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.), 35^th Floor

New York, NY 10019

(Address of principal executive offices) (Zip code)

1301 Avenue of the Americas (6^th Ave.), 35^th Floor

New York, NY 10019

(Name and address of agent for service)

646-572-3390

Registrant’s telephone number, including area code

Date of fiscal year end: October 31, 2015

Date of reporting period: April 30, 2015

Item 1. Report to Stockholders.

DIREXION SHARES ETF TRUST

SEMI-ANNUAL REPORT APRIL 30, 2015

1301 Avenue of the Americas (6th Ave.), 35th Floor   New York, New York 10019   www.direxioninvestments.com

Direxion All Cap Insider Sentiment Shares

Direxion iBillionaire Index ETF

Direxion NASDAQ-100^® Equal Weighted Index Shares

Direxion S&P 500^® Volatility Response Shares

Direxion Value Line^® Conservative Equity ETF

Direxion Value Line^® Mid- and Large-Cap High Dividend ETF

Direxion Value Line^® Small- and Mid-Cap High Dividend ETF

Direxion Zacks MLP High Income Shares

1X BEAR FUNDS

Direxion Daily 7-10 Year Treasury Bear 1X Shares

Direxion Daily 20+ Year Treasury Bear 1X Shares

Direxion Daily Total Bond Market Bear 1X Shares

Direxion Daily Total Market Bear 1X Shares

Table of Contents

Letter to Shareholders	4
Expense Example	10
Allocation of Portfolio Holdings	12
Schedules of Investments	13
Statements of Assets and Liabilities	35
Statements of Operations	39
Statements of Changes in Net Assets	43
Financial Highlights	49
Notes to the Financial Statements	51
Supplemental Information (Unaudited)	67
Trustees and Officers	68
Board Review of Investment Advisory Agreements	72

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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, 2014 to April 30, 2015 (the “Semi-Annual Period”).

Market Review:

The S&P 500 Index gained 0.77% in the first week of the Semi-Annual Period, climbing back to new record highs as investors continued to put money back into the market following mid October’s selloff. The market was also broadly supported by the U.S. mid-term election results in which the Republican Party won control of the Senate and the House of Representatives. The decision by OPEC countries not to cut production in the face of increased global supply led to a sharp decline in oil prices over the final days of November. Despite concerns over global growth, domestic U.S. economic data remained strong. Weak oil prices provided a boost to household incomes leading to better retail sales and consumer confidence reports. The University of Michigan’s consumer confidence index rose sharply in December to its highest level of the current economic expansion. During the first quarter of 2015 U.S. small cap stocks performed well. The performance was due to their lower exposure to foreign markets which had become more challenging for U.S. firms because of the strong U.S. dollar. A 5.86% rebound in oil prices helped the energy sector in February. The S&P 500 Index reached an all-time high later in the month following assurances from Federal Reserve Chairwoman Yellen that policymakers were not in a hurry to raise interest rates despite growing evidence of strength in the U.S. economy. On April 24, 2015, the S&P 500 Index reached another record high of 2,117.69 before falling back at the end of the month, ending with modest gains. The S&P 500 Index had a total return of 4.39% during the Semi-Annual period.

A familiar story continued into the end of 2014 and throughout the Semi-Annual Period; yields fell globally due to sluggish growth, near-zero inflation and constant geopolitical tension. While U.S. government bond yields have declined since the start of 2014, yields have become much lower and even negative in several countries across Europe. Since the start of the Semi-Annual Period, the 10-Year U.S. Treasury Note has gained 1.60% and U.S. long-bonds led the fixed income world in terms of performance. The NYSE 20+ Year Treasury Bond Index gained 6.84% over the course of the Semi-Annual Period, compared to a 2.06% gain seen in the Barclays U.S. Aggregate Bond Total Return Index. High Yield returns failed to impress, as investors who reached for yield through corporate credit only saw gains of 1.19%, as measured by the Barclays High Yield Total Return Index. Despite the conclusion of Quantitative Easing in October and the Federal Reserve’s removal of the word “patient” back in March, the most recent update from the Federal Reserve came with lowered forecasts for growth, unemployment and inflation.

The CBOE Volatility (VIX) Index seemed little changed over the course of the Semi-Annual Period, having gained only 3.71% from the start of November to the end of April. But on December 31, the VIX Index sat at 19.20, having fallen almost 19% in just six trading days from its Semi-Annual Period high of 23.57. As domestic market volatility resumed and the S&P 500 Index continued to trend higher, the VIX Index continued to make new lows. Looking past the spike beyond 25, the VIX Index closed the Semi-Annual Period only slightly higher than the average levels in 2013 and 2014. Analysts have attributed the return to low VIX levels to the lack of market-moving news between the first-quarter earnings season and the Federal Reserve’s meeting in June. Large scale events such as the move in crude oil and the removal of the Euro peg by the Swiss National Bank, in addition to looming interest rate activity by the Federal Reserve, has brought upon an interesting time in the markets; a time without a firm consensus.

Factors Affecting Performance of Non-Leveraged ETFs:

— 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 past year are described in the Market Review section above.

— Optimized Baskets – The Direxion S&P 500^® Volatility Response Shares may hold a basket of equities designed to provide returns that track its underlying index. In order to decrease transaction costs, this ETF may hold only a representative sample, or optimized basket, that tracks closely over time but deviates from its underlying index in the

short-term.

4 DIREXION SEMI-ANNUAL REPORT

— Fees, Expenses, and Transaction Costs – Fees and expenses are listed in each ETF’s prospectus and may be larger 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.

— Volatility – In periods of high volatility, the Direxion S&P 500^® Volatility Response Shares will rebalance its portfolio and decrease exposure to equity securities and increase the amount of the portfolio held in U.S. Treasury Bills. This decreased exposure to equity securities means this ETF would not be expected to gain the full benefit of a rising equity market if such a market occurred during a period of high volatility.

Non-Leveraged ETFs Performance Review:

The following discussion relates to the performance of the Non-Leveraged ETFs for the Semi-Annual Period. These ETFs seek to match, after expenses, the return of a benchmark through time. For these ETFs, the benchmark performance for the period is the standard against which they should be evaluated. The performance of the ETFs for the Semi-Annual Period is important primarily for understanding whether the ETFs meet their investment goals.

The Direxion All Cap Insider Sentiment Shares seeks to match, before fees and expenses, the return of the Sabrient Multi-Cap Insider/Analyst Quant-Weighted Index. The Sabrient All-Cap Insider/Analyst Quant-Weighted Index is a quantitatively-weighted index comprised of 100 of the top publicly traded companies in the S&P 1500^® Index. The Index reflects positive sentiment among those “insiders” closest to a company’s financials and business prospects, such as top management, directors, large institutional holders, and the Wall Street research analysts who follow the company. For the Semi-Annual Period, the Sabrient Multi-Cap Insider/Analyst Quant-Weighted Index returned 6.49%, while the Direxion All Cap Insider Sentiment Shares returned 5.89%. The Direxion All Cap Insider Sentiment Shares’ largest sector weightings at the start of the Semi-Annual Period were Financials (44.20%), Consumer Non-Cyclical (13.68%) and Consumer Cyclical (10.59%). Half way through the Semi-Annual Period the fund’s highest weighted sector changed to Consumer Cyclical (26.02%) followed by Financials (20.62%) and Consumer Non-Cyclical (13.49%). It finished off the period with Financials at top weighting of (24.34%), followed closely by Consumer Non-Cyclical (21.47%) and Energy (20.56%).

The Direxion S&P 500^® Volatility Response Shares seeks to match, before fees and expenses, the return of the S&P 500^® Volatility Response Index. The S&P 500^® Volatility Response Index is designed to respond to the volatility of the S&P 500^® Index (the “Stock Component”). The S&P 500 Index measures the large capitalization segment of the domestic equity market, composed of stocks of the 500 domestic companies with the largest capitalization. The Index employs a sophisticated methodology designed to control the Index’s risk level by establishing a specific volatility level target that adjusts the Index’s components among an allocation to the stock component and fixed income securities, including U.S. Treasury Bills (the “Cash Component”). Through the use of an exponential volatility equation, the Index adjusts based upon realized exponentially-weighted historical volatility of the S&P 500^® Index. As volatility increases, exposure to the Stock Component will decrease and exposure to the Cash Component will increase. As volatility decreases, exposure to the Stock Component will increase and exposure to the Cash Component will decrease. The Index is reviewed daily with a minimum rebalance period of one month. However, if at any time the target volatility level passes the methodology’s threshold parameters, the Index has the flexibility to readjust as necessary. For the Semi-Annual Period, the S&P 500^® Volatility Response Index returned 2.37%, while the Direxion S&P 500^® Volatility Response Shares returned 2.07%. The Fund began the Semi-Annual Period at 68.46% equities, going to 100% exposure on November 28, trying to capture the rising S&P 500 Index. It reached its all-time price high of 61.18 on December 5. It started reducing exposure on December 18 until its lowest exposure level of the period of 63.45% on January 9. The Direxion S&P 500 Volatility Response Shares again began increasing exposure, hitting 91.53% on February 27, on up to 96.82% on April 13th, to being fully 100% exposed on the last day of the Semi-Annual Period.

The Direxion NASDAQ-100^® Equal Weighted Index Shares seeks to match, before fees and expenses, the return of the NASDAQ-100^® Equal Weighted Index. The NASDAQ-100^® Equal Weighted Index includes 100 of the largest non-financial securities listed on NASDAQ^®, but instead of being weighted by market capitalization, each of the constituents is initially set at 1.00%. The Index is reviewed and adjusted Semi-Annually in December, but replacements may be made any time throughout the year. The Index is rebalanced quarterly in March, June, September and December. For the Semi-Annual Period, the NASDAQ-100^® Equal Weighted Index returned 8.16%, while the Direxion NASDAQ-100^® Equal

IREXION SEMI-ANNUAL REPORT 5

Weighted Index Shares returned 7.70%. Outperformance as compared to the NASDAQ-100 can be attributed to the impressive performance of various small and mid-size companies such as Kraft Foods Group (+52.64%) and Electronic Arts (+41.79%), which have an equal weight in Direxion NASDAQ-100^® Equal Weighted Index Shares, while having a lower weight in the NASDAQ 100 Index. Apple and Microsoft comprise around 22% of NASDAQ 100 Index, but only 2% of the Direxion NASDAQ-100^® Equal Weighted Index Shares. This equally weighted method helps to emphasize more undervalued stocks, and reduces the reliance on technology stocks. The strongest returns for the Direxion NASDAQ-100^® Equal Weighted Index Shares came in the month of January, when the Fund saw a gain of over 7%, outpacing NASDAQ 100 Index by over 0.45%.

Direxion Zacks MLP High Income Shares seeks investment results, before fees and expenses, which track the price and yield performance of the Zacks MLP Index. The Zacks MLP Index selects 25 Master Limited Partnerships (MLP) utilizing a methodology proprietary to Zacks. The objective of the Index is to select a group of MLPs with the potential to yield and outperform on a risk-adjusted basis the S&P 500 and other benchmark indices. The Index is only comprised of MLPs listed on at least one U.S. stock exchange with a minimum market capitalization of at least $300,000,000. Each MLP is ranked based on liquidity, short interest, dividend yield and other factors. The final index is comprised of the 25 highest-ranking securities. The constituents are equally weighted, to make up 4% of the portfolio each. The constituent selection process and rebalancing is repeated on a quarterly basis and the Index reconstitution occurs after the last business day of January, April, July and October. For the Semi-Annual Period, the Zacks MLP Index returned -12.36%, while the corresponding Direxion Zacks MLP High Income Shares returned -12.03%. The Semi-Annual Period was a rough period for master limited partnerships and the Energy sector. With crude oil prices down over 25% throughout the period (up from the January 2015 lows), MLP dividend distributions have been cut, and oil rig counts are down week after week. With the weakness in oil, investors have strayed from MLP’s and are looking for alternatives to the “yield-plus-growth” investment framework. The Direxion Zacks MLP High Income Shares spent the majority of the period invested heavily in Midstream names, followed by Downstream and lastly Upstream companies. The biggest movers against the Direxion Zacks MLP High Income Shares were Midstream companies: Summit Midstream (SMLP) and Crestwood Midstream (CMLP), both of which were also on the lower end of company size, as measured by market capitalization. As of period end, the Direxion Zacks MLP High Income Shares breakdown is as follows: Upstream companies, 16.07%; Midstream companies, 51.49% and Downstream companies, 32.44%.

The Direxion iBillionaire Index ETF seeks investment results, before fees and expenses, which track the iBillionaire Index. The iBillionaire Index is comprised of 30 large- and mid-cap U.S. equities in which a select pool of 5-10 investment billionaires has allocated the most assets, according to Form 13F filings. The pool of billionaires is selected from a group of U.S. billionaires based on net worth, source of wealth, portfolio size, portfolio concentration, portfolio turnover and investment performance. The 30 stocks are equally weighted at a fixed weight of 3.33% each and the Index is rebalanced quarterly. For the Semi-Annual Period, the iBillionaire Index returned 2.17%, while the corresponding Direxion iBillionaire Index ETF returned 1.82%. During the period, the Direxion iBillionaire Index ETF underwent two quarterly rebalances, but held core positions in companies such as Apple, Actavis, Dollar General and EBay. The Apple and Actavis positions were the big performers throughout the Semi-Annual Period, returning 16.84% and 16.53%, respectively. On the other side of the spectrum, Micron Technology, a name that was held for the entirety of the period, was down almost 15% due to low demand and currency pressure. As of April 30, the make-up of the Direxion iBillionaire Index ETF is top-heavy in consumer names, both cyclical and non-cyclical; these two industries make up roughly 46% of the ETF’s market exposure. The communications industry is the second highest industry, weighting at roughly 23.5%. Technology, Basic Materials, Industrials and Energy companies complete the set. Earnings growth was skittish in Q1 2015, as large-cap companies are especially sensitive to sustained currency moves, however looking forward, the Direxion iBillionaire Index ETF has held a few big name winners with the conviction of some of the biggest names in the hedge fund world.

The Direxion Value Line^® Small- and Mid-Cap High Dividend ETF seeks investment results, before fees and expenses, which track the Value Line^® Small- and Mid-Cap High Dividend Yield TR Index. The Index is composed of 50 small- and mid-cap securities selected using criteria based on Value Line’s Timeliness, Performance, and Safety Ranks, and the Financial Strength Rating. The Index is a modified equal-dollar weighted index comprised of U.S. exchange-listed securities of companies that pay above average dividends. The Index is reviewed weekly by Value Line and a stock will be replaced if its Timeliness or Safety Ranks or the Financial Strength Rating falls significantly. All companies in the Index are

6 DIREXION SEMI-ANNUAL REPORT

equally weighted and rebalanced annually. From its inception on March 11, 2015 through the end of the Semi-Annual Period, the Value Line^® Small- and Mid-Cap High Dividend Yield TR Index returned 1.88%, while the Direxion Value Line^® Small- and Mid-Cap High Dividend ETF returned 1.76%.

The Direxion Value Line^® Mid- and Large-Cap High Dividend ETF seeks investment results, before fees and expenses that track the Value Line^® Mid- and Large-Cap High Dividend Yield TR Index. The Index is composed of 50 mid- and large-cap securities selected using criteria based on Value Line’s Timeliness, Performance, and Safety Ranks, and the Financial Strength Rating. The Index is a modified equal-dollar weighted index comprised of U.S. exchange-listed securities of companies that pay above average dividends. The Index is reviewed weekly by Value Line and a stock will be replaced if its Timeliness or Safety Ranks or the Financial Strength Rating falls significantly. All companies in the Index are equally weighted and rebalanced annually. From its inception on March 11, 2015 through the end of the Semi-Annual Period, the Value Line^® Mid- and Large-Cap High Dividend Yield TR Index returned 3.01%, while the Direxion Value Line^® Mid- and Large-Cap High Dividend ETF returned 2.89%.

The Direxion Value Line^® Conservative Equity ETF seeks investment results, before fees and expenses, which track the Value Line^® Conservative Equity TR Index. The Index is composed of U.S. securities selected using criteria based on Value Line’s proprietary Safety Rank. The Safety rank measures the total risk of a stock and its defensive capability during an overall equity market downturn relative to the other stocks in the Value Line universe. The universe of Safety-Ranked stocks in the Value Line Investment Survey is approximately 1,700. The Index is reviewed weekly by Value Line and a stock will be replaced if its’ Safety Rank falls significantly. All companies in the Index are equally weighted and rebalanced annually. From its inception on March 11, 2015 through the end of the Semi-Annual Period, the Value Line^® Conservative Equity TR Index returned 1.52%, while the Direxion Value Line^® Conservative Equity ETF returned 1.42%.

Factors Affecting Performance of Bear ETFs:

— 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 in the Market Commentary section.

— Volatility and Compounding – The goal of the Bear ETFs is to provide the inverse of the daily returns of an underlying index. Over periods longer than a single day, an ETF should not be expected to provide the inverse 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 inverse exposure, a Bear ETF receives LIBOR minus a spread as applied to the borrowed portion of the ETF’s exposure. Because LIBOR is very low, a Bear ETF receives a negligible amount of financing, or in the case of hard-to-borrow shares, might pay to finance its short position.

— Equity Dividends and Bond Interest – The Bear ETFs are negatively impacted by bond interest as they are obligated to 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 larger than many traditional index funds’ 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 derivatives, shorting securities, frequent creation and redemption activity, or trading securities that are comparatively less liquid.

Bear ETFs Performance Review:

The next discussion relates to the performance of the Bear ETFs for the Semi-Annual Period. The Bear ETFs seek daily investment results, before fees and expenses, of -100% of the performance of a particular benchmark, meaning that the Bear ETFs attempt to move in the opposite or inverse of the benchmark.

DIREXION SEMI-ANNUAL REPORT 7

In seeking to achieve each Bear ETFs 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 Bear ETF’s investment 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 a Bear ETF’s objective. As a consequence, if a Bear ETF is performing as designed, the return of the benchmark will dictate the return of that ETF. Each Bear ETF pursues its investment objectives regardless of market conditions and does not take defensive positions.

The Bear 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 inverse ETFs and intend to actively monitor and manage their investments.

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 over time. Additionally, such instruments may experience potentially dramatic price changes (losses) and imperfect correlations between the price of the contract and the underlying security or index which will increase the volatility of the ETFs and may involve a small investment of cash relative to the magnitude of the risk assumed. 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. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case.

Because each Bear ETF seeks daily investment results of its relevant benchmark, a comparison of the Semi-Annual return of the Bear ETF to the relevant benchmark tells you little about whether a Bear ETF has met its investment objective. To determine if the Bear ETFs have met their daily investment goals, Direxion maintains models which indicate the expected performance of each ETF in light of the path of the relevant underlying index. The models and a description of how they work are available on the Direxion Shares website (www.direxioninvestments.com) under Tools/Tracking Center. The models do not take into account the size of a Bear ETF, the Bear ETF’s expense ratio or any transaction or trading fees associated with creating or maintaining a Bear ETF’s portfolio. A brief comparison of the actual returns versus the expected returns for each of the Bear ETFs during the Semi-Annual Period follows below.

The Direxion Daily Total Market Bear 1X Shares seeks to provide, before fees and expenses, -100% of the daily return of the MSCI U.S. Broad Market Index. The MSCI U.S. Broad Market Index represents the universe of companies in the U.S. equity market, including large, mid, small and micro cap companies. This index targets for inclusion 99.5% of the capitalization of the U.S. equity market. The MSCI U.S. Broad Market Index is the aggregation of the MSCI U.S. Investable Market 2500 which targets for inclusion 2,500 companies representing the investable universe of the U.S. Equity market, and the MSCI U.S. Micro Cap Index, which targets for inclusion approximately the bottom 1.5% of the U.S. Equity market capitalization. For the Semi-Annual Period, the MSCI U.S. Broad Market Index returned 4.83%. The Direxion Daily Total Market Bear 1X Shares returned -5.62%. The model indicated an expected return of -5.32% for the Direxion Daily Total Market Bear 1X Shares.

The Direxion Daily Total Bond Market Bear 1X Shares seeks to provide, before fees and expenses, -100% of the daily return of the Barclays Capital U.S. Aggregate Bond Index. The U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, and fixed-rate taxable bond market; including U.S. Treasuries, government-related securities, corporate securities, Mortgage Backed Securities, Asset Backed Securities, and Commercial Mortgage Backed Securities. For the Semi-Annual Period, the Barclays Capital U.S. Aggregate Bond Index returned 2.06%. The Direxion Daily Total Bond Market Bear 1X Shares returned -2.49%. The model indicated an expected return of -2.07% for the Direxion Daily Total Bond Market Bear 1X Shares.

The Direxion Daily 7-10 Year Treasury Bear 1X Shares seeks to provide, before fees and expenses, -100% of the daily return of the NYSE 7-10 Year Treasury Index. The NYSE 7-10 Year Treasury Bond Index is a multiple-security fixed income index that aims to track the total returns of the intermediate 7 to 10 year maturity range of the U.S. Treasury bond market. The index constituent bonds are weighted by their relative amounts outstanding. For the Semi-Annual Period, the NYSE 7-10 Year Treasury Bond Index returned 3.35%. The Direxion Daily 7-10 Year Treasury Bear 1X Shares returned -4.33%. The model indicated an expected return of -3.44% for the Direxion Daily 7-10 Year Treasury Bear 1X Shares.

8 DIREXION SEMI-ANNUAL REPORT

The Direxion Daily 20+ Year Treasury Bear 1X Shares seeks to provide, before fees and expenses, -100% of the daily return of the NYSE 20 Year Plus Treasury Index. The NYSE 20+ Year Treasury Bond Index is a multiple-security fixed income index that aims to track the total returns of the intermediate 20 plus year maturity range of the U.S. Treasury bond market. The Index constituent bonds are weighted by their relative amounts outstanding. For the Semi-Annual Period, the NYSE 20+ Year Treasury Bond Index returned 6.84%. The Direxion Daily 20+Year Treasury Bear 1X Shares returned -8.13%. The model indicated an expected return of -7.34% for the Direxion Daily 20+ Year Treasury Bear 1X Shares.

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

Best Regards,

Eric Falkeis Principal Executive Officer	Patrick Rudnick Principal Financial Officer

Past performance is not indicative of future results. One cannot invest directly in an index. Recent growth rate in the stock market has helped to produce short-term returns that are not typical, and may not continue in the future. Carefully consider the investment objectives, risks, and charges and expenses of the ETFs before investing. This and other information can be found in the ETFs’ statutory and summary prospectus. To obtain a prospectus, please visit www.direxioninvestments.com or call 1-866-476-7523.

There is no guarantee the ETFs will achieve their intended objective. Investing in the ETFs may be more volatile than investing in broadly diversified funds.

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

The ETFs are designed to be utilized only by sophisticated investors, such as traders and active investors employing dynamic strategies. Such investors are expected to monitor and manage their portfolios frequently. Investors in the Bear ETFs should (a) understand the consequences of seeking daily investment results, (b) understand the risk of shorting, and (c) intend to actively monitor and manage their investments.

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

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. Increased portfolio turnover may result in higher transaction costs and capital gains. For other risks including correlation, compounding, market volatility and specific risks regarding each sector, please read the prospectus.

The views of this letter were those of the ETF Manager as of April 30, 2015 and may not necessarily reflect his views on the date this letter is first published or anytime thereafter. These views are intended to help shareholders in understanding the ETFs’ present investment methodology and do not constitute investment advice.

Distributed by: Foreside Fund Services, LLC

DIREXION SEMI-ANNUAL REPORT 9

Expense Examples

April 30, 2015 (Unaudited)

As a shareholder of the Direxion Shares ETF Trust, you incur two types of costs: (1) transaction costs, for purchasing and selling shares and exchange fees; and (2) ongoing costs, including management fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in 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, 2014 to April 30, 2015).

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, 2014 to April 30, 2015” 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.

	Annualized Expense Ratio1			Beginning Account Value November 1, 2014		Ending Account Value April 30, 2015		Expenses Paid During Period November 1, 2014 to April 30,  20152
Direxion All Cap Insider Sentiment Shares
Based on actual fund return		0.65	%	$	1,000.00	$	1,058.90	$	3.32
Based on hypothetical 5% return		0.65	%		1,000.00		1,021.57		3.26
Direxion iBillionaire Index ETF
Based on actual fund return		0.65	%		1,000.00		1,018.20		3.25
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		1,077.00		1.80
Based on hypothetical 5% return		0.35	%		1,000.00		1,023.06		1.76
Direxion S&P 500® Volatility Response Shares
Based on actual fund return		0.45	%		1,000.00		1,020.70		2.25
Based on hypothetical 5% return		0.45	%		1,000.00		1,022.56		2.26
Direxion Value Line® Conservative Equity ETF3
Based on actual fund return		0.58	%		1,000.00		1,014.20		0.82
Based on hypothetical 5% return		0.58	%		1,000.00		1,021.92		0.82
Direxion Value Line® Mid- and Large-Cap High Dividend ETF3
Based on actual fund return		0.58	%		1,000.00		1,028.90		0.82
Based on hypothetical 5% return		0.58	%		1,000.00		1,021.92		0.82

10 DIREXION SEMI-ANNUAL REPORT

Expense Examples

April 30, 2015 (Unaudited)

	Annualized Expense Ratio1			Beginning Account Value November 1, 2014		Ending Account Value April 30, 2015		Expenses Paid During Period November 1, 2014 to April 30,  20152
Direxion Value Line® Small- and Mid-Cap High Dividend ETF3
Based on actual fund return		0.58	%	$	1,000.00	$	1,017.60	$	0.82
Based on hypothetical 5% return		0.58	%		1,000.00		1,021.92		0.82
Direxion Zacks MLP High Income Shares
Based on actual fund return		0.65	%		1,000.00		879.70		3.03
Based on hypothetical 5% return		0.65	%		1,000.00		1,021.57		3.26
Direxion Daily 7-10 Year Treasury Bear 1X Shares
Based on actual fund return		0.65	%		1,000.00		956.70		3.15
Based on hypothetical 5% return		0.65	%		1,000.00		1,021.57		3.26
Direxion Daily 20+ Year Treasury Bear 1X Shares
Based on actual fund return		0.65	%		1,000.00		918.70		3.09
Based on hypothetical 5% return		0.65	%		1,000.00		1,021.57		3.26
Direxion Daily Total Bond Market Bear 1X Shares
Based on actual fund return		0.65	%		1,000.00		975.10		3.18
Based on hypothetical 5% return		0.65	%		1,000.00		1,021.57		3.26
Direxion Daily Total Market Bear 1X Shares
Based on actual fund return		0.65	%		1,000.00		943.80		3.13
Based on hypothetical 5% return		0.65	%		1,000.00		1,021.57		3.26

¹  Annualized.

²  Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the period of November 1, 2014 to April 30, 2015, then divided by 365.

³  Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value during the period from March 11, 2015 to April 30, 2015, multiplied by the number of days since commencement of operations to April 30, 2015, then divided by 365.

DIREXION SEMI-ANNUAL REPORT 11

Allocation of Portfolio Holdings

April 30, 2015 (Unaudited)

	Cash*			Common Stocks			Master Limited Partnerships			Swaps			Total
Direxion All Cap Insider Sentiment Shares		0	%**		100	%		—			—			100	%
Direxion iBillionaire Index ETF		0	%**		100	%		—			—			100	%
Direxion NASDAQ 100® Equal Weighted Index Shares		0	%**		100	%		—			—			100	%
Direxion S&P 500® Volatility Response Shares		0	%**		100	%		—			—			100	%
Direxion Value Line® Conservative Equity ETF		0	%**		100	%		—			—			100	%
Direxion Value Line® Mid- and Large-Cap High Dividend ETF		0	%**		94	%		6	%		—			100	%
Direxion Value Line® Small- and Mid-Cap High Dividend ETF		0	%**		100	%		—			—			100	%
Direxion Zacks MLP High Income Shares		1	%		—			99	%		—			100	%
Direxion Daily 7-10 Year Treasury Bear 1X Shares		105	%		—			—			(5	)%		100	%
Direxion Daily 20+ Year Treasury Bear 1X Shares		100	%		—			—			0	%**		100	%
Direxion Daily Total Bond Market Bear 1X Shares		102	%		—			—			(2	)%		100	%
Direxion Daily Total Market Bear 1X Shares		100	%		—			—			0	%**		100	%

Allocation of Portfolio Holdings reflects percentages of net assets.

* Cash, cash equivalents and other assets less liabilities.

** Percentage is less than 0.5%.

12 DIREXION SEMI-ANNUAL REPORT

Direxion All Cap Insider Sentiment Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	COMMON STOCKS - 99.9%
	Air Transportation - 2.3%
	32,343	Delta Air Lines, Inc.	$	1,443,792
	14,817	JetBlue Airways Corp. (a)		304,193
				1,747,985
	Ambulatory Health Care Services - 2.4%
	17,780	Omnicare, Inc.		1,564,284
	3,611	Quest Diagnostics, Inc.		257,898
				1,822,182
	Apparel Manufacturing - 0.7%
	3,360	Cintas Corp.		268,632
	4,556	Columbia Sportswear Co.		285,661
				554,293
	Broadcasting (except Internet) - 2.2%
	30,220	Ryman Hospitality Properties, Inc.		1,741,881
	Building Material and Garden Equipment and Supplies Dealers - 1.9%
	6,684	Fastenal Co.		284,872
	11,052	Home Depot, Inc.		1,182,343
				1,467,215
	Chemical Manufacturing - 7.5%
	13,533	Gilead Sciences, Inc. (a)		1,360,202
	2,668	Mead Johnson Nutrition Co.		255,915
	7,325	Medivation, Inc. (a)		884,420
	1,733	Regeneron Pharmaceuticals, Inc. (a)		792,778
	30,105	The Dow Chemical Co.		1,535,355
	4,357	Valeant Pharmaceuticals International, Inc. (a)		945,164
				5,773,834
	Clothing and Clothing Accessories Stores - 0.3%
	8,084	Hanesbrands, Inc.		251,251
	Computer and Electronic Product Manufacturing - 5.6%
	14,113	Apple, Inc.		1,766,242
	2,184	Avago Technologies Ltd.		255,266
	13,644	Bruker Corp. (a)		258,690
	6,312	GoPro, Inc. (a)		316,105
	42,699	Jabil Circuit, Inc.		961,581
	3,593	Qorvo, Inc. (a)		236,815
	4,057	QUALCOMM, Inc.		275,876
	4,839	Texas Instruments, Inc.		262,322
				4,332,897
	Construction of Buildings - 1.2%
	15,897	Lennar Corp. Class A		728,083
	12,127	PulteGroup, Inc.		234,051
				962,134
	Credit Intermediation and Related Activities - 5.6%
	20,802	American Express Co.		1,611,115
	50,775	BB&T Corp.		1,944,175
	24,857	Huntington Bancshares, Inc.		269,947
	15,928	Umpqua Holdings Corp.		270,935
	7,379	United Bankshares, Inc.		277,303
				4,373,475

Shares			Fair Value
	Data Processing, Hosting and Related Services - 1.5%
	9,906	DST Systems, Inc.	$	1,139,982
	Electrical Equipment, Appliance, and Component Manufacturing - 0.4%
	3,138	Spectrum Brands Holdings, Inc.		286,907
	Food Manufacturing - 1.5%
	23,779	Mondelez International, Inc.		912,400
	7,065	Tyson Foods, Inc. Class A		279,068
				1,191,468
	Food Services and Drinking Places - 0.3%
	417	Chipotle Mexican Grill, Inc. (a)		259,099
	Furniture and Related Product Manufacturing - 1.0%
	17,331	Fortune Brands Home & Security, Inc.		772,963
	General Merchandise Stores - 0.3%
	1,803	Costco Wholesale Corp.		257,919
	Health Care Equipment & Services - 1.2%
	23,501	Envision Healthcare Holdings, Inc. (a)		892,098
	Insurance Carriers and Related Activities - 4.6%
	6,619	Loews Corp.		275,615
	25,196	Marsh & McLennan Companies, Inc.		1,415,007
	75,793	MGIC Investment Corp. (a)		789,763
	18,135	Old Republic International Corp.		277,284
	2,543	Travelers Companies, Inc.		257,123
	2,335	UnitedHealth Group, Inc.		260,119
	6,536	Validus Holdings Ltd.		273,401
				3,548,312
	Merchant Wholesalers, Durable Goods - 1.2%
	34,739	LKQ Corp. (a)		940,385
	Merchant Wholesalers, Nondurable Goods - 2.5%
	16,979	AmerisourceBergen Corp.		1,940,700
	Mining (except Oil and Gas) - 0.4%
	3,254	Vulcan Materials Co.		278,282
	Miscellaneous Manufacturing - 1.6%
	1,944	Becton, Dickinson & Co.		273,851
	55,111	Boston Scientific Corp. (a)		982,078
				1,255,929
	Motion Picture and Sound Recording Industries - 0.3%
	7,770	AMC Entertainment Holdings, Inc.		233,566
	Nonstore Retailers - 0.4%
	729	Amazon.com, Inc. (a)		307,478
	Nursing and Residential Care Facilities - 0.3%
	3,871	Acadia Healthcare Company, Inc. (a)		265,163
	Other Information Services - 1.0%
	10,245	Facebook, Inc. (a)		806,999
	Petroleum and Coal Products Manufacturing - 10.3%
	15,811	Marathon Petroleum Corp.		1,558,490
	27,699	Owens Corning		1,070,843
	52,797	PBF Energy, Inc.		1,498,379
	19,912	Tesoro Corp.		1,709,047
	32,760	Valero Energy Corp.		1,864,044
	5,913	Western Refining, Inc.		260,468
				7,961,271

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

DIREXION SEMI-ANNUAL REPORT 13

Direxion All Cap Insider Sentiment Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	Pipeline Transportation - 6.8%
	39,896	DCP Midstream Partners LP	$	1,627,757
	15,377	EQT Midstream Partners LP		1,356,252
	29,473	NuStar Energy LP		1,979,996
	5,526	Tallgrass Energy Partners LP		271,879
				5,235,884
	Primary Metal Manufacturing - 0.4%
	13,729	Steel Dynamics, Inc.		303,823
	Professional, Scientific, and Technical Services - 3.9%
	10,241	Amgen, Inc.		1,617,156
	3,495	Charles River Laboratories International, Inc. (a)		241,714
	15,295	Cognizant Technology Solutions Corp. Class A (a)		895,369
	38,666	Groupon, Inc. (a)		267,569
				3,021,808
	Publishing Industries (except Internet) - 4.3%
	17,487	Catamaran Corp. (a)		1,037,853
	10,116	McGraw-Hill Financial, Inc.		1,055,099
	20,746	SS&C Technologies Holdings, Inc.		1,248,287
				3,341,239
	Real Estate - 8.3%
	26,133	Annaly Capital Management, Inc.		263,159
	61,106	Brixmor Property Group, Inc.		1,432,936
	9,208	Corporate Office Properties Trust		242,999
	10,063	Equity One, Inc.		247,852
	14,477	Piedmont Office Realty Trust, Inc. Class A		253,058
	5,994	Public Storage		1,126,333
	13,175	Sovran Self Storage, Inc.		1,150,704
	164,886	Two Harbors Investment Corp.		1,731,303
				6,448,344
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 5.3%
	18,607	Allegion Public Ltd. Co.		1,137,818
	33,866	Charles Schwab Corp.		1,032,913
	50,130	E*TRADE Financial Corp. (a)		1,443,243
	5,539	Waddell & Reed Financial, Inc. Class A		273,183
	13,268	WisdomTree Investments, Inc.		252,623
				4,139,780
	Support Activities for Mining - 2.9%
	107,539	Frank’s International N.V.		2,236,811
	Telecommunications - 1.4%
	14,696	Level 3 Communications, Inc. (a)		822,094
	5,540	Verizon Communications, Inc.		279,438
				1,101,532
	Transportation Equipment Manufacturing - 2.7%
	12,300	BE Aerospace, Inc.		735,417
	2,402	Lear Corp.		266,694
	18,243	Triumph Group, Inc.		1,080,715
				2,082,826
	Utilities - 5.4%
	3,781	Dominion Resources, Inc.		271,022
	3,297	DTE Energy Co.		262,540

Shares			Fair Value
	Utilities (continued)
	16,798	Edison International	$	1,023,670
	4,298	IDACORP, Inc.		259,298
	36,373	Kinder Morgan, Inc.		1,562,220
	12,396	MDU Resources Group, Inc.		276,307
	2,604	NextEra Energy, Inc.		262,822
	6,117	Vectren Corp.		264,071
				4,181,950
		TOTAL COMMON STOCKS (Cost $77,455,347)	$	77,459,665
	SHORT TERM INVESTMENTS - 0.0% (*)
	Money Market Funds - 0.0% (*)
	4,917	Dreyfus Treasury Prime Cash Management, 0.00% (††)(b)	$	4,917
		TOTAL SHORT TERM INVESTMENTS (Cost $4,917)	$	4,917
		TOTAL INVESTMENTS - 99.9% (Cost $77,460,264)	$	77,464,582
		Other Assets in Excess of Liabilities - 0.1%		44,070
		TOTAL NET ASSETS - 100.0%	$	77,508,652

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(*) Less than 0.05%.

(a) Non-income producing security.

(b) Represents annualized seven-day yield at April 30, 2015.

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

14 DIREXION SEMI-ANNUAL REPORT

Direxion iBillionaire Index ETF

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	COMMON STOCKS - 99.8%
	Air Transportation - 3.5%
	26,984	Delta Air Lines Inc.	$	1,204,566
	Apparel Manufacturing - 3.4%
	11,389	PVH Corp.		1,177,053
	Chemical Manufacturing - 17.2%
	4,303	Actavis, Inc. (a)		1,217,147
	7,940	Air Products and Chemicals, Inc.		1,138,834
	7,842	Amgen, Inc.		1,238,330
	9,807	Monsanto Co.		1,117,606
	24,723	The Dow Chemical Co.		1,260,873
				5,972,790
	Computer and Electronic Product Manufacturing - 9.8%
	9,491	Apple, Inc.		1,187,798
	43,315	EMC Corp.		1,165,607
	37,971	Micron Technology, Inc. (a)		1,068,124
				3,421,529
	Electrical Equipment, Appliance, and Component Manufacturing - 2.9%
	5,747	Whirlpool Corp.		1,009,173
	Furniture and Related Product Manufacturing - 3.5%
	45,818	Masco Corp.		1,213,719
	General Merchandise Stores - 3.6%
	17,370	Dollar General Corp.		1,262,973
	Hospitals - 3.8%
	17,704	HCA Holdings, Inc. (a)		1,310,273
	Mining (except Oil and Gas) - 3.4%
	36,562	CONSOL Energy, Inc.		1,187,534
	Miscellaneous Manufacturing - 3.4%
	9,544	Thermo Fisher Scientific, Inc.		1,199,490
	Motion Picture and Sound Recording Industries - 3.5%
	14,616	Time Warner, Inc.		1,233,737
	Nonstore Retailers - 3.6%
	21,467	eBay Inc. (a)		1,250,667
	Oil and Gas Extraction - 2.7%
	58,869	Chesapeake Energy Corp.		928,364
	Other Information Services - 14.1%
	15,924	Facebook, Inc. (a)		1,254,334
	2,252	Google, Inc. Class A (a)		1,235,830
	2,270	Google, Inc. Class C (a)		1,219,878
	27,983	Yahoo, Inc. (a)		1,191,096
				4,901,138
	Plastics and Rubber Products Manufacturing - 3.6%
	44,598	Goodyear Tire & Rubber Co.		1,265,022
	Professional, Scientific, and Technical Services - 7.5%
	13,924	MasterCard, Inc.		1,256,084
	1,088	The Priceline Group Inc. (a)		1,346,737
				2,602,821
	Publishing Industries (except Internet) - 3.5%
	35,243	Twenty-First Century Fox, Inc.		1,201,081

Shares			Fair Value
	Textile Product Mills - 3.5%
	7,116	Mohawk Industries, Inc. (a)	$	1,234,626
	Transportation Equipment Manufacturing - 3.3%
	32,845	General Motors Co.		1,151,546
		TOTAL COMMON STOCKS (Cost $34,391,370)	$	34,728,102
	SHORT TERM INVESTMENTS - 0.2%
	Money Market Funds - 0.2%
	83,878	Short Term Investments Trust Treasury Portfolio, 0.01% (b)	$	83,878
		TOTAL SHORT TERM INVESTMENTS (Cost $83,878)	$	83,878
		TOTAL INVESTMENTS (Cost $34,475,248) - 100.0%	$	34,811,980
		Liabilities in Excess of Other Assets - 0.0% (†)		(4,997	)
		TOTAL NET ASSETS - 100.0%	$	34,806,983

Percentages are stated as a percent of net assets.

(†) Less than 0.05%.

(a) Non-income producing security.

(b) Represents annualized seven-day yield at April 30, 2015.

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

April 30, 2015 (Unaudited)

Shares			Fair Value
	COMMON STOCKS - 99.8%
	Accommodation - 1.0%
	9,538	Marriott International, Inc. Class A	$	763,517
	Administrative and Support Services - 4.0%
	11,000	Akamai Technologies, Inc. (a)		811,580
	15,529	Paychex, Inc.		751,448
	680	priceline.com, Inc. (a)		841,711
	9,282	TripAdvisor, Inc. (a)		747,108
				3,151,847
	Air Transportation - 0.9%
	14,375	American Airlines Group, Inc.		694,097
	Amusement, Gambling, and Recreation Industries - 0.9%
	6,168	Wynn Resorts Ltd.		685,080
	Beverage and Tobacco Product Manufacturing - 1.0%
	5,829	Monster Beverage Corp. (a)		799,214
	Broadcasting (except Internet) - 7.1%
	4,241	Charter Communications, Inc. Class A (a)		793,321
	6,776	Comcast Corp New		390,230
	6,742	Comcast Corp. Class A		389,418
	9,293	DIRECTV Class A (a)		842,922
	12,351	Discovery Communications, Inc. Class A (a)		399,678
	12,773	Discovery Communications, Inc. Class C (a)		386,128
	9,592	Liberty Interactive Corp. (a)		399,795
	13,530	Liberty Interactive Corp. Class A (a)		389,123
	201,404	Sirius Xm Hldgs, Inc. (a)		795,546
	11,490	Viacom, Inc. Class B		797,980
				5,584,141
	Building Material and Garden Equipment and Supplies Dealers - 1.0%
	18,950	Fastenal Co.		807,649
	Chemical Manufacturing - 5.8%
	4,270	Alexion Pharmaceuticals, Inc. (a)		722,612
	6,238	Celgene Corp. (a)		674,078
	7,836	Gilead Sciences, Inc. (a)		787,596
	12,711	Mylan N V (a)		918,497
	1,640	Regeneron Pharmaceuticals, Inc. (a)		750,235
	6,120	Vertex Pharmaceuticals, Inc. (a)		754,474
				4,607,492
	Clothing and Clothing Accessories Stores - 0.9%
	7,460	Ross Stores, Inc.		737,645
	Computer and Electronic Product Manufacturing - 21.4%
	34,226	Activision Blizzard, Inc.		780,866
	21,693	Altera Corp.		904,164
	13,126	Analog Devices, Inc.		811,712
	6,366	Apple, Inc.		796,705
	33,235	Applied Materials, Inc.		657,721
	6,014	Avago Technologies Ltd.		702,916
	17,427	Broadcom Corp. Class A		770,360
	28,184	Cisco Systems, Inc.		812,545
	16,197	Garmin Ltd.		731,942

Shares			Fair Value
	Computer and Electronic Product Manufacturing (continued)
	4,089	Illumina, Inc. (a)	$	753,398
	25,601	Intel Corp.		833,313
	16,516	Linear Technology Corp.		761,883
	27,949	Micron Technology, Inc. (a)		786,205
	21,479	NetApp, Inc.		778,614
	34,153	NVIDIA Corp.		758,026
	7,420	NXP Semiconductor NV (a)		713,210
	11,444	QUALCOMM, Inc.		778,192
	9,206	SanDisk Corp.		616,250
	14,185	Seagate Technology PLC		832,943
	13,522	Texas Instruments, Inc.		733,028
	7,981	Western Digital Corp.		780,063
	18,963	Xilinx, Inc.		822,236
				16,916,292
	Data Processing, Hosting and Related Services - 3.0%
	9,133	Automatic Data Processing, Inc.		772,104
	12,566	Citrix Systems, Inc. (a)		843,932
	9,983	Fiserv, Inc. (a)		774,681
				2,390,717
	Food and Beverage Stores - 0.9%
	14,853	Whole Foods Market, Inc.		709,379
	Food Manufacturing - 3.5%
	6,520	Keurig Green Mountain, Inc.		758,732
	12,941	Kraft Foods Group, Inc.		1,096,750
	23,074	Mondelez International, Inc.		885,349
				2,740,831
	Food Services and Drinking Places - 1.0%
	16,451	Starbucks Corp.		815,641
	Furniture and Home Furnishings Stores - 1.0%
	10,706	Bed Bath & Beyond, Inc. (a)		754,345
	General Merchandise Stores - 2.9%
	5,254	Costco Wholesale Corp.		751,585
	9,565	Dollar Tree, Inc. (a)		730,861
	9,013	Tractor Supply Co.		775,659
				2,258,105
	Health and Personal Care Stores - 2.0%
	9,388	Express Scripts Holding Co. (a)		811,123
	9,086	Walgreens Boots Alliance Inc.		753,502
				1,564,625
	Insurance Carriers and Related Activities - 1.1%
	11,211	Verisk Analytics, Inc. Class A (a)		841,273
	Machinery Manufacturing - 1.9%
	12,615	KLA-Tencor Corp.		741,762
	10,117	Lam Research Corp.		764,643
				1,506,405
	Merchant Wholesalers, Durable Goods - 2.0%
	5,605	Henry Schein, Inc. (a)		768,445
	3,732	O’Reilly Automotive, Inc. (a)		812,942
				1,581,387
	Merchant Wholesalers, Nondurable Goods - 1.0%
	5,800	Sigma-Aldrich Corp.		805,736

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

16 DIREXION SEMI-ANNUAL REPORT

Direxion NASDAQ-100^® Equal Weighted Index Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	Miscellaneous Manufacturing - 2.2%
	1,575	Intuitive Surgical, Inc. (a)	$	781,168
	33,400	Mattel, Inc.		940,544
				1,721,712
	Miscellaneous Store Retailers - 1.0%
	49,330	Staples, Inc.		805,066
	Motion Picture and Sound Recording Industries - 1.3%
	1,871	Netflix, Inc. (a)		1,041,211
	Nonstore Retailers - 2.1%
	2,118	Amazon.com, Inc. (a)		893,330
	13,837	eBay, Inc. (a)		806,144
				1,699,474
	Other Information Services - 4.8%
	3,769	Baidu, Inc. ADR (a)		754,855
	9,566	Facebook, Inc. (a)		753,514
	709	Google, Inc. Class A (a)		389,078
	717	Google, Inc. Class C (a)		385,210
	7,800	Liberty Global Plc (a)		393,510
	7,527	Liberty Global PLC Class A (a)		392,458
	17,799	Yahoo!, Inc. (a)		757,615
				3,826,240
	Professional, Scientific, and Technical Services - 3.7%
	4,713	Amgen, Inc.		744,230
	1,685	Biogen Idec, Inc. (a)		630,072
	10,872	Cerner Corp. (a)		780,718
	12,513	Cognizant Technology Solutions Corp. Class A (a)		732,511
				2,887,531
	Publishing Industries (except Internet) - 10.4%
	10,361	Adobe Systems, Inc. (a)		788,058
	13,145	Autodesk, Inc. (a)		747,030
	24,365	CA, Inc.		774,076
	16,273	Catamaran Corp. (a)		965,803
	9,417	Check Point Software Technologies Ltd. (a)		786,131
	13,994	Electronic Arts, Inc. (a)		812,911
	7,982	Intuit, Inc.		800,834
	18,695	Microsoft Corp.		909,325
	32,878	Symantec Corp.		819,484
	11,651	Twenty First Century Fox - B		388,561
	11,353	Twenty First Century Fox - A		386,910
				8,179,123
	Support Activities for Transportation - 1.8%
	10,630	C.H. Robinson Worldwide, Inc.		684,466
	16,270	Expeditors International of Washington, Inc.		745,654
				1,430,120
	Telecommunications - 5.0%
	10,919	Dish Network Corp. (a)		738,779
	10,024	Liberty Media Corp - A		380,411
	9,997	Liberty Media Corp - C		383,685
	6,540	SBA Communications Corp. (a)		757,463
	150,110	VimpelCom Ltd. ADR ADR		851,124
	23,605	Vodafone Group Plc New ADR		830,896
				3,942,358

Shares			Fair Value
	Transportation Equipment Manufacturing - 2.2%
	12,602	PACCAR, Inc.	$	823,541
	4,046	Tesla Motors, Inc. (a)		914,598
				1,738,139
	Waste Management and Remediation Services - 1.0%
	5,734	Stericycle, Inc. (a)		765,088
		TOTAL COMMON STOCKS (Cost $74,941,933)	$	78,751,480
	SHORT TERM INVESTMENTS - 0.0% (†)
	Money Market Funds - 0.0% (†)
	776	Dreyfus Treasury Prime Cash Management, 0.00% (††)(b)	$	776
		TOTAL SHORT TERM INVESTMENTS (Cost $776)	$	776
		TOTAL INVESTMENTS - 99.8% (Cost $74,942,709)	$	78,752,256
		Other Assets in Excess of Liabilities - 0.2%		167,960
		TOTAL NET ASSETS - 100.0%	$	78,920,216

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Represents annualized seven-day yield at April 30, 2015.

(††) Less than 0.005%.

ADR — American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT 17

Direxion S&P 500^® Volatility Response Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	COMMON STOCKS - 99.9%
	Accommodation - 0.3%
	1,339	Host Hotels & Resorts, Inc.	$	26,967
	366	Marriott International, Inc. Class A		29,298
	303	Starwood Hotels & Resorts Worldwide, Inc.		26,043
	214	Wyndham Worldwide Corp.		18,276
				100,584
	Administrative and Support Services - 1.1%
	317	Akamai Technologies, Inc. (a)		23,388
	768	Baker Hughes, Inc.		52,577
	63	Dun & Bradstreet Corp.		8,043
	212	Equifax, Inc.		20,549
	330	Iron Mountain, Inc.		11,382
	315	Moody’s Corp.		33,869
	578	Paychex, Inc.		27,969
	92	priceline.com, Inc. (a)		113,879
	238	Robert Half International, Inc.		13,197
	302	The ADT Corp.		11,355
	197	TripAdvisor, Inc. (a)		15,857
	754	Waste Management, Inc.		37,346
				369,411
	Air Transportation - 0.5%
	1,267	American Airlines Group, Inc.		61,177
	1,457	Delta Air Lines, Inc.		65,041
	1,195	Southwest Airlines Co.		48,469
				174,687
	Ambulatory Health Care Services - 0.2%
	305	DaVita, Inc. (a)		24,735
	177	Laboratory Corp. of America Holdings (a)		21,162
	256	Quest Diagnostics, Inc.		18,284
				64,181
	Amusement, Gambling, and Recreation Industries - 1.0%
	2,763	The Walt Disney Co.		300,393
	142	Wynn Resorts Ltd.		15,772
				316,165
	Apparel Manufacturing - 0.4%
	172	Cintas Corp.		13,752
	355	Michael Kors Holdings Ltd. (a)		21,960
	146	PVH Corp.		15,089
	295	Under Armour, Inc. Class A (a)		22,877
	605	V F Corp.		43,820
				117,498
	Beverage and Tobacco Product Manufacturing - 3.6%
	3,479	Altria Group, Inc.		174,124
	276	Brown Forman Corp. Class B		24,904
	6,944	Coca-Cola Co.		281,649
	384	Coca-Cola Enterprises, Inc.		17,054
	297	Constellation Brands, Inc. Class A (a)		34,434
	340	Dr Pepper Snapple Group, Inc.		25,357
	636	Lorillard, Inc.		44,431
	283	Molson Coors Brewing Co. Class B		20,803
	258	Monster Beverage Corp. (a)		35,374

Shares			Fair Value
	Beverage and Tobacco Product Manufacturing (continued)
	2,620	Pepsico, Inc.	$	249,214
	2,733	Philip Morris International, Inc.		228,124
	544	Reynolds American, Inc.		39,875
				1,175,343
	Broadcasting (except Internet) - 1.7%
	387	Cablevision Systems Corp. Class A		7,732
	808	CBS Corp. Class B		50,201
	4,490	Comcast Corp. Class A		259,342
	889	DIRECTV Class A (a)		80,637
	263	Discovery Communications, Inc. Class A (a)		8,511
	478	Discovery Communications, Inc. Class C (a)		14,450
	172	Scripps Networks Interactive, Inc. Class A		12,016
	496	Time Warner Cable, Inc.		77,138
	645	Viacom, Inc. Class B		44,795
				554,822
	Building Material and Garden Equipment and Supplies Dealers - 1.2%
	482	Fastenal Co.		20,543
	2,329	Home Depot, Inc.		249,156
	1,720	Lowe’s Companies, Inc.		118,439
				388,138
	Chemical Manufacturing - 11.1%
	2,666	Abbott Laboratories		123,756
	2,816	AbbVie, Inc.		182,083
	690	Actavis PLC (a)		195,173
	340	Air Products & Chemicals, Inc.		48,766
	358	Alexion Pharmaceuticals, Inc. (a)		60,584
	2,936	Bristol-Myers Squibb Co.		187,111
	1,415	Celgene Corp. (a)		152,905
	86	CF Industries Holdings, Inc.		24,722
	232	Clorox Co.		24,615
	1,506	Colgate-Palmolive Co.		101,324
	1,600	E.I. du Pont de Nemours and Co.		117,120
	263	Eastman Chemical Co.		20,046
	476	Ecolab, Inc.		53,302
	1,727	Eli Lilly & Co.		124,120
	315	Endo Health Solutions, Inc. (a)		26,480
	235	FMC Corp.		13,938
	2,632	Gilead Sciences, Inc. (a)		264,542
	303	Hospira, Inc. (a)		26,449
	142	International Flavors & Fragrances, Inc.		16,295
	4,913	Johnson & Johnson		487,370
	701	LyondellBasell Industries N.V. Class A		72,568
	206	Mallinckrodt PLC (a)		23,315
	358	Mead Johnson Nutrition Co.		34,339
	5,015	Merck & Co., Inc.		298,693
	853	Monsanto Co.		97,208
	549	Mosaic Co.		24,156
	719	Mylan NV (a)		51,955
	249	Perrigo Company PLC		45,637
	10,830	Pfizer, Inc.		367,462

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

18 DIREXION SEMI-ANNUAL REPORT

Direxion S&P 500^® Volatility Response Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	Chemical Manufacturing (continued)
	239	PPG Industries, Inc.	$	52,953
	511	Praxair, Inc.		62,306
	131	Regeneron Pharmaceuticals, Inc. (a)		59,927
	1,923	The Dow Chemical Co.		98,073
	427	Vertex Pharmaceuticals, Inc. (a)		52,641
	885	Zoetis, Inc.		39,312
				3,631,246
	Clothing and Clothing Accessories Stores - 0.7%
	468	Gap, Inc.		18,552
	709	Hanesbrands, Inc.		22,036
	434	L Brands, Inc.		38,782
	249	Nordstrom, Inc.		18,814
	365	Ross Stores, Inc.		36,091
	198	Tiffany & Co.		17,321
	1,206	TJX Companies, Inc.		77,835
	176	Urban Outfitters, Inc. (a)		7,047
				236,478
	Computer and Electronic Product Manufacturing -10.4%
	593	Agilent Technologies, Inc.		24,532
	532	Altera Corp.		22,174
	548	Amphenol Corp. Class A		30,343
	551	Analog Devices, Inc.		34,074
	10,292	Apple, Inc.		1,288,044
	2,171	Applied Materials, Inc.		42,964
	454	Avago Technologies Ltd.		53,064
	963	Broadcom Corp. Class A		42,569
	9,020	Cisco Systems, Inc.		260,047
	1,085	Danaher Corp.		88,840
	3,513	EMC Corp.		94,535
	133	First Solar, Inc. (a)		7,936
	248	FLIR System, Inc.		7,661
	78	Fossil Group, Inc. (a)		6,550
	215	Garmin Ltd.		9,716
	121	Harman International Industries, Inc.		15,776
	185	Harris Corp.		14,844
	3,211	Hewlett-Packard Co.		105,867
	8,369	Intel Corp.		272,411
	641	Juniper Networks, Inc.		16,942
	146	L-3 Communications Holdings, Inc.		16,777
	423	Linear Technology Corp.		19,513
	356	Microchip Technology, Inc.		16,965
	1,904	Micron Technology, Inc. (a)		53,559
	337	Motorola Solutions, Inc.		20,136
	551	NetApp, Inc.		19,974
	351	Northrop Grumman Corp.		54,068
	912	NVIDIA Corp.		20,242
	199	PerkinElmer, Inc.		10,201
	2,915	QUALCOMM, Inc.		198,220
	543	Raytheon Co.		56,472
	239	Rockwell Automation, Inc.		28,345
	177	Roper Industries, Inc.		29,766
	377	SanDisk Corp.		25,236
	581	Seagate Technology PLC		34,116
	337	Skyworks Solutions, Inc.		31,088
	497	St. Jude Medical, Inc.		34,815
	256	Teradata Corp. (a)		11,261

Shares			Fair Value
	Computer and Electronic Product Manufacturing (continued)
	1,851	Texas Instruments, Inc.	$	100,343
	702	Thermo Fisher Scientific, Inc.		88,227
	743	Tyco Intl Plc		29,259
	176	Varian Medical Systems, Inc. (a)		15,638
	384	Western Digital Corp.		37,532
	462	Xilinx, Inc.		20,032
				3,410,674
	Construction of Buildings - 0.1%
	587	D.R. Horton, Inc.		14,910
	316	Lennar Corp. Class A		14,473
	585	PulteGroup, Inc.		11,290
				40,673
	Couriers and Messengers - 0.6%
	465	FedEx Corp.		78,850
	1,228	United Parcel Service, Inc. Class B		123,451
				202,301
	Credit Intermediation and Related Activities - 8.2%
	1,548	American Express Co.		119,893
	323	Ameriprise Financial, Inc.		40,465
	18,588	Bank Of America Corp.		296,107
	1,969	Bank Of New York Mellon Corp.		83,367
	1,274	BB&T Corp.		48,781
	974	Capital One Financial Corp.		78,748
	5,360	Citigroup, Inc.		285,795
	316	Comerica, Inc.		14,982
	790	Discover Financial Services		45,796
	504	Fidelity National Information Services, Inc.		31,495
	1,439	Fifth Third Bancorp		28,780
	486	H & R Block, Inc.		14,697
	850	Hudson City Bancorp, Inc.		7,905
	1,432	Huntington Bancshares, Inc.		15,552
	6,588	JPMorgan Chase & Co.		416,757
	1,512	KeyCorp		21,848
	235	M&T Bank Corp.		28,122
	388	Northern Trust Corp.		28,382
	544	People’s United Financial, Inc.		8,220
	920	PNC Financial Services Group, Inc.		84,392
	2,373	Regions Financial Corp.		23,327
	728	State Street Corp.		56,143
	928	SunTrust Banks, Inc.		38,512
	3,147	U.S. Bancorp		134,912
	3,428	Visa, Inc. Class A		226,419
	8,285	Wells Fargo & Co.		456,504
	921	Western Union Co.		18,678
	358	Zions Bancorporation		10,144
				2,664,723
	Data Processing, Hosting and Related Services - 0.5%
	840	Automatic Data Processing, Inc.		71,014
	283	Citrix Systems, Inc. (a)		19,006
	422	Fiserv, Inc. (a)		32,747
	324	Red Hat, Inc. (a)		24,384
	291	Total System Services, Inc.		11,512
				158,663

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

DIREXION SEMI-ANNUAL REPORT 19

Direxion S&P 500^® Volatility Response Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	Electrical Equipment, Appliance, and Component Manufacturing - 0.7%
	426	AMETEK Inc New	$	22,331
	2,246	Corning, Inc.		47,009
	288	Dover Corp.		21,808
	1,210	Emerson Electric Co.		71,184
	717	TE Connectivity Ltd.		47,716
	138	Whirlpool Corp.		24,233
				234,281
	Electronics and Appliance Stores - 0.1%
	515	Best Buy Co., Inc.		17,845
	192	GameStop Corp. Class A		7,399
				25,244
	Fabricated Metal Product Manufacturing - 0.3%
	243	Ball Corp.		17,839
	252	Parker Hannifin Corp.		30,079
	323	Pentair PLC		20,074
	102	Snap-on, Inc.		15,254
	278	Stanley Black & Decker, Inc.		27,439
				110,685
	Food and Beverage Stores - 0.3%
	869	Kroger Co.		59,883
	638	Whole Foods Market, Inc.		30,471
				90,354
	Food Manufacturing - 1.5%
	1,121	Archer-Daniels Midland Co.		54,794
	315	Campbell Soup Co.		14,084
	752	ConAgra Foods, Inc.		27,185
	1,067	General Mills, Inc.		59,048
	237	Hormel Foods Corp.		12,881
	447	Kellogg Co.		28,308
	215	Keurig Green Mountain, Inc.		25,020
	1,039	Kraft Foods Group, Inc.		88,055
	227	McCormick & Co, Inc.		17,093
	2,915	Mondelez International, Inc.		111,849
	261	The Hershey Co.		23,991
	172	The J.M. Smucker Co.		19,938
	516	Tyson Foods, Inc. Class A		20,382
				502,628
	Food Services and Drinking Places - 1.3%
	55	Chipotle Mexican Grill, Inc. (a)		34,174
	219	Darden Restaurants, Inc.		13,966
	1,699	McDonald’s Corp.		164,038
	2,650	Starbucks Corp.		131,387
	766	Yum! Brands, Inc.		65,845
				409,410
	Forestry and Logging - 0.0%(†)
	311	Plum Creek Timber Co., Inc.		13,124
	Furniture and Home Furnishings Stores - 0.1%
	328	Bed Bath & Beyond, Inc. (a)		23,111
	Furniture and Related Product Manufacturing - 0.2%
	1,161	Johnson Controls, Inc.		58,491
	245	Leggett & Platt, Inc.		10,405
				68,896

Shares			Fair Value
	General Merchandise Stores - 1.8%
	778	Costco Wholesale Corp.	$	111,293
	537	Dollar General Corp.		39,045
	363	Dollar Tree, Inc. (a)		27,737
	170	Family Dollar Stores, Inc.		13,284
	357	Kohl’s Corp.		25,579
	603	Macy’s, Inc.		38,972
	1,126	Target Corp.		88,763
	240	Tractor Supply Co.		20,654
	2,791	Wal-Mart Stores, Inc.		217,837
				583,164
	Health and Personal Care Stores - 1.6%
	1,988	CVS Caremark Corp.		197,388
	1,285	Express Scripts Holding Co. (a)		111,024
	412	McKesson Corp.		92,041
	1,541	Walgreens Boots Alliance Inc.		127,795
				528,248
	Hospitals - 0.2%
	521	HCA Holdings, Inc. (a)		38,559
	174	Tenet Healthcare Corp. (a)		8,328
	161	Universal Health Services, Inc. Class B		18,829
				65,716
	Insurance Carriers and Related Activities - 5.4%
	578	ACE Ltd.		61,840
	622	Aetna, Inc.		66,473
	775	Aflac, Inc.		48,856
	736	Allstate Corp.		51,270
	2,425	American International Group, Inc.		136,503
	472	Anthem, Inc.		71,239
	495	Aon PLC		47,634
	122	Assurant, Inc.		7,498
	3,222	Berkshire Hathaway, Inc. Class B (a)		454,979
	408	Chubb Corp.		40,127
	457	CIGNA Corp.		56,960
	260	Cincinnati Financial Corp.		13,166
	878	Genworth Financial, Inc. Class A (a)		7,718
	744	Hartford Financial Services Group, Inc.		30,333
	264	Humana, Inc.		43,718
	453	Lincoln National Corp.		25,590
	527	Loews Corp.		21,944
	951	Marsh & McLennan Companies, Inc.		53,408
	1,975	MetLife, Inc.		101,298
	483	Principal Financial Group, Inc.		24,691
	947	Progressive Corp.		25,247
	803	Prudential Financial, Inc.		65,525
	225	Torchmark Corp.		12,625
	567	Travelers Companies, Inc.		57,329
	1,685	UnitedHealth Group, Inc.		187,709
	444	Unum Group		15,167
	534	XL Group PLC		19,801
				1,748,648
	Leather and Allied Product Manufacturing - 0.4%
	1,237	NIKE, Inc. Class B		122,265
	Machinery Manufacturing - 3.2%
	343	Cameron International Corp. (a)		18,803

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

20 DIREXION SEMI-ANNUAL REPORT

Direxion S&P 500^® Volatility Response Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	Machinery Manufacturing (continued)
	1,071	Caterpillar, Inc.	$	93,049
	297	Cummins, Inc.		41,063
	600	Deere & Co.		54,312
	237	Flowserve Corp.		13,872
	409	FMC Technologies, Inc. (a)		18,037
	17,785	General Electric Co.		481,618
	465	Ingersoll-Rand PLC		30,616
	172	Joy Global, Inc.		7,334
	288	KLA-Tencor Corp.		16,934
	281	Lam Research Corp.		21,238
	724	National Oilwell Varco, Inc.		39,393
	189	Pall Corp.		18,393
	357	Pitney Bowes, Inc.		7,986
	1,460	United Technologies Corp.		166,075
	322	Xylem, Inc.		11,920
				1,040,643
	Management of Companies and Enterprises - 0.1%
	1,142	AES Corp.		15,132
	212	AGL Resources, Inc.		10,657
				25,789
	Merchant Wholesalers, Durable Goods - 0.5%
	513	Delphi Automotive PLC		42,579
	149	Henry Schein, Inc. (a)		20,428
	180	O’Reilly Automotive, Inc. (a)		39,209
	152	Patterson Companies, Inc		7,137
	106	W.W. Grainger, Inc.		26,334
	1,848	Xerox Corp.		21,252
				156,939
	Merchant Wholesalers, Nondurable Goods - 1.7%
	120	Airgas, Inc.		12,154
	368	AmerisourceBergen Corp.		42,062
	583	Cardinal Health, Inc.		49,170
	4,772	Procter & Gamble Co.		379,422
	107	Ralph Lauren Corp.		14,275
	211	Sigma-Aldrich Corp.		29,312
	1,047	Sysco Corp.		38,770
				565,165
	Mining (except Oil and Gas) - 0.4%
	407	CONSOL Energy, Inc.		13,219
	1,838	Freeport-McMoRan Copper & Gold, Inc.		42,770
	109	Martin Marietta Materials, Inc.		15,549
	881	Newmont Mining Corp.		23,338
	234	Vulcan Materials Co.		20,012
				114,888
	Miscellaneous Manufacturing - 1.8%
	1,122	3M Co.		175,470
	959	Baxter International, Inc.		65,922
	368	Becton, Dickinson & Co.		51,840
	2,350	Boston Scientific Corp. (a)		41,877
	131	C.R. Bard, Inc.		21,822
	487	Coach, Inc.		18,608
	248	DENTSPLY International, Inc.		12,648
	191	Edwards Lifesciences Corp. (a)		24,190
	394	Estee Lauder Companies, Inc. Class A		32,028

Shares			Fair Value
	Miscellaneous Manufacturing (continued)
	197	Hasbro, Inc.	$	13,946
	65	Intuitive Surgical, Inc. (a)		32,239
	597	Mattel, Inc.		16,811
	528	Stryker Corp.		48,703
	299	Zimmer Holdings, Inc.		32,842
				588,946
	Miscellaneous Store Retailers - 0.1%
	1,132	Staples, Inc.		18,474
	Motion Picture and Sound Recording Industries - 0.6%
	107	Netflix, Inc. (a)		59,546
	1,467	Time Warner, Inc.		123,829
				183,375
	Motor Vehicle and Parts Dealers - 0.2%
	132	AutoNation, Inc. (a)		8,124
	57	AutoZone, Inc. (a)		38,342
	370	CarMax, Inc. (a)		25,201
				71,667
	Nonmetallic Mineral Product Manufacturing - 0.1%
	290	Owens-Illinois, Inc. (a)		6,934
	142	The Sherwin Williams Co.		39,476
				46,410
	Nonstore Retailers - 1.2%
	673	Amazon.com, Inc. (a)		283,858
	1,946	eBay, Inc. (a)		113,374
				397,232
	Oil and Gas Extraction - 2.1%
	895	Anadarko Petroleum Corp.		84,220
	666	Apache Corp.		45,554
	730	Cabot Oil & Gas Corp.		24,689
	913	Chesapeake Energy Corp.		14,398
	155	Cimarex Energy Co.		19,282
	683	Devon Energy Corp.		46,587
	970	EOG Resources, Inc.		95,982
	190	Helmerich & Payne, Inc.		14,814
	429	Hess Corp.		32,990
	285	Newfield Exploration Co. (a)		11,183
	684	Noble Energy, Inc.		34,693
	1,362	Occidental Petroleum Corp.		109,096
	961	Phillips 66		76,217
	263	Pioneer Natural Resources Co.		45,441
	286	QEP Resources, Inc.		6,435
	294	Range Resources Corp.		18,687
	680	Southwestern Energy Co. (a)		19,060
				699,328
	Other Information Services - 2.8%
	3,710	Facebook, Inc. (a)		292,237
	505	Google, Inc. Class A (a)		277,129
	507	Google, Inc. Class C (a)		272,618
	186	VeriSign, Inc. (a)		11,813
	1,538	Yahoo!, Inc. (a)		65,465
				919,262
	Paper Manufacturing - 0.4%
	746	International Paper Co.		40,075

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

DIREXION SEMI-ANNUAL REPORT 21

Direxion S&P 500^® Volatility Response Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	Paper Manufacturing (continued)
	645	Kimberly-Clark Corp.	$	70,750
	296	MeadWestvaco Corp.		14,445
	372	Sealed Air Corp.		16,963
				142,233
	Petroleum and Coal Products Manufacturing - 3.6%
	3,323	Chevron Corp.		369,052
	7,413	Exxon Mobil Corp.		647,674
	1,193	Marathon Oil Corp.		37,102
	483	Marathon Petroleum Corp.		47,609
	295	Murphy Oil Corp.		14,045
	220	Tesoro Corp.		18,883
	910	Valero Energy Corp.		51,779
				1,186,144
	Pipeline Transportation - 0.2%
	1,190	Williams Companies, Inc.		60,916
	Plastics and Rubber Products Manufacturing - 0.3%
	477	Goodyear Tire & Rubber Co.		13,530
	617	Illinois Tool Works, Inc.		57,739
	479	Newell Rubbermaid, Inc.		18,264
				89,533
	Primary Metal Manufacturing - 0.4%
	2,160	Alcoa, Inc.		28,988
	192	Allegheny Technologies, Inc.		6,526
	563	Nucor Corp.		27,508
	251	Precision Castparts Corp.		51,879
				114,901
	Printing and Related Support Activities - 0.0% (†)
	160	Avery Dennison Corp.		8,894
	Professional, Scientific, and Technical Services - 3.9%
	1,110	Accenture PLC Class A		102,842
	111	Alliance Data Systems Corp. (a)		33,001
	1,340	Amgen, Inc.		211,599
	415	Biogen Idec, Inc. (a)		155,181
	539	Cerner Corp. (a)		38,706
	1,077	Cognizant Technology Solutions Corp. Class A (a)		63,048
	250	Computer Sciences Corp.		16,113
	128	F5 Networks, Inc. (a)		15,619
	260	Fluor Corp.		15,636
	1,625	International Business Machines Corp.		278,346
	728	Interpublic Group of Companies, Inc.		15,172
	227	Jacobs Engineering Group, Inc. (a)		9,729
	1,725	MasterCard, Inc. Class A		155,612
	557	Nielsen Holdings N.V.		25,032
	436	Omnicom Group, Inc.		33,031
	1,070	Salesforce.com, Inc. (a)		77,917
	148	Waters Corp. (a)		18,528
				1,265,112
	Publishing Industries (except Internet) - 4.1%
	841	Adobe Systems, Inc. (a)		63,967
	399	Autodesk, Inc. (a)		22,675
	563	CA, Inc.		17,887
	549	Electronic Arts, Inc. (a)		31,891

Shares			Fair Value
	Publishing Industries (except Internet) (continued)
	400	Gannett Co., Inc.	$	13,728
	488	Intuit, Inc.		48,961
	483	McGraw-Hill Financial, Inc.		50,377
	14,496	Microsoft Corp.		705,085
	882	News Corp. Class A (a)		13,918
	5,664	Oracle Corp.		247,064
	1,206	Symantec Corp.		30,060
	3,230	Twenty-First Century Fox, Inc.		110,078
				1,355,691
	Rail Transportation - 0.9%
	1,750	CSX Corp.		63,157
	195	Kansas City Southern		19,986
	543	Norfolk Southern Corp.		54,762
	1,557	Union Pacific Corp.		165,400
				303,305
	Real Estate - 2.2%
	747	American Tower Corp.		70,614
	277	Apartment Investment & Management Co. Class A		10,451
	234	AvalonBay Communities, Inc.		38,455
	270	Boston Properties, Inc.		35,724
	494	CBRE Group, Inc. Class A (a)		18,940
	644	Equity Residential		47,566
	116	Essex Property Trust, Inc.		25,746
	1,110	General Growth Properties, Inc.		30,414
	814	HCP, Inc.		32,796
	617	Health Care REIT, Inc.		44,436
	729	Kimco Realty Corp.		17,569
	249	Macerich Co.		20,358
	905	Prologis, Inc.		36,381
	256	Public Storage		48,105
	397	Realty Income Corp.		18,647
	549	Simon Property Group, Inc.		99,638
	174	SL Green Realty Corp.		21,291
	584	Ventas, Inc.		40,238
	309	Vornado Realty Trust		31,978
	929	Weyerhaeuser Co.		29,273
				718,620
	Rental and Leasing Services - 0.1%
	93	Ryder System, Inc.		8,868
	170	United Rentals, Inc. (a)		16,419
				25,287
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.6%
	96	Affiliated Managers Group (a)		21,708
	170	Allegion Public Ltd. Co.		10,396
	225	BlackRock, Inc.		81,886
	2,039	Charles Schwab Corp.		62,189
	561	CME Group, Inc.		51,001
	511	E*TRADE Financial Corp. (a)		14,712
	692	Franklin Resources, Inc.		35,680
	716	Goldman Sachs Group, Inc.		140,637
	198	IntercontinentalExchange, Inc.		44,457
	759	Invesco Ltd. (b)		31,438
	175	Legg Mason, Inc.		9,214
	2,518	Medtronic, PLC		187,465

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

22 DIREXION SEMI-ANNUAL REPORT

Direxion S&P 500^® Volatility Response Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities (continued)
	2,724	Morgan Stanley	$	101,632
	209	NASDAQ OMX Group, Inc.		10,164
	710	Navient Corp.		13,873
	461	T. Rowe Price Group, Inc.		37,424
				853,876
	Specialty Trade Contractors - 0.0% (†)
	375	Quanta Services, Inc. (a)		10,841
	Support Activities for Mining - 1.4%
	2,177	ConocoPhillips		147,862
	119	Diamond Offshore Drilling, Inc.		3,983
	415	Ensco PLC Class A		11,321
	1,502	Halliburton Co.		73,523
	427	Noble Corp. PLC		7,391
	2,254	Schlumberger Ltd. (b)		213,251
	603	Transocean Ltd.		11,349
				468,680
	Support Activities for Transportation - 0.1%
	258	C.H. Robinson Worldwide, Inc.		16,613
	174	Expedia, Inc.		16,396
	338	Expeditors International of Washington, Inc.		15,490
				48,499
	Telecommunications - 2.6%
	9,171	AT&T, Inc.		317,683
	1,001	CenturyLink, Inc.		35,996
	590	Crown Castle International Corp.		49,283
	100	Equinix, Inc.		25,593
	1,772	Frontier Communications Corp.		12,156
	507	Level 3 Communications, Inc. (a)		28,362
	7,343	Verizon Communications, Inc.		370,381
				839,454
	Textile Product Mills - 0.1%
	110	Mohawk Industries, Inc. (a)		19,085
	Transportation Equipment Manufacturing - 2.6%
	1,158	Boeing Co.		165,988
	399	BorgWarner, Inc.		23,621
	839	Eaton Corp PLC		57,665
	6,990	Ford Motor Co.		110,442
	557	General Dynamics Corp.		76,487
	2,390	General Motors Co.		83,793
	375	Harley-Davidson, Inc.		21,079
	1,383	Honeywell International, Inc.		139,572
	475	Lockheed Martin Corp.		88,635
	626	PACCAR, Inc.		40,909
	235	Rockwell Collins, Inc.		22,873
	489	Textron, Inc.		21,506
				852,570
	Utilities - 3.6%
	428	Ameren Corp.		17,522
	865	American Electric Power Co., Inc.		49,193
	760	CenterPoint Energy, Inc.		15,937
	486	CMS Energy Corp.		16,490
	518	Consolidated Edison, Inc.		31,883

Shares			Fair Value
	Utilities (continued)
	1,039	Dominion Resources, Inc.	$	74,475
	314	DTE Energy Co.		25,004
	1,251	Duke Energy Corp.		97,040
	576	Edison International		35,101
	318	Entergy Corp.		24,543
	268	EQT Corp.		24,104
	560	Eversource Energy		27,306
	1,519	Exelon Corp.		51,676
	745	FirstEnergy Corp.		26,753
	140	Integrys Energy Group, Inc.		10,234
	3,011	Kinder Morgan, Inc.		129,322
	784	NextEra Energy, Inc.		79,129
	558	NiSource, Inc.		24,228
	596	NRG Energy, Inc.		15,043
	368	ONEOK, Inc.		17,701
	447	Pepco Holdings, Inc.		11,613
	842	PG&E Corp.		44,559
	195	Pinnacle West Capital Corp.		11,934
	1,178	PPL Corp.		40,087
	894	Public Service Enterprise Group, Inc.		37,137
	254	SCANA Corp.		13,457
	409	Sempra Energy		43,424
	1,607	Southern Co.		71,190
	1,187	Spectra Energy Corp.		44,216
	417	TECO Energy, Inc.		7,902
	398	Wisconsin Energy Corp.		19,550
	894	Xcel Energy, Inc.		30,316
				1,168,069
	Waste Management and Remediation Services - 0.1%
	443	Republic Services, Inc.		17,999
	151	Stericycle, Inc. (a)		20,148
				38,147
	Water Transportation - 0.2%
	796	Carnival Corp.		35,000
	291	Royal Caribbean Cruises Ltd.		19,806
				54,806
	Wholesale Electronic Markets and Agents and Brokers - 0.1%
	269	Genuine Parts Co.		24,170
	Wood Product Manufacturing - 0.1%
	557	Leucadia National Corp.		13,240
	617	Masco Corp.		16,344
				29,584
		TOTAL COMMON STOCKS (Cost $28,971,182)	$	32,637,896
		TOTAL INVESTMENTS - 99.9% (Cost $28,971,182)	$	32,637,896
		Other Assets in Excess of Liabilities - 0.1%		45,371
		TOTAL NET ASSETS - 100.0%	$	32,683,267

Percentages are stated as a percent of net assets.

(†) Less than 0.05%.

(a) Non-income producing security.

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

DIREXION SEMI-ANNUAL REPORT 23

Direxion Value Line^® Conservative Equity ETF

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	COMMON STOCKS - 99.6%
	Administrative and Support Services - 1.4%
	1,464	Paychex, Inc.	$	70,843
	1,314	Waste Management, Inc.		65,082
				135,925
	Ambulatory Health Care Services - 0.7%
	609	Laboratory Corp. of America Holdings (a)		72,812
	Amusement, Gambling, and Recreation Industries - 0.8%
	733	The Walt Disney Co.		79,692
	Beverage and Tobacco Product Manufacturing - 3.4%
	624	Anheuser-Busch InBev NV ADR		74,905
	772	Brown Forman Corp. Class B		69,658
	1,586	Coca-Cola Co.		64,328
	617	Diageo PLC ADR		68,499
	724	Pepsico, Inc.		68,867
				346,257
	Building Material and Garden Equipment and Supplies Dealers - 0.7%
	667	Home Depot, Inc.		71,356
	Chemical Manufacturing - 14.8%
	1,517	Abbott Laboratories		70,419
	479	Air Products & Chemicals, Inc.		68,703
	752	Bio-Techne Corp.		72,162
	1,152	Bristol-Myers Squibb Co.		73,417
	868	Church & Dwight Co., Inc.		70,456
	993	Colgate-Palmolive Co.		66,809
	950	E.I. du Pont de Nemours and Co.		69,540
	681	Ecolab, Inc.		76,258
	966	Eli Lilly & Co.		69,426
	1,616	GlaxoSmithKline PLC ADR		74,578
	459	IDEXX Laboratories, Inc. (a)		57,545
	686	International Flavors & Fragrances, Inc.		78,719
	652	Johnson & Johnson		64,678
	1,117	Merck & Co., Inc.		66,529
	735	Novartis AG ADR		74,823
	1,607	Novo-Nordisk A/S ADR		90,426
	2,144	Pfizer, Inc.		72,746
	302	PPG Industries, Inc.		66,911
	548	Praxair, Inc.		66,818
	1,493	Sanofi ADR		75,471
	1,226	Teva Pharmaceutical Industries Ltd. ADR		74,075
				1,500,509
	Clothing and Clothing Accessories Stores - 0.7%
	1,007	TJX Companies, Inc.		64,992
	Computer and Electronic Product Manufacturing - 6.1%
	634	Apple, Inc.		79,345
	1,909	Intel Corp.		62,138
	1,044	Motorola Solutions, Inc.		62,379
	467	Northrop Grumman Corp.		71,937
	924	QUALCOMM, Inc.		62,832
	634	Raytheon Co.		65,936
	449	Roper Technologies, Inc.		75,508

Shares			Fair Value
	Computer and Electronic Product Manufacturing (continued)
	1,301	Texas Instruments, Inc.	$	70,527
	794	Varian Medical Systems, Inc. (a)		70,547
				621,149
	Couriers and Messengers - 0.6%
	627	United Parcel Service, Inc. Class B		63,032
	Credit Intermediation and Related Activities - 2.1%
	1,626	Commerce Bancshares, Inc.		69,446
	1,023	Cullen/Frost Bankers, Inc.		74,618
	1,046	Visa, Inc. Class A		69,088
				213,152
	Data Processing, Hosting and Related Services - 0.7%
	816	Automatic Data Processing, Inc.		68,985
	Electrical Equipment, Appliance, and Component Manufacturing - 0.7%
	1,115	Emerson Electric Co.		65,595
	Food and Beverage Stores - 0.6%
	1,463	Weis Markets, Inc.		64,884
	Food Manufacturing - 6.5%
	1,920	ConAgra Foods, Inc.		69,408
	1,295	General Mills, Inc.		71,665
	1,338	Hormel Foods Corp.		72,720
	1,045	Kellogg Co.		66,180
	1,048	Kraft Foods Group, Inc.		88,818
	743	Lancaster Colony Corp.		66,618
	931	McCormick & Co, Inc.		70,104
	687	The J.M. Smucker Co.		79,637
	2,373	Tootsie Roll Industries, Inc.		73,516
				658,666
	Food Services and Drinking Places - 1.5%
	729	McDonald’s Corp.		70,385
	1,700	Starbucks Corp.		84,286
				154,671
	Furniture and Home Furnishings Stores - 0.6%
	893	Bed Bath & Beyond, Inc. (a)		62,921
	General Merchandise Stores - 2.7%
	475	Costco Wholesale Corp.		67,949
	981	Dollar Tree, Inc. (a)		74,958
	870	Target Corp.		68,582
	780	Wal-Mart Stores, Inc.		60,879
				272,368
	Health and Personal Care Stores - 1.4%
	715	CVS Health Corp.		70,993
	323	McKesson Corp.		72,158
				143,151
	Insurance Carriers and Related Activities - 9.6%
	604	ACE Ltd.		64,622
	150	Alleghany Corp. (a)		71,028
	981	Allstate Corp.		68,337
	725	Aon PLC		69,767
	1,156	Arch Capital Group Ltd. (a)		70,146
	1,445	Arthur J. Gallagher & Co.		69,114

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

24 DIREXION SEMI-ANNUAL REPORT

Direxion Value Line^® Conservative Equity ETF

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	Insurance Carriers and Related Activities (continued)
	459	Berkshire Hathaway, Inc. Class B (a)	$	64,815
	670	Chubb Corp.		65,895
	399	Everest Re Group Ltd.		71,385
	102	Markel Corp. (a)		75,545
	1,284	Torchmark Corp.		72,045
	652	Travelers Companies, Inc.		65,924
	681	UnitedHealth Group, Inc.		75,863
	1,392	W.R. Berkley Corp.		68,194
				972,680
	Leather and Allied Product Manufacturing - 0.7%
	725	NIKE, Inc. Class B		71,659
	Machinery Manufacturing - 1.4%
	786	Deere & Co.		71,149
	604	United Technologies Corp.		68,705
				139,854
	Management of Companies and Enterprises - 0.6%
	1,268	AGL Resources, Inc.		63,742
	Merchant Wholesalers, Durable Goods - 0.7%
	274	W.W. Grainger, Inc.		68,070
	Merchant Wholesalers, Nondurable Goods - 4.8%
	606	Airgas, Inc.		61,376
	747	AmerisourceBergen Corp.		85,382
	850	Cardinal Health, Inc.		71,689
	752	Procter & Gamble Co.		59,792
	491	Sigma-Aldrich Corp.		68,210
	1,716	Sysco Corp.		63,543
	1,726	Unilever PLC ADR		75,633
				485,625
	Miscellaneous Manufacturing - 3.9%
	425	3M Co.		66,466
	947	Baxter International, Inc.		65,097
	480	Becton, Dickinson & Co.		67,617
	407	C.R. Bard, Inc.		67,798
	729	Stryker Corp.		67,243
	582	Zimmer Holdings, Inc.		63,927
				398,148
	Nonmetallic Mineral Product Manufacturing - 0.7%
	258	The Sherwin Williams Co.		71,724
	Oil and Gas Extraction - 2.1%
	875	Occidental Petroleum Corp.		70,088
	2,730	Questar Corp.		63,991
	1,413	Total SA ADR		76,443
				210,522
	Other Information Services - 0.7%
	135	Google, Inc. Class C (a)		72,742
	Paper Manufacturing - 1.3%
	1,519	Bemis Co., Inc.		68,355
	592	Kimberly-Clark Corp.		64,937
				133,292
	Petroleum and Coal Products Manufacturing - 2.0%
	623	Chevron Corp.		69,190
	750	Exxon Mobil Corp.		65,528

Shares			Fair Value
	Petroleum and Coal Products Manufacturing (continued)
	1,042	Royal Dutch Shell PLC Class B ADR	$	67,303
				202,021
	Pipeline Transportation - 2.0%
	2,263	New Jersey Resources Corp.		69,044
	1,468	TransCanada Corp.		68,145
	1,255	WGL Holdings, Inc.		69,037
				206,226
	Plastics and Rubber Products Manufacturing - 0.7%
	740	Illinois Tool Works, Inc.		69,249
	Primary Metal Manufacturing - 0.6%
	292	Precision Castparts Corp.		60,353
	Professional, Scientific, and Technical Services - 3.7%
	777	Accenture PLC Class A		71,989
	1,405	Amdocs Ltd		77,373
	440	Amgen, Inc.		69,481
	1,321	Cognizant Technology Solutions Corp. Class A (a)		77,331
	432	International Business Machines Corp.		73,997
				370,171
	Publishing Industries (except Internet) - 2.9%
	765	Intuit, Inc.		76,753
	1,475	Microsoft Corp.		71,744
	1,561	Oracle Corp.		68,091
	1,598	Synopsys, Inc. (a)		74,914
				291,502
	Rail Transportation - 0.6%
	600	Union Pacific Corp.		63,738
	Real Estate - 0.7%
	352	Public Storage		66,144
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.7%
	946	Medtronic PLC		70,430
	Support Activities for Mining - 0.7%
	1,070	ConocoPhillips		72,674
	Telecommunications - 1.4%
	2,005	AT&T, Inc.		69,453
	1,432	Verizon Communications, Inc.		72,230
				141,683
	Transportation Equipment Manufacturing - 3.5%
	528	Boeing Co.		75,684
	496	General Dynamics Corp.		68,111
	687	Honeywell International, Inc.		69,332
	357	Lockheed Martin Corp.		66,616
	804	Rockwell Collins, Inc.		78,253
				357,996
	Utilities - 7.0%
	1,235	Atmos Energy Corp.		66,690
	1,232	Cleco Corp.		66,959
	1,019	Consolidated Edison, Inc.		62,720
	2,880	MDU Resources Group, Inc.		64,195

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

DIREXION SEMI-ANNUAL REPORT 25

Direxion Value Line^® Conservative Equity ETF

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	Utilities (continued)
	1,510	MGE Energy, Inc.	$	62,635
	1,389	Northwest Natural Gas Co.		64,866
	1,940	OGE Energy Corp.		63,399
	985	Pinnacle West Capital Corp.		60,282
	1,646	Public Service Enterprise Group, Inc.		68,375
	1,278	Wisconsin Energy Corp.		62,775
	2,057	Xcel Energy, Inc.		69,753
				712,649
	Wholesale Electronic Markets and Agents and Brokers - 0.6%
	664	Genuine Parts Co.		59,660
		TOTAL COMMON STOCKS (Cost $9,983,278)	$	10,092,671
		TOTAL INVESTMENTS - 99.6% (Cost $9,983,278)	$	10,092,671
		Other Assets in Excess of Liabilities - 0.4%		35,557
		TOTAL NET ASSETS - 100.0%	$	10,128,228

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

ADR — American Depository Receipt

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

26 DIREXION SEMI-ANNUAL REPORT

Direxion Value Line^® Mid- and Large-Cap High Dividend ETF

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	COMMON STOCKS - 93.7%
	Accomodation - 1.7%
	1,573	Wynn Resorts Ltd.	$	174,713
	Beverage and Tobacco Product Manufacturing - 1.9%
	3,993	Altria Group, Inc.		199,850
	Chemical Manufacturing - 9.5%
	1,400	Air Products and Chemicals, Inc.		200,802
	2,647	LyondellBasell Industries NV Class A		274,017
	4,531	The Dow Chemical Co.		231,081
	3,414	Westlake Chemical Corp.		266,224
				972,124
	Computer and Electronic Product Manufacturing - 11.7%
	7,282	Cisco Systems, Inc.		209,940
	1,046	Lockheed Martin Corp.		195,184
	1,854	Raytheon Co.		192,816
	3,084	Seagate Technology PLC		181,092
	3,804	Texas Instruments, Inc.		206,215
	4,897	Xilinx, Inc.		212,334
				1,197,581
	Credit Intermediation and Related Activities - 4.0%
	16,624	Fulton Financial Corp.		202,148
	3,782	Wells Fargo & Co.		208,388
				410,536
	Electrical Equipment, Appliance, and Component Manufacturing - 2.1%
	3,059	Eaton Corp. PLC		210,245
	Food Manufacturing - 1.9%
	2,412	Ingredion, Inc.		191,513
	Food Services and Drinking Places - 1.8%
	1,367	Cracker Barrel Old Country Store, Inc.		181,100
	General Merchandise Stores - 4.0%
	1,348	Costco Wholesale Corp.		192,831
	1,668	Dillard’s, Inc. Class A		219,492
				412,323
	Insurance Carriers and Related Activities - 2.0%
	4,001	Principal Financial Group, Inc.		204,531
	Machinery Manufacturing - 3.6%
	2,278	Caterpillar, Inc.		197,913
	3,191	National Oilwell Varco, Inc.		173,622
				371,535
	Miscellaneous Store Retailers - 2.0%
	5,375	KAR Auction Services, Inc.		200,004
	Paper Manufacturing - 8.0%
	3,813	Avery Dennison Corp.		211,965
	5,240	Domtar Corp.		226,473
	3,811	International Paper Co.		204,727
	2,563	Packaging Corp of America		177,334
				820,499

Shares			Fair Value
	Petroleum and Coal Products Manufacturing - 4.1%
	5,419	HollyFrontier Corp.	$	210,149
	2,618	Phillips 66		207,634
				417,783
	Plastics and Rubber Products Manufacturing - 4.0%
	1,241	3M Co.		194,080
	3,283	Tupperware Brands Corp.		219,501
				413,581
	Professional, Scientific, and Technical Services - 1.9%
	2,603	Omnicom Group, Inc.		197,203
	Publishing Industries (except Internet) - 2.3%
	4,949	Microsoft Corp.		240,719
	Real Estate - 7.1%
	5,335	Corrections Corporation of America		196,275
	8,375	Host Hotels & Resorts, Inc.		168,672
	4,841	The Geo Group, Inc.		188,799
	5,461	Weyerhaeuser Co.		172,076
				725,822
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.0%
	575	BlackRock, Inc.		209,265
	Sporting Goods, Hobby, Musical Instrument, and Book Stores - 2.2%
	5,847	GameStop Corp. Class A		225,343
	Telecommunications - 4.0%
	5,863	AT&T Inc.		203,095
	4,187	Verizon Communications, Inc.		211,192
				414,287
	Transportation Equipment Manufacturing - 4.2%
	8,184	General Electric Co.		221,623
	3,494	Thor Industries, Inc.		210,234
				431,857
	Utilities - 7.7%
	3,008	IDACORP, Inc.		181,473
	8,392	NRG Energy, Inc.		211,814
	6,358	OGE Energy Corp.		207,779
	3,739	Wisconsin Energy Corp.		183,660
				784,726
		TOTAL COMMON STOCKS (Cost $9,506,475)	$	9,607,140
	MASTER LIMITED PARTNERSHIPS - 6.1%
	Nonstore Retailers - 2.0%
	4,295	AmeriGas Partners, LP	$	209,295
	Pipeline Transportation - 2.1%
	3,968	Spectra Energy Partners, LP		214,986
	Support Activities for Transportation - 2.0%
	2,483	Magellan Midstream Partners, LP		207,331

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

DIREXION SEMI-ANNUAL REPORT 27

Direxion Value Line^® Mid- and Large-Cap High Dividend ETF

Schedule of Investments

April 30, 2015 (Unaudited)

	Fair Value
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $613,715)	$	631,612
TOTAL INVESTMENTS - 99.8% (Cost $10,120,190)	$	10,238,752
Other Assets in Excess of Liabilities - 0.2%		16,682
TOTAL NET ASSETS - 100.0%	$	10,255,434

Percentages are stated as a percent of net assets.

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

28 DIREXION SEMI-ANNUAL REPORT

Direxion Value Line^® Small- and Mid-Cap High Dividend ETF

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	COMMON STOCKS - 99.8%
	Beverage and Tobacco Product Manufacturing - 2.0%
	9,214	Vector Group Ltd.	$	204,090
	Building Material and Garden Equipment and Supplies Dealers - 2.0%
	2,784	MSC Industrial Direct Co., Inc.		197,831
	Chemical Manufacturing - 6.7%
	19,483	CVR Partners LP		283,672
	3,308	Innophos Holdings, Inc.		174,795
	3,231	Tupperware Brands Corp.		216,025
				674,492
	Clothing and Clothing Accessories Stores - 3.9%
	4,045	The Buckle, Inc.		181,216
	5,305	The Cato Corp.		208,699
				389,915
	Computer and Electronic Product Manufacturing - 1.8%
	4,952	Tessera Technologies, Inc.		178,817
	Credit Intermediation and Related Activities - 12.1%
	13,941	BBCN Bancorp, Inc.		197,823
	7,442	Columbia Banking System, Inc.		221,027
	16,359	Fulton Financial Corp.		198,925
	18,691	National Penn Bancshares, Inc.		194,386
	12,169	Umpqua Holdings Corp.		206,995
	5,553	United Bankshares, Inc.		208,682
				1,227,838
	Electronics and Appliance Stores - 2.2%
	5,754	GameStop Corp. Class A		221,759
	Food Manufacturing - 2.0%
	6,668	B&G Foods, Inc.		202,707
	Food Services and Drinking Places - 1.7%
	1,338	Cracker Barrel Old Country Store, Inc.		177,258
	Gasoline Stations - 2.1%
	4,272	Amerigas Partners LP		208,175
	Insurance Carriers and Related Activities - 12.0%
	4,953	Allied World Assurance Co. Holdings AG		203,767
	3,562	FBL Financial Group, Inc.		207,558
	5,928	Horace Mann Educators Corp.		201,374
	15,168	Maiden Holdings Ltd.		220,391
	4,360	ProAssurance Corp.		195,982
	3,156	Safety Insurance Group, Inc.		183,521
				1,212,593
	Machinery Manufacturing - 2.1%
	4,872	Lexmark International, Inc. Class A		216,268
	Management of Companies and Enterprises - 4.0%
	4,455	City Holding Co.		204,796
	7,552	First Interstate BancSystem, Inc.		204,357
				409,153
	Merchant Wholesalers, Nondurable Goods - 1.9%
	6,162	CrossAmerica Partners LP		193,487
	Mining (except Oil and Gas) - 1.6%
	4,657	Alliance Resource Partners LP		160,527

Shares			Fair Value
	Nonstore Retailers - 2.0%
	8,374	Ferrellgas Partners LP	$	205,079
	Oil and Gas Extraction - 2.3%
	4,433	Rose Rock Midstream LP		229,762
	Paper Manufacturing - 4.3%
	5,157	Domtar Corp.		222,886
	4,778	Schweitzer-Mauduit International, Inc.		211,235
				434,121
	Petroleum and Coal Products Manufacturing - 4.1%
	9,623	CVR Refining LP		207,279
	8,353	Northern Tier Energy LP		211,832
				419,111
	Pipeline Transportation - 4.0%
	6,423	Holly Energy Partners, LP		211,638
	2,773	TC Pipelines LP		188,786
				400,424
	Printing and Related Support Activities - 2.1%
	3,752	Avery Dennison Corp.		208,574
	Professional, Scientific, and Technical Services - 1.8%
	4,565	LPL Investment Holdings, Inc.		184,746
	Publishing Industries (except Internet) - 2.0%
	3,820	Meredith Corp.		198,793
	Real Estate - 3.7%
	5,251	Corrections Corporation of America		193,184
	4,764	The GEO Group, Inc.		185,796
				378,980
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 6.1%
	7,871	AllianceBernstein Holding LP		246,756
	4,655	Cohen & Steers, Inc.		176,238
	3,371	Westwood Holdings Group, Inc.		197,507
				620,501
	Transportation Equipment Manufacturing - 4.0%
	5,203	Sun Hydraulics Corp.		202,449
	3,438	Thor Industries, Inc.		206,864
				409,313
	Utilities - 5.3%
	6,809	Great Plains Energy, Inc.		178,260
	2,960	IDACORP, Inc.		178,577
	4,261	Vectren Corp.		183,947
				540,784
		TOTAL COMMON STOCKS (Cost $10,065,547)	$	10,105,098
		TOTAL INVESTMENTS - 99.8% (Cost $10,065,547)	$	10,105,098
		Other Assets in Excess of Liabilities - 0.2%		20,232
		TOTAL NET ASSETS - 100.0%	$	10,125,330

Percentages are stated as a percent of net assets.

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

DIREXION SEMI-ANNUAL REPORT 29

Direxion Zacks MLP High Income Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	MASTER LIMITED PARTNERSHIPS - 99.4%
	Management of Companies and Enterprises - 4.0%
	229,748	Compass Group Diversified Holdings	$	3,956,261
	Merchant Wholesalers, Nondurable Goods - 16.5%
	117,411	Cheniere Energy Partners LP		3,826,425
	242,314	Crestwood Midstream Partners LP		3,845,523
	124,022	Martin Midstream Partners LP		4,601,216
	131,890	NGL Energy Partners LP		3,859,101
				16,132,265
	Mining (except Oil and Gas) - 7.4%
	93,536	Alliance Resource Partners LP		3,224,186
	114,064	Hi-Crush Partners LP		4,026,459
				7,250,645
	Nonstore Retailers - 11.9%
	163,531	Ferrellgas Partners LP		4,004,874
	96,647	Global Partners LP		3,879,411
	84,225	Suburban Propane Partners LP		3,760,646
				11,644,931
	Oil and Gas Extraction - 11.7%
	74,140	Emerge Energy Services LP		3,114,621
	63,158	Markwest Energy Partners LP		4,260,639
	251,483	Vanguard Natural Resources LLC		4,149,470
				11,524,730
	Petroleum and Coal Products Manufacturing - 4.2%
	147,812	Calumet Specialty Products Partners LP		4,112,130
	Pipeline Transportation - 31.2%
	99,171	DCP Midstream Partners LP		4,046,177
	104,430	Delek Logistics Partners LP		4,391,281
	60,617	Energy Transfer Partners LP		3,502,450
	113,821	Holly Energy Partners LP		3,750,402
	99,596	NuStar GP Holdings LLC		3,889,224
	90,030	ONEOK Partners LP		3,776,759
	98,073	Summit Midstream Partners LP		3,476,688
	82,617	Targa Resources Partners LP		3,754,116
				30,587,097
	Support Activities for Mining - 8.4%
	163,601	Exterran Partners LP		4,373,055
	216,641	Memorial Production Partners LP		3,882,206
				8,255,261
	Water Transportation - 4.1%
	137,137	Golar LNG Partners LP		4,005,772
		TOTAL MASTER LIMITED PARTNERSHIPS (Cost $97,866,621)	$	97,469,092

Shares			Fair Value
	SHORT TERM INVESTMENTS - 0.3%
	Money Market Funds - 0.3%
	290,471	Short Term Investments Trust Treasury Portfolio, 0.01% (a)	$	290,471
		TOTAL SHORT TERM INVESTMENTS (Cost $290,471)	$	290,471
		TOTAL INVESTMENTS (Cost $98,157,092) - 99.7%	$	97,759,563
		Other Assets in Excess of Liabilities - 0.3%		275,380
		TOTAL NET ASSETS - 100.0%	$	98,034,943

Percentages are stated as a percent of net assets.

(a) Represents annualized seven-day yield at April 30, 2015.

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

30 DIREXION SEMI-ANNUAL REPORT

Direxion Daily 7-10 Year Treasury Bear 1X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 16.8%
	Money Market Funds - 16.8%
	252,632	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	252,632
		TOTAL SHORT TERM INVESTMENTS (Cost $252,632)	$	252,632
		TOTAL INVESTMENTS (Cost $252,632) - 16.8% (b)	$	252,632
		Other Assets in Excess of Liabilities - 83.2%		1,250,644
		TOTAL NET ASSETS - 100.0%	$	1,503,276

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $252,632.

Direxion Daily 7-10 Year Treasury Bear 1X Shares

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation (Depreciation)
Deutsche Bank AG London	iShares 7-10 Year Treasury Bond ETF		6,880	$	706,146		(1.670	)%		9/17/2015	$	(58,841	)
Credit Suisse International	iShares 7-10 Year Treasury Bond ETF		7,100		749,102		(0.570	)%		5/16/2016		(22,991	)
				$	1,455,248						$	(81,832	)

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

DIREXION SEMI-ANNUAL REPORT 31

Direxion Daily 20+ Year Treasury Bear 1X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 21.2%
	Money Market Funds - 21.2%
	3,110,121	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	3,110,121
		TOTAL SHORT TERM INVESTMENTS (Cost $3,110,121)	$	3,110,121
		TOTAL INVESTMENTS (Cost $3,110,121) - 21.2% (b)	$	3,110,121
		Other Assets in Excess of Liabilities - 78.8%		11,583,180
		TOTAL NET ASSETS - 100.0%	$	14,693,301

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated segregated amounted to $3,110,121.

Direxion Daily 20+ Year Treasury Bear 1X Shares

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	iShares 20+ Year Treasury Bond ETF		65,115	$	8,306,172		(0.570	)%		8/26/2015	$	76,057
Deutsche Bank AG London	iShares 20+ Year Treasury Bond ETF		51,545		6,489,434		(0.520	)%		9/17/2015		(54,774	)
				$	14,795,606						$	21,283

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

32 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Total Bond Market Bear 1X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 22.5%
	Money Market Funds - 22.5%
	290,000	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	290,000
	450,432	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		450,432
		TOTAL SHORT TERM INVESTMENTS (Cost $740,432)	$	740,432
		TOTAL INVESTMENTS (Cost $740,432) - 22.5% (b)	$	740,432
		Other Assets in Excess of Liabilities - 77.5% (c)		2,548,880
		TOTAL NET ASSETS - 100.0%	$	3,289,312

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated segregated amounted to $740,432.

(c) Includes $296,000 cash segregated as collateral for swap contracts.

Direxion Daily Total Bond Market Bear 1X Shares

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Bank of America Merrill Lynch	iShares® Core U.S. Aggregate Bond ETF		10,574	$	1,146,696		(0.469	)%		8/26/2015	$	(55,531	)
BNP Paribas	iShares® Core U.S. Aggregate Bond ETF		3,937		423,930		(0.120	)%		9/14/2015		(13,246	)
BNP Paribas	iShares® Core U.S. Aggregate Bond ETF		288		31,412		(0.120	)%		12/14/2015		(556	)
BNP Paribas	iShares® Core U.S. Aggregate Bond ETF		866		94,586		(0.120	)%		3/14/2016		(1,507	)
Morgan Stanley Capital Services	iShares® Core U.S. Aggregate Bond ETF		10,749		1,185,941		(0.170	)%		4/5/2016		(8,241	)
BNP Paribas	iShares® Core U.S. Aggregate Bond ETF		276		29,996		(0.120	)%		4/18/2016		(627	)
BNP Paribas	iShares® Core U.S. Aggregate Bond ETF		450		49,725		(0.120	)%		5/16/2016		(177	)
BNP Paribas	iShares® Core U.S. Aggregate Bond ETF		91		10,077		(0.120	)%		7/18/2016		(15	)
BNP Paribas	iShares® Core U.S. Aggregate Bond ETF		1,293		144,076		(0.120	)%		8/15/2016		689
BNP Paribas	iShares® Core U.S. Aggregate Bond ETF		1,148		126,591		(0.120	)%		9/19/2016		(702	)
				$	3,243,030						$	(79,913	)

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

DIREXION SEMI-ANNUAL REPORT 33

Direxion Daily Total Market Bear 1X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 22.0%
	Money Market Funds - 22.0%
	120,000	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	120,000
	300,366	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		300,366
		TOTAL SHORT TERM INVESTMENTS (Cost $420,366)	$	420,366
		TOTAL INVESTMENTS (Cost $420,366) - 22.0% (b)	$	420,366
		Other Assets in Excess of Liabilities - 78.0%		1,493,925
		TOTAL NET ASSETS - 100.0%	$	1,914,291

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $420,366.

Direxion Daily Total Market Bear 1X Shares

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services	Vanguard Total Stock Market ETF		6,408	$	694,981		0.180	%		3/18/2016	$	524
Credit Suisse International	Vanguard Total Stock Market ETF		11,332		1,229,711		(0.320	)%		4/28/2016		5,659
				$	1,924,692						$	6,183

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

34 DIREXION SEMI-ANNUAL REPORT

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Direxion All Cap Insider Sentiment Shares		Direxion iBillionaire Index ETF		Direxion NASDAQ-100® Equal Weighted Index Shares
Assets:
Investments, at fair value (Note 2)	$	77,464,582	$	34,811,980	$	78,752,256
Cash and cash equivalents		28,003		—		164,932
Receivable for Fund shares sold		915		—		1,583
Dividend and interest receivable		65,329		16,412		31,426
Prepaid expenses and other assets		17,956		7,902		22,068
Total Assets		77,576,785		34,836,294		78,972,265
Liabilities:
Due to investment adviser, net		20,987		3,911		11,768
Accrued expenses and other liabilities		47,146		25,400		40,281
Total Liabilities		68,133		29,311		52,049
Net Assets	$	77,508,652	$	34,806,983	$	78,920,216
Net Assets Consist Of:
Capital stock	$	75,333,284	$	34,165,218	$	74,029,823
Undistributed net investment income		38,691		22,936		38,968
Undistributed net realized gain		2,132,359		282,097		1,041,878
Net unrealized appreciation (depreciation) on:
Investment securities		4,318		336,732		3,809,547
Net Assets	$	77,508,652	$	34,806,983	$	78,920,216
Calculation of Net Asset Value Per Share:
Net assets	$	77,508,652	$	34,806,983	$	78,920,216
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		1,100,007		1,350,000		1,200,001
Net assets value, redemption price and offering price per share	$	70.46	$	25.78	$	65.77
Cost of Investments	$	77,460,264	$	34,475,248	$	74,942,709

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

DIREXION SEMI-ANNUAL REPORT 35

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Direxion S&P 500® Volatility Response Shares			Direxion Value Line® Conservative Equity ETF		Direxion Value Line® Mid- and Large-Cap High Dividend ETF
Assets:
Investments, at fair value (Note 2)	$	32,637,896		$	10,092,671	$	10,238,752
Cash and cash equivalents		1,054,562			30,390		22,805
Due from investment adviser, net		—			2,581		2,562
Dividend and interest receivable		27,569			12,213		15,671
Foreign tax reclaims		—			278		—
Prepaid expenses and other assets		46,552			9,011		9,011
Total Assets		33,766,579			10,147,144		10,288,801
Liabilities:
Distribution payable		—			9,088		23,540
Payable for investments purchased		1,011,592			—		—
Due to investment adviser, net		9,433			—		—
Accrued expenses and other liabilities		62,287			9,828		9,827
Total Liabilities		1,083,312			18,916		33,367
Net Assets	$	32,683,267		$	10,128,228	$	10,255,434
Net Assets Consist Of:
Capital stock	$	30,020,574		$	10,000,000	$	10,000,000
Undistributed net investment income		67,600			1,408		3,622
Undistributed (Accumulated) net realized gain (loss)		(1,071,621	)		17,427		133,250
Net unrealized appreciation (depreciation) on:
Investment securities		3,666,714			109,393		118,562
Net Assets	$	32,683,267		$	10,128,228	$	10,255,434
Calculation of Net Asset Value Per Share:
Net assets	$	32,683,267		$	10,128,228	$	10,255,434
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		550,001			400,000		400,000
Net assets value, redemption price and offering price per share	$	59.42		$	25.32	$	25.64
Cost of Investments	$	28,971,182		$	9,983,278	$	10,120,190

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

36 DIREXION SEMI-ANNUAL REPORT

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Direxion Value Line® Small- and Mid-Cap High Dividend ETF			Direxion Zacks MLP High Income Shares			Direxion Daily 7-10 Year Treasury Bear 1X Shares
Assets:
Investments, at fair value (Note 2)	$	10,105,098		$	97,759,563		$	252,632
Cash and cash equivalents		42,464			—			1,354,902
Due from investment adviser, net		2,571			—			1,381
Dividend and interest receivable		6,302			18			56
Due from brokers for swaps		—			—			1,162
Return of capital receivable		—			350,660			—
Prepaid expenses and other assets		9,010			5,809			3,580
Total Assets		10,165,445			98,116,050			1,613,713
Liabilities:
Distribution payable		30,288			—			—
Unrealized depreciation on swaps		—			—			81,832
Due to investment adviser, net		—			22,050			—
Accrued expenses and other liabilities		9,827			59,057			28,605
Total Liabilities		40,115			81,107			110,437
Net Assets	$	10,125,330		$	98,034,943		$	1,503,276
Net Assets Consist Of:
Capital stock	$	10,000,000		$	103,303,850		$	2,327,924
Undistributed (Accumulated) net investment income (loss), net of income taxes		(7,445	)		611,479			(13,622	)
Undistributed (Accumulated) net realized gain (loss), net of income taxes		93,224			(5,482,857	)		(729,194	)
Net unrealized appreciation (depreciation) net of income taxes on:
Investment securities		39,551			(397,529	)		—
Swaps		—			—			(81,832	)
Net Assets	$	10,125,330		$	98,034,943		$	1,503,276
Calculation of Net Asset Value Per Share:
Net assets	$	10,125,330		$	98,034,943		$	1,503,276
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		400,000			2,900,000			50,001
Net assets value, redemption price and offering price per share	$	25.31		$	33.81		$	30.06
Cost of Investments	$	10,065,547		$	98,157,092		$	252,632

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

DIREXION SEMI-ANNUAL REPORT 37

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Direxion Daily 20+ Year Treasury Bear 1X Shares			Direxion Daily Total Bond Market Bear 1X Shares			Direxion Daily Total Market Bear 1X Shares
Assets:
Investments, at fair value (Note 2)	$	3,110,121		$	740,432		$	420,366
Cash and cash equivalents		11,783,744			2,357,415			1,466,178
Cash collateral for swaps		—			296,000			—
Due from investment adviser, net		2,953			2,133			4,030
Dividend and interest receivable		486			104			31
Unrealized appreciation on swaps		76,057			—			6,183
Prepaid expenses and other assets		3,724			3,594			38,526
Total Assets		14,977,085			3,399,678			1,935,314
Liabilities:
Unrealized depreciation on swaps		54,774			79,913			—
Due to brokers for swaps		201,724			4			—
Accrued expenses and other liabilities		27,286			30,449			21,023
Total Liabilities		283,784			110,366			21,023
Net Assets	$	14,693,301		$	3,289,312		$	1,914,291
Net Assets Consist Of:
Capital stock	$	17,884,435		$	5,808,318		$	3,878,952
Accumulated net investment loss		(85,178	)		(61,338	)		(11,066	)
Accumulated net realized loss		(3,127,239	)		(2,377,755	)		(1,959,778	)
Net unrealized appreciation (depreciation) on:
Swaps		21,283			(79,913	)		6,183
Net Assets	$	14,693,301		$	3,289,312		$	1,914,291
Calculation of Net Asset Value Per Share:
Net assets	$	14,693,301		$	3,289,312		$	1,914,291
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		650,001			100,001			100,001
Net assets value, redemption price and offering price per share	$	22.61		$	32.89		$	19.14
Cost of Investments	$	3,110,121		$	740,432		$	420,366

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

38 DIREXION SEMI-ANNUAL REPORT

Statements of Operations

For the Six Months Ended April 30, 2015 (Unaudited)

	Direxion All Cap Insider Sentiment Shares			Direxion iBillionaire Index ETF			Direxion NASDAQ-100® Equal Weighted Index Shares			Direxion S&P 500® Volatility Response Shares
Investment Income:
Dividend income	$	347,270		$	209,294		$	427,222		$	245,984
Interest income		3			8			12			214
Total investment income		347,273			209,302			427,234			246,198
Expenses:
Investment advisory fees		118,636			82,416			87,009			65,120
Licensing fees		42,182			36,737			17,401			11,577
Reports to shareholders		12,695			2,039			12,708			19,757
Professional fees		8,552			9,088			6,290			6,033
Custody fees		8,012			2,027			6,310			24,454
Administration fees		6,997			4,775			7,701			3,846
Accounting fees		6,029			5,441			6,627			3,415
Pricing fees		3,968			3,968			3,967			3,968
Transfer agent fees		2,613			5,265			1,103			827
Exchange listing fees		2,479			2,480			2,480			2,480
Trustees’ fees and expenses		577			570			663			430
Insurance fees		440			645			514			482
Compliance fees		166			164			191			121
Offering fees		—			9,480			—			—
Other		803			811			872			792
Total Expenses		214,149			165,906			153,836			143,302
Less: Reimbursement of expenses from Adviser		(42,786	)		(46,861	)		(52,265	)		(63,710	)
Less: Investment advisory fees waived		—			—			—			(14,472	)
Net Expenses		171,363			119,045			101,571			65,120
Net investment income		175,910			90,257			325,663			181,078
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities		2,147,927			69,086			55,823			(300,618	)
In-kind redemptions		—			217,669			1,133,288			—
Net realized gain (loss) on investment securities and in-kind redemptions		2,147,927			286,755			1,189,111			(300,618	)
Change in net unrealized appreciation (depreciation) on:
Investment securities		199,941			331,309			2,254,412			708,797
Change in net unrealized appreciation on investment securities		199,941			331,309			2,254,412			708,797
Net realized and unrealized gain on investment securities and in-kind redemptions		2,347,868			618,064			3,443,523			408,179
Net increase in net assets resulting from operations	$	2,523,778		$	708,321		$	3,769,186		$	589,257

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

DIREXION SEMI-ANNUAL REPORT 39

Statements of Operations

For the Six Months Ended April 30, 2015 (Unaudited)

	Direxion Value Line® Conservative Equity ETF1			Direxion Value Line® Mid- and Large-Cap High Dividend ETF1			Direxion Value Line® Small- and Mid-Cap High Dividend ETF1
Investment Income:
Dividend income	$	23,923		$	45,218		$	54,269
Interest income		18			9			22
Total investment income		23,941			45,227			54,291
Expenses:
Investment advisory fees		6,450			6,459			6,461
Professional fees		3,458			3,458			3,458
Licensing fees		2,794			2,794			2,794
Offering fees		1,914			1,914			1,914
Pricing fees		1,118			1,118			1,118
Reports to shareholders		712			712			712
Exchange listing fees		699			699			699
Custody fees		476			475			475
Transfer agent fees		475			474			474
Administration fees		379			379			379
Accounting fees		362			362			362
Trustees’ fees and expenses		53			53			53
Compliance fees		26			27			27
Other		221			220			221
Total Expenses		19,137			19,144			19,147
Less: Reimbursement of expenses from Adviser		(10,824	)		(10,819	)		(10,819	)
Net Expenses		8,313			8,325			8,328
Net investment income		15,628			36,902			45,963
Net realized and unrealized gain (loss) on investments:
Net realized gain on:
Investment securities		17,427			133,250			93,224
Net realized gain on investment securities		17,427			133,250			93,224
Change in net unrealized appreciation (depreciation) on:
Investment securities		109,393			118,562			39,551
Change in net unrealized appreciation on investment securities		109,393			118,562			39,551
Net realized and unrealized gain on investment securities		126,820			251,812			132,775
Net increase in net assets resulting from operations	$	142,448		$	288,714		$	178,738

¹  Represents the period from March 11, 2015 (commencement of operations) to April 30, 2015.

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

40 DIREXION SEMI-ANNUAL REPORT

Statements of Operations

For the Six Months Ended April 30, 2015 (Unaudited)

	Direxion Zacks MLP High Income Shares			Direxion Daily 7-10 Year Treasury Bear 1X Shares			Direxion Daily 20+ Year Treasury Bear 1X Shares
Investment Income:
Dividend income	$	125,787		$	—		$	—
Interest income		42			110			954
Total investment income		125,829			110			954
Expenses:
Investment advisory fees		198,274			3,400			27,867
Licensing fees		33,046			9,918			9,918
Professional fees		22,663			4,787			5,116
Reports to shareholders		16,524			5,435			9,622
Administration fees		8,751			201			1,646
Accounting fees		7,345			177			1,431
Transfer agent fees		7,106			—			5
Pricing fees		3,968			3,968			3,967
Exchange listing fees		2,480			410			2,480
Custody fees		1,317			624			1,212
Trustees’ fees and expenses		818			25			168
Insurance fees		788			27			159
Compliance fees		234			7			48
Offering fees		—			—			7,500
Other		844			747			760
Total Expenses		304,158			29,726			71,899
Less: Reimbursement of expenses from Adviser		(89,361	)		(24,815	)		(31,646	)
Net Expenses		214,797			4,911			40,253
Net investment loss, before income taxes		(88,968	)		(4,801	)		(39,299	)
Deferred tax benefit		754,467			—			—
Net investment income (loss)		665,499			(4,801	)		(39,299	)
Net realized and unrealized gain (loss) on investments:
Net realized loss on:
Investment securities		(5,960,075	)		—			—
In-kind redemptions		(31,571	)		—			—
Deferred tax expense		(196,069	)		—			—
Swaps		—			(42,422	)		(1,548,707	)
Net realized loss on investment securities, in-kind redemptions, deferred tax expense and swaps		(6,187,715	)		(42,422	)		(1,548,707	)
Change in net unrealized appreciation (depreciation) on:
Investment securities		284,920			—			—
Deferred tax expense		(358,904	)		—			—
Swaps		—			(20,395	)		575,031
Change in net unrealized appreciation (depreciation) on investment securities, deferred tax expense and swaps		(73,984	)		(20,395	)		575,031
Net realized and unrealized loss on investment securities, in-kind redemptions, deferred tax expense and swaps		(6,261,699	)		(62,817	)		(973,676	)
Net decrease in net assets resulting from operations	$	(5,596,200	)	$	(67,618	)	$	(1,012,975	)

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

DIREXION SEMI-ANNUAL REPORT 41

Statements of Operations

For the Six Months Ended April 30, 2015 (Unaudited)

	Direxion Daily Total Bond Market Bear 1X Shares			Direxion Daily Total Market Bear 1X Shares
Investment Income:
Interest income	$	250		$	90
Total investment income		250			90
Expenses:
Licensing fees		13,497			24,381
Reports to shareholders		13,329			6,714
Investment advisory fees		7,405			2,675
Professional fees		6,073			4,937
Pricing fees		3,967			3,968
Exchange listing fees		2,480			821
Custody fees		657			659
Administration fees		438			158
Accounting fees		385			144
Insurance fees		58			34
Trustees’ fees and expenses		53			24
Compliance fees		15			7
Other		750			748
Total Expenses		49,107			45,270
Less: Reimbursement of expenses from Adviser		(38,411	)		(41,406	)
Net Expenses		10,696			3,864
Net investment loss		(10,446	)		(3,774	)
Net realized and unrealized gain (loss) on investments:
Net realized loss on:
Swaps		(91,496	)		(166,687	)
Net realized loss on swaps		(91,496	)		(166,687	)
Change in net unrealized appreciation (depreciation) on:
Swaps		18,333			96,314
Change in net unrealized appreciation on swaps		18,333			96,314
Net realized and unrealized loss on swaps		(73,163	)		(70,373	)
Net decrease in net assets resulting from operations	$	(83,609	)	$	(74,147	)

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

42 DIREXION SEMI-ANNUAL REPORT

Statements of Changes in Net Assets

	Direxion All Cap Insider Sentiment Shares						Direxion iBillionaire Index ETF
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			For the Period August 1, 2014^ through October 31, 2014
Operations:
Net investment income	$	175,910		$	307,930		$	90,257		$	52,124
Net realized gain (loss) on investment securities and in-kind redemptions		2,147,927			5,165,750			286,755			(112,397	)
Change in net unrealized appreciation (depreciation) on investment securities		199,941			(139,200	)		331,309			5,423
Net increase (decrease) in net assets resulting from operations		2,523,778			5,334,480			708,321			(54,850	)
Distributions to shareholders:
Net investment income		(139,327	)		(262,040	)		(74,634	)		(54,027	)
Net realized gains		—			—			(25,802	)		—
Total distributions		(139,327	)		(262,040	)		(100,436	)		(54,027	)
Capital share transactions:
Proceeds from shares sold		45,105,530			94,792,831			3,802,500			39,159,000
Cost of shares redeemed		—			(75,399,019	)		(3,881,525	)		(4,772,000	)
Transaction fees		(5,337	)		12,499			—			—
Net increase (decrease) in net assets resulting from capital transactions		45,100,193			19,406,311			(79,025	)		34,387,000
Total increase in net assets		47,484,644			24,478,751			528,860			34,278,123
Net assets:
Beginning of period/year		30,024,008			5,545,257			34,278,123			—
End of period/year	$	77,508,652		$	30,024,008		$	34,806,983		$	34,278,123
Undistributed net investment income at end of period/year	$	38,691		$	2,108		$	22,936		$	7,313
Changes in shares outstanding
Shares outstanding, beginning of period/year		450,001			100,001			1,350,000			—
Shares sold		650,006			1,500,000			150,000			1,550,000
Shares repurchased		—			(1,150,000	)		(150,000	)		(200,000	)
Shares outstanding, end of period/year		1,100,007			450,001			1,350,000			1,350,000

^{^}  Commencement of investment operations.

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

DIREXION SEMI-ANNUAL REPORT 43

Statements of Changes in Net Assets

	Direxion NASDAQ-100® Equal Weighted Index Shares						Direxion S&P 500® Volatility Response Shares
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment income	$	325,663		$	306,799		$	181,078		$	346,555
Net realized gain (loss) on investment securities and in-kind redemptions		1,189,111			3,117,704			(300,618	)		184,673
Change in net unrealized appreciation on investment securities		2,254,412			1,526,562			708,797			1,780,341
Net increase in net assets resulting from operations		3,769,186			4,951,065			589,257			2,311,569
Distributions to shareholders:
Net investment income		(286,695	)		(289,287	)		(149,878	)		(309,030	)
Net realized gains		—			—			(418,385	)		(46,932	)
Total distributions		(286,695	)		(289,287	)		(568,263	)		(355,962	)
Capital share transactions:
Proceeds from shares sold		48,224,357			55,724,624			8,837,120			48,073,462
Cost of shares redeemed		(6,541,600	)		(34,311,240	)		—			(31,503,708	)
Transaction fees		—			7,708			—			9,451
Net increase in net assets resulting from capital transactions		41,682,757			21,421,092			8,837,120			16,579,205
Total increase in net assets		45,165,248			26,082,870			8,858,114			18,534,812
Net assets:
Beginning of period/year		33,754,968			7,672,098			23,825,153			5,290,341
End of period/year	$	78,920,216		$	33,754,968		$	32,683,267		$	23,825,153
Undistributed net investment income at end of period/year	$	38,968		$	—		$	67,600		$	36,400
Changes in shares outstanding
Shares outstanding, beginning of period/year		550,001			150,001			400,001			100,001
Shares sold		750,000			1,000,000			150,000			850,000
Shares repurchased		(100,000	)		(600,000	)		—			(550,000	)
Shares outstanding, end of period/year		1,200,001			550,001			550,001			400,001

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

44 DIREXION SEMI-ANNUAL REPORT

Statements of Changes in Net Assets

	Direxion Value Line® Conservative Equity ETF			Direxion Value Line® Mid- and Large-Cap High Dividend ETF
	For the Period March 11, 2015^ through April 30,  2015 (Unaudited)			For the Period March 11, 2015^ through April 30, 2015 (Unaudited)
Operations:
Net investment income	$	15,628		$	36,902
Net realized gain on investment securities		17,427			133,250
Change in net unrealized appreciation on investment securities		109,393			118,562
Net increase in net assets resulting from operations		142,448			288,714
Distributions to shareholders:
Net investment income		(14,220	)		(33,280	)
Total distributions		(14,220	)		(33,280	)
Capital share transactions:
Proceeds from shares sold		10,000,000			10,000,000
Cost of shares redeemed		—			—
Net increase in net assets resulting from capital transactions		10,000,000			10,000,000
Total increase in net assets		10,128,228			10,255,434
Net assets:
Beginning of period		—			—
End of period	$	10,128,228		$	10,255,434
Undistributed net investment income at end of period	$	1,408		$	3,622
Changes in shares outstanding
Shares outstanding, beginning of period		—			—
Shares sold		400,000			400,000
Shares repurchased		—			—
Shares outstanding, end of period		400,000			400,000

^{^}  Commencement of investment operations.

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

DIREXION SEMI-ANNUAL REPORT 45

Statements of Changes in Net Assets

	Direxion Value Line® Small- and Mid-Cap High Dividend ETF			Direxion Zacks MLP High Income Shares
	For the Period March 11, 2015^ through April 30, 2015 (Unaudited)			Six Months Ended April 30, 2015 (Unaudited)			For the Period January 23, 2014^ through October 31, 2014
Operations:
Net investment income (loss)	$	45,963		$	665,499		$	(54,020	)
Net realized gain (loss) on investment securities, in-kind redemptions, deferred tax expense and swaps		93,224			(6,187,715	)		704,858
Change in net unrealized appreciation (depreciation) on investment securities		39,551			(73,984	)		(323,545	)
Net increase (decrease) in net assets resulting from operations		178,738			(5,596,200	)		327,293
Distributions to shareholders:
Net investment income		(53,408	)		—			—
Return of capital		—			(3,116,000	)		(1,370,500	)
Total distributions		(53,408	)		(3,116,000	)		(1,370,500	)
Capital share transactions:
Proceeds from shares sold		10,000,000			57,477,670			55,371,000
Cost of shares redeemed		—			(5,059,000	)		—
Transaction fees		—			680			—
Net increase in net assets resulting from capital transactions		10,000,000			52,419,350			55,371,000
Total increase in net assets		10,125,330			43,707,150			54,327,793
Net assets:
Beginning of period/year		—			54,327,793			—
End of period/year	$	10,125,330		$	98,034,943		$	54,327,793
Undistributed (Accumulated) net investment income (loss) at end of period/year	$	(7,445	)	$	611,479		$	(54,020	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		—			1,350,000			—
Shares sold		400,000			1,700,000			1,350,000
Shares repurchased		—			(150,000	)		—
Shares outstanding, end of period/year		400,000			2,900,000			1,350,000

^{^}  Commencement of investment operations.

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

46 DIREXION SEMI-ANNUAL REPORT

Statements of Changes in Net Assets

	Direxion Daily 7-10 Year Treasury Bear 1X Shares						Direxion Daily 20+ Year Treasury Bear 1X Shares
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(4,801	)	$	(10,655	)	$	(39,299	)	$	(55,548	)
Net realized loss on swaps		(42,422	)		(6,975	)		(1,548,707	)		(325,652	)
Change in net unrealized appreciation (depreciation) on swaps		(20,395	)		(80,398	)		575,031			(948,078	)
Net decrease in net assets resulting from operations		(67,618	)		(98,028	)		(1,012,975	)		(1,329,278	)
Distributions to shareholders:		—			—			—			—
Capital share transactions:
Proceeds from shares sold		—			—			8,227,926			1,293,389
Cost of shares redeemed		—			—			(1,134,275	)		—
Transaction fees		—			—			113			—
Net increase in net assets resulting from capital transactions		—			—			7,093,764			1,293,389
Total increase (decrease) in net assets		(67,618	)		(98,028	)		6,080,789			(35,889	)
Net assets:
Beginning of period/year		1,570,894			1,668,922			8,612,512			8,648,401
End of period/year	$	1,503,276		$	1,570,894		$	14,693,301		$	8,612,512
Accumulated net investment loss at end of period/year	$	(13,622	)	$	(8,821	)	$	(85,178	)	$	(45,879	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		50,001			50,001			350,001			300,001
Shares sold		—			—			350,000			50,000
Shares repurchased		—			—			(50,000	)		—
Shares outstanding, end of period/year		50,001			50,001			650,001			350,001

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

DIREXION SEMI-ANNUAL REPORT 47

Statements of Changes in Net Assets

	Direxion Daily Total Bond Market Bear 1X Shares						Direxion Daily Total Market Bear 1X Shares
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(10,446	)	$	(60,547	)	$	(3,774	)	$	(8,552	)
Net realized loss on swaps		(91,496	)		(569,677	)		(166,687	)		(199,688	)
Change in net unrealized appreciation (depreciation) on swaps		18,333			(2,807	)		96,314			(25,584	)
Net decrease in net assets resulting from operations		(83,609	)		(633,031	)		(74,147	)		(233,824	)
Distributions to shareholders:		—			—			—			—
Capital share transactions:
Proceeds from shares sold		—			19,369,025			945,425			1,062,675
Cost of shares redeemed		—			(24,249,273	)		(985,073	)		—
Transaction fees		—			7,275			98			—
Net increase (decrease) in net assets resulting from capital transactions		—			(4,872,973	)		(39,550	)		1,062,675
Total increase (decrease) in net assets		(83,609	)		(5,506,004	)		(113,697	)		828,851
Net assets:
Beginning of period/year		3,372,921			8,878,925			2,027,988			1,199,137
End of period/year	$	3,289,312		$	3,372,921		$	1,914,291		$	2,027,988
Accumulated net investment loss at end of period/year	$	(61,338	)	$	(50,892	)	$	(11,066	)	$	(7,292	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		100,001			250,001			100,001			50,001
Shares sold		—			550,000			50,000			50,000
Shares repurchased		—			(700,000	)		(50,000	)		—
Shares outstanding, end of period/year		100,001			100,001			100,001			100,001

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

48 DIREXION SEMI-ANNUAL REPORT

Financial Highlights

April 30, 2015 (Unaudited)

																																		RATIOS TO AVERAGE NET ASSETS
	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 Investments			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 Return3			Net Assets, End of Year/ Period (000’s omitted)		Net Expenses4			Total Expenses4			Net Investment Income (Loss) After Expense Reimbursement4			Net Expenses2,4,5			Total Expenses2,4			Net Investment Income (Loss) After Expense Reimbursement2,4			Portfolio Turnover Rate6
Direxion All Cap Insider Sentiment Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	66.72	$	0.23		$	0.23		$	3.70		$	3.93		$	(0.19	)	$	—		$	—		$	(0.19	)	$	70.46		5.89	%	$	77,509		0.65	%		0.81	%		0.67	%		0.65	%		0.81	%		0.67	%		421	%
For the Year Ended October 31, 2014	$	55.45		0.81			0.82			11.12			11.93			(0.66	)		—			—			(0.66	)	$	66.72		21.60	%	$	30,024		0.66	%		0.91	%		1.33	%		0.65	%		0.91	%		1.34	%		835	%
For the Year Ended October 31, 2013	$	44.40		0.88			0.88			12.51			13.39			(0.80	)		(1.54	)		—			(2.34	)	$	55.45		31.35	%	$	5,545		0.65	%		1.69	%		1.77	%		0.65	%		1.69	%		1.77	%		920	%
For the Period December 8, 20117 through October 31, 2012	$	40.00		0.28			0.28			4.48			4.76			(0.36	)		—			—			(0.36	)	$	44.40		11.94	%	$	4,440		0.65	%		2.20	%		0.72	%		0.65	%		2.19	%		0.72	%		620	%
Direxion iBillionaire Index ETF
For the Six Months Ended April 30, 2015 (Unaudited)	$	25.39		0.06			0.06			0.40			0.46			(0.05	)		(0.02	)		—			(0.07	)	$	25.78		1.82	%	$	34,807		0.65	%		0.91	%		0.49	%		0.65	%		0.91	%		0.49	%		93	%
For the Period August 1, 20147 through October 31, 2014	$	25.00		0.04			0.04			0.39			0.43			(0.04	)		—			—			(0.04	)	$	25.39		1.71	%	$	34,278		0.65	%		1.13	%		0.67	%		0.65	%		1.13	%		0.67	%		18	%
Direxion NASDAQ-100® Equal Weighted Index Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	61.37		0.36			0.36			4.36			4.72			(0.32	)		—			—			(0.32	)	$	65.77		7.70	%	$	78,920		0.35	%		0.53	%		1.12	%		0.35	%		0.53	%		1.12	%		35	%
For the Year Ended October 31, 2014	$	51.15		0.65			0.65			10.21			10.86			(0.64	)		—			—			(0.64	)	$	61.37		21.35	%	$	33,755		0.35	%		0.62	%		1.16	%		0.35	%		0.61	%		1.17	%		80	%
For the Year Ended October 31, 2013	$	37.20		0.38			0.38			13.95			14.33			(0.38	)		—			—			(0.38	)	$	51.15		38.72	%	$	7,672		0.35	%		1.58	%		0.84	%		0.35	%		1.58	%		0.84	%		34	%
For the Period March 21, 20127 through October 31, 2012	$	40.00		0.28			0.28			(2.76	)		(2.48	)		(0.32	)		—			—			(0.32	)	$	37.20		(6.24	)%	$	1,860		0.35	%		2.88	%		1.21	%		0.35	%		2.88	%		1.21	%		17	%
Direxion S&P 500® Volatility Response Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	59.56		0.37			0.37			0.86			1.23			(0.32	)		(1.05	)		—			(1.37	)	$	59.42		2.07	%	$	32,683		0.45	%		0.99	%		1.25	%		0.45	%		0.99	%		1.25	%		85	%
For the Year Ended October 31, 2014	$	52.90		0.85			0.86			6.64			7.49			(0.71	)		(0.12	)		—			(0.83	)	$	59.56		14.21	%	$	23,825		0.47	%		0.90	%		1.50	%		0.45	%		0.88	%		1.52	%		145	%
For the Year Ended October 31, 2013	$	42.66		0.84			0.84			10.15			10.99			(0.75	)		—			—			(0.75	)	$	52.90		25.95	%	$	5,290		0.45	%		1.78	%		1.77	%		0.45	%		1.78	%		1.77	%		133	%
For the Period January 11, 20127 through October 31, 2012	$	40.00		0.20			0.20			2.80			3.00			(0.33	)		—			(0.01	)		(0.34	)	$	42.66		7.50	%	$	2,133		0.45	%		4.93	%		0.61	%		0.45	%		4.93	%		0.61	%		238	%
Direxion Value Line® Conservative Equity ETF
For the Period March 11, 20157 through April 30, 2015	$	25.00		0.04			0.04			0.32			0.36			(0.04	)		—			—			(0.04	)	$	25.32		1.42	%	$	10,128		0.58	%		1.34	%		1.09	%		0.58	%		1.34	%		1.09	%		3	%
Direxion Value Line® Mid- and Large-Cap High Dividend ETF
For the Period March 11, 20157 through April 30, 2015	$	25.00		0.09			0.09			0.63			0.72			(0.08	)		—			—			(0.08	)	$	25.64		2.89	%	$	10,255		0.58	%		1.33	%		2.57	%		0.58	%		1.33	%		2.57	%		28	%
Direxion Value Line® Small- and Mid-Cap High Dividend ETF
For the Period March 11, 20157 through April 30, 2015	$	25.00		0.12			0.12			0.32			0.44			(0.13	)		—			—			(0.13	)	$	25.31		1.76	%	$	10,125		0.58	%		1.33	%		3.20	%		0.58	%		1.33	%		3.20	%		34	%
Direxion Zacks MLP High Income Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	40.24		0.06			(0.05	)		(4.97	)		(4.91	)		—			—			(1.52	)		(1.52	)	$	33.81		(12.03	)%	$	98,035		0.65	%8		0.92	%		(0.27	)%		0.65	%		0.92	%		(0.27	)%		71	%
For the Period January 23, 20147 through October 31, 2014	$	40.00		(0.08	)		(0.14	)		2.39			2.31			—			—			(2.07	)		(2.07	)	$	40.24		5.73	%	$	54,328		0.65	%8		1.23	%		(0.43	)%		0.65	%		1.23	%		(0.43	)%		92	%
Direxion Daily 7-10 Year Treasury Bear 1X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	31.42		(0.10	)		(0.10	)		(1.26	)		(1.36	)		—			—			—			—		$	30.06		(4.33	)%	$	1,503		0.65	%		3.93	%		(0.64	)%		0.65	%		3.93	%		(0.64	)%		0	%
For the Year Ended October 31, 2014	$	33.38		(0.21	)		(0.21	)		(1.75	)		(1.96	)		—			—			—			—		$	31.42		(5.87	)%	$	1,571		0.65	%		3.85	%		(0.65	)%		0.65	%		3.85	%		(0.65	)%		0	%
For the Year Ended October 31, 2013	$	32.80		(0.22	)		(0.22	)		0.80			0.58			—			—			—			—		$	33.38		1.77	%	$	1,669		0.65	%		4.34	%		(0.65	)%		0.65	%		4.34	%		(0.65	)%		0	%
For the Year Ended October 31, 2012	$	35.36		(0.22	)		(0.22	)		(2.34	)		(2.56	)		—			—			—			—		$	32.80		(7.24	)%	$	1,640		0.65	%		2.76	%		(0.65	)%		0.65	%		2.76	%		(0.65	)%		0	%
For the Period March 23, 20117 through October 31, 2011	$	40.00		(0.14	)		(0.14	)		(4.50	)		(4.64	)		—			—			—			—		$	35.36		(11.60	)%	$	3,536		0.65	%		3.17	%		(0.61	)%		0.65	%		3.17	%		(0.61	)%		0	%
Direxion Daily 20+ Year Treasury Bear 1X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	24.61		(0.07	)		(0.07	)		(1.93	)		(2.00	)		—			—			—			—		$	22.61		(8.13	)%	$	14,693		0.65	%		1.16	%		(0.63	)%		0.65	%		1.16	%		(0.63	)%		0	%
For the Year Ended October 31, 2014	$	28.83		(0.18	)		(0.18	)		(4.04	)		(4.22	)		—			—			—			—		$	24.61		(14.64	)%	$	8,613		0.65	%		1.21	%		(0.65	)%		0.65	%		1.21	%		(0.65	)%		0	%
For the Year Ended October 31, 2013	$	26.63		(0.18	)		(0.18	)		2.38			2.20			—			—			—			—		$	28.83		8.26	%	$	8,648		0.65	%		1.59	%		(0.65	)%		0.65	%		1.59	%		(0.65	)%		0	%
For the Year Ended October 31, 2012	$	30.24		(0.18	)		(0.18	)		(3.43	)		(3.61	)		—			—			—			—		$	26.63		(11.94	)%	$	2,663		0.65	%		2.55	%		(0.65	)%		0.65	%		2.55	%		(0.65	)%		0	%
For the Period March 23, 20117 through October 31, 2011	$	40.00		(0.14	)		(0.14	)		(9.62	)		(9.76	)		—			—			—			—		$	30.24		(24.40	)%	$	3,024		0.65	%		3.29	%		(0.61	)%		0.65	%		3.29	%		(0.61	)%		0	%

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

DIREXION SEMI-ANNUAL REPORT 49

Financial Highlights

April 30, 2015 (Unaudited)

																																RATIOS TO AVERAGE NET ASSETS
	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 Investments			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 Return3			Net Assets, End of Year/ Period (000’s omitted)		Net Expenses4			Total Expenses4			Net Investment Income (Loss) After Expense Reimbursement4			Net Expenses2,4,5			Total Expenses2,4			Net Investment Income (Loss) After Expense Reimbursement2,4			Portfolio Turnover Rate6
Direxion Daily Total Bond Market Bear 1X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	33.73	$	(0.10	)	$	(0.10	)	$	(0.74	)	$	(0.84	)	$	—	$	—		$	—	$	—		$	32.89		(2.49	)%	$	3,289		0.65	%		2.98	%		(0.63	)%		0.65	%		2.98	%		(0.63	)%		0	%
For the Year Ended October 31, 2014	$	35.52		(0.22	)		(0.22	)		(1.57	)		(1.79	)		—		—			—		—		$	33.73		(5.04	)%	$	3,373		0.65	%		1.25	%		(0.65	)%		0.65	%		1.25	%		(0.65	)%		0	%
For the Year Ended October 31, 2013	$	35.48		(0.23	)		(0.23	)		0.27			0.04			—		—			—		—		$	35.52		0.11	%	$	8,879		0.65	%		1.53	%		(0.65	)%		0.65	%		1.53	%		(0.65	)%		0	%
For the Year Ended October 31, 2012	$	37.48		(0.24	)		(0.24	)		(1.76	)		(2.00	)		—		—			—		—		$	35.48		(5.34	)%	$	8,869		0.65	%		0.92	%		(0.65	)%		0.65	%		0.92	%		(0.65	)%		0	%
For the Period March 23, 20117 through October 31, 2011	$	40.00		(0.15	)		(0.15	)		(2.37	)		(2.52	)		—		—			—		—		$	37.48		(6.30	)%	$	43,100		0.65	%		1.09	%		(0.64	)%		0.65	%		1.09	%		(0.64	)%		0	%
Direxion Daily Total Market Bear 1X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	20.28		(0.06	)		(0.06	)		(1.08	)		(1.14	)		—		—			—		—		$	19.14		(5.62	)%	$	1,914		0.65	%		7.61	%		(0.63	)%		0.65	%		7.61	%		(0.63	)%		0	%
For the Year Ended October 31, 2014	$	23.98		(0.14	)		(0.14	)		(3.56	)		(3.70	)		—		—			—		—		$	20.28		(15.43	)%	$	2,028		0.65	%		6.92	%		(0.64	)%		0.65	%		6.92	%		(0.64	)%		0	%
For the Year Ended October 31, 2013	$	31.64		(0.18	)		(0.18	)		(7.48	)		(7.66	)		—		—			—		—		$	23.98		(24.21	)%	$	1,199		0.65	%		4.44	%		(0.65	)%		0.65	%		4.44	%		(0.65	)%		0	%
For the Year Ended October 31, 2012	$	39.48		(0.22	)		(0.22	)		(5.62	)		(5.84	)		—		(2.00	)		—		(2.00	)	$	31.64		(15.64	)%	$	4,747		0.65	%		3.04	%		(0.65	)%		0.65	%		3.04	%		(0.65	)%		0	%
For the Period June 15, 20117 through October 31, 2011	$	40.00		(0.10	)		(0.10	)		(0.42	)		(0.52	)		—		—			—		—		$	39.48		(1.30	)%	$	3,948		0.65	%		3.70	%		(0.64	)%		0.65	%		3.70	%		(0.64	)%		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  Excludes interest expense and extraordinary expenses which comprise of excise tax.

³  Total return is calculated assuming an intial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the investment advisor.

⁴  For periods less than a year, these ratios are annualized.

⁵  Net expenses include effects of any reimbursement or recoupment.

⁶  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 portfolio.

⁷  Commencement of investment operations.

⁸  This ratio excludes deferred tax benefits/expenses for all components of the Statement of Operations. Had these amounts been included, the ratio would be 0.05%.

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

50 DIREXION SEMI-ANNUAL REPORT

Direxion Shares ETF Trust

NOTES TO THE FINANCIAL STATEMENTS

April 30, 2015 (Unaudited)

1. ORGANIZATION

The Direxion Shares ETF Trust (the “Trust”) is a Delaware statutory trust formed on April 23, 2008, and is registered with the Securities and Exchange Commission (“SEC”) as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is a registered investment company that has 63 separate series (each, a “Fund” and together the “Funds”). 12 of these Funds are included in this report:

Benchmark Funds	Bear Funds
Direxion All Cap Insider Sentiment Shares	Direxion Daily 7-10 Year Treasury Bear 1X Shares
Direxion iBillionaire Index ETF	Direxion Daily 20+ Year Treasury Bear 1X Shares
Direxion NASDAQ-100® Equal Weighted Index Shares	Direxion Daily Total Bond Market Bear 1X Shares
Direxion S&P 500® Volatility Response Shares	Direxion Daily Total Market Bear 1X Shares
Direxion Value Line® Conservative Equity ETF
Direxion Value Line® Mid- and Large-Cap High Dividend ETF
Direxion Value Line® Small- and Mid-Cap High Dividend ETF Direxion Zacks MLP High Income Shares

The Benchmark Funds seek to match, after expenses, the return of a benchmark through time. For these Funds, the benchmark performance for the period is the standard against which they should be evaluated. The Benchmark Funds attempt to provide investment results that correlate positively to the return of an index or benchmark. Each Bear Fund’s investment objective is to seek daily investment results, before fees and expenses, that correspond to the inverse performance of a particular index or benchmark. The Bear Funds attempt to provide investment results that correlate negatively to the return of an index or benchmark. These Bear Funds seek -100% of the returns of their respective benchmark indices.

Funds	Index or Benchmark	Daily Target
Direxion All Cap Insider Sentiment Shares	Sabrient Multi-Cap Insider/Analyst Quant-Weighted Index
Direxion iBillionaire Index ETF	iBillionaire Index
Direxion NASDAQ-100® Equal Weighted Index Shares	NASDAQ-100® Equal Weighted Index
Direxion S&P 500® Volatility Response Shares	S&P 500® Volatility Response Index
Direxion Value Line® Conservative Equity ETF	Value Line® Conservative Equity Index
Direxion Value Line® Mid- and Large-Cap High Dividend ETF	Value Line® Mid- and Large-Cap High Dividend Yield Index
Direxion Value Line® Small- and Mid-Cap High Dividend ETF	Value Line® Small- and Mid-Cap High Dividend Yield Index
Direxion Zacks MLP High Income Shares	Zacks MLP Index
Direxion Daily Total Market Bear 1X Shares	MSCI U.S. Broad Market Index		-100	%
Direxion Daily 7-10 Year Treasury Bear 1X Shares	NYSE 7-10 Year Treasury Bond Index		-100	%
Direxion Daily 20+ Year Treasury Bear 1X Shares	NYSE 20 Year Plus Treasury Bond Index		-100	%
Direxion Daily Total Bond Market Bear 1X Shares	Barclays Capital U.S. Aggregate Bond Index		-100	%

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), each day the NYSE is

DIREXION SEMI-ANNUAL REPORT 51

open for business. On days that the Securities Industry and Financial Markets Association (“SIFMA”) recommends that the bond markets close all day, the Direxion Daily 7-10 Year Treasury Bear 1X Shares, Direxion Daily 20+ Year Treasury Bear 1X Shares and Direxion Daily Total Bond Market Bear 1X Shares 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 above Bear 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 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; if no sales price is reported, the mean of the last bid and asked price is used. Swaps contracts are valued using the closing price of the underlying reference entity or the closing value of the underlying reference index. Securities or swap contracts are fair valued as determined by Rafferty Asset Management, LLC (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 Fund’s 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 confirmation agreements with counterparties to mitigate counterparty credit risk in derivatives contracts. A Fund does not offset fair value amounts for derivatives contracts and related cash collateral on the Statements of Assets and Liabilities arising from derivative contracts executed with the same counterparties under such master confirmation 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 underlining 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 underlining 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 short exposure to meet their objectives.

52 DIREXION SEMI-ANNUAL REPORT

Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011 - 11”), which 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 2011-11 is limited in scope to the following financial instruments, to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement: (i) recognized derivative instruments accounted for under ASC 815 (Derivatives and Hedging).

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 over-the-counter derivatives (“OTC”), 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 derivatives 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, 2015, 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 table.

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, 2015 is detailed in the following table. If such credit risk-related contingencies were triggered the counterparties would have the option to terminate any positions open under the master netting agreement.

DIREXION SEMI-ANNUAL REPORT 53

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 Amount		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged			Net Amount2
Direxion Daily Total Bond Market Bear 1X Shares	$	—	$	—	$	—	$	—	$	55,531	$	—	$	55,531	1	$	—

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 Amount		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged			Net Amount2
Direxion Daily Total Bond Market Bear 1X Shares	$	—	$	—	$	—	$	—	$	16,141	$	—	$	16,141	1	$	—

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: Credit Suisse International

			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 Amount		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged			Net Amount2
Direxion Daily 7-10 Year Treasury Bear 1X Shares	$	—	$	—	$	—	$	—	$	22,991	$	—	$	22,991	1	$	—
Direxion Daily 20+ Year Treasury Bear 1X Shares		76,057		—		—		76,057		—		—		—			—
Direxion Daily Total Market Bear 1X Shares		5,659		—		—		5,659		—		—		—			—

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.

54 DIREXION SEMI-ANNUAL REPORT

Description: Swap Contract

Counterparty: Deutsche Bank AG London

			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 Amount		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged			Net Amount2
Direxion Daily 7-10 Year Treasury Bear 1X Shares	$	—	$	—	$	—	$	—	$	58,841	$	—	$	52,632		$	6,209
Direxion Daily 20+ Year Treasury Bear 1X Shares		—		—		—		—		54,774		—		54,774	1		—

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: Morgan Stanley Capital Services

			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 Amount		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged			Net Amount2
Direxion Daily Total Bond Market Bear 1X Shares	$	—	$	—	$	—	$	—	$	8,241	$	—	$	8,241	1	$	—
Direxion Daily Total Market Bear 1X Shares		524		—		—		524		—		—		—			—

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)  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 and accounting, auditing, and financial reporting standards in foreign countries may require less disclosure as is 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.

d)  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 federal income tax purposes, with the net sales proceeds.

e)  Federal Income Taxes – Each Fund, with the exception of the Direxion Zacks MLP High Income Shares, intends 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 and to make the requisite distributions of net investment income and net realized capital gains to its shareholders sufficient to relieve it from all or substantially all Federal income and excise taxes.

DIREXION SEMI-ANNUAL REPORT 55

The Direxion Zacks MLP High Income Shares intends to invest primarily in Master Limited Partnerships (“MLPs”), which generally are treated as qualified public traded partnerships for federal income tax purposes. As such, the Direxion Zacks MLP High Income Shares does not intend to qualify as a regulated investment company pursuant to Subchapter M of the Internal Revenue Code, but is taxed as a regular C-corporation. As a regular C-corporation, the Fund is obligated to pay federal, state and local income tax on its taxable income. In addition, current tax laws prevent the Fund from qualifying as regulated investment company due to the Fund’s concentration in MLPs. Currently the maximum marginal regular federal income tax rate for a regular C-corporation is 35%. The Fund may be subject to a 20% alternative minimum tax on its federal alternative minimum taxable income to the extent that its alternative minimum tax exceeds its regular federal income tax. The Fund is currently using an estimated 37.67% tax rate for federal, state and local tax, which is composed of a 35% marginal federal tax rate and an assumed 2.67% rate attributable to state taxes.

The Direxion Zacks MLP High Income Shares tax expense is included in the Statement of Operations based on the component of income or gain (losses) to which the expenses relate. Deferred income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting and the amounts used for income tax purposes. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of a deferred income tax asset will not be realized.

The Direxion Zacks MLP High Income Shares recognizes in the financial statements the impact of a tax position, if that position is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. Tax benefits resulting from such a position are measured as the amount that has a greater than fifty percent likelihood on a cumulative basis to be sustained on examination.

f)  Income and Expenses – Interest income, including amortization of premium and discount, is recognized on an accrual basis. Distributions are recorded on the ex-dividend date. Distributions received from the Direxion Zacks MLP High Income Shares’ investments in MLPs generally are comprised of ordinary income, capital gains and return of capital from the MLPs. For financial statement purposes, the Direxion Zacks MLP High Income Shares use return of capital and income estimates to allocate the dividend income received. Such estimates are based on historical information available from each MLP. These estimates may subsequently be revised based on information received from the MLPs after their respective tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end of the Direxion Zacks MLP High Income Shares.

The Funds are charged for those expenses that are directly attributable to each series, such as advisory fees and registration costs. Expenses that are not directly attributable to a series are generally allocated among the Trust’s series in proportion to their respective net assets.

g)  Distributions to Shareholders – Each Fund 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 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.

h)  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 Fund’s 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.

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

3. INCOME TAX AND DISTRIBUTION INFORMATION

The tax character of distributions paid during the six months ended April 30, 2015 and year ended October 31, 2014 are presented in the following table. The tax character of distributions to shareholders made during the period

56 DIREXION SEMI-ANNUAL REPORT

may differ from their ultimate characterization for federal income tax purposes. For the six months ended April 30, 2015, the Direxion Zacks MLP High Income Shares distributions were expected to be comprised of 100% return of capital.

	Six Months Ended April 30, 2015 (Unaudited)						Period Ended October 31, 2014
	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 All Cap Insider Sentiment Shares	$	139,327	$	—	$	—	$	262,040	$	—	$	—
Direxion iBillionaire Index ETF		100,436		—		—		54,027		—		—
Direxion NASDAQ-100® Equal Weighted Index Shares		286,695		—		—		289,287		—		—
Direxion S&P 500® Volatility Response Shares		568,263		—		—		355,962		—		—
Direxion Value Line® Conservative Equity ETF1		14,220		—		—		—		—		—
Direxion Value Line® Mid- and Large-Cap High Dividend ETF1		33,280		—		—		—		—		—
Direxion Value Line® Small- and Mid-Cap High Dividend ETF1		53,408		—		—		—		—		—
Direxion Zacks MLP High Income Shares		—		—		3,116,000		—		—		1,370,500
Direxion Daily 7-10 Year Treasury Bear 1X Shares		—		—		—		—		—		—
Direxion Daily 20+ Year Treasury Bear 1X Shares		—		—		—		—		—		—
Direxion Daily Total Bond Market Bear 1X Shares		—		—		—		—		—		—
Direxion Daily Total Market Bear 1X Shares		—		—		—		—		—		—

¹  Commenced operations on March 11, 2015.

At October 31, 2014, the components of accumulated earnings/loss on a tax-basis were as follows:

Funds	Net Unrealized Appreciation (Depreciation)			Undistributed Ordinary Income (Loss)		Undistributed Capital Gain (Loss)		Other Accumulated Earnings (Losses)			Total Accumulated Earnings (Losses)
Direxion All Cap Insider Sentiment Shares	$	(209,083	)	$	—	$	—	$	—		$	(209,083	)
Direxion iBillionaire Index ETF		760			33,120		—		—			33,880
Direxion NASDAQ-100® Equal Weighted Index Shares		1,407,902			—		—		—			1,407,902
Direxion S&P 500® Volatility Response Shares		2,586,768			454,278		—		(399,347	)		2,641,699
Direxion Daily 7-10 Year Treasury Bear 1X Shares		(167,361	)		—		—		(589,669	)		(757,030	)
Direxion Daily 20+ Year Treasury Bear 1X Shares		(1,016,698	)				—		(1,161,461	)		(2,178,159	)
Direxion Daily Total Bond Market Bear 1X Shares		(112,141	)		—		—		(2,323,256	)		(2,435,397	)
Direxion Daily Total Market Bear 1X Shares		(306,711	)		—		—		(1,583,803	)		(1,890,514	)

DIREXION SEMI-ANNUAL REPORT 57

At April 30, 2015, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were as follows:

Funds	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Direxion All Cap Insider Sentiment Shares	$	77,473,724	$	1,943,702	$	(1,952,844	)	$	(9,142	)
Direxion iBillionaire Index ETF		34,479,911		336,732		(4,663	)		332,069
Direxion NASDAQ-100® Equal Weighted Index Shares		75,089,942		3,809,547		(147,233	)		3,662,314
Direxion S&P 500® Volatility Response Shares		29,342,331		3,666,714		(371,149	)		3,295,565
Direxion Value Line® Conservative Equity ETF		9,983,278		264,387		(154,994	)		109,393
Direxion Value Line® Mid- and Large-Cap High Dividend ETF		10,120,190		118,562		—			118,562
Direxion Value Line® Small- and Mid-Cap High Dividend ETF		10,065,547		227,886		(188,335	)		39,551
Direxion Daily 7-10 Year Treasury Bear 1X Shares		252,632		—		—			—
Direxion Daily 20+ Year Treasury Bear 1X Shares		3,110,121		—		—			—
Direxion Daily Total Bond Market Bear 1X Shares		740,432		—		—			—
Direxion Daily Total Market Bear 1X Shares		420,366		—		—			—

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, mark to market of unrealized gains on passive foreign investment companies (“PFICs”) and basis adjustments on investments in real estate trusts (“REITs”).

Net investment income/(loss) and realized gains and losses for Federal income tax purposes may differ from those reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences in net investment income/(loss) and realized gains and losses due to differences between financial reporting and tax reporting be classified between various components of net assets. The permanent differences primarily relate to tax treatment of redemption in-kind, net operating losses, distribution reclasses, sales of REITS and PFICs and utilization of earning and profits distributed to shareholders on redemption of shares.

In order to meet certain excise tax distribution requirements, each Fund, with the exception of the Direxion Zacks MLP High Income Shares, 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, 2015.

At October 31, 2014, these Funds deferred, on a tax basis, qualified late year losses of:

Funds	Ordinary Late Year Loss Deferral
Direxion All Cap Insider Sentiment Shares	$	—
Direxion iBillionaire Index ETF		—
Direxion NASDAQ-100® Equal Weighted Index Shares		—
Direxion S&P 500® Volatility Response Shares		—
Direxion Daily 7-10 Year Treasury Bear 1X Shares		8,821
Direxion Daily 20+ Year Treasury Bear 1X Shares		45,879
Direxion Daily Total Bond Market Bear 1X Shares		50,892
Direxion Daily Total Market Bear 1X Shares		7,292

Under current law, each Fund, with the exception of the Direxion Zacks MLP High Income Shares, may carryforward net capital losses indefinitely to use to offset capital gains realized in future years. Previous law limited the carry forward of capital losses to the eight tax years following the year the capital loss was realized. If a Fund has capital losses that are subject to current law and also has capital losses subject to prior law, the losses realized under current law will be

58 DIREXION SEMI-ANNUAL REPORT

utilized to offset capital gains before any of the losses governed by prior law can be used. As a result of these ordering rules, capital losses realized under previous law may be more likely to expire unused. Capital losses realized under current law will carry forward retaining their classification as long-term or short-term losses; as compared to under prior law in which all capital losses were carried forward as short term capital losses.

At October 31, 2014, for Federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains:

Funds	Expiring 10/31/2019		Unlimited ST		Unlimited LT
Direxion All Cap Insider Sentiment Shares	$	—	$	—	$	—
Direxion iBillionaire Index ETF		—		—		—
Direxion NASDAQ-100® Equal Weighted Index Shares		—		—		—
Direxion S&P 500® Volatility Response Shares		—		—		—
Direxion Daily 7-10 Year Treasury Bear 1X Shares		67,332		513,516		—
Direxion Daily 20+ Year Treasury Bear 1X Shares		282,257		829,104		—
Direxion Daily Total Bond Market Bear 1X Shares		72,234		2,200,130		—
Direxion Daily Total Market Bear 1X Shares		—		1,576,511		—

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. Open tax years are those years that are open for examination by the relevant income taxing authority. As of October 31, 2014, open Federal and state income tax years include the tax years ended October 31, 2012, October 31, 2013 and October 31, 2014. 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.

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax purposes. Components of the Direxion Zacks MLP High Income Shares deferred tax liability as of April 30, 2015 are as follows:

Deferred tax assets:
Net operating loss carryforward	$	773,646
Capital loss carryforward		1,790,444
Total deferred tax assets before valuation allowance		2,564,090
Valuation allowance		(1,986,513	)
Total deferred tax assets after valuation allowance		577,577
Less deferred tax liabilities:
Net unrealized appreciation on investments in securities		577,577
Net deferred tax liability	$	—

The net operating loss carryforward and capital loss carryforward are available to offset future taxable income. The Direxion Zacks MLP High Income Shares has the following net operating loss and capital loss amounts:

Capital loss	Amount		Expiration
Fiscal year ended:
October 31, 2015	$	4,752,962		October 31, 2035
Net operating loss	Amount		Expiration
Fiscal year ended:
October 31, 2015	$	2,053,743		October 31, 2035

The net operating loss can be carried forward for 20 years and, accordingly, would begin to expire as of October 31, 2035.

DIREXION SEMI-ANNUAL REPORT 59

Total income tax benefit (current and deferred) differs from the amount computed by applying the federal statutory income tax rate of 35% to net investment income and realized and unrealized gains (losses) on investments before taxes for the period ended April 30, 2015 is as follows:

Income tax provision (benefit) at the federal statutory rate of 35%	$	(2,028,493	)
State income tax (benefit), net of of federal benefit		(154,749	)
Tax benefit due to change in effective state rates		(2,765	)
Change in valuation allowance		1,986,513
Total tax benefit	$	(199,494	)

At April 30, 2015, the tax cost of investments, gross unrealized appreciation and depreciation of investments for federal income tax purposes of the Direxion Zacks MLP High Income Shares were as follows:

Tax cost of investments	$	97,507,142
Gross unrealized appreciation		1,011,011
Gross unrealized depreciation		(758,590	)
Net unrealized appreciation/(depreciation)	$	252,421

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 Benchmark 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 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. Transaction fees received by each Fund are reflected in the Capital Share Transaction section of the Statements of Changes in Net Assets.

5. INVESTMENT TRANSACTIONS

The table below displays each Fund’s investment transactions during the period ended April 30, 2015. Purchases represent the aggregate purchases of investments excluding cost of in-kind purchases, short-term investment purchases and swaps contracts. Sales represent the aggregate sales of investments excluding proceeds from in-kind sales, short-term investments and swap 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 All Cap Insider Sentiment Shares	$	230,762,709	$	230,711,969	$	45,097,718	$	—
Direxion iBillionaire Index ETF		36,559,837		34,075,461		3,796,409		3,874,899
Direxion NASDAQ-100® Equal Weighted Index Shares		20,867,687		20,944,632		48,227,828		6,539,678
Direxion S&P 500® Volatility Response Shares		35,081,157		21,155,576		1,976,244		—
Direxion Value Line® Conservative Equity ETF1		10,266,877		301,026		—		—
Direxion Value Line® Mid- and Large-Cap High Dividend ETF1		12,873,732		2,886,792		—		—
Direxion Value Line® Small- and Mid-Cap High Dividend ETF1		13,416,065		3,443,742		—		—
Direxion Zacks MLP High Income Shares		48,241,604		52,667,478		57,437,080		1,659,917
Direxion Daily 7-10 Year Treasury Bear 1X Shares		—		—		—		—
Direxion Daily 20+ Year Treasury Bear 1X Shares		—		—		—		—
Direxion Daily Total Bond Market Bear 1X Shares		—		—		—		—
Direxion Daily Total Market Bear 1X Shares		—		—		—		—

¹ Represents the period from March 11, 2015 (commencement of operations) to April 30, 2015.

60 DIREXION SEMI-ANNUAL REPORT

There were no purchases or sales of long-term U.S. Government securities in the Funds during the period ended April 30, 2015.

6. INVESTMENT ADVISORY AND OTHER AGREEMENTS

Under an Investment Advisory Agreement between the Trust, on behalf of each Fund, the Adviser provides a continuous investment program for each Fund’s assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of a Fund, subject to the supervision of the Trustees. Pursuant to the Advisory Agreement, each Fund pays the Adviser at an annual rate of 0.45% (0.30% for the Direxion NASDAQ-100^® Equal Weighted Index Shares and 0.60% for the Direxion Zacks MLP High Income Shares) at an annual rate based on its average daily net assets.

The Adviser has agreed to waive 0.10% of its fees based on average daily net assets at least until September 1, 2016 for the Direxion S&P 500^® Volatility Response Shares.

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 0.35% for the Direxion NASDAQ-100^® Equal Weighted Index Shares, 0.45% for the Direxion S&P 500^® Volatility Response Shares, 0.58% for the Direxion Value Line^® Conservative Equity ETF, Direxion Value Line^® Mid- and Large-Cap High Dividend ETF and Direxion Value Line^® Small- and Mid-Cap High Dividend ETF, and 0.65% for the Direxion All Cap Insider Sentiment Shares, Direxion Daily Total Market Bear 1X Shares, Direxion Daily 7-10 Year Treasury Bear 1X Shares, Direxion Daily 20+ Year Treasury Bear 1X Shares, Direxion Daily Total Bond Market Bear 1X Shares, Direxion iBillionaire Index ETF and Direxion Zacks MLP High Income Shares of average daily net assets at least until September 1, 2016. Any expense waiver is subject to reimbursement by the Funds, as applicable, within the following three years if overall expenses fall below these percentage limitations.

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

	Expenses Recouped		Expenses Reimbursed		Potential Recoupment Amounts Expiring:								Total Potential Recoupment Amount
Funds					October 31, 2015		October 31, 2016		October 31, 2017		October 31, 2018
Direxion All Cap Insider Sentiment Shares	$	—	$	42,786	$	72,176	$	52,022	$	59,039	$	42,786	$	226,023
Direxion iBillionaire Index ETF		—		46,861		—		—		37,316		46,861		84,177
Direxion NASDAQ-100® Equal Weighted Index Shares		—		52,265		60,646		54,528		69,093		52,265		236,532
Direxion S&P 500® Volatility Response Shares		—		63,710		139,868		57,589		75,991		63,710		337,158
Direxion Value Line® Conservative Equity ETF		—		10,824		—		—		—		10,824		10,824
Direxion Value Line® Mid- and Large-Cap High Dividend ETF		—		10,819		—		—		—		10,819		10,819
Direxion Value Line® Small- and Mid-Cap High Dividend ETF		—		10,819		—		—		—		10,819		10,819
Direxion Zacks MLP High Income Shares		—		89,361		—		—		117,292		89,361		206,653
Direxion Daily 7-10 Year Treasury Bear 1X Shares		—		24,815		61,976		61,281		52,505		24,815		200,577

DIREXION SEMI-ANNUAL REPORT 61

	Expenses Recouped		Expenses Reimbursed		Potential Recoupment Amounts Expiring:								Total Potential Recoupment Amount
Funds					October 31, 2015		October 31, 2016		October 31, 2017		October 31, 2018
Direxion Daily 20+ Year Treasury Bear 1X Shares	$	—	$	31,646	$	53,381	$	52,376	$	47,464	$	31,646	$	184,867
Direxion Daily Total Bond Market Bear 1X Shares		—		38,411		55,348		63,412		56,138		38,411		213,309
Direxion Daily Total Market Bear 1X Shares		—		41,406		98,895		89,859		83,335		41,406		313,495

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 pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services. No 12b-1 fees are currently being charged by any Fund, and there are currently no plans to impose these fees.

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 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, 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, 2015:

	Direxion All Cap Insider Sentiment Shares								Direxion iBillionaire Index ETF
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Common Stocks*	$	77,459,665	$	—	$	—	$	77,459,665	$	34,728,102	$	—	$	—	$	34,728,102
Short-Term Investments		4,917		—		—		4,917		83,878		—		—		83,878
	Direxion NASDAQ-100® Equal Weighted Index Shares								Direxion S&P 500® Volatility Response Shares
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Common Stocks*	$	78,751,480	$	—	$	—	$	78,751,480	$	32,637,896	$	—	$	—	$	32,637,896
Short-Term Investments		776		—		—		776		—		—		—		—
	Direxion Value Line® Conservative Equity ETF								Direxion Value Line®  Mid- and Large-Cap High Dividend ETF
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Common Stocks*	$	10,092,671	$	—	$	—	$	10,092,671	$	9,607,140	$	—	$	—	$	9,607,140
Master Limited Partnerships*		—		—		—		—		631,612		—		—		631,612

62 DIREXION SEMI-ANNUAL REPORT

	Direxion Value Line® Small- and Mid-Cap High Dividend ETF										Direxion Zacks MLP High Income Shares
	Level 1		Level 2			Level 3		Total			Level 1		Level 2		Level 3		Total
Common Stocks*	$	10,105,098	$	—		$	—	$	10,105,098		$	—	$	—	$	—	$	—
Master Limited Partnerships*		—		—			—		—			97,469,092		—		—		97,469,092
Short-Term Investments		—		—			—		—			290,471		—		—		290,471
Other Financial Instruments**		—		—			—		—			—		—		—		—
	Direxion Daily 7-10 Year Treasury Bear 1X Shares										Direxion Daily 20+ Year Treasury Bear 1X Shares
	Level 1		Level 2			Level 3		Total			Level 1		Level 2		Level 3		Total
Short-Term Investments	$	252,632	$	—		$	—	$	252,632		$	3,110,121	$	—	$	—	$	3,110,121
Other Financial Instruments**		—		(81,832	)		—		(81,832	)		—		21,283		—		21,283
	Direxion Daily Total Bond Market Bear 1X Shares										Direxion Daily Total Market Bear 1X Shares
	Level 1		Level 2			Level 3		Total			Level 1		Level 2		Level 3		Total
Short-Term Investments	$	740,432	$	—		$	—	$	740,432		$	420,366	$	—	$	—	$	420,366
Other Financial Instruments**		—		(79,913	)		—		(79,913	)		—		6,183		—		6,183

  * For further detail on each asset class, see the Schedules of Investments.

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

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.

There were no transfers between Level 1 and Level 2 securities during the period ended April 30, 2015. There were no Level 3 securities held by the Funds during the period ended April 30, 2015. It is the Funds’ policy to recognize transfers into Leve 3 at the value as of the beginning of the period.

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 derivatives instruments, how derivatives 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, 2015, the Funds were invested in swap contracts. At April 30, 2015, the fair values of derivative instruments, by primary risk, were as follows:

	Asset Derivatives1
Fund	Equity Risk		Interest Rate Risk		Total
Direxion Daily 20+ Year Treasury Bear 1X Shares	$	—	$	76,057	$	76,057
Direxion Daily Total Market Bear 1X Shares		6,183		—		6,183

¹  Statements of Assets and Liabilities location: Unrealized appreciation on swaps.

DIREXION SEMI-ANNUAL REPORT 63

	Liability Derivatives1
Fund	Equity Risk		Interest Rate Risk		Total
Direxion Daily 7-10 Year Treasury Bear 1X Shares	$	—	$	81,832	$	81,832
Direxion Daily 20+ Year Treasury Bear 1X Shares		—		54,774		54,774
Direxion Daily Total Bond Market Bear 1X Shares		—		79,913		79,913

¹  Statements of Assets and Liabilities location: Unrealized depreciation on swaps.

Transactions in derivative instruments during the six months ended April 30, 2015, 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 7-10 Year Treasury Bear 1X Shares	Swap Contracts	$	—		$	(42,422	)	$	—	$	(20,395	)
Direxion Daily 20+ Year Treasury Bear 1X Shares	Swap Contracts		—			(1,548,707	)		—		575,031
Direxion Daily Total Bond Market Bear 1X Shares	Swap Contracts		—			(91,496	)		—		18,333
Direxion Daily Total Market Bear 1X Shares	Swap Contracts		(166,687	)		—			96,314		—

¹  Statements of Operations location: Net realized gain (loss) on swaps.

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

For the period ended April 30, 2015, the volume of the derivatives held by the Funds was as follows:

	Quarterly Average Gross Notional Amounts
	Short Equity Swap Contracts
Direxion All Cap Insider Sentiment Shares	$	—
Direxion iBillionaire Index ETF		—
Direxion NASDAQ-100® Equal Weighted Index Shares		—
Direxion S&P 500® Volatility Response Shares		—
Direxion Value Line® Conservative Equity ETF		—
Direxion Value Line® Mid- and Large-Cap High Dividend ETF		—
Direxion Value Line® Small and Mid-Cap High Dividend ETF		—
Direxion Zacks MLP High Income Shares		—
Direxion Daily 7-10 Year Treasury Bear 1X Shares		1,460,260
Direxion Daily 20+ Year Treasury Bear 1X Shares		11,353,281
Direxion Daily Total Bond Market Bear 1X Shares		3,232,976
Direxion Daily Total Market Bear 1X Shares		1,620,961

The Bear Funds utilize this volume of derivatives in order to meet the investment objectives of -100% 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

64 DIREXION SEMI-ANNUAL REPORT

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.

Correlation Risk – A number of factors may affect certain 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 derivatives, 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 Bear Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily 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.

10. SUBSEQUENT EVENTS

The Funds follow authoritative standards for accounting for and disclosure of events that occur after the Statements of Assets and Liabilities date but before the financial statements are issued or are available to be issued. These standards require the Funds to recognize in the financial statements the effects of all recognized subsequent events that provide additional evidence about conditions that existed at the date of the Statements of Assets and Liabilities. For nonrecognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made.

Effective June 1, 2015, the Adviser has agreed to waive 0.15% of its fees based on average daily net assets at least until September 1, 2016 for the Direxion Value Line^® Conservative Equity ETF, Direxion Value Line^® Mid- and Large-Cap High Dividend ETF and Direxion Value Line^® Small- and Mid-Cap High Dividend ETF. In addition, effective June 1, 2015, the Adviser has contractually agreed to waive its fees and/or reimburse the Funds’ operating expenses to the extent that they exceed 0.38% ETF of average daily net assets for the Direxion Value Line^® Conservative Equity ETF, Direxion Value Line^® Mid- and Large-Cap High Dividend at least until September 1, 2016.

On May 21, 2015, the Funds declared income dividends with an ex-date of May 27, 2015 and payable date of June 3, 2015. The income per share for each Fund was as follows:

Funds	Per Share Income Distribution
Direxion All Cap Insider Sentiment Shares	$	—
Direxion iBillionaire Index ETF		—
Direxion NASDAQ-100® Equal Weighted Index Shares		—
Direxion S&P 500® Volatility Response Shares		—
Direxion Value Line® Conservative Equity ETF		0.03413
Direxion Value Line® Small- and Mid-Cap High Dividend ETF		0.07443

DIREXION SEMI-ANNUAL REPORT 65

Funds	Per Share Income Distribution
Direxion Value Line® Mid- and Large-Cap High Dividend ETF	$	0.05415
Direxion Zacks MLP High Income Shares		—
Direxion Daily 7-10 Year Treasury Bear 1X Shares		—
Direxion Daily 20+ Year Treasury Bear 1X Shares		—
Direxion Daily Total Bond Market Bear 1X Shares		—
Direxion Daily Total Market Bear 1X Shares		—

On June 18, 2015, the Funds declared income dividends and return of capital distributions with an ex-date of June 23, 2015 and payable date of June 30, 2015. The income and return of capital per share for each Fund was as follows:

Funds	Per Share Income Distribution		Per Share Return of Capital Distribution
Direxion All Cap Insider Sentiment Shares	$	0.16048	$	—
Direxion iBillionaire Index ETF		0.03030		—
Direxion NASDAQ-100® Equal Weighted Index Shares		0.13321		—
Direxion S&P 500® Volatility Response Shares		0.23020		—
Direxion Value Line® Conservative Equity ETF		0.04055		—
Direxion Value Line® Small- and Mid-Cap High Dividend ETF		0.07417		—
Direxion Value Line® Mid- and Large-Cap High Dividend ETF		0.05938		—
Direxion Zacks MLP High Income Shares		—		0.76000
Direxion Daily 7-10 Year Treasury Bear 1X Shares		—		—
Direxion Daily 20+ Year Treasury Bear 1X Shares		—		—
Direxion Daily Total Bond Market Bear 1X Shares		—		—
Direxion Daily Total Market Bear 1X Shares		—		—

The Trust has evaluated subsequent events through the issuance of the Funds’ financial statements and has determined, other than the disclosures stated, there are no other events that impacted the Funds’ financial statements.

66 DIREXION SEMI-ANNUAL REPORT

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 67

Direxion Shares ETF Trust

Trustees and Officers

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: 47	Chairman of the Board of Trustees	Lifetime of Trust until removal or resignation; Since 2008	Managing Director of Rafferty, 1999-present.	145	None.
Eric W. Falkeis(2) Age: 41	Trustee	Lifetime of Trust until removal or resignation; Since 2014	Chief Operating Officer, since April 2014, Rafferty Asset Management, LLC; formerly, President Rafferty Asset Management, LLC, March 2013-April 2014; formerly, Senior Vice President, USBFS, September 2007-March 2013; Chief Financial Officer, USBFS, April 2006-March 2013; Vice President, USBFS, 1997-2007; formerly, Chief Financial Officer, Quasar Distributors, LLC (2000-2003).	145	Trustee, Professionally Managed Portfolios (45 Funds).
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
Gerald E. Shanley III Age: 71	Trustee	Lifetime of Trust until removal or resignation; Since 2008	Retired, Since 2002; Business Consultant, 1985-present; Trustee of Trust Under Will of Charles S. Payson, 1987-present; C.P.A., 1979-present.	145	None.

68 DIREXION SEMI-ANNUAL REPORT

Direxion Shares ETF Trust

Trustees and Officers

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
John A. Weisser Age: 73	Trustee	Lifetime of Trust until removal or resignation; Since 2008	Retired, Since 1995; Salomon Brothers, Inc., 1971-1995, most recently as Managing Director.	145	Director, The MainStay Funds Trust (39 Funds), The MainStay Funds (12 Funds), MainStay VP Fund Series (29 Funds), Mainstay Defined Term Municipal Opportunities Fund (1 Fund); Private Advisors Alternative Strategy Fund (1 Fund); Private Advisors Alternative Strategies Master Fund (1 Fund).
David L. Driscoll Age: 45	Trustee	Lifetime of Trust until removal or resignation; Since 2014	Partner, King Associates, LLP, since 2004; Board Advisor, University Common Real Estate, since 2012; Principal, Grey Oaks LLP since 2003; Member, Kendrick LLC, since 2006.	145	None.
Jacob C. Gaffey Age: 67	Trustee	Lifetime of Trust until removal or resignation; Since 2014	Managing Director of Loomis & Co. since 2012; Partner, Bay Capital Advisors, LLC 2008-2012.	145	Director, Costa, Inc. (formerly A.T. Cross, Inc.).

⁽¹⁾ Mr. O’Neill is affiliated with Rafferty. Mr. O’Neill is the Managing Director of Rafferty and owns a beneficial interest in Rafferty.

⁽²⁾ Mr. Falkeis is affiliated with Rafferty. Mr. Falkeis is the Chief Operating Officer of Rafferty.

⁽³⁾ The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this SAI, offers for sale to the public 70 of the 125 funds registered with the SEC, the Direxion Funds which, as of the date of this SAI, offers for sale to the public 16 portfolios and the Direxion Insurance Trust which, as of the date of this report, offers for sale 3 of the 4 funds registered with the SEC.

DIREXION SEMI-ANNUAL REPORT 69

Direxion Shares ETF Trust

Trustees and Officers

Principal Officers of the Trust
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 the 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: 47	Chief Executive Officer and Chief Investment Officer	One Year; Since 2008	Managing Director of Rafferty, 1999-present.	145	N/A
Eric W. Falkeis(2) Age: 41	Principal Executive Officer	One Year; Since 2014	Chief Operating Officer, since April 2014, Rafferty Asset Management, LLC; formerly, President, Rafferty Asset Management, LLC, March 2013-April 2014; formerly, Senior Vice President, USBFS, September 2007-March 2013; Chief Financial Officer, USBFS, April 2006-March 2013; Vice President, USBFS, 1997-2007; formerly, Chief Financial Officer, Quasar Distributors, LLC (2000-2003).	145	Trustee, Professionally Managed Portfolios (45 Funds).
Brian Jacobs Age: 54	President	One Year; Since 2014	President, since April 2014, Rafferty Asset Management, LLC; formerly, Managing Partner, Jacobs Strategic Consulting (2012-2014); formerly, Chief Executive Officer, Hatteras Funds (2010-2012); formerly, Chief Distribution Officer, Baron Capital (2009); formerly, Managing Director, Allianz Global Investors (2000-2008).	N/A	Formerly, Board Member, Wheelhouse Analytics; formerly, Board Member, Raise Hope Foundation.

70 DIREXION SEMI-ANNUAL REPORT

Direxion Shares ETF Trust

Trustees and Officers

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 the Direxion Family of Investment Companies Overseen by Trustee(3)	Other Trusteeships/ Directorships Held by Trustee During Past Five Years
Patrick J. Rudnick Age: 41	Principal Financial Officer and Assistant Secretary	One Year; Since 2010	Senior Vice President and Principal Financial Officer, Rafferty Asset Management, LLC, since March 2013; formerly Vice President, USBFS (2006-2013); formerly, Manager, PricewaterhouseCoopers LLP (1999-2006).	N/A	N/A
Angela Brickl Age: 39	Chief Compliance Officer Secretary	One Year; Since 2012 One Year; Since 2011	General Counsel and Chief Compliance Officer, Rafferty Asset Management, LLC, since October 2010; Summer Associate at Skadden, Arps, Slate, Meagher & Flom, LLP, May-August 2009; Summer Associate at Foley & Lardner, LLP May-August 2008; Vice President USBFS November 2003-August 2007.	N/A	N/A

⁽¹⁾  Mr. O’Neill serves as Chairman of the Board of Trustees of the Direxion Funds, Direxion Insurance Trust and Direxion Shares ETF Trust.

⁽²⁾ Mr. Falkeis serves as a Trustee of the Direxion Funds, Direxion Insurance Trust and Direxion Shares ETF Trust.

⁽³⁾ The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this SAI, offers for sale to the public 70 of the 125 funds registered with the SEC, the Direxion Funds which, as of the date of this SAI, offers for sale to the public 16 portfolios and the Direxion Insurance Trust which, as of the date of this report, offers for sale 3 of the 4 funds registered with the SEC.

DIREXION SEMI-ANNUAL REPORT 71

Direxion Shares ETF Trust

Board Review of Investment Advisory Agreements

April 30, 2015 (Unaudited)

New Fund Investment Advisory Agreement Approval

Provided below is a summary of certain of the factors the Board of Trustees (“Board”) of Direxion Shares ETF Trust (“ETF Trust”) considered at its November 25, 2014 Board meeting in approving the advisory agreement between Rafferty Asset Management, LLC (“Rafferty”) and the ETF Trust (“Advisory Agreement”), on behalf of the Direxion Value Line Mid- and Large-Cap High Dividend ETF, Direxion Value Line Small and Mid-Cap High Dividend ETF and the Direxion Value Line Conservative Equity ETF, each a series of the ETF Trust (the “Funds”).

The Board did not identify any particular information that was most relevant to its consideration to approve the Advisory Agreement and each Trustee may have afforded different weight to the various factors discussed below. In determining whether to approve the Advisory Agreement, the Board considered the best interests of each Fund separately. The Board noted that the Funds had not yet commenced operations. Accordingly, the Board primarily considered the nature, extent and quality of the services to be provided by Rafferty, the advisory fee rates to be paid to Rafferty and each Fund’s estimated expenses.

Nature, Extent and Quality of Services Provided.    The Board considered the nature, extent and quality of the services to be provided under the Advisory Agreement by Rafferty. The Board noted that Rafferty has provided services to the ETF Trust, as well as the Direxion Funds and Direxion Insurance Trust, since their respective inception dates. Further, the Board noted that, although Rafferty does not manage other funds with identical underlying indices, Rafferty has developed an expertise in managing funds with investment strategies similar to the Funds, in that each Fund seeks to achieve investment returns that correlate with an underlying index. The Board considered Rafferty’s representations that it has the financial resources and appropriate staffing to manage the Funds and to meet its contractual fee waivers and/or expense reimbursement obligations. The Board also considered that Rafferty will oversee all aspects of the operation of the Funds, including oversight of the Funds’ service providers. Because the Funds had not commenced operations, they did not have any prior performance history. Based on these and other considerations, the Board determined that, in the exercise of its business judgment, the nature, extent and quality of the services to be provided by Rafferty to the Funds under the Advisory Agreement were fair and reasonable.

Costs of Services Provided to the Funds and Profits Realized.    The Board considered the fees to be paid to Rafferty on an annual basis, including the contractual fee waivers. In this regard, Rafferty advised the Board that the advisory fee rates and contractual fee waivers for the Funds are similar to the total advisory fee rates for comparable exchange-traded funds and the advisory fee rates charged to comparable series of the ETF Trust. The Board also considered the total projected expense ratios for the Funds compared to comparable exchange-traded funds, or other products, with investment strategies similar to the Funds, in that each Fund seeks to achieve investment returns that correlate with an underlying index. The Board considered that Rafferty agreed to limit the total expenses for each Fund via contractual fee waivers and/or expense limitations. The Board also considered the overall profitability of Rafferty’s investment business and its representation that because the Funds had not commenced operations, Rafferty did not have any prior profit data related to the Funds. Based on these considerations, the Board determined that, in the exercise of its business judgment, the costs of the services to be provided and any profits that may be realized under the Advisory Agreement were fair and reasonable.

Economies of Scale.    The Board considered whether economies of scale may be realized by Rafferty as each Fund grows larger and the extent to which any such economies are reflected in contractual fee rates. The Board noted that the Funds had not yet commenced operations and did not yet have any assets.

Other Benefits.    The Board considered Rafferty’s representation that it believes that its relationship with the Funds may help to enable Rafferty to attract business to its other mutual fund accounts. The Board also considered that Rafferty’s overall business with brokerage firms can help to lower commission rates and provide better execution for Fund portfolio transactions. Based on these and other considerations, the Board determined that, in the exercise of its business judgment, such benefits to Rafferty would be fair and reasonable.

72 DIREXION SEMI-ANNUAL REPORT

Conclusion.    Based on, but not limited to, the above considerations and determinations, the Board determined that the Advisory Agreement for the Funds was fair and reasonable in light of the services to be performed, fees, expenses and such other matters as the Board considered relevant in the exercise of its business judgment. On this basis, the Board unanimously voted in favor of the approval of the Advisory Agreement.

DIREXION SEMI-ANNUAL REPORT 73

1301 Avenue of the Americas (6th Ave.), 35th Floor

New York, New York 10019

www.direxioninvestments.com

Investment Advisor

Rafferty Asset Management, LLC

1301 Avenue of Americas (6th Ave.),

35th Floor

New York, NY 10019

Administrator

U.S. Bancorp Fund Services, LLC

P.O. Box 1993

Milwaukee, WI 53201-1993

Independent Registered Public Accounting Firm

Ernst & Young LLP

5 Times Square

New York, New York 10036

Distributor

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, Maine 01401

www.foreside.com

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

Each Funds’ premium/discount information is available free of charge on the Funds’ website, www.direxioninvestments.com or by calling 1-866-476-7523.

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

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

74 DIREXION SEMI-ANNUAL REPORT

PRIVACY NOTICE

At the Direxion Shares, 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’ non-public 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 (866) 476-7523.

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

DIREXION SEMI-ANNUAL REPORT

DIREXION SHARES ETF TRUST

SEMI-ANNUAL REPORT APRIL 30, 2015

1301 Avenue of the Americas (6th Ave.), 35th Floor New York, New York 10019 www.direxioninvestments.com

1.25X BULL FUNDS
Direxion Daily S&P 500® Bull 1.25X Shares
Direxion Daily Small Cap Bull 1.25X Shares
Direxion Daily FTSE Developed Markets Bull 1.25X Shares
Direxion Daily FTSE Emerging Markets Bull 1.25X Shares
2X BULL FUNDS
Direxion Daily CSI 300 China A Share Bull 2X Shares
Direxion Daily Mid Cap Bull 2X Shares
Direxion Daily S&P 500® Bull 2X Shares
Direxion Daily Small Cap Bull 2X Shares
Direxion Daily 7-10 Year Treasury Bull 2X Shares
3X BULL FUNDS	3X BEAR FUNDS
Direxion Daily Mid Cap Bull 3X Shares	Direxion Daily Mid Cap Bear 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 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
Direxion Daily Brazil Bull 3X Shares
Direxion Daily Developed Markets Bull 3X Shares	Direxion Daily Developed Markets Bear 3X Shares
Direxion Daily Emerging Markets Bull 3X Shares	Direxion Daily Emerging Markets Bear 3X Shares
Direxion Daily FTSE China Bull 3X Shares	Direxion Daily FTSE China Bear 3X Shares
Direxion Daily FTSE Europe Bull 3X Shares
Direxion Daily India Bull 3X Shares
Direxion Daily Japan Bull 3X Shares
Direxion Daily Latin America Bull 3X Shares
Direxion Daily Russia Bull 3X Shares	Direxion Daily Russia Bear 3X Shares
Direxion Daily South Korea Bull 3X Shares
Direxion Daily Basic Materials Bull 3X Shares
Direxion Daily Gold Miners Index Bull 3X Shares	Direxion Daily Gold Miners Index Bear 3X Shares
Direxion Daily Healthcare Bull 3X Shares
Direxion Daily Junior Gold Miners Index Bull 3X Shares	Direxion Daily Junior Gold Miners Index Bear 3X Shares
Direxion Daily Natural Gas Related Bull 3X Shares
Direxion Daily Retail Bull 3X Shares
Direxion Daily Semiconductor Bull 3X Shares	Direxion Daily Semiconductor Bear 3X Shares
Direxion Daily Energy Bull 3X Shares	Direxion Daily Energy Bear 3X Shares
Direxion Daily Financial Bull 3X Shares	Direxion Daily Financial Bear 3X Shares
Direxion Daily Real Estate Bull 3X Shares	Direxion Daily Real Estate Bear 3X Shares
Direxion Daily Technology Bull 3X Shares	Direxion Daily Technology Bear 3X Shares

Table of Contents

Letter to Shareholders	4
Expense Example	16
Allocation of Portfolio Holdings	20
Schedules of Investments	21
Statements of Assets and Liabilities	76
Statements of Operations	91
Statements of Changes in Net Assets	106
Financial Highlights	136
Notes to the Financial Statements	144
Supplemental Information (Unaudited)	179
Trustees and Officers	180
Board Review of Investment Advisory Agreement	184

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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, 2014 to April 30, 2015 (the “Semi-Annual Period”).

Market Review:

The S&P 500 Index gained 0.77% in the first week of the Semi-Annual Period, climbing back to new record highs as investors continued to put money back into the market following mid October’s selloff. The market was also broadly supported by the U.S. mid-term election results in which the Republican Party won control of the Senate and the House of Representatives. The decision by OPEC countries not to cut production in the face of increased global supply led to a sharp decline in oil prices over the final days of November. Despite concerns over global growth, domestic U.S. economic data remained strong. Weak oil prices provided a boost to household incomes leading to better retail sales and consumer confidence reports. The University of Michigan’s consumer confidence index rose sharply in December to its highest level of the current economic expansion. During the first quarter of 2015 U.S. small cap stocks performed well. The performance was due to their lower exposure to foreign markets which had become more challenging for U.S. firms because of the strong U.S. dollar. A 5.86% rebound in oil prices helped the energy sector in February. The S&P 500 Index reached an all-time high later in the month following assurances from Federal Reserve Chairwoman Yellen that policymakers were not in a hurry to raise interest rates despite growing evidence of strength in the U.S. economy. On April 24, 2015, the S&P 500 Index reached another record high of 2,117.69 before falling back at the end of the month, ending with modest gains. The S&P 500 Index had a total return of 4.39% during the Semi-Annual period.

A familiar story continued into the end of 2014 and throughout the Semi-Annual Period; yields fell globally due to sluggish growth, near-zero inflation and constant geopolitical tension. While U.S. government bond yields have declined since the start of 2014, yields have become much lower and even negative in several countries across Europe. Since the start of the Semi-Annual Period, the 10-year U.S. Treasury Note has gained 1.60% and U.S. long-bonds led the fixed income world in terms of performance. The NYSE 20+ Year Treasury Bond Index gained 6.84% over the course of the Semi-Annual Period, compared to a 2.06% gain seen in the Barclays U.S. Aggregate Bond Total Return Index. High Yield returns failed to impress, as investors who reached for yield through corporate credit only saw gains of 1.19%, as measured by the Barclays High Yield Total Return Index. Despite the conclusion of Quantitative Easing in October and the Federal Reserve’s removal of the word “patient” back in March, the most recent update from the Federal Reserve came with lowered forecasts for growth, unemployment and inflation.

Chinese stocks continued their impressive bull rally during the Semi-Annual Period, thanks to continued government intervention and strong international demand. FTSE China 50 Net Total Return Index, the Hong Kong dominated Index, rose 30.16% for the period. The CSI 300 Net Total Return Index USD, which tracks Chinese A-Shares, performed even better with an 86.75% return thanks to a strong rally through March and April. Developed Market stocks also performed well in this period, rising 6.81% as measured by the MSCI Daily Total Return Net EAFE USD. The Developed Markets (ex-US) performed well, in part, due to a strong rally in Europe, which launched their own version of quantitative easing in January. Poor performers for the Semi-Annual Period included South Korea, Latin America and Russia. Russian stocks, as measured by Market Vectors Russia Index Total Return Net, saw declines of 6.65% due to continued uncertainty in the Ukraine, economic sanctions and a weak Ruble. The weakness in Latin American stocks was led by Brazilian stocks, which were down 15.46%, as measured by the MSCI Brazil 25-50 Net USD Index. Brazilian stocks saw steep declines when Dilma Rousseff was reelected in October and continued that decline throughout the Semi-Annual Period. Brazil has also been besieged by continued protests, demanding the impeachment of President Dilma Rousseff due to perceived government corruption.

The CBOE Volatility (VIX) Index seemed little changed over the course of the Semi-Annual Period, having gained only 3.71% from the start of November to the end of April. But on December 31, the VIX Index sat at 19.20, having fallen almost 19% in just six trading days from its Semi-Annual period high of 23.57. As domestic market volatility resumed and the S&P 500 Index continued to trend higher, the VIX Index continued to make new lows. Looking past the spike beyond 25, the VIX Index currently closed the Semi-Annual Period only slightly higher than the average levels in 2013

4 DIREXION SEMI-ANNUAL REPORT

and 2014. Analysts have attributed the return to low VIX levels to the lack of market-moving news between the first-quarter earnings season and the Federal Reserve’s meeting in June. Large scale events such as the move in crude oil and the removal of the Euro peg by the Swiss National Bank, in addition to looming interest rate activity by the Federal Reserve, has brought upon an interesting time in the markets; a time without a firm consensus.

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 125%, 200%, 300% or -300% of the performance of a particular benchmark.

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 attempt to provide investment results that correlate to 125%, 200% or 300% of the return of an index or benchmark, meaning the Bull Funds attempt to move in the same direction as the target index or benchmark. The Funds with the word “Bear” in their name attempt to provide investment results that correlate to -300% of the return of an index or benchmark, meaning that the Bear Funds attempt to move in the opposite or inverse direction of the target index or benchmark.

In seeking to achieve each ETFs 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 investment 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 index or benchmark 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 in excess of its net assets. To meet its objectives, each ETF invests in some combination of financial instruments so it generates economic exposure consistent with the ETF’s investment objective. These financial instruments include 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 over time. Additionally, such instruments may experience potentially dramatic price changes (losses) and imperfect correlations between the price of the contract and the underlying security or index which will increase the volatility of the ETFs and may involve a small investment of cash relative to the magnitude of the risk assumed. 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. 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 the ETFs have met their daily investment goals, Direxion maintains models which indicate the expected performance of each ETF in light of the path of the relevant benchmark (the “Index”). The models and a description of how they work are available on the Direxion Shares website (www.direxioninvestments.com) under Tools/Tracking Center. The models do not take into account the size of an ETF, the ETF’s expense ratio or any transaction or trading fees associated with creating or maintaining an ETF’s portfolio.

DIREXION SEMI-ANNUAL REPORT 5

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 125%, 200% or 300% (for the Bull ETFs) or -300% (for the Bear ETFs) of the performance of its respective underlying index. The use of leverage magnifies an ETF’s gains or losses and increases the investment’s risk and volatility. The Bear ETFs seek to achieve inverse magnified correlation to their respective underlying indexes.

— Volatility and Compounding – The goal of leveraged ETFs is to provide a multiple of the daily returns 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 LIBOR plus a spread and a Bear ETF receives LIBOR minus a spread as applied to the borrowed portion of the ETF’s exposure. Because LIBOR is very low, financing costs create only a small drag on a Bull ETF’s performance while a Bear ETF receives a negligible amount, or in the case of hard-to-borrow shares, might pay to finance its short position.

— Optimized Baskets – Each Bull ETF may hold 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 larger 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^® Bull 1.25X Shares seeks to provide, before fees and expenses, 125% 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. Standard & Poor’s^® selects the 500 stocks comprising the Index on the basis of market values and industry diversification. Most of the stocks in the Index are issued by the 500 largest companies, in terms of the aggregate market value of their outstanding stock, and are generally listed on the New York Stock Exchange. The companies included in the index have an average market capitalization of more than $39.45 billion dollars and a median market capitalization of $18.96 billion dollars as of March 31, 2015. Since inception on January 7, 2015, the S&P 500^® Index returned 4.76%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily S&P 500^® Bull 1.25X Shares returned 5.76% for the aforementioned period. The model indicated an expected return of 5.91% for the Direxion Daily S&P 500^® Bull 1.25X Shares.

The Direxion Daily S&P 500^® Bull 2X Shares seeks to provide, before fees and expenses, 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. Standard & Poor’s^® selects the 500 stocks comprising the Index on the basis of market values and industry diversification.

6 DIREXION SEMI-ANNUAL REPORT

Most of the stocks in the Index are issued by the 500 largest companies, in terms of the aggregate market value of their outstanding stock, and are generally listed on the New York Stock Exchange. The companies included in the index have an average market capitalization of more than $39.45 billion dollars and a median market capitalization of $18.96 billion dollars as of March 31, 2015. For the Semi-Annual Period, the S&P 500^® Index returned 4.39%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily S&P 500^® Bull 2X Shares returned 7.47%. The model indicated an expected return of 8.16% for the Direxion Daily S&P 500^® Bull 2X Shares.

The Direxion Daily S&P 500^® Bull 3X Shares and the Direxion Daily S&P 500^® 3X Shares seek to provide, before fees and expenses, 300% and -300% of the daily return of the S&P 500^® Index, respectively. The S&P 500^® Index is a capitalization-weighted index composed of 500 domestic common stocks. Standard & Poor’s^® selects the 500 stocks comprising the Index on the basis of market values and industry diversification. Most of the stocks in the Index are issued by the 500 largest companies, in terms of the aggregate market value of their outstanding stock, and are generally listed on the New York Stock Exchange. The companies included in the index have an average market capitalization of more than $39.45 billion dollars and a median market capitalization of $18.96 billion dollars as of March 31, 2015. For the Semi-Annual Period, the S&P 500^® Index returned 4.39%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily S&P 500^® Bull 3X Shares returned 9.97% and Direxion Daily S&P 500^® Bear 3X Shares returned -16.60%. The model indicated an expected return of 11.23% for the Direxion Daily S&P 500^® Bull 3X Shares and an expected return of -15.98% for the Direxion Daily S&P 500^® Bear 3X Shares.

The Direxion Daily Mid Cap Bull 2X Shares seeks to provide, before fees and expenses, 200% of the daily return of the S&P Mid Cap 400^® Index. The S&P MidCap^® 400 Index measures the performance of the mid-cap segment of the U.S. equity universe. The Index is a capitalization-weighted index composed of 400 domestic common stocks. Standard & Poor’s^® selects the 400 stocks comprising the Index on the basis of market values and industry diversification. The Index represents approximately 7% of the U.S. equities market. The companies included in the index have an average market capitalization of more than $4.33 billion dollars and a median market capitalization of $3.93 billion dollars as of March 31, 2015. For the Semi-Annual Period, the S&P Mid Cap 400^® Index returned 6.52%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Mid Cap Bull 2X Shares returned 11.92%. The model indicated an expected return of 12.61% for the Direxion Daily Mid Cap Bull 2X Shares.

The Direxion Daily Mid Cap Bull 3X Shares and the Direxion Daily Mid Cap Bear 3X Shares seek to provide, before fees and expenses, 300% and -300% of the daily return of the S&P Mid Cap 400^® Index, respectively. The S&P MidCap^® 400 Index measures the performance of the mid-cap segment of the U.S. equity universe. The Index is a capitalization-weighted index composed of 400 domestic common stocks. Standard & Poor’s^® selects the 400 stocks comprising the Index on the basis of market values and industry diversification. The Index represents approximately 7% of the U.S. equities market. The companies included in the index have an average market capitalization of more than $4.33 billion dollars and a median market capitalization of $3.93 billion dollars as of March 31, 2015. For the Semi-Annual Period, the S&P Mid Cap 400^® Index returned 6.52%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Mid Cap Bull 3X Shares returned 16.80% and the Direxion Daily Mid Cap Bear 3X Shares returned -21.66%. The model indicated an expected return of 18.13% for the Direxion Daily Mid Cap Bull 3X Shares and an expected return of -21.02% for the Direxion Daily Mid Cap Bear 3X Shares.

The Direxion Daily Small Cap Bull 1.25X Shares seeks to provide, before fees and expenses, 125% of the daily return of the 125% of the Russell 2000^® Index. The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe and is comprised of the smallest 2000 companies in the Russell 3000^® Index, representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The companies included in the index have an average market capitalization of more than $1.13 billion dollars and a median market capitalization of

DIREXION SEMI-ANNUAL REPORT 7

$755.00 million dollars as of March 31, 2015. Since inception on January 7, 2015 the Russell 2000^® Index returned 5.45%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Small Cap Bull 1.25X Shares returned 6.56% for the aforementioned period. The model indicated an expected return of 6.74% for the Direxion Daily Small Cap Bull 1.25X Shares.

The Direxion Daily Small Cap Bull 2X Shares seeks to provide, before fees and expenses, 200% of the daily return of the Russell 2000^® Index. The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe and is comprised of the smallest 2000 companies in the Russell 3000^® Index, representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The companies included in the index have an average market capitalization of more than $1.13 billion dollars and a median market capitalization of $755.00 million dollars as of March 31, 2015. For the Semi-Annual Period, the Russell 2000^® Index returned 4.65%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Small Cap Bull 2X Shares returned 8.01%. The model indicated an expected return of 8.25% for the Direxion Daily Small Cap Bull 2X Shares.

The Direxion Daily Small Cap Bull 3X Shares and the Direxion Daily Small Cap Bear 3X Shares seek to provide, before fees and expenses, 300% and -300% of the daily return of the Russell 2000^® Index, respectively. The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe and is comprised of the smallest 2000 companies in the Russell 3000^® Index, representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The companies included in the index have an average market capitalization of more than $1.13 billion dollars and a median market capitalization of $755.00 million dollars as of March 31, 2015. For the Semi-Annual Period, the Russell 2000^® Index returned 4.65%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Small Cap Bull 3X Shares returned 9.78% and the Direxion Daily Small Cap Bear 3X Shares returned -20.16%. The model indicated an expected return of 10.68% for the Direxion Daily Small Cap Bull 3X Shares and an expected return of -18.61% for the Direxion Daily Small Cap Bear 3X Shares.

The Direxion Daily FTSE Developed Markets Bull 1.25X Shares seeks to provide, before fees and expenses, 125% of the daily return of the 125% of the FTSE Developed ex North America Index. The FTSE Developed ex North America Index consists of the stocks of large and mid-capitalization companies in developed market countries excluding the United States and Canada. The Index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization. As of March 31, 2015, the Index included the following 24 countries: Australia, Austria, Belgium & Luxembourg, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Korea, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom; companies from Japan, the United Kingdom, Switzerland, France Germany and Australia represented the largest percentages in the Index. Since inception on January 7, 2015 the FTSE Developed ex North America Index returned 14.04%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily FTSE Developed Markets Bull 1.25X Shares returned 17.48% for the aforementioned period. The model indicated an expected return of 17.73% for the Direxion Daily FTSE Developed Markets Bull 1.25X Shares.

The Direxion Daily Developed Markets Bull 3X Shares and the Direxion Daily Developed Markets Bear 3X Shares seek to provide, before fees and expenses, 300% and -300% of the daily return of the MSCI EAFE^® Index, respectively. The MSCI EAFE^® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The Index consisted of 30 developed market country indices. The companies included in the index have an average market capitalization of more than $19.66 billion dollars and a median market capitalization of $9.28 billion dollars as of March 31, 2015. For the Semi-Annual Period, the MSCI EAFE^® Index (Net) returned 5.01%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Developed Markets Bull 3X Shares returned 11.17% and the Direxion Daily Developed Markets

8 DIREXION SEMI-ANNUAL REPORT

Bear 3X Shares returned -18.87%. The model indicated an expected return of 12.56% for the Direxion Daily Developed Markets Bull 3X Shares and an expected return of -18.39% for the Direxion Daily Developed Markets Bear 3X Shares.

The Direxion Daily FTSE Emerging Markets Bull 1.25X Shares seeks to provide, before fees and expenses, 125% of the FTSE Emerging Index. The FTSE Emerging Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. As of March 31, 2015, the Index consisted of the following 22 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Since inception on January 7, 2015 the FTSE Emerging Index returned 13.44%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily FTSE Emerging Markets Bull 1.25X Shares returned 16.64% for the aforementioned period. The model indicated an expected return of 16.88% for the Direxion Daily FTSE Emerging Markets Bull 1.25X Shares.

The Direxion Daily Emerging Markets Bull 3X Shares and the Direxion Daily Emerging Markets Bear 3X Shares seek to provide, before fees and expenses, 300% and -300% of the daily return of the MSCI Emerging Markets Index^SM, respectively. The MSCI Emerging Markets IndexSM is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. As of December 31, 2014 the Index consisted of the following 25 emerging market country indices: Australia, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hong Kong, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey, Ukraine and United States. For the Semi-Annual Period, the MSCI Emerging Market Index^SM (Net) returned 3.16%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Emerging Markets Bull 3X Shares returned 3.46% and the Direxion Daily Emerging Markets Bear 3X Shares returned -18.39%. The model indicated an expected return of 4.74% for the Direxion Daily Emerging Markets Bull 3X Shares and an expected return of -17.20% for the Direxion Daily Emerging Markets Bear 3X Shares.

The Direxion Daily FTSE Europe Bull 3X Shares seeks to provide, before fees and expenses, 300% of the daily return of the FTSE Developed Europe Index. The FTSE Developed Europe Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of the large- and mid-cap segments of the developed markets in Europe. As of March 31, 2015, the Index consisted of the following 17 developed market countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. As of March 31, 2015, the Index has an average market capitalization of $23.34 billion and a median market capitalization of $10.88 billion and included companies with capitalizations between $1.10 million and $2.55 billion. For the Semi-Annual period, the FTSE Developed Europe Index returned 5.50%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily FTSE Europe Bull 3X Shares returned 11.79%. The model indicated an expected return of 13.17% for the Direxion Daily FTSE Europe Bull 3X Shares.

The Direxion Daily Latin America Bull 3X Shares seeks to provide, before fees and expenses, 300% of the daily return of the S&P^® Latin America 40 Index. The S&P Latin America 40 Index is an equity index drawn from five major Latin American markets: Brazil, Mexico, Chile, Colombia, and Peru. It is designed for investors seeking broad market exposure through an index that is efficient to replicate. The index constituents are leading, large, liquid, blue chip companies from the Latin American markets, and capturing 70% of their total market capitalization. The index constituents are leading, large, liquid companies from the Latin American markets with an average market capitalization of $19.69 billion and a median market capitalization of $11.98 billion as of March 31, 2015. For the Semi-Annual Period, the S&P^® Latin America 40 Index returned -11.34%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Latin America Bull 3X Shares returned -38.78%. The model indicated an expected return of -38.00% for the Direxion Daily Latin America Bull 3X Shares.

DIREXION SEMI-ANNUAL REPORT 9

The Direxion Daily Brazil Bull 3X Shares seeks to provide, before fees and expenses, 300% of the daily return of the MSCI Brazil 25/50 Index, respectively. The MSCI Brazil 25/50 Index is designed to measure the performance of the large and mid-cap segments of the Brazil equity market, covering approximately 85% of the free float-adjusted market capitalization in Brazil. The companies included in the index have an average market capitalization of more than $10.52 billion dollars and a median market capitalization of $4.03 billion dollars as of March 31, 2015. Additionally, as of March 31, 2015, the Index is concentrated in the financial sector, but this concentration may change in the future based on the Index’s methodology and the varying nature of Brazil’s economy. For the Semi-Annual Period, the MSCI Brazil 25/50 Index returned -15.26%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Brazil Bull 3X Shares returned -49.60%. The model indicated an expected return of -48.94% for the Direxion Daily Brazil Bull 3X Shares.

The Direxion Daily CSI 300 China A Share Bull 2X Shares seeks to provide, before fees and expenses, 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. As of December 31, 2014, the Index included 300 securities of companies with a market capitalization range of approximately $1.7 billion to $305 billion and an average market capitalization of $14.2 billion. As of December 31, 2014, the Index was concentrated in the financial industry. Since inception on April 16, 2015, the CSI 300 Index returned 8.86%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily CSI 300 China A Share Bull 2X Shares returned 17.38% for the aforementioned period. The model indicated an expected return of 17.49% for the Direxion Daily CSI 300 China A Share Bull 2X Shares.

The Direxion Daily FTSE China Bull 3X Shares and the Direxion Daily FTSE China Bear 3X Shares seek to provide, before fees and expenses, 300% and -300% of the daily return of the FTSE China 50 Index. The FTSE China 50 Index consists of the 50 largest and most liquid Chinese companies currently trading on the Hong Kong Stock Exchange (SEHK). 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 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. As of March 31, 2015, the Index is concentrated in the financial, energy, technology and telecommunication sectors, but this concentration may change in the future based on the Index’s methodology and the varying nature of China’s economy. The Fund will concentrate its investment (i.e., hold 25% or more of its total assets in the stocks of a particular industry or group of industries) in a particular industry or group of industries to approximately the same extent as the Index is so concentrated. For the Semi-Annual period, the FTSE China 50 Index returned 30.16%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily FTSE China Bull 3X Shares returned 98.54% and the Direxion Daily FTSE China Bear 3X Shares returned -63.25%. The model indicated an expected return of 101.09% for the Direxion Daily FTSE China Bull 3X Shares and an expected return of -62.65% for the Direxion Daily FTSE China Bear 3X Shares.

The Direxion Daily India Bull 3X Shares seeks to provide, before fees and expenses, 300% of the daily return of the Indus India Index. The Indus India Index, which is designed to replicate the Indian equity markets as a whole, through a group of 50 Indian stocks selected from a universe of the largest companies listed on two major Indian exchanges. The Index utilizes a proprietary measure called IndusCap, which takes into account restrictions on foreign ownership of Indian securities imposed by Indian regulators; and has thus been created specifically for use by funds managed on behalf of foreign investors (i.e. investors outside of India). The India Index has 50 constituents, spread among the following sectors: Information Technology, Health Services, Financial Services, Heavy Industry, Consumer Products and Other. The India Index is supervised by an index committee, comprised of representatives of the Index Provider and members of academia specializing in emerging markets. For the Semi-Annual Period, the Indus India Index returned -6.87%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily India Bull 3X Shares returned -25.63%. The model indicated an expected return of -24.59% for the Direxion Daily India Bull 3X Shares.

10 DIREXION SEMI-ANNUAL REPORT

The Direxion Daily Japan Bull 3X Shares seeks to provide, before fees and expenses, 300% of the MSCI Japan Index. The MSCI Japan Index is a free-float adjusted market capitalization weighted index that is designed to track the equity market performance of Japanese securities listed on Tokyo Stock Exchange, Osaka Stock Exchange, JASDAQ and Nagoya Stock Exchange. The MSCI Japan Total Return Index takes into account both price performance and income from dividend payments. For the Semi-Annual Period, the MSCI Japan Index returned 7.26%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Japan Bull 3X Shares returned 17.97%. The model indicated an expected return of 19.54% for the Direxion Daily Japan Bull 3X Shares.

The Direxion Daily Russia Bull 3X Shares and the Direxion Daily Russia Bear 3X Shares seek to provide, before fees and expenses, 300% and -300% of the daily return of the Market Vectors Russia Index, respectively. The Market Vectors Russia Index is a rules-based, modified capitalization weighted, float adjusted index, intended to represent the overall performance of publicly-traded companies that are domiciled and primarily listed on an exchange in Russia or that generate at least 50% of their revenues in Russia. Components of the index must have a market capitalization of greater than $150 million on a rebalancing date to be eligible for the index. Stocks whose market capitalizations fall below $75 million as of any rebalancing date will no longer be eligible for the Index. Stocks must have a three-month average daily trading volume value of at least $1 million to be eligible for the index and issuers of such stocks must have traded at least 250,000 shares each month over the previous six months. The index rebalances quarterly. For the Semi-Annual Period, the Market Vectors Russia Index returned -6.65%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Russia Bull 3X Shares returned -49.69% and the Direxion Daily Russia Bear 3X Shares returned -51.52%. The model indicated an expected return of -48.88% for the Direxion Daily Russia Bull 3X Shares and an expected return of -49.74% for the Direxion Daily Russia Bear 3X Shares.

The Direxion Daily South Korea Bull 3X Shares seeks to provide, before fees and expenses, 300% of the MSCI Korea 25/50 Index, respectively. The MSCI Korea 25/50 Index is designed to measure the performance of the large and mid-cap segments of the South Korea equity market, covering approximately 85% of the free float-adjusted market capitalization in South Korea. The companies included in the index have an average market capitalization of more than $8.75 billion dollars and a median market capitalization of $4.48 billion dollars as of March 31, 2015. Additionally, as of March 31, 2015, the Index is concentrated in the information technology sector, but this concentration may change in the future based on the Index’s methodology and the varying nature of South Korea’s economy. For the Semi-Annual Period, the MSCI Korea 25/50 Index returned 5.58%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily South Korea Bull 3X Shares returned 12.17% during the Semi-Annual Period. The model indicated an expected return of 13.90% for the Direxion Daily South Korea Bull 3X Shares.

The Direxion Daily Basic Materials Bull 3X Shares seeks to provide, before fees and expenses, 300% of the daily return of the Materials Select Sector Index. The S&P Materials Select Sector Index Includes companies from the following industries: chemicals; metals & mining; paper & forest products; containers & packaging; and construction materials. The companies included in each Select Sector Index are selected on the basis of general industry classification from a universe of companies defined by the Standard & Poor’s 500^® Index. Nine Select Sector Indexes, including the Materials Select Sector Index, divide the companies that make up the S&P 500 Index. For the Semi-Annual Period, the Materials Select Sector Index returned 5.22%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Basic Materials Bull 3X Shares returned 11.08%. The model indicated an expected return of 12.27% for the Direxion Daily Basic Materials Bull 3X Shares.

The Direxion Daily Energy Bull 3X Shares and the Direxion Daily Energy Bear 3X Shares seek to provide, before fees and expenses, 300% and -300% of the daily return of the Energy Select Sector Index, respectively. The Energy Select Sector Index is provided by Standard & Poor’s and includes domestic companies from the following industries: oil, gas & consumable fuels; and energy equipment & services. The companies included in each Select Sector Index are selected on the basis of general industry classification from a universe of companies defined by the S&P 500^® Index. Nine Select Sector Indexes, including the Energy Select Sector Index, divide the companies that make up the S&P 500^® Index. For the

DIREXION SEMI-ANNUAL REPORT 11

Semi-Annual Period, the Energy Select Sector Index returned -4.23%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Energy Bull 3X Shares returned -21.05% and the Direxion Daily Energy Bear 3X Shares returned -5.71%. The model indicated an expected return of -20.04% for the Direxion Daily Energy Bull 3X Shares and an expected return of -4.96% for the Direxion Daily Energy Bear 3X Shares.

The Direxion Daily Financial Bull 3X Shares and the Direxion Daily Financial Bear 3X Shares seek to provide, before fees and expenses, 300% and -300% of the daily return of the Russell 1000^® Financial Services Index, respectively. The Russell 1000^® Financial Services Index is a subset of the Russell 1000^® Index that measures the performance of the securities classified in the financial services sector of the large cap U.S. equity market. As of March 31, 2015, the Index had an average market capitalization of over $18.65 billion dollars and a median market capitalization of $7.39 billion dollar. For the Semi-Annual Period, the Russell 1000^® Financial Services Index returned 3.48%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Financial Bull 3X Shares returned 6.65% and the Direxion Daily Financial Bear 3X Shares returned -15.36%. The model indicated an expected return of 7.98% for the Direxion Daily Financial Bull 3X Shares and an expected return of -14.33% for the Direxion Daily Financial Bear 3X Shares.

The Direxion Daily Gold Miners Bull 3X Shares and the Direxion Daily Gold Miners Bear 3X Shares seek to provide, before fees and expenses, 300% and -300% of the daily return of the NYSE Arca Gold Miners Index, respectively. The NYSE Arca Gold Miners Index is comprised of publicly traded companies that operate globally in both developed and emerging markets, and are involved primarily in the mining for gold and silver. The companies included in the index have an average market capitalization of more than $3.48 billion dollars and a median market capitalization of $1.50 billion dollars as of March 31, 2015. For the Semi-Annual Period, the NYSE Arca Gold Miners Index returned 17.66%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Gold Miners Bull 3X Shares returned 10.06% and the Direxion Daily Gold Miners Bear 3X Shares returned -71.52%. The model indicated an expected return of 11.87% for the Direxion Daily Gold Miners Bull 3X Shares and an expected return of -71.20% for the Direxion Daily Gold Miners Bear 3X Shares.

The Direxion Daily Junior Gold Miners Index Bull 3X Shares and the Direxion Daily Junior Gold Miners Index Bear 3X Shares seek to provide, before fees and expenses, 300% and -300% of the daily return of the Market Vectors^TM Junior Gold Miners Index, respectively. The Market VectorsTM Junior Gold Miners Index is a cap-weighted total return index. It covers the largest and most liquid small-cap companies that derive 50%+ from Gold or Silver mining or have properties to do so. Companies must have $1 million ADTV, $250k shares/month and $150+ million market cap. The cap weight is limited to a maximum of 8% per company; the index is reviewed quarterly. As of March 31, 2015 the average market cap of the index was $439.28 million and the median market cap was $351.69 million. For the Semi-Annual Period, the Market Vectors^TM Junior Gold Miners Index returned 2.74%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Junior Gold Miners Index Bull 3X Shares returned -43.33% and the Direxion Daily Junior Gold Miners Index Bear 3X Shares returned -74.71%. The model indicated an expected return of -42.57% for the Direxion Daily Junior Gold Miners Index Bull 3X Shares and an expected return of -74.28% for the Direxion Daily Junior Gold Miners Index Bear 3X Shares.

The Direxion Daily Healthcare Bull 3X Shares seeks to provide, before fees and expenses, 300% of the daily return of the Health Care Select Sector Index. The S&P Health Care Select Sector Index includes companies from the following industries: pharmaceuticals; health care providers & services; health care equipment & supplies; biotechnology; life sciences tools & services; and health care technology. The companies included in each Select Sector Index are selected on the basis of general industry classification from a universe of companies defined by the Standard & Poor’s 500^® Index. Nine Select Sector Indexes, including the Health Care Select Sector Index, divide the companies that make up the S&P 500 Index. For the Semi-Annual Period, the Health Care Select Sector Index returned 7.28%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Healthcare Bull 3X Shares returned 18.05%. The model indicated an expected return of 19.59% for the Direxion Daily Healthcare Bull 3X Shares.

12 DIREXION SEMI-ANNUAL REPORT

The Direxion Daily Natural Gas Related Bull 3X Shares seeks to provide, before fees and expenses, 300% of the daily return of the ISE-Revere Natural Gas Index^TM, respectively. The ISE-Revere Natural Gas Index was created to provide investors with a product allowing them to quickly take advantage of both event-driven news and long term trends in the Natural Gas industry. The securities selected for the index derive a substantial portion of their revenues from the exploration and production of natural gas. Eligible candidates are also screened by stock performance variables (such as P/E and ROE) as well as statistical factors. This is done to optimize the performance of the index and to ensure that the index has significant correlation to the price of natural gas. The Index uses an equal weighted methodology due to the diversity in market capitalization size among the component stocks. For this Semi-Annual Period, the ISE-Revere Natural Gas Index^TM returned -19.07%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Natural Gas Related Bull 3X Shares returned -64.75%. The model indicated an expected return of -64.31% for the Direxion Daily Natural Gas Related Bull 3X Shares.

The Direxion Daily Real Estate Bull 3X Shares and the Direxion Daily Real Estate Bear 3X Shares seek to provide, before fees and expenses, 300% and -300% of the daily return of the MSCI U.S. REIT Index^SM, respectively. The MSCI US REIT Index is a free float market capitalization weighted index that is comprised of Equity REIT securities that belong to the MSCI US Investable Market 2500 Index. The MSCI US REIT Index includes only REIT securities that are of reasonable size in terms of full and free float adjusted market capitalization to ensure that the performance of the Equity REIT universe can be captured and replicated in actual institutional and retail portfolios of different size. For the Semi-Annual Period, the MSCI U.S. REIT Index^SM returned 2.50%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Real Estate Bull 3X Shares returned 2.52% and the Direxion Daily Real Estate Bear 3X Shares returned -14.98%. The model indicated an expected return of 3.83% for the Direxion Daily Real Estate Bull 3X Shares and an expected return of -13.55% for the Direxion Daily Real Estate Bear 3X Shares.

The Direxion Daily Retail Bull 3X Shares seeks to provide, before fees and expenses, 300% of the daily return of the Russell 1000^® Retail Index. The Russell 1000^® Retail Index is an index comprised of companies that sell to consumers those discretionary products supplied by manufacturers. These companies include specialty retailers as well as diversified retailers such as department stores, discount stores, and superstores. The Retail Index does not include retailers selling consumer staples, such as supermarkets, drugstores, and liquor stores. For the Semi-Annual Period, the Russell 1000^® Retail Index returned 16.86%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Retail Bull 3X Shares returned 53.27%. The model indicated an expected return of 54.88% for the Direxion Daily Retail Bull 3X Shares.

The Direxion Daily Semiconductor Bull 3X Shares and the Direxion Daily Semiconductor Bear 3X Shares seek to provide, before fees and expenses, 300% and -300% of the daily return of the PHLX Semiconductor Sector Index, respectively. The PHLX Semiconductor Sector Index measures the performance of the semiconductor sub-sector of the U.S. equity market. Component companies are engaged in the design, distribution, manufacture and sale of semiconductors. As of March 31, 2015, the Semiconductor Index included companies with a median market capitalization of $12.72 billion. The average capitalization of the companies comprising the Semiconductor Index was approximately $27.89 billion. For the Semi-Annual Period, the PHLX Semiconductor Index returned 8.62%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Semiconductor Bull 3X Shares returned 17.68% and the Direxion Daily Semiconductor Bear 3X Shares returned -29.46%. The model indicated an expected return of 21.16% for the Direxion Daily Semiconductor Bull 3X Shares and an expected return of -30.24% for the Direxion Daily Semiconductor Bear 3X Shares.

The Direxion Daily Technology Bull 3X Shares and the Direxion Daily Technology Bear 3X Shares seek to provide, before fees and expenses, 300% and -300% of the daily return of the Technology Select Sector Index, respectively. The Technology Select Sector Index is provided by Standard & Poor’s and includes domestic companies from the following industries: computers & peripherals; software; diversified telecommunications services; communications equipment; semiconductors & semiconductor equipment; internet software & services; IT services; electronic equipment,

DIREXION SEMI-ANNUAL REPORT 13

instruments & components; wireless telecommunication services; and office electronics. The companies included in each Select Sector Index are selected on the basis of general industry classification from a universe of companies defined by the S&P 500^® Index. Nine Select Sector Indexes, including the Technology Select Sector Index, divide the companies that make up the S&P 500^® Index. For the Semi-Annual Period, the Technology Select Sector Index returned 6.08%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily Technology Bull 3X Shares returned 14.27% and the Direxion Daily Technology Bear 3X Shares returned -21.93%. The model indicated an expected return of 15.81% for the Direxion Daily Technology Bull 3X Shares and an expected return of -21.14% for the Direxion Daily Technology Bear 3X Shares.

The Direxion Daily 7-10 Year Treasury Bull 2X Shares seeks to provide, before fees and expenses, 200% of the NYSE 7-10 Year Treasury Bond Index. The NYSE 7-10 Year Treasury Bond Index is a multiple-security fixed income index that aims to track the total returns of the intermediate 7 to 10 year maturity range of the U.S. Treasury bond market. The index constituent bonds are weighted by their relative amounts outstanding. For the Semi-Annual period, the NYSE 7-10 Year Treasury Bond Index returned 3.35%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily 7-10 Year Treasury Bull 2X Shares returned 7.03%. The model indicated an expected return of 6.60% for the Direxion Daily 7-10 Year Treasury Bull 2X Shares.

The Direxion Daily 7-10 Year Treasury Bull 3X Shares and the Direxion Daily 7-10 Year Treasury Bear 3X Shares seek to provide, before fees and expenses, 300% and -300% of the daily return of the NYSE 7-10 Year Treasury Bond Index, respectively. The NYSE 7-10 Year Treasury Bond Index is a multiple-security fixed income index that aims to track the total returns of the intermediate 7 to 10 year maturity range of the U.S. Treasury bond market. The index constituent bonds are weighted by their relative amounts outstanding. For the Semi-Annual Period, the NYSE 7-10 Year Treasury Bond Index returned 3.35%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily 7-10 Year Treasury Bull 3X Shares returned 9.18% and Direxion Daily 7-10 Year Treasury Bear 3X Shares returned -12.63%. The model indicated an expected return of 9.73% for the Direxion Daily 7-10 Year Treasury Bull 3X Shares and an expected return of -10.50% for the Direxion Daily 7-10 Year Treasury Bear 3X Shares.

The Direxion Daily 20+ Year Treasury Bull 3X Shares and the Direxion Daily 20+ Year Treasury Bear 3X Shares seek to provide, before fees and expenses, 300% and -300% of the daily return of the NYSE 20 Year Plus Treasury Bond Index, respectively. The NYSE 20 Year Plus Treasury Bond Index is a multiple-security fixed income index that aims to track the total returns of the long-term 20 year and greater maturity range of the U.S. Treasury bond market. The NYSE 20 Year Plus Treasury Bond Index constituent bonds are weighted by their relative amounts outstanding. For the Semi-Annual Period, the NYSE 20 Year Plus Treasury Bond Index returned 6.84%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the Semi-Annual return of the index alone should not generate expectations of Semi-Annual performance of the ETFs. The Direxion Daily 20+ Year Treasury Bull 3X Shares returned 17.89% and the Direxion Daily 20+ Year Treasury Bear 3X Shares returned -24.82%. The model indicated an expected return of 18.30% for the Direxion Daily 20+ Year Treasury Bull 3X Shares and an expected return of -22.82% for the Direxion Daily 20+ Year Treasury Bear 3X Shares.

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

Best Regards,

Eric Falkeis Principal Executive Officer	Patrick Rudnick Principal Financial Officer

14 DIREXION SEMI-ANNUAL REPORT

Past performance is not indicative of future results. One cannot invest directly in an index. Recent growth rate in the stock market has helped to produce short-term returns that are not typical, and may not continue in the future. Carefully consider the investment objectives, risks, and charges and expenses of the ETFs before investing. This and other information can be found in the ETFs’ statutory and summary prospectus. To obtain a prospectus, please visit www.direxioninvestments.com or call 1-866-476-7523.

There is no guarantee the ETFs will achieve their intended objective. Investing in the ETFs may be more volatile than investing in broadly diversified ETFs. The use of leverage by an ETF means the ETFs are riskier than alternatives which do not use leverage.

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

The ETFs are designed to be utilized only by sophisticated investors, such as traders and active investors employing dynamic strategies. Such investors are expected to monitor and manage their portfolios frequently. Investors in the ETFs should (a) understand the consequences of seeking daily investment results, (b) understand the risk of shorting, and (c) intend to actively monitor and manage their investments.

ADR (American Depository Receipt) is a negotiable certificate issued by a U.S. bank representing a specified number of shares (or one share) in a foreign stock that is traded on a U.S. exchange. GDR (Global Depository Receipt) is a bank certificate issued in more than one country for shares in a foreign company. The shares are held by a foreign branch of an international bank. LIBOR (London Interbank Offered Rate) is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks. REIT (Real Estate Investment Trust).

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

The views of this letter were those of the Adviser as of April 30, 2015 and may not necessarily reflect his views on the date this letter is first published or anytime thereafter. These views are intended to help shareholders in understanding the ETFs’ present investment methodology and do not constitute investment advice.

Distributed by: Foreside Fund Services, LLC

DIREXION SEMI-ANNUAL REPORT 15

Expense Example

April 30, 2015 (Unaudited)

As a shareholder of the Direxion Shares ETF Trust, you incur two types of costs: (1) transaction costs, for purchasing and selling shares and exhange 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, 2014 to April 30, 2015).

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, 2014 to April 30, 2015” 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 Ratio1			Beginning Account Value November 1,  2014		Ending Account Value April 30, 2015		Expenses Paid During Period2
Direxion Daily S&P 500® Bull 1.25X Shares3
Based on actual fund return		0.50	%	$	1,000.00	$	1,057.60	$	1.61
Based on hypothetical 5% return		0.50	%		1,000.00		1,014.05		1.57
Direxion Daily Small Cap Bull 1.25X Shares3
Based on actual fund return		0.50	%		1,000.00		1,065.60		1.61
Based on hypothetical 5% return		0.50	%		1,000.00		1,014.05		1.57
Direxion Daily FTSE Developed Markets Bull 1.25X Shares3
Based on actual fund return		0.50	%		1,000.00		1,174.80		1.70
Based on hypothetical 5% return		0.50	%		1,000.00		1,014.05		1.57
Direxion Daily FTSE Emerging Markets Bull 1.25X Shares3
Based on actual fund return		0.50	%		1,000.00		1,166.40		1.69
Based on hypothetical 5% return		0.50	%		1,000.00		1,014.05		1.57
Direxion Daily CSI 300 China A Share Bull 2X Shares4
Based on actual fund return		0.95	%		1,000.00		1,173.80		0.42
Based on hypothetical 5% return		0.95	%		1,000.00		1,001.66		0.39
Direxion Daily Mid Cap Bull 2X Shares
Based on actual fund return		0.60	%		1,000.00		1,119.20		3.15
Based on hypothetical 5% return		0.60	%		1,000.00		1,021.82		3.01
Direxion Daily S&P 500® Bull 2X Shares
Based on actual fund return		0.60	%		1,000.00		1,074.70		3.09
Based on hypothetical 5% return		0.60	%		1,000.00		1,021.82		3.01

16 DIREXION SEMI-ANNUAL REPORT

Expense Example

April 30, 2015 (Unaudited)

	Expense Ratio1			Beginning Account Value November 1, 2014		Ending Account Value April 30, 2015		Expenses Paid During Period2
Direxion Daily Small Cap Bull 2X Shares
Based on actual fund return		0.61	%	$	1,000.00	$	1,080.10	$	3.15
Based on hypothetical 5% return		0.61	%		1,000.00		1,021.77		3.06
Direxion Daily 7-10 Year Treasury Bull 2X Shares
Based on actual fund return		0.60	%		1,000.00		1,070.30		3.08
Based on hypothetical 5% return		0.60	%		1,000.00		1,021.82		3.01
Direxion Daily Mid Cap Bull 3X Shares
Based on actual fund return		0.97	%		1,000.00		1,168.00		5.21
Based on hypothetical 5% return		0.97	%		1,000.00		1,019.98		4.86
Direxion Daily Mid Cap Bear 3X Shares
Based on actual fund return		0.95	%		1,000.00		783.40		4.20
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily S&P 500® Bull 3X Shares
Based on actual fund return		0.97	%		1,000.00		1,099.70		5.05
Based on hypothetical 5% return		0.97	%		1,000.00		1,019.98		4.86
Direxion Daily S&P 500® Bear 3X Shares
Based on actual fund return		0.95	%		1,000.00		834.00		4.32
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Small Cap Bull 3X Shares
Based on actual fund return		0.98	%		1,000.00		1,097.80		5.10
Based on hypothetical 5% return		0.98	%		1,000.00		1,019.93		4.91
Direxion Daily Small Cap Bear 3X Shares
Based on actual fund return		0.95	%		1,000.00		798.40		4.24
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily 7-10 Year Treasury Bull 3X Shares
Based on actual fund return		0.96	%		1,000.00		1,091.80		4.98
Based on hypothetical 5% return		0.96	%		1,000.00		1,020.03		4.81
Direxion Daily 7-10 Year Treasury Bear 3X Shares
Based on actual fund return		0.95	%		1,000.00		873.70		4.41
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily 20+ Year Treasury Bull 3X Shares
Based on actual fund return		0.96	%		1,000.00		1,178.90		5.19
Based on hypothetical 5% return		0.96	%		1,000.00		1,020.03		4.81
Direxion Daily 20+ Year Treasury Bear 3X Shares
Based on actual fund return		0.90	%		1,000.00		751.80		3.91
Based on hypothetical 5% return		0.90	%		1,000.00		1,020.33		4.51
Direxion Daily Brazil Bull 3X Shares
Based on actual fund return		0.95	%		1,000.00		504.00		3.54
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Developed Markets Bull 3X Shares
Based on actual fund return		0.97	%		1,000.00		1,111.70		5.08
Based on hypothetical 5% return		0.97	%		1,000.00		1,019.98		4.86
Direxion Daily Developed Markets Bear 3X Shares
Based on actual fund return		0.96	%		1,000.00		811.30		4.31
Based on hypothetical 5% return		0.96	%		1,000.00		1,020.03		4.81
Direxion Daily Emerging Markets Bull 3X Shares
Based on actual fund return		0.95	%		1,000.00		1,034.60		4.79
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Emerging Markets Bear 3X Shares
Based on actual fund return		0.96	%		1,000.00		816.10		4.32
Based on hypothetical 5% return		0.96	%		1,000.00		1,020.03		4.81
Direxion Daily FTSE China Bull 3X Shares
Based on actual fund return		0.97	%		1,000.00		1,985.40		7.18
Based on hypothetical 5% return		0.97	%		1,000.00		1,019.98		4.86

DIREXION SEMI-ANNUAL REPORT 17

Expense Example

April 30, 2015 (Unaudited)

	Expense Ratio1			Beginning Account Value November 1, 2014		Ending Account Value April 30, 2015		Expenses Paid During Period2
Direxion Daily FTSE China Bear 3X Shares
Based on actual fund return		0.95	%	$	1,000.00	$	367.50	$	3.22
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily FTSE Europe Bull 3X Shares
Based on actual fund return		0.95	%		1,000.00		1,117.90		4.99
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily India Bull 3X Shares
Based on actual fund return		0.97	%		1,000.00		743.70		4.19
Based on hypothetical 5% return		0.97	%		1,000.00		1,019.98		4.86
Direxion Daily Japan Bull 3X Shares
Based on actual fund return		0.96	%		1,000.00		1,179.70		5.19
Based on hypothetical 5% return		0.96	%		1,000.00		1,020.03		4.81
Direxion Daily Latin America Bull 3X Shares
Based on actual fund return		0.95	%		1,000.00		612.20		3.80
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Russia Bull 3X Shares
Based on actual fund return		0.96	%		1,000.00		503.10		3.58
Based on hypothetical 5% return		0.96	%		1,000.00		1,020.03		4.81
Direxion Daily Russia Bear 3X Shares
Based on actual fund return		0.96	%		1,000.00		484.80		3.53
Based on hypothetical 5% return		0.96	%		1,000.00		1,020.03		4.81
Direxion Daily South Korea Bull 3X Shares
Based on actual fund return		0.95	%		1,000.00		1,121.70		5.00
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Basic Materials Bull 3X Shares
Based on actual fund return		0.96	%		1,000.00		1,110.80		5.02
Based on hypothetical 5% return		0.96	%		1,000.00		1,020.03		4.81
Direxion Daily Gold Miners Index Bull 3X Shares
Based on actual fund return		0.94	%		1,000.00		1,100.60		4.90
Based on hypothetical 5% return		0.94	%		1,000.00		1,020.13		4.71
Direxion Daily Gold Miners Index Bear 3X Shares
Based on actual fund return		0.97	%		1,000.00		284.80		3.09
Based on hypothetical 5% return		0.97	%		1,000.00		1,019.98		4.86
Direxion Daily Healthcare Bull 3X Shares
Based on actual fund return		0.97	%		1,000.00		1,180.50		5.24
Based on hypothetical 5% return		0.97	%		1,000.00		1,019.98		4.86
Direxion Daily Junior Gold Miners Index Bull 3X Shares
Based on actual fund return		0.95	%		1,000.00		566.70		3.69
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Junior Gold Miners Index Bear 3X Shares
Based on actual fund return		0.97	%		1,000.00		252.90		3.01
Based on hypothetical 5% return		0.97	%		1,000.00		1,019.98		4.86
Direxion Daily Natural Gas Related Bull 3X Shares
Based on actual fund return		0.95	%		1,000.00		352.50		3.19
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Retail Bull 3X Shares
Based on actual fund return		0.98	%		1,000.00		1,532.70		6.15
Based on hypothetical 5% return		0.98	%		1,000.00		1,019.93		4.91
Direxion Daily Semiconductor Bull 3X Shares
Based on actual fund return		0.99	%		1,000.00		1,176.80		5.34
Based on hypothetical 5% return		0.99	%		1,000.00		1,019.89		4.96
Direxion Daily Semiconductor Bear 3X Shares
Based on actual fund return		0.95	%		1,000.00		705.40		4.02
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76

18 DIREXION SEMI-ANNUAL REPORT

Expense Example

April 30, 2015 (Unaudited)

	Expense Ratio1			Beginning Account Value November 1, 2014		Ending Account Value April 30, 2015		Expenses Paid During Period2
Direxion Daily Energy Bull 3X Shares
Based on actual fund return		0.96	%	$	1,000.00	$	789.50	$	4.26
Based on hypothetical 5% return		0.96	%		1,000.00		1,020.03		4.81
Direxion Daily Energy Bear 3X Shares
Based on actual fund return		0.96	%		1,000.00		942.90		4.62
Based on hypothetical 5% return		0.96	%		1,000.00		1,020.03		4.81
Direxion Daily Financial Bull 3X Shares
Based on actual fund return		0.98	%		1,000.00		1,066.50		5.02
Based on hypothetical 5% return		0.98	%		1,000.00		1,019.93		4.91
Direxion Daily Financial Bear 3X Shares
Based on actual fund return		0.95	%		1,000.00		846.40		4.35
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Real Estate Bull 3X Shares
Based on actual fund return		0.97	%		1,000.00		1,025.20		4.87
Based on hypothetical 5% return		0.97	%		1,000.00		1,019.98		4.86
Direxion Daily Real Estate Bear 3X Shares
Based on actual fund return		0.95	%		1,000.00		850.20		4.36
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76
Direxion Daily Technology Bull 3X Shares
Based on actual fund return		0.97	%		1,000.00		1,142.70		5.15
Based on hypothetical 5% return		0.97	%		1,000.00		1,019.98		4.86
Direxion Daily Technology Bear 3X Shares
Based on actual fund return		0.95	%		1,000.00		780.70		4.19
Based on hypothetical 5% return		0.95	%		1,000.00		1,020.08		4.76

¹  Annualized.

²  Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the period of November 1, 2014 to April 30, 2015, then divided by 365.

³ Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value during the period from January 7, 2015 (commencement of operations) to April 30, 2015, multiplied by the number of days since commencement of operations, then divided by 365.

⁴  Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value during the period from April 16, 2015 (commencement of operations) to April 30, 2015, multiplied by the number of days since commencement of operations, then divided by 365.

DIREXION SEMI-ANNUAL REPORT 19

Allocation of Portfolio Holdings

April 30, 2015 (Unaudited)

	Cash*			Common Stocks			Investment Companies			Master Limited Partnerships			Swaps			Total
Direxion Daily S&P 500® 1.25X Shares		4	%		—			95	%		—			1	%		100	%
Direxion Daily Small Cap Bull 1.25X Shares		6	%		—			93	%		—			1	%		100	%
Direxion Daily FTSE Developed Markets Bull 1.25X Shares		11	%		—			85	%		—			4	%		100	%
Direxion Daily FTSE Emerging Markets Bull 1.25X Shares		12	%		—			84	%		—			4	%		100	%
Direxion Daily CSI 300 China A Share Bull 2X Shares		73	%		—			17	%		—			10	%		100	%
Direxion Daily Mid Cap Bull 2X Shares		90	%		—			—			—			10	%		100	%
Direxion Daily S&P 500® Bull 2X Shares		93	%		—			—			—			7	%		100	%
Direxion Daily Small Cap Bull 2X Shares		91	%		—			—			—			9	%		100	%
Direxion Daily 7-10 Year Treasury Bull 2X Shares		92	%		—			—			—			8	%		100	%
Direxion Daily Mid Cap Bull 3X Shares		74	%		—			24	%		—			2	%		100	%
Direxion Daily Mid Cap Bear 3X Shares		104	%		—			—			—			(4	)%		100	%
Direxion Daily S&P 500® Bull 3X Shares		72	%		—			3	%		—			25	%		100	%
Direxion Daily S&P 500® Bear 3X Shares		118	%		—			—			—			(18	)%		100	%
Direxion Daily Small Cap Bull 3X Shares		91	%		—			1	%		—			8	%		100	%
Direxion Daily Small Cap Bear 3X Shares		100	%		—			—			—			0	%**		100	%
Direxion Daily 7-10 Year Treasury Bull 3X Shares		93	%		—			—			—			7	%		100	%
Direxion Daily 7-10 Year Treasury Bear 3X Shares		112	%		—			—			—			(12	)%		100	%
Direxion Daily 20+ Year Treasury Bull 3X Shares		61	%		—			35	%		—			4	%		100	%
Direxion Daily 20+ Year Treasury Bear 3X Shares		105	%		—			—			—			(5	)%		100	%
Direxion Daily Brazil Bull 3X Shares		71	%		—			6	%		—			23	%		100	%
Direxion Daily Developed Markets Bull 3X Shares		68	%		—			3	%		—			29	%		100	%
Direxion Daily Developed Markets Bear 3X Shares		109	%		—			—			—			(9	)%		100	%
Direxion Daily Emerging Markets Bull 3X Shares		80	%		—			2	%		—			18	%		100	%
Direxion Daily Emerging Markets Bear 3X Shares		113	%		—			—			—			(13	)%		100	%
Direxion Daily FTSE China Bull 3X Shares		81	%		—			11	%		—			8	%		100	%
Direxion Daily FTSE China Bear 3X Shares		121	%		—			—			—			(21	)%		100	%
Direxion Daily FTSE Europe Bull 3X Shares		93	%		—			—			—			7	%		100	%
Direxion Daily India Bull 3X Shares		110	%		—			5	%		—			(15	)%		100	%
Direxion Daily Japan Bull 3X Shares		33	%		—			54	%		—			13	%		100	%
Direxion Daily Latin America Bull 3X Shares		80	%		—			6	%		—			14	%		100	%
Direxion Daily Russia Bull 3X Shares		55	%		—			1	%		—			44	%		100	%
Direxion Daily Russia Bear 3X Shares		150	%		—			—			—			(50	)%		100	%
Direxion Daily South Korea Bull 3X Shares		81	%		—			0	%**		—			19	%		100	%
Direxion Daily Basic Materials Bull 3X Shares		86	%		—			—			—			14	%		100	%
Direxion Daily Gold Miners Index Bull 3X Shares		86	%		—			10	%		—			4	%		100	%
Direxion Daily Gold Miners Index Bear 3X Shares		107	%		—			0	%**		—			(7	)%		100	%
Direxion Daily Healthcare Bull 3X Shares		68	%		—			25	%		—			7	%		100	%
Direxion Daily Junior Gold Miners Index Bull 3X Shares		97	%		—			2	%		—			1	%		100	%
Direxion Daily Junior Gold Miners Index Bear 3X Shares		91	%		—			—			—			9	%		100	%
Direxion Daily Natural Gas Related Bull 3X Shares		46	%		28	%		—			2	%		24	%		100	%
Direxion Daily Retail Bull 3X Shares		26	%		54	%		—			—			20	%		100	%
Direxion Daily Semiconductor Bull 3X Shares		99	%		9	%		—			—			(8	)%		100	%
Direxion Daily Semiconductor Bear 3X Shares		95	%		—			—			—			5	%		100	%
Direxion Daily Energy Bull 3X Shares		75	%		—			3	%		—			22	%		100	%
Direxion Daily Energy Bear 3X Shares		106	%		—			—			—			(6	)%		100	%
Direxion Daily Financial Bull 3X Shares		85	%		13	%		—			—			2	%		100	%
Direxion Daily Financial Bear 3X Shares		118	%		—			—			—			(18	)%		100	%
Direxion Daily Real Estate Bull 3X Shares		84	%		—			31	%		—			(15	)%		100	%
Direxion Daily Real Estate Bear 3X Shares		88	%		—			—			—			12	%		100	%
Direxion Daily Technology Bull 3X Shares		80	%		—			3	%		—			17	%		100	%
Direxion Daily Technology Bear 3X Shares		120	%		—			—			—			(20	)%		100	%

Allocation of Portfolio Holdings reflects percentages of net assets.

* Cash, cash equivalents and other assets less liabilities.

** Less than 0.05%.

20 DIREXION SEMI-ANNUAL REPORT

Direxion Daily S&P 500^® Bull 1.25X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 95.5%
	18,091	SPDR S&P 500 ETF Trust	$	3,772,335
		TOTAL INVESTMENT COMPANIES (Cost $3,650,405)	$	3,772,335
		TOTAL INVESTMENTS (Cost $3,650,405) - 95.5%	$	3,772,335
		Other Assets in Excess of Liabilities - 4.5% (a)		178,589
		TOTAL NET ASSETS - 100.0%	$	3,950,924

Percentages are stated as a percent of net assets.

(a) Includes $11,788 cash segregated as collateral for swap contracts.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	S&P 500® Index		559	$	1,139,663		(0.380	)%		2/8/2016	$	30,732

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

DIREXION SEMI-ANNUAL REPORT 21

Direxion Daily Small Cap Bull 1.25X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 92.9%
	20,419	iShares Russell 2000 ETF	$	2,473,966
		TOTAL INVESTMENT COMPANIES (Cost $2,391,034)	$	2,473,966
		TOTAL INVESTMENTS (Cost $2,391,034) - 92.9%	$	2,473,966
		Other Assets in Excess of Liabilities - 7.1% (a)		189,911
		TOTAL NET ASSETS - 100.0%	$	2,663,877

Percentages are stated as a percent of net assets.

(a) Includes $7,824 cash segregated as collateral for swap contracts.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	Russell 2000® Index		701	$	836,710		0.070	%		2/8/2016	$	21,425

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

22 DIREXION SEMI-ANNUAL REPORT

Direxion Daily FTSE Developed Markets Bull 1.25X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 85.1%
	30,219	Vanguard FTSE Developed Markets ETF	$	1,250,160
		TOTAL INVESTMENT COMPANIES (Cost $1,101,401)	$	1,250,160
		TOTAL INVESTMENTS (Cost $1,101,401) - 85.1%	$	1,250,160
		Other Assets in Excess of Liabilities - 14.9% (a)		218,425
		TOTAL NET ASSETS - 100.0%	$	1,468,585

Percentages are stated as a percent of net assets.

(a) Includes $5,470 cash segregated as collateral for swap contracts.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	Vanguard FTSE Developed Markets ETF		14,155	$	530,360		(0.330	)%		2/8/2016	$	57,155

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

DIREXION SEMI-ANNUAL REPORT 23

Direxion Daily FTSE Emerging Markets Bull 1.25X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 83.9%
	27,885	Vanguard FTSE Emerging Markets ETF	$	1,223,315
		TOTAL INVESTMENT COMPANIES (Cost $1,080,516)	$	1,223,315
		TOTAL INVESTMENTS (Cost $1,080,516) - 83.9%	$	1,223,315
		Other Assets in Excess of Liabilities - 16.1% (a)		234,620
		TOTAL NET ASSETS - 100.0%	$	1,457,935

Percentages are stated as a percent of net assets.

(a) Includes $1,980 cash segregated as collateral for swap contracts.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	Vanguard FTSE Emerging Markets ETF		13,631	$	543,231		(0.330	)%		2/8/2016	$	55,164
Deutsche Bank AG London	Vanguard FTSE Emerging Markets ETF		25		1,124		(0.334	)%		5/27/2016		(28	)
				$	544,355						$	55,136

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

24 DIREXION SEMI-ANNUAL REPORT

Direxion Daily CSI 300 China A Share Bull 2X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 16.7%
	121,010	Deutsche X-Trackers Harvest CSI 300 China A-Shares ETF	$	5,900,448
		TOTAL INVESTMENT COMPANIES (Cost $5,830,192)	$	5,900,448
	SHORT TERM INVESTMENTS - 27.5%
	Money Market Funds - 27.5%
	9,670,472	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	9,670,472
		TOTAL SHORT TERM INVESTMENTS (Cost $9,670,472) (b)	$	9,670,472
		TOTAL INVESTMENTS (Cost $15,500,664) - 44.2%	$	15,570,920
		Other Assets in Excess of Liabilities - 55.8% (c)		19,644,780
		TOTAL NET ASSETS - 100.0%	$	35,215,700

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated segregated amounted to $9,670,472.

(c) Includes $1,600,000 cash segregated as collateral for swap contracts.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
UBS Securities LLC	Deutsche X-Trackers Harvest CSI 300 China A-Shares ETF		608,998	$	28,873,189		(0.530	)%		5/11/2016	$	818,552
Citibank N.A.	Deutsche X-Trackers Harvest CSI 300 China A-Shares ETF		535,833		24,002,360		0.070	%		5/16/2016		2,125,553
Credit Suisse International	Deutsche X-Trackers Harvest CSI 300 China A-Shares ETF		178,611		8,000,787		(0.530	)%		5/16/2016		706,517
				$	60,876,336						$	3,650,622

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

DIREXION SEMI-ANNUAL REPORT 25

Direxion Daily Mid Cap Bull 2X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 36.3%
	Money Market Funds - 36.3%
	2,490,000	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	2,490,000
		TOTAL SHORT TERM INVESTMENTS (Cost $2,490,000)	$	2,490,000
		TOTAL INVESTMENTS (Cost $2,490,000) - 36.3% (b)	$	2,490,000
		Other Assets in Excess of Liabilities - 63.7%		4,366,061
		TOTAL NET ASSETS - 100.0%	$	6,856,061

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated segregated amounted to $2,490,000.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG London	S&P® MidCap 400® IndexTM		370	$	567,474		(0.430	)%		8/31/2015	$	(12,258	)
Credit Suisse International	S&P® MidCap 400® IndexTM		8,770		12,515,516		(0.330	)%		5/9/2016		695,370
				$	13,082,990						$	683,112

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

26 DIREXION SEMI-ANNUAL REPORT

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

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 43.5%
	Money Market Funds - 43.5%
	7,779,378	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	7,779,378
	600,117	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		600,117
		TOTAL SHORT TERM INVESTMENTS (Cost $8,379,495)	$	8,379,495
		TOTAL INVESTMENTS (Cost $8,379,495) - 43.5% (b)	$	8,379,495
		Other Assets in Excess of Liabilities - 56.5%		10,862,648
		TOTAL NET ASSETS - 100.0%	$	19,242,143

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $8,379,495.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG London	S&P 500® Index		17,504	$	35,343,818		(0.380	)%		10/13/2015	$	1,355,996
Bank of America Merrill Lynch	S&P 500® Index		949		1,990,500		(0.381	)%		6/28/2016		(10,721	)
				$	37,334,318						$	1,345,275

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

DIREXION SEMI-ANNUAL REPORT 27

Direxion Daily Small Cap Bull 2X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 39.4%
	Money Market Funds - 39.4%
	3,601,042	Dreyfus Treasury Prime Cash Management Fund, 0.00% (††)(a)	$	3,601,042
		TOTAL SHORT TERM INVESTMENTS (Cost $3,601,042)	$	3,601,042
		TOTAL INVESTMENTS (Cost $3,601,042) - 39.4% (b)	$	3,601,042
		Other Assets in Excess of Liabilities - 60.6%		5,536,182
		TOTAL NET ASSETS - 100.0%	$	9,137,224

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $3,601,042.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG London	Russell 2000® Index		11,181	$	13,234,856		0.070	%		8/31/2015	$	483,160
Credit Suisse International	Russell 2000® Index		2,671		2,932,078		0.020	%		2/29/2016		348,081
Citibank N.A.	Russell 2000® Index		1,126		1,420,850		0.120	%		7/28/2016		(46,237	)
				$	17,587,784						$	785,004

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

28 DIREXION SEMI-ANNUAL REPORT

Direxion Daily 7-10 Year Treasury Bull 2X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 40.5%
	Money Market Funds - 40.5%
	6,294,058	Dreyfus Treasury Prime Cash Management Fund, 0.00% (††)(a)	$	6,294,058
		TOTAL SHORT TERM INVESTMENTS (Cost $6,294,058)	$	6,294,058
		TOTAL INVESTMENTS (Cost $6,294,058) - 40.5% (b)	$	6,294,058
		Other Assets in Excess of Liabilities - 59.5%		9,232,976
		TOTAL NET ASSETS - 100.0%	$	15,527,034

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $6,294,058.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG London	iShares 7-10 Year Treasury Bond ETF		239,888	$	24,974,344		0.670	%		8/31/2015	$	1,256,366
Credit Suisse International	iShares 7-10 Year Treasury Bond ETF		48,906		5,292,278		0.570	%		11/20/2015		(10,479	)
				$	30,266,622						$	1,245,887

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

DIREXION SEMI-ANNUAL REPORT 29

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 23.8%
	65,162	SPDR S&P MidCap 400® ETF Trust	$	17,799,000
		TOTAL INVESTMENT COMPANIES (Cost $18,072,374)	$	17,799,000
	SHORT TERM INVESTMENTS - 49.0%
	Money Market Funds - 49.0%
	19,932,794	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	19,932,794
	2,680,000	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		2,680,000
	14,041,729	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		14,041,729
		TOTAL SHORT TERM INVESTMENTS (Cost $36,654,523) (b)	$	36,654,523
		TOTAL INVESTMENTS (Cost $54,726,897) - 72.8%	$	54,453,523
		Other Assets in Excess of Liabilities - 27.2%		20,312,981
		TOTAL NET ASSETS - 100.0%	$	74,766,504

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $36,654,523.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	S&P MidCap 400® Index		42,287	$	62,497,559		(0.330	)%		1/11/2016	$	1,087,645
Morgan Stanley Capital Services	S&P MidCap 400® Index		46,266		67,719,321		(0.380	)%		2/23/2016		1,830,223
Bank of America Merrill Lynch	S&P MidCap 400® Index		7,000		10,721,174		(0.581	)%		5/9/2016		(217,169	)
Deutsche Bank AG London	S&P MidCap 400® Index		42,098		64,209,369		(0.430	)%		7/24/2018		(1,015,989	)
				$	205,147,423						$	1,684,710

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

30 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Mid Cap Bear 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 71.9%
	Money Market Funds - 71.9%
	3,316,214	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	3,316,214
	2,464,254	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		2,464,254
		TOTAL SHORT TERM INVESTMENTS (Cost $5,780,468)	$	5,780,468
		TOTAL INVESTMENTS (Cost $5,780,468) - 71.9% (b)	$	5,780,468
		Other Assets in Excess of Liabilities - 28.1%		2,255,032
		TOTAL NET ASSETS - 100.0%	$	8,035,500

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $5,780,468.

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services	S&P MidCap 400® Index		6,594	$	9,777,449		(0.070	)%		3/1/2016	$	(137,319	)
Credit Suisse International	S&P MidCap 400® Index		7,069		10,461,187		(0.220	)%		6/1/2016		(176,057	)
Deutsche Bank AG London	S&P MidCap 400® Index		2,406		3,615,875		(0.070	)%		7/24/2018		1,688
				$	23,854,511						$	(311,688	)

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

DIREXION SEMI-ANNUAL REPORT 31

Direxion Daily S&P 500^® Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 2.8%
	68,760	SPDR S&P 500 ETF Trust	$	14,337,835
		TOTAL INVESTMENT COMPANIES (Cost $14,523,418)	$	14,337,835
	SHORT TERM INVESTMENTS - 49.2%
	Money Market Funds - 49.2%
	254,513,779	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	254,513,779
	268	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		268
		TOTAL SHORT TERM INVESTMENTS (Cost $254,514,047) (b)	$	254,514,047
		TOTAL INVESTMENTS (Cost $269,037,465) - 52.0%	$	268,851,882
		Other Assets in Excess of Liabilities - 48.0%		248,487,977
		TOTAL NET ASSETS - 100.0%	$	517,339,859

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $254,514,047.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	S&P 500® Index		152,811	$	242,082,108		(0.480	)%		6/17/2015	$	86,135,806
UBS Securities LLC	S&P 500® Index		204,587		406,798,192		(0.430	)%		10/19/2015		22,354,000
Citibank N.A.	S&P 500® Index		236,699		474,839,551		(0.480	)%		2/26/2016		20,710,007
Deutsche Bank AG London	S&P 500® Index		25,401		53,444,717		(0.380	)%		5/10/2016		(460,012	)
BNP Paribas	S&P 500® Index		40,047		82,840,681		(0.430	)%		6/13/2016		1,181,910
BNP Paribas	S&P 500® Index		48,468		99,923,677		(0.430	)%		7/18/2016		1,673,449
BNP Paribas	S&P 500® Index		29,311		60,485,084		(0.430	)%		8/15/2016		895,771
				$	1,420,414,010						$	132,490,931

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

32 DIREXION SEMI-ANNUAL REPORT

Direxion Daily S&P 500^® Bear 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 81.3%
	Money Market Funds - 81.3%
	155,266,582	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	155,266,582
	42,076,082	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		42,076,082
		TOTAL SHORT TERM INVESTMENTS (Cost $197,342,664)	$	197,342,664
		TOTAL INVESTMENTS (Cost $197,342,664) - 81.3% (b)	$	197,342,664
		Other Assets in Excess of Liabilities - 18.7%		45,481,175
		TOTAL NET ASSETS - 100.0%	$	242,823,839

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $197,342,664.

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG London	S&P 500® Index		77,521	$	161,468,606		(0.170	)%		7/27/2015	$	(347,865	)
Bank of America Merrill Lynch	S&P 500® Index		66,374		132,184,200		(0.219	)%		7/28/2015		(7,621,460	)
UBS Securities LLC	S&P 500® Index		92,747		190,315,055		0.330	%		2/3/2016		(3,713,966	)
Citibank N.A.	S&P 500® Index		42,946		85,984,764		(0.170	)%		2/26/2016		(4,081,962	)
Credit Suisse International	S&P 500® Index		48,633		78,338,939		(0.170	)%		6/1/2016		(26,898,804	)
BNP Paribas	S&P 500® Index		19,038		38,273,953		(0.070	)%		6/13/2016		(1,721,263	)
BNP Paribas	S&P 500® Index		2,043		4,029,502		(0.070	)%		7/18/2016		(261,553	)
				$	690,595,019						$	(44,646,873	)

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

DIREXION SEMI-ANNUAL REPORT 33

Direxion Daily Small Cap Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 0.7%
	44,008	iShares Russell 2000 Index Fund	$	5,332,009
		TOTAL INVESTMENT COMPANIES (Cost $5,513,964)	$	5,332,009
	SHORT TERM INVESTMENTS - 55.0%
	Money Market Funds - 55.0%
	308,905,049	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	308,905,049
	53,123,326	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		53,123,326
	28,441,091	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		28,441,091
		TOTAL SHORT TERM INVESTMENTS (Cost $390,469,466) (b)	$	390,469,466
		TOTAL INVESTMENTS (Cost $395,983,430) - 55.7%	$	395,801,475
		Other Assets in Excess of Liabilities - 44.3%		314,828,091
		TOTAL NET ASSETS - 100.0%	$	710,629,566

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $390,469,466.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
UBS Securities LLC	Russell 2000® Index		213,170	$	261,487,526		(0.280	)%		8/10/2015	$	1,297,899
Morgan Stanley Capital Services	Russell 2000® Index		113,823		126,389,096		0.070	%		11/3/2015		13,371,302
Citibank N.A.	Russell 2000® Index		422,268		513,072,085		(0.030	)%		2/22/2016		3,166,225
Bank of America Merrill Lynch	Russell 2000® Index		208,752		255,216,128		(0.081	)%		2/24/2016		(120,253	)
Deutsche Bank AG London	Russell 2000® Index		247,792		306,719,445		(0.030	)%		2/26/2016		(4,179,213	)
BNP Paribas	Russell 2000® Index		298,204		327,654,019		(0.430	)%		5/16/2016		37,832,713
Credit Suisse International	Russell 2000® Index		168,969		206,741,778		(0.010	)%		6/30/2016		(368,420	)
BNP Paribas	Russell 2000® Index		10,000		11,615,433		(0.430	)%		7/18/2016		615,236
BNP Paribas	Russell 2000® Index		60,000		70,421,351		(0.430	)%		8/15/2016		2,958,236
				$	2,079,316,861						$	54,573,725

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

34 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Small Cap Bear 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 69.0%
	Money Market Funds - 69.0%
	318,001,220	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	318,001,220
	114,420,836	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		114,420,836
	32,403,392	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		32,403,392
		TOTAL SHORT TERM INVESTMENTS (Cost $464,825,448)	$	464,825,448
		TOTAL INVESTMENTS (Cost $464,825,448) - 69.0% (b)	$	464,825,448
		Other Assets in Excess of Liabilities - 31.0%		209,049,981
		TOTAL NET ASSETS - 100.0%	$	673,875,429

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $464,825,448.

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	Russell 2000® Index		318,192	$	384,637,092		(1.070	)%		5/7/2015	$	(5,410,007	)
UBS Securities LLC	Russell 2000® Index		331,576		410,946,513		(0.070	)%		7/21/2015		5,642,538
Deutsche Bank AG London	Russell 2000® Index		103,869		126,907,838		(1.320	)%		7/27/2015		(41,560	)
Citibank N.A.	Russell 2000® Index		199,951		246,898,206		(1.070	)%		3/2/2016		2,387,597
Morgan Stanley Capital Services	Russell 2000® Index		102,981		129,605,209		(0.670	)%		5/2/2016		3,806,559
BNP Paribas	Russell 2000® Index		20,000		24,672,165		(1.070	)%		5/16/2016		212,590
Bank of America Merrill Lynch	Russell 2000® Index		345,188		423,388,467		(0.919	)%		5/25/2016		660,949
BNP Paribas	Russell 2000® Index		20,134		23,388,311		(1.070	)%		6/13/2016		(1,403,726	)
BNP Paribas	Russell 2000® Index		175,000		209,247,817		(1.070	)%		7/18/2016		(6,049,964	)
BNP Paribas	Russell 2000® Index		40,000		48,208,916		(1.070	)%		8/15/2016		(862,423	)
				$	2,027,900,534						$	(1,057,447	)

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

DIREXION SEMI-ANNUAL REPORT 35

Direxion Daily 7-10 Year Treasury Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 63.4%
	Money Market Funds - 63.4%
	1,695,357	Dreyfus Treasury Prime Cash Management 0.00% (††)(a)	$	1,695,357
	1,260,290	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		1,260,290
		TOTAL SHORT TERM INVESTMENTS (Cost $2,955,647)	$	2,955,647
		TOTAL INVESTMENTS (Cost $2,955,647) - 63.4% (b)	$	2,955,647
		Other Assets in Excess of Liabilities - 36.6%		1,706,175
		TOTAL NET ASSETS - 100.0%	$	4,661,822

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,955,647.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas	iShares 7-10 Year Treasury Bond ETF		45,550	$	4,688,475		(0.430	)%		5/18/2015	$	314,476
BNP Paribas	iShares 7-10 Year Treasury Bond ETF		1,135		115,210		(0.430	)%		6/15/2015		7,738
BNP Paribas	iShares 7-10 Year Treasury Bond ETF		1,115		111,226		(0.430	)%		7/13/2015		9,279
Credit Suisse International	iShares 7-10 Year Treasury Bond ETF		22,833		2,463,148		0.570	%		7/27/2015		(2,364	)
BNP Paribas	iShares 7-10 Year Treasury Bond ETF		1,353		137,853		(0.430	)%		8/17/2015		8,398
BNP Paribas	iShares 7-10 Year Treasury Bond ETF		541		55,236		(0.430	)%		9/14/2015		3,160
BNP Paribas	iShares 7-10 Year Treasury Bond ETF		1,480		150,277		(0.430	)%		11/16/2015		9,033
BNP Paribas	iShares 7-10 Year Treasury Bond ETF		294		30,441		(0.430	)%		12/14/2016		1,163
BNP Paribas	iShares 7-10 Year Treasury Bond ETF		179		18,706		(0.430	)%		3/14/2016		489
BNP Paribas	iShares 7-10 Year Treasury Bond ETF		3,319		349,109		(0.430	)%		5/16/2016		7,088
Morgan Stanley Capital Services	iShares 7-10 Year Treasury Bond ETF		51,422		5,577,230		0.166	%		5/31/2016		(47,745	)
BNP Paribas	iShares 7-10 Year Treasury Bond ETF		840		88,444		(0.430	)%		6/13/2016		1,720
				$	13,785,355						$	312,435

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

36 DIREXION SEMI-ANNUAL REPORT

Direxion Daily 7-10 Year Treasury Bear 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 73.2%
	Money Market Funds - 73.2%
	24,016,734	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	24,016,734
	9,693,569	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		9,693,569
		TOTAL SHORT TERM INVESTMENTS (Cost 33,710,303)	$	33,710,303
		TOTAL INVESTMENTS (Cost $33,710,303) - 73.2% (b)	$	33,710,303
		Other Assets in Excess of Liabilities - 26.8%		12,321,930
		TOTAL NET ASSETS - 100.0%	$	46,032,233

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $33,710,303.

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services	iShares 7-10 Year Treasury Bond ETF		290,389	$	29,907,309		(1.070	)%		8/5/2015	$	(2,106,061	)
Deutsche Bank AG London	iShares 7-10 Year Treasury Bond ETF		213,667		22,000,274		(1.670	)%		9/17/2015		(1,682,155	)
BNP Paribas	iShares 7-10 Year Treasury Bond ETF		69,069		7,149,372		(1.570	)%		3/24/2016		(351,427	)
BNP Paribas	iShares 7-10 Year Treasury Bond ETF		90,084		9,286,872		(1.570	)%		4/18/2016		(489,917	)
BNP Paribas	iShares 7-10 Year Treasury Bond ETF		127,291		13,399,747		(1.570	)%		5/16/2016		(394,925	)
Credit Suisse International	iShares 7-10 Year Treasury Bond ETF		401,230		43,027,452		(0.570	)%		5/23/2016		(200,974	)
BNP Paribas	iShares 7-10 Year Treasury Bond ETF		59,732		6,281,358		(1.570	)%		6/13/2016		(181,946	)
BNP Paribas	iShares 7-10 Year Treasury Bond ETF		32,807		3,470,942		(1.570	)%		7/18/2016		(77,042	)
				$	134,523,326						$	(5,484,447	)

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

DIREXION SEMI-ANNUAL REPORT 37

Direxion Daily 20+ Year Treasury Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 34.8%
	258,295	iShares 20+ Year Treasury Bond ETF	$	32,532,255
		TOTAL INVESTMENT COMPANIES (Cost $34,230,486)	$	32,532,255
	SHORT TERM INVESTMENTS - 39.4%
	Money Market Funds - 39.4%
	19,123,712	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	19,123,712
	11,900,083	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		11,900,083
	5,893,556	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		5,893,556
		TOTAL SHORT TERM INVESTMENTS (Cost $36,917,351) (b)	$	36,917,351
		TOTAL INVESTMENTS (Cost $71,147,837) - 74.2%	$	69,449,606
		Other Assets in Excess of Liabilities - 25.8%		24,130,887
		TOTAL NET ASSETS - 100.0%	$	93,580,493

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $36,917,351.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG London	iShares 20+ Year Treasury Bond ETF		385,061	$	46,243,941		0.120	%		9/17/2015	$	2,766,402
Citibank N.A.	iShares 20+ Year Treasury Bond ETF		314,720		40,572,227		(0.180	)%		2/12/2016		(869,793	)
Bank of America Merrill Lynch	iShares 20+ Year Treasury Bond ETF		314,745		41,033,324		0.019	%		2/24/2016		(1,373,740	)
Morgan Stanley Capital Services	iShares 20+ Year Treasury Bond ETF		176,883		23,042,245		0.270	%		5/9/2016		(759,729	)
Credit Suisse International	iShares 20+ Year Treasury Bond ETF		779,288		95,051,031		0.070	%		5/10/2016		3,984,336
				$	245,942,768						$	3,747,476

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

38 DIREXION SEMI-ANNUAL REPORT

Direxion Daily 20+ Year Treasury Bear 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 69.3%
	Money Market Funds - 69.3%
	215,801,752	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	215,801,752
	50,891,183	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		50,891,183
	47,746,850	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		47,746,850
		TOTAL SHORT TERM INVESTMENTS (Cost $314,439,785)	$	314,439,785
		TOTAL INVESTMENTS (Cost $314,439,785) - 69.3% (b)	$	314,439,785
		Other Assets in Excess of Liabilities - 30.7%		139,539,073
		TOTAL NET ASSETS - 100.0%	$	453,978,858

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $314,439,785.

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	iShares 20+ Year Treasury Bond ETF		2,907,064	$	350,974,127		(0.570	)%		5/7/2015	$	(18,959,080	)
Deutsche Bank AG London	iShares 20+ Year Treasury Bond ETF		3,119,560		378,520,613		(0.620	)%		9/17/2015		(18,408,742	)
Morgan Stanley Capital Services	iShares 20+ Year Treasury Bond ETF		1,477,110		190,974,940		(0.770	)%		11/3/2015		4,689,256
Citibank N.A.	iShares 20+ Year Treasury Bond ETF		1,725,426		224,036,162		(0.720	)%		2/12/2016		6,038,997
Bank of America Merrill Lynch	iShares 20+ Year Treasury Bond ETF		1,584,157		203,564,395		(1.019	)%		2/24/2016		3,975,750
				$	1,348,070,237						$	(22,663,819	)

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

DIREXION SEMI-ANNUAL REPORT 39

Direxion Daily Brazil Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 6.2%
	89,114	iShares MSCI Brazil Capped ETF	$	3,226,818
		TOTAL INVESTMENT COMPANIES (Cost $3,253,871)	$	3,226,818
	SHORT TERM INVESTMENTS - 49.9%
	Money Market Funds - 49.9%
	25,776,715	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	25,776,715
	23	Goldman Sachs Financial Square Treasury Instruments Fund 0.00% (††)(a)		23
		TOTAL SHORT TERM INVESTMENTS (Cost $25,776,738) (b)	$	25,776,738
		TOTAL INVESTMENTS (Cost $29,030,609) - 56.1%	$	29,003,556
		Other Assets in Excess of Liabilities - 43.9%		22,715,930
		TOTAL NET ASSETS - 100.0%	$	51,719,486

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated segregated amounted to $25,776,738.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	iShares MSCI Brazil Capped ETF		1,420,456	$	48,862,289		(0.480	)%		6/10/2015	$	2,552,769
Citibank N.A.	iShares MSCI Brazil Capped ETF		996,765		33,783,667		(0.430	)%		1/8/2016		2,284,716
Deutsche Bank AG London	iShares MSCI Brazil Capped ETF		681,671		20,975,017		(0.380	)%		4/11/2016		3,696,850
BNP Paribas	iShares MSCI Brazil Capped ETF		724,326		22,565,583		(0.430	)%		4/18/2016		3,651,047
UBS Securities LLC	iShares MSCI Brazil Capped ETF		372,650		13,703,561		(0.181	)%		5/24/2016		(210,268	)
				$	139,890,117						$	11,975,114

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

40 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Developed Markets Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 3.3%
	16,326	iShares MSCI EAFE ETF	$	1,085,842
		TOTAL INVESTMENT COMPANIES (Cost $1,015,624)	$	1,085,842
	SHORT TERM INVESTMENTS - 59.0%
	Money Market Funds - 59.0%
	15,274,709	Dreyfus Treasury Prime Cash Management Fund, 0.00% (††)(a)	$	15,274,709
	4,020,063	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		4,020,063
		TOTAL SHORT TERM INVESTMENTS (Cost $19,294,772) (b)	$	19,294,772
		TOTAL INVESTMENTS (Cost $20,310,396) - 62.3%	$	20,380,614
		Other Assets in Excess of Liabilities - 37.7%		12,347,625
		TOTAL NET ASSETS - 100.0%	$	32,728,239

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $19,294,772.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Bank of America Merrill Lynch	iShares MSCI EAFE ETF		245,567	$	16,242,361		(0.580	)%		4/26/2016	$	85,597
Deutsche Bank AG London	iShares MSCI EAFE ETF		353,084		20,022,720		(0.380	)%		4/29/2016		4,797,629
Credit Suisse International	iShares MSCI EAFE ETF		781,874		47,486,811		(0.380	)%		5/23/2016		4,767,328
Citibank N.A.	iShares MSCI EAFE ETF		79,408		5,301,278		(0.481	)%		5/23/2016		(20,419	)
				$	89,053,170						$	9,630,135

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

DIREXION SEMI-ANNUAL REPORT 41

Direxion Daily Developed Markets Bear 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 67.7%
	Money Market Funds - 67.7%
	2,790,118	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	2,790,118
	510,021	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		510,021
		TOTAL SHORT TERM INVESTMENTS (Cost $3,300,139)	$	3,300,139
		TOTAL INVESTMENTS (Cost $3,300,139) - 67.7% (b)	$	3,300,139
		Other Assets in Excess of Liabilities - 32.3%		1,572,709
		TOTAL NET ASSETS - 100.0%	$	4,872,848

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $3,300,139.

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Bank of America Merrill Lynch	iShares MSCI EAFE ETF		23,363	$	1,529,798		0.280	%		6/25/2015	$	(23,871	)
Credit Suisse International	iShares MSCI EAFE ETF		87,780		5,468,025		(0.070	)%		5/10/2016		(371,060	)
BNP Paribas	iShares MSCI EAFE ETF		29,700		1,970,001		(0.070	)%		5/16/2016		(5,407	)
Deutsche Bank AG London	iShares MSCI EAFE ETF		78,957		5,237,218		(0.120	)%		5/17/2016		(14,491	)
				$	14,205,042						$	(414,829	)

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

42 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Emerging Markets Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 1.9%
	103,101	iShares MSCI Emerging Markets ETF	$	4,420,971
		TOTAL INVESTMENT COMPANIES (Cost $4,505,411)	$	4,420,971
	SHORT TERM INVESTMENTS - 65.9%
	Money Market Funds - 65.9%
	107,548,905	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	107,548,905
	29,308,988	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		29,308,988
	18,676,275	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		18,676,275
		TOTAL SHORT TERM INVESTMENTS (Cost $155,534,168) (b)	$	155,534,168
		TOTAL INVESTMENTS (Cost $160,039,579) - 67.8%	$	159,955,139
		Other Assets in Excess of Liabilities - 32.2%		76,048,522
		TOTAL NET ASSETS - 100.0%	$	236,003,661

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $155,534,168.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	iShares MSCI Emerging Markets ETF		1,503,119	$	62,309,854		(0.430	)%		6/17/2015	$	2,862,674
Deutsche Bank AG London	iShares MSCI Emerging Markets ETF		3,763,207		148,326,104		(0.380	)%		7/27/2015		12,878,688
UBS Securities LLC	iShares MSCI Emerging Markets ETF		1,457,909		60,054,986		(0.330	%)		12/22/2015		2,444,851
Bank of America Merrill Lynch	iShares MSCI Emerging Markets ETF		2,871,588		117,233,635		(0.531	)%		2/16/2016		5,764,239
Citibank N.A.	iShares MSCI Emerging Markets ETF		784,918		31,184,990		(0.430	)%		3/2/2016		2,440,349
Morgan Stanley Capital Services	iShares MSCI Emerging Markets ETF		2,081,094		82,973,218		(0.430	)%		4/6/2016		6,208,987
BNP Paribas	iShares MSCI Emerging Markets ETF		279,872		12,084,491		(0.430	)%		4/18/2016		(113,900	)
BNP Paribas	iShares MSCI Emerging Markets ETF		1,605,565		63,886,268		(0.430	)%		5/16/2016		4,932,219
BNP Paribas	iShares MSCI Emerging Markets ETF		945,935		37,437,222		(0.430	)%		8/15/2016		3,083,073
BNP Paribas	iShares MSCI Emerging Markets ETF		1,115,480		45,047,867		(0.430	)%		9/19/2016		2,743,715
				$	660,538,635						$	43,244,895

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

DIREXION SEMI-ANNUAL REPORT 43

Direxion Daily Emerging Markets Bear 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 82.9%
	Money Market Funds - 82.9%
	55,363,495	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	55,363,495
	19,904,734	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		19,904,734
	11,741,667	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		11,741,667
		TOTAL SHORT TERM INVESTMENTS (Cost $87,009,896)	$	87,009,896
		TOTAL INVESTMENTS (Cost $87,009,896) - 82.9% (b)	$	87,009,896
		Other Assets in Excess of Liabilities - 17.1%		17,918,156
		TOTAL NET ASSETS - 100.0%	$	104,928,052

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $87,009,896.

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services	iShares MSCI Emerging Markets ETF		867,743	$	35,780,416		(0.067	)%		5/22/2015	$	(2,219,192	)
Deutsche Bank AG London	iShares MSCI Emerging Markets ETF		782,509		30,893,260		(0.820	)%		9/23/2015		(2,711,907	)
UBS Securities LLC	iShares MSCI Emerging Markets ETF		1,374,632		58,538,997		(0.067	)%		2/3/2016		(406,643	)
Bank of America Merrill Lynch	iShares MSCI Emerging Markets ETF		1,668,183		70,343,745		(0.519	)%		2/16/2016		(1,217,365	)
Citibank N.A.	iShares MSCI Emerging Markets ETF		839,647		33,742,946		(0.470	)%		4/1/2016		(2,289,525	)
BNP Paribas	iShares MSCI Emerging Markets ETF		642,825		26,403,587		(0.720	)%		5/16/2016		(1,176,188	)
Credit Suisse International	iShares MSCI Emerging Markets ETF		591,183		24,646,304		(0.170	)%		6/21/2016		(708,607	)
BNP Paribas	iShares MSCI Emerging Markets ETF		574,472		21,951,929		(0.720	)%		9/19/2016		(2,703,917	)
				$	302,301,184						$	(13,433,344	)

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

44 DIREXION SEMI-ANNUAL REPORT

Direxion Daily FTSE China Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 11.3%
	428,969	iShares China Large-Cap ETF	$	22,018,979
		TOTAL INVESTMENT COMPANIES (Cost $21,875,398)	$	22,018,979
	SHORT TERM INVESTMENTS - 60.2%
	Money Market Funds - 60.2%
	78,103,674	Dreyfus Treasury Prime Cash Management Fund, 0.00% (††)(a)	$	78,103,674
	9,570,000	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		9,570,000
	29,326,498	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		29,326,498
		TOTAL SHORT TERM INVESTMENTS (Cost $117,000,172) (b)	$	117,000,172
		TOTAL INVESTMENTS (Cost $138,875,570) - 71.5%	$	139,019,151
		Other Assets in Excess of Liabilities - 28.5%		55,358,588
		TOTAL NET ASSETS - 100.0%	$	194,377,739

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $117,000,172.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	iShares China Large-Cap ETF		3,047,215	$	154,530,794		(0.530	)%		6/12/2015	$	1,848,020
Citibank N.A.	iShares China Large-Cap ETF		1,479,987		65,817,349		(0.430	)%		10/20/2015		10,125,760
Deutsche Bank AG London	iShares China Large-Cap ETF		478,008		20,514,401		(0.180	)%		1/19/2016		4,015,986
Morgan Stanley Capital Services	iShares China Large-Cap ETF		2,549,196		130,314,899		(0.580	)%		5/10/2016		491,252
BNP Paribas	iShares China Large-Cap ETF		2,943,060		150,449,227		(0.430	)%		5/16/2016		580,318
Bank of America Merrill Lynch	iShares China Large-Cap ETF		434,220		22,896,657		(0.381	)%		5/25/2016		(608,878	)
				$	544,523,327						$	16,452,458

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

DIREXION SEMI-ANNUAL REPORT 45

Direxion Daily FTSE China Bear 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 87.2%
	Money Market Funds - 87.2%
	17,712,489	Dreyfus Treasury Prime Cash Management 0.00% (††)(a)	$	17,712,489
	9,540,000	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		9,540,000
	3,121,618	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		3,121,618
		TOTAL SHORT TERM INVESTMENTS (Cost $30,374,107)	$	30,374,107
		TOTAL INVESTMENTS (Cost $30,374,107) - 87.2% (b)	$	30,374,107
		Other Assets in Excess of Liabilities -12.8%		4,438,907
		TOTAL NET ASSETS - 100.0%	$	34,813,014

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $30,374,107.

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services	iShares China Large-Cap ETF		127,498	$	4,741,556		(0.320	)%		8/4/2015	$	(1,932,111	)
Credit Suisse International	iShares China Large-Cap ETF		548,324		27,588,745		(0.470	)%		6/12/2015		(560,972	)
Citibank N.A.	iShares China Large-Cap ETF		318,530		13,909,013		(0.720	)%		10/20/2015		(2,451,546	)
Deutsche Bank AG London	iShares China Large-Cap ETF		91,202		3,822,060		(0.820	)%		1/19/2016		(863,276	)
BNP Paribas	iShares China Large-Cap ETF		22,315		854,494		(0.570	)%		4/18/2016		(293,781	)
BNP Paribas	iShares China Large-Cap ETF		25,835		986,766		(0.570	)%		5/16/2016		(342,422	)
Bank of America Merrill Lynch	iShares China Large-Cap ETF		818,070		42,223,661		(0.320	)%		5/25/2016		228,226
BNP Paribas	iShares China Large-Cap ETF		82,945		3,291,428		(0.570	)%		6/13/2016		(974,428	)
				$	97,417,723						$	(7,190,310	)

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

46 DIREXION SEMI-ANNUAL REPORT

Direxion Daily FTSE Europe Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 17.0%
	167,382	Vanguard FTSE Europe ETF	$	9,460,430
		TOTAL INVESTMENT COMPANIES (Cost $9,163,050)	$	9,460,430
	SHORT TERM INVESTMENTS - 48.4%
	Money Market Funds - 48.4%
	26,838,625	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	26,838,625
		TOTAL SHORT TERM INVESTMENTS (Cost $26,838,625) (b)	$	26,838,625
		TOTAL INVESTMENTS (Cost $36,001,675) - 65.4%	$	36,299,055
		Other Assets in Excess of Liabilities - 34.6%		19,237,314
		TOTAL NET ASSETS - 100.0%	$	55,536,369

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $26,838,625.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	Vanguard FTSE Europe ETF		748,852	$	40,787,043		(0.430	)%		7/22/2015	$	1,776,156
Citibank N.A.	Vanguard FTSE Europe ETF		1,403,705		78,101,280		(0.380	)%		8/6/2015		1,410,855
BNP Paribas	Vanguard FTSE Europe ETF		294,003		16,104,812		(0.430	)%		5/16/2016		505,344
BNP Paribas	Vanguard FTSE Europe ETF		283,857		15,767,318		(0.430	)%		9/12/2016		264,136
BNP Paribas	Vanguard FTSE Europe ETF		50,000		2,825,565		(0.430	)%		11/14/2016		199
				$	153,586,018						$	3,956,690

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

DIREXION SEMI-ANNUAL REPORT 47

Direxion Daily India Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 5.2%
	277,936	PowerShares India Portfolio	$	5,839,436
		TOTAL INVESTMENT COMPANIES (Cost $6,242,377)	$	5,839,436
	SHORT TERM INVESTMENTS - 78.8%
	Money Market Funds - 78.8%
	71,940,539	Dreyfus Treasury Prime Cash Management 0.00% ††(a)	$	71,940,539
	12,950,131	Goldman Sachs Financial Square Treasury Instruments Fund 0.00% ††(a)		12,950,131
	3,172,772	Morgan Stanley Institutional Global Liquidity Treasury Fund 0.03% (a)		3,172,772
		TOTAL SHORT TERM INVESTMENTS (Cost $88,063,442) (b)	$	88,063,442
		TOTAL INVESTMENTS (Cost $94,305,819) - 84.0%	$	93,902,878
		Other Assets in Excess of Liabilities - 16.0%		17,862,900
		TOTAL NET ASSETS - 100.0%	$	111,765,778

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $88,063,442.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services	PowerShares India Portfolio		504,377	$	11,409,262		(0.680	)%		5/29/2015	$	(810,165	)
UBS Securities LLC	PowerShares India Portfolio		2,638,710		56,516,771		(0.480	)%		10/19/2015		(1,080,067	)
Citibank N.A.	PowerShares India Portfolio		1,747,394		40,044,021		(0.580	)%		12/28/2015		(3,351,615	)
Credit Suisse International	PowerShares India Portfolio		2,168,451		47,357,287		(0.430	)%		1/11/2016		(1,825,333	)
Deutsche Bank AG London	PowerShares India Portfolio		4,269,378		90,795,089		(0.430	)%		1/26/2016		(1,155,060	)
Bank of America Merrill Lynch	PowerShares India Portfolio		1,618,299		36,226,914		(0.681	)%		2/16/2016		(2,289,258	)
BNP Paribas	PowerShares India Portfolio		122,607		2,713,839		(0.430	)%		4/18/2016		(144,674	)
BNP Paribas	PowerShares India Portfolio		709,225		16,295,121		(0.430	)%		5/16/2016		(1,400,953	)
BNP Paribas	PowerShares India Portfolio		1,162,535		26,988,928		(0.430	)%		8/15/2016		(2,593,618	)
BNP Paribas	PowerShares India Portfolio		740,205		17,224,560		(0.430	)%		9/19/2016		(1,685,019	)
				$	345,571,792						$	(16,335,762	)

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

48 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Japan Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 54.0%
	726,972	iShares MSCI Japan ETF	$	9,348,860
		TOTAL INVESTMENT COMPANIES (Cost $9,467,340)	$	9,348,860
	SHORT TERM INVESTMENTS - 35.2%
	Money Market Funds - 35.2%
	2,056,897	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	2,056,897
	4,030,018	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		4,030,018
		TOTAL SHORT TERM INVESTMENTS (Cost $6,086,915) (b)	$	6,086,915
		TOTAL INVESTMENTS (Cost $15,554,255) - 89.2%	$	15,435,775
		Other Assets in Excess of Liabilities - 10.8%		1,875,308
		TOTAL NET ASSETS - 100.0%	$	17,311,083

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $6,086,915.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	iShares MSCI Japan ETF		566,713	$	6,506,081		(0.480	)%		8/26/2015	$	803,571
UBS Securities LLC	iShares MSCI Japan ETF		555,164		6,294,804		(0.480	)%		12/2/2015		841,307
BNP Paribas	iShares MSCI Japan ETF		8,233		98,569		(0.430	)%		1/15/2016		12,121
Morgan Stanley Capital Services	iShares MSCI Japan ETF		1,570,850		20,512,808		(0.680	)%		3/21/2016		(314,776	)
BNP Paribas	iShares MSCI Japan ETF		371,185		4,114,780		(0.430	)%		5/16/2016		649,597
BNP Paribas	iShares MSCI Japan ETF		239,385		2,763,529		(0.430	)%		8/15/2016		311,920
				$	40,290,571						$	2,303,740

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

DIREXION SEMI-ANNUAL REPORT 49

Direxion Daily Latin America Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 5.8%
	42,565	iShares Latin America 40 ETF	$	1,370,593
		TOTAL INVESTMENT COMPANIES (Cost $1,250,561)	$	1,370,593
	SHORT TERM INVESTMENTS - 60.7%
	Money Market Funds - 60.7%
	14,334,098	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	14,334,098
		TOTAL SHORT TERM INVESTMENTS (Cost $14,334,098) (b)	$	14,334,098
		TOTAL INVESTMENTS (Cost $15,584,659) - 66.5%	$	15,704,691
		Other Assets in Excess of Liabilities - 33.5%		7,902,700
		TOTAL NET ASSETS - 100.0%	$	23,607,391

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated segregated amounted to $14,334,098.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	iShares Latin America 40 ETF		525,373	$	16,614,420		(0.380	)%		6/17/2015	$	364,819
Citibank N.A.	iShares Latin America 40 ETF		632,639		18,549,659		(0.430	)%		12/9/2015		1,812,366
Deutsche Bank AG London	iShares Latin America 40 ETF		563,467		17,542,228		(0.430	)%		1/19/2016		706,838
BNP Paribas	iShares Latin America 40 ETF		152,601		4,630,787		(0.430	)%		6/13/2016		279,137
BNP Paribas	iShares Latin America 40 ETF		118,283		3,616,028		(0.430	)%		7/18/2016		191,552
BNP Paribas	iShares Latin America 40 ETF		164,547		5,244,999		(0.430	)%		8/15/2016		52,643
				$	66,198,121						$	3,407,355

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

50 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Russia Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 1.3%
	152,370	Market Vectors® Russia ETF	$	3,001,689
		TOTAL INVESTMENT COMPANIES (Cost $3,005,337)	$	3,001,689
	SHORT TERM INVESTMENTS - 65.4%
	Money Market Funds - 65.4%
	127,619,992	Dreyfus Treasury Prime Cash Management, 0.00% ††(a)	$	127,619,992
	29,890,259	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% ††(a)		29,890,259
		TOTAL SHORT TERM INVESTMENTS (Cost $157,510,251) (b)	$	157,510,251
		TOTAL INVESTMENTS (Cost $160,515,588) - 66.7%	$	160,511,940
		Other Assets in Excess of Liabilities - 33.3%		80,269,795
		TOTAL NET ASSETS - 100.0%	$	240,781,735

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $157,510,251.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Citibank N.A.	Market Vectors® Russia ETF		9,096,357	$	158,878,534		(0.680	)%		9/18/2015	$	20,209,887
Credit Suisse International	Market Vectors® Russia ETF		9,477,458		142,994,087		(0.080	)%		2/23/2016		43,701,083
Bank of America Merrill Lynch	Market Vectors® Russia ETF		6,073,856		119,574,772		(0.481	)%		2/24/2016		933,318
Deutsche Bank AG London	Market Vectors® Russia ETF		9,248,632		140,914,662		(0.830	)%		5/18/2016		40,977,196
BNP Paribas	Market Vectors® Russia ETF		2,618,731		51,832,394		(0.430	)%		11/14/2016		(249,418	)
				$	614,194,449						$	105,572,066

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

DIREXION SEMI-ANNUAL REPORT 51

Direxion Daily Russia Bear 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 112.0%
	Money Market Funds - 112.0%
	52,711,171	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	52,711,171
	24,450,071	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		24,450,071
		TOTAL SHORT TERM INVESTMENTS (Cost $77,161,242)	$	77,161,242
		TOTAL INVESTMENTS (Cost $77,161,242) - 112.0% (b)	$	77,161,242
		Liabilities in Excess of Other Assets - (12.0)%		(8,258,339	)
		TOTAL NET ASSETS - 100.0%	$	68,902,903

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $77,161,242.

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Citibank N.A.	Market Vectors® Russia ETF		1,524,739	$	25,668,934		(2.320	)%		9/18/2015	$	(4,420,062	)
Credit Suisse International	Market Vectors® Russia ETF		1,962,451		29,807,028		(1.370	)%		1/12/2016		(8,985,683	)
Deutsche Bank AG London	Market Vectors® Russia ETF		2,745,198		41,776,133		(1.820	)%		2/1/2016		(12,482,563	)
Bank of America Merrill Lynch	Market Vectors® Russia ETF		3,636,798		64,327,982		(1.569	)%		6/27/2016		(8,155,407	)
BNP Paribas	Market Vectors® Russia ETF		623,619		12,149,337		(1.570	)%		11/14/2016		(137,504	)
				$	173,729,414						$	(34,181,219	)

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

52 DIREXION SEMI-ANNUAL REPORT

Direxion Daily South Korea Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 0.5%
	345	iShares MSCI South Korea Capped ETF	$	21,104
		TOTAL INVESTMENT COMPANIES (Cost $21,611)	$	21,104
	SHORT TERM INVESTMENTS - 75.0%
	Money Market Funds - 75.0%
	2,590,000	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	2,590,000
	680,005	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		680,005
		TOTAL SHORT TERM INVESTMENTS (Cost $3,270,005) (b)	$	3,270,005
		TOTAL INVESTMENTS (Cost $3,291,616) - 75.5%	$	3,291,109
		Other Assets in Excess of Liabilities - 24.5%		1,069,034
		TOTAL NET ASSETS - 100.0%	$	4,360,143

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $3,270,005.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	iShares MSCI South Korea Capped ETF		46,641	$	2,585,815		(0.480	)%		6/26/2015	$	275,687
Bank of America Merrill Lynch	iShares MSCI South Korea Capped ETF		37,937		2,377,098		(0.781	)%		4/26/2016		(56,695	)
BNP Paribas	iShares MSCI South Korea Capped ETF		24,115		1,366,076		(0.430	)%		5/16/2016		108,346
BNP Paribas	iShares MSCI South Korea Capped ETF		67,428		3,792,909		(0.430	)%		7/18/2016		325,676
BNP Paribas	iShares MSCI South Korea Capped ETF		18,770		1,069,101		(0.430	)%		8/15/2016		77,905
BNP Paribas	iShares MSCI South Korea Capped ETF		18,605		1,048,592		(0.430	)%		9/19/2016		88,641
				$	12,239,591						$	819,560

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

DIREXION SEMI-ANNUAL REPORT 53

Direxion Daily Basic Materials Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 67.3%
	Money Market Funds - 67.3%
	3,377,089	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	3,377,089
	1,190,010	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% ††(a)		1,190,010
		TOTAL SHORT TERM INVESTMENTS (Cost $4,567,099)	$	4,567,099
		TOTAL INVESTMENTS (Cost $4,567,099) - 67.3% (b)	$	4,567,099
		Other Assets in Excess of Liabilities - 32.7%		2,231,045
		TOTAL NET ASSETS - 100.0%	$	6,798,144

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $4,567,099.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas	Materials Select Sector SPDR® Fund		76,458	$	3,449,057		(0.430	)%		9/14/2015	$	388,130
Bank of America Merrill Lynch	Materials Select Sector SPDR® Fund		89,767		4,476,410		(0.481	)%		9/25/2015		52,292
BNP Paribas	Materials Select Sector SPDR® Fund		28,663		1,332,758		(0.430	)%		10/19/2015		105,905
BNP Paribas	Materials Select Sector SPDR® Fund		6,231		297,314		(0.430	)%		11/16/2015		15,617
Deutsche Bank AG London	Materials Select Sector SPDR® Fund		137,722		6,749,043		(0.280	)%		2/1/2016		214,495
BNP Paribas	Materials Select Sector SPDR® Fund		6,558		298,213		(0.430	)%		5/16/2016		31,762
Credit Suisse International	Materials Select Sector SPDR® Fund		59,095		2,838,668		(0.480	)%		5/20/2016		160,701
				$	19,441,463						$	968,902

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

54 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Gold Miners Index Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 10.0%
	4,085,123	Market Vectors® Gold Miners ETF	$	82,151,823
		TOTAL INVESTMENT COMPANIES (Cost $81,776,659)	$	82,151,823
	SHORT TERM INVESTMENTS - 57.0%
	Money Market Funds - 57.0%
	449,318,840	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	449,318,840
	18,980,749	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		18,980,749
		TOTAL SHORT TERM INVESTMENTS (Cost $468,299,589) (b)	$	468,299,589
		TOTAL INVESTMENTS (Cost $550,076,248) - 67.0%	$	550,451,412
		Other Assets in Excess of Liabilities - 33.0%		271,453,029
		TOTAL NET ASSETS - 100.0%	$	821,904,441

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $468,299,589.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	Market Vectors® Gold Miners ETF		30,432,754	$	593,272,958		(0.630	)%		5/7/2015	$	20,153,214
UBS Securities LLC	Market Vectors® Gold Miners ETF		15,583,805		322,962,060		(0.580	)%		7/22/2015		(9,426,098	)
Deutsche Bank AG London	Market Vectors® Gold Miners ETF		30,663,143		608,977,228		(0.630	)%		12/21/2015		7,529,369
Morgan Stanley Capital Services	Market Vectors® Gold Miners ETF		4,749,335		84,342,542		(0.930	)%		3/21/2016		11,055,047
Citibank N.A.	Market Vectors® Gold Miners ETF		12,668,065		231,454,297		(0.580	)%		4/18/2016		23,141,877
BNP Paribas	Market Vectors® Gold Miners ETF		7,785,205		151,968,198		(0.430	)%		5/16/2016		4,521,421
BNP Paribas	Market Vectors® Gold Miners ETF		7,684,663		170,321,121		(0.430	)%		8/15/2016		(15,949,962	)
BNP Paribas	Market Vectors® Gold Miners ETF		8,950,739		188,383,345		(0.430	)%		9/19/2016		(8,538,466	)
				$	2,351,681,749						$	32,486,402

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

DIREXION SEMI-ANNUAL REPORT 55

Direxion Daily Gold Miners Index Bear 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 79.9%
	Money Market Funds - 79.9%
	127,978,055	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	127,978,055
	28,679,490	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		28,679,490
		TOTAL SHORT TERM INVESTMENTS (Cost $156,657,545)	$	156,657,545
		TOTAL INVESTMENTS (Cost $156,657,545) - 79.9% (b)	$	156,657,545
		Other Assets in Excess of Liabilities - 20.1%		39,449,089
		TOTAL NET ASSETS - 100.0%	$	196,106,634

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $156,657,545.

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
UBS Securities LLC	Market Vectors® Gold Miners ETF		4,357,360	$	81,833,444		0.330	%		8/5/2015	$	(5,752,438	)
Deutsche Bank AG London	Market Vectors® Gold Miners ETF		10,013,072		196,438,755		0.030	%		12/10/2015		(4,922,890	)
Citibank N.A.	Market Vectors® Gold Miners ETF		4,524,992		94,537,101		(0.220	)%		1/12/2016		3,497,892
Morgan Stanley Capital Services	Market Vectors® Gold Miners ETF		4,063,640		74,055,954		(0.170	)%		2/17/2016		(7,679,688	)
Credit Suisse International	Market Vectors® Gold Miners ETF		2,926,450		58,709,003		(0.170	)%		5/3/2016		(154,991	)
BNP Paribas	Market Vectors® Gold Miners ETF		3,369,075		69,155,338		(0.320	)%		9/19/2016		1,360,772
				$	574,729,595						$	(13,651,343	)

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

56 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Healthcare Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 24.7%
	1,278,027	Health Care Select Sector SPDR® Fund	$	91,608,975
		TOTAL INVESTMENT COMPANIES (Cost $91,748,540)	$	91,608,975
	SHORT TERM INVESTMENTS - 49.9%
	Money Market Funds - 49.9%
	117,749,728	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	117,749,728
	47,840,430	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		47,840,430
	19,795,404	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		19,795,404
		TOTAL SHORT TERM INVESTMENTS (Cost $185,385,562) (b)	$	185,385,562
		TOTAL INVESTMENTS (Cost $277,134,102) - 74.6%	$	276,994,537
		Other Assets in Excess of Liabilities - 23.4% (c)		94,152,051
		TOTAL NET ASSETS - 100.0%	$	371,146,588

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $185,385,562.

(c) Includes $32,770,000 cash segregated as collateral for swap contracts.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
UBS Securities LLC	Health Care Select Sector SPDR® Fund		2,712,781	$	200,020,453		(0.430	)%		10/19/2015	$	(5,493,406	)
BNP Paribas	Health Care Select Sector SPDR® Fund		249,968		16,103,664		(0.430	)%		4/18/2016		1,775,608
BNP Paribas	Health Care Select Sector SPDR® Fund		717,290		49,763,996		(0.430	)%		5/16/2016		1,592,070
Morgan Stanley Capital Services	Health Care Select Sector SPDR® Fund		1,121,257		82,726,341		(0.430	)%		5/17/2016		(2,370,464	)
Credit Suisse International	Health Care Select Sector SPDR® Fund		718,384		32,292,968		(0.480	)%		5/23/2016		20,232,932
Bank of America Merrill Lynch	Health Care Select Sector SPDR® Fund		2,757,919		191,371,949		(0.481	)%		5/25/2016		7,199,973
Citibank N.A.	Health Care Select Sector SPDR® Fund		1,963,271		144,045,193		(0.480	)%		5/27/2016		(3,321,770	)
BNP Paribas	Health Care Select Sector SPDR® Fund		1,171,935		82,529,177		(0.430	)%		8/15/2016		1,392,740
Deutsche Bank AG London	Health Care Select Sector SPDR® Fund		2,842,688		200,592,570		(0.280	)%		10/3/2017		3,888,902
				$	999,446,311						$	24,896,585

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

DIREXION SEMI-ANNUAL REPORT 57

Direxion Daily Junior Gold Miners Index Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 2.2%
	163,670	Market Vectors® Junior Gold Miners ETF	$	4,081,930
		TOTAL INVESTMENT COMPANIES (Cost $4,235,616)	$	4,081,930
	SHORT TERM INVESTMENTS - 70.8%
	Money Market Funds - 70.8%
	121,036,692	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	121,036,692
	12,747,565	Morgan Stanley Institutional Global Liquidity Treasury Fund 0.03% (a)		12,747,565
		TOTAL SHORT TERM INVESTMENTS (Cost $133,784,257) (b)	$	133,784,257
		TOTAL INVESTMENTS - 73.0% (Cost $138,019,873)	$	137,866,187
		Other Assets in Excess of Liabilities - 27.0%		51,115,218
		TOTAL NET ASSETS - 100.0%	$	188,981,405

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $133,784,257.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation (Depreciation)
UBS Securities, LLC	Market Vectors® Junior Gold Miners ETF		3,295,096	$	89,858,309		(0.480	)%		10/23/2015	$	(7,787,096	)
Morgan Stanley Capital Services	Market Vectors® Junior Gold Miners ETF		1,884,478		50,094,324		(0.930	)%		12/1/2015		(2,959,255	)
BNP Paribas	Market Vectors® Junior Gold Miners ETF		1,109,248		28,900,517		(0.430	)%		12/14/2015		(1,296,250	)
BNP Paribas	Market Vectors® Junior Gold Miners ETF		500,000		13,852,770		(0.430	)%		1/15/2016		(1,406,968	)
Credit Suisse International	Market Vectors® Junior Gold Miners ETF		3,768,633		94,601,604		(0.630	)%		5/3/2016		(623,563	)
Citibank N.A.	Market Vectors® Junior Gold Miners ETF		477,962		11,958,609		(0.381	)%		5/16/2016		(40,133	)
BNP Paribas	Market Vectors® Junior Gold Miners ETF		1,350,000		37,475,993		(0.430	)%		5/16/2016		(3,878,378	)
Deutsche Bank AG London	Market Vectors® Junior Gold Miners ETF		10,183,636		233,660,592		(0.680	)%		10/8/2018		20,044,495
				$	560,402,718						$	2,052,852

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

58 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Junior Gold Miners Index Bear 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 78.0%
	Money Market Funds - 78.0%
	63,271,277	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	63,271,277
	6,071,233	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		6,071,233
		TOTAL SHORT TERM INVESTMENTS (Cost $69,342,510)	$	69,342,510
		TOTAL INVESTMENTS (Cost $69,342,510) - 78.0% (b)	$	69,342,510
		Other Assets in Excess of Liabilities - 22.0%		19,536,145
		TOTAL NET ASSETS - 100.0%	$	88,878,655

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $69,342,510.

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Entity	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas	Market Vectors® Junior Gold Miners ETF		328,574	$	14,342,672		(0.420	)%		8/17/2015	$	6,096,720
UBS Securities LLC	Market Vectors® Junior Gold Miners ETF		1,954,789		52,889,113		0.130	%		10/22/2015		4,153,479
Morgan Stanley Capital Services	Market Vectors® Junior Gold Miners ETF		883,964		24,253,578		(0.320	)%		12/7/2015		2,169,703
Deutsche Bank AG London	Market Vectors® Junior Gold Miners ETF		3,304,955		79,203,915		(0.220	)%		4/8/2016		(3,232,199	)
Citibank N.A.	Market Vectors® Junior Gold Miners ETF		477,962		11,958,609		(0.819	)%		5/16/2016		34,154
Credit Suisse International	Market Vectors® Junior Gold Miners ETF		3,741,251		92,496,493		(0.170	)%		6/17/2016		(812,490	)
				$	275,144,380						$	8,409,367

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

DIREXION SEMI-ANNUAL REPORT 59

Direxion Daily Natural Gas Related Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	COMMON STOCKS - 27.9%
	Funds, Trusts, and Other Financial Vehicles - 1.2%
	109,335	Enerplus Corp.	$	1,378,714
	Oil and Gas Extraction - 23.7%
	12,978	Anadarko Petroleum Corp.		1,221,230
	36,152	Cabot Oil & Gas Corp.		1,222,661
	73,700	Chesapeake Energy Corp.		1,162,249
	9,528	Cimarex Energy Co.		1,185,283
	238,690	Comstock Resources, Inc.		1,281,765
	17,627	Devon Energy Corp.		1,202,338
	94,153	Encana Corp.		1,337,914
	660,281	EXCO Resources, Inc.		1,360,179
	355,547	Goodrich Petroleum Corp. (a)		1,375,967
	22,566	Gulfport Energy Corp. (a)		1,104,380
	444,058	Magnum Hunter Resources Corp. (a)		972,487
	48,690	Matador Resources Co. (a)		1,349,687
	23,086	Noble Energy, Inc.		1,170,922
	49,815	QEP Resources, Inc.		1,120,837
	22,433	Range Resources Corp.		1,425,841
	687,064	SandRidge Energy, Inc. (a)		1,298,551
	23,340	SM Energy Co.		1,353,020
	45,487	Southwestern Energy Co. (a)		1,275,001
	61,505	Statoil ASA ADR		1,305,751
	65,538	Stone Energy Corp. (a)		1,118,734
	132,218	Talisman Energy, Inc.		1,053,777
	67,175	Ultra Petroleum Corp. (a)		1,143,990
	93,191	WPX Energy, Inc. (a)		1,281,376
				28,323,940
	Support Activities for Mining - 2.0%
	54,932	Rice Energy, Inc. (a)		1,352,975
	91,037	Synergy Resources Corp. (a)		1,090,624
				2,443,599
	Utilities - 1.0%
	13,327	EQT Corp.		1,198,630
		TOTAL COMMON STOCKS (Cost $30,275,989)	$	33,344,883

Shares			Fair Value
	MASTER LIMITED PARTNERSHIPS - 2.1%
	Oil and Gas Extraction - 2.1%
	90,793	Linn Energy LLC	$	1,257,483
	71,565	Vanguard Natural Resources LLC		1,180,823
		TOTAL MASTER LIMITED PARTNERSHIPS (Cost $2,109,257)	$	2,438,306
	SHORT TERM INVESTMENTS - 43.8%
	Money Market Funds - 43.8%
	49,104,908	Dreyfus Treasury Prime Cash Management, 0.00% (††)(b)	$	49,104,908
	3,260,276	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (b)		3,260,276
		TOTAL SHORT TERM INVESTMENTS (Cost $52,365,184) (c)	$	52,365,184
		TOTAL INVESTMENTS - 73.8% (Cost $84,750,430)	$	88,148,373
		Other Assets in Excess of Liabilities - 26.2%		31,321,878
		TOTAL NET ASSETS - 100.0%	$	119,470,251

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Non-income producing security.

(b) Represents annualized seven-day yield at April 30, 2015.

(c) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated segregated amounted to $52,365,184.

ADR — American Depository Receipt

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG London	ISE-Revere Natural Gas IndexTM		1,161,541	$	73,455,402		(0.330	)%		7/17/2015	$	11,675,600
Morgan Stanley Capital Services	ISE-Revere Natural Gas IndexTM		217,305		14,457,189		0.120	%		3/28/2016		1,472,981
Citibank N.A.	ISE-Revere Natural Gas IndexTM		1,729,173		114,286,634		(0.380	)%		4/20/2016		12,392,920
Credit Suisse International	ISE-Revere Natural Gas IndexTM		810,911		56,654,217		(0.480	)%		5/16/2016		2,708,155
BNP Paribas	ISE-Revere Natural Gas IndexTM		490,983		35,947,496		(0.430	)%		11/14/2016		(20,050	)
				$	294,800,938						$	28,229,606

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

60 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Retail Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	COMMON STOCKS - 54.2%
	Broadcasting (except Internet) - 0.7%
	10,821	Liberty Interactive Corp. Class A (a)	$	311,212
	Building Material and Garden Equipment and Supplies Dealers - 10.7%
	28,624	Home Depot, Inc.		3,062,195
	20,981	Lowe’s Companies, Inc.		1,444,752
				4,506,947
	Clothing and Clothing Accessories Stores - 7.0%
	1,604	Abercrombie & Fitch Co. Class A		36,058
	2,868	Ascena Retail Group, Inc. (a)		42,991
	3,378	Chicos FAS, Inc.		56,953
	530	Dillard’s, Inc. Class A		69,743
	1,656	DSW, Inc. Class A		60,063
	3,215	Foot Locker, Inc.		191,132
	5,530	Gap, Inc.		219,209
	5,359	L Brands, Inc.		478,880
	3,056	Nordstrom, Inc.		230,911
	4,683	Ross Stores, Inc.		463,055
	15,439	TJX Companies, Inc.		996,433
	2,236	Urban Outfitters, Inc. (a)		89,530
				2,934,958
	Electronics and Appliance Stores - 0.9%
	1,424	Aaron’s, Inc.		48,416
	6,331	Best Buy Co., Inc.		219,369
	2,392	GameStop Corp. Class A		92,188
				359,973
	Furniture and Home Furnishings Stores - 1.0%
	3,832	Bed Bath & Beyond, Inc. (a)		270,002
	2,075	Williams-Sonoma, Inc.		152,575
				422,577
	General Merchandise Stores - 17.6%
	1,178	Big Lots, Inc.		53,681
	9,698	Costco Wholesale Corp.		1,387,299
	6,834	Dollar General Corp.		496,900
	4,559	Dollar Tree, Inc. (a)		348,353
	2,109	Family Dollar Stores, Inc.		164,797
	6,720	J.C. Penney Co., Inc. (a)		55,776
	4,598	Kohl’s Corp.		329,447
	7,509	Macy’s, Inc.		485,307
	588	Sears Holdings Corp. (a)		23,485
	13,971	Target Corp.		1,101,334
	3,053	Tractor Supply Co.		262,741
	35,124	Wal-Mart Stores, Inc.		2,741,428
				7,450,548
	Health and Personal Care Stores - 0.8%
	3,569	Sally Beauty Holdings, Inc. (a)		111,388
	1,418	Ulta Salon, Cosmetics & Fragrance, Inc. (a)		214,246
				325,634
	Merchant Wholesalers, Durable Goods - 1.2%
	2,339	O’Reilly Automotive, Inc. (a)		509,504

Shares			Fair Value
	Merchant Wholesalers, Nondurable Goods - 0.3%
	1,667	CST Brands, Inc.	$	69,531
	1,300	Nu Skin Enterprises, Inc. Class A		73,515
				143,046
	Miscellaneous Store Retailers - 0.6%
	14,255	Staples, Inc.		232,642
	Motion Picture and Sound Recording Industries - 1.7%
	1,322	Netflix, Inc. (a)		735,693
	Motor Vehicle and Parts Dealers - 2.8%
	1,608	Advance Auto Parts, Inc.		229,944
	1,520	AutoNation, Inc. (a)		93,556
	719	AutoZone, Inc. (a)		483,642
	4,605	CarMax, Inc. (a)		313,647
	939	Penske Automotive Group, Inc.		45,833
				1,166,622
	Nonstore Retailers - 8.3%
	8,282	Amazon.com, Inc. (a)		3,493,182
	292	zulily, inc. (a)		3,640
				3,496,822
	Petroleum and Coal Products Manufacturing - 0.2%
	1,031	Murphy USA, Inc. (a)		67,355
	Sporting Goods, Hobby, Musical Instrument, and Book Stores - 0.4%
	1,103	Cabela’s, Inc. (a)		58,172
	2,129	Dick’s Sporting Goods, Inc.		115,520
	612	The Michaels Companies, Inc. (a)		15,826
				189,518
		TOTAL COMMON STOCKS (Cost $20,633,268)	$	22,853,051
	SHORT TERM INVESTMENTS - 38.6%
	Money Market Funds - 38.6%
	7,553,633	Dreyfus Treasury Prime Cash Management, 0.00% (††)(b)	$	7,553,633
	8,760,875	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (b)		8,760,875
		TOTAL SHORT TERM INVESTMENTS (Cost $16,314,508) (c)	$	16,314,508
		TOTAL INVESTMENTS (Cost $36,947,776) - 92.8%	$	39,167,559
		Other Assets in Excess of Liabilities - 7.2%		3,057,829
		TOTAL NET ASSETS - 100.0%	$	42,225,388

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Non-income producing security.

(b) Represents annualized seven-day yield at April 30, 2015.

(c) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $16,314,508.

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

DIREXION SEMI-ANNUAL REPORT 61

Direxion Daily Retail Bull 3X Shares

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG London	Russell Retail 1000® Index		1,945	$	2,306,662		(0.330	)%		8/7/2015	$	2,910,309
Credit Suisse International	Russell Retail 1000® Index		13,308		31,771,677		(0.330	)%		1/11/2016		2,936,713
Morgan Stanley Capital Services	Russell Retail 1000® Index		16,141		38,943,144		(0.480	)%		2/23/2016		3,128,908
BNP Paribas	Russell Retail 1000® Index		4,045		10,765,172		(0.430	)%		5/16/2016		(242,460	)
BNP Paribas	Russell Retail 1000® Index		4,480		11,988,071		(0.430	)%		11/14/2016		(334,780	)
				$	95,774,726						$	8,398,690

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

62 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Semiconductor Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	COMMON STOCKS - 9.1%
	Computer and Electronic Product Manufacturing - 8.4%
	9,741	Altera Corp.	$	406,005
	9,651	Analog Devices, Inc.		596,818
	22,550	Applied Materials, Inc.		446,264
	4,140	ARM Holdings Plc ADR		211,099
	13,475	Atmel Corp.		102,140
	7,414	Avago Technologies Ltd.		866,548
	12,489	Broadcom Corp. Class A		552,076
	1,745	Cavium, Inc. (a)		113,059
	3,612	Cree, Inc. (a)		114,428
	9,917	Freescale Semiconductor Ltd (a)		387,656
	33,975	Intel Corp.		1,105,886
	7,744	Linear Technology Corp.		357,231
	16,546	Marvell Technology Group Ltd.		231,809
	9,158	Maxim Integrated Products, Inc.		300,657
	6,523	Microchip Technology, Inc.		310,854
	31,155	Micron Technology, Inc. (a)		876,390
	17,595	NVIDIA Corp.		390,521
	6,654	NXP Semiconductor NV (a)		639,582
	13,963	ON Semiconductor Corp. (a)		160,854
	15,580	QUALCOMM, Inc.		1,059,440
	6,897	SanDisk Corp.		461,685
	6,178	Skyworks Solutions, Inc.		569,921
	8,774	SunEdison, Inc. (a)		222,158
	23,028	Taiwan Semiconductor Manufacturing Co. Ltd. ADR		562,804
	7,049	Teradyne, Inc.		128,644
	19,213	Texas Instruments, Inc.		1,041,537
	8,463	Xilinx, Inc.		366,956
				12,583,022
	Machinery Manufacturing - 0.7%
	2,671	ASML Holding NV ADR		285,904
	5,266	KLA-Tencor Corp.		309,641
	5,157	Lam Research Corp.		389,766
				985,311
		TOTAL COMMON STOCKS (Cost $13,987,792)	$	13,568,333

Shares			Fair Value
	SHORT TERM INVESTMENTS - 63.1%
	Money Market Funds - 63.1%
	94,262,597	Dreyfus Treasury Prime Cash Management, 0.00% (††)(b)	$	94,262,597
	1	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(b)		1
		TOTAL SHORT TERM INVESTMENTS (Cost $94,262,598) (c)	$	94,262,598
		TOTAL INVESTMENTS - 72.2% (Cost $108,250,390)	$	107,830,931
		Other Assets in Excess of Liabilities - 27.8%		41,617,383
		TOTAL NET ASSETS - 100.0%	$	149,448,314

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Non-income producing security.

(b) Represents annualized seven-day yield at April 30, 2015.

(c) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated segregated amounted to $94,262,598.

ADR — American Depository Receipt

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation (Depreciation)
Deutsche Bank AG London	PHLX Semiconductor Sector Index		82,509	$	59,067,150		(0.180	)%		4/12/2016	$	(2,400,630	)
Citibank N.A.	PHLX Semiconductor Sector Index		154,373		111,759,738		(0.530	)%		4/25/2016		(5,786,851	)
BNP Paribas	PHLX Semiconductor Sector Index		42,859		30,096,449		(0.430	)%		5/16/2016		(665,957	)
BNP Paribas	PHLX Semiconductor Sector Index		29,714		20,368,070		(0.430	)%		6/13/2016		98,564
Credit Suisse International	PHLX Semiconductor Sector Index		251,955		175,456,303		(0.530	)%		6/30/2016		(2,311,008	)
BNP Paribas	PHLX Semiconductor Sector Index		33,756		22,268,571		(0.430	)%		8/15/2016		980,084
BNP Paribas	PHLX Semiconductor Sector Index		38,361		28,182,124		(0.430	)%		9/19/2016		(1,842,754	)
				$	447,198,405						$	(11,928,552	)

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

DIREXION SEMI-ANNUAL REPORT 63

Direxion Daily Semiconductor Bear 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 60.3%
	Money Market Funds - 60.3%
	13,174,806	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	13,174,806
	1	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		1
		TOTAL SHORT TERM INVESTMENTS (Cost $13,174,807)	$	13,174,807
		TOTAL INVESTMENTS (Cost $13,174,807) - 60.3% (b)	$	13,174,807
		Other Assets in Excess of Liabilities - 39.7%		8,680,458
		TOTAL NET ASSETS - 100.0%	$	21,855,265

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $13,174,807.

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG London	PHLX Semiconductor Sector Index		58,912	$	40,430,522		(0.220	)%		2/8/2016	$	1,093,555
Credit Suisse International	PHLX Semiconductor Sector Index		36,628		25,137,309		0.130	%		6/1/2016		34,590
				$	65,567,831						$	1,128,145

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

64 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Energy Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 2.8%
	153,482	Energy Select Sector SPDR® Fund	$	12,689,892
		TOTAL INVESTMENT COMPANIES (Cost $12,256,400)	$	12,689,892
	SHORT TERM INVESTMENTS - 50.4%
	Money Market Funds - 50.4%
	231,528,063	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	231,528,063
		TOTAL SHORT TERM INVESTMENTS (Cost $231,528,063) (b)	$	231,528,063
		TOTAL INVESTMENTS (Cost $243,784,463) - 53.2%	$	244,217,955
		Other Assets in Excess of Liabilities - 46.8%		214,533,922
		TOTAL NET ASSETS - 100.0%	$	458,751,877

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $231,528,063.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation (Depreciation)
Credit Suisse International	Energy Select Sector Index		568,851	$	429,928,576		(0.530	)%		1/11/2016	$	44,704,093
UBS Securities LLC	Energy Select Sector Index		332,051		262,812,659		(0.430	)%		1/11/2016		13,235,101
Citibank N.A.	Energy Select Sector Index		340,611		264,981,533		(0.430	)%		2/26/2016		17,807,755
Deutsche Bank AG London	Energy Select Sector Index		77,969		60,167,018		(0.580	)%		4/22/2016		4,742,568
BNP Paribas	Energy Select Sector Index		130,000		98,902,577		(0.430	)%		5/16/2016		9,015,470
BNP Paribas	Energy Select Sector Index		65,721		50,847,333		(0.430	)%		7/18/2016		4,018,073
BNP Paribas	Energy Select Sector Index		40,000		30,627,524		(0.430	)%		8/15/2016		2,765,328
BNP Paribas	Energy Select Sector Index		87,951		70,442,009		(0.430	)%		9/19/2016		2,635,189
				$	1,268,709,229						$	98,923,577

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

DIREXION SEMI-ANNUAL REPORT 65

Direxion Daily Energy Bear 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 69.9%
	Money Market Funds - 69.9%
	48,374,686	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	48,374,686
		TOTAL SHORT TERM INVESTMENTS (Cost $48,374,686)	$	48,374,686
		TOTAL INVESTMENTS (Cost $48,374,686) - 69.9% (b)	$	48,374,686
		Other Assets in Excess of Liabilities - 30.1%		20,870,978
		TOTAL NET ASSETS - 100.0%	$	69,245,664

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $48,374,686.

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG London	Energy Select Sector Index		48,026	$	37,076,836		(0.070	)%		9/23/2015	$	(3,027,263	)
UBS Securities LLC	Energy Select Sector Index		35,029		28,665,305		0.230	%		1/11/2016		(422,379	)
Citibank N.A.	Energy Select Sector Index		58,134		45,679,146		(0.270	)%		2/26/2016		(2,605,954	)
Credit Suisse International	Energy Select Sector Index		109,145		94,221,728		(0.020	)%		6/1/2016		2,107,201
				$	205,643,015						$	(3,948,395	)

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

66 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Financial Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	COMMON STOCKS - 12.8%
	Accommodation - 0.1%
	31,632	Host Hotels & Resorts, Inc.	$	637,068
	Administrative and Support Services - 0.1%
	1,546	Dun & Bradstreet Corp.		197,378
	5,100	Equifax, Inc.		494,343
	7,754	Iron Mountain, Inc.		267,435
	7,471	Moody’s Corp.		803,282
				1,762,438
	Amusement, Gambling, and Recreation Industries - 0.0% (†)
	2,853	Global Payments, Inc.		286,099
	Computer and Electronic Product Manufacturing - 0.0% (†)
	3,840	CoreLogic, Inc. (a)		150,182
	Credit Intermediation and Related Activities - 5.3%
	11,299	Ally Financial, Inc. (a)		247,335
	37,914	American Express Co.		2,936,439
	7,936	Ameriprise Financial, Inc.		994,222
	439,523	Bank Of America Corp.		7,001,601
	1,860	Bank of Hawaii Corp.		112,325
	47,669	Bank Of New York Mellon Corp.		2,018,305
	4,250	BankUnited, Inc.		139,655
	30,033	BB&T Corp.		1,149,964
	1,138	BOK Financial Corp.		74,186
	23,892	Capital One Financial Corp.		1,931,668
	7,643	CIT Group, Inc.		344,164
	126,978	Citigroup, Inc.		6,770,467
	6,727	Citizens Financial Group, Inc.		175,238
	1,985	City National Corp.		185,002
	7,589	Comerica, Inc.		359,794
	3,566	Commerce Bancshares, Inc.		152,304
	2,217	Cullen/Frost Bankers, Inc.		161,708
	19,495	Discover Financial Services		1,130,125
	5,992	East West Bancorp, Inc.		243,215
	12,026	Fidelity National Information Services, Inc.		751,505
	35,550	Fifth Third Bancorp		711,000
	9,895	First Horizon National Corp.		141,004
	14,858	First Niagara Financial Group, Inc.		135,134
	5,751	First Republic Bank		335,226
	3,463	FleetCor Technologies, Inc. (a)		557,162
	7,478	Fulton Financial Corp.		90,932
	22,103	Hudson City Bancorp, Inc.		205,558
	34,596	Huntington Bancshares, Inc.		375,713
	158,190	JPMorgan Chase & Co.		10,007,099
	36,917	KeyCorp		533,451
	2,783	Lendingclub Corp. (a)		48,563
	5,496	M&T Bank Corp.		657,706
	1,052	Nationstar Mortgage Holdings, Inc. (a)		26,405
	18,503	New York Community Bancorp, Inc.		318,067
	9,886	Northern Trust Corp.		723,161

Shares			Fair Value
	4,144	Ocwen Financial Corp. (a)	$	35,183
	4,260	PacWest Bancorp		192,126
	12,959	People’s United Financial, Inc.		195,810
	22,324	PNC Financial Services Group, Inc.		2,047,781
	4,325	Popular, Inc. (a)		140,260
	57,634	Regions Financial Corp.		566,542
	3,659	Santander Consumer USA Holdings, Inc.		90,341
	2,107	Signature Bank (a)		282,528
	17,669	SLM Corp. (a)		180,047
	17,987	State Street Corp.		1,387,157
	22,270	SunTrust Banks, Inc.		924,205
	2,112	SVB Financial Group (a)		280,389
	5,370	Synchrony Financial (a)		167,276
	5,814	Synovus Financial Corp.		160,815
	6,963	TCF Financial Corp.		109,041
	3,158	TFS Financial Corp.		46,170
	71,801	U.S. Bancorp		3,078,109
	83,831	Visa, Inc. Class A		5,537,038
	199,608	Wells Fargo & Co.		10,998,401
	22,530	Western Union Co.		456,908
	8,471	Zions Bancorporation		240,026
				68,861,556
	Data Processing, Hosting and Related Services - 0.1%
	2,357	Equinix, Inc.		603,227
	10,416	Fiserv, Inc. (a)		808,282
	7,007	Total System Services, Inc.		277,197
				1,688,706
	Forestry and Logging - 0.0% (†)
	7,397	Plum Creek Timber Co., Inc.		312,153
	Funds, Trusts, and Other Financial Vehicles - 0.0% (†)
	11,572	NorthStar Realty Financial Corp.		217,091
	Insurance Carriers and Related Activities - 2.9%
	14,113	ACE Ltd.		1,509,950
	18,984	Aflac, Inc.		1,196,751
	686	Alleghany Corp. (a)		324,835
	4,116	Allied World Assurance Co. Holdings AG		169,332
	17,089	Allstate Corp.		1,190,420
	3,020	American Financial Group, Inc.		190,864
	57,359	American International Group, Inc.		3,228,738
	307	American National Insurance Co.		30,718
	11,719	Aon PLC		1,127,719
	5,317	Arch Capital Group Ltd. (a)		322,636
	6,967	Arthur J. Gallagher & Co.		333,232
	2,592	Aspen Insurance Holdings Ltd.		121,124
	3,000	Assurant, Inc.		184,380
	6,455	Assured Guaranty Ltd.		167,765
	4,273	Axis Capital Holdings Ltd.		222,452
	76,501	Berkshire Hathaway, Inc. Class B (a)		10,802,706

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

DIREXION SEMI-ANNUAL REPORT 67

Direxion Daily Financial Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	Insurance Carriers and Related Activities (continued)
	5,048	Brown & Brown, Inc.	$	161,284
	9,637	Chubb Corp.		947,799
	6,834	Cincinnati Financial Corp.		346,074
	1,109	CNA Financial Corp.		44,693
	1,870	Endurance Specialty Holdings Ltd.		112,911
	1,021	Erie Indemnity Co. Class A		84,488
	1,926	Everest Re Group Ltd.		344,581
	11,576	FNF Group		416,620
	3,858	FNFV Group (a)		57,677
	20,745	Genworth Financial, Inc. Class A (a)		182,349
	1,846	Hanover Insurance Group, Inc.		126,580
	17,744	Hartford Financial Services Group, Inc.		723,423
	4,173	HCC Insurance Holdings, Inc.		237,694
	11,024	Lincoln National Corp.		622,746
	13,608	Loews Corp.		566,637
	583	Markel Corp. (a)		431,793
	22,969	Marsh & McLennan Companies, Inc.		1,289,939
	5,608	MBIA, Inc. (a)		49,070
	1,121	Mercury General Corp.		61,588
	39,103	MetLife, Inc.		2,005,593
	10,891	Old Republic International Corp.		166,523
	1,979	PartnerRE Ltd.		253,312
	12,297	Principal Financial Group, Inc.		628,623
	2,329	ProAssurance Corp.		104,689
	24,747	Progressive Corp.		659,755
	19,230	Prudential Financial, Inc.		1,569,168
	2,883	Reinsurance Group of America, Inc.		264,140
	1,906	RenaissanceRe Holdings Ltd.		195,346
	1,825	StanCorp Financial Group, Inc.		131,546
	5,504	Torchmark Corp.		308,829
	13,435	Travelers Companies, Inc.		1,358,413
	10,758	Unum Group		367,493
	3,506	Validus Holdings Ltd.		146,656
	5,394	Voya Financial, Inc.		228,382
	4,196	W.R. Berkley Corp.		205,562
	257	White Mountains Insurance Group Ltd.		173,724
	12,635	XL Group PLC		468,506
				37,167,828
	Management of Companies and Enterprises - 0.0% (†)
	6,220	Associated Banc-Corp		116,998
	Professional, Scientific, and Technical Services - 0.4%
	2,459	Alliance Data Systems Corp. (a)		731,085
	5,050	Broadridge Financial Solutions, Inc.		272,296
	1,765	FactSet Research System, Inc.		277,794

Shares			Fair Value
	Professional, Scientific, and Technical Services (continued)
	3,535	Jack Henry & Associates, Inc.	$	235,113
	3,651	LPL Investment Holdings, Inc.		147,756
	42,025	MasterCard, Inc. Class A		3,791,075
				5,455,119
	Publishing Industries (except Internet) - 0.2%
	11,374	McGraw-Hill Financial, Inc.		1,186,308
	4,883	MSCI, Inc. Class A		298,791
	14,848	Thomson Reuters Corp.		609,659
				2,094,758
	Real Estate - 2.3%
	2,997	Alexandria Real Estate Equities, Inc.		276,863
	4,686	American Campus Communities, Inc.		188,096
	14,746	American Capital Agency Corp.		304,284
	6,253	American Homes 4 Rent		105,613
	37,956	American Realty Capital Properties, Inc.		342,743
	17,658	American Tower Corp.		1,669,211
	39,597	Annaly Capital Management, Inc.		398,742
	6,505	Apartment Investment & Management Co. Class A		245,434
	5,421	AvalonBay Communities, Inc.		890,887
	8,470	Biomed Realty Trust, Inc.		175,752
	6,396	Boston Properties, Inc.		846,255
	7,484	Brandywine Realty Trust		109,117
	2,247	Brixmor Property Group, Inc.		52,692
	6,961	CBL & Associates Properties, Inc.		125,368
	11,708	CBRE Group, Inc. Class A (a)		448,885
	3,573	Camden Property Trust		268,261
	8,591	Chimera Investment Corp.		130,497
	5,226	Columbia Property Trust, Inc.		137,078
	5,035	Communications Sales & Leasing, Inc.		151,453
	3,899	Corporate Office Properties Trust		102,895
	4,859	Corrections Corporation of America		178,763
	13,954	Crown Castle International Corp.		1,165,578
	12,603	DDR Corp.		214,881
	5,656	Digital Realty Trust, Inc.		358,647
	6,003	Douglas Emmett, Inc.		171,085
	13,774	Duke Realty Corp.		272,863
	5,385	Equity Commonwealth (a)		135,756
	3,485	Equity Lifestyle Properties, Inc.		184,078
	15,094	Equity Residential		1,114,843
	2,611	Essex Property Trust, Inc.		579,511
	4,847	Extra Space Storage, Inc.		319,563
	2,813	Federal Realty Investment Trust		376,014

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

68 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Financial Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	Real Estate (continued)
	6,877	Forest City Enterprises, Inc. Class A (a)	$	163,397
	3,526	Gaming & Leisure Properties, Inc.		125,878
	23,696	General Growth Properties, Inc.		649,270
	19,148	HCP, Inc.		771,473
	14,561	Health Care REIT, Inc.		1,048,683
	5,237	Healthcare Trust of America, Inc. Class A		135,586
	2,385	Home Properties, Inc.		175,441
	6,252	Hospitality Properties Trust		188,060
	1,648	Howard Hughes Corp. (a)		244,678
	1,868	Jones Lang LaSalle, Inc.		310,200
	3,611	Kilroy Realty Corp.		256,345
	17,159	Kimco Realty Corp.		413,532
	6,171	Liberty Property Trust		214,998
	6,605	Macerich Co.		540,025
	15,329	MFA Financial, Inc.		119,106
	3,125	Mid-America Apartment Communities, Inc.		233,156
	5,506	National Retail Properties, Inc.		211,430
	7,674	Northstar Asset Management Group, Inc.		161,384
	6,538	Omega Healthcare Investors, Inc.		235,956
	6,301	Paramount Group, Inc.		115,434
	6,441	Piedmont Office Realty Trust, Inc. Class A		112,589
	2,273	Post Properties, Inc.		129,947
	20,886	Prologis, Inc.		839,617
	6,009	Public Storage		1,129,151
	5,291	Rayonier, Inc.		135,397
	6,112	Realogy Holdings Corp. (a)		289,770
	9,718	Realty Income Corp.		456,454
	3,866	Regency Centers Corp.		242,707
	9,891	Retail Properties of America, Inc. Class A		149,453
	9,822	Senior Housing Properties Trust		201,056
	12,977	Simon Property Group, Inc.		2,355,196
	3,984	SL Green Realty Corp.		487,482
	18,450	Spirit Reality Capital, Inc.		208,300
	9,955	Starwood Property Trust, Inc.		239,020
	3,800	Tanger Factory Outlet Centers, Inc.		127,604
	2,644	Taubman Centers, Inc.		190,394
	15,298	Two Harbors Investment Corp.		160,629
	10,510	UDR, Inc.		344,413
	4,145	Urban Edge Properties		93,801
	13,492	Ventas, Inc.		929,599
	7,834	Vornado Realty Trust		810,741
	7,700	Washington Prime Group, Inc.		115,500
	5,101	Weingarten Realty Investors		167,109
	21,998	Weyerhaeuser Co.		693,157
	4,154	WP Carey Inc.		263,696

Shares			Fair Value
	Real Estate (continued)
	1,976	Zillow Group, Inc. (a)	$	192,937
				29,421,459
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.4%
	2,315	Affiliated Managers Group (a)		523,491
	1,145	Artisan Partners Asset Management, Inc.		51,285
	5,330	BlackRock, Inc.		1,939,800
	3,595	CBOE Holdings, Inc.		202,291
	46,988	Charles Schwab Corp.		1,433,134
	13,329	CME Group, Inc.		1,211,739
	12,064	E*TRADE Financial Corp. (a)		347,323
	5,025	Eaton Vance Corp.		206,427
	3,924	Federated Investors, Inc. Class B		134,986
	16,589	Franklin Resources, Inc.		855,329
	18,689	Goldman Sachs Group, Inc.		3,670,893
	2,252	Interactive Brokers Group, Inc. Class A		76,455
	4,809	IntercontinentalExchange, Inc.		1,079,765
	18,084	Invesco Ltd. (b)		749,039
	5,159	Lazard Ltd. Class A		273,582
	4,340	Legg Mason, Inc.		228,501
	64,114	Morgan Stanley		2,392,093
	802	Morningstar, Inc.		60,864
	4,883	NASDAQ OMX Group, Inc.		237,460
	16,780	Navient Corp.		327,881
	5,214	Raymond James Financial, Inc.		294,748
	5,552	SEI Investments Co.		253,504
	10,983	T. Rowe Price Group, Inc.		891,600
	11,234	TD Ameritrade Holding Corp.		407,233
	5,213	Vantiv, Inc. Class A (a)		203,828
	3,563	Waddell & Reed Financial, Inc. Class A		175,727
				18,228,978
	Wood Product Manufacturing - 0.0% (†)
	15,409	Leucadia National Corp.		366,272
		TOTAL COMMON STOCKS (Cost $168,979,685)	$	166,766,705
	SHORT TERM INVESTMENTS - 55.8%
	Money Market Funds - 55.8%
	528,611,604	Dreyfus Treasury Prime Cash Management, 0.00% (††)(b)	$	528,611,604
	148,004,331	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(b)		148,004,331
	50,833,854	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (b)		50,833,854
		TOTAL SHORT TERM INVESTMENTS (Cost $727,449,789) (c)	$	727,449,789

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

DIREXION SEMI-ANNUAL REPORT 69

Direxion Daily Financial Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

	Fair Value
TOTAL INVESTMENTS (Cost $896,429,474) - 68.6%	$	894,216,494
Other Assets in Excess of Liabilities - 31.4%		410,117,202
TOTAL NET ASSETS - 100.0%	$	1,304,333,696

Percentages are stated as a percent of net assets.

(†) Less than 0.05%.

(††) Less than 0.005%.

(a) Non-income producing security.

(b) Represents annualized seven-day yield at April 30, 2015.

(c) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $727,449,789.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
UBS Securities LLC	Russell 1000® Financial Services Index		395,905	$	508,840,177		(0.580	)%		7/13/2015	$	17,259,090
Citibank N.A.	Russell 1000® Financial Services Index		414,251		547,607,757		(0.530	)%		1/21/2016		1,384,508
Morgan Stanley Capital Services	Russell 1000® Financial Services Index		168,981		225,867,965		(0.780	)%		2/1/2016		(1,956,289	)
Deutsche Bank AG London	Russell 1000® Financial Services Index		757,151		996,401,252		(0.480	)%		2/17/2016		6,274,667
Bank of America Merrill Lynch	Russell 1000® Financial Services Index		455,692		592,006,438		(0.481	)%		2/24/2016		11,982,815
BNP Paribas	Russell 1000® Financial Services Index		73,917		96,540,834		(0.430	)%		5/16/2016		1,453,106
BNP Paribas	Russell 1000® Financial Services Index		19,350		25,909,413		(0.430	)%		6/13/2016		(196,742	)
Credit Suisse International	Russell 1000® Financial Services Index		466,355		631,488,974		(0.520	)%		6/30/2016		(12,792,070	)
BNP Paribas	Russell 1000® Financial Services Index		30,000		39,327,904		(0.430	)%		8/15/2016		461,919
BNP Paribas	Russell 1000® Financial Services Index		54,282		72,663,007		(0.430	)%		9/19/2016		(769,575	)
				$	3,736,653,721						$	23,101,429

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

70 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Financial Bear 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 79.6%
	Money Market Funds - 79.6%
	190,947,663	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	190,947,663
	30,011,990	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		30,011,990
	12,025,159	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		12,025,159
		TOTAL SHORT TERM INVESTMENTS (Cost $232,984,812)	$	232,984,812
		TOTAL INVESTMENTS (Cost $232,984,812) - 79.6% (b)	$	232,984,812
		Other Assets in Excess of Liabilities - 20.4%		59,558,544
		TOTAL NET ASSETS - 100.0%	$	292,543,356

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $232,984,812.

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation (Depreciation)
UBS Securities LLC	Russell 1000® Financial Services Index		44,510	$	55,116,957		0.330	%		7/8/2015	$	(4,266,349	)
Morgan Stanley Capital Services	Russell 1000® Financial Services Index		34,077		44,777,409		(0.420	)%		12/15/2015		(456,982	)
Citibank N.A.	Russell 1000® Financial Services Index		57,603		74,402,956		(0.570	)%		1/21/2016		(2,020,849	)
Bank of America Merrill Lynch	Russell 1000® Financial Services Index		82,416		106,944,808		(0.419	)%		2/16/2016		(2,335,138	)
BNP Paribas	Russell 1000® Financial Services Index		37,805		49,784,292		(0.620	)%		5/16/2016		(279,657	)
Credit Suisse International	Russell 1000® Financial Services Index		336,415		409,720,227		(0.420	)%		6/1/2016		(42,837,260	)
BNP Paribas	Russell 1000® Financial Services Index		12,928		17,205,353		(0.620	)%		9/19/2016		44,836
Deutsche Bank AG London	Russell 1000® Financial Services Index		58,619		77,684,410		(0.320	)%		8/21/2017		202,874
				$	835,636,412						$	(51,948,525	)

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

DIREXION SEMI-ANNUAL REPORT 71

Direxion Daily Real Estate Bull 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 31.4%
	475,426	Vanguard REIT ETF	$	37,739,316
		TOTAL INVESTMENT COMPANIES (Cost $40,926,529)	$	37,739,316
	SHORT TERM INVESTMENTS - 58.6%
	Money Market Funds - 58.6%
	59,228,554	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	59,228,554
	127	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		127
	11,102,033	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		11,102,033
		TOTAL SHORT TERM INVESTMENTS (Cost $70,330,714) (b)	$	70,330,714
		TOTAL INVESTMENTS (Cost $111,257,243) - 90.0%	$	108,070,030
		Other Assets in Excess of Liabilities - 10.0%		12,063,424
		TOTAL NET ASSETS - 100.0%	$	120,133,454

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015

(b) All or a portion of these securities have been segregatged as collateral for swap contracts. Total value of securities segregated amounted to $70,330,714.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services	MSCI US REIT IndexSM		44,032	$	49,304,462		(0.530	)%		11/16/2015	$	(726,303	)
Credit Suisse International	MSCI US REIT IndexSM		104,778		119,315,280		(0..530	)%		1/11/2016		(4,091,579	)
Deutsche Bank AG London	MSCI US REIT IndexSM		84,586		100,220,298		(0..380	)%		2/17/2016		(7,531,604	)
BNP Paribas	MSCI US REIT IndexSM		38,025		46,109,927		(0.430	)%		8/15/2016		(4,289,208	)
BNP Paribas	MSCI US REIT IndexSM		21,672		24,889,793		(0.430	)%		9/19/2016		(1,110,284	)
BNP Paribas	MSCI US REIT IndexSM		2,632		2,980,481		(0.430	)%		11/14/2016		(107,556	)
				$	342,820,241						$	(17,856,534	)

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

72 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Real Estate Bear 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 69.1%
	Money Market Funds - 69.1%
	5,711,246	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	5,711,246
	2,100,105	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		2,100,105
	1,093,874	Morgan Stanley Institutional Global Liquidity Treasury Fund, 0.03% (a)		1,093,874
		TOTAL SHORT TERM INVESTMENTS (Cost $8,905,225)	$	8,905,225
		TOTAL INVESTMENTS (Cost $8,905,225) - 69.1% (b)	$	8,905,225
		Other Assets in Excess of Liabilities - 30.9%		3,983,926
		TOTAL NET ASSETS - 100.0%	$	12,889,151

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregatged as collateral for swap contracts. Total value of securities segregated amounted to $8,905,225.

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Bank of America Merrill Lynch	MSCI US REIT IndexSM		7,393	$	8,405,621		(0.519	)%		2/16/2016	$	270,347
Deutsche Bank AG London	MSCI US REIT IndexSM		7,095		8,020,102		(0.720	)%		2/17/2016		269,474
Morgan Stanley Capital Services	MSCI US REIT IndexSM		3,150		3,681,401		(0.570	)%		2/23/2016		211,988
Credit Suisse International	MSCI US REIT IndexSM		8,073		9,084,870		(0.770	)%		5/10/2016		257,171
BNP Paribas	MSCI US REIT IndexSM		4,028		4,668,007		(0.770	)%		5/16/2016		255,131
BNP Paribas	MSCI US REIT IndexSM		5,701		6,587,626		(0.770	)%		9/19/2016		315,843
				$	40,447,627						$	1,579,954

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

April 30, 2015 (Unaudited)

Shares			Fair Value
	INVESTMENT COMPANIES - 2.7%
	123,266	Technology Select Sector SPDR Fund	$	5,248,666
		TOTAL INVESTMENT COMPANIES (Cost $5,168,420)		5,248,666
	SHORT TERM INVESTMENTS - 61.7%
	Money Market Funds - 61.7%
	91,309,695	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)		91,309,695
	28,651,277	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		28,651,277
		TOTAL SHORT TERM INVESTMENTS (Cost $119,960,972) (b)	$	119,960,972
		TOTAL INVESTMENTS - 64.4% (Cost $125,129,392)	$	125,209,638
		Other Assets in Excess of Liabilities - 35.6%		69,241,841
		TOTAL NET ASSETS - 100.0%	$	194,451,479

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $119,960,972.

Long Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation (Depreciation)
Bank of America Merrill Lynch	Technology Select Sector Index		317,190	$	114,617,757		(0.631	)%		7/28/2015	$	22,538,874
Credit Suisse International	Technology Select Sector Index		341,103		142,330,717		(0.530	)%		1/11/2016		3,901,187
Citibank, N.A.	Technology Select Sector Index		213,295		89,925,045		(0.480	)%		1/14/2016		1,186,055
Deutsche Bank AG London	Technology Select Sector Index		213,284		88,631,414		(0.680	)%		5/10/2016		2,504,976
BNP Paribas	Technology Select Sector Index		92,956		39,341,632		(0.430	)%		5/16/2016		381,858
BNP Paribas	Technology Select Sector Index		47,196		19,864,049		(0.430	)%		6/13/2016		376,678
BNP Paribas	Technology Select Sector Index		18,017		7,472,063		(0.430	)%		7/18/2016		242,925
BNP Paribas	Technology Select Sector Index		57,902		23,449,208		(0.430	)%		8/15/2016		1,348,483
BNP Paribas	Technology Select Sector Index		30,976		13,298,027		(0.430	)%		9/19/2016		(57,732	)
BNP Paribas	Technology Select Sector Index		23,030		9,954,405		(0.430	)%		11/14/2016		(127,223	)
				$	548,884,317						$	32,296,081

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

74 DIREXION SEMI-ANNUAL REPORT

Direxion Daily Technology Bear 3X Shares

Schedule of Investments

April 30, 2015 (Unaudited)

Shares			Fair Value
	SHORT TERM INVESTMENTS - 80.9%
	Money Market Funds - 80.9%
	11,843,795	Dreyfus Treasury Prime Cash Management, 0.00% (††)(a)	$	11,843,795
	2,477,035	Goldman Sachs Financial Square Treasury Instruments Fund, 0.00% (††)(a)		2,477,035
		TOTAL SHORT TERM INVESTMENTS (Cost $14,320,830)	$	14,320,830
		TOTAL INVESTMENTS (Cost $14,320,830) - 80.9% (b)	$	14,320,830
		Other Assets in Excess of Liabilities - 19.1%		3,378,719
		TOTAL NET ASSETS - 100.0%	$	17,699,549

Percentages are stated as a percent of net assets.

(††) Less than 0.005%.

(a) Represents annualized seven-day yield at April 30, 2015.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $14,320,830.

Short Equity Swap Contracts

April 30, 2015 (Unaudited)

Counterparty	Reference Index	Number of Contracts		Notional Amount		Interest Rate Received/(Paid)			Termination Date		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG London	Technology Select Sector Index		24,043	$	10,162,648		(0.320	)%		7/27/2015	$	(100,621	)
Bank of America Merrill Lynch	Technology Select Sector Index		16,203		6,224,479		(0.369	)%		7/29/2015		(809,550	)
Citibank N.A.	Technology Select Sector Index		38,210		16,192,411		(0.320	)%		3/4/2016		(127,400	)
Credit Suisse International	Technology Select Sector Index		30,597		10,869,794		(0.070	)%		5/10/2016		(2,426,415	)
BNP Paribas	Technology Select Sector Index		8,923		3,707,291		(0.520	)%		5/16/2016		(109,633	)
BNP Paribas	Technology Select Sector Index		6,477		2,791,042		(0.520	)%		9/19/2016		18,163
				$	49,947,665						$	(3,555,456	)

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

DIREXION SEMI-ANNUAL REPORT 75

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Direxion Daily S&P 500® Bull 1.25X Shares			Direxion Daily Small Cap Bull 1.25X Shares		Direxion Daily FTSE Developed Markets Bull 1.25X Shares		Direxion Daily FTSE Emerging Markets Bull 1.25X Shares
Assets:
Investments, at fair value (Note 2)	$	3,772,335		$	2,473,966	$	1,250,160	$	1,223,315
Cash and cash equivalents		127,916			162,182		150,873		172,372
Cash collateral for swaps		11,788			7,824		5,470		1,980
Due from investment adviser, net		3,067			5,952		3,858		3,864
Dividend and interest receivable		5,057			7		6		7
Due from brokers for swaps		556			952		573		763
Unrealized appreciation on swaps		30,732			21,425		57,155		55,164
Prepaid expenses and other assets		10,323			10,929		10,860		10,861
Total Assets		3,961,774			2,683,237		1,478,955		1,468,326
Liabilities:
Unrealized depreciation on swaps		—			—		—		28
Due to brokers for swaps		—			1		—		—
Accrued expenses and other liabilities		10,850			19,359		10,370		10,363
Total Liabilities		10,850			19,360		10,370		10,391
Net Assets	$	3,950,924		$	2,663,877	$	1,468,585	$	1,457,935
Net Assets Consist of:
Capital stock	$	3,793,280		$	2,447,583	$	1,140,427	$	1,176,478
Undistributed (Accumulated) net investment income (loss)		(3,678	)		3,061		2,654		(783	)
Undistributed net realized gain		8,660			108,876		119,590		84,305
Net unrealized appreciation (depreciation) on:
Investment securities		121,930			82,932		148,759		142,799
Swaps		30,732			21,425		57,155		55,136
Net Assets	$	3,950,924		$	2,663,877	$	1,468,585	$	1,457,935
Calculation of Net Asset Value Per Share:
Net assets	$	3,950,924		$	2,663,877	$	1,468,585	$	1,457,935
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		150,000			100,000		50,000		50,000
Net assets value, redemption price and offering price per share	$	26.34		$	26.64	$	29.37	$	29.16
Cost of Investments	$	3,650,405		$	2,391,034	$	1,101,401	$	1,080,516

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

76 DIREXION SEMI-ANNUAL REPORT

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Direxion Daily CSI 300 China A Share Bull 2X Shares			Direxion Daily Mid Cap Bull 2X Shares			Direxion Daily S&P 500® Bull 2X Shares
Assets:
Investments, at fair value (Note 2)	$	15,570,920		$	2,490,000		$	8,379,495
Cash and cash equivalents		12,622,328			4,604,976			11,472,752
Cash collateral for swaps		1,600,000			—			—
Receivable for Fund shares sold		4,732,534			—			—
Due from investment adviser, net		—			187			—
Dividend and interest receivable		297			189			455
Due from brokers for swaps		22,811			12,419			—
Unrealized appreciation on swaps		3,650,622			695,370			1,355,996
Prepaid expenses and other assets		—			6,804			11,608
Total Assets		38,199,512			7,809,945			21,220,306
Liabilities:
Unrealized depreciation on swaps		—			12,258			10,721
Due to investment adviser, net		4,529			—			1,539
Due to brokers for swaps		2,974,057			923,199			1,939,439
Accrued expenses and other liabilities		5,226			18,427			26,464
Total Liabilities		2,983,812			953,884			1,978,163
Net Assets	$	35,215,700		$	6,856,061		$	19,242,143
Net Assets Consist of:
Capital stock	$	31,368,532		$	6,251,283		$	14,805,024
Undistributed (Accumulated) net investment income (loss)		(9,457	)		(21,186	)		97,805
Undistributed (Accumulated) net realized gain (loss)		135,747			(57,148	)		2,994,039
Net unrealized appreciation (depreciation) on:
Investment securities		70,256			—			—
Swaps		3,650,622			683,112			1,345,275
Net Assets	$	35,215,700		$	6,856,061		$	19,242,143
Calculation of Net Asset Value Per Share:
Net assets	$	35,215,700		$	6,856,061		$	19,242,143
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		750,000			200,000			533,236
Net assets value, redemption price and offering price per share	$	46.95		$	34.28		$	36.09
Cost of Investments	$	15,500,664		$	2,490,000		$	8,379,495

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

DIREXION SEMI-ANNUAL REPORT 77

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Direxion Daily Small Cap Bull 2X Shares			Direxion Daily 7-10 Year Treasury Bull 2X Shares
Assets:
Investments, at fair value (Note 2)	$	3,601,042		$	6,294,058
Cash and cash equivalents		6,044,395			9,438,769
Due from investment adviser, net		633			—
Dividend and interest receivable		244			387
Due from brokers for swaps		656			177
Unrealized appreciation on swaps		831,241			1,256,366
Prepaid expenses and other assets		5,377			6,660
Total Assets		10,483,588			16,996,417
Liabilities:
Unrealized depreciation on swaps		46,237			10,479
Due to investment adviser, net		—			2,795
Due to brokers for swaps		1,275,358			1,432,773
Accrued expenses and other liabilities		24,769			23,336
Total Liabilities		1,346,364			1,469,383
Net Assets	$	9,137,224		$	15,527,034
Net Assets Consist of:
Capital stock	$	8,021,179		$	14,172,208
Accumulated net investment loss		(25,461	)		(41,907	)
Undistributed net realized gain		356,502			150,846
Net unrealized appreciation (depreciation) on:
Swaps		785,004			1,245,887
Net Assets	$	9,137,224		$	15,527,034
Calculation of Net Asset Value Per Share:
Net assets	$	9,137,224		$	15,527,034
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		266,644			349,996
Net assets value, redemption price and offering price per share	$	34.27		$	44.36
Cost of Investments	$	3,601,042		$	6,294,058

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

78 DIREXION SEMI-ANNUAL REPORT

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Direxion Daily Mid Cap Bull 3X Shares			Direxion Daily Mid Cap Bear 3X Shares			Direxion Daily S&P 500® Bull 3X Shares			Direxion Daily S&P 500® Bear 3X Shares
Assets:
Investments, at fair value (Note 2)	$	54,453,523		$	5,780,468		$	268,851,882		$	197,342,664
Cash and cash equivalents		23,598,578			2,591,401			238,428,929			96,054,592
Receivable for Fund shares sold		—			—			96,433			2,736,967
Dividend and interest receivable		1,413			155			10,390			3,547
Unrealized appreciation on swaps		2,917,868			1,688			132,950,943			—
Prepaid expenses and other assets		4,873			4,385			16,451			12,957
Total Assets		80,976,255			8,378,097			640,355,028			296,150,727
Liabilities:
Payable for Fund shares redeemed		138,843			—			—			8,371,129
Unrealized depreciation on swaps		1,233,158			313,376			460,012			44,646,873
Due to investment adviser, net		44,025			6,007			363,149			134,303
Due to brokers for swaps		4,720,000			—			121,782,944			—
Accrued expenses and other liabilities		73,725			23,214			409,064			174,583
Total Liabilities		6,209,751			342,597			123,015,169			53,326,888
Net Assets	$	74,766,504		$	8,035,500		$	517,339,859		$	242,823,839
Net Assets Consist of:
Capital stock	$	35,002,549		$	77,684,235		$	324,758,086		$	1,223,203,769
Accumulated net investment loss		(373,049	)		(106,668	)		(2,961,552	)		(2,618,792	)
Undistributed (Accumulated) net realized gain (loss)		38,725,668			(69,230,379	)		63,237,977			(933,114,265	)
Net unrealized appreciation (depreciation) on:
Investment securities		(273,374	)		—			(185,583	)		—
Swaps		1,684,710			(311,688	)		132,490,931			(44,646,873	)
Net Assets	$	74,766,504		$	8,035,500		$	517,339,859		$	242,823,839
Calculation of Net Asset Value Per Share:
Net assets	$	74,766,504		$	8,035,500		$	517,339,859		$	242,823,839
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		2,800,132			189,540			5,701,251			12,925,675
Net assets value, redemption price and offering price per share	$	26.70		$	42.39		$	90.74		$	18.79
Cost of Investments	$	54,726,897		$	5,780,468		$	269,037,465		$	197,342,664

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

DIREXION SEMI-ANNUAL REPORT 79

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Direxion Daily Small Cap Bull 3X Shares			Direxion Daily Small Cap Bear 3X Shares			Direxion Daily 7-10 Year Treasury Bull 3X Shares			Direxion Daily 7-10 Year Treasury Bear 3X Shares
Assets:
Investments, at fair value (Note 2)	$	395,801,475		$	464,825,448		$	2,955,647		$	33,710,303
Cash and cash equivalents		239,002,947			245,276,324			1,830,469			18,962,786
Receivable for Fund shares sold		111,602,588			547,054			—			—
Dividend and interest receivable		11,090			10,206			103			1,013
Due from brokers for swaps		—			—			33,431			—
Unrealized appreciation on swaps		59,241,611			12,710,233			362,544			—
Prepaid expenses and other assets		17,837			22,365			3,959			4,964
Total Assets		805,677,548			723,391,630			5,186,153			52,679,066
Liabilities:
Payable for Fund shares redeemed		—			33,675,915			—			868,537
Unrealized depreciation on swaps		4,667,886			13,767,680			50,109			5,484,447
Due to investment adviser, net		378,145			388,171			1,947			28,762
Due to brokers for swaps		89,506,876			1,251,792			440,154			221,258
Accrued expenses and other liabilities		495,075			432,643			32,121			43,829
Total Liabilities		95,047,982			49,516,201			524,331			6,646,833
Net Assets	$	710,629,566		$	673,875,429		$	4,661,822		$	46,032,233
Net Assets Consist of:
Capital stock	$	245,679,347		$	3,379,289,088		$	3,872,135		$	113,810,190
Accumulated net investment loss		(3,868,326	)		(8,688,974	)		(43,797	)		(685,121	)
Undistributed (Accumulated) net realized gain (loss)		414,426,775			(2,695,667,238	)		521,049			(61,608,389	)
Net unrealized appreciation (depreciation) on:
Investment securities		(181,955	)		—			—			—
Swaps		54,573,725			(1,057,447	)		312,435			(5,484,447	)
Net Assets	$	710,629,566		$	673,875,429		$	4,661,822		$	46,032,233
Calculation of Net Asset Value Per Share:
Net assets	$	710,629,566		$	673,875,429		$	4,661,822		$	46,032,233
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		8,600,034			62,348,480			100,000			2,650,000
Net assets value, redemption price and offering price per share	$	82.63		$	10.81		$	46.62		$	17.37
Cost of Investments	$	395,983,430		$	464,825,448		$	2,955,647		$	33,710,303

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

80 DIREXION SEMI-ANNUAL REPORT

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Direxion Daily 20+ Year Treasury Bull 3X Shares			Direxion Daily 20+ Year Treasury Bear 3X Shares			Direxion Daily Brazil Bull 3X Shares
Assets:
Investments, at fair value (Note 2)	$	69,449,606		$	314,439,785		$	29,003,556
Cash and cash equivalents		26,949,438			172,587,415			19,892,191
Receivable for Fund shares sold		—			5,857,887			—
Dividend and interest receivable		1,426			7,569			696
Unrealized appreciation on swaps		6,750,738			14,704,003			12,185,382
Prepaid expenses and other assets		5,405			16,227			5,145
Total Assets		103,156,613			507,612,886			61,086,970
Liabilities:
Unrealized depreciation on swaps		3,003,262			37,367,822			210,268
Due to investment adviser, net		62,661			248,129			23,194
Due to brokers for swaps		6,460,380			15,843,754			9,103,297
Accrued expenses and other liabilities		49,817			174,323			30,725
Total Liabilities		9,576,120			53,634,028			9,367,484
Net Assets	$	93,580,493		$	453,978,858		$	51,719,486
Net Assets Consist of:
Capital stock	$	86,397,151		$	1,350,567,089		$	72,123,253
Accumulated net investment loss		(224,588	)		(6,209,118	)		(164,477	)
Undistributed (Accumulated) net realized gain (loss)		5,358,685			(867,715,294	)		(32,187,351	)
Net unrealized appreciation (depreciation) on:
Investment securities		(1,698,231	)		—			(27,053	)
Swaps		3,747,476			(22,663,819	)		11,975,114
Net Assets	$	93,580,493		$	453,978,858		$	51,719,486
Calculation of Net Asset Value Per Share:
Net assets	$	93,580,493		$	453,978,858		$	51,719,486
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		1,100,000			15,499,789			680,000
Net assets value, redemption price and offering price per share	$	85.07		$	29.29		$	76.06
Cost of Investments	$	71,147,837		$	314,439,785		$	29,030,609

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

DIREXION SEMI-ANNUAL REPORT 81

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Direxion Daily Developed Markets Bull 3X Shares			Direxion Daily Developed Markets Bear 3X Shares			Direxion Daily Emerging Markets Bull 3X Shares			Direxion Daily Emerging Markets Bear 3X Shares
Assets:
Investments, at fair value (Note 2)	$	20,380,614		$	3,300,139		$	159,955,139		$	87,009,896
Cash and cash equivalents		13,677,759			2,180,797			84,533,957			30,382,218
Receivable for Fund shares sold		—			—			1,617,738			3,799,304
Dividend and interest receivable		518			86			4,156			1,243
Due from brokers for swaps		—			—			2,200,608			—
Foreign tax reclaims		169			—			—			—
Unrealized appreciation on swaps		9,650,554			—			43,358,795			—
Prepaid expenses and other assets		38,140			38,232			14,864			17,515
Total Assets		43,747,754			5,519,254			291,685,257			121,210,176
Liabilities:
Payable for Fund shares redeemed		—			—			—			2,671,499
Unrealized depreciation on swaps		20,419			414,829			113,900			13,433,344
Due to investment adviser, net		22,322			2,330			162,488			64,235
Due to brokers for swaps		10,952,922			209,716			55,264,435			72,854
Accrued expenses and other liabilities		23,852			19,531			140,773			40,192
Total Liabilities		11,019,515			646,406			55,681,596			16,282,124
Net Assets	$	32,728,239		$	4,872,848		$	236,003,661		$	104,928,052
Net Assets Consist of:
Capital stock	$	27,498,403		$	46,254,477		$	332,133,341		$	435,966,086
Accumulated net investment loss		(159,611	)		(96,245	)		(3,450,402	)		(1,308,387	)
Accumulated net realized loss		(4,310,906	)		(40,870,555	)		(135,839,733	)		(316,296,303	)
Net unrealized appreciation (depreciation) on:
Investment securities		70,218			—			(84,440	)		—
Swaps		9,630,135			(414,829	)		43,244,895			(13,433,344	)
Net Assets	$	32,728,239		$	4,872,848		$	236,003,661		$	104,928,052
Calculation of Net Asset Value Per Share:
Net assets	$	32,728,239		$	4,872,848		$	236,003,661		$	104,928,052
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		450,001			184,916			8,228,932			3,927,763
Net assets value, redemption price and offering price per share	$	72.73		$	26.35		$	28.68		$	26.71
Cost of Investments	$	20,310,396		$	3,300,139		$	160,039,579		$	87,009,896

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

82 DIREXION SEMI-ANNUAL REPORT

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	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)	$	139,019,151		$	30,374,107		$	36,299,055
Cash and cash equivalents		63,181,384			11,772,060			19,730,984
Dividend and interest receivable		2,862			364			668
Due from brokers for swaps		—			—			9,660
Unrealized appreciation on swaps		17,061,336			228,226			3,956,690
Prepaid expenses and other assets		7,065			6,926			4,438
Total Assets		219,271,798			42,381,683			60,001,495
Liabilities:
Unrealized depreciation on swaps		608,878			7,418,536			—
Due to investment adviser, net		95,865			11,721			30,575
Due to brokers for swaps		24,092,647			113,898			4,410,656
Accrued expenses and other liabilities		96,669			24,514			23,895
Total Liabilities		24,894,059			7,568,669			4,465,126
Net Assets	$	194,377,739		$	34,813,014		$	55,536,369
Net Assets Consist of:
Capital stock	$	88,764,689		$	71,853,174		$	53,005,491
Accumulated net investment loss		(580,063	)		(191,240	)		(68,381	)
Undistributed (Accumulated) net realized gain (loss)		89,597,074			(29,658,610	)		(1,654,811	)
Net unrealized appreciation (depreciation) on:
Investment securities		143,581			—			297,380
Swaps		16,452,458			(7,190,310	)		3,956,690
Net Assets	$	194,377,739		$	34,813,014		$	55,536,369
Calculation of Net Asset Value Per Share:
Net assets	$	194,377,739		$	34,813,014		$	55,536,369
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		3,100,013			656,997			1,550,001
Net assets value, redemption price and offering price per share	$	62.70		$	52.99		$	35.83
Cost of Investments	$	138,875,570		$	30,374,107		$	36,001,675

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

DIREXION SEMI-ANNUAL REPORT 83

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Direxion Daily India Bull 3X Shares			Direxion Daily Japan Bull 3X Shares			Direxion Daily Latin America Bull 3X Shares
Assets:
Investments, at fair value (Note 2)	$	93,902,878		$	15,435,775		$	15,704,691
Cash and cash equivalents		34,633,856			2,047,104			8,787,900
Dividend and interest receivable		1,526			171			310
Due from brokers for swaps		—			—			13,891
Unrealized appreciation on swaps		—			2,618,516			3,407,355
Prepaid expenses and other assets		6,364			7,501			7,625
Total Assets		128,544,624			20,109,067			27,921,772
Liabilities:
Payable for Fund shares redeemed		—			161,347			—
Unrealized depreciation on swaps		16,335,762			314,776			—
Due to investment adviser, net		62,602			2,682			15,734
Due to brokers for swaps		335,988			2,300,000			4,265,515
Accrued expenses and other liabilities		44,494			19,179			33,132
Total Liabilities		16,778,846			2,797,984			4,314,381
Net Assets	$	111,765,778		$	17,311,083		$	23,607,391
Net Assets Consist of:
Capital stock	$	114,533,938		$	15,922,858		$	60,185,897
Accumulated net investment loss		(830,805	)		(76,098	)		(234,251	)
Undistributed (Accumulated) net realized gain (loss)		14,801,348			(720,937	)		(39,871,642	)
Net unrealized appreciation (depreciation) on:
Investment securities		(402,941	)		(118,480	)		120,032
Swaps		(16,335,762	)		2,303,740			3,407,355
Net Assets	$	111,765,778		$	17,311,083		$	23,607,391
Calculation of Net Asset Value Per Share:
Net assets	$	111,765,778		$	17,311,083		$	23,607,391
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		5,899,456			300,001			519,965
Net assets value, redemption price and offering price per share	$	18.95		$	57.70		$	45.40
Cost of Investments	$	94,305,819		$	15,554,255		$	15,584,659

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

84 DIREXION SEMI-ANNUAL REPORT

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Direxion Daily Russia Bull 3X Shares			Direxion Daily Russia Bear 3X Shares			Direxion Daily South Korea Bull 3X Shares
Assets:
Investments, at fair value (Note 2)	$	160,511,940		$	77,161,242		$	3,291,109
Cash and cash equivalents		93,020,542			28,830,531			1,322,212
Receivable for Fund shares sold		—			215			—
Due from investment adviser, net		—			—			1,290
Dividend and interest receivable		3,253			939			43
Due from brokers for swaps		—			10,940			—
Unrealized appreciation on swaps		105,821,484			—			876,255
Prepaid expenses and other assets		24,269			11,026			3,757
Total Assets		359,381,488			106,014,893			5,494,666
Liabilities:
Payable for Fund shares redeemed		189,654			2,856,310			—
Payable for investments purchased		9,861,972			—			—
Unrealized depreciation on swaps		249,418			34,181,219			56,695
Due to investment adviser, net		143,875			40,256			—
Due to brokers for swaps		108,073,446			—			1,058,533
Accrued expenses and other liabilities		81,388			34,205			19,295
Total Liabilities		118,599,753			37,111,990			1,134,523
Net Assets	$	240,781,735		$	68,902,903		$	4,360,143
Net Assets Consist of:
Capital stock	$	297,728,868		$	167,578,992		$	3,800,808
Accumulated net investment loss		(790,803	)		(413,729	)		(16,326	)
Accumulated net realized loss		(161,724,748	)		(64,081,141	)		(243,392	)
Net unrealized appreciation (depreciation) on:
Investment securities		(3,648	)		—			(507	)
Swaps		105,572,066			(34,181,219	)		819,560
Net Assets	$	240,781,735		$	68,902,903		$	4,360,143
Calculation of Net Asset Value Per Share:
Net assets	$	240,781,735		$	68,902,903		$	4,360,143
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		7,539,979			2,400,000			100,001
Net assets value, redemption price and offering price per share	$	31.93		$	28.71		$	43.60
Cost of Investments	$	160,515,588		$	77,161,242		$	3,291,616

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

DIREXION SEMI-ANNUAL REPORT 85

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Direxion Daily Basic Materials Bull 3X Shares			Direxion Daily Gold Miners Index Bull 3X Shares			Direxion Daily Gold Miners Index Bear 3X Shares			Direxion Daily Healthcare Bull 3X Shares
Assets:
Investments, at fair value (Note 2)	$	4,567,099		$	550,451,412		$	156,657,545		$	276,994,537
Cash and cash equivalents		2,433,607			337,860,993			31,392,808			82,743,848
Cash collateral for swaps		—			—			—			32,770,000
Receivable for Fund shares sold		—			21,859,347			41,840,209			—
Dividend and interest receivable		91			10,793			2,698			4,278
Due from brokers for swaps		755			2,838,510			—			—
Unrealized appreciation on swaps		968,902			66,400,928			4,858,664			36,082,225
Prepaid expenses and other assets		3,552			38,772			7,257			10,789
Total Assets		7,974,006			979,460,755			234,759,181			428,605,677
Liabilities:
Payable for Fund shares redeemed		—			7,454,383			19,212,815			427,925
Unrealized depreciation on swaps		—			33,914,526			18,510,007			11,185,640
Due to investment adviser, net		442			452,961			95,583			220,409
Due to brokers for swaps		1,148,434			115,384,959			740,000			45,411,395
Accrued expenses and other liabilities		26,986			349,485			94,142			213,720
Total Liabilities		1,175,862			157,556,314			38,652,547			57,459,089
Net Assets	$	6,798,144		$	821,904,441		$	196,106,634		$	371,146,588
Net Assets Consist of:
Capital stock	$	4,441,202		$	2,351,467,898		$	221,081,672		$	266,086,428
Accumulated net investment loss		(39,044	)		(9,548,648	)		(2,386,094	)		(1,293,877	)
Undistributed (Accumulated) net realized gain (loss)		1,427,084			(1,552,876,375	)		(8,937,601	)		81,597,017
Net unrealized appreciation (depreciation) on:
Investment securities		—			375,164			—			(139,565	)
Swaps		968,902			32,486,402			(13,651,343	)		24,896,585
Net Assets	$	6,798,144		$	821,904,441		$	196,106,634		$	371,146,588
Calculation of Net Asset Value Per Share:
Net assets	$	6,798,144		$	821,904,441		$	196,106,634		$	371,146,588
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		100,001			67,674,756			14,800,002			10,600,008
Net assets value, redemption price and offering price per share	$	67.98		$	12.14		$	13.25		$	35.01
Cost of Investments	$	4,567,099		$	550,076,248		$	156,657,545		$	277,134,102

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

86 DIREXION SEMI-ANNUAL REPORT

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Direxion Daily Junior Gold Miners Index Bull 3X Shares			Direxion Daily Junior Gold Miners Index Bear 3X Shares			Direxion Daily Natural Gas Related Bull 3X Shares
Assets:
Investments, at fair value (Note 2)	$	137,866,187		$	69,342,510		$	88,148,373
Cash and cash equivalents		73,680,442			17,849,010			28,943,055
Receivable for Fund shares sold		15,946,140			18,086,848			26,698
Dividend and interest receivable		2,938			1,205			14,946
Foreign tax reclaims		—			—			2,782
Unrealized appreciation on swaps		20,044,495			12,454,056			28,249,656
Prepaid expenses and other assets		32,899			7,145			9,516
Total Assets		247,573,101			117,740,774			145,395,026
Liabilities:
Payable for Fund shares redeemed		487,723			17,444,120			18,823
Payable for investments purchased		9,057,650			—			—
Unrealized depreciation on swaps		17,991,643			4,044,689			20,050
Due to investment adviser, net		98,678			44,112			65,881
Due to brokers for swaps		30,870,000			7,284,492			25,761,071
Accrued expenses and other liabilities		86,002			44,706			58,950
Total Liabilities		58,591,696			28,862,119			25,924,775
Net Assets	$	188,981,405		$	88,878,655		$	119,470,251
Net Assets Consist of:
Capital stock	$	636,955,018		$	104,549,111		$	153,807,601
Accumulated net investment loss		(1,014,922	)		(354,781	)		(325,418	)
Accumulated net realized loss		(448,857,857	)		(23,725,042	)		(65,639,481	)
Net unrealized appreciation (depreciation) on:
Investment securities		(153,686	)		—			3,397,943
Swaps		2,052,852			8,409,367			28,229,606
Net Assets	$	188,981,405		$	88,878,655		$	119,470,251
Calculation of Net Asset Value Per Share:
Net assets	$	188,981,405		$	88,878,655		$	119,470,251
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		8,888,543			10,700,001			2,640,000
Net assets value, redemption price and offering price per share	$	21.26		$	8.31		$	45.25
Cost of Investments	$	138,019,873		$	69,342,510		$	84,750,430

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

DIREXION SEMI-ANNUAL REPORT 87

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Direxion Daily Retail Bull 3X Shares			Direxion Daily Semiconductor Bull 3X Shares			Direxion Daily Semiconductor Bear 3X Shares
Assets:
Investments, at fair value (Note 2)	$	39,167,559		$	107,830,931		$	13,174,807
Cash and cash equivalents		2,873,509			54,127,581			7,682,409
Receivable for Fund shares sold		—			—			607,164
Receivable for investments sold		1,659,528			—			—
Dividend and interest receivable		11,579			14,327			301
Due from brokers for swaps		160			34,097			—
Unrealized appreciation on swaps		8,975,930			1,078,648			1,128,145
Prepaid expenses and other assets		4,940			5,886			5,198
Total Assets		52,693,205			163,091,470			22,598,024
Liabilities:
Unrealized depreciation on swaps		577,240			13,007,200			—
Due to investment adviser, net		26,521			102,273			14,553
Due to brokers for swaps		9,828,464			422,372			700,000
Accrued expenses and other liabilities		35,592			111,311			28,206
Total Liabilities		10,467,817			13,643,156			742,759
Net Assets	$	42,225,388		$	149,448,314		$	21,855,265
Net Assets Consist of:
Capital stock	$	23,512,221		$	37,341,098		$	100,685,813
Accumulated net investment loss		(68,145	)		(453,130	)		(259,397	)
Undistributed (Accumulated) net realized gain (loss)		8,162,839			124,908,357			(79,699,296	)
Net unrealized appreciation (depreciation) on:
Investment securities		2,219,783			(419,459	)		—
Swaps		8,398,690			(11,928,552	)		1,128,145
Net Assets	$	42,225,388		$	149,448,314		$	21,855,265
Calculation of Net Asset Value Per Share:
Net assets	$	42,225,388		$	149,448,314		$	21,855,265
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		1,400,012			4,600,004			449,962
Net assets value, redemption price and offering price per share	$	30.16		$	32.49		$	48.57
Cost of Investments	$	36,947,776		$	108,250,390		$	13,174,807

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

88 DIREXION SEMI-ANNUAL REPORT

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Direxion Daily Energy Bull 3X Shares			Direxion Daily Energy Bear 3X Shares			Direxion Daily Financial Bull 3X Shares			Direxion Daily Financial Bear 3X Shares
Assets:
Investments, at fair value (Note 2)	$	244,217,955		$	48,374,686		$	894,216,494		$	232,984,812
Cash and cash equivalents		205,817,340			27,593,956			429,592,921			111,213,743
Receivable for Fund shares sold		—			817,124			—			617,103
Receivable for investments sold		—			—			75,886			—
Dividend and interest receivable		8,332			1,045			124,087			4,655
Due from brokers for swaps		283,017			—			—			13,125
Foreign tax reclaims		—			—			167			—
Unrealized appreciation on swaps		98,923,577			2,107,201			38,816,105			247,710
Prepaid expenses and other assets		26,696			10,069			32,179			17,881
Total Assets		549,276,917			78,904,081			1,362,857,839			345,099,029
Liabilities:
Payable for Fund shares redeemed		319,441			1,618,515			—			—
Payable for investments purchased		—			—			183,931			—
Unrealized depreciation on swaps		—			6,055,596			15,714,676			52,196,235
Due to investment adviser, net		315,453			56,389			846,585			144,727
Due to brokers for swaps		89,597,670			1,820,000			41,032,986			—
Accrued expenses and other liabilities		292,476			107,917			745,965			214,711
Total Liabilities		90,525,040			9,658,417			58,524,143			52,555,673
Net Assets	$	458,751,877		$	69,245,664		$	1,304,333,696		$	292,543,356
Net Assets Consist of:
Capital stock	$	309,215,226		$	263,312,507		$	630,218,584		$	4,783,931,647
Accumulated net investment loss		(846,417	)		(741,392	)		(5,134,803	)		(4,194,154	)
Undistributed (Accumulated) net realized gain (loss)		51,025,999			(189,377,056	)		658,361,466			(4,435,245,612	)
Net unrealized appreciation (depreciation) on:
Investment securities		433,492			—			(2,212,980	)		—
Swaps		98,923,577			(3,948,395	)		23,101,429			(51,948,525	)
Net Assets	$	458,751,877		$	69,245,664		$	1,304,333,696		$	292,543,356
Calculation of Net Asset Value Per Share:
Net assets	$	458,751,877		$	69,245,664		$	1,304,333,696		$	292,543,356
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		6,900,017			4,237,220			42,899,888			23,703,453
Net assets value, redemption price and offering price per share	$	66.49		$	16.34		$	30.40		$	12.34
Cost of Investments	$	243,784,463		$	48,374,686		$	896,429,474		$	232,984,812

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

DIREXION SEMI-ANNUAL REPORT 89

Statements of Assets and Liabilities

April 30, 2015 (Unaudited)

	Direxion Daily Real Estate Bull 3X Shares			Direxion Daily Real Estate Bear 3X Shares			Direxion Daily Technology Bull 3X Shares			Direxion Daily Technology Bear 3X Shares
Assets:
Investments, at fair value (Note 2)	$	108,070,030		$	8,905,225		$	125,209,638		$	14,320,830
Cash and cash equivalents		30,249,895			3,006,811			78,178,708			7,101,760
Dividend and interest receivable		1,691			158			2,999			246
Due from brokers for swaps		181,821			—			659,107			—
Unrealized appreciation on swaps		—			1,579,954			32,481,036			18,163
Prepaid expenses and other assets		5,623			41,873			6,652			5,448
Total Assets		138,509,060			13,534,021			236,538,140			21,446,447
Liabilities:
Unrealized depreciation on swaps		17,856,534			—			184,955			3,573,619
Due to investment adviser, net		90,078			8,545			122,253			14,649
Due to brokers for swaps		364,004			612,970			41,615,475			128,988
Accrued expenses and other liabilities		64,990			23,355			163,978			29,642
Total Liabilities		18,375,606			644,870			42,086,661			3,746,898
Net Assets	$	120,133,454		$	12,889,151		$	194,451,479		$	17,699,549
Net Assets Consist of:
Capital stock	$	93,143,889		$	183,998,326		$	93,049,249		$	143,692,496
Accumulated net investment loss		(422,901	)		(147,726	)		(945,679	)		(195,176	)
Undistributed (Accumulated) net realized gain (loss)		48,456,213			(172,541,403	)		69,971,582			(122,242,315	)
Net unrealized appreciation (depreciation) on:
Investment securities		(3,187,213	)		—			80,246			—
Swaps		(17,856,534	)		1,579,954			32,296,081			(3,555,456	)
Net Assets	$	120,133,454		$	12,889,151		$	194,451,479		$	17,699,549
Calculation of Net Asset Value Per Share:
Net assets	$	120,133,454		$	12,889,151		$	194,451,479		$	17,699,549
Shares outstanding (unlimited shares of beneficial interest authorized, par value)		1,650,000			508,309			5,200,000			455,468
Net assets value, redemption price and offering price per share	$	72.81		$	25.36		$	37.39		$	38.86
Cost of Investments	$	111,257,243		$	8,905,225		$	125,129,392		$	14,320,830

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

90 DIREXION SEMI-ANNUAL REPORT

Statements of Operations

For The Six Months Ended April 30, 2015 (Unaudited)

	Direxion Daily S&P 500® Bull 1.25X Shares1			Direxion Daily Small Cap Bull 1.25X Shares1			Direxion Daily FTSE Developed Markets Bull 1.25X Shares1			Direxion Daily FTSE Emerging Markets Bull 1.25X Shares1
Investment Income:
Dividend income	$	16,839		$	7,824		$	5,470		$	1,980
Interest income		11			14			12			14
Total investment income		16,850			7,838			5,482			1,994
Expenses:
Professional fees		6,249			6,249			6,249			6,249
Investment advisory fees		5,179			4,299			2,545			2,499
Pricing fees		2,499			2,499			2,499			2,499
Offering fees		2,219			2,218			2,218			2,218
Reports to shareholders		1,593			1,593			1,593			1,593
Exchange listing fees		1,562			1,562			1,562			1,562
Custody fees		714			695			657			656
Transfer agent fees		701			689			663			663
Licensing fees		460			9,099			170			167
Accounting fees		347			304			218			216
Administration fees		301			250			148			145
Trustees’ fees and expenses		63			62			54			54
Compliance fees		25			24			23			23
Other		492			492			492			492
Total Expenses		22,404			30,035			19,091			19,036
Less: Reimbursement of expenses from Adviser		(16,649	)		(25,258	)		(16,263	)		(16,259	)
Net Expenses		5,755			4,777			2,828			2,777
Net investment income (loss)		11,095			3,061			2,654			(783	)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
In-kind redemptions		—			79,936			89,134			60,371
Swaps		8,660			28,940			30,456			23,934
Net realized gain on in-kind redemptions and swaps		8,660			108,876			119,590			84,305
Change in net unrealized appreciation (depreciation) on:
Investment securities		121,930			82,932			148,759			142,799
Swaps		30,732			21,425			57,155			55,136
Change in net unrealized appreciation on investment securities and swaps		152,662			104,357			205,914			197,935
Net realized and unrealized gain on investment securities, in-kind redemptions and swaps		161,322			213,233			325,504			282,240
Net increase in net assets resulting from operations	$	172,417		$	216,294		$	328,158		$	281,457

¹  Represents the period from January 7, 2015 (commencement of operations) to April 30, 2015.

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

DIREXION SEMI-ANNUAL REPORT 91

Statements of Operations

For The Six Months Ended April 30, 2015 (Unaudited)

	Direxion Daily CSI 300 China A Share Bull 2X Shares1			Direxion Daily Mid Cap Bull 2X Shares			Direxion Daily S&P 500® Bull 2X Shares
Investment Income:
Interest income	$	297		$	366		$	894
Total investment income		297			366			894
Expenses:
Investment advisory fees		7,701			17,835			58,560
Offering fees		1,473			—			1,164
Professional fees		1,209			7,617			9,005
Licensing fees		822			2,140			7,027
Pricing fees		329			3,968			3,967
Administration fees		269			949			3,120
Accounting fees		241			856			2,804
Reports to shareholders		210			2,231			11,437
Exchange listing fees		205			2,480			2,480
Custody fees		199			838			2,254
Transfer agent fees		183			1,181			2,853
Trustees’ fees and expenses		12			136			415
Compliance fees		8			38			118
Interest expense		—			150			148
Insurance fees		—			197			441
Other		65			274			815
Total Expenses		12,926			40,890			106,608
Less: Reimbursement of expenses from Adviser		(3,172	)		(19,338	)		(36,174	)
Net Expenses		9,754			21,552			70,434
Net investment loss		(9,457	)		(21,186	)		(69,540	)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities		—			(18,967	)		1,017,543
In-kind redemptions		—			—			(1,028	)
Swaps		135,747			68,211			1,728,567
Net realized gain on investment securities, in-kind redemptions and swaps		135,747			49,244			2,745,082
Change in net unrealized appreciation (depreciation) on:
Investment securities		70,256			(22,658	)		(1,000,148	)
Swaps		3,650,622			593,327			159,710
Change in net unrealized appreciation (depreciation) on investment securities and swaps		3,720,878			570,669			(840,438	)
Net realized and unrealized gain on investment securities, in-kind redemptions and swaps		3,856,625			619,913			1,904,644
Net increase in net assets resulting from operations	$	3,847,168		$	598,727		$	1,835,104

¹  Represents the period from April 16, 2015 (commencement of operations) to April 30, 2015.

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

92 DIREXION SEMI-ANNUAL REPORT

Statements of Operations

For The Six Months Ended April 30, 2015 (Unaudited)

	Direxion Daily Small Cap Bull 2X Shares			Direxion Daily 7-10 Year Treasury Bull 2X Shares
Investment Income:
Dividend income
Interest income	$	486		$	751
Total investment income		486			751
Expenses:
Investment advisory fees		21,404			35,548
Licensing fees		12,921			6,116
Professional fees		7,594			7,707
Pricing fees		3,968			3,967
Exchange listing fees		2,480			2,480
Administration fees		1,138			1,890
Transfer agent fees		1,104			1,578
Accounting fees		977			1,654
Custody fees		920			653
Reports to shareholders		870			2,469
Interest expense		262			—
Trustees’ fees and expenses		116			203
Insurance fees		104			207
Compliance fees		33			57
Other		271			280
Total Expenses		54,162			64,809
Less: Reimbursement of expenses from Adviser		(28,215	)		(22,151	)
Net Expenses		25,947			42,658
Net investment loss		(25,461	)		(41,907	)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities		—			5,154
Swaps		370,026			192,222
Net realized gain on investment securities and swaps		370,026			197,376
Change in net unrealized appreciation (depreciation) on:
Swaps		250,198			747,845
Change in net unrealized appreciation on swaps		250,198			747,845
Net realized and unrealized gain on investment securities and swaps		620,224			945,221
Net increase in net assets resulting from operations	$	594,763		$	903,314

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

DIREXION SEMI-ANNUAL REPORT 93

Statements of Operations

For The Six Months Ended April 30, 2015 (Unaudited)

	Direxion Daily Mid Cap Bull 3X Shares			Direxion Daily Mid Cap Bear 3X Shares			Direxion Daily S&P 500® Bull 3X Shares			Direxion Daily S&P 500® Bear 3X Shares
Investment Income:
Dividend income	$	329		$	—		$	—		$	—
Interest income		4,548			531			82			7,899
Total investment income		4,877			531			82			7,899
Expenses:
Investment advisory fees		292,901			29,480			2,246,047			733,779
Licensing fees		31,243			3,144			239,578			78,270
Professional fees		13,921			3,475			40,373			24,874
Administration fees		10,390			1,046			79,389			26,022
Accounting fees		9,089			932			69,406			23,166
Interest expense		6,919			45			61,266			956
Custody fees		6,332			959			33,522			11,779
Transfer agent fees		5,637			835			40,500			15,906
Reports to shareholders		4,326			6,275			31,553			21,643
Pricing fees		3,967			3,968			3,967			3,967
Exchange listing fees		2,480			2,480			2,480			2,480
Insurance fees		1,262			165			7,830			4,239
Trustees’ fees and expenses		1,228			136			8,688			3,290
Compliance fees		349			38			2,479			926
Other		902			760			1,755			4,282
Total Expenses		390,946			53,738			2,868,833			955,579
Recoupment of expenses to Adviser		—			—			38,228			1,076
Less: Reimbursement of expenses from Adviser		(13,020	)		(16,352	)		(803	)		(26,245	)
Net Expenses		377,926			37,386			2,906,258			930,410
Net investment loss		(373,049	)		(36,855	)		(2,906,176	)		(922,511	)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities		(202,812	)		—			2,647,111			—
In-kind redemptions		319,667			—			2,055,299			—
Swaps		39,034,715			(3,146,154	)		66,096,780			(35,293,824	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		39,151,570			(3,146,154	)		70,799,190			(35,293,824	)
Change in net unrealized appreciation (depreciation) on:
Investment securities		(291,668	)		—			(1,927,390	)		—
Swaps		(25,855,043	)		1,223,517			7,491,667			4,491,070
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(26,146,711	)		1,223,517			5,564,277			4,491,070
Net realized and unrealized gain (loss) on investment securities, in-kind redemptions and swaps		13,004,859			(1,922,637	)		76,363,467			(30,802,754	)
Net increase (decrease) in net assets resulting from operations	$	12,631,810		$	(1,959,492	)	$	73,457,291		$	(31,725,265	)

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

94 DIREXION SEMI-ANNUAL REPORT

Statements of Operations

For The Six Months Ended April 30, 2015 (Unaudited)

	Direxion Daily Small Cap Bull 3X Shares			Direxion Daily Small Cap Bear 3X Shares			Direxion Daily 7-10 Year Treasury Bull 3X Shares			Direxion Daily 7-10 Year Treasury Bear 3X Shares
Investment Income:
Dividend income	$	36,513		$	—		$	—		$	—
Interest income		30,897			26,636			298			2,930
Total investment income		67,410			26,636			298			2,930
Expenses:
Investment advisory fees		3,014,184			2,448,928			17,057			183,303
Licensing fees		494,507			415,720			11,156			9,918
Administration fees		106,819			87,271			605			6,504
Interest expense		100,866			5,096			286			127
Accounting fees		95,722			76,857			530			5,750
Transfer agent fees		69,490			47,896			—			3,609
Professional fees		51,508			40,866			4,143			10,735
Custody fees		48,384			36,964			759			3,480
Reports to shareholders		44,720			36,778			2,792			2,810
Insurance fees		15,845			14,193			71			971
Trustees’ fees and expenses		14,256			11,324			69			829
Compliance fees		4,033			3,193			20			234
Pricing fees		3,967			3,968			3,967			3,967
Exchange listing fees		2,480			4,959			2,480			2,480
Other		15,647			17,204			752			847
Total Expenses		4,082,428			3,251,217			44,687			235,564
Recoupment of expenses to Adviser		—			—			—			84
Less: Reimbursement of expenses from Adviser		(163,596	)		(144,145	)		(22,795	)		(3,337	)
Net Expenses		3,918,832			3,107,072			21,892			232,311
Net investment loss		(3,851,422	)		(3,080,436	)		(21,594	)		(229,381	)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
In-kind redemptions		3,111,372			—			—			—
Swaps		473,183,203			(187,820,819	)		546,063			(5,183,788	)
Net realized gain (loss) on in-kind redemptions and swaps		476,294,575			(187,820,819	)		546,063			(5,183,788	)
Change in net unrealized appreciation (depreciation) on:
Investment securities		(56,323	)		—			—			—
Swaps		(322,610,141	)		87,100,569			(132,166	)		(1,514,205	)
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(322,666,464	)		87,100,569			(132,166	)		(1,514,205	)
Net realized and unrealized gain (loss) on investment securities, in-kind redemptions and swaps		153,628,111			(100,720,250	)		413,897			(6,697,993	)
Net increase (decrease) in net assets resulting from operations	$	149,776,689		$	(103,800,686	)	$	392,303		$	(6,927,374	)

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

DIREXION SEMI-ANNUAL REPORT 95

Statements of Operations

For The Six Months Ended April 30, 2015 (Unaudited)

	Direxion Daily 20+ Year Treasury Bull 3X Shares			Direxion Daily 20+ Year Treasury Bear 3X Shares			Direxion Daily Brazil Bull 3X Shares
Investment Income:
Dividend income	$	212,492		$	—		$	—
Interest income		4,596			19,243			1,232
Total investment income		217,088			19,243			1,232
Expenses:
Investment advisory fees		343,890			1,536,145			130,620
Licensing fees		14,081			61,446			21,372
Administration fees		12,176			54,792			4,629
Professional fees		11,342			38,871			8,920
Accounting fees		10,531			48,699			4,019
Custody fees		7,378			22,250			3,050
Reports to shareholders		6,319			20,680			2,018
Interest expense		6,082			1,545			257
Transfer agent fees		5,855			31,972			1,414
Pricing fees		3,967			3,967			3,967
Exchange listing fees		2,480			2,569			2,480
Trustees’ fees and expenses		1,093			7,619			465
Insurance fees		800			10,246			367
Compliance fees		313			2,141			134
Other		843			12,583			806
Total Expenses		427,150			1,855,525			184,518
Recoupment of expenses to Adviser		15,387			—			—
Less: Reimbursement of expenses from Adviser		(861	)		(13,299	)		(18,809	)
Net Expenses		441,676			1,842,226			165,709
Net investment loss		(224,588	)		(1,822,983	)		(164,477	)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities		272,086			—			(1,799,705	)
In-kind redemptions		648,684			—			342,930
Swaps		6,422,912			(151,030,783	)		(26,146,168	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		7,343,682			(151,030,783	)		(27,602,943	)
Change in net unrealized appreciation (depreciation) on:
Investment securities		(2,114,361	)		—			32,049
Swaps		(273,445	)		27,413,120			9,797,626
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(2,387,806	)		27,413,120			9,829,675
Net realized and unrealized gain (loss) on investment securities, in-kind redemptions and swaps		4,955,876			(123,617,663	)		(17,773,268	)
Net increase (decrease) in net assets resulting from operations	$	4,731,288		$	(125,440,646	)	$	(17,937,745	)

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

96 DIREXION SEMI-ANNUAL REPORT

Statements of Operations

For The Six Months Ended April 30, 2015 (Unaudited)

	Direxion Daily Developed Markets Bull 3X Shares			Direxion Daily Developed Markets Bear 3X Shares			Direxion Daily Emerging Markets Bull 3X Shares			Direxion Daily Emerging Markets Bear 3X Shares
Investment Income:
Dividend income (net of foreign withholding tax of $169,$-,$- and $-, respectively)	$	169		$	—		$	—		$	—
Interest income		994			284			9,794			3,495
Total investment income		1,163			284			9,794			3,495
Expenses:
Investment advisory fees		124,369			32,411			945,508			292,050
Licensing fees		24,795			24,795			104,307			34,602
Reports to shareholders		4,917			6,770			15,093			12,043
Administration fees		4,414			1,151			33,671			10,362
Pricing fees		3,968			3,967			3,967			3,967
Accounting fees		3,935			1,020			29,616			9,284
Professional fees		3,566			2,904			29,621			0
Interest expense		3,241			340			4,191			2,287
Custody fees		2,954			1,545			16,718			7,321
Transfer agent fees		2,495			399			17,960			6,040
Exchange listing fees		2,480			2,480			2,998			2,909
Insurance fees		884			109			5,145			1,864
Trustees’ fees and expenses		639			137			4,244			1,400
Compliance fees		179			39			1,196			393
Other		823			759			1,271			963
Total Expenses		183,659			78,826			1,215,506			385,485
Recoupment of expenses to Adviser		—			—			552			17
Less: Reimbursement of expenses from Adviser		(22,885	)		(37,433	)		(14,223	)		(13,284	)
Net Expenses		160,774			41,393			1,201,835			372,218
Net investment loss		(159,611	)		(41,109	)		(1,192,041	)		(368,723	)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities		(586,173	)		—			(2,899,435	)		—
In-kind redemptions		(619,548	)		—			(931,446	)		—
Swaps		(363,985	)		(1,528,608	)		(7,201,601	)		(2,918,658	)
Net realized loss on investment securities, in-kind redemptions and swaps		(1,569,706	)		(1,528,608	)		(11,032,482	)		(2,918,658	)
Change in net unrealized appreciation (depreciation) on:
Investment securities		816,246			—			2,953,658			—
Swaps		645,404			(214,176	)		24,291,759			(9,053,627	)
Change in net unrealized appreciation (depreciation) on investment securities and swaps		1,461,650			(214,176	)		27,245,417			(9,053,627	)
Net realized and unrealized gain (loss) on investment securities, in-kind redemptions and swaps		(108,056	)		(1,742,784	)		16,212,935			(11,972,285	)
Net increase (decrease) in net assets resulting from operations	$	(267,667	)	$	(1,783,893	)	$	15,020,894		$	(12,341,008	)

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

DIREXION SEMI-ANNUAL REPORT 97

Statements of Operations

For The Six Months Ended April 30, 2015 (Unaudited)

	Direxion Daily FTSE China Bull 3X Shares			Direxion Daily FTSE China Bear 3X Shares			Direxion Daily FTSE Europe Bull 3X Shares1
Investment Income:
Dividend income	$	—		$	—		$	43,007
Interest income		6,807			1,031			1,166
Total investment income		6,807			1,031			44,173
Expenses:
Investment advisory fees		452,726			48,633			88,698
Licensing fees		57,345			6,160			3,548
Reports to shareholders		19,807			10,698			2,713
Professional fees		18,314			5,959			6,618
Administration fees		16,043			1,723			3,133
Accounting fees		14,038			1,534			2,683
Interest expense		13,417			142			201
Custody fees		11,815			1,292			1,789
Transfer agent fees		8,339			727			1,344
Pricing fees		3,967			3,967			3,968
Exchange listing fees		2,480			2,480			2,480
Insurance fees		1,955			259			144
Trustees’ fees and expenses		1,810			203			188
Compliance fees		512			57			55
Other		953			770			761
Total Expenses		623,521			84,604			118,323
Recoupment of expenses to Adviser		215			—			2,126
Less: Reimbursement of expenses from Adviser		(36,866	)		(22,860	)		(7,896	)
Net Expenses		586,870			61,744			112,553
Net investment loss		(580,063	)		(60,713	)		(68,380	)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities		1,634			—			(492,257	)
In-kind redemptions		955,637			—			—
Swaps		89,238,717			(6,261,671	)		(119,545	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		90,195,988			(6,261,671	)		(611,802	)
Change in net unrealized appreciation (depreciation) on:
Investment securities		(3,629	)		—			757,478
Swaps		(2,638,954	)		(4,763,053	)		4,510,569
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(2,642,583	)		(4,763,053	)		5,268,047
Net realized and unrealized gain (loss) on investment securities, in-kind redemptions and swaps		87,553,405			(11,024,724	)		4,656,245
Net increase (decrease) in net assets resulting from operations	$	86,973,342		$	(11,085,437	)	$	4,587,865

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

98 DIREXION SEMI-ANNUAL REPORT

Statements of Operations

For The Six Months Ended April 30, 2015 (Unaudited)

	Direxion Daily India Bull 3X Shares			Direxion Daily Japan Bull 3X Shares			Direxion Daily Latin America Bull 3X Shares
Investment Income:
Dividend income
Interest income	$	3,419		$	319		$	516
Total investment income		3,419			319			516
Expenses:
Investment advisory fees		322,429			27,906			70,788
Licensing fees		34,392			12,397			9,438
Professional fees		12,510			7,429			4,282
Administration fees		11,422			988			2,509
Reports to shareholders		11,291			2,758			7,052
Accounting fees		9,993			865			2,213
Interest expense		8,516			263			391
Custody fees		7,782			1,302			2,755
Transfer agent fees		6,327			186			1,457
Pricing fees		3,967			3,968			3,968
Exchange listing fees		2,480			2,480			2,569
Insurance fees		1,249			120			390
Trustees’ fees and expenses		1,204			105			313
Compliance fees		342			30			88
Other		882			170			784
Total Expenses		434,786			60,967			108,997
Recoupment of expenses to Adviser		11			—			—
Less: Reimbursement of expenses from Adviser		(17,872	)		(25,356	)		(18,941	)
Net Expenses		416,925			35,611			90,056
Net investment loss		(413,506	)		(35,292	)		(89,540	)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities		(1,200,038	)		(18,150	)		(1,740,905	)
In-kind redemptions		98,126			(12,043	)		52,616
Swaps		29,047,904			(57,403	)		(7,171,062	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		27,945,992			(87,596	)		(8,859,351	)
Change in net unrealized appreciation (depreciation) on:
Investment securities		(436,853	)		(123,746	)		317,676
Swaps		(51,921,802	)		1,030,631			683,949
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(52,358,655	)		906,885			1,001,625
Net realized and unrealized gain (loss) on investment securities, in-kind redemptions and swaps		(24,412,663	)		819,289			(7,857,726	)
Net increase (decrease) in net assets resulting from operations	$	(24,826,169	)	$	783,997		$	(7,947,266	)

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

DIREXION SEMI-ANNUAL REPORT 99

Statements of Operations

For The Six Months Ended April 30, 2015 (Unaudited)

	Direxion Daily Russia Bull 3X Shares			Direxion Daily Russia Bear 3X Shares			Direxion Daily South Korea Bull 3X Shares
Investment Income:
Interest income	$	5,621		$	2,146		$	111
Total investment income		5,621			2,146			111
Expenses:
Investment advisory fees		622,507			204,083			12,920
Licensing fees		47,559			9,766			8,817
Professional fees		28,046			6,435			7,355
Administration fees		21,913			7,226			458
Accounting fees		19,319			6,199			396
Reports to shareholders		15,192			6,670			213
Transfer agent fees		12,224			3,033			—
Custody fees		9,270			6,092			1,003
Interest expense		7,915			2,352			72
Pricing fees		3,967			3,967			3,967
Exchange listing fees		2,569			2,480			2,480
Trustees’ fees and expenses		2,198			640			48
Insurance fees		2,194			491			45
Compliance fees		626			182			14
Other		2,042			1,039			—
Total Expenses		797,541			260,655			37,788
Recoupment of expenses to Adviser		1,820			8,286			—
Less: Reimbursement of expenses from Adviser		(2,937	)		(8,084	)		(21,351	)
Net Expenses		796,424			260,857			16,437
Net investment loss		(790,803	)		(258,711	)		(16,326	)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities		(13,916,128	)		—			(57,226	)
In-kind redemptions		1,785,926			—			749
Swaps		(120,030,732	)		(46,157,341	)		(40,663	)
Net realized loss on investment securities, in-kind redemptions and swaps		(132,160,934	)		(46,157,341	)		(97,140	)
Change in net unrealized appreciation (depreciation) on:
Investment securities		689,523			—			(14,700	)
Swaps		122,415,872			(34,120,473	)		600,223
Change in net unrealized appreciation (depreciation) on investment securities and swaps		123,105,395			(34,120,473	)		585,523
Net realized and unrealized gain (loss) on investment securities, in-kind redemptions and swaps		(9,055,539	)		(80,277,814	)		488,383
Net increase (decrease) in net assets resulting from operations	$	(9,846,342	)	$	(80,536,525	)	$	472,057

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

100 DIREXION SEMI-ANNUAL REPORT

Statements of Operations

For The Six Months Ended April 30, 2015 (Unaudited)

	Direxion Daily Basic Materials Bull 3X Shares			Direxion Daily Gold Miners Index Bull 3X Shares			Direxion Daily Gold Miners Index Bear 3X Shares			Direxion Daily Healthcare Bull 3X Shares
Investment Income:
Dividend income	$	—		$	—		$	—		$	119,608
Interest income		198			20,092			6,425			10,416
Total investment income		198			20,092			6,425			130,024
Expenses:
Investment advisory fees		23,933			2,871,984			607,033			1,099,608
Custody fees		1,215			39,598			10,601			18,953
Professional fees		1,184			47,774			20,734			34,896
Administration fees		849			101,763			21,527			38,709
Licensing fees		752			229,759			49,900			117,291
Accounting fees		745			89,413			18,957			33,509
Interest expense		254			25,480			15,243			31,064
Pricing fees		223			3,967			3,968			3,967
Transfer agent fees		159			47,455			13,300			19,109
Exchange listing fees		150			3,886			2,480			2,480
Insurance fees		118			12,122			3,251			2,543
Trustees’ fees and expenses		102			11,356			2,674			3,496
Reports to shareholders		100			59,039			25,268			20,282
Compliance fees		29			3,214			754			1,004
Other		756			13,076			2,598			2,464
Total Expenses		30,569			3,559,886			798,288			1,429,375
Recoupment of expenses to Adviser		—			33,324			4,944			7,623
Less: Reimbursement of expenses from Adviser		—			—			(19,080	)		(13,097	)
Net Expenses		30,569			3,593,210			784,152			1,423,901
Net investment loss		(30,371	)		(3,573,118	)		(777,727	)		(1,293,877	)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities		81,790			(39,937,081	)		—			5,637,336
In-kind redemptions		—			39,785,869			—			189,002
Swaps		2,766,526			(331,970,659	)		32,367,253			79,579,257
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		2,848,316			(332,121,871	)		32,367,253			85,405,595
Change in net unrealized appreciation (depreciation) on:
Investment securities		(136,998	)		16,277,168			—			(3,311,024	)
Swaps		(2,002,563	)		526,145,167			(171,143,433	)		(42,580,123	)
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(2,139,561	)		542,422,335			(171,143,433	)		(45,891,147	)
Net realized and unrealized gain (loss) on investment securities, in-kind redemptions and swaps		708,755			210,300,464			(138,776,180	)		39,514,448
Net increase (decrease) in net assets resulting from operations	$	678,384		$	206,727,346		$	(139,553,907	)	$	38,220,571

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

DIREXION SEMI-ANNUAL REPORT 101

Statements of Operations

For The Six Months Ended April 30, 2015 (Unaudited)

	Direxion Daily Junior Gold Miners Index Bull 3X Shares			Direxion Daily Junior Gold Miners Index Bear 3X Shares			Direxion Daily Natural Gas Related Bull 3X Shares
Investment Income:
Dividend income (net of foreign withholding tax of $-, $- and $13,569, respectively)	$	—		$	—		$	157,392
Interest income		7,618			3,301			2,235
Total investment income		7,618			3,301			159,627
Expenses:
Investment advisory fees		806,314			276,026			281,665
Licensing fees		57,207			28,320			30,044
Professional fees		42,506			12,190			11,196
Reports to shareholders		35,347			9,597			8,065
Administration fees		28,363			9,788			9,966
Accounting fees		25,368			8,495			8,537
Transfer agent fees		18,400			6,220			3,690
Custody fees		13,212			7,326			7,512
Insurance fees		4,250			1,193			478
Pricing fees		3,968			3,968			3,968
Trustees’ fees and expenses		3,616			1,135			794
Exchange listing fees		2,480			2,480			2,480
Interest expense		1,208			8,449			1,808
Compliance fees		1,019			322			229
Other		3,234			266			1,170
Total Expenses		1,046,492			375,775			371,602
Recoupment of expenses to Adviser		14,368			301			253
Less: Reimbursement of expenses from Adviser		(38,320	)		(17,994	)		(13,271	)
Net Expenses		1,022,540			358,082			358,584
Net investment loss		(1,014,922	)		(354,781	)		(198,957	)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities		(11,085,317	)		—			(13,441,772	)
In-kind redemptions		6,646,074			—			7,029,865
Swaps		(279,993,298	)		(5,441,564	)		(42,575,572	)
Net realized loss on investment securities, in-kind redemptions and swaps		(284,432,541	)		(5,441,564	)		(48,987,479	)
Change in net unrealized appreciation (depreciation) on:
Investment securities		4,298,718			—			2,825,725
Swaps		207,201,775			(49,660,136	)		29,413,315
Change in net unrealized appreciation (depreciation) on investment securities and swaps		211,500,493			(49,660,136	)		32,239,040
Net realized and unrealized (loss) on investment securities, in-kind redemptions and swaps		(72,932,048	)		(55,101,700	)		(16,748,439	)
Net decrease in net assets resulting from operations	$	(73,946,970	)	$	(55,456,481	)	$	(16,947,396	)

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

102 DIREXION SEMI-ANNUAL REPORT

Statements of Operations

For The Six Months Ended April 30, 2015 (Unaudited)

	Direxion Daily Retail Bull 3X Shares			Direxion Daily Semiconductor Bull 3X Shares			Direxion Daily Semiconductor Bear 3X Shares
Investment Income:
Dividend income (net of foreign withholding tax of $-, $305 and $-, respectively)	$	168,320		$	352,815		$	—
Interest income		1,269			5,168			801
Total investment income		169,589			357,983			801
Expenses:
Investment advisory fees		120,739			608,619			78,092
Licensing fees		15,467			81,149			10,412
Reports to shareholders		6,029			13,487			5,920
Professional fees		5,547			22,009			4,197
Administration fees		4,273			21,584			2,771
Interest expense		4,100			32,747			244
Pricing fees		3,968			3,968			3,968
Accounting fees		3,677			18,760			2,462
Custody fees		3,622			11,420			1,601
Exchange listing fees		2,480			2,480			2,480
Transfer agent fees		1,973			12,151			1,544
Trustees’ fees and expenses		358			2,411			345
Insurance fees		282			2,320			380
Compliance fees		103			687			97
Other		775			1,028			788
Total Expenses		173,393			834,820			115,301
Less: Reimbursement of expenses from Adviser		(16,357	)		(31,155	)		(16,140	)
Net Expenses		157,036			803,665			99,161
Net investment income (loss)		12,553			(445,682	)		(98,360	)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities		(77,631	)		53,671			—
In-kind redemptions		—			5,311,868			—
Swaps		9,031,427			122,524,637			(9,748,215	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		8,953,796			127,890,176			(9,748,215	)
Change in net unrealized appreciation (depreciation) on:
Investment securities		1,838,091			(2,512,873	)		—
Swaps		(660,213	)		(97,180,360	)		2,153,668
Change in net unrealized appreciation (depreciation) on investment securities and swaps		1,177,878			(99,693,233	)		2,153,668
Net realized and unrealized gain (loss) on investment securities, in-kind redemptions and swaps		10,131,674			28,196,943			(7,594,547	)
Net increase (decrease) in net assets resulting from operations	$	10,144,227		$	27,751,261		$	(7,692,907	)

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

DIREXION SEMI-ANNUAL REPORT 103

Statements of Operations

For The Six Months Ended April 30, 2015 (Unaudited)

	Direxion Daily Energy Bull 3X Shares			Direxion Daily Energy Bear 3X Shares			Direxion Daily Financial Bull 3X Shares			Direxion Daily Financial Bear 3X Shares
Investment Income:
Dividend income (net of foreign withholding tax of $-, $-, $1,234 and $-, respectively)	$	1,079,997		$	—		$	1,493,354		$	—
Interest income		17,368			2,200			46,069			10,896
Total investment income		1,097,365			2,200			1,539,423			10,896
Expenses:
Investment advisory fees		1,507,406			257,408			5,100,450			1,022,631
Licensing fees		160,790			27,457			616,570			128,849
Administration fees		53,218			9,125			181,020			36,820
Accounting fees		45,947			7,947			158,607			32,177
Professional fees		44,451			1,563			80,847			46,485
Interest expense		26,551			4,970			203,317			860
Reports to shareholders		24,610			11,220			66,397			17,125
Transfer agent fees		23,685			4,333			99,994			12,056
Custody fees		23,602			5,251			77,600			18,441
Trustees’ fees and expenses		4,684			934			20,818			4,718
Pricing fees		3,967			3,967			3,968			3,967
Insurance fees		3,564			819			21,614			5,947
Exchange listing fees		2,480			2,480			2,998			3,446
Compliance fees		1,343			266			5,910			1,328
Other		3,021			837			5,151			1,641
Total Expenses		1,929,319			338,577			6,645,261			1,336,491
Recoupment of expenses to Adviser		7,887			532			34,961			—
Less: Reimbursement of expenses from Adviser		(1,274	)		(8,089	)		(16,335	)		(40,298	)
Net Expenses		1,935,932			331,020			6,663,887			1,296,193
Net investment loss		(838,567	)		(328,820	)		(5,124,464	)		(1,285,297	)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities		(15,724,386	)		—			(62,587	)		—
In-kind redemptions		21,599,392			—			16,467,946			—
Swaps		63,919,281			(4,565,354	)		840,803,592			(65,901,382	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		69,794,287			(4,565,354	)		857,208,951			(65,901,382	)
Change in net unrealized appreciation (depreciation) on:
Investment securities		3,474,773			—			(2,553,341	)		—
Swaps		(20,254,236	)		(2,311,202	)		(731,814,866	)		26,783,106
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(16,779,463	)		(2,311,202	)		(734,368,207	)		26,783,106
Net realized and unrealized gain (loss) on investment securities, in-kind redemptions and swaps		53,014,824			(6,876,556	)		122,840,744			(39,118,276	)
Net increase (decrease) in net assets resulting from operations	$	52,176,257		$	(7,205,376	)	$	117,716,280		$	(40,403,573	)

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

104 DIREXION SEMI-ANNUAL REPORT

Statements of Operations

For The Six Months Ended April 30, 2015 (Unaudited)

	Direxion Daily Real Estate Bull 3X Shares			Direxion Daily Real Estate Bear 3X Shares			Direxion Daily Technology Bull 3X Shares			Direxion Daily Technology Bear 3X Shares
Investment Income:
Dividend income	$	190,528		$	—		$	—		$	—
Interest income		5,040			633			5,997			470
Total investment income		195,568			633			5,997			470
Expenses:
Investment advisory fees		478,033			41,420			733,020			45,951
Licensing fees		47,743			24,795			78,189			4,901
Administration fees		16,933			1,469			25,993			1,630
Accounting fees		14,747			1,312			22,704			1,454
Interest expense		14,085			121			23,185			79
Professional fees		13,876			133			23,824			326
Reports to shareholders		10,334			4,790			12,783			6,474
Custody fees		9,165			1,539			13,647			1,438
Transfer agent fees		7,200			1,013			14,141			344
Pricing fees		3,967			3,968			3,967			3,968
Exchange listing fees		2,480			2,569			2,480			2,480
Trustees’ fees and expenses		1,761			182			2,998			204
Insurance fees		1,642			226			3,095			251
Compliance fees		500			51			852			57
Other		923			766			1,102			769
Total Expenses		623,389			84,354			961,980			70,326
Recoupment of expenses to Adviser		1,371			—			1,118			—
Less: Reimbursement of expenses from Adviser		(5,167	)		(31,767	)		(11,422	)		(12,043	)
Net Expenses		619,593			52,587			951,676			58,283
Net investment loss		(424,025	)		(51,954	)		(945,679	)		(57,813	)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities		31,795			—			287,513			—
In-kind redemptions		757,867			—			1,689,489			—
Swaps		64,896,316			(5,314,589	)		72,856,990			(5,351,143	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		65,685,978			(5,314,589	)		74,833,992			(5,351,143	)
Change in net unrealized appreciation (depreciation) on:
Investment securities		(3,251,649	)		—			(414,387	)		—
Swaps		(67,701,202	)		3,755,727			(42,984,701	)		2,614,802
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(70,952,851	)		3,755,727			(43,399,088	)		2,614,802
Net realized and unrealized gain (loss) on investment securities, in-kind redemptions and swaps		(5,266,873	)		(1,558,862	)		31,434,904			(2,736,341	)
Net increase (decrease) in net assets resulting from operations	$	(5,690,898	)	$	(1,610,816	)	$	30,489,225		$	(2,794,154	)

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

DIREXION SEMI-ANNUAL REPORT 105

Statements of Changes in Net Assets

	Direxion Daily S&P 500® Bull 1.25X Shares			Direxion Daily Small Cap Bull 1.25X Shares
	For the Period January 7, 20151 through April 30, 2015 (Unaudited)			For the Period January 7, 20151 through April 30,  2015 (Unaudited)
Operations:
Net investment income	$	11,095		$	3,061
Net realized gain on in-kind redemptions and swaps		8,660			108,876
Change in net unrealized appreciation on investment securities and swaps		152,662			104,357
Net increase in net assets resulting from operations		172,417			216,294
Distributions to shareholders:
Net investment income		(14,773	)		—
Total distributions		(14,773	)		—
Capital share transactions:
Proceeds from shares sold		3,793,280			3,795,156
Cost of shares redeemed		—			(1,347,640	)
Transaction fees		—			67
Net increase in net assets resulting from capital transactions		3,793,280			2,447,583
Total increase in net assets		3,950,924			2,663,877
Net assets:
Beginning of period/year		—			—
End of period/year	$	3,950,924		$	2,663,877
Undistributed (Accumulated) net investment income (loss) at end of period/year	$	(3,678	)	$	3,061
Changes in shares outstanding
Shares outstanding, beginning of period/year		—			—
Shares sold		150,000			150,000
Shares repurchased		—			(50,000	)
Shares outstanding, end of period/year		150,000			100,000

¹  Commencement of operations.

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

106 DIREXION SEMI-ANNUAL REPORT

Statements of Changes in Net Assets

	Direxion Daily FTSE Developed Markets Bull 1.25X Shares			Direxion Daily FTSE Emerging Markets Bull 1.25X Shares
	For the Period January 7, 20151 through April 30,  2015 (Unaudited)			For the Period January 7, 20151 through April 30,  2015 (Unaudited)
Operations:
Net investment income (loss)	$	2,654		$	(783	)
Net realized gain on in-kind redemptions and swaps		119,590			84,305
Change in net unrealized appreciation on investment securities and swaps		205,914			197,935
Net increase in net assets resulting from operations		328,158			281,457
Distributions to shareholders:		—			—
Capital share transactions:
Proceeds from shares sold		2,500,000			2,500,000
Cost of shares redeemed		(1,359,641	)		(1,323,588	)
Transaction fees		68			66
Net increase in net assets resulting from capital transactions		1,140,427			1,176,478
Total increase in net assets		1,468,585			1,457,935
Net assets:
Beginning of period/year		—			—
End of period/year	$	1,468,585		$	1,457,935
Undistributed (Accumulated) net investment income (loss) at end of period/year	$	2,654		$	(783	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		—			—
Shares sold		100,000			100,000
Shares repurchased		(50,000	)		(50,000	)
Shares outstanding, end of period/year		50,000			50,000

¹  Commencement of operations.

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

DIREXION SEMI-ANNUAL REPORT 107

Statements of Changes in Net Assets

	Direxion Daily CSI 300 China A Share Bull 2X Shares			Direxion Daily Mid Cap Bull 2X Shares1
	For the Period April 16, 20152 through April 30, 2015 (Unaudited)			Six Months Ended April 30, 2015 (Unaudited)			For the Period July 29, 20142 through October 31, 2014
Operations:
Net investment loss	$	(9,457	)	$	(21,186	)	$	(4,089	)
Net realized gain on investment securities, in-kind redemptions and swaps		135,747			49,244			78,487
Change in net unrealized appreciation on investment securities and swaps		3,720,878			570,669			112,443
Net increase in net assets resulting from operations		3,847,168			598,727			186,841
Distributions to shareholders:		—			—			—
Capital share transactions:
Proceeds from shares sold		31,368,532			6,280,987			12,062,490
Cost of shares redeemed		—			(2,066,140	)		(10,209,299	)
Transaction fees		—			413			2,042
Net increase in net assets resulting from capital transactions		31,368,532			4,215,260			1,855,233
Total increase in net assets		35,215,700			4,813,987			2,042,074
Net assets:
Beginning of period/year		—			2,042,074			—
End of period/year	$	35,215,700		$	6,856,061		$	2,042,074
Accumulated net investment loss at end of period/year	$	(9,457	)	$	(21,186	)	$	—
Changes in shares outstanding
Shares outstanding, beginning of period/year		—			66,667			—
Shares sold		750,000			200,000			400,000
Shares repurchased		—			(66,667	)		(333,333	)
Shares outstanding, end of period/year		750,000			200,000			66,667

¹  Effective May 20, 2015, the Fund had a 4:1 stock split. Share amounts for all periods have been adjusted to give effect to the 4:1 stock split.

²  Commencement of operations.

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

108 DIREXION SEMI-ANNUAL REPORT

Statements of Changes in Net Assets

	Direxion Daily S&P 500® Bull 2X Shares1						Direxion Daily Small Cap Bull 2X Shares1
	Six Months Ended April 30, 2015 (Unaudited)			For the Period May 28, 20142 through October 31,  2014			Six Months Ended April 30, 2015 (Unaudited)			For the Period July 29, 20142 through October 31,  2014
Operations:
Net investment income (loss)	$	(69,540	)	$	159,777		$	(25,461	)	$	(9,738	)
Net realized gain on investment securities, in-kind redemptions and swaps		2,745,082			1,318,914			370,026			225,179
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(840,438	)		2,185,713			250,198			534,806
Net increase in net assets resulting from operations		1,835,104			3,664,404			594,763			750,247
Distributions to shareholders:		—			—			—			—
Capital share transactions:
Proceeds from shares sold		—			59,499,883			6,451,778			11,707,566
Cost of shares redeemed		(13,931,113	)		(31,832,888	)		(2,140,059	)		(8,228,730	)
Transaction fees		2,069			4,684			428			1,231
Net increase (decrease) in net assets resulting from capital transactions		(13,929,044	)		27,671,679			4,312,147			3,480,067
Total increase (decrease) in net assets		(12,093,940	)		31,336,083			4,906,910			4,230,314
Net assets:
Beginning of period/year		31,336,083			—			4,230,314			—
End of period/year	$	19,242,143		$	31,336,083		$	9,137,224		$	4,230,314
Undistributed (Accumulated) net investment income (loss) at end of period/year	$	97,805		$	167,345		$	(25,461	)	$	—
Changes in shares outstanding
Shares outstanding, beginning of period/year		933,333			—			133,333			—
Shares sold		—			1,933,333			200,000			400,000
Shares repurchased		(400,097	)		(1,000,000	)		(66,689	)		(266,668	)
Shares outstanding, end of period/year		533,236			933,333			266,644			133,333

¹  Effective May 20, 2015, the Fund had a 4:1 stock split. Share amounts for all periods have been adjusted to give effect to the 4:1 stock split.

²  Commencement of operations.

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

DIREXION SEMI-ANNUAL REPORT 109

Statements of Changes in Net Assets

	Direxion Daily 7-10 Year Treasury Bull 2X Shares1
	Six Months Ended April 30, 2015 (Unaudited)			For the Period July 29,  20142 through October 31, 2014
Operations:
Net investment loss	$	(41,907	)	$	(18,767	)
Net realized gain (loss) on investment securities and swaps		197,376			(46,530	)
Change in net unrealized appreciation on investment securities and swaps		747,845			498,042
Net increase in net assets resulting from operations		903,314			432,745
Distributions to shareholders:		—			—
Capital share transactions:
Proceeds from shares sold		4,259,580			12,003,274
Cost of shares redeemed		(2,072,293	)		—
Transaction fees		414			—
Net increase in net assets resulting from capital transactions		2,187,701			12,003,274
Total increase in net assets		3,091,015			12,436,019
Net assets:
Beginning of period/year		12,436,019			—
End of period/year	$	15,527,034		$	12,436,019
Accumulated net investment loss at end of period/year	$	(41,907	)	$	—
Changes in shares outstanding
Shares outstanding, beginning of period/year		300,000			—
Shares sold		100,000			300,000
Shares repurchased		(50,004	)		—
Shares outstanding, end of period/year		349,996			300,000

¹  Effective May 20, 2015, the Fund had a 2:1 stock split. Share amounts for all periods have been adjusted to give effect to the 2:1 stock split.

²  Commencement of operations.

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

110 DIREXION SEMI-ANNUAL REPORT

Statements of Changes in Net Assets

	Direxion Daily Mid Cap Bull 3X Shares1						Direxion Daily Mid Cap Bear 3X Shares2
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(373,049	)	$	(578,463	)	$	(36,855	)	$	(85,086	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		39,151,570			7,080,425			(3,146,154	)		(3,684,876	)
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(26,146,711	)		10,063,601			1,223,517			231,460
Net increase (decrease) in net assets resulting from operations		12,631,810			16,565,563			(1,959,492	)		(3,538,502	)
Distributions to shareholders:
Net realized gains		—			(2,032,510	)		—			—
Total distributions		—			(2,032,510	)		—			—
Capital share transactions:
Proceeds from shares sold		83,809,643			226,252,435			2,275,028			5,758,111
Cost of shares redeemed		(113,139,669	)		(201,108,109	)		(509,316	)		(4,728,144	)
Transaction fees		25,686			31,872			152			1,419
Net increase (decrease) in net assets resulting from capital transactions		(29,304,340	)		25,176,198			1,765,864			1,031,386
Total increase (decrease) in net assets		(16,672,530	)		39,709,251			(193,628	)		(2,507,116	)
Net assets:
Beginning of period/year		91,439,034			51,729,783			8,229,128			10,736,244
End of period/year	$	74,766,504		$	91,439,034		$	8,035,500		$	8,229,128
Accumulated net investment loss at end of period/year	$	(373,049	)	$	—		$	(106,668	)	$	(69,813	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		4,000,132			2,800,132			152,040			127,040
Shares sold		3,200,000			10,600,000			50,000			87,500
Shares repurchased		(4,400,000	)		(9,400,000	)		(12,500	)		(62,500	)
Shares outstanding, end of period/year		2,800,132			4,000,132			189,540			152,040

¹  Effective May 20, 2015, the Fund had a 4:1 stock split. Share amounts for all periods have been adjusted to give effect to the 4:1 stock split.

²  Effective May 20, 2015, the Fund had a 1:4 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:4 reverse stock split.

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

DIREXION SEMI-ANNUAL REPORT 111

Statements of Changes in Net Assets

	Direxion Daily S&P 500® Bull 3X Shares						Direxion Daily S&P 500® Bear 3X Shares
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(2,906,176	)	$	(2,622,769	)	$	(922,511	)	$	(1,963,430	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		70,799,190			157,140,229			(35,293,824	)		(128,734,013	)
Change in net unrealized appreciation on investment securities and swaps		5,564,277			22,595,370			4,491,070			23,721,421
Net increase (decrease) in net assets resulting from operations		73,457,291			177,112,830			(31,725,265	)		(106,976,022	)
Distributions to shareholders:		—			—			—			—
Capital share transactions:
Proceeds from shares sold		270,291,632			1,165,282,695			134,891,073			253,574,442
Cost of shares redeemed		(379,418,967	)		(1,089,208,613	)		(64,840,098	)		(141,675,806	)
Transaction fees		78,646			218,643			19,452			42,503
Net increase (decrease) in net assets resulting from capital transactions		(109,048,689	)		76,292,725			70,070,427			111,941,139
Total increase (decrease) in net assets		(35,591,398	)		253,405,555			38,345,162			4,965,117
Net assets:
Beginning of period/year		552,931,257			299,525,702			204,478,677			199,513,560
End of period/year	$	517,339,859		$	552,931,257		$	242,823,839		$	204,478,677
Accumulated net investment loss at end of period/year	$	(2,961,552	)	$	(55,376	)	$	(2,618,792	)	$	(1,696,281	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		6,701,251			5,501,251			9,075,675			5,025,675
Shares sold		3,200,000			15,750,000			6,950,000			8,700,000
Shares repurchased		(4,200,000	)		(14,550,000	)		(3,100,000	)		(4,650,000	)
Shares outstanding, end of period/year		5,701,251			6,701,251			12,925,675			9,075,675

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

112 DIREXION SEMI-ANNUAL REPORT

Statements of Changes in Net Assets

	Direxion Daily Small Cap Bull 3X Shares						Direxion Daily Small Cap Bear 3X Shares
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(3,851,422	)	$	(8,798,243	)	$	(3,080,436	)	$	(6,577,287	)
Net realized gain (loss) on in-kind redemptions and swaps		476,294,575			234,349,540			(187,820,819	)		(183,291,736	)
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(322,666,464	)		116,643,090			87,100,569			18,017,085
Net increase (decrease) in net assets resulting from operations		149,776,689			342,194,387			(103,800,686	)		(171,851,938	)
Distributions to shareholders:
Net realized gains		(5,754,016	)		(14,424,276	)		—			—
Total distributions		(5,754,016	)		(14,424,276	)		—			—
Capital share transactions:
Proceeds from shares sold		1,027,067,661			3,870,098,027			857,191,638			1,724,709,701
Cost of shares redeemed		(1,551,772,184	)		(3,840,201,960	)		(686,082,257	)		(1,612,807,532	)
Transaction fees		345,130			850,806			205,824			483,792
Net increase (decrease) in net assets resulting from capital transactions		(524,359,393	)		30,746,873			171,315,205			112,385,961
Total increase (decrease) in net assets		(380,336,720	)		358,516,984			67,514,519			(59,465,977	)
Net assets:
Beginning of period/year		1,090,966,286			732,449,302			606,360,910			665,826,887
End of period/year	$	710,629,566		$	1,090,966,286		$	673,875,429		$	606,360,910
Accumulated net investment loss at end of period/year	$	(3,868,326	)	$	(16,904	)	$	(8,688,974	)	$	(5,608,538	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		14,400,034			10,950,034			44,798,480			32,098,480
Shares sold		13,250,000			56,350,000			72,500,000			107,000,000
Shares repurchased		(19,050,000	)		(52,900,000	)		(54,950,000	)		(94,300,000	)
Shares outstanding, end of period/year		8,600,034			14,400,034			62,348,480			44,798,480

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

DIREXION SEMI-ANNUAL REPORT 113

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, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(21,594	)	$	(37,042	)	$	(229,381	)	$	(550,985	)
Net realized gain (loss) on investment securities and swaps		546,063			(10,081	)		(5,183,788	)		(6,341,518	)
Change in net unrealized appreciation (depreciation) on swaps		(132,166	)		465,838			(1,514,205	)		(3,765,928	)
Net increase (decrease) in net assets resulting from operations		392,303			418,715			(6,927,374	)		(10,658,431	)
Distributions to shareholders:		—			—			—			—
Capital share transactions:
Proceeds from shares sold		—			—			908,198			7,893,536
Cost of shares redeemed		—			—			(2,622,507	)		—
Transaction fees		—			—			787			—
Net increase (decrease) in net assets resulting from capital transactions		—			—			(1,713,522	)		7,893,536
Total increase (decrease) in net assets		392,303			418,715			(8,640,896	)		(2,764,895	)
Net assets:
Beginning of period/year		4,269,519			3,850,804			54,673,129			57,438,024
End of period/year	$	4,661,822		$	4,269,519		$	46,032,233		$	54,673,129
Accumulated net investment loss at end of period/year	$	(43,797	)	$	(22,203	)	$	(685,121	)	$	(455,740	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		100,000			100,000			2,750,000			2,400,000
Shares sold		—			—			50,000			350,000
Shares repurchased		—			—			(150,000	)		—
Shares outstanding, end of period/year		100,000			100,000			2,650,000			2,750,000

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

114 DIREXION SEMI-ANNUAL REPORT

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, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(224,588	)	$	(203,666	)	$	(1,822,983	)	$	(5,287,938	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		7,343,682			11,143,980			(151,030,783	)		(194,283,795	)
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(2,387,806	)		3,699,998			27,413,120			(97,485,884	)
Net increase (decrease) in net assets resulting from operations		4,731,288			14,640,312			(125,440,646	)		(297,057,617	)
Distributions to shareholders:		—			—			—			—
Capital share transactions:
Proceeds from shares sold		141,091,873			136,413,344			108,769,048			395,778,539
Cost of shares redeemed		(110,001,122	)		(123,676,027	)		(57,311,705	)		(114,008,524	)
Transaction fees		29,012			34,119			17,193			34,203
Net increase in net assets resulting from capital transactions		31,119,763			12,771,436			51,474,536			281,804,218
Total increase (decrease) in net assets		35,851,051			27,411,748			(73,966,110	)		(15,253,399	)
Net assets:
Beginning of period/year		57,729,442			30,317,694			527,944,968			543,198,367
End of period/year	$	93,580,493		$	57,729,442		$	453,978,858		$	527,944,968
Accumulated net investment loss at end of period/year	$	(224,588	)	$	—		$	(6,209,118	)	$	(4,386,135	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		800,000			600,000			13,549,789			8,399,789
Shares sold		1,600,000			2,200,000			3,700,000			7,350,000
Shares repurchased		(1,300,000	)		(2,000,000	)		(1,750,000	)		(2,200,000	)
Shares outstanding, end of period/year		1,100,000			800,000			15,499,789			13,549,789

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

DIREXION SEMI-ANNUAL REPORT 115

Statements of Changes in Net Assets

	Direxion Daily Brazil Bull 3X Shares1
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(164,477	)	$	(40,911	)
Net realized (loss) on investment securities, in-kind redemptions and swaps		(27,602,943	)		(2,115,757	)
Change in net unrealized appreciation on investment securities and swaps		9,829,675			152,970
Net decrease in net assets resulting from operations		(17,937,745	)		(2,003,698	)
Distributions to shareholders:		—			—
Capital share transactions:
Proceeds from shares sold		42,037,740			56,884,793
Cost of shares redeemed		(13,143,790	)		(19,810,039	)
Transaction fees		2,628			4,490
Net increase in net assets resulting from capital transactions		28,896,578			37,079,244
Total increase in net assets		10,958,833			35,075,546
Net assets:
Beginning of period/year		40,760,653			5,685,107
End of period/year	$	51,719,486		$	40,760,653
Accumulated net investment loss at end of period/year	$	(164,477	)	$	—
Changes in shares outstanding
Shares outstanding, beginning of period/year		270,000			20,000
Shares sold		575,000			360,000
Shares repurchased		(165,000	)		(110,000	)
Shares outstanding, end of period/year		680,000			270,000

¹  Effective May 20, 2015, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 reverse stock split.

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

116 DIREXION SEMI-ANNUAL REPORT

Statements of Changes in Net Assets

	Direxion Daily Developed Markets Bull 3X Shares						Direxion Daily Developed Markets Bear 3X Shares
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(159,611	)	$	(368,395	)	$	(41,109	)	$	(68,775	)
Net realized (loss) on investment securities, in-kind redemptions and swaps		(1,569,706	)		(794,635	)		(1,528,608	)		(2,716,080	)
Change in net unrealized appreciation (depreciation) on investment securities and swaps		1,461,650			(3,289,699	)		(214,176	)		1,740,707
Net decrease in net assets resulting from operations		(267,667	)		(4,452,729	)		(1,783,893	)		(1,044,148	)
Distributions to shareholders:		—			—			—			—
Capital share transactions:
Proceeds from shares sold		37,520,662			86,120,669			8,242,020			5,115,227
Cost of shares redeemed		(40,515,903	)		(97,754,300	)		(10,843,790	)		(3,350,596	)
Transaction fees		8,930			21,176			3,253			1,005
Net increase (decrease) in net assets resulting from capital transactions		(2,986,311	)		(11,612,455	)		(2,598,517	)		1,765,636
Total increase (decrease) in net assets		(3,253,978	)		(16,065,184	)		(4,382,410	)		721,488
Net assets:
Beginning of period/year		35,982,217			52,047,401			9,255,258			8,533,770
End of period/year	$	32,728,239		$	35,982,217		$	4,872,848		$	9,255,258
Accumulated net investment loss at end of period/year	$	(159,611	)	$	—		$	(96,245	)	$	(55,136	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		550,001			750,001			284,916			234,916
Shares sold		600,000			1,250,000			250,000			150,000
Shares repurchased		(700,000	)		(1,450,000	)		(350,000	)		(100,000	)
Shares outstanding, end of period/year		450,001			550,001			184,916			284,916

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

DIREXION SEMI-ANNUAL REPORT 117

Statements of Changes in Net Assets

	Direxion Daily Emerging Markets Bull 3X Shares						Direxion Daily Emerging Markets Bear 3X Shares
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(1,192,041	)	$	(2,359,899	)	$	(368,723	)	$	(1,102,326	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		(11,032,482	)		11,040,930			(2,918,658	)		(43,397,443	)
Change in net unrealized appreciation (depreciation) on investment securities and swaps		27,245,417			(16,822,596	)		(9,053,627	)		8,167,122
Net increase (decrease) in net assets resulting from operations		15,020,894			(8,141,565	)		(12,341,008	)		(36,332,647	)
Distributions to shareholders:		—			—			—			—
Capital share transactions:
Proceeds from shares sold		154,574,405			384,048,932			114,162,212			242,420,611
Cost of shares redeemed		(221,310,449	)		(401,304,980	)		(82,929,706	)		(226,441,278	)
Transaction fees		45,499			87,891			24,880			67,932
Net increase (decrease) in net assets resulting from capital transactions		(66,690,545	)		(17,168,157	)		31,257,386			16,047,265
Total increase (decrease) in net assets		(51,669,651	)		(25,309,722	)		18,916,378			(20,285,382	)
Net assets:
Beginning of period/year		287,673,312			312,983,034			86,011,674			106,297,056
End of period/year	$	236,003,661		$	287,673,312		$	104,928,052		$	86,011,674
Accumulated net investment loss at end of period/year	$	(3,450,402	)	$	(2,258,361	)	$	(1,308,387	)	$	(939,664	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		10,378,932			10,478,932			2,627,763			2,627,763
Shares sold		6,750,000			14,650,000			3,700,000			5,850,000
Shares repurchased		(8,900,000	)		(14,750,000	)		(2,400,000	)		(5,850,000	)
Shares outstanding, end of period/year		8,228,932			10,378,932			3,927,763			2,627,763

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

118 DIREXION SEMI-ANNUAL REPORT

Statements of Changes in Net Assets

	Direxion Daily FTSE China Bull 3X Shares						Direxion Daily FTSE China Bear 3X  Shares1
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(580,063	)	$	(866,500	)	$	(60,713	)	$	(144,879	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		90,195,988			33,770,068			(6,261,671	)		(7,546,523	)
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(2,642,583	)		(21,193,745	)		(4,763,053	)		395,940
Net increase (decrease) in net assets resulting from operations		86,973,342			11,709,823			(11,085,437	)		(7,295,462	)
Distributions to shareholders:
Net realized gains		(248,005	)		—			—			—
Total distributions		(248,005	)		—			—			—
Capital share transactions:
Proceeds from shares sold		78,880,554			134,743,358			43,881,880			27,107,682
Cost of shares redeemed		(82,029,183	)		(116,758,668	)		(11,973,171	)		(15,379,573	)
Transaction fees		17,115			23,697			3,592			4,614
Net increase (decrease) in net assets resulting from capital transactions		(3,131,514	)		18,008,387			31,912,301			11,732,723
Total increase in net assets		83,593,823			29,718,210			20,826,864			4,437,261
Net assets:
Beginning of period/year		110,783,916			81,065,706			13,986,150			9,548,889
End of period/year	$	194,377,739		$	110,783,916		$	34,813,014		$	13,986,150
Accumulated net investment loss at end of period/year	$	(580,063	)	$	—		$	(191,240	)	$	(130,527	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		3,500,011			2,700,011			96,997			41,997
Shares sold		1,700,002			5,000,000			655,000			125,000
Shares repurchased		(2,100,000	)		(4,200,000	)		(95,000	)		(70,000	)
Shares outstanding, end of period/year		3,100,013			3,500,011			656,997			96,997

¹  Effective May 20, 2015, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 reverse stock split.

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

DIREXION SEMI-ANNUAL REPORT 119

Statements of Changes in Net Assets

	Direxion Daily FTSE Europe Bull 3X Shares						Direxion Daily India Bull 3X Shares1
	Six Months Ended April 30, 2015 (Unaudited)			For the Period January 22,  20142 through October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment income (loss)	$	(68,380	)	$	44,228		$	(413,506	)	$	(470,257	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		(611,802	)		(1,043,009	)		27,945,992			9,013,277
Change in net unrealized appreciation (depreciation) on investment securities and swaps		5,268,047			(1,013,977	)		(52,358,655	)		26,451,932
Net increase (decrease) in net assets resulting from operations		4,587,865			(2,012,758	)		(24,826,169	)		34,994,952
Distributions to shareholders:
Net investment income		(16,450	)		(36,348	)		—			—
Total distributions		(16,450	)		(36,348	)		—			—
Capital share transactions:
Proceeds from shares sold		41,334,331			11,679,729			82,909,812			38,926,342
Cost of shares redeemed		—			—			(25,270,466	)		(31,123,155	)
Transaction fees		—			—			4,017			6,225
Net increase in net assets resulting from capital transactions		41,334,331			11,679,729			57,643,363			7,809,412
Total increase in net assets		45,905,746			9,630,623			32,817,194			42,804,364
Net assets:
Beginning of period/year		9,630,623			—			78,948,584			36,144,220
End of period/year	$	55,536,369		$	9,630,623		$	111,765,778		$	78,948,584
Undistributed (Accumulated) net investment income (loss) at end of period/year	$	(68,381	)	$	16,449		$	(830,805	)	$	(417,299	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		300,001			—			3,099,456			2,699,456
Shares sold		1,250,000			300,001			3,800,000			2,000,000
Shares repurchased		—			—			(1,000,000	)		(1,600,000	)
Shares outstanding, end of period/year		1,550,001			300,001			5,899,456			3,099,456

¹  Effective May 20, 2015, the Fund had a 4:1 stock split. Share amounts for all periods have been adjusted to give effect to the 4:1 stock split.

²  Commencement of operations.

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

120 DIREXION SEMI-ANNUAL REPORT

Statements of Changes in Net Assets

	Direxion Daily Japan Bull 3X Shares
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(35,292	)	$	(46,199	)
Net realized (loss) on investment securities, in-kind redemptions and swaps		(87,596	)		(467,410	)
Change in net unrealized appreciation on investment securities and swaps		906,885			640,065
Net increase in net assets resulting from operations		783,997			126,456
Distributions to shareholders:
Net realized gains		—			(30,583	)
Total distributions		—			(30,583	)
Capital share transactions:
Proceeds from shares sold		22,207,346			7,068,075
Cost of shares redeemed		(13,019,389	)		(4,793,313	)
Transaction fees		2,604			959
Net increase in net assets resulting from capital transactions		9,190,561			2,275,721
Total increase in net assets		9,974,558			2,371,594
Net assets:
Beginning of period/year		7,336,525			4,964,931
End of period/year	$	17,311,083		$	7,336,525
Accumulated net investment loss at end of period/year	$	(76,098	)	$	(40,806	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		150,001			100,001
Shares sold		400,000			150,000
Shares repurchased		(250,000	)		(100,000	)
Shares outstanding, end of period/year		300,001			150,001

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

DIREXION SEMI-ANNUAL REPORT 121

Statements of Changes in Net Assets

	Direxion Daily Latin America Bull 3X Shares1
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(89,540	)	$	(113,128	)
Net realized (loss) on investment securities, in-kind redemptions and swaps		(8,859,351	)		(4,854,690	)
Change in net unrealized appreciation on investment securities and swaps		1,001,625			13,776
Net decrease in net assets resulting from operations		(7,947,266	)		(4,954,042	)
Distributions to shareholders:		—			—
Capital share transactions:
Proceeds from shares sold		10,210,148			9,757,021
Cost of shares redeemed		(534,751	)		(7,179,651	)
Transaction fees		107			1,436
Net increase in net assets resulting from capital transactions		9,675,504			2,578,806
Total increase (decrease) in net assets		1,728,238			(2,375,236	)
Net assets:
Beginning of period/year		21,879,153			24,254,389
End of period/year	$	23,607,391		$	21,879,153
Accumulated net investment loss at end of period/year	$	(234,251	)	$	(144,711	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		294,965			232,465
Shares sold		237,500			137,500
Shares repurchased		(12,500	)		(75,000	)
Shares outstanding, end of period/year		519,965			294,965

¹  Effective May 20, 2015, the Fund had a 1:4 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:4 reverse stock split.

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

122 DIREXION SEMI-ANNUAL REPORT

Statements of Changes in Net Assets

	Direxion Daily Russia Bull 3X Shares						Direxion Daily Russia Bear 3X Shares1
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(790,803	)	$	(633,055	)	$	(258,711	)	$	(167,450	)
Net realized (loss) on investment securities, in-kind redemptions and swaps		(132,160,934	)		(18,698,362	)		(46,157,341	)		(2,870,526	)
Change in net unrealized appreciation (depreciation) on investment securities and swaps		123,105,395			(24,693,012	)		(34,120,473	)		866,735
Net decrease in net assets resulting from operations		(9,846,342	)		(44,024,429	)		(80,536,525	)		(2,171,241	)
Distributions to shareholders:
Net realized gains		(76,183	)		—			—			—
Total distributions		(76,183	)		—			—			—
Capital share transactions:
Proceeds from shares sold		309,121,063			261,465,503			265,166,548			61,091,076
Cost of shares redeemed		(230,924,933	)		(67,556,000	)		(132,053,364	)		(51,752,321	)
Transaction fees		47,713			13,893			39,899			15,525
Net increase in net assets resulting from capital transactions		78,243,843			193,923,396			133,153,083			9,354,280
Total increase in net assets		68,321,318			149,898,967			52,616,558			7,183,039
Net assets:
Beginning of period/year		172,460,417			22,561,450			16,286,345			9,103,306
End of period/year	$	240,781,735		$	172,460,417		$	68,902,903		$	16,286,345
Accumulated net investment loss at end of period/year	$	(790,803	)	$	—		$	(413,729	)	$	(155,018	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		2,716,642			124,975			275,000			187,500
Shares sold		14,358,333			3,333,333			4,012,500			1,000,000
Shares repurchased		(9,534,996	)		(741,666	)		(1,887,500	)		(912,500	)
Shares outstanding, end of period/year		7,539,979			2,716,642			2,400,000			275,000

¹  Effective May 20, 2015, the Fund had a 1:4 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:4 reverse stock split.

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

DIREXION SEMI-ANNUAL REPORT 123

Statements of Changes in Net Assets

	Direxion Daily South Korea Bull 3X Shares
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(16,326	)	$	(17,176	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		(97,140	)		739,944
Change in net unrealized appreciation (depreciation) on investment securities and swaps		585,523			(885,123	)
Net increase (decrease) in net assets resulting from operations		472,057			(162,355	)
Distributions to shareholders:
Net realized gains		—			(56,741	)
Total distributions		—			(56,741	)
Capital share transactions:
Proceeds from shares sold		10,927,891			9,908,619
Cost of shares redeemed		(8,985,657	)		(10,476,469	)
Transaction fees		2,461			3,143
Net increase (decrease) in net assets resulting from capital transactions		1,944,695			(564,707	)
Total increase (decrease) in net assets		2,416,752			(783,803	)
Net assets:
Beginning of period/year		1,943,391			2,727,194
End of period/year	$	4,360,143		$	1,943,391
Accumulated net investment loss at end of period/year	$	(16,326	)	$	—
Changes in shares outstanding
Shares outstanding, beginning of period/year		50,001			50,001
Shares sold		300,000			200,000
Shares repurchased		(250,000	)		(200,000	)
Shares outstanding, end of period/year		100,001			50,001

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

124 DIREXION SEMI-ANNUAL REPORT

Statements of Changes in Net Assets

	Direxion Daily Basic Materials  Bull 3X Shares
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(30,371	)	$	(12,470	)
Net realized gain (loss) on investment securities and swaps		2,848,316			(41,487	)
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(2,139,561	)		1,196,543
Net increase in net assets resulting from operations		678,384			1,142,586
Distributions to shareholders:		—			—
Capital share transactions:
Proceeds from shares sold		—			2,685,252
Cost of shares redeemed		—			—
Net increase in net assets resulting from capital transactions		—			2,685,252
Total increase in net assets		678,384			3,827,838
Net assets:
Beginning of period/year		6,119,760			2,291,922
End of period/year	$	6,798,144		$	6,119,760
Accumulated net investment loss at end of period/year	$	(39,044	)	$	(8,673	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		100,001			50,001
Shares sold		—			50,000
Shares repurchased		—			—
Shares outstanding, end of period/year		100,001			100,001

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

DIREXION SEMI-ANNUAL REPORT 125

Statements of Changes in Net Assets

	Direxion Daily Gold Miners Index Bull 3X Shares						Direxion Daily Gold Miners Index Bear 3X Shares
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(3,573,118	)	$	(5,924,648	)	$	(777,727	)	$	(1,855,011	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		(332,121,871	)		(363,294,040	)		32,367,253			25,132,021
Change in net unrealized appreciation (depreciation) on investment securities and swaps		542,422,335			(473,986,047	)		(171,143,433	)		111,856,804
Net increase (decrease) in net assets resulting from operations		206,727,346			(843,204,735	)		(139,553,907	)		135,133,814
Distributions to shareholders:		—			—			—			—
Capital share transactions:
Proceeds from shares sold		926,149,562			2,001,906,569			563,569,204			734,864,112
Cost of shares redeemed		(863,412,687	)		(1,254,320,167	)		(421,075,526	)		(834,040,239	)
Transaction fees		173,592			258,592			126,642			247,730
Net increase (decrease) in net assets resulting from capital transactions		62,910,467			747,844,994			142,620,320			(98,928,397	)
Total increase (decrease) in net assets		269,637,813			(95,359,741	)		3,066,413			36,205,417
Net assets:
Beginning of period/year		552,266,628			647,626,369			193,040,221			156,834,804
End of period/year	$	821,904,441		$	552,266,628		$	196,106,634		$	193,040,221
Accumulated net investment loss at end of period/year	$	(9,548,648	)	$	(5,975,530	)	$	(2,386,094	)	$	(1,608,367	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		50,074,756			13,424,756			4,150,002			5,100,002
Shares sold		79,450,000			69,500,000			32,550,000			33,150,000
Shares repurchased		(61,850,000	)		(32,850,000	)		(21,900,000	)		(34,100,000	)
Shares outstanding, end of period/year		67,674,756			50,074,756			14,800,002			4,150,002

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

126 DIREXION SEMI-ANNUAL REPORT

Statements of Changes in Net Assets

	Direxion Daily Healthcare Bull 3X Shares1
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(1,293,877	)	$	(571,787	)
Net realized gain on investment securities, in-kind redemptions and swaps		85,405,595			9,919,464
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(45,891,147	)		60,550,540
Net increase in net assets resulting from operations		38,220,571			69,898,217
Distributions to shareholders:
Net realized gains		—			(856,862	)
Total distributions		—			(856,862	)
Capital share transactions:
Proceeds from shares sold		163,799,417			210,004,701
Cost of shares redeemed		(20,698,660	)		(137,305,249	)
Transaction fees		4,835			32,615
Net increase in net assets resulting from capital transactions		143,105,592			72,732,067
Total increase in net assets		181,326,163			141,773,422
Net assets:
Beginning of period/year		189,820,425			48,047,003
End of period/year	$	371,146,588		$	189,820,425
Accumulated net investment loss at end of period/year	$	(1,293,877	)	$	—
Changes in shares outstanding
Shares outstanding, beginning of period/year		6,400,008			3,200,008
Shares sold		4,800,000			9,000,000
Shares repurchased		(600,000	)		(5,800,000	)
Shares outstanding, end of period/year		10,600,008			6,400,008

¹  Effective May 20, 2015, the Fund had a 4:1 stock split. Share amounts for all periods have been adjusted to give effect to the 4:1 stock split.

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

DIREXION SEMI-ANNUAL REPORT 127

Statements of Changes in Net Assets

	Direxion Daily Junior Gold Miners Index Bull 3X Shares						Direxion Daily Junior Gold Miners Index Bear 3X Shares
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(1,014,922	)	$	(1,218,828	)	$	(354,781	)	$	(331,711	)
Net realized (loss) on investment securities, in-kind redemptions and swaps		(284,432,541	)		(146,884,303	)		(5,441,564	)		(10,450,076	)
Change in net unrealized appreciation (depreciation) on investment securities and swaps		211,500,493			(208,815,863	)		(49,660,136	)		57,365,977
Net increase (decrease) in net assets resulting from operations		(73,946,970	)		(356,918,994	)		(55,456,481	)		46,584,190
Distributions to shareholders:
Net investment income		—			(6,052	)		—			(6,300	)
Net realized gains		(7,778,400	)		—			(3,658,733	)		—
Total distributions		(7,778,400	)		(6,052	)		(3,658,733	)		(6,300	)
Capital share transactions:
Proceeds from shares sold		450,613,100			681,901,982			376,396,774			173,350,618
Cost of shares redeemed		(348,070,507	)		(161,512,451	)		(280,377,718	)		(172,356,347	)
Transaction fees		72,833			37,085			81,749			51,707
Net increase in net assets resulting from capital transactions		102,615,426			520,426,616			96,100,805			1,045,978
Total increase in net assets		20,890,056			163,501,570			36,985,591			47,623,868
Net assets:
Beginning of period/year		168,091,349			4,589,779			51,893,064			4,269,196
End of period/year	$	188,981,405		$	168,091,349		$	88,878,655		$	51,893,064
Accumulated net investment loss at end of period/year	$	(1,014,922	)	$	—		$	(354,781	)	$	—
Changes in shares outstanding
Shares outstanding, beginning of period/year		4,305,000			15,000			1,500,001			100,001
Shares sold		16,510,000			5,060,000			32,200,000			12,500,000
Shares repurchased		(11,926,457	)		(770,000	)		(23,000,000	)		(11,100,000	)
Shares outstanding, end of period/year		8,888,543			4,305,000			10,700,001			1,500,001

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

128 DIREXION SEMI-ANNUAL REPORT

Statements of Changes in Net Assets

	Direxion Daily Natural Gas Related Bull 3X Shares1
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(198,957	)	$	(155,174	)
Net realized (loss) on investment securities, in-kind redemptions and swaps		(48,987,479	)		(13,909,628	)
Change in net unrealized appreciation (depreciation) on investment securities and swaps		32,239,040			(8,896,717	)
Net decrease in net assets resulting from operations		(16,947,396	)		(22,961,519	)
Distributions to shareholders:
Capital share transactions:
Proceeds from shares sold		139,664,576			56,253,891
Cost of shares redeemed		(45,668,102	)		(11,760,522	)
Transaction fees		9,303			2,561
Net increase in net assets resulting from capital transactions		94,005,777			44,495,930
Total increase in net assets		77,058,381			21,534,411
Net assets:
Beginning of period/year		42,411,870			20,877,459
End of period/year	$	119,470,251		$	42,411,870
Accumulated net investment loss at end of period/year	$	(325,418	)	$	(155,174	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		330,000			60,000
Shares sold		3,335,000			305,000
Shares repurchased		(1,025,000	)		(35,000	)
Shares outstanding, end of period/year		2,640,000			330,000

¹  Effective May 20, 2015, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 reverse stock split.

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

DIREXION SEMI-ANNUAL REPORT 129

Statements of Changes in Net Assets

	Direxion Daily Retail Bull 3X Shares1
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment income (loss)	$	12,553		$	(92,452	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		8,953,796			(609,956	)
Change in net unrealized appreciation on investment securities and swaps		1,177,878			1,142,896
Net increase in net assets resulting from operations		10,144,227			440,488
Distributions to shareholders:		—			—
Capital share transactions:
Proceeds from shares sold		16,339,809			7,447,255
Cost of shares redeemed		—			(9,907,959	)
Transaction fees		—			1,982
Net increase (decrease) in net assets resulting from capital transactions		16,339,809			(2,458,722	)
Total increase (decrease) in net assets		26,484,036			(2,018,234	)
Net assets:
Beginning of period/year		15,741,352			17,759,586
End of period/year	$	42,225,388		$	15,741,352
Accumulated net investment loss at end of period/year	$	(68,145	)	$	(92,452	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		800,012			1,000,012
Shares sold		600,000			400,000
Shares repurchased		—			(600,000	)
Shares outstanding, end of period/year		1,400,012			800,012

¹  Effective May 20, 2015, the Fund had a 4:1 stock split. Share amounts for all periods have been adjusted to give effect to the 4:1 stock split.

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

130 DIREXION SEMI-ANNUAL REPORT

Statements of Changes in Net Assets

	Direxion Daily Semiconductor Bull 3X Shares1						Direxion Daily Semiconductor Bear 3X Shares2
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(445,682	)	$	(387,423	)	$	(98,360	)	$	(207,310	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		127,890,176			10,426,839			(9,748,215	)		(27,509,748	)
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(99,693,233	)		48,548,260			2,153,668			10,452,847
Net increase (decrease) in net assets resulting from operations		27,751,261			58,587,676			(7,692,907	)		(17,264,211	)
Distributions to shareholders:
Net investment income		(7,448	)		—			—			—
Total distributions		(7,448	)		—			—			—
Capital share transactions:
Proceeds from shares sold		80,903,224			190,666,828			27,751,242			51,545,384
Cost of shares redeemed		(124,875,922	)		(139,222,648	)		(20,573,835	)		(41,484,710	)
Transaction fees		26,740			31,718			6,173			12,445
Net increase (decrease) in net assets resulting from capital transactions		(43,945,958	)		51,475,898			7,183,580			10,073,119
Total increase (decrease) in net assets		(16,202,145	)		110,063,574			(509,327	)		(7,191,092	)
Net assets:
Beginning of period/year		165,650,459			55,586,885			22,364,592			29,555,684
End of period/year	$	149,448,314		$	165,650,459		$	21,855,265		$	22,364,592
Accumulated net investment loss at end of period/year	$	(453,130	)	$	—		$	(259,397	)	$	(161,037	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		6,000,004			3,800,004			324,962			162,462
Shares sold		2,400,000			7,600,000			512,500			537,500
Shares repurchased		(3,800,000	)		(5,400,000	)		(387,500	)		(375,000	)
Shares outstanding, end of period/year		4,600,004			6,000,004			449,962			324,962

¹  Effective May 20, 2015, the Fund had a 4:1 stock split. Share amounts for all periods have been adjusted to give effect to the 4:1 stock split.

²  Effective May 20, 2015, the Fund had a 1:4 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:4 reverse stock split.

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

DIREXION SEMI-ANNUAL REPORT 131

Statements of Changes in Net Assets

	Direxion Daily Energy Bull 3X Shares						Direxion Daily Energy Bear 3X Shares
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(838,567	)	$	(1,461,121	)	$	(328,820	)	$	(511,924	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		69,794,287			(6,007,436	)		(4,565,354	)		(24,440,137	)
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(16,779,463	)		9,983,939			(2,311,202	)		10,846,514
Net increase (decrease) in net assets resulting from operations		52,176,257			2,515,382			(7,205,376	)		(14,105,547	)
Distributions to shareholders:		—			—			—			—
Capital share transactions:
Proceeds from shares sold		786,086,328			288,245,232			139,268,374			55,869,705
Cost of shares redeemed		(615,445,220	)		(196,518,005	)		(111,165,694	)		(57,858,319	)
Transaction fees		133,142			48,801			33,308			17,358
Net increase (decrease) in net assets resulting from capital transactions		170,774,250			91,776,028			28,135,988			(1,971,256	)
Total increase (decrease) in net assets		222,950,507			94,291,410			20,930,612			(16,076,803	)
Net assets:
Beginning of period/year		235,801,370			141,509,960			48,315,052			64,391,855
End of period/year	$	458,751,877		$	235,801,370		$	69,245,664		$	48,315,052
Accumulated net investment loss at end of period/year	$	(846,417	)	$	(7,850	)	$	(741,392	)	$	(412,572	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		2,800,017			1,700,017			2,787,220			2,887,220
Shares sold		14,200,000			3,250,000			6,700,000			3,100,000
Shares repurchased		(10,100,000	)		(2,150,000	)		(5,250,000	)		(3,200,000	)
Shares outstanding, end of period/year		6,900,017			2,800,017			4,237,220			2,787,220

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

132 DIREXION SEMI-ANNUAL REPORT

Statements of Changes in Net Assets

	Direxion Daily Financial Bull 3X Shares1						Direxion Daily Financial Bear 3X Shares
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(5,124,464	)	$	(9,707,403	)	$	(1,285,297	)	$	(3,675,998	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		857,208,951			288,047,683			(65,901,382	)		(171,618,868	)
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(734,368,207	)		265,788,438			26,783,106			(45,415,706	)
Net increase (decrease) in net assets resulting from operations		117,716,280			544,128,718			(40,403,573	)		(220,710,572	)
Distributions to shareholders:		—			—			—			—
Capital share transactions:
Proceeds from shares sold		523,717,285			1,926,990,861			180,912,788			546,150,822
Cost of shares redeemed		(600,205,066	)		(2,222,596,908	)		(131,544,701	)		(650,845,327	)
Transaction fees		121,256			416,049			39,463			188,833
Net increase (decrease) in net assets resulting from capital transactions		(76,366,525	)		(295,189,998	)		49,407,550			(104,505,672	)
Total increase (decrease) in net assets		41,349,755			248,938,720			9,003,977			(325,216,244	)
Net assets:
Beginning of period/year		1,262,983,941			1,014,045,221			283,539,379			608,755,623
End of period/year	$	1,304,333,696		$	1,262,983,941		$	292,543,356		$	283,539,379
Accumulated net investment loss at end of period/year	$	(5,134,803	)	$	(10,339	)	$	(4,194,154	)	$	(2,908,857	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		44,299,888			53,499,888			19,453,453			23,103,453
Shares sold		17,800,000			80,800,000			14,100,000			27,800,000
Shares repurchased		(19,200,000	)		(90,000,000	)		(9,850,000	)		(31,450,000	)
Shares outstanding, end of period/year		42,899,888			44,299,888			23,703,453			19,453,453

¹  Effective May 20, 2015, the Fund had a 4:1 stock split. Share amounts for all periods have been adjusted to give effect to the 4:1 stock split.

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

DIREXION SEMI-ANNUAL REPORT 133

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, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(424,025	)	$	(880,046	)	$	(51,954	)	$	(119,657	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		65,685,978			62,146,904			(5,314,589	)		(6,126,046	)
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(70,952,851	)		(16,610,867	)		3,755,727			(887,014	)
Net increase (decrease) in net assets resulting from operations		(5,690,898	)		44,655,991			(1,610,816	)		(7,132,717	)
Distributions to shareholders:		—			—			—			—
Capital share transactions:
Proceeds from shares sold		109,497,662			154,573,507			19,469,834			39,777,104
Cost of shares redeemed		(83,119,054	)		(233,918,342	)		(14,171,564	)		(40,878,758	)
Transaction fees		19,924			50,081			4,251			12,264
Net increase (decrease) in net assets resulting from capital transactions		26,398,532			(79,294,754	)		5,302,521			(1,089,390	)
Total increase (decrease) in net assets		20,707,634			(34,638,763	)		3,691,705			(8,222,107	)
Net assets:
Beginning of period/year		99,425,820			134,064,583			9,197,446			17,419,553
End of period/year	$	120,133,454		$	99,425,820		$	12,889,151		$	9,197,446
Undistributed (Accumulated) net investment income (loss) at end of period/year	$	(422,901	)	$	1,124		$	(147,726	)	$	(95,772	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		1,400,000			3,000,000			308,309			308,309
Shares sold		1,250,000			2,650,000			800,000			900,000
Shares repurchased		(1,000,000	)		(4,250,000	)		(600,000	)		(900,000	)
Shares outstanding, end of period/year		1,650,000			1,400,000			508,309			308,309

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

134 DIREXION SEMI-ANNUAL REPORT

Statements of Changes in Net Assets

	Direxion Daily Technology Bull 3X Shares1						Direxion Daily Technology Bear 3X Shares2
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations:
Net investment loss	$	(945,679	)	$	(1,141,299	)	$	(57,813	)	$	(166,718	)
Net realized gain (loss) on investment securities, in-kind redemptions and swaps		74,833,992			24,908,766			(5,351,143	)		(10,673,957	)
Change in net unrealized appreciation (depreciation) on investment securities and swaps		(43,399,088	)		50,439,798			2,614,802			(1,676,774	)
Net increase (decrease) in net assets resulting from operations		30,489,225			74,207,265			(2,794,154	)		(12,517,449	)
Distributions to shareholders:		—			—			—			—
Capital share transactions:
Proceeds from shares sold		54,741,604			188,388,292			14,485,170			24,925,207
Cost of shares redeemed		(80,602,264	)		(178,535,063	)		(7,960,661	)		(17,128,161	)
Transaction fees		19,081			47,556			2,388			5,139
Net increase (decrease) in net assets resulting from capital transactions		(25,841,579	)		9,900,785			6,526,897			7,802,185
Total increase (decrease) in net assets		4,647,646			84,108,050			3,732,743			(4,715,264	)
Net assets:
Beginning of period/year		189,803,833			105,695,783			13,966,806			18,682,070
End of period/year	$	194,451,479		$	189,803,833		$	17,699,549		$	13,966,806
Accumulated net investment loss at end of period/year	$	(945,679	)	$	—		$	(195,176	)	$	(137,363	)
Changes in shares outstanding
Shares outstanding, beginning of period/year		5,800,000			5,600,000			280,468			180,468
Shares sold		1,600,000			6,200,000			350,000			337,500
Shares repurchased		(2,200,000	)		(6,000,000	)		(175,000	)		(237,500	)
Shares outstanding, end of period/year		5,200,000			5,800,000			455,468			280,468

¹  Effective May 20, 2015, the Fund had a 4:1 stock split. Share amounts for all periods have been adjusted to give effect to the 4:1 stock split.

²  Effective May 20, 2015, the Fund had a 1:4 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:4 reverse stock split.

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

DIREXION SEMI-ANNUAL REPORT 135

Financial Highlights

April 30, 2015

																															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 500® Bull 1.25X Shares
For the Period January 7, 20159 through April 30, 2015 (Unaudited)	$	25.00	$	0.08		$	0.08		$	1.36	$	1.44	$	(0.10	)	$	—		$	—	$	(0.10	)	$	26.34		5.76	%	$	3,951		0.50	%		1.95	%		0.96	%		0.50	%		1.95	%		0.96	%		0	%
Direxion Daily Small Cap Bull 1.25X Shares
For the Period January 7, 20159 through April 30, 2015 (Unaudited)	$	25.00		0.03			0.03			1.61		1.64		—			—			—		—		$	26.64		6.56	%	$	2,664		0.50	%		3.14	%		0.32	%		0.50	%		3.14	%		0.32	%		0	%
Direxion Daily FTSE Developed Markets Bull 1.25X Shares
For the Period January 7, 20159 through April 30, 2015 (Unaudited)	$	25.00		0.04			0.04			4.33		4.37		—			—			—		—		$	29.37		17.48	%	$	1,469		0.50	%		3.38	%		0.47	%		0.50	%		3.38	%		0.47	%		0	%
Direxion Daily FTSE Emerging Markets Bull 1.25X Shares
For the Period January 7, 20159 through April 30, 2015 (Unaudited)	$	25.00		(0.01	)		(0.01	)		4.17		4.16		—			—			—		—		$	29.16		16.64	%	$	1,458		0.50	%		3.43	%		(0.14	)%		0.50	%		3.43	%		(0.14	)%		0	%
Direxion Daily CSI 300 China A Share Bull 2X Shares
For the Period April 16, 20159 through April 30, 2015 (Unaudited)	$	40.00		(0.02	)		(0.02	)		6.97		6.95		—			—			—		—		$	46.95		17.38	%	$	35,216		0.95	%		1.26	%		(0.92	)%		0.95	%		1.26	%		(0.92	)%		0	%
Direxion Daily Mid Cap Bull 2X Shares10
For the Six Months Ended April 30, 2015 (Unaudited)	$	30.63		(0.10	)		(0.10	)		3.75		3.65		—			—			—		—		$	34.28		11.92	%	$	6,856		0.60	%		1.15	%		(0.59	)%		0.60	%		1.14	%		(0.59	)%		410	%
For the Period July 29, 20149 through October 31, 2014	$	30.00		(0.01	)		(0.01	)		0.64		0.63		—			—			—		—		$	30.63		2.10	%	$	2,042		0.60	%		1.68	%		(0.14	)%		0.60	%		1.67	%		(0.14	)%		160	%
Direxion Daily S&P 500® Bull 2X Shares10
For the Six Months Ended April 30, 2015 (Unaudited)	$	33.58		(0.10	)		(0.10	)		2.61		2.51		—			—			—		—		$	36.09		7.47	%	$	19,242		0.60	%		0.91	%		(0.59	)%		0.60	%		0.91	%		(0.59	)%		89	%
For the Period May 28, 20149 through October 31, 2014	$	30.00		0.18			0.18			3.40		3.58		—			—			—		—		$	33.58		11.92	%	$	31,336		0.60	%		0.93	%		1.34	%		0.60	%		0.93	%		1.34	%		91	%
Direxion Daily Small Cap Bull 2X Shares10
For the Six Months Ended April 30, 2015 (Unaudited)	$	31.73		(0.10	)		(0.10	)		2.64		2.54		—			—			—		—		$	34.27		8.01	%	$	9,137		0.61	%		1.27	%		(0.59	)%		0.60	%		1.26	%		(0.59	)%		0	%
For the Period July 29, 20149 through October 31, 2014	$	30.00		(0.05	)		(0.05	)		1.78		1.73		—			—			—		—		$	31.73		5.76	%	$	4,230		0.60	%		2.86	%		(0.60	)%		0.60	%		2.86	%		(0.60	)%		503	%
Direxion Daily 7-10 Year Treasury Bull 2X Shares11
For the Six Months Ended April 30, 2015 (Unaudited)	$	41.46		(0.13	)		(0.13	)		3.03		2.90		—			—			—		—		$	44.36		7.03	%	$	15,527		0.60	%		0.91	%		(0.59	)%		0.60	%		0.91	%		(0.59	)%		0	%
For the Period July 29, 20149 through October 31, 2014	$	40.00		(0.07	)		(0.07	)		1.53		1.46		—			—			—		—		$	41.46		3.64	%	$	12,436		0.60	%		1.65	%		(0.60	)%		0.60	%		1.65	%		(0.60	)%		497	%
Direxion Daily Mid Cap Bull 3X Shares10
For the Six Months Ended April 30, 2015 (Unaudited)	$	22.86		(0.12	)		(0.12	)		3.96		3.84		—			—			—		—		$	26.70		16.80	%	$	74,767		0.97	%		1.00	%		(0.96	)%		0.95	%		0.98	%		(0.94	)%		78	%
For the Year Ended October 31, 2014	$	18.48		(0.19	)		(0.19	)		5.35		5.16		—			(0.78	)		—		(0.78	)	$	22.86		29.26	%	$	91,439		0.98	%		1.04	%		(0.93	)%		0.95	%		1.01	%		(0.89	)%		0	%
For the Year Ended October 31, 2013	$	8.44		(0.11	)		(0.11	)		10.15		10.04		—			—			—		—		$	18.48		118.83	%	$	51,730		0.99	%		1.11	%		(0.87	)%		0.95	%		1.07	%		(0.83	)%		100	%
For the Year Ended October 31, 2012	$	9.02		(0.11	)		(0.05	)		2.24		2.13		—			(2.71	)		—		(2.71	)	$	8.44		26.11	%	$	33,768		1.67	%		1.81	%		(1.23	)%		0.95	%		1.08	%		(0.51	)%		80	%
For the Year Ended October 31, 2011	$	9.55		(0.05	)		(0.05	)		0.43		0.38		(0.01	)		(0.90	)		—		(0.91	)	$	9.02		1.64	%	$	66,763		1.15	%		1.31	%		(0.65	)%		0.95	%		1.11	%		(0.45	)%		63	%
For the Year Ended October 31, 2010	$	7.00		(0.01	)		(0.03	)		4.70		4.69		(0.03	)		(2.11	)		—		(2.14	)	$	9.55		78.65	%	$	42,020		1.45	%		1.74	%		(0.14	)%		0.95	%		1.24	%		0.36	%		153	%

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

136 DIREXION SEMI-ANNUAL REPORT

Financial Highlights

April 30, 2015

																																	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 Bear 3X Shares12
For the Six Months Ended April 30, 2015 (Unaudited)	$	54.12	$	(0.22	)	$	(0.22	)	$	(11.51	)	$	(11.73	)	$	—		$	—		$	—	$	—		$	42.39		(21.66	)%	$	8,036		0.95	%		1.37	%		(0.94	)%		0.95	%		1.37	%		(0.94	)%		0	%
For the Year Ended October 31, 2014	$	84.52		(0.64	)		(0.64	)		(29.76	)		(30.40	)		—			—			—		—		$	54.12		(35.97	)%	$	8,229		0.95	%		1.32	%		(0.94	)%		0.95	%		1.32	%		(0.94	)%		0	%
For the Year Ended October 31, 2013	$	230.16		(1.28	)		(1.28	)		(144.36	)		(145.64	)		—			—			—		—		$	84.52		(63.28	)%	$	10,736		0.95	%		1.32	%		(0.94	)%		0.95	%		1.32	%		(0.94	)%		0	%
For the Year Ended October 31, 2012	$	399.24		(2.64	)		(2.68	)		(166.44	)		(169.08	)		—			—			—		—		$	230.16		(42.35	)%	$	16,784		0.95	%		1.28	%		(0.95	)%		0.95	%		1.28	%		(0.95	)%		0	%
For the Year Ended October 31, 2011	$	739.80		(4.56	)		(4.56	)		(336.00	)		(340.56	)		—			—			—		—		$	399.24		(46.03	)%	$	17,464		0.95	%		1.32	%		(0.90	)%		0.95	%		1.32	%		(0.90	)%		0	%
For the Year Ended October 31, 2010	$	2,071.20		(9.60	)		(9.60	)		(1,321.80	)		(1,331.40	)		—			—			—		—		$	739.80		(64.28	)%	$	18,192		0.95	%		1.30	%		(0.86	)%		0.95	%		1.30	%		(0.86	)%		0	%
Direxion Daily S&P 500® Bull 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	82.51		(0.43	)		(0.42	)		8.66			8.23			—			—			—		—		$	90.74		9.97	%	$	517,340		0.97	%		0.96	%		(0.97	)%		0.95	%		0.94	%		(0.95	)%		271	%
For the Year Ended October 31, 2014	$	54.45		(0.48	)		(0.46	)		28.54			28.06			—			—			—		—		$	82.51		51.53	%	$	552,931		0.97	%		0.98	%		(0.71	)%		0.95	%		0.96	%		(0.68	)%		110	%
For the Year Ended October 31, 2013	$	28.31		(0.35	)		(0.34	)		26.49			26.14			—			—			—		—		$	54.45		92.31	%	$	299,526		0.98	%		1.00	%		(0.88	)%		0.95	%		0.97	%		(0.85	)%		217	%
For the Year Ended October 31, 2012	$	20.70		(0.15	)		(0.15	)		7.76			7.61			—			—			—		—		$	28.31		36.76	%	$	169,911		0.97	%		1.03	%		(0.63	)%		0.95	%		1.01	%		(0.62	)%		24	%
For the Year Ended October 31, 2011	$	19.63		(0.13	)		(0.12	)		1.20			1.07			—			—			—		—		$	20.70		5.49	%	$	291,922		0.97	%		1.05	%		(0.54	)%		0.95	%		1.03	%		(0.52	)%		248	%
For the Year Ended October 31, 2010	$	15.76		0.10			0.10			6.49			6.59			(0.12	)		(2.60	)		—		(2.72	)	$	19.63		45.15	%	$	203,150		0.98	%		1.08	%		0.57	%		0.95	%		1.05	%		0.60	%		116	%
Direxion Daily S&P 500® Bear 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	22.53		(0.09	)		(0.09	)		(3.65	)		(3.74	)		—			—			—		—		$	18.79		(16.60	)%	$	242,824		0.95	%		0.98	%		(0.94	)%		0.95	%		0.98	%		(0.94	)%		0	%
For the Year Ended October 31, 2014	$	39.70		(0.27	)		(0.27	)		(16.90	)		(17.17	)		—			—			—		—		$	22.53		(43.25	)%	$	204,479		0.95	%		0.97	%		(0.95	)%		0.95	%		0.97	%		(0.95	)%		0	%
For the Year Ended October 31, 2013	$	90.20		(0.54	)		(0.37	)		(49.96	)		(50.50	)		—			—			—		—		$	39.70		(55.99	)%	$	199,514		0.95	%		1.29	%		(0.95	)%		0.65	%		0.98	%		(0.64	)%		0	%
For the Year Ended October 31, 2012	$	160.75		(1.05	)		(1.05	)		(69.50	)		(70.55	)		—			—			—		—		$	90.20		(43.89	)%	$	208,011		0.95	%		1.03	%		(0.95	)%		0.95	%		1.03	%		(0.95	)%		0	%
For the Year Ended October 31, 2011	$	274.75		(1.80	)		(1.80	)		(112.20	)		(114.00	)		—			—			—		—		$	160.75		(41.49	)%	$	198,654		0.95	%		1.05	%		(0.90	)%		0.95	%		1.05	%		(0.90	)%		0	%
For the Year Ended October 31, 2010	$	557.00		(3.25	)		(3.25	)		(279.00	)		(282.25	)		—			—			—		—		$	274.75		(50.67	)%	$	283,978		0.96	%		1.04	%		(0.88	)%		0.95	%		1.03	%		(0.87	)%		0	%
Direxion Daily Small Cap Bull 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	75.76		(0.39	)		(0.38	)		7.74			7.35			—			(0.48	)		—		(0.48	)	$	82.63		9.78	%	$	710,630		0.98	%		1.02	%		(0.96	)%		0.95	%		0.99	%		(0.93	)%		0	%
For the Year Ended October 31, 2014	$	66.89		(0.66	)		(0.64	)		10.72			10.06			—			(1.19	)		—		(1.19	)	$	75.76		15.30	%	$	1,090,966		0.98	%		1.02	%		(0.93	)%		0.95	%		0.99	%		(0.90	)%		0	%
For the Year Ended October 31, 2013	$	28.72		(0.38	)		(0.36	)		38.55			38.17			—			—			—		—		$	66.89		132.90	%	$	732,449		0.99	%		1.05	%		(0.90	)%		0.95	%		1.01	%		(0.87	)%		0	%
For the Year Ended October 31, 2012	$	23.77		(0.21	)		(0.20	)		5.16			4.95			—			—			—		—		$	28.72		20.82	%	$	761,097		0.97	%		1.02	%		(0.79	)%		0.95	%		1.00	%		(0.77	)%		0	%
For the Year Ended October 31, 2011	$	26.42		(0.21	)		(0.20	)		(2.44	)		(2.65	)		—			—			—		—		$	23.77		(10.01	)%	$	934,175		0.97	%		1.03	%		(0.68	)%		0.95	%		1.01	%		(0.66	)%		306	%
For the Year Ended October 31, 2010	$	18.06		(0.01	)		(0.01	)		10.76			10.75			(0.05	)		(2.34	)		—		(2.39	)	$	26.42		65.88	%	$	472,871		0.96	%		1.07	%		(0.03	)%		0.95	%		1.06	%		(0.02	)%		165	%
Direxion Daily Small Cap Bear 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	13.54		(0.06	)		(0.05	)		(2.67	)		(2.73	)		—			—			—		—		$	10.81		(20.16	)%	$	673,875		0.95	%		1.00	%		(0.94	)%		0.95	%		0.99	%		(0.94	)%		0	%
For the Year Ended October 31, 2014	$	20.74		(0.16	)		(0.16	)		(7.04	)		(7.20	)		—			—			—		—		$	13.54		(34.72	)%	$	606,361		0.95	%		1.02	%		(0.95	)%		0.95	%		1.02	%		(0.95	)%		0	%
For the Year Ended October 31, 2013	$	62.88		(0.32	)		(0.30	)		(41.82	)		(42.14	)		—			—			—		—		$	20.74		(67.02	)%	$	665,827		0.95	%		1.07	%		(0.95	)%		0.89	%		1.01	%		(0.89	)%		0	%
For the Year Ended October 31, 2012	$	122.20		(0.76	)		(0.74	)		(58.56	)		(59.32	)		—			—			—		—		$	62.88		(48.54	)%	$	845,931		0.96	%		1.01	%		(0.95	)%		0.95	%		1.00	%		(0.95	)%		0	%
For the Year Ended October 31, 2011	$	270.84		(1.52	)		(1.52	)		(147.12	)		(148.64	)		—			—			—		—		$	122.20		(54.88	)%	$	925,717		0.95	%		1.02	%		(0.90	)%		0.95	%		1.02	%		(0.90	)%		0	%
For the Year Ended October 31, 2010	$	857.40		(3.60	)		(3.60	)		(582.96	)		(586.56	)		—			—			—		—		$	270.84		(68.41	)%	$	887,785		0.95	%		1.03	%		(0.87	)%		0.95	%		1.03	%		(0.87	)%		0	%
Direxion Daily 7-10 Year Treasury Bull 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	42.70		(0.22	)		(0.21	)		4.14			3.92			—			—			—		—		$	46.62		9.18	%	$	4,662		0.96	%		1.96	%		(0.95	)%		0.96	%		1.95	%		(0.94	)%		0	%
For the Year Ended October 31, 2014	$	38.51		(0.37	)		(0.37	)		4.56			4.19			—			—			—		—		$	42.70		10.88	%	$	4,270		0.95	%		2.23	%		(0.95	)%		0.95	%		2.23	%		(0.95	)%		0	%
For the Year Ended October 31, 2013	$	42.91		(0.39	)		(0.39	)		(4.01	)		(4.40	)		—			—			—		—		$	38.51		(10.25	)%	$	3,851		0.96	%		2.04	%		(0.96	)%		0.95	%		2.03	%		(0.95	)%		0	%
For the Year Ended October 31, 2012	$	37.08		(0.39	)		(0.39	)		7.06			6.67			—			(0.84	)		—		(0.84	)	$	42.91		18.28	%	$	4,291		0.96	%		2.04	%		(0.96	)%		0.95	%		2.03	%		(0.95	)%		0	%
For the Year Ended October 31, 2011	$	32.65		(0.28	)		(0.28	)		6.84			6.56			(0.10	)		(2.03	)		—		(2.13	)	$	37.08		22.76	%	$	7,416		0.96	%		1.52	%		(0.92	)%		0.95	%		1.51	%		(0.91	)%		0	%
For the Year Ended October 31, 2010	$	25.62		0.31			0.31			7.07			7.38			(0.35	)		—			—		(0.35	)	$	32.65		29.17	%	$	6,529		0.95	%		1.85	%		1.15	%		0.95	%		1.85	%		1.15	%		536	%

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

DIREXION SEMI-ANNUAL REPORT 137

Financial Highlights

April 30, 2015

																																		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 7-10 Year Treasury Bear 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	19.88	$	(0.08	)	$	(0.08	)	$	(2.43	)	$	(2.51	)	$	—		$	—		$	—		$	—		$	17.37		(12.63	)%	$	46,032		0.95	%		0.96	%		(0.94	)%		0.95	%		0.96	%		(0.94	)%		0	%
For the Year Ended October 31, 2014	$	23.93		(0.21	)		(0.21	)		(3.84	)		(4.05	)		—			—			—			—		$	19.88		(16.92	)%	$	54,673		0.95	%		0.97	%		(0.95	)%		0.95	%		0.97	%		(0.95	)%		0	%
For the Year Ended October 31, 2013	$	23.19		(0.23	)		(0.23	)		0.97			0.74			—			—			—			—		$	23.93		3.19	%	$	57,438		0.95	%		0.99	%		(0.95	)%		0.95	%		0.99	%		(0.95	)%		0	%
For the Year Ended October 31, 2012	$	29.91		(0.24	)		(0.24	)		(6.48	)		(6.72	)		—			—			—			—		$	23.19		(22.47	)%	$	52,167		0.95	%		1.00	%		(0.95	)%		0.95	%		1.00	%		(0.95	)%		0	%
For the Year Ended October 31, 2011	$	41.08		(0.36	)		(0.36	)		(10.81	)		(11.17	)		—			—			—			—		$	29.91		(27.19	)%	$	65,795		0.95	%		0.97	%		(0.91	)%		0.95	%		0.97	%		(0.91	)%		0	%
For the Year Ended October 31, 2010	$	64.03		(0.44	)		(0.43	)		(17.20	)		(17.64	)		—			(5.31	)		—			(5.31	)	$	41.08		(29.95	)%	$	59,564		0.95	%		1.20	%		(0.87	)%		0.95	%		1.20	%		(0.87	)%		0	%
Direxion Daily 20+ Year Treasury Bull 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	72.16		(0.22	)		(0.21	)		13.13			12.91			—			—			—			—		$	85.07		17.89	%	$	93,580		0.96	%		0.93	%		(0.49	)%		0.95	%		0.92	%		(0.48	)%		58	%
For the Year Ended October 31, 2014	$	50.53		(0.34	)		(0.34	)		21.97			21.63			—			—			—			—		$	72.16		42.81	%	$	57,729		0.96	%		1.03	%		(0.59	)%		0.95	%		1.03	%		(0.58	)%		741	%
For the Year Ended October 31, 2013	$	75.05		0.29			0.29			(24.49	)		(24.20	)		(0.30	)		—			(0.02	)		(0.32	)	$	50.53		(32.29	)%	$	30,318		0.96	%		1.11	%		0.49	%		0.95	%		1.10	%		0.49	%		0	%
For the Year Ended October 31, 2012	$	62.82		(0.18	)		(0.17	)		12.96			12.78			—			(0.55	)		—			(0.55	)	$	75.05		20.45	%	$	33,773		0.96	%		1.10	%		(0.26	)%		0.95	%		1.10	%		(0.25	)%		0	%
For the Year Ended October 31, 2011	$	43.18		(0.25	)		(0.25	)		21.17			20.92			(0.29	)		(0.99	)		—			(1.28	)	$	62.82		51.23	%	$	18,847		0.95	%		1.14	%		(0.64	)%		0.95	%		1.14	%		(0.64	)%		128	%
For the Year Ended October 31, 2010	$	42.56		0.56			0.57			5.03			5.59			(0.77	)		(4.20	)		—			(4.97	)	$	43.18		15.27	%	$	15,114		0.95	%		1.61	%		1.42	%		0.95	%		1.61	%		1.42	%		658	%
Direxion Daily 20+ Year Treasury Bear 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	38.96		(0.13	)		(0.13	)		(9.54	)		(9.67	)		—			—			—			—		$	29.29		(24.82	)%	$	453,979		0.90	%		0.91	%		(0.89	)%		0.90	%		0.90	%		(0.89	)%		0	%
For the Year Ended October 31, 2014	$	64.67		(0.48	)		(0.48	)		(25.23	)		(25.71	)		—			—			—			—		$	38.96		(39.76	)%	$	527,945		0.91	%		0.91	%		(0.90	)%		0.90	%		0.90	%		(0.90	)%		0	%
For the Year Ended October 31, 2013	$	53.35		(0.56	)		(0.55	)		11.88			11.32			—			—			—			—		$	64.67		21.22	%	$	543,198		0.92	%		0.92	%		(0.91	)%		0.91	%		0.91	%		(0.91	)%		0	%
For the Year Ended October 31, 2012	$	83.34		(0.55	)		(0.55	)		(29.44	)		(29.99	)		—			—			—			—		$	53.35		(35.99	)%	$	298,754		0.93	%		0.92	%		(0.93	)%		0.93	%		0.92	%		(0.93	)%		0	%
For the Year Ended October 31, 2011	$	191.75		(1.50	)		(1.48	)		(106.91	)		(108.41	)		—			—			—			—		$	83.34		(56.54	)%	$	295,029		0.93	%		0.94	%		(0.89	)%		0.92	%		0.93	%		(0.88	)%		0	%
For the Year Ended October 31, 2010	$	324.45		(2.10	)		(2.05	)		(93.85	)		(95.95	)		—			(35.00	)		(1.75	)		(36.75	)	$	191.75		(33.48	)%	$	222,430		0.95	%		0.95	%		(0.87	)%		0.95	%		0.95	%		(0.87	)%		0	%
Direxion Daily Brazil Bull 3X Shares13
For the Six Months Ended April 30, 2015 (Unaudited)	$	151.00		(0.36	)		(0.36	)		(74.58	)		(74.94	)		—			—			—			—		$	76.06		(49.60	)%	$	51,719		0.95	%		1.06	%		(0.94	)%		0.95	%		1.06	%		(0.94	)%		0	%
For the Year Ended October 31, 2014	$	284.30		(0.70	)		(0.70	)		(132.60	)		(133.30	)		—			—			—			—		$	151.00		(46.89	)%	$	40,761		0.97	%		1.38	%		(0.35	)%		0.95	%		1.36	%		(0.33	)%		229	%
For the Period April 10, 20139 through October 31, 2013	$	400.00		(0.40	)		(0.40	)		(114.90	)		(115.30	)		—			—			(0.40	)		(0.40	)	$	284.30		(28.81	)%	$	5,685		0.95	%		3.22	%		(0.26	)%		0.95	%		3.22	%		(0.26	)%		50	%
Direxion Daily Developed Markets Bull 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	65.42		(0.31	)		(0.30	)		7.62			7.31			—			—			—			—		$	72.73		11.17	%	$	32,728		0.97	%		1.11	%		(0.96	)%		0.95	%		1.09	%		(0.94	)%		296	%
For the Year Ended October 31, 2014	$	69.40		(0.54	)		(0.53	)		(3.44	)		(3.98	)		—			—			—			—		$	65.42		(5.73	)%	$	35,982		0.97	%		1.06	%		(0.75	)%		0.95	%		1.05	%		(0.73	)%		32	%
For the Year Ended October 31, 2013	$	36.93		(0.44	)		(0.43	)		32.98			32.54			(0.07	)		—			—			(0.07	)	$	69.40		88.23	%	$	52,047		0.97	%		1.25	%		(0.84	)%		0.95	%		1.24	%		(0.82	)%		161	%
For the Year Ended October 31, 2012	$	39.57		(0.04	)		(0.03	)		(0.05	)		(0.09	)		(0.19	)		(2.36	)		—			(2.55	)	$	36.93		1.51	%	$	20,313		0.98	%		1.42	%		(0.13	)%		0.95	%		1.40	%		(0.10	)%		0	%
For the Year Ended October 31, 2011	$	65.30		0.63			0.68			(20.58	)		(19.95	)		(1.83	)		(3.95	)		—			(5.78	)	$	39.57		(33.56	)%	$	21,766		1.03	%		1.39	%		1.04	%		0.95	%		1.31	%		1.12	%		116	%
For the Year Ended October 31, 2010	$	75.46		0.43			0.63			6.39			6.82			(0.73	)		(16.25	)		—			(16.98	)	$	65.30		10.27	%	$	22,857		1.26	%		1.89	%		0.71	%		0.95	%		1.58	%		1.02	%		85	%
Direxion Daily Developed Markets Bear 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	32.48		(0.15	)		(0.15	)		(5.98	)		(6.13	)		—			—			—			—		$	26.35		(18.87	)%	$	4,873		0.96	%		1.82	%		(0.95	)%		0.95	%		1.82	%		(0.94	)%		0	%
For the Year Ended October 31, 2014	$	36.33		(0.31	)		(0.31	)		(3.54	)		(3.85	)		—			—			—			—		$	32.48		(10.60	)%	$	9,255		0.95	%		2.09	%		(0.95	)%		0.95	%		2.08	%		(0.95	)%		0	%
For the Year Ended October 31, 2013	$	84.68		(0.52	)		(0.52	)		(47.83	)		(48.35	)		—			—			—			—		$	36.33		(57.10	)%	$	8,534		0.95	%		1.88	%		(0.94	)%		0.95	%		1.88	%		(0.94	)%		0	%
For the Year Ended October 31, 2012	$	135.68		(1.08	)		(1.04	)		(49.92	)		(51.00	)		—			—			—			—		$	84.68		(37.59	)%	$	15,662		0.96	%		1.55	%		(0.96	)%		0.95	%		1.53	%		(0.95	)%		0	%
For the Year Ended October 31, 2011	$	187.80		(1.36	)		(1.36	)		(50.76	)		(52.12	)		—			—			—			—		$	135.68		(27.75	)%	$	14,922		0.95	%		1.70	%		(0.91	)%		0.95	%		1.70	%		(0.91	)%		0	%
For the Year Ended October 31, 2010	$	365.20		(2.40	)		(2.40	)		(175.00	)		(177.40	)		—			—			—			—		$	187.80		(48.58	)%	$	15,496		0.95	%		1.88	%		(0.86	)%		0.95	%		1.88	%		(0.86	)%		0	%

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

138 DIREXION SEMI-ANNUAL REPORT

Financial Highlights

April 30, 2015

																																		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 Emerging Markets Bull 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	27.72	$	(0.12	)	$	(0.12	)	$	1.08		$	0.96		$	—		$	—		$	—		$	—		$	28.68		3.46	%	$	236,004		0.95	%		0.96	%		(0.95	)%		0.95	%		0.96	%		(0.94	)%		88	%
For the Year Ended October 31, 2014	$	29.87		(0.21	)		(0.21	)		(1.94	)		(2.15	)		—			—			—			—		$	27.72		(7.20	)%	$	287,673		0.96	%		0.99	%		(0.76	)%		0.95	%		0.98	%		(0.75	)%		116	%
For the Year Ended October 31, 2013	$	28.90		(0.16	)		(0.15	)		1.16			1.00			—			—			(0.03	)		(0.03	)	$	29.87		3.43	%	$	312,983		0.96	%		1.03	%		(0.53	)%		0.95	%		1.01	%		(0.51	)%		41	%
For the Year Ended October 31, 2012	$	32.45		(0.09	)		(0.09	)		(3.43	)		(3.52	)		(0.03	)		—			—			(0.03	)	$	28.90		(10.81	)%	$	330,345		0.96	%		0.98	%		(0.34	)%		0.95	%		0.97	%		(0.34	)%		0	%
For the Year Ended October 31, 2011	$	62.37		(0.18	)		(0.17	)		(27.90	)		(28.08	)		(0.04	)		(1.80	)		—			(1.84	)	$	32.45		(46.33	)%	$	410,780		0.97	%		1.01	%		(0.35	)%		0.95	%		0.99	%		(0.33	)%		187	%
For the Year Ended October 31, 2010	$	49.00		0.32			0.32			22.70			23.02			(0.32	)		(9.33	)		—			(9.65	)	$	62.37		50.97	%	$	353,661		0.96	%		1.02	%		0.63	%		0.95	%		1.01	%		0.64	%		148	%
Direxion Daily Emerging Markets Bear 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	32.73		(0.16	)		(0.16	)		(5.86	)		(6.02	)		—			—			—			—		$	26.71		(18.39	)%	$	104,928		0.96	%		0.99	%		(0.95	)%		0.95	%		0.98	%		(0.94	)%		0	%
For the Year Ended October 31, 2014	$	40.45		(0.35	)		(0.35	)		(7.37	)		(7.72	)		—			—			—			—		$	32.73		(19.09	)%	$	86,012		0.95	%		1.01	%		(0.95	)%		0.95	%		1.01	%		(0.95	)%		0	%
For the Year Ended October 31, 2013	$	58.85		(0.48	)		(0.47	)		(17.92	)		(18.40	)		—			—			—			—		$	40.45		(31.27	)%	$	106,297		0.95	%		1.08	%		(0.95	)%		0.95	%		1.08	%		(0.95	)%		0	%
For the Year Ended October 31, 2012	$	94.35		(0.70	)		(0.70	)		(34.80	)		(35.50	)		—			—			—			—		$	58.85		(37.63	)%	$	124,084		0.96	%		1.02	%		(0.96	)%		0.95	%		1.01	%		(0.95	)%		0	%
For the Year Ended October 31, 2011	$	120.45		(0.95	)		(0.95	)		(25.15	)		(26.10	)		—			—			—			—		$	94.35		(21.67	)%	$	113,942		0.95	%		1.05	%		(0.91	)%		0.95	%		1.05	%		(0.91	)%		0	%
For the Year Ended October 31, 2010	$	366.50		(1.85	)		(1.85	)		(244.20	)		(246.05	)		—			—			—			—		$	120.45		(67.14	)%	$	127,414		0.95	%		1.06	%		(0.87	)%		0.95	%		1.06	%		(0.87	)%		0	%
Direxion Daily FTSE China Bull 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	31.65		(0.18	)		(0.18	)		31.30			31.12			—			(0.07	)		—			(0.07	)	$	62.70		98.54	%	$	194,378		0.97	%		1.03	%		(0.96	)%		0.95	%		1.01	%		(0.94	)%		27	%
For the Year Ended October 31, 2014	$	30.02		(0.24	)		(0.23	)		1.87			1.63			—			—			—			—		$	31.65		5.43	%	$	110,784		0.96	%		1.03	%		(0.88	)%		0.95	%		1.02	%		(0.87	)%		103	%
For the Year Ended October 31, 2013	$	16.45		(0.14	)		(0.14	)		13.71			13.57			—			—			—			—		$	30.02		82.49	%	$	81,066		0.97	%		1.05	%		(0.72	)%		0.95	%		1.03	%		(0.71	)%		36	%
For the Year Ended October 31, 2012	$	22.90		(0.09	)		(0.09	)		(6.36	)		(6.45	)		—			—			—			—		$	16.45		(28.17	)%	$	55,095		0.96	%		1.11	%		(0.49	)%		0.95	%		1.10	%		(0.48	)%		34	%
For the Year Ended October 31, 2011	$	52.47		(0.12	)		(0.11	)		(28.07	)		(28.19	)		—			(1.38	)		—			(1.38	)	$	22.90		(54.98	)%	$	45,799		0.97	%		1.08	%		(0.28	)%		0.95	%		1.06	%		(0.26	)%		39	%
For the Period December 3, 20099 through October 31, 2010	$	40.00		0.09			0.09			12.52			12.61			(0.14	)		—			—			(0.14	)	$	52.47		31.71	%	$	52,466		0.96	%		1.21	%		0.27	%		0.95	%		1.20	%		0.28	%		131	%
Direxion Daily FTSE China Bear 3X Shares13
For the Six Months Ended April 30, 2015 (Unaudited)	$	144.20		(0.41	)		(0.40	)		(90.80	)		(91.21	)		—			—			—			—		$	52.99		(63.25	)%	$	34,813		0.95	%		1.30	%		(0.94	)%		0.95	%		1.30	%		(0.93	)%		0	%
For the Year Ended October 31, 2014	$	227.40		(1.90	)		(1.90	)		(81.30	)		(83.20	)		—			—			—			—		$	144.20		(36.59	)%	$	13,986		0.96	%		1.18	%		(0.95	)%		0.95	%		1.18	%		(0.94	)%		0	%
For the Year Ended October 31, 2013	$	626.00		(4.00	)		(3.90	)		(394.60	)		(398.60	)		—			—			—			—		$	227.40		(63.67	)%	$	9,549		0.96	%		1.39	%		(0.95	)%		0.95	%		1.38	%		(0.94	)%		0	%
For the Year Ended October 31, 2012	$	813.50		(7.00	)		(6.90	)		(180.50	)		(187.50	)		—			—			—			—		$	626.00		(23.05	)%	$	11,894		0.97	%		1.34	%		(0.97	)%		0.95	%		1.32	%		(0.95	)%		0	%
For the Year Ended October 31, 2011	$	848.50		(7.50	)		(7.50	)		(27.50	)		(35.00	)		—			—			—			—		$	813.50		(4.12	)%	$	10,575		0.95	%		1.34	%		(0.91	)%		0.95	%		1.34	%		(0.91	)%		0	%
For the Period December 3, 20099 through October 31, 2010	$	2,000.00		(12.50	)		(12.50	)		(1,139.00	)		(1,151.50	)		—			—			—			—		$	848.50		(57.58	)%	$	6,787		0.96	%		1.60	%		(0.88	)%		0.95	%		1.59	%		(0.87	)%		0	%
Direxion Daily FTSE Europe Bull 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	32.10		(0.09	)		(0.09	)		3.87			3.78			(0.05	)		—			—			(0.05	)	$	35.83		11.79	%	$	55,536		0.95	%		1.00	%		(0.58	)%		0.95	%		1.00	%		(0.58	)%		0	%
For the Period January 22, 20149 through October 31, 2014	$	40.00		0.27			0.27			(7.99	)		(7.72	)		(0.18	)		—			—			(0.18	)	$	32.10		(19.35	)%	$	9,631		0.95	%		1.74	%		0.91	%		0.95	%		1.74	%		0.91	%		0	%
Direxion Daily India Bull 3X Shares10
For the Six Months Ended April 30, 2015 (Unaudited)	$	25.47		(0.11	)		(0.11	)		(6.41	)		(6.52	)		—			—			—			—		$	18.95		(25.63	)%	$	111,766		0.97	%		1.01	%		(0.96	)%		0.95	%		0.99	%		(0.94	)%		427	%
For the Year Ended October 31, 2014	$	13.39		(0.16	)		(0.16	)		12.24			12.08			—			—			—			—		$	25.47		90.24	%	$	78,949		0.98	%		1.04	%		(0.90	)%		0.95	%		1.02	%		(0.87	)%		195	%
For the Year Ended October 31, 2013	$	18.47		(0.12	)		(0.12	)		(4.95	)		(5.07	)		—			—			(0.01	)		(0.01	)	$	13.39		(27.45	)%	$	36,144		0.96	%		1.12	%		(0.76	)%		0.95	%		1.11	%		(0.75	)%		190	%
For the Year Ended October 31, 2012	$	28.38		(0.15	)		(0.15	)		(9.76	)		(9.91	)		—			—			—			—		$	18.47		(34.92	)%	$	22,159		0.96	%		1.21	%		(0.78	)%		0.95	%		1.20	%		(0.77	)%		65	%
For the Year Ended October 31, 2011	$	50.93		(0.29	)		(0.28	)		(21.97	)		(22.26	)		—			(0.29	)		—			(0.29	)	$	28.38		(43.93	)%	$	14,190		0.96	%		1.18	%		(0.75	)%		0.95	%		1.17	%		(0.74	)%		0	%
For the Period March 11, 20109 through October 31, 2010	$	40.00		(0.24	)		(0.23	)		11.17			10.93			—			—			—			—		$	50.93		27.33	%	$	10,185		0.96	%		2.11	%		(0.86	)%		0.95	%		2.10	%		(0.86	)%		0	%

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

DIREXION SEMI-ANNUAL REPORT 139

Financial Highlights

April 30, 2015

																																		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 Japan Bull 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	48.91	$	(0.23	)	$	(0.23	)	$	9.02		$	8.79		$	—		$	—		$	—		$	—		$	57.70		17.97	%	$	17,311		0.96	%		1.64	%		(0.95	)%		0.95	%		1.63	%		(0.94	)%		22	%
For the Year Ended October 31, 2014	$	49.65		(0.29	)		(0.28	)		(0.14	)		(0.43	)		—			(0.31	)		—			(0.31	)	$	48.91		(0.87	)%	$	7,337		0.96	%		1.69	%		(0.63	)%		0.95	%		1.68	%		(0.63	)%		0	%
For the Period June 26, 20139 through October 31, 2013	$	40.00		(0.13	)		(0.12	)		9.78			9.65			—			—			—			—		$	49.65		24.13	%	$	4,965		0.96	%		2.94	%		(0.76	)%		0.95	%		2.93	%		(0.75	)%		0	%
Direxion Daily Latin America Bull 3X Shares12
For the Six Months Ended April 30, 2015 (Unaudited)	$	74.16		(0.21	)		(0.21	)		(28.55	)		(28.76	)		—			—			—			—		$	45.40		(38.78	)%	$	23,607		0.95	%		1.15	%		(0.95	)%		0.95	%		1.15	%		(0.94	)%		0	%
For the Year Ended October 31, 2014	$	104.32		(0.48	)		(0.44	)		(29.68	)		(30.16	)		—			—			—			—		$	74.16		(28.91	)%	$	21,879		0.96	%		1.18	%		(0.54	)%		0.95	%		1.17	%		(0.52	)%		64	%
For the Year Ended October 31, 2013	$	130.92		(0.60	)		(0.60	)		(25.68	)		(26.28	)		—			—			(0.32	)		(0.32	)	$	104.32		(20.13	)%	$	24,254		0.96	%		1.18	%		(0.51	)%		0.95	%		1.17	%		(0.50	)%		124	%
For the Year Ended October 31, 2012	$	196.72		(0.08	)		—			(50.00	)		(50.08	)		(1.44	)		(14.28	)		—			(15.72	)	$	130.92		(26.27	)%	$	25,526		1.02	%		1.01	%		(0.06	)%		0.95	%		0.94	%		0.01	%		0	%
For the Year Ended October 31, 2011	$	397.92		1.68			1.76			(173.96	)		(172.28	)		(6.84	)		(22.08	)		—			(28.92	)	$	196.75		(46.60	)%	$	43,276		0.98	%		1.30	%		0.57	%		0.95	%		1.27	%		0.60	%		102	%
For the Period December 3, 20099 through October 31, 2010	$	400.00		2.32			2.32			(2.40	)		(0.08	)		(2.00	)		—			—			(2.00	)	$	397.92		0.15	%	$	35,811		0.97	%		1.57	%		0.83	%		0.95	%		1.55	%		0.85	%		54	%
Direxion Daily Russia Bull 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	63.48		(0.12	)		(0.12	)		(31.41	)		(31.53	)		—			(0.02	)		—			(0.02	)	$	31.93		(49.69	)%	$	240,782		0.96	%		0.96	%		(0.95	)%		0.95	%		0.95	%		(0.94	)%		363	%
For the Year Ended October 31, 2014	$	180.54		(0.84	)		(0.83	)		(116.22	)		(117.06	)		—			—			—			—		$	63.48		(64.84	)%	$	172,460		0.96	%		1.01	%		(0.96	)%		0.95	%		1.00	%		(0.95	)%		72	%
For the Year Ended October 31, 2013	$	168.18		(1.56	)		(1.50	)		13.92			12.36			—			—			—			—		$	180.54		7.35	%	$	22,561		0.98	%		1.27	%		(0.96	)%		0.95	%		1.24	%		(0.93	)%		267	%
For the Year Ended October 31, 2012	$	297.18		(1.02	)		(1.02	)		(127.44	)		(128.46	)		(0.54	)		—			—			(0.54	)	$	168.18		(43.25	)%	$	19,620		0.97	%		1.39	%		(0.54	)%		0.95	%		1.37	%		(0.53	)%		114	%
For the Period May 25, 20119 through October 31, 2011	$	720.00		(1.68	)		(1.68	)		(421.14	)		(422.82	)		—			—			—			—		$	297.18		(58.73	)%	$	9,906		0.95	%		3.29	%		(0.94	)%		0.95	%		3.29	%		(0.94	)%		108	%
Direxion Daily Russia Bear 3X Shares12
For the Six Months Ended April 30, 2015 (Unaudited)	$	59.24		(0.26	)		(0.26	)		(30.27	)		(30.53	)		—			—			—			—		$	28.71		(51.52	)%	$	68,903		0.96	%		0.96	%		(0.95	)%		0.95	%		0.95	%		(0.94	)%		0	%
For the Year Ended October 31, 2014	$	48.56		(0.52	)		(0.52	)		11.20			10.68			—			—			—			—		$	59.24		21.99	%	$	16,286		0.95	%		1.14	%		(0.95	)%		0.95	%		1.14	%		(0.95	)%		0	%
For the Year Ended October 31, 2013	$	83.12		(0.64	)		(0.64	)		(33.92	)		(34.56	)		—			—			—			—		$	48.56		(41.58	)%	$	9,103		0.96	%		1.34	%		(0.96	)%		0.95	%		1.33	%		(0.95	)%		0	%
For the Year Ended October 31, 2012	$	141.28		(1.00	)		(0.96	)		(57.16	)		(58.16	)		—			—			—			—		$	83.12		(41.17	)%	$	10,388		0.99	%		1.86	%		(0.98	)%		0.95	%		1.83	%		(0.95	)%		0	%
For the Period May 25, 20119 through October 31, 2011	$	160.00		(0.68	)		(0.68	)		(18.04	)		(18.72	)		—			—			—			—		$	141.28		(11.70	)%	$	3,532		0.96	%		3.57	%		(0.94	)%		0.95	%		3.56	%		(0.93	)%		0	%
Direxion Daily South Korea Bull 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	38.87		(0.17	)		(0.17	)		4.90			4.73			—			—			—			—		$	43.60		12.17	%	$	4,360		0.95	%		2.19	%		(0.95	)%		0.95	%		2.19	%		(0.94	)%		0	%
For the Year Ended October 31, 2014	$	54.54		(0.34	)		(0.33	)		(14.20	)		(14.54	)		—			(1.13	)		—			(1.13	)	$	38.87		(27.06	)%	$	1,943		0.97	%		2.92	%		(0.69	)%		0.95	%		2.90	%		(0.66	)%		0	%
For the Period April 10, 20139 through October 31, 2013	$	40.00		(0.23	)		(0.23	)		14.77			14.54			—			—			—			—		$	54.54		36.35	%	$	2,727		0.95	%		4.72	%		(0.95	)%		0.95	%		4.72	%		(0.95	)%		0	%
Direxion Daily Basic Materials Bull 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	61.20		(0.30	)		(0.30	)		7.08			6.78			—			—			—			—		$	67.98		11.08	%	$	6,798		0.96	%		0.96	%		(0.95	)%		0.95	%		0.95	%		(0.94	)%		0	%
For the Year Ended October 31, 2014	$	45.84		(0.14	)		(0.14	)		15.50			15.36			—			—			—			—		$	61.20		33.51	%	$	6,120		0.95	%		1.95	%		(0.24	)%		0.95	%		1.94	%		(0.23	)%		0	%
For the Year Ended October 31, 2013	$	25.83		(0.25	)		(0.25	)		20.26			20.01			—			—			—			—		$	45.84		77.47	%	$	2,292		0.95	%		3.03	%		(0.76	)%		0.95	%		3.03	%		(0.76	)%		164	%
For the Year Ended October 31, 2012	$	24.78		(0.12	)		(0.12	)		1.17			1.05			—			—			—			—		$	25.83		4.24	%	$	2,583		0.95	%		2.25	%		(0.46	)%		0.95	%		2.25	%		(0.46	)%		45	%
For the Period June 15, 20119 through October 31, 2011	$	40.00		(0.03	)		(0.03	)		(15.19	)		(15.22	)		—			—			—			—		$	24.78		(38.05	)%	$	3,717		0.95	%		3.81	%		(0.24	)%		0.95	%		3.81	%		(0.24	)%		76	%
Direxion Daily Gold Miners Index Bull 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	11.03		(0.06	)		(0.06	)		1.17			1.11			—			—			—			—		$	12.14		10.06	%	$	821,904		0.94	%		0.93	%		(0.93	)%		0.93	%		0.92	%		(0.93	)%		283	%
For the Year Ended October 31, 2014	$	48.24		(0.28	)		(0.28	)		(36.93	)		(37.21	)		—			—			—			—		$	11.03		(77.14	)%	$	552,267		0.96	%		0.95	%		(0.81	)%		0.95	%		0.94	%		(0.80	)%		435	%
For the Year Ended October 31, 2013	$	826.00		(0.39	)		(0.38	)		(777.37	)		(777.76	)		—			—			—			—		$	48.24		(94.16	)%	$	647,626		0.96	%		0.94	%		(0.90	)%		0.95	%		0.93	%		(0.89	)%		0	%
For the Year Ended October 31, 2012	$	1,628.00		(6.50	)		(6.30	)		(744.55	)		(750.90	)		—			(50.95	)		—			(50.95	)	$	826.00		(47.00	)%	$	418,014		0.96	%		0.97	%		(0.89	)%		0.95	%		0.96	%		(0.89	)%		39	%

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

140 DIREXION SEMI-ANNUAL REPORT

Financial Highlights

April 30, 2015

																																	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
For the Period December 8, 20109 through October 31, 2011	$	2,000.00	$	(13.50	)	$	(13.50	)	$	(358.50	)	$	(372.00	)	$	—		$	—		$	—	$	—		$	1,628.00		(18.60	)%	$	109,073		0.96	%		1.14	%		(0.91	)%		0.95	%		1.13	%		(0.90	)%		13	%
Direxion Daily Gold Miners Index Bear 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	46.52		(0.09	)		(0.08	)		(33.18	)		(33.27	)		—			—			—		—		$	13.25		(71.52	)%	$	196,107		0.97	%		0.99	%		(0.96	)%		0.95	%		0.97	%		(0.94	)%		0	%
For the Year Ended October 31, 2014	$	30.75		(0.22	)		(0.21	)		15.99			15.77			—			—			—		—		$	46.52		51.28	%	$	193,040		0.97	%		0.97	%		(0.96	)%		0.95	%		0.95	%		(0.94	)%		0	%
For the Year Ended October 31, 2013	$	11.90		(0.29	)		(0.29	)		19.14			18.85			—			—			—		—		$	30.75		158.51	%	$	156,835		0.97	%		1.00	%		(0.96	)%		0.95	%		0.98	%		(0.94	)%		0	%
For the Year Ended October 31, 2012	$	16.61		(0.17	)		(0.16	)		(3.56	)		(3.72	)		—			(0.99	)		—		(0.99	)	$	11.90		(24.70	)%	$	47,578		0.96	%		1.17	%		(0.96	)%		0.95	%		1.16	%		(0.95	)%		0	%
For the Period December 8, 20109 through October 31, 2011	$	20.00		(0.17	)		(0.17	)		(3.23	)		(3.40	)		—			—			—		—		$	16.61		(16.98	)%	$	8,303		0.95	%		1.83	%		(0.92	)%		0.95	%		1.83	%		(0.92	)%		0	%
Direxion Daily Healthcare Bull 3X Shares10
For the Six Months Ended April 30, 2015 (Unaudited)	$	29.66		(0.15	)		(0.15	)		5.50			5.35			—			—			—		—		$	35.01		18.05	%	$	371,147		0.97	%		0.97	%		(0.88	)%		0.95	%		0.95	%		(0.86	)%		0	%
For the Year Ended October 31, 2014	$	15.02		(0.12	)		(0.12	)		14.98			14.86			—			(0.22	)		—		(0.22	)	$	29.66		100.25	%	$	189,820		0.97	%		1.01	%		(0.57	)%		0.95	%		0.99	%		(0.55	)%		46	%
For the Year Ended October 31, 2013	$	6.65		(0.02	)		(0.02	)		8.39			8.37			—			—			—		—		$	15.02		125.87	%	$	48,047		0.97	%		1.11	%		(0.20	)%		0.95	%		1.10	%		(0.18	)%		7	%
For the Year Ended October 31, 2012	$	4.09		(0.03	)		(0.03	)		2.68			2.65			—			(0.09	)		—		(0.09	)	$	6.65		66.77	%	$	5,319		0.98	%		2.24	%		(0.60	)%		0.95	%		2.21	%		(0.57	)%		0	%
For the Period June 15, 20119 through October 31, 2011	$	5.00		—			—			(0.91	)		(0.91	)		—			—			—		—		$	4.09		(18.33	)%	$	4,901		0.95	%		3.43	%		(0.02	)%		0.95	%		3.43	%		(0.02	)%		48	%
Direxion Daily Junior Gold Miners Index Bull 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	39.05		(0.13	)		(0.13	)		(16.54	)		(16.67	)		—			(1.12	)		—		(1.12	)	$	21.26		(43.33	)%	$	188,981		0.95	%		0.97	%		(0.94	)%		0.95	%		0.97	%		(0.94	)%		472	%
For the Year Ended October 31, 2014	$	306.00		(1.68	)		(1.67	)		(265.26	)		(266.94	)		(0.01	)		—			—		(0.01	)	$	39.05		(87.25	)%	$	168,091		0.96	%		0.95	%		(0.96	)%		0.95	%		0.94	%		(0.95	)%		168	%
For the Period October 3, 20139 through October 31, 2013	$	400.00		(0.30	)		(0.30	)		(93.70	)		(94.00	)		—			—			—		—		$	306.00		(23.50	)%	$	4,590		0.95	%		8.58	%		(0.95	)%		0.95	%		8.58	%		(0.95	)%		0	%
Direxion Daily Junior Gold Miners Index Bear 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	34.60		(0.05	)		(0.05	)		(25.29	)		(25.34	)		—			(0.95	)		—		(0.95	)	$	8.31		(74.71	)%	$	88,879		0.97	%		1.02	%		(0.96	)%		0.95	%		1.00	%		(0.94	)%		0	%
For the Year Ended October 31, 2014	$	42.69		(0.14	)		(0.14	)		(7.95	)		(8.09	)		(0.00	)14		—			—		(0.00	)14	$	34.60		(18.94	)%	$	51,893		0.96	%		1.05	%		(0.95	)%		0.95	%		1.04	%		(0.95	)%		0	%
For the Period October 3, 20139 through October 31, 2013	$	40.00		(0.03	)		(0.03	)		2.72			2.69			—			—			—		—		$	42.69		6.73	%	$	4,269		0.95	%		9.13	%		(0.95	)%		0.95	%		9.13	%		(0.95	)%		0	%
Direxion Daily Natural Gas Related Bull 3X Shares13
For the Six Months Ended April 30, 2015 (Unaudited)	$	128.50		(0.10	)		(0.10	)		(83.15	)		(83.25	)		—			—			—		—		$	45.25		(64.75	)%	$	119,470		0.95	%		0.99	%		(0.53	)%		0.95	%		0.99	%		(0.53	)%		48	%
For the Year Ended October 31, 2014	$	348.00		(2.50	)		(2.30	)		(217.00	)		(219.50	)		—			—			—		—		$	128.50		(63.07	)%	$	42,412		0.99	%		1.19	%		(0.79	)%		0.95	%		1.15	%		(0.75	)%		133	%
For the Year Ended October 31, 2013	$	247.20		(1.80	)		(1.80	)		102.60			100.80			—			—			—		—		$	348.00		40.78	%	$	20,877		0.96	%		1.16	%		(0.79	)%		0.95	%		1.15	%		(0.78	)%		251	%
For the Year Ended October 31, 2012	$	482.70		(1.60	)		(1.60	)		(233.10	)		(234.70	)		(0.80	)		—			—		(0.80	)	$	247.20		(48.69	)%	$	22,244		0.96	%		1.25	%		(0.57	)%		0.95	%		1.25	%		(0.57	)%		141	%
For the Year Ended October 31, 2011	$	435.00		(3.10	)		(3.00	)		51.30			48.20			(0.50	)		—			—		(0.50	)	$	482.70		11.07	%	$	14,481		0.97	%		1.53	%		(0.55	)%		0.95	%		1.51	%		(0.53	)%		40	%
For the Period July 14, 20109 through October 31, 2010	$	400.00		(0.50	)		(0.50	)		35.50			35.00			—			—			—		—		$	435.00		8.75	%	$	4,350		0.95	%		3.67	%		(0.45	)%		0.95	%		3.67	%		(0.45	)%		30	%
Direxion Daily Retail Bull 3X Shares10
For the Six Months Ended April 30, 2015 (Unaudited)	$	19.68		0.01			0.01			10.47			10.48			—			—			—		—		$	30.16		53.27	%	$	42,225		0.98	%		1.08	%		0.08	%		0.95	%		1.05	%		0.10	%		0	%
For the Year Ended October 31, 2014	$	17.76		(0.10	)		(0.10	)		2.02			1.92			—			—			—		—		$	19.68		10.80	%	$	15,741		0.99	%		1.27	%		(0.54	)%		0.95	%		1.23	%		(0.50	)%		2	%
For the Year Ended October 31, 2013	$	9.11		(0.07	)		(0.07	)		9.22			9.15			—			(0.50	)		—		(0.50	)	$	17.76		106.43	%	$	17,760		0.98	%		1.38	%		(0.59	)%		0.95	%		1.36	%		(0.57	)%		25	%
For the Year Ended October 31, 2012	$	5.16		(0.05	)		(0.04	)		4.24			4.19			—			(0.24	)		—		(0.24	)	$	9.11		85.76	%	$	10,934		0.98	%		1.87	%		(0.61	)%		0.95	%		1.83	%		(0.57	)%		93	%
For the Year Ended October 31, 2011	$	4.16		(0.02	)		(0.01	)		1.08			1.06			(0.02	)		(0.04	)		—		(0.06	)	$	5.16		25.25	%	$	3,093		0.98	%		2.17	%		(0.29	)%		0.95	%		2.14	%		(0.26	)%		111	%
For the Period July 14, 20109 through October 31, 2010	$	3.33		—			—			0.83			0.83			—			—			—		—		$	4.16		24.96	%	$	4,996		0.95	%		3.76	%		(0.21	)%		0.95	%		3.76	%		(0.21	)%		1	%

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

DIREXION SEMI-ANNUAL REPORT 141

Financial Highlights

April 30, 2015

																																	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 Semiconductor Bull 3X Shares10
For the Six Months Ended April 30, 2015 (Unaudited)	$	27.61	$	(0.09	)	$	(0.08	)	$	4.97		$	4.88		$	(0.00	)14	$	—		$	—	$	(0.00	)14	$	32.49		17.68	%	$	149,448		0.99	%		1.03	%		(0.55	)%		0.95	%		0.99	%		(0.51	)%		5	%
For the Year Ended October 31, 2014	$	14.63		(0.10	)		(0.09	)		13.08			12.98			—			—			—		—		$	27.61		88.74	%	$	165,650		1.01	%		1.08	%		(0.45	)%		0.95	%		1.02	%		(0.40	)%		8	%
For the Year Ended October 31, 2013	$	5.94		(0.06	)		(0.06	)		8.75			8.69			—			—			—		—		$	14.63		146.36	%	$	55,587		0.99	%		1.09	%		(0.67	)%		0.95	%		1.05	%		(0.63	)%		16	%
For the Year Ended October 31, 2012	$	8.22		(0.05	)		(0.05	)		(2.23	)		(2.28	)		—			—			—		—		$	5.94		(27.80	)%	$	92,609		0.97	%		1.05	%		(0.62	)%		0.95	%		1.03	%		(0.61	)%		84	%
For the Year Ended October 31, 2011	$	9.37		(0.06	)		(0.06	)		(1.09	)		(1.15	)		—			—			—		—		$	8.22		(12.27	)%	$	121,685		0.98	%		1.06	%		(0.58	)%		0.95	%		1.03	%		(0.55	)%		69	%
For the Period March 11, 20109 through October 31, 2010	$	10.00		(0.01	)		(0.01	)		(0.62	)		(0.63	)		—			—			—		—		$	9.37		(6.25	)%	$	61,853		0.95	%		1.27	%		(0.20	)%		0.95	%		1.27	%		(0.20	)%		46	%
Direxion Daily Semiconductor Bear 3X Shares12
For the Six Months Ended April 30, 2015 (Unaudited)	$	68.84		(0.25	)		(0.25	)		(20.02	)		(20.27	)		—			—			—		—		$	48.57		(29.46	)%	$	21,855		0.95	%		1.11	%		(0.94	)%		0.95	%		1.11	%		(0.94	)%		0	%
For the Year Ended October 31, 2014	$	181.92		(1.04	)		(1.04	)		(112.04	)		(113.08	)		—			—			—		—		$	68.84		(62.16	)%	$	22,365		0.95	%		1.13	%		(0.94	)%		0.95	%		1.13	%		(0.94	)%		0	%
For the Year Ended October 31, 2013	$	636.96		(2.76	)		(2.76	)		(452.28	)		(455.04	)		—			—			—		—		$	181.92		(71.44	)%	$	29,556		0.95	%		1.09	%		(0.95	)%		0.95	%		1.08	%		(0.94	)%		0	%
For the Year Ended October 31, 2012	$	876.64		(5.76	)		(5.76	)		(233.92	)		(239.68	)		—			—			—		—		$	636.96		(27.33	)%	$	29,858		0.95	%		1.16	%		(0.95	)%		0.95	%		1.16	%		(0.94	)%		0	%
For the Year Ended October 31, 2011	$	1,844.00		(10.40	)		(9.76	)		(888.00	)		(898.40	)		—			(68.96	)		—		(68.96	)	$	876.64		(49.74	)%	$	19,172		1.01	%		1.32	%		(0.97	)%		0.95	%		1.26	%		(0.91	)%		0	%
For the Period March 11, 20109 through October 31, 2010	$	3,200.00		(14.40	)		(14.40	)		(1,341.60	)		(1,356.00	)		—			—			—		—		$	1,844.00		(42.38	)%	$	9,219		0.96	%		1.78	%		(0.87	)%		0.95	%		1.77	%		(0.86	)%		0	%
Direxion Daily Energy Bull 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	84.21		(0.12	)		(0.12	)		(17.60	)		(17.72	)		—			—			—		—		$	66.49		(21.05	)%	$	458,752		0.96	%		0.96	%		(0.42	)%		0.95	%		0.95	%		(0.40	)%		84	%
For the Year Ended October 31, 2014	$	83.24		(0.86	)		(0.80	)		1.83			0.97			—			—			—		—		$	84.21		1.17	%	$	235,801		1.02	%		1.04	%		(0.90	)%		0.95	%		0.97	%		(0.83	)%		0	%
For the Year Ended October 31, 2013	$	49.69		(0.53	)		(0.50	)		34.08			33.55			—			—			—		—		$	83.24		67.52	%	$	141,510		1.00	%		1.02	%		(0.88	)%		0.95	%		0.97	%		(0.82	)%		196	%
For the Year Ended October 31, 2012	$	48.27		(0.28	)		(0.27	)		1.70			1.42			—			—			—		—		$	49.69		2.94	%	$	260,856		0.97	%		0.99	%		(0.59	)%		0.95	%		0.97	%		(0.57	)%		347	%
For the Year Ended October 31, 2011	$	38.32		(0.24	)		(0.22	)		10.19			9.95			—			—			—		—		$	48.27		25.97	%	$	395,848		0.98	%		0.99	%		(0.40	)%		0.95	%		0.96	%		(0.37	)%		302	%
For the Year Ended October 31, 2010	$	41.85		0.13			0.13			1.40			1.53			(0.21	)		(4.85	)		—		(5.06	)	$	38.32		3.67	%	$	210,747		0.96	%		1.00	%		0.39	%		0.95	%		0.99	%		0.40	%		126	%
Direxion Daily Energy Bear 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	17.33		(0.10	)		(0.10	)		(0.89	)		(0.99	)		—			—			—		—		$	16.34		(5.71	)%	$	69,246		0.96	%		0.99	%		(0.96	)%		0.95	%		0.97	%		(0.94	)%		0	%
For the Year Ended October 31, 2014	$	22.30		(0.17	)		(0.17	)		(4.80	)		(4.97	)		—			—			—		—		$	17.33		(22.29	)%	$	48,315		0.95	%		1.05	%		(0.95	)%		0.95	%		1.05	%		(0.95	)%		0	%
For the Year Ended October 31, 2013	$	48.30		(0.31	)		(0.16	)		(25.69	)		(26.00	)		—			—			—		—		$	22.30		(53.83	)%	$	64,392		0.95	%		1.45	%		(0.95	)%		0.50	%		1.00	%		(0.50	)%		0	%
For the Year Ended October 31, 2012	$	77.94		(0.54	)		(0.56	)		(29.10	)		(29.64	)		—			—			—		—		$	48.30		(38.03	)%	$	92,359		0.96	%		0.96	%		(0.96	)%		0.95	%		0.95	%		(0.95	)%		0	%
For the Year Ended October 31, 2011	$	217.62		(0.96	)		(0.90	)		(138.72	)		(139.68	)		—			—			—		—		$	77.94		(64.19	)%	$	108,847		1.02	%		1.15	%		(0.98	)%		0.95	%		1.08	%		(0.91	)%		0	%
For the Year Ended October 31, 2010	$	378.90		(2.88	)		(2.76	)		(158.40	)		(161.28	)		—			—			—		—		$	217.62		(42.57	)%	$	64,562		0.99	%		1.17	%		(0.92	)%		0.95	%		1.13	%		(0.88	)%		0	%
Direxion Daily Financial Bull 3X Shares10
For the Six Months Ended April 30, 2015 (Unaudited)	$	28.51		(0.11	)		(0.11	)		2.00			1.89			—			—			—		—		$	30.40		6.65	%	$	1,304,334		0.98	%		0.98	%		(0.75	)%		0.95	%		0.95	%		(0.72	)%		1	%
For the Year Ended October 31, 2014	$	18.96		(0.19	)		(0.18	)		9.74			9.55			—			—			—		—		$	28.51		50.41	%	$	1,262,984		0.99	%		1.00	%		(0.80	)%		0.95	%		0.96	%		(0.76	)%		118	%
For the Year Ended October 31, 2013	$	9.08		(0.11	)		(0.11	)		9.99			9.88			—			—			—		—		$	18.96		108.70	%	$	1,014,045		1.00	%		1.02	%		(0.81	)%		0.95	%		0.97	%		(0.76	)%		5	%
For the Year Ended October 31, 2012	$	6.11		(0.04	)		(0.04	)		3.01			2.97			—			—			—		—		$	9.08		48.77	%	$	1,014,484		0.97	%		0.97	%		(0.56	)%		0.95	%		0.95	%		(0.55	)%		5	%
For the Year Ended October 31, 2011	$	9.24		(0.05	)		(0.05	)		(3.08	)		(3.13	)		—			—			—		—		$	6.11		(33.94	)%	$	1,609,419		0.97	%		0.97	%		(0.53	)%		0.95	%		0.95	%		(0.51	)%		63	%
For the Year Ended October 31, 2010	$	9.36		0.01			0.02			(0.09	)		(0.08	)		(0.04	)		—			—		(0.04	)	$	9.24		(0.97	)%	$	1,695,441		0.96	%		0.99	%		0.14	%		0.95	%		0.98	%		0.15	%		19	%
Direxion Daily Financial Bear 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	14.58		(0.06	)		(0.06	)		(2.18	)		(2.24	)		—			—			—		—		$	12.34		(15.36	)%	$	292,543		0.95	%		0.98	%		(0.94	)%		0.95	%		0.98	%		(0.94	)%		0	%
For the Year Ended October 31, 2014	$	26.35		(0.19	)		(0.19	)		(11.58	)		(11.77	)		—			—			—		—		$	14.58		(44.67	)%	$	283,539		0.95	%		1.01	%		(0.95	)%		0.95	%		1.01	%		(0.95	)%		0	%
For the Year Ended October 31, 2013	$	69.32		(0.36	)		(0.31	)		(42.61	)		(42.97	)		—			—			—		—		$	26.35		(61.99	)%	$	608,756		0.95	%		1.11	%		(0.95	)%		0.81	%		0.97	%		(0.81	)%		0	%
For the Year Ended October 31, 2012	$	159.52		(0.96	)		(0.96	)		(89.24	)		(90.20	)		—			—			—		—		$	69.32		(56.54	)%	$	675,511		0.95	%		0.96	%		(0.95	)%		0.95	%		0.96	%		(0.95	)%		0	%
For the Year Ended October 31, 2011	$	252.20		(1.76	)		(1.76	)		(90.92	)		(92.68	)		—			—			—		—		$	159.52		(36.75	)%	$	1,091,990		0.96	%		0.99	%		(0.92	)%		0.95	%		0.98	%		(0.91	)%		0	%
For the Year Ended October 31, 2010	$	459.20		(2.80	)		(2.60	)		(204.20	)		(207.00	)		—			—			—		—		$	252.20		(45.08	)%	$	1,199,646		0.96	%		1.00	%		(0.89	)%		0.95	%		0.99	%		(0.88	)%		0	%

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

142 DIREXION SEMI-ANNUAL REPORT

Financial Highlights

April 30, 2015

																																	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 Bull 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	71.02	$	(0.28	)	$	(0.27	)	$	2.07		$	1.79		$	—		$	—		$	—	$	—		$	72.81		2.52	%	$	120,133		0.97	%		0.98	%		(0.67	)%		0.95	%		0.96	%		(0.64	)%		21	%
For the Year Ended October 31, 2014	$	44.69		(0.41	)		(0.39	)		26.74			26.33			—			—			—		—		$	71.02		58.92	%	$	99,426		1.00	%		1.06	%		(0.83	)%		0.95	%		1.01	%		(0.78	)%		167	%
For the Year Ended October 31, 2013	$	35.48		(0.15	)		(0.13	)		9.36			9.21			(0.00	)14		—			—		(0.00	)14	$	44.69		25.97	%	$	134,065		1.01	%		1.09	%		(0.35	)%		0.95	%		1.04	%		(0.29	)%		174	%
For the Year Ended October 31, 2012	$	27.68		(0.08	)		(0.06	)		8.88			8.80			—			(1.00	)		—		(1.00	)	$	35.48		34.26	%	$	106,439		1.00	%		1.07	%		(0.23	)%		0.95	%		1.02	%		(0.19	)%		72	%
For the Year Ended October 31, 2011	$	27.03		0.09			0.10			0.59			0.68			(0.03	)		—			—		(0.03	)	$	27.68		2.51	%	$	141,148		0.99	%		1.03	%		0.29	%		0.95	%		0.99	%		0.33	%		110	%
For the Year Ended October 31, 2010	$	13.39		0.38			0.39			14.95			15.33			(0.51	)		(1.18	)		—		(1.69	)	$	27.03		123.46	%	$	110,794		0.97	%		1.06	%		1.93	%		0.95	%		1.04	%		1.95	%		146	%
Direxion Daily Real Estate Bear 3X Shares
For the Six Months Ended April 30, 2015 (Unaudited)	$	29.83		(0.11	)		(0.11	)		(4.36	)		(4.47	)		—			—			—		—		$	25.36		(14.98	)%	$	12,889		0.95	%		1.53	%		(0.94	)%		0.95	%		1.53	%		(0.94	)%		0	%
For the Year Ended October 31, 2014	$	56.50		(0.42	)		(0.42	)		(26.25	)		(26.67	)		—			—			—		—		$	29.83		(47.20	)%	$	9,197		0.95	%		1.54	%		(0.94	)%		0.95	%		1.54	%		(0.94	)%		0	%
For the Year Ended October 31, 2013	$	92.88		(0.65	)		(0.64	)		(35.73	)		(36.38	)		—			—			—		—		$	56.50		(39.17	)%	$	17,420		0.97	%		1.53	%		(0.96	)%		0.95	%		1.52	%		(0.94	)%		0	%
For the Year Ended October 31, 2012	$	175.56		(1.04	)		(1.00	)		(81.64	)		(82.68	)		—			—			—		—		$	92.88		(47.10	)%	$	20,525		0.95	%		1.32	%		(0.95	)%		0.95	%		1.32	%		(0.94	)%		0	%
For the Year Ended October 31, 2011	$	407.60		(2.68	)		(2.68	)		(229.36	)		(232.04	)		—			—			—		—		$	175.56		(56.93	)%	$	33,973		0.95	%		1.15	%		(0.90	)%		0.95	%		1.15	%		(0.90	)%		0	%
For the Year Ended October 31, 2010	$	2,107.00		(6.40	)		(6.20	)		(1,689.20	)		(1,695.60	)		—			(3.80	)		—		(3.80	)	$	407.60		(80.57	)%	$	78,871		0.96	%		1.10	%		(0.88	)%		0.95	%		1.09	%		(0.87	)%		0	%
Direxion Daily Technology Bull 3X Shares10
For the Six Months Ended April 30, 2015 (Unaudited)	$	32.73		(0.17	)		(0.17	)		4.83			4.66			—			—			—		—		$	37.39		14.27	%	$	194,451		0.97	%		0.98	%		(0.97	)%		0.95	%		0.96	%		(0.94	)%		189	%
For the Year Ended October 31, 2014	$	18.88		(0.21	)		(0.20	)		14.06			13.85			—			—			—		—		$	32.73		73.38	%	$	189,804		0.98	%		1.01	%		(0.83	)%		0.95	%		0.98	%		(0.81	)%		21	%
For the Year Ended October 31, 2013	$	12.08		(0.12	)		(0.12	)		6.92			6.80			—			—			—		—		$	18.88		56.22	%	$	105,696		0.96	%		1.00	%		(0.88	)%		0.95	%		0.98	%		(0.87	)%		324	%
For the Year Ended October 31, 2012	$	10.44		(0.09	)		(0.09	)		1.73			1.64			—			—			—		—		$	12.08		15.79	%	$	123,240		0.97	%		1.01	%		(0.72	)%		0.95	%		0.99	%		(0.70	)%		137	%
For the Year Ended October 31, 2011	$	10.05		(0.08	)		(0.07	)		0.68			0.60			—			(0.21	)		—		(0.21	)	$	10.44		5.82	%	$	208,712		0.98	%		1.01	%		(0.69	)%		0.95	%		0.98	%		(0.66	)%		12	%
For the Year Ended October 31, 2010	$	8.39		(0.05	)		(0.03	)		3.59			3.54			—			(1.88	)		—		(1.88	)	$	10.05		47.33	%	$	196,994		1.15	%		1.20	%		(0.56	)%		0.95	%		1.00	%		(0.36	)%		106	%
Direxion Daily Technology Bear 3X Shares12
For the Six Months Ended April 30, 2015 (Unaudited)	$	49.80		(0.20	)		(0.20	)		(10.74	)		(10.94	)		—			—			—		—		$	38.86		(21.93	)%	$	17,700		0.95	%		1.15	%		(0.94	)%		0.95	%		1.15	%		(0.94	)%		0	%
For the Year Ended October 31, 2014	$	103.52		(0.68	)		(0.68	)		(53.04	)		(53.72	)		—			—			—		—		$	49.80		(51.89	)%	$	13,967		0.95	%		1.14	%		(0.95	)%		0.95	%		1.14	%		(0.95	)%		0	%
For the Year Ended October 31, 2013	$	196.80		(1.44	)		(1.44	)		(91.84	)		(93.28	)		—			—			—		—		$	103.52		(47.40	)%	$	18,682		0.95	%		1.16	%		(0.95	)%		0.95	%		1.16	%		(0.95	)%		0	%
For the Year Ended October 31, 2012	$	320.40		(2.00	)		(2.00	)		(121.60	)		(123.60	)		—			—			—		—		$	196.80		(38.58	)%	$	41,924		0.95	%		1.13	%		(0.95	)%		0.95	%		1.13	%		(0.95	)%		0	%
For the Year Ended October 31, 2011	$	560.60		(4.00	)		(4.00	)		(236.20	)		(240.20	)		—			—			—		—		$	320.40		(42.85	)%	$	38,612		0.95	%		1.07	%		(0.90	)%		0.95	%		1.07	%		(0.90	)%		0	%
For the Year Ended October 31, 2010	$	1,257.00		(7.20	)		(7.20	)		(689.20	)		(696.40	)		—			—			—		—		$	560.60		(55.40	)%	$	53,531		0.96	%		1.11	%		(0.88	)%		0.95	%		1.10	%		(0.87	)%		0	%

¹  Based on average shares outstanding.

²  Includes interest expense and extraordinary expenses which comprise of excise 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 unrealized 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 and swaps for the period.

⁵  Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the investment advisor.

⁶  Net expenses include effects of any reimbursement 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 portfolio.

⁹  Commencement of investment operations.

¹⁰  Effective May 20, 2015, the Fund had a 4:1 forward stock split. Per share data for the period prior to May 19, 2015 has been adjusted to give effect to the 4:1 forward stock split.

¹¹  Effective May 20, 2015, the Fund had a 2:1 forward stock split. Per share data for the period prior to May 19, 2015 has been adjusted to give effect to the 2:1 forward stock split.

¹²  Effective May 20, 2015, the Fund had a 1:4 reverse stock split. Per share data for the period prior to May 19, 2015 has been adjusted to give effect to the 1:4 reverse stock split.

¹³  Effective May 20, 2015, the Fund had a 1:10 reverse stock split. Per share data for the period prior to May 19, 2015 has been adjusted to give effect to the 1:10 reverse stock split.

¹⁴  Between $(0.005) and $0.005.

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

DIREXION SEMI-ANNUAL REPORT 143

Direxion Shares ETF Trust

NOTES TO THE FINANCIAL STATEMENTS

April 30, 2015

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 63 separate series (each, a “Fund” and together the “Funds”). 51 of these are included in this report:

Direxion Daily S&P 500® Bull 1.25X Shares
Direxion Daily Small Cap Bull 1.25X Shares
Direxion Daily FTSE Developed Markets Bull 1.25X Shares
Direxion Daily FTSE Emerging Markets Bull 1.25X Shares
Direxion Daily CSI 300 China A Share Bull 2X Shares
Direxion Daily Mid Cap Bull 2X Shares
Direxion Daily S&P 500® Bull 2X Shares
Direxion Daily Small Cap Bull 2X Shares
Direxion Daily 7-10 Year Treasury Bull 2X Shares
Direxion Daily Mid Cap Bull 3X Shares	Direxion Daily Mid Cap Bear 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 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
Direxion Daily Brazil Bull 3X Shares
Direxion Daily Developed Markets Bull 3X Shares	Direxion Daily Developed Markets Bear 3X Shares
Direxion Daily Emerging Markets Bull 3X Shares	Direxion Daily Emerging Markets Bear 3X Shares
Direxion Daily FTSE China Bull 3X Shares	Direxion Daily FTSE China Bear 3X Shares
Direxion Daily FTSE Europe Bull 3X Shares
Direxion Daily India Bull 3X Shares
Direxion Daily Japan Bull 3X Shares
Direxion Daily Latin America Bull 3X Shares
Direxion Daily Russia Bull 3X Shares	Direxion Daily Russia Bear 3X Shares
Direxion Daily South Korea Bull 3X Shares
Direxion Daily Basic Materials Bull 3X Shares
Direxion Daily Gold Miners Index Bull 3X Shares	Direxion Daily Gold Miners Index Bear 3X Shares
Direxion Daily Healthcare Bull 3X Shares
Direxion Daily Junior Gold Miners Index Bull 3X Shares	Direxion Daily Junior Gold Miners Index Bear 3X Shares
Direxion Daily Natural Gas Related Bull 3X Shares
Direxion Daily Retail Bull 3X Shares
Direxion Daily Semiconductor Bull 3X Shares	Direxion Daily Semiconductor Bear 3X Shares
Direxion Daily Energy Bull 3X Shares	Direxion Daily Energy Bear 3X Shares
Direxion Daily Financial Bull 3X Shares	Direxion Daily Financial Bear 3X Shares
Direxion Daily Real Estate Bull 3X Shares	Direxion Daily Real Estate Bear 3X Shares
Direxion Daily Technology Bull 3X Shares	Direxion Daily Technology Bear 3X Shares

The Trust has evaluated the structure, objective and activities of the Funds and determined that it meets 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.

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

144 DIREXION SEMI-ANNUAL REPORT

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 125%, 200% or 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.

Funds	Index or Benchmark	Daily Target
Direxion Daily S&P 500® Bull 1.25X Shares	S&P 500® Index		125	%
Direxion Daily Small Cap Bull 1.25X Shares	Russell 2000 Index		125	%
Direxion Daily FTSE Developed Markets Bull 1.25X Shares	FTSE Developed ex North America Index		125	%
Direxion Daily FTSE Emerging Markets Bull 1.25X Shares	FTSE Emerging Index		125	%
Direxion Daily CSI 300 China A Share Bull 2X Shares	CSI 300 Index		200	%
Direxion Daily Mid Cap Bull 2X Shares	S&P Mid Cap 400® Index		200	%
Direxion Daily S&P 500® Bull 2X Shares	S&P 500® Index		200	%
Direxion Daily Small Cap Bull 2X Shares	Russell 2000® Index		200	%
Direxion Daily 7-10 Year Treasury Bull 2X Shares	NYSE 7-10 Year Treasury Bond Index		200	%
Direxion Daily Mid Cap Bull 3X Shares			300	%
Direxion Daily Mid Cap Bear 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 7-10 Year Treasury Bull 3X Shares			300	%
Direxion Daily 7-10 Year Treasury Bear 3X Shares	NYSE 7-10 Year Treasury Bond Index		-300	%
Direxion Daily 20+ Year Treasury Bull 3X Shares			300	%
Direxion Daily 20+ Year Treasury Bear 3X Shares	NYSE 20 Year Plus Treasury Bond Index		-300	%
Direxion Daily Brazil Bull 3X Shares	MSCI Brazil 25/50 Index		300	%
Direxion Daily Developed Markets Bull 3X Shares			300	%
Direxion Daily Developed Markets Bear 3X Shares	MSCI EAFE® Index		-300	%
Direxion Daily Emerging Markets Bull 3X Shares			300	%
Direxion Daily Emerging Markets Bear 3X Shares	MSCI Emerging Market IndexSM		-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 Index		300	%
Direxion Daily India Bull 3X Shares	Indus India Index		300	%
Direxion Daily Japan Bull 3X Shares	MSCI Japan Index		300	%
Direxion Daily Latin America Bull 3X Shares	S&P® Latin America 40 Index		300	%
Direxion Daily Russia Bull 3X Shares			300	%
Direxion Daily Russia Bear 3X Shares	Market VectorsTM Russia Index		-300	%
Direxion Daily South Korea Bull 3X Shares	MSCI Korea 25/50 Index		300	%
Direxion Daily Basic Materials Bull 3X Shares	The S&P® Materials Select Sector Index		300	%
Direxion Daily Gold Miners Index Bull 3X Shares			300	%
Direxion Daily Gold Miners Index Bear 3X Shares	NYSE Arca Gold Miners Index		-300	%
Direxion Daily Healthcare Bull 3X Shares	The S&P® Health Care Select Sector Index		300	%
Direxion Daily Junior Gold Miners Index Bull 3X Shares			300	%
Direxion Daily Junior Gold Miners Index Bear 3X Shares	Market VectorsTM Global Junior Gold Miners Index		-300	%
Direxion Daily Natural Gas Related Bull 3X Shares	ISE-Revere Natural Gas IndexTM		300	%
Direxion Daily Retail Bull 3X Shares	Russell 1000® Retail Index		300	%

DIREXION SEMI-ANNUAL REPORT 145

Funds	Index or Benchmark	Daily Target
Direxion Daily Semiconductor Bull 3X Shares			300	%
Direxion Daily Semiconductor Bear 3X Shares	PHLX Semiconductor Sector Index		-300	%
Direxion Daily Energy Bull 3X Shares			300	%
Direxion Daily Energy Bear 3X Shares	Energy Select Sector Index		-300	%
Direxion Daily Financial Bull 3X Shares			300	%
Direxion Daily Financial Bear 3X Shares	Russell 1000® Financial Services Index		-300	%
Direxion Daily Real Estate Bull 3X Shares			300	%
Direxion Daily Real Estate Bear 3X Shares	MSCI US REIT IndexSM		-300	%
Direxion Daily Technology Bull 3X Shares			300	%
Direxion Daily Technology Bear 3X Shares	Technology Select Sector 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”).

a)   Investment Valuation – The Net Asset Value (“NAV”) per share of each Fund is determined daily, as of the close of regular trading on the New York Stock Exchange (“NYSE”) (normally at 4:00 p.m. Eastern time), each day the NYSE is open for business. On days that the Securities Industry and Financial Markets Association (“SIFMA”) recommends that the bond markets close all day, the Direxion Daily 7-10 Year Treasury Bull 2X 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 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 2:00pm Eastern time, rather than the close of regular trading on the NYSE. A security listed or traded on an exchange, domestic or foreign, is valued at its last sales price on the principal exchange on which it is traded prior to the time when assets are valued. If no sale is reported at that time, the mean of the last bid and asked prices is used. Securities primarily traded on the NASDAQ^® Global Market (“NASDAQ”) for which market quotations are readily available shall be valued using the NASDAQ^® Official Closing Price (“NOCP”) provided by NASDAQ each business day. Over the Counter 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. Swaps contracts are valued using the closing price of the underlying reference entity or the closing value of the underlying reference index. Securities or swap contracts are fair valued as determined by Rafferty Asset Management, LLC (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 judgement 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 confirmation agreements with counterparties to mitigate counterparty credit risk in derivatives 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 confirmation 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

146 DIREXION SEMI-ANNUAL REPORT

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 underlining 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 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 underlining 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 objectives.

Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”), which 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 2011-11 is limited in scope to the following financial instruments, to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement: (i) recognized derivative instruments accounted for under ASC 815 (Derivatives and Hedging).

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 over-the-counter derivatives (“OTC”), 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 derivatives 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, 2015, 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 table.

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

DIREXION SEMI-ANNUAL REPORT 147

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, 2015 is detailed in the following table. If such credit risk-related contingencies were triggered the counterparties would have the option to terminate any positions open under the master confirmation agreement.

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 Amount		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged			Net Amount2
Direxion Daily S&P 500® Bull 2X Shares	$	—	$	—	$	—		$	—	$	10,721	$	—	$	10,721	1	$	—
Direxion Daily S&P 500® Bear 3X Shares		—		—		—			—		7,621,460		—		7,621,460	1		—
Direxion Daily Mid Cap Bull 3X Shares		—		—		—			—		217,169		—		217,169	1		—
Direxion Daily Small Cap Bull 3X Shares		—		—		—			—		120,253		—		120,253	1		—
Direxion Daily Small Cap Bear 3X Shares		660,949		—		—			660,949		—		—		—			—
Direxion Daily 20+ Year Treasury Bull 3X Shares		—		—		—			—		1,373,740		—		1,373,740	1		—
Direxion Daily 20+ Year Treasury Bear 3X Shares		3,975,750		—		3,975,750	1		—		—		—		—			—
Direxion Daily Developed Markets Bull 3X Shares		85,597		—		85,597	1		—		—		—		—			—
Direxion Daily Developed Markets Bear 3X Shares		—		—		—			—		23,871		—		23,871	1		—
Direxion Daily Emerging Markets Bull 3X Shares		5,764,239		—		5,764,239	1		—		—		—		—			—
Direxion Daily Emerging Markets Bear 3X Shares		—		—		—			—		1,217,365		—		1,217,365	1		—
Direxion Daily FTSE China Bull 3X Shares		—		—		—			—		608,878		—		608,878	1		—
Direxion Daily FTSE China Bear 3X Shares		228,226		—		—			228,226				—		—			—
Direxion Daily India Bull 3X Shares		—		—		—			—		2,289,258		—		2,289,258	1		—
Direxion Daily Russia Bull 3X Shares		933,318		—		933,318	1		—		—		—		—	1		—
Direxion Daily Russia Bear 3X Shares		—		—		—			—		8,155,407		—		8,155,407	1		—
Direxion Daily South Korea Bull 3X Shares		—		—		—			—		56,695		—		56,695	1		—
Direxion Daily Basic Materials Bull 3X Shares		52,292		—		—			52,292		—		—		—			—
Direxion Daily Healthcare Bull 3X Shares		7,199,973		—		7,199,973	1		—		—		—		—			—
Direxion Daily Financial Bull 3X Shares		11,982,815		—		11,982,815	1		—		—		—		—			—
Direxion Daily Financial Bear 3X Shares		—		—		—			—		2,335,138		—		2,335,138	1		—
Direxion Daily Real Estate Bear 3X Shares		270,347		—		140,000			130,347				—		—			—
Direxion Daily Technology Bull 3X Shares		22,538,874		—		22,538,874	1		—		—		—		—			—
Direxion Daily Technology Bear 3X Shares		—		—		—			—		809,550		—		809,550	1		—

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 Amount		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged			Net Amount2
Direxion Daily S&P 500® Bull 3X Shares	$	3,751,130	$	—	$	3,751,130	1	$	—	$	—	$	—	$	—		$	—
Direxion Daily S&P 500® Bear 3X Shares		—		—		—			—		1,982,816		—		1,982,816	1		—
Direxion Daily Small Cap Bull 3X Shares		41,406,185		—		41,406,185	1		—		—		—		—			—
Direxion Daily Small Cap Bear 3X Shares		—		—		—			—		8,103,523		—		8,103,523	1		—

148 DIREXION SEMI-ANNUAL REPORT

			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 Amount		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged			Net Amount2
Direxion Daily 7-10 Year Treasury Bull 3X Shares	$	362,544	$	—	$	362,544	1	$	—	$	—	$	—	$	—		$	—
Direxion Daily 7-10 Year Treasury Bear 3X Shares		—		—		—			—		1,495,257		—		1,495,257	1		—
Direxion Daily Brazil Bull 3X Shares		3,651,047		—		3,651,047	1		—		—		—		—			—
Direxion Daily Developed Markets Bear 3X Shares		—		—		—			—		5,407		—		5,407	1		—
Direxion Daily Emerging Markets Bull 3X Shares		10,759,007		113,900		10,645,107	1		—		113,900		—		113,900	1		—
Direxion Daily Emerging Markets Bear 3X Shares		—		—		—			—		3,880,105		—		3,880,105	1		—
Direxion Daily FTSE China Bull 3X Shares		580,318		—		580,318	1		—		—		—		—			—
Direxion Daily FTSE China Bear 3X Shares		—		—		—			—		1,610,631		—		1,610,631	1		—
Direxion Daily FTSE Europe Bull 3X Shares		769,679		—		769,679	1		—		—		—		—			—
Direxion Daily India Bull 3X Shares		—		—		—			—		5,824,264		—		5,824,264	1		—
Direxion Daily Japan Bull 3X Shares		973,368		—		973,368	1		—		—		—		—			—
Direxion Daily Latin America Bull 3X Shares		273,332		—		273,332	1		—		—		—		—			—
Direxion Daily Russia Bull 3X Shares		—		—		—			—		249,418		—		249,418	1		—
Direxion Daily Russia Bear 3X Shares		—		—		—			—		137,504		—		137,504	1		—
Direxion Daily South Korea Bull 3X Shares		600,568		—		600,568	1		—		—		—		—			—
Direxion Daily Basic Materials Bull 3X Shares		541,414		—		541,414	1		—		—		—		—			—
Direxion Daily Gold Miners Index Bull 3X Shares		4,521,421		—		—			4,521,421		—		—		—			—
Direxion Daily Gold Miners Index Bear 3X Shares		1,360,772		—		—			1,360,772		—		—		—			—
Direxion Daily Healthcare Bull 3X Shares		4,760,418		—		4,760,418	1		—		—		—		—			—
Direxion Daily Junior Gold Miners Index Bull 3X Shares		—		.—		—			—		6,581,596		—		6,581,596	1		—
Direxion Daily Junior Gold Miners Index Bear 3X Shares		6,096,720		—		5,800,000			296,720		—		—		—			—
Direxion Daily Natural Gas Related Bull 3X Shares		—		—		—			—		20,505		—		20,505	1		—
Direxion Daily Retail Bull 3X Shares		—		—		—			—		577,240		—		577,240	1		—
Direxion Daily Semiconductor Bull 3X Shares		1,078,648		—		—			1,078,648		2,508,711		1,078,648		1,430,063	1		—
Direxion Daily Energy Bull 3X Shares		18,434,060		—		18,434,060	1		—		—		—		—			—
Direxion Daily Financial Bull 3X Shares		948,708		—		948,708	1		—		—		—		—			—
Direxion Daily Financial Bear 3X Shares		—		—		—			—		234,821		—		234,821	1		—
Direxion Daily Real Estate Bull 3X Shares		—		—		—			—		5,507,048		—		5,507,048	1		—
Direxion Daily Real Estate Bear 3X Shares		570,974		—		390,000			180,974		—		—		—			—
Direxion Daily Technology Bull 3X Shares		2,164,989		—		2,164,989	1		—		—		—		—			—
Direxion Daily Technology Bear 3X Shares		18,163		—		—			—		109,633		18,163		91,470	1		—

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 Amount		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged			Net Amount2
Direxion Daily CSI 300 China A Share Bull 2X Shares	$	2,125,553	$	—	$	2,125,553	1	$	—	$	—	$	—	$	—		$	—
Direxion Daily Small Cap Bull 2X Shares		—		—		—			—		46,237		—		46,237	1		—
Direxion Daily S&P 500® Bull 3X Shares		20,710,007		—		20,710,007	1		—		—		—		—			—
Direxion Daily S&P 500® Bear 3X Shares		—		—		—			—		4,081,962		—		4,081,962	1		—
Direxion Daily Small Cap Bull 3X Shares		3,166,225		—		3,166,225			—		—		—		—			—
Direxion Daily Small Cap Bear 3X Shares		2,387,597		—		—			2,387,597		—		—		—			—
Direxion Daily 20+ Year Treasury Bull 3X Shares		—		—		—			—		869,793		—		869,793	1		—
Direxion Daily 20+ Year Treasury Bear 3X Shares		6,038,997		—		6,038,997	1		—		—		—		—			—
Direxion Daily Brazil Bull 3X Shares		2,284,716		—		2,284,716	1		—		—		—		—			—
Direxion Daily Developed Markets Bull 3X Shares				—		—			—		20,419		—		20,419	1		—
Direxion Daily Emerging Markets Bull 3X Shares		2,440,349		—		2,440,349	1		—		—		—		—			—
Direxion Daily Emerging Markets Bear 3X Shares		—		—		—			—		2,289,525		—		2,289,525	1		—
Direxion Daily FTSE China Bull 3X Shares		10,125,760		—		10,125,760	1		—		—		—		—			—
Direxion Daily FTSE China Bear 3X Shares		—		—		—			—		2,451,546		—		2,451,546	1		—
Direxion Daily FTSE Europe Bull 3X Shares		1,410,855		—		1,410,855	1		—		—		—		—			—
Direxion Daily India Bull 3X Shares		—		—		—			—		3,351,615		—		3,351,615	1		—
Direxion Daily Latin America Bull 3X Shares		1,812,366		—		1,812,366	1		—		—		—		—			—
Direxion Daily Russia Bull 3X Shares		20,209,887		—		20,209,887	1		—		—		—		—			—
Direxion Daily Russia Bear 3X Shares		—		—		—			—		4,420,062		—		4,420,062	1		—
Direxion Daily Gold Miners Index Bull 3X Shares		23,141,877		—		23,141,877	1		—		—		—		—			—

DIREXION SEMI-ANNUAL REPORT 149

			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 Amount		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged			Net Amount2
Direxion Daily Gold Miners Index Bear 3X Shares	$	3,497,892	$	—	$	740,000		$	2,757,892	$	—	$	—	$	—		$	—
Direxion Daily Healthcare Bull 3X Shares		—		—		—			—		3,321,770		—		3,321,770	1		—
Direxion Daily Junior Gold Miners Index Bull 3X Shares		—		—		—			—		40,133		—		40,133	1		—
Direxion Daily Junior Gold Miners Index Bear 3X Shares		34,154		—		—			34,154		—		—		—			—
Direxion Daily Natural Gas Related Bull 3X Shares		12,392,920		—		11,280,000			1,112,920		—		—		—			—
Direxion Daily Semiconductor Bull 3X Shares		—		—		—			—		5,786,851		—		5,786,851	1		—
Direxion Daily Energy Bull 3X Shares		17,807,755		—		17,807,755	1		—		—		—		—			—
Direxion Daily Energy Bear 3X Shares		—		—		—			—		2,605,954		—		2,605,954	1		—
Direxion Daily Financial Bull 3X Shares		1,384,508		—		1,384,508	1		—		—		—		—			—
Direxion Daily Financial Bear 3X Shares		—		—		—			—		2,020,849		—		2,020,849	1		—
Direxion Daily Technology Bull 3X Shares		1,186,055		—		1,186,055	1		—		—		—		—			—
Direxion Daily Technology Bear 3X Shares		—		—		—			—		127,400		—		127,400	1		—

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: Credit Suisse International

			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 Amount		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged			Net Amount2
Direxion Daily S&P 500 Bull 1.25X Shares	$	30,732	$	—	$	—		$	30,732	$	—	$	—	$	—		$	—
Direxion Daily Small Cap Bull 1.25X Shares		21,425		—		—			21,425		—		—		—			—
Direxion Daily FTSE Developed Markets Bull 1.25X Shares		57,155		—		—			57,155		—		—		—			—
Direxion Daily FTSE Emerging Markets Bull 1.25X Shares		55,164		—		—			55,164		—		—		—			—
Direxion Daily CSI 300 China A Share Bull 2X Shares		706,517		—		706,517	1		—		—		—		—			—
Direxion Daily Mid Cap Bull 2X Shares		695,370		—		695,370	1		—		—		—		—			—
Direxion Daily Small Cap Bull 2X Shares		348,081		—		270,000			78,081		—		—		—			—
Direxion Daily 7-10 Year Treasury Bull 2X Shares				—		—			—		10,479		—		10,479	1		—
Direxion Daily Mid Cap Bull 3X Shares		1,087,645		—		1,087,645	1		—		—		—		—			—
Direxion Daily Mid Cap Bear 3X Shares		—		—		—			—		176,057		—	$	176,057	1		—
Direxion Daily S&P 500® Bull 3X Shares		86,135,806		—		86,135,806	1		—		—		—		—			—
Direxion Daily S&P 500® Bear 3X Shares		—		—		—			—		26,898,804		—		26,898,804	1		—
Direxion Daily Small Cap Bull 3X Shares		—		—		—			—		368,420		—		368,420	1		—
Direxion Daily Small Cap Bear 3X Shares		—		—		—			—		5,410,007		—		5,410,007	1		—
Direxion Daily 7-10 Year Treasury Bull 3X Shares		—		—		—			—		2,364		—		2,364	1		—
Direxion Daily 7-10 Year Treasury Bear 3X Shares		—		—		—			—		200,974		—		200,974	1		—
Direxion Daily 20+ Year Treasury Bull 3X Shares		3,984,336		—		3,800,000			184,336		—		—		—			—
Direxion Daily 20+ Year Treasury Bear 3X Shares		—		—		—			—		18,959,080		—		18,959,080	1		—
Direxion Daily Brazil Bull 3X Shares		2,552,769		—		2,552,769	1		—		—		—		—			—
Direxion Daily Developed Markets Bull 3X Shares		4,767,328		—		4,767,328	1		—		—		—		—			—
Direxion Daily Developed Markets Bear 3X Shares		—		—		—			—		371,060		—		371,060	1		—
Direxion Daily Emerging Markets Bull 3X Shares		2,862,674		—		2,862,674	1		—		—		—		—			—
Direxion Daily Emerging Markets Bear 3X Shares		—		—		—			—		708,607		—		708,607	1		—
Direxion Daily FTSE China Bull 3X Shares		1,848,020		—		1,848,020	1		—				—		—			—
Direxion Daily FTSE China Bear 3X Shares		—		—		—			—		560,972		—		560,972	1		—
Direxion Daily FTSE Europe Bull 3X Shares		1,776,156		—		1,776,156	1		—		—		—		—			—
Direxion Daily India Bull 3X Shares		—		—		—			—		1,825,333		—		1,825,333	1		—
Direxion Daily Japan Bull 3X Shares		803,571		—		803,571	1		—		—		—		—			—
Direxion Daily Latin America Bull 3X Shares		364,819		—		364,819	1		—		—		—		—			—
Direxion Daily Russia Bull 3X Shares		43,701,083		—		43,701,083	1		—		—		—		—			—
Direxion Daily Russia Bear 3X Shares		—		—		—			—		8,985,683		—		8,985,683	1		—
Direxion Daily South Korea Bull 3X Shares		275,687		—		260,000			15,687		—		—		—			—
Direxion Daily Basic Materials Bull 3X Shares		160,701		—		160,701	1		—		—		—		—			—
Direxion Daily Gold Miners Index Bull 3X Shares		20,153,214		—		20,153,214	1		—		—		—		—			—
Direxion Daily Gold Miners Index Bear 3X Shares		—		—		—			—		154,991		—		154,991	1		—
Direxion Daily Healthcare Bull 3X Shares		20,232,932		—		20,232,932	1		—		—		—		—			—
Direxion Daily Junior Gold Miners Index Bull 3X Shares		—		—		—			—		623,563		—		623,563	1		—
Direxion Daily Junior Gold Miners Index Bear 3X Shares				—		—			—		812,490		—		812,490	1		—
Direxion Daily Natural Gas Related Bull 3X Shares		2,708,155		—		2,190,000			518,155		—		—		—			—

150 DIREXION SEMI-ANNUAL REPORT

			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 Amount		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged			Net Amount2
Direxion Daily Retail Bull 3X Shares	$	2,936,713	$	—	$	2,936,713	1	$	—	$	—	$	—	$	—		$	—
Direxion Daily Semiconductor Bull 3X Shares		—		—		—			—		2,311,008		—		2,311,008	1		—
Direxion Daily Semiconductor Bear 3X Shares		34,590		—		—			34,590		—		—		—			—
Direxion Daily Energy Bull 3X Shares		44,704,093		—		44,704,093	1		—		—		—		—			—
Direxion Daily Energy Bear 3X Shares		2,107,201		—		1,820,000			287,201		—		—		—			—
Direxion Daily Financial Bull 3X Shares		—		—		—			—		12,792,070		—		12,792,070	1		—
Direxion Daily Financial Bear 3X Shares		—		—		—			—		42,837,260		—		42,837,260	1		—
Direxion Daily Real Estate Bull 3X Shares		—		—		—			—		4,091,579		—		4,091,579	1		—
Direxion Daily Real Estate Bear 3X Shares		257,171		—		—			257,171		—		—		—			—
Direxion Daily Technology Bull 3X Shares		3,901,187		—		3,901,187	1		—		—		—		—			—
Direxion Daily Technology Bear 3X Shares		—		—		—			—		2,426,415		—		2,426,415	1		—

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: Deutsche Bank AG London

			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 Amount		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged			Net Amount2
Direxion Daily FTSE Emerging Markets Bull 1.25X Shares	$	—	$	—	$	—		$	—	$	28	$	—	$	28	1	$	—
Direxion Daily Mid Cap Bull 2X Shares		—		—		—			—		12,258		—		—			12,258
Direxion Daily S&P 500® Bull 2X Shares		1,355,996		—		1,355,996	1		—		—		—		—			—
Direxion Daily Small Cap Bull 2X Shares		483,160		—		483,160	1		—		—		—		—			—
Direxion Daily 7-10 Year Treasury Bull 2X Shares		1,256,366		—		1,256,366	1		—		—		—		—			—
Direxion Daily Mid Cap Bull 3X Shares		—		—		—			—		1,015,989		—		1,015,989	1		—
Direxion Daily Mid Cap Bear 3X Shares		1,688		—		—			1,688		—		—		—			—
Direxion Daily S&P 500® Bull 3X Shares		—		—		—			—		460,012		—		460,012	1		—
Direxion Daily S&P 500® Bear 3X Shares		—		—		—			—		347,863		—		347,863	1		—
Direxion Daily Small Cap Bull 3X Shares		—		—		—			—		4,179,213		—		4,179,213	1		—
Direxion Daily Small Cap Bear 3X Shares		—		—		—			—		41,560		—		41,560	1		—
Direxion Daily 7-10 Year Treasury Bear 3X Shares		—		—		—			—		1,682,155		—		1,682,155	1		—
Direxion Daily 20+ Year Treasury Bull 3X Shares		2,766,402		—		2,660,380			106,022		—		—		—			—
Direxion Daily 20+ Year Treasury Bear 3X Shares		—		—		—			—		18,408,742		—		18,408,742	1		—
Direxion Daily Brazil Bull 3X Shares		3,696,850		—		—			3,696,850		—		—		—			—
Direxion Daily Developed Markets Bull 3X Shares		4,797,629		—		4,797,629	1		—		—		—		—			—
Direxion Daily Developed Markets Bear 3X Shares		—		—		—			—		14,491		—		14,491	1		—
Direxion Daily Emerging Markets Bull 3X Shares		12,878,688		—		12,878,688	1		—				—		—			—
Direxion Daily Emerging Markets Bear 3X Shares				—		—			—		2,711,907		—		2,711,907	1		—
Direxion Daily FTSE China Bull 3X Shares		4,015,986		—		4,015,986			—				—		—			—
Direxion Daily FTSE China Bear 3X Shares		—		—		—			—		863,276		—		863,276	1		—
Direxion Daily India Bull 3X Shares		—		—		—			—		1,155,060		—		1,155,060	1		—
Direxion Daily Latin America Bull 3X Shares		706,838		—		706,838			—		—		—		—			—
Direxion Daily Russia Bull 3X Shares		40,977,196		—		40,977,196	1		—		—		—		—			—
Direxion Daily Russia Bear 3X Shares		—		—		—			—		12,482,563		—		12,482,563	1		—
Direxion Daily Basic Materials Bull 3X Shares		214,495		—		214,495	1		—		—		—		—			—
Direxion Daily Gold Miners Index Bull 3X Shares		7,529,369		—		7,529,369	1		—		—		—		—			—
Direxion Daily Gold Miners Index Bear 3X Shares		—		—		—			—		4,922,890		—		4,922,890	1		—
Direxion Daily Healthcare Bull 3X Shares		3,888,902		—		3,888,902	1		—		—		—		—			—
Direxion Daily Junior Gold Miners Index Bull 3X Shares		20,044,495		—		20,044,495	1		—		—		—		—			—
Direxion Daily Junior Gold Miners Index Bear 3X Shares				—		—			—		3,232,199		—		3,232,199	1		—
Direxion Daily Natural Gas Related Bull 3X Shares		11,675,600		—		10,961,071			714,529		—		—		—			—
Direxion Daily Retail Bull 3X Shares		2,910,309		—		2,910,309	1		—		—		—		—			—
Direxion Daily Semiconductor Bull 3X Shares		—		—		—			—		2,400,630		—		2,400,630	1		—
Direxion Daily Semiconductor Bear 3X Shares		1,093,555		—		700,000			393,555		—		—		—			—
Direxion Daily Energy Bull 3X Shares		4,742,568		—		4,742,568	1		—		—		—		—			—
Direxion Daily Energy Bear 3X Shares		—		—		—			—		3,027,263		—		3,027,263	1		—
Direxion Daily Financial Bull 3X Shares		6,274,667		—		6,274,667	1		—		—		—		—			—
Direxion Daily Financial Bear 3X Shares		202,874		—		13,125			189,749		—		—		—			—
Direxion Daily Real Estate Bull 3X Shares		—		—		—			—		7,531,604		—		7,531,604	1		—

DIREXION SEMI-ANNUAL REPORT 151

			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 Amount		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged			Net Amount2
Direxion Daily Real Estate Bear 3X Shares	$	269,474	$	—	$	82,970		$	186,504	$	—	$	—	$	—		$	—
Direxion Daily Technology Bull 3X Shares		2,504,976		—		2,504,976	1		—		—		—		—			—
Direxion Daily Technology Bear 3X Shares		—		—		—			—		100,621		—		100,621	1		—

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: Morgan Stanley Capital Services

			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 Amount		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged			Net Amount2
Direxion Daily Mid Cap Bull 3X Shares	$	1,830,223	$	—	$	1,830,223	1	$	—	$	—	$	—	$	—		$	—
Direxion Daily Mid Cap Bear 3X Shares		—		—		—			—		137,319		—		137,319	1		—
Direxion Daily Small Cap Bull 3X Shares		13,371,302		—		13,371,302	1		—		—		—		—			—
Direxion Daily Small Cap Bear 3X Shares		3,806,559		—		1,050,000			2,756,559		—		—		—			—
Direxion Daily 7-10 Year Treasury Bull 3X Shares		—		—		—			—		47,745		—		47,745	1		—
Direxion Daily 7-10 Year Treasury Bear 3X Shares		—		—		—			—		2,106,061		—		2,106,061	1		—
Direxion Daily 20+ Year Treasury Bull 3X Shares		—		—		—			—		759,729		—		759,729	1		—
Direxion Daily 20+ Year Treasury Bear 3X Shares		4,689,256		—		4,689,256	1		—		—		—		—			—
Direxion Daily Developed Markets Bear 3X Shares				—		—			—		—		—		—			—
Direxion Daily Emerging Markets Bull 3X Shares		6,208,987		—		6,208,987	1		—		—		—		—			—
Direxion Daily Emerging Markets Bear 3X Shares		—		—		—			—		2,219,192		—		2,219,192	1		—
Direxion Daily FTSE China Bull 3X Shares		491,252		—		491,252	1		—		—		—		—			—
Direxion Daily FTSE China Bear 3X Shares		—		—		—			—		1,932,111		—		1,932,111	1		—
Direxion Daily India Bull 3X Shares		—		—		—			—		810,165		—		810,165	1		—
Direxion Daily Japan Bull 3X Shares		—		—		—			—		314,776		—		314,776	1		—
Direxion Daily Russia Bull 3X Shares		—		—		—			—		1,470,866		—		1,470,866	1		—
Direxion Daily Gold Miners Index Bull 3X Shares		11,055,047		—		11,055,047	1		—		—		—		—			—
Direxion Daily Gold Miners Index Bear 3X Shares		—		—		—			—		7,679,688		—		7,679,688	1		—
Direxion Daily Healthcare Bull 3X Shares		—		—		—			—		2,370,464		—		2,370,464	1		—
Direxion Daily Junior Gold Miners Index Bull 3X Shares		—		—		—			—		2,959,255		—		2,959,255	1		—
Direxion Daily Junior Gold Miners Index Bear 3X Shares		2,169,703		—		1,340,000			829,703		—		—		—			—
Direxion Daily Natural Gas Related Bull 3X Shares		1,472,981		—		1,330,000			142,981		—		—		—			—
Direxion Daily Retail Bull 3X Shares		3,128,908		—		3,128,908	1		—		—		—		—			—
Direxion Daily Financial Bull 3X Shares		—		—		—			—		1,956,289		—		1,956,289	1		—
Direxion Daily Financial Bear 3X Shares		—		—		—			—		456,982		—		456,982	1		—
Direxion Daily Real Estate Bull 3X Shares				—		—			—		726,303		—		726,303	1		—
Direxion Daily Real Estate Bear 3X Shares		211,988		—		—			211,988		—		—		—			—

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 Amount		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged			Net Amount2
Direxion Daily CSI 300 China A Share Bull 2X Shares	$	818,552	$	—	$	818,552	1	$	—	$	—	$	—	$	—		$	—
Direxion Daily S&P 500® Bull 3X Shares		22,354,000		—		—			22,354,000		—		—		—			—
Direxion Daily S&P 500® Bear 3X Shares		—		—		—			—		3,713,966		—		3,713,966	1		—
Direxion Daily Small Cap Bull 3X Shares		1,297,899		—		—			1,297,899		—		—		—			—

152 DIREXION SEMI-ANNUAL REPORT

			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 Amount		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged			Net Amount2
Direxion Daily Small Cap Bear 3X Shares	$	5,642,538	$	—	$	—	$	5,642,538	$	—	$	—	$	—		$	—
Direxion Daily Brazil Bull 3X Shares		—		—		—		—		210,268		—		210,268	1		—
Direxion Daily Emerging Markets Bull 3X Shares		2,444,851		—		—		2,444,851		—		—		—			—
Direxion Daily Emerging Markets Bear 3X Shares		—		—		—		—		406,463		—		406,463	1		—
Direxion Daily India Bull 3X Shares		—		—		—		—		1,080,067		—		1,080,067	1		—
Direxion Daily Japan Bull 3X Shares		841,307		—		410,000		431,307		—		—		—			—
Direxion Daily Gold Miners Index Bull 3X Shares		—		—		—		—		9,426,098		—		9,426,098	1		—
Direxion Daily Gold Miners Index Bear 3X Shares		—		—		—		—		5,752,438		—		5,752,438	1		—
Direxion Daily Healthcare Bull 3X Shares		—		—		—		—		5,493,406		—		5,493,406	1		—
Direxion Daily Junior Gold Miners Index Bull 3X Shares		—		—		—		—		7,787,096		—		7,787,096	1		—
Direxion Daily Junior Gold Miners Index Bear 3X Shares		4,153,479		—		—		4,153,479		—		—		—			—
Direxion Daily Energy Bull 3X Shares		13,235,101		—		—		13,235,101		—		—		—			—
Direxion Daily Energy Bear 3X Shares		—		—		—		—		422,379		—		422,379	1		—
Direxion Daily Financial Bull 3X Shares		17,259,090		—		—		17,259,090		—		—		—			—
Direxion Daily Financial Bear 3X Shares		—		—		—		—		4,266,349		—		4,266,349	1		—

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)  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 and accounting, auditing, and financial reporting standards in foreign countries may require less disclosure as 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.

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

e)  Federal Income Taxes – Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and to make the requisite distributions of net investment income and net realized capital gains to its shareholders sufficient to relieve it from all or substantially all federal income and excise taxes. No provision for federal income taxes has been made.

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

g)  Distributions to Shareholders – Each Fund 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 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.

h)  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 Fund’s 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.

DIREXION SEMI-ANNUAL REPORT 153

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

3. INCOME TAX AND DISTRIBUTION INFORMATION

The tax character of distributions paid during the period ended April 30, 2015 and period ended October 31, 2014, were as follows:

	Six Months Ended April 30, 2015 (Unaudited)						Period Ended October 31, 2014
	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® Bull 1.25X Shares4	$	14,773	$	—	$	—	$	—	$	—	$	—
Direxion Daily Small Cap Bull 1.25X Shares4		—		—		—		—		—		—
Direxion Daily FTSE Developed Markets Bull 1.25X Shares4		—		—		—		—		—		—
Direxion Daily FTSE Emerging Markets Bull 1.25X Shares4		—		—		—		—		—		—
Direxion Daily CSI 300 China A Share Bull 2X Shares5		—		—		—		—		—		—
Direxion Daily Mid Cap Bull 2X Shares3		—		—		—		—		—		—
Direxion Daily S&P 500® Bull 2X Shares2		—		—		—		—		—		—
Direxion Daily Small Cap Bull 2X Shares3		—		—		—		—		—		—
Direxion Daily 7-10 Year Treasury Bull 2X Shares3		—		—		—		—		—		—
Direxion Daily Mid Cap Bull 3X Shares		—		—		—		2,032,510		—		—
Direxion Daily Mid Cap Bear 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		5,754,016		—		—		14,424,276		—		—
Direxion Daily Small Cap Bear 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		—		—		—		—		—		—
Direxion Daily Brazil Bull 3X Shares		—		—		—		—		—		—
Direxion Daily Developed Markets Bull 3X Shares		—		—		—		—		—		—
Direxion Daily Developed Markets Bear 3X Shares		—		—		—		—		—		—
Direxion Daily Emerging Markets Bull 3X Shares		—		—		—		—		—		—
Direxion Daily Emerging Markets Bear 3X Shares		—		—		—		—		—		—
Direxion Daily FTSE China Bull 3X Shares		248,005		—		—		—		—		—
Direxion Daily FTSE China Bear 3X Shares		—		—		—		—		—		—
Direxion Daily FTSE Europe Bull 3X Shares1		16,450		—		—		36,348		—		—
Direxion Daily India Bull 3X Shares		—		—		—		—		—		—
Direxion Daily Japan Bull 3X Shares		—		—		—		30,583		—		—
Direxion Daily Latin America Bull 3X Shares		—		—		—		—		—		—
Direxion Daily Russia Bull 3X Shares		76,183		—		—		—		—		—
Direxion Daily Russia Bear 3X Shares		—		—		—		—		—		—
Direxion Daily South Korea Bull 3X Shares		—		—		—		56,741		—		—
Direxion Daily Basic Materials Bull 3X Shares		—		—		—		—		—		—
Direxion Daily Gold Miners Index Bull 3X Shares		—		—		—		—		—		—
Direxion Daily Gold Miners Index Bear 3X Shares		—		—		—		—		—		—
Direxion Daily Healthcare Bull 3X Shares		—		—		—		856,862		—		—
Direxion Daily Junior Gold Miners Index Bull 3X Shares		7,778,400		—		—		6,052		—		—
Direxion Daily Junior Gold Miners Index Bear 3X Shares		3,658,733		—				6,300		—		—
Direxion Daily Natural Gas Related Bull 3X Shares		—		—		—		—		—		—

154 DIREXION SEMI-ANNUAL REPORT

	Six Months Ended April 30, 2015 (Unaudited)						Period Ended October 31, 2014
	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 Retail Bull 3X Shares	$	—	$	—	$	—	$	—	$	—	$	—
Direxion Daily Semiconductor Bull 3X Shares		7,448		—		—		—		—		—
Direxion Daily Semiconductor Bear 3X Shares		—		—		—		—		—		—
Direxion Daily Energy Bull 3X Shares		—		—		—		—		—		—
Direxion Daily Energy Bear 3X Shares		—		—		—		—		—		—
Direxion Daily Financial Bull 3X Shares		—		—		—		—		—		—
Direxion Daily Financial Bear 3X Shares		—		—		—		—		—		—
Direxion Daily Real Estate Bull 3X Shares		—		—		—		—		—		—
Direxion Daily Real Estate Bear 3X Shares		—		—		—		—		—		—
Direxion Daily Technology Bull 3X Shares		—		—		—		—		—		—
Direxion Daily Technology Bear 3X Shares		—		—		—		—		—		—

¹  Commenced operations on January 22, 2014.

²  Commenced operations on May 28, 2014.

³  Commenced operations on July 29, 2014.

⁴  Commenced operations on January 7, 2015.

⁵  Commenced operations on April 16, 2015.

At October 31, 2014, the components of accumulated earnings/loss 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)			Total Accumulated Earnings (Losses)
Direxion Daily Mid Cap Bull 2X Shares	$	(23,825	)	$	29,876	$	—	$	—		$	6,051
Direxion Daily S&P 500® Bull 2X Shares		2,114,847			487,168		—		—			2,602,015
Direxion Daily Small Cap Bull 2X Shares		494,721			26,561		—		—			521,282
Direxion Daily 7-10 Year Treasury Bull 2X Shares		494,319			—		—		(42,807	)		451,512
Direxion Daily Mid Cap Bull 3X Shares		27,132,145			—		—		—			27,132,145
Direxion Daily Mid Cap Bear 3X Shares		(5,014,714	)		—		—		(62,674,529	)		(67,689,243	)
Direxion Daily S&P 500® Bull 3X Shares		119,179,858			—		—		(55,376	)		119,124,482
Direxion Daily S&P 500® Bear 3X Shares		(138,447,378	)		—		—		(810,207,287	)		(948,654,665	)
Direxion Daily Small Cap Bull 3X Shares		315,190,415			5,754,035		—		(16,904	)		320,927,546
Direxion Daily Small Cap Bear 3X Shares		(460,384,524	)		—		—		(2,141,228,449	)		(2,601,612,973	)
Direxion Daily 7-10 Year Treasury Bull 3X Shares		419,587			—		—		(22,203	)		397,384
Direxion Daily 7-10 Year Treasury Bear 3X Shares		(6,005,136	)		—		—		(54,845,447	)		(60,850,583	)
Direxion Daily 20+ Year Treasury Bull 3X Shares		2,570,271			—		—		(118,217	)		2,452,054
Direxion Daily 20+ Year Treasury Bear 3X Shares		(200,534,748	)		—		—		(570,612,837	)		(771,147,585	)
Direxion Daily Brazil Bull 3X Shares		(2,466,022	)		—		—		—			(2,466,022	)
Direxion Daily Developed Markets Bull 3X Shares		5,497,503			—		—		—			5,497,503
Direxion Daily Developed Markets Bear 3X Shares		(2,610,211	)		—		—		(36,987,525	)		(39,597,736	)
Direxion Daily Emerging Markets Bull 3X Shares		(61,647,042	)		—		—		(49,503,532	)		(111,150,574	)

DIREXION SEMI-ANNUAL REPORT 155

Funds	Net Unrealized Appreciation/ (Depreciation)			Undistributed Ordinary Income (Loss)		Undistributed Capital Gain (Loss)		Other Accumulated Earnings (Losses)			Total Accumulated Earnings (Losses)
Direxion Daily Emerging Markets Bear 3X Shares	$	(37,638,261	)	$	—	$	—	$	(281,058,765	)	$	(318,697,026	)
Direxion Daily FTSE China Bull 3X Shares		18,639,700			248,013		—		—			18,887,713
Direxion Daily FTSE China Bear 3X Shares		(3,928,868	)		—		—		(22,025,855	)		(25,954,723	)
Direxion Daily FTSE Europe Bull 3X Shares		(1,943,220	)		16,449		—		(113,766	)		(2,040,537	)
Direxion Daily India Bull 3X Shares		22,475,308			—		—		(417,299	)		22,058,009
Direxion Daily Japan Bull 3X Shares		736,341			—		—		(132,113	)		604,228
Direxion Daily Latin America Bull 3X Shares		(8,681,364	)		—		—		(19,949,876	)		(28,631,240	)
Direxion Daily Russia Bull 3X Shares		(47,100,856	)		76,248		—		—			(47,024,608	)
Direxion Daily Russia Bear 3X Shares		(4,144,455	)		—		—		(13,995,109	)		(18,139,564	)
Direxion Daily South Korea Bull 3X Shares		87,278			—		—		—			87,278
Direxion Daily Basic Materials Bull 3X Shares		2,165,800			—		—		(487,242	)		1,678,558
Direxion Daily Gold Miners Index Bull 3X Shares		(1,020,933,176	)		—		—		(715,357,627	)		(1,736,290,803	)
Direxion Daily Gold Miners Index Bear 3X Shares		123,751,384			—		—		(9,172,515	)		114,578,869
Direxion Daily Healthcare Bull 3X Shares		66,839,589			—		—		—			66,839,589
Direxion Daily Junior Gold Miners Index Bull 3X Shares		(319,537,747	)		7,778,462		—		(54,488,958	)		(366,248,243	)
Direxion Daily Junior Gold Miners Index Bear 3X Shares		39,786,017			3,658,741		—		—			43,444,758
Direxion Daily Natural Gas Related Bull 3X Shares		(12,946,943	)		—		—		(4,443,011	)		(17,389,954	)
Direxion Daily Retail Bull 3X Shares		8,917,210			—		—		(348,270	)		8,568,940
Direxion Daily Semiconductor Bull 3X Shares		84,363,403			—		—		—			84,363,403
Direxion Daily Semiconductor Bear 3X Shares		(12,378,822	)		—		—		(58,758,819	)		(71,137,641	)
Direxion Daily Energy Bull 3X Shares		97,368,243			—		—		(7,849	)		97,360,394
Direxion Daily Energy Bear 3X Shares		(20,119,531	)		—		—		(166,741,936	)		(186,861,467	)
Direxion Daily Financial Bull 3X Shares		556,421,913			—		—		(23,081	)		556,398,832
Direxion Daily Financial Bear 3X Shares		(228,709,270	)		—		—		(4,222,275,448	)		(4,450,984,718	)
Direxion Daily Real Estate Bull 3X Shares		32,680,463			—		—		—			32,680,463
Direxion Daily Real Estate Bear 3X Shares		(3,701,707	)		—		—		(165,796,652	)		(169,498,359	)
Direxion Daily Technology Bull 3X Shares		70,938,444			—		—		(25,439	)		70,913,005
Direxion Daily Technology Bear 3X Shares		(10,400,218	)		—		—		(112,798,575	)		(123,198,793	)

At April 30, 2015, the aggregate gross unrealized appreciation and depreciation of investments for 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® Bull 1.25X Shares	$	3,650,405	$	121,930	$	—	$	121,930
Direxion Daily Small Cap Bull 1.25X Shares		2,391,034		82,932		—		82,932
Direxion Daily FTSE Developed Markets Bull 1.25X Shares		1,101,401		148,759		—		148,759
Direxion Daily FTSE Emerging Markets Bull 1.25X Shares		1,080,516		142,799		—		142,799

156 DIREXION SEMI-ANNUAL REPORT

Funds	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Direxion Daily CSI 300 China A Share Bull 2X Shares	$	15,500,664	$	70,256	$	—		$	70,256
Direxion Daily Mid Cap Bull 2X Shares		2,490,000		—		—			—
Direxion Daily S&P 500® Bull 2X Shares		8,379,495		—		—			—
Direxion Daily Small Cap Bull 2X Shares		3,601,042		—		—			—
Direxion Daily 7-10 Year Treasury Bull 2X Shares		6,294,058		—		—			—
Direxion Daily Mid Cap Bull 3X Shares		54,726,897		—		(273,374	)		(273,374	)
Direxion Daily Mid Cap Bear 3X Shares		5,780,468		—		—			—
Direxion Daily S&P 500® Bull 3X Shares		269,628,821		—		(776,939	)		(776,939	)
Direxion Daily S&P 500® Bear 3X Shares		197,342,664		—		—			—
Direxion Daily Small Cap Bull 3X Shares		395,983,430		—		(181,955	)		(181,955	)
Direxion Daily Small Cap Bear 3X Shares		464,825,448		—		—			—
Direxion Daily 7-10 Year Treasury Bull 3X Shares		2,955,647		—		—			—
Direxion Daily 7-10 Year Treasury Bear 3X Shares		33,710,303		—		—			—
Direxion Daily 20+ Year Treasury Bull 3X Shares		71,148,394		—		(1,698,788	)		(1,698,788	)
Direxion Daily 20+ Year Treasury Bear 3X Shares		314,439,785		—		—			—
Direxion Daily Brazil Bull 3X Shares		29,636,084		—		(632,528	)		(632,528	)
Direxion Daily Developed Markets Bull 3X Shares		20,310,396		70,218		—			70,218
Direxion Daily Developed Markets Bear 3X Shares		3,300,139		—		—			—
Direxion Daily Emerging Markets Bull 3X Shares		160,039,579		—		(84,440	)		(84,440	)
Direxion Daily Emerging Markets Bear 3X Shares		87,009,896		—		—			—
Direxion Daily FTSE China Bull 3X Shares		138,875,570		143,581		—			143,581
Direxion Daily FTSE China Bear 3X Shares		30,374,107		—		—			—
Direxion Daily FTSE Europe Bull 3X Shares		36,001,675		297,380		—			297,380
Direxion Daily India Bull 3X Shares		94,305,819		—		(402,941	)		(402,941	)
Direxion Daily Japan Bull 3X Shares		15,554,255		—		(118,480	)		(118,480	)
Direxion Daily Latin America Bull 3X Shares		15,584,659		120,032		—			120,032
Direxion Daily Russia Bull 3X Shares		164,625,691		—		(4,113,751	)		(4,113,751	)
Direxion Daily Russia Bear 3X Shares		77,161,242		—		—			—
Direxion Daily South Korea Bull 3X Shares		3,291,616		—		(507	)		(507	)
Direxion Daily Basic Materials Bull 3X Shares		4,567,099		—		—			—
Direxion Daily Gold Miners Index Bull 3X Shares		599,886,091		375,164		(49,809,843	)		(49,434,679	)
Direxion Daily Gold Miners Index Bear 3X Shares		156,657,545		—		—			—
Direxion Daily Healthcare Bull 3X Shares		277,134,102		—		(139,565	)		(139,565	)
Direxion Daily Junior Gold Miners Index Bull 3X Shares		158,713,093		—		(20,846,906	)		(20,846,906	)
Direxion Daily Junior Gold Miners Index Bear 3X Shares		69,342,510		—		—			—
Direxion Daily Natural Gas Related Bull 3X Shares		90,499,082		3,863,422		(6,214,131	)		(2,350,709	)
Direxion Daily Retail Bull 3X Shares		36,952,953		2,219,783		(5,177	)		2,214,606
Direxion Daily Semiconductor Bull 3X Shares		108,252,988		95,806		(517,863	)		(422,057	)
Direxion Daily Semiconductor Bear 3X Shares		13,174,807		—		—			—
Direxion Daily Energy Bull 3X Shares		243,784,463		433,492		—			433,492
Direxion Daily Energy Bear 3X Shares		48,374,686		—		—			—
Direxion Daily Financial Bull 3X Shares		896,452,791		—		(2,236,297	)		(2,236,297	)
Direxion Daily Financial Bear 3X Shares		232,984,812		—		—			—
Direxion Daily Real Estate Bull 3X Shares		111,256,119		—		(3,186,089	)		(3,186,089	)
Direxion Daily Real Estate Bear 3X Shares		8,905,225		—		—			—
Direxion Daily Technology Bull 3X Shares		125,129,392		80,246		—			80,246
Direxion Daily Technology Bear 3X Shares		14,320,830		—		—			—

DIREXION SEMI-ANNUAL REPORT 157

The difference between the book cost of investments and the tax cost of investments are primarily attributable to tax deferral of losses on wash sales, mark to market of unrealized gains on passive foreign investment companies (“PFICs”) and basis adjustments on investments in real estate trusts (“REITs”).

Net investment income/(loss) and realized gain and losses for Federal income tax purposes may differ from those reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences in net investment income/(loss) and realized gain and losses due to differences between financial reporting and tax reporting be reclassified between various components of net assets. The permanent differences primarily relate to tax treatment of redemption in-kind, net operating losses, distribution reclasses, sales of REITS and PFICs and utilization of earning and profits distributed to shareholders on redemption of shares.

Funds	Undistributed Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss) on Investments			Paid-in Capital
Direxion Daily Mid Cap Bull 2X Shares	$	4,089	$	(184,879	)	$	180,790
Direxion Daily S&P 500® Bull 2X Shares		7,568		(1,069,957	)		1,062,389
Direxion Daily Small Cap Bull 2X Shares		9,738		(238,703	)		228,965
Direxion Daily 7-10 Year Treasury Bull 2X Shares		18,767		—			(18,767	)
Direxion Daily Mid Cap Bull 3X Shares		578,463		(7,333,114	)		6,754,651
Direxion Daily Mid Cap Bear 3X Shares		104,692		—			(104,692	)
Direxion Daily S&P 500® Bull 3X Shares		2,628,891		(164,048,969	)		161,420,078
Direxion Daily S&P 500® Bear 3X Shares		1,886,706		—			(1,886,706	)
Direxion Daily Small Cap Bull 3X Shares		8,800,107		(287,042,281	)		278,242,174
Direxion Daily Small Cap Bear 3X Shares		7,518,023		—			(7,518,023	)
Direxion Daily 7-10 Year Treasury Bull 3X Shares		14,839		(14,839	)		—
Direxion Daily 7-10 Year Treasury Bear 3X Shares		526,396		—			(526,396	)
Direxion Daily 20+ Year Treasury Bull 3X Shares		203,666		(5,357,375	)		5,153,709
Direxion Daily 20+ Year Treasury Bear 3X Shares		4,231,650		—			(4,231,650	)
Direxion Daily Brazil Bull 3X Shares		46,688		(649,624	)		602,936
Direxion Daily Developed Markets Bull 3X Shares		368,395		(1,419,889	)		1,051,494
Direxion Daily Developed Markets Bear 3X Shares		96,044		—			(96,044	)
Direxion Daily Emerging Markets Bull 3X Shares		1,292,940		(892,626	)		(400,314	)
Direxion Daily Emerging Markets Bear 3X Shares		1,012,537		—			(1,012,537	)
Direxion Daily FTSE China Bull 3X Shares		1,293,793		(7,351,230	)		6,057,437
Direxion Daily FTSE China Bear 3X Shares		83,306		—			(83,306	)
Direxion Daily FTSE Europe Bull 3X Shares		8,569		—			(8,569	)
Direxion Daily India Bull 3X Shares		236,789		(1,442,849	)		1,206,060
Direxion Daily Japan Bull 3X Shares		5,393		(71,481	)		66,088
Direxion Daily Latin America Bull 3X Shares		62,253		(597,624	)		535,371
Direxion Daily Russia Bull 3X Shares		812,541		(5,810,155	)		4,997,614
Direxion Daily Russia Bear 3X Shares		116,073		—			(116,073	)
Direxion Daily South Korea Bull 3X Shares		17,176		(710,622	)		693,446
Direxion Daily Basic Materials Bull 3X Shares		24,771		—			(24,771	)
Direxion Daily Gold Miners Bull 3X Shares		3,696,581		26,810,492			(30,507,073	)
Direxion Daily Gold Miners Bear 3X Shares		246,644		—			(246,644	)
Direxion Daily Healthcare Bull 3X Shares		571,787		(13,668,140	)		13,096,353
Direxion Daily Junior Gold Miners Index Bull 3X Shares		1,218,824		(9,363,541	)		8,144,717
Direxion Daily Junior Gold Miners Index Bear 3X Shares		331,716		(3,743,683	)		3,411,967
Direxion Daily Natural Gas Related Bull 3X Shares		28,713		(36,839	)		8,126
Direxion Daily Retail Bull 3X Shares		11,754		225,449			(237,203	)
Direxion Daily Semiconductor Bull 3X Shares		387,423		(10,573,143	)		10,185,720
Direxion Daily Semiconductor Bear 3X Shares		355,946		—			(355,946	)

158 DIREXION SEMI-ANNUAL REPORT

Funds	Undistributed Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss) on Investments			Paid-in Capital
Direxion Daily Energy Bull 3X Shares	$	1,461,944	$	(12,733,783	)	$	11,271,839
Direxion Daily Energy Bear 3X Shares		726,287		—			(726,287	)
Direxion Daily Financial Bull 3X Shares		9,719,485		(290,674,751	)		280,955,266
Direxion Daily Financial Bear 3X Shares		5,295,388		—			(5,295,388	)
Direxion Daily Real Estate Bull 3X Shares		879,348		(36,514,349	)		35,635,001
Direxion Daily Real Estate Bear 3X Shares		142,017		—			(142,017	)
Direxion Daily Technology Bull 3X Shares		1,141,299		(28,679,017	)		27,537,718
Direxion Daily Technology Bear 3X Shares		206,495		1			(206,496	)

In order to meet certain 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 connections 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, 2015.

	Ordinary Late Year Loss Deferral
Direxion Daily Mid Cap Bull 2X Shares	$	—
Direxion Daily S&P 500® Bull 2X Shares		—
Direxion Daily Small Cap Bull 2X Shares		—
Direxion Daily 7-10 Year Treasury Bull 2X Shares		—
Direxion Daily Mid Cap Bull 3X Shares		—
Direxion Daily Mid Cap Bear 3X Shares		69,813
Direxion Daily S&P 500® Bull 3X Shares		—
Direxion Daily S&P 500® Bear 3X Shares		1,656,139
Direxion Daily Small Cap Bull 3X Shares		—
Direxion Daily Small Cap Bear 3X Shares		5,590,944
Direxion Daily 7-10 Year Treasury Bull 3X Shares		22,203
Direxion Daily 7-10 Year Treasury Bear 3X Shares		455,740
Direxion Daily 20+ Year Treasury Bull 3X Shares		—
Direxion Daily 20+ Year Treasury Bear 3X Shares		4,386,135
Direxion Daily Brazil Bull 3X Shares		—
Direxion Daily Developed Markets Bull 3X Shares		—
Direxion Daily Developed Markets Bear 3X Shares		55,136
Direxion Daily Emerging Markets Bull 3X Shares		2,258,361
Direxion Daily Emerging Markets Bear 3X Shares		939,664
Direxion Daily FTSE China Bull 3X Shares		—
Direxion Daily FTSE China Bear 3X Shares		130,527
Direxion Daily India Bull 3X Shares		417,299
Direxion Daily Japan Bull 3X Shares		40,806
Direxion Daily Latin America Bull 3X Shares		144,711
Direxion Daily Russia Bull 3X Shares		—
Direxion Daily Russia Bear 3X Shares		155,018
Direxion Daily South Korea Bull 3X Shares		—
Direxion Daily Basic Materials Bull 3X Shares		8,673
Direxion Daily Gold Miners Index Bull 3X Shares		5,975,530
Direxion Daily Gold Miners Index Bear 3X Shares		1,608,367
Direxion Daily Healthcare Bull 3X Shares		—
Direxion Daily Junior Gold Miners Index Bull 3X Shares		—

DIREXION SEMI-ANNUAL REPORT 159

	Ordinary Late Year Loss Deferral
Direxion Daily Junior Gold Miners Index Bear 3X Shares	$	—
Direxion Daily Natural Gas Related Bull 3X Shares		126,461
Direxion Daily Retail Bull 3X Shares		80,698
Direxion Daily Semiconductor Bull 3X Shares		—
Direxion Daily Semiconductor Bear 3X Shares		161,037
Direxion Daily Energy Bull 3X Shares		—
Direxion Daily Energy Bear 3X Shares		408,481
Direxion Daily Financial Bull 3X Shares		—
Direxion Daily Financial Bear 3X Shares		2,882,514
Direxion Daily Real Estate Bull 3X Shares		—
Direxion Daily Real Estate Bear 3X Shares		95,772
Direxion Daily Technology Bull 3X Shares		—
Direxion Daily Technology Bear 3X Shares		136,042

Under current law, the Funds may carry forward net capital losses indefinitely to use to offset capital gains realized in future years. Previous law limited the carry forward of capital losses to the eight tax years following the year the capital loss was realized. If a Fund has capital losses that are subject to current law and also has capital losses subject to prior law, the losses realized under current law will be utilized to offset capital gains before any of the losses governed by prior law can be used. As a result of the ordering rules, capital losses realized under previous law may be more likely to expire unused. Capital losses realized under current law will carry forward retaining their classification as long-term or short-term losses; as compared to under prior law in which all capital losses were carried forward as short-term capital losses.

At October 31, 2014, for Federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains through the year indicated:

Funds	October 31, 2019		October 31, 2018		October 31, 2017		Unlimited ST		Unlimited LT
Direxion Daily Mid Cap Bull 2X Shares	$	—	$	—	$	—	$	—	$	—
Direxion Daily S&P 500® Bull 2X Shares		—		—		—		—		—
Direxion Daily Small Cap Bull 2X Shares		—		—		—		—		—
Direxion Daily 7-10 Year Treasury Bull 2X Shares		—		—		—		42,807		—
Direxion Daily Mid Cap Bull 3X Shares		—		—		—		—		—
Direxion Daily Mid Cap Bear 3X Shares		22,162,993		4,862,033		5,743,778		29,549,809		—
Direxion Daily S&P 500® Bull 3X Shares		—		—		—		—		—
Direxion Daily S&P 500® Bear 3X Shares		227,849,840		243,723,246		—		336,937,920		—
Direxion Daily Small Cap Bull 3X Shares		—		—		—		—		—
Direxion Daily Small Cap Bear 3X Shares		447,535,089		170,386,620		41,155,587		1,476,542,615		—
Direxion Daily 7-10 Year Treasury Bull 3X Shares		—		—		—		—		—
Direxion Daily 7-10 Year Treasury Bear 3X Shares		2,880,591		13,265,888		—		38,143,549		—
Direxion Daily 20+ Year Treasury Bull 3X Shares		—		—		—		—		—
Direxion Daily 20+ Year Treasury Bear 3X Shares		101,871,069		93,882,293		—		359,272,369		—
Direxion Daily Brazil Bull 3X Shares		—		—		—		—		—
Direxion Daily Developed Markets Bull 3X Shares		—		—		—		—		—

160 DIREXION SEMI-ANNUAL REPORT

Funds	October 31, 2019		October 31, 2018		October 31, 2017		Unlimited ST		Unlimited LT
Direxion Daily Developed Markets Bear 3X Shares	$	6,226,800	$	3,814,712	$	2,982,535	$	23,908,342	$	—
Direxion Daily Emerging Markets Bull 3X Shares		—		—		—		—		47,245,171
Direxion Daily Emerging Markets Bear 3X Shares		73,271,322		33,557,979		24,388,554		143,623,349		—
Direxion Daily FTSE China Bull 3X Shares		—		—		—		—		—
Direxion Daily FTSE China Bear 3X Shares		—		2,295,087		—		19,600,241		—
Direxion Daily FTSE Europe Bull 3X Shares		—		—		—		113,766		—
Direxion Daily India Bull 3X Shares		—		—		—		—		—
Direxion Daily Japan Bull 3X Shares		—		—		—		79,626		11,681
Direxion Daily Latin America Bull 3X Shares		—		—		—		—		19,805,165
Direxion Daily Russia Bull 3X Shares		—		—		—		—		—
Direxion Daily Russia Bear 3X Shares		649,297		—		—		12,084,312		—
Direxion Daily South Korea Bull 3X Shares		—		—		—		—		—
Direxion Daily Basic Materials Bull 3X Shares		478,569		—		—		—		—
Direxion Daily Gold Miners Index Bull 3X Shares		—		—		—		24,611,557		632,513,039
Direxion Daily Gold Miners Index Bear 3X Shares		—		—		—		7,564,148		—
Direxion Daily Healthcare Bull 3X Shares		—		—		—		—		—
Direxion Daily Junior Gold Miners Index Bull 3X Shares		—		—		—		—		—
Direxion Daily Junior Gold Miners Index Bear 3X Shares		—		—		—		—		—
Direxion Daily Natural Gas Related Bull 3X Shares		—		—		—		—		4,316,550
Direxion Daily Retail Bull 3X Shares		—		—		—		267,572		—
Direxion Daily Semiconductor Bull 3X Shares		—		—		—		—		—
Direxion Daily Semiconductor Bear 3X Shares		961,396		—		—		53,056,841		—
Direxion Daily Energy Bull 3X Shares		—		—		—		—		—
Direxion Daily Energy Bear 3X Shares		12,590,578		3,644,343		25,942,062		124,152,381		—
Direxion Daily Financial Bull 3X Shares		—		—		—		—		—
Direxion Daily Financial Bear 3X Shares		679,926,863		839,658,285		833,736,449		1,843,602,479		—
Direxion Daily Real Estate Bull 3X Shares		—		—		—		—		—
Direxion Daily Real Estate Bear 3X Shares		81,864,882		40,732,146		—		41,948,182		—
Direxion Daily Technology Bull 3X Shares		—		—		—		—		—
Direxion Daily Technology Bear 3X Shares		37,175,240		11,093,015		13,642,542		50,259,525		—
Capital Loss Utilized during year ended October 31, 2014:
Direxion Daily Mid Cap Bull 2X Shares		—
Direxion Daily S&P 500® Bull 2X Shares		—
Direxion Daily Small Cap Bull 2X Shares		—
Direxion Daily 7-10 Year Treasury Bull 2X Shares		—
Direxion Daily Mid Cap Bull 3X Shares		—
Direxion Daily Mid Cap Bear 3X Shares		—

DIREXION SEMI-ANNUAL REPORT 161

Funds	October 31, 2019		October 31, 2018	October 31, 2017	Unlimited ST	Unlimited LT
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 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		—
Direxion Daily Brazil Bull 3X Shares		99,507
Direxion Daily Developed Markets Bull 3X Shares		—
Direxion Daily Developed Markets Bear 3X Shares		—
Direxion Daily Emerging Markets Bull 3X Shares		—
Direxion Daily Emerging Markets Bear 3X Shares		—
Direxion Daily FTSE China Bull 3X Shares		14,370,011
Direxion Daily FTSE China Bear 3X Shares		—
Direxion Daily FTSE Europe Bull 3X Shares		—
Direxion Daily India Bull 3X Shares		3,548,588
Direxion Daily Japan Bull 3X Shares		—
Direxion Daily Latin America Bull 3X Shares		—
Direxion Daily Russia Bull 3X Shares		398,813
Direxion Daily Russia Bear 3X Shares		—
Direxion Daily South Korea Bull 3X Shares		—
Direxion Daily Basic Materials Bull 3X Shares		274,431
Direxion Daily Gold Miners Index Bull 3X Shares		—
Direxion Daily Gold Miners Index Bear 3X Shares		—
Direxion Daily Healthcare Bull 3X Shares		—
Direxion Daily Junior Gold Miners Index Bull 3X Shares		96,577
Direxion Daily Junior Gold Miners Index Bear 3X Shares		392,245
Direxion Daily Natural Gas Related Bull 3X Shares		—
Direxion Daily Retail Bull 3X Shares		—
Direxion Daily Semiconductor Bull 3X Shares		—
Direxion Daily Semiconductor Bear 3X Shares		—
Direxion Daily Energy Bull 3X Shares		—
Direxion Daily Energy Bear 3X Shares		—
Direxion Daily Financial Bull 3X Shares		—
Direxion Daily Financial Bear 3X Shares		—
Direxion Daily Real Estate Bull 3X Shares		—
Direxion Daily Real Estate Bear 3X Shares		—
Direxion Daily Technology Bull 3X Shares		—
Direxion Daily Technology Bear 3X Shares		—

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. Open tax years are those years that are open for examination by the relevant income taxing authority. As of October 31, 2014, open Federal and state income tax years include the tax years ended October 31, 2012 through October 31, 2014. 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.

162 DIREXION SEMI-ANNUAL REPORT

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 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 applicable to each creation or redemption transaction and is paid to the Fund. Transaction fees received by each Fund are displayed in the Capital Share Transaction section of the Statements of Changes in Net Assets.

5. INVESTMENT TRANSACTIONS

The table below displays each Fund’s investment transactions during the period ended April 30, 2015. Purchases represent the aggregate purchases of investments excluding cost of in-kind purchases, short-term investment purchases, and swaps contracts. Sales represent the aggregate sales of investments excluding proceeds from in-kind sales, short-term investments and swap 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® 1.25X Shares	$	2,357,982	$	—	$	1,292,423	$	—
Direxion Daily Small Cap Bull 1.25X Shares		2,363,424		—		1,296,826		1,349,153
Direxion Daily FTSE Developed Markets 1.25X Shares		2,369,074		—		—		1,356,807
Direxion Daily FTSE Emerging Markets 1.25X Shares		2,344,315		—		—		1,324,169
Direxion Daily CSI 300 China A Share Bull 2X Shares		1,161,225		—		4,668,966		—
Direxion Daily Mid Cap Bull 2X Shares		5,556,410		7,450,685		—		—
Direxion Daily S&P 500® Bull 2X Shares		7,176,500		27,961,019		—		7,174,471
Direxion Daily Small Cap Bull 2X Shares		—		—		—		—
Direxion Daily 7-10 Year Treasury Bull 2X Shares		—		4,174,281		4,269,127		—
Direxion Daily Mid Cap Bull 3X Shares		28,591,659		10,670,718		57,621,843		82,235,183
Direxion Daily Mid Cap Bear 3X Shares		—		—		—		—
Direxion Daily S&P 500® Bull 3X Shares		318,054,645		99,379,215		33,341,983		362,575,164
Direxion Daily S&P 500® Bear 3X Shares		—		—		—		—
Direxion Daily Small Cap Bull 3X Shares		1,156,224,075		—		71,514,532		1,246,814,934
Direxion Daily Small Cap Bear 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		12,010,900		10,006,362		63,373,314		39,756,953
Direxion Daily 20+ Year Treasury Bear 3X Shares		—		—		—		—
Direxion Daily Brazil Bull 3X Shares		—		12,669,682		18,168,365		12,671,808
Direxion Daily Developed Markets Bull 3X Shares		18,037,607		11,009,186		18,608,317		32,669,521
Direxion Daily Developed Markets Bear 3X Shares		—		—		—		—
Direxion Daily Emerging Markets Bull 3X Shares		82,690,937		19,650,065		99,474,366		208,602,615
Direxion Daily Emerging Markets Bear 3X Shares		—		—		—		—
Direxion Daily FTSE China Bull 3X Shares		57,265,654		32,559,200		1,895,017		72,991,160
Direxion Daily FTSE China Bear 3X Shares		—		—		—		—
Direxion Daily FTSE Europe Bull 3X Shares		—		13,182,815		15,954,059		—

DIREXION SEMI-ANNUAL REPORT 163

Funds	Purchases		Sales		Purchases In-Kind		Sales In-Kind
Direxion Daily India Bull 3X Shares	$	26,091,351	$	15,312,734	$	19,479,128	$	25,062,077
Direxion Daily Japan Bull 3X Shares		2,236,447		430,209		20,377,460		13,134,524
Direxion Daily Latin America Bull 3X Shares		—		9,368,241		4,241,433		522,505
Direxion Daily Russia Bull 3X Shares		172,588,164		49,324,726		61,079,637		215,783,913
Direxion Daily Russia Bear 3X Shares		—		—		—		—
Direxion Daily South Korea Bull 3X Shares		—		3,963,049		5,939,006		2,345,740
Direxion Daily Basic Materials Bull 3X Shares		—		2,754,412		—		—
Direxion Daily Gold Miners Index Bull 3X Shares		518,282,077		310,498,727		497,371,705		796,279,686
Direxion Daily Gold Miners Index Bear 3X Shares		—		—		—		—
Direxion Daily Healthcare Bull 3X Shares		—		132,045,928		163,210,763		13,704,105
Direxion Daily Junior Gold Miners Index Bull 3X Shares		219,690,660		63,384,427		113,159,774		305,673,253
Direxion Daily Junior Gold Miners Index Bear 3X Shares		—		—		—		—
Direxion Daily Natural Gas Related Bull 3X Shares		15,703,828		77,347,524		119,857,771		42,921,682
Direxion Daily Retail Bull 3X Shares		—		2,727,638		16,412,213		—
Direxion Daily Semiconductor Bull 3X Shares		1,300,381		1,493,415		74,016,936		118,952,729
Direxion Daily Semiconductor Bear 3X Shares		—		—		—		—
Direxion Daily Energy Bull 3X Shares		61,044,416		265,451,206		641,148,582		501,707,908
Direxion Daily Energy Bear 3X Shares		—		—		—		—
Direxion Daily Financial Bull 3X Shares		179,127,299		1,891,221		491,105,346		583,990,438
Direxion Daily Financial Bear 3X Shares		—		—		—		—
Direxion Daily Real Estate Bull 3X Shares		7,946,901		5,442,219		83,579,633		49,972,956
Direxion Daily Real Estate Bear 3X Shares		—		—		—		—
Direxion Daily Technology Bull 3X Shares		46,894,575		95,394,094		41,445,038		50,515,408
Direxion Daily Technology 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, 2015.

6. INVESTMENT ADVISORY AND OTHER AGREEMENTS

Under an Investment Advisory Agreement between the Trust, on behalf of each Fund, the Adviser provides a continuous investment program for each Fund’s assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of a Fund, subject to the supervision of the Trustees. Pursuant to the Advisory Agreement, each 1.25X Fund pays the Adviser 0.45% at an annual rate based on its average daily net assets, each 2X Fund pays the Adviser 0.50% at an annual rate based on its average daily net assets and each 3X Fund pays the Adviser 0.75% at an annual rate based on its average daily net assets.

For the 3X Funds, the Advisor has agreed to waive a portion of its fees based upon specific breakpoints based on each Fund’s daily net assets at least until September 1, 2016. The breakpoint schedule is detailed in the table below:

Net Asset Range					Advisory Fees
$	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					0.40%

Each Fund is responsible for its own operating expenses. The Adviser has contractually agreed to waive its fees and/or reimburse the 1.25X Funds’ operating expenses to the extent that they exceed 0.45%, to reimburse the 2X Funds’

164 DIREXION SEMI-ANNUAL REPORT

operating expenses to the extent that they exceed 0.60% and to reimburse the 3X Funds’ operating expenses to the extent that they exceed 0.95%. Any expense waiver is subject to reimbursement by the Funds, as applicable, within the following three years if overall expenses fall below these percentage limitations.

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

	Expenses Recouped		Expenses Reimbursed		Potential Recoupment Amounts Expiring:								Total Potential Recoupment Amount
Funds					October 31, 2015		October 31, 2016		October 31, 2017		October 31, 2018
Direxion Daily S&P 500® Bull 1.25X Shares	$	—	$	16,649	$	—	$	—	$	—	$	16,649	$	16,649
Direxion Daily Small Cap Bull 1.25X Shares		—		25,258		—		—		—		25,258		25,258
Direxion Daily FTSE Developed Markets Bull 1.25X Shares		—		16,263		—		—		—		16,263		16,263
Direxion Daily FTSE Emerging Markets Bull 1.25X Shares		—		16,259		—		—		—		16,259		16,259
Direxion Daily CSI 300 China A Share Bull 2X Shares		—		3,172		—		—		—		3,172		3,172
Direxion Daily Mid Cap Bull 2X Shares		—		19,338		—		—		31,524		19,338		50,862
Direxion Daily S&P 500® Bull 2X Shares		—		36,174		—		—		39,422		36,174		75,596
Direxion Daily Small Cap Bull 2X Shares		—		28,215		—		—		36,551		28,215		64,766
Direxion Daily 7-10 Year Treasury Bull 2X Shares		—		22,151		—		—		32,880		22,151		55,031
Direxion Daily Mid Cap Bull 3X Shares		—		13,020		64,230		56,816		38,793		13,020		172,859
Direxion Daily Mid Cap Bear 3X Shares		—		16,352		53,700		44,203		33,769		16,352		148,024
Direxion Daily S&P 500® Bull 3X Shares		38,228		803		114,366		56,828		43,374		803		215,371
Direxion Daily S&P 500® Bear 3X Shares		1,076		26,245		136,317		664,329		46,312		26,245		873,203
Direxion Daily Small Cap Bull 3X Shares		—		163,596		407,177		369,333		422,839		163,596		1,362,945
Direxion Daily Small Cap Bear 3X Shares		—		144,145		432,919		951,002		467,508		144,145		1,995,574
Direxion Daily 7-10 Year Treasury Bull 3X Shares		—		22,795		50,043		59,046		49,936		22,795		181,820
Direxion Daily 7-10 Year Treasury Bear 3X Shares		84		3,337		25,206		20,458		12,458		3,337		61,459
Direxion Daily 20+ Year Treasury Bull 3X Shares		15,387		861		23,710		44,808		26,561		861		95,940
Direxion Daily 20+ Year Treasury Bear 3X Shares		—		13,299		—		—		4,138		13,299		17,437
Direxion Daily Brazil Bull 3X Shares		—		18,809		—		50,334		47,780		18,809		116,923
Direxion Daily Developed Markets Bull 3X Shares		—		22,885		89,363		86,433		47,201		22,885		245,882

DIREXION SEMI-ANNUAL REPORT 165

	Expenses Recouped		Expenses Reimbursed		Potential Recoupment Amounts Expiring:								Total Potential Recoupment Amount
Funds					October 31, 2015		October 31, 2016		October 31, 2017		October 31, 2018
Direxion Daily Developed Markets Bear 3X Shares	$	—	$	37,433	$	90,368	$	101,521	$	81,939	$	37,433	$	311,261
Direxion Daily Emerging Markets Bull 3X Shares		552		14,223		53,339		183,637		81,382		14,223		332,581
Direxion Daily Emerging Markets Bear 3X Shares		17		13,284		76,714		136,539		67,638		13,284		294,175
Direxion Daily FTSE China Bull 3X Shares		215		36,866		67,383		60,150		70,727		36,866		235,126
Direxion Daily FTSE China Bear 3X Shares		—		22,860		46,928		39,558		35,007		22,860		144,353
Direxion Daily FTSE Europe Bull 3X Shares		2,126		7,896		—		—		36,502		7,896		44,398
Direxion Daily India Bull 3X Shares		11		17,872		50,489		44,693		33,888		17,872		146,942
Direxion Daily Japan Bull 3X Shares		—		25,356		—		43,630		53,518		25,356		122,504
Direxion Daily Latin America Bull 3X Shares		—		18,941		—		51,306		45,333		18,941		115,580
Direxion Daily Russia Bull 3X Shares		1,820		2,937		83,288		64,838		34,899		2,937		185,962
Direxion Daily Russia Bear 3X Shares		8,286		8,084		58,721		47,055		33,435		8,084		147,295
Direxion Daily South Korea Bull 3X Shares		—		21,351		—		50,060		48,753		21,351		120,164
Direxion Daily Basic Materials Bull 3X Shares		—		—		57,071		66,113		52,496		—		175,680
Direxion Daily Gold Miners Index Bull 3X Shares		33,324		—		—		—		—		—		—
Direxion Daily Gold Miners Index Bear 3X Shares		4,944		19,080		34,797		25,459		28,402		19,080		107,738
Direxion Daily Healthcare Bull 3X Shares		7,623		13,097		47,014		38,307		39,688		13,097		138,106
Direxion Daily Junior Gold Miners Index Bull 3X Shares		14,368		38,320		—		637		3,890		38,320		42,847
Direxion Daily Junior Gold Miners Index Bear 3X Shares		301		17,994		—		28,753		31,402		17,994		78,149
Direxion Daily Natural Gas Related Bull 3X Shares		253		13,271		52,482		47,703		38,433		13,271		151,889
Direxion Daily Retail Bull 3X Shares		—		16,357		68,917		58,308		47,943		16,357		191,525
Direxion Daily Semiconductor Bull 3X Shares		—		31,155		75,617		73,566		59,779		31,155		240,117
Direxion Daily Semiconductor Bear 3X Shares		—		16,140		52,970		49,951		40,074		16,140		159,135
Direxion Daily Energy Bull 3X Shares		7,887		1,274		62,259		36,602		40,473		1,274		140,608
Direxion Daily Energy Bear 3X Shares		532		8,089		—		389,543		53,760		8,089		451,392

166 DIREXION SEMI-ANNUAL REPORT

	Expenses Recouped		Expenses Reimbursed		Potential Recoupment Amounts Expiring:								Total Potential Recoupment Amount
Funds					October 31, 2015		October 31, 2016		October 31, 2017		October 31, 2018
Direxion Daily Financial Bull 3X Shares	$	34,961	$	16,335	$	—	$	188,954	$	120,016	$	16,335	$	325,305
Direxion Daily Financial Bear 3X Shares		—		40,298		76,986		946,987		222,097		40,298		1,286,368
Direxion Daily Real Estate Bull 3X Shares		1,371		5,167		76,626		100,033		64,997		5,167		246,823
Direxion Daily Real Estate Bear 3X Shares		—		31,767		91,712		87,338		74,616		31,767		285,433
Direxion Daily Technology Bull 3X Shares		1,118		11,422		59,278		41,206		44,741		11,422		156,647
Direxion Daily Technology Bear 3X Shares		—		12,043		62,025		48,820		32,623		12,043		155,511

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 pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services. No 12b-1 fees are currently being charged by any Fund, and there are currently no plans to impose these fees.

7. FAIR VALUE MEASUREMENTS

The Funds follow authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a heirarchy 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, 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, 2015:

	Direxion Daily S&P 500® Bull 1.25X Shares								Direxion Daily Small Cap Bull 1.25X Shares
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Investment Companies – Equity*	$	3,772,335	$	—	$	—	$	3,772,335	$	2,473,966	$	—	$	—	$	2,473,966
Short-Term Investments		—		—		—		—		—		—		—		—
Other Financial Instruments**		—		30,732		—		30,732		—		21,425		—		21,425
	Direxion Daily FTSE Developed Markets Bull 1.25X Shares								Direxion Daily FTSE Emerging Markets Bull 1.25X Shares
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Investment Companies – Equity*	$	1,250,160	$	—	$	—	$	1,250,160	$	1,223,315	$	—	$	—	$	1,223,315
Short-Term Investments		—		—		—		—		—		—		—		—
Other Financial Instruments**		—		57,155		—		57,155		—		55,136		—		55,136

DIREXION SEMI-ANNUAL REPORT 167

	Direxion Daily CSI 300 China A Share Bull 2X Shares										Direxion Daily Mid Cap Bull 2X Shares
	Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Investment Companies – Equity*	$	5,900,448	$	—		$	—	$	5,900,448		$	—	$	—		$	—	$	—
Short-Term Investments		9,670,472		—			—		9,670,472			2,490,000		—			—		2,490,000
Other Financial Instruments**		—		3,650,622			—		3,650,622			—		683,112			—		683,112
	Direxion Daily S&P 500® Bull 2X Shares										Direxion Daily Small Cap Bull 2X Shares
	Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Investment Companies – Equity*	$	—	$	—		$	—	$	—		$	—	$	—		$	—	$	—
Short-Term Investments		8,379,495		—			—		8,379,495			3,601,042		—			—		3,601,042
Other Financial Instruments**		—		1,345,275			—		1,345,275			—		785,004			—		785,004
	Direxion Daily 7-10 Year Bull 2X Shares										Direxion Daily Mid Cap Bull 3X Shares
	Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Investment Companies – Equity*	$	—	$	—		$	—	$	—		$	17,799,000	$	—		$	—	$	17,799,000
Short-Term Investments		6,294,058		—			—		6,294,058			36,654,523		—			—		36,654,523
Other Financial Instruments**		—		1,245,887			—		1,245,887			—		1,684,710			—		1,684,710
	Direxion Daily Mid Cap Bear 3X Shares										Direxion Daily S&P 500® Bull 3X Shares
	Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Investment Companies – Equity*	$	—	$	—		$	—	$	—		$	14,337,835	$	—		$	—	$	14,337,835
Short-Term Investments		5,780,468		—			—		5,780,468			254,514,047		—			—		254,514,047
Other Financial Instruments**		—		(311,688	)		—		(311,688	)		—		132,490,931			—		132,490,931
	Direxion Daily S&P 500® Bear 3X Shares										Direxion Daily Small Cap Bull 3X Shares
	Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Investment Companies – Equity*	$	—	$	—		$	—	$	—		$	5,332,009	$	—		$	—	$	5,332,009
Short-Term Investments		197,342,664		—			—		197,342,664			390,469,466		—			—		390,469,466
Other Financial Instruments**		—		(44,646,873	)		—		(44,646,873	)		—		54,573,725			—		54,573,725
	Direxion Daily Small Cap Bear 3X Shares										Direxion Daily 7-10 Year Treasury Bull 3X Shares
	Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Investment Companies – Fixed Income*	$	—	$	—		$	—	$	—		$	—	$	—		$	—	$	—
Short-Term Investments		464,825,448		—			—		464,825,448			2,955,647		—			—		2,955,647
Other Financial Instruments**		—		(1,057,447	)		—		(1,057,447	)		—		312,435			—		312,435
	Direxion Daily 7-10 Year Treasury Bear 3X Shares										Direxion Daily 20+ Year Treasury Bull 3X Shares
	Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Investment Companies – Fixed Income*	$	—	$	—		$	—	$	—		$	32,532,255	$	—		$	—	$	32,532,255
Short-Term Investments		33,710,303		—			—		33,710,303			36,917,351		—			—		36,917,351
Other Financial Instruments**		—		(5,484,447	)		—		(5,484,447	)		—		3,747,476			—		3,747,476
	Direxion Daily 20+ Year Treasury Bear 3X Shares										Direxion Daily Brazil Bull 3X Shares
	Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Investment Companies – Equity*	$	—	$	—		$	—	$	—		$	3,226,818	$	—		$	—	$	3,226,818
Short-Term Investments		314,439,785		—			—		314,439,785			25,776,738		—			—		25,776,738
Other Financial Instruments**		—		(22,663,819	)		—		(22,663,819	)		—		11,975,114			—		11,975,114
	Direxion Daily Developed Markets Bull 3X Shares										Direxion Daily Developed Markets Bear 3X Shares
	Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Investment Companies – Equity*	$	1,085,842	$	—		$	—	$	1,085,842		$	—	$	—		$	—	$	—
Short-Term Investments		19,294,772		—			—		19,294,772			3,300,139		—			—		3,300,139
Other Financial Instruments**		—		9,630,135			—		9,630,135			—		(414,829	)		—		(414,829	)

168 DIREXION SEMI-ANNUAL REPORT

	Direxion Daily Emerging Markets Bull 3X Shares								Direxion Daily Emerging Markets Bear 3X Shares
	Level 1		Level 2		Level 3		Total		Level 1		Level 2			Level 3		Total
Investment Companies – Equity*	$	4,420,971	$	—	$	—	$	4,420,971	$	—	$	—		$	—	$	—
Short-Term Investments		155,534,168		—		—		155,534,168		87,009,896		—			—		87,009,896
Other Financial Instruments**		—		43,244,895		—		43,244,895		—		(13,433,344	)		—		(13,433,344	)
	Direxion Daily FTSE China Bull 3X Shares								Direxion Daily FTSE China Bear 3X Shares
	Level 1		Level 2		Level 3		Total		Level 1		Level 2			Level 3		Total
Investment Companies – Equity*	$	22,018,979	$	—	$	—	$	22,018,979	$	—	$	—		$	—	$	—
Short-Term Investments		117,000,172		—		—		117,000,172		30,374,107		—			—		30,374,107
Other Financial Instruments**		—		16,452,458		—		16,452,458		—		(7,190,310	)		—		(7,190,310	)
	Direxion Daily FTSE Europe Bull 3X Shares								Direxion Daily India Bull 3X Shares
	Level 1		Level 2		Level 3		Total		Level 1		Level 2			Level 3		Total
Investment Companies – Equity*	$	9,460,430	$	—	$	—	$	9,460,430	$	5,839,436	$	—		$	—	$	5,839,436
Short-Term Investments		26,838,625		—		—		26,838,625		88,063,442		—			—		88,063,442
Other Financial Instruments**		—		3,956,690		—		3,956,690		—		(16,335,762	)		—		(16,335,762	)
	Direxion Daily Japan Bull 3X Shares								Direxion Daily Latin America Bull 3X Shares
	Level 1		Level 2		Level 3		Total		Level 1		Level 2			Level 3		Total
Investment Companies – Equity*	$	9,348,860	$	—	$	—	$	9,348,860	$	1,370,593	$	—		$	—	$	1,370,593
Short-Term Investments		6,086,915		—		—		6,086,915		14,334,098		—			—		14,334,098
Other Financial Instruments**		—		2,303,740		—		2,303,740		—		3,407,355			—		3,407,355
	Direxion Daily Russia Bull 3X Shares								Direxion Daily Russia Bear 3X Shares
	Level 1		Level 2		Level 3		Total		Level 1		Level 2			Level 3		Total
Investment Companies – Equity*	$	3,001,689	$	—	$	—	$	3,001,689	$	—	$	—		$	—	$	—
Short-Term Investments		157,510,251		—		—		157,510,251		77,161,242		—			—		77,161,242
Other Financial Instruments**		—		105,572,066		—		105,572,066		—		(34,181,219	)		—		(34,181,219	)
	Direxion Daily South Korea Bull 3X Shares								Direxion Daily Basic Materials Bull 3X Shares
	Level 1		Level 2		Level 3		Total		Level 1		Level 2			Level 3		Total
Investment Companies – Equity*	$	21,104	$	—	$	—	$	21,104	$	—	$	—		$	—	$	—
Short-Term Investments		3,270,005		—		—		3,270,005		4,567,099		—			—		4,567,099
Other Financial Instruments**		—		819,560		—		819,560		—		968,902			—		968,902
	Direxion Daily Gold Miners Index Bull 3X Shares								Direxion Daily Gold Miners Index Bear 3X Shares
	Level 1		Level 2		Level 3		Total		Level 1		Level 2			Level 3		Total
Investment Companies – Equity*	$	82,151,823	$	—	$	—	$	82,151,823	$	—	$	—		$	—	$	—
Short-Term Investments		468,299,589		—		—		468,299,589		156,657,545		—			—		156,657,545
Other Financial Instruments**		—		32,486,402		—		32,486,402		—		(13,651,343	)		—		(13,651,343	)
	Direxion Daily Healthcare Bull 3X Shares								Direxion Daily Junior Gold Miners Index Bull 3X Shares
	Level 1		Level 2		Level 3		Total		Level 1		Level 2			Level 3		Total
Investment Companies – Equity*	$	91,608,975	$	—	$	—	$	91,608,975	$	4,081,930	$	—		$	—	$	4,081,930
Short-Term Investments		185,385,562		—		—		185,385,562		133,784,257		—			—		133,784,257
Other Financial Instruments**		—		24,896,585		—		24,896,585		—		2,052,852			—		2,052,852
	Direxion Daily Junior Gold Miners Index Bear 3X Shares								Direxion Daily Natural Gas Related Bull 3X Shares
	Level 1		Level 2		Level 3		Total		Level 1		Level 2			Level 3		Total
Common Stocks*	$	—	$	—	$	—	$	—	$	33,344,883	$	—		$	—	$	33,344,883
Master Limited Partnerships*		—		—		—		—		2,438,306		—			—		2,438,306
Short-Term Investments		69,342,510		—		—		69,342,510		52,365,184		—			—		52,365,184
Other Financial Instruments**		—		8,409,367		—		8,409,367		—		28,229,606			—		28,229,606

DIREXION SEMI-ANNUAL REPORT 169

	Direxion Daily Retail Bull 3X Shares										Direxion Daily Semiconductor Bull 3X Shares
	Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Common Stocks*	$	22,853,051	$	—		$	—	$	22,853,051		$	13,568,333	$	—		$	—	$	13,568,333
Short-Term Investments		—		—			—		—			94,262,598		—			—		94,262,589
Other Financial Instruments**		—		8,398,690			—		8,398,690			—		(11,928,552	)		—		(11,928,552	)
	Direxion Daily Semiconductor Bear 3X Shares										Direxion Daily Energy Bull 3X Shares
	Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Investment Companies – Equity*	$	—	$	—		$	—	$	—		$	12,689,892	$	—		$	—	$	12,689,892
Short-Term Investments		13,174,807		—			—		13,174,807			231,528,063		—			—		231,528,063
Other Financial Instruments**		—		1,128,145			—		1,128,145			—		98,923,577			—		98,923,577
	Direxion Daily Energy Bear 3X Shares										Direxion Daily Financial Bull 3X Shares
	Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Common Stocks*	$	—	$	—		$	—	$	—		$	166,766,705	$	—		$	—	$	166,766,705
Investment Companies – Equity*		—		—			—		—			—		—			—		—
Short-Term Investments		48,374,686		—			—		48,374,686			727,449,789		—			—		727,449,789
Other Financial Instruments**		—		(3,948,395	)		—		(3,948,395	)		—		23,101,429			—		23,101,429
	Direxion Daily Financial Bear 3X Shares										Direxion Daily Real Estate Bull 3X Shares
	Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Investment Companies – Equity*	$	—	$	—		$	—	$	—		$	37,739,316	$	—		$	—	$	37,739,316
Short-Term Investments		232,984,812		—			—		232,984,812			70,330,714		—			—		70,330,714
Other Financial Instruments**		—		(51,948,525	)		—		(51,948,525	)		—		(17,856,534	)		—		(17,856,534	)
	Direxion Daily Real Estate Bear 3X Shares										Direxion Daily Technology Bull 3X Shares
	Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Investment Companies – Equity*	$	—	$	—		$	—	$	—		$	5,248,666	$	—		$	—	$	5,248,666
Short-Term Investments		8,905,225		—			—		8,905,225			119,960,972		—			—		119,960,972
Other Financial Instruments**		—		1,579,954			—		1,579,954			—		32,296,081			—		32,296,081
	Direxion Daily Technology Bear 3X Shares
	Level 1		Level 2			Level 3		Total
Short-Term Investments	$	14,320,830	$	—		$	—	$	14,320,830
Other Financial Instruments**		—		(3,555,456	)		—		(3,555,456	)

  * For further detail on each asset class, see the Schedules of Investments.

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

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.

There were no transfers between Level 1 and Level 2 securities during the period ended April 30, 2015. There were no Level 3 securities held by the Funds during the period ended April 30, 2015. It is the Funds’ policy to recognize transfers into Level 3 at the value as of the beginning of the period.

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

170 DIREXION SEMI-ANNUAL REPORT

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

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, 2015, the Funds were invested in swap contracts. At April 30, 2015, the fair value of derivative instruments, by primary risk, was as follows:

	Asset Derivatives1
Fund	Equity Risk		Interest Rate Risk		Total
Direxion Daily S&P 500® Bull 1.25X Shares	$	30,732	$	—	$	30,732
Direxion Daily Small Cap Bull 1.25X Shares		21,425		—		21,425
Direxion Daily FTSE Developed Markets Bull 1.25X Shares		57,155		—		57,155
Direxion Daily FTSE Emerging Markets Bull 1.25X Shares		55,164		—		55,164
Direxion Daily CSI 300 China A Share Bull 2X Shares		3,650,622		—		3,650,622
Direxion Daily Mid Cap Bull 2X Shares		695,370		—		695,370
Direxion Daily S&P 500® Bull 2X Shares		1,355,996		—		1,355,996
Direxion Daily Small Cap Bull 2X Shares		831,241		—		831,241
Direxion Daily 7-10 Year Treasury Bull 2X Shares		—		1,256,366		1,256,366
Direxion Daily Mid Cap Bull 3X Shares		2,917,868		—		2,917,868
Direxion Daily Mid Cap Bear 3X Shares		1,688		—		1,688
Direxion Daily S&P 500® Bull 3X Shares		132,950,943		—		132,950,943
Direxion Daily S&P 500® Bear 3X Shares		—		—		—
Direxion Daily Small Cap Bull 3X Shares		59,241,611		—		59,241,611
Direxion Daily Small Cap Bear 3X Shares		12,710,233		—		12,710,233
Direxion Daily 7-10 Year Treasury Bull 3X Shares				362,544		362,544
Direxion Daily 7-10 Year Treasury Bear 3X Shares		—		—		—
Direxion Daily 20+ Year Treasury Bull 3X Shares		—		6,750,738		6,750,738
Direxion Daily 20+ Year Treasury Bear 3X Shares		—		14,704,003		14,704,003
Direxion Daily Brazil Bull 3X Shares		12,185,382		—		12,185,382
Direxion Daily Developed Markets Bull 3X Shares		9,650,554		—		9,650,554
Direxion Daily Developed Markets Bear 3X Shares		—		—		—
Direxion Daily Emerging Markets Bull 3X Shares		43,358,795		—		43,358,795
Direxion Daily Emerging Markets Bear 3X Shares		—		—		—
Direxion Daily FTSE China Bull 3X Shares		17,061,336		—		17,061,336
Direxion Daily FTSE China Bear 3X Shares		228,226		—		228,226
Direxion Daily FTSE Europe Bull 3X Shares		3,956,690		—		3,956,690
Direxion Daily India Bull 3X Shares		—		—		—
Direxion Daily Japan Bull 3X Shares		2,618,516		—		2,618,516
Direxion Daily Latin America Bull 3X Shares		3,407,355		—		3,407,355
Direxion Daily Russia Bull 3X Shares		105,821,484		—		105,821,484
Direxion Daily Russia Bear 3X Shares		—		—		—
Direxion Daily South Korea Bull 3X Shares		876,255		—		876,255
Direxion Daily Basic Materials Bull 3X Shares		968,902		—		968,902
Direxion Daily Gold Miners Index Bull 3X Shares		66,400,928		—		66,400,928
Direxion Daily Gold Miners Index Bear 3X Shares		4,858,664		—		4,858,664
Direxion Daily Healthcare Bull 3X Shares		36,082,225		—		36,082,225
Direxion Daily Junior Gold Miners Index Bull 3X Shares		20,044,495		—		20,044,495
Direxion Daily Junior Gold Miners Index Bear 3X Shares		12,454,056		—		12,454,056
Direxion Daily Natural Gas Related Bull 3X Shares		28,249,656		—		28,249,656
Direxion Daily Retail Bull 3X Shares		8,975,930		—		8,975,930
Direxion Daily Semiconductor Bull 3X Shares		1,078,648		—		1,078,648

DIREXION SEMI-ANNUAL REPORT 171

	Asset Derivatives1
Fund	Equity Risk		Interest Rate Risk		Total
Direxion Daily Semiconductor Bear 3X Shares	$	1,128,145	$	—	$	1,128,145
Direxion Daily Energy Bull 3X Shares		98,923,577		—		98,923,577
Direxion Daily Energy Bear 3X Shares		2,107,201		—		2,107,201
Direxion Daily Financial Bull 3X Shares		38,816,105		—		38,816,105
Direxion Daily Financial Bear 3X Shares		247,710		—		247,710
Direxion Daily Real Estate Bull 3X Shares		—		—		—
Direxion Daily Real Estate Bear 3X Shares		1,579,954		—		1,579,954
Direxion Daily Technology Bull 3X Shares		32,481,036		—		32,481,036
Direxion Daily Technology Bear 3X Shares		18,163		—		18,163

¹ Statements of Assets and Liabilities location: Net unrealized appreciation on swaps.

	Liability Derivatives2
Fund	Equity Risk		Interest Rate Risk		Total
Direxion Daily S&P 500® Bull 1.25X Shares	$	—	$	—	$	—
Direxion Daily Small Cap Bull 1.25X Shares		—		—		—
Direxion Daily FTSE Developed Markets Bull 1.25X Shares		—		—		—
Direxion Daily FTSE Emerging Markets Bull 1.25X Shares		28		—		28
Direxion Daily CSI 300 China A Share Bull 2X Shares		—		—		—
Direxion Daily Mid Cap Bull 2X Shares		12,258		—		12,258
Direxion Daily S&P 500 Bull 2X Shares		10,721		—		10,721
Direxion Daily Small Cap Bull 2X Shares		46,237		—		46,237
Direxion Daily 7-10 Year Treasury Bull 2X Shares		—		10,479		10,479
Direxion Daily Mid Cap Bull 3X Shares		1,233,158		—		1,233,158
Direxion Daily Mid Cap Bear 3X Shares		313,376		—		313,376
Direxion Daily S&P 500® Bull 3X Shares		460,012		—		460,012
Direxion Daily S&P 500® Bear 3X Shares		44,646,873		—		44,646,873
Direxion Daily Small Cap Bull 3X Shares		4,667,886		—		4,667,886
Direxion Daily Small Cap Bear 3X Shares		13,767,680		—		13,767,680
Direxion Daily 7-10 Year Treasury Bull 3X Shares		—		50,109		50,109
Direxion Daily 7-10 Year Treasury Bear 3X Shares		—		5,484,447		5,484,447
Direxion Daily 20+ Year Treasury Bull 3X Shares		—		3,003,262		3,003,262
Direxion Daily 20+ Year Treasury Bear 3X Shares		—		37,367,822		37,367,822
Direxion Daily Brazil Bull 3X Shares		210,268		—		210,268
Direxion Daily Developed Markets Bull 3X Shares		20,419		—		20,419
Direxion Daily Developed Markets Bear 3X Shares		414,829		—		414,829
Direxion Daily Emerging Markets Bull 3X Shares		113,900		—		113,900
Direxion Daily Emerging Markets Bear 3X Shares		13,433,344		—		13,433,344
Direxion Daily FTSE China Bull 3X Shares		608,878		—		608,878
Direxion Daily FTSE China Bear 3X Shares		7,418,536		—		7,418,536
Direxion Daily FTSE Europe Bull 3X Shares		—		—		—
Direxion Daily India Bull 3X Shares		16,335,762		—		16,335,762
Direxion Daily Japan Bull 3X Shares		314,776		—		314,776
Direxion Daily Latin America Bull 3X Shares		—		—		—
Direxion Daily Russia Bull 3X Shares		249,418		—		249,418
Direxion Daily Russia Bear 3X Shares		34,181,219		—		34,181,219
Direxion Daily South Korea Bull 3X Shares		56,695		—		56,695
Direxion Daily Basic Materials Bull 3X Shares		—		—		—
Direxion Daily Gold Miners Index Bull 3X Shares		33,914,526		—		33,914,526
Direxion Daily Gold Miners Index Bear 3X Shares		18,510,007		—		18,510,007
Direxion Daily Healthcare Bull 3X Shares		11,185,640		—		11,185,640

172 DIREXION SEMI-ANNUAL REPORT

	Liability Derivatives2
Fund	Equity Risk		Interest Rate Risk		Total
Direxion Daily Junior Gold Miners Index Bull 3X Shares	$	17,991,643	$	—	$	17,991,643
Direxion Daily Junior Gold Miners Index Bear 3X Shares		4,044,689		—		4,044,689
Direxion Daily Natural Gas Related Bull 3X Shares		20,050		—		20,050
Direxion Daily Retail Bull 3X Shares		577,240		—		577,240
Direxion Daily Semiconductor Bull 3X Shares		13,007,200		—		13,007,200
Direxion Daily Semiconductor Bear 3X Shares		—		—		—
Direxion Daily Energy Bull 3X Shares		—		—		—
Direxion Daily Energy Bear 3X Shares		6,055,596		—		6,055,596
Direxion Daily Financial Bull 3X Shares		15,714,676		—		15,714,676
Direxion Daily Financial Bear 3X Shares		52,196,235		—		52,196,235
Direxion Daily Real Estate Bull 3X Shares		17,856,534		—		17,856,534
Direxion Daily Real Estate Bear 3X Shares		—		—		—
Direxion Daily Technology Bull 3X Shares		184,955		—		184,955
Direxion Daily Technology Bear 3X Shares		3,573,619		—		3,573,619

² Statements of Assets and Liabilities location: Net unrealized depreciation on swaps.

Transactions in derivative instruments during the period ended April 30, 2015 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 S&P 500® Bull 1.25X Shares	Swap Contracts	$	8,660		$	—		$	30,732		$	—
Direxion Daily Small Cap Bull 1.25X Shares	Swap Contracts		28,940			—			21,425			—
Direxion Daily FTSE Developed Markets Bull 1.25X Shares	Swap Contracts		30,456			—			57,155			—
Direxion Daily FTSE Emerging Markets Bull 1.25X Shares	Swap Contracts		23,934			—			55,136			—
Direxion Daily CSI 300 China A Share Bull 2X Shares	Swap Contracts		135,747			—			3,650,622			—
Direxion Daily Mid Cap Bull 2X Shares	Swap Contracts		68,211			—			593,327			—
Direxion Daily S&P 500 Bull 2X Shares	Swap Contracts		1,728,567			—			159,710			—
Direxion Daily Small Cap Bull 2X Shares	Swap Contracts		370,026			—			250,198			—
Direxion Daily 7-10 Year Treasury Bull 2X Shares	Swap Contracts		—			192,222			—			747,845
Direxion Daily Mid Cap Bull 3X Shares	Swap Contracts		39,034,715			—			(25,855,043	)		—
Direxion Daily Mid Cap Bear 3X Shares	Swap Contracts		(3,146,154	)		—			1,223,517			—
Direxion Daily S&P 500® Bull 3X Shares	Swap Contracts		66,096,780			—			7,491,667			—
Direxion Daily S&P 500® Bear 3X Shares	Swap Contracts		(35,293,824	)		—			4,491,070			—
Direxion Daily Small Cap Bull 3X Shares	Swap Contracts		473,183,203			—			(322,610,141	)		—
Direxion Daily Small Cap Bear 3X Shares	Swap Contracts		(187,820,819	)		—			87,100,569			—
Direxion Daily 7-10 Year Treasury Bull 3X Shares	Swap Contracts		—			546,063			—			(132,166	)
Direxion Daily 7-10 Year Treasury Bear 3X Shares	Swap Contracts		—			(5,183,788	)		—			(1,514,205	)
Direxion Daily 20+ Year Treasury Bull 3X Shares	Swap Contracts		—			6,422,912			—			(273,445	)
Direxion Daily 20+ Year Treasury Bear 3X Shares	Swap Contracts		—			(151,030,783	)		—			27,413,120

DIREXION SEMI-ANNUAL REPORT 173

		Net Realized Gain (Loss)1					Net Unrealized  Appreciation (Depreciation)2
Fund		Equity Risk			Interest Rate Risk		Equity Risk			Interest Rate Risk
Direxion Daily Brazil Bull 3X Shares	Swap Contracts	$	(26,146,168	)	$	—	$	9,797,626		$	—
Direxion Daily Developed Markets Bull 3X Shares	Swap Contracts		(363,985	)		—		645,404			—
Direxion Daily Developed Markets Bear 3X Shares	Swap Contracts		(1,528,608	)		—		(214,176	)		—
Direxion Daily Emerging Markets Bull 3X Shares	Swap Contracts		(7,201,601	)		—		24,291,759			—
Direxion Daily Emerging Markets Bear 3X Shares	Swap Contracts		(2,918,658	)		—		(9,053,627	)		—
Direxion Daily FTSE China Bull 3X Shares	Swap Contracts		89,238,717			—		(2,638,954	)		—
Direxion Daily FTSE China Bear 3X Shares	Swap Contracts		(6,261,671	)		—		(4,763,053	)		—
Direxion Daily FTSE Europe Bull 3X Shares	Swap Contracts		(119,545	)		—		4,510,569			—
Direxion Daily India Bull 3X Shares	Swap Contracts		29,047,904			—		(51,921,802	)		—
Direxion Daily Japan Bull 3X Shares	Swap Contracts		(57,403	)		—		1,030,631			—
Direxion Daily Latin America Bull 3X Shares	Swap Contracts		(7,171,062	)		—		683,949			—
Direxion Daily Russia Bull 3X Shares	Swap Contracts		(120,030,732	)		—		122,415,872			—
Direxion Daily Russia Bear 3X Shares	Swap Contracts		(46,157,341	)		—		(34,120,473	)		—
Direxion Daily South Korea Bull 3X Shares	Swap Contracts		(40,663	)		—		600,223			—
Direxion Daily Basic Materials Bull 3X Shares	Swap Contracts		2,766,526			—		(2,002,563	)		—
Direxion Daily Gold Miners Index Bull 3X Shares	Swap Contracts		(331,970,659	)		—		526,145,167			—
Direxion Daily Gold Miners Index Bear 3X Shares	Swap Contracts		32,367,253			—		(171,143,433	)		—
Direxion Daily Healthcare Bull 3X Shares	Swap Contracts		79,579,257			—		(42,580,123	)		—
Direxion Daily Junior Gold Miners Index Bull 3X Shares	Swap Contracts		(279,993,298	)		—		207,201,775			—
Direxion Daily Junior Gold Miners Index Bear 3X Shares	Swap Contracts		(5,441,564	)		—		(49,660,136	)		—
Direxion Daily Natural Gas Related Bull 3X Shares	Swap Contracts		(42,575,572	)		—		29,413,315			—
Direxion Daily Retail Bull 3X Shares	Swap Contracts		9,031,427			—		(660,213	)		—
Direxion Daily Semiconductor Bull 3X Shares	Swap Contracts		122,524,637			—		(97,180,360	)		—
Direxion Daily Semiconductor Bear 3X Shares	Swap Contracts		(9,748,215	)		—		2,153,668			—
Direxion Daily Energy Bull 3X Shares	Swap Contracts		63,919,281			—		(20,254,236	)		—
Direxion Daily Energy Bear 3X Shares	Swap Contracts		(4,565,354	)		—		(2,311,202	)		—
Direxion Daily Financial Bull 3X Shares	Swap Contracts		840,803,592			—		(731,814,866	)		—
Direxion Daily Financial Bear 3X Shares	Swap Contracts		(65,901,382	)		—		26,783,106			—
Direxion Daily Real Estate Bull 3X Shares	Swap Contracts		64,896,316			—		(67,701,202	)		—

174 DIREXION SEMI-ANNUAL REPORT

		Net Realized Gain (Loss)1					Net Unrealized  Appreciation (Depreciation)2
Fund		Equity Risk			Interest Rate Risk		Equity Risk			Interest Rate Risk
Direxion Daily Real Estate Bear 3X Shares	Swap Contracts	$	(5,314,589	)	$	—	$	3,755,727		$	—
Direxion Daily Technology Bull 3X Shares	Swap Contracts		72,856,990			—		(42,984,701	)		—
Direxion Daily Technology Bear 3X Shares	Swap Contracts		(5,351,143	)		—		2,614,802			—

¹  Statements of Operations location: Net realized gain (loss) on swaps.

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

For the period ended April 30, 2015, the volume of the derivatives held by the Funds was as follows:

	Quarterly Average Gross Notional Amounts
	Long Equity Swaps Contracts		Short Equity Swaps Contracts
Direxion Daily S&P 500® Bull 1.25X Shares	$	738,976	$	—
Direxion Daily Small Cap Bull 1.25X Shares		637,437		—
Direxion Daily FTSE Developed Markets Bull 1.25X Shares		441,031		—
Direxion Daily FTSE Emerging Markets Bull 1.25X Shares		450,047		—
Direxion Daily CSI 300 China A Share Bull 2X Shares		30,438,168		—
Direxion Daily Mid Cap Bull 2X Shares		9,201,856		—
Direxion Daily S&P 500® Bull 2X Shares		35,493,175		—
Direxion Daily Small Cap Bull 2X Shares		14,003,631		—
Direxion Daily 7-10 Year Treasury Bull 2X Shares		28,519,081		—
Direxion Daily Mid Cap Bull 3X Shares		217,858,682		—
Direxion Daily Mid Cap Bear 3X Shares		—		24,441,451
Direxion Daily S&P 500® Bull 3X Shares		1,554,485,365		—
Direxion Daily S&P 500® Bear 3X Shares		—		591,697,913
Direxion Daily Small Cap Bull 3X Shares		2,496,450,000		—
Direxion Daily Small Cap Bear 3X Shares		—		1,856,826,215
Direxion Daily 7-10 Year Treasury Bull 3X Shares		13,495,764		—
Direxion Daily 7-10 Year Treasury Bear 3X Shares		—		141,364,102
Direxion Daily 20+ Year Treasury Bull 3X Shares		246,823,156		—
Direxion Daily 20+ Year Treasury Bear 3X Shares		—		1,226,166,378
Direxion Daily Brazil Bull 3X Shares		116,557,986		—
Direxion Daily Developed Markets Bull 3X Shares		85,872,789		—
Direxion Daily Developed Markets Bear 3X Shares		—		25,879,117
Direxion Daily Emerging Markets Bull 3X Shares		717,541,897		—
Direxion Daily Emerging Markets Bear 3X Shares		—		261,010,701
Direxion Daily FTSE China Bull 3X Shares		381,964,511		—
Direxion Daily FTSE China Bear 3X Shares		—		56,891,173
Direxion Daily FTSE Europe Bull 3X Shares		76,763,635		—
Direxion Daily India Bull 3X Shares		268,472,323		—
Direxion Daily Japan Bull 3X Shares		26,343,471		—
Direxion Daily Latin America Bull 3X Shares		57,402,082		—
Direxion Daily Russia Bull 3X Shares		519,001,765		—
Direxion Daily Russia Bear 3X Shares		—		140,708,022
Direxion Daily South Korea Bull 3X Shares		9,221,057		—
Direxion Daily Basic Materials Bull 3X Shares		16,555,685		—

DIREXION SEMI-ANNUAL REPORT 175

	Quarterly Average Gross Notional Amounts
	Long Equity Swaps Contracts		Short Equity Swaps Contracts
Direxion Daily Gold Miners Index Bull 3X Shares	$	2,250,386,210	$	—
Direxion Daily Gold Miners Index Bear 3X Shares		—		591,808,066
Direxion Daily Healthcare Bull 3X Shares		745,510,505		—
Direxion Daily Junior Gold Miners Index Bull 3X Shares		659,708,674		—
Direxion Daily Junior Gold Miners Index Bear 3X Shares		—		241,785,546
Direxion Daily Natural Gas Related Bull 3X Shares		204,463,084		—
Direxion Daily Retail Bull 3X Shares		66,282,780		—
Direxion Daily Semiconductor Bull 3X Shares		397,282,330		—
Direxion Daily Semiconductor Bear 3X Shares		—		66,797,205
Direxion Daily Energy Bull 3X Shares		1,026,663,240		—
Direxion Daily Energy Bear 3X Shares		—		193,830,802
Direxion Daily Financial Bull 3X Shares		3,539,243,511		—
Direxion Daily Financial Bear 3X Shares		—		815,531,411
Direxion Daily Real Estate Bull 3X Shares		352,887,767		—
Direxion Daily Real Estate Bear 3X Shares		—		31,568,095
Direxion Daily Technology Bull 3X Shares		506,705,606		—
Direxion Daily Technology Bear 3X Shares		—		40,707,326

The Funds utilize this volume of derivatives in order to obtain leverage in order to meet the investment objectives of 125%, 200%, 300% (or -300%) 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.

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

176 DIREXION SEMI-ANNUAL REPORT

events may hinder the Funds’ ability to meet their daily investment objective on that day. Each Fund seeks to rebalance its portfolio daily to keep leverage consistent with its daily investment objective.

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

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

Liquidity Risk – In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a Fund invests, a Fund might not be able to dispose of certain holdings quickly or at prices that represent fair market value in the judgment of the 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.

10. SUBSEQUENT EVENTS

The Funds follow authoritative standards for accounting for and disclosure of events that occur after the Statements of Assets and Liabilities date but before the financial statements are issued or are available to be issued. These standards require the Funds to recognize in the financial statements the effects of all recognized subsequent events that provide additional evidence about conditions that existed at the date of the Statements of Assets and Liabilities. For nonrecognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made.

Effective June 1, 2015, the Adviser has agreed to waive 0.15% of its fees based on average daily net assets at least until September 1, 2016 Direxion Daily FTSE Developed Markets Bull 1.25X Shares, Direxion Daily FTSE Emerging Markets Bull 1.25X Shares, Direxion Daily S&P 500^® Bull 1.25X Shares and Direxion Daily Small Cap Bull 1.25X Shares.

On May 19, 2015, shares of the Direxion Daily Mid Cap Bull 3X Shares, Direxion Daily India Bull 3X Shares, Direxion Daily Healthcare Bull 3X Shares, Direxion Daily Retail Bull 3X Shares, Direxion Daily Semiconductor Bull 3X Shares, Direxion Daily Financial Bull 3X Shares, Direxion Daily Technology Bull 3X Shares, Direxion Daily S&P 500^® Bull 2X Shares, Direxion Daily Mid Cap Bull 2X Shares, Direxion Daily Small Cap Bull 2X Shares and Direxion Daily 7-10 Year Treasury Bull 2X Shares were adjusted to reflect a forward stock split. The effect of the forward stock split was to increase the number of shares outstanding and decrease the net asset value. The forward stock splits have no impact on the net assets of the Fund or the value of a shareholder’s investment in the Fund. A summary of the forward stock splits 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 Mid Cap Bull 2X Shares	5/19/2015	4:1	$144.75	$36.19	50,000	200,000
Direxion Daily S&P 500® Bull 2X Shares	5/19/2015	4:1	150.57	37.64	133,309	533,236
Direxion Daily Small Cap Bull 2X Shares	5/19/2015	4:1	145.25	36.31	66,661	266,644
Direxion Daily 7-10 Year Treasury Bull 2X Shares	5/19/2015	2:1	85.73	42.87	174,998	349,996
Direxion Daily Mid Cap Bull 3X Shares	5/19/2015	4:1	115.71	28.93	600,033	2,400,132

DIREXION SEMI-ANNUAL REPORT 177

Funds	Effective Date	Rate	Net Asset Value Before Split	Net Asset Value After Split	Shares Outstanding Before Split	Shares Outstanding After Split
Direxion Daily India Bull 3X Shares	5/19/2015	4:1	$ 81.30	$ 20.33	1,824,864	7,299,456
Direxion Daily Healthcare Bull 3X Shares	5/19/2015	4:1	160.10	40.03	2,650,002	10,600,008
Direxion Daily Retail Bull 3X Shares	5/19/2015	4:1	127.61	31.90	350,003	1,400,012
Direxion Daily Semiconductor Bull 3X Shares	5/19/2015	4:1	145.83	36.46	1,150,001	4,600,004
Direxion Daily Financial Bull 3X Shares	5/19/2015	4:1	134.40	33.60	9,124,972	36,499,888
Direxion Daily Technology Bull 3X Shares	5/19/2015	4:1	157.76	39.44	1,250,000	5,000,000

On May 19, 2015, shares of the Direxion Daily Brazil Bull 3X Shares, Direxion Daily FTSE China Bear 3X Shares, Direxion Daily Natural Gas Related Bull 3X Shares, Direxion Daily Mid Cap Bear 3X Shares, Direxion Daily Latin America Bull 3X Shares, Direxion Daily Russia Bear 3X Shares, Direxion Daily Semiconductor Bear 3X Shares, and Direxion Daily Technology Bear 2X Shares 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 splits have 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 splits 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 Mid Cap Bear 3X Shares	5/19/2015	1:4	$9.71	$38.84	858,158	214,540
Direxion Daily Brazil Bull 3X Shares	5/19/2015	1:10	7.12	71.20	7,050,001	705,000
Direxion Daily FTSE China Bear 3X Shares	5/19/2015	1:10	5.43	54.30	5,919,973	591,997
Direxion Daily Latin America Bull 3X Shares	5/19/2015	1:4	10.94	43.76	2,079,860	519,965
Direxion Daily Russia Bear 3X Shares	5/19/2015	1:4	6.59	26.36	10,000,001	2,500,000
Direxion Daily Natural Gas Related Bull 3X Shares	5/19/2015	1:10	3.09	30.90	31,550,001	3,155,000
Direxion Daily Semiconductor Bear 3X Shares	5/19/2015	1:4	10.61	42.44	1,999,848	499,962
Direxion Daily Technology Bear 3X Shares	5/19/2015	1:4	9.09	36.36	2,071,873	517,968

The Trust has evaluated subsequent events through the issuance if the Funds financial statements and has determined, other than the disclosures stated, there are no other events that impacted the Funds’ financial statements.

178 DIREXION SEMI-ANNUAL REPORT

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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Trustees and Officers

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: 47	Chairman of the Board of Trustees	Lifetime of Trust until removal or resignation; Since 2008	Managing Director of Rafferty, 1999-present.	145	None.
Eric W. Falkeis(2) Age: 41	Trustee	Lifetime of Trust until removal or resignation; Since 2014	Chief Operating Officer, since April 2014, Rafferty Asset Management, LLC; formerly, President Rafferty Asset Management, LLC, March 2013 – April 2014; formerly, Senior Vice President, USBFS, September 2007 – March 2013; Chief Financial Officer, USBFS, April 2006 – March 2013; Vice President, USBFS, 1997-2007; formerly, Chief Financial Officer, Quasar Distributors, LLC (2000-2003).	145	Trustee, Professionally Managed Portfolios (45 Funds).
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
Gerald E. Shanley III Age: 71	Trustee	Lifetime of Trust until removal or resignation; Since 2008	Retired, Since 2002; Business Consultant, 1985-present; Trustee of Trust Under Will of Charles S. Payson, 1987-present; C.P.A., 1979-present.	145	None.

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Trustees and Officers

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
John A. Weisser Age: 73	Trustee	Lifetime of Trust until removal or resignation; Since 2008	Retired, Since 1995; Salomon Brothers, Inc., 1971-1995, most recently as Managing Director.	145	Director, The MainStay Funds Trust (39 Funds), The MainStay Funds (12 Funds), MainStay VP Fund Series (29 Funds), Mainstay Defined Term Municipal Opportunities Fund (1 Fund); Private Advisors Alternative Strategy Fund (1 Fund); Private Advisors Alternative Strategies Master Fund (1 Fund).
David L. Driscoll Age: 45	Trustee	Lifetime of Trust until removal or resignation; Since 2014	Partner, King Associates, LLP, since 2004; Board Advisor, University Common Real Estate, since 2012; Principal, Grey Oaks LLP since 2003; Member, Kendrick LLC, since 2006.	145	None.
Jacob C. Gaffey Age: 67	Trustee	Lifetime of Trust until removal or resignation; Since 2014	Managing Director of Loomis & Co. since 2012; Partner, Bay Capital Advisors, LLC 2008 – 2012.	145	Director, Costa, Inc. (formerly A.T. Cross, Inc.).

⁽¹⁾  Mr. O’Neill is affiliated with Rafferty. Mr. O’Neill is the Managing Director of Rafferty and owns a beneficial interest in Rafferty.

⁽²⁾  Mr. Falkeis is affiliated with Rafferty. Mr. Falkeis is the Chief Operating 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 70 of the 125 funds registered with the SEC, the Direxion Funds which, as of the date of this report, offers for sale to the public 16 portfolios and the Direxion Insurance Trust which, as of the date of this report, offers for sale 3 of the 4 funds registered with the SEC.

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Trustees and Officers

Principal Officers of the Trust
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 the 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: 47	Chief Executive Officer and Chief Investment Officer	One Year; Since 2008	Managing Director of Rafferty, 1999-present.	145	N/A
Eric W. Falkeis(2) Age: 41	Principal Executive Officer	One Year; Since 2014	Chief Operating Officer, since April 2014, Rafferty Asset Management, LLC; formerly, President, Rafferty Asset Management, LLC, March 2013 – April 2014; formerly, Senior Vice President, USBFS, September 2007 – March 2013; Chief Financial Officer, USBFS, April 2006 – March 2013; Vice President, USBFS, 1997-2007; formerly, Chief Financial Officer, Quasar Distributors, LLC (2000-2003).	145	Trustee, Professionally Managed Portfolios (45 Funds).
Brian Jacobs Age: 54	President	One Year; Since 2014	President, since April 2014, Rafferty Asset Management, LLC; formerly, Managing Partner, Jacobs Strategic Consulting (2012-2014); formerly, Chief Executive Officer, Hatteras Funds (2010-2012); formerly, Chief Distribution Officer, Baron Capital (2009); formerly, Managing Director, Allianz Global Investors (2000-2008).	N/A	Formerly, Board Member, Wheelhouse Analytics; formerly, Board Member, Raise Hope Foundation.

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Trustees and Officers

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 the Direxion Family of Investment Companies Overseen by Trustee(3)	Other Trusteeships/ Directorships Held by Trustee During Past Five Years
Patrick J. Rudnick Age: 41	Principal Financial Officer and Assistant Secretary	One Year; Since 2010	Senior Vice President and Principal Financial Officer, Rafferty Asset Management, LLC, since March 2013; formerly Vice President, USBFS (2006-2013); formerly, Manager, PricewaterhouseCoopers LLP (1999-2006).	N/A	N/A
Angela Brickl Age: 39	Chief Compliance Officer Secretary	One Year; Since 2012 One Year; Since 2011	General Counsel and Chief Compliance Officer, Rafferty Asset Management, LLC, since October 2010; Summer Associate at Skadden, Arps, Slate, Meagher & Flom, LLP, May – August 2009; Summer Associate at Foley & Lardner, LLP May – August 2008; Vice President USBFS November 2003 – August 2007.	N/A	N/A

⁽¹⁾  Mr. O’Neill serves as Chairman of the Board of Trustees of the Direxion Funds, Direxion Insurance Trust and Direxion Shares ETF Trust.

⁽²⁾  Mr. Falkeis serves as a Trustee of the Direxion Funds, Direxion Insurance Trust and Direxion Shares ETF Trust.

⁽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 70 of the 125 funds registered with the SEC, the Direxion Funds which, as of the date of this report, offers for sale to the public 16 portfolios and the Direxion Insurance Trust which, as of the date of this report, offers for sale 3 of the 4 funds registered with the SEC.

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Board Review of Investment Advisory Agreement

April 30, 2015

New Fund Investment Advisory Agreement Approval

Provided below is a summary of certain of the factors the Board of Trustees (“Board”) of Direxion Shares ETF Trust (“ETF Trust”) considered in approving the advisory agreement between Rafferty Asset Management, LLC (“Rafferty”) and the ETF Trust (“Advisory Agreement”), at its May 8, 2014 Board meeting on behalf of the Direxion Daily S&P 500^® Bull 1.25X Shares, Direxion Daily FTSE Emerging Markets Bull 1.25X Shares, Direxion Daily FTSE Development Markets Bull 1.25X Shares, and the Direxion Daily Small Cap Bull 1.25X Shares (the “1.25X Funds”), and at its February 6, 2014 Board meeting on behalf of the Direxion Daily CSI 300 China A Share Bull 2X Shares (the “China Fund”), each a series of the ETF Trust (each a “Fund” and, collectively, the “Funds”). At its November 25, 2014 meeting, the Board modified the advisory fee rate schedule included in the Advisory Agreement for the 1.25X Funds prior to each 1.25X Fund’s commencement of operations. At the February 12, 2015 meeting, the Board modified the advisory fee rate schedule included in the Advisory Agreement for the China Fund prior to the China Fund’s commencement of operations. These modifications to the Advisory Agreement were based on updated information provided to the Board by Rafferty.

The Board did not identify any particular information that was most relevant to its consideration to approve the Advisory Agreement and each Trustee may have afforded different weight to the various factors discussed below. In determining whether to approve the Advisory Agreement, the Board considered the best interests of each Fund separately. The Board noted that the Funds had not yet commenced operations. Accordingly, the Board primarily considered the nature, extent and quality of the services to be provided by Rafferty, the advisory fee rates to be paid to Rafferty and each Fund’s estimated expenses.

Nature, Extent and Quality of Services Provided.    The Board considered the nature, extent and quality of the services to be provided under the Advisory Agreement by Rafferty. The Board noted that Rafferty has provided services to the ETF Trust, as well as the Direxion Funds and Direxion Insurance Trust, since their respective inception dates. Further, the Board noted that, although Rafferty does not manage other funds, with respect to the 1.25X Funds, identical leverage ratios, Rafferty has developed an expertise in managing funds with investment strategies similar to the Funds, in that each Fund seeks to achieve daily leveraged investment returns that correlate with an underlying index. The Board considered Rafferty’s representations that it has the financial resources and appropriate staffing to manage the Funds and to meet its contractual fee waivers and/or expense reimbursement obligations. The Board also considered that Rafferty will oversee all aspects of the operation of the Funds, including oversight of the Funds’ service providers. Because the Funds had not commenced operations, they did not have any prior performance history. Based on these and other considerations, the Board determined that, in the exercise of its business judgment, the nature, extent and quality of the services to be provided by Rafferty to the Funds under the Advisory Agreement were fair and reasonable.

Costs of Services Provided to the Funds and Profits Realized.    The Board considered the fees to be paid to Rafferty on an annual basis, including the contractual fee waivers. In this regard, Rafferty advised the Board that the advisory fee rates and contractual fee waivers for the Funds are similar to the total advisory fee rates for comparable exchange-traded funds and the advisory fee rates charged to comparable series of the ETF Trust. With respect to the 1.25X Funds, the Board noted that there were no other existing series of the Trust that sought to return leverage at 1.25 times their respective underlying indices; however, the Board also noted Rafferty’s representation that the advisory fees of the Funds were comparable to other series of the Trust that provide daily leveraged investment returns that correlate with an underlying index. With respect to the China Fund, the Board noted Rafferty’s representation that, due to the exposure to China A Share securities, the strategy was more complex to manage then other similarly leveraged funds managed by Rafferty. The Board considered Rafferty’s representation that the total projected expense ratios for the Funds compared to comparable exchange-traded funds, or other products, with investment strategies similar to the Funds, in that each Fund seeks to achieve daily leveraged investment returns that correlate with an underlying index. The Board also considered that Rafferty agreed to limit the total expenses for each Fund via contractual fee waivers and/or expense limitations. The Board further considered the overall profitability of Rafferty’s investment business and its representation that because the Funds had not commenced operations, Rafferty did not have any prior profit data related to the Funds. Based on these considerations, the Board determined that, in the exercise of its business judgment, the costs of the services to be provided and any profits that may be realized under the Advisory Agreement were fair and reasonable.

184 DIREXION SEMI-ANNUAL REPORT

Economies of Scale.    The Board considered whether economies of scale may be realized by Rafferty as each Fund grows larger and the extent to which any such economies are reflected in contractual fee rates. The Board noted that the Funds had not yet commenced operations and did not yet have any assets.

Other Benefits.    The Board considered Rafferty’s representation that it believes that its relationship with the Funds may help to enable Rafferty to attract business to its other mutual fund accounts. The Board also considered that Rafferty’s overall business with brokerage firms can help to lower commission rates and provide better execution for Fund portfolio transactions. Based on these and other considerations, the Board determined that, in the exercise of its business judgment, such benefits to Rafferty would be fair and reasonable.

Conclusion.    Based on, but not limited to, the above considerations and determinations, the Board determined that the Advisory Agreement for the Funds was fair and reasonable in light of the services to be performed, fees, expenses and such other matters as the Board considered relevant in the exercise of its business judgment. On this basis, the Board unanimously voted in favor of the approval of the Advisory Agreement.

DIREXION SEMI-ANNUAL REPORT 185

1301 Avenue of the Americas (6th Ave.), 35th Floor

New York, New York 10019

www.direxionshares.com

Investment Advisor

Rafferty Asset Management, LLC

1301 Avenue of Americas (6th Ave.),

35th Floor

New York, NY 10019

Administrator

U.S. Bancorp Fund Services, LLC

P.O. Box 1993

Milwaukee, WI 53201-1993

Independent Registered Public Accounting Firm

Ernst & Young LLP

5 Times Square

New York, New York 10036

Transfer Agent, Custodian & Index Receipt Agent

The Bank of New York Mellon

101 Barclay Street

New York, New York 10286

Distributor

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, Maine 01401

www.foreside.com

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

Each Funds’ premium/discount information is available free of charge on the Funds’ website, www.direxionshares.com or by calling 1-866-476-7523.

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

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

186 DIREXION SEMI-ANNUAL REPORT

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

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 second fiscal quarter of the period 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. 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) Certifications 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.

(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/ Eric W. Falkeis
	Eric W. Falkeis, Principal Executive Officer
Date	7/1/15

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/ Eric W. Falkeis
	Eric W. Falkeis, Principal Executive Officer
Date	7/1/15
By (Signature and Title)	/s/ Patrick J. Rudnick
	Patrick J. Rudnick, Principal Financial Officer
Date	7/1/15