394,563,633		30,838,028
Total return of Technology Select Sector Index	5.3900% representing 1 month SOFR rate + spread	Barclays	12/20/2023		593,276		828,032,668		68,334,517
						$	3,771,963,181	$	385,758,983

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

DIREXION SEMI-ANNUAL REPORT
74

Direxion Daily Technology Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 113.7%
Money Market Funds - 113.7%
	89,179,041	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	89,179,041
	17,845,950	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​		17,845,950
	24,662,088	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (a)​		24,662,088
	40,447,445	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		40,447,445
		TOTAL SHORT TERM INVESTMENTS (Cost $172,134,524) (b)​	$	172,134,524
		TOTAL INVESTMENTS (Cost $172,134,524) - 113.7%	$	172,134,524
		Liabilities in Excess of Other Assets - (13.7)%		(20,777,290	)
		TOTAL NET ASSETS - 100.0%	$	151,357,234

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $115,519,270.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
4.8400% representing 1 month SOFR rate + spread	Total return of Technology Select Sector Index	BNP Paribas	12/5/2023		61,298	$	91,683,297	$	(1,230,787	)
5.0000% representing 1 month SOFR rate + spread	Total return of Technology Select Sector Index	Goldman Sachs	12/7/2023		43,784		59,186,556		(6,663,664	)
5.2000% representing 1 month SOFR rate + spread	Total return of Technology Select Sector Index	Bank of America Merrill Lynch	12/8/2023		50,523		70,253,805		(5,680,335	)
4.8000% representing 1 month SOFR rate + spread	Total return of Technology Select Sector Index	J.P. Morgan	12/12/2023		12,210		17,076,420		(1,374,635	)
5.1900% representing 1 month SOFR rate + spread	Total return of Technology Select Sector Index	UBS Securities LLC	12/13/2023		47,118		66,440,837		(4,640,787	)
5.0500% representing 1 month SOFR rate + spread	Total return of Technology Select Sector Index	Citibank N.A.	12/19/2023		33,000		47,540,553		(2,353,437	)
5.0300% representing 1 month SOFR rate + spread	Total return of Technology Select Sector Index	Barclays	12/20/2023		50,880		73,371,116		(3,547,762	)
						$	425,552,584	$	(25,491,407	)

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

DIREXION SEMI-ANNUAL REPORT
75

Direxion Daily Transportation Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 72.1%
Administrative and Support Services - 1.1%
	3,543	GXO Logistics, Inc. (a)​	$	188,239
	3,476	RXO, Inc. (a)​		62,881
				251,120
Air Transportation - 10.2%
	3,810	Alaska Air Group, Inc. (a)​		165,583
	467	Allegiant Travel Co. (a)​		48,526
	19,434	American Airlines Group, Inc. (a)​		265,080
	19,153	Delta Air Lines, Inc. (a)​		657,139
	1,106	Frontier Group Holdings, Inc. (a)​		10,496
	1,536	Hawaiian Holdings, Inc. (a)​		12,795
	9,673	JetBlue Airways Corp. (a)​		69,065
	1,511	Skywest, Inc. (a)​		42,761
	17,750	Southwest Airlines Co.		537,648
	3,259	Spirit Airlines, Inc.		55,729
	9,765	United Continental Holdings, Inc. (a)​		427,707
				2,292,529
Couriers and Messengers - 17.4%
	1,695	Air Transport Services Group, Inc. (a)​		34,425
	3,680	FedEx Corp.		838,230
	16,997	United Parcel Service, Inc. Class B		3,056,231
				3,928,886
Management of Companies and Enterprises - 0.2%
	973	Sun Country Airlines Holdings, Inc. (a)​		19,197
	293	U-Haul Holding Co.		17,891
				37,088
Rail Transportation - 15.9%
	25,473	CSX Corp.		780,493
	14,250	Union Pacific Corp.		2,788,725
				3,569,218
Rental and Leasing Services - 1.5%
	742	Avis Budget Group, Inc. (a)​		131,089
	4,815	Hertz Global Holdings, Inc. (a)​		80,314
	1,502	Ryder System, Inc.		118,899
				330,302
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.2%
	8,728	Joby Aviation, Inc. (a)​		37,792
Support Activities for Transportation - 10.9%
	3,515	C.H. Robinson Worldwide, Inc.		354,558
	1,782	Daseke, Inc. (a)​		14,577
	4,753	Expeditors International of Washington, Inc.		541,081
	794	Forward Air Corp.		83,775
	975	Hub Group, Inc. (a)​		73,515
	2,479	J.B. Hunt Transport Services, Inc.		434,544
	1,128	Matson, Inc.		76,738
	3,564	Norfolk Southern Corp.		723,599
	3,435	XPO Logistics, Inc. (a)​		151,758
				2,454,145

Shares			Fair Value
Transit and Ground Passenger Transportation - 6.8%
	9,611	Lyft, Inc. (a)​	$	98,513
	46,449	Uber Technologies, Inc. (a)​		1,442,241
				1,540,754
Truck Transportation - 6.4%
	724	ArcBest Corp.		68,346
	1,391	Heartland Express, Inc.		20,142
	4,799	Knight-Swift Transportation Holdings, Inc. Class A		270,280
	1,720	Marten Transport Ltd.		34,727
	2,201	Old Dominion Freight Line, Inc.		705,178
	791	Saia, Inc. (a)​		235,536
	1,106	Schneider National, Inc.		28,944
	1,756	Werner Enterprises, Inc.		79,318
				1,442,471
Warehousing and Storage - 0.8%
	1,074	Landstar System, Inc.		189,056
Water Transportation - 0.7%
	286	Eagle Bulk Shipping, Inc. ADR		12,790
	1,112	Genco Shipping & Trading, Ltd. ADR		17,136
	1,789	Kirby Corp. (a)​		128,522
				158,448
		TOTAL COMMON STOCKS (Cost $17,125,858)	$	16,231,809
SHORT TERM INVESTMENTS - 30.7%
Money Market Funds - 30.7%
	5,813,512	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	5,813,512
	1,094,459	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		1,094,459
		TOTAL SHORT TERM INVESTMENTS (Cost $6,907,971)	$	6,907,971
		TOTAL INVESTMENTS (Cost $24,033,829) - 102.8% (c)​	$	23,139,780
		Liabilities in Excess of Other Assets - (2.8)%		(637,041	)
		TOTAL NET ASSETS - 100.0%	$	22,502,739

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $16,140,651.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
76

Direxion Daily Transportation Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
Total return of S&P Transportation Select Industry FMC Capped Index	5.4400% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		2,646	$	13,664,387	$	(338,748	)
Total return of S&P Transportation Select Industry FMC Capped Index	5.4000% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		7,490		37,883,370		(339,973	)
						$	51,547,757	$	(678,721	)

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

DIREXION SEMI-ANNUAL REPORT
77

Direxion Daily Utilities Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
COMMON STOCKS - 63.8%
Oil and Gas Extraction - 3.0%
	9,515	Dominion Energy, Inc.	$	543,687
Utilities - 60.8%
	7,627	AES Corp.		180,455
	2,866	Alliant Energy Corp.		158,031
	2,952	Ameren Corp.		262,639
	5,867	American Electric Power Co., Inc.		542,228
	2,203	American Water Works Co., Inc.		326,595
	1,634	Atmos Energy Corp.		186,505
	7,188	CenterPoint Energy, Inc.		219,018
	3,325	CMS Energy Corp.		207,015
	4,052	Consolidated Edison, Inc.		399,000
	3,734	Constellation Energy Corp.		289,012
	2,212	DTE Energy Co.		248,651
	8,792	Duke Energy Corp.		869,353
	4,360	Edison International		320,896
	2,324	Entergy Corp.		250,016
	2,621	Evergy, Inc.		162,790
	3,978	Eversource Energy		308,733
	11,347	Exelon Corp.		481,567
	6,202	FirstEnergy Corp.		246,840
	22,689	NextEra Energy, Inc.		1,738,658
	4,637	NiSource, Inc.		131,969
	2,631	NRG Energy, Inc.		89,901
	18,384	PG&E Corp. (a)​		314,550
	1,292	Pinnacle West Capital Corp.		101,370
	8,408	PPL Corp.		241,478
	5,697	Public Service Enterprise Group, Inc.		360,050
	3,590	Sempra Energy		558,209
	12,430	Southern Co.		914,227
	3,601	WEC Energy Group, Inc.		346,308
	6,248	Xcel Energy, Inc.		436,798
				10,892,862
		TOTAL COMMON STOCKS (Cost $11,454,353)	$	11,436,549

Shares			Fair Value
SHORT TERM INVESTMENTS - 38.3%
Money Market Funds - 38.3%
	4,736,192	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	4,736,192
	394,121	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (b)​		394,121
	1,737,517	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		1,737,517
		TOTAL SHORT TERM INVESTMENTS (Cost $6,867,830)	$	6,867,830
		TOTAL INVESTMENTS (Cost $18,322,183) - 102.1% (c)​	$	18,304,379
		Liabilities in Excess of Other Assets - (2.1)%		(373,212	)
		TOTAL NET ASSETS - 100.0%	$	17,931,167

Percentages are stated as a percent of net assets.

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

^(a)​  Non-income producing security.

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $12,820,487.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of Utilities Select Sector Index	5.2500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		21,700	$	15,280,800	$	(209,615	)
Total return of Utilities Select Sector Index	5.2000% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		33,674		22,234,327		1,168,319
Total return of Utilities Select Sector Index	5.3500% representing 1 month SOFR rate + spread	Barclays	12/20/2023		5,280		3,780,533		(131,979	)
						$	41,295,660	$	826,725

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

DIREXION SEMI-ANNUAL REPORT
78

Direxion Daily 7-10 Year Treasury Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
INVESTMENT COMPANIES - 76.7%
	275,185	iShares 7-10 Year Treasury Bond ETF (a)​	$	27,444,200
		TOTAL INVESTMENT COMPANIES (Cost $27,344,295)	$	27,444,200
SHORT TERM INVESTMENTS - 22.0%
Money Market Funds - 22.0%
	7,604,385	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	7,604,385
	67	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (b)​		67
	272,584	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		272,584
		TOTAL SHORT TERM INVESTMENTS (Cost $7,877,036)	$	7,877,036
		TOTAL INVESTMENTS (Cost $35,221,331) - 98.7% (c)​	$	35,321,236
		Other Assets in Excess of Liabilities - 1.3%		449,948
		TOTAL NET ASSETS - 100.0%	$	35,771,184

Percentages are stated as a percent of net assets.

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

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

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $26,356,930.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of iShares 7-10 Year Treasury Bond ETF	4.2100% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		351,842	$	34,358,058	$	562,215
Total return of iShares 7-10 Year Treasury Bond ETF	4.9500% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		227,651		22,470,673		39,665
Total return of iShares 7-10 Year Treasury Bond ETF	5.0000% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		192,126		18,711,298		374,352
Total return of iShares 7-10 Year Treasury Bond ETF	5.1000% representing 1 month SOFR rate + spread	Barclays	12/20/2023		29,247		2,877,198		7,201
						$	78,417,227	$	983,433

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

DIREXION SEMI-ANNUAL REPORT
79

Direxion Daily 7-10 Year Treasury Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 103.1%
Money Market Funds - 103.1%
	15,543,798	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	15,543,798
	530,066	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.77% (a)​		530,066
	10,261,631	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		10,261,631
		TOTAL SHORT TERM INVESTMENTS (Cost $26,335,495) (b)​	$	26,335,495
		TOTAL INVESTMENTS (Cost $26,335,495) - 103.1%	$	26,335,495
		Liabilities in Excess of Other Assets - (3.1)%		(793,729	)
		TOTAL NET ASSETS - 100.0%	$	25,541,766

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $16,087,018.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
3.9100% representing 1 month SOFR rate + spread	Total return of iShares 7-10 Year Treasury Bond ETF	BNP Paribas	12/5/2023		262,700	$	26,001,323	$	(73,811	)
3.8500% representing 1 month SOFR rate + spread	Total return of iShares 7-10 Year Treasury Bond ETF	J.P. Morgan	12/12/2023		478,960		47,007,428		(580,445	)
4.7100% representing 1 month SOFR rate + spread	Total return of iShares 7-10 Year Treasury Bond ETF	Barclays	12/20/2023		26,680		2,622,111		(13,682	)
						$	75,630,862	$	(667,938	)

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

DIREXION SEMI-ANNUAL REPORT
80

Direxion Daily 20+ Year Treasury Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
INVESTMENT COMPANIES - 65.1%
	9,908,119	iShares 20+ Year Treasury Bond ETF (a)​	$	1,054,818,349
		TOTAL INVESTMENT COMPANIES (Cost $1,023,357,969)	$	1,054,818,349
SHORT TERM INVESTMENTS - 31.4%
Money Market Funds - 31.4%
	273,850,441	Dreyfus Government Cash Management Institutional Shares, 4.76% (b)​	$	273,850,441
	62,560,444	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (b)​		62,560,444
	171,702,864	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (b)​		171,702,864
		TOTAL SHORT TERM INVESTMENTS (Cost $508,113,749)	$	508,113,749
		TOTAL INVESTMENTS (Cost $1,531,471,718) - 96.5% (c)​	$	1,562,932,098
		Other Assets in Excess of Liabilities - 3.5%		56,626,635
		TOTAL NET ASSETS - 100.0%	$	1,619,558,733

Percentages are stated as a percent of net assets.

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

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

^(b)​  Represents annualized seven-day yield at April 30, 2023.

^(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,060,334,843.

Long Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of iShares 20+ Year Treasury Bond ETF	5.1100% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		5,890,447	$	619,115,829	$	5,143,451
Total return of iShares 20+ Year Treasury Bond ETF	5.0000% representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		6,066,975		631,992,539		11,717,655
Total return of iShares 20+ Year Treasury Bond ETF	4.6000% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		4,445,773		469,579,025		1,804,194
Total return of iShares 20+ Year Treasury Bond ETF	5.1000% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		4,993,598		525,765,805		2,948,605
Total return of iShares 20+ Year Treasury Bond ETF	5.3000% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		6,968,135		733,783,581		3,910,038
Total return of iShares 20+ Year Treasury Bond ETF	5.0200% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		7,366,930		770,486,244		10,327,649
						$	3,750,723,023	$	35,851,592

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

DIREXION SEMI-ANNUAL REPORT
81

Direxion Daily 20+ Year Treasury Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2023

Shares			Fair Value
SHORT TERM INVESTMENTS - 100.6%
Money Market Funds - 100.6%
	285,782,173	Dreyfus Government Cash Management Institutional Shares, 4.76% (a)​	$	285,782,173
	29,110,808	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.31% (a)​		29,110,808
	105,659,583	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.31% (a)​		105,659,583
		TOTAL SHORT TERM INVESTMENTS (Cost $420,552,564) (b)​	$	420,552,564
		TOTAL INVESTMENTS (Cost $420,552,564) - 100.6%	$	420,552,564
		Liabilities in Excess of Other Assets - (0.6)%		(2,604,184	)
		TOTAL NET ASSETS - 100.0%	$	417,948,380

Percentages are stated as a percent of net assets.

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

^(a)​  Represents annualized seven-day yield at April 30, 2023.

^(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $251,450,934.

Short Total Return Swap Contracts (Unaudited)

April 30, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
4.8900% representing 1 month SOFR rate + spread	Total return of iShares 20+ Year Treasury Bond ETF	BNP Paribas	12/5/2023		2,627,065	$	283,217,732	$	5,330,015
4.8000% representing 1 month SOFR rate + spread	Total return of iShares 20+ Year Treasury Bond ETF	Goldman Sachs	12/7/2023		1,360,742		145,558,410		1,429,136
4.3000% representing 1 month SOFR rate + spread	Total return of iShares 20+ Year Treasury Bond ETF	Bank of America Merrill Lynch	12/8/2023		680,655		73,056,572		939,750
4.6000% representing 1 month SOFR rate + spread	Total return of iShares 20+ Year Treasury Bond ETF	J.P. Morgan	12/12/2023		920,884		97,703,599		177,069
4.9000% representing 1 month SOFR rate + spread	Total return of iShares 20+ Year Treasury Bond ETF	UBS Securities LLC	12/13/2023		3,306,673		355,063,724		5,055,526
4.7800% representing 1 month SOFR rate + spread	Total return of iShares 20+ Year Treasury Bond ETF	Citibank N.A.	12/19/2023		2,881,876		308,517,254		3,782,260
						$	1,263,117,291	$	16,713,756

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

DIREXION SEMI-ANNUAL REPORT
82

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion Daily Mid Cap Bull 3X Shares			Direxion Daily S&P 500® ​Bull 3X Shares			Direxion Daily S&P 500® ​Bear 3X Shares			Direxion Daily Small Cap Bull 3X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)	$	47,080,769		$	2,612,282,050		$	1,066,910,153		$	1,189,928,719
Cash		—			20,300,797			—			—
Receivable for Fund shares sold		1,788,665			130,519,785			219,589,173			7,318,982
Dividend and interest receivable		47,368			4,216,280			3,937,789			1,719,163
Due from broker for swap contracts		1			2,963,220			51,300,050			2,647,563
Unrealized appreciation on swap contracts		274,211			261,189,313			—			1,544,214
Prepaid expenses and other assets		18,316			88,797			11,777			35,751
Total Assets		49,209,330			3,031,560,242			1,341,748,942			1,203,194,392
Liabilities:
Collateral for securities loaned (Note 2)		—			23,003			—			—
Payable for Fund shares redeemed		—			58,653,818			115,831,323			419,184
Payable for investments purchased		—			—			—			17,368,900
Unrealized depreciation on swap contracts		849,347			—			29,574,919			49,725,641
Due to Adviser, net (Note 6)		28,956			1,046,059			429,656			462,767
Due to broker for swap contracts		—			226,625,197			64,797,796			2
Accrued expenses and other liabilities		33,910			1,527,806			492,552			465,616
Total Liabilities		912,213			287,875,883			211,126,246			68,442,110
Net Assets	$	48,297,117		$	2,743,684,359		$	1,130,622,696		$	1,134,752,282
Net Assets Consist of:
Capital stock	$	65,482,803		$	3,332,895,130		$	4,008,749,700		$	2,301,810,024
Total distributable loss		(17,185,686	)		(589,210,771	)		(2,878,127,004	)		(1,167,057,742	)
Net Assets	$	48,297,117		$	2,743,684,359		$	1,130,622,696		$	1,134,752,282
Calculation of Net Asset Value Per Share:
Net assets	$	48,297,117		$	2,743,684,359		$	1,130,622,696		$	1,134,752,282
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		1,350,132			36,200,002			66,376,918			37,700,002
Net assets value, redemption price and offering price per share	$	35.77		$	75.79		$	17.03		$	30.10
Cost of Investments	$	46,951,951		$	2,468,089,293		$	1,066,910,153		$	1,198,299,197

*  Securities loaned with values of $–, $21,906, $– and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
83

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion Daily Small Cap Bear 3X Shares			Direxion Daily FTSE China Bull 3X Shares			Direxion Daily FTSE China Bear 3X Shares			Direxion Daily FTSE Europe Bull 3X Shares
Assets:
Investments, at fair value (Note 2)	$	479,472,167		$	613,437,197		$	134,934,373		$	34,053,563
Receivable for Fund shares sold		42,010,570			614			3,711,986			—
Dividend and interest receivable		1,766,471			862,445			532,410			74,481
Due from broker for swap contracts		17,590,000			—			5,810,299			1,347,926
Unrealized appreciation on swap contracts		66,692,722			—			17,307,093			7,642,644
Prepaid expenses and other assets		17,902			9,293			16,602			20,536
Total Assets		607,549,832			614,309,549			162,312,763			43,139,150
Liabilities:
Payable for Fund shares redeemed		23,368,044			2,207,873			1,583,732			—
Unrealized depreciation on swap contracts		245,885			32,553,706			1,720,463			—
Due to Adviser, net (Note 6)		184,759			254,249			55,711			15,223
Due to broker for swap contracts		98,697,328			—			24,119,325			7,001,000
Accrued expenses and other liabilities		143,527			330,453			84,273			15,618
Total Liabilities		122,639,543			35,346,281			27,563,504			7,031,841
Net Assets	$	484,910,289		$	578,963,268		$	134,749,259		$	36,107,309
Net Assets Consist of:
Capital stock	$	4,153,321,758		$	1,389,799,619		$	283,551,685		$	51,969,513
Total distributable loss		(3,668,411,469	)		(810,836,351	)		(148,802,426	)		(15,862,204	)
Net Assets	$	484,910,289		$	578,963,268		$	134,749,259		$	36,107,309
Calculation of Net Asset Value Per Share:
Net assets	$	484,910,289		$	578,963,268		$	134,749,259		$	36,107,309
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		14,772,797			14,142,767			12,877,337			1,500,001
Net assets value, redemption price and offering price per share	$	32.82		$	40.94		$	10.46		$	24.07
Cost of Investments	$	479,472,167		$	609,353,457		$	134,934,373		$	33,528,584

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

DIREXION SEMI-ANNUAL REPORT
84

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion Daily MSCI Emerging Markets Bull 3X Shares			Direxion Daily MSCI Emerging Markets Bear 3X Shares			Direxion Daily MSCI Mexico Bull 3X Shares		Direxion Daily MSCI South Korea Bull 3X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)	$	92,407,395		$	32,115,829		$	23,007,310	$	28,504,885
Cash		—			—			2,299,227		—
Receivable for Fund shares sold		—			1,299,896			—		—
Dividend and interest receivable		352,337			121,491			42,744		63,469
Due from broker for swap contracts		—			700,000			—		—
Unrealized appreciation on swap contracts		298,716			2,161,571			5,794,625		784,846
Prepaid expenses and other assets		18,414			21,526			15,177		19,932
Total Assets		93,076,862			36,420,313			31,159,083		29,373,132
Liabilities:
Collateral for securities loaned (Note 2)		—			—			6,217,729		—
Payable for Fund shares redeemed		38,182			—			—		—
Unrealized depreciation on swap contracts		4,597,513			1,963,965			—		917,995
Due to Adviser, net (Note 6)		58,061			14,018			10,559		18,843
Due to broker for swap contracts		1			3,058,376			5,949,667		730,000
Accrued expenses and other liabilities		58,889			41,559			14,702		20,264
Total Liabilities		4,752,646			5,077,918			12,192,657		1,687,102
Net Assets	$	88,324,216		$	31,342,395		$	18,966,426	$	27,686,030
Net Assets Consist of:
Capital stock	$	357,297,673		$	363,828,112		$	10,422,844	$	63,832,608
Total distributable earnings (loss)		(268,973,457	)		(332,485,717	)		8,543,582		(36,146,578	)
Net Assets	$	88,324,216		$	31,342,395		$	18,966,426	$	27,686,030
Calculation of Net Asset Value Per Share:
Net assets	$	88,324,216		$	31,342,395		$	18,966,426	$	27,686,030
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		2,931,598			2,445,232			133,205		3,300,001
Net assets value, redemption price and offering price per share	$	30.13		$	12.82		$	142.39	$	8.39
Cost of Investments	$	92,584,943		$	32,115,829		$	21,710,099	$	28,162,462

*  Securities loaned with values of $–, $–, $6,058,753 and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
85

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion Daily Aerospace & Defense Bull 3X Shares		Direxion Daily Consumer Discretionary Bull 3X Shares			Direxion Daily Dow Jones Internet Bull 3X Shares			Direxion Daily Dow Jones Internet Bear 3X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)	$	167,526,565	$	26,705,964		$	130,071,860		$	43,112,144
Receivable for Fund shares sold		—		—			12,420			2,057,554
Dividend and interest receivable		279,909		35,557			160,015			160,905
Due from broker for swap contracts		—		—			62,930			2,490,000
Unrealized appreciation on swap contracts		5,170,631		2,587,818			14,346,443			484,189
Prepaid expenses and other assets		46,887		40,563			22,472			12,326
Total Assets		173,023,992		29,369,902			144,676,140			48,317,118
Liabilities:
Collateral for securities loaned (Note 2)		223,039		—			—			—
Payable for Fund shares redeemed		—		—			45,550			—
Unrealized depreciation on swap contracts		—		263,299			590,809			898,807
Due to Adviser, net (Note 6)		73,182		15,747			56,638			24,713
Due to broker for swap contracts		3,734,000		2,510,000			16,101,036			2,750,000
Accrued expenses and other liabilities		85,362		24,245			55,306			22,309
Total Liabilities		4,115,583		2,813,291			16,849,339			3,695,829
Net Assets	$	168,908,409	$	26,556,611		$	127,826,801		$	44,621,289
Net Assets Consist of:
Capital stock	$	143,581,723	$	59,500,666		$	366,437,308		$	67,763,210
Total distributable earnings (loss)		25,326,686		(32,944,055	)		(238,610,507	)		(23,141,921	)
Net Assets	$	168,908,409	$	26,556,611		$	127,826,801		$	44,621,289
Calculation of Net Asset Value Per Share:
Net assets	$	168,908,409	$	26,556,611		$	127,826,801		$	44,621,289
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		8,450,001		1,200,001			16,200,001			2,119,952
Net assets value, redemption price and offering price per share	$	19.99	$	22.13		$	7.89		$	21.05
Cost of Investments	$	161,243,349	$	26,435,231		$	126,669,729		$	43,112,144

*  Securities loaned with values of $212,983, $–, $– and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
86

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion Daily Financial Bull 3X Shares			Direxion Daily Financial Bear 3X Shares			Direxion Daily Healthcare Bull 3X Shares			Direxion Daily Homebuilders & Supplies Bull 3X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)	$	1,863,784,823		$	176,652,688		$	199,194,382		$	190,175,088
Cash		8,170,000			—			44,447			—
Receivable for Fund shares sold		3,129,365			5,105,170			—			550
Dividend and interest receivable		4,666,586			662,621			409,503			291,081
Due from broker for swap contracts		950,000			8,690,655			—			25,993,237
Unrealized appreciation on swap contracts		43,322,940			23,553,112			3,404,888			45,784,534
Prepaid expenses and other assets		60,602			19,938			17,867			45,246
Total Assets		1,924,084,316			214,684,184			203,071,087			262,289,736
Liabilities:
Collateral for securities loaned (Note 2)		8,047			—			—			—
Payable for Fund shares redeemed		330,327			6,035,574			—			220,913
Unrealized depreciation on swap contracts		136,279,708			4,252,445			7,974,050			1,578,371
Due to Adviser, net (Note 6)		716,487			72,134			83,061			76,381
Due to broker for swap contracts		30,933,299			37,191,772			2,805,060			62,285,000
Accrued expenses and other liabilities		1,011,904			85,653			97,537			83,826
Total Liabilities		169,279,772			47,637,578			10,959,708			64,244,491
Net Assets	$	1,754,804,544		$	167,046,606		$	192,111,379		$	198,045,245
Net Assets Consist of:
Capital stock	$	2,390,751,552		$	3,291,003,659		$	219,018,956		$	198,106,464
Total distributable loss		(635,947,008	)		(3,123,957,053	)		(26,907,577	)		(61,219	)
Net Assets	$	1,754,804,544		$	167,046,606		$	192,111,379		$	198,045,245
Calculation of Net Asset Value Per Share:
Net assets	$	1,754,804,544		$	167,046,606		$	192,111,379		$	198,045,245
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		28,049,289			8,303,350			1,850,008			3,600,000
Net assets value, redemption price and offering price per share	$	62.56		$	20.12		$	103.84		$	55.01
Cost of Investments	$	1,810,304,808		$	176,652,688		$	201,729,912		$	172,019,473

*  Securities loaned with values of $7,663, $–, $– and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
87

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion Daily Industrials Bull 3X Shares			Direxion Daily Pharmaceutical & Medical Bull 3X Shares			Direxion Daily Real Estate Bull 3X Shares			Direxion Daily Real Estate Bear 3X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)	$	20,904,607		$	9,500,133		$	50,620,287		$	174,279,396
Cash		—			218,650			—			—
Receivable for Fund shares sold		—			—			—			2,428,599
Receivable for investments sold		113,544			—			—			—
Dividend and interest receivable		34,524			15,514			82,987			648,322
Due from broker for swap contracts		—			6,225			—			11,928,000
Unrealized appreciation on swap contracts		91,587			94,334			1,400,687			10,111,226
Prepaid expenses and other assets		43,179			52,634			96,696			57,925
Total Assets		21,187,441			9,887,490			52,200,657			199,453,468
Liabilities:
Collateral for securities loaned (Note 2)		—			131,284			—			—
Payable for Fund shares redeemed		—			—			64,148			—
Payable for investments purchased		113,325			—			—			—
Unrealized depreciation on swap contracts		297,654			237,001			2,470,899			1,358,011
Due to Adviser, net (Note 6)		12,081			3,271			20,580			74,705
Due to broker for swap contracts		—			—			970,000			27,370,151
Accrued expenses and other liabilities		26,247			12,374			36,307			83,166
Total Liabilities		449,307			383,930			3,561,934			28,886,033
Net Assets	$	20,738,134		$	9,503,560		$	48,638,723		$	170,567,435
Net Assets Consist of:
Capital stock	$	22,900,678		$	19,803,902		$	75,983,676		$	320,164,439
Total distributable loss		(2,162,544	)		(10,300,342	)		(27,344,953	)		(149,597,004	)
Net Assets	$	20,738,134		$	9,503,560		$	48,638,723		$	170,567,435
Calculation of Net Asset Value Per Share:
Net assets	$	20,738,134		$	9,503,560		$	48,638,723		$	170,567,435
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		650,001			1,050,001			5,000,000			3,634,045
Net assets value, redemption price and offering price per share	$	31.90		$	9.05		$	9.73		$	46.94
Cost of Investments	$	22,068,197		$	9,685,496		$	53,503,658		$	174,279,396

*  Securities loaned with values of $–, $128,562, $– and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
88

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion Daily Regional Banks Bull 3X Shares			Direxion Daily Retail Bull 3X Shares			Direxion Daily S&P 500® ​High Beta Bull 3X Shares			Direxion Daily S&P 500® ​High Beta Bear 3X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)	$	453,066,992		$	50,773,871		$	66,074,604		$	68,290,054
Receivable for Fund shares sold		3,307			—			—			—
Dividend and interest receivable		624,054			76,633			94,343			248,829
Due from broker for swap contracts		405,434			—			1			3,180,000
Unrealized appreciation on swap contracts		—			—			1,794,776			11,285,712
Prepaid expenses and other assets		90,111			61,460			51,618			13,853
Total Assets		454,189,898			50,911,964			68,015,342			83,018,448
Liabilities:
Collateral for securities loaned (Note 2)		1,450,530			1,577,746			8,515			—
Payable for Fund shares redeemed		871,370			—			—			579,051
Payable for investments purchased		—			—			166,817			—
Unrealized depreciation on swap contracts		39,971,946			4,094,235			3,166,611			—
Due to Adviser, net (Note 6)		158,243			18,704			41,411			41,131
Due to broker for swap contracts		4			—			1,010,000			17,810,573
Accrued expenses and other liabilities		78,947			26,949			31,386			26,186
Total Liabilities		42,531,040			5,717,634			4,424,740			18,456,941
Net Assets	$	411,658,858		$	45,194,330		$	63,590,602		$	64,561,507
Net Assets Consist of:
Capital stock	$	688,260,273		$	149,923,794		$	103,339,435		$	197,794,499
Total distributable loss		(276,601,415	)		(104,729,464	)		(39,748,833	)		(133,232,992	)
Net Assets	$	411,658,858		$	45,194,330		$	63,590,602		$	64,561,507
Calculation of Net Asset Value Per Share:
Net assets	$	411,658,858		$	45,194,330		$	63,590,602		$	64,561,507
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		59,748,590			6,871,105			2,364,370			11,706,828
Net assets value, redemption price and offering price per share	$	6.89		$	6.58		$	26.90		$	5.51
Cost of Investments	$	460,171,017		$	50,040,207		$	65,767,862		$	68,290,054

*  Securities loaned with values of $1,486,618, $1,535,522, $8,301 and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
89

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion Daily S&P Biotech Bull 3X Shares			Direxion Daily S&P Biotech Bear 3X Shares			Direxion Daily Semiconductor Bull 3X Shares			Direxion Daily Semiconductor Bear 3X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)	$	1,009,403,654		$	96,042,854		$	4,756,370,180		$	1,284,955,274
Receivable for Fund shares sold		131,601			5,389,386			14,307,143			4,284
Dividend and interest receivable		1,531,685			332,894			3,121,707			5,494,168
Due from broker for swap contracts		4,767,293			1,104,896			2,202,072			10,181,956
Unrealized appreciation on swap contracts		30,118,058			13,515,115			592,060,633			92,611,624
Prepaid expenses and other assets		218,880			31,270			97,283			11,583
Total Assets		1,046,171,171			116,416,415			5,368,159,018			1,393,258,889
Liabilities:
Collateral for securities loaned (Note 2)		7,835,890			—			14,943,224			—
Payable for Fund shares redeemed		—			5,282,895			651,085			25,042,829
Unrealized depreciation on swap contracts		21,227,249			2,413,512			—			22,000,842
Due to Adviser, net (Note 6)		415,012			37,943			1,662,448			549,394
Due to broker for swap contracts		22,337,293			19,613,724			409,299,453			158,736,488
Accrued expenses and other liabilities		468,290			61,317			2,658,641			389,291
Total Liabilities		52,283,734			27,409,391			429,214,851			206,718,844
Net Assets	$	993,887,437		$	89,007,024		$	4,938,944,167		$	1,186,540,045
Net Assets Consist of:
Capital stock	$	2,657,107,363		$	433,263,207		$	8,702,891,466		$	2,443,166,200
Total distributable loss		(1,663,219,926	)		(344,256,183	)		(3,763,947,299	)		(1,256,626,155	)
Net Assets	$	993,887,437		$	89,007,024		$	4,938,944,167		$	1,186,540,045
Calculation of Net Asset Value Per Share:
Net assets	$	993,887,437		$	89,007,024		$	4,938,944,167		$	1,186,540,045
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		177,861,600			5,266,024			345,950,060			58,173,440
Net assets value, redemption price and offering price per share	$	5.59		$	16.90		$	14.28		$	20.40
Cost of Investments	$	1,009,374,654		$	96,042,854		$	4,418,827,035		$	1,284,955,274

*  Securities loaned with values of $7,803,487, $–, $14,477,673 and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
90

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion Daily Technology Bull 3X Shares			Direxion Daily Technology Bear 3X Shares			Direxion Daily Transportation Bull 3X Shares			Direxion Daily Utilities Bull 3X Shares
Assets:
Investments, at fair value (Note 2)	$	1,761,246,769		$	172,134,524		$	23,139,780		$	18,304,379
Cash		15,560,000			—			—			—
Receivable for Fund shares sold		109,928			5,578,712			—			—
Receivable for investments sold		4,036,077			—			80			—
Dividend and interest receivable		2,147,276			657,231			20,675			36,072
Due from broker for swap contracts		—			1,620,000			—			—
Unrealized appreciation on swap contracts		385,758,983			—			—			1,168,319
Prepaid expenses and other assets		50,855			24,538			50,913			22,686
Total Assets		2,168,909,888			180,015,005			23,211,448			19,531,456
Liabilities:
Payable for Fund shares redeemed		208,854			—			—			—
Payable for investments purchased		4,080,167			—			—			—
Unrealized depreciation on swap contracts		—			25,491,407			678,721			341,594
Due to Adviser, net (Note 6)		710,620			66,176			13,503			10,991
Due to broker for swap contracts		343,477,515			3,030,672			1			1,223,976
Accrued expenses and other liabilities		857,781			69,516			16,484			23,728
Total Liabilities		349,334,937			28,657,771			708,709			1,600,289
Net Assets	$	1,819,574,951		$	151,357,234		$	22,502,739		$	17,931,167
Net Assets Consist of:
Capital stock	$	2,528,350,944		$	511,636,993		$	29,598,765		$	17,319,803
Total distributable earnings (loss)		(708,775,993	)		(360,279,759	)		(7,096,026	)		611,364
Net Assets	$	1,819,574,951		$	151,357,234		$	22,502,739		$	17,931,167
Calculation of Net Asset Value Per Share:
Net assets	$	1,819,574,951		$	151,357,234		$	22,502,739		$	17,931,167
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		49,850,000			7,000,260			1,000,001			600,001
Net assets value, redemption price and offering price per share	$	36.50		$	21.62		$	22.50		$	29.89
Cost of Investments	$	1,579,031,962		$	172,134,524		$	24,033,829		$	18,322,183

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

DIREXION SEMI-ANNUAL REPORT
91

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

	Direxion Daily 7-10 Year Treasury Bull 3X Shares			Direxion Daily 7-10 Year Treasury Bear 3X Shares			Direxion Daily 20+ Year Treasury Bull 3X Shares			Direxion Daily 20+ Year Treasury Bear 3X Shares
Assets:
Investments, at fair value (Note 2)	$	35,321,236		$	26,335,495		$	1,562,932,098		$	420,552,564
Receivable for Fund shares sold		—			—			—			16,762,806
Receivable for investments sold		—			—			52,380,081			—
Dividend and interest receivable		32,585			104,098			2,019,203			1,646,970
Due from broker for swap contracts		360,000			—			14,965,258			—
Unrealized appreciation on swap contracts		983,433			—			35,851,592			16,713,756
Prepaid expenses and other assets		23,180			33,581			4,579			72,530
Total Assets		36,720,434			26,473,174			1,668,152,811			455,748,626
Liabilities:
Payable for investments purchased		—			—			31,940,700			—
Unrealized depreciation on swap contracts		—			667,938			—			—
Due to Adviser, net (Note 6)		14,945			16,503			613,307			175,334
Due to broker for swap contracts		900,000			209,091			15,719,733			37,416,166
Accrued expenses and other liabilities		34,305			37,876			320,338			208,746
Total Liabilities		949,250			931,408			48,594,078			37,800,246
Net Assets	$	35,771,184		$	25,541,766		$	1,619,558,733		$	417,948,380
Net Assets Consist of:
Capital stock	$	47,052,430		$	75,001,783		$	1,996,680,284		$	1,196,834,315
Total distributable loss		(11,281,246	)		(49,460,017	)		(377,121,551	)		(778,885,935	)
Net Assets	$	35,771,184		$	25,541,766		$	1,619,558,733		$	417,948,380
Calculation of Net Asset Value Per Share:
Net assets	$	35,771,184		$	25,541,766		$	1,619,558,733		$	417,948,380
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		1,100,000			2,150,000			182,900,000			3,924,261
Net assets value, redemption price and offering price per share	$	32.52		$	11.88		$	8.85		$	106.50
Cost of Investments	$	35,221,331		$	26,335,495		$	1,531,471,718		$	420,552,564

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

DIREXION SEMI-ANNUAL REPORT
92

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion Daily Mid Cap Bull 3X Shares			Direxion Daily S&P 500®​ Bull 3X Shares			Direxion Daily S&P 500®​ Bear 3X Shares			Direxion Daily Small Cap Bull 3X Shares
Investment Income:
Dividend income (net of foreign withholding tax of $—, $4,246, $— and $—, respectively)	$	266,993		$	16,534,294		$	—		$	6,049,490
Interest income		369,882			14,414,546			20,931,617			8,421,371
Securities lending income		—			311			—			85,673
Total investment income		636,875			30,949,151			20,931,617			14,556,534
Expenses:
Investment advisory fees (Note 6)		191,108			9,713,093			3,659,527			4,197,594
Interest expense		70,234			1,908,105			1,598,232			1,416,011
Licensing fees		20,385			1,036,063			390,350			335,808
Fund servicing fees		9,990			482,979			182,594			209,185
Professional fees		7,013			109,286			44,385			50,113
Management service fees (Note 6)		6,321			321,252			121,047			138,838
Reports to shareholders		3,593			182,572			68,996			79,019
Pricing fees		2,977			2,976			2,975			2,976
Exchange listing fees		2,697			3,595			2,697			2,697
Excise tax		2,155			—			54,187			82,735
Trustees' fees and expenses		667			33,823			12,715			14,709
Insurance fees		576			29,272			11,062			12,669
Other		697			32,654			9,482			14,842
Total Expenses		318,413			13,855,670			6,158,249			6,557,196
Recoupment of expenses to Adviser (Note 6)		5			—			111,900			—
Less: Reimbursement of expenses from Adviser (Note 6)		(3,958	)		—			—			—
Less: Investment advisory fees waived (Note 6)		—			(455,124	)		—			—
Net Expenses		314,460			13,400,546			6,270,148			6,557,195
Net investment income		322,415			17,548,605			14,661,469			7,999,339
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on: Investment securities		—			(122,901,710	)		—			(46,171,584	)
In-kind redemptions		768,995			152,220,634			—			16,018,718
Swap contracts		2,567,889			77,952,606			(171,125,676	)		(14,281,142	)
Net realized gain (loss)		3,336,884			107,271,530			(171,125,676	)		(44,434,008	)
Change in net unrealized appreciation (depreciation) on: Investment securities		(419,754	)		85,688,421			—			(3,908,140	)
Swap contracts		(4,463,046	)		196,715,963			(107,242,661	)		(163,269,946	)
Change in net unrealized appreciation (depreciation)		(4,882,800	)		282,404,384			(107,242,661	)		(167,178,086	)
Net realized and unrealized gain (loss)		(1,545,916	)		389,675,914			(278,368,337	)		(211,612,094	)
Net increase (decrease) in net assets resulting from operations	$	(1,223,501	)	$	407,224,519		$	(263,706,868	)	$	(203,612,755	)

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

DIREXION SEMI-ANNUAL REPORT
93

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion Daily Small Cap Bear 3X Shares			Direxion Daily FTSE China Bull 3X Shares			Direxion Daily FTSE China Bear 3X Shares			Direxion Daily FTSE Europe Bull 3X Shares
Investment Income:
Dividend income	$	—		$	6,132,773		$	—		$	113,152
Interest income		10,502,110			5,298,880			3,661,962			332,315
Securities lending income		—			—			—			9,633
Total investment income		10,502,110			11,431,653			3,661,962			455,100
Expenses:
Investment advisory fees (Note 6)		1,773,358			2,055,218			593,413			106,574
Interest expense		654,301			882,781			451,182			28,339
Licensing fees		141,869			238,679			68,915			4,641
Fund servicing fees		88,738			102,270			30,021			5,771
Management service fees (Note 6)		58,658			67,963			19,628			3,524
Reports to shareholders		33,434			38,422			11,186			1,991
Professional fees		24,065			26,915			11,351			6,097
Trustees' fees and expenses		6,196			6,905			2,049			360
Insurance fees		5,360			6,160			1,793			319
Pricing fees		2,976			2,976			2,976			2,976
Exchange listing fees		2,697			5,392			2,697			2,697
Excise tax		—			40,150			14,616			1,427
Other		5,067			6,002			1,519			381
Total Expenses		2,796,719			3,479,833			1,211,346			165,097
Recoupment of expenses to Adviser (Note 6)		—			46,555			6,307			901
Less: Reimbursement of expenses from Adviser (Note 6)		—			(180	)		(199	)		(1,238	)
Net Expenses		2,796,718			3,526,208			1,217,454			164,760
Net investment income		7,705,392			7,905,445			2,444,508			290,340
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on: Investment securities		—			(30,985,315	)		—			—
In-kind redemptions		—			32,383,532			—			1,056,115
Swap contracts		(49,351,315	)		49,226,636			(125,721,719	)		4,216,661
Net realized gain (loss)		(49,351,315	)		50,624,853			(125,721,719	)		5,272,776
Change in net unrealized appreciation (depreciation) on: Investment securities		—			33,029,764			—			1,302,753
Swap contracts		96,770,228			119,494,830			(38,526,797	)		8,807,764
Change in net unrealized appreciation (depreciation)		96,770,228			152,524,594			(38,526,797	)		10,110,517
Net realized and unrealized gain (loss)		47,418,913			203,149,447			(164,248,516	)		15,383,293
Net increase (decrease) in net assets resulting from operations	$	55,124,305		$	211,054,892		$	(161,804,008	)	$	15,673,633

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

DIREXION SEMI-ANNUAL REPORT
94

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion Daily MSCI Emerging Markets Bull 3X Shares			Direxion Daily MSCI Emerging Markets Bear 3X Shares			Direxion Daily MSCI Mexico Bull 3X Shares			Direxion Daily MSCI South Korea Bull 3X Shares
Investment Income:
Dividend income	$	77,430		$	—		$	112,108		$	163,553
Interest income		1,855,952			719,951			177,823			350,618
Securities lending income		—			—			24,563			—
Total investment income		1,933,382			719,951			314,494			514,171
Expenses:
Investment advisory fees (Note 6)		330,764			122,926			57,036			111,087
Interest expense		100,667			83,608			55,330			44,896
Licensing fees		44,105			33,472			3,042			11,849
Fund servicing fees		16,880			6,641			3,322			6,004
Management service fees (Note 6)		10,938			4,067			1,886			3,674
Professional fees		8,495			6,295			5,569			6,149
Reports to shareholders		6,187			2,338			1,067			2,081
Pricing fees		2,976			2,976			2,976			2,976
Exchange listing fees		2,697			2,697			2,697			2,697
Trustees' fees and expenses		1,120			446			194			382
Insurance fees		992			375			171			334
Excise tax		—			—			—			3,630
Other		1,161			366			180			381
Total Expenses		526,982			266,207			133,470			196,140
Recoupment of expenses to Adviser (Note 6)		22			—			—			—
Less: Reimbursement of expenses from Adviser (Note 6)		(7,368	)		(26,892	)		(5,894	)		(6,904	)
Net Expenses		519,636			239,315			127,576			189,236
Net investment income		1,413,746			480,636			186,918			324,935
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on: Investment securities		97,078			—			(38,369	)		(441,189	)
In-kind redemptions		131,905			—			—			1,088,176
Swap contracts		(1,480,089	)		(7,018,375	)		3,063,982			4,708,306
Net realized gain (loss)		(1,251,106	)		(7,018,375	)		3,025,613			5,355,293
Change in net unrealized appreciation (depreciation) on: Investment securities		179,537			—			1,123,607			741,609
Swap contracts		17,869,505			(13,995,163	)		3,144,382			1,342,809
Change in net unrealized appreciation (depreciation)		18,049,042			(13,995,163	)		4,267,989			2,084,418
Net realized and unrealized gain (loss)		16,797,936			(21,013,538	)		7,293,602			7,439,711
Net increase (decrease) in net assets resulting from operations	$	18,211,682		$	(20,532,902	)	$	7,480,520		$	7,764,646

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

DIREXION SEMI-ANNUAL REPORT
95

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion Daily Aerospace & Defense Bull 3X Shares			Direxion Daily Consumer Discretionary Bull 3X Shares			Direxion Daily Dow Jones Internet Bull 3X Shares			Direxion Daily Dow Jones Internet Bear 3X Shares
Investment Income:
Dividend income	$	867,878		$	114,928		$	115,067		$	—
Interest income		1,372,836			151,714			908,327			1,004,163
Securities lending income		421			—			—			—
Total investment income		2,241,135			266,642			1,023,394			1,004,163
Expenses:
Investment advisory fees (Note 6)		708,697			91,257			468,355			180,830
Interest expense		322,038			22,620			149,064			195,323
Licensing fees		75,593			9,329			49,958			19,289
Fund servicing fees		35,774			5,020			23,709			9,528
Management service fees (Note 6)		23,442			3,018			15,488			5,983
Reports to shareholders		13,371			1,709			8,769			3,432
Professional fees		12,600			5,936			9,970			6,920
Pricing fees		2,976			2,976			2,976			2,976
Exchange listing fees		2,697			2,697			2,697			2,697
Trustees' fees and expenses		2,495			314			1,608			652
Insurance fees		2,144			274			1,406			550
Other		2,428			387			1,572			433
Total Expenses		1,204,255			145,537			735,572			428,613
Recoupment of expenses to Adviser (Note 6)		—			—			6,968			—
Less: Reimbursement of expenses from Adviser (Note 6)		—			(7,324	)		(225	)		(4,238	)
Net Expenses		1,204,255			138,213			742,315			424,375
Net investment income		1,036,880			128,429			281,079			579,788
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on: Investment securities		(746,232	)		(2,293,595	)		(12,055,673	)		—
In-kind redemptions		7,539,491			386,198			7,289,580			—
Swap contracts		47,501,974			(3,267,862	)		(13,360,531	)		35,826
Net realized gain (loss)		54,295,233			(5,175,259	)		(18,126,624	)		35,826
Change in net unrealized appreciation (depreciation) on: Investment securities		1,502,604			1,863,058			9,707,164			—
Swap contracts		(35,475,793	)		2,437,055			26,324,423			(20,239,669	)
Change in net unrealized appreciation (depreciation)		(33,973,189	)		4,300,113			36,031,587			(20,239,669	)
Net realized and unrealized gain (loss)		20,322,044			(875,146	)		17,904,963			(20,203,843	)
Net increase (decrease) in net assets resulting from operations	$	21,358,924		$	(746,717	)	$	18,186,042		$	(19,624,055	)

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

DIREXION SEMI-ANNUAL REPORT
96

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion Daily Financial Bull 3X Shares			Direxion Daily Financial Bear 3X Shares			Direxion Daily Healthcare Bull 3X Shares			Direxion Daily Homebuilders & Supplies Bull 3X Shares
Investment Income:
Dividend income	$	13,852,199		$	—		$	1,179,459		$	642,652
Interest income		13,839,331			3,964,866			1,356,707			1,035,125
Securities lending income		659			—			—			43
Total investment income		27,692,189			3,964,866			2,536,166			1,677,820
Expenses:
Investment advisory fees (Note 6)		6,968,697			680,164			726,545			585,632
Interest expense		2,388,865			223,710			115,543			401,466
Licensing fees		582,730			56,953			62,906			62,467
Fund servicing fees		347,190			34,383			36,673			29,525
Management service fees (Note 6)		230,504			22,500			24,033			19,367
Excise tax		207,837			265			—			—
Reports to shareholders		131,341			12,852			13,715			10,966
Professional fees		80,011			12,303			12,796			11,226
Trustees' fees and expenses		24,573			2,401			2,574			2,000
Insurance fees		21,058			2,060			2,199			1,758
Exchange listing fees		3,595			2,697			2,697			2,697
Pricing fees		2,976			2,976			2,976			2,976
Other		25,484			1,879			2,440			2,453
Total Expenses		11,014,861			1,055,143			1,005,097			1,132,533
Recoupment of expenses to Adviser (Note 6)		—			26,836			8,520			301
Less: Reimbursement of expenses from Adviser (Note 6)		—			—			(100	)		(301	)
Less: Investment advisory fees waived (Note 6)		(92,663	)		—			—			—
Net Expenses		10,922,198			1,081,978			1,013,517			1,132,533
Net investment income		16,769,991			2,882,888			1,522,649			545,287
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on: Investment securities		(100,018,098	)		—			(3,289,051	)		(533,411	)
In-kind redemptions		46,369,711			—			2,497,072			8,470,533
Swap contracts		101,748,143			(37,012,674	)		16,347,305			52,647,436
Net realized gain (loss)		48,099,756			(37,012,674	)		15,555,326			60,584,558
Change in net unrealized appreciation (depreciation) on: Investment securities		6,025,943			—			1,010,996			22,900,330
Swap contracts		(245,034,259	)		44,822,852			(23,576,890	)		35,871,318
Change in net unrealized appreciation (depreciation)		(239,008,316	)		44,822,852			(22,565,894	)		58,771,648
Net realized and unrealized gain (loss)		(190,908,560	)		7,810,178			(7,010,568	)		119,356,206
Net increase (decrease) in net assets resulting from operations	$	(174,138,569	)	$	10,693,066		$	(5,487,919	)	$	119,901,493

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

DIREXION SEMI-ANNUAL REPORT
97

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion Daily Industrials Bull 3X Shares			Direxion Daily Pharmaceutical & Medical Bull 3X Shares			Direxion Daily Real Estate Bull 3X Shares			Direxion Daily Real Estate Bear 3X Shares
Investment Income:
Dividend income	$	139,482		$	36,766		$	636,351		$	—
Interest income		166,152			76,450			324,502			3,986,895
Securities lending income		—			4,919			—			—
Total investment income		305,634			118,135			960,853			3,986,895
Expenses:
Investment advisory fees (Note 6)		86,838			37,633			183,543			679,878
Interest expense		22,993			6,056			77,338			302,172
Licensing fees		8,962			9,917			15,350			56,938
Professional fees		5,895			5,365			6,929			12,320
Fund servicing fees		4,817			2,369			9,608			34,421
Pricing fees		2,975			2,976			2,976			2,975
Management service fees (Note 6)		2,872			1,245			6,070			22,492
Exchange listing fees		2,697			2,697			2,697			2,697
Reports to shareholders		1,637			710			3,447			12,881
Trustees' fees and expenses		306			133			636			2,415
Insurance fees		262			114			553			2,065
Excise tax		—			302			—			11,703
Other		336			163			826			1,630
Total Expenses		140,590			69,680			309,973			1,144,587
Recoupment of expenses to Adviser (Note 6)		—			—			894			30,466
Less: Reimbursement of expenses from Adviser (Note 6)		(7,603	)		(15,655	)		(1,042	)		—
Net Expenses		132,987			54,025			309,825			1,175,053
Net investment income		172,647			64,110			651,028			2,811,842
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on: Investment securities		(188,340	)		(345,957	)		(3,421,682	)		—
In-kind redemptions		422,736			70,080			779,013			—
Swap contracts		3,756,835			(422,719	)		5,345,712			(52,749,826	)
Net realized gain (loss)		3,991,231			(698,596	)		2,703,043			(52,749,826	)
Change in net unrealized appreciation (depreciation) on: Investment securities		548,370			245,337			2,304,395			—
Swap contracts		(2,509,820	)		(744,797	)		(5,183,394	)		8,572,417
Change in net unrealized appreciation (depreciation)		(1,961,450	)		(499,460	)		(2,878,999	)		8,572,417
Net realized and unrealized gain (loss)		2,029,781			(1,198,056	)		(175,956	)		(44,177,409	)
Net increase (decrease) in net assets resulting from operations	$	2,202,428		$	(1,133,946	)	$	475,072		$	(41,365,567	)

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

DIREXION SEMI-ANNUAL REPORT
98

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion Daily Regional Banks Bull 3X Shares			Direxion Daily Retail Bull 3X Shares			Direxion Daily S&P 500®​ High Beta Bull 3X Shares			Direxion Daily S&P 500®​ High Beta Bear 3X Shares
Investment Income:
Dividend income (net of foreign withholding tax of $8,340, $—, $820 and $—, respectively)	$	1,794,528		$	304,511		$	214,568		$	—
Interest income		1,779,960			299,564			358,373			1,460,417
Securities lending income		18,081			80,736			90			—
Total investment income		3,592,569			684,811			573,031			1,460,417
Expenses:
Investment advisory fees (Note 6)		812,130			186,943			256,795			246,369
Interest expense		177,484			72,572			144,512			170,973
Licensing fees		43,711			10,525			27,392			26,280
Fund servicing fees		40,659			9,782			13,242			12,794
Management service fees (Note 6)		26,854			6,183			8,493			8,151
Reports to shareholders		15,147			3,514			4,820			4,670
Professional fees		13,615			6,967			7,714			7,628
Pricing fees		2,976			2,976			2,976			2,976
Trustees' fees and expenses		2,757			655			894			877
Exchange listing fees		2,697			2,697			2,697			2,697
Insurance fees		2,428			563			773			749
Excise tax		—			2,616			—			4,278
Other		3,160			804			908			639
Total Expenses		1,143,618			306,797			471,216			489,081
Recoupment of expenses to Adviser (Note 6)		—			1,851			399			10
Less: Reimbursement of expenses from Adviser (Note 6)		—			(16	)		(1,830	)		(1,772	)
Net Expenses		1,143,616			308,632			469,785			487,319
Net investment income		2,448,953			376,179			103,246			973,098
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on: Investment securities		(51,117,679	)		(5,481,148	)		(4,619,529	)		—
In-kind redemptions		3,295,699			2,670,271			4,047,160			—
Swap contracts		(101,369,607	)		1,267,004			9,706,773			(25,181,814	)
Net realized gain (loss)		(149,191,587	)		(1,543,873	)		9,134,404			(25,181,814	)
Change in net unrealized appreciation (depreciation) on: Investment securities		3,802,648			912,108			3,248,416			—
Swap contracts		(63,974,195	)		(8,127,333	)		(7,012,840	)		(2,045,506	)
Change in net unrealized depreciation		(60,171,547	)		(7,215,225	)		(3,764,424	)		(2,045,506	)
Net realized and unrealized gain (loss)		(209,363,134	)		(8,759,098	)		5,369,980			(27,227,320	)
Net increase (decrease) in net assets resulting from operations	$	(206,914,181	)	$	(8,382,919	)	$	5,473,226		$	(26,254,222	)

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

DIREXION SEMI-ANNUAL REPORT
99

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion Daily S&P Biotech Bull 3X Shares			Direxion Daily S&P Biotech Bear 3X Shares			Direxion Daily Semiconductor Bull 3X Shares			Direxion Daily Semiconductor Bear 3X Shares
Investment Income:
Dividend income (net of foreign withholding tax of $—, $—, $612,903 and $—, respectively)	$	3,595,583		$	—		$	22,535,460		$	—
Interest income		6,775,026			2,748,457			27,684,696			29,906,897
Securities lending income		181,103			—			91,336			—
Total investment income		10,551,712			2,748,457			50,311,492			29,906,897
Expenses:
Investment advisory fees (Note 6)		3,757,318			459,568			17,327,861			4,733,961
Interest expense		1,610,606			307,451			11,888,262			1,672,127
Licensing fees		400,781			49,021			693,115			189,359
Fund servicing fees		187,545			23,435			1,476,479			235,065
Management service fees (Note 6)		124,285			15,204			573,025			156,549
Reports to shareholders		70,895			8,712			324,340			88,596
Professional fees		45,471			9,937			190,296			55,586
Trustees' fees and expenses		13,213			1,648			59,466			15,903
Insurance fees		11,367			1,397			52,001			14,205
Exchange listing fees		3,595			2,697			5,392			3,595
Pricing fees		2,976			2,976			2,976			2,976
Excise tax		—			8,573			90,507			82,606
Other		11,266			1,174			55,307			11,353
Total Expenses		6,239,318			891,793			32,739,027			7,261,881
Recoupment of expenses to Adviser (Note 6)		—			6,365			—			—
Less: Reimbursement of expenses from Adviser (Note 6)		—			(8	)		—			—
Less: Investment advisory fees waived (Note 6)		—			—			(2,879,784	)		—
Net Expenses		6,239,317			898,150			29,859,243			7,261,880
Net investment income		4,312,395			1,850,307			20,452,249			22,645,017
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on: Investment securities		(106,810,803	)		—			(145,057,113	)		—
In-kind redemptions		102,512,577			—			362,423,316			—
Swap contracts		(70,555,703	)		(10,455,969	)		133,575,723			(797,699,792	)
Net realized gain (loss)		(74,853,929	)		(10,455,969	)		350,941,926			(797,699,792	)
Change in net unrealized appreciation (depreciation) on: Investment securities		652,771			—			407,971,994			—
Swap contracts		(95,330,666	)		10,652,127			1,400,854,068			(77,065,525	)
Change in net unrealized appreciation (depreciation)		(94,677,895	)		10,652,127			1,808,826,062			(77,065,525	)
Net realized and unrealized gain (loss)		(169,531,824	)		196,158			2,159,767,988			(874,765,317	)
Net increase (decrease) in net assets resulting from operations	$	(165,219,429	)	$	2,046,465		$	2,180,220,237		$	(852,120,300	)

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

DIREXION SEMI-ANNUAL REPORT
100

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion Daily Technology Bull 3X Shares			Direxion Daily Technology Bear 3X Shares			Direxion Daily Transportation Bull 3X Shares			Direxion Daily Utilities Bull 3X Shares
Investment Income:
Dividend income (net of foreign withholding tax of $8,391, $—, $— and $—, respectively)	$	5,764,479		$	—		$	142,095		$	179,044
Interest income		10,056,311			3,520,276			191,080			141,288
Securities lending income		—			—			46			—
Total investment income		15,820,790			3,520,276			333,221			320,332
Expenses:
Investment advisory fees (Note 6)		5,537,652			592,282			94,395			65,892
Interest expense		1,927,903			467,330			20,524			13,169
Licensing fees		463,146			49,604			10,412			7,212
Fund servicing fees		274,952			30,038			5,186			3,783
Management service fees (Note 6)		183,129			19,594			3,122			2,180
Reports to shareholders		103,679			11,214			1,775			1,248
Professional fees		64,204			11,367			5,974			5,672
Trustees' fees and expenses		19,054			2,089			330			238
Insurance fees		16,623			1,798			285			200
Exchange listing fees		3,595			2,697			2,697			2,697
Pricing fees		2,976			2,976			2,976			2,976
Excise tax		—			12,698			2,759			—
Other		22,753			1,495			425			238
Total Expenses		8,619,666			1,205,182			150,860			105,505
Recoupment of expenses to Adviser (Note 6)		—			25,069			—			—
Less: Reimbursement of expenses from Adviser (Note 6)		—			—			(8,010	)		(8,872	)
Less: Investment advisory fees waived (Note 6)		(9,965	)		—			—			—
Net Expenses		8,609,701			1,230,251			142,850			96,633
Net investment income		7,211,089			2,290,025			190,371			223,699
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on: Investment securities		(13,623,001	)		—			(1,102,152	)		(320,302	)
In-kind redemptions		32,093,986			—			126,545			1,190,385
Swap contracts		(111,011,790	)		(30,738,392	)		(1,268,190	)		1,882,380
Net realized gain (loss)		(92,540,805	)		(30,738,392	)		(2,243,797	)		2,752,463
Change in net unrealized appreciation (depreciation) on: Investment securities		143,359,477			—			1,347,128			(139,477	)
Swap contracts		501,333,943			(67,514,115	)		1,090,636			(338,855	)
Change in net unrealized appreciation (depreciation)		644,693,420			(67,514,115	)		2,437,764			(478,332	)
Net realized and unrealized gain (loss)		552,152,615			(98,252,507	)		193,967			2,274,131
Net increase (decrease) in net assets resulting from operations	$	559,363,704		$	(95,962,482	)	$	384,338		$	2,497,830

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

DIREXION SEMI-ANNUAL REPORT
101

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2023

	Direxion Daily 7-10 Year Treasury Bull 3X Shares			Direxion Daily 7-10 Year Treasury Bear 3X Shares			Direxion Daily 20+ Year Treasury Bull 3X Shares			Direxion Daily 20+ Year Treasury Bear 3X Shares
Investment Income:
Dividend income	$	246,860		$	—		$	8,632,072		$	—
Interest income		161,433			703,489			8,242,606			10,062,138
Securities lending income		671			—			495			—
Total investment income		408,964			703,489			16,875,173			10,062,138
Expenses:
Investment advisory fees (Note 6)		101,997			125,313			3,599,854			1,785,986
Professional fees		6,054			6,323			43,264			24,296
Fund servicing fees		5,561			6,767			178,359			89,618
Licensing fees		5,007			5,378			143,995			71,440
Interest expense		4,331			48,726			237,294			1,282,497
Management service fees (Note 6)		3,373			4,146			119,026			59,085
Pricing fees		2,976			2,975			2,976			2,976
Exchange listing fees		2,697			2,697			2,697			2,697
Reports to shareholders		1,917			2,386			67,033			33,839
Excise tax		574			39			23,583			11,620
Trustees' fees and expenses		353			457			11,912			6,382
Insurance fees		307			383			10,747			5,425
Other		305			370			9,827			5,047
Total Expenses		135,452			205,960			4,450,567			3,380,908
Recoupment of expenses to Adviser (Note 6)		671			1,820			—			—
Less: Reimbursement of expenses from Adviser (Note 6)		(2,021	)		(285	)		—			—
Less: Investment advisory fees waived (Note 6)		—			—			(984	)		—
Net Expenses		134,102			207,495			4,449,583			3,380,907
Net investment income		274,862			495,994			12,425,590			6,681,231
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on: Investment securities		(624,135	)		—			(21,737,490	)		—
In-kind redemptions		—			—			6,858,066			—
Swap contracts		(2,627,534	)		(196,078	)		(82,065,311	)		(87,636,249	)
Net realized loss		(3,251,669	)		(196,078	)		(96,944,735	)		(87,636,249	)
Change in net unrealized appreciation (depreciation) on: Investment securities		1,726,840			—			58,990,495			—
Swap contracts		5,064,335			(6,983,544	)		212,032,651			(132,115,871	)
Change in net unrealized appreciation (depreciation)		6,791,175			(6,983,544	)		271,023,146			(132,115,871	)
Net realized and unrealized gain (loss)		3,539,506			(7,179,622	)		174,078,411			(219,752,120	)
Net increase (decrease) in net assets resulting from operations	$	3,814,368		$	(6,683,628	)	$	186,504,001		$	(213,070,889	)

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

DIREXION SEMI-ANNUAL REPORT
102

Statements of Changes in Net Assets

	Direxion Daily Mid Cap Bull 3X Shares						Direxion Daily S&P 500®​ Bull 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income	$	322,415		$	197,964		$	17,548,605		$	6,620,057
Net realized gain (loss)		3,336,884			(12,168,044	)		107,271,530			(713,784,752	)
Change in net unrealized appreciation (depreciation)		(4,882,800	)		(28,211,169	)		282,404,384			(926,143,940	)
Net increase (decrease) in net assets resulting from operations		(1,223,501	)		(40,181,249	)		407,224,519			(1,633,308,635	)
Distributions to shareholders:
Net distributions to shareholders		(188,084	)		—			(14,449,674	)		(5,786,419	)
Total distributions		(188,084	)		—			(14,449,674	)		(5,786,419	)
Capital share transactions:
Proceeds from shares sold		9,403,934			15,988,184			8,371,954,779			5,901,080,779
Cost of shares redeemed		(7,497,514	)		(18,593,897	)		(8,570,131,878	)		(5,065,561,898	)
Transaction fees (Note 4)		1,674			3,395			2,458,898			1,453,652
Net increase (decrease) in net assets resulting from capital transactions		1,908,094			(2,602,318	)		(195,718,201	)		836,972,533
Total increase (decrease) in net assets		496,509			(42,783,567	)		197,056,644			(802,122,521	)
Net assets:
Beginning of year/period		47,800,608			90,584,175			2,546,627,715			3,348,750,236
End of year/period	$	48,297,117		$	47,800,608		$	2,743,684,359		$	2,546,627,715
Changes in shares outstanding
Shares outstanding, beginning of year/period		1,300,132			1,350,132			38,600,002			25,700,002
Shares sold		250,000			300,000			121,450,000			70,600,000
Shares repurchased		(200,000	)		(350,000	)		(123,850,000	)		(57,700,000	)
Shares outstanding, end of year/period		1,350,132			1,300,132			36,200,002			38,600,002

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

DIREXION SEMI-ANNUAL REPORT
103

Statements of Changes in Net Assets

	Direxion Daily S&P 500®​ Bear 3X Shares						Direxion Daily Small Cap Bull 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income	$	14,661,469		$	1,096,956		$	7,999,339		$	3,032,831
Net realized loss		(171,125,676	)		(1,820,867	)		(44,434,008	)		(1,095,460,021	)
Change in net unrealized appreciation (depreciation)		(107,242,661	)		157,306,258			(167,178,086	)		(35,224,542	)
Net increase (decrease) in net assets resulting from operations		(263,706,868	)		156,582,347			(203,612,755	)		(1,127,651,732	)
Distributions to shareholders:
Net distributions to shareholders		(10,762,794	)		—			(4,641,815	)		(1,367,545	)
Total distributions		(10,762,794	)		—			(4,641,815	)		(1,367,545	)
Capital share transactions:
Proceeds from shares sold		4,684,998,262			2,964,867,622			1,151,742,708			3,879,258,584
Cost of shares redeemed		(4,168,867,596	)		(2,622,881,335	)		(1,026,478,256	)		(3,033,085,709	)
Transaction fees (Note 4)		1,250,660			785,779			279,599			790,344
Net increase in net assets resulting from capital transactions		517,381,326			342,772,066			125,544,051			846,963,219
Total increase (decrease) in net assets		242,911,664			499,354,413			(82,710,519	)		(282,056,058	)
Net assets:
Beginning of year/period		887,711,032			388,356,619			1,217,462,801			1,499,518,859
End of year/period	$	1,130,622,696		$	887,711,032		$	1,134,752,282		$	1,217,462,801
Changes in shares outstanding
Shares outstanding, beginning of year/period		39,176,918			20,676,918			31,800,002			16,100,002
Shares sold		240,200,000			130,200,000			34,650,000			68,400,000
Shares repurchased		(213,000,000	)		(111,700,000	)		(28,750,000	)		(52,700,000	)
Shares outstanding, end of year/period		66,376,918			39,176,918			37,700,002			31,800,002

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

DIREXION SEMI-ANNUAL REPORT
104

Statements of Changes in Net Assets

	Direxion Daily Small Cap Bear 3X Shares						Direxion Daily FTSE China Bull 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income	$	7,705,392		$	182,640		$	7,905,445		$	3,525,681
Net realized gain (loss)		(49,351,315	)		111,315,116			50,624,853			(708,349,811	)
Change in net unrealized appreciation (depreciation)		96,770,228			35,918,628			152,524,594			(127,503,386	)
Net increase (decrease) in net assets resulting from operations		55,124,305			147,416,384			211,054,892			(832,327,516	)
Distributions to shareholders:
Net distributions to shareholders		(5,993,352	)		—			(7,440,434	)		(1,246,902	)
Total distributions		(5,993,352	)		—			(7,440,434	)		(1,246,902	)
Capital share transactions:
Proceeds from shares sold		1,310,855,116			2,072,458,147			351,069,439			938,956,467
Cost of shares redeemed		(1,422,667,745	)		(2,178,146,093	)		(193,119,390	)		(370,386,970	)
Transaction fees (Note 4)		426,800			653,444			41,519			74,418
Net increase (decrease) in net assets resulting from capital transactions		(111,385,829	)		(105,034,502	)		157,991,568			568,643,915
Total increase (decrease) in net assets		(62,254,876	)		42,381,882			361,606,026			(264,930,503	)
Net assets:
Beginning of year/period		547,165,165			504,783,283			217,357,242			482,287,745
End of year/period	$	484,910,289		$	547,165,165		$	578,963,268		$	217,357,242
Changes in shares outstanding
Shares outstanding, beginning of year/period		16,922,797			18,772,797			10,892,767			2,155,001
Shares sold		42,750,000			60,600,000			7,450,000			13,580,000
Shares repurchased		(44,900,000	)		(62,450,000	)		(4,200,000	)		(4,842,234	)
Shares outstanding, end of year/period		14,772,797			16,922,797			14,142,767			10,892,767

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

DIREXION SEMI-ANNUAL REPORT
105

Statements of Changes in Net Assets

	Direxion Daily FTSE China Bear 3X Shares						Direxion Daily FTSE Europe Bull 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income	$	2,444,508		$	88,588		$	290,340		$	331,159
Net realized gain (loss)		(125,721,719	)		68,000,459			5,272,776			(15,944,028	)
Change in net unrealized appreciation (depreciation)		(38,526,797	)		61,784,025			10,110,517			(12,282,624	)
Net increase (decrease) in net assets resulting from operations		(161,804,008	)		129,873,072			15,673,633			(27,895,493	)
Distributions to shareholders:
Net distributions to shareholders		(1,999,539	)		—			(191,688	)		(316,935	)
Total distributions		(1,999,539	)		—			(191,688	)		(316,935	)
Capital share transactions:
Proceeds from shares sold		541,699,613			486,188,664			10,268,079			19,998,922
Cost of shares redeemed		(412,218,527	)		(513,549,364	)		(7,609,425	)		(21,749,479	)
Transaction fees (Note 4)		123,666			205,413			1,522			4,350
Net increase (decrease) in net assets resulting from capital transactions		129,604,752			(27,155,287	)		2,660,176			(1,746,207	)
Total increase (decrease) in net assets		(34,198,795	)		102,717,785			18,142,121			(29,958,635	)
Net assets:
Beginning of year/period		168,948,054			66,230,269			17,965,188			47,923,823
End of year/period	$	134,749,259		$	168,948,054		$	36,107,309		$	17,965,188
Changes in shares outstanding
Shares outstanding, beginning of year/period		4,427,337			3,927,337			1,400,001			1,250,001
Shares sold		50,300,000			30,550,000			500,000			1,000,000
Shares repurchased		(41,850,000	)		(30,050,000	)		(400,000	)		(850,000	)
Shares outstanding, end of year/period		12,877,337			4,427,337			1,500,001			1,400,001

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

DIREXION SEMI-ANNUAL REPORT
106

Statements of Changes in Net Assets

	Direxion Daily MSCI Emerging Markets Bull 3X Shares						Direxion Daily MSCI Emerging Markets Bear 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income (loss)	$	1,413,746		$	803,533		$	480,636		$	(194	)
Net realized gain (loss)		(1,251,106	)		(124,088,995	)		(7,018,375	)		21,149,834
Change in net unrealized appreciation (depreciation)		18,049,042			(6,189,460	)		(13,995,163	)		12,129,823
Net increase (decrease) in net assets resulting from operations		18,211,682			(129,474,922	)		(20,532,902	)		33,279,463
Distributions to shareholders:
Net distributions to shareholders		(1,028,045	)		—			(356,944	)		—
Total distributions		(1,028,045	)		—			(356,944	)		—
Capital share transactions:
Proceeds from shares sold		47,037,951			84,616,572			9,850,949			60,339,424
Cost of shares redeemed		(25,269,685	)		(74,971,504	)		(14,076,094	)		(63,788,096	)
Transaction fees (Note 4)		5,250			15,888			4,223			31,918
Net increase (decrease) in net assets resulting from capital transactions		21,773,516			9,660,956			(4,220,922	)		(3,416,754	)
Total increase (decrease) in net assets		38,957,153			(119,813,966	)		(25,110,768	)		29,862,709
Net assets:
Beginning of year/period		49,367,063			169,181,029			56,453,163			26,590,454
End of year/period	$	88,324,216		$	49,367,063		$	31,342,395		$	56,453,163
Changes in shares outstanding
Shares outstanding, beginning of year/period		2,281,598			2,081,598			2,695,232			2,945,232
Shares sold		1,450,000			1,700,000			750,000			4,350,000
Shares repurchased		(800,000	)		(1,500,000	)		(1,000,000	)		(4,600,000	)
Shares outstanding, end of year/period		2,931,598			2,281,598			2,445,232			2,695,232

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

DIREXION SEMI-ANNUAL REPORT
107

Statements of Changes in Net Assets

	Direxion Daily MSCI Mexico Bull 3X Shares						Direxion Daily MSCI South Korea Bull 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income	$	186,918		$	158,185		$	324,935		$	227,711
Net realized gain (loss)		3,025,613			2,635,316			5,355,293			(38,741,856	)
Change in net unrealized appreciation (depreciation)		4,267,989			(2,364,795	)		2,084,418			3,845,839
Net increase (decrease) in net assets resulting from operations		7,480,520			428,706			7,764,646			(34,668,306	)
Distributions to shareholders:
Net distributions to shareholders		(163,712	)		(148,179	)		(279,431	)		(227,711	)
Return of capital		—			—			—			(87,142	)
Total distributions		(163,712	)		(148,179	)		(279,431	)		(314,853	)
Capital share transactions:
Proceeds from shares sold		—			3,561,223			7,276,731			42,506,823
Cost of shares redeemed		—			(7,418,820	)		(7,171,292	)		(34,458,616	)
Transaction fees (Note 4)		—			1,483			1,477			6,958
Net increase (decrease) in net assets resulting from capital transactions		—			(3,856,114	)		106,916			8,055,165
Total increase (decrease) in net assets		7,316,808			(3,575,587	)		7,592,131			(26,927,994	)
Net assets:
Beginning of year/period		11,649,618			15,225,205			20,093,899			47,021,893
End of year/period	$	18,966,426		$	11,649,618		$	27,686,030		$	20,093,899
Changes in shares outstanding
Shares outstanding, beginning of year/period		133,205			183,205			3,350,001			1,800,001
Shares sold		—			50,000			800,000			3,450,000
Shares repurchased		—			(100,000	)		(850,000	)		(1,900,000	)
Shares outstanding, end of year/period		133,205			133,205			3,300,001			3,350,001

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

DIREXION SEMI-ANNUAL REPORT
108

Statements of Changes in Net Assets

	Direxion Daily Aerospace & Defense Bull 3X Shares						Direxion Daily Consumer Discretionary Bull 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income (loss)	$	1,036,880		$	448,982		$	128,429		$	(100,922	)
Net realized gain (loss)		54,295,233			(25,295,357	)		(5,175,259	)		(30,238,947	)
Change in net unrealized appreciation (depreciation)		(33,973,189	)		14,263,833			4,300,113			(21,136,117	)
Net increase (decrease) in net assets resulting from operations		21,358,924			(10,582,542	)		(746,717	)		(51,475,986	)
Distributions to shareholders:
Net distributions to shareholders		(908,259	)		(5,900,582	)		(53,136	)		—
Total distributions		(908,259	)		(5,900,582	)		(53,136	)		—
Capital share transactions:
Proceeds from shares sold		15,978,308			124,137,695			5,675,999			33,900,420
Cost of shares redeemed		(62,315,120	)		(193,807,810	)		(2,972,946	)		(13,037,902	)
Transaction fees (Note 4)		14,401			43,247			594			2,775
Net increase (decrease) in net assets resulting from capital transactions		(46,322,411	)		(69,626,868	)		2,703,647			20,865,293
Total increase (decrease) in net assets		(25,871,746	)		(86,109,992	)		1,903,794			(30,610,693	)
Net assets:
Beginning of year/period		194,780,155			280,890,147			24,652,817			55,263,510
End of year/period	$	168,908,409		$	194,780,155		$	26,556,611		$	24,652,817
Changes in shares outstanding
Shares outstanding, beginning of year/period		10,750,001			13,650,001			1,050,001			600,001
Shares sold		800,000			6,850,000			300,000			750,000
Shares repurchased		(3,100,000	)		(9,750,000	)		(150,000	)		(300,000	)
Shares outstanding, end of year/period		8,450,001			10,750,001			1,200,001			1,050,001

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

DIREXION SEMI-ANNUAL REPORT
109

Statements of Changes in Net Assets

	Direxion Daily Dow Jones Internet Bull 3X Shares						Direxion Daily Dow Jones Internet Bear 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income (loss)	$	281,079		$	(488,175	)	$	579,788		$	163,010
Net realized gain (loss)		(18,126,624	)		(253,307,924	)		35,826			(5,074,902	)
Change in net unrealized appreciation (depreciation)		36,031,587			(42,716,872	)		(20,239,669	)		20,263,013
Net increase (decrease) in net assets resulting from operations		18,186,042			(296,512,971	)		(19,624,055	)		15,351,121
Distributions to shareholders:
Net distributions to shareholders		—			(7,017,671	)		(423,337	)		(26,648	)
Total distributions		—			(7,017,671	)		(423,337	)		(26,648	)
Capital share transactions:
Proceeds from shares sold		80,058,586			402,775,715			76,950,933			180,515,545
Cost of shares redeemed		(73,534,263	)		(96,132,641	)		(68,485,563	)		(144,304,284	)
Transaction fees (Note 4)		16,091			19,522			20,546			43,291
Net increase in net assets resulting from capital transactions		6,540,414			306,662,596			8,485,916			36,254,552
Total increase (decrease) in net assets		24,726,456			3,131,954			(11,561,476	)		51,579,025
Net assets:
Beginning of year/period		103,100,345			99,968,391			56,182,765			4,603,740
End of year/period	$	127,826,801		$	103,100,345		$	44,621,289		$	56,182,765
Changes in shares outstanding
Shares outstanding, beginning of year/period		14,300,001			1,150,001			1,469,952			319,952
Shares sold		12,300,000			20,800,000			2,850,000			5,150,000
Shares repurchased		(10,400,000	)		(7,650,000	)		(2,200,000	)		(4,000,000	)
Shares outstanding, end of year/period		16,200,001			14,300,001			2,119,952			1,469,952

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

DIREXION SEMI-ANNUAL REPORT
110

Statements of Changes in Net Assets

	Direxion Daily Financial Bull 3X Shares						Direxion Daily Financial Bear 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income	$	16,769,991		$	20,993,339		$	2,882,888		$	72,700
Net realized gain (loss)		48,099,756			(358,555,513	)		(37,012,674	)		14,512,157
Change in net unrealized appreciation (depreciation)		(239,008,316	)		(1,336,880,880	)		44,822,852			3,952,927
Net increase (decrease) in net assets resulting from operations		(174,138,569	)		(1,674,443,054	)		10,693,066			18,537,784
Distributions to shareholders:
Net distributions to shareholders		(12,985,377	)		(19,073,316	)		(2,267,811	)		—
Total distributions		(12,985,377	)		(19,073,316	)		(2,267,811	)		—
Capital share transactions:
Proceeds from shares sold		571,576,355			1,546,073,426			245,368,622			559,923,134
Cost of shares redeemed		(521,992,926	)		(1,542,877,671	)		(277,520,530	)		(518,160,627	)
Transaction fees (Note 4)		122,031			383,657			83,256			155,449
Net increase (decrease) in net assets resulting from capital transactions		49,705,460			3,579,412			(32,068,652	)		41,917,956
Total increase (decrease) in net assets		(137,418,486	)		(1,689,936,958	)		(23,643,397	)		60,455,740
Net assets:
Beginning of year/period		1,892,223,030			3,582,159,988			190,690,003			130,234,263
End of year/period	$	1,754,804,544		$	1,892,223,030		$	167,046,606		$	190,690,003
Changes in shares outstanding
Shares outstanding, beginning of year/period		25,699,289			24,799,289			9,303,350			7,103,350
Shares sold		9,750,000			15,650,000			12,750,000			25,050,000
Shares repurchased		(7,400,000	)		(14,750,000	)		(13,750,000	)		(22,850,000	)
Shares outstanding, end of year/period		28,049,289			25,699,289			8,303,350			9,303,350

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

DIREXION SEMI-ANNUAL REPORT
111

Statements of Changes in Net Assets

	Direxion Daily Healthcare Bull 3X Shares						Direxion Daily Homebuilders & Supplies Bull 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income (loss)	$	1,522,649		$	760,009		$	545,287		$	(23,901	)
Net realized gain (loss)		15,555,326			23,094,065			60,584,558			(65,511,947	)
Change in net unrealized appreciation (depreciation)		(22,565,894	)		(57,503,787	)		58,771,648			(132,743,393	)
Net increase (decrease) in net assets resulting from operations		(5,487,919	)		(33,649,713	)		119,901,493			(198,279,241	)
Distributions to shareholders:
Net distributions to shareholders		(1,168,280	)		(597,569	)		(584,353	)		—
Total distributions		(1,168,280	)		(597,569	)		(584,353	)		—
Capital share transactions:
Proceeds from shares sold		24,831,323			106,529,364			22,580,298			222,149,836
Cost of shares redeemed		(22,098,967	)		(130,393,496	)		(75,015,135	)		(275,864,016	)
Transaction fees (Note 4)		4,927			26,079			18,251			62,717
Net increase (decrease) in net assets resulting from capital transactions		2,737,283			(23,838,053	)		(52,416,586	)		(53,651,463	)
Total increase (decrease) in net assets		(3,918,916	)		(58,085,335	)		66,900,554			(251,930,704	)
Net assets:
Beginning of year/period		196,030,295			254,115,630			131,144,691			383,075,395
End of year/period	$	192,111,379		$	196,030,295		$	198,045,245		$	131,144,691
Changes in shares outstanding
Shares outstanding, beginning of year/period		1,800,008			2,050,008			5,000,000			4,600,000
Shares sold		250,000			900,000			600,000			4,850,000
Shares repurchased		(200,000	)		(1,150,000	)		(2,000,000	)		(4,450,000	)
Shares outstanding, end of year/period		1,850,008			1,800,008			3,600,000			5,000,000

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

DIREXION SEMI-ANNUAL REPORT
112

Statements of Changes in Net Assets

	Direxion Daily Industrials Bull 3X Shares						Direxion Daily Pharmaceutical & Medical Bull 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income	$	172,647		$	105,061		$	64,110		$	43,717
Net realized gain (loss)		3,991,231			(1,191,547	)		(698,596	)		(6,497,162	)
Change in net unrealized (depreciation)		(1,961,450	)		(13,301,032	)		(499,460	)		(539,333	)
Net increase (decrease) in net assets resulting from operations		2,202,428			(14,387,518	)		(1,133,946	)		(6,992,778	)
Distributions to shareholders:
Net distributions to shareholders		(149,983	)		(94,102	)		(54,946	)		(36,713	)
Total distributions		(149,983	)		(94,102	)		(54,946	)		(36,713	)
Capital share transactions:
Proceeds from shares sold		4,720,122			3,972,857			—			25,410,241
Cost of shares redeemed		(4,908,327	)		(34,145,073	)		(480,667	)		(38,908,274	)
Transaction fees (Note 4)		981			6,829			96			7,782
Net decrease in net assets resulting from capital transactions		(187,224	)		(30,165,387	)		(480,571	)		(13,490,251	)
Total increase (decrease) in net assets		1,865,221			(44,647,007	)		(1,669,463	)		(20,519,742	)
Net assets:
Beginning of year/period		18,872,913			63,519,920			11,173,023			31,692,765
End of year/period	$	20,738,134		$	18,872,913		$	9,503,560		$	11,173,023
Changes in shares outstanding
Shares outstanding, beginning of year/period		650,001			1,400,001			1,100,001			1,750,001
Shares sold		150,000			100,000			—			1,750,000
Shares repurchased		(150,000	)		(850,000	)		(50,000	)		(2,400,000	)
Shares outstanding, end of year/period		650,001			650,001			1,050,001			1,100,001

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

DIREXION SEMI-ANNUAL REPORT
113

Statements of Changes in Net Assets

	Direxion Daily Real Estate Bull 3X Shares						Direxion Daily Real Estate Bear 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income	$	651,028		$	1,162,344		$	2,811,842		$	520,977
Net realized gain (loss)		2,703,043			(136,809	)		(52,749,826	)		24,704,385
Change in net unrealized appreciation (depreciation)		(2,878,999	)		(63,747,069	)		8,572,417			5,287,833
Net increase (decrease) in net assets resulting from operations		475,072			(62,721,534	)		(41,365,567	)		30,513,195
Distributions to shareholders:
Net distributions to shareholders		(529,296	)		(6,886,474	)		(2,158,041	)		—
Total distributions		(529,296	)		(6,886,474	)		(2,158,041	)		—
Capital share transactions:
Proceeds from shares sold		18,434,749			35,165,502			116,444,728			252,540,741
Cost of shares redeemed		(17,013,647	)		(66,006,865	)		(107,819,414	)		(97,576,159	)
Transaction fees (Note 4)		3,798			13,531			32,346			29,260
Net increase (decrease) in net assets resulting from capital transactions		1,424,900			(30,827,832	)		8,657,660			154,993,842
Total increase (decrease) in net assets		1,370,676			(100,435,840	)		(34,865,948	)		185,507,037
Net assets:
Beginning of year/period		47,268,047			147,703,887			205,433,383			19,926,346
End of year/period	$	48,638,723		$	47,268,047		$	170,567,435		$	205,433,383
Changes in shares outstanding
Shares outstanding, beginning of year/period		4,800,000			5,650,000			3,384,045			485,144
Shares sold		1,900,000			2,450,000			2,400,000			4,650,000
Shares repurchased		(1,700,000	)		(3,300,000	)		(2,150,000	)		(1,751,099	)
Shares outstanding, end of year/period		5,000,000			4,800,000			3,634,045			3,384,045

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

DIREXION SEMI-ANNUAL REPORT
114

Statements of Changes in Net Assets

	Direxion Daily Regional Banks Bull 3X Shares1​						Direxion Daily Retail Bull 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income	$	2,448,953		$	3,002,792		$	376,179		$	583,026
Net realized (loss)		(149,191,587	)		(29,515,400	)		(1,543,873	)		(108,775,496	)
Change in net unrealized (depreciation)		(60,171,547	)		(133,852,353	)		(7,215,225	)		(28,565,366	)
Net decrease in net assets resulting from operations		(206,914,181	)		(160,364,961	)		(8,382,919	)		(136,757,836	)
Distributions to shareholders:
Net distributions to shareholders		(1,721,266	)		(2,874,970	)		(272,893	)		(473,179	)
Total distributions		(1,721,266	)		(2,874,970	)		(272,893	)		(473,179	)
Capital share transactions:
Proceeds from shares sold		577,224,347			256,508,930			19,811,005			137,251,024
Cost of shares redeemed		(169,399,709	)		(322,182,252	)		(16,984,160	)		(77,856,410	)
Transaction fees (Note 4)		37,104			69,762			3,673			17,045
Net increase (decrease) in net assets resulting from capital transactions		407,861,742			(65,603,560	)		2,830,518			59,411,659
Total increase (decrease) in net assets		199,226,295			(228,843,491	)		(5,825,294	)		(77,819,356	)
Net assets:
Beginning of year/period		212,432,563			441,276,054			51,019,624			128,838,980
End of year/period	$	411,658,858		$	212,432,563		$	45,194,330		$	51,019,624
Changes in shares outstanding
Shares outstanding, beginning of year/period		7,098,590			8,648,590			6,271,105			3,071,105
Shares sold		70,500,000			5,800,000			2,550,000			7,500,000
Shares repurchased		(17,850,000	)		(7,350,000	)		(1,950,000	)		(4,300,000	)
Shares outstanding, end of year/period		59,748,590			7,098,590			6,871,105			6,271,105

¹​  Effective June 5, 2023, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

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

DIREXION SEMI-ANNUAL REPORT
115

Statements of Changes in Net Assets

	Direxion Daily S&P 500®​ High Beta Bull 3X Shares						Direxion Daily S&P 500®​ High Beta Bear 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income (loss)	$	103,246		$	(122,072	)	$	973,098		$	57,673
Net realized gain (loss)		9,134,404			(27,568,719	)		(25,181,814	)		(11,036,973	)
Change in net unrealized appreciation (depreciation)		(3,764,424	)		(40,463,289	)		(2,045,506	)		21,185,720
Net increase (decrease) in net assets resulting from operations		5,473,226			(68,154,080	)		(26,254,222	)		10,206,420
Distributions to shareholders:
Net distributions to shareholders		(98,917	)		—			(736,494	)		—
Total distributions		(98,917	)		—			(736,494	)		—
Capital share transactions:
Proceeds from shares sold		30,908,872			128,760,161			91,805,684			168,513,712
Cost of shares redeemed		(41,936,208	)		(101,920,791	)		(66,701,147	)		(135,959,210	)
Transaction fees (Note 4)		9,064			20,511			20,010			40,788
Net increase (decrease) in net assets resulting from capital transactions		(11,018,272	)		26,859,881			25,124,547			32,595,290
Total increase (decrease) in net assets		(5,643,963	)		(41,294,199	)		(1,866,169	)		42,801,710
Net assets:
Beginning of year/period		69,234,565			110,528,764			66,427,676			23,625,966
End of year/period	$	63,590,602		$	69,234,565		$	64,561,507		$	66,427,676
Changes in shares outstanding
Shares outstanding, beginning of year/period		2,714,370			1,464,370			7,706,828			2,606,828
Shares sold		1,050,000			3,800,000			15,200,000			18,500,000
Shares repurchased		(1,400,000	)		(2,550,000	)		(11,200,000	)		(13,400,000	)
Shares outstanding, end of year/period		2,364,370			2,714,370			11,706,828			7,706,828

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

DIREXION SEMI-ANNUAL REPORT
116

Statements of Changes in Net Assets

	Direxion Daily S&P Biotech Bull 3X Shares						Direxion Daily S&P Biotech Bear 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income (loss)	$	4,312,395		$	(4,697,375	)	$	1,850,307		$	653,447
Net realized loss		(74,853,929	)		(1,556,399,343	)		(10,455,969	)		(16,969,252	)
Change in net unrealized appreciation (depreciation)		(94,677,895	)		199,471,339			10,652,127			(274,321	)
Net increase (decrease) in net assets resulting from operations		(165,219,429	)		(1,361,625,379	)		2,046,465			(16,590,126	)
Distributions to shareholders:
Net distributions to shareholders		—			—			(1,628,450	)		—
Total distributions		—			—			(1,628,450	)		—
Capital share transactions:
Proceeds from shares sold		1,104,294,905			3,442,750,306			703,851,419			1,423,731,319
Cost of shares redeemed		(1,105,299,422	)		(1,694,450,607	)		(805,478,822	)		(1,264,813,343	)
Transaction fees (Note 4)		264,566			376,244			241,644			379,444
Net increase (decrease) in net assets resulting from capital transactions		(739,951	)		1,748,675,943			(101,385,759	)		159,297,420
Total increase (decrease) in net assets		(165,959,380	)		387,050,564			(100,967,744	)		142,707,294
Net assets:
Beginning of year/period		1,159,846,817			772,796,253			189,974,768			47,267,474
End of year/period	$	993,887,437		$	1,159,846,817		$	89,007,024		$	189,974,768
Changes in shares outstanding
Shares outstanding, beginning of year/period		156,261,600			14,511,600			9,416,024			2,216,024
Shares sold		177,050,000			295,550,000			42,600,000			50,250,000
Shares repurchased		(155,450,000	)		(153,800,000	)		(46,750,000	)		(43,050,000	)
Shares outstanding, end of year/period		177,861,600			156,261,600			5,266,024			9,416,024

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

DIREXION SEMI-ANNUAL REPORT
117

Statements of Changes in Net Assets

	Direxion Daily Semiconductor Bull 3X Shares						Direxion Daily Semiconductor Bear 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income	$	20,452,249		$	24,099,574		$	22,645,017		$	1,307,168
Net realized gain (loss)		350,941,926			(5,271,582,760	)		(797,699,792	)		221,587,899
Change in net unrealized appreciation (depreciation)		1,808,826,062			(1,537,628,928	)		(77,065,525	)		165,141,018
Net increase (decrease) in net assets resulting from operations		2,180,220,237			(6,785,112,114	)		(852,120,300	)		388,036,085
Distributions to shareholders:
Net distributions to shareholders		(22,153,380	)		(18,952,312	)		(16,494,874	)		—
Total distributions		(22,153,380	)		(18,952,312	)		(16,494,874	)		—
Capital share transactions:
Proceeds from shares sold		3,880,648,719			14,029,647,329			5,092,102,083			4,367,830,060
Cost of shares redeemed		(4,575,015,270	)		(7,908,295,563	)		(3,629,006,515	)		(4,311,606,686	)
Transaction fees (Note 4)		1,171,591			1,685,971			1,088,702			1,293,464
Net increase (decrease) in net assets resulting from capital transactions		(693,194,960	)		6,123,037,737			1,464,184,270			57,516,838
Total increase (decrease) in net assets		1,464,871,897			(681,026,689	)		595,569,096			445,552,923
Net assets:
Beginning of year/period		3,474,072,270			4,155,098,959			590,970,949			145,418,026
End of year/period	$	4,938,944,167		$	3,474,072,270		$	1,186,540,045		$	590,970,949
Changes in shares outstanding
Shares outstanding, beginning of year/period		390,950,060			87,250,060			9,923,440			2,530,107
Shares sold		286,750,000			644,650,000			194,200,000			91,435,000
Shares repurchased		(331,750,000	)		(340,950,000	)		(145,950,000	)		(84,041,667	)
Shares outstanding, end of year/period		345,950,060			390,950,060			58,173,440			9,923,440

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

DIREXION SEMI-ANNUAL REPORT
118

Statements of Changes in Net Assets

	Direxion Daily Technology Bull 3X Shares						Direxion Daily Technology Bear 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income (loss)	$	7,211,089		$	(1,097,830	)	$	2,290,025		$	371,278
Net realized loss		(92,540,805	)		(739,111,544	)		(30,738,392	)		(12,493,515	)
Change in net unrealized appreciation (depreciation)		644,693,420			(1,370,501,859	)		(67,514,115	)		64,453,561
Net increase (decrease) in net assets resulting from operations		559,363,704			(2,110,711,233	)		(95,962,482	)		52,331,324
Distributions to shareholders:
Net distributions to shareholders		(6,478,177	)		(11,889,234	)		(1,569,955	)		—
Total distributions		(6,478,177	)		(11,889,234	)		(1,569,955	)		—
Capital share transactions:
Proceeds from shares sold		268,331,141			1,140,561,864			510,257,792			822,314,776
Cost of shares redeemed		(370,530,749	)		(710,702,242	)		(421,028,937	)		(782,288,457	)
Transaction fees (Note 4)		94,092			176,439			126,308			234,672
Net increase (decrease) in net assets resulting from capital transactions		(102,105,516	)		430,036,061			89,355,163			40,260,991
Total increase (decrease) in net assets		450,780,011			(1,692,564,406	)		(8,177,274	)		92,592,315
Net assets:
Beginning of year/period		1,368,794,940			3,061,359,346			159,534,508			66,942,193
End of year/period	$	1,819,574,951		$	1,368,794,940		$	151,357,234		$	159,534,508
Changes in shares outstanding
Shares outstanding, beginning of year/period		53,300,000			43,050,000			3,800,260			1,801,485
Shares sold		9,800,000			24,750,000			15,600,000			20,300,000
Shares repurchased		(13,250,000	)		(14,500,000	)		(12,400,000	)		(18,301,225	)
Shares outstanding, end of year/period		49,850,000			53,300,000			7,000,260			3,800,260

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

DIREXION SEMI-ANNUAL REPORT
119

Statements of Changes in Net Assets

	Direxion Daily Transportation Bull 3X Shares						Direxion Daily Utilities Bull 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income (loss)	$	190,371		$	(15,247	)	$	223,699		$	283,546
Net realized gain (loss)		(2,243,797	)		3,113,802			2,752,463			6,257,659
Change in net unrealized appreciation (depreciation)		2,437,764			(31,874,575	)		(478,332	)		(3,670,521	)
Net increase (decrease) in net assets resulting from operations		384,338			(28,776,020	)		2,497,830			2,870,684
Distributions to shareholders:
Net distributions to shareholders		(198,360	)		—			(194,484	)		(363,008	)
Total distributions		(198,360	)		—			(194,484	)		(363,008	)
Capital share transactions:
Proceeds from shares sold		2,430,038			15,083,398			9,598,721			20,912,861
Cost of shares redeemed		(3,356,565	)		(52,875,378	)		(15,856,696	)		(38,819,781	)
Transaction fees (Note 4)		778			12,464			3,171			7,764
Net decrease in net assets resulting from capital transactions		(925,749	)		(37,779,516	)		(6,254,804	)		(17,899,156	)
Total decrease in net assets		(739,771	)		(66,555,536	)		(3,951,458	)		(15,391,480	)
Net assets:
Beginning of year/period		23,242,510			89,798,046			21,882,625			37,274,105
End of year/period	$	22,502,739		$	23,242,510		$	17,931,167		$	21,882,625
Changes in shares outstanding
Shares outstanding, beginning of year/period		1,050,001			1,850,001			750,001			1,150,001
Shares sold		100,000			350,000			350,000			700,000
Shares repurchased		(150,000	)		(1,150,000	)		(500,000	)		(1,100,000	)
Shares outstanding, end of year/period		1,000,001			1,050,001			600,001			750,001

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

DIREXION SEMI-ANNUAL REPORT
120

Statements of Changes in Net Assets

	Direxion Daily 7-10 Year Treasury Bull 3X Shares						Direxion Daily 7-10 Year Treasury Bear 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income	$	274,862		$	108,970		$	495,994		$	18,850
Net realized gain (loss)		(3,251,669	)		(8,203,502	)		(196,078	)		14,428,932
Change in net unrealized appreciation (depreciation)		6,791,175			(5,317,042	)		(6,983,544	)		5,753,324
Net increase (decrease) in net assets resulting from operations		3,814,368			(13,411,574	)		(6,683,628	)		20,201,106
Distributions to shareholders:
Net distributions to shareholders		(217,657	)		—			(381,668	)		—
Total distributions		(217,657	)		—			(381,668	)		—
Capital share transactions:
Proceeds from shares sold		15,455,964			19,813,138			8,749,813			48,953,433
Cost of shares redeemed		(7,565,497	)		(5,460,055	)		(32,300,501	)		(42,655,103	)
Transaction fees (Note 4)		2,270			1,424			22,302			12,797
Net increase (decrease) in net assets resulting from capital transactions		7,892,737			14,354,507			(23,528,386	)		6,311,127
Total increase (decrease) in net assets		11,489,448			942,933			(30,593,682	)		26,512,233
Net assets:
Beginning of year/period		24,281,736			23,338,803			56,135,448			29,623,215
End of year/period	$	35,771,184		$	24,281,736		$	25,541,766		$	56,135,448
Changes in shares outstanding
Shares outstanding, beginning of year/period		850,000			450,000			3,950,000			3,400,000
Shares sold		500,000			550,000			650,000			4,300,000
Shares repurchased		(250,000	)		(150,000	)		(2,450,000	)		(3,750,000	)
Shares outstanding, end of year/period		1,100,000			850,000			2,150,000			3,950,000

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

DIREXION SEMI-ANNUAL REPORT
121

Statements of Changes in Net Assets

	Direxion Daily 20+ Year Treasury Bull 3X Shares						Direxion Daily 20+ Year Treasury Bear 3X Shares
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net investment income	$	12,425,590		$	3,318,740		$	6,681,231		$	286,716
Net realized gain (loss)		(96,944,735	)		(301,126,220	)		(87,636,249	)		324,325,126
Change in net unrealized appreciation (depreciation)		271,023,146			(204,797,974	)		(132,115,871	)		177,391,380
Net increase (decrease) in net assets resulting from operations		186,504,001			(502,605,454	)		(213,070,889	)		502,003,222
Distributions to shareholders:
Net distributions to shareholders		(8,972,206	)		(2,244,754	)		(5,040,515	)		—
Total distributions		(8,972,206	)		(2,244,754	)		(5,040,515	)		—
Capital share transactions:
Proceeds from shares sold		1,321,166,445			706,074,203			464,380,686			348,379,936
Cost of shares redeemed		(316,412,426	)		(123,804,932	)		(517,125,697	)		(487,348,808	)
Transaction fees (Note 4)		87,599			31,440			155,137			281,810
Net increase (decrease) in net assets resulting from capital transactions		1,004,841,618			582,300,711			(52,589,874	)		(138,687,062	)
Total increase (decrease) in net assets		1,182,373,413			77,450,503			(270,701,278	)		363,316,160
Net assets:
Beginning of year/period		437,185,320			359,734,817			688,649,658			325,333,498
End of year/period	$	1,619,558,733		$	437,185,320		$	417,948,380		$	688,649,658
Changes in shares outstanding
Shares outstanding, beginning of year/period		62,350,000			12,800,000			4,324,261			5,674,261
Shares sold		156,200,000			58,350,000			3,950,000			3,900,000
Shares repurchased		(35,650,000	)		(8,800,000	)		(4,350,000	)		(5,250,000	)
Shares outstanding, end of year/period		182,900,000			62,350,000			3,924,261			4,324,261

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

DIREXION SEMI-ANNUAL REPORT
122

Financial Highlights

April 30, 2023

																																		RATIOS TO AVERAGE NET ASSETS7​
	Net Asset Value, Beginning of Year/ Period		Net Investment Income (Loss)1,2​			Net Investment Income (Loss)1,3​			Net Realized and Unrealized Gain (Loss) on Investments4​			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period		Total Return5​			Net Assets, End of Year/ Period (000's omitted)		Net Expenses2,6​			Total Expenses2​			Net Investment Income (Loss) after Expense Reimbursement2​			Net Expenses3,6​			Total Expenses3​			Net Investment Income (Loss) after Expense Reimbursement3​			Portfolio Turnover Rate8​
Direxion Daily Mid Cap Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)	$	36.77	$	0.24		$	0.30		$	(1.10	)	$	(0.86	)	$	(0.14	)	$	—		$	—		$	(0.14	)	$	35.77		-2.32	%	$	48,297		1.23	%		1.25	%		1.27	%		0.95	%		0.97	%		1.55	%		0	%
For the Year Ended October 31, 2022		67.09		0.15			0.17			(30.47	)		(30.32	)		—			—			—			—			36.77		-45.19	%		47,801		0.98	%		0.99	%		0.31	%		0.95	%		0.96	%		0.34	%		54	%
For the Year Ended October 31, 2021		22.89		(0.08	)		(0.07	)		44.29			44.21			(0.01	)		—			—			(0.01	)		67.09		193.19	%		90,584		0.96	%		0.95	%		(0.14	)%		0.95	%		0.94	%		(0.13	)%		33	%
For the Year Ended October 31, 2020		42.25		0.06			0.08			(19.24	)		(19.18	)		(0.17	)		—			(0.01	)		(0.18	)		22.89		-45.61	%		40,055		1.00	%		1.06	%		0.25	%		0.95	%		1.01	%		0.30	%		91	%
For the Year Ended October 31, 2019		38.45		0.30			0.35			3.84			4.14			(0.34	)		—			—			(0.34	)		42.25		11.04	%		46,481		1.08	%		1.12	%		0.75	%		0.95	%		0.99	%		0.88	%		23	%
For the Year Ended October 31, 2018		42.92		0.22			0.29			(3.42	)		(3.20	)		(0.10	)		(1.17	)		—			(1.27	)		38.45		-7.90	%		57,678		1.10	%		1.13	%		0.46	%		0.95	%		0.98	%		0.61	%		39	%
Direxion Daily S&P 500®​ Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		65.97		0.48			0.53			9.73			10.21			(0.39	)		—			—			(0.39	)		75.79		15.56	%		2,743,684		1.04	%		1.07	%		1.35	%		0.89	%		0.92	%		1.50	%		10	%
For the Year Ended October 31, 2022		130.30		0.22			0.25			(64.36	)		(64.14	)		(0.19	)		—			—			(0.19	)		65.97		-49.27	%		2,546,628		0.91	%		0.96	%		0.23	%		0.88	%		0.93	%		0.26	%		113	%
For the Year Ended October 31, 2021		48.08		0.13			0.14			82.25			82.38			(0.16	)		—			—			(0.16	)		130.30		171.57	%		3,348,750		0.91	%		0.93	%		0.14	%		0.90	%		0.92	%		0.15	%		28	%
For the Year Ended October 31, 2020		55.25		0.16			0.20			(7.02	)		(6.86	)		(0.31	)		—			—			(0.31	)		48.08		-12.54	%		1,331,734		1.03	%		1.04	%		0.34	%		0.95	%		0.96	%		0.42	%		223	%
For the Year Ended October 31, 2019		43.04		0.45			0.56			12.26			12.71			(0.50	)		—			—			(0.50	)		55.25		29.95	%		947,851		1.19	%		1.19	%		0.98	%		0.95	%		0.95	%		1.22	%		86	%
For the Year Ended October 31, 2018		40.86		0.31			0.34			3.71			4.02			(0.24	)		(1.60	)		—			(1.84	)		43.04		9.74	%		992,232		1.00	%		1.00	%		0.68	%		0.95	%		0.95	%		0.73	%		95	%
Direxion Daily S&P 500®​ Bear 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		22.66		0.28			0.31			(5.68	)		(5.40	)		(0.23	)		—			—			(0.23	)		17.03		-23.93	%		1,130,623		1.29	%		1.26	%		3.00	%		0.95	%		0.92	%		3.34	%		0	%
For the Year Ended October 31, 2022		18.78		0.04			0.07			3.84			3.88			—			—			—			—			22.66		20.66	%		887,711		1.08	%		1.06	%		0.20	%		0.95	%		0.93	%		0.33	%		0	%
For the Year Ended October 31, 2021		61.00		(0.27	)		(0.27	)		(41.95	)		(42.22	)		—			—			—			—			18.78		-69.21	%		388,357		0.95	%		0.92	%		(0.92	)%		0.95	%		0.92	%		(0.92	)%		0	%
For the Year Ended October 31, 2020		160.60		(0.40	)		(0.40	)		(98.60	)		(99.00	)		(0.40	)		—			(0.20	)		(0.60	)		61.00		-61.87	%		803,180		0.96	%		0.99	%		(0.45	)%		0.95	%		0.98	%		(0.44	)%		0	%
For the Year Ended October 31, 2019		259.20		2.90			2.90			(98.60	)		(95.70	)		(2.90	)		—			—			(2.90	)		160.60		-37.21	%		488,984		0.96	%		0.96	%		1.44	%		0.95	%		0.95	%		1.45	%		0	%
For the Year Ended October 31, 2018		339.40		1.80			1.80			(81.20	)		(79.40	)		(0.80	)		—			—			(0.80	)		259.20		-23.38	%		267,114		0.95	%		0.96	%		0.68	%		0.94	%		0.95	%		0.69	%		1	%
Direxion Daily Small Cap Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		38.28		0.25			0.30			(8.29	)		(8.04	)		(0.14	)		—			—			(0.14	)		30.10		-21.04	%		1,134,752		1.17	%		1.17	%		1.43	%		0.90	%		0.90	%		1.70	%		33	%
For the Year Ended October 31, 2022		93.14		0.11			0.13			(54.92	)		(54.81	)		(0.05	)		—			—			(0.05	)		38.28		-58.86	%		1,217,463		0.94	%		0.94	%		0.22	%		0.91	%		0.91	%		0.25	%		114	%
For the Year Ended October 31, 2021		32.03		(0.23	)		(0.22	)		61.35			61.12			(0.01	)		—			—			(0.01	)		93.14		190.83	%		1,499,519		0.91	%		0.91	%		(0.28	)%		0.90	%		0.90	%		(0.27	)%		62	%
For the Year Ended October 31, 2020		59.64		0.02			0.05			(27.47	)		(27.45	)		(0.12	)		—			(0.04	)		(0.16	)		32.03		-46.16	%		831,202		1.03	%		1.01	%		0.06	%		0.95	%		0.93	%		0.14	%		76	%
For the Year Ended October 31, 2019		61.79		0.32			0.46			(2.17	)		(1.85	)		(0.30	)		—			—			(0.30	)		59.64		-2.88	%		730,592		1.18	%		1.17	%		0.56	%		0.95	%		0.94	%		0.79	%		53	%
For the Year Ended October 31, 2018		66.18		0.20			0.31			(4.47	)		(4.27	)		(0.12	)		—			—			(0.12	)		61.79		-6.49	%		883,562		1.10	%		1.12	%		0.26	%		0.95	%		0.97	%		0.41	%		51	%
Direxion Daily Small Cap Bear 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		32.33		0.49			0.53			0.46			0.95			(0.46	)		—			—			(0.46	)		32.82		2.95	%		484,910		1.19	%		1.19	%		3.26	%		0.91	%		0.91	%		3.54	%		0	%
For the Year Ended October 31, 2022		26.89		0.01			0.04			5.43			5.44			—			—			—			—			32.33		20.23	%		547,165		0.99	%		0.99	%		0.04	%		0.91	%		0.91	%		0.12	%		0	%
For the Year Ended October 31, 2021		124.40		(0.33	)		(0.33	)		(97.18	)		(97.51	)		—			—			—			—			26.89		-78.38	%		504,783		0.94	%		0.90	%		(0.91	)%		0.94	%		0.90	%		(0.91	)%		0	%
For the Year Ended October 31, 2020		345.52		(0.88	)		(0.88	)		(218.88	)		(219.76	)		(0.96	)		—			(0.40	)		(1.36	)		124.40		-63.86	%		545,802		0.97	%		0.97	%		(0.46	)%		0.95	%		0.95	%		(0.44	)%		0	%
For the Year Ended October 31, 2019		462.40		5.44			5.60			(116.64	)		(111.20	)		(5.68	)		—			—			(5.68	)		345.52		-24.30	%		321,403		0.99	%		0.99	%		1.36	%		0.95	%		0.95	%		1.40	%		0	%
For the Year Ended October 31, 2018		532.00		3.20			3.20			(70.80	)		(67.60	)		(2.00	)		—			—			(2.00	)		462.40		-12.65	%		282,984		0.95	%		0.96	%		0.73	%		0.95	%		0.96	%		0.73	%		0	%
Direxion Daily FTSE China Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		19.95		0.67			0.75			20.96			21.63			(0.64	)		—			—			(0.64	)		40.94		108.32	%		578,963		1.29	%		1.27	%		2.88	%		0.95	%		0.93	%		3.22	%		73	%
For the Year Ended October 31, 2022		223.80		0.70			0.71			(204.20	)		(203.50	)		(0.35	)		—			—			(0.35	)		19.95		-91.06	%		217,357		0.97	%		0.97	%		0.78	%		0.95	%		0.95	%		0.80	%		102	%
For the Year Ended October 31, 2021		335.60		0.60			0.60			(109.60	)		(109.00	)		(2.80	)		—			—			(2.80	)		223.80		-32.82	%		482,288		0.95	%		0.93	%		0.17	%		0.95	%		0.93	%		0.17	%		50	%
For the Year Ended October 31, 2020		361.00		3.00			3.20			(24.80	)		(21.80	)		(3.20	)		—			(0.40	)		(3.60	)		335.60		-6.03	%		260,909		0.99	%		1.01	%		0.96	%		0.95	%		0.97	%		1.00	%		264	%
For the Year Ended October 31, 2019		357.00		4.40			4.80			4.00			8.40			(4.40	)		—			—			(4.40	)		361.00		2.23	%		329,403		1.05	%		1.07	%		1.12	%		0.95	%		0.97	%		1.22	%		142	%
For the Year Ended October 31, 2018		653.20		9.60			10.00			(295.60	)		(286.00	)		(10.20	)		—			—			(10.20	)		357.00		-44.39	%		307,058		1.02	%		1.05	%		1.63	%		0.95	%		0.98	%		1.70	%		158	%

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

DIREXION SEMI-ANNUAL REPORT
123

Financial Highlights

April 30, 2023

																																		RATIOS TO AVERAGE NET ASSETS7​
	Net Asset Value, Beginning of Year/ Period		Net Investment Income (Loss)1,2​			Net Investment Income (Loss)1,3​			Net Realized and Unrealized Gain (Loss) on Investments4​			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period		Total Return5​			Net Assets, End of Year/ Period (000's omitted)		Net Expenses2,6​			Total Expenses2​			Net Investment Income (Loss) after Expense Reimbursement2​			Net Expenses3,6​			Total Expenses3​			Net Investment Income (Loss) after Expense Reimbursement3​			Portfolio Turnover Rate8​
Direxion Daily FTSE China Bear 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)	$	38.16	$	0.16		$	0.19		$	(27.70	)	$	(27.54	)	$	(0.16	)	$	—		$	—		$	(0.16	)	$	10.46		-72.20	%	$	134,749		1.54	%		1.53	%		3.09	%		0.95	%		0.94	%		3.68	%		0	%
For the Year Ended October 31, 2022		16.86		0.02			0.03			21.28			21.30			—			—			—			—			38.16		126.33	%		168,948		1.06	%		1.06	%		0.09	%		0.95	%		0.95	%		0.20	%		0	%
For the Year Ended October 31, 2021		20.91		(0.14	)		(0.14	)		(3.91	)		(4.05	)		—			—			—			—			16.86		-19.37	%		66,230		0.95	%		0.98	%		(0.93	)%		0.95	%		0.98	%		(0.93	)%		0	%
For the Year Ended October 31, 2020		49.94		(0.05	)		(0.04	)		(28.78	)		(28.83	)		(0.11	)		—			(0.09	)		(0.20	)		20.91		-57.94	%		44,477		0.98	%		1.03	%		(0.14	)%		0.95	%		1.00	%		(0.11	)%		0	%
For the Year Ended October 31, 2019		71.04		0.65			0.71			(21.04	)		(20.39	)		(0.71	)		—			—			(0.71	)		49.94		-28.74	%		78,771		1.05	%		1.09	%		1.27	%		0.95	%		0.99	%		1.37	%		0	%
For the Year Ended October 31, 2018		65.30		0.39			0.43			5.52			5.91			(0.17	)		—			—			(0.17	)		71.04		9.14	%		80,084		1.02	%		1.08	%		0.69	%		0.95	%		1.01	%		0.76	%		0	%
Direxion Daily FTSE Europe Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		12.83		0.20			0.22			11.18			11.38			(0.14	)		—			—			(0.14	)		24.07		89.05	%		36,107		1.16	%		1.16	%		2.04	%		0.95	%		0.95	%		2.25	%		0	%
For the Year Ended October 31, 2022		38.34		0.28			0.29			(25.53	)		(25.25	)		(0.26	)		—			—			(0.26	)		12.83		-66.00	%		17,965		0.98	%		0.99	%		1.16	%		0.95	%		0.96	%		1.19	%		0	%
For the Year Ended October 31, 2021		14.48		0.15			0.15			23.85			24.00			(0.14	)		—			—			(0.14	)		38.34		165.99	%		47,924		0.96	%		0.93	%		0.45	%		0.95	%		0.92	%		0.46	%		51	%
For the Year Ended October 31, 2020		29.27		0.09			0.11			(14.74	)		(14.65	)		(0.14	)		—			—			(0.14	)		14.48		-50.09	%		13,757		1.03	%		1.09	%		0.43	%		0.95	%		1.01	%		0.51	%		101	%
For the Year Ended October 31, 2019		24.54		0.36			0.42			4.79			5.15			(0.42	)		—			—			(0.42	)		29.27		21.25	%		27,804		1.18	%		1.20	%		1.41	%		0.95	%		0.97	%		1.64	%		111	%
For the Year Ended October 31, 2018		36.99		0.54			0.56			(12.34	)		(11.80	)		(0.65	)		—			—			(0.65	)		24.54		-32.39	%		46,632		1.00	%		0.98	%		1.52	%		0.95	%		0.93	%		1.57	%		54	%
Direxion Daily MSCI Emerging Markets Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		21.64		0.50			0.54			8.33			8.83			(0.34	)		—			—			(0.34	)		30.13		40.90	%		88,324		1.18	%		1.20	%		3.20	%		0.95	%		0.97	%		3.43	%		0	%
For the Year Ended October 31, 2022		81.27		0.37			0.38			(60.00	)		(59.63	)		—			—			—			—			21.64		-73.37	%		49,367		0.96	%		0.97	%		0.74	%		0.95	%		0.96	%		0.75	%		262	%
For the Year Ended October 31, 2021		59.82		(0.15	)		(0.14	)		21.73			21.58			(0.09	)		—			(0.04	)		(0.13	)		81.27		36.04	%		169,181		0.96	%		0.94	%		(0.16	)%		0.95	%		0.93	%		(0.15	)%		87	%
For the Year Ended October 31, 2020		73.05		0.27			0.31			(13.07	)		(12.80	)		(0.43	)		—			—			(0.43	)		59.82		-16.88	%		136,479		1.02	%		1.04	%		0.46	%		0.95	%		0.97	%		0.53	%		192	%
For the Year Ended October 31, 2019		62.74		0.90			0.96			10.28			11.18			(0.87	)		—			—			(0.87	)		73.05		17.72	%		188,596		1.04	%		1.06	%		1.24	%		0.95	%		0.97	%		1.33	%		66	%
For the Year Ended October 31, 2018		115.85		1.02			1.05			(53.34	)		(52.32	)		(0.77	)		—			(0.02	)		(0.79	)		62.74		-45.51	%		202,745		0.98	%		0.99	%		0.94	%		0.95	%		0.96	%		0.97	%		136	%
Direxion Daily MSCI Emerging Markets Bear 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		20.95		0.19			0.23			(8.17	)		(7.98	)		(0.15	)		—			—			(0.15	)		12.82		-38.13	%		31,342		1.46	%		1.62	%		2.93	%		0.95	%		1.11	%		3.44	%		0	%
For the Year Ended October 31, 2022		9.03		(0.00	)10​		0.02			11.92			11.92			—			—			—			—			20.95		132.00	%		56,453		1.10	%		1.23	%		—	%		0.95	%		1.08	%		0.15	%		0	%
For the Year Ended October 31, 2021		17.25		(0.08	)		(0.08	)		(8.14	)		(8.22	)		—			—			—			—			9.03		-47.65	%		26,590		0.95	%		1.17	%		(0.93	)%		0.95	%		1.17	%		(0.93	)%		0	%
For the Year Ended October 31, 2020		42.02		(0.04	)		(0.03	)		(24.56	)		(24.60	)		(0.11	)		—			(0.06	)		(0.17	)		17.25		-58.79	%		38,720		0.98	%		1.08	%		(0.12	)%		0.95	%		1.05	%		(0.09	)%		0	%
For the Year Ended October 31, 2019		64.78		0.63			0.67			(22.66	)		(22.03	)		(0.73	)		—			—			(0.73	)		42.02		-34.15	%		62,837		1.02	%		1.08	%		1.32	%		0.95	%		1.01	%		1.39	%		0	%
For the Year Ended October 31, 2018		50.55		0.30			0.32			14.09			14.39			(0.16	)		—			—			(0.16	)		64.78		28.60	%		90,383		0.99	%		1.03	%		0.64	%		0.95	%		0.99	%		0.68	%		0	%
Direxion Daily MSCI Mexico Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		87.46		1.40			1.82			54.76			56.15			(1.23	)		—			—			(1.23	)		142.39		64.88	%		18,966		1.68	%		1.76	%		2.46	%		0.95	%		1.03	%		3.19	%		16	%
For the Year Ended October 31, 2022		83.10		1.05			1.07			4.13			5.18			(0.82	)		—			—			(0.82	)		87.46		6.35	%		11,650		0.98	%		1.09	%		1.27	%		0.95	%		1.06	%		1.30	%		25	%
For the Year Ended October 31, 2021		31.99		(0.03	)		(0.02	)		51.33			51.30			(0.19	)		—			—			(0.19	)		83.10		160.49	%		15,225		0.96	%		0.99	%		(0.04	)%		0.95	%		0.98	%		(0.03	)%		180	%
For the Year Ended October 31, 2020		130.32		0.08			0.12			(97.90	)		(97.82	)		(0.42	)		—			(0.09	)		(0.51	)		31.99		-75.36	%		10,660		1.03	%		1.26	%		0.18	%		0.95	%		1.18	%		0.26	%		188	%
For the Year Ended October 31, 2019		128.28		2.04			2.16			2.28			4.32			(2.28	)		—			—			(2.28	)		130.32		3.42	%		11,400		1.05	%		1.20	%		1.69	%		0.95	%		1.10	%		1.79	%		325	%
For the Year Ended October 31, 2018		261.96		3.48			3.48			(130.56	)		(127.08	)		(6.60	)		—			—			(6.60	)		128.28		-49.66	%		4,809		0.96	%		1.13	%		1.50	%		0.95	%		1.12	%		1.51	%		140	%
Direxion Daily MSCI South Korea Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		6.00		0.09			0.11			2.38			2.47			(0.08	)		—			—			(0.08	)		8.39		41.22	%		27,686		1.28	%		1.33	%		2.19	%		0.95	%		1.00	%		2.52	%		25	%
For the Year Ended October 31, 2022		26.12		0.11			0.11			(20.04	)		(19.93	)		(0.14	)		—			(0.05	)		(0.19	)		6.00		-76.86	%		20,094		0.96	%		1.01	%		0.78	%		0.95	%		1.00	%		0.79	%		27	%
For the Year Ended October 31, 2021		16.66		(0.27	)		(0.27	)		9.73			9.46			(0.00	)10​		—			—			(0.00	)		26.12		56.80	%		47,022		0.96	%		0.97	%		(0.73	)%		0.95	%		0.96	%		(0.72	)%		97	%
For the Year Ended October 31, 2020		21.32		(0.00	)10​		0.01			(4.47	)		(4.47	)		(0.19	)		—			—			(0.19	)		16.66		-21.27	%		25,821		1.01	%		1.15	%		(0.02	)%		0.95	%		1.09	%		0.04	%		327	%
For the Year Ended October 31, 2019		24.13		0.16			0.18			(2.78	)		(2.62	)		(0.19	)		—			—			(0.19	)		21.32		-10.93	%		25,580		1.04	%		1.10	%		0.71	%		0.95	%		1.01	%		0.80	%		149	%
For the Year Ended October 31, 2018		60.22		0.36			0.39			(34.01	)		(33.65	)		(0.60	)		(1.84	)		—			(2.44	)		24.13		-58.26	%		22,924		1.03	%		1.16	%		0.76	%		0.95	%		1.08	%		0.84	%		96	%

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

DIREXION SEMI-ANNUAL REPORT
124

Financial Highlights

April 30, 2023

																																		RATIOS TO AVERAGE NET ASSETS7​
	Net Asset Value, Beginning of Year/ Period		Net Investment Income (Loss)1,2​			Net Investment Income (Loss)1,3​			Net Realized and Unrealized Gain (Loss) on Investments4​			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period		Total Return5​			Net Assets, End of Year/ Period (000's omitted)		Net Expenses2,6​			Total Expenses2​			Net Investment Income (Loss) after Expense Reimbursement2​			Net Expenses3,6​			Total Expenses3​			Net Investment Income (Loss) after Expense Reimbursement3​			Portfolio Turnover Rate8​
Direxion Daily Aerospace & Defense Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)	$	18.12	$	0.11		$	0.14		$	1.86		$	1.97		$	(0.10	)	$	—		$	—		$	(0.10	)	$	19.99		10.87	%	$	168,908		1.27	%		1.27	%		1.10	%		0.93	%		0.93	%		1.44	%		13	%
For the Year Ended October 31, 2022		20.58		0.04			0.04			(2.12	)		(2.08	)		(0.04	)		(0.34	)		—			(0.38	)		18.12		-10.07	%		194,780		0.98	%		0.97	%		0.19	%		0.94	%		0.93	%		0.23	%		77	%
For the Year Ended October 31, 2021		8.87		(0.03	)		(0.03	)		11.75			11.72			(0.01	)		—			—			(0.01	)		20.58		132.19	%		280,890		0.96	%		0.93	%		(0.17	)%		0.95	%		0.92	%		(0.16	)%		64	%
For the Year Ended October 31, 2020		55.54		0.01			(0.01	)		(46.58	)		(46.57	)		(0.06	)		—			(0.04	)		(0.10	)		8.87		-83.86	%		199,485		0.99	%		1.02	%		0.07	%		0.95	%		0.98	%		0.11	%		159	%
For the Year Ended October 31, 2019		42.15		0.30			0.46			13.43			13.73			(0.34	)		—			—			(0.34	)		55.54		32.78	%		52,759		1.30	%		1.34	%		0.63	%		0.95	%		0.99	%		0.98	%		54	%
For the Year Ended October 31, 2018		40.03		0.20			0.27			2.81			3.01			(0.26	)		(0.63	)		—			(0.89	)		42.15		7.39	%		56,900		1.09	%		1.11	%		0.40	%		0.95	%		0.97	%		0.54	%		39	%
Direxion Daily Consumer Discretionary Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		23.48		0.11			0.13			(1.42	)		(1.31	)		(0.04	)		—			—			(0.04	)		22.13		-5.56	%		26,557		1.14	%		1.20	%		1.05	%		0.95	%		1.01	%		1.24	%		47	%
For the Year Ended October 31, 2022		92.11		(0.12	)		(0.08	)		(68.51	)		(68.63	)		—			—			—			—			23.48		-74.51	%		24,653		1.03	%		1.06	%		(0.25	)%		0.95	%		0.98	%		(0.17	)%		149	%
For the Year Ended October 31, 2021		36.13		(0.33	)		(0.33	)		56.31			55.98			—			—			—			—			92.11		154.94	%		55,264		0.96	%		0.99	%		(0.54	)%		0.95	%		0.98	%		(0.53	)%		18	%
For the Year Ended October 31, 2020		31.74		(0.06	)		(0.05	)		4.52			4.46			(0.07	)		—			—			(0.07	)		36.13		14.26	%		12,647		1.00	%		1.46	%		(0.20	)%		0.95	%		1.41	%		(0.15	)%		101	%
For the Period November 29, 20189​ through October 31, 2019		25.00		0.15			0.18			6.79			6.94			(0.17	)		—			(0.03	)		(0.20	)		31.74		27.83	%		6,347		1.08	%		2.18	%		0.55	%		0.95	%		2.05	%		0.68	%		66	%
Direxion Daily Dow Jones Internet Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		7.21		0.02			0.02			0.66			0.68			—			—			—			—			7.89		9.43	%		127,827		1.19	%		1.18	%		0.45	%		0.95	%		0.94	%		0.69	%		74	%
For the Year Ended October 31, 2022		86.93		(0.07	)		(0.06	)		(76.60	)		(76.67	)		—			(3.05	)		—			(3.05	)		7.21		-91.32	%		103,100		0.98	%		0.99	%		(0.39	)%		0.95	%		0.96	%		(0.36	)%		55	%
For the Year Ended October 31, 2021		45.47		(0.62	)		(0.62	)		42.08			41.46			—			—			—			—			86.93		91.18	%		99,968		0.96	%		0.96	%		(0.81	)%		0.95	%		0.95	%		(0.80	)%		65	%
For the Period November 7, 20199​ through October 31, 2020		25.00		(0.25	)		(0.24	)		20.74			20.49			(0.02	)		—			—			(0.02	)		45.47		81.99	%		34,100		0.97	%		1.14	%		(0.66	)%		0.95	%		1.12	%		(0.64	)%		123	%
Direxion Daily Dow Jones Internet Bear 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		38.22		0.32			0.43			(17.24	)		(16.92	)		(0.25	)		—			—			(0.25	)		21.05		-44.34	%		44,621		1.76	%		1.78	%		2.40	%		0.95	%		0.97	%		3.21	%		0	%
For the Year Ended October 31, 2022		14.39		0.17			0.20			23.67			23.84			(0.01	)		—			—			(0.01	)		38.22		165.69	%		56,183		1.06	%		1.11	%		0.49	%		0.95	%		1.00	%		0.60	%		0	%
For the Year Ended October 31, 2021		44.23		(0.18	)		(0.18	)		(29.66	)		(29.84	)		—			—			—			—			14.39		-67.47	%		4,604		0.95	%		1.56	%		(0.93	)%		0.95	%		1.56	%		(0.93	)%		0	%
For the Period November 7, 20199​ through October 31, 2020		250.00		(0.24	)		(0.23	)		(204.96	)		(205.20	)		(0.28	)		—			(0.29	)		(0.57	)		44.23		-82.26	%		5,305		0.96	%		2.14	%		(0.30	)%		0.95	%		2.13	%		(0.29	)%		0	%
Direxion Daily Financial Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		73.63		0.66			0.76			(11.24	)		(10.58	)		(0.49	)		—			—			(0.49	)		62.56		-14.39	%		1,754,805		1.18	%		1.19	%		1.80	%		0.90	%		0.91	%		2.08	%		55	%
For the Year Ended October 31, 2022		144.45		0.81			0.83			(70.93	)		(70.12	)		(0.70	)		—			—			(0.70	)		73.63		-48.61	%		1,892,223		0.89	%		0.93	%		0.82	%		0.87	%		0.91	%		0.84	%		109	%
For the Year Ended October 31, 2021		33.61		0.52			0.53			110.82			111.34			(0.50	)		—			—			(0.50	)		144.45		332.26	%		3,582,160		0.86	%		0.91	%		0.56	%		0.85	%		0.90	%		0.57	%		70	%
For the Year Ended October 31, 2020		80.94		0.32			0.36			(47.34	)		(47.02	)		(0.31	)		—			—			(0.31	)		33.61		-58.07	%		1,347,638		1.03	%		1.03	%		0.73	%		0.94	%		0.94	%		0.82	%		247	%
For the Year Ended October 31, 2019		58.65		0.68			0.88			22.25			22.93			(0.64	)		—			(0.00	)10​		(0.64	)		80.94		39.44	%		1,339,498		1.26	%		1.25	%		1.04	%		0.95	%		0.94	%		1.35	%		29	%
For the Year Ended October 31, 2018		60.31		0.60			0.67			(1.70	)		(1.10	)		(0.56	)		—			—			(0.56	)		58.65		-1.98	%		1,627,513		1.04	%		1.05	%		0.89	%		0.94	%		0.95	%		0.99	%		73	%
Direxion Daily Financial Bear 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		20.50		0.30			0.32			(0.41	)		(0.11	)		(0.27	)		—			—			(0.27	)		20.12		-0.67	%		167,047		1.20	%		1.17	%		3.18	%		0.95	%		0.92	%		3.43	%		0	%
For the Year Ended October 31, 2022		18.33		0.01			0.03			2.16			2.17			—			—			—			—			20.50		11.84	%		190,690		1.04	%		1.01	%		0.05	%		0.95	%		0.92	%		0.14	%		0	%
For the Year Ended October 31, 2021		118.00		(0.33	)		(0.33	)		(99.34	)		(99.67	)		—			—			—			—			18.33		-84.47	%		130,234		0.95	%		0.92	%		(0.93	)%		0.95	%		0.92	%		(0.93	)%		0	%
For the Year Ended October 31, 2020		261.76		(0.88	)		(0.80	)		(141.92	)		(142.80	)		(0.64	)		—			(0.32	)		(0.96	)		118.00		-54.76	%		271,668		0.96	%		0.98	%		(0.48	)%		0.95	%		0.97	%		(0.47	)%		0	%
For the Year Ended October 31, 2019		449.20		4.72			4.88			(187.52	)		(182.80	)		(4.64	)		—			—			(4.64	)		261.76		-40.98	%		175,801		0.99	%		1.00	%		1.37	%		0.95	%		0.96	%		1.41	%		0	%
For the Year Ended October 31, 2018		538.40		2.80			2.80			(90.40	)		(87.60	)		(1.60	)		—			—			(1.60	)		449.20		-16.26	%		141,799		0.95	%		0.96	%		0.69	%		0.95	%		0.96	%		0.69	%		0	%

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

DIREXION SEMI-ANNUAL REPORT
125

Financial Highlights

April 30, 2023

																																		RATIOS TO AVERAGE NET ASSETS7​
	Net Asset Value, Beginning of Year/ Period		Net Investment Income (Loss)1,2​			Net Investment Income (Loss)1,3​			Net Realized and Unrealized Gain (Loss) on Investments4​			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period		Total Return5​			Net Assets, End of Year/ Period (000's omitted)		Net Expenses2,6​			Total Expenses2​			Net Investment Income (Loss) after Expense Reimbursement2​			Net Expenses3,6​			Total Expenses3​			Net Investment Income (Loss) after Expense Reimbursement3​			Portfolio Turnover Rate8​
Direxion Daily Healthcare Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)	$	108.91	$	0.83		$	0.89		$	(5.27	)	$	(4.44	)	$	(0.63	)	$	—		$	—		$	(0.63	)	$	103.84		-4.03	%	$	192,111		1.05	%		1.04	%		1.57	%		0.93	%		0.92	%		1.69	%		10	%
For the Year Ended October 31, 2022		123.96		0.40			0.44			(15.12	)		(14.72	)		(0.33	)		—			—			(0.33	)		108.91		-11.85	%		196,030		0.98	%		0.96	%		0.35	%		0.95	%		0.93	%		0.38	%		16	%
For the Year Ended October 31, 2021		55.70		(0.04	)		(0.04	)		68.31			68.27			(0.01	)		—			—			(0.01	)		123.96		122.57	%		254,116		0.96	%		0.94	%		(0.05	)%		0.95	%		0.93	%		(0.04	)%		2	%
For the Year Ended October 31, 2020		58.15		0.12			0.16			(2.44	)		(2.32	)		(0.13	)		—			—			(0.13	)		55.70		-3.85	%		103,039		1.01	%		1.04	%		0.20	%		0.95	%		0.98	%		0.26	%		228	%
For the Year Ended October 31, 2019		53.02		0.40			0.46			5.16			5.56			(0.43	)		—			—			(0.43	)		58.15		10.61	%		139,550		1.07	%		1.08	%		0.75	%		0.95	%		0.96	%		0.87	%		16	%
For the Year Ended October 31, 2018		44.17		0.20			0.25			8.94			9.14			(0.27	)		(0.02	)		—			(0.29	)		53.02		20.69	%		151,104		1.06	%		1.07	%		0.40	%		0.95	%		0.96	%		0.51	%		43	%
Direxion Daily Homebuilders & Supplies Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		26.23		0.13			0.23			28.80			28.93			(0.15	)		—			—			(0.15	)		55.01		110.49	%		198,045		1.45	%		1.45	%		0.70	%		0.94	%		0.94	%		1.21	%		10	%
For the Year Ended October 31, 2022		83.28		(0.01	)		0.02			(57.04	)		(57.05	)		—			—			—			—			26.23		-68.50	%		131,145		0.97	%		0.97	%		(0.01	)%		0.93	%		0.93	%		0.03	%		98	%
For the Year Ended October 31, 2021		39.58		(0.25	)		(0.24	)		43.95			43.70			—			—			—			—			83.28		110.41	%		383,075		0.96	%		0.94	%		(0.37	)%		0.94	%		0.92	%		(0.35	)%		95	%
For the Year Ended October 31, 2020		70.39		(0.12	)		(0.10	)		(30.69	)		(30.81	)		(0.00	)10​		—			—			(0.00	)10​		39.58		-43.74	%		360,141		1.01	%		1.02	%		(0.34	)%		0.95	%		0.96	%		(0.28	)%		134	%
For the Year Ended October 31, 2019		28.33		0.15			0.22			42.09			42.24			(0.17	)		—			(0.01	)		(0.18	)		70.39		149.83	%		66,870		1.12	%		1.17	%		0.34	%		0.95	%		1.00	%		0.51	%		24	%
For the Year Ended October 31, 2018		71.69		0.05			0.08			(42.24	)		(42.19	)		(0.02	)		(1.15	)		—			(1.17	)		28.33		-59.92	%		39,667		0.99	%		1.03	%		0.09	%		0.95	%		0.99	%		0.13	%		38	%
Direxion Daily Industrials Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		29.04		0.25			0.28			2.82			3.07			(0.21	)		—			—			(0.21	)		31.90		10.60	%		20,738		1.15	%		1.22	%		1.49	%		0.95	%		1.02	%		1.69	%		7	%
For the Year Ended October 31, 2022		45.37		0.12			0.13			(16.33	)		(16.21	)		(0.12	)		—			—			(0.12	)		29.04		-35.71	%		18,873		0.97	%		1.01	%		0.33	%		0.95	%		0.99	%		0.35	%		20	%
For the Year Ended October 31, 2021		18.48		(0.00	)10​		(0.00	)10​		26.96			26.96			(0.03	)		(0.04	)		—			(0.07	)		45.37		146.14	%		63,520		0.96	%		0.96	%		(0.01	)%		0.95	%		0.95	%		—	%		3	%
For the Year Ended October 31, 2020		32.94		0.05			0.06			(14.36	)		(14.31	)		(0.15	)		—			—			(0.15	)		18.48		-43.33	%		16,636		0.97	%		1.44	%		0.27	%		0.95	%		1.42	%		0.29	%		103	%
For the Year Ended October 31, 2019		26.25		0.37			0.39			6.75			7.12			(0.43	)		—			—			(0.43	)		32.94		27.57	%		3,294		1.03	%		1.84	%		1.25	%		0.95	%		1.76	%		1.33	%		228	%
For the Year Ended October 31, 2018		30.93		0.22			0.25			(4.54	)		(4.32	)		(0.27	)		(0.09	)		—			(0.36	)		26.25		-14.26	%		3,937		1.05	%		1.58	%		0.62	%		0.95	%		1.48	%		0.72	%		26	%
Direxion Daily Pharmaceutical & Medical Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		10.16		0.06			0.07			(1.12	)		(1.06	)		(0.05	)		—			—			(0.05	)		9.05		-10.41	%		9,504		1.08	%		1.39	%		1.27	%		0.95	%		1.26	%		1.40	%		30	%
For the Year Ended October 31, 2022		18.11		0.03			0.04			(7.95	)		(7.92	)		(0.03	)		—			—			(0.03	)		10.16		-43.75	%		11,173		0.98	%		1.11	%		0.25	%		0.95	%		1.08	%		0.28	%		189	%
For the Year Ended October 31, 2021		15.76		(0.09	)		(0.08	)		2.44			2.35			—			—			—			—			18.11		14.91	%		31,693		0.95	%		1.07	%		(0.39	)%		0.95	%		1.07	%		(0.39	)%		115	%
For the Year Ended October 31, 2020		15.66		(0.06	)		(0.04	)		0.16			0.10			(0.00	)10​		—			—			(0.00	)10​		15.76		0.64	%		11,029		1.03	%		1.38	%		(0.34	)%		0.95	%		1.30	%		(0.26	)%		165	%
For the Year Ended October 31, 2019		26.53		0.12			0.12			(10.80	)		(10.68	)		(0.18	)		—			(0.01	)		(0.19	)		15.66		-40.41	%		8,611		0.97	%		1.43	%		0.72	%		0.95	%		1.41	%		0.74	%		246	%
For the Period November 15, 20179​ through October 31, 2018		25.00		0.08			0.09			1.56			1.64			(0.10	)		—			(0.01	)		(0.11	)		26.53		6.49	%		3,979		0.98	%		2.01	%		0.30	%		0.95	%		1.98	%		0.33	%		152	%
Direxion Daily Real Estate Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		9.85		0.14			0.15			(0.15	)		(0.01	)		(0.11	)		—			—			(0.11	)		9.73		-0.01	%		48,639		1.27	%		1.27	%		2.66	%		0.95	%		0.95	%		2.98	%		39	%
For the Year Ended October 31, 2022		26.14		0.25			0.26			(15.16	)		(14.91	)		(0.25	)		(1.13	)		—			(1.38	)		9.85		-60.04	%		47,268		0.98	%		0.97	%		1.24	%		0.95	%		0.94	%		1.27	%		84	%
For the Year Ended October 31, 2021		9.03		0.22			0.22			17.08			17.30			(0.19	)		—			—			(0.19	)		26.14		192.60	%		147,704		0.96	%		0.94	%		1.18	%		0.95	%		0.93	%		1.19	%		20	%
For the Year Ended October 31, 2020		30.84		0.19			0.19			(21.40	)		(21.21	)		(0.17	)		(0.40	)		(0.03	)		(0.60	)		9.03		-69.35	%		49,659		1.01	%		1.08	%		1.40	%		0.95	%		1.02	%		1.46	%		123	%
For the Year Ended October 31, 2019		19.59		0.54			0.59			11.20			11.74			(0.49	)		—			—			(0.49	)		30.84		60.83	%		53,969		1.14	%		1.22	%		2.21	%		0.95	%		1.03	%		2.40	%		72	%
For the Year Ended October 31, 2018		21.70		0.50			0.53			(2.01	)		(1.51	)		(0.48	)		—			(0.12	)		(0.60	)		19.59		-7.13	%		40,163		1.09	%		1.12	%		2.55	%		0.95	%		0.98	%		2.69	%		149	%

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

DIREXION SEMI-ANNUAL REPORT
126

Financial Highlights

April 30, 2023

																																		RATIOS TO AVERAGE NET ASSETS7​
	Net Asset Value, Beginning of Year/ Period		Net Investment Income (Loss)1,2​			Net Investment Income (Loss)1,3​			Net Realized and Unrealized Gain (Loss) on Investments4​			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period		Total Return5​			Net Assets, End of Year/ Period (000's omitted)		Net Expenses2,6​			Total Expenses2​			Net Investment Income (Loss) after Expense Reimbursement2​			Net Expenses3,6​			Total Expenses3​			Net Investment Income (Loss) after Expense Reimbursement3​			Portfolio Turnover Rate8​
Direxion Daily Real Estate Bear 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)	$	60.71	$	0.76		$	0.84		$	(13.89	)	$	(13.13	)	$	(0.64	)	$	—		$	—		$	(0.64	)	$	46.94		-21.77	%	$	170,567		1.30	%		1.27	%		3.10	%		0.95	%		0.92	%		3.45	%		0	%
For the Year Ended October 31, 2022		41.07		0.37			0.40			19.27			19.64			—			—			—			—			60.71		47.82	%		205,433		1.01	%		1.03	%		0.75	%		0.95	%		0.97	%		0.81	%		0	%
For the Year Ended October 31, 2021		153.40		(0.64	)		(0.64	)		(111.69	)		(112.33	)		—			—			—			—			41.07		-73.23	%		19,926		0.95	%		1.17	%		(0.93	)%		0.95	%		1.17	%		(0.93	)%		0	%
For the Year Ended October 31, 2020		257.60		(1.10	)		(1.10	)		(102.20	)		(103.30	)		(0.60	)		—			(0.30	)		(0.90	)		153.40		-40.31	%		45,283		0.96	%		1.14	%		(0.60	)%		0.95	%		1.13	%		(0.59	)%		0	%
For the Year Ended October 31, 2019		502.00		5.00			5.00			(244.60	)		(239.60	)		(4.80	)		—			—			(4.80	)		257.60		-47.94	%		15,495		0.97	%		1.28	%		1.41	%		0.95	%		1.26	%		1.43	%		0	%
For the Year Ended October 31, 2018		564.00		4.00			4.00			(64.50	)		(60.50	)		(1.50	)		—			—			(1.50	)		502.00		-10.68	%		19,156		0.99	%		1.36	%		0.71	%		0.95	%		1.32	%		0.75	%		0	%
Direxion Daily Regional Banks Bull 3X Shares11​
For the Six Months Ended April 30, 2023 (Unaudited)		29.93		0.14			0.15			(23.10	)		(22.96	)		(0.08	)		—			—			(0.08	)		6.89		-76.84	%		411,659		1.05	%		1.05	%		2.27	%		0.89	%		0.89	%		2.43	%		35	%
For the Year Ended October 31, 2022		51.02		0.37			0.39			(21.10	)		(20.73	)		(0.36	)		—			—			(0.36	)		29.93		-40.71	%		212,433		0.93	%		0.93	%		0.94	%		0.89	%		0.89	%		0.98	%		138	%
For the Year Ended October 31, 2021		13.19		0.28			0.28			37.83			38.11			(0.28	)		—			—			(0.28	)		51.02		290.09	%		441,276		0.91	%		0.89	%		0.70	%		0.90	%		0.88	%		0.71	%		147	%
For the Year Ended October 31, 2020		83.12		0.21			0.21			(69.69	)		(69.48	)		(0.45	)		—			—			(0.45	)		13.19		-83.83	%		111,397		0.97	%		1.00	%		1.64	%		0.95	%		0.98	%		1.66	%		331	%
For the Year Ended October 31, 2019		99.44		1.40			1.44			(16.30	)		(14.90	)		(1.42	)		—			—			(1.42	)		83.12		-14.83	%		20,780		0.99	%		1.07	%		1.64	%		0.95	%		1.03	%		1.68	%		81	%
For the Year Ended October 31, 2018		133.96		1.24			1.34			(34.54	)		(33.30	)		(1.22	)		—			—			(1.22	)		99.44		-25.20	%		29,835		1.02	%		1.04	%		0.79	%		0.95	%		0.97	%		0.86	%		76	%
Direxion Daily Retail Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		8.14		0.06			0.07			(1.58	)		(1.52	)		(0.04	)		—			—			(0.04	)		6.58		-18.64	%		45,194		1.24	%		1.23	%		1.51	%		0.94	%		0.93	%		1.81	%		89	%
For the Year Ended October 31, 2022		41.95		0.13			0.13			(33.83	)		(33.70	)		(0.11	)		—			—			(0.11	)		8.14		-80.48	%		51,020		0.98	%		0.95	%		0.74	%		0.95	%		0.92	%		0.77	%		83	%
For the Year Ended October 31, 2021		8.58		(0.09	)		(0.08	)		33.46			33.37			(0.00	)10​		—			—			(0.00	)10​		41.95		389.07	%		128,839		0.97	%		0.92	%		(0.24	)%		0.95	%		0.90	%		(0.22	)%		112	%
For the Year Ended October 31, 2020		9.43		0.01			0.01			(0.82	)		(0.81	)		(0.02	)		—			(0.02	)		(0.04	)		8.58		-7.65	%		22,485		0.99	%		1.17	%		0.12	%		0.95	%		1.13	%		0.16	%		171	%
For the Year Ended October 31, 2019		14.76		0.13			0.13			(5.34	)		(5.21	)		(0.12	)		—			—			(0.12	)		9.43		-35.35	%		12,967		1.01	%		1.16	%		1.15	%		0.95	%		1.10	%		1.21	%		84	%
For the Year Ended October 31, 2018		9.80		0.08			0.11			4.98			5.06			(0.10	)		—			—			(0.10	)		14.76		51.66	%		31,367		1.09	%		1.15	%		0.59	%		0.95	%		1.01	%		0.73	%		81	%
Direxion Daily S&P 500®​ High Beta Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		25.51		0.04			0.11			1.39			1.43			(0.04	)		—			—			(0.04	)		26.90		5.60	%		63,591		1.37	%		1.38	%		0.30	%		0.95	%		0.96	%		0.72	%		68	%
For the Year Ended October 31, 2022		75.48		(0.07	)		(0.04	)		(49.90	)		(49.97	)		—			—			—			—			25.51		-66.20	%		69,235		1.01	%		1.01	%		(0.16	)%		0.95	%		0.95	%		(0.10	)%		144	%
For the Year Ended October 31, 2021		14.43		(0.01	)		(0.01	)		61.10			61.09			(0.04	)		—			—			(0.04	)		75.48		423.32	%		110,529		0.96	%		0.97	%		(0.02	)%		0.95	%		0.96	%		(0.01	)%		151	%
For the Period November 7, 20199​ through October 31, 2020		35.71		—			—			(21.14	)		(21.14	)		(0.04	)		—			(0.10	)		(0.14	)		14.43		-59.13	%		29,795		0.97	%		1.16	%		(0.03	)%		0.95	%		1.14	%		(0.01	)%		245	%
Direxion Daily S&P 500®​ High Beta Bear 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		8.62		0.09			0.10			(3.13	)		(3.04	)		(0.07	)		—			—			(0.07	)		5.51		-35.29	%		64,562		1.48	%		1.49	%		2.97	%		0.95	%		0.96	%		3.50	%		0	%
For the Year Ended October 31, 2022		9.06		0.01			0.03			(0.45	)		(0.44	)		—			—			—			—			8.62		-4.86	%		66,428		1.14	%		1.17	%		0.13	%		0.95	%		0.98	%		0.32	%		0	%
For the Year Ended October 31, 2021		101.00		(0.15	)		(0.15	)		(91.79	)		(91.94	)		—			—			—			—			9.06		-91.03	%		23,626		0.95	%		1.03	%		(0.93	)%		0.95	%		1.03	%		(0.93	)%		0	%
For the Period November 7, 20199​ through October 31, 2020		500.00		(1.00	)		(1.00	)		(397.20	)		(398.20	)		(0.40	)		—			(0.40	)		(0.80	)		101.00		-79.76	%		52,781		0.96	%		1.10	%		(0.79	)%		0.95	%		1.09	%		(0.78	)%		0	%
Direxion Daily S&P Biotech Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		7.42		0.03			0.04			(1.86	)		(1.83	)		—			—			—			—			5.59		-24.66	%		993,887		1.24	%		1.24	%		0.86	%		0.92	%		0.92	%		1.18	%		55	%
For the Year Ended October 31, 2022		53.25		(0.06	)		(0.04	)		(45.77	)		(45.83	)		—			—			—			—			7.42		-86.07	%		1,159,847		1.09	%		1.09	%		(0.51	)%		0.94	%		0.94	%		(0.36	)%		148	%
For the Year Ended October 31, 2021		53.52		(0.57	)		(0.57	)		0.30			(0.27	)		—			—			—			—			53.25		-0.50	%		772,796		0.95	%		0.93	%		(0.82	)%		0.94	%		0.92	%		(0.81	)%		169	%
For the Year Ended October 31, 2020		37.18		(0.23	)		(0.19	)		16.58			16.35			(0.01	)		—			(0.00	)10​		(0.01	)		53.52		43.96	%		292,298		1.04	%		1.05	%		(0.48	)%		0.95	%		0.96	%		(0.39	)%		137	%
For the Year Ended October 31, 2019		49.33		0.24			0.25			(12.14	)		(11.90	)		(0.25	)		—			—			(0.25	)		37.18		-24.17	%		487,452		0.98	%		0.98	%		0.53	%		0.95	%		0.95	%		0.56	%		114	%
For the Year Ended October 31, 2018		76.45		0.15			0.31			(27.03	)		(26.88	)		(0.11	)		(0.13	)		—			(0.24	)		49.33		-35.28	%		592,472		1.14	%		1.15	%		0.18	%		0.95	%		0.96	%		0.37	%		510	%

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

DIREXION SEMI-ANNUAL REPORT
127

Financial Highlights

April 30, 2023

																																		RATIOS TO AVERAGE NET ASSETS7​
	Net Asset Value, Beginning of Year/ Period		Net Investment Income (Loss)1,2​			Net Investment Income (Loss)1,3​			Net Realized and Unrealized Gain (Loss) on Investments4​			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period		Total Return5​			Net Assets, End of Year/ Period (000's omitted)		Net Expenses2,6​			Total Expenses2​			Net Investment Income (Loss) after Expense Reimbursement2​			Net Expenses3,6​			Total Expenses3​			Net Investment Income (Loss) after Expense Reimbursement3​			Portfolio Turnover Rate8​
Direxion Daily S&P Biotech Bear 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)	$	20.18	$	0.25		$	0.30		$	(3.22	)	$	(2.97	)	$	(0.31	)	$	—		$	—		$	(0.31	)	$	16.90		-14.93	%	$	89,007		1.47	%		1.46	%		3.02	%		0.95	%		0.94	%		3.54	%		0	%
For the Year Ended October 31, 2022		21.33		0.17			0.18			(1.32	)		(1.15	)		—			—			—			—			20.18		-5.39	%		189,975		1.02	%		1.03	%		0.63	%		0.95	%		0.96	%		0.70	%		0	%
For the Year Ended October 31, 2021		54.51		(0.20	)		(0.20	)		(32.98	)		(33.18	)		—			—			—			—			21.33		-60.87	%		47,267		0.95	%		0.95	%		(0.93	)%		0.95	%		0.95	%		(0.93	)%		0	%
For the Year Ended October 31, 2020		408.20		(0.09	)		(0.04	)		(352.33	)		(352.42	)		(0.71	)		—			(0.56	)		(1.27	)		54.51		-86.59	%		63,561		0.99	%		1.03	%		(0.07	)%		0.95	%		0.99	%		(0.03	)%		0	%
For the Year Ended October 31, 2019		783.40		5.80			6.20			(373.20	)		(367.40	)		(7.80	)		—			—			(7.80	)		408.20		-47.16	%		82,336		1.05	%		1.07	%		1.29	%		0.95	%		0.97	%		1.39	%		0	%
For the Year Ended October 31, 2018		1,008.00		4.60			5.00			(226.20	)		(221.60	)		(3.00	)		—			—			(3.00	)		783.40		-21.81	%		56,196		1.00	%		1.02	%		0.74	%		0.95	%		0.97	%		0.79	%		0	%
Direxion Daily Semiconductor Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		8.89		0.06			0.09			5.39			5.45			(0.06	)		—			—			(0.06	)		14.28		61.46	%		4,938,944		1.29	%		1.42	%		0.88	%		0.77	%		0.90	%		1.40	%		63	%
For the Year Ended October 31, 2022		47.62		0.12			0.14			(38.77	)		(38.65	)		(0.08	)		—			—			(0.08	)		8.89		-81.24	%		3,474,072		0.85	%		0.97	%		0.51	%		0.77	%		0.89	%		0.59	%		241	%
For the Year Ended October 31, 2021		16.59		(0.00	)10​		(0.00	)10​		31.05			31.05			(0.02	)		—			—			(0.02	)		47.62		187.22	%		4,155,099		0.83	%		0.90	%		(0.01	)%		0.82	%		0.89	%		—	%		170	%
For the Year Ended October 31, 2020		13.21		0.02			0.03			3.39			3.41			(0.03	)		—			—			(0.03	)		16.59		25.88	%		1,318,844		1.06	%		1.06	%		0.13	%		0.94	%		0.94	%		0.25	%		230	%
For the Year Ended October 31, 2019		6.70		0.07			0.10			6.51			6.58			(0.07	)		—			—			(0.07	)		13.21		98.82	%		634,080		1.35	%		1.35	%		0.74	%		0.93	%		0.93	%		1.16	%		92	%
For the Year Ended October 31, 2018		9.87		0.05			0.07			(3.16	)		(3.11	)		(0.06	)		—			—			(0.06	)		6.70		-31.68	%		582,998		1.10	%		1.09	%		0.56	%		0.94	%		0.93	%		0.72	%		101	%
Direxion Daily Semiconductor Bear 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		59.55		0.42			0.45			(39.31	)		(38.89	)		(0.26	)		—			—			(0.26	)		20.40		-65.32	%		1,186,540		1.15	%		1.15	%		3.59	%		0.87	%		0.87	%		3.87	%		0	%
For the Year Ended October 31, 2022		57.50		0.20			0.29			1.85			2.05			—			—			—			—			59.55		3.57	%		590,971		1.09	%		1.08	%		0.41	%		0.89	%		0.88	%		0.61	%		0	%
For the Year Ended October 31, 2021		374.90		(0.80	)		(0.80	)		(316.60	)		(317.40	)		—			—			—			—			57.50		-84.66	%		145,418		0.95	%		0.91	%		(0.93	)%		0.95	%		0.91	%		(0.93	)%		0	%
For the Year Ended October 31, 2020		3,681.60		(0.20	)		0.10			(3,292.40	)		(3,292.60	)		(10.20	)		—			(3.90	)		(14.10	)		374.90		-89.76	%		93,777		0.98	%		1.00	%		(0.02	)%		0.95	%		0.97	%		0.01	%		0	%
For the Year Ended October 31, 2019		15,996.00		92.40			96.00			(12,285.60	)		(12,193.20	)		(121.20	)		—			—			(121.20	)		3,681.60		-76.67	%		237,361		1.02	%		1.01	%		1.45	%		0.95	%		0.94	%		1.52	%		0	%
For the Year Ended October 31, 2018		19,500.00		96.00			108.00			(3,552.00	)		(3,456.00	)		(48.00	)		—			—			(48.00	)		15,996.00		-17.63	%		65,459		0.97	%		0.98	%		0.73	%		0.95	%		0.96	%		0.75	%		0	%
Direxion Daily Technology Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		25.68		0.14			0.18			10.81			10.95			(0.13	)		—			—			(0.13	)		36.50		42.77	%		1,819,575		1.16	%		1.17	%		0.98	%		0.90	%		0.91	%		1.24	%		36	%
For the Year Ended October 31, 2022		71.11		(0.02	)		(0.01	)		(45.13	)		(45.15	)		—			(0.28	)		—			(0.28	)		25.68		-63.77	%		1,368,795		0.94	%		0.96	%		(0.05	)%		0.90	%		0.92	%		(0.01	)%		96	%
For the Year Ended October 31, 2021		25.58		(0.14	)		(0.14	)		45.86			45.72			—			(0.19	)		—			(0.19	)		71.11		179.53	%		3,061,359		0.91	%		0.93	%		(0.29	)%		0.90	%		0.92	%		(0.28	)%		25	%
For the Year Ended October 31, 2020		18.44		(0.02	)		—			7.19			7.17			(0.03	)		—			—			(0.03	)		25.58		38.98	%		1,560,088		1.06	%		1.06	%		(0.11	)%		0.95	%		0.95	%		—	%		376	%
For the Year Ended October 31, 2019		12.55		0.04			0.09			5.91			5.95			(0.05	)		—			—			(0.05	)		18.44		47.55	%		774,641		1.36	%		1.36	%		0.27	%		0.95	%		0.95	%		0.68	%		47	%
For the Year Ended October 31, 2018		10.76		0.04			0.07			1.80			1.84			(0.05	)		—			—			(0.05	)		12.55		16.99	%		671,151		1.17	%		1.17	%		0.29	%		0.95	%		0.95	%		0.51	%		41	%
Direxion Daily Technology Bear 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		41.98		0.43			0.52			(20.52	)		(20.09	)		(0.27	)		—			—			(0.27	)		21.62		-47.93	%		151,357		1.56	%		1.53	%		2.90	%		0.95	%		0.92	%		3.51	%		0	%
For the Year Ended October 31, 2022		37.16		0.12			0.17			4.70			4.82			—			—			—			—			41.98		12.97	%		159,535		1.08	%		1.07	%		0.31	%		0.95	%		0.94	%		0.44	%		0	%
For the Year Ended October 31, 2021		147.80		(0.57	)		(0.57	)		(110.07	)		(110.64	)		—			—			—			—			37.16		-74.86	%		66,942		0.95	%		0.95	%		(0.93	)%		0.95	%		0.95	%		(0.93	)%		0	%
For the Year Ended October 31, 2020		957.00		(0.50	)		(0.40	)		(805.00	)		(805.50	)		(2.30	)		—			(1.40	)		(3.70	)		147.80		-84.47	%		80,036		0.96	%		1.03	%		(0.18	)%		0.95	%		1.02	%		(0.17	)%		0	%
For the Year Ended October 31, 2019		2,218.00		22.00			22.00			(1,260.00	)		(1,238.00	)		(23.00	)		—			—			(23.00	)		957.00		-56.25	%		59,340		0.98	%		1.03	%		1.53	%		0.95	%		1.00	%		1.56	%		0	%
For the Year Ended October 31, 2018		3,680.00		20.00			21.00			(1,470.00	)		(1,450.00	)		(12.00	)		—			—			(12.00	)		2,218.00		-39.38	%		33,349		0.96	%		1.05	%		0.85	%		0.95	%		1.04	%		0.86	%		0	%

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

DIREXION SEMI-ANNUAL REPORT
128

Financial Highlights

April 30, 2023

																																		RATIOS TO AVERAGE NET ASSETS7​
	Net Asset Value, Beginning of Year/ Period		Net Investment Income (Loss)1,2​			Net Investment Income (Loss)1,3​			Net Realized and Unrealized Gain (Loss) on Investments4​			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period		Total Return5​			Net Assets, End of Year/ Period (000's omitted)		Net Expenses2,6​			Total Expenses2​			Net Investment Income (Loss) after Expense Reimbursement2​			Net Expenses3,6​			Total Expenses3​			Net Investment Income (Loss) after Expense Reimbursement3​			Portfolio Turnover Rate8​
Direxion Daily Transportation Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)	$	22.14	$	0.19		$	0.21		$	0.37		$	0.56		$	(0.20	)	$	—		$	—		$	(0.20	)	$	22.50		2.50	%	$	22,503		1.13	%		1.19	%		1.52	%		0.95	%		1.01	%		1.70	%		29	%
For the Year Ended October 31, 2022		48.54		(0.01	)		(0.01	)		(26.39	)		(26.40	)		—			—			—			—			22.14		-54.39	%		23,243		0.96	%		0.98	%		(0.03	)%		0.95	%		0.97	%		(0.02	)%		54	%
For the Year Ended October 31, 2021		18.08		(0.09	)		(0.09	)		30.56			30.47			(0.01	)		—			—			(0.01	)		48.54		168.57	%		89,798		0.96	%		0.95	%		(0.24	)%		0.95	%		0.94	%		(0.23	)%		49	%
For the Year Ended October 31, 2020		25.01		(0.02	)		(0.01	)		(6.85	)		(6.87	)		(0.06	)		—			—			(0.06	)		18.08		-27.42	%		38,879		0.96	%		1.13	%		(0.10	)%		0.95	%		1.12	%		(0.09	)%		128	%
For the Year Ended October 31, 2019		27.12		0.23			0.24			(2.06	)		(1.83	)		(0.28	)		—			—			(0.28	)		25.01		-6.66	%		3,751		0.99	%		1.57	%		0.92	%		0.95	%		1.53	%		0.96	%		74	%
For the Year Ended October 31, 2018		29.44		0.19			0.19			0.66			0.85			(0.24	)		(2.93	)		—			(3.17	)		27.12		1.13	%		10,849		0.95	%		1.37	%		0.57	%		0.95	%		1.37	%		0.57	%		0	%
Direxion Daily Utilities Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		29.18		0.39			0.41			0.64			1.03			(0.32	)		—			—			(0.32	)		29.89		3.68	%		17,931		1.10	%		1.20	%		2.55	%		0.95	%		1.05	%		2.70	%		18	%
For the Year Ended October 31, 2022		32.41		0.46			0.51			(3.10	)		(2.64	)		(0.51	)		(0.08	)		—			(0.59	)		29.18		-8.50	%		21,883		1.08	%		1.17	%		1.25	%		0.95	%		1.04	%		1.38	%		63	%
For the Year Ended October 31, 2021		26.76		0.31			0.31			5.70			6.01			(0.36	)		—			—			(0.36	)		32.41		22.72	%		37,274		0.96	%		1.03	%		1.04	%		0.95	%		1.02	%		1.05	%		69	%
For the Year Ended October 31, 2020		45.80		0.40			0.42			(17.58	)		(17.18	)		(0.50	)		(1.34	)		(0.02	)		(1.86	)		26.76		-38.38	%		14,715		1.01	%		1.28	%		1.44	%		0.95	%		1.22	%		1.50	%		80	%
For the Year Ended October 31, 2019		27.81		0.65			0.68			18.04			18.69			(0.70	)		—			—			(0.70	)		45.80		67.76	%12​		16,029		1.04	%		1.58	%		1.76	%		0.95	%		1.49	%		1.85	%		72	%
For the Year Ended October 31, 2018		31.13		0.53			0.54			(3.31	)		(2.78	)		(0.54	)		—			—			(0.54	)		27.81		-8.72	%		4,172		0.96	%		1.45	%		2.15	%		0.95	%		1.44	%		2.16	%		44	%
Direxion Daily 7-10 Year Treasury Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		28.57		0.31			0.32			3.88			4.19			(0.24	)		—			—			(0.24	)		32.52		14.72	%		35,771		0.99	%		1.00	%		2.02	%		0.95	%		0.96	%		2.06	%		19	%
For the Year Ended October 31, 2022		51.86		0.20			0.20			(23.49	)		(23.29	)		—			—			—			—			28.57		-44.91	%		24,282		0.96	%		1.01	%		0.48	%		0.95	%		1.00	%		0.49	%		0	%
For the Year Ended October 31, 2021		65.11		(0.22	)		(0.22	)		(7.29	)		(7.51	)		—			(5.18	)		(0.56	)		(5.74	)		51.86		-12.64	%		23,339		0.95	%		1.06	%		(0.40	)%		0.95	%		1.06	%		(0.40	)%		6	%
For the Year Ended October 31, 2020		54.00		(0.06	)		(0.04	)		11.35			11.29			(0.18	)		—			—			(0.18	)		65.11		20.96	%		19,534		0.99	%		1.15	%		(0.10	)%		0.95	%		1.11	%		(0.06	)%		76	%
For the Year Ended October 31, 2019		38.83		0.52			0.57			15.18			15.70			(0.53	)		—			—			(0.53	)		54.00		40.66	%		21,600		1.05	%		1.28	%		1.09	%		0.95	%		1.18	%		1.19	%		97	%
For the Year Ended October 31, 2018		44.25		0.31			0.34			(5.41	)		(5.10	)		(0.32	)		—			—			(0.32	)		38.83		-11.54	%		5,824		1.01	%		1.57	%		0.76	%		0.95	%		1.51	%		0.82	%		0	%
Direxion Daily 7-10 Year Treasury Bear 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		14.21		0.19			0.21			(2.37	)		(2.18	)		(0.15	)		—			—			(0.15	)		11.88		-15.36	%		25,542		1.24	%		1.23	%		2.97	%		0.95	%		0.94	%		3.26	%		0	%
For the Year Ended October 31, 2022		8.71		(0.00	)10​		0.01			5.50			5.50			—			—			—			—			14.21		63.15	%		56,135		1.01	%		0.99	%		0.04	%		0.95	%		0.93	%		0.10	%		0	%
For the Year Ended October 31, 2021		8.10		(0.08	)		(0.08	)		0.69			0.61			—			—			—			—			8.71		7.53	%		29,623		0.95	%		1.12	%		(0.93	)%		0.95	%		1.12	%		(0.93	)%		0	%
For the Year Ended October 31, 2020		10.58		(0.01	)		(0.01	)		(2.43	)		(2.44	)		(0.03	)		—			(0.01	)		(0.04	)		8.10		-23.08	%		6,882		0.95	%		1.40	%		(0.09	)%		0.95	%		1.40	%		(0.09	)%		0	%
For the Year Ended October 31, 2019		15.53		0.18			0.18			(4.95	)		(4.77	)		(0.18	)		—			—			(0.18	)		10.58		-30.84	%		11,109		0.97	%		1.18	%		1.41	%		0.95	%		1.16	%		1.43	%		0	%
For the Year Ended October 31, 2018		14.01		0.07			0.08			1.47			1.54			(0.02	)		—			—			(0.02	)		15.53		11.01	%		20,189		1.05	%		1.15	%		0.45	%		0.95	%		1.05	%		0.55	%		0	%
Direxion Daily 20+ Year Treasury Bull 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)		7.01		0.11			0.11			1.81			1.92			(0.08	)		—			—			(0.08	)		8.85		27.60	%		1,619,559		0.92	%		0.92	%		2.59	%		0.87	%		0.87	%		2.64	%		56	%
For the Year Ended October 31, 2022		28.10		0.14			0.14			(21.15	)		(21.01	)		(0.08	)		—			—			(0.08	)		7.01		-74.89	%		437,185		0.91	%		0.91	%		0.92	%		0.90	%		0.90	%		0.93	%		8	%
For the Year Ended October 31, 2021		35.81		0.03			0.03			(7.01	)		(6.98	)		(0.03	)		(0.69	)		(0.01	)		(0.73	)		28.10		-19.90	%		359,735		0.88	%		0.88	%		0.11	%		0.88	%		0.88	%		0.11	%		33	%
For the Year Ended October 31, 2020		29.39		0.08			0.10			6.49			6.57			(0.15	)		—			—			(0.15	)		35.81		22.38	%		282,879		0.98	%		0.98	%		0.22	%		0.93	%		0.93	%		0.27	%		67	%
For the Year Ended October 31, 2019		15.76		0.29			0.34			13.63			13.92			(0.29	)		—			—			(0.29	)		29.39		88.98	%		189,539		1.12	%		1.12	%		1.25	%		0.92	%		0.92	%		1.46	%		66	%
For the Year Ended October 31, 2018		20.77		0.25			0.26			(5.00	)		(4.75	)		(0.26	)		—			—			(0.26	)		15.76		-23.07	%		100,873		0.97	%		0.95	%		1.31	%		0.94	%		0.92	%		1.34	%		0	%

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

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Financial Highlights

April 30, 2023

																																	RATIOS TO AVERAGE NET ASSETS7​
	Net Asset Value, Beginning of Year/ Period		Net Investment Income (Loss)1,2​			Net Investment Income (Loss)1,3​			Net Realized and Unrealized Gain (Loss) on Investments4​			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period		Total Return5​			Net Assets, End of Year/ Period (000's omitted)		Net Expenses2,6​			Total Expenses2​			Net Investment Income (Loss) after Expense Reimbursement2​			Net Expenses3,6​			Total Expenses3​			Net Investment Income (Loss) after Expense Reimbursement3​			Portfolio Turnover Rate8​
Direxion Daily 20+ Year Treasury Bear 3X Shares
For the Six Months Ended April 30, 2023 (Unaudited)	$	159.25	$	1.66		$	1.98		$	(53.22	)	$	(51.56	)	$	(1.19	)	$	—	$	—		$	(1.19	)	$	106.50		-32.41	%	$	417,948		1.42	%		1.42	%		2.81	%		0.88	%		0.88	%		3.35	%		0	%
For the Year Ended October 31, 2022		57.33		0.05			0.17			101.87			101.92			—			—		—			—			159.25		177.78	%		688,650		1.01	%		1.01	%		0.06	%		0.88	%		0.88	%		0.19	%		0	%
For the Year Ended October 31, 2021		55.80		(0.55	)		(0.55	)		2.08			1.53			—			—		—			—			57.33		2.74	%		325,333		0.88	%		0.88	%		(0.86	)%		0.88	%		0.88	%		(0.86	)%		0	%
For the Year Ended October 31, 2020		107.20		(0.06	)		(0.05	)		(50.93	)		(50.99	)		(0.28	)		—		(0.13	)		(0.41	)		55.80		-47.66	%		99,010		0.90	%		0.90	%		(0.09	)%		0.89	%		0.89	%		(0.08	)%		0	%
For the Year Ended October 31, 2019		228.50		2.10			2.40			(121.20	)		(119.10	)		(2.20	)		—		—			(2.20	)		107.20		-52.34	%		123,239		1.10	%		1.10	%		1.32	%		0.91	%		0.91	%		1.51	%		0	%
For the Year Ended October 31, 2018		191.40		1.10			1.20			36.60			37.70			(0.60	)		—		—			(0.60	)		228.50		19.71	%		345,100		0.99	%		0.99	%		0.54	%		0.90	%		0.90	%		0.63	%		0	%

¹​  Net investment income (loss) per share represents net investment income divided by the daily average shares of beneficial interest outstanding throughout each period.

²​  Includes interest expense and extraordinary expenses, which comprise of tax and litigation expenses.

³​  Excludes interest expense and extraordinary expenses which comprise of excise tax and litigation expenses.

⁴​  Due to the timing of sales and redemptions of capital shares, the net realized and realized gain (loss) per share is not in accordance with the Fund's changes in net realized and unrealized gain (loss) on investments, in-kind redemptions, futures, and swaps for the year/period.

⁵​  Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year/period, reinvestment of all dividends and distributions at net asset value during the year/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 or recouped by the Adviser.

⁶​  Net expenses include effects of any reimbursement/waiver or recoupment.

⁷​  For periods less than a year, these ratios are annualized.

⁸​  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. Portfolio turnover rate does not include effects of turnover of the swap and future contracts portfolio. Short-term securities with maturities less than or equal to 365 days are also excluded from portfolio turnover calculation.

⁹​  Commencement of operations.

¹⁰​  Between $(0.005) and $0.005.

¹¹​  Effective June 5, 2023, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

¹²​  The Fund's total return includes voluntary reimbursement by the Adviser for a realized loss on a trading error. Had this reimbursement not been made to the Fund, total return would have been 1.94% lower.

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

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130

Direxion Shares ETF Trust

Notes to the Financial Statements (Unaudited)

April 30, 2023

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 is a registered investment company that has 76 separate series (each, a "Fund" and together the "Funds"). 40 of these Funds are included in this report:

Bull Funds	Bear Funds
Direxion Daily Mid Cap Bull 3X Shares
Direxion Daily S&P 500®​ Bull 3X Shares	Direxion Daily S&P 500®​ Bear 3X Shares
Direxion Daily Small Cap Bull 3X Shares	Direxion Daily Small Cap Bear 3X Shares
Direxion Daily FTSE China Bull 3X Shares	Direxion Daily FTSE China Bear 3X Shares
Direxion Daily FTSE Europe Bull 3X Shares
Direxion Daily MSCI Emerging Markets Bull 3X Shares	Direxion Daily MSCI Emerging Markets Bear 3X Shares
Direxion Daily MSCI Mexico Bull 3X Shares
Direxion Daily MSCI South Korea Bull 3X Shares
Direxion Daily Aerospace & Defense Bull 3X Shares
Direxion Daily Consumer Discretionary Bull 3X Shares
Direxion Daily Dow Jones Internet Bull 3X Shares	Direxion Daily Dow Jones Internet Bear 3X Shares
Direxion Daily Financial Bull 3X Shares	Direxion Daily Financial Bear 3X Shares
Direxion Daily Healthcare Bull 3X Shares
Direxion Daily Homebuilders & Supplies Bull 3X Shares
Direxion Daily Industrials Bull 3X Shares
Direxion Daily Pharmaceutical & Medical Bull 3X Shares
Direxion Daily Real Estate Bull 3X Shares	Direxion Daily Real Estate Bear 3X Shares
Direxion Daily Regional Banks Bull 3X Shares
Direxion Daily Retail Bull 3X Shares
Direxion Daily S&P 500®​ High Beta Bull 3X Shares	Direxion Daily S&P High Beta Bear 3X Shares
Direxion Daily S&P 500®​ Biotech Bull 3X Shares	Direxion Daily S&P Biotech Bear 3X Shares
Direxion Daily Semiconductor Bull 3X Shares	Direxion Daily Semiconductor Bear 3X Shares
Direxion Daily Technology Bull 3X Shares	Direxion Daily Technology Bear 3X Shares
Direxion Daily Transportation Bull 3X Shares
Direxion Daily Utilities Bull 3X Shares
Direxion Daily 7-10 Year Treasury Bull 3X Shares	Direxion Daily 7-10 Year Treasury Bear 3X Shares
Direxion Daily 20+ Year Treasury Bull 3X Shares	Direxion Daily 20+ Year Treasury Bear 3X Shares

The Trust has evaluated the structure, objective and activities of the Funds and determined that they meet the characteristics of an investment company. As such, these financial statements have applied the guidance as set forth in the Accounting Standards Codification ("ASC") 946, Financial Services – Investment Companies.

Rafferty Asset Management, LLC (the "Adviser") has registered as a commodity pool operator ("CPO") and the Funds are considered commodity pools under the Commodity Exchange Act (the "CEA"). Accordingly, the Adviser is subject to registration and regulation as a CPO under the CEA and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission and the National Futures Association, including investor protection requirements, antifraud provisions, disclosure requirements and reporting and recordkeeping requirements.

Each Fund's investment objective is to seek daily investment results, before fees and expenses, that correspond to the performance of a particular index or benchmark. The Funds with the word "Bull" in their name attempt to provide investment results that correlate positively to the return of an index or benchmark. The Funds with the word "Bear" in their name attempt to provide investment results that correlate negatively to the return of an index or benchmark. The correlations sought by the Bull Funds are a multiple of 300% of the return of the target index or benchmark and a multiple of -300% of the return of the target index or benchmark for the Bear Funds.

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131

Funds	Index or Benchmark	Daily Target
Direxion Daily Mid Cap Bull 3X Shares	S&P Mid Cap 400®​ Index		300	%
Direxion Daily S&P 500®​ Bull 3X Shares			300	%
Direxion Daily S&P 500®​ Bear 3X Shares	S&P 500®​ Index		-300	%
Direxion Daily Small Cap Bull 3X Shares			300	%
Direxion Daily Small Cap Bear 3X Shares	Russell 2000®​ Index		-300	%
Direxion Daily FTSE China Bull 3X Shares			300	%
Direxion Daily FTSE China Bear 3X Shares	FTSE China 50 Index		-300	%
Direxion Daily FTSE Europe Bull 3X Shares	FTSE Developed Europe All Cap Index		300	%
Direxion Daily MSCI Emerging Markets Bull 3X Shares			300	%
Direxion Daily MSCI Emerging Markets Bear 3X Shares	MSCI Emerging Markets IndexSM​		-300	%
Direxion Daily MSCI Mexico Bull 3X Shares	MSCI Mexico IMI 25/50 Index		300	%
Direxion Daily MSCI South Korea Bull 3X Shares	MSCI Korea 25/50 Index		300	%
Direxion Daily Aerospace & Defense Bull 3X Shares	Dow Jones U.S. Select Aerospace & Defense Index		300	%
Direxion Daily Consumer Discretionary Bull 3X Shares	Consumer Discretionary Select Sector Index		300	%
Direxion Daily Dow Jones Internet Bull 3X Shares			300	%
Direxion Daily Dow Jones Internet Bear 3X Shares	Dow Jones Internet Composite Index		-300	%
Direxion Daily Financial Bull 3X Shares			300	%
Direxion Daily Financial Bear 3X Shares	Financials Select Sector Index		-300	%
Direxion Daily Healthcare Bull 3X Shares	Health Care Select Sector Index		300	%
Direxion Daily Homebuilders & Supplies Bull 3X Shares	Dow Jones U.S. Select Home Construction Index		300	%
Direxion Daily Industrials Bull 3X Shares	Industrial Select Sector Index		300	%
Direxion Daily Pharmaceutical & Medical Bull 3X Shares	S&P Pharmaceuticals Select Industry Index		300	%
Direxion Daily Real Estate Bull 3X Shares			300	%
Direxion Daily Real Estate Bear 3X Shares	Real Estate Select Sector Index		-300	%
Direxion Daily Regional Banks Bull 3X Shares	S&P Regional Banks Select Industry Index		300	%
Direxion Daily Retail Bull 3X Shares	S&P Retail Select Industry®​ Index		300	%
Direxion Daily S&P 500®​ High Beta Bull 3X Shares			300	%
Direxion Daily S&P 500®​ High Beta Bear 3X Shares	S&P 500®​ High Beta Index		-300	%
Direxion Daily S&P Biotech Bull 3X Shares			300	%
Direxion Daily S&P Biotech Bear 3X Shares	S&P Biotechnology Select Industry Index		-300	%
Direxion Daily Semiconductor Bull 3X Shares			300	%
Direxion Daily Semiconductor Bear 3X Shares	ICE Semiconductor Index		-300	%
Direxion Daily Technology Bull 3X Shares			300	%
Direxion Daily Technology Bear 3X Shares	Technology Select Sector Index		-300	%
Direxion Daily Transportation Bull 3X Shares	S&P Transportation Select Industry FMC Capped Index		300	%
Direxion Daily Utilities Bull 3X Shares	Utilities Select Sector Index		300	%
Direxion Daily 7-10 Year Treasury Bull 3X Shares			300	%
Direxion Daily 7-10 Year Treasury Bear 3X Shares	ICE U.S. Treasury 7-10 Year Bond Index		-300	%
Direxion Daily 20+ Year Treasury Bull 3X Shares			300	%
Direxion Daily 20+ Year Treasury Bear 3X Shares	ICE U.S. Treasury 20+ Year Bond Index		-300	%

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").

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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, Direxion Daily 7-10 Year Treasury Bull 3X Shares, Direxion Daily 7-10 Year Treasury Bear 3X Shares, Direxion Daily 20+ Year Treasury Bull 3X Shares and Direxion Daily 20+ Year Treasury Bear 3X Shares (the "Fixed Income 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 Fixed Income Funds calculate its NAV as of the time of the recommended close, usually 2:00 p.m. 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 are valued using the NASDAQ^®​ Official Closing Price ("NOCP") provided by NASDAQ each business day. Over the Counter ("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. Swap contracts are valued using the closing price of the underlying reference entity or the closing value of the underlying reference index. The Funds valued their investments in money market funds based on their daily net asset values. Futures contracts are valued at settlement price established on the exchange on which they are traded, if that settlement price reflects trading prior to the Valuation Time. If the settlement price established by the exchange reflects trading after the Valuation Time, then the last sales price prior to Valuation time will be used. Securities, swap or future contracts are fair valued as determined by the Adviser under the supervision of the Board of Trustees (the "Board") in the following scenarios: a) reliable market quotations are not readily available; b) the Funds' pricing service does not provide a valuation for such securities; c) the Funds' pricing service provides valuation that in the judgment of the Adviser does not represent fair value; or d) the Fund or Adviser believes the market price is stale.

b) Swap Contracts – Each Fund may enter into equity swap contacts. 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). Each Fund enters into master netting agreements with counterparties to mitigate counterparty credit risk in derivative contracts. A Fund does not offset fair value amounts for derivatives contracts and related cash collateral on the Statement of Assets and Liabilities arising from derivative contracts executed with the same counterparties under such master netting agreements. 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 the 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 (e.g., a LIBOR based rate) 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 commission paid by the Fund on the notional amount. Payments may be made at the conclusion of the contract or periodically during its term. In certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the counterparty will pay the Fund interest. These swap contracts do not include the delivery of securities by the Funds to the counterparty. The net amount of the excess, if any, of the Fund's obligations owed over its entitlement 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 when cash is exchanged, the gain or loss is recorded as "realized gains or losses on swaps."

Each Fund may enter into swap contracts that provide the opposite return of the underlying benchmark or security ("short" the index or security). The operations are similar to that of the swaps disclosed above except that the counterparty pays interest to the Fund on the notional amount outstanding and the dividends on the underlying securities reduce the return of the swap. However, in certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the Fund will pay the counterparty interest.

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These amounts are netted with any unrealized appreciation or depreciation to determine the value of the swap. The Funds will typically enter into equity swap agreements to obtain leverage in order to meet their objectives.

Accounting Standards Update No. 2013-01 "Disclosures about Offsetting Assets and Liabilities" ("ASU 2013-01"), requires entities to disclose (i) gross and net information about both instruments and transactions eligible for offset in the financial statements, and (ii) instruments and transactions subject to an agreement similar to a master netting agreement. ASU 2013-01 is limited in scope to recognized derivative instruments accounted for under ASC 815 "Derivatives and Hedging", to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including swap contracts, and typically contains, among other things, collateral posting terms, netting and rights of set-off provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and receivables to create a single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral requirements generally differ by type of derivative. Collateral terms are contract-specific for OTC derivatives (e.g. swaps). Generally, for transactions traded under an ISDA Master Agreement, the collateral requirements are calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to the counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its derivative counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.

For financial reporting purposes, the Funds elect to not offset assets and liabilities subject to an ISDA Master Agreement, if any, in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of April 30, 2023, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting/set-off provisions in the ISDA Master Agreement are detailed in the following tables.

In the event of the counterparty's default, bankruptcy or any other event for which the counterparty cannot meet its obligations, a Fund bears the risk of loss equal to the amount of the daily appreciation owed to the Fund. This obligation represents the daily gain accrued to the Fund from the close of business day prior to this event to the day on which this event occurs and the counterparty can no longer meet its obligations. 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 Adviser. Shareholders may obtain swap counterparty financial statements at www.sec.gov. Swap contracts are subject to credit risk. Credit risk occurs when the financial condition of an issuer of a security or instrument may cause it to default or become unable to pay interest or principal due on the security. The counterparty to a swap contract might default on its obligations. In addition, the Funds have agreements with certain counterparties with which it trades swap contracts that contain credit risk-related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value and performance-based thresholds. The maximum exposure to the Funds in regard to potential counterparty default and credit-risk related contingent features at April 30, 2023 is detailed in the following tables. If such credit risk-related contingencies were triggered, the counterparties would have the option to terminate any positions open under the master netting agreement.

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Description: Swap Contract

Counterparty: Bank of America Merrill Lynch

			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily Mid Cap Bull 3X Shares	$	—	$	—	$	—	$	—	$	103,495	$	—	$	103,4951​	$	—
Direxion Daily S&P 500®​ Bull 3X Shares		37,387,101		—		33,430,000		3,957,101		—		—		—		—
Direxion Daily S&P 500®​ Bear 3X Shares		—		—		—		—		2,767,765		—		2,767,7651​		—
Direxion Daily Small Cap Bull 3X Shares		1,502,870		—		—		1,502,870		—		—		—		—
Direxion Daily Small Cap Bear 3X Shares		7,637,245		—		7,637,2451​		—		—		—		—		—
Direxion Daily FTSE China Bull 3X Shares		—		—		—		—		3,139,826		—		3,139,8261​		—
Direxion Daily FTSE China Bear 3X Shares		—		—		—		—		1,720,463		—		1,720,4631​		—
Direxion Daily MSCI South Korea Bull 3X Shares		185,928		—		170,000		15,928		—		—		—		—
Direxion Daily Dow Jones Internet Bull 3X Shares		—		—		—		—		590,809		—		590,8091​		—
Direxion Daily Dow Jones Internet Bear 3X Shares		—		—		—		—		388,052		—		388,0521​		—
Direxion Daily Financial Bull 3X Shares		—		—		—		—		23,529,677		—		23,529,6771​		—
Direxion Daily Financial Bear 3X Shares		16,808,244		—		16,808,2441​		—		—		—		—		—
Direxion Daily Homebuilders & Supplies Bull 3X Shares		11,237,336		—		9,370,000		1,867,336		—		—		—		—
Direxion Daily Real Estate Bull 3X Shares		—		—		—		—		2,470,899		—		2,470,8991​		—
Direxion Daily Real Estate Bear 3X Shares		8,357,205		—		8,357,2051​		—		—		—		—		—
Direxion Daily S&P 500®​ High Beta Bear 3X Shares		2,774,671		—		2,774,6711​		—		—		—		—		—

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			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily S&P Biotech Bull 3X Shares	$	26,521,195	$	—	$	17,570,000	$	8,951,195	$	—	$	—	$	—	$	—
Direxion Daily S&P Biotech Bear 3X Shares		—		—		—		—		2,413,512		—		2,413,5121​		—
Direxion Daily Semiconductor Bull 3X Shares		33,103,041		—		5,960,000		27,143,041		—		—		—		—
Direxion Daily Semiconductor Bear 3X Shares		—		—		—		—		9,380,862		—		9,380,8621​		—
Direxion Daily Technology Bull 3X Shares		32,122,505		—		27,720,000		4,402,505		—		—		—		—
Direxion Daily Technology Bear 3X Shares		—		—		—		—		5,680,335		—		5,680,3351​		—
Direxion Daily 7-10 Year Treasury Bull 3X Shares		39,665		—		—		39,665		—		—		—		—
Direxion Daily 20+ Year Treasury Bull 3X Shares		1,804,194		—		—		1,804,194		—		—		—		—
Direxion Daily 20+ Year Treasury Bear 3X Shares		939,750		—		939,7501​		—		—		—		—		—

¹​  The amount of collateral shown has been limited such that the net amount cannot be less than zero.

²​  The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: BNP Paribas

			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily S&P 500®​ Bull 3X Shares	$	30,783,104	$	—	$	27,090,000	$	3,693,104	$	—	$	—	$	—	$	—
Direxion Daily S&P 500®​ Bear 3X Shares		—		—		—		—		2,795,467		—		2,795,4671​		—
Direxion Daily Small Cap Bull 3X Shares		—		—		—		—		4,090,204		—		4,090,2041​		—
Direxion Daily Small Cap Bear 3X Shares		15,390,296		—		15,390,2961​		—		—		—		—		—

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			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily FTSE China Bull 3X Shares	$	—	$	—	$	—	$	—	$	6,347,223	$	—	$	6,347,2231​	$	—
Direxion Daily FTSE China Bear 3X Shares		7,438,011		—		7,438,0111​		—		—		—		—		—
Direxion Daily FTSE Europe Bull 3X Shares		2,509,032		—		2,470,000		39,032		—		—		—		—
Direxion Daily Aerospace & Defense Bull 3X Shares		2,499,103		—		2,120,000		379,103		—		—		—		—
Direxion Daily Financial Bull 3X Shares		—		—		—		—		16,355,850		—		16,355,8501​		—
Direxion Daily Homebuilders & Supplies Bull 3X Shares		3,368,038		—		2,620,000		748,038		—		—		—		—
Direxion Daily S&P Biotech Bull 3X Shares		—		—		—		—		8,416,543		—		8,416,5431​		—
Direxion Daily Semiconductor Bull 3X Shares		43,864,233		—		15,190,000		28,674,233		—		—		—		—
Direxion Daily Semiconductor Bear 3X Shares		—		—		—		—		9,576,215		—		9,576,2151​		—
Direxion Daily Technology Bull 3X Shares		56,610,518		—		50,710,000		5,900,518		—		—		—		—
Direxion Daily Technology Bear 3X Shares		—		—		—		—		1,230,787		—		1,230,7871​		—
Direxion Daily 7-10 Year Treasury Bull 3X Shares		562,215		—		320,000		242,215		—		—		—		—
Direxion Daily 7-10 Year Treasury Bear 3X Shares		—		—		—		—		73,811		—		73,8111​		—
Direxion Daily 20+ Year Treasury Bull 3X Shares		5,143,451		—		—		5,143,451		—		—		—		—
Direxion Daily 20+ Year Treasury Bear 3X Shares		5,330,015		—		5,330,0151​		—		—		—		—		—

¹​  The amount of collateral shown has been limited such that the net amount cannot be less than zero.

²​  The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

DIREXION SEMI-ANNUAL REPORT
137

Description: Swap Contract

Counterparty: Barclays

			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily S&P 500®​ Bull 3X Shares	$	44,009,844	$	—	$	35,560,000	$	8,449,844	$	—	$	—	$	—	$	—
Direxion Daily S&P 500®​ Bear 3X Shares		—		—		—		—		3,781,406		—		3,781,4061​		—
Direxion Daily Small Cap Bull 3X Shares		—		—		—		—		12,279,012		—		12,279,0121​		—
Direxion Daily Small Cap Bear 3X Shares		—		—		—		—		245,885		—		245,8851​		—
Direxion Daily FTSE China Bull 3X Shares		—		—		—		—		13,892,813		—		13,892,8131​		—
Direxion Daily MSCI Mexico Bull 3X Shares		965,306		—		820,000		145,306		—		—		—		—
Direxion Daily MSCI South Korea Bull 3X Shares		—		—		—		—		214,182		—		214,1821​		—
Direxion Daily Consumer Discretionary Bull 3X Shares		—		—		—		—		263,299		—		263,2991​		—
Direxion Daily Financial Bull 3X Shares		—		—		—		—		46,420,844		—		46,420,8441​		—
Direxion Daily Healthcare Bull 3X Shares		—		—		—		—		3,801,676		—		3,801,6761​		—
Direxion Daily Homebuilders & Supplies Bull 3X Shares		31,179,160		—		28,360,000		2,819,160		—		—		—		—
Direxion Daily Industrials Bull 3X Shares		—		—		—		—		98,852		—		98,8521​		—
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		—		—		—		—		118,972		—		118,9721​		—
Direxion Daily Regional Banks Bull 3X Shares		—		—		—		—		3,661,826		—		3,661,8261​		—
Direxion Daily S&P 500®​ High Beta Bull 3X Shares		1,794,776		—		1,010,000		784,776		—		—		—		—
Direxion Daily S&P 500®​ High Beta Bear 3X Shares		1,595,828		—		1,595,8281​		—		—		—		—		—

DIREXION SEMI-ANNUAL REPORT
138

			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily S&P Biotech Bull 3X Shares	$	—	$	—	$	—	$	—	$	5,375,707	$	—	$	5,375,7071​	$	—
Direxion Daily S&P Biotech Bear 3X Shares		5,814,154		—		5,814,1541​		—		—		—		—		—
Direxion Daily Semiconductor Bull 3X Shares		115,057,055		—		94,790,000		20,267,055		—		—		—		—
Direxion Daily Semiconductor Bear 3X Shares		24,524,582		—		24,524,5821​		—		—		—		—		—
Direxion Daily Technology Bull 3X Shares		68,334,517		—		60,280,000		8,054,517		—		—		—		—
Direxion Daily Technology Bear 3X Shares		—		—		—		—		3,547,762		—		3,547,7621​		—
Direxion Daily Utilities Bull 3X Shares		—		—		—		—		131,979		—		131,9791​		—
Direxion Daily 7-10 Year Treasury Bull 3X Shares		7,201		—		—		7,201		—		—		—		—
Direxion Daily 7-10 Year Treasury Bear 3X Shares		—		—		—		—		13,682		—		13,6821​		—

¹​  The amount of collateral shown has been limited such that the net amount cannot be less than zero.

²​  The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: Citibank N.A.

			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily Mid Cap Bull 3X Shares	$	—	$	—	$	—	$	—	$	397,496	$	—	$	397,4961​	$	—
Direxion Daily S&P 500®​ Bull 3X Shares		36,927,361		—		34,368,997		2,558,364		—		—		—		—
Direxion Daily S&P 500®​ Bear 3X Shares		—		—		—		—		4,299,434		—		4,299,4341​		—
Direxion Daily Small Cap Bull 3X Shares		—		—		—		—		2,657,182		—		2,657,1821​		—

DIREXION SEMI-ANNUAL REPORT
139

			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily Small Cap Bear 3X Shares	$	18,019,678	$	—	$	18,019,6781​	$	—	$	—	$	—	$	—	$	—
Direxion Daily FTSE Europe Bull 3X Shares		1,648,858		—		1,591,000		57,858		—		—		—		—
Direxion Daily MSCI Emerging Markets Bull 3X Shares		—		—		—		—		4,585,552		—		4,585,5521​		—
Direxion Daily MSCI Emerging Markets Bear 3X Shares		1,287,147		—		1,287,1471​		—		—		—		—		—
Direxion Daily MSCI South Korea Bull 3X Shares		—		—		—		—		703,813		—		703,8131​		—
Direxion Daily Aerospace & Defense Bull 3X Shares		1,131,306		—		483,998		647,308		—		—		—		—
Direxion Daily Dow Jones Internet Bull 3X Shares		5,479,381		—		5,479,3811​		—		—		—		—		—
Direxion Daily Dow Jones Internet Bear 3X Shares		—		—		—		—		150,566		—		150,5661​		—
Direxion Daily Financial Bull 3X Shares		—		—		—		—		42,732,374		—		42,732,3741​		—
Direxion Daily Homebuilders & Supplies Bull 3X Shares		—		—		—		—		1,578,371		—		1,578,3711​		—
Direxion Daily Industrials Bull 3X Shares		—		—		—		—		198,802		—		198,8021​		—
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		—		—		—		—		118,029		—		118,0291​		—
Direxion Daily Retail Bull 3X Shares		—		—		—		—		1,979,664		—		1,979,6641​		—
Direxion Daily S&P 500®​ High Beta Bull 3X Shares		—		—		—		—		592,070		—		592,0701​		—
Direxion Daily S&P Biotech Bull 3X Shares		—		—		—		—		957,286		—		957,2861​		—
Direxion Daily S&P Biotech Bear 3X Shares		440,529		—		440,5291​		—		—		—		—		—

DIREXION SEMI-ANNUAL REPORT
140

			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily Semiconductor Bull 3X Shares	$	66,851,579	$	—	$	38,323,000	$	28,528,579	$	—	$	—	$	—	$	—
Direxion Daily Semiconductor Bear 3X Shares		6,797,830		—		6,797,8301​		—		—		—		—		—
Direxion Daily Technology Bull 3X Shares		30,838,028		—		26,396,000		4,442,028		—		—		—		—
Direxion Daily Technology Bear 3X Shares		—		—		—		—		2,353,437		—		2,353,4371​		—
Direxion Daily Transportation Bull 3X Shares		—		—		—		—		339,973		—		339,9731​		—
Direxion Daily 20+ Year Treasury Bull 3X Shares		10,327,649		—		2		10,327,647		—		—		—		—
Direxion Daily 20+ Year Treasury Bear 3X Shares		3,782,260		—		3,782,2601​		—		—		—		—		—

¹​  The amount of collateral shown has been limited such that the net amount cannot be less than zero.

²​  The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: Goldman Sachs

			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily S&P 500®​ Bull 3X Shares	$	33,770,704	$	—	$	28,320,000	$	5,450,704	$	—	$	—	$	—	$	—
Direxion Daily S&P 500®​ Bear 3X Shares		—		—		—		—		10,210,988		—		10,210,9881​		—
Direxion Daily FTSE Europe Bull 3X Shares		1,687,209		—		—		1,687,209		—		—		—		—
Direxion Daily MSCI Mexico Bull 3X Shares		673,744		—		330,000		343,744		—		—		—		—
Direxion Daily Financial Bull 3X Shares		21,814,500		—		15,490,000		6,324,500		—		—		—		—
Direxion Daily Financial Bear 3X Shares		—		—		—		—		3,553,855		—		3,553,8551​		—

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			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily Regional Banks Bull 3X Shares	$	—	$	—	$	—	$	—	$	18,180,857	$	—	$	18,180,8571​	$	—
Direxion Daily S&P Biotech Bull 3X Shares		—		—		—		—		4,547,833		—		4,547,8331​		—
Direxion Daily S&P Biotech Bear 3X Shares		4,226,265		—		4,226,2651​		—		—		—		—		—
Direxion Daily Semiconductor Bull 3X Shares		143,833,253		—		109,230,000		34,603,253		—		—		—		—
Direxion Daily Semiconductor Bear 3X Shares		13,788,236		—		13,788,2361​		—		—		—		—		—
Direxion Daily Technology Bull 3X Shares		90,763,892		—		82,620,000		8,143,892		—		—		—		—
Direxion Daily Technology Bear 3X Shares		—		—		—		—		6,663,664		—		6,663,6641​		—
Direxion Daily 20+ Year Treasury Bull 3X Shares		11,717,655		—		840,000		10,877,655		—		—		—		—
Direxion Daily 20+ Year Treasury Bear 3X Shares		1,429,136		—		1,429,1361​		—		—		—		—		—

¹​  The amount of collateral shown has been limited such that the net amount cannot be less than zero.

²​  The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: J.P. Morgan

			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily Mid Cap Bull 3X Shares	$	—	$	—	$	—	$	—	$	348,356	$	—	$	348,3561​	$	—
Direxion Daily S&P 500®​ Bull 3X Shares		36,099,130		—		31,110,000		4,989,130		—		—		—		—
Direxion Daily S&P 500®​ Bear 3X Shares		—		—		—		—		4,435,062		—		4,435,0621​		—
Direxion Daily Small Cap Bull 3X Shares		—		—		—		—		16,510,283		—		16,510,2831​		—

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			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily Small Cap Bear 3X Shares	$	15,026,800	$	—	$	15,026,8001​	$	—	$	—	$	—	$	—	$	—
Direxion Daily FTSE Europe Bull 3X Shares		1,306,409		—		1,120,000		186,409		—		—		—		—
Direxion Daily MSCI Emerging Markets Bull 3X Shares		298,716		—		—		298,716		—		—		—		—
Direxion Daily MSCI Emerging Markets Bear 3X Shares		—		—		—		—		1,963,965		—		1,963,9651​		—
Direxion Daily MSCI Mexico Bull 3X Shares		1,851,980		—		1,560,000		291,980		—		—		—		—
Direxion Daily MSCI South Korea Bull 3X Shares		598,918		—		560,000		38,918		—		—		—		—
Direxion Daily Aerospace & Defense Bull 3X Shares		1,540,222		—		1,130,000		410,222		—		—		—		—
Direxion Daily Consumer Discretionary Bull 3X Shares		531,901		—		490,000		41,901		—		—		—		—
Direxion Daily Dow Jones Internet Bull 3X Shares		2,802,877		—		2,802,8771​		—		—		—		—		—
Direxion Daily Dow Jones Internet Bear 3X Shares		484,189		—		350,000		134,189		—		—		—		—
Direxion Daily Financial Bull 3X Shares		21,508,440		—		15,320,000		6,188,440		—		—		—		—
Direxion Daily Financial Bear 3X Shares		2,480,934		—		2,480,9341​		—		—		—		—		—
Direxion Daily Healthcare Bull 3X Shares		—		—		—		—		4,172,374		—		4,172,3741​		—
Direxion Daily Industrials Bull 3X Shares		91,587		—		—		91,587		—		—		—		—
Direxion Daily Real Estate Bull 3X Shares		1,400,687		—		970,000		430,687		—		—		—		—
Direxion Daily Real Estate Bear 3X Shares		—		—		—		—		1,358,011		—		1,358,0111​		—
Direxion Daily Regional Banks Bull 3X Shares		—		—		—		—		12,625,335		—		12,625,3351​		—

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			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily Retail Bull 3X Shares	$	—	$	—	$	—	$	—	$	1,530,028	$	—	$	1,530,0281​	$	—
Direxion Daily S&P 500®​ High Beta Bear 3X Shares		49,314		—		49,3141​		—		—		—		—		—
Direxion Daily S&P Biotech Bull 3X Shares		3,596,863		—		—		3,596,863		—		—		—		—
Direxion Daily S&P Biotech Bear 3X Shares		163,250		—		163,2501​		—		—		—		—		—
Direxion Daily Semiconductor Bull 3X Shares		98,243,454		—		80,530,000		17,713,454		—		—		—		—
Direxion Daily Semiconductor Bear 3X Shares		—		—		—		—		3,043,765		—		3,043,7651​		—
Direxion Daily Technology Bull 3X Shares		68,390,111		—		62,030,000		6,360,111		—		—		—		—
Direxion Daily Technology Bear 3X Shares		—		—		—		—		1,374,635		—		1,374,6351​		—
Direxion Daily Utilities Bull 3X Shares		—		—		—		—		209,615		—		209,6151​		—
Direxion Daily 7-10 Year Treasury Bull 3X Shares		374,352		—		220,000		154,352		—		—		—		—
Direxion Daily 7-10 Year Treasury Bear 3X Shares		—		—		—		—		580,445		—		580,4451​		—
Direxion Daily 20+ Year Treasury Bull 3X Shares		2,948,605		—		—		2,948,605		—		—		—		—
Direxion Daily 20+ Year Treasury Bear 3X Shares		177,069		—		177,0691​		—		—		—		—		—

¹​  The amount of collateral shown has been limited such that the net amount cannot be less than zero.

²​  The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

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Description: Swap Contract

Counterparty: Societe Generale

			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily Small Cap Bull 3X Shares	$	41,344	$	—	$	—	$	41,344	$	—	$	—	$	—	$	—
Direxion Daily Financial Bull 3X Shares		—		—		—		—		167,952		—		167,9521​		—
Direxion Daily Financial Bear 3X Shares		—		—		—		—		698,590		—		698,5901​		—

¹​  The amount of collateral shown has been limited such that the net amount cannot be less than zero.

²​  The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: UBS Securities LLC

			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily Mid Cap Bull 3X Shares	$	274,211	$	—	$	—	$	274,211	$	—	$	—	$	—	$	—
Direxion Daily S&P 500®​ Bull 3X Shares		42,212,069		—		36,190,000		6,022,069		—		—		—		—
Direxion Daily S&P 500®​ Bear 3X Shares		—		—		—		—		1,284,797		—		1,284,7971​		—
Direxion Daily Small Cap Bull 3X Shares		—		—		—		—		14,188,960		—		14,188,9601​		—
Direxion Daily Small Cap Bear 3X Shares		10,618,703		—		10,618,7031​		—		—		—		—		—
Direxion Daily FTSE China Bull 3X Shares		—		—		—		—		9,173,844		—		9,173,8441​		—
Direxion Daily FTSE China Bear 3X Shares		9,869,082		—		9,869,0821​		—		—		—		—		—
Direxion Daily FTSE Europe Bull 3X Shares		491,136		—		470,000		21,136		—		—		—		—
Direxion Daily MSCI Emerging Markets Bull 3X Shares		—		—		—		—		11,961		—		11,9611​		—

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			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily MSCI Emerging Markets Bear 3X Shares	$	874,424	$	—	$	874,4241​	$	—	$	—	$	—	$	—	$	—
Direxion Daily MSCI Mexico Bull 3X Shares		2,303,595		—		2,040,000		263,595		—		—		—		—
Direxion Daily Consumer Discretionary Bull 3X Shares		2,055,917		—		2,020,000		35,917		—		—		—		—
Direxion Daily Dow Jones Internet Bull 3X Shares		6,064,185		—		6,064,1851​		—		—		—		—		—
Direxion Daily Dow Jones Internet Bear 3X Shares		—		—		—		—		360,189		—		360,1891​		—
Direxion Daily Financial Bull 3X Shares		—		—		—		—		7,073,011		—		7,073,0111​		—
Direxion Daily Financial Bear 3X Shares		4,263,934		—		4,263,9341​		—		—		—		—		—
Direxion Daily Healthcare Bull 3X Shares		3,404,888		—		2,800,000		604,888		—		—		—		—
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		94,334		—		—		94,334		—		—		—		—
Direxion Daily Real Estate Bear 3X Shares		1,754,021		—		1,754,0211​		—		—		—		—		—
Direxion Daily Regional Banks Bull 3X Shares		—		—		—		—		5,503,928		—		5,503,9281​		—
Direxion Daily Retail Bull 3X Shares		—		—		—		—		584,543		—		584,5431​		—
Direxion Daily S&P 500®​ High Beta Bull 3X Shares		—		—		—		—		2,574,541		—		2,574,5411​		—
Direxion Daily S&P 500®​ High Beta Bear 3X Shares		6,865,899		—		6,865,8991​		—		—		—		—		—
Direxion Daily S&P Biotech Bull 3X Shares		—		—		—		—		1,929,880		—		1,929,8801​		—
Direxion Daily S&P Biotech Bear 3X Shares		2,870,917		—		2,870,9171​		—		—		—		—		—
Direxion Daily Semiconductor Bull 3X Shares		91,108,018		—		64,930,000		26,178,018		—		—		—		—

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			Assets: Gross Amounts not offset in the Statement of Asset and Liabilities								Liabilities: Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name	Gross Amounts of Recognized Assets		Financial Instruments		Collateral Received		Net Amount2​		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged		Net Amount
Direxion Daily Semiconductor Bear 3X Shares	$	47,500,976	$	—	$	47,500,9761​	$	—	$	—	$	—	$	—	$	—
Direxion Daily Technology Bull 3X Shares		38,699,412		—		33,690,000		5,009,412		—		—		—		—
Direxion Daily Technology Bear 3X Shares		—		—		—		—		4,640,787		—		4,640,7871​		—
Direxion Daily Transportation Bull 3X Shares		—		—		—		—		338,748		—		338,7481​		—
Direxion Daily Utilities Bull 3X Shares		1,168,319		—		1,168,3191​		—		—		—		—		—
Direxion Daily 20+ Year Treasury Bull 3X Shares		3,910,038		—		—		3,910,038		—		—		—		—
Direxion Daily 20+ Year Treasury Bear 3X Shares		5,055,526		—		5,055,5261​		—		—		—		—		—

¹​  The amount of collateral shown has been limited such that the net amount cannot be less than zero.

²​  The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

c) Futures Contracts – Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against, changes in the values of commodities, equities, interest rates or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts.

d) Risks of Futures Contracts, Options on Futures Contracts and Short Positions – The risks inherent in the use of options, futures contracts, options on futures contracts and short positions include 1) adverse changes in the fair value of such instruments; 2) imperfect correlation between the price of options and futures contracts and options thereon and movements in the price of the underlying securities, index or futures contracts; 3) the possible absence of a liquid secondary market for any particular instrument at any time; 4) the possible need to defer closing out certain positions to avoid adverse tax consequences; and 5) the possible non-performance by the counterparty under the terms of the contract. The Funds designate cash, cash equivalents and liquid securities as collateral for written options, futures contracts, options on futures contracts and short positions. The Funds were not invested in any type of options during the period ended April 30, 2023.

e) Risks of Investing in Foreign Securities – Investments in foreign securities involve greater risks than investing in domestic securities. As a result, the Funds' 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, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore there may be less public information available about foreign companies. Investments in foreign emerging markets

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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.

f) 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 U.S. Federal income tax purposes, with the net sales proceeds.

g) Securities Lending – The Funds may lend its investment securities to approved brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of April 30, 2023, all securities on loan were collateralized by cash and/or U.S. government obligations. The cash received as collateral for securities on loan was invested in money market funds, whose maturities are overnight and continuous, and is disclosed in the Schedules of Investments. The securities on loan in each Fund are also disclosed in the Schedule of Investments. The total value of securities loaned and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Non-cash collateral consists of U.S. Treasury securities and is not disclosed on the Statements of Assets and Liabilities as its held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell, reinvest or pledge those securities. Income earned by the Funds from securities lending is disclosed in the Statements of Operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds are contractually indemnified with the securities lending agent. Furthermore, the Funds require the value of the securities loaned to be computed daily at the close of the market and additional collateral be furnished if required.

As of April 30, 2023, the market value of the securities loaned and the payable on collateral received for securities lending were as follows:

Funds	Market Value of Securities Loaned		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Direxion Daily S&P 500®​ Bull 3X Shares	$	21,906	$	23,003	$	—	$	23,003
Direxion Daily MSCI Mexico Bull 3X Shares		6,058,753		6,217,729		—		6,217,729
Direxion Daily Aerospace & Defense Bull 3X Shares		212,983		223,039		—		223,039
Direxion Daily Financial Bull 3X Shares		7,663		8,047		—		8,047
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		128,562		131,284		—		131,284
Direxion Daily Regional Banks Bull 3X Shares		1,486,618		1,450,530		94,060		1,544,590
Direxion Daily Retail Bull 3X Shares		1,535,522		1,577,746		—		1,577,746
Direxion Daily S&P 500®​ High Beta Bull 3X Shares		8,301		8,515		—		8,515
Direxion Daily S&P Biotech Bull 3X Shares		7,803,487		7,835,890		187,432		8,023,322
Direxion Daily Semiconductor Bull 3X Shares		14,477,673		14,943,224		—		14,943,224

h) Federal Income Taxes – Each Fund intends to make the requisite distributions of income and capital gains to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company. Therefore, no provision for U.S. Federal income tax has been made by the Funds.

The Funds may be subject to a nondeductible 4% U.S. excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. Certain Funds paid this excise tax during the period ended April 30, 2023, which is disclosed on the Statements of Operations.

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i) Income and Expenses – Interest income, including amortization of premiums and discounts, is recognized on an accrual basis. Distributions are recorded on the ex-dividend date. Certain Funds paid this excise tax during the period ended April 30, 2023.

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 average daily net assets.

j) Distributions to Shareholders – Each Fund pays dividends from net investment income and distributes net realized capital gains, if any, at least annually. Income and capital gain distributions are determined in accordance with U.S. Federal 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.

k) Guarantees and Indemnifications – In the ordinary course of business, the Funds enter into contracts that contain a variety of indemnification provisions pursuant to which the Funds agree to indemnify third parties upon occurrence of specified events. The Funds' maximum exposure relating to these indemnification agreements is unknown. However, the Funds have not had prior claims or losses in connection with these provisions and believe the risk of loss is remote.

l) 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.  INCOME TAX AND DISTRIBUTION INFORMATION

The tax character of distributions paid during the periods ended April 30, 2023 and October 31, 2022, are listed below.

The tax character of distributions to shareholders made during the periods may differ from their ultimate characterization for U.S. Federal income tax purposes.

	Period Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
	Distributions Paid From:						Distributions Paid From:
Funds	Ordinary Income		Long Term Capital Gains		Return of Capital		Ordinary Income		Long Term Capital Gains		Return of Capital
Direxion Daily Mid Cap Bull 3X Shares	$	188,084	$	—	$	—	$	—	$	—	$	—
Direxion Daily S&P 500®​ Bull 3X Shares		14,449,674		—		—		5,786,419		—		—
Direxion Daily S&P 500®​ Bear 3X Shares		10,762,794		—		—		—		—		—
Direxion Daily Small Cap Bull 3X Shares		4,641,815		—		—		1,367,545		—		—
Direxion Daily Small Cap Bear 3X Shares		5,993,352		—		—		—		—		—
Direxion Daily FTSE China Bull 3X Shares		7,440,434		—		—		1,246,902		—		—
Direxion Daily FTSE China Bear 3X Shares		1,999,539		—		—		—		—		—
Direxion Daily FTSE Europe Bull 3X Shares		191,688		—		—		316,935		—		—
Direxion Daily MSCI Emerging Markets Bull 3X Shares		1,028,045		—		—		—		—		—
Direxion Daily MSCI Emerging Markets Bear 3X Shares		356,944		—		—		—		—		—
Direxion Daily MSCI Mexico Bull 3X Shares		163,712		—		—		148,179		—		—

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	Period Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
	Distributions Paid From:						Distributions Paid From:
Funds	Ordinary Income		Long Term Capital Gains		Return of Capital		Ordinary Income		Long Term Capital Gains		Return of Capital
Direxion Daily MSCI South Korea Bull 3X Shares	$	279,431	$	—	$	—	$	227,711	$	—	$	87,142
Direxion Daily Aerospace & Defense Bull 3X Shares		908,259		—		—		5,900,582		—		—
Direxion Daily Consumer Discretionary Bull 3X Shares		53,136		—		—		—		—		—
Direxion Daily Dow Jones Internet Bull 3X Shares		—		—		—		7,017,671		—		—
Direxion Daily Dow Jones Internet Bear 3X Shares		423,337		—		—		26,648		—		—
Direxion Daily Financial Bull 3X Shares		12,985,377		—		—		19,073,316		—		—
Direxion Daily Financial Bear 3X Shares		2,267,811		—		—		—		—		—
Direxion Daily Healthcare Bull 3X Shares		1,168,280		—		—		597,569		—		—
Direxion Daily Homebuilders & Supplies Bull 3X Shares		584,353		—		—		—		—		—
Direxion Daily Industrials Bull 3X Shares		149,983		—		—		94,102		—		—
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		54,946		—		—		36,713		—		—
Direxion Daily Real Estate Bull 3X Shares		529,296		—		—		6,886,474		—		—
Direxion Daily Real Estate Bear 3X Shares		2,158,041		—		—		—		—		—
Direxion Daily Regional Banks Bull 3X Shares		1,721,266		—		—		2,874,970		—		—
Direxion Daily Retail Bull 3X Shares		272,893		—		—		473,179		—		—
Direxion Daily S&P 500®​ High Beta Bull 3X Shares		98,917		—		—		—		—		—
Direxion Daily S&P 500®​ High Beta Bear 3X Shares		736,494		—		—		—		—		—
Direxion Daily S&P Biotech Bull 3X Shares		—		—		—		—		—		—
Direxion Daily S&P Biotech Bear 3X Shares		1,628,450		—		—		—		—		—
Direxion Daily Semiconductor Bull 3X Shares		22,153,380		—		—		18,952,312		—		—
Direxion Daily Semiconductor Bear 3X Shares		16,494,874		—		—		—		—		—
Direxion Daily Technology Bull 3X Shares		6,478,177		—		—		11,889,234		—		—
Direxion Daily Technology Bear 3X Shares		1,569,955		—		—		—		—		—
Direxion Daily Transportation Bull 3X Shares		198,360		—		—		—		—		—
Direxion Daily Utilities Bull 3X Shares		194,484		—		—		363,008		—		—
Direxion Daily 7-10 Year Treasury Bull 3X Shares		217,657		—		—		—		—		—
Direxion Daily 7-10 Year Treasury Bear 3X Shares		381,668		—		—		—		—		—
Direxion Daily 20+ Year Treasury Bull 3X Shares		8,972,206		—		—		2,244,754		—		—
Direxion Daily 20+ Year Treasury Bear 3X Shares		5,040,515		—		—		—		—		—

DIREXION SEMI-ANNUAL REPORT
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At October 31, 2022, the components of accumulated earnings/losses of the Funds on a tax basis were as follows:

Funds	Net Unrealized Appreciation/ (Depreciation)			Undistributed Ordinary Income (Loss)		Undistributed Capital Gain (Loss)		Other Accumulated Earnings (Losses)1​			Total Accumulated Earnings (Losses)
Direxion Daily Mid Cap Bull 3X Shares	$	(15,809,870	)	$	35,769	$	—	$	—		$	(15,774,101	)
Direxion Daily S&P 500®​ Bull 3X Shares		(982,789,056	)		809,840		—		(6,400	)		(981,985,616	)
Direxion Daily S&P 500®​ Bear 3X Shares		(130,026,007	)		—		—		(2,473,631,335	)		(2,603,657,342	)
Direxion Daily Small Cap Bull 3X Shares		(607,584,814	)		1,663,421		—		(352,881,779	)		(958,803,172	)
Direxion Daily Small Cap Bear 3X Shares		(265,017,174	)		—		—		(3,452,525,248	)		(3,717,542,422	)
Direxion Daily FTSE China Bull 3X Shares		(684,243,393	)		450,862		—		(330,658,278	)		(1,014,450,809	)
Direxion Daily FTSE China Bear 3X Shares		30,032,672			—		—		(15,031,551	)		15,001,121
Direxion Daily FTSE Europe Bull 3X Shares		(12,301,218	)		63,887		—		(19,106,818	)		(31,344,149	)
Direxion Daily MSCI Emerging Markets Bull 3X Shares		(99,944,773	)		—		—		(186,212,321	)		(286,157,094	)
Direxion Daily MSCI Emerging Markets Bear 3X Shares		7,345,241			—		—		(318,941,112	)		(311,595,871	)
Direxion Daily MSCI Mexico Bull 3X Shares		1,216,768			10,006		—		—			1,226,774
Direxion Daily MSCI South Korea Bull 3X Shares		(23,639,927	)		—		—		(19,991,866	)		(43,631,793	)
Direxion Daily Aerospace & Defense Bull 3X Shares		9,970,993			1,383		—		(5,096,355	)		4,876,021
Direxion Daily Consumer Discretionary Bull 3X Shares		(15,990,608	)		—		—		(16,153,594	)		(32,144,202	)
Direxion Daily Dow Jones Internet Bull 3X Shares		(155,451,604	)		—		—		(101,344,945	)		(256,796,549	)
Direxion Daily Dow Jones Internet Bear 3X Shares		(3,195,016	)		100,487		—		—			(3,094,529	)
Direxion Daily Financial Bull 3X Shares		(94,887,824	)		7,929,725		—		(361,864,963	)		(448,823,062	)
Direxion Daily Financial Bear 3X Shares		(38,095,971	)		—		—		(3,094,286,337	)		(3,132,382,308	)
Direxion Daily Healthcare Bull 3X Shares		(20,413,818	)		162,440		—		—			(20,251,378	)
Direxion Daily Homebuilders & Supplies Bull 3X Shares		(119,378,359	)		—		—		—			(119,378,359	)
Direxion Daily Industrials Bull 3X Shares		(4,225,948	)		10,959		—		—			(4,214,989	)
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		(3,871,470	)		21,428		—		(5,261,408	)		(9,111,450	)
Direxion Daily Real Estate Bull 3X Shares		(27,290,729	)		—		—		—			(27,290,729	)
Direxion Daily Real Estate Bear 3X Shares		(12,101,576	)		337,583		—		(94,309,403	)		(106,073,396	)
Direxion Daily Regional Banks Bull 3X Shares		(68,093,790	)		127,822		—		—			(67,965,968	)
Direxion Daily Retail Bull 3X Shares		(55,402,957	)		109,847		—		(40,780,542	)		(96,073,652	)
Direxion Daily S&P 500®​ High Beta Bull 3X Shares		(45,123,142	)		—		—		—			(45,123,142	)
Direxion Daily S&P 500®​ High Beta Bear 3X Shares		(199,033	)		—		—		(106,043,243	)		(106,242,276	)

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Funds	Net Unrealized Appreciation/ (Depreciation)			Undistributed Ordinary Income (Loss)		Undistributed Capital Gain (Loss)		Other Accumulated Earnings (Losses)1​			Total Accumulated Earnings (Losses)
Direxion Daily S&P Biotech Bull 3X Shares	$	(717,227,736	)	$	—	$	—	$	(780,772,761	)	$	(1,498,000,497	)
Direxion Daily S&P Biotech Bear 3X Shares		(99,244,371	)		132,796		—		(245,562,623	)		(344,674,198	)
Direxion Daily Semiconductor Bull 3X Shares		(5,687,559,552	)		5,147,262		—		(239,601,866	)		(5,922,014,156	)
Direxion Daily Semiconductor Bear 3X Shares		67,452,062			496,283		—		(455,959,326	)		(388,010,981	)
Direxion Daily Technology Bull 3X Shares		(1,261,661,520	)		—		—		—			(1,261,661,520	)
Direxion Daily Technology Bear 3X Shares		(361,187	)		—		—		(262,386,135	)		(262,747,322	)
Direxion Daily Transportation Bull 3X Shares		(6,811,940	)		—		—		(470,064	)		(7,282,004	)
Direxion Daily Utilities Bull 3X Shares		(1,691,982	)		—		—		—			(1,691,982	)
Direxion Daily 7-10 Year Treasury Bull 3X Shares		(10,952,005	)		33,455		—		(3,959,407	)		(14,877,957	)
Direxion Daily 7-10 Year Treasury Bear 3X Shares		4,956,400			—		—		(47,351,121	)		(42,394,721	)
Direxion Daily 20+ Year Treasury Bull 3X Shares		(492,076,892	)		1,083,546		—		(63,660,000	)		(554,653,346	)
Direxion Daily 20+ Year Treasury Bear 3X Shares		127,636,244			—		—		(688,410,775	)		(560,774,531	)

¹​  Other Accumulated Earnings (Losses) consist of capital loss carryover, qualified late year losses and organizational costs.

At April 30, 2023, the aggregate gross unrealized appreciation and depreciation of investments for U.S Federal income tax purposes were as follows:

Funds	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Direxion Daily Mid Cap Bull 3X Shares	$	46,951,951	$	128,818	$	—		$	128,818
Direxion Daily S&P 500®​ Bull 3X Shares		2,468,089,293		166,110,929		(21,918,172	)		144,192,757
Direxion Daily S&P 500®​ Bear 3X Shares		1,066,910,153		—		—			—
Direxion Daily Small Cap Bull 3X Shares		1,198,299,197		—		(8,370,478	)		(8,370,478	)
Direxion Daily Small Cap Bear 3X Shares		479,472,167		—		—			—
Direxion Daily FTSE China Bull 3X Shares		609,353,457		4,083,740		—			4,083,740
Direxion Daily FTSE China Bear 3X Shares		134,934,373		—		—			—
Direxion Daily FTSE Europe Bull 3X Shares		33,528,584		524,979		—			524,979
Direxion Daily MSCI Emerging Markets Bull 3X Shares		92,584,943		—		(177,548	)		(177,548	)
Direxion Daily MSCI Emerging Markets Bear 3X Shares		32,115,829		—		—			—
Direxion Daily MSCI Mexico Bull 3X Shares		21,710,099		1,297,211		—			1,297,211
Direxion Daily MSCI South Korea Bull 3X Shares		28,162,462		342,423		—			342,423
Direxion Daily Aerospace & Defense Bull 3X Shares		161,243,349		10,085,442		(3,802,226	)		6,283,216
Direxion Daily Consumer Discretionary Bull 3X Shares		26,435,231		1,386,179		(1,115,446	)		270,733
Direxion Daily Dow Jones Internet Bull 3X Shares		126,669,729		7,728,224		(4,326,093	)		3,402,131
Direxion Daily Dow Jones Internet Bear 3X Shares		43,112,144		—		—			—
Direxion Daily Financial Bull 3X Shares		1,810,304,808		91,034,874		(37,554,859	)		53,480,015
Direxion Daily Financial Bear 3X Shares		176,652,688		—		—			—
Direxion Daily Healthcare Bull 3X Shares		201,729,912		8,114,205		(10,649,735	)		(2,535,530	)
Direxion Daily Homebuilders & Supplies Bull 3X Shares		172,019,473		19,003,482		(847,867	)		18,155,615
Direxion Daily Industrials Bull 3X Shares		22,068,197		375,379		(1,538,969	)		(1,163,590	)
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		9,685,496		722,753		(908,116	)		(185,363	)

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Funds	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Direxion Daily Real Estate Bull 3X Shares	$	53,503,658	$	279,167	$	(3,162,538	)	$	(2,883,371	)
Direxion Daily Real Estate Bear 3X Shares		174,279,396		—		—			—
Direxion Daily Regional Banks Bull 3X Shares		460,171,017		7,944,982		(15,049,007	)		(7,104,025	)
Direxion Daily Retail Bull 3X Shares		50,040,207		2,281,431		(1,547,767	)		733,664
Direxion Daily S&P 500®​ High Beta Bull 3X Shares		65,767,862		3,507,679		(3,200,937	)		306,742
Direxion Daily S&P 500®​ High Beta Bear 3X Shares		68,290,054		—		—			—
Direxion Daily S&P Biotech Bull 3X Shares		1,009,374,654		62,533,301		(62,504,301	)		29,000
Direxion Daily S&P Biotech Bear 3X Shares		96,042,854		—		—			—
Direxion Daily Semiconductor Bull 3X Shares		4,418,827,035		379,072,511		(41,529,366	)		337,543,145
Direxion Daily Semiconductor Bear 3X Shares		1,284,955,274		—		—			—
Direxion Daily Technology Bull 3X Shares		1,579,031,962		191,069,035		(8,854,228	)		182,214,807
Direxion Daily Technology Bear 3X Shares		172,134,524		—		—			—
Direxion Daily Transportation Bull 3X Shares		24,033,829		354,555		(1,248,604	)		(894,049	)
Direxion Daily Utilities Bull 3X Shares		18,322,183		253,058		(270,862	)		(17,804	)
Direxion Daily 7-10 Year Treasury Bull 3X Shares		35,221,331		99,905		—			99,905
Direxion Daily 7-10 Year Treasury Bear 3X Shares		26,335,495		—		—			—
Direxion Daily 20+ Year Treasury Bull 3X Shares		1,531,471,718		31,460,380		—			31,460,380
Direxion Daily 20+ Year Treasury Bear 3X Shares		420,552,564		—		—			—

The difference between the book cost of investments and the tax cost of investments is primarily attributable to tax deferral of losses on wash sales.

In order to meet certain U.S. excise tax distribution requirements, the Funds are required to measure and distribute annually net capital gains realized during a twelve month period ending October 31 and net investment income earned during a twelve month period ending December 31. In connection with this, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late ordinary losses are generally losses incurred between January 1 and the end of their fiscal year, October 31, 2022.

At October 31, 2022, the Funds deferred, on a tax basis, qualified late year losses of:

	Ordinary Late Year Loss Deferral
Direxion Daily Consumer Discretionary Bull 3X Shares	$	58,267
Direxion Daily Dow Jones Internet Bull 3X Shares		294,260
Direxion Daily S&P Biotech Bull 3X Shares		3,439,848

Under current law, the Funds may carry forward net capital losses indefinitely to use to offset capital gains realized in future years and their character is retained as either short-term and/or long-term.

At October 31, 2022, for U.S. Federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains through the year indicated:

Funds	Utilized in Current Year			Unlimited ST		Unlimited LT
Direxion Daily Mid Cap Bull 3X Shares	$	—		$	—	$	—
Direxion Daily S&P 500®​ Bull 3X Shares		—			—		—
Direxion Daily S&P 500®​ Bear 3X Shares		—			2,470,297,255		3,329,426
Direxion Daily Small Cap Bull 3X Shares		—			352,879,795		—
Direxion Daily Small Cap Bear 3X Shares		—			3,452,523,190		—
Direxion Daily FTSE China Bull 3X Shares		—			325,605,746		5,052,532
Direxion Daily FTSE China Bear 3X Shares		(81,197,814	)		15,031,551		—
Direxion Daily FTSE Europe Bull 3X Shares		—			19,106,818		—
Direxion Daily MSCI Emerging Markets Bull 3X Shares		—			125,175,993		61,036,328
Direxion Daily MSCI Emerging Markets Bear 3X Shares		(15,109,098	)		318,941,112		—

DIREXION SEMI-ANNUAL REPORT
153

Funds	Utilized in Current Year			Unlimited ST		Unlimited LT
Direxion Daily MSCI Mexico Bull 3X Shares	$	—		$	—	$	—
Direxion Daily MSCI South Korea Bull 3X Shares		—			19,991,866		—
Direxion Daily Aerospace & Defense Bull 3X Shares		—			338,823		4,757,532
Direxion Daily Consumer Discretionary Bull 3X Shares		—			14,952,956		1,142,371
Direxion Daily Dow Jones Internet Bull 3X Shares		—			101,050,685		—
Direxion Daily Dow Jones Internet Bear 3X Shares		(6,603,182	)		—		—
Direxion Daily Financial Bull 3X Shares		—			332,638,013		28,914,473
Direxion Daily Financial Bear 3X Shares		—			3,094,283,146		—
Direxion Daily Healthcare Bull 3X Shares		—			—		—
Direxion Daily Homebuilders & Supplies Bull 3X Shares		—			—		—
Direxion Daily Industrials Bull 3X Shares		—			—		—
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		—			5,008,593		252,815
Direxion Daily Real Estate Bull 3X Shares		—			—		—
Direxion Daily Real Estate Bear 3X Shares		(25,333,762	)		94,309,403		—
Direxion Daily Regional Banks Bull 3X Shares		—			—		—
Direxion Daily Retail Bull 3X Shares		—			35,636,417		5,144,125
Direxion Daily S&P 500®​ High Beta Bull 3X Shares		—			—		—
Direxion Daily S&P 500®​ High Beta Bear 3X Shares		—			106,043,243		—
Direxion Daily S&P Biotech Bull 3X Shares		—			716,192,022		61,140,891
Direxion Daily S&P Biotech Bear 3X Shares		(43,877,769	)		245,562,623		—
Direxion Daily Semiconductor Bull 3X Shares		—			236,225,383		3,376,483
Direxion Daily Semiconductor Bear 3X Shares		(301,474,455	)		455,959,326		—
Direxion Daily Technology Bull 3X Shares		—			—		—
Direxion Daily Technology Bear 3X Shares		—			262,385,958		—
Direxion Daily Transportation Bull 3X Shares		—			470,064		—
Direxion Daily Utilities Bull 3X Shares		—			—		—
Direxion Daily 7-10 Year Treasury Bull 3X Shares		—			3,267,148		692,259
Direxion Daily 7-10 Year Treasury Bear 3X Shares		(13,715,213	)		47,351,121		—
Direxion Daily 20+ Year Treasury Bull 3X Shares		—			60,511,910		3,148,090
Direxion Daily 20+ Year Treasury Bear 3X Shares		(280,830,679	)		688,410,775		—

The Funds follow authoritative financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Funds have reviewed all open tax years and concluded that there is no effect to the Funds' financial positions or results of operations and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During this period, the Funds did not incur any interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of April 30, 2023, open U.S. Federal and state income tax years include the tax years ended October 31, 2020 through October 31, 2022. The Funds have no examination in progress. 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 the next twelve months.

4.  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. Transactions in shares for each Fund include both cash and in-kind transactions and are disclosed in detail in the Statements of Changes in Net Assets.

Transaction fees are imposed to cover the costs associated with the issuance and redemption of Creation Units. There is a fixed and a variable component to the total transaction fee. A fixed transaction fee is paid to the transfer agent and 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

DIREXION SEMI-ANNUAL REPORT
154

applicable to each creation or redemption transaction and is paid to the Fund. Not all Funds will have a transaction fee associated with capital share activity for the year. Transaction fees received by each Fund are presented in the Capital Share Transaction section of the Statements of Changes in Net Assets.

5.  INVESTMENT TRANSACTIONS

The table below presents each Fund's investment transactions during the period ended April 30, 2023 represent the aggregate purchases of investments excluding the cost of in-kind purchases, short-term investment purchases, swaps and futures contracts. Sales represent the aggregate sales of investments excluding proceeds from in-kind sales, short-term investments, swap and future contracts.

Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:

Funds	Purchases		Sales		Purchases In-Kind		Sales In-Kind
Direxion Daily Mid Cap Bull 3X Shares	$	6,158,167	$	—	$	5,834,202	$	5,799,100
Direxion Daily S&P 500®​ Bull 3X Shares		194,369,121		2,894,337,388		3,889,116,063		1,116,681,779
Direxion Daily S&P 500®​ Bear 3X Shares		—		—		—		—
Direxion Daily Small Cap Bull 3X Shares		251,937,150		728,752,407		734,959,704		280,488,170
Direxion Daily Small Cap Bear 3X Shares		—		—		—		—
Direxion Daily FTSE China Bull 3X Shares		246,854,000		230,193,944		345,188,465		161,211,604
Direxion Daily FTSE China Bear 3X Shares		—		—		—		—
Direxion Daily FTSE Europe Bull 3X Shares		4,207,973		—		10,216,223		7,656,200
Direxion Daily MSCI Emerging Markets Bull 3X Shares		—		16,030,528		39,261,451		23,671,916
Direxion Daily MSCI Emerging Markets Bear 3X Shares		—		—		—		—
Direxion Daily MSCI Mexico Bull 3X Shares		4,207,375		1,095,411		—		—
Direxion Daily MSCI South Korea Bull 3X Shares		8,419,189		3,541,257		5,814,850		6,640,627
Direxion Daily Aerospace & Defense Bull 3X Shares		23,688,304		15,680,922		14,840,100		42,997,166
Direxion Daily Consumer Discretionary Bull 3X Shares		8,725,790		10,647,317		5,691,379		2,964,288
Direxion Daily Dow Jones Internet Bull 3X Shares		64,366,612		64,294,413		78,803,489		59,443,556
Direxion Daily Dow Jones Internet Bear 3X Shares		—		—		—		—
Direxion Daily Financial Bull 3X Shares		690,890,930		755,495,384		508,617,570		344,794,455
Direxion Daily Financial Bear 3X Shares		—		—		—		—
Direxion Daily Healthcare Bull 3X Shares		25,438,151		14,637,324		25,252,251		17,239,111
Direxion Daily Homebuilders & Supplies Bull 3X Shares		53,076,587		10,596,296		18,713,250		41,956,112
Direxion Daily Industrials Bull 3X Shares		2,664,264		991,973		4,712,052		4,913,036
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		1,994,909		2,001,136		—		475,469
Direxion Daily Real Estate Bull 3X Shares		14,041,247		13,539,782		17,810,567		13,100,996
Direxion Daily Real Estate Bear 3X Shares		—		—		—		—
Direxion Daily Regional Banks Bull 3X Shares		58,581,401		215,592,862		517,552,887		140,233,013
Direxion Daily Retail Bull 3X Shares		31,951,540		30,977,960		17,538,596		14,073,517
Direxion Daily S&P 500®​ High Beta Bull 3X Shares		36,921,888		34,164,277		29,385,892		34,749,770
Direxion Daily S&P 500®​ High Beta Bear 3X Shares		—		—		—		—
Direxion Daily S&P Biotech Bull 3X Shares		400,453,217		505,191,404		842,576,337		657,475,138
Direxion Daily S&P Biotech Bear 3X Shares		—		—		—		—
Direxion Daily Semiconductor Bull 3X Shares		2,097,476,561		2,688,561,874		3,175,361,895		1,953,478,163
Direxion Daily Semiconductor Bear 3X Shares		—		—		—		—
Direxion Daily Technology Bull 3X Shares		474,827,583		373,941,634		242,996,843		172,106,164
Direxion Daily Technology Bear 3X Shares		—		—		—		—
Direxion Daily Transportation Bull 3X Shares		7,220,949		4,818,118		2,418,452		2,319,458
Direxion Daily Utilities Bull 3X Shares		4,309,830		2,067,175		9,594,178		15,793,346
Direxion Daily 7-10 Year Treasury Bull 3X Shares		6,443,015		4,100,960		6,124,134		—
Direxion Daily 7-10 Year Treasury Bear 3X Shares		—		—		—		—
Direxion Daily 20+ Year Treasury Bull 3X Shares		513,177,101		353,484,499		660,940,519		72,479,141
Direxion Daily 20+ Year Treasury Bear 3X Shares		—		—		—		—

There were no purchases or sales of long-term U.S. Government securities in the Funds during the period ended April 30, 2023.

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6.  INVESTMENT ADVISORY AND OTHER AGREEMENTS

Under an Investment Advisory Agreement between the Adviser and 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 each Fund, subject to the supervision of the Trustees. Pursuant to the Advisory Agreement, each Fund pays the Adviser 0.75% at an annual rate based on its average daily net assets.

The Adviser has agreed to waive a portion of its fees based upon the specific breakpoints listed in the table below based on each Fund's daily net assets. For the period ended April 30, 2023, the Adviser waived its fee in certain Funds.

Net Asset Range	Advisory Fee Limit
$0 – $1,500,000,000		0.75	%
$1,500,000,000 – $2,000,000,000		0.70	%
$2,000,000,000 – $2,500,000,000		0.65	%
$2,500,000,000 – $3,000,000,000		0.60	%
$3,000,000,000 – $3,500,000,000		0.55	%
$3,500,000,000 – $4,000,000,000		0.50	%
$4,000,000,000 – $4,500,000,000		0.45	%
Greater than $4,500,000,000		0.40	%

Additionally, the Trust has entered into a Management Services Agreement with the Adviser. Under the Management Services Agreement, the Trust pays the Adviser management service fees of 0.026% on the first $10,000,000,000 of the Trust's daily net assets and 0.024% on assets in excess of $10,000,000,000. This fee compensates the Adviser for performing certain management, administration and compliance functions related to the Trust. This fee is allocated to each Fund based on each Fund's respective average daily net assets.

Each Fund is responsible for its own operating expenses. The Adviser has contractually agreed to waive its fees and/or reimburse each Fund's operating expenses to the extent that they exceed 0.95% of each Fund's respective average daily net assets at least until September 1, 2024. Any expense waiver is subject to recoupment by the Adviser, as applicable, within the following three years if overall expenses fall below these percentage limitations.

The table below presents amounts that the Adviser recouped, reimbursed and the amounts available for potential recoupment by the Adviser.

					Potential Recoupment Amounts Expiring:								Total Potential
	Expenses Recouped		Expenses Reimbursed		October 31, 2023		October 31, 2024		October 31, 2025		April 30, 2026		Recoupment Amount
Direxion Daily Mid Cap Bull 3X Shares	$	5	$	3,958	$	15,878	$	1,507	$	8,604	$	3,958	$	29,947
Direxion Daily S&P 500®​ Bull 3X Shares		—		—		—		—		—		—		—
Direxion Daily S&P 500®​ Bear 3X Shares		111,900		—		—		—		—		—		—
Direxion Daily Small Cap Bull 3X Shares		—		—		—		—		—		—		—
Direxion Daily Small Cap Bear 3X Shares		—		—		—		—		—		—		—
Direxion Daily FTSE China Bull 3X Shares		46,555		180		19,507		379		49,431		180		69,497
Direxion Daily FTSE China Bear 3X Shares		6,307		199		19,026		11,460		5,923		199		36,608
Direxion Daily FTSE Europe Bull 3X Shares		901		1,238		—		1,054		6,174		1,238		8,466
Direxion Daily MSCI Emerging Markets Bull 3X Shares		22		7,368		18,118		939		17,713		7,368		44,138

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					Potential Recoupment Amounts Expiring:								Total Potential
	Expenses Recouped		Expenses Reimbursed		October 31, 2023		October 31, 2024		October 31, 2025		April 30, 2026		Recoupment Amount
Direxion Daily MSCI Emerging Markets Bear 3X Shares	$	—	$	26,892	$	31,362	$	58,889	$	50,097	$	26,892	$	167,240
Direxion Daily MSCI Mexico Bull 3X Shares		—		5,894		13,440		6,726		14,262		5,894		40,322
Direxion Daily MSCI South Korea Bull 3X Shares		—		6,904		20,009		4,769		15,648		6,904		47,330
Direxion Daily Aerospace & Defense Bull 3X Shares		—		—		—		—		—		—		—
Direxion Daily Consumer Discretionary Bull 3X Shares		—		7,324		24,851		18,769		24,164		7,324		75,108
Direxion Daily Dow Jones Internet Bull 3X Shares		6,968		225		—		4,118		31,317		225		35,660
Direxion Daily Dow Jones Internet Bear 3X Shares		—		4,238		16,868		27,407		18,987		4,238		67,500
Direxion Daily Financial Bull 3X Shares		—		—		—		—		—		—		—
Direxion Daily Financial Bear 3X Shares		26,836		—		—		—		—		—		—
Direxion Daily Healthcare Bull 3X Shares		8,520		100		—		—		—		—		—
Direxion Daily Homebuilders & Supplies Bull 3X Shares		301		301		—		—		—		—		—
Direxion Daily Industrials Bull 3X Shares		—		7,603		24,556		5,072		17,849		7,603		55,080
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		—		15,655		28,617		21,940		23,937		15,655		90,149
Direxion Daily Real Estate Bull 3X Shares		894		1,042		21,728		2,655		26,610		1,042		52,035
Direxion Daily Real Estate Bear 3X Shares		30,466		—		31,967		48,415		51,746		—		132,128
Direxion Daily Regional Banks Bull 3X Shares		—		—		—		—		—		—		—
Direxion Daily Retail Bull 3X Shares		1,851		16		—		—		—		—		—
Direxion Daily S&P 500®​ High Beta Bull 3X Shares		399		1,830		14,467		8,528		8,279		1,830		33,104
Direxion Daily S&P 500®​ High Beta Bear 3X Shares		10		1,772		18,402		19,907		14,090		1,772		54,171
Direxion Daily S&P Biotech Bull 3X Shares		—		—		—		—		—		—		—
Direxion Daily S&P Biotech Bear 3X Shares		6,365		8		26,200		2,825		12,487		8		41,520
Direxion Daily Semiconductor Bull 3X Shares		—		—		—		—		—		—		—
Direxion Daily Semiconductor Bear 3X Shares		—		—		—		—		—		—		—
Direxion Daily Technology Bull 3X Shares		—		—		—		—		—		—		—
Direxion Daily Technology Bear 3X Shares		25,069		—		12,140		2,677		—		—		14,817

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					Potential Recoupment Amounts Expiring:								Total Potential
	Expenses Recouped		Expenses Reimbursed		October 31, 2023		October 31, 2024		October 31, 2025		April 30, 2026		Recoupment Amount
Direxion Daily Transportation Bull 3X Shares	$	—	$	8,010	$	15,263	$	3,328	$	12,108	$	8,010	$	38,709
Direxion Daily Utilities Bull 3X Shares		—		8,872		22,634		17,028		21,711		8,872		70,245
Direxion Daily 7-10 Year Treasury Bull 3X Shares		671		2,021		18,146		21,335		21,306		2,021		62,808
Direxion Daily 7-10 Year Treasury Bear 3X Shares		1,820		285		20,488		26,014		3,162		285		49,949
Direxion Daily 20+ Year Treasury Bull 3X Shares		—		—		—		—		—		—		—
Direxion Daily 20+ Year Treasury Bear 3X Shares		—		—		—		—		—		—		—

The net amounts receivable (payable) arising from the Investment Advisory Agreement, Management Services Agreement and waiver of any expenses as of April 30, 2023 is presented on the Statement of Assets and Liabilities as "Due from (to) Adviser, net".

The Board 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 charge 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 were charged by any Fund.

7.  FAIR VALUE MEASUREMENTS

The Funds follow authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes of valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels below:

Level 1 – Quoted prices in active markets for identical securities

Level 2 – Evaluated price based on other significant observable inputs (including quoted prices for similar securities in active markets, quoted prices for identical or similar securities in inactive markets, interest rates, prepayment speeds, credit risk, etc.)

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

The inputs or methodology used for valuing securities are not an indication of the credit risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds' net assets as of April 30, 2023:

	Asset Class								Liability Class
	Level 1						Level 2		Level 2
Funds	Investment Companies		Common Stocks		Short Term Investments		Total Return Swap Contracts*		Total Return Swap Contracts*
Direxion Daily Mid Cap Bull 3X Shares	$	34,957,232	$	—	$	12,123,537	$	274,211	$	(849,347	)
Direxion Daily S&P 500®​ Bull 3X Shares		—		2,088,958,131		523,323,919		261,189,313		—
Direxion Daily S&P 500®​ Bear 3X Shares		—		—		1,066,910,153		—		(29,574,919	)
Direxion Daily Small Cap Bull 3X Shares		720,556,428		—		469,372,291		1,544,214		(49,725,641	)

DIREXION SEMI-ANNUAL REPORT
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	Asset Class								Liability Class
	Level 1						Level 2		Level 2
Funds	Investment Companies		Common Stocks		Short Term Investments		Total Return Swap Contracts*		Total Return Swap Contracts*
Direxion Daily Small Cap Bear 3X Shares	$	—	$	—	$	479,472,167	$	66,692,722	$	(245,885	)
Direxion Daily FTSE China Bull 3X Shares		383,540,209		—		229,896,988		—		(32,553,706	)
Direxion Daily FTSE China Bear 3X Shares		—		—		134,934,373		17,307,093		(1,720,463	)
Direxion Daily FTSE Europe Bull 3X Shares		15,525,079		—		18,528,484		7,642,644		—
Direxion Daily MSCI Emerging Markets Bull 3X Shares		2,437,173		—		89,970,222		298,716		(4,597,513	)
Direxion Daily MSCI Emerging Markets Bear 3X Shares		—		—		32,115,829		2,161,571		(1,963,965	)
Direxion Daily MSCI Mexico Bull 3X Shares		8,360,529		—		14,646,781		5,794,625		—
Direxion Daily MSCI South Korea Bull 3X Shares		14,231,665		—		14,273,220		784,846		(917,995	)
Direxion Daily Aerospace & Defense Bull 3X Shares		—		110,801,145		56,725,420		5,170,631		—
Direxion Daily Consumer Discretionary Bull 3X Shares		—		20,204,900		6,501,064		2,587,818		(263,299	)
Direxion Daily Dow Jones Internet Bull 3X Shares		—		92,636,493		37,435,367		14,346,443		(590,809	)
Direxion Daily Dow Jones Internet Bear 3X Shares		—		—		43,112,144		484,189		(898,807	)
Direxion Daily Financial Bull 3X Shares		—		1,147,324,119		716,460,704		43,322,940		(136,279,708	)
Direxion Daily Financial Bear 3X Shares		—		—		176,652,688		23,553,112		(4,252,445	)
Direxion Daily Healthcare Bull 3X Shares		—		140,298,585		58,895,797		3,404,888		(7,974,050	)
Direxion Daily Homebuilders & Supplies Bull 3X Shares		—		127,354,288		62,820,800		45,784,534		(1,578,371	)
Direxion Daily Industrials Bull 3X Shares		—		14,118,098		6,786,509		91,587		(297,654	)
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		—		6,308,625		3,191,508		94,334		(237,001	)
Direxion Daily Real Estate Bull 3X Shares		—		37,243,133		13,377,154		1,400,687		(2,470,899	)
Direxion Daily Real Estate Bear 3X Shares		—		—		174,279,396		10,111,226		(1,358,011	)
Direxion Daily Regional Banks Bull 3X Shares		—		315,090,982		137,976,010		—		(39,971,946	)
Direxion Daily Retail Bull 3X Shares		—		31,110,094		19,663,777		—		(4,094,235	)
Direxion Daily S&P 500®​ High Beta Bull 3X Shares				48,366,713		17,707,891		1,794,776		(3,166,611	)
Direxion Daily S&P 500®​ High Beta Bear 3X Shares		—		—		68,290,054		11,285,712		—
Direxion Daily S&P Biotech Bull 3X Shares		—		753,462,050		255,941,604		30,118,058		(21,227,249	)

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	Asset Class								Liability Class
	Level 1						Level 2		Level 2
Funds	Investment Companies		Common Stocks		Short Term Investments		Total Return Swap Contracts*		Total Return Swap Contracts*
Direxion Daily S&P Biotech Bear 3X Shares	$	—	$	—	$	96,042,854	$	13,515,115	$	(2,413,512	)
Direxion Daily Semiconductor Bull 3X Shares		—		3,771,585,366		984,784,814		592,060,633		—
Direxion Daily Semiconductor Bear 3X Shares		—		—		1,284,955,274		92,611,624		(22,000,842	)
Direxion Daily Technology Bull 3X Shares		—		1,259,068,053		502,178,716		385,758,983		—
Direxion Daily Technology Bear 3X Shares		—		—		172,134,524		—		(25,491,407	)
Direxion Daily Transportation Bull 3X Shares		—		16,231,809		6,907,971		—		(678,721	)
Direxion Daily Utilities Bull 3X Shares		—		11,436,549		6,867,830		1,168,319		(341,594	)
Direxion Daily 7-10 Year Treasury Bull 3X Shares		27,444,200		—		7,877,036		983,433		—
Direxion Daily 7-10 Year Treasury Bear 3X Shares		—		—		26,335,495		—		(667,938	)
Direxion Daily 20+ Year Treasury Bull 3X Shares		1,054,818,349		—		508,113,749		35,851,592		—
Direxion Daily 20+ Year Treasury Bear 3X Shares		—		—		420,552,564		16,713,756		—

For further detail on each asset class, see each Fund's Schedule of Investments.

*  Total return swap contracts are valued at the unrealized appreciation/(depreciation).

The Funds also follow authoritative accounting standards, which require additional disclosure regarding fair value measurements. Specifically, these standards require reporting entities to disclose a) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions, b) transfers between all levels on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfers and c) purchases and sales on a gross basis in the Level 3 rollforward rather than as one net number. Additionally, reporting entities are required to disclose quantitative information about unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy.

8.  VALUATION OF DERIVATIVE INSTRUMENTS

The Funds follow authoritative standards of accounting for derivative instruments, which establish disclosure requirements for derivative instruments. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enable investors to understand how and why a fund uses derivative instruments, how derivative instruments are accounted for and how derivative instruments affect a fund's financial position and results of operations.

The Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective. For additional discussion on the risks associated with derivative instruments refer to Note 2. As of April 30, 20223, the Funds were invested in swap contracts. At April 30, 2023, the fair value of derivative instruments, by primary risk, were as follows:

	Asset Derivatives1​
Fund	Equity Risk		Interest Rate Risk		Total
Direxion Daily Mid Cap Bull 3X Shares	$	274,211	$	—	$	274,211
Direxion Daily S&P 500®​ Bull 3X Shares		261,189,313		—		261,189,313
Direxion Daily Small Cap Bull 3X Shares		1,544,214		—		1,544,214
Direxion Daily Small Cap Bear 3X Shares		66,692,722		—		66,692,722

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	Asset Derivatives1​
Fund	Equity Risk		Interest Rate Risk		Total
Direxion Daily FTSE China Bear 3X Shares	$	17,307,093	$	—	$	17,307,093
Direxion Daily FTSE Europe Bull 3X Shares		7,642,644		—		7,642,644
Direxion Daily MSCI Emerging Markets Bull 3X Shares		298,716		—		298,716
Direxion Daily MSCI Emerging Markets Bear 3X Shares		2,161,571		—		2,161,571
Direxion Daily MSCI Mexico Bull 3X Shares		5,794,625		—		5,794,625
Direxion Daily MSCI South Korea Bull 3X Shares		784,846		—		784,846
Direxion Daily Aerospace & Defense Bull 3X Shares		5,170,631		—		5,170,631
Direxion Daily Consumer Discretionary Bull 3X Shares		2,587,818		—		2,587,818
Direxion Daily Dow Jones Internet Bull 3X Shares		14,346,443		—		14,346,443
Direxion Daily Dow Jones Internet Bear 3X Shares		484,189		—		484,189
Direxion Daily Financial Bull 3X Shares		43,322,940		—		43,322,940
Direxion Daily Financial Bear 3X Shares		23,553,112		—		23,553,112
Direxion Daily Healthcare Bull 3X Shares		3,404,888		—		3,404,888
Direxion Daily Homebuilders & Supplies Bull 3X Shares		45,784,534		—		45,784,534
Direxion Daily Industrials Bull 3X Shares		91,587		—		91,587
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		94,334		—		94,334
Direxion Daily Real Estate Bull 3X Shares		1,400,687		—		1,400,687
Direxion Daily Real Estate Bear 3X Shares		10,111,226		—		10,111,226
Direxion Daily S&P 500®​ High Beta Bull 3X Shares		1,794,776		—		1,794,776
Direxion Daily S&P 500®​ High Beta Bear 3X Shares		11,285,712		—		11,285,712
Direxion Daily S&P Biotech Bull 3X Shares		30,118,058		—		30,118,058
Direxion Daily S&P Biotech Bear 3X Shares		13,515,115		—		13,515,115
Direxion Daily Semiconductor Bull 3X Shares		592,060,633		—		592,060,633
Direxion Daily Semiconductor Bear 3X Shares		92,611,624		—		92,611,624
Direxion Daily Technology Bull 3X Shares		385,758,983		—		385,758,983
Direxion Daily Utilities Bull 3X Shares		1,168,319		—		1,168,319
Direxion Daily 7-10 Year Treasury Bull 3X Shares		—		983,433		983,433
Direxion Daily 20+ Year Treasury Bull 3X Shares		—		35,851,592		35,851,592
Direxion Daily 20+ Year Treasury Bear 3X Shares		—		16,713,756		16,713,756

¹​  Statements of Assets and Liabilities location: Unrealized appreciation on swap contracts.

	Liability Derivatives2​
Fund	Equity Risk		Interest Rate Risk		Total
Direxion Daily Mid Cap Bull 3X Shares	$	849,347	$	—	$	849,347
Direxion Daily S&P 500®​ Bear 3X Shares		29,574,919		—		29,574,919
Direxion Daily Small Cap Bull 3X Shares		49,725,641		—		49,725,641
Direxion Daily Small Cap Bear 3X Shares		245,885		—		245,885
Direxion Daily FTSE China Bull 3X Shares		32,553,706		—		32,553,706
Direxion Daily FTSE China Bear 3X Shares		1,720,463		—		1,720,463
Direxion Daily MSCI Emerging Markets Bull 3X Shares		4,597,513		—		4,597,513
Direxion Daily MSCI Emerging Markets Bear 3X Shares		1,963,965		—		1,963,965
Direxion Daily MSCI South Korea Bull 3X Shares		917,995		—		917,995
Direxion Daily Consumer Discretionary Bull 3X Shares		263,299		—		263,299
Direxion Daily Dow Jones Internet Bull 3X Shares		590,809		—		590,809
Direxion Daily Dow Jones Internet Bear 3X Shares		898,807		—		898,807
Direxion Daily Financial Bull 3X Shares		136,279,708		—		136,279,708
Direxion Daily Financial Bear 3X Shares		4,252,445		—		4,252,445
Direxion Daily Healthcare Bull 3X Shares		7,974,050		—		7,974,050
Direxion Daily Homebuilders & Supplies Bull 3X Shares		1,578,371		—		1,578,371
Direxion Daily Industrials Bull 3X Shares		297,654		—		297,654
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		237,001		—		237,001
Direxion Daily Real Estate Bull 3X Shares		2,470,899		—		2,470,899
Direxion Daily Real Estate Bear 3X Shares		1,358,011		—		1,358,011
Direxion Daily Regional Banks Bull 3X Shares		39,971,946		—		39,971,946
Direxion Daily Retail Bull 3X Shares		4,094,235		—		4,094,235
Direxion Daily S&P 500®​ High Beta Bull 3X Shares		3,166,611		—		3,166,611
Direxion Daily S&P Biotech Bull 3X Shares		21,227,249		—		21,227,249

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	Liability Derivatives2​
Fund	Equity Risk		Interest Rate Risk		Total
Direxion Daily S&P Biotech Bear 3X Shares	$	2,413,512	$	—	$	2,413,512
Direxion Daily Semiconductor Bear 3X Shares		22,000,842		—		22,000,842
Direxion Daily Technology Bear 3X Shares		25,491,407		—		25,491,407
Direxion Daily Transportation Bull 3X Shares		678,721		—		678,721
Direxion Daily Utilities Bull 3X Shares		341,594		—		341,594
Direxion Daily 7-10 Year Treasury Bear 3X Shares		—		667,938		667,938

²​  Statements of Assets and Liabilities location: Unrealized depreciation on swap contracts.

Transactions in derivative instruments during the period ended April 30, 2023 by primary risk, were as follows:

		Net Realized Gain (Loss)1​					Net Unrealized Appreciation (Depreciation)2​
Fund		Equity Risk			Interest Rate Risk		Equity Risk			Interest Rate Risk
Direxion Daily Mid Cap Bull 3X Shares	Swap Contracts	$	2,567,889		$	—	$	(4,463,046	)	$	—
Direxion Daily S&P 500®​ Bull 3X Shares	Swap Contracts		77,952,606			—		196,715,963			—
Direxion Daily S&P 500®​ Bear 3X Shares	Swap Contracts		(171,125,676	)		—		(107,242,661	)		—
Direxion Daily Small Cap Bull 3X Shares	Swap Contracts		(14,281,142	)		—		(163,269,946	)		—
Direxion Daily Small Cap Bear 3X Shares	Swap Contracts		(49,351,315	)		—		96,770,228			—
Direxion Daily FTSE China Bull 3X Shares	Swap Contracts		49,226,636			—		119,494,830			—
Direxion Daily FTSE China Bear 3X Shares	Swap Contracts		(125,721,719	)		—		(38,526,797	)		—
Direxion Daily FTSE Europe Bull 3X Shares	Swap Contracts		4,216,661			—		8,807,764			—
Direxion Daily MSCI Emerging Markets Bull 3X Shares	Swap Contracts		(1,480,089	)		—		17,869,505			—
Direxion Daily MSCI Emerging Markets Bear 3X Shares	Swap Contracts		(7,018,375	)		—		(13,995,163	)		—
Direxion Daily MSCI Mexico Bull 3X Shares	Swap Contracts		3,063,982			—		3,144,382			—
Direxion Daily MSCI South Korea Bull 3X Shares	Swap Contracts		4,708,306			—		1,342,809			—
Direxion Daily Aerospace & Defense Bull 3X Shares	Swap Contracts		47,501,974			—		(35,475,793	)		—
Direxion Daily Consumer Discretionary Bull 3X Shares	Swap Contracts		(3,267,862	)		—		2,437,055			—
Direxion Daily Dow Jones Internet Bull 3X Shares	Swap Contracts		(13,360,531	)		—		26,324,423			—
Direxion Daily Dow Jones Internet Bear 3X Shares	Swap Contracts		35,826			—		(20,239,669	)		—
Direxion Daily Financial Bull 3X Shares	Swap Contracts		101,748,143			—		(245,034,259	)		—
Direxion Daily Financial Bear 3X Shares	Swap Contracts		(37,012,674	)		—		44,822,852			—

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		Net Realized Gain (Loss)1​						Net Unrealized Appreciation (Depreciation)2​
Fund		Equity Risk			Interest Rate Risk			Equity Risk			Interest Rate Risk
Direxion Daily Healthcare Bull 3X Shares	Swap Contracts	$	16,347,305		$	—		$	(23,576,890	)	$	—
Direxion Daily Homebuilders & Supplies Bull 3X Shares	Swap Contracts		52,647,436			—			35,871,318			—
Direxion Daily Industrials Bull 3X Shares	Swap Contracts		3,756,835			—			(2,509,820	)		—
Direxion Daily Pharmaceutical & Medical Bull 3X Shares	Swap Contracts		(422,719	)		—			(744,797	)		—
Direxion Daily Real Estate Bull 3X Shares	Swap Contracts		5,345,712			—			(5,183,394	)		—
Direxion Daily Real Estate Bear 3X Shares	Swap Contracts		(52,749,826	)		—			8,572,417			—
Direxion Daily Regional Banks Bull 3X Shares	Swap Contracts		(101,369,607	)		—			(63,974,195	)		—
Direxion Daily Retail Bull 3X Shares	Swap Contracts		1,267,004			—			(8,127,333	)		—
Direxion Daily S&P 500®​ High Beta Bull 3X Shares	Swap Contracts		9,706,773			—			(7,012,840	)		—
Direxion Daily S&P 500®​ High Beta Bear 3X Shares	Swap Contracts		(25,181,814	)		—			(2,045,506	)		—
Direxion Daily S&P Biotech Bull 3X Shares	Swap Contracts		(70,555,703	)		—			(95,330,666	)		—
Direxion Daily S&P Biotech Bear 3X Shares	Swap Contracts		(10,455,969	)		—			10,652,127			—
Direxion Daily Semiconductor Bull 3X Shares	Swap Contracts		133,575,723			—			1,400,854,068			—
Direxion Daily Semiconductor Bear 3X Shares	Swap Contracts		(797,699,792	)		—			(77,065,525	)		—
Direxion Daily Technology Bull 3X Shares	Swap Contracts		(111,011,790	)		—			501,333,943			—
Direxion Daily Technology Bear 3X Shares	Swap Contracts		(30,738,392	)		—			(67,514,115	)		—
Direxion Daily Transportation Bull 3X Shares	Swap Contracts		(1,268,190	)		—			1,090,636			—
Direxion Daily Utilities Bull 3X Shares	Swap Contracts		1,882,380			—			(338,855	)		—
Direxion Daily 7-10 Year Treasury Bull 3X Shares	Swap Contracts		—			(2,627,534	)		—			5,064,335
Direxion Daily 7-10 Year Treasury Bear 3X Shares	Swap Contracts		—			(196,078	)		—			(6,983,544	)
Direxion Daily 20+ Year Treasury Bull 3X Shares	Swap Contracts		—			(82,065,311	)		—			212,032,651
Direxion Daily 20+ Year Treasury Bear 3X Shares	Swap Contracts		—			(87,636,249	)		—			(132,115,871	)

¹​  Statements of Operations location: Net realized gain (loss) on swap contracts.

²​  Statements of Operations location: Change in net unrealized appreciation (depreciation) on swap contracts.

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For the period ended April 30, 2023, the volume of the derivatives held by the Funds was as follows:

	Quarterly Average Gross Notional Amounts
	Long Total Return Swap Contracts		Short Total Return Swap Contracts
Direxion Daily Mid Cap Bull 3X Shares	$	116,684,865	$	—
Direxion Daily S&P 500®​ Bull 3X Shares		5,887,503,466		—
Direxion Daily S&P 500®​ Bear 3X Shares		—		3,085,201,958
Direxion Daily Small Cap Bull 3X Shares		2,700,220,899		—
Direxion Daily Small Cap Bear 3X Shares		—		1,548,441,026
Direxion Daily FTSE China Bull 3X Shares		1,207,355,837		—
Direxion Daily FTSE China Bear 3X Shares		—		503,192,988
Direxion Daily FTSE Europe Bull 3X Shares		70,567,210		—
Direxion Daily MSCI Emerging Markets Bull 3X Shares		249,972,040		—
Direxion Daily MSCI Emerging Markets Bear 3X Shares		—		118,444,031
Direxion Daily MSCI Mexico Bull 3X Shares		36,578,410		—
Direxion Daily MSCI South Korea Bull 3X Shares		66,821,882		—
Direxion Daily Aerospace & Defense Bull 3X Shares		416,549,135		—
Direxion Daily Consumer Discretionary Bull 3X Shares		58,320,686		—
Direxion Daily Dow Jones Internet Bull 3X Shares		275,383,965		—
Direxion Daily Dow Jones Internet Bear 3X Shares		—		151,549,736
Direxion Daily Financial Bull 3X Shares		4,412,763,827		—
Direxion Daily Financial Bear 3X Shares		—		518,947,385
Direxion Daily Healthcare Bull 3X Shares		443,789,091		—
Direxion Daily Homebuilders & Supplies Bull 3X Shares		367,401,948		—
Direxion Daily Industrials Bull 3X Shares		48,902,463		—
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		24,532,699		—
Direxion Daily Real Estate Bull 3X Shares		117,355,633		—
Direxion Daily Real Estate Bear 3X Shares		—		533,764,301
Direxion Daily Regional Banks Bull 3X Shares		611,544,376		—
Direxion Daily Retail Bull 3X Shares		119,882,684		—
Direxion Daily S&P 500®​ High Beta Bull 3X Shares		156,307,780		—
Direxion Daily S&P 500®​ High Beta Bear 3X Shares		—		192,531,221
Direxion Daily S&P Biotech Bull 3X Shares		2,413,658,895		—
Direxion Daily S&P Biotech Bear 3X Shares		—		432,057,051
Direxion Daily Semiconductor Bull 3X Shares		9,691,091,909		—
Direxion Daily Semiconductor Bear 3X Shares		—		3,397,456,361
Direxion Daily Technology Bull 3X Shares		3,440,992,119		—
Direxion Daily Technology Bear 3X Shares		—		474,141,847
Direxion Daily Transportation Bull 3X Shares		57,623,657		—
Direxion Daily Utilities Bull 3X Shares		41,497,441		—
Direxion Daily 7-10 Year Treasury Bull 3X Shares		62,505,653		—
Direxion Daily 7-10 Year Treasury Bear 3X Shares		—		113,782,939
Direxion Daily 20+ Year Treasury Bull 3X Shares		2,408,950,055		—
Direxion Daily 20+ Year Treasury Bear 3X Shares		—		1,585,380,354

The Funds utilize this volume of derivatives in order to obtain leverage in order to meet the investment objectives of 300% or -300% daily performance of their respective indices.

9.  PRINCIPAL RISKS

Below are some of the principal risks of investing in the Funds. Please refer to the Funds' prospectus for a full discussion.

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 a counterparty becomes bankrupt or otherwise fails to perform its

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obligations due to financial difficulties. A Fund may experience significant 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.

Sector 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.

Daily Index Correlation/Tracking 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.

Derivatives Risk – The Fund's investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund's other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

In addition, the Fund's investments in derivatives are subject to the following risks:

•  Swap Agreements. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities representing a particular index or an ETF that seeks to track an index. Swaps are subject to counterparty, valuation and leveraging risks.

•  Futures Contracts. Futures contracts are typically exchange-traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. Futures contracts are subject to liquidity risks; there may not be a liquid secondary market for the futures contracts and the Fund may not be able to enter into a closing transaction. Exchanges may also limit the number of positions that can be held or controlled by the Fund or the Adviser, thus limiting the ability of the Fund to implement its leveraged investment strategy. Futures markets are highly volatile and the use of futures may increase the Fund's volatility. Futures contracts are also subject to leverage risk.

Foreign Securities Risk – Investments in foreign securities directly or indirectly through investments in exchange traded funds which track foreign securities involve greater risks than investing in domestic securities. As a result, the Funds' returns

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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, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore 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.

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 and future 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 Adviser. 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.

Market Disruption Risk – Geopolitical and other events, including public health crises and natural disasters, have recently led to increased market volatility and significant market losses. Significant market volatility and market downturns may limit a Fund's ability to sell securities and the Fund's sales may exacerbate the market volatility and downturn. Under such circumstances, a Fund may have difficulty achieving its investment objective for one or more trading days, which may adversely impact the Fund's returns on those days and periods inclusive of those days. Alternatively, the Fund may incur higher costs in order to achieve its investment objective and may be forced to purchase and sell securities (including other ETFs' shares) at market prices that do not represent their fair value (including in the case of an ETF, its net asset value) or at times that result in differences between the price the Fund receives for the security and the market closing price of the security. Under those circumstances, the Fund's ability to track its index is likely to be adversely affected, the market price of Fund shares may reflect a greater premium or discount to net asset value, and bid-ask spreads in the Fund's shares may widen, resulting in increased transaction costs for secondary market purchasers and sellers. The Fund may also incur additional tracking error due to the use of other securities that are not perfectly correlated to the Fund's index.

The recent pandemic spread of the novel coronavirus known as COVID-19 has proven to be a market disrupting event. The impact of this virus, like other pandemics that may arise in the future, has negatively affected and may continue to negatively affect the economies of many nations, companies and the global securities and commodities markets, including by reducing liquidity in the markets. Adverse effects may be more pronounced for developing or emerging market countries that have less established health care systems. How long such events will last and whether they will continue or recur cannot be predicted.

10.  SUBSEQUENT EVENTS

Management has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that no items require recognition or disclosure besides those noted below.

On June 5, 2023, shares of the following Fund were adjusted to reflect a reverse stock split. The effect of the reverse stock split was to decrease the number of shares outstanding and increase the net asset value. The reverse stock split has no impact on the net assets of the Fund or the value of a shareholder's investment in the Fund. A summary of the reverse stock split is as follows:

Funds	Effective Date	Rate			Net Asset Value Before Split		Net Asset Value After Split		Shares Outstanding Before Split		Shares Outstanding After Split
Direxion Daily Regional Banks Bull 3X Shares	June 5, 2023		1	:10	$	6.06	$	60.60		93,748,590		9,374,859

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On June 20, 2023, certain Funds declared income distributions with an ex-date of June 21, 2023 and payable date of June 28, 2023. The specific Funds and per share amounts of the distributions are listed below.

Funds	Per Share Income Distribution
Direxion Daily Mid Cap Bull 3X Shares	$	0.21120
Direxion Daily S&P 500®​ Bull 3X Shares		0.25846
Direxion Daily S&P 500®​ Bear 3X Shares		0.15810
Direxion Daily Small Cap Bull 3X Shares		0.22752
Direxion Daily Small Cap Bear 3X Shares		0.23574
Direxion Daily FTSE China Bull 3X Shares		0.23636
Direxion Daily FTSE China Bear 3X Shares		0.07973
Direxion Daily FTSE Europe Bull 3X Shares		0.14412
Direxion Daily MSCI Emerging Markets Bull 3X Shares		0.29784
Direxion Daily MSCI Emerging Markets Bear 3X Shares		0.12436
Direxion Daily MSCI Mexico Bull 3X Shares		0.78013
Direxion Daily MSCI South Korea Bull 3X Shares		0.03135
Direxion Daily Aerospace & Defense Bull 3X Shares		0.06600
Direxion Daily Consumer Discretionary Bull 3X Shares		0.04025
Direxion Daily Dow Jones Internet Bull 3X Shares		0.00011
Direxion Daily Dow Jones Internet Bear 3X Shares		0.20588
Direxion Daily Financial Bull 3X Shares		0.62055
Direxion Daily Financial Bear 3X Shares		0.16861
Direxion Daily Healthcare Bull 3X Shares		0.53725
Direxion Daily Homebuilders & Supplies Bull 3X Shares		0.01306
Direxion Daily Industrials Bull 3X Shares		0.15117
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		0.04923
Direxion Daily Real Estate Bull 3X Shares		0.07256
Direxion Daily Real Estate Bear 3X Shares		0.57682
Direxion Daily Regional Banks Bull 3X Shares		0.46049
Direxion Daily Retail Bull 3X Shares		0.04608
Direxion Daily S&P 500®​ High Beta Bull 3X Shares		0.06533
Direxion Daily S&P 500®​ High Beta Bear 3X Shares		0.03659
Direxion Daily S&P Biotech Bull 3X Shares		0.00868
Direxion Daily S&P Biotech Bear 3X Shares		0.09985
Direxion Daily Semiconductor Bull 3X Shares		0.03805
Direxion Daily Semiconductor Bear 3X Shares		0.11927
Direxion Daily Technology Bull 3X Shares		0.03993
Direxion Daily Technology Bear 3X Shares		0.19739
Direxion Daily Transportation Bull 3X Shares		0.07418
Direxion Daily Utilities Bull 3X Shares		0.12198
Direxion Daily 7-10 Year Treasury Bull 3X Shares		0.21866
Direxion Daily 7-10 Year Treasury Bear 3X Shares		0.12474
Direxion Daily 20+ Year Treasury Bull 3X Shares		0.04763
Direxion Daily 20+ Year Treasury Bear 3X Shares		1.26315

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Direxion Shares ETF Trust

Supplemental Information (Unaudited)

Householding

In an effort to decrease costs, the Funds intend to reduce the number of duplicate prospectuses, Annual and Semi-Annual Reports, proxy statements and other similar documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders we reasonably believe are from the same family or household. Householding begins once you have signed your account application. After such time, if you would like to discontinue householding for your accounts, please call toll-free at (800) 851-0511 to request individual copies of these documents. Once the Funds receive notice to stop householding, we will begin sending individual copies thirty days after receiving your request. This policy does not apply to account statements.

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Direxion Shares ETF Trust

Trustees and Officers

The business affairs of the Funds are managed by or under the direction of the Board of Trustees. Information pertaining to the Trustees and Officers of the Funds is set below. The report includes additional information about the Funds' Trustees and Officers and is available without charge, upon request by calling 1-800-851-0511.

Interested Trustees

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	# of Portfolios in Direxion Family of Investment Companies Overseen by Trustee(3)​		Other Trusteeships/ Directorships Held by Trustee During Past Five Years
Daniel D. O'Neill(1) ​Age: 55	Chairman of the Board of Trustees	Lifetime of Trust until removal or resignation; Since 2008	Chief Executive Officer, Rafferty Asset Management, LLC, April 2021 – September 2022; Managing Director, Rafferty Asset Management, LLC, January 1999 – January 2019.		118	None.
Angela Brickl(2) ​Age: 47	Trustee	Lifetime of Trust until removal or resignation; Since 2022	Chief Executive Officer, Rafferty Asset Management, LLC since September 2022; Chief Operating Officer, Rafferty Asset Management, LLC May 2021 – September 2022; General Counsel, Rafferty Asset Management LLC, since October 2010; Chief Compliance Officer, Rafferty Asset Management, LLC, September 2012 – March 2023.		118	None.

⁽¹⁾​  Mr. O'Neill is affiliated with Rafferty because he owns a beneficial interest in Rafferty.

⁽²⁾​  Ms. Brickl is affiliated with Rafferty because she serves as an officer of Rafferty.

⁽³⁾​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 75 of the 108 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 10 funds registered with the SEC.

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Direxion Shares ETF Trust

Trustees and Officers

Independent Trustees

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	# of Portfolios in Direxion Family of Investment Companies Overseen by Trustee(3)​	Other Trusteeships/ Directorships Held by Trustee During Past Five Years
David L. Driscoll Age: 53	Trustee	Lifetime of Trust until removal or resignation; Since 2014	Board Member, Algorithmic Research and Trading, since 2022; Board Advisor, University Common Real Estate, since 2012; Member, Kendrick LLC, since 2006; Partner, King Associates, LLP, since 2004; Principal, Grey Oaks LLP, since 2003.	118	None.
Kathleen M. Berkery Age: 55	Trustee	Lifetime of Trust until removal or resignation; Since 2019	Chief Financial Officer, Metro Physical Therapy, LLC, since 2023; Chief Financial Officer, Student Sponsor Partners, 2021 – 2023; Senior Manager – Trusts & Estates, Rynkar, Vail & Barrett, LLC, 2018 – 2021.	118	None.
Carlyle Peake Age: 51	Trustee	Lifetime of Trust until removal or resignation; Since 2022	Head of US & LATAM Debt Syndicate, BBVA Securities, Inc., since 2011.	118	None.
Mary Jo Collins Age: 66	Trustee	Lifetime of Trust until removal or resignation; Since 2022	Managing Director, B. Riley Financial, March – December 2022; Managing Director, Imperial Capital LLC, from 2020 – 2022; Director, Royal Bank of Canada, 2014 – 2020.	118	None.

⁽³⁾​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 75 of the 108 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 10 funds registered with the SEC.

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Direxion Shares ETF Trust

Trustees and Officers

The officers of the Trust conduct and supervise its daily business. Unless otherwise noted, an individual's business address is 1301 Avenue of the Americas, 28th Floor, New York, New York 10019. As of the date of this report, the officers of the Trust, their ages, their business address and their principal occupations during the past five years are as follows:

Principal Officers of the Trust

Name, Address and Age	Position(s) Held with Fund	Term of Office(3) ​and Length of Time Served	Principal Occupation(s) During Past Five Years	# of Portfolios in the Direxion Family of Investment Companies Overseen by Trustee(4)​	Other Trusteeships/ Directorships Held by Trustee During Past Five Years
Angela Brickl(1)​ Age: 47	Chief Executive Officer	Since 2022	Chief Executive Officer, Rafferty Asset Management, LLC, from September 2022; Chief Operating Officer, Rafferty Asset Management, LLC, May 2021 – September 2022; General Counsel, Rafferty Asset Management LLC, since October 2010; Chief Compliance Officer, Rafferty Asset Management, LLC, September 2012 – March 2023.	N/A	N/A
Todd Sherman Age: 42	Chief Compliance Officer	Since 2023	Chief Risk Officer, Rafferty Asset Management, LLC, since 2018; SVP Head of Risk, 2012 – 2018.	N/A	N/A
Patrick J. Rudnick Age: 49	Principal Executive Officer	Since 2018	Senior Vice President, Rafferty Asset Management, LLC, since March 2013.	N/A	N/A
Corey Noltner Age: 34	Principal Financial Officer	Since 2021	Senior Business Analyst, Rafferty Asset Management, LLC, Since October 2015.	N/A	N/A

⁽¹⁾​  Ms. Brickl serves on the Board of Trustees of the Direxion Funds and Direxion Shares ETF Trust.

⁽²⁾​  Pursuant to the Trust's By-laws, each officer shall hold office until his or her successor shall have been elected and qualified or until his or her earlier death, inability to serve, removal or resignation. Officers serve at the pleasure of the Board of Trustees and may be removed at any time with or without cause.

⁽³⁾​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 75 of the 108 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 10 funds registered with the SEC.

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Direxion Shares ETF Trust

Trustees and Officers

Name, Address and Age	Position(s) Held with Fund	Term of Office(3) ​and Length of Time Served	Principal Occupation(s) During Past Five Years	# of Portfolios in the Direxion Family of Investment Companies Overseen by Trustee(4)​	Other Trusteeships/ Directorships Held by Trustee During Past Five Years
Alyssa Sherman Age: 34	Secretary	Since 2022	Assistant General Counsel, Rafferty Asset Management, LLC, since April 2021; Associate, K&L Gates LLP, September 2015 – March 2021.	N/A	N/A

⁽²⁾​  Pursuant to the Trust's By-laws, each officer shall hold office until his or her successor shall have been elected and qualified or until his or her earlier death, inability to serve, removal or resignation. Officers serve at the pleasure of the Board of Trustees and may be removed at any time with or without cause.

⁽³⁾​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 75 of the 108 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 10 funds registered with the SEC.

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SEMI-ANNUAL REPORT APRIL 30, 2023

1301 Avenue of the Americas (6th Ave.), 28th Floor  New York, New York 10019  (800) 851-0511  www.direxion.com

Investment Advisers

Rafferty Asset Management, LLC
Direxion Advisors, LLC
1301 Avenue of the Americas (6th Ave.), 28th Floor
New York, NY 10019

Administrator

U.S. Bancorp Fund Services, LLC
P.O. Box 1993
Milwaukee, WI 53201-1993

Transfer Agent, Custodian & Index Receipt Agent

The Bank of New York Mellon
101 Barclay Street
New York, New York 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP
700 Nicollet Mall, Suite 500
Minneapolis, MN 55402

Distributor

Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 01401
www.foreside.com

The Trust's Proxy Voting Policies are available without charge by calling 1-800-851-0511, or by accessing the SEC's website, at www.sec.gov.

The actual voting records relating to portfolio securities during the most recent period ended June 30 (starting with the year ended June 30, 2005) is available without charge by calling 1-800-851-0511 or by accessing the SEC's website at www.sec.gov.

Each Fund's premium/discount information is available free of charge on the Funds' websites or by calling (800) 851-8511 or (833) 547-4417.

The Trust files complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Part F of Form N-PORT. The Funds' Part F of Form N-PORT (and Form N-Q prior to April 30, 2019) is available on the SEC's website at www.sec.gov.

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

PRIVACY NOTICE

At the Direxion Funds, we are committed to protecting your privacy. To open and service your Direxion accounts, we collect and maintain certain nonpublic personal information about you, such as your address, phone number, social security number, purchases, sales, account balances, bank account information and other personal financial information. We collect this information from the following sources:

•  Account applications or other forms on which you provide information,

•  Mail, e-mail, the telephone and our website, and

•  Your transactions and account inquiries with us.

We safeguard the personal information that you have entrusted to us in the following ways:

•  As a general policy, only those employees who maintain your account and respond to your requests for additional services have access to your account information.

•  We maintain physical, electronic, and procedural safeguards to insure the security of your personal information and to prevent unauthorized access to your information.

We do not disclose any nonpublic personal information about you or our former shareholders to anyone, except as permitted or required by law. In the course of conducting business and maintaining your account we may share shareholder information, as allowed by law, with our affiliated companies and with other service providers, including financial intermediaries, custodians, transfer agents and marketing consultants. Those companies are contractually bound to use that information only for the services for which we hired them. They are not permitted to use or share our shareholders' nonpublic personal information for any other purpose. There also may be times when we provide information to federal, state or local authorities as required by law.

In the event that you hold fund shares of Direxion through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your nonpublic personal information would be shared with nonaffiliated third parties.

For questions about our policy, please contact us at (800) 851-0511.

This page is not a part of the Semi-Annual Report.

DIREXION SEMI-ANNUAL REPORT

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports

Item 6. Schedule of Investments.

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

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors/trustees.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal half-year covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Direxion Shares ETF Trust

By (Signature and Title)	/s/ Patrick J. Rudnick
	Patrick J. Rudnick, Principal Executive Officer

Date 7/5/2023            

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Patrick J. Rudnick
	Patrick J. Rudnick, Principal Executive Officer

Date 7/5/2023 

By (Signature and Title)	/s/ Corey Noltner
	Corey Noltner, Principal Financial Officer

Date 7/5/2023