N-CSRS 1 tm2410949d1_ncsrs.htm N-CSRS

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-22201

 

Direxion Shares ETF Trust
(Exact name of registrant as specified in charter)

 

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

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

 

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

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

 

1-800-851-0511

Registrant's telephone number, including area code

 

Date of fiscal year end: October 31, 2024

 

Date of reporting period: April 30, 2024

 

 

 

 

 

 

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

 

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

 

 

 

 

Item 1. Report to Stockholders.

 

(a)

 

 

 

DIREXION SHARES ETF TRUST

SEMI–ANNUAL REPORT APRIL 30, 2024

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

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

Direxion HCM Tactical Enhanced US ETF

Direxion Hydrogen ETF

Direxion Moonshot Innovators ETF

Direxion NASDAQ-100®​ Equal Weighted Index Shares

Direxion Work From Home ETF

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

Table of Contents

Letter to Shareholders    

4

    
Expense Example    

11

    
Allocation of Portfolio Holdings    

13

    
Schedules of Investments    

14

    
Statements of Assets and Liabilities    

27

    
Statements of Operations    

29

    
Statements of Changes in Net Assets    

31

    
Financial Highlights    

34

    
Notes to the Financial Statements    

35

    
Supplemental Information    

48

    
Trustees and Officers    

49

    

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Letter to Shareholders (Unaudited)

Dear Shareholders,

This Semi-Annual Report for the Direxion Shares ETF Trust exchange-traded funds (the "ETFs") covers the period from November 1, 2023 to April 30, 2024 (the "Semi-Annual Period").

Market Review:

The Semi-Annual Period began with pressure on equities as bond yields grew and inflation was top of mind for investors. Geopolitical tension also contributed to uncertainty in the markets; the Chinese economy's recovery lagged, the war in Ukraine continued, and the Israeli-Palestinian war began. Despite these headwinds, November 2023 experienced positive returns with the S&P 500 up 8.0%. In particular, rate-sensitive areas like real estate and tech had strong performance, while energy underperformed. The "Magnificent Seven" (Apple Inc., Alphabet Inc., Amazon.com, Inc., Meta Platforms, Inc., Microsoft Corporation, NVIDIA Corporation and Tesla, Inc.) rose to prominence during the Semi-Annual Period as tech rallied. 2023 ended on a bullish note, with all eleven sectors posting positive returns in December. Additionally, small caps had a standout month, with the Russell 2000 up 12.2% in December 2023. 2024 started on a mostly optimistic note for equity markets, although the momentum for small caps did not last. The February core consumer price index reading showed prices up 0.4% month-over-month but was still trending downward and far below its peak. Despite this higher-than-expected inflation, the U.S. economy remained resilient. Contrary to the beginning of the Semi-Annual Period, in March 2024, the energy sector outperformed, while tech underperformed and in April 2024, small caps ended the month in the red. At the end of the Semi-Annual Period, the geopolitical landscape remained rocky and persistent inflation remained a key issue.

After government bonds reached record highs, in November, yields began to decline, which continued through the end of the year, prompting a rally for the bond markets. All eyes were on the Federal Reserve during the Semi-Annual Period as they began to discuss the possibility of rate cuts in light of lower treasury yields, indicating a dovish pivot. Inflation began to ease, but remained at elevated levels that did not reach the Fed's 2% target. At the beginning of 2024, longer term treasury curves increased slightly. The Federal Reserve made no rate cuts by the end of the Semi-Annual Period, indicating the previously anticipated monetary easing would not happen as soon as expected, if at all. As a result of shifting expectations, 2-year and 10-year treasury yields rose in April.

Factors Affecting the ETFs Performance:

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

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

The ETFs Performance Review:

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

Non-Leveraged ETFs

The Direxion Auspice Broad Commodity Strategy ETF seeks investment results, before fees and expenses, that track the Auspice Broad Commodity Index over a complete market cycle. The Auspice Broad Commodity Index seeks to capture the majority of the commodity upside returns, while seeking to mitigate downside risk. The Auspice Broad Commodity Index

DIREXION SEMI-ANNUAL REPORT
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will use a quantitative methodology to track either long or flat positions in a diversified portfolio of 12 different commodity futures contracts, or "components", which cover the energy, metal, and agricultural sectors. It attempts to incorporate dynamic risk management and contract rolling methods. For the Semi-Annual Period, the Auspice Broad Commodity Index returned -0.27%, while the Direxion Auspice Broad Commodity Strategy ETF returned 1.60%.

By the end of the first quarter of 2024, COM was long six out of twelve possible commodities. The rate environment and continued conflict in the Middle East helped propel the Metal sector. The Metal sector had strong performance during the Semi-Annual Period, as Gold reached all-time highs in early 2024, which carried over into strong performance for Silver as well. Conversely, Natural Gas prices remained low, so COM remained out of that market. Agricultural markets also had mixed performance during the Semi-Annual Period, so COM remained mostly on the sidelines here.

The Direxion Hydrogen ETF seeks investment results, before fees and expenses, that track the Indxx Hydrogen Economy Index. The Indxx Hydrogen Economy Index tracks the performance of companies that provide goods and/or services related to the Hydrogen Industry, including hydrogen generation and storage, transportation and supply of hydrogen, fuel cells, and hydrogen fueling stations. The Index includes domestic securities as well as securities listed on various foreign markets, including among others, Japan and South Korea. The Index is reconstituted annually and rebalanced quarterly. For the Semi-Annual Period, the Indxx Hydrogen Economy Index returned -3.07%, while the Direxion Hydrogen ETF returned -3.31%.

Hydrogen remains a priority for many companies and governments, although it was less of a focus in the news cycle during the Semi-Annual Period than it has been previously. The top holdings were Air Liquide Ord (Ticker: AI FP), Bloom Energy Corp (Ticker: BE), and Nel Asa (Ticker: NEL NO), although none of these were the top performers. Kaori Heat Treatment Co (Ticker: 8996 TT) posted the greatest returns during the Semi-Annual Period with 106.97%. Plug Power (Ticker: PLUG) was at the bottom, returning -59.83%.

The Direxion Moonshot Innovators ETF seeks investment results, before fees and expenses, that track the S&P Kensho Moonshots Index. The S&P Kensho Moonshots Index is comprised of 50 U.S. companies that pursue innovative technologies that have the potential to disrupt existing technologies and/or industries (i.e., moonshot innovators) and are considered to have the highest "early-stage composite innovation scores" which is determined based off a natural language processing review of the constituent company's latest annual regulatory filing for the use of words and phrases that are related to innovation. The Index is modified equal-weighted, reconstituted annually, and rebalanced semi-annually. For the Semi-Annual Period, the S&P Kensho Moonshots Index returned 3.09%, while the Direxion Moonshot Innovators ETF returned 2.71%.

During the Semi-Annual Period, Avidity Biosciences Inc (Ticker: RNA) was both the top performer and the top holding in the portfolio. As of April 30, 2024, RNA made up 7.44% of the index by weight and returned 371.29% during the Semi-Annual Period. Similarly, Bluebird Bio Inc (Ticker: BLUE) was both the bottom performer and the smallest holding in the portfolio. As of April 30, 2024, BLUE made up less than 0.50% of the portfolio and returned -69.83% during the Semi-Annual Period.

The Direxion NASDAQ-100®​ Equal Weighted Index Shares seeks investment results, before fees and expenses, that track the NASDAQ-100®​ Equal Weighted Index. The NASDAQ-100®​ Equal Weighted Index is the equal weighted version of the NASDAQ-100®​ Index which includes approximately 100 of the largest domestic and international non-financial companies listed on the NASDAQ®​ Stock Market based on market capitalization selected by NASDAQ, Inc., the index provider. Equal weighting is a method of weighting index stocks whereby the same exposure is provided to both the smallest and largest companies included in the Index. The Index is rebalanced quarterly and reconstituted annually. For the Semi-Annual Period, the NASDAQ-100®​ Equal Weighted Index returned 17.83%, while the Direxion NASDAQ-100®​ Equal Weighted Index Shares returned 19.02%.

The top performer in the portfolio during the Semi-Annual Period was Nvidia Corp (Ticker: NVDA), returning 104.17%. NVDA has been at the forefront of Artificial Intelligence innovation, which has bolstered its stock performance. Doordash (Ticker: DASH), a food delivery company, followed with positive returns of 70.30%. Conversely, the bottom performers were Sirius XM (Ticker: SIRI) and Charter Communications (Ticker: CHTR), returning -33.95% and -37.04%, respectively.

DIREXION SEMI-ANNUAL REPORT
5

The Direxion Work From Home ETF seeks investment results, before fees and expenses, that track the Solactive Remote Work Index. The Solactive Remote Work Index is comprised of U.S. listed securities and American Depository Receipts (ADRs) of companies that provide products and services in at least one of the following business segments that facilitate the ability of people to work from home: remote communications, cyber security, online project and document management, and cloud computing technologies ("WFH Industries"). The Index consists of approximately 40 companies, namely, the top 10 ranked companies in each of the four WFH Industries. The Index is equal weighted at each semi-annual reconstitution and rebalance date. For the Semi-Annual Period, the Solactive Remote Work Index returned 15.92%, while the Direxion Work From Home ETF returned 16.64%.

The Direxion Work From Home ETF was able to capitalize on continued strength in technology, as nearly 80% of the fund is in the tech sector. Over 40% of workers in the United States still work from home, at least part-time. Digitalocean Holdings Inc. (Ticker: DOCN) and Crowstrike Holdings Inc. (Ticker: CRWD) were the top performers in the portfolio during the Semi-Annual Period, returning 65.79% and 64.03%, respectively. Altice USA Inc (Ticker: ATUS), a telecommunications company, brought up the rear, losing -29.30% over the course of the Semi-Annual Period.

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

Best Regards,

  

 

Patrick Rudnick

  

Corey Noltner

  

Principal Executive Officer

  

Principal Financial Officer

  

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

*Basis Point: One hundredth of 1 percentage point.

*Consumer Price Index (CPI): CPI measures the monthly change in prices paid by U.S. consumers.

*Yield Curve: The yield curve is a line that plots yields (interest rates) of bonds having equal credit quality but differing maturity dates. The slope of the yield curve gives an idea of future interest rate changes and economic activity.

*S&P 500®​ Index: The S&P 500 Index, or Standard & Poor's 500 Index, is a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S.

*NASDAQ-100®​ Index: The Index includes 100 of the largest domestic and international non-financial companies listed on the NASDAQ Stock Market®​ based on market capitalization.

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

DIREXION SEMI-ANNUAL REPORT
6

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

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

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

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

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

The views of this letter were those of the Adviser as of April 30, 2024, and may not necessarily reflect its views on the date this letter is first published or anytime thereafter. These views are intended to help shareholders in understanding the ETFs' present investment methodology and do not constitute investment advice.

Distributed by: Foreside Fund Services, LLC

DIREXION SEMI-ANNUAL REPORT
7

Dear Shareholders,

This Semi-Annual Report for the Direxion HCM Tactical Enhanced US ETF (the "Fund") covers the period from November 1, 2023 to April, 30 2024 (the "Semi-Annual Period"). Rafferty Asset Management, LLC serves as adviser to the Fund (the "Adviser") and Howard Capital Management, Inc. serves as the Fund's subadviser (the "Subadviser").

Fund & Market Commentary:

For the Semi-Annual Period, the S&P 500®​ Index returned 19.72%, while the Direxion HCM Tactical Enhanced US ETF returned 21.70%.

The Direxion HCM Tactical Enhanced U.S. ETF ("HCMT") slightly outperformed the major broad U.S. equity benchmarks during the Semi-Annual Period. This was largely due to HCMT having enhanced equity exposure throughout most of this timeframe. The strategy went from Cash to Long during the second week of November based on its rules-based HCM-BuyLine®​ indicator triggering a buy signal. The Fund entered enhanced long positions in the Nasdaq 100, S&P 500, as well as a satellite position within the Technology sector due to it showing the strongest price momentum of any sector. Some of the market rally from November 2023 can be attributed to the Fed announcing at its October meeting that they were done with their rate tightening cycle and potential rate cuts were on the table in 2024. Although that has not yet materialized, overall earnings have been stronger than expected propelling the market higher. Based on the continued upward market price momentum, the strategy continues to maintain a buy signal and remains in an enhanced long equity position.

The Semi-Annual Period began with pressure on equities as bond yields grew and inflation was top of mind for investors. Geopolitical tension also contributed to uncertainty in the markets; the Chinese economy's recovery lagged, the war in Ukraine continued, and the Israeli-Palestinian war began. Despite these headwinds, November 2023 experienced positive returns with the S&P 500 up 8.0%. In particular, rate-sensitive areas like real estate and tech had strong performance, while energy underperformed. The "Magnificent Seven" (Apple Inc., Alphabet Inc., Amazon.com, Inc., Meta Platforms, Inc., Microsoft Corporation, NVIDIA Corporation and Tesla, Inc.) rose to prominence during the Semi-Annual Period as tech rallied. 2023 ended on a bullish note, with all eleven sectors posting positive returns in December. Additionally, small caps had a standout month, with the Russell 2000 up 12.2% in December 2023. 2024 started on a mostly optimistic note for equity markets, although the momentum for small caps did not last. The February core consumer price index reading showed prices up 0.4% month-over-month but was still trending downward and far below its peak. Despite this higher-than-expected inflation, the U.S. economy remained resilient. Contrary to the beginning of the Semi-Annual Period, in March 2024, the energy sector outperformed, while tech underperformed and in April 2024, small caps ended the month in the red. At the end of the Semi-Annual Period, the geopolitical landscape remained rocky and persistent inflation remained a key issue.

After government bonds reached record highs, in November, yields began to decline, which continued through the end of the year, prompting a rally for the bond markets. All eyes were on the Federal Reserve during the Semi-Annual Period as they began to discuss the possibility of rate cuts in light of lower treasury yields, indicating a dovish pivot. Inflation began to ease, but remained at elevated levels that did not reach the Fed's 2% target. At the beginning of 2024, longer term treasury curves increased slightly. The Federal Reserve made no rate cuts by the end of the Semi-Annual Period, indicating the previously anticipated monetary easing would not happen as soon as expected, if at all. As a result of shifting expectations, 2-year and 10-year treasury yields rose in April.

Principal Investment Strategy:

The Fund is actively managed and seeks to provide enhanced returns across multiple market cycles that are broadly correlated to the U.S. equity markets. The Fund uses a proprietary quantitative investment model (the "Model") developed by the Subadviser to determine if the Fund's assets are allocated to U.S. equity securities or to cash and cash equivalents (i.e., money market funds, U.S. government securities and/or similar securities). The Fund will invest in, to have exposure to, U.S. equity securities in order to achieve capital appreciation, or will invest in cash or cash equivalents in order to attempt

DIREXION SEMI-ANNUAL REPORT
8

to preserve capital during market downturns. When allocated to U.S. equities, the Fund will seek leveraged exposure of its net assets through investments in derivatives, such as swaps, in order to achieve enhanced returns.

The Model attempts to identify broad trends in U.S. equity markets and utilizes the HCM-BuyLine®​, a tactical proprietary indicator that uses technical indicators to identify broad trends in the U.S. equity markets, to determine whether to invest in U.S. equity securities or cash and cash equivalents. When the S&P 500®​ Index hits a specified threshold below the HCM-BuyLine, the Model indicates a downward trend is established and the Fund will be fully invested in cash or cash equivalents in order to attempt to preserve capital. The Fund will continue to have no equity exposure until the Model indicates that an upward trend in the U.S. markets has been established. An upward trend is established when the S&P 500®​ Index closes above the HCM-BuyLine for five consecutive days. The Fund will then be fully invested in U.S. equity securities and will continue to be so invested until the Model indicates that a downward trend has been established.

When the Fund is allocated to U.S. equity securities, it will have approximately the following daily exposures (obtained directly by investing in U.S. equity securities or indirectly through investments in derivatives):

•  80% exposure to all of the securities of the S&P 500®​ Index ("S&P Allocation"), which measures the performance of
500 large capitalization companies listed on stock exchanges in the U.S.;

•  80% exposure to all of the 100 largest, U.S.-based, non-financial companies listed on the NASDAQ Stock Exchange ("Technology Allocation"); and

•  Up to 40% exposure to the securities of a specific sector or industry ("Sector Allocation"). The Sector Allocation will be in one of the following 13 sectors or industries: industrial sector, communication services sector, consumer discretionary sector, consumer staples sector, energy sector, financial sector, health care sector, real estate sector, technology sector, utilities sector, materials sector, biotechnology industry or semiconductor industry.

The Model determines the Sector Allocation based on a proprietary relative strength formula, which evaluates the volatility and momentum of each sector or industry to determine which is experiencing the strongest market trend relative to the other sectors or industries. The sector or industry showing the strongest upward market trend will be selected by the Model as the Sector Allocation. Only one sector or industry is selected by the Model at a time. The Sector Allocation is expected to change in response to shorter-term market conditions, which may result in high portfolio turnover and increased costs. The Fund's exposure to the Sector Allocation may be less than 40% depending on the volatility and liquidity of the equity securities in the relevant sector or industry.

The Fund will utilize leverage to achieve total exposure of up to 200% of the Fund's net assets to the S&P Allocation, Technology Allocation and the Sector Allocation (together, the "Allocations"). A Sector Allocation of less than 40% may result in the Fund having less than 200% total exposure each day. The Subadviser will provide the Adviser, with investment signals ("Signals") pursuant to the Model's determinations. The Adviser is responsible for investing the Fund's assets pursuant to the Signals and may rebalance the Fund's portfolio as frequently as daily when invested in U.S. equity securities so that its exposure to the Allocations is consistent with the Fund's investment strategy.

The Fund may invest directly in the securities of the Allocations, in addition to utilizing exchange-traded funds ("ETFs") and swaps that use indices or ETFs as reference assets to provide exposure to the Allocations. Each Allocation is represented by a securities market index. The Fund intends to seek exposure to the Sector Allocations by investing directly in the securities of the index, investing in an ETF that tracks the performance of the index, or obtaining exposure to the index by investing in a swap that uses the index or an ETF that tracks the performance of the index as a reference asset. On a day-to-day basis, the Fund is expected to hold ETFs and money market funds, deposit accounts with institutions with high quality credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements. The Fund may invest in securities of any market capitalization.

DIREXION SEMI-ANNUAL REPORT
9

Regards,

  

Vance Howard

  

Howard Capital Management, Inc.

  

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

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

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

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

Direxion Shares ETF Risks – An investment in the Fund involves risk, including the possible loss of principal. The Fund is non-diversified and includes risks associated with the Fund concentrating its investments in a particular industry, sector, or geography which can increase volatility. The use of derivatives, such as swaps, are subject to market risks that may cause their price to fluctuate over time. The Fund utilizes leverage to obtain investment exposure in excess of its net assets, and while the use of leverage may magnify potential gains in favorable markets, it will also magnify potential losses in adverse market conditions. Risks of the Fund include Effects of Compounding and Market Volatility Risk, Active Management Risk, Subadviser's Investment Model Risk, Leverage Risk, Derivatives Risk, Market Risk, Counterparty Risk, Other Investment Companies (including ETFs) Risk, Cash Transaction Risk, Tax Risk, and risks specific to the Fund's sector or industry allocations. Please see the summary and full prospectuses for a more complete description of these and other risks of the Fund.

Index Descriptions – Please note that you cannot invest directly in an index, although you may invest in the underlying securities represented in the index. Index returns are adjusted to reflect the reinvestment of dividends on securities in the index but do not reflect the expenses of the Fund.

The S&P 500®​ Index is one of the most commonly used benchmarks for the overall U.S. Stock Market. It is a market value weighted index and each stock's weight is proportionate to its market value.

The views of this letter were those of the Adviser as of April 30, 2024 and may not necessarily reflect its views on the date this letter is first published or anytime thereafter. These views are intended to help shareholders in understanding the ETF's present investment methodology and do not constitute investment advice.

Distributed by: Foreside Fund Services, LLC

DIREXION SEMI-ANNUAL REPORT
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Expense Example (Unaudited)

April 30, 2024

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

The example is based on initial investments of $1,000 invested at the beginning of the period and held the entire period (November 1, 2023 to April 30, 2024).

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, 2023 to April 30, 2024" to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

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

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

DIREXION SEMI-ANNUAL REPORT
11

Expense Example (Unaudited)

April 30, 2024

   Annualized
Expense Ratio		   Beginning
Account Value
November 1, 2023		   Ending
Account Value
April 30, 2024		   Expenses Paid
During Period
November 1, 2023
to April 30, 2024*		  

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

  

Based on actual fund return

    

0.70

%

  

$

1,000.00

    

$

1,016.00

    

$

3.51

    

Based on hypothetical 5% return

    

0.70

%

    

1,000.00

      

1,021.38

      

3.52

    

Direxion HCM Tactical Enhanced US ETF

  

Based on actual fund return

    

1.32

%

    

1,000.00

      

1,217.00

      

7.28

    

Based on hypothetical 5% return

    

1.32

%

    

1,000.00

      

1,018.30

      

6.62

    

Direxion Hydrogen ETF

  

Based on actual fund return

    

0.45

%

    

1,000.00

      

966.90

      

2.20

    

Based on hypothetical 5% return

    

0.45

%

    

1,000.00

      

1,022.63

      

2.26

    

Direxion Moonshot Innovators ETF

  

Based on actual fund return

    

0.65

%

    

1,000.00

      

1,027.10

      

3.28

    

Based on hypothetical 5% return

    

0.65

%

    

1,000.00

      

1,021.63

      

3.27

    

Direxion NASDAQ-100®​ Equal Weighted Index Shares

  

Based on actual fund return

    

0.35

%

    

1,000.00

      

1,190.20

      

1.91

    

Based on hypothetical 5% return

    

0.35

%

    

1,000.00

      

1,023.12

      

1.76

    

Direxion Work From Home ETF

  

Based on actual fund return

    

0.45

%

    

1,000.00

      

1,166.40

      

2.42

    

Based on hypothetical 5% return

    

0.45

%

    

1,000.00

      

1,022.63

      

2.26

    

*  ​Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 days (the number of days in the period of November 1, 2023 to April 30, 2024), then divided by 366.

DIREXION SEMI-ANNUAL REPORT
12

Allocation of Portfolio Holdings (Unaudited)

April 30, 2024

   

Cash*

   Common
Stocks		  

Futures

  

Swaps

  

Total

  

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

    

100

%

    

—

      

0

%**

    

—

      

100

%

  

Direxion HCM Tactical Enhanced US ETF

    

19

%

    

81

%

    

—

      

0

%**

    

100

%

  

Direxion Hydrogen ETF

    

1

%

    

99

%

    

—

      

—

      

100

%

  

Direxion Moonshot Innovators ETF

    

0

%**

    

100

%

    

—

      

—

      

100

%

  

Direxion NASDAQ-100®​ Equal Weighted Index Shares

    

0

%**

    

100

%

    

—

      

—

      

100

%

  

Direxion Work From Home ETF

    

0

%**

    

100

%

    

—

      

—

      

100

%

  

*  Cash, cash equivalents and other assets less liabilities.

**  Percentage is less than 0.5%.

DIREXION SEMI-ANNUAL REPORT
13

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 96.9%

  

Money Market Funds - 96.9%

  
 

261,174,761

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

261,174,761

    
    TOTAL SHORT TERM
INVESTMENTS
(Cost $261,174,761)		  

$

261,174,761

    
    TOTAL INVESTMENTS
(Cost $261,174,761) - 96.9%		  

$

261,174,761

    
    Other Assets in Excess of
Liabilities - 3.1% (b)​		    

8,254,680

    
   

TOTAL NET ASSETS - 100.0%

  

$

269,429,441

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  $9,100,853 of cash is pledged as collateral for futures contracts.

    

Long Futures Contracts (Unaudited)

October 31, 2023

Reference Entity

   Expiration
Date		   Number of
Contracts		   Notional
Amount		   Variation
Margin
Payable, net		   Unrealized
Appreciation
(Depreciation)		  

Copper

  

12/27/2024

    

329

    

$

37,855,563

    

$

(891,100

)

  

$

801,015

    

Gasoline RBOB

  

9/30/2024

    

240

      

23,469,264

      

(294,882

)

    

476,283

    

Gold

  

6/26/2024

    

172

      

39,609,880

      

(937,090

)

    

1,965,715

    

NY Harbor ULSD

  

11/29/2024

    

170

      

18,251,268

      

(109,309

)

    

(819,771

)

  

Silver

  

7/29/2024

    

161

      

21,456,470

      

(804,800

)

    

(1,580,754

)

  

WTI Crude

  

11/20/2024

    

365

      

28,451,750

      

(224,440

)

    

(290,489

)

  
           

$

169,094,195

    

$

(3,261,621

)

  

$

551,999

    

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

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

DIREXION SEMI-ANNUAL REPORT
14

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 81.2%

      

Accommodation - 0.4%

      
 

2,247

    

Airbnb, Inc. (a)​

  

$

356,307

    
 

1,113

    

Caesars Entertainment Inc. (a)​

    

39,868

    
 

1,302

    

Hilton Worldwide Holdings, Inc.

    

256,858

    
 

3,639

    

Host Hotels & Resorts, Inc.

    

68,668

    
 

1,902

    

Las Vegas Sands Corp.

    

84,373

    
 

1,265

     Marriott International, Inc.
Class A		    

298,704

    
 

1,414

    

MGM Resorts International (a)​

    

55,768

    
     

1,160,546

    

Administrative and Support Services - 1.9%

      
 

449

    

Allegion PLC ADR (Ireland)

    

54,580

    
 

7,451

     Amcor PLC ADR (United
Kingdom)		    

66,612

    
 

2,119

    

Automatic Data Processing, Inc.

    

512,565

    
 

171

    

Booking Holdings, Inc.

    

590,297

    
 

616

    

Broadridge Financial Solutions, Inc.

    

119,140

    
 

373

    

Corpay, Inc. (a)​

    

112,698

    
 

642

    

Equifax, Inc.

    

141,362

    
 

206

    

FactSet Research System, Inc.

    

85,879

    
 

401

    

Gartner, Inc. (a)​

    

165,449

    
 

1,505

    

Iron Mountain, Inc.

    

116,668

    
 

734

    

Live Nation Entertainment, Inc. (a)​

    

65,260

    
 

808

    

Moody's Corp.

    

299,227

    
 

528

    

Robert Half, Inc.

    

36,506

    
 

1,451

    

Rollins, Inc.

    

64,656

    
 

1,212

     Royal Caribbean Cruises Ltd. ADR
(Liberia) (a)​		    

169,232

    
 

8,157

    

Visa, Inc. Class A

    

2,191,052

    
 

1,890

    

Waste Management, Inc.

    

393,158

    
     

5,184,341

    

Air Transportation - 0.1%

      
 

3,375

    

American Airlines Group, Inc. (a)​

    

45,596

    
 

3,304

    

Delta Air Lines, Inc.

    

165,431

    
 

3,073

    

Southwest Airlines Co.

    

79,714

    
 

1,695

     United Continental Holdings,
Inc. (a)​		    

87,225

    
     

377,966

    

Ambulatory Health Care Services - 0.1%

      
 

284

    

DaVita, Inc. (a)​

    

39,479

    
 

435

     Laboratory Corp. of America
Holdings		    

87,596

    
 

303

    

Molina Healthcare, Inc. (a)​

    

103,656

    
 

576

    

Quest Diagnostics, Inc.

    

79,592

    
 

6,191

    

Viatris, Inc.

    

71,630

    
     

381,953

    

Amusement, Gambling, and Recreation Industries - 0.5%

      
 

1,344

    

Global Payments, Inc.

    

165,003

    
 

9,457

    

The Walt Disney Co.

    

1,050,673

    
 

485

    

Wynn Resorts Ltd.

    

44,450

    
     

1,260,126

    

Shares

      

Fair Value

  

Apparel Manufacturing - 0.1%

      
 

126

    

Deckers Outdoor Corp. (a)​

  

$

103,127

    
 

601

    

Lululemon Athletica, Inc. (a)​

    

216,721

    
 

211

    

Ralph Lauren Corp.

    

34,528

    
     

354,376

    

Beverage and Tobacco Product Manufacturing - 1.6%

      
 

9,098

    

Altria Group, Inc.

    

398,583

    
 

20,069

    

Coca-Cola Co.

    

1,239,662

    
 

826

    

Constellation Brands, Inc. Class A

    

209,358

    
 

5,373

    

Keurig Dr Pepper, Inc.

    

181,070

    
 

959

     Molson Coors Brewing Co.
Class B		    

54,912

    
 

3,808

    

Monster Beverage Corp. (a)​

    

203,538

    
 

7,086

    

PepsiCo, Inc.

    

1,246,498

    
 

8,010

    

Philip Morris International, Inc.

    

760,470

    
     

4,294,091

    

Broadcasting and Content Providers - 0.4%

      
 

502

    

Charter Communications, Inc. (a)​

    

128,482

    
 

20,436

    

Comcast Corp. Class A

    

778,816

    
 

1,228

    

FOX Corp. Class A

    

38,080

    
 

684

    

FOX Corp. Class B

    

19,617

    
 

2,490

    

Paramount Global Class B

    

28,361

    
 

11,447

    

Warner Bros Discovery, Inc. (a)​

    

84,250

    
     

1,077,606

    

Building Material and Garden Equipment and Supplies Dealers - 1.0%

      
 

2,968

    

Lowe's Companies, Inc.

    

676,674

    
 

278

    

Snap-on, Inc.

    

74,493

    
 

5,134

    

The Home Depot, Inc.

    

1,715,886

    
 

561

    

Tractor Supply Co.

    

153,198

    
     

2,620,251

    

Chemical Manufacturing - 6.2%

      
 

9,110

    

AbbVie, Inc.

    

1,481,650

    
 

1,146

    

Air Products & Chemicals, Inc.

    

270,846

    
 

614

    

Albemarle Corp.

    

73,870

    
 

2,757

    

Amgen, Inc.

    

755,253

    
 

747

    

Biogen, Inc. (a)​

    

160,471

    
 

807

    

Bio-Techne Corp.

    

51,010

    
 

10,494

    

Bristol-Myers Squibb Co.

    

461,106

    
 

936

    

Catalent, Inc. (a)​

    

52,276

    
 

509

    

Celanese Corp.

    

78,187

    
 

992

    

CF Industries Holdings, Inc.

    

78,338

    
 

1,263

    

Church & Dwight Co., Inc.

    

136,265

    
 

646

    

Clorox Co.

    

95,524

    
 

4,247

    

Colgate-Palmolive Co.

    

390,384

    
 

2,220

    

DuPont de Nemours, Inc.

    

160,950

    
 

613

    

Eastman Chemical Co.

    

57,892

    
 

1,312

    

Ecolab, Inc.

    

296,709

    
 

4,115

    

Eli Lilly and Company

    

3,214,227

    
 

649

    

FMC Corp.

    

38,297

    
 

6,423

    

Gilead Sciences, Inc.

    

418,780

    
 

961

    

Incyte Corp. (a)​

    

50,020

    
 

2,955

    

IntercontinentalExchange, Inc.

    

380,486

    
 

1,320

     International Flavors & Fragrances,
Inc.		    

111,738

    

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

DIREXION SEMI-ANNUAL REPORT
15

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Chemical Manufacturing (continued)

      
 

8,889

    

Kenvue, Inc.

  

$

167,291

    
 

1,743

    

Kimberly-Clark Corp.

    

237,972

    
 

2,502

    

Linde PLC ADR (Ireland)

    

1,103,282

    
 

1,324

     LyondellBasell Industries N.V.
Class A ADR (Netherlands)		    

132,360

    
 

13,068

    

Merck & Co., Inc.

    

1,688,647

    
 

1,689

    

Mosaic Co.

    

53,018

    
 

29,118

    

Pfizer, Inc.

    

746,003

    
 

1,211

    

PPG Industries, Inc.

    

156,219

    
 

12,137

    

Procter & Gamble Co.

    

1,980,758

    
 

535

    

Regeneron Pharmaceuticals, Inc. (a)​

    

476,503

    
 

1,333

    

Vertex Pharmaceuticals, Inc. (a)​

    

523,616

    
 

381

    

West Pharmaceutical Services, Inc.

    

136,200

    
 

2,362

    

Zoetis, Inc.

    

376,125

    
     

16,592,273

    

Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 0.3%

      
 

1,163

    

Bath & Body Works, Inc.

    

52,824

    
 

1,742

    

Ross Stores, Inc.

    

225,676

    
 

5,879

    

TJX Companies, Inc.

    

553,155

    
     

831,655

    

Computer and Electronic Product Manufacturing - 19.0%

      
 

8,336

    

Advanced Micro Devices, Inc. (a)​

    

1,320,256

    
 

1,512

    

Agilent Technologies, Inc.

    

207,205

    
 

30,394

    

Alphabet, Inc. (a)​

    

4,947,535

    
 

25,445

    

Alphabet, Inc. Class C (a)​

    

4,189,265

    
 

1,187

    

AMETEK, Inc.

    

207,321

    
 

3,090

    

Amphenol Corp. Class A

    

373,179

    
 

2,561

    

Analog Devices, Inc.

    

513,762

    
 

74,868

    

Apple, Inc.

    

12,752,266

    
 

1,301

    

Arista Networks, Inc. (a)​

    

333,785

    
 

103

    

Bio-Rad Laboratories, Inc. (a)​

    

27,784

    
 

2,269

    

Broadcom, Inc.

    

2,950,313

    
 

20,956

    

Cisco Systems, Inc.

    

984,513

    
 

3,392

    

Danaher Corp.

    

836,535

    
 

703

    

Enphase Energy, Inc. (a)​

    

76,458

    
 

3,291

    

Fortinet, Inc. (a)​

    

207,925

    
 

1,812

    

Fortive Corp.

    

136,389

    
 

2,088

    

GE HealthCare Technologies, Inc.

    

159,189

    
 

1,206

    

Hologic, Inc. (a)​

    

91,379

    
 

4,496

    

HP, Inc.

    

126,293

    
 

425

    

IDEXX Laboratories, Inc. (a)​

    

209,423

    
 

815

    

Illumina, Inc. (a)​

    

100,286

    
 

21,806

    

Intel Corp.

    

664,429

    
 

4,721

     International Business Machines
Corp.		    

784,630

    
 

664

    

Jabil Circuit, Inc.

    

77,927

    
 

894

    

Keysight Technologies, Inc. (a)​

    

132,258

    
 

987

    

L3Harris Technologies, Inc.

    

211,267

    
 

2,790

    

Microchip Technology, Inc.

    

256,624

    
 

5,692

    

Micron Technology, Inc.

    

642,968

    
 

255

    

Monolithic Power Systems, Inc.

    

170,679

    
 

852

    

Motorola Solutions, Inc.

    

288,956

    
 

1,066

    

NetApp, Inc.

    

108,956

    
 

729

    

Northrop Grumman Corp.

    

353,587

    

Shares

      

Fair Value

  

Computer and Electronic Product Manufacturing (continued)

      
 

12,742

    

NVIDIA Corp.

  

$

11,009,343

    
 

1,333

     NXP Semiconductors NV ADR
(Netherlands)		    

341,501

    
 

2,206

    

ON Semiconductor Corp. (a)​

    

154,773

    
 

2,095

    

Otis Worldwide Corp.

    

191,064

    
 

642

    

PerkinElmer, Inc.

    

65,786

    
 

491

    

Qorvo, Inc. (a)​

    

57,368

    
 

5,757

    

Qualcomm, Inc.

    

954,799

    
 

542

    

Roper Technologies, Inc.

    

277,211

    
 

6,844

    

RTX Corp.

    

694,803

    
 

1,011

     Seagate Technology Holdings
PLC ADR (Ireland)		    

86,855

    
 

823

    

Skyworks Solutions, Inc.

    

87,724

    
 

267

    

Super Micro Computer, Inc. (a)​

    

229,300

    
 

786

    

Teradyne, Inc.

    

91,428

    
 

4,692

    

Texas Instruments, Inc.

    

827,763

    
 

1,987

    

Thermo Fisher Scientific, Inc.

    

1,130,047

    
 

1,275

    

Trimble, Inc. (a)​

    

76,589

    
 

308

    

Waters Corp. (a)​

    

95,184

    
 

1,674

    

Western Digital Corp. (a)​

    

118,569

    
 

270

     Zebra Technologies Corp.
Class A (a)​		    

84,931

    
     

51,018,380

    

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.2%

      
 

3,090

    

Fiserv, Inc. (a)​

    

471,750

    

Construction of Buildings - 0.2%

      
 

1,538

    

D.R. Horton, Inc.

    

219,150

    
 

1,267

    

Lennar Corp. Class A

    

192,102

    
 

15

    

NVR, Inc. (a)​

    

111,583

    
 

1,095

    

PulteGroup, Inc.

    

122,005

    
     

644,840

    

Couriers and Messengers - 0.3%

      
 

1,183

    

FedEx Corp.

    

309,686

    
 

3,732

    

United Parcel Service, Inc. Class B

    

550,395

    
     

860,081

    

Credit Intermediation and Related Activities - 4.2%

      
 

2,952

    

American Express Co.

    

690,857

    
 

35,512

    

Bank of America Corp.

    

1,314,299

    
 

3,920

    

Bank of New York Mellon Corp.

    

221,441

    
 

1,957

    

Capital One Financial Corp.

    

280,692

    
 

9,813

    

Citigroup, Inc.

    

601,831

    
 

2,403

    

Citizens Financial Group, Inc.

    

81,966

    
 

684

    

Comerica, Inc.

    

34,316

    
 

1,288

    

Discover Financial Services

    

163,228

    
 

3,053

     Fidelity National Information
Services, Inc.		    

207,360

    
 

3,513

    

Fifth Third Bancorp

    

128,084

    
 

7,466

    

Huntington Bancshares, Inc.

    

100,567

    
 

14,912

    

JPMorgan Chase & Co.

    

2,859,227

    
 

4,831

    

KeyCorp

    

70,001

    
 

852

    

M&T Bank Corp.

    

123,020

    
 

4,256

    

MasterCard, Inc. Class A

    

1,920,307

    
 

1,061

    

Northern Trust Corp.

    

87,416

    

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

DIREXION SEMI-ANNUAL REPORT
16

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Credit Intermediation and Related Activities (continued)

      
 

2,056

    

PNC Financial Services Group, Inc.

  

$

315,103

    
 

4,765

    

Regions Financial Corp.

    

91,822

    
 

1,555

    

State Street Corp.

    

112,722

    
 

2,101

    

Synchrony Financial

    

92,402

    
 

6,883

    

Truist Financial Corp.

    

258,457

    
 

8,035

    

U.S. Bancorp

    

326,462

    
 

18,562

    

Wells Fargo & Co.

    

1,101,098

    
     

11,182,678

    

Electrical Equipment, Appliance, and Component Manufacturing - 0.3%

      
 

640

    

A.O. Smith Corp.

    

53,018

    
 

364

    

Axon Enterprise, Inc. (a)​

    

114,172

    
 

2,951

    

Emerson Electric Co.

    

318,059

    
 

320

    

Generac Holdings, Inc. (a)​

    

43,507

    
 

599

    

Rockwell Automation, Inc.

    

162,305

    
 

1,588

     TE Connectivity Ltd. ADR
(Switzerland)		    

224,670

    
     

915,731

    

Fabricated Metal Product Manufacturing - 0.2%

      
 

1,620

    

Ball Corp.

    

112,704

    
 

1,261

    

Nucor Corp.

    

212,516

    
 

848

    

Pentair PLC ADR (Ireland)

    

67,068

    
 

788

    

Stanley Black & Decker, Inc.

    

72,023

    
     

464,311

    

Food and Beverage Retailers - 0.1%

      
 

3,413

    

Kroger Co.

    

189,012

    

Food Manufacturing - 0.7%

      
 

2,745

    

Archer-Daniels-Midland Co.

    

161,022

    
 

749

     Bunge Global SA ADR
(Switzerland)		    

76,218

    
 

1,021

    

Campbell Soup Co.

    

46,670

    
 

2,931

    

General Mills, Inc.

    

206,518

    
 

1,495

    

Hormel Foods Corp.

    

53,162

    
 

1,366

    

Kellanova

    

79,037

    
 

745

    

Lamb Weston Holdings, Inc.

    

62,088

    
 

1,294

    

McCormick & Co, Inc.

    

98,422

    
 

6,948

    

Mondelez International, Inc.

    

499,839

    
 

772

    

The Hershey Co.

    

149,706

    
 

538

    

The J.M. Smucker Co.

    

61,789

    
 

4,113

    

The Kraft Heinz Co.

    

158,803

    
 

1,479

    

Tyson Foods, Inc. Class A

    

89,702

    
     

1,742,976

    

Food Services and Drinking Places - 0.9%

      
 

133

    

Chipotle Mexican Grill, Inc. (a)​

    

420,227

    
 

623

    

Darden Restaurants, Inc.

    

95,574

    
 

171

    

Domino's Pizza, Inc.

    

90,505

    
 

3,742

    

McDonald's Corp.

    

1,021,716

    
 

5,841

    

Starbucks Corp.

    

516,870

    
 

1,131

    

Veralto Corp.

    

105,952

    
 

1,452

    

Yum! Brands, Inc.

    

205,095

    
     

2,455,939

    

Funds, Trusts, and Other Financial Vehicles - 0.1%

      
 

787

    

Garmin Ltd. ADR (Switzerland)

    

113,698

    
 

1,154

    

T. Rowe Price Group, Inc.

    

126,444

    
     

240,142

    

Shares

      

Fair Value

  

Furniture, Home Furnishings, Electronics, and Appliance Retailers - 0.0% (†)​

      
 

996

    

Best Buy Co., Inc.

  

$

73,345

    

Gasoline Stations and Fuel Dealers - 0.5%

      
 

8,942

    

Chevron Corp.

    

1,442,076

    

General Merchandise Retailers - 4.5%

      
 

47,143

    

Amazon.com, Inc. (a)​

    

8,250,025

    
 

2,286

    

Costco Wholesale Corp.

    

1,652,549

    
 

1,131

    

Dollar General Corp.

    

157,424

    
 

1,071

    

Dollar Tree, Inc. (a)​

    

126,646

    
 

2,674

    

eBay, Inc.

    

137,818

    
 

624

    

Etsy, Inc. (a)​

    

42,850

    
 

2,376

    

Target Corp.

    

382,488

    
 

22,073

    

Walmart, Inc.

    

1,310,033

    
     

12,059,833

    

Health and Personal Care Retailers - 0.2%

      
 

6,492

    

CVS Health Corp.

    

439,573

    
 

257

    

Ulta Beauty, Inc. (a)​

    

104,044

    
 

3,693

    

Walgreens Boots Alliance, Inc.

    

65,477

    
     

609,094

    

Hospitals - 0.1%

      
 

1,028

    

HCA Healthcare, Inc.

    

318,495

    
 

318

     Universal Health Services, Inc.
Class B		    

54,197

    
     

372,692

    

Insurance Carriers and Related Activities - 4.6%

      
 

2,711

    

Aflac, Inc.

    

226,775

    
 

1,360

    

Allstate Corp.

    

231,282

    
 

3,622

    

American International Group, Inc.

    

272,773

    
 

1,037

    

Aon PLC ADR (United Kingdom)

    

292,444

    
 

1,911

    

Arch Capital Group Ltd. ADR (a)​

    

178,755

    
 

1,119

    

Arthur J. Gallagher & Co.

    

262,618

    
 

273

    

Assurant, Inc.

    

47,611

    
 

9,382

    

Berkshire Hathaway, Inc. Class B (a)​

    

3,722,121

    
 

1,213

    

Brown & Brown, Inc.

    

98,908

    
 

2,754

    

Centene Corp. (a)​

    

201,207

    
 

2,094

    

Chubb Limited ADR (Switzerland)

    

520,652

    
 

1,509

    

Cigna Corp.

    

538,773

    
 

807

    

Cincinnati Financial Corp.

    

93,362

    
 

1,207

    

Elevance Health, Inc.

    

637,996

    
 

232

    

Everest Re Group Ltd. ADR

    

85,007

    
 

439

    

Globe Life, Inc.

    

33,439

    
 

1,537

     Hartford Financial Services Group,
Inc.		    

148,920

    
 

637

    

Humana, Inc.

    

192,431

    
 

943

    

Loews Corp.

    

70,866

    
 

2,540

     Marsh & McLennan Companies,
Inc.		    

506,552

    
 

3,169

    

MetLife, Inc.

    

225,253

    
 

1,130

    

Principal Financial Group, Inc.

    

89,428

    
 

3,018

    

Progressive Corp.

    

628,499

    
 

1,863

    

Prudential Financial, Inc.

    

205,824

    
 

1,174

    

Travelers Companies, Inc.

    

249,076

    
 

4,770

    

UnitedHealth Group, Inc.

    

2,307,249

    
 

1,050

    

W.R. Berkley Corp.

    

80,819

    

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

DIREXION SEMI-ANNUAL REPORT
17

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Insurance Carriers and Related Activities (continued)

      
 

521

     Willis Towers Watson PLC ADR
(Ireland)		  

$

130,844

    
     

12,279,484

    

Leather and Allied Product Manufacturing - 0.2%

      
 

6,277

    

NIKE, Inc. Class B

    

579,116

    
 

1,180

    

Tapestry, Inc.

    

47,106

    
     

626,222

    

Machinery Manufacturing - 2.2%

      
 

4,296

    

Applied Materials, Inc.

    

853,400

    
 

5,161

    

Baker Hughes Co.

    

168,352

    
 

4,313

    

Carrier Global Corp.

    

265,206

    
 

2,625

    

Caterpillar, Inc.

    

878,246

    
 

734

    

Cummins, Inc.

    

207,348

    
 

1,344

    

Deere & Co.

    

526,055

    
 

5,612

    

General Electric Co.

    

908,134

    
 

389

    

IDEX Corp.

    

85,759

    
 

2,091

    

Ingersoll Rand, Inc.

    

195,132

    
 

680

    

Lam Research Corp.

    

608,199

    
 

105

     Mettler-Toledo International,
Inc. (a)​		    

129,119

    
 

285

    

Nordson Corp.

    

73,584

    
 

667

    

Parker Hannifin Corp.

    

363,455

    
 

1,170

     Trane Technologies PLC ADR
(Ireland)		    

371,288

    
 

1,237

    

Xylem, Inc.

    

161,676

    
     

5,794,953

    

Management of Companies and Enterprises - 0.4%

      
 

8,952

    

Abbott Laboratories

    

948,644

    
 

5,194

    

Carnival Corp. ADR (Panama) (a)​

    

76,975

    
 

2,197

     Norwegian Cruise Line Holdings
Ltd. ADR (a)​		    

41,567

    
     

1,067,186

    

Merchant Wholesalers, Durable Goods - 0.9%

      
 

642

    

Builders FirstSource, Inc. (a)​

    

117,370

    
 

441

    

Cintas Corp.

    

290,328

    
 

4,507

    

Copart, Inc. (a)​

    

244,775

    
 

2,953

    

Fastenal Co.

    

200,627

    
 

724

    

Genuine Parts Co.

    

113,820

    
 

674

    

Henry Schein, Inc. (a)​

    

46,695

    
 

283

    

Hubbell, Inc.

    

104,857

    
 

214

    

Huntington Ingalls Industries, Inc.

    

59,263

    
 

3,515

     Johnson Controls International
PLC ADR (Ireland)		    

228,721

    
 

700

    

KLA-Tencor Corp.

    

482,503

    
 

1,386

    

LKQ Corp.

    

59,778

    
 

279

    

Mohawk Industries, Inc. (a)​

    

32,174

    
 

209

    

Pool Corp.

    

75,769

    
 

237

    

W.W. Grainger, Inc.

    

218,360

    
 

1,329

    

WestRock Co.

    

63,739

    
     

2,338,779

    

Merchant Wholesalers, Nondurable Goods - 0.6%

      
 

935

    

Brown Forman Corp. Class B

    

44,740

    
 

1,248

    

Cardinal Health, Inc.

    

128,594

    
 

849

    

Cencora, Inc.

    

202,953

    

Shares

      

Fair Value

  

Merchant Wholesalers, Nondurable Goods (continued)

      
 

2,468

    

ConAgra Brands, Inc.

  

$

75,965

    
 

1,408

    

Illinois Tool Works, Inc.

    

343,707

    
 

682

    

McKesson Corp.

    

366,377

    
 

2,571

    

Sysco Corp.

    

191,077

    
 

1,210

    

The Sherwin Williams Co.

    

362,528

    
     

1,715,941

    

Mining (except Oil and Gas) - 0.4%

      
 

7,396

     Freeport-McMoRan Copper &
Gold, Inc.		    

369,356

    
 

322

    

Martin Marietta Materials, Inc.

    

189,037

    
 

5,941

    

Newmont Corp.

    

241,442

    
 

689

    

Vulcan Materials Co.

    

177,507

    
     

977,342

    

Miscellaneous Manufacturing - 2.5%

      
 

2,852

    

3M Co.

    

275,247

    
 

368

    

Align Technology, Inc. (a)​

    

103,916

    
 

2,620

    

Baxter International, Inc.

    

105,769

    
 

1,490

    

Becton, Dickinson & Co.

    

349,554

    
 

7,557

    

Boston Scientific Corp. (a)​

    

543,122

    
 

1,982

    

DexCom, Inc. (a)​

    

252,487

    
 

722

    

Dover Corp.

    

129,455

    
 

3,126

    

Edwards Lifesciences Corp. (a)​

    

264,678

    
 

1,197

     Estee Lauder Companies, Inc.
Class A		    

175,612

    
 

677

    

Hasbro, Inc.

    

41,500

    
 

362

    

Insulet Corp. (a)​

    

62,242

    
 

1,821

    

Intuitive Surgical, Inc. (a)​

    

674,899

    
 

12,416

    

Johnson & Johnson

    

1,795,230

    
 

6,860

    

Medtronic PLC ADR (Ireland)

    

550,446

    
 

758

    

ResMed, Inc.

    

162,204

    
 

713

    

Solventum Corp. (a)​

    

46,352

    
 

503

    

Steris PLC ADR (Ireland)

    

102,894

    
 

1,749

    

Stryker Corp.

    

588,539

    
 

249

    

Teleflex, Inc.

    

51,979

    
 

1,016

    

Textron, Inc.

    

85,943

    
 

1,031

    

The Cooper Companys, Inc.

    

91,821

    
 

1,080

    

Zimmer Biomet Holdings, Inc.

    

129,902

    
     

6,583,791

    

Motion Picture and Sound Recording Industries - 0.5%

      
 

2,233

    

Netflix, Inc. (a)​

    

1,229,579

    
 

814

     Take-Two Interactive Software,
Inc. (a)​		    

116,247

    
     

1,345,826

    

Motor Vehicle and Parts Dealers - 0.2%

      
 

84

    

AutoZone, Inc. (a)​

    

248,337

    
 

811

    

CarMax, Inc. (a)​

    

55,124

    
 

308

    

O'Reilly Automotive, Inc. (a)​

    

312,084

    
     

615,545

    

National Security and International Affairs - 0.0% (†)​

      
 

711

    

Leidos Holdings, Inc.

    

99,696

    

Nonmetallic Mineral Product Manufacturing - 0.1%

      
 

3,963

    

Corning, Inc.

    

132,285

    

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

DIREXION SEMI-ANNUAL REPORT
18

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Oil and Gas Extraction - 0.5%

      
 

1,865

    

APA Corp.

  

$

58,636

    
 

3,880

    

Coterra Energy, Inc.

    

106,157

    
 

3,306

    

Devon Energy Corp.

    

169,201

    
 

4,319

    

Dominion Energy, Inc.

    

220,183

    
 

3,008

    

EOG Resources, Inc.

    

397,447

    
 

2,122

    

EQT Corp.

    

85,071

    
 

3,018

    

Marathon Oil Corp.

    

81,033

    
 

3,394

    

Occidental Petroleum Corp.

    

224,479

    
     

1,342,207

    

Paper Manufacturing - 0.0% (†)​

      
 

455

    

Packaging Corp of America

    

78,706

    

Performing Arts, Spectator Sports, and Related Industries - 0.1%

      
 

1,248

    

Electronic Arts, Inc.

    

158,271

    

Petroleum and Coal Products Manufacturing - 1.5%

      
 

6,077

    

ConocoPhillips

    

763,393

    
 

20,482

    

Exxon Mobil Corp.

    

2,422,406

    
 

1,898

    

Marathon Petroleum Corp.

    

344,905

    
 

2,220

    

Phillips 66

    

317,926

    
 

1,759

    

Valero Energy Corp.

    

281,211

    
     

4,129,841

    

Pipeline Transportation - 0.1%

      
 

6,275

    

Williams Companies, Inc.

    

240,709

    

Plastics and Rubber Products Manufacturing - 0.0% (†)​

      
 

413

    

Avery Dennison Corp.

    

89,737

    

Primary Metal Manufacturing - 0.1%

      
 

2,012

    

Howmet Aerospace, Inc.

    

134,301

    
 

783

    

Steel Dynamics, Inc.

    

101,884

    
     

236,185

    

Professional, Scientific, and Technical Services - 4.0%

      
 

3,235

     Accenture PLC Class A ADR
(Ireland)		    

973,444

    
 

694

    

CDW Corp.

    

167,851

    
 

270

     Charles River Laboratories
International, Inc. (a)​		    

61,830

    
 

2,572

     Cognizant Technology Solutions
Corp. Class A		    

168,929

    
 

2,063

     Eaton Corporation PLC ADR
(Ireland)		    

656,570

    
 

302

    

EPAM Systems, Inc. (a)​

    

71,048

    
 

1,091

    

Extra Space Storage, Inc.

    

146,499

    
 

307

    

F5 Networks, Inc. (a)​

    

50,750

    
 

1,789

    

International Paper Co.

    

62,508

    
 

1,970

     Interpublic Group of Companies,
Inc.		    

59,967

    
 

944

    

IQVIA Holdings, Inc. (a)​

    

218,791

    
 

375

    

Jack Henry & Associates, Inc.

    

61,009

    
 

654

    

Jacobs Solutions, Inc.

    

93,869

    
 

1,658

    

Juniper Networks, Inc.

    

57,732

    
 

1,408

    

Match Group, Inc. (a)​

    

43,395

    
 

11,349

    

Meta Platforms, Inc.

    

4,881,999

    
 

1,713

    

Moderna, Inc. (a)​

    

188,961

    
 

1,027

    

Omnicom Group, Inc.

    

95,347

    
 

8,219

    

Oracle Corp.

    

934,911

    
 

1,620

    

Palto Alto Networks, Inc. (a)​

    

471,242

    

Shares

      

Fair Value

  

Professional, Scientific, and Technical Services (continued)

      
 

1,645

    

Paychex, Inc.

  

$

195,442

    
 

255

    

Paycom Software, Inc.

    

47,935

    
 

1,061

    

ServiceNow, Inc. (a)​

    

735,623

    
 

250

    

Teledyne Technologies, Inc. (a)​

    

95,370

    
 

450

    

VeriSign, Inc. (a)​

    

76,266

    
 

748

    

Verisk Analytics, Inc. Class A

    

163,034

    
     

10,780,322

    

Publishing Industries - 7.5%

      
 

2,327

    

Adobe, Inc. (a)​

    

1,077,005

    
 

777

    

Akamai Technologies, Inc. (a)​

    

78,423

    
 

444

    

Ansys, Inc. (a)​

    

144,247

    
 

1,105

    

Autodesk, Inc. (a)​

    

235,199

    
 

1,409

    

Cadence Design Systems, Inc. (a)​

    

388,363

    
 

803

    

Dayforce, Inc. (a)​

    

49,280

    
 

122

    

Fair Isaac Corp. (a)​

    

138,266

    
 

6,701

    

Hewlett Packard Enterprise Co.

    

113,917

    
 

1,447

    

Intuit, Inc.

    

905,272

    
 

38,322

    

Microsoft Corp.

    

14,919,904

    
 

1,955

    

News Corp. Class A

    

46,529

    
 

600

    

News Corp. Class B

    

14,724

    
 

2,892

    

NortonLifeLock, Inc.

    

58,245

    
 

624

    

PTC, Inc. (a)​

    

110,723

    
 

4,994

    

Salesforce, Inc.

    

1,343,086

    
 

784

    

Synopsys, Inc. (a)​

    

415,983

    
 

225

    

Tyler Technologies, Inc. (a)​

    

103,849

    
     

20,143,015

    

Rail Transportation - 0.4%

      
 

10,191

    

CSX Corp.

    

338,545

    
 

3,145

    

Union Pacific Corp.

    

745,868

    
     

1,084,413

    

Real Estate - 1.4%

      
 

809

     Alexandria Real Estate Equities,
Inc.		    

93,739

    
 

2,403

    

American Tower Corp.

    

412,259

    
 

734

    

AvalonBay Communities, Inc.

    

139,144

    
 

745

    

Boston Properties, Inc.

    

46,108

    
 

542

    

Camden Property Trust

    

54,026

    
 

1,532

    

CBRE Group, Inc. Class A (a)​

    

133,115

    
 

2,238

    

Crown Castle, Inc.

    

209,880

    
 

1,558

    

Digital Realty Trust, Inc.

    

216,219

    
 

1,784

    

Equity Residential

    

114,890

    
 

333

    

Essex Property Trust, Inc.

    

82,001

    
 

378

    

Federal Realty Investment Trust

    

39,376

    
 

3,650

    

Healthpeak Properties, Inc.

    

67,926

    
 

2,969

    

Invitation Homes, Inc.

    

101,540

    
 

3,433

    

Kimco Realty Corp.

    

63,957

    
 

610

     Mid-America Apartment
Communities, Inc.		    

79,300

    
 

4,765

    

Prologis, Inc.

    

486,268

    
 

813

    

Public Storage

    

210,933

    
 

4,294

    

Realty Income Corp.

    

229,901

    
 

842

    

Regency Centers Corp.

    

49,863

    
 

1,685

    

Simon Property Group, Inc.

    

236,793

    
 

1,557

    

UDR, Inc.

    

59,291

    
 

2,078

    

Ventas, Inc.

    

92,014

    

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

DIREXION SEMI-ANNUAL REPORT
19

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Real Estate (continued)

      
 

5,335

    

VICI Properties, Inc.

  

$

152,314

    
 

2,856

    

Welltower, Inc.

    

272,120

    
 

3,763

    

Weyerhaeuser Co.

    

113,530

    
     

3,756,507

    

Rental and Leasing Services - 0.1%

      
 

348

    

United Rentals, Inc.

    

232,461

    

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.9%

      
 

510

    

Ameriprise Financial, Inc.

    

210,013

    
 

722

    

BlackRock, Inc.

    

544,850

    
 

535

    

Cboe Global Markets, Inc.

    

96,915

    
 

7,680

    

Charles Schwab Corp.

    

567,936

    
 

1,857

    

CME Group, Inc.

    

389,301

    
 

3,623

    

Dow, Inc.

    

206,149

    
 

1,545

    

Franklin Resources, Inc.

    

35,288

    
 

1,685

    

Goldman Sachs Group, Inc.

    

719,006

    
 

2,315

    

Invesco Ltd. ADR (a)​

    

32,804

    
 

205

    

MarketAxess Holdings, Inc.

    

41,018

    
 

6,464

    

Morgan Stanley

    

587,190

    
 

407

    

MSCI, Inc. Class A

    

189,576

    
 

1,955

    

NASDAQ OMX Group, Inc.

    

117,007

    
 

976

    

Raymond James Financial, Inc.

    

119,072

    
 

1,652

    

S&P Global, Inc.

    

686,951

    
 

3,711

    

The Blackstone Group, Inc.

    

432,740

    
     

4,975,816

    

Specialty Trade Contractors - 0.1%

      
 

749

    

Quanta Services, Inc.

    

193,661

    

Support Activities for Agriculture and Forestry - 0.1%

      
 

3,620

    

Corteva, Inc.

    

195,951

    

Support Activities for Mining - 0.5%

      
 

921

    

Diamondback Energy, Inc.

    

185,241

    
 

4,587

    

Halliburton Co.

    

171,875

    
 

1,424

    

Hess Corp.

    

224,266

    
 

1,201

    

Pioneer Natural Resources Co.

    

323,453

    
 

7,363

     Schlumberger Ltd. ADR
(Curaco) (a)​		    

349,595

    
 

1,149

    

Targa Resources Corp.

    

131,055

    
     

1,385,485

    

Support Activities for Transportation - 0.2%

      
 

610

    

C.H. Robinson Worldwide, Inc.

    

43,310

    
 

678

    

Expedia, Inc. (a)​

    

91,279

    
 

750

     Expeditors International of
Washington, Inc.		    

83,483

    
 

418

    

J.B. Hunt Transport Services, Inc.

    

67,954

    
 

1,163

    

Norfolk Southern Corp.

    

267,862

    
     

553,888

    

Telecommunications - 1.0%

      
 

36,873

    

AT&T, Inc.

    

622,785

    
 

479

    

Equinix, Inc.

    

340,622

    
 

5,528

    

PayPal Holdings, Inc. (a)​

    

375,462

    
 

560

    

SBA Communications Corp.

    

104,227

    
 

2,690

    

T-Mobile US, Inc.

    

441,617

    
 

21,682

    

Verizon Communications, Inc.

    

856,222

    
     

2,740,935

    

Shares

      

Fair Value

  

Transit and Ground Passenger Transportation - 0.3%

      
 

10,613

    

Uber Technologies, Inc. (a)​

  

$

703,323

    

Transportation Equipment Manufacturing - 2.3%

      
 

1,443

     Aptiv PLC ADR (United
Kingdom) (a)​		    

102,453

    
 

2,961

    

Boeing Co. (a)​

    

496,974

    
 

1,182

    

BorgWarner, Inc.

    

38,734

    
 

20,129

    

Ford Motor Co.

    

244,567

    
 

1,169

    

General Dynamics Corp.

    

335,608

    
 

5,952

    

General Motors Co.

    

265,043

    
 

3,398

    

Honeywell International, Inc.

    

654,897

    
 

1,110

    

Lockheed Martin Corp.

    

516,072

    
 

2,693

    

Paccar, Inc.

    

285,754

    
 

14,292

    

Tesla, Inc. (a)​

    

2,619,438

    
 

291

    

TransDigm Group, Inc.

    

363,177

    
 

922

    

Wabtec Corp.

    

148,516

    
     

6,071,233

    

Truck Transportation - 0.1%

      
 

913

    

Old Dominion Freight Line, Inc.

    

165,901

    

Utilities - 2.1%

      
 

3,450

    

AES Corp.

    

61,755

    
 

1,320

    

Alliant Energy Corp.

    

65,736

    
 

1,362

    

Ameren Corp.

    

100,611

    
 

2,708

    

American Electric Power Co., Inc.

    

232,969

    
 

1,010

    

American Water Works Co., Inc.

    

123,543

    
 

777

    

Atmos Energy Corp.

    

91,608

    
 

3,256

    

CenterPoint Energy, Inc.

    

94,880

    
 

1,518

    

CMS Energy Corp.

    

92,006

    
 

1,785

    

Consolidated Edison, Inc.

    

168,504

    
 

1,640

    

Constellation Energy Corp.

    

304,942

    
 

1,068

    

DTE Energy Co.

    

117,822

    
 

3,979

    

Duke Energy Corp.

    

390,976

    
 

1,972

    

Edison International

    

140,130

    
 

1,092

    

Entergy Corp.

    

116,484

    
 

1,182

    

Evergy, Inc.

    

61,996

    
 

1,807

    

Eversource Energy

    

109,540

    
 

5,134

    

Exelon Corp.

    

192,936

    
 

542

    

First Solar, Inc. (a)​

    

95,555

    
 

2,661

    

FirstEnergy Corp.

    

102,023

    
 

1,406

    

GE Vernova, Inc. (a)​

    

216,116

    
 

9,974

    

Kinder Morgan, Inc.

    

182,325

    
 

10,581

    

NextEra Energy, Inc.

    

708,610

    
 

2,137

    

NiSource, Inc.

    

59,537

    
 

1,162

    

NRG Energy, Inc.

    

84,442

    
 

3,005

    

ONEOK, Inc.

    

237,756

    
 

11,002

    

PG&E Corp.

    

188,244

    
 

593

    

Pinnacle West Capital Corp.

    

43,674

    
 

3,799

    

PPL Corp.

    

104,321

    
 

2,574

     Public Service Enterprise Group,
Inc.		    

177,812

    
 

3,247

    

Sempra Energy

    

232,583

    
 

5,623

    

Southern Co.

    

413,290

    
 

1,621

    

WEC Energy Group, Inc.

    

133,959

    
 

2,849

    

Xcel Energy, Inc.

    

153,077

    
     

5,599,762

    

Waste Management and Remediation Services - 0.1%

      
 

1,059

    

Republic Services, Inc.

    

203,010

    

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

DIREXION SEMI-ANNUAL REPORT
20

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Web Search Portals, Libraries, Archives, and Other Information Services - 0.1%

      
 

2,108

    

CoStar Group, Inc. (a)​

  

$

192,945

    

Wood Product Manufacturing - 0.0% (†)​

      
 

1,132

    

Masco Corp.

    

77,485

    
        TOTAL COMMON STOCKS
(Cost $195,153,659)		  

$

217,786,883

    

SHORT TERM INVESTMENTS - 20.9%

      

Money Market Funds - 20.9%

      
 

31,907,561

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

31,907,561

    
 

23,999,373

     Dreyfus Treasury Securities Cash
Management Institutional
Shares, 5.19% (b)​		    

23,999,373

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $55,906,934)		  

$

55,906,934

    
        TOTAL INVESTMENTS
(Cost $251,060,593) -
102.1% (c)​		  

$

273,693,817

    
        Liabilities in Excess of
Other Assets - (2.1)%		    

(5,707,057

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

267,986,760

    

Percentages are stated as a percent of net assets.

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

(†)​  Less than 0.05%.

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $890,839,668.

ADR - American Depository Receipt

    

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
Total return of Invesco
QQQ Trust Series 1		   5.6700% representing
1 month SOFR rate + spread		  
Goldman Sachs		  

12/10/2024

    

512,500

    

$

216,678,261

    

$

(2,028,665

)

  
Total return of
Technology Select
Sector SPDR Fund		  
5.7700% representing
1 month SOFR rate + spread		  

Goldman Sachs		  

12/10/2024

    

342,000

      

63,839,946

      

2,160,266

    
                   

$

280,518,207

    

$

131,601

    

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

DIREXION SEMI-ANNUAL REPORT
21

Direxion Hydrogen ETF

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 99.2%

      

Chemical Manufacturing - 38.1%

      
 

7,799

    

Air Liquide S.A. (France) (a)​

  

$

1,533,398

    
 

3,744

    

Air Products & Chemicals, Inc.

    

884,857

    
 

64,025

     Doosan Fuel Cell Co., Ltd.
(South Korea) (a)​		    

923,246

    
 

1,388,218

    

ITM Power (United Kingdom) (a)(b)​

    

885,638

    
 

1,963

    

Linde PLC ADR (Ireland)

    

865,605

    
 

3,678,059

    

Nel ASA (Norway) (a)(a)​

    

1,742,355

    
 

16,698

     Nippon Sanso Holdings Corp.
(Japan) (a)​		    

499,248

    
 

95,532

     PTT Global Chemical PCL ADR
(Thailand) (a)​		    

94,733

    
 

17,700

     Resonac Holdings Co., Ltd.
(Japan) (a)​		    

385,347

    
     

7,814,427

    

Computer and Electronic Product Manufacturing - 9.1%

      
 

167,351

    

Bloom Energy Corp. (a)​

    

1,862,617

    

Electrical Equipment, Appliance, and Component Manufacturing - 11.1%

      
 

17,196

     Chung-Hsin Electric & Machinery
Manufacturing Corp. (Taiwan)		    

97,170

    
 

485

     Hyosung Heavy Industries
(South Korea) (a)​		    

109,837

    
 

626,391

    

Plug Power, Inc. (a)​

    

1,446,963

    
 

163,158

    

PowerCell Sweden AB (Sweden) (a)​

    

406,412

    
 

4,923

    

SFC Energy AG (Germany) (a)​

    

99,594

    
 

10,774

    

VARTA AG (Germany) (a)(b)​

    

107,886

    
     

2,267,862

    

Management of Companies and Enterprises - 4.2%

      
 

12,120

    

Shell PLC ADR (United Kingdom)

    

868,519

    

Merchant Wholesalers, Durable Goods - 0.5%

      
 

1,622

    

Hyster-Yale Materials Handling, Inc.

    

95,001

    

Miscellaneous Manufacturing - 0.5%

      
 

218,222

     Hexagon Purus Holding AS
(Norway) (a)​		    

104,439

    

Oil and Gas Extraction - 16.7%

      
 

22,548

    

BP PLC ADR (United Kingdom)

    

874,186

    
 

1,488,085

     China Petroleum & Chemical
Corp. (China) (a)​		    

898,041

    
 

97,183

     CIMC Enric Holdings Ltd.
(Hong Kong) (a)​		    

96,423

    
 

188,581

    

ENEOS Holdings, Inc. (Japan) (a)​

    

875,886

    
 

100,220

    

Idemitsu Kosan Co., Ltd. (Japan) (a)​

    

684,310

    
     

3,428,846

    

Primary Metal Manufacturing - 0.6%

      
 

9,539

     Kaori Heat Treatment Co., Ltd.
(Taiwan) (a)​		    

126,847

    

Transportation Equipment Manufacturing - 7.8%

      
 

604,540

     Ballard Power Systems, Inc. ADR
(Canada) (a)​		    

1,589,940

    

Shares

      

Fair Value

  

Utilities - 10.6%

      
 

388,341

     Ceres Power Holdings PLC
(United Kingdom) (a)(b)​		  

$

869,917

    
 

1,078,872

    

FuelCell Energy, Inc. (a)​

    

1,000,977

    
 

5,232

    

Korea Gas Corp. (South Korea) (a)​

    

104,481

    
 

19,831

    

S-Fuelcell Co., Ltd. (South Korea) (a)​

    

203,891

    
     

2,179,266

    
        TOTAL COMMON STOCKS
(Cost $34,585,598)		  

$

20,337,764

    

SHORT TERM INVESTMENTS - 4.9%

      

Money Market Funds - 4.9%

      
 

998,110

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (c)(d)​		  

$

998,110

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $998,110)		  

$

998,110

    
        TOTAL INVESTMENTS
(Cost $35,583,708) - 104.1%		  

$

21,335,874

    
        Liabilities in Excess of
Other Assets - (4.1)%		    

(847,383

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

20,488,491

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

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

(c)​  Represents annualized seven-day yield at April 30, 2024.

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

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
22

Direxion Moonshot Innovators ETF

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 99.7%

      

Administrative and Support Services - 10.1%

      
 

45,197

    

Bilibili, Inc. ADR (a)​

  

$

571,290

    
 

3,942

    

Coinbase Global, Inc. (a)​

    

803,892

    
 

22,753

    

SentinelOne, Inc. (a)​

    

480,771

    
 

15,533

    

Upstart Holdings, Inc. (a)(b)​

    

343,745

    
     

2,199,698

    

Chemical Manufacturing - 4.9%

      
 

109,854

    

bluebird bio, Inc. (a)​

    

97,451

    
 

17,770

    

Intellia Therapeutics, Inc. (a)​

    

380,278

    
 

54,142

     Roivant Sciences Ltd. ADR
(Ireland) (a)​		    

590,148

    
     

1,067,877

    

Computer and Electronic Product Manufacturing - 9.3%

      
 

9,292

    

Ambarella Inc. ADR (a)​

    

427,153

    
 

72,191

    

Indie Semiconductor, Inc. (a)​

    

405,714

    
 

190,682

    

MicroVision, Inc. (a)(b)​

    

276,489

    
 

224,513

     Nano Dimension Ltd. ADR
(Israel) (a)(b)​		    

541,076

    
 

142,607

    

Rekor Systems, Inc. (a)​

    

252,414

    
 

93,807

    

Vuzix Corp. (a)(b)​

    

124,763

    
     

2,027,609

    

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 3.8%

      
 

115,600

    

Rumble, Inc. (a)(b)​

    

816,136

    

Electrical Equipment, Appliance, and Component Manufacturing - 1.7%

      
 

482,365

    

EOS Enegy Enterprises, Inc. (a)(b)​

    

372,965

    

General Merchandise Retailers - 2.2%

      
 

111,525

     Jumia Technologies AG ADR
(Germany) (a)​		    

489,595

    

Management of Companies and Enterprises - 2.5%

      
 

31,102

    

EHang Holdings Ltd. (China) (a)(b)​

    

554,238

    

Miscellaneous Manufacturing - 1.2%

      
 

338,551

    

Butterfly Network, Inc. (a)(b)​

    

262,749

    

Professional, Scientific, and Technical Services - 38.0%

      
 

37,235

    

4D Molecular Therapeutics, Inc. (a)​

    

891,034

    
 

207,266

    

Allogene Therapeutics, Inc. (a)​

    

572,054

    
 

27,322

    

Asana, Inc. (a)​

    

406,278

    
 

66,911

    

Avidity Biosciences, Inc. (a)​

    

1,614,562

    
 

26,623

    

Couchbase, Inc. (a)​

    

642,679

    
 

7,459

     Crispr Therapeutics AG ADR
(Switzerland) (a)​		    

395,252

    
 

47,760

    

Editas Medicine, Inc. (a)​

    

248,830

    
 

408,155

     Ginkgo Bioworks Holdings, Inc.
Class A (a)(b)​		    

363,707

    
 

181,624

    

Planet Labs PBC (a)​

    

306,945

    
 

71,510

    

Recursion Pharmaceuticals, Inc. (a)(b)​

    

559,208

    
 

35,924

    

Snap, Inc. (a)​

    

540,656

    
 

18,808

    

Squarespace, Inc. (a)​

    

655,647

    
 

16,845

    

Unity Software, Inc. (a)​

    

408,828

    
 

42,481

    

Verve Therapeutics, Inc. (a)​

    

255,311

    
 

111,796

    

Vimeo, Inc. (a)​

    

401,348

    
     

8,262,339

    

Shares

      

Fair Value

  

Publishing Industries - 6.5%

      
 

57,548

    

BigCommerce Holdings, Inc. (a)​

  

$

325,721

    
 

18,196

    

C3.ai, Inc. (a)(b)​

    

409,956

    
 

31,303

    

Fastly, Inc. (a)​

    

395,983

    
 

25,894

    

Xperi, Inc. (a)​

    

272,146

    
     

1,403,806

    

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 9.0%

      
 

81,576

    

LanzaTech Global, Inc. (a)​

    

176,612

    
 

59,376

    

Ouster, Inc. (a)(b)​

    

538,540

    
 

47,081

    

Robinhood Markets, Inc. (a)​

    

776,366

    
 

67,251

    

SoFi Technologies, Inc. (a)(b)​

    

455,962

    
     

1,947,480

    

Transportation Equipment Manufacturing - 10.5%

      
 

214,818

    

Aurora Innovation, Inc. (a)​

    

596,120

    
 

66,542

     Ballard Power Systems, Inc. ADR
(Canada) (a)(b)​		    

175,005

    
 

296,425

     Innoviz Technologies Ltd. ADR
(Israel) (a)(b)​		    

340,889

    
 

120,592

    

Lucid Group, Inc. (a)(b)​

    

307,510

    
 

204,865

    

Luminar Technologies, Inc. (a)(b)​

    

301,151

    
 

540,106

    

Nikola Corp. (a)​

    

335,190

    
 

262,674

    

Virgin Galactic Holdings, Inc. (a)​

    

228,553

    
     

2,284,418

    
        TOTAL COMMON STOCKS
(Cost $37,882,309)		  

$

21,688,910

    

SHORT TERM INVESTMENTS - 24.0%

      

Money Market Funds - 24.0%

      
 

5,223,414

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (c)(d)​		  

$

5,223,414

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $5,223,414)		  

$

5,223,414

    
        TOTAL INVESTMENTS
(Cost $43,105,723) - 123.7%		  

$

26,912,324

    
        Liabilities in Excess of
Other Assets - (23.7)%		    

(5,163,581

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

21,748,743

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

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

(c)​  Represents annualized seven-day yield at April 30, 2024.

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

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
23

Direxion NASDAQ-100®​ Equal Weighted Index Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 99.9%

      

Accommodation - 2.0%

      
 

75,092

    

Airbnb, Inc. (a)​

  

$

11,907,339

    
 

49,424

     Marriott International, Inc.
Class A		    

11,670,489

    
     

23,577,828

    

Administrative and Support Services - 3.1%

      
 

49,827

    

Automatic Data Processing, Inc.

    

12,052,653

    
 

3,533

    

Booking Holdings, Inc.

    

12,196,022

    
 

97,487

    

Pinduoduo, Inc. ADR (China) (a)​

    

12,203,423

    
     

36,452,098

    

Apparel Manufacturing - 0.8%

      
 

25,947

    

Lululemon Athletica, Inc. (a)​

    

9,356,488

    

Beverage and Tobacco Product Manufacturing - 4.2%

      
 

170,092

     Coca-Cola Europacific Partners
ADR (United Kingdom)		    

12,250,026

    
 

417,691

    

Keurig Dr Pepper, Inc.

    

14,076,187

    
 

199,552

    

Monster Beverage Corp. (a)​

    

10,666,054

    
 

73,259

    

PepsiCo, Inc.

    

12,886,991

    
     

49,879,258

    

Broadcasting and Content Providers - 3.5%

      
 

41,502

    

Charter Communications, Inc. (a)​

    

10,622,022

    
 

282,043

    

Comcast Corp. Class A

    

10,748,659

    
 

2,978,500

    

Sirius XM Holdings, Inc. (b)​

    

8,756,790

    
 

1,412,520

    

Warner Bros Discovery, Inc. (a)​

    

10,396,147

    
     

40,523,618

    

Chemical Manufacturing - 7.0%

      
 

44,864

    

Amgen, Inc.

    

12,290,044

    
 

181,920

     AstraZeneca PLC ADR
(United Kingdom)		    

13,804,090

    
 

55,006

    

Biogen, Inc. (a)​

    

11,816,389

    
 

163,698

    

Gilead Sciences, Inc.

    

10,673,110

    
 

25,762

    

Linde PLC ADR (Ireland)

    

11,360,011

    
 

12,507

     Regeneron Pharmaceuticals,
Inc. (a)​		    

11,139,485

    
 

29,588

    

Vertex Pharmaceuticals, Inc. (a)​

    

11,622,462

    
     

82,705,591

    

Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 0.9%

      
 

83,125

    

Ross Stores, Inc.

    

10,768,844

    

Computer and Electronic Product Manufacturing - 22.2%

      
 

63,139

    

Advanced Micro Devices, Inc. (a)​

    

9,999,955

    
 

42,721

    

Alphabet, Inc. (a)​

    

6,954,124

    
 

42,424

    

Alphabet, Inc. Class C (a)​

    

6,984,687

    
 

61,797

    

Analog Devices, Inc.

    

12,397,096

    
 

69,880

    

Apple, Inc.

    

11,902,660

    
 

9,764

    

Broadcom, Inc.

    

12,695,836

    
 

246,536

    

Cisco Systems, Inc.

    

11,582,261

    
 

180,802

    

Fortinet, Inc. (a)​

    

11,423,070

    
 

134,918

     GE HealthCare Technologies,
Inc.		    

10,286,148

    
 

232,515

    

GlobalFoundries, Inc. ADR (a)(b)​

    

11,365,333

    
 

22,770

    

IDEXX Laboratories, Inc. (a)​

    

11,220,145

    
 

94,442

    

Illumina, Inc. (a)​

    

11,621,088

    
 

282,903

    

Intel Corp.

    

8,620,055

    

Shares

      

Fair Value

  

Computer and Electronic Product Manufacturing (continued)

      
 

180,394

    

Marvell Technology, Inc.

  

$

11,889,769

    
 

136,090

    

Microchip Technology, Inc.

    

12,517,558

    
 

129,362

    

Micron Technology, Inc.

    

14,612,732

    
 

33,938

    

MongoDB, Inc. (a)​

    

12,393,479

    
 

13,736

    

NVIDIA Corp.

    

11,868,179

    
 

50,782

     NXP Semiconductors NV ADR
(Netherlands)		    

13,009,841

    
 

161,119

    

ON Semiconductor Corp. (a)​

    

11,304,109

    
 

72,146

    

Qualcomm, Inc.

    

11,965,414

    
 

22,041

    

Roper Technologies, Inc.

    

11,273,090

    
 

69,921

    

Texas Instruments, Inc.

    

12,335,463

    
     

260,222,092

    

Food Manufacturing - 2.2%

      
 

170,501

    

Mondelez International, Inc.

    

12,265,842

    
 

350,975

    

The Kraft Heinz Co.

    

13,551,145

    
     

25,816,987

    

Food Services and Drinking Places - 2.0%

      
 

92,400

    

DoorDash, Inc. (a)​

    

11,943,624

    
 

133,855

    

Starbucks Corp.

    

11,844,829

    
     

23,788,453

    

General Merchandise Retailers - 4.0%

      
 

69,162

    

Amazon.com, Inc. (a)​

    

12,103,350

    
 

16,624

    

Costco Wholesale Corp.

    

12,017,489

    
 

94,672

    

Dollar Tree, Inc. (a)​

    

11,194,964

    
 

8,044

    

MercadoLibre, Inc. (a)​

    

11,733,783

    
     

47,049,586

    

Health and Personal Care Retailers - 0.9%

      
 

579,393

    

Walgreens Boots Alliance, Inc.

    

10,272,638

    

Machinery Manufacturing - 4.0%

      
 

60,724

    

Applied Materials, Inc.

    

12,062,823

    
 

12,830

     ASML Holding NV ADR
(Netherlands)		    

11,193,790

    
 

373,234

    

Baker Hughes Co.

    

12,174,893

    
 

13,254

    

Lam Research Corp.

    

11,854,510

    
     

47,286,016

    

Merchant Wholesalers, Durable Goods - 4.0%

      
 

19,228

    

Cintas Corp.

    

12,658,562

    
 

214,912

    

Copart, Inc. (a)​

    

11,671,871

    
 

160,775

    

Fastenal Co.

    

10,923,053

    
 

17,638

    

KLA-Tencor Corp.

    

12,157,697

    
     

47,411,183

    

Miscellaneous Manufacturing - 2.0%

      
 

92,466

    

DexCom, Inc. (a)​

    

11,779,243

    
 

30,440

    

Intuitive Surgical, Inc. (a)​

    

11,281,673

    
     

23,060,916

    

Motion Picture and Sound Recording Industries - 2.0%

      
 

19,909

    

Netflix, Inc. (a)​

    

10,962,692

    
 

83,824

     Take-Two Interactive Software,
Inc. (a)​		    

11,970,905

    
     

22,933,597

    

Motor Vehicle and Parts Dealers - 0.9%

      
 

10,836

    

O'Reilly Automotive, Inc. (a)​

    

10,979,685

    

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

DIREXION SEMI-ANNUAL REPORT
24

Direxion NASDAQ-100®​ Equal Weighted Index Shares

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Performing Arts, Spectator Sports, and Related Industries - 1.0%

      
 

89,840

    

Electronic Arts, Inc.

  

$

11,393,509

    

Professional, Scientific, and Technical Services - 9.9%

      
 

49,134

    

CDW Corp.

    

11,883,549

    
 

160,135

     Cognizant Technology Solutions
Corp. Class A		    

10,517,667

    
 

24,918

    

Meta Platforms, Inc.

    

10,718,976

    
 

116,158

    

Moderna, Inc. (a)​

    

12,813,389

    
 

42,752

    

Palto Alto Networks, Inc. (a)​

    

12,436,129

    
 

100,292

    

Paychex, Inc.

    

11,915,693

    
 

157,234

    

The Trade Desk, Inc. (a)​

    

13,026,837

    
 

51,438

    

Verisk Analytics, Inc. Class A

    

11,211,426

    
 

44,965

    

Workday, Inc. (a)​

    

11,004,284

    
 

62,170

    

Zscaler, Inc. (a)​

    

10,751,680

    
     

116,279,630

    

Publishing Industries - 9.7%

      
 

24,495

    

Adobe, Inc. (a)​

    

11,337,021

    
 

36,787

    

Ansys, Inc. (a)​

    

11,951,361

    
 

62,041

    

Atlassian Corp. (a)​

    

10,689,664

    
 

47,446

    

Autodesk, Inc. (a)​

    

10,098,881

    
 

40,419

    

Cadence Design Systems, Inc. (a)​

    

11,140,689

    
 

38,215

    

CrowdStrike Holdings, Inc. (a)​

    

11,179,416

    
 

100,175

    

Datadog, Inc. (a)​

    

12,571,963

    
 

19,287

    

Intuit, Inc.

    

12,066,333

    
 

28,970

    

Microsoft Corp.

    

11,278,890

    
 

21,931

    

Synopsys, Inc. (a)​

    

11,636,369

    
     

113,950,587

    

Rail Transportation - 0.9%

      
 

326,293

    

CSX Corp.

    

10,839,453

    

Support Activities for Mining - 1.1%

      
 

63,508

    

Diamondback Energy, Inc.

    

12,773,364

    

Telecommunications - 2.2%

      
 

191,934

    

PayPal Holdings, Inc. (a)​

    

13,036,157

    
 

74,546

    

T-Mobile US, Inc.

    

12,238,217

    
     

25,274,374

    

Transportation Equipment Manufacturing - 3.1%

      
 

61,019

    

Honeywell International, Inc.

    

11,760,192

    
 

101,944

    

Paccar, Inc.

    

10,817,278

    
 

73,747

    

Tesla, Inc. (a)​

    

13,516,350

    
     

36,093,820

    

Truck Transportation - 0.9%

      
 

57,290

    

Old Dominion Freight Line, Inc.

    

10,410,166

    

Utilities - 4.4%

      
 

146,912

     American Electric Power Co.,
Inc.		    

12,638,840

    
 

72,878

    

Constellation Energy Corp.

    

13,550,935

    
 

330,673

    

Exelon Corp.

    

12,426,691

    
 

232,023

    

Xcel Energy, Inc.

    

12,466,596

    
     

51,083,062

    

Shares

      

Fair Value

  

Web Search Portals, Libraries, Archives, and Other Information Services - 1.0%

  
 

126,736

    

CoStar Group, Inc. (a)​

  

$

11,600,146

    
    TOTAL COMMON STOCKS
(Cost $1,159,792,288)		  

$

1,171,782,989

    

SHORT TERM INVESTMENTS - 0.9%

  

Money Market Funds - 0.9%

  
 

10,328,091

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (c)(d)​		  

$

10,328,091

    
    TOTAL SHORT TERM
INVESTMENTS
(Cost $10,328,091)		  

$

10,328,091

    
    TOTAL INVESTMENTS
(Cost $1,170,120,379) -
100.8%		  

$

1,182,111,080

    
    Liabilities in Excess of
Other Assets - (0.8)%		    

(8,588,835

)

  
   

TOTAL NET ASSETS - 100.0%

  

$

1,173,522,245

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

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

(c)​  Represents annualized seven-day yield at April 30, 2024.

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

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
25

Direxion Work From Home ETF

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 99.5%

      

Administrative and Support Services - 4.5%

      
 

7,232

    

Cloudflare, Inc. (a)​

  

$

632,077

    
 

26,344

    

SentinelOne, Inc. (a)​

    

556,648

    
     

1,188,725

    

Broadcasting and Content Providers - 2.0%

      
 

276,462

    

Altice USA, Inc. (a)​

    

533,572

    

Computer and Electronic Product Manufacturing - 20.1%

      
 

5,365

    

Alphabet, Inc. (a)​

    

873,315

    
 

522

    

Broadcom, Inc.

    

678,741

    
 

14,338

    

Cisco Systems, Inc.

    

673,599

    
 

9,885

    

Fortinet, Inc. (a)​

    

624,534

    
 

3,593

     International Business Machines
Corp.		    

597,157

    
 

8,664

    

Marvell Technology, Inc.

    

571,044

    
 

6,727

    

NetApp, Inc.

    

687,567

    
 

42,290

    

Xerox Corp.

    

562,034

    
     

5,267,991

    

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 5.0%

      
 

11,125

    

Pegasystems, Inc.

    

661,048

    
 

21,833

    

RingCentral, Inc. (a)​

    

646,693

    
     

1,307,741

    

General Merchandise Retailers - 2.7%

      
 

4,063

    

Amazon.com, Inc. (a)​

    

711,025

    

Management of Companies and Enterprises - 2.7%

      
 

36,775

     America Movil SAB de CV ADR
(Mexico)		    

700,931

    

Merchant Wholesalers, Durable Goods - 3.0%

      
 

6,675

    

SYNNEX Corp.

    

786,582

    

Professional, Scientific, and Technical Services - 19.9%

      
 

18,025

    

DigitalOcean Holdings, Inc. (a)​

    

592,301

    
 

1,421

    

Meta Platforms, Inc.

    

611,272

    
 

33,113

    

NetScout Systems, Inc. (a)​

    

637,756

    
 

6,280

    

Oracle Corp.

    

714,350

    
 

2,528

    

Palto Alto Networks, Inc. (a)​

    

735,370

    
 

951

    

ServiceNow, Inc. (a)​

    

659,357

    
 

2,641

    

Workday, Inc. (a)​

    

646,332

    
 

3,483

    

Zscaler, Inc. (a)​

    

602,350

    
     

5,199,088

    

Publishing Industries - 29.5%

      
 

1,298

    

Adobe, Inc. (a)​

    

600,753

    
 

3,558

    

Atlassian Corp. (a)​

    

613,043

    
 

23,817

    

Box, Inc. (a)​

    

619,718

    
 

2,139

    

CrowdStrike Holdings, Inc. (a)​

    

625,743

    
 

2,727

     CyberArk Software Ltd. ADR
(Israel) (a)​		    

652,435

    
 

13,436

    

DocuSign, Inc. (a)​

    

760,478

    
 

102,766

    

Hello Group, Inc. ADR

    

599,126

    
 

1,154

    

HubSpot, Inc. (a)​

    

698,020

    
 

1,753

    

Microsoft Corp.

    

682,495

    
 

6,474

    

Okta, Inc. (a)​

    

601,953

    
 

2,321

    

Salesforce, Inc.

    

624,210

    
 

17,020

    

Smartsheet, Inc. (a)​

    

643,867

    
     

7,721,841

    

Shares

      

Fair Value

  

Telecommunications - 10.1%

      
 

255,427

    

8x8, Inc. (a)​

  

$

564,494

    
 

22,093

    

JOYY, Inc. ADR

    

720,674

    
 

17,656

    

Verizon Communications, Inc.

    

697,235

    
 

10,614

     Zoom Video Communications,
Inc. (a)​		    

648,515

    
     

2,630,918

    
        TOTAL COMMON STOCKS
(Cost $29,464,553)		  

$

26,048,414

    

SHORT TERM INVESTMENTS - 0.4%

      

Money Market Funds - 0.4%

      
 

111,601

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

111,601

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $111,601)		  

$

111,601

    
        TOTAL INVESTMENTS
(Cost $29,576,154) - 99.9%		  

$

26,160,015

    
        Other Assets in Excess of
Liabilities - 0.1%		    

6,650

    
       

TOTAL NET ASSETS - 100.0%

  

$

26,166,665

    

Percentages are stated as a percent of net assets.

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
26

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion Auspice
Broad Commodity
Strategy ETF
(Consolidated)		   Direxion HCM
Tactical
Enhanced
US ETF		   Direxion
Hydrogen ETF		   Direxion
Moonshot
Innovators ETF		  

Assets:

  
Investments, at fair value (including
securities loaned*) (Note 2)		  

$

261,174,761

    

$

273,693,817

    

$

21,335,874

    

$

26,912,324

    

Receivable for Fund shares sold

    

1,456,520

      

—

      

—

      

—

    

Receivable for investments sold

    

—

      

—

      

2,105,986

      

—

    

Deposit at broker for futures contracts

    

9,100,853

      

—

      

—

      

—

    

Dividend and interest receivable

    

1,071,791

      

356,804

      

43,967

      

28,734

    

Tax reclaim receivable

    

—

      

94

      

2,750

      

—

    

Unrealized appreciation on swap contracts

    

—

      

2,160,266

      

—

      

—

    

Prepaid expenses and other assets

    

—

      

9

      

—

      

—

    

Total Assets

    

272,803,925

      

276,210,990

      

23,488,577

      

26,941,058

    

Liabilities:

  

Collateral for securities loaned (Note 2)

    

—

      

—

      

909,093

      

5,185,676

    

Payable for Fund shares redeemed

    

—

      

—

      

—

      

81

    

Payable for investments purchased

    

—

      

—

      

2,086,058

      

—

    

Unrealized depreciation on swap contracts

    

—

      

2,028,665

      

—

      

—

    

Due to Adviser, net (Note 6)

    

57,868

      

239,081

      

3,514

      

5,626

    

Due to broker for swap contracts

    

—

      

5,890,000

      

—

      

—

    

Due to custodian

    

—

      

—

      

569

      

—

    

Due to broker for futures contracts

    

11,917

      

—

      

—

      

—

    

Variation margin payable

    

3,261,621

      

—

      

—

      

—

    

Accrued operating services fees (Note 6)

    

43,078

      

—

      

852

      

932

    

Accrued expenses and other liabilities

    

—

      

66,484

      

—

      

—

    

Total Liabilities

    

3,374,484

      

8,224,230

      

3,000,086

      

5,192,315

    

Net Assets

  

$

269,429,441

    

$

267,986,760

    

$

20,488,491

    

$

21,748,743

    

Net Assets Consist of:

  

Capital stock

  

$

273,872,167

    

$

243,239,720

    

$

46,599,305

    

$

164,791,856

    

Total distributable earnings (loss)

    

(4,442,726

)

    

24,747,040

      

(26,110,814

)

    

(143,043,113

)

  

Net Assets

  

$

269,429,441

    

$

267,986,760

    

$

20,488,491

    

$

21,748,743

    
Calculation of Net Asset Value Per
Share:		  

Net assets

  

$

269,429,441

    

$

267,986,760

    

$

20,488,491

    

$

21,748,743

    
Shares outstanding (unlimited shares
of beneficial interest authorized,
par value)		    

9,250,001

      

9,525,001

      

1,950,002

      

2,375,001

    
Net assets value, redemption price
and offering price per share		  

$

29.13

    

$

28.14

    

$

10.51

    

$

9.16

    

Cost of Investments

  

$

261,174,761

    

$

251,060,593

    

$

35,583,708

    

$

43,105,723

    

*  Securities loaned with values of $–, $–, $1,226,385 and $5,264,109, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
27

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion
NASDAQ-100®​
Equal Weighted
Index Shares		   Direxion
Work From
Home ETF		  

Assets:

  

Investments, at fair value (including securities loaned*) (Note 2)

  

$

1,182,111,080

    

$

26,160,015

    

Receivable for Fund shares sold

    

540

      

—

    

Dividend and interest receivable

    

235,224

      

12,429

    

Total Assets

    

1,182,346,844

      

26,172,444

    

Liabilities:

  

Collateral for securities loaned (Note 2)

    

8,620,489

      

—

    

Due to Adviser, net (Note 6)

    

154,715

      

4,660

    

Accrued operating services fees (Note 6)

    

49,395

      

1,119

    

Total Liabilities

    

8,824,599

      

5,779

    

Net Assets

  

$

1,173,522,245

    

$

26,166,665

    

Net Assets Consist of:

  

Capital stock

  

$

1,177,603,673

    

$

43,569,660

    

Total distributable loss

    

(4,081,428

)

    

(17,402,995

)

  

Net Assets

  

$

1,173,522,245

    

$

26,166,665

    

Calculation of Net Asset Value Per Share:

  

Net assets

  

$

1,173,522,245

    

$

26,166,665

    

Shares outstanding (unlimited shares of beneficial interest authorized, par value)

    

13,900,002

      

500,001

    

Net assets value, redemption price and offering price per share

  

$

84.43

    

$

52.33

    

Cost of Investments

  

$

1,170,120,379

    

$

29,576,154

    

*  Securities loaned with values of $15,612,285 and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
28

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion Auspice
Broad Commodity
Strategy ETF
(Consolidated)		   Direxion HCM
Tactical
Enhanced
US ETF		   Direxion
Hydrogen ETF		   Direxion
Moonshot
Innovators ETF		  

Investment Income:

  
Dividend income (net of foreign
withholding tax of $—, $340,
$7,305 and $—, respectively)		  

$

—

    

$

1,347,680

    

$

136,909

    

$

—

    

Interest income

    

6,630,775

      

1,449,710

      

302

      

1,048

    

Securities lending income

    

—

      

12

      

60,965

      

204,594

    

Total investment income

    

6,630,775

      

2,797,402

      

198,176

      

205,642

    

Expenses:

  

Investment advisory fees (Note 6)

    

654,574

      

2,169,338

      

51,151

      

78,113

    

Operating services fees (Note 6)

    

261,830

      

—

      

6,394

      

6,510

    

Professional fees

    

—

      

11,459

      

—

      

—

    

Interest expense

    

—

      

202,048

      

—

      

—

    

Offering fees

    

—

      

4,987

      

—

      

—

    

Management service fees (Note 6)

    

—

      

28,741

      

—

      

—

    

Pricing fees

    

—

      

2,992

      

—

      

—

    

Exchange listing fees

    

—

      

2,712

      

—

      

—

    

Reports to shareholders

    

—

      

11,050

      

—

      

—

    

Insurance fees

    

—

      

1,862

      

—

      

—

    

Trustees' fees and expenses

    

—

      

2,421

      

—

      

—

    

Fund servicing fees

    

—

      

35,886

      

—

      

—

    

Other

    

—

      

4,924

      

—

      

—

    

Total Expenses

    

916,404

      

2,478,420

      

57,545

      

84,623

    
Less: Reimbursement of
expenses from Adviser (Note 6)		    

—

      

(929,429

)

    

—

      

—

    

Net Expenses

    

916,404

      

1,548,991

      

57,545

      

84,623

    

Net investment income

    

5,714,371

      

1,248,411

      

140,631

      

121,019

    
Net realized and unrealized gain
(loss) on investments:		  
Net realized gain (loss) on:
Investment securities		    

—

      

(1,103,020

)

    

(2,038,936

)

    

(3,889,259

)

  

Foreign currency translation

    

—

      

—

      

(21,228

)

    

—

    

In-kind redemptions

    

—

      

222,282

      

232,537

      

533,242

    

Swap contracts

    

—

      

16,525,234

      

—

      

—

    

Futures contracts

    

(6,329,030

)

    

—

      

—

      

—

    

Net realized gain (loss)

    

(6,329,030

)

    

15,644,496

      

(1,827,627

)

    

(3,356,017

)

  
Change in net unrealized
appreciation (depreciation) on:
Investment securities		    

—

      

22,633,224

      

963,813

      

4,469,830

    

Foreign currency translation

    

—

      

—

      

4,294

      

—

    

Swap contracts

    

—

      

131,601

      

—

      

—

    

Futures contracts

    

3,457,195

      

—

      

—

      

—

    
Change in net unrealized appreciation
(depreciation)		    

3,457,195

      

22,764,825

      

968,107

      

4,469,830

    

Net realized and unrealized gain (loss)

    

(2,871,835

)

    

38,409,321

      

(859,520

)

    

1,113,813

    
Net increase (decrease) in net assets
resulting from operations		  

$

2,842,536

    

$

39,657,732

    

$

(718,889

)

  

$

1,234,832

    

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

DIREXION SEMI-ANNUAL REPORT
29

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion
NASDAQ-100®​
Equal Weighted
Index Shares		   Direxion
Work From
Home ETF		  

Investment Income:

  

Dividend income (net of foreign withholding tax of $24,980 and $—, respectively)

  

$

6,265,532

    

$

168,726

    

Interest income

    

47,743

      

1,810

    

Securities lending income

    

1,470,023

      

148,377

    

Total investment income

    

7,783,298

      

318,913

    

Expenses:

  

Investment advisory fees (Note 6)

    

1,636,978

      

57,934

    

Operating services fees (Note 6)

    

272,830

      

7,242

    

Total Expenses

    

1,909,808

      

65,176

    

Net investment income

    

5,873,490

      

253,737

    

Net realized and unrealized gain (loss) on investments:

  

Net realized gain (loss) on:

  

Investment securities

    

(19,299,091

)

    

(1,028,956

)

  

In-kind redemptions

    

35,488,173

      

1,408,795

    

Net realized gain

    

16,189,082

      

379,839

    

Change in net unrealized appreciation (depreciation) on:

  

Investment securities

    

132,094,588

      

4,174,347

    

Change in net unrealized appreciation (depreciation)

    

132,094,588

      

4,174,347

    

Net realized and unrealized gain

    

148,283,670

      

4,554,186

    

Net increase in net assets resulting from operations

  

$

154,157,160

    

$

4,807,923

    

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

DIREXION SEMI-ANNUAL REPORT
30

Statements of Changes in Net Assets

    Direxion Auspice Broad Commodity
Strategy ETF (Consolidated)		   Direxion HCM
Tactical Enhanced US ETF		  
    Six Months Ended
April 30, 2024
(Unaudited)		  
Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   For the Period
June 22, 2023
through
October 31, 2023		  

Operations:

  

Net investment income

  

$

5,714,371

    

$

11,174,099

    

$

1,248,411

    

$

682,120

    

Net realized gain (loss)

    

(6,329,030

)

    

651,107

      

15,644,496

      

(13,637,318

)

  
Change in net unrealized appreciation
(depreciation)		    

3,457,195

      

(2,905,196

)

    

22,764,825

      

—

    
Net increase (decrease) in net assets resulting
from operations		    

2,842,536

      

8,920,010

      

39,657,732

      

(12,955,198

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(4,376,908

)

    

(16,320,544

)

    

(1,368,795

)

    

(422,676

)

  

Return of capital

    

—

      

(351,964

)

    

—

      

—

    

Total distributions

    

(4,376,908

)

    

(16,672,508

)

    

(1,368,795

)

    

(422,676

)

  

Capital share transactions:

  

Proceeds from shares sold

    

11,616,372

      

45,354,256

      

80,108,670

      

173,104,643

    

Cost of shares redeemed

    

(30,818,275

)

    

(44,744,640

)

    

(6,188,821

)

    

(3,951,165

)

  

Transaction fees (Note 4)

    

7,325

      

13,467

      

1,580

      

790

    
Net increase (decrease) in net assets
resulting from capital transactions		    

(19,194,578

)

    

623,083

      

73,921,429

      

169,154,268

    

Total increase (decrease) in net assets

    

(20,728,950

)

    

(7,129,415

)

    

112,210,366

      

155,776,394

    

Net assets:

  

Beginning of year/period

    

290,158,391

      

297,287,806

      

155,776,394

      

—

    

End of year/period

  

$

269,429,441

    

$

290,158,391

    

$

267,986,760

    

$

155,776,394

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

9,950,001

      

9,950,001

      

6,700,001

      

—

    

Shares sold

    

400,000

      

1,500,000

      

3,050,000

      

6,850,001

    

Shares repurchased

    

(1,100,000

)

    

(1,500,000

)

    

(225,000

)

    

(150,000

)

  

Shares outstanding, end of year/period

    

9,250,001

      

9,950,001

      

9,525,001

      

6,700,001

    

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

DIREXION SEMI-ANNUAL REPORT
31

Statements of Changes in Net Assets

   

Direxion Hydrogen ETF

  

Direxion Moonshot Innovators ETF

  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

140,631

    

$

447,114

    

$

121,019

    

$

481,448

    

Net realized loss

    

(1,827,627

)

    

(4,923,546

)

    

(3,356,017

)

    

(19,728,013

)

  
Change in net unrealized appreciation
(depreciation)		    

968,107

      

(1,394,785

)

    

4,469,830

      

7,769,844

    
Net increase (decrease) in net assets resulting
from operations		    

(718,889

)

    

(5,871,217

)

    

1,234,832

      

(11,476,721

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(149,042

)

    

(363,478

)

    

(123,460

)

    

(392,520

)

  

Total distributions

    

(149,042

)

    

(363,478

)

    

(123,460

)

    

(392,520

)

  

Capital share transactions:

  

Proceeds from shares sold

    

4,783

      

13,506,772

      

2,303,027

      

14,284,627

    

Cost of shares redeemed

    

(4,872,994

)

    

(3,186,119

)

    

(6,071,469

)

    

(15,781,372

)

  
Net increase (decrease) in net assets
resulting from capital transactions		    

(4,868,211

)

    

10,320,653

      

(3,768,442

)

    

(1,496,745

)

  

Total increase (decrease) in net assets

    

(5,736,142

)

    

4,085,958

      

(2,657,070

)

    

(13,365,986

)

  

Net assets:

  

Beginning of year/period

    

26,224,633

      

22,138,675

      

24,405,813

      

37,771,799

    

End of year/period

  

$

20,488,491

    

$

26,224,633

    

$

21,748,743

    

$

24,405,813

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

2,400,002

      

1,700,002

      

2,725,001

      

2,875,001

    

Shares sold

    

—

      

950,000

      

225,000

      

1,125,000

    

Shares repurchased

    

(450,000

)

    

(250,000

)

    

(575,000

)

    

(1,275,000

)

  

Shares outstanding, end of year/period

    

1,950,002

      

2,400,002

      

2,375,001

      

2,725,001

    

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

DIREXION SEMI-ANNUAL REPORT
32

Statements of Changes in Net Assets

    Direxion NASDAQ-100®
​Equal Weighted Index Shares		  

Direxion Work From Home ETF

  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

5,873,490

    

$

5,798,640

    

$

253,737

    

$

80,938

    

Net realized gain (loss)

    

16,189,082

      

81,456,935

      

379,839

      

(12,041,441

)

  
Change in net unrealized appreciation
(depreciation)		    

132,094,588

      

(12,429,604

)

    

4,174,347

      

13,006,199

    
Net increase in net assets resulting
from operations		    

154,157,160

      

74,825,971

      

4,807,923

      

1,045,696

    

Distributions to shareholders:

  

Net distributions to shareholders

    

(5,806,028

)

    

(5,738,780

)

    

(212,138

)

    

(89,807

)

  

Total distributions

    

(5,806,028

)

    

(5,738,780

)

    

(212,138

)

    

(89,807

)

  

Capital share transactions:

  

Proceeds from shares sold

    

514,949,889

      

1,394,719,886

      

—

      

1,108,042

    

Cost of shares redeemed

    

(281,250,054

)

    

(1,372,011,817

)

    

(5,531,145

)

    

(13,332,704

)

  
Net increase (decrease) in net assets resulting
from capital transactions		    

233,699,835

      

22,708,069

      

(5,531,145

)

    

(12,224,662

)

  

Total increase (decrease) in net assets

    

382,050,967

      

91,795,260

      

(935,360

)

    

(11,268,773

)

  

Net assets:

  

Beginning of year/period

    

791,471,278

      

699,676,018

      

27,102,025

      

38,370,798

    

End of year/period

  

$

1,173,522,245

    

$

791,471,278

    

$

26,166,665

    

$

27,102,025

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

11,100,002

      

10,950,002

      

600,001

      

875,001

    

Shares sold

    

6,200,000

      

18,800,000

      

—

      

25,000

    

Shares repurchased

    

(3,400,000

)

    

(18,650,000

)

    

(100,000

)

    

(300,000

)

  

Shares outstanding, end of year/period

    

13,900,002

      

11,100,002

      

500,001

      

600,001

    

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

DIREXION SEMI-ANNUAL REPORT
33

Financial Highlights

April 30, 2024

       

RATIOS TO AVERAGE NET ASSETS5​

      
   
Net Asset
Value,
Beginning
of Year/
Period		   Net
Investment
Income
(Loss)1​		   Net
Investment
Income
(Loss)1,2​		   Net Realized
and Unrealized
Gain (Loss)
on Investments3​		   Net Increase
(Decrease) in
Net Asset
Value Resulting
from Operations		   Dividends
from Net
Investment
Income		   Distributions
from
Realized
Capital Gains		   Distributions
from
Return
of Capital		   Total
Distributions		   Net
Asset
Value,
End of
Year/
Period		   Total
Return4​		   Net
Assets,
End of
Year/
Period
(000's
omitted)		   Net
Expenses6​		   Total
Expenses		   Net Investment
Income (Loss)
After Expense
Reimbursement		   Net
Expenses2,6​		   Total
Expenses2​		   Net Investment
Income (Loss)
After Expense
Reimbursement2​		   Portfolio
Turnover
Rate7​		  

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

  

For the Six Months Ended April 30, 2024 (Unaudited)

  

$

29.16

    

$

0.62

    

$

0.62

    

$

(0.17

)

  

$

0.45

    

$

(0.48

)

  

$

—

    

$

—

    

$

(0.48

)

  

$

29.13

      

1.60

%

  

$

269,429

      

0.70

%

    

0.70

%

    

4.36

%

    

0.70

%

    

0.70

%

    

4.36

%

    

0

%

  

For the Year Ended October 31, 2023

    

29.88

      

1.15

      

1.15

      

(0.15

)

    

1.00

      

(1.68

)

    

—

      

(0.04

)

    

(1.72

)

    

29.16

      

3.33

%

    

290,158

      

0.70

%

    

0.70

%

    

3.84

%

    

0.70

%

    

0.70

%

    

3.84

%

    

0

%

  

For the Year Ended October 31, 2022

    

32.70

      

0.01

      

0.06

      

1.85

      

1.86

      

(4.68

)

    

—

      

—

      

(4.68

)

    

29.88

      

6.21

%

    

297,288

      

0.87

%

    

0.87

%

    

0.03

%

    

0.70

%

    

0.70

%

    

0.20

%

    

0

%

  

For the Year Ended October 31, 2021

    

23.13

      

(0.20

)

    

(0.20

)

    

9.77

      

9.57

      

—

      

—

      

—

      

—

      

32.70

      

41.37

%

    

253,431

      

0.70

%

    

0.70

%

    

(0.67

)%

    

0.70

%

    

0.70

%

    

(0.67

)%

    

0

%

  

For the Year Ended October 31, 2020

    

23.53

      

(0.02

)

    

(0.02

)

    

(0.29

)

    

(0.31

)

    

(0.06

)

    

—

      

(0.03

)

    

(0.09

)

    

23.13

      

-1.31

%

    

43,946

      

0.70

%

    

0.70

%

    

(0.10

)%

    

0.70

%

    

0.70

%

    

(0.10

)%

    

0

%

  

For the Year Ended October 31, 2019

    

24.58

      

0.35

      

0.35

      

(0.77

)

    

(0.42

)

    

(0.63

)

    

—

      

—

      

(0.63

)

    

23.53

      

-1.72

%

    

42,360

      

0.70

%

    

0.79

%

    

1.47

%

    

0.70

%

    

0.79

%

    

1.47

%

    

0

%

  

Direxion HCM Tactical Enhanced US ETF

  

For the Six Months Ended April 30, 2024 (Unaudited)

    

23.25

      

0.15

      

0.17

      

4.90

      

5.05

      

(0.16

)

    

—

      

—

      

(0.16

)

    

28.14

      

21.70

%

    

267,987

      

1.32

%

    

2.11

%

    

1.07

%

    

1.15

%

    

1.94

%

    

1.24

%

    

11

%

  

For the Period June 22, 20238​ through October 31, 2023

    

25.00

      

0.11

      

0.11

      

(1.80

)

    

(1.69

)

    

(0.06

)

    

—

      

—

      

(0.06

)

    

23.25

      

-6.77

%

    

155,776

      

1.20

%

    

2.05

%

    

1.20

%

    

1.15

%

    

2.00

%

    

1.25

%

    

24

%

  

Direxion Hydrogen ETF

  

For the Six Months Ended April 30, 2024 (Unaudited)

    

10.93

      

0.06

      

0.06

      

(0.42

)

    

(0.36

)

    

(0.06

)

    

—

      

—

      

(0.06

)

    

10.51

      

-3.31

%

    

20,488

      

0.45

%

    

0.45

%

    

1.10

%

    

0.45

%

    

0.45

%

    

1.10

%

    

16

%

  

For the Year Ended October 31, 2023

    

13.02

      

0.20

      

0.20

      

(2.13

)

    

(1.93

)

    

(0.16

)

    

—

      

—

      

(0.16

)

    

10.93

      

-15.06

%

    

26,225

      

0.45

%

    

0.45

%

    

1.50

%

    

0.45

%

    

0.45

%

    

1.50

%

    

45

%

  

For the Year Ended October 31, 2022

    

24.24

      

0.21

      

0.21

      

(11.21

)

    

(11.00

)

    

(0.21

)

    

—

      

(0.01

)

    

(0.22

)

    

13.02

      

-45.57

%

    

22,139

      

0.45

%

    

0.45

%

    

1.18

%

    

0.45

%

    

0.45

%

    

1.18

%

    

37

%

  

For the Period March 25, 20218​ through October 31, 2021

    

24.00

      

0.16

      

0.16

      

0.16

      

0.32

      

(0.08

)

    

—

      

—

      

(0.08

)

    

24.24

      

1.37

%

    

41,214

      

0.45

%

    

0.45

%

    

1.21

%

    

0.45

%

    

0.45

%

    

1.21

%

    

55

%

  

Direxion Moonshot Innovators ETF

  

For the Six Months Ended April 30, 2024 (Unaudited)

    

8.96

      

0.05

      

0.05

      

0.20

      

0.25

      

(0.05

)

    

—

      

—

      

(0.05

)

    

9.16

      

2.71

%

    

21,749

      

0.65

%

    

0.65

%

    

0.93

%

    

0.65

%

    

0.65

%

    

0.93

%

    

34

%

  

For the Year Ended October 31, 2023

    

13.14

      

0.17

      

0.17

      

(4.20

)

    

(4.03

)

    

(0.15

)

    

—

      

—

      

(0.15

)

    

8.96

      

-30.91

%

    

24,406

      

0.65

%

    

0.65

%

    

1.45

%

    

0.65

%

    

0.65

%

    

1.45

%

    

71

%

  

For the Year Ended October 31, 2022

    

33.74

      

0.13

      

0.13

      

(20.43

)

    

(20.30

)

    

(0.25

)

    

—

      

(0.05

)

    

(0.30

)

    

13.14

      

-60.64

%

    

37,772

      

0.65

%

    

0.65

%

    

0.64

%

    

0.65

%

    

0.65

%

    

0.64

%

    

120

%

  

For the Period November 12, 20208​ through October 31, 2021

    

25.00

      

0.27

      

0.27

      

8.61

      

8.88

      

(0.14

)

    

—

      

—

      

(0.14

)

    

33.74

      

35.54

%

    

151,815

      

0.65

%

    

0.65

%

    

0.76

%

    

0.65

%

    

0.65

%

    

0.76

%

    

87

%

  

Direxion NASDAQ-100®​ Equal Weighted Index Shares

  

For the Six Months Ended April 30, 2024 (Unaudited)

    

71.30

      

0.45

      

0.45

      

13.12

      

13.57

      

(0.44

)

    

—

      

—

      

(0.44

)

    

84.43

      

19.02

%

    

1,173,522

      

0.35

%

    

0.35

%

    

1.08

%

    

0.35

%

    

0.35

%

    

1.08

%

    

19

%

  

For the Year Ended October 31, 2023

    

63.90

      

0.63

      

0.63

      

7.45

      

8.08

      

(0.68

)

    

—

      

—

      

(0.68

)

    

71.30

      

12.66

%

    

791,471

      

0.35

%

    

0.35

%

    

0.87

%

    

0.35

%

    

0.35

%

    

0.87

%

    

30

%

  

For the Year Ended October 31, 2022

    

87.33

      

0.53

      

0.53

      

(20.59

)

    

(20.06

)

    

(0.50

)

    

(2.87

)

    

—

      

(3.37

)

    

63.90

      

-23.78

%

    

699,676

      

0.35

%

    

0.35

%

    

0.75

%

    

0.35

%

    

0.35

%

    

0.75

%

    

34

%

  

For the Year Ended October 31, 2021

    

63.03

      

0.39

      

0.39

      

24.33

      

24.72

      

(0.39

)

    

(0.03

)

    

—

      

(0.42

)

    

87.33

      

39.30

%

    

432,264

      

0.35

%

    

0.35

%

    

0.49

%

    

0.35

%

    

0.35

%

    

0.49

%

    

30

%

  

For the Year Ended October 31, 2020

    

51.32

      

0.38

      

0.38

      

11.72

      

12.10

      

(0.39

)

    

—

      

—

      

(0.39

)

    

63.03

      

23.69

%

    

274,199

      

0.35

%

    

0.35

%

    

0.67

%

    

0.35

%

    

0.35

%

    

0.67

%

    

35

%

  

For the Year Ended October 31, 2019

    

43.27

      

0.39

      

0.39

      

8.04

      

8.43

      

(0.38

)

    

—

      

—

      

(0.38

)

    

51.32

      

19.59

%

    

215,563

      

0.35

%

    

0.44

%

    

0.82

%

    

0.35

%

    

0.44

%

    

0.82

%

    

28

%

  

Direxion Work From Home ETF

  

For the Six Months Ended April 30, 2024 (Unaudited)

    

45.17

      

0.47

      

0.47

      

7.06

      

7.53

      

(0.37

)

    

—

      

—

      

(0.37

)

    

52.33

      

16.64

%

    

26,167

      

0.45

%

    

0.45

%

    

1.75

%

    

0.45

%

    

0.45

%

    

1.75

%

    

23

%

  

For the Year Ended October 31, 2023

    

43.85

      

0.12

      

0.12

      

1.32

      

1.44

      

(0.12

)

    

—

      

—

      

(0.12

)

    

45.17

      

3.29

%

    

27,102

      

0.45

%

    

0.45

%

    

0.25

%

    

0.45

%

    

0.45

%

    

0.25

%

    

37

%

  

For the Year Ended October 31, 2022

    

77.54

      

0.63

      

0.63

      

(33.78

)

    

(33.15

)

    

(0.54

)

    

—

      

—

      

(0.54

)

    

43.85

      

-43.00

%

    

38,371

      

0.45

%

    

0.45

%

    

1.04

%

    

0.45

%

    

0.45

%

    

1.04

%

    

45

%

  

For the Year Ended October 31, 2021

    

53.77

      

0.22

      

0.22

      

24.24

      

24.46

      

(0.27

)

    

(0.42

)

    

—

      

(0.69

)

    

77.54

      

45.69

%

    

110,490

      

0.45

%

    

0.45

%

    

0.31

%

    

0.45

%

    

0.45

%

    

0.31

%

    

35

%

  

For the Period June 25, 20208​ through October 31, 2020

    

50.00

      

0.15

      

0.15

      

3.65

      

3.80

      

(0.03

)

    

—

      

—

      

(0.03

)

    

53.77

      

7.60

%

    

133,078

      

0.45

%

    

0.45

%

    

0.81

%

    

0.45

%

    

0.45

%

    

0.81

%

    

32

%

  

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

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

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

4​  Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized. For the year October 31, 2019, the total return would have been lower if certain expenses had not been reimbursed/waived by the Adviser.

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

6​  For the year ended October 31, 2019, and the period ended October 31, 2023 for the Direxion HCM Tactical Enhanced US ETF, net expenses include effects of any reimbursement/waiver or recoupment.

7​  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Portfolio turnover rate does not include effects of turnover of the swap and future contracts portfolio. Short-term securities with maturities less than or equal to 366 days are also excluded from portfolio turnover calculation.

8​  Commencement of operations.

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


34

Direxion Shares ETF Trust

Notes to the Financial Statements (Unaudited)

April 30, 2024

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 81 separate series (each, a "Fund" and together the "Funds"). 6 of these Funds are included in this report:

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

  

Direxion Moonshot Innovators ETF

  

Direxion HCM Tactical Enhanced US ETF

  

Direxion NASDAQ-100®​ Equal Weighted Index Shares

  

Direxion Hydrogen ETF

  

Direxion Work From Home ETF

  

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

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

The Funds seek investment results, before fees and expenses, that track the performance of the underlying index as listed below:

Funds

  

Index or Benchmark

  

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

  

Auspice Broad Commodity Index

  

Direxion Hydrogen ETF

  

Indxx Hydrogen Economy Index

  

Direxion Moonshot Innovators ETF

  

S&P Kensho Moonshots Index

  

Direxion NASDAQ-100®​ Equal Weighted Index Shares

  

NASDAQ-100®​ Equal Weighted Index

  

Direxion Work From Home ETF

  

Solactive Remote Work Index

  

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

The Direxion HCM Tactical Enhanced US ETF is actively managed and seeks to provide enhanced returns across multiple market cycles that are broadly correlated to the U.S. equity markets. The Fund uses a proprietary quantitative investment model based on the HCM-BuyLine®​ developed by the Fund's subadvisor, Howard Capital Management, Inc. ("Subadviser"), to determine if the Fund's assets are allocated to U.S. equity securities or to cash and cash equivalents (i.e., money market funds, U.S. government securities and/or similar securities). The Fund will invest in or have exposure to, U.S. equity securities in order to achieve capital appreciation, or will invest in cash or cash equivalents in order to attempt to preserve capital during market downturns. When allocated to U.S. equities, the Fund will seek leveraged exposure of its net assets through investments in derivatives, such as swaps, in order to achieve enhanced returns.

DIREXION SEMI-ANNUAL REPORT
35

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP").

a) Investment Valuation – The Net Asset Value ("NAV") per share of each Fund is determined daily, as of the close of regular trading on the NYSE Arca (normally at 4:00 p.m. Eastern time ("Valuation Time")), each day the NYSE is open for business. A security listed or traded on an exchange, domestic or foreign, is valued at its last sales price on the principal exchange on which it is traded prior to the time when assets are valued. If no sale is reported at that time, the mean of the last bid and asked prices is used. Securities primarily traded on the NASDAQ®​ Global Market ("NASDAQ") for which market quotations are readily available are valued using the NASDAQ®​ Official Closing Price ("NOCP") provided by NASDAQ each business day. Over-the-counter ("OTC") securities held by a Fund are valued at the last sales price or, if no sales price is reported, the mean of the last bid and asked price is used. The portfolio securities of a Fund that are listed on national exchanges are valued at the last sales price of such securities or; if no sales price is reported, the mean of the last bid and asked price is used. Swap contracts are valued using the closing price of the underlying reference entity or the closing value of the underlying reference index. The Funds valued their investments in money market funds based on their daily net asset values. If the settlement price established by the exchange reflects trading after the Valuation Time, then the last sales price prior to Valuation Time will be used. Securities and swap contracts are fair valued as determined by Rafferty under the supervision of the Board of Trustees (the "Board") in the following scenarios: a) reliable market quotations are not readily available; b) the Funds' pricing service does not provide a valuation for such securities; c) the Funds' pricing service provides a valuation that in the judgment of Rafferty does not represent fair value; or d) the Fund or Rafferty believes the market price is stale.

b) Swap Contracts – The Direxion HCM Tactical Enhanced US ETF ("HCM") 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). HCM enters into master netting agreements with counterparties to mitigate counterparty credit risk in derivative contracts. HCM does not offset fair value amounts for derivative contracts and related cash collateral on the Statements of Assets and Liabilities arising from derivative contracts executed with the same counterparties under such master netting agreements. HCM's obligations are accrued daily and offset by any amounts owed to HCM.

In a "long" equity swap agreement, the counterparty will generally agree to pay HCM 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. HCM will agree to pay the counterparty a floating rate of interest on the notional amount of the swap contract plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such securities plus, in certain instances, commissions or trading spreads on the notional amounts. Thus, the return on the swap contract should be the gain or loss on the notional amount plus dividends on the securities less the interest and commission paid by HCM on the notional amount. Payments may be made at the conclusion of the contract or periodically during its term. In certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the counterparty will pay HCM interest. These swap contracts do not include the delivery of securities by HCM to the counterparty. The net amount of the excess, if any, of the HCM'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 HCM's custodian. Until a swap contract is settled in cash, the gain or loss on the notional amount plus dividends on the securities less the interest paid by HCM 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".

HCM 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 HCM on the notional amount outstanding and the dividends on the underlying securities reduce the return of the swap. However, in certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which HCM will pay the counterparty interest. These amounts are netted with any unrealized appreciation or depreciation to determine the value of the swap. HCM will typically enter into equity swap agreements to obtain leverage in order to meet its investment objectives.

DIREXION SEMI-ANNUAL REPORT
36

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

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including swap contracts, and typically contains, among other things, collateral posting terms, netting and rights of set-off provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and receivables to create a single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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

For financial reporting purposes, HCM elects 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, 2024, 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, 2024 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.

Description: Swap Contract

Counterparty: Goldman Sachs

       

Assets:

          

Liabilities:

  

 
        Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Gross Amounts not
offset in the Statement
of Asset and Liabilities		      
Fund Name   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		   Net
Amount2​		   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		   Net
Amount		  
Direxion HCM Tactical
Enhanced US ETF		  

$

2,160,266

    

$

2,028,665

    

$

131,6011​

    

$

—

    

$

2,028,665

    

$

—

    

$

2,028,6651​

    

$

—

    

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

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

DIREXION SEMI-ANNUAL REPORT
37

c) Futures Contracts – Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against, changes in the values of commodities, equities, interest rates or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. The Direxion Auspice Broad Commodity Strategy ETF (Consolidated) was invested in futures contracts as of the period ended April 30, 2024.

d) Risks of Futures Contracts, Options on Futures Contracts and Short Positions – The risks inherent in the use of options, futures contracts, options on futures contracts and short positions include 1) adverse changes in the fair value of such instruments; 2) imperfect correlation between the price of options and futures contracts and options thereon and movements in the price of the underlying securities, index or futures contracts; 3) the possible absence of a liquid secondary market for any particular instrument at any time; 4) the possible need to defer closing out certain positions to avoid adverse tax consequences; and 5) the possible non-performance by the counterparty under the terms of the contract. The Funds designate cash, cash equivalents and liquid securities as collateral for written options, futures contracts, options on futures contracts and short positions. The Funds were not invested in any type of options during the period ended April 30, 2024.

e) Risks of Investing in Foreign Securities – Investments in foreign securities involve greater risks than investing in domestic securities. As a result, the Funds' returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The laws, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore there may be less public information available about foreign companies. Investments in foreign emerging markets present a greater risk than investing in foreign issuers in general. The risk of political or social upheaval is greater in emerging markets. In addition, there may be risks of an economy's dependence on revenues from particular commodities, currency transfer restrictions, a limited number of potential buyers for such securities and delays and disruption in securities settlement procedures.

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

g) Basis for Consolidation – The Direxion Auspice Broad Commodity Strategy ETF may invest up to 25% of its total assets in the BCS Fund. The BCS Fund, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by the Direxion Auspice Broad Commodity Strategy ETF. The BCS Fund acts as an investment vehicle to facilitate entering into certain investments for the Direxion Auspice Broad Commodity Strategy ETF consistent with the Fund's investment objectives and policies specified in its prospectus and statement of additional information and within the limitation of the U.S. federal tax requirements applicable to regulated investment companies. As of April 30, 2024, the net assets of the Direxion Auspice Broad Commodity Strategy ETF were $269,429,441 of which $36,578,655, or approximately 13.6%, represented the Direxion Auspice Broad Commodity Strategy ETF's ownership of all issued shares and voting rights of the BCS Fund. All intercompany balances, revenues and expenses have been eliminated in consolidation.

DIREXION SEMI-ANNUAL REPORT
38

h) Risks of Investing Commodity-Linked Derivatives – The Direxion Auspice Broad Commodity Strategy ETF, through its investment in its respective subsidiary, may hold commodity-linked derivatives. Commodity-linked derivatives provide exposure, which may include long and/or short exposure, to the investment returns of physical commodities that trade in the commodities markets without investing directly in physical commodities. The value of a commodity-linked derivative investment typically is based upon the price movements of a physical commodity (such as heating oil, precious metals, livestock, or agricultural products), a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. The Direxion Auspice Broad Commodity Strategy ETF held commodity-linked derivatives during the period ended April 30, 2024.

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

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

As of April 30, 2024, all securities on loan were collateralized by cash and/or U.S. government obligations. The cash received as collateral for securities on loan was invested in money market funds, whose maturities are overnight and continuous, and is disclosed in the Schedules of Investments. The securities on loan in each Fund are also disclosed in the Schedule of Investments. The total value of securities loaned and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Non-cash collateral consists of U.S. Treasury securities and is not disclosed on the Statements of Assets and Liabilities as its held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell, reinvest or pledge those securities. Income earned by the Funds from securities lending is disclosed in the Statements of Operations.

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

As of April 30, 2024, the market value of the securities loaned and the related cash and non-cash collateral received for securities lending were as follows:

Funds

   Market Value of
Securities Loaned		   Cash Collateral
Received		   Non-Cash
Collateral Received		   Total
Collateral Received		  

Direxion Hydrogen ETF

  

$

1,226,385

    

$

909,093

    

$

386,145

    

$

1,295,238

    

Direxion Moonshot Innovators ETF

    

5,264,109

      

5,185,676

      

472,024

      

5,657,700

    
Direxion NASDAQ-100®​ Equal Weighted
Index Shares		    

15,612,285

      

8,620,489

      

7,350,120

      

15,970,609

    

DIREXION SEMI-ANNUAL REPORT
39

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

The Funds may be subject to a nondeductible 4% U.S. excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. No Funds paid this excise tax during the period ended April 30, 2024.

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

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

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

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

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

3.  INCOME TAX AND DISTRIBUTION INFORMATION

The tax character of distributions paid during the periods ended April 30, 2024 and October 31, 2023 are presented in the following table. The tax character of distributions to shareholders made during the periods may differ from their ultimate characterization for U.S. Federal income tax purposes.

    Period Ended
April 30, 2024 (Unaudited)		   Year/Period Ended
October 31, 2023		  
   

Distributions Paid From:

  

Distributions Paid From:

  

Funds

   Ordinary
Income		   Long Term
Capital Gains		   Return
of Capital		   Ordinary
Income		   Long Term
Capital Gains		   Return
of Capital		  
Direxion Auspice Broad
Commodity Strategy ETF
(Consolidated)		  

$

4,376,908

    

$

—

    

$

—

    

$

16,320,544

    

$

—

    

$

351,964

    
Direxion HCM Tactical
Enhanced US ETF1​		    

1,368,795

      

—

      

—

      

422,676

      

—

      

—

    

Direxion Hydrogen ETF

    

149,042

      

—

      

—

      

363,478

      

—

      

—

    
Direxion Moonshot
Innovators ETF		    

123,460

      

—

      

—

      

392,520

      

—

      

—

    
Direxion NASDAQ-100®​ Equal
Weighted Index Shares		    

5,806,028

      

—

      

—

      

5,738,780

      

—

      

—

    

Direxion Work From Home ETF

    

212,138

      

—

      

—

      

89,807

      

—

      

—

    

1​  Commenced operations June 22, 2023.

DIREXION SEMI-ANNUAL REPORT
40

At October 31, 2023, the components of accumulated earnings/(losses) on a tax-basis were as follows:

Funds

   Net
Unrealized
Appreciation
(Depreciation)		   Undistributed
Ordinary
Income		   Undistributed
Capital Gain		   Other
Accumulated
Earnings (Losses)1​		   Total
Accumulated
Earnings (Losses)		  
Direxion Auspice Broad Commodity
Strategy ETF (Consolidated)		  

$

(2,905,196

)

  

$

—

    

$

—

    

$

(3,158

)

  

$

(2,908,354

)

  
Direxion HCM Tactical Enhanced
US ETF		    

(13,238,040

)

    

259,444

      

—

      

(563,301

)

    

(13,541,897

)

  

Direxion Hydrogen ETF

    

(17,890,272

)

    

50,244

      

—

      

(7,402,855

)

    

(25,242,883

)

  

Direxion Moonshot Innovators ETF

    

(21,186,218

)

    

40,969

      

—

      

(123,009,236

)

    

(144,154,485

)

  
Direxion NASDAQ-100®​ Equal
Weighted Index Shares		    

(129,038,536

)

    

278,595

      

—

      

(23,672,619

)

    

(152,432,560

)

  

Direxion Work From Home ETF

    

(8,366,063

)

    

37,467

      

—

      

(13,670,184

)

    

(21,998,780

)

  

1​  Other Accumulated Earnings (Losses) consist of capital loss carryover and organizational costs.

At April 30, 2024, the aggregate gross unrealized appreciation and depreciation of investments for U.S. Federal income tax purposes were as follows:

Funds

   Tax Cost of
Investments		   Gross
Unrealized
Appreciation		   Gross
Unrealized
Depreciation		   Net
Unrealized
Appreciation
(Depreciation)		  
Direxion Auspice Broad Commodity Strategy ETF
(Consolidated)		  

$

261,174,761

    

$

—

    

$

—

    

$

—

    

Direxion HCM Tactical Enhanced US ETF

    

251,060,593

      

26,638,606

      

(4,005,382

)

    

22,633,224

    

Direxion Hydrogen ETF

    

35,583,708

      

2,120,897

      

(16,368,731

)

    

(14,247,834

)

  

Direxion Moonshot Innovators ETF

    

43,105,723

      

2,683,253

      

(18,876,652

)

    

(16,193,399

)

  

Direxion NASDAQ-100®​ Equal Weighted Index Shares

    

1,170,120,379

      

89,763,020

      

(77,772,319

)

    

11,990,701

    

Direxion Work From Home ETF

    

29,576,154

      

5,060,174

      

(8,476,313

)

    

(3,416,139

)

  

In order to meet certain U.S. excise tax distribution requirements, each Fund is required to measure and distribute annually net capital gains realized during a twelve month period ending October 31 and net investment income earned during a twelve month period ending December 31. In connection with this, these Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year ordinary losses are generally losses incurred between January 1 and the end of their fiscal year, October 31, 2023.

At October 31, 2023, the Funds deferred, on a tax basis, no qualified late year losses.

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

At October 31, 2023, for U.S. Federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains:

Funds

   Utilized in
Current Year		  

Unlimited ST

  

Unlimited LT

  

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

  

$

—

    

$

—

    

$

—

    

Direxion HCM Tactical Enhanced US ETF

    

—

      

563,301

      

—

    

Direxion Hydrogen ETF

    

—

      

2,503,923

      

4,898,932

    

Direxion Moonshot Innovators ETF

    

—

      

61,946,723

      

61,062,513

    

Direxion NASDAQ-100®​ Equal Weighted Index Shares

    

—

      

14,415,027

      

9,257,592

    

Direxion Work From Home ETF

    

—

      

5,139,863

      

8,530,321

    

The Funds follow authoritative financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. Management has reviewed all open tax years and concluded that there is no effect to the Funds' financial positions or results of operations and no tax liability was required to be recorded resulting from

DIREXION SEMI-ANNUAL REPORT
41

unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During this period, the Funds did not incur any interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of April 30, 2024, open U.S. Federal and state income tax years include the tax years ended October 31, 2021 through October 31, 2023. The Funds have no examinations in progress. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.

4.  CREATION AND REDEMPTION TRANSACTIONS AND TRANSACTION FEES

Each Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares called "Creation Units." The number of shares in a Creation Unit for each respective Fund is as follows:

Fund

   Number of shares
per Creation Unit		  

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

    

50,000

shares

  

Direxion HCM Tactical Enhanced US ETF

    

25,000

shares

  

Direxion Hydrogen ETF

    

50,000

shares

  

Direxion Moonshot Innovators ETF

    

25,000

shares

  

Direxion NASDAQ-100®​ Equal Weighted Index Shares

    

50,000

shares

  

Direxion Work From Home ETF

    

25,000

shares

  

Creation Units of the Funds are issued and redeemed in cash and/or in-kind for securities included in the relevant underlying index. Investors such as market makers, large investors and institutions who wish to deal in Creation Units directly with a Fund must have entered into an authorized participant agreement with the principal underwriter and the transfer agent, or purchase through a dealer that has entered into such an agreement. Transactions in shares for each Fund include both cash and in-kind transactions and are disclosed in detail in the Statements of Changes in Net Assets.

Transaction fees are imposed to cover the costs associated with the issuance and redemption of Creation Units. There is a fixed and a variable component to the total transaction fee. A fixed transaction fee is paid to the transfer agent and is applicable to each creation or redemption transaction, regardless of the number of Creation Units purchased or redeemed. In addition, a variable transaction fee equal to a percentage of the value of each Creation Unit purchased or redeemed is applicable to each creation or redemption transaction and is paid to the Fund. Not all Funds will have a transaction fee associated with capital share activity for the year. Transaction fees received by each Fund are presented in the Capital Share Transaction section of the Statements of Changes in Net Assets.

5.  INVESTMENT TRANSACTIONS

The table below presents each Fund's investment transactions during the period ended April 30, 2024. Purchases represent the aggregate purchases of investments excluding the cost of in-kind purchases, short-term investment purchases, swaps and futures contracts. Sales represent the aggregate sales of investments excluding proceeds from in-kind sales, short-term investments, swaps and futures contracts. Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:

Funds

  

Purchases

  

Sales

   Purchases
In-Kind		   Sales
In-Kind		  
Direxion Auspice Broad Commodity Strategy ETF
(Consolidated)		  

$

—

    

$

—

    

$

—

    

$

—

    

Direxion HCM Tactical Enhanced US ETF

    

157,305,149

      

18,849,889

      

59,747,331

      

2,167,995

    

Direxion Hydrogen ETF

    

3,963,330

      

4,498,581

      

—

      

4,490,093

    

Direxion Moonshot Innovators ETF

    

8,731,264

      

8,711,390

      

2,303,816

      

6,073,062

    

Direxion NASDAQ-100®​ Equal Weighted Index Shares

    

207,996,630

      

208,498,850

      

514,743,558

      

281,228,651

    

Direxion Work From Home ETF

    

6,613,150

      

6,624,370

      

—

      

5,531,157

    

There were no purchases or sales of long-term U.S. Government securities in the Funds during the period ended April 30, 2024.

DIREXION SEMI-ANNUAL REPORT
42

6.  INVESTMENT ADVISORY AND OTHER AGREEMENTS

Under an Investment Advisory Agreement between each Adviser and the Trust, on behalf of each Fund, the Adviser provides a continuous investment program for each Fund's assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of each Fund, subject to the supervision of the Trustees. Pursuant to the Advisory Agreement, each Fund pays the Adviser an investment advisory fees at an annual rate based on its average daily net assets. These rates are as follows:

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

    

0.50

%

  

Direxion HCM Tactical Enhanced US ETF

    

1.05

%

  

Direxion Hydrogen ETF

    

0.40

%

  

Direxion Moonshot Innovators ETF

    

0.60

%

  

Direxion NASDAQ-100®​ Equal Weighted Index Shares

    

0.30

%

  

Direxion Work From Home ETF

    

0.40

%

  

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

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

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

    

0.20

%

  

Direxion Hydrogen ETF

    

0.05

%

  

Direxion Moonshot Innovators ETF

    

0.05

%

  

Direxion NASDAQ-100®​ Equal Weighted Index Shares

    

0.05

%

  

Direxion Work From Home ETF

    

0.05

%

  

The Adviser and Subadviser have entered into a sub-advisory agreement effective through September 1, 2024. Under the sub-advisory agreement, the Adviser pays the Subadviser out of its investment advisory fees.

The Direxion HCM Tactical Enhanced US ETF is responsible for its own operating expenses. The Adviser has contractually agreed to waive its fees and/or reimburse the Fund's operating expenses to the extent that they exceed 1.15% multiplied by the Fund's average daily net assets at least until September 1, 2024. Any expense waiver is subject to recoupment by the Adviser, as applicable, within the following three years if overall expenses fall below these percentage limitations.

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

            Potential Recoupment
Amounts Expiring:		  

Total Potential

  
    Expenses
Recouped		   Expenses
Reimbursed		   October 31,
2024		   October 31,
2025		   October 31,
2026		   April 30,
2027		   Recoupment
Amount		  
Direxion HCM Tactical
Enhanced US ETF		  

$

—

    

$

929,429

    

$

—

    

$

—

    

$

484,216

    

$

929,429

    

$

1,413,645

    

The net amounts receivable (payable) arising from the Investment Advisory Agreement, Management Services Agreement and waiver of any expenses as of April 30, 2024, is presented on the Statement of Assets and Liabilities as Due from (to) Adviser, net.

The Board has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940. In accordance with the Plan, each Fund is authorized to charge an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services. No 12b-1 fees were charged by any Fund.

DIREXION SEMI-ANNUAL REPORT
43

7.  FAIR VALUE MEASUREMENTS

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

Level 1 – Quoted prices in active markets for identical securities

Level 2 – Evaluated price based on other significant observable inputs (including quoted prices for similar securities, in active markets, quoted prices for identical or similar securities in inactive markets, interest rates, prepayment speeds, credit risk, etc.)

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds' investments at April 30, 2024:

   

Asset Class

  

Liability Class

  
   

Level 1

  

Level 2

  

Level 2

  

Funds

   Common
Stocks		   Short Term
Investments		   Futures
Contracts*		   Total Return
Swap
Contracts*		   Total Return
Swap
Contracts*		  
Direxion Auspice Broad Commodity
Strategy ETF (Consolidated)		  

$

—

    

$

261,174,761

    

$

551,999

    

$

—

    

$

—

    
Direxion HCM Tactical Enhanced
US ETF		    

217,786,883

      

55,906,934

      

—

      

2,160,266

      

(2,028,665

)

  

Direxion Hydrogen ETF

    

20,337,764

      

998,110

      

—

      

—

      

—

    

Direxion Moonshot Innovators ETF

    

21,688,910

      

5,223,414

      

—

      

—

      

—

    
Direxion NASDAQ-100®​ Equal Weighted
Index Shares		    

1,171,782,989

      

10,328,091

      

—

      

—

      

—

    

Direxion Work From Home ETF

    

26,048,414

      

111,601

      

—

      

—

      

—

    

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

*  Futures contracts and total return swap contracts are valued at the unrealized appreciation/(depreciation).

The Funds also follow authoritative accounting standards, which require additional disclosure regarding fair value measurements. Specifically, these standards require reporting entities to disclose a) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions, b) transfers between all levels (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 Level 3 securities held by the Funds or any transfers between levels during the period ended April 30, 2024.

8.  VALUATION OF DERIVATIVE INSTRUMENTS

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

Certain Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective. For additional discussion on the risks associated with derivative instruments refer to Note 2. As of April 30, 2024, certain

DIREXION SEMI-ANNUAL REPORT
44

Funds were invested in futures contracts. At April 30, 2024, the fair values of derivative instruments, by primary risk, were as follows:

   

Asset Derivatives1​

  
Swap Contracts
Fund		  

Equity Risk

  

Total

  

Direxion HCM Tactical Enhanced US ETF

  

$

2,160,266

    

$

2,160,266

    
Futures Contracts*
Fund		  

Commodity Risk

  

Total

  

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

  

$

551,999

    

$

551,999

    
   

Liability Derivatives2​

  
Swap Contracts
Fund		  

Equity Risk

  

Total

  

Direxion HCM Tactical Enhanced US ETF

  

$

2,028,665

    

$

2,028,665

    

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

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

*  Cumulative appreciation(depreciation) of futures contracts as reported in the Schedule of Investments.

  Only current day's variation margin, if any, is reported in the Statements of Assets and Liabilities.

Transactions in derivative instruments during the period ended April 30, 2024, by primary risk, were as follows:

       

Net Realized Gain (Loss)1​

   Net Unrealized
Appreciation (Depreciation)2​		  

Fund

      

Equity Risk

  

Commodity Risk

  

Equity Risk

  

Commodity Risk

  
Direxion Auspice Broad Commodity
Strategy ETF (Consolidated)		  

Futures Contracts

  

$

—

    

$

(6,329,030

)

  

$

—

    

$

3,457,195

    
Direxion HCM Tactical Enhanced
US ETF		  

Swap Contracts

    

16,525,234

      

—

      

131,601

      

—

    

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

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

For the period ended April 30, 2024, the volume of the derivatives held by the Funds was as follows:

    Quarterly Average Gross
Notional Amounts		  
    Long Futures
Contracts		   Long Total Return
Swap Contracts		  

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

  

$

141,301,350

    

$

—

    

Direxion HCM Tactical Enhanced US ETF

    

—

      

176,825,112

    

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

9.  PRINCIPAL RISKS

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

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

DIREXION SEMI-ANNUAL REPORT
45

obligations due to financial difficulties. A Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and a Fund may obtain only limited recovery or may obtain no recovery in such circumstances.

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

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

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

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

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

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

Foreign Securities Risk – Investments in foreign securities directly or indirectly through investments in exchange traded funds which track foreign securities involve greater risks than investing in domestic securities. As a result, the Funds' returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The laws, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore there may be less public information available about foreign companies. Investments in foreign emerging markets present a greater risk than investing in foreign issuers in general. The risk of political or social upheaval is greater in emerging markets. In addition, there may be risks of an economy's dependence on revenues from particular commodities, currency transfer restrictions, a limited number of potential buyers for such securities and delays and disruption in securities settlement procedures.

DIREXION SEMI-ANNUAL REPORT
46

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

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

10.  SUBSEQUENT EVENTS

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

On June 24, 2024, certain Funds declared income distributions with an ex-date of June 25, 2024 and payable date of July 2, 2024. The specific Funds and per share amounts of the distributions are listed below.

Funds

   Per Share
Income
Distribution		  

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

  

$

0.32511

    

Direxion HCM Tactical Enhanced US ETF

    

0.06236

    

Direxion Hydrogen ETF

    

0.08017

    

Direxion Moonshot Innovators ETF

    

0.02973

    

Direxion NASDAQ-100®​ Equal Weighted Index Shares

    

0.17959

    

Direxion Work From Home ETF

    

0.14215

    

The Board of Trustees of the Trust has determined, upon the recommendation of the Adviser, that it is in the best interests of each Fund and its shareholders to liquidate and terminate the Direxion Hydrogen ETF and Direxion Moonshot Innovators ETF ("Liquidating Funds"). The Liquidating Funds will be closed to purchases by investors as of the close of regular trading on the NYSE on July 19, 2024. In order to pursue an orderly liquidation, each of the Liquidating Fund's assets will be converted to cash or cash equivalents and, as a result, each of the Liquidating Funds will no longer pursue its stated investment objectives after the close of trading on June 21, 2024. The Liquidating Funds will be liquidated on July 30, 2024 (the "Liquidation Date"). After the Liquidation Date, any shareholder who has not redeemed shares of the Fund prior to the Liquidation Date will receive a payment representing the shareholder's proportionate interest in the net assets of the Fund as of the Liquidation Date.

DIREXION SEMI-ANNUAL REPORT
47

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
48

Direxion Shares ETF Trust

Trustees and Officers

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

Interested Trustees

Name, Address and
Age		   Position(s)
Held with
Fund		   Term of Office
and Length of
Time Served		   Principal Occupation(s)
During Past Five Years		   # of Portfolios
in Direxion
Family of
Investment
Companies
Overseen
by Trustee(3)​		   Other Trusteeships/
Directorships Held by
Trustee During Past
Five Years		  
Daniel D. O'Neill(1)
​Age: 56 		 
Chairman of the Board of Trustees		  
Lifetime of Trust until removal or resignation; Since 2008		  
Chief Executive Officer, Rafferty Asset Management, LLC, April 2021 – September 2022; Managing Director, Rafferty Asset Management, LLC, January 1999 – January 2019.		  
109		  
None.		  
Angela Brickl(2)
​Age: 48 		 
Trustee		  
Lifetime of Trust until removal or resignation; Since 2022		  
President, Rafferty Asset Management, LLC since September 2022; Chief Operating Officer, Rafferty Asset Management, LLC May 2021 – September 2022; General Counsel, Rafferty Asset Management LLC, since October 2010; Chief Compliance Officer, Rafferty Asset Management, LLC, September 2012 – March 2023.		  
109		  
None.		  

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

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

(3)​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 81 of the 101 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 8 funds registered with the SEC.

DIREXION SEMI-ANNUAL REPORT
49

Direxion Shares ETF Trust

Trustees and Officers

Independent Trustees

Name, Address and
Age		   Position(s)
Held with
Fund		   Term of Office
and Length of
Time Served		   Principal Occupation(s)
During Past Five Years		   # of Portfolios
in Direxion
Family of
Investment
Companies
Overseen
by Trustee(3)​		   Other Trusteeships/
Directorships Held by
Trustee During Past
Five Years		  
David L. Driscoll
Age: 54 		 
Trustee		  
Lifetime of Trust until removal or resignation; Since 2014		  
Board Member, Algorithmic Research and Trading, since 2022; Board Advisor, University Common Real Estate, since 2012; Member, Kendrick LLC, since 2006; Partner, King Associates, LLP, since 2004; Principal, Grey Oaks LLP, since 2003.		  
109		  
None.		  
Kathleen M. Berkery
Age: 56 		 
Trustee		  
Lifetime of Trust until removal or resignation; Since 2019		  
Chief Financial Officer, Metro Physical Therapy, LLC, since 2023; Chief Financial Officer, Student Sponsor Partners, 2021 – 2023; Senior Manager – Trusts & Estates, Rynkar, Vail & Barrett, LLC, 2018 – 2021.		  
109		  
None.		  
Carlyle Peake
Age: 52 		 
Trustee		  
Lifetime of Trust until removal or resignation; Since 2022		  
Head of US & LATAM Debt Syndicate, BBVA Securities, Inc., since 2011.		  
109		  
None.		  
Mary Jo Collins
Age: 67 		 
Trustee		  
Lifetime of Trust until removal or resignation; Since 2022		  
Receiver of Taxes, Town of North Homestead, since January 2024; Managing Director, B. Riley Financial, March – December 2022; Managing Director, Imperial Capital LLC, from 2020-2022; Director, Royal Bank of Canada, 2014 – 2020; Trustee, Village of Flower Hill, 2020.		  
109		  
None.		  

(3)​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 81 of the 101 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 8 funds registered with the SEC.

DIREXION SEMI-ANNUAL REPORT
50

Direxion Shares ETF Trust

Trustees and Officers

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

Principal Officers of the Trust

Name, Address and
Age		   Position(s)
Held with
Fund		   Term of Office(2)
​and Length of
Time Served		   Principal Occupation(s)
During Past Five Years		   # of Portfolios
in the Direxion
Family of
Investment
Companies
Overseen
by Trustee(3)​		   Other Trusteeships/
Directorships Held by
Trustee During Past
Five Years		  
Angela Brickl(1)
​Age: 48 		 
President		  
Since 2022		  
President, Rafferty Asset Management, LLC, from September 2022; Chief Operating Officer, Rafferty Asset Management, LLC, May 2021 – September 2022; General Counsel, Rafferty Asset Management LLC, since October 2010; Chief Compliance Officer, Rafferty Asset Management, LLC, September 2012 – March 2023.		  
N/A		  
N/A		  
Todd Sherman
Age: 43 		 
Chief Compliance Officer		  
Since 2023		  
Chief Risk Officer, Rafferty Asset Management, LLC, since 2018; SVP Head of Risk, 2012 – 2018.		  
N/A		  
N/A		  
Patrick J. Rudnick
Age: 50 		 
Principal Executive Officer		  
Since 2018		  
Senior Vice President, Rafferty Asset Management, LLC, since March 2013.		  
N/A		  
N/A		  
Corey Noltner
Age: 35 		 
Principal Financial Officer		  
Since 2021		  
Senior Business Analyst, Rafferty Asset Management, LLC, Since October 2015.		  
N/A		  
N/A		  

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

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

(3)​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 81 of the 101 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 8 funds registered with the SEC.

DIREXION SEMI-ANNUAL REPORT
51

Direxion Shares ETF Trust

Trustees and Officers

Name, Address and
Age		   Position(s)
Held with
Fund		   Term of Office(2)
​and Length of
Time Served		   Principal Occupation(s)
During Past Five Years		   # of Portfolios
in the Direxion
Family of
Investment
Companies
Overseen
by Trustee(3)​		   Other Trusteeships/
Directorships Held by
Trustee During Past
Five Years		  
Alyssa Sherman
Age: 35 		 
Secretary		  
Since 2022		  
Assistant General Counsel, Rafferty Asset Management, LLC, since April 2021; Associate, K&L Gates LLP, September 2015 – March 2021.		  
N/A		  
N/A		  

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

(3)​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 81 of the 101 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 8 funds registered with the SEC.

DIREXION SEMI-ANNUAL REPORT
52

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53

SEMI–ANNUAL REPORT APRIL 30, 2024

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

Investment Advisers

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

Administrator

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

Transfer Agent, Custodian & Index Receipt Agent

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

Independent Registered Public Accounting Firm

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

Distributor

Foreside Fund Services, LLC
3 Canal Plaza, Suite 100
Portland, Maine 04101
www.foreside.com

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

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

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

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

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

PRIVACY NOTICE

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

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

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

•  Your transactions and account inquiries with us.

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

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

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

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

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

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

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DIREXION SEMI-ANNUAL REPORT

DIREXION SHARES ETF TRUST

SEMI–ANNUAL REPORT APRIL 30, 2024

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

1X BEAR FUNDS

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

Direxion Daily AAPL Bear 1X Shares

Direxion Daily AMZN Bear 1X Shares

Direxion Daily GOOGL Bear 1X Shares

Direxion Daily MSFT Bear 1X Shares

Direxion Daily NVDA Bear 1X Shares

Direxion Daily TSLA Bear 1X Shares

Direxion Daily Concentrated Qs Bear 1X Shares

2X BULL FUNDS  

2X BEAR FUNDS

  
Direxion Daily AAPL Bull 2X Shares          
(formerly Direxion Daily AAPL Bull 1.5X Shares)          
Direxion Daily AMZN Bull 2X Shares          
(formerly Direxion Daily AMZN Bull 1.5X Shares)          
Direxion Daily GOOGL Bull 2X Shares          
(formerly Direxion Daily GOOGL Bull 1.5X Shares)          
Direxion Daily MSFT Bull 2X Shares          
(formerly Direxion Daily MSFT Bull 1.5X Shares)          
Direxion Daily NVDA Bull 2X Shares          
(formerly Direxion Daily NVDA Bull 1.5X Shares)          
Direxion Daily TSLA Bull 2X Shares          
(formerly Direxion Daily TSLA Bull 1.5X Shares)          
Direxion Daily CSI 300 China A Share Bull 2X Shares          
Direxion Daily CSI China Internet Index Bull 2X Shares          
Direxion Daily S&P 500®​ Bull 2X Shares          
Direxion Daily MSCI Brazil Bull 2X Shares          
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares          
Direxion Daily MSCI India Bull 2X Shares          
Direxion Daily Cloud Computing Bull 2X Shares          
Direxion Daily Concentrated Qs Bull 2X Shares          
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares          
Direxion Daily Energy Bull 2X Shares  

Direxion Daily Energy Bear 2X Shares

  
Direxion Daily Global Clean Energy Bull 2X Shares          
Direxion Daily Gold Miners Index Bull 2X Shares  

Direxion Daily Gold Miners Index Bear 2X Shares

  
Direxion Daily Junior Gold Miners Index Bull 2X Shares  

Direxion Daily Junior Gold Miners Index Bear 2X Shares

  
Direxion Daily NYSE FANG+ Bull 2X Shares          
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares          
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares  

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

  
Direxion Daily Travel & Vacation Bull 2X Shares          

Table of Contents

Letter to Shareholders    

4

    
Expense Example    

17

    
Allocation of Portfolio Holdings    

20

    
Schedules of Investments    

21

    
Statements of Assets and Liabilities    

66

    
Statements of Operations    

75

    
Statements of Changes in Net Assets    

84

    
Financial Highlights    

102

    
Notes to the Financial Statements    

108

    
Supplemental Information    

141

    
Board Review of Investment
Advisory Agreement		    

142

    
Trustees and Officers    

144

    

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Letter to Shareholders

Dear Shareholders,

This Semi-Annual Report for the Direxion Shares ETF Trust exchange-traded funds (the "ETFs") covers the period from November 1, 2023 to April 30, 2024 (the "Semi-Annual Period").

Market Review:

The Semi-Annual Period began with pressure on equities as bond yields grew and inflation was top of mind for investors. Geopolitical tension also contributed to uncertainty in the markets; the Chinese economy's recovery lagged, the war in Ukraine continued, and the Israeli-Palestinian war began. Despite these headwinds, November 2023 experienced positive returns with the S&P 500 up 8.0%. In particular, rate-sensitive areas like real estate and tech had strong performance, while energy underperformed. The "Magnificent Seven" (Apple Inc., Alphabet Inc., Amazon.com, Inc., Meta Platforms, Inc., Microsoft Corporation, NVIDIA Corporation and Tesla, Inc.) rose to prominence during the Semi-Annual Period as tech rallied. 2023 ended on a bullish note, with all eleven sectors posting positive returns in December. Additionally, small caps had a standout month, with the Russell 2000 up 12.2% in December 2023. 2024 started on a mostly optimistic note for equity markets, although the momentum for small caps did not last. The February core consumer price index reading showed prices up 0.4% month-over-month but was still trending downward and far below its peak. Despite this higher-than-expected inflation, the U.S. economy remained resilient. Contrary to the beginning of the Semi-Annual Period, in March 2024, the energy sector outperformed, while tech underperformed and in April 2024, small caps ended the month in the red. At the end of the Semi-Annual Period, the geopolitical landscape remained rocky and persistent inflation remained a key issue.

After government bonds reached record highs, in November, yields began to decline, which continued through the end of the year, prompting a rally for the bond markets. All eyes were on the Federal Reserve during the Semi-Annual Period as they began to discuss the possibility of rate cuts in light of lower treasury yields, indicating a dovish pivot. Inflation began to ease, but remained at elevated levels that did not reach the Fed's 2% target. At the beginning of 2024, longer term treasury curves increased slightly. The Federal Reserve made no rate cuts by the end of the Semi-Annual Period, indicating the previously anticipated monetary easing would not happen as soon as expected, if at all. As a result of shifting expectations, 2-year and 10-year treasury yields rose in April.

Direxion Shares Operational Review:

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

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

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

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

DIREXION SEMI-ANNUAL REPORT
4

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

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

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

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

Factors Affecting Direxion Shares Performance:

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

Leverage – Each 200% or -200% ETF seeks daily investment results (before fees and expenses) of either 200% (for the Bull ETFs) or -200% (for the 2X Bear ETFs) of the daily performance of its respective underlying index. The use of leverage magnifies an ETF's gains or losses and increases the investment's risk and volatility. The Bear ETFs seek to achieve inverse magnified correlation to their respective underlying indexes.

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

Cost of Financing – In order to attain leveraged exposure, a Bull ETF incurs a cost of SOFR plus or minus a spread and a Bear ETF receives SOFR plus or minus a spread as applied to the borrowed portion of the ETF's exposure. The spread varies by both Fund and counterparty and is a function of market demand, hedging costs, access to balance sheet, borrow volatility, current counterparty exposure and administrative costs associated with the swap counterparty. Generally for most of the Bull ETFs, the financing costs will have a negative effect on tracking, but for Bear ETFs, the financing cost will have a positive effect on tracking. An increase in interest rates which effects the cost of financing will further impact an ETF's performance and ability to track its index.

DIREXION SEMI-ANNUAL REPORT
5

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

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

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

Direxion Shares Performance Review:

The Direxion Daily CSI 300 China A Share Bull 2X Shares seeks to provide 200% of the daily return of the CSI 300 Index. The CSI 300 Index is a modified free-float market capitalization weighted index comprised of the largest and most liquid stocks in the Chinese A-share market. Index constituent stocks must have been listed for more than three months (unless the stock's average daily A-share market capitalization since its initial listing ranks among the top 30 of all A-shares) and must not be experiencing obvious abnormal fluctuations or market manipulations. For the Semi-Annual Period, the CSI 300 Index returned 1.32%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily CSI 300 China A Share Bull 2X Shares returned -1.11%, while the model indicated an expected return 1.05%.

The Direxion Daily CSI China Internet Index Bull 2X Shares seeks to provide 200% of the daily return of the CSI Overseas China Internet Index. The CSI Overseas China Internet Index is provided by China Securities Index Co., LTD. The index is designed to measure the performance of the investable universe of publicly traded China-based companies whose primary business or businesses are in the internet and internet-related sectors, as defined by the index sponsor, China Securities Index Co., Ltd. A China-based company is a company that meets at least one of the following criteria: 1) the company is incorporated in mainland China; 2) its headquarters are in mainland China; or 3) at least 50% of the revenue from goods produced or sold, or services performed in mainland China. The index provider then removes securities that during the past year had a daily average trading value of less than $500,000 or a daily average market capitalization of less than $500 million. For the Semi-Annual Period, the CSI Overseas China Internet Index returned 9.19%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily CSI China Internet Index Bull 2X Shares returned 8.53%, while the model indicated an expected return of 13.29%.

The Direxion Daily S&P 500®​ Bull 2X Shares and the Direxion Daily S&P 500®​ Bear 1X Shares seek to provide 200% and -100% 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. The S&P 500®​ Index is a capitalization-weighted index composed of 500 domestic common stocks. Standard & Poor's®​ selects the stocks comprising the S&P 500®​ Index on the basis of market capitalization, financial viability of the company and the public float, liquidity and price of a company's shares outstanding. The index is a float-adjusted market capitalization-weighted index. For the Semi-Annual Period, the S&P 500®​ Index returned 19.72%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily S&P 500®​ Bull 2X Shares returned 40.61%, while the model indicated an expected return of 42.40%. The Direxion Daily S&P 500®​ Bear 1X Shares returned -13.91%, while the model indicated an expected return of -17.02%.

The Direxion Daily Concentrated Qs Bull 2X Shares and the Direxion Daily Concentrated Qs Bear 1X Shares seek to provide 200% and -100% of the daily return of the Indxx Front of the Q Index, respectively. The Indxx Front of the Q Index is provided by Indxx, LLC and is designed to track the performance of the seven largest NASDAQ listed companies. From March 7, 2024 (the inception date of the Funds) through April 30, 2024, the Indxx Front of the Q Index returned -1.41%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index

DIREXION SEMI-ANNUAL REPORT
6

alone should not generate expectations of annual performance of the ETFs. Since inception, the Direxion Daily Concentrated Qs Bull 2X Shares returned 0.06%, while the model indicated an expected return of -3.54%. Since inception, the Direxion Daily Concentrated Qs Bear 1X Shares returned -0.29%, while the model indicated an expected return of 0.66%.

The Direxion Daily MSCI Brazil Bull 2X Shares seeks to provide 200% of the daily return of the MSCI Brazil 25/50 Index. The MSCI Brazil 25/50 Index is designed to measure the performance of the large- and mid-capitalization segments of the Brazilian equity market, covering approximately 85% of the free float-adjusted market capitalization of Brazilian issuers. For the Semi-Annual Period, the MSCI Brazil 25/50 Index returned 4.86%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily MSCI Brazil Bull 2X Shares returned 10.47%, while the model indicated an expected return of 7.69%.

The Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares seeks to provide 200% of the daily return of the MSCI Emerging Markets ex China Index. The MSCI Emerging Markets ex China Index is designed to capture the large- and mid-capitalization securities across 23 of the 24 emerging markets (with the exception of China) as defined by MSCI Inc. The Index is market cap weighted and covers approximately 85% of the free float-adjusted market capitalization in each of the selected countries. From February 7, 2024 (the inception date of the Fund) through April 30, 2024, the MSCI Emerging Markets ex China Index returned 2.79%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. Since inception, the Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares returned 1.77%, while the model indicated an expected return of 3.93%.

The Direxion Daily MSCI India Bull 2X Shares seeks to provide 200% of the daily return of the MSCI India Index. The MSCI India Index is designed to measure the performance of the large- and mid-capitalization segments of the Indian equity market, covering approximately 85% of companies in the Indian equity universe. For the Semi-Annual Period, the MSCI India Index returned 20.62%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily MSCI India Bull 2X Shares returned 40.25%, while the model indicated an expected return of 44.44%.

The Direxion Daily Cloud Computing Bull 2X Shares seeks to provide 200% of the daily return of the Indxx USA Cloud Computing Index. The Indxx USA Cloud Computing Index is provided by Indxx, LLC and includes domestic companies that deliver cloud computing infrastructure, platforms, or services. The companies included in the Index are involved in the delivery of computing services – servers, storage, databases, networking, software, analytics, and more, over the internet, which is often referred to as the "Cloud." The Index Provider has defined cloud computing to include three themes: Infrastructure as a service; Platform as a service; and Software as a service. For the Semi-Annual Period, the Indxx USA Cloud Computing Index returned 14.21%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Cloud Computing Bull 2X Shares returned 20.66%, while the model indicated an expected return of 27.57%.

The Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares seeks to provide 200% of the daily return of the Indxx US Electric and Autonomous Vehicles Index. The Indxx US Electric and Autonomous Vehicles Index is designed to track the performance of electric and autonomous vehicles companies. The Index Provider defines electric and autonomous vehicles companies as those companies that derive at least 50% of their revenues from the following activities (or "sub-themes"): Manufacturers – companies that manufacture and sell electric or autonomous vehicles; Enablers – companies that build infrastructure or create technology for electric or autonomous vehicles, such as charging docks and batteries; and Software and Technology Services – companies that engage in the development of software and technology for electric or autonomous vehicles. For the Semi-Annual Period, the Indxx US Electric and Autonomous Vehicles Index returned -25.23%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. Since inception, the Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares returned -49.93%, while the model indicated an expected return of -37.58%.

DIREXION SEMI-ANNUAL REPORT
7

The Direxion Daily Energy Bull 2X Shares and the Direxion Daily Energy Bear 2X Shares seek to provide 200% and -200%, respectively, of the daily return of the Energy Select Sector Index. The Energy Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the energy sector which includes the following industries: oil, gas and consumable fuels; and energy equipment and services. For the Semi-Annual Period, the Energy Select Sector Index returned 12.08%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Energy Bull 2X Shares returned 19.04%, while the model indicated an expected return of 23.85%. The Direxion Daily Energy Bear 2X Shares returned -17.37%, while the model indicated an expected return of -23.72%.

The Direxion Daily Global Clean Energy Bull 2X Shares seeks to provide 200% of the daily return of the S&P Global Clean Energy Index. The S&P Global Clean Energy Index is designed to track the performance of companies from developed markets whose economic fortunes are tied to the global clean energy business. The Index has a target constituent count of 100 and is limited to those stocks traded on a developed market exchange that meet or exceed, at the time of inclusion, $300 million in total market capitalization, $100 million in float adjusted market capitalization, and $3 million average daily value traded over a six-month period. The Index is rebalanced semiannually. For the Semi-Annual Period, the S&P Global Clean Energy Index returned 4.36%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. Since inception, the Direxion Daily Global Clean Energy Bull 2X Shares returned -2.15%, while the model indicated an expected return of 5.93%.

The Direxion Daily Gold Miners Index Bull 2X Shares and the Direxion Daily Gold Miners Index Bear 2X Shares seek to provide 200% and -200%, respectively, of the daily return of the NYSE Arca Gold Miners Index. The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies that operate globally in both developed and emerging markets, and are involved primarily in mining for gold and, to a lesser extent, in mining for silver. The index will limit the weight of companies whose revenues are more significantly exposed to silver mining to less than 20% of the index at each rebalance date. The index may include small- and mid-capitalization companies and foreign issuers. For the Semi-Annual Period, the NYSE Arca Gold Miners Index returned 19.78%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Gold Miners Index Bull 2X Shares returned 31.95%, while the model indicated an expected return of 36.00%. The Direxion Daily Gold Miners Index Bear 2X Shares returned -36.50%, while the model indicated an expected return of -40.81%.

The Direxion Daily Junior Gold Miners Index Bull 2X Shares and the Direxion Daily Junior Gold Miners Index Bear 2X Shares seek to provide 200% and -200%, respectively, of the daily return of the MVIS Global Junior Gold Miners Index. The MVIS Global Junior Gold Miners Index tracks the performance of foreign and domestic micro-, small- and mid-capitalization companies that generate, or demonstrate the potential to generate, at least 50% of their revenues from, or have at least 50% of their assets related to, gold mining and/or silver mining, hold real property or have mining projects that have the potential to produce at least 50% of the company's revenue from gold or silver mining when developed, or primarily invest in gold or silver. For the Semi-Annual Period, the MVIS Global Junior Gold Miners Index returned 21.73%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Junior Gold Miners Index Bull 2X Shares returned 34.89%, while the model indicated an expected return of 38.87%. The Direxion Daily Junior Gold Miners Index Bear 2X Shares returned -40.95%, while the model indicated an expected return of -44.71%.

The Direxion Daily NYSE FANG+ Bull 2X Shares (the "FANG ETF") seeks to provide 200% of the daily return of the NYSE FANG+ Index. The NYSE FANG+ Index is an equal-dollar weighted Index designed to track the performance of 10 highly-traded growth stocks of technology and tech-enabled companies. The Index is comprised of the securities of U.S.-listed companies that ICE Data Indices, LLC (the "Index Provider") has identified as FANG+ companies, which are comprised of six FAANMG companies and four non-FAANMG companies. The Index Provider defines FAANMG as Meta Platforms Inc. (META), Apple Inc. (AAPL), Amazon.com Inc. (AMZN), Netflix Inc. (NFLX), Microsoft Corp. (MSFT), and Alphabet Inc. Class A (GOOGL). The Index is reconstituted quarterly. For the Semi-Annual Period, the NYSE FANG+ Index returned 31.04%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the

DIREXION SEMI-ANNUAL REPORT
8

index alone should not generate expectations of annual performance of the ETF. The FANG ETF returned 68.63%, while the model indicated an expected return of 67.60%.

The Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares seeks to provide 200% of the daily return of the Indxx Global Robotics & Artificial Intelligence Thematic Index. The Indxx Global Robotics & Artificial Intelligence Thematic Index is designed to provide exposure to exchange-listed companies in developed markets that are expected to benefit from the adoption and utilization of robotics and/or artificial intelligence, including companies involved in developing industrial robots and production systems, automated inventory management, unmanned vehicles, voice/image/text recognition, and medical robots or robotic instruments, as defined by the index provider, Indxx, LLC. Companies must have a minimum market capitalization of $100 million and a minimum average daily turnover for the last 6 months greater than, or equal to, $2 million in order to be eligible for inclusion in the Index. For the Semi-Annual Period, the Indxx Global Robotics & Artificial Intelligence Thematic Index returned 29.37%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares returned 62.35%, while the model indicated an expected return of 63.65%.

The Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares and the Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares seek to provide 200% and -200%, respectively, of the daily return of the S&P Oil & Gas Exploration & Production Select Industry Index. The S&P Oil & Gas Exploration & Production Select Industry Index is provided by Standard & Poor's and includes domestic companies from the oil and gas exploration and production sub-industry. The index is designed to measure the performance of a sub-industry or group of sub-industries determined based on the Global Industry Classification Standards. For the Semi-Annual Period, the S&P Oil & Gas Exploration & Production Select Industry Index returned 5.95%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares returned 5.49%, while the model indicated an expected return of 9.69%. The Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares returned -9.98%, while the model indicated an expected return of -16.84%.

The Direxion Daily Travel & Vacation Bull 2X Shares seeks to provide 200% of the daily return of the BlueStar®​ Travel and Vacation Index. The BlueStar®​ Travel and Vacation Index is provided by MV Index Solutions GmbH and is comprised of U.S. listed stocks, including depository receipts, of companies that are "Travel and Vacation" companies, as defined by the Index Provider. To be eligible for inclusion in the Index, a company must either (a) derive 25% or more of its revenue from, or devote 25% or more of its annual budget to, operating theme parks and/or hotels or (b) derive 50% or more of its revenue from, or devote 50% or more of its annual budget to the following activities: 1. Hotel accommodations; 2. Commercial airlines; 3. Casino resorts; 4. Hotel time shares; 5. Ski resorts; 6. Cruises; 7. Hotel real estate investment trusts; 8. Performing arts centers; 9. Online travel and event booking; 10. Specialty travel and experiences (such as outer space passenger travel), and/or 11. Operation of theme parks. For the Semi-Annual Period, the BlueStar®​ Travel and Vacation Index returned 24.60%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Travel & Vacation Bull 2X Shares returned 46.07%, while the model indicated an expected return of 52.83%.

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

Best Regards,

  

 

Patrick Rudnick

  

Corey Noltner

  

Principal Executive Officer

  

Principal Financial Officer

  

DIREXION SEMI-ANNUAL REPORT
9

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

*Basis Point: One hundredth of 1 percentage point.

*Consumer Price Index (CPI): CPI measures the monthly change in prices paid by U.S. consumers.

*Yield Curve: The yield curve is a line that plots yields (interest rates) of bonds having equal credit quality but differing maturity dates. The slope of the yield curve gives an idea of future interest rate changes and economic activity.

*S&P 500®​ Index: The S&P 500 Index, or Standard & Poor's 500 Index, is a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S.

*NASDAQ-100®​ Index: The Index includes 100 of the largest domestic and international non-financial companies listed on the NASDAQ Stock Market®​ based on market capitalization.

Leveraged and Inverse ETFs pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They seek daily goals and should not be expected to track the underlying index over periods longer than one day. They are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk and who actively manage their investments. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns for performance under one year are cumulative, not annualized. For the most recent month-end performance please visit the Funds website at direxion.com.

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

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

SOFR (Secured Overnight Financing Rate) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities.

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

The views of this letter were those of the Adviser as of April 30, 2024 and may not necessarily reflect its views on the date this letter is first published or anytime thereafter. These views are intended to help shareholders in understanding the ETFs' present investment methodology and do not constitute investment advice.

Distributed by: Foreside Fund Services, LLC

DIREXION SEMI-ANNUAL REPORT
10

Letter to Single Stock Shareholders

Dear Shareholders,

This Semi-Annual Report for the Direxion Shares ETF Trust exchange-traded funds (the "ETFs") covers the period from November 1, 2023 to April 30, 2024 (the "Semi-Annual Period").

Market Review:

The Semi-Annual Period began with pressure on equities as bond yields grew and inflation was top of mind for investors. Geopolitical tension also contributed to uncertainty in the markets; the Chinese economy's recovery lagged, the war in Ukraine continued, and the Israeli-Palestinian war began. Despite these headwinds, November 2023 experienced positive returns with the S&P 500 up 8.0%. In particular, rate-sensitive areas like real estate and tech had strong performance, while energy underperformed. The "Magnificent Seven" (Apple Inc., Alphabet Inc., Amazon.com, Inc., Meta Platforms, Inc., Microsoft Corporation, NVIDIA Corporation and Tesla, Inc.) rose to prominence during the Semi-Annual Period as tech rallied. 2023 ended on a bullish note, with all eleven sectors posting positive returns in December. Additionally, small caps had a standout month, with the Russell 2000 up 12.2% in December 2023. 2024 started on a mostly optimistic note for equity markets, although the momentum for small caps did not last. The February core consumer price index reading showed prices up 0.4% month-over-month but was still trending downward and far below its peak. Despite this higher-than-expected inflation, the U.S. economy remained resilient. Contrary to the beginning of the Semi-Annual Period, in March 2024, the energy sector outperformed, while tech underperformed and in April 2024, small caps ended the month in the red. At the end of the Semi-Annual Period, the geopolitical landscape remained rocky and persistent inflation remained a key issue.

After government bonds reached record highs, in November, yields began to decline, which continued through the end of the year, prompting a rally for the bond markets. All eyes were on the Federal Reserve during the Semi-Annual Period as they began to discuss the possibility of rate cuts in light of lower treasury yields, indicating a dovish pivot. Inflation began to ease, but remained at elevated levels that did not reach the Fed's 2% target. At the beginning of 2024, longer term treasury curves increased slightly. The Federal Reserve made no rate cuts by the end of the Semi-Annual Period, indicating the previously anticipated monetary easing would not happen as soon as expected, if at all. As a result of shifting expectations, 2-year and 10-year treasury yields rose in April.

Direxion Shares Operational Review:

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

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

Effective April 2, 2024, the ETFs with the word "Bull" in their name (the "Bull ETFs") attempt to provide investment results that correlate to 200%, before fees and expenses, of the daily performance of an underlying security, meaning the Bull Funds attempt to move in the same direction as their respective target underlying security. Prior to April 2, 2024, the Bull ETFs attempted to provide investment results that correlated to 150%, before fees and expenses, of the daily performance of an underlying security.

DIREXION SEMI-ANNUAL REPORT
11

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

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

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

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

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

Factors Affecting the ETFs' Performance:

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

Leverage – Each Bull ETF seeks daily investment results (before fees and expenses) of 200% of the performance of its respective underlying security. Prior to April 2, 2024, each Bull ETF sought daily investment results (before fees and expenses) of 150% of the performance of its respective underlying security. The use of leverage magnifies an ETF's gains or losses and increases the investment's risk and volatility.

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

DIREXION SEMI-ANNUAL REPORT
12

Cost of Financing – In order to attain leveraged exposure, a Bull ETF incurs a cost of SOFR plus or minus a spread and a Bear ETF receives SOFR plus or minus a spread as applied to the borrowed portion of the ETF's exposure. The spread varies by both Fund and counterparty and is a function of market demand, hedging costs, access to balance sheet, borrow volatility, current counterparty exposure and administrative costs associated with the swap counterparty. Generally, for most of the Bull ETFs, the financing costs will have a negative effect on tracking, but for Bear ETFs, the financing cost will have a positive effect on tracking. An increase in interest rates, which affects the cost of financing, will further impact an ETF's performance and ability to track its underlying security.

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

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

Direxion Shares Performance Review:

The Direxion Daily AAPL Bull 2X Shares and the Direxion Daily AAPL Bear 1X Shares seek daily investment results, before fees and expenses, of 200% or -100%, respectively, of the performance of the common shares of Apple Inc. (NASDAQ: AAPL). Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. For the Semi-Annual Period, the common shares of Apple Inc. returned -1.84%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETFs. From November 1, 2023 through April 1, 2024, the Direxion Daily AAPL Bull 2X Shares (formerly, the Direxion Daily AAPL Bull 1.5X Shares) returned -6.06%, while the model indicated an expected return of -3.53%. From April 2, 2024 through April 30, 2024, the Direxion Daily AAPL Bull 2X Shares returned 0.47%, while the model indicated an expected return of 1.16%. The Direxion Daily AAPL Bear 1X Shares returned 2.26%, while the model indicated an expected return of -0.04%.

The Direxion Daily AMZN Bull 2X Shares and the Direxion Daily AMZN Bear 1X Shares seek daily investment results, before fees and expenses, of 200% or -100%, respectively, of the performance of the common shares of Amazon.com, Inc. (NASDAQ: AMZN). Amazon.com, Inc. engages in the retail sale of consumer products and subscriptions in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services. For the Semi-Annual Period, the common shares of Amazon.com, Inc. returned 27.74%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETFs. From November 1, 2023 through April 1, 2024, the Direxion Daily AMZN Bull 2X Shares (formerly, the Direxion Daily AMZN Bull 1.5X Shares) returned 46.47%, while the model indicated an expected return of 50.55%. From April 2, 2024 through April 30, 2024, the Direxion Daily AMZN Bull 2X Shares returned -7.62%, while the model indicated an expected return of -4.90%. The Direxion Daily AMZN Bear 1X Shares returned -20.83%, while the model indicated an expected return of -23.97%.

The Direxion Daily GOOGL Bull 2X Shares and the Direxion Daily GOOGL Bear 1X Shares seek daily investment results, before fees and expenses, of 200% or -100%, respectively, of the performance of the class A shares of Alphabet Inc. (NASDAQ: GOOGL). Alphabet Inc. provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. For the Semi-Annual Period, the common shares of Alphabet Inc. returned 28.73%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETFs. From November 1, 2023 through April 1, 2024, the Direxion Daily GOOGL Bull 2X Shares (formerly, the Direxion Daily GOOGL Bull 1.5X Shares) returned 31.26% while the model indicated an expected return of 34.95%. From April 2, 2024 through April 30, 2024, the Direxion Daily GOOGL Bull 2X Shares returned 8.54% while the model indicated an expected return of 7.52%. The Direxion Daily GOOGL Bear 1X Shares returned -22.50%, while the model indicated an expected return of -25.56%.

DIREXION SEMI-ANNUAL REPORT
13

The Direxion Daily MSFT Bull 2X Shares and the Direxion Daily MSFT Bear 1X Shares seek daily investment results, before fees and expenses, of 200% or -100%, respectively, of the performance of the common shares of Microsoft Corporation (NASDAQ: MSFT). Microsoft Corporation develops, licenses, and supports software, services, devices, and solutions worldwide. For the Semi-Annual Period, the common shares of Microsoft Corporation returned 12.94%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETFs. From November 1, 2023 through April 1, 2024, the Direxion Daily MSFT Bull 2X Shares (formerly, Direxion Daily MSFT Bull 1.5X Shares) returned 32.67%, while the model indicated an expected return of 35.98%. From April 2, 2024 through April 30, 2024, the Direxion Daily MSFT Bull 2X Shares returned -15.68%, while the model indicated an expected return of -11.35%. The Direxion Daily MSFT Bear 1X Shares returned -9.36%, while the model indicated an expected return of -13.01%.

The Direxion Daily NVDA Bull 2X Shares and the Direxion Daily NVDA Bear 1X Shares seek daily investment results, before fees and expenses, of 200% or -100%, respectively, of the performance of the common shares of NVIDIA Corporation (NASDAQ: NVDA). NVIDIA Corporation operates as a visual computing company worldwide. It operates in two segments, graphics and compute and networking. For the Semi-Annual Period, the common shares of NVIDIA Corporation returned 104.17%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETFs. From November 1, 2023 through April 1, 2024, the Direxion Daily NVDA Bull 2X Shares (formerly, the Direxion Daily NVDA Bull 1.5X Shares) returned 195.69%, while the model indicated an expected return of 203.50% From April 2, 2024 through April 30, 2024, the Direxion Daily NVDA Bull 2X Shares returned -10.31%, while the model indicated an expected return of -6.09%. The Direxion Daily NVDA Bear 1X Shares returned -54.13%, while the model indicated an expected return of -56.09%.

The Direxion Daily TSLA Bull 2X Shares and the Direxion Daily TSLA Bear 1X Shares seek daily investment results, before fees and expenses, of 200% or -100%, respectively, of the performance of the common shares of Tesla, Inc. (NASDAQ: TSLA). Tesla, Inc. designs, manufactures and sells electric vehicles and electric vehicle powertrain components. For the Semi-Annual Period, the common shares of Tesla, Inc. returned -10.88%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETFs. From November 1, 2023 through April 1, 2024, the Direxion Daily TSLA Bull 2X Shares (formerly, the Direxion Daily TSLA Bull 1.5X Shares) returned -26.05%, while the model indicated an expected return of -23.80%. From April 2, 2024 through April 30, 2024, the Direxion Daily TSLA Bull 2X Shares returned 14.04%, while the model indicated an expected return of 13.21%. The Direxion Daily TSLA Bear 1X Shares returned 1.42%, while the model indicated an expected return of -2.48%.

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

Best Regards,

  

 

Patrick Rudnick

  

Corey Noltner

  

Principal Executive Officer

  

Principal Financial Officer

  

DIREXION SEMI-ANNUAL REPORT
14

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

*Basis Point: One hundredth of 1 percentage point.

*Consumer Price Index (CPI): CPI measures the monthly change in prices paid by U.S. consumers.

*Yield Curve: The yield curve is a line that plots yields (interest rates) of bonds having equal credit quality but differing maturity dates. The slope of the yield curve gives an idea of future interest rate changes and economic activity.

*S&P 500®​ Index: The S&P 500 Index, or Standard & Poor's 500 Index, is a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S.

*NASDAQ-100®​ Index: The Index includes 100 of the largest domestic and international non-financial companies listed on the NASDAQ Stock Market®​ based on market capitalization.

*SOFR (Secured Overnight Financing Rate) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities.

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

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

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

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

Direxion Shares ETF Risks – An investment in the ETFs involves risk, including the possible loss of principal. The ETFs are non-diversified and include risks associated with concentration that results from an ETF's investments in a particular industry, sector or company, which can increase volatility. The use of derivatives such as futures

DIREXION SEMI-ANNUAL REPORT
15

contracts and swaps are subject to market risks that may cause their price to fluctuate over time. The ETFs do not attempt to, and should not be expected to, provide returns which are the inverse or a multiple of the return of their respective underlying security for periods other than a single day. For other risks including leverage, correlation, daily compounding, market volatility and risks specific to an industry, sector, or company, please read each ETF's prospectus.

The views of this letter were those of the Adviser as of April 30, 2024, and may not necessarily reflect its views on the date this letter is first published or anytime thereafter. These views are intended to help shareholders in understanding the ETFs' present investment methodology and do not constitute investment advice.

Distributed by: Foreside Fund Services, LLC

DIREXION SEMI-ANNUAL REPORT
16

Expense Example (Unaudited)

April 30, 2024

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

The example is based on initial investments of $1,000 invested at the beginning of the period and held the entire period (November 1, 2023 to April 30, 2024).

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, 2023 to April 30, 2024" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

Expense Example (Unaudited)

April 30, 2024

    Annualized
Expense Ratio		   Beginning
Account Value
November 1, 2023		   Ending
Account Value
April 30, 2024		   Expenses Paid
During Period
November 1, 2023 to
April 30, 2024*		  

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

  

Based on actual fund return

    

0.53

%

  

$

1,000.00

    

$

860.90

    

$

2.45

    

Based on hypothetical 5% return

    

0.53

%

    

1,000.00

      

1,022.23

      

2.66

    

Direxion Daily AAPL Bear 1X Shares

  

Based on actual fund return

    

1.14

%

    

1,000.00

      

1,022.60

      

5.73

    

Based on hypothetical 5% return

    

1.14

%

    

1,000.00

      

1,019.19

      

5.72

    

Direxion Daily AMZN Bear 1X Shares

  

Based on actual fund return

    

0.96

%

    

1,000.00

      

768.70

      

4.22

    

Based on hypothetical 5% return

    

0.96

%

    

1,000.00

      

1,020.09

      

4.82

    

Direxion Daily GOOGL Bear 1X Shares

  

Based on actual fund return

    

0.96

%

    

1,000.00

      

760.30

      

4.20

    

Based on hypothetical 5% return

    

0.96

%

    

1,000.00

      

1,020.09

      

4.82

    

DIREXION SEMI-ANNUAL REPORT
17

Expense Example (Unaudited)

April 30, 2024

    Annualized
Expense Ratio		   Beginning
Account Value
November 1, 2023		   Ending
Account Value
April 30, 2024		   Expenses Paid
During Period
November 1, 2023 to
April 30, 2024*		  

Direxion Daily MSFT Bear 1X Shares

  

Based on actual fund return

    

0.97

%

  

$

1,000.00

    

$

885.20

    

$

4.55

    

Based on hypothetical 5% return

    

0.97

%

    

1,000.00

      

1,020.04

      

4.87

    

Direxion Daily NVDA Bear 1X Shares

  

Based on actual fund return

    

0.99

%

    

1,000.00

      

441.30

      

3.55

    

Based on hypothetical 5% return

    

0.99

%

    

1,000.00

      

1,019.94

      

4.97

    

Direxion Daily TSLA Bear 1X Shares

  

Based on actual fund return

    

1.65

%

    

1,000.00

      

990.30

      

8.17

    

Based on hypothetical 5% return

    

1.65

%

    

1,000.00

      

1,016.66

      

8.27

    

Direxion Daily Concentrated Qs Bear 1X Shares2​

  

Based on actual fund return

    

0.45

%

    

1,000.00

      

997.10

      

0.68

    

Based on hypothetical 5% return

    

0.45

%

    

1,000.00

      

1,006.84

      

0.68

    

Direxion Daily AAPL Bull 2X Shares

  

Based on actual fund return

    

1.06

%

    

1,000.00

      

956.20

      

5.16

    

Based on hypothetical 5% return

    

1.06

%

    

1,000.00

      

1,019.59

      

5.32

    

Direxion Daily AMZN Bull 2X Shares

  

Based on actual fund return

    

1.32

%

    

1,000.00

      

1,407.40

      

7.90

    

Based on hypothetical 5% return

    

1.32

%

    

1,000.00

      

1,018.30

      

6.62

    

Direxion Daily GOOGL Bull 2X Shares

  

Based on actual fund return

    

1.11

%

    

1,000.00

      

1,447.30

      

6.75

    

Based on hypothetical 5% return

    

1.11

%

    

1,000.00

      

1,019.34

      

5.57

    

Direxion Daily MSFT Bull 2X Shares

  

Based on actual fund return

    

1.18

%

    

1,000.00

      

1,140.40

      

6.28

    

Based on hypothetical 5% return

    

1.18

%

    

1,000.00

      

1,019.00

      

5.92

    

Direxion Daily NVDA Bull 2X Shares

  

Based on actual fund return

    

1.69

%

    

1,000.00

      

2,744.50

      

15.73

    

Based on hypothetical 5% return

    

1.69

%

    

1,000.00

      

1,016.46

      

8.47

    

Direxion Daily TSLA Bull 2X Shares

  

Based on actual fund return

    

0.96

%

    

1,000.00

      

787.80

      

4.27

    

Based on hypothetical 5% return

    

0.96

%

    

1,000.00

      

1,020.09

      

4.82

    
Direxion Daily CSI 300 China A Share
Bull 2X Shares		  

Based on actual fund return

    

0.96

%

    

1,000.00

      

988.90

      

4.75

    

Based on hypothetical 5% return

    

0.96

%

    

1,000.00

      

1,020.09

      

4.82

    
Direxion Daily CSI China Internet Index
Bull 2X Shares		  

Based on actual fund return

    

0.91

%

    

1,000.00

      

1,085.30

      

4.72

    

Based on hypothetical 5% return

    

0.91

%

    

1,000.00

      

1,020.34

      

4.57

    

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

  

Based on actual fund return

    

0.84

%

    

1,000.00

      

1,406.10

      

5.03

    

Based on hypothetical 5% return

    

0.84

%

    

1,000.00

      

1,020.69

      

4.22

    

Direxion Daily MSCI Brazil Bull 2X Shares

  

Based on actual fund return

    

1.39

%

    

1,000.00

      

1,104.70

      

7.27

    

Based on hypothetical 5% return

    

1.39

%

    

1,000.00

      

1,017.95

      

6.97

    
Direxion Daily MSCI Emerging Markets
ex China Bull 2X Shares1​		  

Based on actual fund return

    

0.95

%

    

1,000.00

      

1,017.70

      

2.20

    

Based on hypothetical 5% return

    

0.95

%

    

1,000.00

      

1,009.29

      

2.19

    

Direxion Daily MSCI India Bull 2X Shares

  

Based on actual fund return

    

1.16

%

    

1,000.00

      

1,402.50

      

6.93

    

Based on hypothetical 5% return

    

1.16

%

    

1,000.00

      

1,019.09

      

5.82

    

Direxion Daily Cloud Computing Bull 2X Shares

  

Based on actual fund return

    

1.31

%

    

1,000.00

      

1,206.60

      

7.19

    

Based on hypothetical 5% return

    

1.31

%

    

1,000.00

      

1,018.35

      

6.57

    

DIREXION SEMI-ANNUAL REPORT
18

Expense Example (Unaudited)

April 30, 2024

    Annualized
Expense Ratio		   Beginning
Account Value
November 1, 2023		   Ending
Account Value
April 30, 2024		   Expenses Paid
During Period
November 1, 2023 to
April 30, 2024*		  

Direxion Daily Concentrated Qs Bull 2X Shares2​

  

Based on actual fund return

    

0.95

%

  

$

1,000.00

    

$

1,000.60

    

$

1.43

    

Based on hypothetical 5% return

    

0.95

%

    

1,000.00

      

1,006.09

      

1.43

    
Direxion Daily Electric and Autonomous Vehicles
Bull 2X Shares		  

Based on actual fund return

    

1.00

%

    

1,000.00

      

500.70

      

3.73

    

Based on hypothetical 5% return

    

1.00

%

    

1,000.00

      

1,019.89

      

5.02

    

Direxion Daily Energy Bull 2X Shares

  

Based on actual fund return

    

1.15

%

    

1,000.00

      

1,190.40

      

6.26

    

Based on hypothetical 5% return

    

1.15

%

    

1,000.00

      

1,019.14

      

5.77

    

Direxion Daily Energy Bear 2X Shares

  

Based on actual fund return

    

1.17

%

    

1,000.00

      

826.30

      

5.31

    

Based on hypothetical 5% return

    

1.17

%

    

1,000.00

      

1,019.04

      

5.87

    

Direxion Daily Global Clean Energy Bull 2X Shares

  

Based on actual fund return

    

1.04

%

    

1,000.00

      

978.50

      

5.12

    

Based on hypothetical 5% return

    

1.04

%

    

1,000.00

      

1,019.69

      

5.22

    

Direxion Daily Gold Miners Index Bull 2X Shares

  

Based on actual fund return

    

0.99

%

    

1,000.00

      

1,319.50

      

5.71

    

Based on hypothetical 5% return

    

0.99

%

    

1,000.00

      

1,019.94

      

4.97

    

Direxion Daily Gold Miners Index Bear 2X Shares

  

Based on actual fund return

    

1.49

%

    

1,000.00

      

635.00

      

6.06

    

Based on hypothetical 5% return

    

1.49

%

    

1,000.00

      

1,017.45

      

7.47

    
Direxion Daily Junior Gold Miners Index
Bull 2X Shares		  

Based on actual fund return

    

0.95

%

    

1,000.00

      

1,348.90

      

5.55

    

Based on hypothetical 5% return

    

0.95

%

    

1,000.00

      

1,020.14

      

4.77

    
Direxion Daily Junior Gold Miners Index
Bear 2X Shares		  

Based on actual fund return

    

1.58

%

    

1,000.00

      

590.50

      

6.25

    

Based on hypothetical 5% return

    

1.58

%

    

1,000.00

      

1,017.01

      

7.92

    

Direxion Daily NYSE FANG+ Bull 2X Shares

  

Based on actual fund return

    

1.21

%

    

1,000.00

      

1,686.30

      

8.08

    

Based on hypothetical 5% return

    

1.21

%

    

1,000.00

      

1,018.85

      

6.07

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

Based on actual fund return

    

1.37

%

    

1,000.00

      

1,623.50

      

8.94

    

Based on hypothetical 5% return

    

1.37

%

    

1,000.00

      

1,018.05

      

6.87

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

Based on actual fund return

    

1.36

%

    

1,000.00

      

1,054.90

      

6.95

    

Based on hypothetical 5% return

    

1.36

%

    

1,000.00

      

1,018.10

      

6.82

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

Based on actual fund return

    

1.15

%

    

1,000.00

      

900.20

      

5.43

    

Based on hypothetical 5% return

    

1.15

%

    

1,000.00

      

1,019.14

      

5.77

    

Direxion Daily Travel & Vacation Bull 2X Shares

  

Based on actual fund return

    

1.16

%

    

1,000.00

      

1,460.70

      

7.10

    

Based on hypothetical 5% return

    

1.16

%

    

1,000.00

      

1,019.09

      

5.82

    

*  Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 days (the number of days in the period of November 1, 2023 to April 30, 2024), then divided by 366.

1  ​Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period from February 7, 2024 (commencement of operations) to April 30, 2024, multiplied by 84 days (the number of days since commencement of operations to April 30, 2024), then divided by 366.

2  ​Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period from March 7, 2024 (commencement of operations) to April 30, 2024, multiplied by 55 days (the number of days since commencement of operations to April 30, 2024), then divided by 366.

DIREXION SEMI-ANNUAL REPORT
19

Allocation of Portfolio Holdings (Unaudited)

April 30, 2024

   

Cash*

   Common
Stocks		   Investment
Companies		  

Swaps

  

Total

  

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

    

100

%

    

—

      

—

      

0

%**

    

100

%

  

Direxion Daily AAPL Bear 1X Shares

    

88

%

    

—

      

—

      

12

%

    

100

%

  

Direxion Daily AMZN Bear 1X Shares

    

99

%

    

—

      

—

      

1

%

    

100

%

  

Direxion Daily GOOGL Bear 1X Shares

    

106

%

    

—

      

—

      

(6

)%

    

100

%

  

Direxion Daily MSFT Bear 1X Shares

    

94

%

    

—

      

—

      

6

%

    

100

%

  

Direxion Daily NVDA Bear 1X Shares

    

105

%

    

—

      

—

      

(5

)%

    

100

%

  

Direxion Daily TSLA Bear 1X Shares

    

79

%

    

—

      

—

      

21

%

    

100

%

  

Direxion Daily Concentrated Qs Bear 1X Shares

    

99

%

    

—

      

—

      

1

%

    

100

%

  

Direxion Daily AAPL Bull 2X Shares

    

87

%

    

21

%

    

—

      

(8

)%

    

100

%

  

Direxion Daily AMZN Bull 2X Shares

    

93

%

    

13

%

    

—

      

(6

)%

    

100

%

  

Direxion Daily GOOGL Bull 2X Shares

    

84

%

    

16

%

    

—

      

0

%**

    

100

%

  

Direxion Daily MSFT Bull 2X Shares

    

88

%

    

20

%

    

—

      

(8

)%

    

100

%

  

Direxion Daily NVDA Bull 2X Shares

    

99

%

    

6

%

    

—

      

(5

)%

    

100

%

  

Direxion Daily TSLA Bull 2X Shares

    

101

%

    

22

%

    

—

      

(23

)%

    

100

%

  

Direxion Daily CSI 300 China A Share Bull 2X Shares

    

47

%

    

—

      

46

%

    

7

%

    

100

%

  

Direxion Daily CSI China Internet Index Bull 2X Shares

    

41

%

    

—

      

50

%

    

9

%

    

100

%

  

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

    

10

%

    

84

%

    

—

      

6

%

    

100

%

  

Direxion Daily MSCI Brazil Bull 2X Shares

    

56

%

    

—

      

52

%

    

(8

)%

    

100

%

  

Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares

    

33

%

    

—

      

71

%

    

(4

)%

    

100

%

  

Direxion Daily MSCI India Bull 2X Shares

    

42

%

    

—

      

50

%

    

8

%

    

100

%

  

Direxion Daily Cloud Computing Bull 2X Shares

    

22

%

    

84

%

    

—

      

(6

)%

    

100

%

  

Direxion Daily Concentrated Qs Bull 2X Shares

    

70

%

    

36

%

    

—

      

(6

)%

    

100

%

  

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares

    

34

%

    

87

%

    

—

      

(21

)%

    

100

%

  

Direxion Daily Energy Bull 2X Shares

    

21

%

    

66

%

    

—

      

13

%

    

100

%

  

Direxion Daily Energy Bear 2X Shares

    

109

%

    

—

      

—

      

(9

)%

    

100

%

  

Direxion Daily Global Clean Energy Bull 2X Shares

    

16

%

    

—

      

91

%

    

(7

)%

    

100

%

  

Direxion Daily Gold Miners Index Bull 2X Shares

    

31

%

    

—

      

51

%

    

18

%

    

100

%

  

Direxion Daily Gold Miners Index Bear 2X Shares

    

104

%

    

—

      

—

      

(4

)%

    

100

%

  

Direxion Daily Junior Gold Miners Index Bull 2X Shares

    

44

%

    

—

      

39

%

    

17

%

    

100

%

  

Direxion Daily Junior Gold Miners Index Bear 2X Shares

    

103

%

    

—

      

—

      

(3

)%

    

100

%

  

Direxion Daily NYSE FANG+ Bull 2X Shares

    

52

%

    

45

%

    

—

      

3

%

    

100

%

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

43

%

    

—

      

51

%

    

6

%

    

100

%

  

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

    

37

%

    

47

%

    

—

      

16

%

    

100

%

  

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

    

110

%

    

—

      

—

      

(10

)%

    

100

%

  

Direxion Daily Travel & Vacation Bull 2X Shares

    

25

%

    

78

%

    

—

      

(3

)%

    

100

%

  

*  Cash, cash equivalents and other assets less liabilities.

**  Percentage is less than 0.5%.

DIREXION SEMI-ANNUAL REPORT
20

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

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 108.6%

  

Money Market Funds - 108.6%

  
 

160,537,901

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

160,537,901

    
 

25,223,410

     Goldman Sachs Financial
Square Government Fund
Institutional Shares, 5.22% (a)​		    

25,223,410

    
    TOTAL SHORT TERM
INVESTMENTS
(Cost $185,761,311) (b)​		  

$

185,761,311

    
    TOTAL INVESTMENTS
(Cost $185,761,311) -
108.6%		  

$

185,761,311

    
    Liabilities in Excess of Other
Assets - (8.6)%		    

(14,633,984

)

  
   

TOTAL NET ASSETS - 100.0%

  

$

171,127,327

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $36,392,175.

 

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
5.4700%
representing
1 month SOFR
rate + spread		  

Total return of
S&P 500®​ Index		  

UBS Securities LLC

  

12/17/2024

    

11,364

    

$

54,439,790

    

$

(2,041,212

)

  
5.7500%
representing
1 month SOFR
rate + spread		   Total return of
S&P 500®​ Index		  

Barclays

  

12/23/2024

    

22,619

      

115,992,307

      

2,600,627

    
               

$

170,432,097

    

$

559,415

    

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

DIREXION SEMI-ANNUAL REPORT
21

Direxion Daily AAPL Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 129.3%

      

Money Market Funds - 129.3%

      
 

29,681,213

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

29,681,213

    
 

1,959,419

     Dreyfus Treasury Securities Cash
Management Institutional
Shares, 5.19% (a)​		    

1,959,419

    
 

4,585,005

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (a)​		    

4,585,005

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $36,225,637) (b)​		  

$

36,225,637

    
        TOTAL INVESTMENTS
(Cost $36,225,637) - 129.3%		  

$

36,225,637

    
        Liabilities in Excess of Other
Assets - (29.3)%		    

(8,198,929

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

28,026,708

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $9,980,006.

  

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
3.8200%
representing
1 month SOFR
rate + spread		   Total return of
common shares of
Apple, Inc.		  

BNP Paribas

  

12/4/2024

    

40,482

    

$

7,525,449

    

$

716,559

    
5.3200%
representing
1 month SOFR
rate + spread		   Total return of
common shares of
Apple, Inc.		  

Goldman Sachs

  

12/10/2024

    

37,576

      

7,226,616

      

973,140

    
3.8200%
representing
1 month SOFR
rate + spread		   Total return of
common shares of
Apple, Inc.		   Bank of America
Merrill Lynch		  

12/11/2024

    

43,851

      

8,238,987

      

854,575

    
3.3200%
representing
1 month SOFR
rate + spread		   Total return of
common shares of
Apple, Inc.		  

Citibank N.A.

  

12/19/2024

    

42,636

      

8,135,404

      

947,790

    
                   

$

31,126,456

    

$

3,492,064

    

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

DIREXION SEMI-ANNUAL REPORT
22

Direxion Daily AMZN Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 53.4%

      

Money Market Funds - 53.4%

      
 

1,130,122

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

1,130,122

    
 

197,156

     Dreyfus Treasury Securities Cash
Management Institutional
Shares, 5.19% (a)​		    

197,156

    
 

2,073,538

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (a)​		    

2,073,538

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $3,400,816) (b)​		  

$

3,400,816

    
        TOTAL INVESTMENTS
(Cost $3,400,816) - 53.4%		  

$

3,400,816

    
        Other Assets in Excess of
Liabilities - 46.6%		    

2,973,143

    
       

TOTAL NET ASSETS - 100.0%

  

$

6,373,959

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,270,694.

  

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
5.3200%
representing
1 month SOFR
rate + spread		   Total return of
common shares of
Amazon.com, Inc.		  

Goldman Sachs

  

12/10/2024

    

4,694

    

$

845,991

    

$

28,282

    
3.8200%
representing
1 month SOFR
rate + spread		   Total return of
common shares of
Amazon.com, Inc.		   Bank of America
Merrill Lynch		  

12/11/2024

    

4,501

      

770,676

      

(12,015

)

  
3.3200%
representing
1 month SOFR
rate + spread		   Total return of
common shares of
Amazon.com, Inc.		  

Citibank N.A.

  

12/19/2024

    

27,228

      

4,808,570

      

50,800

    
                   

$

6,425,237

    

$

67,067

    

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

DIREXION SEMI-ANNUAL REPORT
23

Direxion Daily GOOGL Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 106.3%

      

Money Market Funds - 106.3%

      
 

1,933,218

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

1,933,218

    
 

418,946

     Dreyfus Treasury Securities Cash
Management Institutional
Shares, 5.19% (a)​		    

418,946

    
 

747,377

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (a)​		    

747,377

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $3,099,541) (b)​		  

$

3,099,541

    
        TOTAL INVESTMENTS
(Cost $3,099,541) - 106.3%		  

$

3,099,541

    
        Liabilities in Excess of Other
Assets - (6.3)%		    

(184,289

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

2,915,252

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,166,323.

  

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
5.3200%
representing
1 month SOFR
rate + spread		   Total return of common
shares of Alphabet, Inc.		  

Goldman Sachs

  

12/10/2024

    

5,516

    

$

816,209

    

$

(76,406

)

  
3.8200%
representing
1 month SOFR
rate + spread		   Total return of common
shares of Alphabet, Inc.		   Bank of America
Merrill Lynch		  

12/11/2024

    

6,619

      

999,671

      

(69,720

)

  
3.3200%
representing
1 month SOFR
rate + spread		   Total return of common
shares of Alphabet, Inc.		  

Citibank N.A.

  

12/19/2024

    

5,774

      

899,438

      

(39,979

)

  
                   

$

2,715,318

    

$

(186,105

)

  

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

DIREXION SEMI-ANNUAL REPORT
24

Direxion Daily MSFT Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 95.6%

      

Money Market Funds - 95.6%

      
 

7,086,212

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

7,086,212

    
 

1,053,103

     Dreyfus Treasury Securities Cash
Management Institutional
Shares, 5.19% (a)​		    

1,053,103

    
 

2,322,182

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (a)​		    

2,322,182

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $10,461,497) (b)​		  

$

10,461,497

    
        TOTAL INVESTMENTS
(Cost $10,461,497) - 95.6%		  

$

10,461,497

    
        Other Assets in Excess of
Liabilities - 4.4%		    

484,139

    
       

TOTAL NET ASSETS - 100.0%

  

$

10,945,636

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $3,375,285.

 

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
5.3200%
representing
1 month SOFR
rate + spread		   Total return of
common shares of
Microsoft Corp.		  

Goldman Sachs

  

12/10/2024

    

8,762

    

$

3,597,104

    

$

194,405

    
3.8200%
representing
1 month SOFR
rate + spread		   Total return of
common shares of
Microsoft Corp.		   Bank of America
Merrill Lynch		  

12/11/2024

    

8,217

      

3,428,699

      

237,842

    
3.3200%
representing
1 month SOFR
rate + spread		   Total return of
common shares of
Microsoft Corp.		  

Citibank N.A.

  

12/19/2024

    

11,135

      

4,515,816

      

186,325

    
                   

$

11,541,619

    

$

618,572

    

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

DIREXION SEMI-ANNUAL REPORT
25

Direxion Daily NVDA Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 105.2%

      

Money Market Funds - 105.2%

      
 

5,324,964

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

5,324,964

    
 

724,104

     Dreyfus Treasury Securities
Cash Management Institutional
Shares, 5.19% (a)​		    

724,104

    
 

630,000

     Goldman Sachs Financial Square
Government Fund Institutional
Shares, 5.22% (a)​		    

630,000

    
 

2,294,429

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (a)​		    

2,294,429

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $8,973,497) (b)​		  

$

8,973,497

    
        TOTAL INVESTMENTS
(Cost $8,973,497) - 105.2%		  

$

8,973,497

    
        Liabilities in Excess of Other
Assets - (5.2)%		    

(444,972

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

8,528,525

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $3,648,532.

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
5.3200%
representing
1 month SOFR
rate + spread		   Total return of
common shares of
NVIDIA Corp.		  

Goldman Sachs

  

12/10/2024

    

3,107

    

$

2,573,657

    

$

(96,289

)

  
3.8200%
representing
 1 month SOFR
  rate + spread		   Total return of
common shares of
NVIDIA Corp.		   Bank of America
Merrill Lynch		  

12/11/2024

    

2,097

      

1,904,222

      

100,235

    
3.3200%
representing
1 month SOFR
 rate + spread		   Total return of
common shares of
NVIDIA Corp.		  

Citibank N.A.

  

12/19/2024

    

3,870

      

3,003,763

      

(334,824

)

  
5.2200%
representing
1 month SOFR
rate + spread		   Total return of
common shares of
NVIDIA Corp.		  

Barclays

  

12/23/2024

    

797

      

630,706

      

(57,045

)

  
                   

$

8,112,348

    

$

(387,923

)

  

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

DIREXION SEMI-ANNUAL REPORT
26

Direxion Daily TSLA Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 96.7%

      

Money Market Funds - 96.7%

      
 

36,027,685

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

36,027,685

    
 

12,515,160

     Dreyfus Treasury Securities Cash
Management Institutional
Shares, 5.19% (a)​		    

12,515,160

    
 

12,474,959

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (a)​		    

12,474,959

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $61,017,804) (b)​		  

$

61,017,804

    
        TOTAL INVESTMENTS
(Cost $61,017,804) - 96.7%		  

$

61,017,804

    
        Other Assets in Excess of
Liabilities - 3.3%		    

2,105,463

    
       

TOTAL NET ASSETS - 100.0%

  

$

63,123,267

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $32,905,947.

 

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
3.8200%
representing
1 month SOFR
rate + spread		   Total return of
common shares of
Tesla, Inc.		  

BNP Paribas

  

12/4/2024

    

81,667

    

$

18,721,874

    

$

3,991,244

    
5.3200%
representing
1 month SOFR
rate + spread		   Total return of
common shares of
Tesla, Inc.		  

Goldman Sachs

  

12/10/2024

    

92,024

      

14,529,938

      

(2,323,924

)

  
3.8200%
representing
1 month SOFR
rate + spread		   Total return of
common shares of
Tesla, Inc.		   Bank of America
Merrill Lynch		  

12/11/2024

    

83,998

      

20,521,173

      

5,430,127

    
3.3200%
representing
1 month SOFR
rate + spread		   Total return of
common shares of
Tesla, Inc.		  

Citibank N.A.

  

12/19/2024

    

86,727

      

21,903,266

      

6,269,349

    
                   

$

75,676,251

    

$

13,366,796

    

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

DIREXION SEMI-ANNUAL REPORT
27

Direxion Daily Concentrated Qs Bear 1X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 98.6%

  

Money Market Funds - 98.6%

  
 

3,936,134

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

3,936,134

    
 

981,193

     Dreyfus Treasury Securities Cash
Management Institutional
Shares, 5.19% (a)​		    

981,193

    
    TOTAL SHORT TERM
INVESTMENTS
(Cost $4,917,327) (b)​		  

$

4,917,327

    
    TOTAL INVESTMENTS
(Cost $4,917,327) - 98.6%		  

$

4,917,327

    
    Other Assets in Excess of
Liabilities - 1.4%		    

68,211

    
   

TOTAL NET ASSETS - 100.0%

  

$

4,985,538

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $981,192.

 

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
5.7700%
representing
1 month SOFR
rate + spread		   Total return of Indxx
Front of the Q Index		  

Goldman Sachs

  

4/8/2025

    

941

    

$

5,015,252

    

$

55,517

    

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

DIREXION SEMI-ANNUAL REPORT
28

Direxion Daily AAPL Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 21.1%

      

Computer and Electronic Product Manufacturing - 21.1%

      
 

70,152

    

Apple, Inc.

  

$

11,948,991

    
        TOTAL COMMON STOCKS
(Cost $11,977,216)		  

$

11,948,991

    

SHORT TERM INVESTMENTS - 87.4%

      
 

21,716,967

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

21,716,967

    
 

9,444,230

     Dreyfus Treasury Securities Cash
Management Institutional
Shares, 5.19% (a)​		    

9,444,230

    
 

18,341,009

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (a)​		    

18,341,009

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $49,502,206)		  

$

49,502,206

    
        TOTAL INVESTMENTS
(Cost $61,479,422) - 108.5% (b)​		  

$

61,451,197

    
        Liabilities in Excess of Other
Assets - (8.5)%		    

(4,788,517

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

56,662,680

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $41,353,025.

 

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
Total return of
common shares
of Apple, Inc.		   7.3200% representing
1 month SOFR rate +
spread		  
BNP Paribas		  
12/04/2024		    

150,234

    

$

26,289,810

    

$

(1,014,830

)

  
Total return of
common shares
of Apple, Inc.		   8.3200% representing
1 month SOFR rate +
spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

131,868

      

22,901,272

      

(683,274

)

  
Total return of
common shares
of Apple, Inc.		   8.5700% representing
1 month SOFR rate +
spread		  

Citibank N.A.

  

12/19/2024

    

160,165

      

28,007,035

      

(1,041,951

)

  
Total return of
common shares
of Apple, Inc.		   6.3200% representing
1 month SOFR rate +
spread		  

Goldman Sachs

  

1/7/2025

    

152,914

      

27,609,146

      

(1,963,023

)

  
                   

$

104,807,263

    

$

(4,703,078

)

  

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

DIREXION SEMI-ANNUAL REPORT
29

Direxion Daily AMZN Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 12.8%

      

General Merchandise Retailers - 12.8%

      
 

65,097

    

Amazon.com, Inc. (a)​

  

$

11,391,975

    
        TOTAL COMMON STOCKS
(Cost $9,974,772)		  

$

11,391,975

    

SHORT TERM INVESTMENTS - 84.0%

      
 

11,633,559

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

11,633,559

    
 

17,517,685

     Dreyfus Treasury Securities Cash
Management Institutional
Shares, 5.19% (b)​		    

17,517,685

    
 

45,749,411

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (b)​		    

45,749,411

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $74,900,655)		  

$

74,900,655

    
        TOTAL INVESTMENTS
(Cost $84,875,427) - 96.8% (c)​		  

$

86,292,630

    
        Other Assets in Excess of
Liabilities - 3.2%		    

2,871,425

    
       

TOTAL NET ASSETS - 100.0%

  

$

89,164,055

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $63,895,695.

 

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
Total return of
common shares
of Amazon.com, Inc.		   8.3200% representing
1 month SOFR rate +
spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

365,444

    

$

64,640,572

    

$

(1,413,761

)

  
Total return of
common shares
of Amazon.com, Inc.		   9.0700% representing
1 month SOFR rate +
spread		  

Citibank N.A.

  

12/19/2024

    

260,436

      

47,125,931

      

(1,796,859

)

  
Total return of
common shares
of Amazon.com, Inc.		   6.5700% representing
1 month SOFR rate +
spread		  

Goldman Sachs

  

5/2/2025

    

328,046

      

59,254,247

      

(2,128,826

)

  
                   

$

171,020,750

    

$

(5,339,446

)

  

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

DIREXION SEMI-ANNUAL REPORT
30

Direxion Daily GOOGL Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 15.8%

      

Web Search Portals, Libraries, Archives, and Other Information Services - 15.8%

      
 

67,678

    

Alphabet, Inc. (a)​

  

$

11,016,625

    
        TOTAL COMMON STOCKS
(Cost $8,852,365)		  

$

11,016,625

    

SHORT TERM INVESTMENTS - 83.4%

      
 

13,356,291

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

13,356,291

    
 

18,115,188

     Dreyfus Treasury Securities Cash
Management Institutional
Shares, 5.19% (b)​		    

18,115,188

    
 

26,648,100

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (b)​		    

26,648,100

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $58,119,579)		  

$

58,119,579

    
        TOTAL INVESTMENTS
(Cost $66,971,944) - 99.2% (c)​		  

$

69,136,204

    
        Other Assets in Excess of
Liabilities - 0.8%		    

576,229

    
       

TOTAL NET ASSETS - 100.0%

  

$

69,712,433

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $44,763,289.

 

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
Total return of
common shares
of Alphabet, Inc.		   6.5700% representing
1 month SOFR rate +
spread		  

Goldman Sachs

  

12/10/2024

    

313,556

    

$

53,917,826

    

$

(2,896,845

)

  
Total return of
common shares
of Alphabet, Inc.		   8.3200% representing
1 month SOFR rate +
spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

246,745

      

40,165,151

      

(560,082

)

  
Total return of
common shares
of Alphabet, Inc.		   8.5700% representing
1 month SOFR rate +
spread		  

Citibank N.A.

  

12/19/2024

    

228,572

      

33,548,627

      

3,136,439

    
                   

$

127,631,604

    

$

(320,488

)

  

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

DIREXION SEMI-ANNUAL REPORT
31

Direxion Daily MSFT Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 19.8%

      

Publishing Industries - 19.8%

      
 

36,368

    

Microsoft Corp.

  

$

14,159,153

    
        TOTAL COMMON STOCKS
(Cost $13,516,351)		  

$

14,159,153

    

SHORT TERM INVESTMENTS - 89.3%

      
 

18,745,194

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

18,745,194

    
 

10,548,418

     Dreyfus Treasury Securities Cash
Management Institutional
Shares, 5.19% (a)​		    

10,548,418

    
 

12,350,000

     Goldman Sachs Financial Square
Government Fund Institutional
Shares, 5.22% (a)​		    

12,350,000

    
 

22,167,372

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (a)​		    

22,167,372

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $63,810,984)		  

$

63,810,984

    
        TOTAL INVESTMENTS
(Cost $77,327,335) - 109.1% (b)​		  

$

77,970,137

    
        Liabilities in Excess of Other
Assets - (9.1)%		    

(6,521,421

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

71,448,716

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $45,065,790.

 

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
Total return of
common shares
of Microsoft Corp.		   8.3200% representing
1 month SOFR rate +
spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

108,321

    

$

42,840,483

    

$

(1,374,709

)

  
Total return of
common shares
of Microsoft Corp.		   8.5700% representing
1 month SOFR rate +
spread		  

Citibank N.A.

  

12/19/2024

    

44,256

      

18,074,803

      

(1,168,231

)

  
Total return of
common shares
of Microsoft Corp.		   6.0200% representing
1 month SOFR rate +
spread		  

Barclays

  

12/23/2024

    

90,000

      

37,254,411

       (2,604,001)    
Total return of
common shares
of Microsoft Corp.		   6.5700% representing
1 month SOFR rate +
spread		  

Goldman Sachs

  

1/7/2025

    

88,064

      

34,077,247

      

(320,572

)

  
                   

$

132,246,944

    

$

(5,467,513

)

  

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

DIREXION SEMI-ANNUAL REPORT
32

Direxion Daily NVDA Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 6.2%

      
Computer and Electronic Product
Manufacturing - 6.2%		      
 

9,409

    

NVIDIA Corp.

  

$

8,129,564

    
        TOTAL COMMON STOCKS
(Cost $7,732,329)		  

$

8,129,564

    

SHORT TERM INVESTMENTS - 98.8%

      
 

43,073,533

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

43,073,533

    
 

26,870,000

     Dreyfus Treasury Securities
Cash Management
Institutional Shares, 5.19% (a)​		    

26,870,000

    
 

32,050,000

     Goldman Sachs Financial
Square Government Fund
Institutional Shares, 5.22% (a)​		    

32,050,000

    
 

28,132,365

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (a)​		    

28,132,365

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $130,125,898)		  

$

130,125,898

    
        TOTAL INVESTMENTS
(Cost $137,858,227) -
105.0% (b)​		  

$

138,255,462

    
        Liabilities in Excess of Other
Assets - (5.0)%		    

(6,572,121

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

131,683,341

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $87,052,365.

 

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
Total return of
common shares
of NVIDIA Corp.		   8.3200% representing
1 month SOFR rate +
spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

72,483

    

$

62,928,175

    

$

(979,834

)

  
Total return of
common shares
of NVIDIA Corp.		   9.0700% representing
1 month SOFR rate +
spread		  

Citibank N.A.

  

12/19/2024

    

26,835

      

23,812,547

      

(700,724

)

  
Total return of
common shares
of NVIDIA Corp.		   6.0200% representing
1 month SOFR rate +
 spread		  

Barclays

  

12/23/2024

    

119,719

      

105,174,158

      

(2,128,837

)

  
Total return of
common shares
of NVIDIA Corp.		   7.8200% representing
1 month SOFR rate +
spread		  

Goldman Sachs

  

5/2/2025

    

76,350

      

68,563,638

      

(3,026,360

)

  
                   

$

260,478,518

    

$

(6,835,755

)

  

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

DIREXION SEMI-ANNUAL REPORT
33

Direxion Daily TSLA Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 22.4%

      
Transportation Equipment
Manufacturing - 22.4%		      
 

1,175,779

    

Tesla, Inc. (a)​

  

$

215,496,775

    
        TOTAL COMMON STOCKS
(Cost $229,707,928)		  

$

215,496,775

    

SHORT TERM INVESTMENTS - 111.9%

      
 

318,716,131

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

318,716,131

    
 

227,092,811

     Dreyfus Treasury Securities
Cash Management
Institutional Shares,
5.19% (b)​		    

227,092,811

    
 

159,020,000

     Goldman Sachs Financial
Square Government Fund
Institutional Shares,
5.22% (b)​		    

159,020,000

    
 

373,436,019

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (b)​		    

373,436,019

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $1,078,264,961)		  

$

1,078,264,961

    
        TOTAL INVESTMENTS
(Cost $1,307,972,889) -
134.3% (c)​		  

$

1,293,761,736

    
        Liabilities in Excess of
Other Assets - (34.3)%		    

(330,166,589

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

963,595,147

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $880,289,273.

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
Total return of
common shares
of Tesla, Inc.		   7.3200% representing
1 month SOFR rate +
spread		  

BNP Paribas

  

12/04/2024

    

957,564

    

$

208,537,795

    

$

(38,183,980

)

  
Total return of
common shares
of Tesla, Inc.		   8.8200% representing
1 month SOFR rate +
spread		  

Goldman Sachs

  

12/10/2024

    

2,593,479

      

503,277,082

      

(28,083,352

)

  
Total return of
common shares
of Tesla, Inc.		   8.3200% representing
1 month SOFR rate +
spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

2,176,900

      

456,202,949

      

(65,704,412

)

  
Total return of
common shares
of Tesla, Inc.		   9.0700% representing
1 month SOFR rate +
spread		  

Citibank N.A.

  

12/19/2024

    

1,633,173

      

321,550,232

      

(29,191,533

)

  
Total return of
common shares
of Tesla, Inc.		   6.0200% representing
1 month SOFR rate +
spread		  

Barclays

  

12/23/2024

    

1,978,233

      

421,290,723

      

(65,221,736

)

  
                   

$

1,910,858,781

    

$

(226,385,013

)

  

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

DIREXION SEMI-ANNUAL REPORT
34

Direxion Daily CSI 300 China A Share Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

INVESTMENT COMPANIES - 46.4%

      
 

1,191,131

     Deutsche Xtrackers Harvest
CSI 300 China A-Shares ETF (a)​		  

$

29,349,468

    
        TOTAL INVESTMENT COMPANIES
(Cost $30,243,932)		  

$

29,349,468

    

SHORT TERM INVESTMENTS - 52.8%

      

Money Market Funds - 52.8%

      
 

15,713,818

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

15,713,818

    
 

17,707,334

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (b)​		    

17,707,334

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $33,421,152)		  

$

33,421,152

    
        TOTAL INVESTMENTS
(Cost $63,665,084) - 99.2% (c)​		  

$

62,770,620

    
        Other Assets in Excess of
Liabilities - 0.8%		    

506,834

    
       

TOTAL NET ASSETS - 100.0%

  

$

63,277,454

    

Percentages are stated as a percent of net assets.

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

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

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $19,297,910.

 

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
Total return of
Deutsche Xtrackers
Harvest CSI 300
China A-Shares ETF		  

4.3200% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

1,780,200

    

$

42,594,087

    

$

1,440,979

    
Total return of
Deutsche Xtrackers
Harvest CSI 300
China A-Shares ETF		  

5.5700% representing
1 month SOFR rate + spread		  

UBS Securities LLC

  

12/17/2024

    

364,896

      

8,328,013

      

565,832

    
Total return of
Deutsche Xtrackers
Harvest CSI 300
China A-Shares ETF		  

4.8200% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

1,800,000

      

41,588,666

      

2,099,686

    
                   

$

92,510,766

    

$

4,106,497

    

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

DIREXION SEMI-ANNUAL REPORT
35

Direxion Daily CSI China Internet Index Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

INVESTMENT COMPANIES - 49.8%

      
 

6,396,621

     KraneShares CSI China
Internet ETF (a)​		  

$

178,273,827

    
        TOTAL INVESTMENT
COMPANIES
(Cost $173,060,839)		  

$

178,273,827

    

SHORT TERM INVESTMENTS - 54.9%

      

Money Market Funds - 54.9%

      
 

138,899,013

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

138,899,013

    
 

18,546,306

     Dreyfus Treasury Securities
Cash Management
Institutional Shares, 5.19% (b)​		    

18,546,306

    
 

38,963,722

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (b)​		    

38,963,722

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $196,409,041)		  

$

196,409,041

    
        TOTAL INVESTMENTS
(Cost $369,469,880) -
104.7% (c)​		  

$

374,682,868

    
        Liabilities in Excess of Other
Assets - (4.7)%		    

(16,616,683

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

358,066,185

    

Percentages are stated as a percent of net assets.

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

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

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $240,666,276.

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
Total return of
KraneShares CSI
China Internet ETF		  
5.7100% representing
1 month SOFR rate + spread		  

BNP Paribas

  

12/4/2024

    

3,849,119

    

$

100,702,313

    

$

5,717,773

    
Total return of
KraneShares CSI
China Internet ETF		  
5.9200% representing
1 month SOFR rate + spread		  

Goldman Sachs

  

12/10/2024

    

3,366,923

      

84,965,094

      

7,853,873

    
Total return of
KraneShares CSI
China Internet ETF		  
5.8700% representing
1 month SOFR rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

4,316,942

      

111,463,032

      

7,951,484

    
Total return of
KraneShares CSI
China Internet ETF		  
6.0600% representing
1 month SOFR rate + spread		  

UBS Securities LLC

  

12/17/2024

    

3,796,464

      

100,002,322

      

4,918,448

    
Total return of
KraneShares CSI
China Internet ETF		  
5.9200% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

3,970,094

      

103,213,320

      

5,539,234

    
                   

$

500,346,081

    

$

31,980,812

    

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

DIREXION SEMI-ANNUAL REPORT
36

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

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 84.4%

      

Accommodation - 0.4%

      
 

1,253

    

Airbnb, Inc. (a)​

  

$

198,688

    
 

626

    

Caesars Entertainment Inc. (a)​

    

22,423

    
 

733

    

Hilton Worldwide Holdings, Inc.

    

144,606

    
 

2,041

    

Host Hotels & Resorts, Inc.

    

38,514

    
 

1,071

    

Las Vegas Sands Corp.

    

47,510

    
 

715

     Marriott International, Inc.
Class A		    

168,833

    
 

793

    

MGM Resorts International (a)​

    

31,276

    
     

651,850

    

Administrative and Support Services - 2.0%

      
 

259

    

Allegion PLC ADR (Ireland)

    

31,484

    
 

4,177

     Amcor PLC ADR
(United Kingdom)		    

37,342

    
 

1,195

    

Automatic Data Processing, Inc.

    

289,059

    
 

97

    

Booking Holdings, Inc.

    

334,847

    
 

342

     Broadridge Financial Solutions,
Inc.		    

66,146

    
 

210

    

Corpay, Inc. (a)​

    

63,449

    
 

361

    

Equifax, Inc.

    

79,489

    
 

117

    

FactSet Research System, Inc.

    

48,776

    
 

222

    

Gartner, Inc. (a)​

    

91,595

    
 

838

    

Iron Mountain, Inc.

    

64,962

    
 

405

     Live Nation Entertainment,
Inc. (a)​		    

36,009

    
 

454

    

Moody's Corp.

    

168,130

    
 

298

    

Robert Half, Inc.

    

20,604

    
 

816

    

Rollins, Inc.

    

36,361

    
 

680

     Royal Caribbean Cruises Ltd. ADR
(Liberia) (a)​		    

94,948

    
 

4,571

    

Visa, Inc. Class A

    

1,227,816

    
 

1,063

    

Waste Management, Inc.

    

221,125

    
     

2,912,142

    

Air Transportation - 0.1%

      
 

1,898

     American Airlines Group,
Inc. (a)​		    

25,642

    
 

1,851

    

Delta Air Lines, Inc.

    

92,680

    
 

1,730

    

Southwest Airlines Co.

    

44,876

    
 

942

     United Continental Holdings,
Inc. (a)​		    

48,475

    
     

211,673

    

Ambulatory Health Care Services - 0.1%

      
 

153

    

DaVita, Inc. (a)​

    

21,268

    
 

242

     Laboratory Corp. of America
Holdings		    

48,732

    
 

170

    

Molina Healthcare, Inc. (a)​

    

58,157

    
 

324

    

Quest Diagnostics, Inc.

    

44,770

    
 

3,468

    

Viatris, Inc.

    

40,125

    
     

213,052

    

Amusement, Gambling, and Recreation Industries - 0.5%

      
 

753

    

Global Payments, Inc.

    

92,446

    
 

5,306

    

The Walt Disney Co.

    

589,497

    
 

282

    

Wynn Resorts Ltd.

    

25,845

    
     

707,788

    

Shares

      

Fair Value

  

Apparel Manufacturing - 0.1%

      
 

73

    

Deckers Outdoor Corp. (a)​

  

$

59,748

    
 

333

    

Lululemon Athletica, Inc. (a)​

    

120,080

    
 

116

    

Ralph Lauren Corp.

    

18,982

    
     

198,810

    

Beverage and Tobacco Product Manufacturing - 1.7%

      
 

5,105

    

Altria Group, Inc.

    

223,650

    
 

11,257

    

Coca-Cola Co.

    

695,345

    
 

467

     Constellation Brands, Inc.
Class A		    

118,366

    
 

3,017

    

Keurig Dr Pepper, Inc.

    

101,673

    
 

532

     Molson Coors Brewing Co.
Class B		    

30,462

    
 

2,136

    

Monster Beverage Corp. (a)​

    

114,169

    
 

3,974

    

PepsiCo, Inc.

    

699,066

    
 

4,485

    

Philip Morris International, Inc.

    

425,806

    
     

2,408,537

    

Broadcasting and Content Providers - 0.4%

      
 

281

    

Charter Communications, Inc. (a)​

    

71,919

    
 

11,462

    

Comcast Corp. Class A

    

436,817

    
 

693

    

FOX Corp. Class A

    

21,490

    
 

383

    

FOX Corp. Class B

    

10,984

    
 

1,402

    

Paramount Global Class B

    

15,969

    
 

6,419

    

Warner Bros Discovery, Inc. (a)​

    

47,244

    
     

604,423

    

Building Material and Garden Equipment and Supplies Dealers - 1.0%

      
 

1,667

    

Lowe's Companies, Inc.

    

380,059

    
 

153

    

Snap-on, Inc.

    

40,998

    
 

2,880

    

The Home Depot, Inc.

    

962,554

    
 

314

    

Tractor Supply Co.

    

85,747

    
     

1,469,358

    

Chemical Manufacturing - 6.4%

      
 

5,109

    

AbbVie, Inc.

    

830,928

    
 

642

    

Air Products & Chemicals, Inc.

    

151,730

    
 

340

    

Albemarle Corp.

    

40,905

    
 

1,546

    

Amgen, Inc.

    

423,511

    
 

424

    

Biogen, Inc. (a)​

    

91,084

    
 

453

    

Bio-Techne Corp.

    

28,634

    
 

5,885

    

Bristol-Myers Squibb Co.

    

258,587

    
 

528

    

Catalent, Inc. (a)​

    

29,489

    
 

289

    

Celanese Corp.

    

44,393

    
 

552

    

CF Industries Holdings, Inc.

    

43,591

    
 

713

    

Church & Dwight Co., Inc.

    

76,926

    
 

366

    

Clorox Co.

    

54,120

    
 

2,376

    

Colgate-Palmolive Co.

    

218,402

    
 

1,243

    

DuPont de Nemours, Inc.

    

90,117

    
 

340

    

Eastman Chemical Co.

    

32,110

    
 

735

    

Ecolab, Inc.

    

166,220

    
 

2,310

    

Eli Lilly and Company

    

1,804,341

    
 

362

    

FMC Corp.

    

21,362

    
 

3,605

    

Gilead Sciences, Inc.

    

235,046

    
 

536

    

Incyte Corp. (a)​

    

27,899

    
 

1,652

    

IntercontinentalExchange, Inc.

    

212,712

    
 

737

     International Flavors &
Fragrances, Inc.		    

62,387

    
 

4,984

    

Kenvue, Inc.

    

93,799

    

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

DIREXION SEMI-ANNUAL REPORT
37

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

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Chemical Manufacturing (continued)

      
 

974

    

Kimberly-Clark Corp.

  

$

132,980

    
 

1,401

    

Linde PLC ADR (Ireland)

    

617,785

    
 

733

     LyondellBasell Industries N.V.
Class A ADR (Netherlands) ADR		    

73,278

    
 

7,328

    

Merck & Co., Inc.

    

946,924

    
 

943

    

Mosaic Co.

    

29,601

    
 

16,335

    

Pfizer, Inc.

    

418,503

    
 

679

    

PPG Industries, Inc.

    

87,591

    
 

6,807

    

Procter & Gamble Co.

    

1,110,902

    
 

299

     Regeneron Pharmaceuticals,
Inc. (a)​		    

266,307

    
 

744

    

Vertex Pharmaceuticals, Inc. (a)​

    

292,251

    
 

221

     West Pharmaceutical
Services, Inc.		    

79,003

    
 

1,328

    

Zoetis, Inc.

    

211,471

    
     

9,304,889

    

Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 0.3%

      
 

650

    

Bath & Body Works, Inc.

    

29,523

    
 

973

    

Ross Stores, Inc.

    

126,052

    
 

3,294

    

TJX Companies, Inc.

    

309,933

    
     

465,508

    

Computer and Electronic Product Manufacturing - 19.8%

      
 

4,672

    

Advanced Micro Devices, Inc. (a)​

    

739,951

    
 

844

    

Agilent Technologies, Inc.

    

115,662

    
 

17,043

    

Alphabet, Inc. (a)​

    

2,774,260

    
 

14,266

    

Alphabet, Inc. Class C (a)​

    

2,348,754

    
 

672

    

AMETEK, Inc.

    

117,371

    
 

1,734

    

Amphenol Corp. Class A

    

209,415

    
 

1,437

    

Analog Devices, Inc.

    

288,277

    
 

41,990

    

Apple, Inc.

    

7,152,157

    
 

732

    

Arista Networks, Inc. (a)​

    

187,802

    
 

58

    

Bio-Rad Laboratories, Inc. (a)​

    

15,645

    
 

1,273

    

Broadcom, Inc.

    

1,655,244

    
 

11,757

    

Cisco Systems, Inc.

    

552,344

    
 

1,902

    

Danaher Corp.

    

469,071

    
 

391

    

Enphase Energy, Inc. (a)​

    

42,525

    
 

1,840

    

Fortinet, Inc. (a)​

    

116,251

    
 

1,012

    

Fortive Corp.

    

76,173

    
 

1,169

     GE HealthCare Technologies,
Inc.		    

89,125

    
 

673

    

Hologic, Inc. (a)​

    

50,993

    
 

2,519

    

HP, Inc.

    

70,759

    
 

238

    

IDEXX Laboratories, Inc. (a)​

    

117,277

    
 

463

    

Illumina, Inc. (a)​

    

56,972

    
 

12,231

    

Intel Corp.

    

372,679

    
 

2,644

     International Business
Machines Corp.		    

439,433

    
 

364

    

Jabil Circuit, Inc.

    

42,719

    
 

506

    

Keysight Technologies, Inc. (a)​

    

74,858

    
 

550

    

L3Harris Technologies, Inc.

    

117,727

    
 

1,563

    

Microchip Technology, Inc.

    

143,765

    
 

3,191

    

Micron Technology, Inc.

    

360,455

    
 

132

    

Monolithic Power Systems, Inc.

    

88,352

    
 

483

    

Motorola Solutions, Inc.

    

163,809

    
 

589

    

NetApp, Inc.

    

60,202

    

Shares

      

Fair Value

  

Computer and Electronic Product Manufacturing (continued)

      
 

401

    

Northrop Grumman Corp.

  

$

194,497

    
 

7,145

    

NVIDIA Corp.

    

6,173,423

    
 

744

     NXP Semiconductors NV ADR
(Netherlands)		    

190,605

    
 

1,234

    

ON Semiconductor Corp. (a)​

    

86,577

    
 

1,170

    

Otis Worldwide Corp.

    

106,704

    
 

362

    

PerkinElmer, Inc.

    

37,094

    
 

282

    

Qorvo, Inc. (a)​

    

32,949

    
 

3,226

    

Qualcomm, Inc.

    

535,032

    
 

307

    

Roper Technologies, Inc.

    

157,018

    
 

3,838

    

RTX Corp.

    

389,634

    
 

568

     Seagate Technology Holdings
PLC ADR (Ireland)		    

48,797

    
 

464

    

Skyworks Solutions, Inc.

    

49,458

    
 

146

    

Super Micro Computer, Inc. (a)​

    

125,385

    
 

442

    

Teradyne, Inc.

    

51,413

    
 

2,625

    

Texas Instruments, Inc.

    

463,102

    
 

1,115

    

Thermo Fisher Scientific, Inc.

    

634,123

    
 

713

    

Trimble, Inc. (a)​

    

42,830

    
 

177

    

Waters Corp. (a)​

    

54,700

    
 

942

    

Western Digital Corp. (a)​

    

66,722

    
 

153

     Zebra Technologies Corp.
Class A (a)​		    

48,128

    
     

28,598,218

    

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.2%

      
 

1,736

    

Fiserv, Inc. (a)​

    

265,035

    

Construction of Buildings - 0.3%

      
 

863

    

D.R. Horton, Inc.

    

122,969

    
 

718

    

Lennar Corp. Class A

    

108,863

    
 

12

    

NVR, Inc. (a)​

    

89,266

    
 

611

    

PulteGroup, Inc.

    

68,078

    
     

389,176

    

Couriers and Messengers - 0.3%

      
 

666

    

FedEx Corp.

    

174,346

    
 

2,088

     United Parcel Service, Inc.
Class B		    

307,938

    
     

482,284

    

Credit Intermediation and Related Activities - 4.3%

      
 

1,648

    

American Express Co.

    

385,681

    
 

19,918

    

Bank of America Corp.

    

737,165

    
 

2,193

    

Bank of New York Mellon Corp.

    

123,883

    
 

1,101

    

Capital One Financial Corp.

    

157,916

    
 

5,504

    

Citigroup, Inc.

    

337,560

    
 

1,349

    

Citizens Financial Group, Inc.

    

46,014

    
 

382

    

Comerica, Inc.

    

19,165

    
 

720

    

Discover Financial Services

    

91,246

    
 

1,712

     Fidelity National Information
Services, Inc.		    

116,279

    
 

1,969

    

Fifth Third Bancorp

    

71,790

    
 

4,188

    

Huntington Bancshares, Inc.

    

56,412

    
 

8,363

    

JPMorgan Chase & Co.

    

1,603,522

    
 

2,707

    

KeyCorp

    

39,224

    
 

484

    

M&T Bank Corp.

    

69,885

    
 

2,386

    

MasterCard, Inc. Class A

    

1,076,563

    

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

DIREXION SEMI-ANNUAL REPORT
38

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

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Credit Intermediation and Related Activities (continued)

      
 

591

    

Northern Trust Corp.

  

$

48,693

    
 

1,147

     PNC Financial Services
Group, Inc.		    

175,789

    
 

2,669

    

Regions Financial Corp.

    

51,432

    
 

875

    

State Street Corp.

    

63,429

    
 

1,170

    

Synchrony Financial

    

51,457

    
 

3,856

    

Truist Financial Corp.

    

144,793

    
 

4,505

    

U.S. Bancorp

    

183,038

    
 

10,410

    

Wells Fargo & Co.

    

617,521

    
     

6,268,457

    

Electrical Equipment, Appliance, and Component Manufacturing - 0.4%

      
 

359

    

A.O. Smith Corp.

    

29,739

    
 

199

    

Axon Enterprise, Inc. (a)​

    

62,418

    
 

1,654

    

Emerson Electric Co.

    

178,268

    
 

175

    

Generac Holdings, Inc. (a)​

    

23,793

    
 

330

    

Rockwell Automation, Inc.

    

89,417

    
 

895

     TE Connectivity Ltd. ADR
(Switzerland)		    

126,625

    
     

510,260

    

Fabricated Metal Product Manufacturing - 0.2%

      
 

911

    

Ball Corp.

    

63,378

    
 

717

    

Nucor Corp.

    

120,836

    
 

479

    

Pentair PLC ADR (Ireland)

    

37,884

    
 

444

    

Stanley Black & Decker, Inc.

    

40,582

    
     

262,680

    

Food and Beverage Retailers - 0.1%

      
 

1,920

    

Kroger Co.

    

106,330

    

Food Manufacturing - 0.7%

      
 

1,544

    

Archer-Daniels-Midland Co.

    

90,571

    
 

426

     Bunge Global SA ADR
(Switzerland)		    

43,350

    
 

571

    

Campbell Soup Co.

    

26,100

    
 

1,646

    

General Mills, Inc.

    

115,977

    
 

839

    

Hormel Foods Corp.

    

29,835

    
 

757

    

Kellanova

    

43,800

    
 

420

    

Lamb Weston Holdings, Inc.

    

35,003

    
 

729

    

McCormick & Co, Inc.

    

55,448

    
 

3,896

    

Mondelez International, Inc.

    

280,278

    
 

431

    

The Hershey Co.

    

83,580

    
 

302

    

The J.M. Smucker Co.

    

34,685

    
 

2,309

    

The Kraft Heinz Co.

    

89,150

    
 

826

    

Tyson Foods, Inc. Class A

    

50,097

    
     

977,874

    

Food Services and Drinking Places - 1.0%

      
 

76

    

Chipotle Mexican Grill, Inc. (a)​

    

240,130

    
 

344

    

Darden Restaurants, Inc.

    

52,773

    
 

97

    

Domino's Pizza, Inc.

    

51,339

    
 

2,100

    

McDonald's Corp.

    

573,384

    
 

3,271

    

Starbucks Corp.

    

289,451

    
 

633

    

Veralto Corp.

    

59,299

    
 

817

    

Yum! Brands, Inc.

    

115,401

    
     

1,381,777

    

Shares

      

Fair Value

  

Funds, Trusts, and Other Financial Vehicles - 0.1%

      
 

443

    

Garmin Ltd. ADR (Switzerland)

  

$

64,000

    
 

652

    

T. Rowe Price Group, Inc.

    

71,440

    
     

135,440

    
Furniture, Home Furnishings, Electronics, and Appliance Retailers - 0.0% (†)​      
 

548

    

Best Buy Co., Inc.

    

40,355

    

Gasoline Stations and Fuel Dealers - 0.6%

      
 

5,019

    

Chevron Corp.

    

809,414

    

General Merchandise Retailers - 4.7%

      
 

26,439

    

Amazon.com, Inc. (a)​

    

4,626,825

    
 

1,280

    

Costco Wholesale Corp.

    

925,312

    
 

634

    

Dollar General Corp.

    

88,247

    
 

596

    

Dollar Tree, Inc. (a)​

    

70,477

    
 

1,501

    

eBay, Inc.

    

77,362

    
 

339

    

Etsy, Inc. (a)​

    

23,279

    
 

1,336

    

Target Corp.

    

215,069

    
 

12,384

    

Walmart, Inc.

    

734,990

    
     

6,761,561

    

Health and Personal Care Retailers - 0.2%

      
 

3,635

    

CVS Health Corp.

    

246,126

    
 

135

    

Ulta Beauty, Inc. (a)​

    

54,653

    
 

2,066

    

Walgreens Boots Alliance, Inc.

    

36,630

    
     

337,409

    

Hospitals - 0.1%

      
 

572

    

HCA Healthcare, Inc.

    

177,217

    
 

173

     Universal Health Services, Inc.
Class B		    

29,484

    
     

206,701

    

Insurance Carriers and Related Activities - 4.8%

      
 

1,524

    

Aflac, Inc.

    

127,483

    
 

757

    

Allstate Corp.

    

128,735

    
 

2,028

     American International
Group, Inc.		    

152,729

    
 

577

    

Aon PLC ADR (United Kingdom)

    

162,720

    
 

1,067

    

Arch Capital Group Ltd. ADR (a)​

    

99,807

    
 

633

    

Arthur J. Gallagher & Co.

    

148,559

    
 

156

    

Assurant, Inc.

    

27,206

    
 

5,262

     Berkshire Hathaway, Inc.
Class B (a)​		    

2,087,593

    
 

681

    

Brown & Brown, Inc.

    

55,529

    
 

1,542

    

Centene Corp. (a)​

    

112,658

    
 

1,169

    

Chubb Limited ADR (Switzerland)

    

290,660

    
 

841

    

Cigna Corp.

    

300,271

    
 

452

    

Cincinnati Financial Corp.

    

52,292

    
 

674

    

Elevance Health, Inc.

    

356,263

    
 

127

    

Everest Re Group Ltd. ADR

    

46,534

    
 

246

    

Globe Life, Inc.

    

18,738

    
 

862

     Hartford Financial Services
Group, Inc.		    

83,519

    
 

354

    

Humana, Inc.

    

106,940

    
 

529

    

Loews Corp.

    

39,754

    
 

1,421

     Marsh & McLennan Companies,
Inc.		    

283,390

    
 

1,773

    

MetLife, Inc.

    

126,025

    
 

633

    

Principal Financial Group, Inc.

    

50,096

    

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

DIREXION SEMI-ANNUAL REPORT
39

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

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Insurance Carriers and Related Activities (continued)

      
 

1,691

    

Progressive Corp.

  

$

352,151

    
 

1,044

    

Prudential Financial, Inc.

    

115,341

    
 

655

    

Travelers Companies, Inc.

    

138,965

    
 

2,674

    

UnitedHealth Group, Inc.

    

1,293,414

    
 

592

    

W.R. Berkley Corp.

    

45,566

    
 

303

     Willis Towers Watson PLC ADR
(Ireland)		    

76,095

    
     

6,879,033

    

Leather and Allied Product Manufacturing - 0.2%

      
 

3,521

    

NIKE, Inc. Class B

    

324,847

    
 

663

    

Tapestry, Inc.

    

26,467

    
     

351,314

    

Machinery Manufacturing - 2.2%

      
 

2,407

    

Applied Materials, Inc.

    

478,151

    
 

2,892

    

Baker Hughes Co.

    

94,337

    
 

2,412

    

Carrier Global Corp.

    

148,314

    
 

1,472

    

Caterpillar, Inc.

    

492,487

    
 

405

    

Cummins, Inc.

    

114,409

    
 

753

    

Deere & Co.

    

294,732

    
 

3,149

    

General Electric Co.

    

509,571

    
 

216

    

IDEX Corp.

    

47,619

    
 

1,173

    

Ingersoll Rand, Inc.

    

109,464

    
 

386

    

Lam Research Corp.

    

345,242

    
 

62

     Mettler-Toledo International,
Inc. (a)​		    

76,241

    
 

155

    

Nordson Corp.

    

40,019

    
 

369

    

Parker Hannifin Corp.

    

201,072

    
 

652

     Trane Technologies PLC ADR
(Ireland)		    

206,906

    
 

696

    

Xylem, Inc.

    

90,967

    
     

3,249,531

    

Management of Companies and Enterprises - 0.4%

      
 

5,022

    

Abbott Laboratories

    

532,181

    
 

2,909

    

Carnival Corp. ADR (Panama) (a)​

    

43,111

    
 

1,230

     Norwegian Cruise Line
Holdings Ltd. ADR (a)​		    

23,272

    
     

598,564

    

Merchant Wholesalers, Durable Goods - 0.9%

      
 

361

    

Builders FirstSource, Inc. (a)​

    

65,998

    
 

249

    

Cintas Corp.

    

163,927

    
 

2,524

    

Copart, Inc. (a)​

    

137,078

    
 

1,650

    

Fastenal Co.

    

112,101

    
 

403

    

Genuine Parts Co.

    

63,356

    
 

378

    

Henry Schein, Inc. (a)​

    

26,188

    
 

158

    

Hubbell, Inc.

    

58,542

    
 

112

    

Huntington Ingalls Industries, Inc.

    

31,016

    
 

1,971

     Johnson Controls International
PLC ADR (Ireland)		    

128,253

    
 

388

    

KLA-Tencor Corp.

    

267,445

    
 

773

    

LKQ Corp.

    

33,340

    
 

154

    

Mohawk Industries, Inc. (a)​

    

17,759

    
 

114

    

Pool Corp.

    

41,328

    
 

131

    

W.W. Grainger, Inc.

    

120,697

    
 

739

    

WestRock Co.

    

35,442

    
     

1,302,470

    

Shares

      

Fair Value

  

Merchant Wholesalers, Nondurable Goods - 0.7%

      
 

528

    

Brown Forman Corp. Class B

  

$

25,265

    
 

702

    

Cardinal Health, Inc.

    

72,334

    
 

481

    

Cencora, Inc.

    

114,983

    
 

1,382

    

ConAgra Brands, Inc.

    

42,538

    
 

784

    

Illinois Tool Works, Inc.

    

191,382

    
 

380

    

McKesson Corp.

    

204,140

    
 

1,442

    

Sysco Corp.

    

107,169

    
 

677

    

The Sherwin Williams Co.

    

202,836

    
     

960,647

    

Mining (except Oil and Gas) - 0.4%

      
 

4,145

     Freeport-McMoRan Copper &
Gold, Inc.		    

207,001

    
 

178

    

Martin Marietta Materials, Inc.

    

104,499

    
 

3,334

    

Newmont Corp.

    

135,494

    
 

381

    

Vulcan Materials Co.

    

98,157

    
     

545,151

    

Miscellaneous Manufacturing - 2.5%

      
 

1,600

    

3M Co.

    

154,416

    
 

205

    

Align Technology, Inc. (a)​

    

57,888

    
 

1,464

    

Baxter International, Inc.

    

59,102

    
 

842

    

Becton, Dickinson & Co.

    

197,533

    
 

4,235

    

Boston Scientific Corp. (a)​

    

304,369

    
 

1,109

    

DexCom, Inc. (a)​

    

141,276

    
 

401

    

Dover Corp.

    

71,899

    
 

1,751

    

Edwards Lifesciences Corp. (a)​

    

148,257

    
 

677

     Estee Lauder Companies, Inc.
Class A		    

99,323

    
 

381

    

Hasbro, Inc.

    

23,355

    
 

196

    

Insulet Corp. (a)​

    

33,700

    
 

1,021

    

Intuitive Surgical, Inc. (a)​

    

378,403

    
 

6,962

    

Johnson & Johnson

    

1,006,636

    
 

3,846

    

Medtronic PLC ADR (Ireland)

    

308,603

    
 

421

    

ResMed, Inc.

    

90,090

    
 

401

    

Solventum Corp. (a)​

    

26,069

    
 

281

    

Steris PLC ADR (Ireland)

    

57,481

    
 

981

    

Stryker Corp.

    

330,107

    
 

133

    

Teleflex, Inc.

    

27,764

    
 

566

    

Textron, Inc.

    

47,878

    
 

569

    

The Cooper Companys, Inc.

    

50,675

    
 

608

    

Zimmer Biomet Holdings, Inc.

    

73,130

    
     

3,687,954

    

Motion Picture and Sound Recording Industries - 0.5%

      
 

1,252

    

Netflix, Inc. (a)​

    

689,401

    
 

461

     Take-Two Interactive Software,
Inc. (a)​		    

65,836

    
     

755,237

    

Motor Vehicle and Parts Dealers - 0.3%

      
 

52

    

AutoZone, Inc. (a)​

    

153,733

    
 

457

    

CarMax, Inc. (a)​

    

31,062

    
 

177

    

O'Reilly Automotive, Inc. (a)​

    

179,347

    
     

364,142

    
National Security and International Affairs - 0.0% (†)​      
 

402

    

Leidos Holdings, Inc.

    

56,369

    

Nonmetallic Mineral Product Manufacturing - 0.1%

      
 

2,222

    

Corning, Inc.

    

74,170

    

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

DIREXION SEMI-ANNUAL REPORT
40

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

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Oil and Gas Extraction - 0.5%

      
 

1,038

    

APA Corp.

  

$

32,635

    
 

2,173

    

Coterra Energy, Inc.

    

59,453

    
 

1,853

    

Devon Energy Corp.

    

94,836

    
 

2,420

    

Dominion Energy, Inc.

    

123,372

    
 

1,685

    

EOG Resources, Inc.

    

222,639

    
 

1,190

    

EQT Corp.

    

47,707

    
 

1,691

    

Marathon Oil Corp.

    

45,403

    
 

1,898

    

Occidental Petroleum Corp.

    

125,534

    
     

751,579

    
Paper Manufacturing - 0.0% (†)​      
 

259

    

Packaging Corp of America

    

44,802

    

Performing Arts, Spectator Sports, and Related Industries - 0.1%

      
 

702

    

Electronic Arts, Inc.

    

89,028

    

Petroleum and Coal Products Manufacturing - 1.6%

      
 

3,405

    

ConocoPhillips

    

427,736

    
 

11,484

    

Exxon Mobil Corp.

    

1,358,213

    
 

1,064

    

Marathon Petroleum Corp.

    

193,350

    
 

1,242

    

Phillips 66

    

177,867

    
 

988

    

Valero Energy Corp.

    

157,951

    
     

2,315,117

    

Pipeline Transportation - 0.1%

      
 

3,517

    

Williams Companies, Inc.

    

134,912

    
Plastics and Rubber Products Manufacturing - 0.0% (†)​      
 

238

    

Avery Dennison Corp.

    

51,713

    

Primary Metal Manufacturing - 0.1%

      
 

1,129

    

Howmet Aerospace, Inc.

    

75,361

    
 

444

    

Steel Dynamics, Inc.

    

57,773

    
     

133,134

    

Professional, Scientific, and Technical Services - 4.2%

      
 

1,815

     Accenture PLC Class A ADR
(Ireland)		    

546,152

    
 

380

    

CDW Corp.

    

91,907

    
 

152

     Charles River Laboratories
International, Inc. (a)​		    

34,808

    
 

1,443

     Cognizant Technology Solutions
Corp. Class A		    

94,776

    
 

1,155

     Eaton Corporation PLC ADR
(Ireland)		    

367,590

    
 

168

    

EPAM Systems, Inc. (a)​

    

39,524

    
 

614

    

Extra Space Storage, Inc.

    

82,448

    
 

174

    

F5 Networks, Inc. (a)​

    

28,764

    
 

1,006

    

International Paper Co.

    

35,150

    
 

1,109

     Interpublic Group of Companies,
Inc.		    

33,758

    
 

531

    

IQVIA Holdings, Inc. (a)​

    

123,070

    
 

214

    

Jack Henry & Associates, Inc.

    

34,816

    
 

360

    

Jacobs Solutions, Inc.

    

51,671

    
 

928

    

Juniper Networks, Inc.

    

32,313

    
 

784

    

Match Group, Inc. (a)​

    

24,163

    
 

6,365

    

Meta Platforms, Inc.

    

2,738,032

    
 

965

    

Moderna, Inc. (a)​

    

106,449

    
 

571

    

Omnicom Group, Inc.

    

53,012

    
 

4,610

    

Oracle Corp.

    

524,387

    
 

911

    

Palto Alto Networks, Inc. (a)​

    

265,001

    

Shares

      

Fair Value

  

Professional, Scientific, and Technical Services (continued)

      
 

919

    

Paychex, Inc.

  

$

109,186

    
 

132

    

Paycom Software, Inc.

    

24,813

    
 

591

    

ServiceNow, Inc. (a)​

    

409,758

    
 

134

    

Teledyne Technologies, Inc. (a)​

    

51,118

    
 

261

    

VeriSign, Inc. (a)​

    

44,234

    
 

425

    

Verisk Analytics, Inc. Class A

    

92,633

    
     

6,039,533

    

Publishing Industries - 7.8%

      
 

1,307

    

Adobe, Inc. (a)​

    

604,919

    
 

437

    

Akamai Technologies, Inc. (a)​

    

44,106

    
 

255

    

Ansys, Inc. (a)​

    

82,844

    
 

614

    

Autodesk, Inc. (a)​

    

130,690

    
 

785

    

Cadence Design Systems, Inc. (a)​

    

216,370

    
 

446

    

Dayforce, Inc. (a)​

    

27,371

    
 

75

    

Fair Isaac Corp. (a)​

    

85,000

    
 

3,758

    

Hewlett Packard Enterprise Co.

    

63,886

    
 

810

    

Intuit, Inc.

    

506,752

    
 

21,497

    

Microsoft Corp.

    

8,369,427

    
 

1,098

    

News Corp. Class A

    

26,132

    
 

331

    

News Corp. Class B

    

8,123

    
 

1,625

    

NortonLifeLock, Inc.

    

32,728

    
 

346

    

PTC, Inc. (a)​

    

61,394

    
 

2,799

    

Salesforce, Inc.

    

752,763

    
 

447

    

Synopsys, Inc. (a)​

    

237,174

    
 

119

    

Tyler Technologies, Inc. (a)​

    

54,924

    
     

11,304,603

    

Rail Transportation - 0.4%

      
 

5,712

    

CSX Corp.

    

189,753

    
 

1,764

    

Union Pacific Corp.

    

418,350

    
     

608,103

    

Real Estate - 1.5%

      
 

455

     Alexandria Real Estate
Equities, Inc.		    

52,721

    
 

1,349

    

American Tower Corp.

    

231,435

    
 

405

    

AvalonBay Communities, Inc.

    

76,776

    
 

420

    

Boston Properties, Inc.

    

25,994

    
 

307

    

Camden Property Trust

    

30,602

    
 

863

    

CBRE Group, Inc. Class A (a)​

    

74,986

    
 

1,258

    

Crown Castle, Inc.

    

117,975

    
 

881

    

Digital Realty Trust, Inc.

    

122,265

    
 

1,001

    

Equity Residential

    

64,464

    
 

184

    

Essex Property Trust, Inc.

    

45,310

    
 

218

    

Federal Realty Investment Trust

    

22,709

    
 

2,048

    

Healthpeak Properties, Inc.

    

38,113

    
 

1,668

    

Invitation Homes, Inc.

    

57,046

    
 

1,924

    

Kimco Realty Corp.

    

35,844

    
 

343

     Mid-America Apartment
Communities, Inc.		    

44,590

    
 

2,668

    

Prologis, Inc.

    

272,269

    
 

459

    

Public Storage

    

119,088

    
 

2,405

    

Realty Income Corp.

    

128,764

    
 

473

    

Regency Centers Corp.

    

28,011

    
 

945

    

Simon Property Group, Inc.

    

132,801

    
 

880

    

UDR, Inc.

    

33,510

    
 

1,167

    

Ventas, Inc.

    

51,675

    

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

DIREXION SEMI-ANNUAL REPORT
41

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

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Real Estate (continued)

      
 

2,997

    

VICI Properties, Inc.

  

$

85,564

    
 

1,604

    

Welltower, Inc.

    

152,829

    
 

2,105

    

Weyerhaeuser Co.

    

63,508

    
     

2,108,849

    

Rental and Leasing Services - 0.1%

      
 

195

    

United Rentals, Inc.

    

130,258

    

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.9%

      
 

289

    

Ameriprise Financial, Inc.

    

119,007

    
 

401

    

BlackRock, Inc.

    

302,611

    
 

299

    

Cboe Global Markets, Inc.

    

54,164

    
 

4,300

    

Charles Schwab Corp.

    

317,985

    
 

1,045

    

CME Group, Inc.

    

219,074

    
 

2,029

    

Dow, Inc.

    

115,450

    
 

864

    

Franklin Resources, Inc.

    

19,734

    
 

943

    

Goldman Sachs Group, Inc.

    

402,387

    
 

1,300

    

Invesco Ltd. ADR (a)​

    

18,421

    
 

116

    

MarketAxess Holdings, Inc.

    

23,210

    
 

3,623

    

Morgan Stanley

    

329,113

    
 

230

    

MSCI, Inc. Class A

    

107,132

    
 

1,099

    

NASDAQ OMX Group, Inc.

    

65,775

    
 

549

    

Raymond James Financial, Inc.

    

66,978

    
 

925

    

S&P Global, Inc.

    

384,643

    
 

2,080

    

The Blackstone Group, Inc.

    

242,549

    
     

2,788,233

    

Specialty Trade Contractors - 0.1%

      
 

426

    

Quanta Services, Inc.

    

110,147

    

Support Activities for Agriculture and Forestry - 0.1%

      
 

2,027

    

Corteva, Inc.

    

109,722

    

Support Activities for Mining - 0.5%

      
 

517

    

Diamondback Energy, Inc.

    

103,984

    
 

2,577

    

Halliburton Co.

    

96,560

    
 

797

    

Hess Corp.

    

125,520

    
 

674

    

Pioneer Natural Resources Co.

    

181,522

    
 

4,128

     Schlumberger Ltd.
ADR (Curaco) (a)​		    

195,997

    
 

647

    

Targa Resources Corp.

    

73,797

    
     

777,380

    

Support Activities for Transportation - 0.2%

      
 

343

    

C.H. Robinson Worldwide, Inc.

    

24,353

    
 

383

    

Expedia, Inc. (a)​

    

51,563

    
 

427

     Expeditors International of
Washington, Inc.		    

47,529

    
 

236

    

J.B. Hunt Transport Services, Inc.

    

38,367

    
 

656

    

Norfolk Southern Corp.

    

151,090

    
     

312,902

    

Telecommunications - 1.1%

      
 

20,683

    

AT&T, Inc.

    

349,336

    
 

274

    

Equinix, Inc.

    

194,844

    
 

3,102

    

PayPal Holdings, Inc. (a)​

    

210,688

    
 

313

    

SBA Communications Corp.

    

58,255

    
 

1,506

    

T-Mobile US, Inc.

    

247,240

    
 

12,163

    

Verizon Communications, Inc.

    

480,317

    
     

1,540,680

    

Shares

      

Fair Value

  

Transit and Ground Passenger Transportation - 0.3%

      
 

5,957

    

Uber Technologies, Inc. (a)​

  

$

394,770

    

Transportation Equipment Manufacturing - 2.3%

      
 

805

     Aptiv PLC ADR
(United Kingdom) (a)​		    

57,155

    
 

1,658

    

Boeing Co. (a)​

    

278,279

    
 

665

    

BorgWarner, Inc.

    

21,792

    
 

11,291

    

Ford Motor Co.

    

137,186

    
 

656

    

General Dynamics Corp.

    

188,331

    
 

3,337

    

General Motors Co.

    

148,596

    
 

1,904

    

Honeywell International, Inc.

    

366,958

    
 

622

    

Lockheed Martin Corp.

    

289,186

    
 

1,511

    

Paccar, Inc.

    

160,332

    
 

8,013

    

Tesla, Inc. (a)​

    

1,468,623

    
 

155

    

TransDigm Group, Inc.

    

193,445

    
 

518

    

Wabtec Corp.

    

83,439

    
     

3,393,322

    

Truck Transportation - 0.1%

      
 

517

    

Old Dominion Freight Line, Inc.

    

93,944

    

Utilities - 2.2%

      
 

1,938

    

AES Corp.

    

34,690

    
 

735

    

Alliant Energy Corp.

    

36,603

    
 

753

    

Ameren Corp.

    

55,624

    
 

1,521

    

American Electric Power Co., Inc.

    

130,852

    
 

566

    

American Water Works Co., Inc.

    

69,233

    
 

437

    

Atmos Energy Corp.

    

51,522

    
 

1,826

    

CenterPoint Energy, Inc.

    

53,210

    
 

852

    

CMS Energy Corp.

    

51,640

    
 

1,002

    

Consolidated Edison, Inc.

    

94,589

    
 

921

    

Constellation Energy Corp.

    

171,251

    
 

592

    

DTE Energy Co.

    

65,309

    
 

2,226

    

Duke Energy Corp.

    

218,727

    
 

1,112

    

Edison International

    

79,019

    
 

608

    

Entergy Corp.

    

64,855

    
 

665

    

Evergy, Inc.

    

34,879

    
 

1,004

    

Eversource Energy

    

60,862

    
 

2,881

    

Exelon Corp.

    

108,268

    
 

307

    

First Solar, Inc. (a)​

    

54,124

    
 

1,494

    

FirstEnergy Corp.

    

57,280

    
 

786

    

GE Vernova, Inc. (a)​

    

120,816

    
 

5,591

    

Kinder Morgan, Inc.

    

102,203

    
 

5,935

    

NextEra Energy, Inc.

    

397,467

    
 

1,195

    

NiSource, Inc.

    

33,293

    
 

656

    

NRG Energy, Inc.

    

47,671

    
 

1,690

    

ONEOK, Inc.

    

133,713

    
 

6,165

    

PG&E Corp.

    

105,483

    
 

324

    

Pinnacle West Capital Corp.

    

23,863

    
 

2,126

    

PPL Corp.

    

58,380

    
 

1,437

     Public Service Enterprise
Group, Inc.		    

99,268

    
 

1,814

    

Sempra Energy

    

129,937

    
 

3,155

    

Southern Co.

    

231,892

    
 

912

    

WEC Energy Group, Inc.

    

75,368

    
 

1,594

    

Xcel Energy, Inc.

    

85,646

    
     

3,137,537

    

Waste Management and Remediation Services - 0.1%

      
 

588

    

Republic Services, Inc.

    

112,720

    

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

DIREXION SEMI-ANNUAL REPORT
42

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

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Web Search Portals, Libraries, Archives, and Other Information Services - 0.1%

      
 

1,180

    

CoStar Group, Inc. (a)​

  

$

108,005

    
Wood Product Manufacturing - 0.0% (†)​      
 

635

    

Masco Corp.

    

43,466

    
        TOTAL COMMON STOCKS
(Cost $109,638,390)		  

$

122,140,042

    

SHORT TERM INVESTMENTS - 17.4%

      

Money Market Funds - 17.4%

      
 

22,497,377

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

22,497,377

    
 

10,193

     Dreyfus Treasury Securities Cash
Management Institutional
Shares, 5.19% (b)​		    

10,193

    
 

2,604,582

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (b)​		    

2,604,582

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $25,112,152)		  

$

25,112,152

    
        TOTAL INVESTMENTS
(Cost $134,750,542) -
101.8% (c)​		  

$

147,252,194

    
        Liabilities in Excess of Other
Assets - (1.8)%		    

(2,577,935

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

144,674,259

    

Percentages are stated as a percent of net assets.

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

(†)​  Less than 0.005%.

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $114,389,996.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
Total return of
S&P 500®​ Index		   5.9200% representing
1 month SOFR
rate + spread		  

Goldman Sachs

  

12/10/2024

    

10,000

    

$

45,493,400

    

$

4,046,941

    
Total return of
S&P 500®​ Index		   5.8200% representing
1 month SOFR
rate + spread		  

UBS Securities LLC

  

12/17/2024

    

17,110

      

80,923,270

      

3,919,084

    
Total return of
S&P 500®​ Index		   6.0100% representing
1 month SOFR
rate + spread		  

Citibank N.A.

  

12/19/2024

    

6,095

      

29,815,271

      

606,548

    
                   

$

156,231,941

    

$

8,572,573

    

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

DIREXION SEMI-ANNUAL REPORT
43

Direxion Daily MSCI Brazil Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

INVESTMENT COMPANIES - 51.9%

      
 

1,643,510

     iShares MSCI Brazil
Capped ETF (a)​		  

$

50,998,115

    
        TOTAL INVESTMENT
COMPANIES
(Cost $56,020,107)		  

$

50,998,115

    

SHORT TERM INVESTMENTS - 56.0%

      

Money Market Funds - 56.0%

      
 

31,406,443

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

31,406,443

    
 

291,470

     Goldman Sachs Financial Square
Government Fund Institutional
Shares, 5.22% (b)​		    

291,470

    
 

23,328,932

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (b)​		    

23,328,932

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $55,026,845)		  

$

55,026,845

    
        TOTAL INVESTMENTS
(Cost $111,046,952) -
107.9% (c)​		  

$

106,024,960

    
        Liabilities in Excess of Other
Assets - (7.9)%		    

(7,809,115

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

98,215,845

    

Percentages are stated as a percent of net assets.

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

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

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $54,023,030.

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
Total return of
iShares MSCI
Brazil Capped ETF		   5.9100% representing
1 month SOFR rate + spread		  

BNP Paribas

  

12/4/2024

    

278,398

    

$

9,101,664

    

$

(427,508

)

  
Total return of
iShares MSCI
Brazil Capped ETF		   5.3200% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

3,391,673

      

113,349,712

      

(6,151,782

)

  
Total return of
iShares MSCI
Brazil Capped ETF		   5.6200% representing
 1 month SOFR rate + spread		  

UBS Securities LLC

  

12/17/2024

    

935,446

      

29,718,954

      

(821,402

)

  
Total return of
iShares MSCI
Brazil Capped ETF		   6.0700% representing
 1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

81,507

      

2,748,028

      

(278,857

)

  
                   

$

154,918,358

    

$

(7,679,549

)

  

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

DIREXION SEMI-ANNUAL REPORT
44

Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

INVESTMENT COMPANIES - 70.6%

      
 

31,785

     iShares MSCI Emerging
Markets ex China ETF (a)​		  

$

1,793,310

    
        TOTAL INVESTMENT
COMPANIES
(Cost $1,759,904)		  

$

1,793,310

    

SHORT TERM INVESTMENTS - 33.2%

      

Money Market Funds - 33.2%

      
 

198,284

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

198,284

    
 

644,240

     Dreyfus Treasury Securities
Cash Management Institutional
Shares, 5.19% (b)​		    

644,240

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $842,524)		  

$

842,524

    
        TOTAL INVESTMENTS
(Cost $2,602,428) - 103.8% (c)​		  

$

2,635,834

    
        Liabilities in Excess of Other
Assets - (3.8)%		    

(94,669

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

2,541,165

    

Percentages are stated as a percent of net assets.

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

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

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $644,240.

 

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
Total return of
iShares MSCI
Emerging Markets
ex China ETF		   5.9200% representing
1 month SOFR rate + spread		  

Goldman Sachs

  

12/10/2024

    

58,296

    

$

3,355,992

    

$

(92,982

)

  

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

DIREXION SEMI-ANNUAL REPORT
45

Direxion Daily MSCI India Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

INVESTMENT COMPANIES - 50.1%

      
 

847,027

    

iShares MSCI India ETF (a)​

  

$

44,341,864

    
        TOTAL INVESTMENT
COMPANIES
(Cost $41,793,575)		  

$

44,341,864

    

SHORT TERM INVESTMENTS - 50.0%

      

Money Market Funds - 50.0%

      
 

26,827,670

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

26,827,670

    
 

8,710,078

     Goldman Sachs Financial Square
Government Fund Institutional
Shares, 5.22% (b)​		    

8,710,078

    
 

8,668,835

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (b)​		    

8,668,835

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $44,206,583)		  

$

44,206,583

    
        TOTAL INVESTMENTS
(Cost $86,000,158) -
100.1% (c)​		  

$

88,548,447

    
        Liabilities in Excess of Other
Assets - (0.1)%		    

(61,038

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

88,487,409

    

Percentages are stated as a percent of net assets.

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

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

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $25,420,331.

 

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
Total return of
iShares MSCI
India ETF		   6.1100% representing
1 month SOFR rate + spread		  

UBS Securities LLC

  

12/17/2024

    

876,022

    

$

42,807,517

    

$

2,210,256

    
Total return of
iShares MSCI
India ETF		   6.0700% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

829,108

      

40,443,716

      

2,134,163

    
Total return of
iShares MSCI
India ETF		   6.1200% representing
1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

828,480

      

39,357,235

      

3,143,271

    
                   

$

122,608,468

    

$

7,487,690

    

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

DIREXION SEMI-ANNUAL REPORT
46

Direxion Daily Cloud Computing Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 83.7%

      

Administrative and Support Services - 1.0%

      
 

426

    

Alarm.com, Inc. (a)​

  

$

28,329

    
 

580

    

nCino, Inc. (a)​

    

16,913

    
     

45,242

    

Computer and Electronic Product Manufacturing - 0.1%

      
 

317

    

Radware Ltd. ADR (Israel) (a)​

    

5,240

    

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 1.3%

      
 

646

    

Five9, Inc. (a)​

    

37,190

    
 

720

    

RingCentral, Inc. (a)​

    

21,327

    
     

58,517

    

Credit Intermediation and Related Activities - 0.1%

      
 

1,425

    

Blend Labs, Inc. (a)​

    

3,491

    

Heavy and Civil Engineering Construction - 0.6%

      
 

453

    

BlackLine, Inc. (a)​

    

26,297

    

Professional, Scientific, and Technical Services - 32.0%

      
 

467

    

DigitalOcean Holdings, Inc. (a)​

    

15,346

    
 

1,547

    

Freshworks, Inc. (a)​

    

27,614

    
 

326

    

Model N, Inc. (a)​

    

9,666

    
 

2,189

    

Nutanix, Inc. (a)​

    

132,872

    
 

1,648

    

Oracle Corp.

    

187,460

    
 

452

    

Paycom Software, Inc.

    

84,967

    
 

395

    

Paylocity Holding Corp. (a)​

    

61,288

    
 

381

    

PROS Holdings, Inc. (a)​

    

12,478

    
 

1,090

    

SAP SE ADR (Germany)

    

197,519

    
 

275

    

ServiceNow, Inc. (a)​

    

190,666

    
 

1,343

    

Snowflake, Inc. (a)​

    

208,433

    
 

1,296

    

Vimeo, Inc. (a)​

    

4,653

    
 

770

    

Workday, Inc. (a)​

    

188,442

    
 

798

    

Zscaler, Inc. (a)​

    

138,006

    
     

1,459,410

    

Publishing Industries - 45.7%

      
 

945

    

ACI Worldwide, Inc. (a)​

    

32,224

    
 

417

    

Adobe, Inc. (a)​

    

193,000

    
 

1,337

    

Akamai Technologies, Inc. (a)​

    

134,943

    
 

176

    

AppFolio, Inc. (a)​

    

39,913

    
 

1,077

    

Atlassian Corp. (a)​

    

185,567

    
 

799

    

Autodesk, Inc. (a)​

    

170,067

    
 

903

    

Bill.com Holdings, Inc. (a)​

    

56,311

    
 

384

    

Blackbaud, Inc. (a)​

    

29,921

    
 

1,245

    

Box, Inc. (a)​

    

32,395

    
 

943

    

C3.ai, Inc. (a)(b)​

    

21,246

    
 

870

     Clearwater Analytics Holdings,
Inc. (a)​		    

13,729

    
 

647

    

CrowdStrike Holdings, Inc. (a)​

    

189,273

    
 

1,817

    

DocuSign, Inc. (a)​

    

102,842

    
 

2,274

    

Dropbox, Inc. (a)​

    

52,666

    
 

418

    

Enfusion, Inc. (a)​

    

3,892

    
 

350

    

Everbridge, Inc. (a)​

    

12,163

    
 

1,149

    

Informatica, Inc. (a)​

    

35,585

    
 

133

    

MicroStrategy, Inc. Class A (a)(b)​

    

141,649

    
 

622

    

Paycor HCM, Inc. (a)​

    

10,804

    
 

324

    

Qualys, Inc. (a)​

    

53,107

    
 

690

    

Salesforce, Inc.

    

185,569

    
 

194

    

Semrush Holdings, Inc. (a)​

    

2,375

    

Shares

      

Fair Value

  

Publishing Industries (continued)

      
 

328

    

SPS Commerce, Inc. (a)​

  

$

57,029

    
 

1,549

    

Twilio, Inc. (a)​

    

92,754

    
 

918

    

Veeva Systems, Inc. (a)​

    

182,278

    
 

435

    

Workiva, Inc. (a)​

    

34,278

    
 

1,195

    

Zuora, Inc. (a)​

    

11,783

    
     

2,077,363

    

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.1%

      
 

877

    

AvePoint, Inc. (a)​

    

6,814

    

Telecommunications - 2.8%

      
 

2,093

     Zoom Video Communications,
Inc. (a)​		    

127,882

    
        TOTAL COMMON STOCKS
(Cost $4,695,957) 		 

$

3,810,256

    

SHORT TERM INVESTMENTS - 23.2%

      

Money Market Funds - 23.2%

      
 

789,439

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (c)(d)​		  

$

789,439

    
 

267,232

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (c)​		    

267,232

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $1,056,671)		  

$

1,056,671

    
        TOTAL INVESTMENTS
(Cost $5,752,628) - 106.9% (e)​		  

$

4,866,927

    
        Liabilities in Excess of Other
Assets - (6.9)%		    

(312,121

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

4,554,806

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

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

(c)​  Represents annualized seven-day yield at April 30, 2024.

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

(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,936,297.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
47

Direxion Daily Cloud Computing Bull 2X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
Total return of Indxx
USA Cloud
Computing Index		  
5.4700% representing
1 month SOFR rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

4,183

    

$

3,881,740

    

$

(175,992

)

  
Total return of Indxx
USA Cloud
Computing Index		  
5.4700% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

1,660

      

1,589,764

      

(108,360

)

  
                   

$

5,471,504

    

$

(284,352

)

  

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

DIREXION SEMI-ANNUAL REPORT
48

Direxion Daily Concentrated Qs Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 35.6%

      

Computer and Electronic Product Manufacturing - 15.7%

      
 

1,761

    

Alphabet, Inc. (a)​

  

$

286,655

    
 

1,466

    

Apple, Inc.

    

249,704

    
 

290

    

NVIDIA Corp.

    

250,566

    
     

786,925

    

General Merchandise Retailers - 5.1%

      
 

1,470

    

Amazon.com, Inc. (a)​

    

257,250

    

Professional, Scientific, and Technical Services - 4.5%

      
 

518

    

Meta Platforms, Inc.

    

222,828

    

Publishing Industries - 4.8%

      
 

616

    

Microsoft Corp.

    

239,827

    

Transportation Equipment Manufacturing - 5.5%

      
 

1,491

    

Tesla, Inc. (a)​

    

273,271

    
        TOTAL COMMON STOCKS
(Cost $1,754,925)		  

$

1,780,101

    

SHORT TERM INVESTMENTS - 57.6%

      

Money Market Funds - 57.6%

      
 

2,159,815

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

2,159,815

    
 

722,959

     Dreyfus Treasury Securities Cash
Management Institutional
Shares, 5.19% (b)​		    

722,959

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $2,882,774)		  

$

2,882,774

    
        TOTAL INVESTMENTS
(Cost $4,637,699) - 93.2% (c)​		  

$

4,662,875

    
        Other Assets in Excess of
Liabilities - 6.8%		    

339,951

    
       

TOTAL NET ASSETS - 100.0%

  

$

5,002,826

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,614,710.

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
Total return of
Indxx Front of the
Q Index		   6.0200% representing
 1 month SOFR rate +
spread		  

Goldman Sachs

  

12/10/2024

    

1,552

    

$

8,487,917

    

$

(281,776

)

  

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

DIREXION SEMI-ANNUAL REPORT
49

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 86.6%

      

Computer and Electronic Product Manufacturing - 4.0%

      
 

27,905

    

Indie Semiconductor, Inc. (a)​

  

$

156,826

    

Management of Companies and Enterprises - 6.8%

      
 

8,379

    

EHang Holdings Ltd. ADR (China) (a)​

    

149,314

    
 

84,042

     Polestar Automotive Holding UK
PLC ADR (Sweden) (a)(b)​		    

116,818

    
     

266,132

    

Motor Vehicle and Parts Dealers - 3.8%

      
 

82,072

    

EVgo, Inc. (a)(b)​

    

148,550

    

Rental and Leasing Services - 3.5%

      
 

14,896

    

Cerence, Inc. (a)​

    

135,703

    

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 11.4%

      
 

108,497

    

ChargePoint Holdings, Inc. (a)(b)​

    

144,301

    
 

64,454

    

Nio, Inc. ADR (China) (a)(b)​

    

304,223

    
     

448,524

    

Specialty Trade Contractors - 3.6%

      
 

26,008

    

QuantumScape Corp. (a)​

    

140,964

    

Transportation Equipment Manufacturing - 53.5%

      
 

4,361

    

BorgWarner, Inc.

    

142,910

    
 

4,194

    

Gentex Corp.

    

143,854

    
 

20,961

    

Hesai Group ADR (China) (a)​

    

97,678

    
 

10,418

    

Li Auto, Inc. ADR (China) (a)​

    

273,785

    
 

57,692

    

Lucid Group, Inc. (a)(b)​

    

147,115

    
 

99,579

    

Luminar Technologies, Inc. (a)(b)​

    

146,381

    
 

4,778

    

Mobileye Global, Inc. (Israel) (a)​

    

131,634

    
 

228,845

    

Nikola Corp. (a)​

    

142,021

    
 

28,591

    

Rivian Automotive, Inc. (a)(b)​

    

254,460

    
 

1,787

    

Tesla, Inc. (a)​

    

327,521

    
 

35,998

    

XPeng, Inc. ADR (China) (a)(b)​

    

292,664

    
     

2,100,023

    
        TOTAL COMMON STOCKS
(Cost $4,355,770)		  

$

3,396,722

    

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 64.0%

      

Money Market Funds - 64.0%

      
 

1,394,315

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (c)(d)​		  

$

1,394,315

    
 

252,860

     Dreyfus Treasury Securities
Cash Management
Institutional Shares, 5.19% (c)​		    

252,860

    
 

863,215

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (c)​		    

863,215

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $2,510,390)		  

$

2,510,390

    
        TOTAL INVESTMENTS
(Cost $6,866,160) - 150.6% (e)​		  

$

5,907,112

    
        Liabilities in Excess of Other
Assets - (50.6)%		    

(1,986,045

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

3,921,067

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

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

(c)​  Represents annualized seven-day yield at April 30, 2024.

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

(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,546,385.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
50

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
Total return of Indxx
US Electric and
Autonomous
Vehicles Index		   5.4700% representing
1 month SOFR rate + spread		  

Goldman Sachs

  

12/10/2024

    

1,521

    

$

1,303,181

    

$

(424,180

)

  
Total return of Indxx
US Electric and
Autonomous
Vehicles Index		   5.8200% representing
1 month SOFR rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

1,544

      

1,225,062

      

(327,262

)

  
Total return of Indxx
US Electric and
Autonomous
Vehicles Index		   5.3200% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

4,399

      

2,683,670

      

(71,722

)

  
                   

$

5,211,913

    

$

(823,164

)

  

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

DIREXION SEMI-ANNUAL REPORT
51

Direxion Daily Energy Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 65.6%

      

Gasoline Stations and Fuel Dealers - 11.2%

      
 

260,769

    

Chevron Corp.

  

$

42,054,217

    

Machinery Manufacturing - 1.3%

      
 

150,477

    

Baker Hughes Co.

    

4,908,560

    

Oil and Gas Extraction - 8.7%

      
 

54,302

    

APA Corp.

    

1,707,255

    
 

113,089

    

Coterra Energy, Inc.

    

3,094,115

    
 

96,326

    

Devon Energy Corp.

    

4,929,965

    
 

87,672

    

EOG Resources, Inc.

    

11,584,101

    
 

61,842

    

EQT Corp.

    

2,479,246

    
 

87,987

    

Marathon Oil Corp.

    

2,362,451

    
 

98,956

    

Occidental Petroleum Corp.

    

6,544,950

    
     

32,702,083

    

Petroleum and Coal Products Manufacturing - 28.6%

      
 

177,125

    

ConocoPhillips

    

22,250,442

    
 

490,193

    

Exxon Mobil Corp.

    

57,975,126

    
 

55,326

    

Marathon Petroleum Corp.

    

10,053,841

    
 

64,648

    

Phillips 66

    

9,258,240

    
 

51,184

    

Valero Energy Corp.

    

8,182,786

    
     

107,720,435

    

Pipeline Transportation - 1.9%

      
 

182,897

    

Williams Companies, Inc.

    

7,015,929

    

Support Activities for Mining - 10.7%

      
 

26,910

    

Diamondback Energy, Inc.

    

5,412,408

    
 

133,825

    

Halliburton Co.

    

5,014,423

    
 

41,387

    

Hess Corp.

    

6,518,039

    
 

35,128

    

Pioneer Natural Resources Co.

    

9,460,673

    
 

214,603

     Schlumberger Ltd. ADR
(Curaco) (a)​		    

10,189,350

    
 

33,524

    

Targa Resources Corp.

    

3,823,747

    
     

40,418,640

    

Utilities - 3.2%

      
 

290,745

    

Kinder Morgan, Inc.

    

5,314,819

    
 

87,588

    

ONEOK, Inc.

    

6,929,962

    
     

12,244,781

    
        TOTAL COMMON STOCKS
(Cost $227,174,052)		  

$

247,064,645

    

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 38.5%

      

Money Market Funds - 38.5%

      
 

128,399,452

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

128,399,452

    
 

16,814,889

     Goldman Sachs Financial
Square Government Fund
Institutional Shares, 5.22% (b)​		    

16,814,889

    
 

2,273

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (b)​		    

2,273

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $145,216,614)		  

$

145,216,614

    
        TOTAL INVESTMENTS
(Cost $372,390,666) -
104.1% (c)​		  

$

392,281,259

    
        Liabilities in Excess of Other
Assets - (4.1)%		    

(15,388,721

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

376,892,538

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $214,395,789.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
Total return of Energy
Select Sector Index		   5.8100% representing
1 month SOFR rate + spread		  

BNP Paribas

  

12/4/2024

    

183,510

    

$

162,699,525

    

$

15,968,230

    
Total return of Energy
Select Sector Index		   5.9700% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

75,011

      

63,610,828

      

9,407,263

    
Total return of Energy
Select Sector Index		   5.9500% representing
1 month SOFR rate + spread		  

UBS Securities LLC

  

12/17/2024

    

42,885

      

36,849,365

      

4,911,184

    
Total return of Energy
Select Sector Index		   5.9700% representing
1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

213,783

      

189,572,338

      

18,930,849

    
                   

$

452,732,056

    

$

49,217,526

    

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

DIREXION SEMI-ANNUAL REPORT
52

Direxion Daily Energy Bear 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 104.4%

      

Money Market Funds - 104.4%

      
 

22,456,786

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

22,456,786

    
 

1,370,420

     Goldman Sachs Financial
Square Government Fund
Institutional Shares, 5.22% (a)​		    

1,370,420

    
 

864,141

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (a)​		    

864,141

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $24,691,347) (b)​		  

$

24,691,347

    
        TOTAL INVESTMENTS
(Cost $24,691,347) - 104.4%		  

$

24,691,347

    
        Liabilities in Excess of Other
Assets - (4.4)%		    

(1,043,747

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

23,647,600

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $10,940,993.

 

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
5.3600%
representing
1 month SOFR
rate + spread		   Total return of Energy
Select Sector Index		  

BNP Paribas

  

12/4/2024

    

8,911

    

$

8,436,652

    

$

(280,955

)

  
5.7000%
representing
1 month SOFR
rate + spread		   Total return of Energy
Select Sector Index		  

J.P. Morgan

  

12/16/2024

    

10,011

      

10,002,204

      

163,442

    
5.6400%
representing
1 month SOFR
rate + spread		   Total return of Energy
Select Sector Index		  

UBS Securities LLC

  

12/17/2024

    

24,844

      

22,505,857

      

(1,763,592

)

  
5.6700%
representing
1 month SOFR
rate + spread		   Total return of Energy
Select Sector Index		  

Barclays

  

12/23/2024

    

4,320

      

3,883,449

      

(339,014

)

  
                   

$

44,828,162

    

$

(2,220,119

)

  

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

DIREXION SEMI-ANNUAL REPORT
53

Direxion Daily Global Clean Energy Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

INVESTMENT COMPANIES - 90.6%

      
 

227,759

    

iShares Global Clean Energy ETF (a)​

  

$

3,013,252

    
        TOTAL INVESTMENT
COMPANIES
(Cost $3,839,334)		  

$

3,013,252

    

SHORT TERM INVESTMENTS - 15.9%

      

Money Market Funds - 15.9%

      
 

117,472

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

117,472

    
 

412,748

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (b)​		    

412,748

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $530,220)		  

$

530,220

    
        TOTAL INVESTMENTS
(Cost $4,369,554) - 106.5% (c)​		  

$

3,543,472

    
        Liabilities in Excess of Other
Assets - (6.5)%		    

(217,597

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

3,325,875

    

Percentages are stated as a percent of net assets.

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

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

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,226,142.

 

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
Total return of
The S&P Global Clean
Energy Index		   5.7700% representing
1 month SOFR
rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

177,597

    

$

2,488,714

    

$

(170,342

)

  
Total return of
The S&P Global Clean
Energy Index		   5.8700% representing
1 month SOFR
rate + spread		  

Citibank N.A.

  

12/19/2024

    

97,425

      

1,338,440

      

(60,313

)

  
                   

$

3,827,154

    

$

(230,655

)

  

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

DIREXION SEMI-ANNUAL REPORT
54

Direxion Daily Gold Miners Index Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

INVESTMENT COMPANIES - 51.1%

      
 

8,300,572

    

VanEck®​ Gold Miners ETF (a)​

  

$

274,997,950

    
        TOTAL INVESTMENT
COMPANIES
(Cost $257,944,813)		  

$

274,997,950

    

SHORT TERM INVESTMENTS - 56.7%

      

Money Market Funds - 56.7%

      
 

221,034,765

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

221,034,765

    
 

21,552,559

     Dreyfus Treasury Securities
Cash Management
Institutional Shares,
5.19% (b)​		    

21,552,559

    
 

62,266,289

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (b)​		    

62,266,289

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $304,853,613)		  

$

304,853,613

    
        TOTAL INVESTMENTS
(Cost $562,798,426) -
107.8% (c)​		  

$

579,851,563

    
        Liabilities in Excess of Other
Assets - (7.8)%		    

(41,824,611

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

538,026,952

    

Percentages are stated as a percent of net assets.

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

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

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $390,121,183.

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
Total return of
VanEck®​
Gold Miners ETF		   6.1100% representing
1 month SOFR
rate + spread		  

BNP Paribas

  

12/4/2024

    

4,459,236

    

$

127,066,528

    

$

18,902,189

    
Total return of
VanEck®​
Gold Miners ETF		   6.0700% representing
1 month SOFR
rate + spread		  

Goldman Sachs

  

12/10/2024

    

3,100,000

      

94,302,000

      

7,651,729

    
Total return of
VanEck®​
Gold Miners ETF		   6.1700% representing
1 month SOFR
rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

4,420,733

      

128,240,696

      

17,065,758

    
Total return of
VanEck®​
Gold Miners ETF		   5.9600% representing
1 month SOFR
rate + spread		  

J.P. Morgan

  

12/16/2024

    

4,062,009

      

115,268,831

      

18,271,679

    
Total return of
VanEck®​
Gold Miners ETF		   6.4600% representing
1 month SOFR
rate + spread		  

UBS Securities LLC

  

12/17/2024

    

3,870,358

      

113,179,026

      

13,880,234

    
Total return of
VanEck®​
Gold Miners ETF		   6.1900% representing
1 month SOFR
rate + spread		  

Citibank N.A.

  

12/19/2024

    

4,267,761

      

120,903,302

      

18,937,211

    
                   

$

698,960,383

    

$

94,708,800

    

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

DIREXION SEMI-ANNUAL REPORT
55

Direxion Daily Gold Miners Index Bear 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 103.6%

  

Money Market Funds - 103.6%

  
 

127,714,717

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

127,714,717

    
 

62,383,169

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (a)​		    

62,383,169

    
    TOTAL SHORT TERM
INVESTMENTS
(Cost $190,097,886) (b)​		  

$

190,097,886

    
    TOTAL INVESTMENTS
(Cost $190,097,886) -
103.6%		  

$

190,097,886

    
    Liabilities in Excess of Other
Assets - (3.6)%		    

(6,563,279

)

  
   

TOTAL NET ASSETS - 100.0%

  

$

183,534,607

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $95,056,630.

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
5.7000%
representing
1 month SOFR
rate + spread		  
Total return of VanEck®
​  Gold Miners ETF		  

BNP Paribas

  

12/4/2024

    

2,167,063

    

$

70,353,138

    

$

(996,378

)

  
5.9700%
representing
1 month SOFR
rate + spread		  
Total return of VanEck®
​  Gold Miners ETF		   Bank of America
Merrill Lynch		  

12/11/2024

    

2,323,462

      

73,414,529

      

(3,203,529

)

  
5.6700%
representing
1 month SOFR
rate + spread		  
Total return of VanEck®
​ Gold Miners ETF		  

J.P. Morgan

  

12/16/2024

    

2,597,429

      

82,262,133

      

(3,496,998

)

  
5.9100%
representing
1 month SOFR
rate + spread		  
Total return of VanEck®
​ Gold Miners ETF		  

UBS Securities LLC

  

12/17/2024

    

1,563,962

      

52,987,368

      

1,285,806

    
5.9500%
representing
1 month SOFR
rate + spread		  
Total return of VanEck®​
Gold Miners ETF		  

Citibank N.A.

  

12/19/2024

    

2,428,362

      

79,535,154

      

(730,958

)

  
                   

$

358,552,322

    

$

(7,142,057

)

  

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

DIREXION SEMI-ANNUAL REPORT
56

Direxion Daily Junior Gold Miners Index Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

INVESTMENT COMPANIES - 39.3%

      
 

2,774,583

     VanEck®​ Junior Gold
Miners ETF (a)​		  

$

112,259,629

    
        TOTAL INVESTMENT
COMPANIES
(Cost $112,277,595)		  

$

112,259,629

    

SHORT TERM INVESTMENTS - 67.8%

      

Money Market Funds - 67.8%

      
 

185,416,433

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

185,416,433

    
 

8,100,943

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (b)​		    

8,100,943

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $193,517,376)		  

$

193,517,376

    
        TOTAL INVESTMENTS
(Cost $305,794,971) -
107.1% (c)​		  

$

305,777,005

    
        Liabilities in Excess of Other
Assets - (7.1)%		    

(20,231,682

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

285,545,323

    

Percentages are stated as a percent of net assets.

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

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

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $131,938,078.

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
Total return of
VanEck®​ Junior Gold
Miners ETF		   6.1100% representing
1 month SOFR
rate + spread		  

BNP Paribas

  

12/4/2024

    

4,171,126

    

$

150,113,828

    

$

16,705,512

    
Total return of
VanEck®​ Junior Gold
Miners ETF		   5.9300% representing
1 month SOFR
rate + spread		  

J.P. Morgan

  

12/16/2024

    

1,769,145

      

60,999,928

      

9,656,024

    
Total return of
VanEck®​ Junior Gold
Miners ETF		   6.4600% representing
1 month SOFR
rate + spread		  

UBS Securities LLC

  

12/17/2024

    

3,582,072

      

126,986,097

      

16,326,223

    
Total return of
VanEck®​ Junior Gold
Miners ETF		   6.0000% representing
1 month SOFR
rate + spread		  

Citibank N.A.

  

12/19/2024

    

1,818,367

      

67,512,798

      

4,945,811

    
                   

$

405,612,651

    

$

47,633,570

    

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

DIREXION SEMI-ANNUAL REPORT
57

Direxion Daily Junior Gold Miners Index Bear 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 97.9%

  

Money Market Funds - 97.9%

  
 

94,209,766

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

94,209,766

    
 

26,605,646

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (a)​		    

26,605,646

    
    TOTAL SHORT TERM
INVESTMENTS
(Cost $120,815,412) (b)​		  

$

120,815,412

    
    TOTAL INVESTMENTS
(Cost $120,815,412) - 97.9%		  

$

120,815,412

    
    Other Assets in Excess of
Liabilities - 2.1%		    

2,615,101

    
   

TOTAL NET ASSETS - 100.0%

  

$

123,430,513

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $57,959,507.

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
5.7000%
representing
1 month SOFR
rate + spread		   Total return of
VanEck®​ Junior
Gold Miners ETF		  

BNP Paribas

  

12/5/2024

    

1,423,314

    

$

54,961,876

    

$

(2,382,556

)

  
5.6700%
representing
1 month SOFR
rate + spread		   Total return of
VanEck®​ Junior
Gold Miners ETF		  

J.P. Morgan

  

12/16/2024

    

1,561,568

      

62,070,630

      

(708,678

)

  
5.8900%
representing
1 month SOFR
rate + spread		   Total return of
VanEck®​ Junior
Gold Miners ETF		  

UBS Securities LLC

  

12/17/2024

    

1,420,864

      

55,359,122

      

(1,669,973

)

  
5.7200%
representing
1 month SOFR
rate + spread		   Total return of
VanEck®​ Junior
Gold Miners ETF		  

Citibank N.A.

  

12/19/2024

    

1,696,089

      

70,043,384

      

1,517,152

    
                   

$

242,435,012

    

$

(3,244,055

)

  

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

DIREXION SEMI-ANNUAL REPORT
58

Direxion Daily NYSE FANG+ Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 45.4%

      

Computer and Electronic Product Manufacturing - 19.0%

      
 

13,559

    

Alphabet, Inc. (a)​

  

$

2,207,134

    
 

11,076

    

Apple, Inc.

    

1,886,575

    
 

1,508

    

Broadcom, Inc.

    

1,960,807

    
 

2,085

    

NVIDIA Corp.

    

1,801,482

    
     

7,855,998

    

General Merchandise Retailers - 4.6%

      
 

10,736

    

Amazon.com, Inc. (a)​

    

1,878,800

    

Motion Picture and Sound Recording Industries - 4.1%

      
 

3,111

    

Netflix, Inc. (a)​

    

1,713,041

    

Professional, Scientific, and Technical Services - 8.4%

      
 

3,825

    

Meta Platforms, Inc.

    

1,645,400

    
 

11,677

    

Snowflake, Inc. (a)​

    

1,812,271

    
     

3,457,671

    

Publishing Industries - 4.3%

      
 

4,566

    

Microsoft Corp.

    

1,777,681

    

Transportation Equipment Manufacturing - 5.0%

      
 

11,183

    

Tesla, Inc. (a)​

    

2,049,620

    
        TOTAL COMMON STOCKS
(Cost $16,837,226)		  

$

18,732,811

    

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 44.8%

      

Money Market Funds - 44.8%

      
 

14,664,733

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

14,664,733

    
 

1,630,004

     Goldman Sachs Financial
Square Government Fund
Institutional Shares, 5.22% (b)​		    

1,630,004

    
 

2,190,001

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional
Shares, 5.18% (b)​		    

2,190,001

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $18,484,738)		  

$

18,484,738

    
        TOTAL INVESTMENTS
(Cost $35,321,964) - 90.2% (c)​		  

$

37,217,549

    
        Other Assets in Excess of
Liabilities - 9.8%		    

4,005,228

    
       

TOTAL NET ASSETS - 100.0%

  

$

41,222,777

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $15,062,683.

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
Total return of
NYSE FANG+ Index		   5.9100% representing
1 month SOFR
rate + spread		  

UBS Securities LLC

  

12/17/2024

    

3,531

    

$

33,937,079

    

$

(19,473

)

  
Total return of
NYSE FANG+ Index		   5.9700% representing
1 month SOFR
rate + spread		  

Barclays

  

12/23/2024

    

2,080

      

18,058,973

      

1,773,381

    
Total return of
NYSE FANG+ Index		   5.9600% representing
1 month SOFR
rate + spread		  

J.P. Morgan

  

5/12/2025

    

950

      

9,557,673

      

(342,551

)

  
                   

$

61,553,725

    

$

1,411,357

    

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

DIREXION SEMI-ANNUAL REPORT
59

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

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

INVESTMENT COMPANIES - 50.6%

      
 

616,262

     Global X Robotics & Artificial
Intelligence ETF (a)​		  

$

18,413,908

    
        TOTAL INVESTMENT
COMPANIES
(Cost $17,860,280)		  

$

18,413,908

    

SHORT TERM INVESTMENTS - 50.3%

      

Money Market Funds - 50.3%

      
 

9,535,164

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

9,535,164

    
 

1,819,299

     Goldman Sachs Financial
Square Government Fund
Institutional Shares, 5.22% (b)​		    

1,819,299

    
 

6,930,830

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (b)​		    

6,930,830

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $18,285,293)		  

$

18,285,293

    
        TOTAL INVESTMENTS
(Cost $36,145,573) - 100.9% (c)​		  

$

36,699,201

    
        Liabilities in Excess of Other
Assets - (0.9)%		    

(335,137

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

36,364,064

    

Percentages are stated as a percent of net assets.

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

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

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $10,355,700.

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
Total return of Indxx
Global Robotics and
Artificial Intelligence
Thematic Index		   6.0200% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

423,751

    

$

11,480,141

    

$

919,718

    
Total return of Indxx
Global Robotics and
Artificial Intelligence
Thematic Index		   6.1100% representing
1 month SOFR rate + spread		  

UBS Securities LLC

  

12/17/2024

    

363,208

      

10,168,577

      

507,375

    
Total return of Indxx
Global Robotics and
Artificial Intelligence
Thematic Index		   6.0700% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

748,089

      

21,180,212

      

736,450

    
Total return of Indxx
Global Robotics and
Artificial Intelligence
Thematic Index		   6.0700% representing
1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

282,707

      

8,266,725

      

32,961

    
                   

$

51,095,655

    

$

2,196,504

    

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

DIREXION SEMI-ANNUAL REPORT
60

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

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 46.9%

      

Gasoline Stations and Fuel Dealers - 1.8%

      
 

36,318

    

Chevron Corp.

  

$

5,857,004

    
 

86,728

    

Delek US Holdings, Inc.

    

2,370,276

    
     

8,227,280

    

Merchant Wholesalers, Durable Goods - 0.1%

      
 

11,851

    

REX American Resources Corp. (a)​

    

655,716

    

Merchant Wholesalers, Nondurable Goods - 0.2%

      
 

47,937

    

World Kinect Corp.

    

1,126,519

    

Mining (except Oil and Gas) - 1.3%

      
 

254,207

    

CNX Resources Corp. (a)​

    

5,978,949

    

Oil and Gas Extraction - 24.2%

      
 

204,224

    

Antero Resources Corp. (a)​

    

6,945,658

    
 

176,652

    

APA Corp.

    

5,553,939

    
 

80,932

    

Berry Petroleum Corp.

    

687,113

    
 

33,677

    

Chord Energy Corp.

    

5,960,155

    
 

190,452

    

Clean Energy Fuels Corp. (a)​

    

441,849

    
 

452,207

    

Comstock Resources, Inc.

    

4,549,202

    
 

206,475

    

Coterra Energy, Inc.

    

5,649,156

    
 

90,203

    

Crescent Energy Co.

    

959,760

    
 

117,907

    

Devon Energy Corp.

    

6,034,480

    
 

45,850

    

EOG Resources, Inc.

    

6,058,160

    
 

145,063

    

EQT Corp.

    

5,815,576

    
 

128,912

    

Green Plains, Inc. (a)​

    

2,664,611

    
 

585,445

    

Kosmos Energy Ltd. (a)​

    

3,319,473

    
 

207,826

    

Magnolia Oil & Gas Corp.

    

5,210,198

    
 

219,992

    

Marathon Oil Corp.

    

5,906,785

    
 

84,424

    

Matador Resources Co.

    

5,259,615

    
 

132,364

    

Murphy Oil Corp.

    

5,908,729

    
 

126,530

    

Northern Oil and Gas, Inc.

    

5,161,159

    
 

89,513

    

Occidental Petroleum Corp.

    

5,920,390

    
 

70,735

    

Par Pacific Holdings, Inc. (a)​

    

2,178,638

    
 

164,382

    

Range Resources Corp.

    

5,902,958

    
 

32,825

    

SilverBow Resources, Inc. (a)​

    

1,008,384

    
 

43,891

    

Sitio Royalties Corp.

    

1,020,027

    
 

104,427

    

SM Energy Co.

    

5,063,665

    
 

784,246

    

Southwestern Energy Co. (a)​

    

5,874,002

    
 

146,308

    

Talos Energy, Inc. (a)​

    

1,928,339

    
 

2,891,522

    

Tellurian, Inc. (a)​

    

1,243,644

    
 

70,907

    

VAALCO Energy, Inc.

    

453,805

    
 

23,235

    

Vitesse Energy, Inc.

    

515,585

    
     

113,195,055

    

Petroleum and Coal Products Manufacturing - 9.8%

      
 

48,163

    

ConocoPhillips

    

6,050,236

    
 

83,556

    

CVR Energy, Inc.

    

2,538,431

    
 

50,223

    

Exxon Mobil Corp.

    

5,939,874

    
 

96,566

    

HF Sinclair Corp.

    

5,238,706

    
 

30,315

    

Marathon Petroleum Corp.

    

5,508,842

    
 

108,719

    

PBF Energy, Inc.

    

5,791,461

    
 

36,451

    

Phillips 66

    

5,220,148

    
 

36,397

    

Valero Energy Corp.

    

5,818,788

    
 

68,365

    

Vital Energy, Inc. (a)​

    

3,624,712

    
     

45,731,198

    

Printing and Related Support Activities - 1.2%

      
 

341,018

    

Permian Resources Corp.

    

5,712,051

    

Shares

      

Fair Value

  

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.9%

      
 

7,227

    

Texas Pacific Land Corp.

  

$

4,164,920

    

Support Activities for Mining - 7.4%

      
 

60,873

    

California Resources Corp.

    

3,217,747

    
 

78,414

    

Civitas Resources, Inc.

    

5,642,672

    
 

29,693

    

Diamondback Energy, Inc.

    

5,972,153

    
 

15,372

    

Gulfport Energy Corp. (a)​

    

2,439,690

    
 

37,564

    

Hess Corp.

    

5,915,954

    
 

110,043

    

Ovintiv, Inc.

    

5,647,407

    
 

22,350

    

Pioneer Natural Resources Co.

    

6,019,302

    
     

34,854,925

    
        TOTAL COMMON STOCKS
(Cost $220,273,284)		  

$

219,646,613

    

SHORT TERM INVESTMENTS - 60.1%

      

Money Market Funds - 60.1%

      
 

213,766,815

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

213,766,815

    
 

2,942,810

     Dreyfus Treasury Securities
Cash Management
Institutional Shares, 5.19% (b)​		    

2,942,810

    
 

64,790,869

     Goldman Sachs Financial
Square Treasury
Instruments Fund
Institutional Shares, 5.18% (b)​		    

64,790,869

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $281,500,494)		  

$

281,500,494

    
        TOTAL INVESTMENTS
(Cost $501,773,778) -
107.0% (c)​		  

$

501,147,107

    
        Liabilities in Excess of Other
Assets - (7.0)%		    

(32,470,226

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

468,676,881

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $297,207,545.

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

DIREXION SEMI-ANNUAL REPORT
61

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

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
Total return of
S&P Oil & Gas
Exploration &
Production Select
Industry Index		   5.8600% representing
1 month SOFR rate + spread		  

BNP Paribas

  

12/4/2024

    

8,815

    

$

46,522,573

    

$

4,309,935

    
Total return of
S&P Oil & Gas
Exploration &
Production Select
Industry Index		   5.8600% representing
1 month SOFR rate + spread		  

Goldman Sachs

  

12/10/2024

    

30,724

      

155,517,051

      

22,074,389

    
Total return of
S&P Oil & Gas
Exploration &
Production Select
Industry Index		   5.7200% representing
1 month SOFR rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

21,380

      

108,620,424

      

14,629,781

    
Total return of
S&P Oil & Gas
Exploration &
Production Select
Industry Index		   5.8400% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

8,964

      

44,570,173

      

7,265,997

    
Total return of
S&P Oil & Gas
Exploration &
Production Select
Industry Index		   5.8100% representing
1 month SOFR rate + spread		  

UBS Securities LLC

  

12/17/2024

    

17,963

      

94,119,740

      

9,900,370

    
Total return of
S&P Oil & Gas
Exploration &
Production Select
Industry Index		   5.8500% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

34,954

      

185,601,700

      

16,337,019

    
                   

$

634,951,661

    

$

74,517,491

    

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

DIREXION SEMI-ANNUAL REPORT
62

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

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 109.4%

      

Money Market Funds - 109.4%

      
 

34,039,071

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

34,039,071

    
 

8,600,763

     Dreyfus Treasury Securities Cash
Management Institutional
Shares, 5.19% (a)​		    

8,600,763

    
 

19,824,520

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (a)​		    

19,824,520

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $62,464,354) (b)​		  

$

62,464,354

    
        TOTAL INVESTMENTS
(Cost $62,464,354) - 109.4%		  

$

62,464,354

    
        Liabilities in Excess of Other
Assets - (9.4)%		    

(5,383,086

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

57,081,268

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $32,186,788.

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
5.6200%
representing
1 month SOFR
rate + spread		   Total return of
S&P Oil & Gas
Exploration & Production
Select Industry Index		  

Goldman Sachs

  

12/10/2024

    

4,069

    

$

20,961,866

    

$

(2,663,531

)

  
5.5200%
representing
1 month SOFR
rate + spread		   Total return of
S&P Oil & Gas
Exploration & Production
Select Industry Index		   Bank of America
Merrill Lynch		  

12/11/2024

    

5,615

      

33,050,351

      

298,298

    
5.6000%
representing
1 month SOFR
rate + spread		   Total return of
S&P Oil & Gas
Exploration & Production
Select Industry Index		  

J.P. Morgan

  

12/16/2024

    

2,397

      

11,918,196

      

(1,954,826

)

  
5.4700%
representing
1 month SOFR
rate + spread		   Total return of
S&P Oil & Gas
Exploration & Production
Select Industry Index		  

UBS Securities LLC

  

12/17/2024

    

3,569

      

21,317,160

      

542,575

    
5.5900%
representing
1 month SOFR
rate + spread		   Total return of
S&P Oil & Gas
Select Industry Index		   Exploration & Production
Citibank N.A.		  

12/19/2024

    

3,883

      

20,626,045

      

(1,815,971

)

  
                   

$

107,873,618

    

$

(5,593,455

)

  

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

DIREXION SEMI-ANNUAL REPORT
63

Direxion Daily Travel & Vacation Bull 2X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 77.9%

      

Accommodation - 31.0%

      
 

2,624

    

Airbnb, Inc. (a)​

  

$

416,088

    
 

4,588

    

Apple Hospitality REIT, Inc.

    

67,719

    
 

1,459

    

Boyd Gaming Corp.

    

78,071

    
 

2,424

    

Caesars Entertainment Inc. (a)​

    

86,828

    
 

828

    

Choice Hotels International, Inc. (b)​

    

97,919

    
 

1,782

    

Hilton Grand Vacations, Inc. (a)​

    

74,202

    
 

2,114

    

Hilton Worldwide Holdings, Inc.

    

417,050

    
 

7,499

    

Host Hotels & Resorts, Inc.

    

141,506

    
 

3,448

    

Huazhu Group Ltd. ADR

    

126,576

    
 

700

    

Hyatt Hotels Corp.

    

104,153

    
 

1,823

     InterContinental Hotels Group
PLC ADR (United Kingdom)		    

179,292

    
 

5,271

    

Las Vegas Sands Corp.

    

233,822

    
 

1,735

    

Marriott International, Inc. Class A

    

409,686

    
 

8,188

     Melco Resorts & Entertainment
Ltd. ADR (a)​		    

53,549

    
 

3,528

    

MGM Resorts International (a)​

    

139,144

    
 

4,716

    

Park Hotels & Resorts, Inc.

    

76,069

    
 

2,970

    

Penn Entertainment, Inc. (a)​

    

49,124

    
 

6,301

    

Sunstone Hotel Investors, Inc.

    

64,270

    
 

1,845

    

Travel + Leisure Co.

    

80,331

    
 

470

    

Vail Resorts, Inc.

    

89,004

    
 

1,388

    

Wyndham Hotels & Resorts, Inc.

    

102,032

    
     

3,086,435

    

Administrative and Support Services - 11.1%

      
 

112

    

Booking Holdings, Inc.

    

386,627

    
 

1,905

    

Live Nation Entertainment, Inc. (a)​

    

169,374

    
 

1,648

    

MakeMyTrip Ltd. ADR (India) (a)​

    

109,114

    
 

1,963

     Royal Caribbean Cruises Ltd. ADR
(Liberia) (a)​		    

274,094

    
 

2,560

    

Six Flags Entertainment Corp. (a)​

    

60,365

    
 

3,710

    

TripAdvisor, Inc. (a)(b)​

    

97,684

    
     

1,097,258

    

Air Transportation - 13.3%

      
 

2,455

    

Alaska Air Group, Inc. (a)​

    

105,614

    
 

774

    

Allegiant Travel Co.

    

42,230

    
 

9,242

    

American Airlines Group, Inc. (a)​

    

124,859

    
 

677

    

Copa Holdings SA ADR (Panama)

    

64,654

    
 

6,646

    

Delta Air Lines, Inc.

    

332,765

    
 

12,958

    

JetBlue Airways Corp. (a)​

    

73,601

    
 

1,640

     Ryanair Holdings PLC ADR
(Ireland)		    

223,368

    
 

5,806

    

Southwest Airlines Co.

    

150,608

    
 

4,449

    

Spirit Airlines, Inc. (b)​

    

15,705

    
 

3,574

     United Continental Holdings,
Inc. (a)​		    

183,918

    
     

1,317,322

    

Amusement, Gambling, and Recreation Industries - 6.4%

      
 

3,880

    

The Walt Disney Co.

    

431,068

    
 

1,254

    

United Parks & Resorts, Inc. (a)​

    

63,728

    
 

1,475

    

Wynn Resorts Ltd.

    

135,184

    
     

629,980

    

Shares

      

Fair Value

  

Management of Companies and Enterprises - 6.6%

      
 

12,444

    

Carnival Corp. ADR (Panama) (a)​

  

$

184,420

    
 

6,213

     Norwegian Cruise Line Holdings
Ltd. ADR (a)​		    

117,550

    
 

7,272

    

Trip.com Group Ltd. ADR (China) (a)​

    

350,947

    
     

652,917

    

Performing Arts, Spectator Sports, and Related Industries - 1.2%

      
 

933

    

Churchill Downs, Inc.

    

120,357

    

Real Estate - 6.2%

      
 

2,970

    

Gaming & Leisure Properties, Inc.

    

126,908

    
 

883

    

Marriott Vacations Worldwide Corp.

    

84,865

    
 

4,266

    

Pebblebrook Hotel Trust

    

61,985

    
 

948

    

Ryman Hospitality Properties, Inc.

    

99,995

    
 

8,427

    

VICI Properties, Inc.

    

240,591

    
     

614,344

    

Support Activities for Transportation - 2.1%

      
 

1,530

    

Expedia, Inc. (a)​

    

205,984

    
        TOTAL COMMON STOCKS
(Cost $8,729,235)		  

$

7,724,597

    

SHORT TERM INVESTMENTS - 28.5%

      

Money Market Funds - 28.5%

      
 

1,072,713

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (c)(d)​		  

$

1,072,713

    
 

1,749,214

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (c)​		    

1,749,214

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $2,821,927)		  

$

2,821,927

    
        TOTAL INVESTMENTS
(Cost $11,551,162) -
106.4% (e)​		  

$

10,546,524

    
        Liabilities in Excess of Other
Assets - (6.4)%		    

(633,982

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

9,912,542

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

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

(c)​  Represents annualized seven-day yield at April 30, 2024.

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

(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $6,404,595.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
64

Direxion Daily Travel & Vacation Bull 2X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments to be
Paid at Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
Total return of
BlueStar®​ Travel
and Vacation Index		   5.8200% representing
1 month SOFR rate +
 spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

40,219

    

$

6,612,882

    

$

(445,917

)

  
Total return of
BlueStar®​ Travel
and Vacation Index		   6.0200% representing
1 month SOFR rate +
spread		  

J.P. Morgan

  

12/16/2024

    

38,270

      

5,676,113

      

122,980

    
                   

$

12,288,995

    

$

(322,937

)

  

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

DIREXION SEMI-ANNUAL REPORT
65

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion
Daily S&P 500®​
Bear 1X Shares		   Direxion
Daily AAPL
Bear 1X Shares		   Direxion
Daily AMZN
Bear 1X Shares		   Direxion
Daily GOOGL
Bear 1X Shares		  

Assets:

  

Investments, at fair value (Note 2)

  

$

185,761,311

    

$

36,225,637

    

$

3,400,816

    

$

3,099,541

    

Receivable for Fund shares sold

    

1,885,479

      

—

      

2,903,441

      

—

    

Dividend and interest receivable

    

769,776

      

147,235

      

13,812

      

12,869

    

Due from broker for swap contracts

    

13,292

      

224,847

      

—

      

1

    

Unrealized appreciation on swap contracts

    

2,600,627

      

3,492,064

      

79,082

      

—

    

Prepaid expenses and other assets

    

71,487

      

4,299

      

1,879

      

1,852

    

Total Assets

    

191,101,972

      

40,094,082

      

6,399,030

      

3,114,263

    

Liabilities:

  

Payable for Fund shares redeemed

    

17,240,462

      

8,423,291

      

—

      

—

    

Unrealized depreciation on swap contracts

    

2,041,212

      

—

      

12,015

      

186,105

    

Due to Adviser, net (Note 6)

    

49,621

      

12,697

      

1,433

      

1,320

    

Due to broker for swap contracts

    

600,000

      

3,613,843

      

—

      

—

    

Accrued expenses and other liabilities

    

43,350

      

17,543

      

11,623

      

11,586

    

Total Liabilities

    

19,974,645

      

12,067,374

      

25,071

      

199,011

    

Net Assets

  

$

171,127,327

    

$

28,026,708

    

$

6,373,959

    

$

2,915,252

    

Net Assets Consist of:

  

Capital stock

  

$

355,636,023

    

$

32,895,324

    

$

8,950,921

    

$

5,549,456

    

Total distributable loss

    

(184,508,696

)

    

(4,868,616

)

    

(2,576,962

)

    

(2,634,204

)

  

Net Assets

  

$

171,127,327

    

$

28,026,708

    

$

6,373,959

    

$

2,915,252

    

Calculation of Net Asset Value Per Share:

  

Net assets

  

$

171,127,327

    

$

28,026,708

    

$

6,373,959

    

$

2,915,252

    
Shares outstanding (unlimited shares of
beneficial interest authorized, par value)		    

13,399,983

      

1,225,001

      

425,001

      

200,001

    
Net assets value, redemption price and
offering price per share		  

$

12.77

    

$

22.88

    

$

15.00

    

$

14.58

    

Cost of Investments

  

$

185,761,311

    

$

36,225,637

    

$

3,400,816

    

$

3,099,541

    

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

DIREXION SEMI-ANNUAL REPORT
66

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion
Daily MSFT
Bear 1X Shares		   Direxion
Daily NVDA
Bear 1X Shares		   Direxion
Daily TSLA
Bear 1X Shares		   Direxion
Daily
Concentrated Qs
Bear 1X Shares		  

Assets:

  

Investments, at fair value (Note 2)

  

$

10,461,497

    

$

8,973,497

    

$

61,017,804

    

$

4,917,327

    

Receivable for Fund shares sold

    

—

      

—

      

4,389,383

      

—

    

Due from Adviser, net (Note 6)

    

—

      

—

      

—

      

3,610

    

Dividend and interest receivable

    

33,570

      

44,065

      

266,101

      

18,578

    

Unrealized appreciation on swap contracts

    

618,572

      

100,235

      

15,690,720

      

55,517

    

Prepaid expenses and other assets

    

1,754

      

2,572

      

2,050

      

—

    

Total Assets

    

11,115,393

      

9,120,369

      

81,366,058

      

4,995,032

    

Liabilities:

  

Payable for Fund shares redeemed

    

—

      

—

      

2,895,559

      

—

    

Unrealized depreciation on swap contracts

    

—

      

488,158

      

2,323,924

      

—

    

Due to Adviser, net (Note 6)

    

5,296

      

1,944

      

20,420

      

—

    

Due to broker for swap contracts

    

152,000

      

80,000

      

12,982,000

      

—

    

Accrued expenses and other liabilities

    

12,461

      

21,742

      

20,888

      

9,494

    

Total Liabilities

    

169,757

      

591,844

      

18,242,791

      

9,494

    

Net Assets

  

$

10,945,636

    

$

8,528,525

    

$

63,123,267

    

$

4,985,538

    

Net Assets Consist of:

  

Capital stock

  

$

14,129,327

    

$

15,164,074

    

$

73,980,477

    

$

4,955,974

    

Total distributable earnings (loss)

    

(3,183,691

)

    

(6,635,549

)

    

(10,857,210

)

    

29,564

    

Net Assets

  

$

10,945,636

    

$

8,528,525

    

$

63,123,267

    

$

4,985,538

    

Calculation of Net Asset Value Per Share:

  

Net assets

  

$

10,945,636

    

$

8,528,525

    

$

63,123,267

    

$

4,985,538

    
Shares outstanding (unlimited shares of
beneficial interest authorized, par value)		    

725,001

      

725,001

      

2,725,001

      

200,001

    
Net assets value, redemption price and
offering price per share		  

$

15.10

    

$

11.76

    

$

23.16

    

$

24.93

    

Cost of Investments

  

$

10,461,497

    

$

8,973,497

    

$

61,017,804

    

$

4,917,327

    

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

DIREXION SEMI-ANNUAL REPORT
67

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion
Daily AAPL
Bull 2X Shares		   Direxion
Daily AMZN
Bull 2X Shares		   Direxion
Daily GOOGL
Bull 2X Shares		   Direxion
Daily MSFT
Bull 2X Shares		  

Assets:

  

Investments, at fair value (Note 2)

  

$

61,451,197

    

$

86,292,630

    

$

69,136,204

    

$

77,970,137

    

Receivable for Fund shares sold

    

—

      

8,966,223

      

—

      

—

    

Receivable for investments sold

    

—

      

—

      

4,984,190

      

—

    

Dividend and interest receivable

    

204,856

      

291,846

      

224,408

      

269,399

    

Due from broker for swap contracts

    

—

      

—

      

3,262,625

      

—

    

Unrealized appreciation on swap contracts

    

—

      

—

      

3,136,439

      

—

    

Prepaid expenses and other assets

    

1,751

      

1,722

      

1,724

      

1,724

    

Total Assets

    

61,657,804

      

95,552,421

      

80,745,590

      

78,241,260

    

Liabilities:

  

Unrealized depreciation on swap contracts

    

4,703,078

      

5,339,446

      

3,456,927

      

5,467,513

    

Due to Adviser, net (Note 6)

    

22,667

      

26,006

      

27,071

      

20,228

    

Due to broker for swap contracts

    

249,954

      

999,463

      

7,528,000

      

1,280,113

    

Accrued expenses and other liabilities

    

19,425

      

23,451

      

21,159

      

24,690

    

Total Liabilities

    

4,995,124

      

6,388,366

      

11,033,157

      

6,792,544

    

Net Assets

  

$

56,662,680

    

$

89,164,055

    

$

69,712,433

    

$

71,448,716

    

Net Assets Consist of:

  

Capital stock

  

$

65,518,900

    

$

73,027,769

    

$

52,856,415

    

$

67,522,689

    

Total distributable earnings (loss)

    

(8,856,220

)

    

16,136,286

      

16,856,018

      

3,926,027

    

Net Assets

  

$

56,662,680

    

$

89,164,055

    

$

69,712,433

    

$

71,448,716

    

Calculation of Net Asset Value Per Share:

  

Net assets

  

$

56,662,680

    

$

89,164,055

    

$

69,712,433

    

$

71,448,716

    
Shares outstanding (unlimited shares of
beneficial interest authorized, par value)		    

2,575,001

      

2,825,001

      

1,800,001

      

1,850,001

    
Net assets value, redemption price and
offering price per share		  

$

22.00

    

$

31.56

    

$

38.73

    

$

38.62

    

Cost of Investments

  

$

61,479,422

    

$

84,875,427

    

$

66,971,944

    

$

77,327,335

    

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

DIREXION SEMI-ANNUAL REPORT
68

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion
Daily NVDA
Bull 2X Shares		   Direxion
Daily TSLA
Bull 2X Shares		   Direxion
Daily CSI 300
China A Share
Bull 2X Shares		   Direxion
Daily CSI China
Internet Index
Bull 2X Shares		  

Assets:

  

Investments, at fair value (Note 2)

  

$

138,255,462

    

$

1,293,761,736

    

$

62,770,620

    

$

374,682,868

    

Cash

    

—

      

—

      

900,000

      

—

    

Receivable for Fund shares sold

    

—

      

13,075,775

      

8,821

      

—

    

Dividend and interest receivable

    

542,200

      

3,894,346

      

137,051

      

765,797

    

Due from broker for swap contracts

    

—

      

66,408,811

      

—

      

—

    

Unrealized appreciation on swap contracts

    

—

      

—

      

4,106,497

      

31,980,812

    

Prepaid expenses and other assets

    

2,526

      

4,244

      

4,871

      

7,780

    

Total Assets

    

138,800,188

      

1,377,144,912

      

67,927,860

      

407,437,257

    

Liabilities:

  

Payable for Fund shares redeemed

    

—

      

577,261

      

—

      

—

    

Payable for investments purchased

    

—

      

29,108,850

      

—

      

—

    

Unrealized depreciation on swap contracts

    

6,835,755

      

226,385,013

      

—

      

—

    

Due to Adviser, net (Note 6)

    

39,338

      

253,010

      

22,200

      

117,060

    

Due to broker for swap contracts

    

207,099

      

157,042,760

      

4,569,111

      

49,039,323

    

Accrued expenses and other liabilities

    

34,655

      

182,871

      

59,095

      

214,689

    

Total Liabilities

    

7,116,847

      

413,549,765

      

4,650,406

      

49,371,072

    

Net Assets

  

$

131,683,341

    

$

963,595,147

    

$

63,277,454

    

$

358,066,185

    

Net Assets Consist of:

  

Capital stock

  

$

82,711,955

    

$

1,423,350,439

    

$

126,844,207

    

$

884,754,547

    

Total distributable earnings (loss)

    

48,971,386

      

(459,755,292

)

    

(63,566,753

)

    

(526,688,362

)

  

Net Assets

  

$

131,683,341

    

$

963,595,147

    

$

63,277,454

    

$

358,066,185

    

Calculation of Net Asset Value Per Share:

  

Net assets

  

$

131,683,341

    

$

963,595,147

    

$

63,277,454

    

$

358,066,185

    
Shares outstanding (unlimited shares of
beneficial interest authorized, par value)		    

2,275,001

      

115,975,001

      

4,400,000

      

10,774,087

    
Net assets value, redemption price and
offering price per share		  

$

57.88

    

$

8.31

    

$

14.38

    

$

33.23

    

Cost of Investments

  

$

137,858,227

    

$

1,307,972,889

    

$

63,665,084

    

$

369,469,880

    

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

DIREXION SEMI-ANNUAL REPORT
69

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion
Daily S&P 500®​
Bull 2X Shares		   Direxion Daily
MSCI Brazil
Bull 2X Shares		   Direxion Daily
MSCI Emerging
Markets ex China
Bull 2X Shares		   Direxion Daily
MSCI India
Bull 2X Shares		  

Assets:

  

Investments, at fair value (Note 2)

  

$

147,252,194

    

$

106,024,960

    

$

2,635,834

    

$

88,548,447

    

Due from Adviser, net (Note 6)

    

—

      

—

      

2,389

      

—

    

Dividend and interest receivable

    

174,961

      

235,154

      

3,615

      

182,388

    

Foreign tax reclaims

    

110

      

—

      

—

      

—

    

Unrealized appreciation on swap contracts

    

8,572,573

      

—

      

—

      

7,487,690

    

Prepaid expenses and other assets

    

1,610

      

7,157

      

2,523

      

2,864

    

Total Assets

    

156,001,448

      

106,267,271

      

2,644,361

      

96,221,389

    

Liabilities:

  

Unrealized depreciation on swap contracts

    

—

      

7,679,549

      

92,982

      

—

    

Due to Adviser, net (Note 6)

    

51,461

      

32,337

      

—

      

29,914

    

Due to broker for swap contracts

    

11,208,200

      

237,576

      

1,387

      

7,631,475

    

Accrued expenses and other liabilities

    

67,528

      

101,964

      

8,827

      

72,591

    

Total Liabilities

    

11,327,189

      

8,051,426

      

103,196

      

7,733,980

    

Net Assets

  

$

144,674,259

    

$

98,215,845

    

$

2,541,165

    

$

88,487,409

    

Net Assets Consist of:

  

Capital stock

  

$

74,529,720

    

$

553,083,837

    

$

2,500,025

    

$

73,394,103

    

Total distributable earnings (loss)

    

70,144,539

      

(454,867,992

)

    

41,140

      

15,093,306

    

Net Assets

  

$

144,674,259

    

$

98,215,845

    

$

2,541,165

    

$

88,487,409

    

Calculation of Net Asset Value Per Share:

  

Net assets

  

$

144,674,259

    

$

98,215,845

    

$

2,541,165

    

$

88,487,409

    
Shares outstanding (unlimited shares of
beneficial interest authorized, par value)		    

1,283,236

      

1,258,631

      

100,001

      

1,399,686

    
Net assets value, redemption price and
offering price per share		  

$

112.74

    

$

78.03

    

$

25.41

    

$

63.22

    

Cost of Investments

  

$

134,750,542

    

$

111,046,952

    

$

2,602,428

    

$

86,000,158

    

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

DIREXION SEMI-ANNUAL REPORT
70

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion
Daily Cloud
Computing
Bull 2X Shares		   Direxion Daily
Concentrated Qs
Bull 2X Shares		   Direxion Daily
Electric and
Autonomous
Vehicles
Bull 2X Shares		   Direxion Daily
Energy
Bull 2X Shares		  

Assets:

  
Investments, at fair value (including
securities loaned*) (Note 2)		  

$

4,866,927

    

$

4,662,875

    

$

5,907,112

    

$

392,281,259

    

Receivable for Fund shares sold

    

—

      

625,369

      

—

      

—

    

Receivable for investments sold

    

—

      

—

      

683,582

      

—

    

Due from Adviser, net (Note 6)

    

—

      

1,719

      

2,821

      

—

    

Dividend and interest receivable

    

5,105

      

4,189

      

10,795

      

831,268

    

Due from broker for swap contracts

    

—

      

—

      

—

      

211,075

    

Foreign tax reclaims

    

3,053

      

—

      

—

      

—

    

Unrealized appreciation on swap contracts

    

—

      

—

      

—

      

49,217,526

    

Prepaid expenses and other assets

    

4,804

      

—

      

68

      

446,272

    

Total Assets

    

4,879,889

      

5,294,152

      

6,604,378

      

442,987,400

    

Liabilities:

  

Collateral for securities loaned (Note 2)

    

10,361

      

—

      

1,123,033

      

—

    

Payable for investments purchased

    

—

      

—

      

688,379

      

—

    

Unrealized depreciation on swap contracts

    

284,352

      

281,776

      

823,164

      

—

    

Due to Adviser, net (Note 6)

    

260

      

—

      

—

      

137,924

    

Due to broker for swap contracts

    

6,800

      

—

      

27,054

      

65,600,000

    

Accrued expenses and other liabilities

    

23,310

      

9,550

      

21,681

      

356,938

    

Total Liabilities

    

325,083

      

291,326

      

2,683,311

      

66,094,862

    

Net Assets

  

$

4,554,806

    

$

5,002,826

    

$

3,921,067

    

$

376,892,538

    

Net Assets Consist of:

  

Capital stock

  

$

18,197,385

    

$

5,079,942

    

$

15,900,813

    

$

322,675,692

    

Total distributable earnings (loss)

    

(13,642,579

)

    

(77,116

)

    

(11,979,746

)

    

54,216,846

    

Net Assets

  

$

4,554,806

    

$

5,002,826

    

$

3,921,067

    

$

376,892,538

    

Calculation of Net Asset Value Per Share:

  

Net assets

  

$

4,554,806

    

$

5,002,826

    

$

3,921,067

    

$

376,892,538

    
Shares outstanding (unlimited shares of
beneficial interest authorized, par value)		    

500,001

      

200,001

      

224,948

      

5,463,531

    
Net assets value, redemption price and
offering price per share		  

$

9.11

    

$

25.01

    

$

17.43

    

$

68.98

    

Cost of Investments

  

$

5,752,628

    

$

4,637,699

    

$

6,866,160

    

$

372,390,666

    

*  Securities loaned with values of $63,153, $–, $980,810 and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
71

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion Daily
Energy
Bear 2X Shares		   Direxion Daily
Global Clean
Energy
Bull 2X Shares		   Direxion Daily
Gold Miners
Index
Bull 2X Shares		   Direxion Daily
Gold Miners
Index
Bear 2X Shares		  

Assets:

  

Investments, at fair value (Note 2)

  

$

24,691,347

    

$

3,543,472

    

$

579,851,563

    

$

190,097,886

    

Receivable for Fund shares sold

    

1,109,997

      

—

      

—

      

—

    

Due from Adviser, net (Note 6)

    

—

      

1,406

      

—

      

—

    

Dividend and interest receivable

    

109,249

      

2,459

      

1,318,740

      

654,214

    

Due from broker for swap contracts

    

—

      

—

      

1,522,868

      

—

    

Unrealized appreciation on swap contracts

    

163,442

      

—

      

94,708,800

      

1,285,806

    

Prepaid expenses and other assets

    

70,106

      

31,260

      

14,000

      

13,667

    

Total Assets

    

26,144,141

      

3,578,597

      

677,415,971

      

192,051,573

    

Liabilities:

  

Unrealized depreciation on swap contracts

    

2,383,561

      

230,655

      

—

      

8,427,863

    

Due to Adviser, net (Note 6)

    

13,471

      

—

      

203,450

      

53,861

    

Due to broker for swap contracts

    

67,000

      

7,211

      

139,021,511

      

—

    

Accrued expenses and other liabilities

    

32,509

      

14,856

      

164,058

      

35,242

    

Total Liabilities

    

2,496,541

      

252,722

      

139,389,019

      

8,516,966

    

Net Assets

  

$

23,647,600

    

$

3,325,875

    

$

538,026,952

    

$

183,534,607

    

Net Assets Consist of:

  

Capital stock

  

$

225,114,073

    

$

11,596,809

    

$

2,348,311,996

    

$

849,044,617

    

Total distributable loss

    

(201,466,473

)

    

(8,270,934

)

    

(1,810,285,044

)

    

(665,510,010

)

  

Net Assets

  

$

23,647,600

    

$

3,325,875

    

$

538,026,952

    

$

183,534,607

    

Calculation of Net Asset Value Per Share:

  

Net assets

  

$

23,647,600

    

$

3,325,875

    

$

538,026,952

    

$

183,534,607

    
Shares outstanding (unlimited shares of
beneficial interest authorized, par value)		    

1,065,264

      

550,001

      

14,501,908

      

21,960,171

    
Net assets value, redemption price and
offering price per share		  

$

22.20

    

$

6.05

    

$

37.10

    

$

8.36

    

Cost of Investments

  

$

24,691,347

    

$

4,369,554

    

$

562,798,426

    

$

190,097,886

    

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

DIREXION SEMI-ANNUAL REPORT
72

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion Daily
Junior Gold
Miners Index
Bull 2X Shares		   Direxion Daily
Junior Gold
Miners Index
Bear 2X Shares		   Direxion Daily
NYSE FANG+
Bull 2X Shares		   Direxion Daily
Robotics,
Artificial
Intelligence &
Automation
Index
Bull 2X Shares		  

Assets:

  

Investments, at fair value (Note 2)

  

$

305,777,005

    

$

120,815,412

    

$

37,217,549

    

$

36,699,201

    

Receivable for Fund shares sold

    

5,358,510

      

5,496,293

      

—

      

—

    

Receivable for investments sold

    

—

      

—

      

3,795,678

      

—

    

Dividend and interest receivable

    

925,280

      

426,178

      

81,521

      

79,420

    

Due from broker for swap contracts

    

—

      

1

      

840,000

      

—

    

Unrealized appreciation on swap contracts

    

47,633,570

      

1,517,152

      

1,773,381

      

2,196,504

    

Prepaid expenses and other assets

    

9,294

      

4,373

      

14,810

      

545

    

Total Assets

    

359,703,659

      

128,259,409

      

43,722,939

      

38,975,670

    

Liabilities:

  

Unrealized depreciation on swap contracts

    

—

      

4,761,207

      

362,024

      

—

    

Due to Adviser, net (Note 6)

    

103,241

      

34,957

      

8,293

      

13,334

    

Due to broker for swap contracts

    

73,953,732

      

—

      

2,090,000

      

2,572,758

    

Accrued expenses and other liabilities

    

101,363

      

32,732

      

39,845

      

25,514

    

Total Liabilities

    

74,158,336

      

4,828,896

      

2,500,162

      

2,611,606

    

Net Assets

  

$

285,545,323

    

$

123,430,513

    

$

41,222,777

    

$

36,364,064

    

Net Assets Consist of:

  

Capital stock

  

$

1,863,180,085

    

$

379,704,550

    

$

36,698,347

    

$

51,989,974

    

Total distributable earnings (loss)

    

(1,577,634,762

)

    

(256,274,037

)

    

4,524,430

      

(15,625,910

)

  

Net Assets

  

$

285,545,323

    

$

123,430,513

    

$

41,222,777

    

$

36,364,064

    

Calculation of Net Asset Value Per Share:

  

Net assets

  

$

285,545,323

    

$

123,430,513

    

$

41,222,777

    

$

36,364,064

    
Shares outstanding (unlimited shares of
beneficial interest authorized, par value)		    

7,993,351

      

28,032,449

      

379,852

      

1,673,646

    
Net assets value, redemption price and
offering price per share		  

$

35.72

    

$

4.40

    

$

108.52

    

$

21.73

    

Cost of Investments

  

$

305,794,971

    

$

120,815,412

    

$

35,321,964

    

$

36,145,573

    

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

DIREXION SEMI-ANNUAL REPORT
73

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

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

Assets:

  
Investments, at fair value (including
securities loaned*) (Note 2)		  

$

501,147,107

    

$

62,464,354

    

$

10,546,524

    

Dividend and interest receivable

    

1,267,012

      

267,187

      

15,366

    

Due from broker for swap contracts

    

2,924,477

      

—

      

—

    

Unrealized appreciation on swap contracts

    

74,517,491

      

840,873

      

122,980

    

Prepaid expenses and other assets

    

27,461

      

3,072

      

10,197

    

Total Assets

    

579,883,548

      

63,575,486

      

10,695,067

    

Liabilities:

  

Collateral for securities loaned (Note 2)

    

—

      

—

      

8,045

    

Unrealized depreciation on swap contracts

    

—

      

6,434,328

      

445,917

    

Due to Adviser, net (Note 6)

    

178,507

      

33,258

      

5,688

    

Due to broker for swap contracts

    

110,874,000

      

1

      

294,861

    

Accrued expenses and other liabilities

    

154,160

      

26,631

      

28,014

    

Total Liabilities

    

111,206,667

      

6,494,218

      

782,525

    

Net Assets

  

$

468,676,881

    

$

57,081,268

    

$

9,912,542

    

Net Assets Consist of:

  

Capital stock

  

$

438,265,164

    

$

301,486,627

    

$

28,096,908

    

Total distributable earnings (loss)

    

30,411,717

      

(244,405,359

)

    

(18,184,366

)

  

Net Assets

  

$

468,676,881

    

$

57,081,268

    

$

9,912,542

    

Calculation of Net Asset Value Per Share:

  

Net assets

  

$

468,676,881

    

$

57,081,268

    

$

9,912,542

    
Shares outstanding (unlimited shares of beneficial interest
authorized, par value)		    

12,063,688

      

6,307,895

      

700,001

    

Net assets value, redemption price and offering price per share

  

$

38.85

    

$

9.05

    

$

14.16

    

Cost of Investments

  

$

501,773,778

    

$

62,464,354

    

$

11,551,162

    

*  Securities loaned with values of $–, $– and $7,855, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
74

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion
Daily S&P 500®​
Bear 1X Shares		   Direxion
Daily AAPL
Bear 1X Shares		   Direxion
Daily AMZN
Bear 1X Shares		   Direxion
Daily GOOGL
Bear 1X Shares		  

Investment Income:

  

Dividend income

  

$

—

    

$

—

    

$

—

    

$

—

    

Interest income

    

5,039,291

      

899,214

      

93,385

      

81,850

    

Total investment income

    

5,039,291

      

899,214

      

93,385

      

81,850

    

Expenses:

  

Investment advisory fees (Note 6)

    

349,549

      

128,895

      

12,600

      

11,388

    

Interest expense

    

80,103

      

33,004

      

107

      

152

    

Licensing fees

    

49,962

      

187

      

17

      

13

    

Fund servicing fees

    

31,140

      

5,720

      

1,014

      

955

    

Management service fees (Note 6)

    

24,525

      

4,218

      

413

      

373

    

Professional fees

    

13,700

      

5,948

      

5,083

      

5,069

    

Reports to shareholders

    

9,730

      

1,641

      

164

      

141

    

Exchange listing fees

    

3,615

      

2,493

      

2,493

      

2,493

    

Pricing fees

    

2,992

      

2,992

      

2,992

      

2,992

    

Trustees' fees and expenses

    

2,081

      

357

      

35

      

31

    

Insurance fees

    

1,640

      

277

      

28

      

24

    

Other

    

4,248

      

727

      

71

      

63

    

Total Expenses

    

573,285

      

186,459

      

25,017

      

23,694

    
Recoupment of expenses to
Adviser (Note 6)		    

—

      

9,812

      

—

      

—

    
Less: Reimbursement of expenses
from Adviser (Note 6)		    

(43,761

)

    

—

      

(8,949

)

    

(9,117

)

  

Net Expenses

    

529,524

      

196,271

      

16,068

      

14,577

    

Net investment income

    

4,509,767

      

702,943

      

77,317

      

67,273

    
Net realized and unrealized gain
(loss) on investments:		  
Net realized loss on:
Swap contracts		    

(33,592,876

)

    

(2,223,870

)

    

(1,005,920

)

    

(857,642

)

  

Net realized loss

    

(33,592,876

)

    

(2,223,870

)

    

(1,005,920

)

    

(857,642

)

  
Change in net unrealized appreciation
(depreciation) on:
Swap contracts		    

(15,227,917

)

    

2,125,079

      

154,147

      

(324,783

)

  
Change in net unrealized appreciation
(depreciation)		    

(15,227,917

)

    

2,125,079

      

154,147

      

(324,783

)

  

Net realized and unrealized loss

    

(48,820,793

)

    

(98,791

)

    

(851,773

)

    

(1,182,425

)

  
Net increase (decrease) in net assets
resulting from operations		  

$

(44,311,026

)

  

$

604,152

    

$

(774,456

)

  

$

(1,115,152

)

  

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

DIREXION SEMI-ANNUAL REPORT
75

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion
Daily MSFT
Bear 1X Shares		   Direxion
Daily NVDA
Bear 1X Shares		   Direxion
Daily TSLA
Bear 1X Shares		   Direxion
Daily
Concentrated Qs
Bear 1X Shares1​		  

Investment Income:

  

Dividend income

  

$

—

    

$

—

    

$

—

    

$

—

    

Interest income

    

206,539

      

276,535

      

1,429,256

      

27,508

    

Total investment income

    

206,539

      

276,535

      

1,429,256

      

27,508

    

Expenses:

  

Investment advisory fees (Note 6)

    

28,839

      

35,980

      

208,870

      

1,836

    

Professional fees

    

5,201

      

5,259

      

6,533

      

1,534

    

Pricing fees

    

2,992

      

2,992

      

2,992

      

904

    

Exchange listing fees

    

2,493

      

2,494

      

2,493

      

791

    

Fund servicing fees

    

1,664

      

1,965

      

8,931

      

305

    

Management service fees (Note 6)

    

944

      

1,178

      

6,835

      

128

    

Interest expense

    

577

      

2,111

      

215,203

      

—

    

Reports to shareholders

    

366

      

464

      

2,639

      

47

    

Trustees' fees and expenses

    

79

      

99

      

580

      

11

    

Insurance fees

    

62

      

78

      

445

      

8

    

Licensing fees

    

43

      

1,869

      

343

      

3,616

    

Offering fees

    

—

      

7,480

      

—

      

2,260

    

Other

    

162

      

203

      

1,179

      

22

    

Total Expenses

    

43,422

      

62,172

      

457,043

      

11,462

    
Recoupment of expenses to
Adviser (Note 6)		    

—

      

—

      

1,636

      

—

    
Less: Reimbursement of expenses
from Adviser (Note 6)		    

(6,317

)

    

(14,486

)

    

—

      

(9,102

)

  

Net Expenses

    

37,105

      

47,686

      

458,679

      

2,360

    

Net investment income

    

169,434

      

228,849

      

970,577

      

25,148

    
Net realized and unrealized gain
(loss) on investments:		  
Net realized gain (loss) on:
Investment securities		    

—

      

1

      

—

      

—

    

Swap contracts

    

(1,463,005

)

    

(6,105,030

)

    

(762,623

)

    

(51,101

)

  

Net realized loss

    

(1,463,005

)

    

(6,105,029

)

    

(762,623

)

    

(51,101

)

  
Change in net unrealized appreciation
(depreciation) on:
Swap contracts		    

701,103

      

(1,432,969

)

    

3,000,004

      

55,517

    
Change in net unrealized appreciation
(depreciation)		    

701,103

      

(1,432,969

)

    

3,000,004

      

55,517

    

Net realized and unrealized gain (loss)

    

(761,902

)

    

(7,537,998

)

    

2,237,381

      

4,416

    
Net increase (decrease) in net assets
resulting from operations		  

$

(592,468

)

  

$

(7,309,149

)

  

$

3,207,958

    

$

29,564

    

1​  Represents the period from March 7, 2024 (commencement of operations) to April 30, 2024.

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

DIREXION SEMI-ANNUAL REPORT
76

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion
Daily AAPL
Bull 2X Shares		   Direxion
Daily AMZN
Bull 2X Shares		   Direxion
Daily GOOGL
Bull 2X Shares		   Direxion
Daily MSFT
Bull 2X Shares		  

Investment Income:

  

Dividend income

  

$

19,202

    

$

—

    

$

—

    

$

42,731

    

Interest income

    

893,377

      

1,399,331

      

1,098,878

      

1,434,165

    

Total investment income

    

912,579

      

1,399,331

      

1,098,878

      

1,476,896

    

Expenses:

  

Investment advisory fees (Note 6)

    

151,736

      

231,136

      

190,313

      

254,215

    

Interest expense

    

22,351

      

127,282

      

39,562

      

87,042

    

Fund servicing fees

    

6,640

      

9,807

      

8,175

      

10,748

    

Professional fees

    

6,116

      

6,689

      

6,393

      

6,863

    

Management service fees (Note 6)

    

4,966

      

7,562

      

6,227

      

8,318

    

Pricing fees

    

2,992

      

2,992

      

2,992

      

2,992

    

Exchange listing fees

    

2,493

      

2,493

      

2,493

      

2,494

    

Reports to shareholders

    

1,928

      

2,906

      

2,401

      

3,203

    

Trustees' fees and expenses

    

418

      

638

      

526

      

701

    

Insurance fees

    

325

      

490

      

405

      

540

    

Licensing fees

    

295

      

407

      

361

      

387

    

Other

    

852

      

1,297

      

1,070

      

1,427

    

Total Expenses

    

201,112

      

393,699

      

260,918

      

378,930

    
Recoupment of expenses to
Adviser (Note 6)		    

13,438

      

14,547

      

19,707

      

19,465

    

Net Expenses

    

214,550

      

408,246

      

280,625

      

398,395

    

Net investment income

    

698,029

      

991,085

      

818,253

      

1,078,501

    
Net realized and unrealized gain
(loss) on investments:		  
Net realized gain on:
Investment securities		    

20,776

      

306,300

      

103,568

      

—

    

In-kind redemptions

    

83,224

      

362,484

      

946,053

      

1,115,372

    

Swap contracts

    

1,485,962

      

21,551,280

      

14,765,051

      

7,640,220

    

Net realized gain

    

1,589,962

      

22,220,064

      

15,814,672

      

8,755,592

    
Change in net unrealized appreciation
(depreciation) on:
Investment securities		    

(156,092

)

    

1,158,578

      

1,664,796

      

53,470

    

Swap contracts

    

(3,625,911

)

    

(7,478,274

)

    

1,757,205

      

(5,969,388

)

  
Change in net unrealized appreciation
(depreciation)		    

(3,782,003

)

    

(6,319,696

)

    

3,422,001

      

(5,915,918

)

  

Net realized and unrealized gain (loss)

    

(2,192,041

)

    

15,900,368

      

19,236,673

      

2,839,674

    
Net increase (decrease) in net assets
resulting from operations		  

$

(1,494,012

)

  

$

16,891,453

    

$

20,054,926

    

$

3,918,175

    

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

DIREXION SEMI-ANNUAL REPORT
77

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion
Daily NVDA
Bull 2X Shares		   Direxion
Daily TSLA
Bull 2X Shares		   Direxion
Daily CSI 300
China A Share
Bull 2X Shares		   Direxion
Daily CSI China
Internet Index
Bull 2X Shares		  

Investment Income:

  

Dividend income

  

$

597

    

$

—

    

$

666,441

    

$

3,020,104

    

Interest income

    

1,808,128

      

21,871,643

      

910,921

      

4,890,705

    

Total investment income

    

1,808,725

      

21,871,643

      

1,577,362

      

7,910,809

    

Expenses:

  

Interest expense

    

279,217

      

557,712

      

19,971

      

80,290

    

Investment advisory fees (Note 6)

    

271,534

      

3,204,859

      

229,601

      

1,265,618

    

Fund servicing fees

    

11,244

      

130,920

      

9,814

      

51,909

    

Management service fees (Note 6)

    

8,877

      

104,909

      

7,515

      

41,425

    

Offering fees

    

7,480

      

—

      

—

      

—

    

Professional fees

    

6,913

      

29,109

      

6,704

      

14,476

    

Reports to shareholders

    

3,288

      

41,184

      

2,932

      

16,202

    

Pricing fees

    

2,992

      

2,992

      

2,992

      

2,992

    

Exchange listing fees

    

2,494

      

2,493

      

2,712

      

2,712

    

Licensing fees

    

1,869

      

3,915

      

9,215

      

50,646

    

Trustees' fees and expenses

    

743

      

8,826

      

634

      

3,495

    

Insurance fees

    

554

      

6,941

      

494

      

2,730

    

Excise tax

    

—

      

—

      

—

      

4,072

    

Other

    

1,504

      

18,011

      

1,293

      

7,125

    

Total Expenses

    

598,709

      

4,111,871

      

293,877

      

1,543,692

    
Recoupment of expenses to
Adviser (Note 6)		    

16,910

      

558

      

—

      

—

    
Less: Reimbursement of expenses
from Adviser (Note 6)		    

(2,079

)

    

—

      

—

      

—

    

Net Expenses

    

613,540

      

4,112,429

      

293,877

      

1,543,692

    

Net investment income

    

1,195,185

      

17,759,214

      

1,283,485

      

6,367,117

    
Net realized and unrealized gain
(loss) on investments:		  
Net realized gain (loss) on:
Investment securities		    

801,593

      

(16,750,016

)

    

(3,160,538

)

    

(11,189,143

)

  

In-kind redemptions

    

1,325,067

      

4,787,702

      

427,362

      

2,725,844

    

Swap contracts

    

53,156,746

      

(67,226,551

)

    

(18,029,689

)

    

(61,130,519

)

  

Net realized gain (loss)

    

55,283,406

      

(79,188,865

)

    

(20,762,865

)

    

(69,593,818

)

  
Change in net unrealized appreciation
(depreciation) on:
Investment securities		    

489,145

      

(10,199,316

)

    

2,592,467

      

13,603,407

    

Swap contracts

    

(5,292,451

)

    

(65,262,792

)

    

16,208,863

      

78,666,545

    
Change in net unrealized appreciation
(depreciation)		    

(4,803,306

)

    

(75,462,108

)

    

18,801,330

      

92,269,952

    

Net realized and unrealized gain (loss)

    

50,480,100

      

(154,650,973

)

    

(1,961,535

)

    

22,676,134

    
Net increase (decrease) in net assets
resulting from operations		  

$

51,675,285

    

$

(136,891,759

)

  

$

(678,050

)

  

$

29,043,251

    

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

DIREXION SEMI-ANNUAL REPORT
78

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion
Daily S&P 500®​
Bull 2X Shares		   Direxion Daily
MSCI Brazil
Bull 2X Shares		   Direxion Daily
MSCI Emerging
Markets ex China
Bull 2X Shares1​		   Direxion Daily
MSCI India
Bull 2X Shares		  

Investment Income:

  
Dividend income
(net of foreign withholding tax of
$322, $—, $— and $—, respectively)		  

$

1,650,653

    

$

1,698,554

    

$

—

    

$

—

    

Interest income

    

642,375

      

1,740,893

      

9,453

      

1,067,899

    

Securities lending income

    

—

      

2,113

      

—

      

—

    

Total investment income

    

2,293,028

      

3,441,560

      

9,453

      

1,067,899

    

Expenses:

  

Investment advisory fees (Note 6)

    

589,124

      

407,688

      

4,463

      

280,174

    

Interest expense

    

277,560

      

258,752

      

—

      

98,689

    

Licensing fees

    

70,695

      

36,503

      

3,452

      

14,943

    

Fund servicing fees

    

36,478

      

17,111

      

405

      

11,819

    

Management service fees (Note 6)

    

28,928

      

13,346

      

146

      

9,168

    

Professional fees

    

11,645

      

8,063

      

2,333

      

7,064

    

Reports to shareholders

    

11,367

      

5,253

      

53

      

3,546

    

Pricing fees

    

2,992

      

2,992

      

1,381

      

2,992

    

Exchange listing fees

    

2,712

      

2,712

      

1,208

      

2,712

    

Trustees' fees and expenses

    

2,443

      

1,126

      

12

      

773

    

Insurance fees

    

1,916

      

885

      

9

      

598

    

Offering fees

    

—

      

—

      

3,452

      

—

    

Other

    

4,984

      

2,298

      

25

      

1,575

    

Total Expenses

    

1,040,844

      

756,729

      

16,939

      

434,053

    
Less: Reimbursement of expenses
from Adviser (Note 6)		    

(56,334

)

    

—

      

(11,285

)

    

—

    

Net Expenses

    

984,510

      

756,729

      

5,654

      

434,053

    

Net investment income

    

1,308,518

      

2,684,831

      

3,799

      

633,846

    
Net realized and unrealized gain
(loss) on investments:		  
Net realized gain (loss) on:
Investment securities		    

(232,639

)

    

14

      

911

      

—

    

In-kind redemptions

    

31,831,856

      

1,556,141

      

—

      

999,491

    

Swap contracts

    

40,195,359

      

24,102,027

      

99,237

      

8,352,646

    

Net realized gain

    

71,794,576

      

25,658,182

      

100,148

      

9,352,137

    
Change in net unrealized appreciation
(depreciation) on:
Investment securities		    

11,916,399

      

401,182

      

33,406

      

4,565,761

    

Swap contracts

    

7,501,996

      

(13,878,682

)

    

(92,982

)

    

8,366,995

    
Change in net unrealized appreciation
(depreciation)		    

19,418,395

      

(13,477,500

)

    

(59,576

)

    

12,932,756

    

Net realized and unrealized gain

    

91,212,971

      

12,180,682

      

40,572

      

22,284,893

    
Net increase in net assets resulting
from operations		  

$

92,521,489

    

$

14,865,513

    

$

44,371

    

$

22,918,739

    

1​  Represents the period from February 7, 2024 (commencement of operations) to April 30, 2024.

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

DIREXION SEMI-ANNUAL REPORT
79

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion Daily
Cloud Computing
Bull 2X Shares		   Direxion Daily
Concentrated Qs
Bull 2X Shares1​		   Direxion Daily
Electric and
Autonomous
Vehicles
Bull 2X Shares		   Direxion Daily
Energy
Bull 2X Shares		  

Investment Income:

  
Dividend income
(net of foreign withholding tax of
$234, $—, $— and $—, respectively)		  

$

2,572

    

$

—

    

$

5,760

    

$

4,720,860

    

Interest income

    

43,027

      

9,006

      

35,913

      

2,959,123

    

Securities lending income

    

210

      

—

      

36,552

      

—

    

Total investment income

    

45,809

      

9,006

      

78,225

      

7,679,983

    

Expenses:

  

Investment advisory fees (Note 6)

    

27,930

      

4,828

      

18,227

      

1,393,334

    

Interest expense

    

13,406

      

—

      

1,322

      

467,677

    

Licensing fees

    

11,967

      

3,616

      

11,966

      

110,992

    

Professional fees

    

5,195

      

1,540

      

5,124

      

15,416

    

Pricing fees

    

2,992

      

904

      

2,992

      

2,992

    

Exchange listing fees

    

2,712

      

791

      

2,712

      

2,712

    

Fund servicing fees

    

1,631

      

339

      

1,241

      

57,050

    

Management service fees (Note 6)

    

914

      

158

      

597

      

45,604

    

Reports to shareholders

    

356

      

57

      

234

      

17,806

    

Trustees' fees and expenses

    

77

      

13

      

50

      

3,846

    

Insurance fees

    

60

      

10

      

40

      

3,001

    

Offering fees

    

—

      

2,260

      

—

      

—

    

Other

    

157

      

26

      

103

      

7,841

    

Total Expenses

    

67,397

      

14,542

      

44,608

      

2,128,271

    
Less: Reimbursement of
expenses from Adviser (Note 6)		    

(18,613

)

    

(8,427

)

    

(20,199

)

    

—

    

Net Expenses

    

48,784

      

6,115

      

24,409

      

2,128,271

    

Net investment income (loss)

    

(2,975

)

    

2,891

      

53,816

      

5,551,712

    
Net realized and unrealized gain
(loss) on investments:		  
Net realized gain (loss) on:
Investment securities		    

28,431

      

(25,071

)

    

(2,072,713

)

    

(821,907

)

  

In-kind redemptions

    

837,210

      

—

      

59,534

      

30,391,490

    

Swap contracts

    

1,437,220

      

201,664

      

(2,809,169

)

    

3,440,988

    

Net realized gain (loss)

    

2,302,861

      

176,593

      

(4,822,348

)

    

33,010,571

    
Change in net unrealized
appreciation (depreciation) on:
Investment securities		    

(80,981

)

    

25,176

      

582,929

      

(5,345,999

)

  

Swap contracts

    

(543,141

)

    

(281,776

)

    

598,638

      

34,518,498

    
Change in net unrealized appreciation
(depreciation)		    

(624,122

)

    

(256,600

)

    

1,181,567

      

29,172,499

    

Net realized and unrealized gain (loss)

    

1,678,739

      

(80,007

)

    

(3,640,781

)

    

62,183,070

    
Net increase (decrease) in net assets
resulting from operations		  

$

1,675,764

    

$

(77,116

)

  

$

(3,586,965

)

  

$

67,734,782

    

1​  Represents the period from March 7, 2024 (commencement of operations) to April 30, 2024.

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

DIREXION SEMI-ANNUAL REPORT
80

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion Daily
Energy
Bear 2X Shares		   Direxion Daily
Global Clean
Energy
Bull 2X Shares		   Direxion Daily
Gold Miners
Index
Bull 2X Shares		   Direxion Daily
Gold Miners
Index
Bear 2X Shares		  

Investment Income:

  

Dividend income

  

$

—

    

$

35,701

    

$

4,034,237

    

$

—

    

Interest income

    

554,552

      

19,008

      

7,322,604

      

2,563,671

    

Securities lending income

    

—

      

74

      

—

      

—

    

Total investment income

    

554,552

      

54,783

      

11,356,841

      

2,563,671

    

Expenses:

  

Investment advisory fees (Note 6)

    

76,030

      

13,857

      

1,962,427

      

349,597

    

Interest expense

    

22,474

      

1,401

      

361,100

      

293,627

    

Licensing fees

    

6,068

      

12,465

      

47,359

      

4,350

    

Professional fees

    

5,564

      

5,090

      

19,616

      

7,641

    

Fund servicing fees

    

3,606

      

1,060

      

79,994

      

14,784

    

Pricing fees

    

2,992

      

2,992

      

2,992

      

2,992

    

Exchange listing fees

    

2,712

      

2,712

      

2,712

      

2,712

    

Management service fees (Note 6)

    

2,489

      

454

      

64,225

      

11,446

    

Reports to shareholders

    

986

      

176

      

24,977

      

4,531

    

Trustees' fees and expenses

    

211

      

38

      

5,405

      

971

    

Insurance fees

    

166

      

30

      

4,209

      

764

    

Excise tax

    

—

      

337

      

—

      

—

    

Other

    

430

      

78

      

11,014

      

1,983

    

Total Expenses

    

123,728

      

40,690

      

2,586,030

      

695,398

    
Less: Reimbursement of
expenses from Adviser (Note 6)		    

(4,951

)

    

(21,400

)

    

—

      

—

    

Net Expenses

    

118,777

      

19,290

      

2,586,030

      

695,398

    

Net investment income

    

435,775

      

35,493

      

8,770,811

      

1,868,273

    
Net realized and unrealized gain
(loss) on investments:		  
Net realized gain (loss) on:
Investment securities		    

—

      

(275,594

)

    

(12,897,267

)

    

—

    

In-kind redemptions

    

—

      

(24,540

)

    

39,931,951

      

—

    

Swap contracts

    

1,173,007

      

(795,214

)

    

15,554,325

      

(6,465,883

)

  

Net realized gain (loss)

    

1,173,007

      

(1,095,348

)

    

42,589,009

      

(6,465,883

)

  
Change in net unrealized
appreciation (depreciation) on:
Investment securities		    

—

      

202,519

      

22,679,059

      

—

    

Swap contracts

    

(4,312,751

)

    

537,266

      

118,968,637

      

(31,533,853

)

  
Change in net unrealized appreciation
(depreciation)		    

(4,312,751

)

    

739,785

      

141,647,696

      

(31,533,853

)

  

Net realized and unrealized gain (loss)

    

(3,139,744

)

    

(355,563

)

    

184,236,705

      

(37,999,736

)

  
Net increase (decrease) in net assets
resulting from operations		  

$

(2,703,969

)

  

$

(320,070

)

  

$

193,007,516

    

$

(36,131,463

)

  

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

DIREXION SEMI-ANNUAL REPORT
81

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion Daily
Junior Gold
Miners Index
Bull 2X Shares		   Direxion Daily
Junior Gold
Miners Index
Bear 2X Shares		   Direxion Daily
NYSE FANG+
Bull 2X Shares		   Direxion Daily
Robotics,
Artificial
Intelligence &
Automation
Index
Bull 2X Shares		  

Investment Income:

  

Dividend income

  

$

696,232

    

$

—

    

$

31,768

    

$

2,310

    

Interest income

    

4,970,891

      

2,413,403

      

464,736

      

457,425

    

Securities lending income

    

—

      

—

      

—

      

10

    

Total investment income

    

5,667,123

      

2,413,403

      

496,504

      

459,745

    

Expenses:

  

Investment advisory fees (Note 6)

    

1,053,711

      

337,172

      

135,954

      

127,146

    

Interest expense

    

153,281

      

326,219

      

47,980

      

70,450

    

Fund servicing fees

    

43,261

      

14,272

      

5,980

      

5,623

    

Management service fees (Note 6)

    

34,488

      

11,039

      

4,449

      

4,160

    

Reports to shareholders

    

13,462

      

4,367

      

1,714

      

1,601

    

Professional fees

    

12,872

      

7,545

      

5,991

      

5,924

    

Pricing fees

    

2,992

      

2,992

      

—

      

2,992

    

Trustees' fees and expenses

    

2,905

      

943

      

374

      

350

    

Exchange listing fees

    

2,712

      

2,712

      

2,712

      

2,712

    

Insurance fees

    

2,269

      

736

      

289

      

270

    

Licensing fees

    

1,247

      

1,247

      

9,078

      

10,189

    

Other

    

5,922

      

1,923

      

761

      

712

    

Total Expenses

    

1,329,122

      

711,167

      

215,282

      

232,129

    
Recoupment of expenses to
Adviser (Note 6)		    

—

      

—

      

4,957

      

638

    
Less: Reimbursement of
expenses from Adviser (Note 6)		    

—

      

—

      

(51

)

    

(1,265

)

  

Net Expenses

    

1,329,122

      

711,167

      

220,188

      

231,502

    

Net investment income

    

4,338,001

      

1,702,236

      

276,316

      

228,243

    
Net realized and unrealized gain
(loss) on investments:		  
Net realized gain (loss) on:
Investment securities		    

(4,515,729

)

    

—

      

(110,009

)

    

—

    

In-kind redemptions

    

20,635,578

      

—

      

3,485,467

      

858,455

    

Swap contracts

    

3,725,217

      

(3,705,849

)

    

7,136,885

      

4,781,740

    

Net realized gain (loss)

    

19,845,066

      

(3,705,849

)

    

10,512,343

      

5,640,195

    
Change in net unrealized
appreciation (depreciation) on:
Investment securities		    

7,181,883

      

—

      

979,474

      

2,552,604

    

Swap contracts

    

79,885,935

      

(25,505,325

)

    

3,840,260

      

4,040,260

    
Change in net unrealized appreciation
(depreciation)		    

87,067,818

      

(25,505,325

)

    

4,819,734

      

6,592,864

    

Net realized and unrealized gain (loss)

    

106,912,884

      

(29,211,174

)

    

15,332,077

      

12,233,059

    
Net increase (decrease) in net assets
resulting from operations		  

$

111,250,885

    

$

(27,508,938

)

  

$

15,608,393

    

$

12,461,302

    

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

DIREXION SEMI-ANNUAL REPORT
82

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

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

Investment Income:

  

Dividend income

  

$

4,138,447

    

$

—

    

$

75,503

    

Interest income

    

5,879,973

      

1,579,263

      

103,043

    

Securities lending income

    

190

      

—

      

447

    

Total investment income

    

10,018,610

      

1,579,263

      

178,993

    

Expenses:

  

Investment advisory fees (Note 6)

    

1,879,209

      

212,144

      

48,747

    

Interest expense

    

1,133,263

      

55,193

      

13,458

    

Licensing fees

    

200,449

      

22,628

      

3,907

    

Fund servicing fees

    

76,914

      

9,172

      

2,480

    

Management service fees (Note 6)

    

61,512

      

6,946

      

1,596

    

Reports to shareholders

    

24,110

      

2,752

      

625

    

Professional fees

    

19,108

      

6,599

      

5,353

    

Trustees' fees and expenses

    

5,188

      

588

      

134

    

Insurance fees

    

4,063

      

464

      

105

    

Pricing fees

    

2,992

      

2,992

      

2,992

    

Exchange listing fees

    

2,712

      

2,712

      

2,712

    

Other

    

10,582

      

1,201

      

274

    

Total Expenses

    

3,420,102

      

323,391

      

82,383

    

Recoupment of expenses to Adviser (Note 6)

    

—

      

670

      

—

    

Less: Reimbursement of expenses from Adviser (Note 6)

    

—

      

(152

)

    

(7,178

)

  

Net Expenses

    

3,420,102

      

323,909

      

75,205

    

Net investment income

    

6,598,508

      

1,255,354

      

103,788

    

Net realized and unrealized gain (loss) on investments:

  
Net realized gain (loss) on:
Investment securities		    

(6,839,355

)

    

—

      

(24,750

)

  

In-kind redemptions

    

15,969,670

      

—

      

326,804

    

Swap contracts

    

15,369,345

      

787,056

      

1,576,427

    

Net realized gain

    

24,499,660

      

787,056

      

1,878,481

    
Change in net unrealized appreciation (depreciation) on:
Investment securities		    

1,071,325

      

—

      

1,757,772

    

Swap contracts

    

(8,047,495

)

    

(2,549,444

)

    

1,632,117

    

Change in net unrealized appreciation (depreciation)

    

(6,976,170

)

    

(2,549,444

)

    

3,389,889

    

Net realized and unrealized gain (loss)

    

17,523,490

      

(1,762,388

)

    

5,268,370

    

Net increase (decrease) in net assets resulting from operations

  

$

24,121,998

    

$

(507,034

)

  

$

5,372,158

    

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

DIREXION SEMI-ANNUAL REPORT
83

Statements of Changes in Net Assets

    Direxion Daily
S&P 500®​ Bear 1X Shares		   Direxion Daily
AAPL Bear 1X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

4,509,767

    

$

17,198,343

    

$

702,943

    

$

1,020,452

    

Net realized loss

    

(33,592,876

)

    

(105,987,595

)

    

(2,223,870

)

    

(5,974,809

)

  
Change in net unrealized appreciation
(depreciation)		    

(15,227,917

)

    

52,648,633

      

2,125,079

      

982,058

    
Net increase (decrease) in net assets
resulting from operations		    

(44,311,026

)

    

(36,140,619

)

    

604,152

      

(3,972,299

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(4,760,821

)

    

(17,439,074

)

    

(711,963

)

    

(873,961

)

  

Total distributions

    

(4,760,821

)

    

(17,439,074

)

    

(711,963

)

    

(873,961

)

  

Capital share transactions:

  

Proceeds from shares sold

    

2,951,334,505

      

4,631,995,133

      

42,832,977

      

75,044,444

    

Cost of shares redeemed

    

(3,027,827,923

)

    

(4,895,823,848

)

    

(51,276,825

)

    

(46,754,239

)

  

Transaction fees (Note 4)

    

298,590

      

—

      

15,383

      

14,026

    
Net increase (decrease) in net assets
resulting from capital transactions		    

(76,194,828

)

    

(263,828,715

)

    

(8,428,465

)

    

28,304,231

    

Total increase (decrease) in net assets

    

(125,266,675

)

    

(317,408,408

)

    

(8,536,276

)

    

23,457,971

    

Net assets:

  

Beginning of year/period

    

296,394,002

      

613,802,410

      

36,562,984

      

13,105,013

    

End of year/period

  

$

171,127,327

    

$

296,394,002

    

$

28,026,708

    

$

36,562,984

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

19,449,983

      

37,199,983

      

1,600,001

      

500,001

    

Shares sold

    

211,700,000

      

308,000,000

      

2,000,000

      

3,150,000

    

Shares repurchased

    

(217,750,000

)

    

(325,750,000

)

    

(2,375,000

)

    

(2,050,000

)

  

Shares outstanding, end of year/period

    

13,399,983

      

19,449,983

      

1,225,001

      

1,600,001

    

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

DIREXION SEMI-ANNUAL REPORT
84

Statements of Changes in Net Assets

    Direxion Daily
AMZN Bear 1X Shares		   Direxion Daily
GOOGL Bear 1X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

77,317

    

$

218,483

    

$

67,273

    

$

162,064

    

Net realized loss

    

(1,005,920

)

    

(1,612,513

)

    

(857,642

)

    

(1,560,008

)

  
Change in net unrealized appreciation
(depreciation)		    

154,147

      

(560,523

)

    

(324,783

)

    

(224,114

)

  
Net decrease in net assets
resulting from operations		    

(774,456

)

    

(1,954,553

)

    

(1,115,152

)

    

(1,622,058

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(76,126

)

    

(385,096

)

    

(58,269

)

    

(159,519

)

  

Total distributions

    

(76,126

)

    

(385,096

)

    

(58,269

)

    

(159,519

)

  

Capital share transactions:

  

Proceeds from shares sold

    

6,319,063

      

15,276,879

      

10,021,848

      

8,343,366

    

Cost of shares redeemed

    

(2,091,052

)

    

(13,678,158

)

    

(7,883,320

)

    

(8,766,401

)

  

Transaction fees (Note 4)

    

628

      

4,103

      

2,365

      

2,630

    
Net increase (decrease) in net assets
resulting from capital transactions		    

4,228,639

      

1,602,824

      

2,140,893

      

(420,405

)

  

Total increase (decrease) in net assets

    

3,378,057

      

(736,825

)

    

967,472

      

(2,201,982

)

  

Net assets:

  

Beginning of year/period

    

2,995,902

      

3,732,727

      

1,947,780

      

4,149,762

    

End of year/period

  

$

6,373,959

    

$

2,995,902

    

$

2,915,252

    

$

1,947,780

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

150,001

      

125,001

      

100,001

      

150,001

    

Shares sold

    

400,000

      

575,000

      

575,000

      

375,000

    

Shares repurchased

    

(125,000

)

    

(550,000

)

    

(475,000

)

    

(425,000

)

  

Shares outstanding, end of year/period

    

425,001

      

150,001

      

200,001

      

100,001

    

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

DIREXION SEMI-ANNUAL REPORT
85

Statements of Changes in Net Assets

    Direxion Daily
MSFT Bear 1X Shares		   Direxion Daily
NVDA Bear 1X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   For the Period
September 13, 20231
​through
October 31, 2023		  

Operations:

  

Net investment income

  

$

169,434

    

$

263,762

    

$

228,849

    

$

40,283

    

Net realized loss

    

(1,463,005

)

    

(2,300,843

)

    

(6,105,029

)

    

(175,574

)

  
Change in net unrealized appreciation
(depreciation)		    

701,103

      

(338,190

)

    

(1,432,969

)

    

1,045,046

    
Net increase (decrease) in net assets
resulting from operations		    

(592,468

)

    

(2,375,271

)

    

(7,309,149

)

    

909,755

    

Distributions to shareholders:

  

Net distributions to shareholders

    

(163,090

)

    

(241,897

)

    

(236,155

)

    

—

    

Total distributions

    

(163,090

)

    

(241,897

)

    

(236,155

)

    

—

    

Capital share transactions:

  

Proceeds from shares sold

    

21,373,887

      

13,815,953

      

16,820,649

      

10,682,830

    

Cost of shares redeemed

    

(14,896,779

)

    

(9,988,343

)

    

(12,343,108

)

    

—

    

Transaction fees (Note 4)

    

4,469

      

2,997

      

3,703

      

—

    
Net increase in net assets resulting
from capital transactions		    

6,481,577

      

3,830,607

      

4,481,244

      

10,682,830

    

Total increase (decrease) in net assets

    

5,726,019

      

1,213,439

      

(3,064,060

)

    

11,592,585

    

Net assets:

  

Beginning of year/period

    

5,219,617

      

4,006,178

      

11,592,585

      

—

    

End of year/period

  

$

10,945,636

    

$

5,219,617

    

$

8,528,525

    

$

11,592,585

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

300,001

      

150,001

      

425,001

      

—

    

Shares sold

    

1,475,000

      

675,000

      

1,150,000

      

425,001

    

Shares repurchased

    

(1,050,000

)

    

(525,000

)

    

(850,000

)

    

—

    

Shares outstanding, end of year/period

    

725,001

      

300,001

      

725,001

      

425,001

    

1​  Commencement of Operations.

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

DIREXION SEMI-ANNUAL REPORT
86

Statements of Changes in Net Assets

    Direxion Daily TSLA
Bear 1X Shares		   Direxion Daily
Concentrated Qs
Bear 1X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   For the Period
March 7, 20241
​through
April 30, 2024
(Unaudited)		  

Operations:

  

Net investment income

  

$

970,577

    

$

1,582,707

    

$

25,148

    

Net realized loss

    

(762,623

)

    

(23,574,097

)

    

(51,101

)

  

Change in net unrealized appreciation

    

3,000,004

      

9,174,783

      

55,517

    

Net increase (decrease) in net assets resulting from operations

    

3,207,958

      

(12,816,607

)

    

29,564

    

Distributions to shareholders:

  

Net distributions to shareholders

    

(1,024,939

)

    

(2,234,426

)

    

—

    

Total distributions

    

(1,024,939

)

    

(2,234,426

)

    

—

    

Capital share transactions:

  

Proceeds from shares sold

    

199,309,350

      

317,772,927

      

4,955,974

    

Cost of shares redeemed

    

(188,028,069

)

    

(265,270,376

)

    

—

    

Transaction fees (Note 4)

    

56,408

      

79,581

      

—

    

Net increase in net assets resulting from capital transactions

    

11,337,689

      

52,582,132

      

4,955,974

    

Total increase in net assets

    

13,520,708

      

37,531,099

      

4,985,538

    

Net assets:

  

Beginning of year/period

    

49,602,559

      

12,071,460

      

—

    

End of year/period

  

$

63,123,267

    

$

49,602,559

    

$

4,985,538

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

2,075,001

      

400,001

      

—

    

Shares sold

    

8,425,000

      

12,150,000

      

200,001

    

Shares repurchased

    

(7,775,000

)

    

(10,475,000

)

    

—

    

Shares outstanding, end of year/period

    

2,725,001

      

2,075,001

      

200,001

    

1​  Commencement of Operations.

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

DIREXION SEMI-ANNUAL REPORT
87

Statements of Changes in Net Assets

    Direxion Daily
AAPL Bull 2X Shares		   Direxion Daily
AMZN Bull 2X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

698,029

    

$

683,102

    

$

991,085

    

$

768,267

    

Net realized gain (loss)

    

1,589,962

      

(468,166

)

    

22,220,064

      

7,142,449

    
Change in net unrealized appreciation
(depreciation)		    

(3,782,003

)

    

(764,504

)

    

(6,319,696

)

    

3,367,960

    
Net increase (decrease) in net assets
resulting from operations		    

(1,494,012

)

    

(549,568

)

    

16,891,453

      

11,278,676

    

Distributions to shareholders:

  

Net distributions to shareholders

    

(533,557

)

    

(533,661

)

    

(1,463,554

)

    

(617,613

)

  

Total distributions

    

(533,557

)

    

(533,661

)

    

(1,463,554

)

    

(617,613

)

  

Capital share transactions:

  

Proceeds from shares sold

    

35,452,082

      

149,562,107

      

65,465,717

      

129,364,132

    

Cost of shares redeemed

    

(11,746,060

)

    

(120,641,850

)

    

(33,782,631

)

    

(104,274,349

)

  

Transaction fees (Note 4)

    

3,390

      

35,967

      

9,661

      

30,220

    
Net increase in net assets resulting
from capital transactions		    

23,709,412

      

28,956,224

      

31,692,747

      

25,120,003

    

Total increase in net assets

    

21,681,843

      

27,872,995

      

47,120,646

      

35,781,066

    

Net assets:

  

Beginning of year/period

    

34,980,837

      

7,107,842

      

42,043,409

      

6,262,343

    

End of year/period

  

$

56,662,680

    

$

34,980,837

    

$

89,164,055

    

$

42,043,409

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

1,500,001

      

325,001

      

1,825,001

      

350,001

    

Shares sold

    

1,525,000

      

5,875,000

      

2,175,000

      

6,150,000

    

Shares repurchased

    

(450,000

)

    

(4,700,000

)

    

(1,175,000

)

    

(4,675,000

)

  

Shares outstanding, end of year/period

    

2,575,001

      

1,500,001

      

2,825,001

      

1,825,001

    

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

DIREXION SEMI-ANNUAL REPORT
88

Statements of Changes in Net Assets

    Direxion Daily
GOOGL Bull 2X Shares		   Direxion Daily
MSFT Bull 2X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

818,253

    

$

499,201

    

$

1,078,501

    

$

666,730

    

Net realized gain

    

15,814,672

      

5,157,053

      

8,755,592

      

2,663,113

    
Change in net unrealized appreciation
(depreciation)		    

3,422,001

      

(972,409

)

    

(5,915,918

)

    

1,443,154

    
Net increase in net assets resulting
from operations		    

20,054,926

      

4,683,845

      

3,918,175

      

4,772,997

    

Distributions to shareholders:

  

Net distributions to shareholders

    

(681,758

)

    

(394,589

)

    

(953,607

)

    

(503,522

)

  

Total distributions

    

(681,758

)

    

(394,589

)

    

(953,607

)

    

(503,522

)

  

Capital share transactions:

  

Proceeds from shares sold

    

41,660,623

      

144,564,021

      

66,901,786

      

145,141,789

    

Cost of shares redeemed

    

(25,895,774

)

    

(118,913,609

)

    

(41,360,942

)

    

(109,741,234

)

  

Transaction fees (Note 4)

    

6,233

      

35,050

      

10,636

      

32,060

    
Net increase in net assets resulting
from capital transactions		    

15,771,082

      

25,685,462

      

25,551,480

      

35,432,615

    

Total increase in net assets

    

35,144,250

      

29,974,718

      

28,516,048

      

39,702,090

    

Net assets:

  

Beginning of year/period

    

34,568,183

      

4,593,465

      

42,932,668

      

3,230,578

    

End of year/period

  

$

69,712,433

    

$

34,568,183

    

$

71,448,716

    

$

42,932,668

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

1,275,001

      

225,001

      

1,250,001

      

150,001

    

Shares sold

    

1,325,000

      

5,050,000

      

1,575,000

      

4,400,000

    

Shares repurchased

    

(800,000

)

    

(4,000,000

)

    

(975,000

)

    

(3,300,000

)

  

Shares outstanding, end of year/period

    

1,800,001

      

1,275,001

      

1,850,001

      

1,250,001

    

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

DIREXION SEMI-ANNUAL REPORT
89

Statements of Changes in Net Assets

    Direxion Daily
NVDA Bull 2X Shares		   Direxion Daily
TSLA Bull 2X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   For the Period
September 13, 20231
​through
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

1,195,185

    

$

54,586

    

$

17,759,214

    

$

17,053,383

    

Net realized gain (loss)

    

55,283,406

      

(344,727

)

    

(79,188,865

)

    

67,356,859

    

Change in net unrealized depreciation

    

(4,803,306

)

    

(1,635,214

)

    

(75,462,108

)

    

(145,169,133

)

  
Net increase (decrease) in net assets
resulting from operations		    

51,675,285

      

(1,925,355

)

    

(136,891,759

)

    

(60,758,891

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(778,544

)

    

—

      

(34,655,652

)

    

(13,969,260

)

  

Total distributions

    

(778,544

)

    

—

      

(34,655,652

)

    

(13,969,260

)

  

Capital share transactions:

  

Proceeds from shares sold

    

114,164,330

      

15,775,342

      

809,568,114

      

1,871,792,744

    

Cost of shares redeemed

    

(47,238,992

)

    

—

      

(427,049,711

)

    

(1,145,190,874

)

  

Transaction fees (Note 4)

    

11,275

      

—

      

115,056

      

349,825

    
Net increase in net assets resulting
from capital transactions		    

66,936,613

      

15,775,342

      

382,633,459

      

726,951,695

    

Total increase in net assets

   

117,833,354

      

13,849,987

      

211,086,048

      

652,223,544

    

Net assets:

  

Beginning of year/period

    

13,849,987

      

—

      

752,509,099

      

100,285,555

    

End of year/period

  

$

131,683,341

    

$

13,849,987

    

$

963,595,147

    

$

752,509,099

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

650,001

      

—

      

68,725,001

      

6,025,001

    

Shares sold

    

2,575,000

      

650,001

      

88,075,000

      

146,050,000

    

Shares repurchased

    

(950,000

)

    

—

      

(40,825,000

)

    

(83,350,000

)

  

Shares outstanding, end of year/period

    

2,275,001

      

650,001

      

115,975,001

      

68,725,001

    

1​  Commencement of Operations.

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

DIREXION SEMI-ANNUAL REPORT
90

Statements of Changes in Net Assets

    Direxion Daily CSI 300
China A Share Bull 2X Shares		   Direxion Daily CSI
China Internet Index Bull 2X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

1,283,485

    

$

1,325,577

    

$

6,367,117

    

$

5,686,066

    

Net realized loss

    

(20,762,865

)

    

(8,258,058

)

    

(69,593,818

)

    

(8,700,602

)

  

Change in net unrealized appreciation

    

18,801,330

      

2,141,196

      

92,269,952

      

50,660,292

    
Net increase (decrease) in net assets
resulting from operations		    

(678,050

)

    

(4,791,285

)

    

29,043,251

      

47,645,756

    

Distributions to shareholders:

  

Net distributions to shareholders

    

(1,346,884

)

    

(1,285,927

)

    

(6,510,096

)

    

(3,836,004

)

  

Total distributions

    

(1,346,884

)

    

(1,285,927

)

    

(6,510,096

)

    

(3,836,004

)

  

Capital share transactions:

  

Proceeds from shares sold

    

35,709,742

      

40,978,217

      

89,555,291

      

289,800,771

    

Cost of shares redeemed

    

(27,660,835

)

    

(16,777,326

)

    

(74,461,593

)

    

(175,196,439

)

  

Transaction fees (Note 4)

    

7,003

      

3,570

      

15,628

      

35,994

    
Net increase in net assets resulting
from capital transactions		    

8,055,910

      

24,204,461

      

15,109,326

      

114,640,326

    

Total increase in net assets

   

6,030,976

      

18,127,249

      

37,642,481

      

158,450,078

    

Net assets:

  

Beginning of year/period

    

57,246,478

      

39,119,229

      

320,423,704

      

161,973,626

    

End of year/period

  

$

63,277,454

    

$

57,246,478

    

$

358,066,185

    

$

320,423,704

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

3,850,000

      

2,600,000

      

10,274,087

      

7,274,087

    

Shares sold

    

2,650,000

      

2,100,000

      

2,950,000

      

6,850,000

    

Shares repurchased

    

(2,100,000

)

    

(850,000

)

    

(2,450,000

)

    

(3,850,000

)

  

Shares outstanding, end of year/period

    

4,400,000

      

3,850,000

      

10,774,087

      

10,274,087

    

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

DIREXION SEMI-ANNUAL REPORT
91

Statements of Changes in Net Assets

    Direxion Daily S&P 500®​
Bull 2X Shares		   Direxion Daily MSCI Brazil
Bull 2X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

1,308,518

    

$

1,695,456

    

$

2,684,831

    

$

6,133,623

    

Net realized gain (loss)

    

71,794,576

      

4,380,908

      

25,658,182

      

(963,011

)

  
Change in net unrealized appreciation
(depreciation)		    

19,418,395

      

(4,981,135

)

    

(13,477,500

)

    

(10,972,336

)

  
Net increase (decrease) in net assets
resulting from operations		    

92,521,489

      

1,095,229

      

14,865,513

      

(5,801,724

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(1,351,356

)

    

(1,833,932

)

    

(2,522,989

)

    

(6,143,456

)

  

Total distributions

    

(1,351,356

)

    

(1,833,932

)

    

(2,522,989

)

    

(6,143,456

)

  

Capital share transactions:

  

Proceeds from shares sold

    

403,251,354

      

1,005,584,053

      

25,414,807

      

100,685,444

    

Cost of shares redeemed

    

(566,226,905

)

    

(838,922,470

)

    

(41,218,766

)

    

(126,050,584

)

  

Transaction fees (Note 4)

    

178,029

      

239,578

      

8,244

      

25,616

    
Net increase (decrease) in net assets
resulting from capital transactions		    

(162,797,522

)

    

166,901,161

      

(15,795,715

)

    

(25,339,524

)

  

Total increase (decrease) in net assets

   

(71,627,389

)

    

166,162,458

      

(3,453,191

)

    

(37,284,704

)

  

Net assets:

  

Beginning of year/period

    

216,301,648

      

50,139,190

      

101,669,036

      

138,953,740

    

End of year/period

  

$

144,674,259

    

$

216,301,648

    

$

98,215,845

    

$

101,669,036

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

2,683,236

      

683,236

      

1,408,631

      

1,608,631

    

Shares sold

    

4,400,000

      

11,700,000

      

300,000

      

1,500,000

    

Shares repurchased

    

(5,800,000

)

    

(9,700,000

)

    

(450,000

)

    

(1,700,000

)

  

Shares outstanding, end of year/period

    

1,283,236

      

2,683,236

      

1,258,631

      

1,408,631

    

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

DIREXION SEMI-ANNUAL REPORT
92

Statements of Changes in Net Assets

    Direxion Daily
MSCI Emerging
Markets ex China
Bull 2X Shares		   Direxion Daily
MSCI India Bull 2X Shares		  
    For the Period
February 7, 20241​
April 30, 2024
(Unaudited)		   through
April 30, 2024
(Unaudited)		   Six Months Ended
Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

3,799

    

$

633,846

    

$

1,032,293

    

Net realized gain (loss)

    

100,148

      

9,352,137

      

(1,574,960

)

  

Change in net unrealized appreciation (depreciation)

    

(59,576

)

    

12,932,756

      

(557,043

)

  

Net increase (decrease) in net assets resulting from operations

    

44,371

      

22,918,739

      

(1,099,710

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(3,231

)

    

(645,768

)

    

(891,341

)

  

Total distributions

    

(3,231

)

    

(645,768

)

    

(891,341

)

  

Capital share transactions:

  

Proceeds from shares sold

    

2,500,025

      

15,355,719

      

13,415,631

    

Cost of shares redeemed

    

—

      

(5,954,442

)

    

(6,974,836

)

  

Transaction fees (Note 4)

    

—

      

1,193

      

1,394

    

Net increase in net assets resulting from capital transactions

    

2,500,025

      

9,402,470

      

6,442,189

    

Total increase in net assets

   

2,541,165

      

31,675,441

      

4,451,138

    

Net assets:

  

Beginning of year/period

    

—

      

56,811,968

      

52,360,830

    

End of year/period

  

$

2,541,165

    

$

88,487,409

    

$

56,811,968

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

—

      

1,249,686

      

1,099,686

    

Shares sold

    

100,001

      

250,000

      

300,000

    

Shares repurchased

    

—

      

(100,000

)

    

(150,000

)

  

Shares outstanding, end of year/period

    

100,001

      

1,399,686

      

1,249,686

    

1​  Commencement of Operations.

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

DIREXION SEMI-ANNUAL REPORT
93

Statements of Changes in Net Assets

    Direxion Daily
Cloud Computing Bull 2X Shares		   Direxion Daily
Concentrated Qs
Bull 2X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   For the Period
March 7, 20241​
through
April 30, 2024
(Unaudited)		  

Operations:

  

Net investment income (loss)

  

$

(2,975

)

  

$

(14,605

)

  

$

2,891

    

Net realized gain (loss)

    

2,302,861

      

(1,794,003

)

    

176,593

    

Change in net unrealized appreciation (depreciation)

    

(624,122

)

    

2,118,590

      

(256,600

)

  

Net increase (decrease) in net assets resulting from operations

    

1,675,764

      

309,982

      

(77,116

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

—

      

—

      

—

    

Capital share transactions:

  

Proceeds from shares sold

    

1,717,809

      

2,381,795

      

5,079,942

    

Cost of shares redeemed

    

(5,253,545

)

    

(4,038,183

)

    

—

    

Transaction fees (Note 4)

    

1,109

      

948

      

—

    
Net increase (decrease) in net assets resulting
from capital transactions		    

(3,534,627

)

    

(1,655,440

)

    

5,079,942

    

Total increase (decrease) in net assets

    

(1,858,863

)

    

(1,345,458

)

    

5,002,826

    

Net assets:

  

Beginning of year/period

    

6,413,669

      

7,759,127

      

—

    

End of year/period

  

$

4,554,806

    

$

6,413,669

    

$

5,002,826

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

850,001

      

1,100,001

      

—

    

Shares sold

    

150,000

      

325,000

      

200,001

    

Shares repurchased

    

(500,000

)

    

(575,000

)

    

—

    

Shares outstanding, end of year/period

    

500,001

      

850,001

      

200,001

    

1​  Commencement of Operations.

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

DIREXION SEMI-ANNUAL REPORT
94

Statements of Changes in Net Assets

    Direxion Daily
Electric and Autonomous Vehicles
Bull 2X Shares		   Direxion Daily
Energy Bull 2X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

53,816

    

$

137,496

    

$

5,551,712

    

$

12,399,304

    

Net realized gain (loss)

    

(4,822,348

)

    

(3,642,301

)

    

33,010,571

      

124,795,936

    
Change in net unrealized appreciation
(depreciation)		    

1,181,567

      

(1,958,047

)

    

29,172,499

      

(202,948,311

)

  
Net increase (decrease) in net assets
resulting from operations		    

(3,586,965

)

    

(5,462,852

)

    

67,734,782

      

(65,753,071

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(63,830

)

    

(123,822

)

    

(5,412,547

)

    

(12,229,872

)

  

Total distributions

    

(63,830

)

    

(123,822

)

    

(5,412,547

)

    

(12,229,872

)

  

Capital share transactions:

  

Proceeds from shares sold

    

4,499,998

      

15,310,206

      

113,097,192

      

277,987,848

    

Cost of shares redeemed

    

(1,336,226

)

    

(8,176,769

)

    

(166,612,206

)

    

(390,073,903

)

  

Transaction fees (Note 4)

    

267

      

5,654

      

35,068

      

91,104

    
Net increase (decrease) in net assets
resulting from capital transactions		    

3,164,039

      

7,139,091

      

(53,479,946

)

    

(111,994,951

)

  

Total increase (decrease) in net assets

    

(486,756

)

    

1,552,417

      

8,842,289

      

(189,977,894

)

  

Net assets:

  

Beginning of year/period

    

4,407,823

      

2,855,406

      

368,050,249

      

558,028,143

    

End of year/period

  

$

3,921,067

    

$

4,407,823

    

$

376,892,538

    

$

368,050,249

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

124,948

      

30,000

      

6,263,531

      

7,863,531

    

Shares sold

    

150,000

      

225,000

      

1,850,000

      

4,600,000

    

Shares repurchased

    

(50,000

)

    

(130,052

)

    

(2,650,000

)

    

(6,200,000

)

  

Shares outstanding, end of year/period

    

224,948

      

124,948

      

5,463,531

      

6,263,531

    

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

DIREXION SEMI-ANNUAL REPORT
95

Statements of Changes in Net Assets

    Direxion Daily
Energy Bear 2X Shares		   Direxion Daily
Global Clean Energy Bull 2X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

435,775

    

$

1,221,779

    

$

35,493

    

$

41,678

    

Net realized gain (loss)

    

1,173,007

      

(12,593,661

)

    

(1,095,348

)

    

(2,231,552

)

  
Change in net unrealized appreciation
(depreciation)		    

(4,312,751

)

    

12,922,423

      

739,785

      

(1,011,872

)

  
Net increase (decrease) in net assets
resulting from operations		    

(2,703,969

)

    

1,550,541

      

(320,070

)

    

(3,201,746

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(450,840

)

    

(1,074,176

)

    

(40,425

)

    

(31,757

)

  

Total distributions

    

(450,840

)

    

(1,074,176

)

    

(40,425

)

    

(31,757

)

  

Capital share transactions:

  

Proceeds from shares sold

    

73,065,474

      

124,747,028

      

1,627,477

      

2,380,122

    

Cost of shares redeemed

    

(72,868,477

)

    

(138,193,892

)

    

(751,198

)

    

(761,344

)

  

Transaction fees (Note 4)

    

21,860

      

41,459

      

151

      

228

    
Net increase (decrease) in net assets
resulting from capital transactions		    

218,857

      

(13,405,405

)

    

876,430

      

1,619,006

    

Total increase (decrease) in net assets

    

(2,935,952

)

    

(12,929,040

)

    

515,935

      

(1,614,497

)

  

Net assets:

  

Beginning of year/period

    

26,583,552

      

39,512,592

      

2,809,940

      

4,424,437

    

End of year/period

  

$

23,647,600

    

$

26,583,552

    

$

3,325,875

    

$

2,809,940

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

965,264

      

1,365,264

      

450,001

      

300,001

    

Shares sold

    

2,800,000

      

4,350,000

      

200,000

      

200,000

    

Shares repurchased

    

(2,700,000

)

    

(4,750,000

)

    

(100,000

)

    

(50,000

)

  

Shares outstanding, end of year/period

    

1,065,264

      

965,264

      

550,001

      

450,001

    

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

DIREXION SEMI-ANNUAL REPORT
96

Statements of Changes in Net Assets

    Direxion Daily
Gold Miners Index Bull 2X Shares		   Direxion Daily
Gold Miners Index Bear 2X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

8,770,811

    

$

9,755,146

    

$

1,868,273

    

$

3,909,411

    

Net realized gain (loss)

    

42,589,009

      

41,464,194

      

(6,465,883

)

    

(18,048,650

)

  
Change in net unrealized appreciation
(depreciation)		    

141,647,696

      

50,465,786

      

(31,533,853

)

    

9,095,110

    
Net increase (decrease) in net assets
resulting from operations		    

193,007,516

      

101,685,126

      

(36,131,463

)

    

(5,044,129

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(8,781,187

)

    

(6,901,670

)

    

(1,632,823

)

    

(3,486,238

)

  

Total distributions

    

(8,781,187

)

    

(6,901,670

)

    

(1,632,823

)

    

(3,486,238

)

  

Capital share transactions:

  

Proceeds from shares sold

    

260,128,144

      

435,811,804

      

461,578,745

      

671,967,447

    

Cost of shares redeemed

    

(375,034,804

)

    

(437,971,549

)

    

(409,798,931

)

    

(580,964,483

)

  

Transaction fees (Note 4)

    

75,510

      

99,919

      

122,939

      

174,290

    
Net increase (decrease) in net assets
resulting from capital transactions		    

(114,831,150

)

    

(2,059,826

)

    

51,902,753

      

91,177,254

    

Total increase in net assets

    

69,395,179

      

92,723,630

      

14,138,467

      

82,646,887

    

Net assets:

  

Beginning of year/period

    

468,631,773

      

375,908,143

      

169,396,140

      

86,749,253

    

End of year/period

  

$

538,026,952

    

$

468,631,773

    

$

183,534,607

    

$

169,396,140

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

16,401,908

      

15,051,908

      

12,610,171

      

3,660,171

    

Shares sold

    

9,200,000

      

12,900,000

      

45,250,000

      

53,650,000

    

Shares repurchased

    

(11,100,000

)

    

(11,550,000

)

    

(35,900,000

)

    

(44,700,000

)

  

Shares outstanding, end of year/period

    

14,501,908

      

16,401,908

      

21,960,171

      

12,610,171

    

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

DIREXION SEMI-ANNUAL REPORT
97

Statements of Changes in Net Assets

    Direxion Daily Junior
Gold Miners Index Bull 2X Shares		   Direxion Daily Junior
Gold Miners Index Bear 2X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

4,338,001

    

$

5,432,415

    

$

1,702,236

    

$

3,395,886

    

Net realized gain (loss)

    

19,845,066

      

32,102,665

      

(3,705,849

)

    

(42,994,918

)

  
Change in net unrealized appreciation
(depreciation)		    

87,067,818

      

343,073

      

(25,505,325

)

    

13,498,880

    
Net increase (decrease) in net assets
resulting from operations		    

111,250,885

      

37,878,153

      

(27,508,938

)

    

(26,100,152

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(4,352,403

)

    

(3,912,708

)

    

(1,545,046

)

    

(3,131,146

)

  

Total distributions

    

(4,352,403

)

    

(3,912,708

)

    

(1,545,046

)

    

(3,131,146

)

  

Capital share transactions:

  

Proceeds from shares sold

    

198,987,012

      

371,582,720

      

401,304,891

      

452,380,318

    

Cost of shares redeemed

    

(329,606,334

)

    

(323,105,657

)

    

(375,290,058

)

    

(410,536,076

)

  

Transaction fees (Note 4)

    

68,652

      

69,481

      

112,587

      

123,160

    
Net increase (decrease) in net assets
resulting from capital transactions		    

(130,550,670

)

    

48,546,544

      

26,127,420

      

41,967,402

    

Total increase (decrease) in net assets

    

(23,652,188

)

    

82,511,989

      

(2,926,564

)

    

12,736,104

    

Net assets:

  

Beginning of year/period

    

309,197,511

      

226,685,522

      

126,357,077

      

113,620,973

    

End of year/period

  

$

285,545,323

    

$

309,197,511

    

$

123,430,513

    

$

126,357,077

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

11,493,351

      

8,743,351

      

16,632,449

      

8,432,449

    

Shares sold

    

7,000,000

      

11,650,000

      

71,250,000

      

64,750,000

    

Shares repurchased

    

(10,500,000

)

    

(8,900,000

)

    

(59,850,000

)

    

(56,550,000

)

  

Shares outstanding, end of year/period

    

7,993,351

      

11,493,351

      

28,032,449

      

16,632,449

    

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

DIREXION SEMI-ANNUAL REPORT
98

Statements of Changes in Net Assets

    Direxion Daily
NYSE FANG+ Bull 2X Shares 		  Direxion Daily Robotics, Artificial
Intelligence & Automation Index
Bull 2X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

276,316

    

$

192,031

    

$

228,243

    

$

202,784

    

Net realized gain (loss)

    

10,512,343

      

5,414,704

      

5,640,195

      

(2,620,599

)

  
Change in net unrealized appreciation
(depreciation)		    

4,819,734

      

(1,430,909

)

    

6,592,864

      

49,132

    
Net increase (decrease) in net assets
resulting from operations		    

15,608,393

      

4,175,826

      

12,461,302

      

(2,368,683

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(276,350

)

    

(131,002

)

    

(215,247

)

    

(120,251

)

  

Total distributions

    

(276,350

)

    

(131,002

)

    

(215,247

)

    

(120,251

)

  

Capital share transactions:

  

Proceeds from shares sold

    

15,284,097

      

9,243,765

      

9,438,486

      

17,596,136

    

Cost of shares redeemed

    

(10,774,150

)

    

(4,550,991

)

    

(6,504,038

)

    

(4,968,897

)

  

Transaction fees (Note 4)

    

2,155

      

924

      

1,301

      

994

    
Net increase in net assets
resulting from capital transactions		    

4,512,102

      

4,693,698

      

2,935,749

      

12,628,233

    

Total increase in net assets

    

19,844,145

      

8,738,522

      

15,181,804

      

10,139,299

    

Net assets:

  

Beginning of year/period

    

21,378,632

      

12,640,110

      

21,182,260

      

11,042,961

    

End of year/period

  

$

41,222,777

    

$

21,378,632

    

$

36,364,064

    

$

21,182,260

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

329,852

      

290,000

      

1,573,646

      

973,646

    

Shares sold

    

150,000

      

155,000

      

400,000

      

900,000

    

Shares repurchased

    

(100,000

)

    

(115,148

)

    

(300,000

)

    

(300,000

)

  

Shares outstanding, end of year/period

    

379,852

      

329,852

      

1,673,646

      

1,573,646

    

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

DIREXION SEMI-ANNUAL REPORT
99

Statements of Changes in Net Assets

    Direxion Daily S&P Oil & Gas
Exp. & Prod. Bull 2X Shares		   Direxion Daily S&P Oil & Gas
Exp. & Prod. Bear 2X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

6,598,508

    

$

15,679,559

    

$

1,255,354

    

$

2,914,742

    

Net realized gain (loss)

    

24,499,660

      

144,689,105

      

787,056

      

(15,535,515

)

  
Change in net unrealized appreciation
(depreciation)		    

(6,976,170

)

    

(250,704,851

)

    

(2,549,444

)

    

19,721,510

    
Net increase (decrease) in net assets
resulting from operations		    

24,121,998

      

(90,336,187

)

    

(507,034

)

    

7,100,737

    

Distributions to shareholders:

  

Net distributions to shareholders

    

(6,361,439

)

    

(14,878,134

)

    

(1,376,545

)

    

(2,468,778

)

  

Total distributions

    

(6,361,439

)

    

(14,878,134

)

    

(1,376,545

)

    

(2,468,778

)

  

Capital share transactions:

  

Proceeds from shares sold

    

105,296,517

      

472,086,070

      

49,840,621

      

239,007,582

    

Cost of shares redeemed

    

(221,479,629

)

    

(600,566,534

)

    

(64,354,136

)

    

(273,009,331

)

  

Transaction fees (Note 4)

    

47,799

      

128,663

      

19,305

      

81,903

    
Net decrease in net assets
resulting from capital transactions		    

(116,135,313

)

    

(128,351,801

)

    

(14,494,210

)

    

(33,919,846

)

  

Total decrease in net assets

    

(98,374,754

)

    

(233,566,122

)

    

(16,377,789

)

    

(29,287,887

)

  

Net assets:

  

Beginning of year/period

    

567,051,635

      

800,617,757

      

73,459,057

      

102,746,944

    

End of year/period

  

$

468,676,881

    

$

567,051,635

    

$

57,081,268

    

$

73,459,057

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

15,213,688

      

17,313,688

      

7,107,895

      

8,257,895

    

Shares sold

    

3,100,000

      

14,700,000

      

4,900,000

      

19,050,000

    

Shares repurchased

    

(6,250,000

)

    

(16,800,000

)

    

(5,700,000

)

    

(20,200,000

)

  

Shares outstanding, end of year/period

    

12,063,688

      

15,213,688

      

6,307,895

      

7,107,895

    

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

DIREXION SEMI-ANNUAL REPORT
100

Statements of Changes in Net Assets

    Direxion Daily Travel & Vacation
Bull 2X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

103,788

    

$

181,427

    

Net realized gain

    

1,878,481

      

1,512,955

    

Change in net unrealized appreciation (depreciation)

    

3,389,889

      

(752,681

)

  

Net increase in net assets resulting from operations

    

5,372,158

      

941,701

    

Distributions to shareholders:

  

Net distributions to shareholders

    

(111,986

)

    

(76,810

)

  

Total distributions

    

(111,986

)

    

(76,810

)

  

Capital share transactions:

  

Proceeds from shares sold

    

—

      

1,041,266

    

Cost of shares redeemed

    

(7,074,188

)

    

(14,008,030

)

  

Transaction fees (Note 4)

    

1,415

      

2,856

    

Net decrease in net assets resulting from capital transactions

    

(7,072,773

)

    

(12,963,908

)

  

Total decrease in net assets

    

(1,812,601

)

    

(12,099,017

)

  

Net assets:

  

Beginning of year/period

    

11,725,143

      

23,824,160

    

End of year/period

  

$

9,912,542

    

$

11,725,143

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

1,200,001

      

2,300,001

    

Shares sold

    

—

      

100,000

    

Shares repurchased

    

(500,000

)

    

(1,200,000

)

  

Shares outstanding, end of year/period

    

700,001

      

1,200,001

    

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

DIREXION SEMI-ANNUAL REPORT
101

Financial Highlights

April 30, 2024

       

RATIOS TO AVERAGE NET ASSETS5​

      
    Net Asset
Value,
Beginning
of Year/
Period		   Net
Investment
Income
(Loss)1​		   Net
Investment
Income
(Loss)1,2​		   Net Realized
and Unrealized
Gain (Loss)
on Investments3​		   Net Increase
(Decrease) in
Net Asset
Value Resulting
from Operations		   Dividends
from Net
Investment
Income		   Distributions
from
Realized
Capital Gains		   Distributions
from
Return
of Capital		   Total
Distributions		   Net
Asset
Value,
End of
Year/
Period		   Total
Return4​		   Net
Assets,
End of
Year/
Period
(000's
omitted)		   Net
Expenses6​		   Total
Expenses		   Net Investment
Income (Loss)
after Expense
Reimbursement		   Net
Expenses2,6​		   Total
Expenses2​		   Net Investment
Income (Loss)
after Expense
Reimbursement2​		   Portfolio
Turnover
Rate7​		  

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

  
For the Six Months Ended
April 30, 2024 (Unaudited)		  

$

15.24

    

$

0.27

    

$

0.27

    

$

(2.39

)

  

$

(2.12

)

  

$

(0.35

)

  

$

—

    

$

—

    

$

(0.35

)

  

$

12.77

      

-13.91

%

  

$

171,127

      

0.53

%

    

0.57

%

    

4.52

%

    

0.45

%

    

0.49

%

    

4.60

%

    

0

%

  

For the Year Ended October 31, 2023

    

16.50

      

0.60

      

0.61

      

(1.16

)

    

(0.56

)

    

(0.70

)

    

—

      

—

      

(0.70

)

    

15.24

      

-3.26

%

    

296,394

      

0.48

%

    

0.53

%

    

4.07

%

    

0.45

%

    

0.50

%

    

4.10

%

    

0

%

  

For the Year Ended October 31, 2022

    

14.64

      

0.13

      

0.14

      

1.76

      

1.89

      

(0.03

)

    

—

      

—

      

(0.03

)

    

16.50

      

12.88

%

    

613,802

      

0.49

%

    

0.55

%

    

0.84

%

    

0.45

%

    

0.51

%

    

0.88

%

    

0

%

  

For the Year Ended October 31, 2021

    

21.28

      

(0.07

)

    

(0.07

)

    

(6.57

)

    

(6.64

)

    

—

      

—

      

—

      

—

      

14.64

      

-31.20

%

    

123,669

      

0.45

%

    

0.51

%

    

(0.42

)%

    

0.45

%

    

0.51

%

    

(0.42

)%

    

0

%

  

For the Year Ended October 31, 2020

    

26.03

      

(0.06

)

    

(0.05

)

    

(4.60

)

    

(4.66

)

    

(0.05

)

    

—

      

(0.04

)

    

(0.09

)

    

21.28

      

-17.95

%

    

175,571

      

0.45

%

    

0.56

%

    

(0.24

)%

    

0.45

%

    

0.56

%

    

(0.24

)%

    

0

%

  

For the Year Ended October 31, 2019

    

29.73

      

0.52

      

0.52

      

(3.72

)

    

(3.20

)

    

(0.50

)

    

—

      

—

      

(0.50

)

    

26.03

      

-10.90

%

    

19,525

      

0.45

%

    

0.73

%

    

1.86

%

    

0.45

%

    

0.73

%

    

1.86

%

    

0

%

  

Direxion Daily AAPL Bear 1X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

22.85

      

0.43

      

0.45

      

0.04

      

0.47

      

(0.44

)

    

—

      

—

      

(0.44

)

    

22.88

      

2.26

%

    

28,027

      

1.14

%

    

1.08

%

    

4.09

%

    

0.95

%

    

0.89

%

    

4.28

%

    

0

%

  

For the Year Ended October 31, 2023

    

26.21

      

0.91

      

0.93

      

(3.51

)

    

(2.60

)

    

(0.75

)

    

(0.01

)

    

—

      

(0.76

)

    

22.85

      

-9.96

%

    

36,563

      

1.04

%

    

1.02

%

    

3.94

%

    

0.95

%

    

0.93

%

    

4.03

%

    

0

%

  
For the Period August 9, 20228​ through
October 31, 2022		    

25.00

      

0.09

      

0.09

      

1.15

      

1.24

      

(0.03

)

    

—

      

—

      

(0.03

)

    

26.21

      

4.95

%

    

13,105

      

0.98

%

    

2.06

%

    

1.51

%

    

0.95

%

    

2.03

%

    

1.54

%

    

0

%

  

Direxion Daily AMZN Bear 1X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

19.97

      

0.37

      

0.37

      

(4.96

)

    

(4.59

)

    

(0.38

)

    

—

      

—

      

(0.38

)

    

15.00

      

-23.13

%

    

6,374

      

0.96

%

    

1.49

%

    

4.60

%

    

0.95

%

    

1.48

%

    

4.61

%

    

0

%

  

For the Year Ended October 31, 2023

    

29.86

      

0.98

      

1.00

      

(9.06

)

    

(8.08

)

    

(1.12

)

    

(0.69

)

    

—

      

(1.81

)

    

19.97

      

-28.28

%

    

2,996

      

1.01

%

    

1.27

%

    

3.81

%

    

0.95

%

    

1.21

%

    

3.87

%

    

0

%

  
For the Period September 7, 20228​ through
October 31, 2022		    

25.00

      

0.07

      

0.07

      

4.80

      

4.87

      

(0.01

)

    

—

      

—

      

(0.01

)

    

29.86

      

19.48

%

    

3,733

      

0.96

%

    

4.96

%

    

1.68

%

    

0.95

%

    

4.95

%

    

1.69

%

    

0

%

  

Direxion Daily GOOGL Bear 1X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

19.48

      

0.36

      

0.36

      

(4.99

)

    

(4.63

)

    

(0.27

)

    

—

      

—

      

(0.27

)

    

14.58

      

-23.97

%

    

2,915

      

0.96

%

    

1.56

%

    

4.43

%

    

0.95

%

    

1.55

%

    

4.44

%

    

0

%

  

For the Year Ended October 31, 2023

    

27.66

      

0.87

      

0.89

      

(8.19

)

    

(7.32

)

    

(0.86

)

    

—

      

—

      

(0.86

)

    

19.48

      

-26.57

%

    

1,948

      

1.03

%

    

1.40

%

    

3.76

%

    

0.95

%

    

1.32

%

    

3.84

%

    

0

%

  
For the Period September 7, 20228​ through
October 31, 2022		    

25.00

      

0.06

      

0.06

      

2.61

      

2.67

      

(0.01

)

    

—

      

—

      

(0.01

)

    

27.66

      

10.68

%

    

4,150

      

0.95

%

    

4.89

%

    

1.63

%

    

0.95

%

    

4.89

%

    

1.63

%

    

0

%

  

Direxion Daily MSFT Bear 1X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

17.40

      

0.32

      

0.32

      

(2.32

)

    

(2.00

)

    

(0.30

)

    

—

      

—

      

(0.30

)

    

15.10

      

-11.48

%

    

10,946

      

0.97

%

    

1.13

%

    

4.40

%

    

0.95

%

    

1.11

%

    

4.42

%

    

0

%

  

For the Year Ended October 31, 2023

    

26.71

      

0.77

      

0.78

      

(9.39

)

    

(8.62

)

    

(0.68

)

    

(0.01

)

    

—

      

(0.69

)

    

17.40

      

-32.53

%

    

5,220

      

0.99

%

    

1.20

%

    

3.96

%

    

0.95

%

    

1.16

%

    

4.00

%

    

0

%

  
For the Period September 7, 20228​ through
October 31, 2022		    

25.00

      

0.06

      

0.06

      

1.66

      

1.72

      

(0.01

)

    

—

      

—

      

(0.01

)

    

26.71

      

6.88

%

    

4,006

      

0.95

%

    

4.61

%

    

1.67

%

    

0.95

%

    

4.61

%

    

1.67

%

    

0

%

  

Direxion Daily NVDA Bear 1X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

27.28

      

0.38

      

0.39

      

(15.49

)

    

(15.11

)

    

(0.38

)

    

(0.03

)

    

—

      

(0.41

)

    

11.76

      

-55.87

%

    

8,529

      

0.99

%

    

1.29

%

    

4.77

%

    

0.95

%

    

1.25

%

    

4.81

%

    

0

%

  
For the Period September 13, 20238​ through
October 31, 2023		    

25.00

      

0.10

      

0.10

      

2.18

      

2.28

      

—

      

—

      

—

      

—

      

27.28

      

9.12

%

    

11,593

      

0.95

%

    

1.95

%

    

2.78

%

    

0.95

%

    

1.95

%

    

2.78

%

    

0

%

  

Direxion Daily TSLA Bear 1X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

23.90

      

0.38

      

0.47

      

(0.65

)

    

(0.27

)

    

(0.47

)

    

—

      

—

      

(0.47

)

    

23.16

      

-0.97

%

    

63,123

      

1.64

%

    

1.64

%

    

3.49

%

    

0.87

%

    

0.87

%

    

4.26

%

    

0

%

  

For the Year Ended October 31, 2023

    

30.18

      

0.95

      

1.00

      

(4.93

)

    

(3.98

)

    

(0.68

)

    

(1.62

)

    

—

      

(2.30

)

    

23.90

      

-14.81

%

    

49,603

      

1.16

%

    

1.11

%

    

3.78

%

    

0.95

%

    

0.90

%

    

3.99

%

    

0

%

  
For the Period August 9, 20228​ through
October 31, 2022		    

25.00

      

0.10

      

0.10

      

5.10

      

5.20

      

(0.02

)

    

—

      

—

      

(0.02

)

    

30.18

      

20.84

%

    

12,071

      

0.96

%

    

2.15

%

    

1.52

%

    

0.95

%

    

2.14

%

    

1.53

%

    

0

%

  

Direxion Daily Concentrated Qs Bear 1X Shares

  
For the Period March 7, 20248​ through
April 30, 2024 (Unaudited)		    

25.00

      

0.17

      

0.17

      

(0.24

)

    

(0.07

)

    

—

      

—

      

—

      

—

      

24.93

      

-0.29

%

    

4,986

      

0.45

%

    

2.19

%

    

4.79

%

    

0.45

%

    

2.19

%

    

4.79

%

    

0

%

  

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

DIREXION SEMI-ANNUAL REPORT
102

Financial Highlights

April 30, 2024

       

RATIOS TO AVERAGE NET ASSETS5​

      
    Net Asset
Value,
Beginning
of Year/
Period		   Net
Investment
Income
(Loss)1​		   Net
Investment
Income
(Loss)1,2​		   Net Realized
and Unrealized
Gain (Loss)
on Investments3​		   Net Increase
(Decrease) in
Net Asset
Value Resulting
from Operations		   Dividends
from Net
Investment
Income		   Distributions
from
Realized
Capital Gains		   Distributions
from
Return
of Capital		   Total
Distributions		   Net
Asset
Value,
End of
Year/
Period		   Total
Return4​		   Net
Assets,
End of
Year/
Period
(000's
omitted)		   Net
Expenses6​		   Total
Expenses		   Net Investment
Income (Loss)
after Expense
Reimbursement		   Net
Expenses2,6​		   Total
Expenses2​		   Net Investment
Income (Loss)
after Expense
Reimbursement2​		   Portfolio
Turnover
Rate7​		  

Direxion Daily AAPL Bull 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		  

$

23.32

    

$

0.42

    

$

0.44

    

$

(1.38

)

  

$

(0.96

)

  

$

(0.36

)

  

$

—

    

$

—

    

$

(0.36

)

  

$

22.00

      

-4.38

%

  

$

56,663

      

1.06

%

    

0.99

%

    

3.45

%

    

0.95

%

    

0.88

%

    

3.56

%

    

0

%

  

For the Year Ended October 31, 2023

    

21.87

      

0.71

      

0.77

      

1.23

      

1.94

      

(0.49

)

    

—

      

—

      

(0.49

)

    

23.32

      

8.95

%

    

34,981

      

1.21

%

    

1.20

%

    

2.90

%

    

0.95

%

    

0.94

%

    

3.16

%

    

4

%

  
For the Period August 9, 20228​ through
October 31, 2022		    

25.00

      

0.06

      

0.06

      

(3.18

)

    

(3.12

)

    

(0.01

)

    

—

      

—

      

(0.01

)

    

21.87

      

-12.48

%

    

7,108

      

0.95

%

    

2.40

%

    

1.20

%

    

0.95

%

    

2.40

%

    

1.20

%

    

9

%

  

Direxion Daily AMZN Bull 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

23.04

      

0.48

      

0.54

      

8.81

      

9.29

      

(0.43

)

    

(0.34

)

    

—

      

(0.77

)

    

31.56

      

40.74

%

    

89,164

      

1.32

%

    

1.27

%

    

3.22

%

    

0.91

%

    

0.86

%

    

3.63

%

    

0

%

  

For the Year Ended October 31, 2023

    

17.89

      

0.61

      

0.66

      

4.96

      

5.57

      

(0.42

)

    

—

      

—

      

(0.42

)

    

23.04

      

31.53

%

    

42,043

      

1.21

%

    

1.19

%

    

3.00

%

    

0.95

%

    

0.93

%

    

3.26

%

    

0

%

  
For the Period September 7, 20228​ through
October 31, 2022		    

25.00

      

0.05

      

0.05

      

(7.15

)

    

(7.10

)

    

(0.01

)

    

—

      

—

      

(0.01

)

    

17.89

      

-28.42

%

    

6,262

      

0.95

%

    

5.02

%

    

1.43

%

    

0.95

%

    

5.02

%

    

1.43

%

    

0

%

  

Direxion Daily GOOGL Bull 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

27.11

      

0.52

      

0.55

      

11.53

      

12.05

      

(0.43

)

    

—

      

—

      

(0.43

)

    

38.73

      

44.73

%

    

69,712

      

1.11

%

    

1.03

%

    

3.22

%

    

0.95

%

    

0.87

%

    

3.38

%

    

37

%

  

For the Year Ended October 31, 2023

    

20.42

      

0.70

      

0.78

      

6.52

      

7.22

      

(0.53

)

    

—

      

—

      

(0.53

)

    

27.11

      

35.52

%

    

34,568

      

1.23

%

    

1.24

%

    

2.68

%

    

0.95

%

    

0.96

%

    

2.96

%

    

10

%

  
For the Period September 7, 20228​ through
October 31, 2022		    

25.00

      

0.05

      

0.05

      

(4.62

)

    

(4.57

)

    

(0.01

)

    

—

      

—

      

(0.01

)

    

20.42

      

-18.30

%

    

4,593

      

0.95

%

    

5.02

%

    

1.48

%

    

0.95

%

    

5.02

%

    

1.48

%

    

0

%

  

Direxion Daily MSFT Bull 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

34.35

      

0.67

      

0.73

      

4.21

      

4.88

      

(0.61

)

    

—

      

—

      

(0.61

)

    

38.62

      

14.03

%

    

71,449

      

1.18

%

    

1.12

%

    

3.18

%

    

0.92

%

    

0.86

%

    

3.44

%

    

0

%

  

For the Year Ended October 31, 2023

    

21.54

      

0.99

      

1.06

      

12.47

      

13.46

      

(0.65

)

    

—

      

—

      

(0.65

)

    

34.35

      

62.95

%

    

42,933

      

1.18

%

    

1.18

%

    

3.07

%

    

0.95

%

    

0.95

%

    

3.30

%

    

59

%

  
For the Period September 7, 20228​ through
October 31, 2022		    

25.00

      

0.05

      

0.05

      

(3.50

)

    

(3.45

)

    

(0.01

)

    

—

      

—

      

(0.01

)

    

21.54

      

-13.82

%

    

3,231

      

0.95

%

    

5.19

%

    

1.31

%

    

0.95

%

    

5.19

%

    

1.31

%

    

0

%

  

Direxion Daily NVDA Bull 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

21.31

      

0.80

      

0.98

      

36.21

      

37.01

      

(0.44

)

    

—

      

—

      

(0.44

)

    

57.88

      

174.45

%

    

131,683

      

1.69

%

    

1.65

%

    

3.30

%

    

0.92

%

    

0.88

%

    

4.07

%

    

0

%

  
For the Period September 13, 20238​ through
October 31, 2023		    

25.00

      

0.11

      

0.11

      

(3.80

)

    

(3.69

)

    

—

      

—

      

—

      

—

      

21.31

      

-14.76

%

    

13,850

      

0.95

%

    

1.89

%

    

3.47

%

    

0.95

%

    

1.89

%

    

3.47

%

    

114

%

  

Direxion Daily TSLA Bull 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

10.95

      

0.21

      

0.22

      

(2.38

)

    

(2.17

)

    

(0.20

)

    

(0.27

)

    

—

      

(0.47

)

    

8.31

      

-21.22

%

    

963,595

      

0.96

%

    

0.96

%

    

4.16

%

    

0.83

%

    

0.83

%

    

4.29

%

    

15

%

  

For the Year Ended October 31, 2023

    

16.64

      

0.40

      

0.44

      

(5.76

)

    

(5.36

)

    

(0.29

)

    

(0.04

)

    

—

      

(0.33

)

    

10.95

      

-32.56

%

    

752,509

      

1.19

%

    

1.19

%

    

2.98

%

    

0.86

%

    

0.86

%

    

3.31

%

    

72

%

  
For the Period August 9, 20228​ through
October 31, 2022		    

25.00

      

0.07

      

0.07

      

(8.42

)

    

(8.35

)

    

(0.01

)

    

—

      

—

      

(0.01

)

    

16.64

      

-33.40

%

    

100,286

      

0.98

%

    

1.15

%

    

1.55

%

    

0.95

%

    

1.12

%

    

1.58

%

    

33

%

  

Direxion Daily CSI 300 China A Share Bull 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

14.87

      

0.29

      

0.29

      

(0.48

)

    

(0.19

)

    

(0.30

)

    

—

      

—

      

(0.30

)

    

14.38

      

-1.11

%

    

63,277

      

0.96

%

    

0.96

%

    

4.19

%

    

0.89

%

    

0.89

%

    

4.26

%

    

22

%

  

For the Year Ended October 31, 2023

    

15.05

      

0.41

      

0.43

      

(0.20

)

    

0.21

      

(0.39

)

    

—

      

—

      

(0.39

)

    

14.87

      

0.88

%

    

57,246

      

1.02

%

    

1.02

%

    

2.09

%

    

0.91

%

    

0.91

%

    

2.20

%

    

57

%

  

For the Year Ended October 31, 2022

    

39.31

      

0.13

      

0.14

      

(23.61

)

    

(23.48

)

    

(0.09

)

    

(0.69

)

    

—

      

(0.78

)

    

15.05

      

-60.95

%

    

39,119

      

0.92

%

    

0.92

%

    

0.46

%

    

0.90

%

    

0.90

%

    

0.48

%

    

83

%

  

For the Year Ended October 31, 2021

    

32.67

      

(0.17

)

    

(0.17

)

    

6.81

      

6.64

      

—

      

—

      

—

      

—

      

39.31

      

20.32

%

    

117,919

      

0.90

%

    

0.89

%

    

(0.42

)%

    

0.89

%

    

0.88

%

    

(0.41

)%

    

123

%

  

For the Year Ended October 31, 2020

    

21.50

      

0.05

      

0.06

      

11.21

      

11.26

      

(0.08

)

    

—

      

(0.01

)

    

(0.09

)

    

32.67

      

52.60

%

    

96,388

      

1.01

%

    

1.00

%

    

0.19

%

    

0.95

%

    

0.94

%

    

0.25

%

    

0

%

  

For the Year Ended October 31, 2019

    

15.95

      

0.14

      

0.19

      

5.56

      

5.70

      

(0.15

)

    

—

      

—

      

(0.15

)

    

21.50

      

35.87

%

    

127,897

      

1.20

%

    

1.17

%

    

0.69

%

    

0.95

%

    

0.92

%

    

0.94

%

    

0

%

  

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

DIREXION SEMI-ANNUAL REPORT
103

Financial Highlights

April 30, 2024

       

RATIOS TO AVERAGE NET ASSETS5​

      
    Net Asset
Value,
Beginning
of Year/
Period		   Net
Investment
Income
(Loss)1​		   Net
Investment
Income
(Loss)1,2​		   Net Realized
and Unrealized
Gain (Loss)
on Investments3​		   Net Increase
(Decrease) in
Net Asset
Value Resulting
from Operations		   Dividends
from Net
Investment
Income		   Distributions
from
Realized
Capital Gains		   Distributions
from
Return
of Capital		   Total
Distributions		   Net
Asset
Value,
End of
Year/
Period		   Total
Return4​		   Net
Assets,
End of
Year/
Period
(000's
omitted)		   Net
Expenses6​		   Total
Expenses		   Net Investment
Income (Loss)
after Expense
Reimbursement		   Net
Expenses2,6​		   Total
Expenses2​		   Net Investment
Income (Loss)
after Expense
Reimbursement2​		   Portfolio
Turnover
Rate7​		  

Direxion Daily CSI China Internet Index Bull 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		  

$

31.19

    

$

0.57

    

$

0.58

    

$

2.08

    

$

2.65

    

$

(0.61

)

  

$

—

    

$

—

    

$

(0.61

)

  

$

33.23

      

8.53

%

  

$

358,066

      

0.91

%

    

0.91

%

    

3.77

%

    

0.86

%

    

0.86

%

    

3.82

%

    

43

%

  

For the Year Ended October 31, 2023

    

22.27

      

0.71

      

0.78

      

8.62

      

9.33

      

(0.41

)

    

—

      

—

      

(0.41

)

    

31.19

      

41.58

%

    

320,424

      

1.05

%

    

1.05

%

    

1.67

%

    

0.88

%

    

0.88

%

    

1.84

%

    

186

%

  

For the Year Ended October 31, 2022

    

194.10

      

(0.30

)

    

(0.27

)

    

(171.53

)

    

(171.83

)

    

—

      

—

      

—

      

—

      

22.27

      

-88.53

%

    

161,974

      

0.93

%

    

0.93

%

    

(0.42

)%

    

0.89

%

    

0.89

%

    

(0.38

)%

    

142

%

  

For the Year Ended October 31, 2021

    

539.10

      

(2.20

)

    

(2.20

)

    

(342.80

)

    

(345.00

)

    

—

      

—

      

—

      

—

      

194.10

      

-64.00

%

    

314,433

      

0.89

%

    

0.88

%

    

(0.70

)%

    

0.89

%

    

0.88

%

    

(0.70

)%

    

23

%

  

For the Year Ended October 31, 2020

    

241.90

      

(0.30

)

    

(0.10

)

    

298.50

      

298.20

      

(0.60

)

    

—

      

(0.40

)

    

(1.00

)

    

539.10

      

123.61

%

    

56,608

      

1.00

%

    

1.01

%

    

(0.09

)%

    

0.95

%

    

0.96

%

    

(0.04

)%

    

40

%

  

For the Year Ended October 31, 2019

    

227.00

      

1.80

      

2.00

      

15.00

      

16.80

      

(1.90

)

    

—

      

—

      

(1.90

)

    

241.90

      

7.53

%

    

53,219

      

1.03

%

    

1.03

%

    

0.74

%

    

0.94

%

    

0.94

%

    

0.83

%

    

13

%

  

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

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

80.61

      

0.60

      

0.72

      

32.12

      

32.72

      

(0.59

)

    

—

      

—

      

(0.59

)

    

112.74

      

40.61

%

    

144,674

      

0.84

%

    

0.89

%

    

1.11

%

    

0.60

%

    

0.65

%

    

1.35

%

    

7

%

  

For the Year Ended October 31, 2023

    

73.38

      

0.81

      

0.98

      

7.59

      

8.40

      

(1.17

)

    

—

      

—

      

(1.17

)

    

80.61

      

11.50

%

    

216,302

      

0.80

%

    

0.87

%

    

0.93

%

    

0.60

%

    

0.67

%

    

1.13

%

    

76

%

  

For the Year Ended October 31, 2022

    

111.86

      

0.75

      

0.76

      

(36.02

)

    

(35.27

)

    

(0.94

)

    

(2.27

)

    

—

      

(3.21

)

    

73.38

      

-32.51

%

    

50,139

      

0.61

%

    

0.71

%

    

0.82

%

    

0.60

%

    

0.70

%

    

0.83

%

    

72

%

  

For the Year Ended October 31, 2021

    

61.16

      

0.77

      

0.77

      

55.98

      

56.75

      

(0.69

)

    

(5.36

)

    

—

      

(6.05

)

    

111.86

      

98.25

%

    

59,648

      

0.60

%

    

0.72

%

    

0.85

%

    

0.60

%

    

0.72

%

    

0.85

%

    

42

%

  

For the Year Ended October 31, 2020

    

59.28

      

0.69

      

0.70

      

2.15

      

2.84

      

(0.75

)

    

(0.21

)

    

—

      

(0.96

)

    

61.16

      

4.75

%

    

17,324

      

0.63

%

    

0.88

%

    

1.20

%

    

0.60

%

    

0.85

%

    

1.23

%

    

105

%

  

For the Year Ended October 31, 2019

    

48.89

      

0.96

      

0.98

      

10.36

      

11.32

      

(0.93

)

    

—

      

—

      

(0.93

)

    

59.28

      

23.64

%

    

10,861

      

0.51

%

    

0.97

%

    

1.85

%

    

0.47

%9​

    

0.93

%

    

1.89

%

    

75

%

  

Direxion Daily MSCI Brazil Bull 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

72.18

      

2.21

      

2.43

      

5.75

      

7.96

      

(2.11

)

    

—

      

—

      

(2.11

)

    

78.03

      

10.47

%

    

98,216

      

1.40

%

    

1.40

%

    

4.94

%

    

0.92

%

    

0.92

%

    

5.42

%

    

0

%

  

For the Year Ended October 31, 2023

    

86.38

      

3.78

      

4.16

      

(14.29

)

    

(10.51

)

    

(3.69

)

    

—

      

—

      

(3.69

)

    

72.18

      

-12.28

%

    

101,669

      

1.43

%

    

1.43

%

    

5.09

%

    

0.93

%

    

0.93

%

    

5.59

%

    

32

%

  

For the Year Ended October 31, 2022

    

67.24

      

5.75

      

5.80

      

18.05

      

23.80

      

(4.66

)

    

—

      

—

      

(4.66

)

    

86.38

      

37.79

%

    

138,954

      

0.98

%

    

0.98

%

    

7.16

%

    

0.92

%

    

0.92

%

    

7.22

%

    

54

%

  

For the Year Ended October 31, 2021

    

61.66

      

0.56

      

0.56

      

5.94

      

6.50

      

(0.64

)

    

—

      

(0.28

)

    

(0.92

)

    

67.24

      

9.83

%

    

185,492

      

0.91

%

    

0.91

%

    

0.55

%

    

0.91

%

    

0.91

%

    

0.55

%

    

25

%

  

For the Year Ended October 31, 2020

    

1116.50

      

1.54

      

1.69

      

(1,049.80

)

    

(1,048.26

)

    

(5.28

)

    

—

      

(1.30

)

    

(6.58

)

    

61.66

      

-94.40

%

    

160,853

      

1.05

%

    

1.05

%

    

1.01

%

    

0.95

%

    

0.95

%

    

1.11

%

    

232

%

  

For the Year Ended October 31, 2019

    

1029.00

      

10.85

      

15.05

      

88.90

      

99.75

      

(12.25

)

    

—

      

—

      

(12.25

)

    

1116.50

      

9.85

%

    

413,185

      

1.35

%

    

1.33

%

    

1.04

%

    

0.95

%

    

0.93

%

    

1.44

%

    

208

%

  

Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares

  
For the Period February 7, 20248​ through
April 30, 2024 (Unaudited)		    

25.00

      

0.04

      

0.04

      

0.40

      

0.44

      

(0.03

)

    

—

      

—

      

(0.03

)

    

25.41

      

1.77

%

    

2,541

      

0.95

%

    

2.85

%

    

0.64

%

    

0.95

%

    

2.85

%

    

0.64

%

    

9

%

  

Direxion Daily MSCI India Bull 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

45.46

      

0.49

      

0.56

      

17.75

      

18.24

      

(0.48

)

    

—

      

—

      

(0.48

)

    

63.22

      

40.25

%

    

88,487

      

1.16

%

    

1.16

%

    

1.70

%

    

0.90

%

    

0.90

%

    

1.96

%

    

0

%

  

For the Year Ended October 31, 2023

    

47.61

      

0.84

      

0.89

      

(2.29

)

    

(1.45

)

    

(0.70

)

    

—

      

—

      

(0.70

)

    

45.46

      

-3.02

%

    

56,812

      

1.03

%

    

1.03

%

    

1.84

%

    

0.92

%

    

0.92

%

    

1.95

%

    

8

%

  

For the Year Ended October 31, 2022

    

61.91

      

1.54

      

1.56

      

(14.44

)

    

(12.90

)

    

(1.40

)

    

—

      

—

      

(1.40

)

    

47.61

      

-21.15

%

    

52,361

      

0.95

%

    

0.95

%

    

2.89

%

    

0.92

%

    

0.92

%

    

2.92

%

    

0

%

  

For the Year Ended October 31, 2021

    

30.67

      

(0.41

)

    

(0.40

)

    

31.65

      

31.24

      

—

      

—

      

—

      

—

      

61.91

      

101.86

%

    

92,846

      

0.92

%

    

0.91

%

    

(0.83

)%

    

0.91

%

    

0.90

%

    

(0.82

)%

    

11

%

  

For the Year Ended October 31, 2020

    

66.74

      

(0.14

)

    

(0.13

)

    

(35.92

)

    

(36.06

)

    

(0.01

)

    

—

      

(0.00

)10​

    

(0.01

)

    

30.67

      

-54.04

%

    

84,346

      

0.99

%

    

0.98

%

    

(0.46

)%

    

0.95

%

    

0.94

%

    

(0.42

)%

    

157

%

  

For the Year Ended October 31, 2019

    

51.51

      

0.60

      

0.67

      

15.20

      

15.80

      

(0.57

)

    

—

      

—

      

(0.57

)

    

66.74

      

30.61

%

    

83,398

      

1.05

%

    

1.03

%

    

0.92

%

    

0.95

%

    

0.93

%

    

1.02

%

    

111

%

  

Direxion Daily Cloud Computing Bull 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

7.55

      

0.0010​

      

0.01

      

1.56

      

1.56

      

—

      

—

      

—

      

—

      

9.11

      

20.66

%

    

4,555

      

1.31

%

    

1.81

%

    

(0.08

)%

    

0.95

%

    

1.45

%

    

0.28

%

    

12

%

  

For the Year Ended October 31, 2023

    

7.05

      

(0.02

)

    

0.0010​

      

0.52

      

0.50

      

—

      

—

      

—

      

—

      

7.55

      

7.09

%

    

6,414

      

1.22

%

    

1.79

%

    

(0.21

)%

    

0.95

%

    

1.52

%

    

0.06

%

    

30

%

  

For the Year Ended October 31, 2022

    

32.12

      

(0.07

)

    

(0.07

)

    

(23.98

)

    

(24.05

)

    

—

      

(1.02

)

    

—

      

(1.02

)

    

7.05

      

-77.03

%

    

7,759

      

0.96

%

    

1.24

%

    

(0.54

)%

    

0.95

%

    

1.23

%

    

(0.53

)%

    

16

%

  
For the Period January 8, 20218​ through
October 31, 2021		    

25.00

      

(0.18

)

    

(0.17

)

    

7.30

      

7.12

      

—

      

—

      

—

      

—

      

32.12

      

28.48

%

    

27,301

      

0.95

%

    

1.03

%

    

(0.82

)%

    

0.95

%

    

1.03

%

    

(0.82

)%

    

19

%

  

Direxion Daily Concentrated Qs Bull 2X Shares

  
For the Period March 7, 20248​ through
April 30, 2024 (Unaudited)		    

25.00

      

0.02

      

0.02

      

(0.01

)

    

0.01

      

—

      

—

      

—

      

—

      

25.01

      

0.06

%

    

5,003

      

0.95

%

    

2.26

%

    

0.45

%

    

0.95

%

    

2.26

%

    

0.45

%

    

127

%

  

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

DIREXION SEMI-ANNUAL REPORT
104

Financial Highlights

April 30, 2024

       

RATIOS TO AVERAGE NET ASSETS5​

      
    Net Asset
Value,
Beginning
of Year/
Period		   Net
Investment
Income
(Loss)1​		   Net
Investment
Income
(Loss)1,2​		   Net Realized
and Unrealized
Gain (Loss)
on Investments3​		   Net Increase
(Decrease) in
Net Asset
Value Resulting
from Operations		   Dividends
from Net
Investment
Income		   Distributions
from
Realized
Capital Gains		   Distributions
from
Return
of Capital		   Total
Distributions		   Net
Asset
Value,
End of
Year/
Period		   Total
Return4​		   Net
Assets,
End of
Year/
Period
(000's
omitted)		   Net
Expenses6​		   Total
Expenses		   Net Investment
Income (Loss)
after Expense
Reimbursement		   Net
Expenses2,6​		   Total
Expenses2​		   Net Investment
Income (Loss)
after Expense
Reimbursement2​		   Portfolio
Turnover
Rate7​		  

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		  

$

35.28

    

$

0.32

    

$

0.33

    

$

(17.71

)

  

$

(17.39

)

  

$

(0.46

)

  

$

—

    

$

—

    

$

(0.46

)

  

$

17.43

      

-49.93

%

  

$

3,921

      

1.00

%

    

1.83

%

    

2.22

%

    

0.95

%

    

1.78

%

    

2.27

%

    

31

%

  

For the Year Ended October 31, 2023

    

95.20

      

1.67

      

1.80

      

(60.57

)

    

(58.90

)

    

(1.02

)

    

—

      

—

      

(1.02

)

    

35.28

      

-62.32

%

    

4,408

      

1.14

%

    

1.94

%

    

2.61

%

    

0.95

%

    

1.75

%

    

2.80

%

    

137

%

  
For the Period August 11, 20228​ through
October 31, 2022		    

250.00

      

0.0010​

      

0.0010​

      

(154.80

)

    

(154.80

)

    

—

      

—

      

—

      

—

      

95.20

      

-61.92

%

    

2,855

      

0.95

%

    

4.74

%

    

(0.11

)%

    

0.95

%

    

4.74

%

    

(0.11

)%

    

74

%

  

Direxion Daily Energy Bull 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

58.76

      

0.90

      

0.98

      

10.21

      

11.11

      

(0.89

)

    

—

      

—

      

(0.89

)

    

68.98

      

19.04

%

    

376,893

      

1.14

%

    

1.14

%

    

2.99

%

    

0.89

%

    

0.89

%

    

3.24

%

    

7

%

  

For the Year Ended October 31, 2023

    

70.96

      

1.77

      

1.97

      

(12.22

)

    

(10.45

)

    

(1.75

)

    

—

      

—

      

(1.75

)

    

58.76

      

-14.68

%

    

368,050

      

1.22

%

    

1.22

%

    

2.85

%

    

0.91

%

    

0.91

%

    

3.16

%

    

6

%

  

For the Year Ended October 31, 2022

    

31.63

      

1.24

      

1.29

      

39.43

      

40.67

      

(1.34

)

    

—

      

—

      

(1.34

)

    

70.96

      

130.82

%

    

558,028

      

1.03

%

    

1.03

%

    

2.62

%

    

0.92

%

    

0.92

%

    

2.73

%

    

8

%

  

For the Year Ended October 31, 2021

    

8.45

      

0.51

      

0.51

      

23.20

      

23.71

      

(0.53

)

    

—

      

—

      

(0.53

)

    

31.63

      

283.45

%

    

599,755

      

0.95

%

    

0.93

%

    

2.31

%

    

0.94

%

    

0.92

%

    

2.32

%

    

36

%

  

For the Year Ended October 31, 2020

    

143.60

      

0.52

      

0.53

      

(134.67

)

    

(134.15

)

    

(1.00

)

    

—

      

—

      

(1.00

)

    

8.45

      

-93.97

%

    

257,498

      

0.98

%

    

1.00

%

    

2.80

%

    

0.95

%

    

0.97

%

    

2.83

%

    

72

%

  

For the Year Ended October 31, 2019

    

253.40

      

3.00

      

3.30

      

(110.00

)

    

(107.00

)

    

(2.80

)

    

—

      

—

      

(2.80

)

    

143.60

      

-42.46

%

    

285,099

      

1.10

%

    

1.11

%

    

1.56

%

    

0.95

%

    

0.96

%

    

1.71

%

    

204

%

  

Direxion Daily Energy Bear 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

27.54

      

0.53

      

0.56

      

(5.27

)

    

(4.74

)

    

(0.60

)

    

—

      

—

      

(0.60

)

    

22.20

      

-17.37

%

    

23,648

      

1.17

%

    

1.22

%

    

4.30

%

    

0.95

%

    

1.00

%

    

4.52

%

    

0

%

  

For the Year Ended October 31, 2023

    

28.94

      

1.03

      

1.09

      

(1.41

)

    

(0.38

)

    

(1.02

)

    

—

      

—

      

(1.02

)

    

27.54

      

-1.57

%

    

26,584

      

1.14

%

    

1.13

%

    

3.59

%

    

0.95

%

    

0.94

%

    

3.78

%

    

0

%

  

For the Year Ended October 31, 2022

    

109.90

      

0.11

      

0.14

      

(81.07

)

    

(80.96

)

    

—

      

—

      

—

      

—

      

28.94

      

-73.67

%

    

39,513

      

1.00

%

    

1.03

%

    

0.22

%

    

0.95

%

    

0.98

%

    

0.27

%

    

0

%

  

For the Year Ended October 31, 2021

    

735.70

      

(1.70

)

    

(1.70

)

    

(624.10

)

    

(625.80

)

    

—

      

—

      

—

      

—

      

109.90

      

-85.06

%

    

39,105

      

0.95

%

    

0.99

%

    

(0.93

)%

    

0.95

%

    

0.99

%

    

(0.93

)%

    

0

%

  

For the Year Ended October 31, 2020

    

506.10

      

(1.90

)

    

(1.60

)

    

233.80

      

231.90

      

(1.50

)

    

—

      

(0.80

)

    

(2.30

)

    

735.70

      

45.80

%

    

33,626

      

1.00

%

    

1.09

%

    

(0.32

)%

    

0.95

%

    

1.04

%

    

(0.27

)%

    

0

%

  

For the Year Ended October 31, 2019

    

448.70

      

5.70

      

6.60

      

58.90

      

64.60

      

(7.20

)

    

—

      

—

      

(7.20

)

    

506.10

      

14.51

%

    

25,663

      

1.14

%

    

1.22

%

    

1.22

%

    

0.95

%

    

1.03

%

    

1.41

%

    

0

%

  

Direxion Daily Global Clean Energy Bull 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

6.24

      

0.07

      

0.07

      

(0.19

)

    

(0.12

)

    

(0.07

)

    

—

      

—

      

(0.07

)

    

6.05

      

-2.15

%

    

3,326

      

1.04

%

    

2.20

%

    

1.93

%

    

0.95

%

    

2.11

%

    

2.02

%

    

14

%

  

For the Year Ended October 31, 2023

    

14.75

      

0.12

      

0.13

      

(8.53

)

    

(8.41

)

    

(0.10

)

    

—

      

—

      

(0.10

)

    

6.24

      

-57.35

%

    

2,810

      

0.97

%

    

1.95

%

    

0.95

%

    

0.95

%

    

1.93

%

    

0.97

%

    

35

%

  

For the Year Ended October 31, 2022

    

30.12

      

0.05

      

0.06

      

(15.34

)

    

(15.29

)

    

(0.07

)

    

—

      

(0.01

)

    

(0.08

)

    

14.75

      

-50.82

%

    

4,424

      

1.00

%

    

1.61

%

    

0.26

%

    

0.95

%

    

1.56

%

    

0.31

%

    

0

%

  
For the Period July 29, 20218​ through
October 31, 2021		    

25.00

      

(0.06

)

    

(0.06

)

    

5.18

      

5.12

      

—

      

—

      

—

      

—

      

30.12

      

20.48

%

    

7,529

      

0.95

%

    

2.37

%

    

(0.95

)%

    

0.95

%

    

2.37

%

    

(0.95

)%

    

15

%

  

Direxion Daily Gold Miners Index Bull 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

28.57

      

0.52

      

0.55

      

8.54

      

9.06

      

(0.53

)

    

—

      

—

      

(0.53

)

    

37.10

      

31.95

%

    

538,027

      

0.99

%

    

0.99

%

    

3.35

%

    

0.85

%

    

0.85

%

    

3.49

%

    

38

%

  

For the Year Ended October 31, 2023

    

24.97

      

0.71

      

0.83

      

3.38

      

4.09

      

(0.49

)

    

—

      

—

      

(0.49

)

    

28.57

      

16.06

%

    

468,632

      

1.20

%

    

1.20

%

    

2.00

%

    

0.86

%

    

0.86

%

    

2.34

%

    

108

%

  

For the Year Ended October 31, 2022

    

49.07

      

0.25

      

0.26

      

(24.35

)

    

(24.10

)

    

—

      

—

      

—

      

—

      

24.97

      

-49.11

%

    

375,908

      

0.89

%

    

0.89

%

    

0.56

%

    

0.87

%

    

0.87

%

    

0.58

%

    

117

%

  

For the Year Ended October 31, 2021

    

76.72

      

(0.30

)

    

(0.30

)

    

(27.35

)

    

(27.65

)

    

—

      

—

      

—

      

—

      

49.07

      

-36.04

%

    

750,864

      

0.86

%

    

0.86

%

    

(0.49

)%

    

0.86

%

    

0.86

%

    

(0.49

)%

    

71

%

  

For the Year Ended October 31, 2020

    

158.15

      

(0.22

)

    

(0.06

)

    

(80.50

)

    

(80.72

)

    

(0.37

)

    

—

      

(0.34

)

    

(0.71

)

    

76.72

      

-51.26

%

    

1,032,006

      

1.07

%

    

1.07

%

    

(0.23

)%

    

0.90

%

    

0.90

%

    

(0.06

)%

    

333

%

  

For the Year Ended October 31, 2019

    

66.40

      

0.40

      

0.80

      

91.90

      

92.30

      

(0.40

)

    

—

      

(0.15

)

    

(0.55

)

    

158.15

      

139.42

%

    

1,541,547

      

1.30

%

    

1.30

%

    

0.37

%

    

0.91

%

    

0.91

%

    

0.76

%

    

231

%

  

Direxion Daily Gold Miners Index Bear 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

13.43

      

0.20

      

0.23

      

(5.05

)

    

(4.85

)

    

(0.22

)

    

—

      

—

      

(0.22

)

    

8.36

      

-36.50

%

    

183,535

      

1.49

%

    

1.49

%

    

4.01

%

    

0.86

%

    

0.86

%

    

4.64

%

    

0

%

  

For the Year Ended October 31, 2023

    

23.70

      

0.41

      

0.48

      

(10.29

)

    

(9.88

)

    

(0.39

)

    

—

      

—

      

(0.39

)

    

13.43

      

-41.52

%

    

169,396

      

1.47

%

    

1.47

%

    

3.42

%

    

0.88

%

    

0.88

%

    

4.01

%

    

0

%

  

For the Year Ended October 31, 2022

    

20.60

      

(0.03

)

    

0.01

      

3.13

      

3.10

      

—

      

—

      

—

      

—

      

23.70

      

15.05

%

    

86,749

      

1.10

%

    

1.09

%

    

(0.14

)%

    

0.92

%

    

0.91

%

    

0.04

%

    

0

%

  

For the Year Ended October 31, 2021

    

20.08

      

(0.17

)

    

(0.17

)

    

0.69

      

0.52

      

—

      

—

      

—

      

—

      

20.60

      

2.59

%

    

64,076

      

0.87

%

    

0.88

%

    

(0.85

)%

    

0.87

%

    

0.88

%

    

(0.85

)%

    

0

%

  

For the Year Ended October 31, 2020

    

169.75

      

0.10

      

0.11

      

(148.72

)

    

(148.62

)

    

(0.63

)

    

—

      

(0.42

)

    

(1.05

)

    

20.08

      

-88.01

%

    

101,595

      

0.93

%

    

0.93

%

    

0.20

%

    

0.91

%

    

0.91

%

    

0.22

%

    

0

%

  

For the Year Ended October 31, 2019

    

875.50

      

4.00

      

4.25

      

(706.00

)

    

(702.00

)

    

(3.75

)

    

—

      

—

      

(3.75

)

    

169.75

      

-80.38

%

    

378,674

      

1.01

%

    

1.01

%

    

1.57

%

    

0.92

%

    

0.92

%

    

1.66

%

    

0

%

  

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

DIREXION SEMI-ANNUAL REPORT
105

Financial Highlights

April 30, 2024

       

RATIOS TO AVERAGE NET ASSETS5​

      
    Net Asset
Value,
Beginning
of Year/
Period		   Net
Investment
Income
(Loss)1​		   Net
Investment
Income
(Loss)1,2​		   Net Realized
and Unrealized
Gain (Loss)
on Investments3​		   Net Increase
(Decrease) in
Net Asset
Value Resulting
from Operations		   Dividends
from Net
Investment
Income		   Distributions
from
Realized
Capital Gains		   Distributions
from
Return
of Capital		   Total
Distributions		   Net
Asset
Value,
End of
Year/
Period		   Total
Return4​		   Net
Assets,
End of
Year/
Period
(000's
omitted)		   Net
Expenses6​		   Total
Expenses		   Net Investment
Income (Loss)
after Expense
Reimbursement		   Net
Expenses2,6​		   Total
Expenses2​		   Net Investment
Income (Loss)
after Expense
Reimbursement2​		   Portfolio
Turnover
Rate7​		  

Direxion Daily Junior Gold Miners Index Bull 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		  

$

26.90

    

$

0.47

    

$

0.49

    

$

8.82

    

$

9.29

    

$

(0.47

)

  

$

—

    

$

—

    

$

(0.47

)

  

$

35.72

      

34.89

%

  

$

285,545

      

0.95

%

    

0.95

%

    

3.09

%

    

0.84

%

    

0.84

%

    

3.20

%

    

21

%

  

For the Year Ended October 31, 2023

    

25.93

      

0.64

      

0.76

      

0.76

      

1.40

      

(0.43

)

    

—

      

—

      

(0.43

)

    

26.90

      

5.10

%

    

309,198

      

1.21

%

    

1.21

%

    

1.84

%

    

0.85

%

    

0.85

%

    

2.20

%

    

98

%

  

For the Year Ended October 31, 2022

    

67.05

      

0.28

      

0.28

      

(41.40

)

    

(41.12

)

    

—

      

—

      

—

      

—

      

25.93

      

-61.33

%

    

226,686

      

0.86

%

    

0.86

%

    

0.55

%

    

0.85

%

    

0.85

%

    

0.56

%

    

140

%

  

For the Year Ended October 31, 2021

    

117.16

      

(0.08

)

    

(0.07

)

    

(49.69

)

    

(49.77

)

    

—

      

—

      

(0.34

)

    

(0.34

)

    

67.05

      

-42.53

%

    

515,810

      

0.85

%

    

0.85

%

    

(0.09

)%

    

0.84

%

    

0.84

%

    

(0.08

)%

    

67

%

  

For the Year Ended October 31, 2020

    

695.10

      

(0.55

)

    

(0.30

)

    

(577.27

)

    

(577.82

)

    

(0.10

)

    

—

      

(0.02

)

    

(0.12

)

    

117.16

      

-83.11

%

    

672,880

      

1.02

%

    

1.02

%

    

(0.32

)%

    

0.87

%

    

0.87

%

    

(0.17

)%

    

312

%

  

For the Year Ended October 31, 2019

    

357.50

      

3.20

      

5.10

      

338.50

      

341.70

      

(3.70

)

    

—

      

(0.40

)

    

(4.10

)

    

695.10

      

95.77

%

    

948,731

      

1.26

%

    

1.26

%

    

0.62

%

    

0.89

%

    

0.89

%

    

0.99

%

    

279

%

  

Direxion Daily Junior Gold Miners Index Bear 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

7.60

      

0.11

      

0.13

      

(3.20

)

    

(3.09

)

    

(0.11

)

    

—

      

—

      

(0.11

)

    

4.40

      

-40.95

%

    

123,431

      

1.59

%

    

1.59

%

    

3.78

%

    

0.86

%

    

0.86

%

    

4.51

%

    

0

%

  

For the Year Ended October 31, 2023

    

13.47

      

0.24

      

0.28

      

(5.87

)

    

(5.63

)

    

(0.24

)

    

—

      

—

      

(0.24

)

    

7.60

      

-41.65

%

    

126,357

      

1.38

%

    

1.38

%

    

3.46

%

    

0.87

%

    

0.87

%

    

3.97

%

    

0

%

  

For the Year Ended October 31, 2022

    

11.00

      

(0.01

)

    

0.02

      

2.48

      

2.47

      

—

      

—

      

—

      

—

      

13.47

      

22.45

%

    

113,621

      

1.08

%

    

1.08

%

    

(0.05

)%

    

0.89

%

    

0.89

%

    

0.14

%

    

0

%

  

For the Year Ended October 31, 2021

    

11.72

      

(0.09

)

    

(0.09

)

    

(0.63

)

    

(0.72

)

    

—

      

—

      

—

      

—

      

11.00

      

-6.14

%

    

75,675

      

0.87

%

    

0.87

%

    

(0.84

)%

    

0.87

%

    

0.87

%

    

(0.84

)%

    

0

%

  

For the Year Ended October 31, 2020

    

335.75

      

0.0010​

      

0.01

      

(322.21

)

    

(322.21

)

    

(1.11

)

    

—

      

(0.71

)

    

(1.82

)

    

11.72

      

-96.42

%

    

83,570

      

0.93

%

    

0.93

%

    

0.01

%

    

0.91

%

    

0.91

%

    

0.03

%

    

0

%

  

For the Year Ended October 31, 2019

    

1892.25

      

8.50

      

9.00

      

(1,555.75

)

    

(1,547.25

)

    

(9.25

)

    

—

      

—

      

(9.25

)

    

335.75

      

-82.03

%

    

148,229

      

1.06

%

    

1.03

%

    

10.44

%

    

0.95

%

    

0.92

%

    

1.55

%

    

0

%

  

Direxion Daily NYSE FANG+ Bull 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

64.81

      

0.76

      

0.89

      

43.68

      

44.44

      

(0.73

)

    

—

      

—

      

(0.73

)

    

108.52

      

68.63

%

    

41,223

      

1.21

%

    

1.18

%

    

1.53

%

    

0.95

%

    

0.92

%

    

1.79

%

    

28

%

  

For the Year Ended October 31, 2023

    

43.60

      

0.68

      

0.94

      

21.00

      

21.68

      

(0.47

)

    

—

      

—

      

(0.47

)

    

64.81

      

49.68

%

    

21,379

      

1.41

%

    

1.52

%

    

1.24

%

    

0.95

%

    

1.06

%

    

1.70

%

    

84

%

  

For the Year Ended October 31, 2022

    

296.50

      

(0.30

)

    

(0.30

)

    

(240.80

)

    

(241.10

)

    

—

      

(11.70

)

    

(0.10

)

    

(11.80

)

    

43.60

      

-84.62

%

    

12,640

      

0.96

%

    

1.15

%

    

(0.39

)%

    

0.95

%

    

1.14

%

    

(0.38

)%

    

170

%

  
For the Period September 30, 20218​ through
October 31, 2021		    

250.00

      

(0.20

)

    

(0.20

)

    

46.70

      

46.50

      

—

      

—

      

—

      

—

      

296.50

      

18.60

%

    

7,413

      

0.95

%

    

3.72

%

    

(0.94

)%

    

0.95

%

    

3.72

%

    

(0.94

)%

    

20

%

  

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

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

13.46

      

0.14

      

0.18

      

8.26

      

8.40

      

(0.13

)

    

—

      

—

      

(0.13

)

    

21.73

      

62.35

%

    

36,364

      

1.37

%

    

1.37

%

    

1.34

%

    

0.95

%

    

0.95

%

    

1.76

%

    

0

%

  

For the Year Ended October 31, 2023

    

11.34

      

0.15

      

0.25

      

2.04

      

2.19

      

(0.07

)

    

—

      

—

      

(0.07

)

    

13.46

      

19.17

%

    

21,182

      

1.52

%

    

1.57

%

    

0.87

%

    

0.95

%

    

1.00

%

    

1.44

%

    

0

%

  

For the Year Ended October 31, 2022

    

49.81

      

(0.13

)

    

(0.13

)

    

(37.36

)

    

(37.49

)

    

—

      

(0.98

)

    

—

      

(0.98

)

    

11.34

      

-76.73

%

    

11,043

      

0.96

%

    

1.01

%

    

(0.54

)%

    

0.95

%

    

1.00

%

    

(0.53

)%

    

0

%

  

For the Year Ended October 31, 2021

    

33.43

      

(0.38

)

    

(0.38

)

    

23.19

      

22.81

      

(2.81

)

    

(3.62

)

    

—

      

(6.43

)

    

49.81

      

73.55

%

    

46,003

      

0.96

%

    

0.95

%

    

(0.88

)%

    

0.95

%

    

0.94

%

    

(0.87

)%

    

11

%

  

For the Year Ended October 31, 2020

    

22.74

      

(0.13

)

    

(0.12

)

    

10.85

      

10.72

      

(0.03

)

    

—

      

—

      

(0.03

)

    

33.43

      

47.15

%

    

44,245

      

1.03

%

    

1.10

%

    

(0.56

)%

    

0.95

%

    

1.02

%

    

(0.48

)%

    

93

%

  

For the Year Ended October 31, 2019

    

23.56

      

0.16

      

0.18

      

(0.82

)

    

(0.66

)

    

(0.16

)

    

—

      

—

      

(0.16

)

    

22.74

      

-2.66

%

    

20,468

      

1.05

%

    

1.19

%

    

0.76

%

    

0.95

%

    

1.09

%

    

0.86

%

    

184

%

  

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

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

37.27

      

0.45

      

0.53

      

1.56

      

2.01

      

(0.43

)

    

—

      

—

      

(0.43

)

    

38.85

      

5.49

%

    

468,677

      

1.36

%

    

1.36

%

    

2.64

%

    

0.91

%

    

0.91

%

    

3.09

%

    

13

%

  

For the Year Ended October 31, 2023

    

46.24

      

0.84

      

1.02

      

(9.04

)

    

(8.20

)

    

(0.77

)

    

—

      

—

      

(0.77

)

    

37.27

      

-17.42

%

    

567,052

      

1.42

%

    

1.42

%

    

2.41

%

    

0.92

%

    

0.92

%

    

2.91

%

    

48

%

  

For the Year Ended October 31, 2022

    

27.58

      

0.19

      

0.28

      

18.64

      

18.83

      

(0.17

)

    

—

      

—

      

(0.17

)

    

46.24

      

68.43

%

    

800,618

      

1.18

%

    

1.18

%

    

0.56

%

    

0.93

%

    

0.93

%

    

0.81

%

    

55

%

  

For the Year Ended October 31, 2021

    

4.88

      

(0.04

)

    

(0.04

)

    

22.76

      

22.72

      

(0.02

)

    

—

      

(0.00

)10​

    

(0.02

)

    

27.58

      

465.94

%

    

891,290

      

0.95

%

    

0.93

%

    

(0.25

)%

    

0.94

%

    

0.92

%

    

(0.24

)%

    

194

%

  

For the Year Ended October 31, 2020

    

270.40

      

0.05

      

0.05

      

(264.84

)

    

(264.79

)

    

(0.73

)

    

—

      

—

      

(0.73

)

    

4.88

      

-98.19

%

    

342,250

      

0.97

%

    

1.00

%

    

0.47

%

    

0.95

%

    

0.98

%

    

0.49

%

    

315

%

  

For the Year Ended October 31, 2019

    

2188.00

      

6.00

      

6.90

      

(1,917.80

)

    

(1,911.80

)

    

(5.80

)

    

—

      

—

      

(5.80

)

    

270.40

      

-87.55

%

    

193,733

      

1.09

%

    

1.10

%

    

0.95

%

    

0.95

%

    

0.96

%

    

1.09

%

    

257

%

  

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

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

10.33

      

0.23

      

0.24

      

(1.24

)

    

(1.01

)

    

(0.27

)

    

—

      

—

      

(0.27

)

    

9.05

      

-9.98

%

    

57,081

      

1.15

%

    

1.15

%

    

4.43

%

    

0.95

%

    

0.95

%

    

4.63

%

    

0

%

  

For the Year Ended October 31, 2023

    

12.44

      

0.45

      

0.49

      

(2.07

)

    

(1.62

)

    

(0.49

)

    

—

      

—

      

(0.49

)

    

10.33

      

-14.02

%

    

73,459

      

1.24

%

    

1.24

%

    

3.58

%

    

0.95

%

    

0.95

%

    

3.87

%

    

0

%

  

For the Year Ended October 31, 2022

    

48.60

      

0.02

      

0.03

      

(36.18

)

    

(36.16

)

    

—

      

—

      

—

      

—

      

12.44

      

-74.40

%

    

102,747

      

1.01

%

    

1.01

%

    

0.09

%

    

0.95

%

    

0.95

%

    

0.15

%

    

0

%

  

For the Year Ended October 31, 2021

    

714.90

      

(0.90

)

    

(0.90

)

    

(665.40

)

    

(666.30

)

    

0.0010​

      

—

      

—

      

0.0010​

      

48.60

      

-93.20

%

    

93,490

      

0.95

%

    

0.95

%

    

(0.93

)%

    

0.95

%

    

0.95

%

    

(0.93

)%

    

0

%

  

For the Year Ended October 31, 2020

    

739.40

      

(3.00

)

    

(1.40

)

    

(21.20

)

    

(24.20

)

    

(0.30

)

    

—

      

—

      

(0.30

)

    

714.90

      

-3.26

%

    

39,046

      

1.18

%

    

1.24

%

    

(0.44

)%

    

0.95

%

    

1.01

%

    

(0.21

)%

    

0

%

  

For the Year Ended October 31, 2019

    

362.50

      

4.40

      

6.70

      

379.20

      

383.60

      

(6.70

)

    

—

      

—

      

(6.70

)

    

739.40

      

106.33

%

    

36,006

      

1.40

%

    

1.46

%

    

0.88

%

    

0.95

%

    

1.01

%

    

1.33

%

    

0

%

  

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

DIREXION SEMI-ANNUAL REPORT
106

Financial Highlights

April 30, 2024

       

RATIOS TO AVERAGE NET ASSETS5​

      
    Net Asset
Value,
Beginning
of Year/
Period		   Net
Investment
Income
(Loss)1​		   Net
Investment
Income
(Loss)1,2​		   Net Realized
and Unrealized
Gain (Loss)
on Investments3​		   Net Increase
(Decrease) in
Net Asset
Value Resulting
from Operations		   Dividends
from Net
Investment
Income		   Distributions
from
Realized
Capital Gains		   Distributions
from
Return
of Capital		   Total
Distributions		   Net
Asset
Value,
End of
Year/
Period		   Total
Return4​		   Net
Assets,
End of
Year/
Period
(000's
omitted)		   Net
Expenses6​		   Total
Expenses		   Net Investment
Income (Loss)
after Expense
Reimbursement		   Net
Expenses2,6​		   Total
Expenses2​		   Net Investment
Income (Loss)
after Expense
Reimbursement2​		   Portfolio
Turnover
Rate7​		  

Direxion Daily Travel & Vacation Bull 2X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		  

$

9.77

    

$

0.11

    

$

0.12

    

$

4.39

    

$

4.50

    

$

(0.11

)

  

$

—

    

$

—

    

$

(0.11

)

  

$

14.16

      

46.07

%

  

$

9,913

      

1.16

%

    

1.27

%

    

1.59

%

    

0.95

%

    

1.06

%

    

1.80

%

    

6

%

  

For the Year Ended October 31, 2023

    

10.36

      

0.12

      

0.14

      

(0.65

)

    

(0.53

)

    

(0.06

)

    

—

      

—

      

(0.06

)

    

9.77

      

-5.27

%

    

11,725

      

1.19

%

    

1.26

%

    

0.94

%

    

0.95

%

    

1.02

%

    

1.18

%

    

29

%

  

For the Year Ended October 31, 2022

    

20.74

      

(0.03

)

    

(0.03

)

    

(10.35

)

    

(10.38

)

    

—

      

—

      

—

      

—

      

10.36

      

-50.05

%

    

23,824

      

0.97

%

    

1.01

%

    

(0.24

)%

    

0.95

%

    

0.99

%

    

(0.22

)%

    

10

%

  
For the Period June 10, 20218​ through
October 31, 2021		    

25.00

      

(0.03

)

    

(0.03

)

    

(4.23

)

    

(4.26

)

    

—

      

—

      

—

      

—

      

20.74

      

-17.04

%

    

12,447

      

0.95

%

    

1.31

%

    

(0.36

)%

    

0.95

%

    

1.31

%

    

(0.36

)%

    

26

%

  

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

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

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

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

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

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

7​  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Portfolio turnover rate does not include effects of turnover of the swap and future contracts portfolio. Short-term securities with maturities less than or equal to 366 days are also excluded from portfolio turnover calculation.

8​  Commencement of operations.

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

10​  Between $(0.005) and $0.005.

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

DIREXION SEMI-ANNUAL REPORT
107

Direxion Shares ETF Trust

Notes to the Financial Statements (Unaudited)

April 30, 2024

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 81 separate series (each, a "Fund" and together the "Funds"). 35 of these Funds are included in this report:

Bull Funds

  

Bear Funds

  

Direxion Daily AAPL Bull 2X Shares*

  

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

  

Direxion Daily AMZN Bull 2X Shares*

  

Direxion Daily AAPL Bear 1X Shares

  

Direxion Daily GOOGL Bull 2X Shares*

  

Direxion Daily AMZN Bear 1X Shares

  

Direxion Daily MSFT Bull 2X Shares*

  

Direxion Daily GOOGL Bear 1X Shares

  

Direxion Daily NVDA Bull 2X Shares*

  

Direxion Daily MSFT Bear 1X Shares

  

Direxion Daily TSLA Bull 2X Shares*

  

Direxion Daily NVDA Bear 1X Shares

  

Direxion Daily CSI 300 China A Share Bull 2X Shares

  

Direxion Daily TSLA Bear 1X Shares

  

Direxion Daily CSI China Internet Index Bull 2X Shares

  

Direxion Daily Concentrated Qs Bear 1X Shares

  

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

  

Direxion Daily Energy Bear 2X Shares

  

Direxion Daily MSCI Brazil Bull 2X Shares

  

Direxion Daily Gold Miners Index Bear 2X Shares

  

Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares

  

Direxion Daily Junior Gold Miners Index Bear 2X Shares

  

Direxion Daily MSCI India Bull 2X Shares

  

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

  

Direxion Daily Cloud Computing Bull 2X Shares

          

Direxion Daily Concentrated Qs Bull 2X Shares

          

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares

          

Direxion Daily Energy Bull 2X Shares

          

Direxion Daily Global Clean Energy Bull 2X Shares

          

Direxion Daily Gold Miners Index Bull 2X Shares

          

Direxion Daily Junior Gold Miners Index Bull 2X Shares

          

Direxion Daily NYSE FANG+ Bull 2X Shares

          

Direxion Daily Robotics, Artificial Intelligence & Automation

          

Index Bull 2X Shares

          

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

          

Direxion Daily Travel & Vacation Bull 2X Shares

          

*  Effective April 2, 2024, these Funds' new investment objective and strategy changed to seek daily leveraged investment results, before fees and expenses, of 200%, as applicable, of the performance of their underlying index. Prior to April 2, 2024, the investment objective and strategy were 1.5X.

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

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

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

DIREXION SEMI-ANNUAL REPORT
108

Funds

  

Index or Benchmark

  

Daily Target

  

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

  

S&P 500®​ Index

    

-100

%

  

Direxion Daily AAPL Bear 1X Shares

  

Common shares of Apple, Inc.

    

-100

%

  

Direxion Daily AMZN Bear 1X Shares

  

Common shares of Amazon, Inc.

    

-100

%

  

Direxion Daily GOOGL Bear 1X Shares

  

Common shares of Alphabet, Inc.

    

-100

%

  

Direxion Daily MSFT Bear 1X Shares

  

Common shares of Microsoft Corp.

    

-100

%

  

Direxion Daily NVDA Bear 1X Shares

  

Common shares of NVIDIA Corp.

    

-100

%

  

Direxion Daily TSLA Bear 1X Shares

  

Common shares of Tesla, Inc.

    

-100

%

  

Direxion Daily Concentrated Qs Bear 1X Shares

  

Indxx Front of the Q Index

    

-100

%

  

Direxion Daily AAPL Bull 2X Shares

  

Common shares of Apple, Inc.

    

200

%

  

Direxion Daily AMZN Bull 2X Shares

  

Common shares of Amazon, Inc.

    

200

%

  

Direxion Daily GOOGL Bull 2X Shares

  

Common shares of Alphabet, Inc.

    

200

%

  

Direxion Daily MSFT Bull 2X Shares

  

Common shares of Microsoft Corp.

    

200

%

  

Direxion Daily NVDA Bull 2X Shares

  

Common shares of NVIDIA Corp.

    

200

%

  

Direxion Daily TSLA Bull 2X Shares

  

Common shares of Tesla, Inc.

    

200

%

  

Direxion Daily CSI 300 China A Share Bull 2X Shares

  

CSI 300 Index

    

200

%

  

Direxion Daily CSI China Internet Index Bull 2X Shares

  

CSI Overseas China Internet Index

    

200

%

  

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

  

S&P 500®​ Index

    

200

%

  

Direxion Daily MSCI Brazil Bull 2X Shares

  

MSCI Brazil 25/50 Index

    

200

%

  
Direxion Daily MSCI Emerging Markets ex China
Bull 2X Shares		  

MSCI Emerging Markets ex China Index

    

200

%

  

Direxion Daily MSCI India Bull 2X Shares

  

MSCI India Index

    

200

%

  

Direxion Daily Cloud Computing Bull 2X Shares

  

Indxx USA Cloud Computing Index

    

200

%

  

Direxion Daily Concentrated Qs Bull 2X Shares

  

Indxx Front of the Q Index

    

200

%

  
Direxion Daily Electric and Autonomous Vehicles
Bull 2X Shares		  

Indxx US Electric and Autonomous Vehicles Index

    

200

%

  

Direxion Daily Energy Bull 2X Shares

        

200

%

  

Direxion Daily Energy Bear 2X Shares

  

Energy Select Sector Index

    

-200

%

  

Direxion Daily Global Clean Energy Bull 2X Shares

  

S&P Global Clean Energy Index

    

200

%

  

Direxion Daily Gold Miners Index Bull 2X Shares

        

200

%

  

Direxion Daily Gold Miners Index Bear 2X Shares

  

NYSE Arca Gold Miners Index

    

-200

%

  

Direxion Daily Junior Gold Miners Index Bull 2X Shares

        

200

%

  

Direxion Daily Junior Gold Miners Index Bear 2X Shares

  

MVIS Global Junior Gold Miners Index

    

-200

%

  

Direxion Daily NYSE FANG+ Bull 2X Shares

  

NYSE FANG+ Index

    

200

%

  
Direxion Daily Robotics, Artificial Intelligence &
Automation Index Bull 2X Shares		   Indxx Global Robotics and Artificial Intelligence
Thematic Index		    

200

%

  

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

        

200

%

  

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

   S&P Oil & Gas Exploration & Production
Select Industry Index		    

-200

%

  

Direxion Daily Travel & Vacation Bull 2X Shares

  

BlueStar®​ Travel and Vacation Index

    

200

%

  

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP").

DIREXION SEMI-ANNUAL REPORT
109

a) Investment Valuation – The Net Asset Value ("NAV") per share of each Fund is determined daily, as of the close of regular trading on the New York Stock Exchange ("NYSE") (normally at 4:00 p.m. Eastern time ("Valuation Time")), each day the NYSE is open for business. A security listed or traded on an exchange, domestic or foreign, is valued at its last sales price on the principal exchange on which it is traded prior to the time when assets are valued. If no sale is reported at that time, the mean of the last bid and asked prices is used. Securities primarily traded on the NASDAQ®​ Global Market ("NASDAQ") for which market quotations are readily available are valued using the NASDAQ®​ Official Closing Price ("NOCP") provided by NASDAQ each business day. Over-the-counter ("OTC") securities held by a Fund are valued at the last sales price or, if no sales price is reported, the mean of the last bid and asked price is used. The portfolio securities of a Fund that are listed on national exchanges are valued at the last sales price of such securities or; if no sales price is reported, the mean of the last bid and asked price is used. Swap contracts are valued using the closing price of the underlying reference entity or the closing value of the underlying reference index. The Funds valued their investments in money market funds based on their daily net asset values. Futures contracts are valued at the settlement price established on the exchange on which they are traded, if that settlement price reflects trading prior to the Valuation Time. If the settlement price established by the exchange reflects trading after the Valuation Time, then the last sales price prior to Valuation Time will be used. Securities, swap or futures contracts are fair valued as determined by the Adviser under the supervision of the Board of Trustees (the "Board") in the following scenarios: a) reliable market quotations are not readily available; b) the Fund's pricing service does not provide a valuation for such securities; c) the Fund's pricing service provides a valuation that in the judgment of the Adviser does not represent fair value; or d) the Fund or Adviser believes the market price is stale.

b) Swap Contracts – Each Fund may enter into equity swap contacts. Standard equity swap contracts are between two parties that agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross amount to be exchanged is calculated with respect to a "notional amount" (i.e. the return on or increase in value of a particular dollar amount invested in a "basket" of securities representing a particular index or industry sector). Each Fund enters into master netting agreements with counterparties to mitigate counterparty credit risk in derivative contracts. A Fund does not offset fair value amounts for derivative contracts and related cash collateral on the Statements of Assets and Liabilities arising from derivative contracts executed with the same counterparties under such master netting agreements. Each Fund's obligations are accrued daily and offset by any amounts owed to the Fund.

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

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

Accounting Standards Update No. 2013-01, "Disclosures about Offsetting Assets and Liabilities" ("ASU 2013-01"), requires entities to disclose (i) gross and net information about both instruments and transactions eligible for offset in the financial statements, and (ii) instruments and transactions subject to an agreement similar to a master netting agreement.

DIREXION SEMI-ANNUAL REPORT
110

ASU 2013-01 is limited in scope to recognized derivative instruments accounted for under ASC 815, "Derivatives and Hedging", to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement of similar agreement.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including swap contracts, and typically contains, among other things, collateral posting terms, netting and rights of set-off provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and receivables to create a single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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

For financial reporting purposes, the Funds elect to not offset assets and liabilities subject to an ISDA Master Agreement, if any, in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of April 30, 2024, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting/set-off provisions in the ISDA Master Agreement are detailed in the following tables.

In the event of the counterparty's default, bankruptcy or any other event for which the counterparty cannot meet its obligations, a Fund bears the risk of loss equal to the amount of the daily appreciation owed to the Fund. This obligation represents the daily gain accrued to the Fund from the close of business day prior to this event to the day on which this event occurs and the counterparty can no longer meet its obligations. A Fund will enter into swap agreements only with large, well-capitalized and established financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Adviser. Shareholders may obtain swap counterparty financial statements at www.sec.gov. Swap contracts are subject to credit risk. Credit risk occurs when the financial condition of an issuer of a security or instrument may cause it to default or become unable to pay interest or principal due on the security. The counterparty to a swap contract might default on its obligations. In addition, the Funds have agreements with certain counterparties with which it trades swap contracts that contain credit risk-related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value and performance-based thresholds. The maximum exposure to the Funds in regard to potential counterparty default and credit-risk related contingent features at April 30, 2024 is detailed in the following tables. If such credit risk-related contingencies were triggered, the counterparties would have the option to terminate any positions open under the master netting agreement.

DIREXION SEMI-ANNUAL REPORT
111

Description: Swap Contract

Counterparty: Bank of America Merrill Lynch

       

Assets:

          

Liabilities:

      
        Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		  

Net Amount2​

   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		  

Net Amount

  
Direxion Daily
AAPL Bear
1X Shares		  

$

854,575

    

$

—

    

$

640,000

    

$

214,575

    

$

—

    

$

—

    

$

—

    

$

—

    
Direxion Daily
AMZN Bear
1X Shares		    

—

      

—

      

—

      

—

      

12,015

      

—

      

12,0151​

      

—

    
Direxion Daily
GOOGL Bear
1X Shares		    

—

      

—

      

—

      

—

      

69,720

      

—

      

69,7201​

      

—

    
Direxion Daily
MSFT Bear
1X Shares		    

237,842

      

—

      

120,000

      

117,842

      

—

      

—

      

—

      

—

    
Direxion Daily
NVDA Bear
1X Shares		    

100,235

      

—

      

80,000

      

20,235

      

—

      

—

      

—

      

—

    
Direxion Daily
TSLA Bear
1X Shares		    

5,430,127

      

—

      

4,530,000

      

900,127

      

—

      

—

      

—

      

—

    
Direxion Daily
AAPL Bull
2X Shares		    

—

      

—

      

—

      

—

      

683,274

      

—

      

683,2741​

      

—

    
Direxion Daily
AMZN Bull
2X Shares		    

—

      

—

      

—

      

—

      

1,413,761

      

—

      

1,413,7611​

      

—

    
Direxion Daily
GOOGL Bull
2X Shares		    

—

      

—

      

—

      

—

      

560,082

      

—

      

560,0821​

      

—

    
Direxion Daily
MSFT Bull
2X Shares		    

—

      

—

      

—

      

—

      

1,374,709

      

—

      

1,374,7091​

      

—

    
Direxion Daily
NVDA Bull
2X Shares		    

—

      

—

      

—

      

—

      

979,834

      

—

      

979,8341​

      

—

    
Direxion Daily
TSLA Bull
2X Shares		    

—

      

—

      

—

      

—

      

65,704,412

      

—

      

65,704,4121​

      

—

    
Direxion Daily
CSI China
Internet
Index Bull
2X Shares		    

7,951,484

      

—

      

7,951,4841​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Cloud
Computing
Bull 2X
Shares		    

—

      

—

      

—

      

—

      

175,992

      

—

      

175,9921​

      

—

    
Direxion Daily
Electric and
Autonomous
Vehicles
Bull 2X
Shares		    

—

      

—

      

—

      

—

      

327,262

      

—

      

327,2621​

      

—

    

DIREXION SEMI-ANNUAL REPORT
112

       

Assets:

          

Liabilities:

      
        Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		  

Net Amount2​

   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		  

Net Amount

  
Direxion Daily
Global Clean
Energy Bull
2X Shares		  

$

—

    

$

—

    

$

—

    

$

—

    

$

170,342

    

$

—

    

$

170,3421​

    

$

—

    
Direxion Daily
Gold Miners
Index Bull
2X Shares		    

17,065,758

      

—

      

17,065,7581​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Gold Miners
Index Bear
2X Shares		    

—

      

—

      

—

      

—

      

3,203,529

      

—

      

3,203,5291​

      

—

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

14,629,781

      

—

      

14,629,7811​

      

—

      

—

      

—

      

—

      

—

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

298,298

      

—

      

—

      

298,298

      

—

      

—

      

—

      

—

    
Direxion Daily
Travel &
Vacation
Bull 2X
Shares		    

—

      

—

      

—

      

—

      

445,917

      

—

      

445,9171​

      

—

    

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:

          

Liabilities:

      
        Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		  

Net Amount2​

   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		  

Net Amount

  
Direxion Daily
AAPL Bear
1X Shares		  

$

716,559

    

$

—

    

$

590,000

    

$

126,559

    

$

—

    

$

—

    

$

—

    

$

—

    
Direxion Daily
TSLA Bear
1X Shares		    

3,991,244

      

—

      

3,117,000

      

874,244

      

—

      

—

      

—

      

—

    
Direxion Daily
AAPL Bull
2X Shares		    

—

      

—

      

—

      

—

      

1,014,830

      

—

      

1,014,8301​

      

—

    
Direxion Daily
TSLA Bull
2X Shares		    

—

      

—

      

—

      

—

      

38,183,980

      

—

      

38,183,9801​

      

—

    

DIREXION SEMI-ANNUAL REPORT
113

       

Assets:

          

Liabilities:

      
        Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		  

Net Amount2​

   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		  

Net Amount

  
Direxion Daily
CSI China
Internet
Index Bull
2X Shares		  

$

5,717,773

    

$

—

    

$

5,717,7731​

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    
Direxion Daily
MSCI Brazil
Bull 2X
Shares		    

—

      

—

      

—

      

—

      

427,508

      

—

      

427,5081​

      

—

    
Direxion Daily
Energy Bull
2X Shares		    

15,968,230

      

—

      

15,968,2301​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Energy Bear
2X Shares		    

—

      

—

      

—

      

—

      

280,955

      

—

      

280,9551​

      

—

    
Direxion Daily
Gold Miners
Index Bull
2X Shares		    

18,902,189

      

—

      

18,902,1891​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Gold Miners
Index Bear
2X Shares		    

—

      

—

      

—

      

—

      

996,378

      

—

      

996,3781​

      

—

    
Direxion Daily
Junior Gold
Miners Index
Bull 2X
Shares		    

16,705,512

      

—

      

16,705,5121​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Junior Gold
Miners Index
Bear 2X
Shares		    

—

      

—

      

—

      

—

      

2,382,556

      

—

      

2,382,5561​

      

—

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

4,309,935

      

—

      

4,309,9351​

      

—

      

—

      

—

      

—

      

—

    

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

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

DIREXION SEMI-ANNUAL REPORT
114

Description: Swap Contract

Counterparty: Barclays

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		  

Net Amount2​

   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		  

Net Amount

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

$

2,600,627

    

$

—

    

$

600,000

    

$

2,000,627

    

$

—

    

$

—

    

$

—

    

$

—

    
Direxion Daily
NVDA Bear
1X Shares		    

—

      

—

      

—

      

—

      

57,045

      

—

      

57,0451​

      

—

    
Direxion Daily
MSFT Bull
2X Shares		    

—

      

—

      

—

      

—

      

2,604,001

      

—

      

2,604,0011​

      

—

    
Direxion Daily
NVDA Bull
2X Shares		    

—

      

—

      

—

      

—

      

2,128,837

      

—

      

2,128,8371​

      

—

    
Direxion Daily
TSLA Bull
2X Shares		    

—

      

—

      

—

      

—

      

65,221,736

      

—

      

65,221,7361​

      

—

    
Direxion Daily
MSCI Brazil
Bull 2X Shares		    

—

      

—

      

—

      

—

      

278,857

      

—

      

278,8571​

      

—

    
Direxion Daily
MSCI India
Bull 2X Shares		    

3,143,271

      

—

      

3,130,000

      

13,271

      

—

      

—

      

—

      

—

    
Direxion Daily
Energy Bull
2X Shares		    

18,930,849

      

—

      

18,930,8491​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Energy Bear
2X Shares		    

—

      

—

      

—

      

—

      

339,014

      

—

      

339,0141​

      

—

    
Direxion Daily
NYSE FANG+
Bull 2X Shares		    

1,773,381

      

—

      

1,773,3811​

      

—

      

—

      

—

      

—

      

—

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

32,961

      

—

      

—

      

32,961

      

—

      

—

      

—

      

—

    

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

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

DIREXION SEMI-ANNUAL REPORT
115

Description: Swap Contract

Counterparty: Citibank N.A.

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		  

Net Amount2​

   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		  

Net Amount

  
Direxion Daily
AAPL Bear
1X Shares		  

$

947,790

    

$

—

    

$

879,000

    

$

68,790

    

$

—

    

$

—

    

$

—

    

$

—

    
Direxion Daily
AMZN Bear
1X Shares		    

50,800

      

—

      

—

      

50,800

      

—

      

—

      

—

      

—

    
Direxion Daily
GOOGL Bear
1X Shares		    

—

      

—

      

—

      

—

      

39,979

      

—

      

39,9791​

      

—

    
Direxion Daily
MSFT Bear
1X Shares		    

186,325

      

—

      

32,000

      

154,325

      

—

      

—

      

—

      

—

    
Direxion Daily
NVDA Bear
1X Shares		    

—

      

—

      

—

      

—

      

334,824

      

—

      

334,8241​

      

—

    
Direxion Daily
TSLA Bear
1X Shares		    

6,269,349

      

—

      

5,335,000

      

934,349

      

—

      

—

      

—

      

—

    
Direxion Daily
AAPL Bull
2X Shares		    

—

      

—

      

—

      

—

      

1,041,951

      

—

      

1,041,9511​

      

—

    
Direxion Daily
AMZN Bull
2X Shares		    

—

      

—

      

—

      

—

      

1,796,859

      

—

      

1,796,8591​

      

—

    
Direxion Daily
GOOGL Bull
2X Shares		    

3,136,439

      

—

      

3,136,4391​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
MSFT Bull
2X Shares		    

—

      

—

      

—

      

—

      

1,168,231

      

—

      

1,168,2311​

      

—

    
Direxion Daily
NVDA Bull
2X Shares		    

—

      

—

      

—

      

—

      

700,724

      

—

      

700,7241​

      

—

    
Direxion Daily
TSLA Bull
2X Shares		    

—

      

—

      

—

      

—

      

29,191,533

      

—

      

29,191,5331​

      

—

    
Direxion Daily
CSI 300 China
A Share Bull
2X Shares		    

2,099,686

      

—

      

2,099,6861​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
CSI China
Internet Index
Bull 2X Shares		    

5,539,234

      

—

      

5,539,2341​

      

—

      

—

      

—

      

—

      

—

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

606,548

      

—

      

606,5481​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
MSCI India
Bull 2X Shares		    

2,134,163

      

—

      

2,119,000

      

15,163

      

—

      

—

      

—

      

—

    
Direxion Daily
Cloud
Computing
Bull 2X Shares		    

—

      

—

      

—

      

—

      

108,360

      

—

      

108,3601​

      

—

    

DIREXION SEMI-ANNUAL REPORT
116

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		  

Net Amount2​

   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		  

Net Amount

  
Direxion Daily
Global Clean
Energy Bull
2X Shares		  

$

—

    

$

—

    

$

—

    

$

—

    

$

60,313

    

$

—

    

$

60,3131​

    

$

—

    
Direxion Daily
Gold Miners
Index
Bull 2X Shares		    

18,937,211

      

—

      

18,937,2111​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Gold Miners
Index Bear
2X Shares		    

—

      

—

      

—

      

—

      

730,958

      

—

      

730,9581​

      

—

    
Direxion Daily
Junior Gold
Miners Index
Bull 2X Shares		    

4,945,811

      

—

      

4,945,8111​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Junior Gold
Miners Index
Bear 2X Shares		    

1,517,152

      

—

      

—

      

1,517,152

      

—

      

—

      

—

      

—

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

736,450

      

—

      

736,4501​

      

—

      

—

      

—

      

—

      

—

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

16,337,019

      

—

      

16,337,0191​

      

—

      

—

      

—

      

—

      

—

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

—

      

—

      

—

      

—

      

1,815,971

      

—

      

1,815,9711​

      

—

    

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

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

Description: Swap Contract

Counterparty: Goldman Sachs

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		  

Net Amount2​

   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		  

Net Amount

  
Direxion Daily
AAPL Bear
1X Shares		  

$

973,140

    

$

—

    

$

973,1401​

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    
Direxion Daily
AMZN Bear
1X Shares		    

28,282

      

—

      

—

      

28,282

      

—

      

—

      

—

      

—

    

DIREXION SEMI-ANNUAL REPORT
117

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		  

Net Amount2​

   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		  

Net Amount

  
Direxion Daily
GOOGL Bear
1X Shares		  

$

—

    

$

—

    

$

—

    

$

—

    

$

76,406

    

$

—

    

$

76,4061​

    

$

—

    
Direxion Daily
MSFT Bear
1X Shares		    

194,405

      

—

      

—

      

194,405

      

—

      

—

      

—

      

—

    
Direxion Daily
NVDA Bear
1X Shares		    

—

      

—

      

—

      

—

      

96,289

      

—

      

96,2891​

      

—

    
Direxion Daily
TSLA Bear
1X Shares		    

—

      

—

      

—

      

—

      

2,323,924

      

—

      

2,323,9241​

      

—

    
Direxion Daily
Concentrated
Qs Bear
1X Shares		    

55,517

      

—

      

—

      

55,517

      

—

      

—

      

—

      

—

    
Direxion Daily
AAPL Bull
2X Shares		    

—

      

—

      

—

      

—

      

1,963,023

      

—

      

1,963,0231​

      

—

    
Direxion Daily
AMZN Bull
2X Shares		    

—

      

—

      

—

      

—

      

2,128,826

      

—

      

2,128,8261​

      

—

    
Direxion Daily
GOOGL Bull
2X Shares		    

—

      

—

      

—

      

—

      

2,896,845

      

—

      

2,896,8451​

      

—

    
Direxion Daily
MSFT Bull
2X Shares		    

—

      

—

      

—

      

—

      

320,572

      

—

      

320,5721​

      

—

    
Direxion Daily
NVDA Bull
2X Shares		    

—

      

—

      

—

      

—

      

3,026,360

      

—

      

3,026,3601​

      

—

    
Direxion Daily
TSLA Bull
2X Shares		    

—

      

—

      

—

      

—

      

28,083,352

      

—

      

28,083,3521​

      

—

    
Direxion Daily
CSI China
Internet Index
Bull 2X Shares		    

7,853,873

      

—

      

7,853,8731​

      

—

      

—

      

—

      

—

      

—

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

4,046,941

      

—

      

4,046,9411​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
MSCI Emerging
Markets ex
China Bull
2X Shares		    

—

      

—

      

—

      

—

      

92,982

      

—

      

92,9821​

      

—

    
Direxion Daily
Concentrated
Qs Bull
2X Shares		    

—

      

—

      

—

      

—

      

281,776

      

—

      

281,7761​

      

—

    
Direxion Daily
Electric and
Autonomous
Vehicles
Bull 2X Shares		    

—

      

—

      

—

      

—

      

424,180

      

—

      

424,1801​

      

—

    
Direxion Daily
Gold Miners
Index Bull
2X Shares		    

7,651,729

      

—

      

7,651,7291​

      

—

      

—

      

—

      

—

      

—

    

DIREXION SEMI-ANNUAL REPORT
118

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		  

Net Amount2​

   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		  

Net Amount

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

$

22,074,389

    

$

—

    

$

22,074,3891​

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

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

—

      

—

      

—

      

—

      

2,663,531

      

—

      

2,663,5311​

      

—

    

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

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

Description: Swap Contract

Counterparty: J.P. Morgan

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		  

Net Amount2​

   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		  

Net Amount

  
Direxion Daily
CSI 300
China A Share
Bull 2X Shares		  

$

1,440,979

    

$

—

    

$

1,240,000

    

$

200,979

    

$

—

    

$

—

    

$

—

    

$

—

    
Direxion Daily
MSCI Brazil
Bull 2X Shares		    

—

      

—

      

—

      

—

      

6,151,782

      

—

      

6,151,7821​

      

—

    
Direxion Daily
Electric and
Autonomous
Vehicles
Bull 2X Shares		    

—

      

—

      

—

      

—

      

71,722

      

—

      

71,7221​

      

—

    
Direxion Daily
Energy Bull
2X Shares		    

9,407,263

      

—

      

9,407,2631​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Energy Bear
2X Shares		    

163,442

      

—

      

67,000

      

96,442

      

—

      

—

      

—

      

—

    
Direxion Daily
Gold Miners
Index Bull
2X Shares		    

18,271,679

      

—

      

18,271,6791​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Gold Miners
Index Bear
2X Shares		    

—

      

—

      

—

      

—

      

3,496,998

      

—

      

3,496,9981​

      

—

    
Direxion Daily
Junior Gold
Miners Index
Bull 2X Shares		    

9,656,024

      

—

      

9,656,0241​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Junior Gold
Miners Index
Bear 2X Shares		    

—

      

—

      

—

      

—

      

708,678

      

—

      

708,6781​

      

—

    

DIREXION SEMI-ANNUAL REPORT
119

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		  

Net Amount2​

   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		  

Net Amount

  
Direxion Daily
NYSE FANG+
Bull 2X Shares		  

$

—

    

$

—

    

$

—

    

$

—

    

$

342,551

    

$

—

    

$

342,5511​

    

$

—

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

919,718

      

—

      

919,7181​

      

—

      

—

      

—

      

—

      

—

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

7,265,997

      

—

      

7,265,9971​

      

—

      

—

      

—

      

—

      

—

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

—

      

—

      

—

      

—

      

1,954,826

      

—

      

1,954,8261​

      

—

    
Direxion Daily
Travel &
Vacation
Bull 2X Shares		    

122,980

      

—

      

122,9801​

      

—

      

—

      

—

      

—

      

—

    

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

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

Description: Swap Contract

Counterparty: UBS Securities LLC

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		  

Net Amount2​

   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		  

Net Amount

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

$

—

    

$

—

    

$

—

    

$

—

    

$

2,041,212

    

$

—

    

$

2,041,2121​

    

$

—

    
Direxion Daily
CSI 300
China A Share
Bull 2X Shares		    

565,832

      

—

      

565,8321​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
CSI China
Internet Index
Bull 2X Shares		    

4,918,448

      

—

      

4,918,4481​

      

—

      

—

      

—

      

—

      

—

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

3,919,084

      

—

      

3,919,0841​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
MSCI Brazil
Bull 2X Shares		    

—

      

—

      

—

      

—

      

821,402

      

—

      

821,4021​

      

—

    
Direxion Daily
MSCI India
Bull 2X Shares		    

2,210,256

      

—

      

2,210,2561​

      

—

      

—

      

—

      

—

      

—

    

DIREXION SEMI-ANNUAL REPORT
120

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		  

Net Amount2​

   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		  

Net Amount

  
Direxion Daily
Energy Bull
2X Shares		  

$

4,911,184

    

$

—

    

$

4,911,1841​

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    
Direxion Daily
Energy Bear
2X Shares		    

—

      

—

      

—

      

—

      

1,763,592

      

—

      

1,763,5921​

      

—

    
Direxion Daily
Gold Miners
Index Bull
2X Shares		    

13,880,234

      

—

      

13,880,2341​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Gold Miners
Index Bear
2X Shares		    

1,285,806

      

—

      

—

      

1,285,806

      

—

      

—

      

—

      

—

    
Direxion Daily
Junior Gold
Miners Index
Bull 2X Shares		    

16,326,223

      

—

      

16,326,2231​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Junior Gold
Miners Index
Bear 2X Shares		    

—

      

—

      

—

      

—

      

1,669,973

      

—

      

1,669,9731​

      

—

    
Direxion Daily
NYSE FANG+
Bull 2X Shares		    

—

      

—

      

—

      

—

      

19,473

      

—

      

19,4731​

      

—

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

507,375

      

—

      

507,3751​

      

—

      

—

      

—

      

—

      

—

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

9,900,370

      

—

      

9,900,3701​

      

—

      

—

      

—

      

—

      

—

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

542,575

      

—

      

—

      

542,575

      

—

      

—

      

—

      

—

    

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

DIREXION SEMI-ANNUAL REPORT
121

d) Risks of Futures Contracts, Options on Futures Contracts and Short Positions – The risks inherent in the use of options, futures contracts, options on futures contracts and short positions include 1) adverse changes in the fair value of such instruments; 2) imperfect correlation between the price of options and futures contracts and options thereon and movements in the price of the underlying securities, index or futures contracts; 3) the possible absence of a liquid secondary market for any particular instrument at any time; 4) the possible need to defer closing out certain positions to avoid adverse tax consequences; and 5) the possible non-performance by the counterparty under the terms of the contract. The Funds designate cash, cash equivalents and liquid securities as collateral for written options, futures contracts, options on futures contracts and short positions. The Funds were not invested in any type of futures or options contracts during the period ended April 30, 2024.

e) Risks of Investing in Foreign Securities – Investments in foreign securities involve greater risks than investing in domestic securities. As a result, the Funds' returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The laws, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore there may be less public information available about foreign companies. Investments in foreign emerging markets present a greater risk than investing in foreign issuers in general. The risk of political or social upheaval is greater in emerging markets. In addition, there may be risks of an economy's dependence on revenues from particular commodities, currency transfer restrictions, a limited number of potential buyers for such securities and delays and disruption in securities settlement procedures.

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

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

As of April 30, 2024, all securities on loan were collateralized by cash and/or U.S. government obligations. The cash received as collateral for securities on loan was invested in money market funds, whose maturities are overnight and continuous, and is disclosed in the Schedules of Investments. The securities on loan in each Fund are also disclosed in the Schedule of Investments. The total value of securities loaned and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Non-cash collateral consists of U.S. Treasury securities and is not disclosed on the Statements of Assets and Liabilities as its held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell, reinvest or pledge those securities. Income earned by the Funds from securities lending is disclosed in the Statements of Operations.

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

DIREXION SEMI-ANNUAL REPORT
122

As of April 30, 2024, the market value of the securities loaned and the related cash and non-cash collateral received for securities lending were as follows:

Funds

   Market Value of
Securities Loaned		   Cash Collateral
Received		   Non-Cash
Collateral Received		   Total
Collateral Received		  
Direxion Daily Cloud Computing
Bull 2X Shares		  

$

63,153

    

$

10,361

    

$

54,101

    

$

64,462

    
Direxion Daily Electric and Autonomous
Vehicles Bull 2X Shares		    

980,810

      

1,123,032

      

—

      

1,123,032

    
Direxion Daily Travel & Vacation
Bull 2X Shares		    

7,855

      

8,045

      

—

      

8,045

    

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

The Funds may be subject to a nondeductible 4% U.S. excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. Certain Funds paid this excise tax during the period ended April 30, 2024, which is disclosed on the Statements of Operations.

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

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

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

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

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

3.  INCOME TAX AND DISTRIBUTION INFORMATION

The tax character of distributions paid during the periods ended April 30, 2024 and October 31, 2023 are presented in the following table. The tax character of distributions to shareholders made during the period may differ from their ultimate characterization for U.S. Federal income tax purposes.

    Period Ended
April 30, 2024 (Unaudited)		   Year/Period Ended
October 31, 2023		  
   

Distributions Paid From:

  

Distributions Paid From:

  

Funds

   Ordinary
Income		   Long Term
Capital Gains		   Return
of Capital		   Ordinary
Income		   Long Term
Capital Gains		   Return
of Capital		  

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

  

$

4,760,821

    

$

—

    

$

—

    

$

17,439,074

    

$

—

    

$

—

    

Direxion Daily AAPL Bear 1X Shares

    

711,963

      

—

      

—

      

873,961

      

—

      

—

    

Direxion Daily AMZN Bear 1X Shares

    

76,126

      

—

      

—

      

385,096

      

—

      

—

    

DIREXION SEMI-ANNUAL REPORT
123

    Period Ended
April 30, 2024 (Unaudited)		   Year/Period Ended
October 31, 2023		  
   

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 GOOGL Bear 1X Shares

  

$

58,269

    

$

—

    

$

—

    

$

159,519

    

$

—

    

$

—

    

Direxion Daily MSFT Bear 1X Shares

    

163,090

      

—

      

—

      

241,897

      

—

      

—

    

Direxion Daily NVDA Bear 1X Shares1​

    

219,848

      

16,307

      

—

      

—

      

—

      

—

    

Direxion Daily TSLA Bear 1X Shares

    

1,024,939

      

—

      

—

      

2,234,426

      

—

      

—

    
Direxion Daily Concentrated Qs
Bear 1X Shares3​		    

—

      

—

      

—

      

—

      

—

      

—

    

Direxion Daily AAPL Bull 2X Shares

    

533,557

      

—

      

—

      

533,661

      

—

      

—

    

Direxion Daily AMZN Bull 2X Shares

    

855,527

      

608,027

      

—

      

617,613

      

—

      

—

    

Direxion Daily GOOGL Bull 2X Shares

    

681,758

      

—

      

—

      

394,589

      

—

      

—

    

Direxion Daily MSFT Bull 2X Shares

    

953,607

      

—

      

—

      

503,522

      

—

      

—

    

Direxion Daily NVDA Bull 2X Shares1​

    

778,544

      

—

      

—

      

—

      

—

      

—

    

Direxion Daily TSLA Bull 2X Shares

    

16,145,118

      

18,510,534

      

—

      

13,969,260

      

—

      

—

    
Direxion Daily CSI 300 China A Share
Bull 2X Shares		    

1,346,884

      

—

      

—

      

1,285,927

      

—

      

—

    
Direxion Daily CSI China Internet Index
Bull 2X Shares		    

6,510,096

      

—

      

—

      

3,836,004

      

—

      

—

    

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

    

1,351,356

      

—

      

—

      

1,833,932

      

—

      

—

    

Direxion Daily MSCI Brazil Bull 2X Shares

    

2,522,989

      

—

      

—

      

6,143,456

      

—

      

—

    
Direxion Daily MSCI Emerging Markets
ex China Bull 2X Shares2​		    

3,231

      

—

      

—

      

—

      

—

      

—

    

Direxion Daily MSCI India Bull 2X Shares

    

645,768

      

—

      

—

      

891,341

      

—

      

—

    
Direxion Daily Cloud Computing
Bull 2X Shares		    

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily Concentrated Qs
Bull 2X Shares3​		    

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily Electric and Autonomous
Vehicles Bull 2X Shares		    

63,830

      

—

      

—

      

123,822

      

—

      

—

    

Direxion Daily Energy Bull 2X Shares

    

5,412,547

      

—

      

—

      

12,229,872

      

—

      

—

    

Direxion Daily Energy Bear 2X Shares

    

450,840

      

—

      

—

      

1,074,176

      

—

      

—

    
Direxion Daily Global Clean Energy
Bull 2X Shares		    

40,425

      

—

          

31,757

      

—

      

—

    
Direxion Daily Gold Miners Index
Bull 2X Shares		    

8,781,187

      

—

      

—

      

6,901,670

      

—

      

—

    
Direxion Daily Gold Miners Index
Bear 2X Shares		    

1,632,823

      

—

      

—

      

3,486,238

      

—

      

—

    
Direxion Daily Junior Gold Miners Index
Bull 2X Shares		    

4,352,403

      

—

      

—

      

3,912,708

      

—

      

—

    
Direxion Daily Junior Gold Miners Index
Bear 2X Shares		    

1,545,046

      

—

      

—

      

3,131,146

      

—

      

—

    
Direxion Daily NYSE FANG+
Bull 2X Shares		    

276,350

      

—

          

131,002

      

—

      

—

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

215,247

      

—

      

—

      

120,251

      

—

      

—

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

6,361,439

      

—

      

—

      

14,878,134

      

—

      

—

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

1,376,545

      

—

      

—

      

2,468,778

      

—

      

—

    
Direxion Daily Travel & Vacation
Bull 2X Shares		    

111,986

      

—

      

—

      

76,810

      

—

      

—

    

1​  Commenced operations on September 13, 2023.

2​  Commenced operations on February 7, 2024

3​  Commenced operations on March 7, 2024

DIREXION SEMI-ANNUAL REPORT
124

At October 31, 2023, the components of accumulated earnings/(losses) on a tax-basis were as follows:

Funds

   Net
Unrealized
Appreciation
(Depreciation)		   Undistributed
Ordinary
Income (Loss)		   Undistributed
Capital
Gain (Loss)		   Other
Accumulated
Earnings (Losses)1​		   Total
Accumulated
Earnings (Losses)		  
Direxion Daily S&P 500®​ Bear 1X
Shares		  

$

(63,280,444

)

  

$

1,292,400

    

$

—

    

$

(73,448,805

)

  

$

(135,436,849

)

  

Direxion Daily AAPL Bear 1X Shares

    

(4,476,312

)

    

171,845

      

—

      

(456,338

)

    

(4,760,805

)

  
Direxion Daily AMZN Bear 1X
Shares		    

(1,193,460

)

    

15,364

      

—

      

(548,284

)

    

(1,726,380

)

  
Direxion Daily GOOGL Bear 1X
Shares		    

(464,225

)

    

11,651

      

—

      

(1,008,209

)

    

(1,460,783

)

  

Direxion Daily MSFT Bear 1X Shares

    

(1,502,659

)

    

33,538

      

—

      

(959,012

)

    

(2,428,133

)

  

Direxion Daily NVDA Bear 1X Shares

    

853,168

      

56,587

      

—

      

—

      

909,755

    

Direxion Daily TSLA Bear 1X Shares

    

(3,881,405

)

    

262,726

      

—

      

(9,421,550

)

    

(13,040,229

)

  

Direxion Daily AAPL Bull 2X Shares

    

(6,990,329

)

    

162,906

      

—

      

(1,228

)

    

(6,828,651

)

  

Direxion Daily AMZN Bull 2X Shares

    

(56,552

)

    

766,174

      

—

      

(1,235

)

    

708,387

    
Direxion Daily GOOGL Bull 2X
Shares		    

(2,628,201

)

    

112,286

      

—

      

(1,235

)

    

(2,517,150

)

  

Direxion Daily MSFT Bull 2X Shares

    

792,874

      

169,820

      

—

      

(1,235

)

    

961,459

    

Direxion Daily NVDA Bull 2X Shares

    

(1,970,664

)

    

54,586

      

—

      

(9,277

)

    

(1,925,355

)

  

Direxion Daily TSLA Bull 2X Shares

    

(310,343,612

)

    

22,136,959

      

—

      

(1,228

)

    

(288,207,881

)

  
Direxion Daily CSI 300 China A
Share Bull 2X Shares		    

(34,507,805

)

    

178,854

      

—

      

(27,212,868

)

    

(61,541,819

)

  
Direxion Daily CSI China Internet
Index Bull 2X Shares		    

(258,968,174

)

    

979,761

      

—

      

(291,233,104

)

    

(549,221,517

)

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

(16,635,697

)

    

134,461

      

—

      

(4,524,358

)

    

(21,025,594

)

  
Direxion Daily MSCI Brazil
Bull 2X Shares		    

(24,199,030

)

    

86,459

      

—

      

(443,097,945

)

    

(467,210,516

)

  
Direxion Daily MSCI India
Bull 2X Shares		    

(7,320,617

)

    

140,952

      

—

      

—

      

(7,179,665

)

  
Direxion Daily Cloud Computing
Bull 2X Shares		    

(5,663,367

)

    

—

      

—

      

(9,654,976

)

    

(15,318,343

)

  
Direxion Daily Electric and
Autonomous Vehicles Bull 2X
Shares		    

(5,860,502

)

    

24,311

      

—

      

(2,492,760

)

    

(8,328,951

)

  

Direxion Daily Energy Bull 2X Shares

    

(2,258,537

)

    

454,262

      

—

      

(6,301,114

)

    

(8,105,389

)

  
Direxion Daily Energy Bear 2X
Shares		    

(5,136,075

)

    

147,152

      

—

      

(193,322,741

)

    

(198,311,664

)

  
Direxion Daily Global Clean Energy
Bull 2X Shares		    

(4,212,879

)

    

4,268

      

—

      

(3,701,828

)

    

(7,910,439

)

  
Direxion Daily Gold Miners Index
Bull 2X Shares		    

(167,266,814

)

    

1,198,994

      

—

      

(1,828,443,553

)

    

(1,994,511,373

)

  
Direxion Daily Gold Miners Index
Bear 2X Shares		    

406,548

      

411,741

      

—

      

(628,564,013

)

    

(627,745,724

)

  
Direxion Daily Junior Gold Miners
Index Bull 2X Shares		    

(250,566,025

)

    

973,679

      

—

      

(1,434,940,898

)

    

(1,684,533,244

)

  
Direxion Daily Junior Gold Miners
Index Bear 2X Shares		    

(11,742,929

)

    

264,740

      

—

      

(215,741,864

)

    

(227,220,053

)

  
Direxion Daily NYSE FANG+ Bull 2X
Shares		    

(3,097,858

)

    

61,029

      

—

      

(7,770,784

)

    

(10,807,613

)

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

(13,285,333

)

    

29,948

      

—

      

(14,616,580

)

    

(27,871,965

)

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

11,849,733

      

801,425

      

—

      

—

      

12,651,158

    

DIREXION SEMI-ANNUAL REPORT
125

Funds

   Net
Unrealized
Appreciation
(Depreciation)		   Undistributed
Ordinary
Income (Loss)		   Undistributed
Capital
Gain (Loss)		   Other
Accumulated
Earnings (Losses)1​		   Total
Accumulated
Earnings (Losses)		  
Direxion Daily S&P Oil & Gas Exp. &
Prod. Bear 2X Shares		  

$

(23,547,007

)

  

$

445,964

    

$

—

    

$

(219,420,737

)

  

$

(242,521,780

)

  
Direxion Daily Travel & Vacation
Bull 2X Shares		    

(7,248,561

)

    

23,878

      

—

      

(16,219,855

)

    

(23,444,538

)

  

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

At April 30, 2024, the aggregate gross unrealized appreciation and depreciation of investments for U.S. Federal income tax purposes were as follows:

Funds

   Tax Cost of
Investments		   Gross
Unrealized
Appreciation		   Gross
Unrealized
Depreciation		   Net
Unrealized
Appreciation
(Depreciation)		  

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

  

$

185,761,311

    

$

—

    

$

—

    

$

—

    

Direxion Daily AAPL Bear 1X Shares

    

36,225,637

      

—

      

—

      

—

    

Direxion Daily AMZN Bear 1X Shares

    

3,400,816

      

—

      

—

      

—

    

Direxion Daily GOOGL Bear 1X Shares

    

3,099,541

      

—

      

—

      

—

    

Direxion Daily MSFT Bear 1X Shares

    

10,461,497

      

—

      

—

      

—

    

Direxion Daily NVDA Bear 1X Shares

    

8,973,497

      

—

      

—

      

—

    

Direxion Daily TSLA Bear 1X Shares

    

61,017,804

      

—

      

—

      

—

    

Direxion Daily Concentrated Qs Bear 1X Shares

    

4,917,327

      

—

      

—

      

—

    

Direxion Daily AAPL Bull 2X Shares

    

61,479,422

      

—

      

(28,225

)

    

(28,225

)

  

Direxion Daily AMZN Bull 2X Shares

    

84,875,427

      

1,417,203

      

—

      

1,417,203

    

Direxion Daily GOOGL Bull 2X Shares

    

66,971,944

      

2,164,260

      

—

      

2,164,260

    

Direxion Daily MSFT Bull 2X Shares

    

77,327,335

      

642,802

      

—

      

642,802

    

Direxion Daily NVDA Bull 2X Shares

    

137,858,227

      

397,235

      

—

      

397,235

    

Direxion Daily TSLA Bull 2X Shares

    

1,307,972,889

      

—

      

(14,211,153

)

    

(14,211,153

)

  

Direxion Daily CSI 300 China A Share Bull 2X Shares

    

63,665,084

      

—

      

(894,464

)

    

(894,464

)

  

Direxion Daily CSI China Internet Index Bull 2X Shares

    

369,469,880

      

5,212,988

      

—

      

5,212,988

    

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

    

134,750,542

      

16,411,615

      

(3,909,963

)

    

12,501,652

    

Direxion Daily MSCI Brazil Bull 2X Shares

    

111,046,952

      

—

      

(5,021,992

)

    

(5,021,992

)

  
Direxion Daily MSCI Emerging Markets ex China Bull 2X
Shares		    

2,602,428

      

33,406

      

—

      

33,406

    

Direxion Daily MSCI India Bull 2X Shares

    

86,000,158

      

2,548,289

      

—

      

2,548,289

    

Direxion Daily Cloud Computing Bull 2X Shares

    

5,752,628

      

192,502

      

(1,078,203

)

    

(885,701

)

  

Direxion Daily Cloud Concentrated Qs Bull 2X Shares

    

4,637,699

      

—

      

25,176

      

25,176

    
Direxion Daily Electric and Autonomous Vehicles Bull 2X
Shares		    

6,866,160

      

44,604

      

(1,003,652

)

    

(959,048

)

  

Direxion Daily Energy Bull 2X Shares

    

372,390,666

      

21,130,942

      

(1,240,349

)

    

19,890,593

    

Direxion Daily Energy Bear 2X Shares

    

24,691,347

      

—

      

—

      

—

    

Direxion Daily Global Clean Energy Bull 2X Shares

    

4,369,554

      

—

      

(826,082

)

    

(826,082

)

  

Direxion Daily Gold Miners Index Bull 2X Shares

    

562,798,426

      

17,053,137

      

—

      

17,053,137

    

Direxion Daily Gold Miners Index Bear 2X Shares

    

190,097,886

      

—

      

—

      

—

    

Direxion Daily Junior Gold Miners Index Bull 2X Shares

    

305,794,971

      

—

      

(17,966

)

    

(17,966

)

  

Direxion Daily Junior Gold Miners Index Bear 2X Shares

    

120,815,412

      

—

      

—

      

—

    

Direxion Daily NYSE FANG+ Bull 2X Shares

    

35,321,964

      

2,293,312

      

(397,727

)

    

1,895,585

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

36,145,573

      

553,628

      

—

      

553,628

    

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

    

501,773,778

      

12,922,792

      

(13,549,463

)

    

(626,671

)

  

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

    

62,464,354

      

—

      

—

      

—

    

Direxion Daily Travel & Vacation Bull 2X Shares

    

11,551,162

      

529,129

      

(1,533,767

)

    

(1,004,638

)

  

In order to meet certain U.S. excise tax distribution requirements, each Fund is required to measure and distribute annually net capital gains realized during a twelve month period ending October 31 and net investment income earned during a

DIREXION SEMI-ANNUAL REPORT
126

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, 2023.

At October 31, 2023, Direxion Daily Cloud Computing Bull 2X Shares deferred, on a tax basis, qualified late year losses of $13,272.

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

At October 31, 2023, for U.S. Federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains:

Funds

   Utilized in
Current Year		  

Unlimited ST

  

Unlimited LT

  

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

  

$

—

    

$

73,448,805

    

$

—

    

Direxion Daily AAPL Bear 1X Shares

    

—

      

455,117

      

—

    

Direxion Daily AMZN Bear 1X Shares

    

—

      

547,056

      

—

    

Direxion Daily GOOGL Bear 1X Shares

    

—

      

1,006,981

      

—

    

Direxion Daily MSFT Bear 1X Shares

    

—

      

957,784

      

—

    

Direxion Daily NVDA Bear 1X Shares

    

—

      

—

      

—

    

Direxion Daily TSLA Bear 1X Shares

    

—

      

9,420,322

      

—

    

Direxion Daily AAPL Bull 2X Shares

    

36,308

      

—

      

—

    

Direxion Daily AMZN Bull 2X Shares

    

2,163

      

—

      

—

    

Direxion Daily GOOGL Bull 2X Shares

    

2,800

      

—

      

—

    

Direxion Daily MSFT Bull 2X Shares

    

3,581

      

—

      

—

    

Direxion Daily NVDA Bull 2X Shares

    

—

      

9,277

      

—

    

Direxion Daily TSLA Bull 2X Shares

    

—

      

—

      

—

    

Direxion Daily CSI 300 China A Share Bull 2X Shares

    

—

      

24,998,219

      

2,214,649

    

Direxion Daily CSI China Internet Index Bull 2X Shares

    

—

      

291,233,104

      

—

    

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

    

5,964,321

      

3,406,986

      

1,117,372

    

Direxion Daily MSCI Brazil Bull 2X Shares

    

—

      

441,981,692

      

1,116,252

    

Direxion Daily MSCI India Bull 2X Shares

    

—

      

—

      

—

    

Direxion Daily Cloud Computing Bull 2X Shares

    

—

      

8,213,719

      

1,427,985

    

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares

    

—

      

2,479,284

      

13,476

    

Direxion Daily Energy Bull 2X Shares

    

64,988,051

      

—

      

6,300,671

    

Direxion Daily Energy Bear 2X Shares

    

—

      

193,322,709

      

—

    

Direxion Daily Global Clean Energy Bull 2X Shares

    

—

      

3,614,822

      

87,006

    

Direxion Daily Gold Miners Index Bull 2X Shares

    

—

      

1,223,868,041

      

604,575,512

    

Direxion Daily Gold Miners Index Bear 2X Shares

    

—

      

628,564,013

      

—

    

Direxion Daily Junior Gold Miners Index Bull 2X Shares

    

—

      

1,434,940,898

      

—

    

Direxion Daily Junior Gold Miners Index Bear 2X Shares

    

—

      

215,741,864

      

—

    

Direxion Daily NYSE FANG+ Bull 2X Shares

    

—

      

7,115,675

      

655,109

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

—

      

13,204,339

      

1,410,918

    

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

    

—

      

—

      

—

    

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

    

—

      

219,420,737

      

—

    

Direxion Daily Travel & Vacation Bull 2X Shares

    

—

      

14,863,119

      

1,356,736

    

The Funds follow authoritative financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. Management has reviewed all open tax years and concluded that there is no effect to the Funds' financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During this period, the Funds did not incur any interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of April 30, 2024, open U.S. Federal and state income tax years include the tax years ended October 31, 2021 through October 31, 2023. The Funds have no examinations in progress. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.

DIREXION SEMI-ANNUAL REPORT
127

4.  CREATION AND REDEMPTION TRANSACTIONS AND TRANSACTION FEES

Each Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares called "Creation Units." The number of shares in a Creation Unit for each respective Fund is as follows:

Fund

   Number of Shares
per Creation Unit		  

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

    

50,000

shares

  

Direxion Daily AAPL Bear 1X Shares

    

25,000

shares

  

Direxion Daily AMZN Bear 1X Shares

    

25,000

shares

  

Direxion Daily GOOGL Bear 1X Shares

    

25,000

shares

  

Direxion Daily MSFT Bear 1X Shares

    

25,000

shares

  

Direxion Daily NVDA Bear 1X Shares

    

25,000

shares

  

Direxion Daily TSLA Bear 1X Shares

    

25,000

shares

  

Direxion Daily Concentrated Qs Bear 1X Shares

    

25,000

shares

  

Direxion Daily AAPL Bull 2X Shares

    

25,000

shares

  

Direxion Daily AMZN Bull 2X Shares

    

25,000

shares

  

Direxion Daily GOOGL Bull 2X Shares

    

25,000

shares

  

Direxion Daily MSFT Bull 2X Shares

    

25,000

shares

  

Direxion Daily NVDA Bull 2X Shares

    

25,000

shares

  

Direxion Daily TSLA Bull 2X Shares

    

25,000

shares

  

Direxion Daily CSI China A Share Bull 2X Shares

    

50,000

shares

  

Direxion Daily CSI China Internet Index Bull 2X Shares

    

50,000

shares

  

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

    

50,000

shares

  

Direxion Daily MSCI Brazil Bull 2X Shares

    

50,000

shares

  

Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares

    

25,000

shares

  

Direxion Daily MSCI India Bull 2X Shares

    

50,000

shares

  

Direxion Daily Cloud Computing Bull 2X Shares

    

50,000

shares

  

Direxion Daily Concentrated Qs Bull 2X Shares

    

25,000

shares

  

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares

    

50,000

shares

  

Direxion Daily Energy Bull 2X Shares

    

50,000

shares

  

Direxion Daily Energy Bear 2X Shares

    

50,000

shares

  

Direxion Daily Global Clean Energy Bull 2X Shares

    

50,000

shares

  

Direxion Daily Gold Miners Index Bull 2X Shares

    

50,000

shares

  

Direxion Daily Gold Miners Index Bear Shares

    

50,000

shares

  

Direxion Daily Junior Gold Miners Index Bull 2X Shares

    

50,000

shares

  

Direxion Daily Junior Gold Miners Index Bear 2X Shares

    

50,000

shares

  

Direxion Daily NYSE FANG+ Bull 2X Shares

    

50,000

shares

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

50,000

shares

  

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

    

50,000

shares

  

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

    

50,000

shares

  

Direxion Daily Travel & Vacation Bull 2X Shares

    

50,000

shares

  

Creation Units of the Bull Funds are issued and redeemed in cash and/or in-kind for securities included in the relevant underlying index. Creation Units of the Bear Funds are issued and redeemed for cash. Investors such as market makers, large investors and institutions who wish to deal in creation units directly with a Fund must have entered into an authorized participant agreement with the principal underwriter and the transfer agent, or purchase through a dealer that has entered into such an agreement. Transactions in shares for each Fund include both cash and in-kind transactions and are disclosed in detail in the Statements of Changes in Net Assets.

Transaction fees payable to the Trust are imposed to compensate the Trust for the transfer and other transaction costs of a Fund associated with the issuance and redemption of creation units. There is a fixed and a variable component to the total transaction fee. A fixed transaction fee is applicable to each creation or redemption transaction, regardless of the number of creation units purchased or redeemed. In addition, a variable transaction fee equal to a percentage of the value of each creation unit purchased or redeemed is applicable to each creation or redemption transaction. Not all Funds will have a transaction fee associated with capital share activity for the year. Transaction fees received by each Fund are presented in the Capital Share Transaction section of the Statements of Changes in Net Assets.

DIREXION SEMI-ANNUAL REPORT
128

5.  INVESTMENT TRANSACTIONS

The table below presents each Fund's investment transactions during the period ended April 30, 2024. Purchases represent the aggregate purchases of investments excluding the cost of in-kind purchases, short-term investment purchases, swaps and futures contracts. Sales represent the aggregate sales of investments excluding proceeds from in-kind sales, short-term investments, swaps and futures contracts. Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:

Funds

  

Purchases

  

Sales

   Purchases
In-Kind		   Sales
In-Kind		  

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

  

$

—

    

$

—

    

$

—

    

$

—

    

Direxion Daily AAPL Bear 1X Shares

    

—

      

—

      

—

      

—

    

Direxion Daily AMZN Bear 1X Shares

    

—

      

—

      

—

      

—

    

Direxion Daily GOOGL Bear 1X Shares

    

—

      

—

      

—

      

—

    

Direxion Daily MSFT Bear 1X Shares

    

—

      

—

      

—

      

—

    

Direxion Daily NVDA Bear 1X Shares

    

—

      

—

      

—

      

—

    

Direxion Daily TSLA Bear 1X Shares

    

—

      

—

      

—

      

—

    

Direxion Daily Concentrated Qs Bear 1X Shares2​

    

—

      

—

      

—

      

—

    

Direxion Daily AAPL Bull 2X Shares

    

—

      

965,197

      

6,451,317

      

266,997

    

Direxion Daily AMZN Bull 2X Shares

    

—

      

3,815,753

      

8,926,972

      

953,920

    

Direxion Daily GOOGL Bull 2X Shares

    

3,439,180

      

4,984,190

      

6,315,502

      

3,065,122

    

Direxion Daily MSFT Bull 2X Shares

    

1,793,693

      

—

      

8,751,467

      

3,550,554

    

Direxion Daily NVDA Bull 2X Shares

    

—

      

5,806,465

      

15,793,739

      

5,854,734

    

Direxion Daily TSLA Bull 2X Shares

    

29,108,850

      

33,655,931

      

116,228,100

      

26,081,189

    

Direxion Daily CSI 300 China A Share Bull 2X Shares

    

6,390,920

      

11,285,200

      

20,232,527

      

12,982,023

    

Direxion Daily CSI China Internet Index Bull 2X Shares

    

71,140,905

      

74,508,454

      

90,476,279

      

67,214,448

    

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

    

24,577,571

      

13,557,719

      

—

      

133,795,854

    

Direxion Daily MSCI Brazil Bull 2X Shares

    

20,058,711

      

—

      

25,382,722

      

41,363,105

    
Direxion Daily MSCI Emerging Markets ex China
Bull 2X Shares1​		    

1,882,546

      

123,553

      

—

      

—

    

Direxion Daily MSCI India Bull 2X Shares

    

4,530,010

      

—

      

15,299,608

      

5,958,727

    

Direxion Daily Cloud Computing Bull 2X Shares

    

1,429,738

      

688,033

      

1,706,707

      

4,667,217

    

Direxion Daily Concentrated Qs Bull 2X Shares2​

    

3,468,803

      

2,338,817

      

650,010

      

—

    
Direxion Daily Electric and Autonomous Vehicles
Bull 2X Shares		    

1,339,695

      

3,548,628

      

4,544,923

      

1,315,784

    

Direxion Daily Energy Bull 2X Shares

    

18,408,693

      

18,137,727

      

113,013,950

      

148,552,066

    

Direxion Daily Energy Bear 2X Shares

    

—

      

—

      

—

      

—

    

Direxion Daily Global Clean Energy Bull 2X Shares

    

451,780

      

485,419

      

1,587,279

      

761,870

    

Direxion Daily Gold Miners Index Bull 2X Shares

    

241,482,300

      

102,170,882

      

228,073,548

      

368,343,747

    

Direxion Daily Gold Miners Index Bear 2X Shares

    

—

      

—

      

—

      

—

    

Direxion Daily Junior Gold Miners Index Bull 2X Shares

    

144,617,025

      

24,407,055

      

150,840,827

      

302,698,183

    

Direxion Daily Junior Gold Miners Index Bear 2X Shares

    

—

      

—

      

—

      

—

    

Direxion Daily NYSE FANG+ Bull 2X Shares

    

5,020,918

      

6,836,592

      

15,201,015

      

10,565,443

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

—

      

—

      

9,453,143

      

6,498,812

    

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

    

37,088,202

      

43,201,915

      

96,538,088

      

185,966,838

    

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

    

—

      

—

      

—

      

—

    

Direxion Daily Travel & Vacation Bull 2X Shares

    

4,183,097

      

589,338

      

—

      

7,023,910

    

1​  Represents the period from February 7, 2024 (commencement of operations) to April 30, 2024.

2​  Represents the period from March 7, 2024 (commencement of operations) to April 30, 2024.

There were no purchases or sales of long-term U.S. Government securities in the Funds during the period ended April 30, 2024.

6.  INVESTMENT ADVISORY AND OTHER AGREEMENTS

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

DIREXION SEMI-ANNUAL REPORT
129

Agreement, each Fund pays the Adviser investment advisory fees at an annual rate based on its average daily net assets. These rates are as follows:

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

    

0.35

%

  

Direxion Daily AAPL Bear 1X Shares

    

0.75

%

  

Direxion Daily AMZN Bear 1X Shares

    

0.75

%

  

Direxion Daily GOOGL Bear 1X Shares

    

0.75

%

  

Direxion Daily MSFT Bear 1X Shares

    

0.75

%

  

Direxion Daily NVDA Bear 1X Shares

    

0.75

%

  

Direxion Daily TSLA Bear 1X Shares

    

0.75

%

  

Direxion Daily Concentrated Qs Bear 1X Shares

    

0.35

%

  

Direxion Daily AAPL Bull 2X Shares

    

0.75

%

  

Direxion Daily AMZN Bull 2X Shares

    

0.75

%

  

Direxion Daily GOOGL Bull 2X Shares

    

0.75

%

  

Direxion Daily MSFT Bull 2X Shares

    

0.75

%

  

Direxion Daily NVDA Bull 2X Shares

    

0.75

%

  

Direxion Daily TSLA Bull 2X Shares

    

0.75

%

  

Direxion Daily CSI 300 China A Share Bull 2X Shares

    

0.75

%

  

Direxion Daily CSI China Internet Index Bull 2X Shares

    

0.75

%

  

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

    

0.50

%

  

Direxion Daily MSCI Brazil Bull 2X Shares

    

0.75

%

  

Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares

    

0.75

%

  

Direxion Daily MSCI India Bull 2X Shares

    

0.75

%

  

Direxion Daily Cloud Computing Bull 2X Shares

    

0.75

%

  

Direxion Daily Concentrated Qs Bull 2X Shares

    

0.75

%

  

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares

    

0.75

%

  

Direxion Daily Energy Bull 2X Shares

    

0.75

%

  

Direxion Daily Energy Bear 2X Shares

    

0.75

%

  

Direxion Daily Global Clean Energy Bull 2X Shares

    

0.75

%

  

Direxion Daily Gold Miners Index Bull 2X Shares

    

0.75

%

  

Direxion Daily Gold Miners Index Bear 2X Shares

    

0.75

%

  

Direxion Daily Junior Gold Miners Index Bull 2X Shares

    

0.75

%

  

Direxion Daily Junior Gold Miners Index Bear 2X Shares

    

0.75

%

  

Direxion Daily NYSE FANG+ Bull 2X Shares

    

0.75

%

  

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

    

0.75

%

  

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

    

0.75

%

  

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

    

0.75

%

  

Direxion Daily Travel & Vacation Bull 2X Shares

    

0.75

%

  

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

Each Fund is responsible for its own operating expenses. The Adviser has contractually agreed to waive its fees and/or reimburse the Funds' operating expenses to the extent that they exceed the following rates multiplied by the Fund's respective average daily net assets at least until September 1, 2024. Any expense waiver is subject to recoupment by the Adviser, as applicable, within the following three years if overall expenses fall below these percentage limitations.

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

    

0.45

%

  

Direxion Daily AAPL Bear 1X Shares

    

0.95

%

  

Direxion Daily AMZN Bear 1X Shares

    

0.95

%

  

Direxion Daily GOOGL Bear 1X Shares

    

0.95

%

  

Direxion Daily MSFT Bear 1X Shares

    

0.95

%

  

Direxion Daily NVDA Bear 1X Shares

    

0.95

%

  

Direxion Daily TSLA Bear 1X Shares

    

0.95

%

  

Direxion Daily Concentrated Qs Bear 1X Shares

    

0.45

%

  

Direxion Daily AAPL Bull 2X Shares

    

0.95

%

  

Direxion Daily AMZN Bull 2X Shares

    

0.95

%

  

Direxion Daily GOOGL Bull 2X Shares

    

0.95

%

  

Direxion Daily MSFT Bull 2X Shares

    

0.95

%

  

Direxion Daily NVDA Bull 2X Shares

    

0.95

%

  

DIREXION SEMI-ANNUAL REPORT
130

Direxion Daily TSLA Bull 2X Shares

    

0.95

%

  

Direxion Daily CSI 300 China A Share Bull 2X Shares

    

0.95

%

  

Direxion Daily CSI China Internet Index Bull 2X Shares

    

0.95

%

  

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

    

0.60

%

  

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

    

0.95

%

  

Direxion Daily MSCI Brazil Bull 2X Shares

    

0.95

%

  

Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares

    

0.95

%

  

Direxion Daily MSCI India Bull 2X Shares

    

0.95

%

  

Direxion Daily Cloud Computing Bull 2X Shares

    

0.95

%

  

Direxion Daily Concentrated Qs Bull 2X Shares

    

0.95

%

  

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares

    

0.95

%

  

Direxion Daily Energy Bull 2X Shares

    

0.95

%

  

Direxion Daily Energy Bear 2X Shares

    

0.95

%

  

Direxion Daily Global Clean Energy Bull 2X Shares

    

0.95

%

  

Direxion Daily Gold Miners Index Bull 2X Shares

    

0.95

%

  

Direxion Daily Gold Miners Index Bear 2X Shares

    

0.95

%

  

Direxion Daily Junior Gold Miners Index Bull 2X Shares

    

0.95

%

  

Direxion Daily Junior Gold Miners Index Bear 2X Shares

    

0.95

%

  

Direxion Daily NYSE FANG+ Bull 2X Shares

    

0.95

%

  

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

    

0.95

%

  

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

    

0.95

%

  

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

    

0.95

%

  

Direxion Daily Travel & Vacation Bull 2X Shares

    

0.95

%

  

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

           

Potential Recoupment Amounts Expiring:

  

Total Potential

  
    Expenses
Recouped		   Expenses
Reimbursed		   October 31,
2024		   October 31,
2025		   October 31,
2026		   April 30,
2027		   Recoupment
Amount		  
Direxion Daily S&P 500®​
Bear 1X Shares		  

$

—

    

$

43,761

    

$

28,049

    

$

205,822

    

$

205,611

    

$

43,761

    

$

483,243

    
Direxion Daily AAPL
Bear 1X Shares		    

9,812

      

—

      

—

      

1,546

      

3,241

      

—

      

4,787

    
Direxion Daily AMZN
Bear 1X Shares		    

—

      

8,949

      

—

      

17,628

      

16,135

      

8,949

      

42,712

    
Direxion Daily GOOGL
Bear 1X Shares		    

—

      

9,117

      

—

      

17,796

      

17,435

      

9,117

      

44,348

    
Direxion Daily MSFT
Bear 1X Shares		    

—

      

6,317

      

—

      

17,641

      

15,315

      

6,317

      

39,273

    
Direxion Daily NVDA
Bear 1X Shares		    

—

      

14,486

      

—

      

—

      

14,471

      

14,486

      

28,957

    
Direxion Daily TSLA
Bear 1X Shares		    

1,636

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily Concentrated
Qs Bear 1X Shares		    

—

      

9,102

      

—

      

—

      

—

      

9,102

      

9,102

    
Direxion Daily AAPL
Bull 2X Shares		    

13,438

      

—

      

—

      

—

      

3,628

      

—

      

3,628

    
Direxion Daily AMZN
Bull 2X Shares		    

14,547

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily GOOGL
Bull 2X Shares		    

19,707

      

—

      

—

      

—

      

2,249

      

—

      

2,249

    
Direxion Daily MSFT
Bull 2X Shares		    

19,465

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily NVDA
Bull 2X Shares		    

16,910

      

2,079

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily TSLA
Bull 2X Shares		    

558

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily CSI 300
China A Share
Bull 2X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    

DIREXION SEMI-ANNUAL REPORT
131

           

Potential Recoupment Amounts Expiring:

  

Total Potential

  
    Expenses
Recouped		   Expenses
Reimbursed		   October 31,
2024		   October 31,
2025		   October 31,
2026		   April 30,
2027		   Recoupment
Amount		  
Direxion Daily CSI
China Internet Index
Bull 2X Shares		  

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

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

—

      

56,334

      

19,042

      

50,190

      

131,626

      

56,334

      

257,192

    
Direxion Daily MSCI Brazil
Bull 2X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily MSCI
Emerging Markets
ex China Bull 2X Shares		    

—

      

11,285

      

—

      

—

      

—

      

11,285

      

11,285

    
Direxion Daily MSCI India
Bull 2X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily Cloud
Computing
Bull 2X Shares		    

—

      

18,613

      

1,901

      

33,849

      

49,336

      

18,613

      

103,699

    
Direxion Daily Concentrated
Qs Bull 2X Shares		    

—

      

8,427

      

—

      

—

      

—

      

8,427

      

8,427

    
Direxion Daily Electric and
Autonomous Vehicles
Bull 2X Shares		    

—

      

20,199

      

—

      

33,512

      

43,190

      

20,199

      

96,901

    
Direxion Daily Energy
Bull 2X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily Energy
Bear 2X Shares		    

—

      

4,951

      

5,257

      

13,901

      

21,970

      

4,951

      

46,079

    
Direxion Daily Global
Clean Energy
Bull 2X Shares		    

—

      

21,400

      

16,728

      

40,638

      

45,734

      

21,400

      

124,500

    
Direxion Daily Gold Miners
Index Bull 2X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily Gold Miners
Index Bear 2X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily Junior Gold
Miners Index
Bull 2X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily Junior Gold
Miners Index
Bear 2X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily NYSE FANG+
Bull 2X Shares		    

4,957

      

51

      

6,633

      

22,305

      

20,955

      

51

      

49,944

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

638

      

1,265

      

—

      

14,108

      

21,243

      

1,265

      

36,616

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

—

      

—

      

—

      

—

      

—

      

—

      

—

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

670

      

152

      

560

      

9,715

      

20,519

      

152

      

30,946

    
Direxion Daily Travel &
Vacation Bull 2X Shares		    

—

      

7,178

      

8,339

      

12,058

      

18,324

      

7,178

      

45,899

    

The net amounts receivable (payable) arising from the Investment Advisory Agreement, Management Services Agreement, and waiver of any expenses as of April 30, 2024, is presented on the Statement of Assets and Liabilities as Due from (to) Adviser, net.

DIREXION SEMI-ANNUAL REPORT
132

The Board has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940. In accordance with the Plan, each Fund is authorized to charge an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services. No 12b-1 fees were charged by any Fund.

7.  FAIR VALUE MEASUREMENTS

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

Level 1 – Quoted prices in active markets for identical securities

Level 2 – Evaluated price based on other significant observable inputs (including quoted prices for similar securities in active markets, quoted prices for identical or similar securities in inactive markets, interest rates, prepayment speeds, credit risk, etc.)

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds' investments at April 30, 2024:

   

Asset Class

  

Liability Class

  
   

Level 1

  

Level 2

  

Level 2

  

Funds

   Investment
Companies		   Common
Stocks		   Short Term
Investments		   Total Return
Swap
Contracts*		   Total Return
Swap
Contracts*		  
Direxion Daily S&P 500®​
Bear 1X Shares		  

$

—

    

$

—

    

$

185,761,311

    

$

2,600,627

    

$

(2,041,212

)

  
Direxion Daily AAPL
Bear 1X Shares		    

—

      

—

      

36,225,637

      

3,492,064

      

—

    
Direxion Daily AMZN
Bear 1X Shares		    

—

      

—

      

3,400,816

      

79,082

      

(12,015

)

  
Direxion Daily GOOGL
Bear 1X Shares		    

—

      

—

      

3,099,541

      

—

      

(186,105

)

  
Direxion Daily MSFT
Bear 1X Shares		    

—

      

—

      

10,461,497

      

618,572

      

—

    
Direxion Daily NVDA
Bear 1X Shares		    

—

      

—

      

8,973,497

      

100,235

      

(488,158

)

  
Direxion Daily TSLA
Bear 1X Shares		    

—

      

—

      

61,017,804

      

15,690,720

      

(2,323,924

)

  
Direxion Daily Concentrated Qs
Bear 1X Shares		    

—

      

—

      

4,917,327

      

55,517

      

—

    
Direxion Daily AAPL
Bull 2X Shares		    

—

      

11,948,991

      

49,502,206

      

—

      

(4,703,078

)

  
Direxion Daily AMZN
Bull 2X Shares		    

—

      

11,391,975

      

74,900,655

      

—

      

(5,339,446

)

  
Direxion Daily GOOGL
Bull 2X Shares		    

—

      

11,016,625

      

58,119,579

      

3,136,439

      

(3,456,927

)

  
Direxion Daily MSFT
Bull 2X Shares		    

—

      

14,159,153

      

63,810,984

      

—

      

(5,467,513

)

  
Direxion Daily NVDA
Bull 2X Shares		    

—

      

8,129,564

      

130,125,898

      

—

      

(6,835,755

)

  
Direxion Daily TSLA
Bull 2X Shares		    

—

      

215,496,775

      

1,078,264,961

      

—

      

(226,385,013

)

  

DIREXION SEMI-ANNUAL REPORT
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Asset Class

  

Liability Class

  
   

Level 1

  

Level 2

  

Level 2

  

Funds

   Investment
Companies		   Common
Stocks		   Short Term
Investments		   Total Return
Swap
Contracts*		   Total Return
Swap
Contracts*		  
Direxion Daily CSI 300
China A Share
Bull 2X Shares		  

$

29,349,468

    

$

—

    

$

33,421,152

    

$

4,106,497

    

$

—

    
Direxion Daily CSI
China Internet Index
Bull 2X Shares		    

178,273,827

      

—

      

196,409,041

      

31,980,812

      

—

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

—

      

122,140,042

      

25,112,152

      

8,572,573

      

—

    
Direxion Daily MSCI Brazil
Bull 2X Shares		    

50,998,115

      

—

      

55,026,845

      

—

      

(7,679,549

)

  
Direxion Daily MSCI Emerging
Markets ex China
Bull 2X Shares		    

1,793,310

      

—

      

842,524

      

—

      

(92,982

)

  
Direxion Daily MSCI India
Bull 2X Shares		    

44,341,864

      

—

      

44,206,583

      

7,487,690

      

—

    
Direxion Daily Cloud Computing
Bull 2X Shares		    

—

      

3,810,256

      

1,056,671

      

—

      

(284,352

)

  
Direxion Daily Concentrated Qs
Bull 2X Shares		    

1,780,101

      

—

      

2,882,774

      

—

      

(281,776

)

  
Direxion Daily Electric and
Autonomous Vehicles
Bull 2X Shares		    

—

      

3,396,722

      

2,510,390

      

—

      

(823,164

)

  
Direxion Daily Energy
Bull 2X Shares		    

—

      

247,064,645

      

145,216,614

      

49,217,526

      

—

    
Direxion Daily Energy
Bear 2X Shares		    

—

      

—

      

24,691,347

      

163,442

      

(2,383,561

)

  
Direxion Daily Global Clean
Energy Bull 2X Shares		    

3,013,252

      

—

      

530,220

      

—

      

(230,655

)

  
Direxion Daily Gold Miners Index
Bull 2X Shares		    

274,997,950

      

—

      

304,853,613

      

94,708,800

      

—

    
Direxion Daily Gold Miners Index
Bear 2X Shares		    

—

      

—

      

190,097,886

      

1,285,806

      

(8,427,863

)

  
Direxion Daily Junior Gold Miners
Index Bull 2X Shares		    

112,259,629

      

—

      

193,517,376

      

47,633,570

      

—

    
Direxion Daily Junior Gold Miners
Index Bear 2X Shares		    

—

      

—

      

120,815,412

      

1,517,152

      

(4,761,207

)

  
Direxion Daily NYSE FANG+
Bull 2X Shares		    

—

      

18,732,811

      

18,484,738

      

1,773,381

      

(362,024

)

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

18,413,908

      

—

      

18,285,293

      

2,196,504

      

—

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

—

      

219,646,613

      

281,500,494

      

74,517,491

      

—

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

—

      

—

      

62,464,354

      

840,873

      

(6,434,328

)

  
Direxion Daily Travel & Vacation
Bull 2X Shares		    

—

      

7,724,597

      

2,821,927

      

122,980

      

(445,917

)

  

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

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

The Funds also follow authoritative accounting standards, which require additional disclosure regarding fair value measurements. Specifically, these standards require reporting entities to disclose a) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions, and

DIREXION SEMI-ANNUAL REPORT
134

b) purchases and sales on a gross basis in the Level 3 rollforward rather than as one net number. Additionally, reporting entities are required to disclose quantitative information about unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy.

There were no Level 3 securities held by the Funds or any transfers between levels during the period ended April 30, 2024.

8.  VALUATION OF DERIVATIVE INSTRUMENTS

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

Certain Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective. For additional discussion on the risks associated with derivative instruments refer to Note 2. As of April 30, 2024, the Funds were invested in swap contracts. At April 30, 2024, the fair values of derivative instruments, by primary risk, were as follows:

Swap Contracts

  

Asset Derivatives1​

  

Fund

  

Equity Risk

  

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

  

$

2,600,627

    

Direxion Daily AAPL Bear 1X Shares

    

3,492,064

    

Direxion Daily AMZN Bear 1X Shares

    

79,082

    

Direxion Daily MSFT Bear 1X Shares

    

618,572

    

Direxion Daily NVDA Bear 1X Shares

    

100,235

    

Direxion Daily TSLA Bear 1X Shares

    

15,690,720

    

Direxion Daily Concentrated Qs Bear 1X Shares

    

55,517

    

Direxion Daily GOOGL Bull 2X Shares

    

3,136,439

    

Direxion Daily CSI 300 China A Share Bull 2X Shares

    

4,106,497

    

Direxion Daily CSI China Internet Index Bull 2X Shares

    

31,980,812

    

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

    

8,572,573

    

Direxion Daily MSCI India Bull 2X Shares

    

7,487,690

    

Direxion Daily Energy Bull 2X Shares

    

49,217,526

    

Direxion Daily Energy Bear 2X Shares

    

163,442

    

Direxion Daily Gold Miners Index Bull 2X Shares

    

94,708,800

    

Direxion Daily Gold Miners Index Bear 2X Shares

    

1,285,806

    

Direxion Daily Junior Gold Miners Index Bull 2X Shares

    

47,633,570

    

Direxion Daily Junior Gold Miners Index Bear 2X Shares

    

1,517,152

    

Direxion Daily NYSE FANG+ Bull 2X Shares

    

1,773,381

    

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

    

2,196,504

    

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

    

74,517,491

    

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

    

840,873

    

Direxion Daily Travel & Vacation Bull 2X Shares

    

122,980

    

Swap Contracts

  

Liability Derivatives2​

  

Fund

  

Equity Risk

  

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

  

$

2,041,212

    

Direxion Daily AMZN Bear 1X Shares

    

12,015

    

Direxion Daily GOOGL Bear 1X Shares

    

186,105

    

Direxion Daily NVDA Bear 1X Shares

    

488,158

    

Direxion Daily TSLA Bear 1X Shares

    

2,323,924

    

Direxion Daily AAPL Bull 2X Shares

    

4,703,078

    

Direxion Daily AMZN Bull 2X Shares

    

5,339,446

    

Direxion Daily GOOGL Bull 2X Shares

    

3,456,927

    

Direxion Daily MSFT Bull 2X Shares

    

5,467,513

    

Direxion Daily NVDA Bull 2X Shares

    

6,835,755

    

Direxion Daily TSLA Bull 2X Shares

    

226,385,013

    

Direxion Daily MSCI Brazil Bull 2X Shares

    

7,679,549

    

Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares

    

92,982

    

DIREXION SEMI-ANNUAL REPORT
135

Swap Contracts

  

Liability Derivatives2​

  

Fund

  

Equity Risk

  

Direxion Daily Cloud Computing Bull 2X Shares

  

$

284,352

    

Direxion Daily Concentrated Qs Bull 2X Shares

    

281,776

    

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares

    

823,164

    

Direxion Daily Energy Bear 2X Shares

    

2,383,561

    

Direxion Daily Global Clean Energy Bull 2X Shares

    

230,655

    

Direxion Daily Gold Miners Index Bear 2X Shares

    

8,427,863

    

Direxion Daily Junior Gold Miners Index Bear 2X Shares

    

4,761,207

    

Direxion Daily NYSE FANG+ Bull 2X Shares

    

362,024

    

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

    

6,434,328

    

Direxion Daily Travel & Vacation Bull 2X Shares

    

445,917

    

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

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

Transactions in derivative instruments during the period ended April 30, 2024, by primary risk, were as follows:

        Net Realized
Gain (Loss)1​		   Net Unrealized
Appreciation/
(Depreciation)2​		  

Fund

      

Equity Risk

  

Equity Risk

  

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

  

Swap Contracts

  

$

(33,592,876

)

  

$

(15,227,917

)

  

Direxion Daily AAPL Bear 1X Shares

  

Swap Contracts

    

(2,223,870

)

    

2,125,079

    

Direxion Daily AMZN Bear 1X Shares

  

Swap Contracts

    

(1,005,920

)

    

154,147

    

Direxion Daily GOOGL Bear 1X Shares

  

Swap Contracts

    

(857,642

)

    

(324,783

)

  

Direxion Daily MSFT Bear 1X Shares

  

Swap Contracts

    

(1,463,005

)

    

701,103

    

Direxion Daily NVDA Bear 1X Shares

  

Swap Contracts

    

(6,105,030

)

    

(1,432,969

)

  

Direxion Daily TSLA Bear 1X Shares

  

Swap Contracts

    

(762,623

)

    

3,000,004

    

Direxion Daily Concentrated Qs Bear 1X Shares

  

Swap Contracts

    

(51,101

)

    

55,517

    

Direxion Daily AAPL Bull 2X Shares

  

Swap Contracts

    

1,485,962

      

(3,625,911

)

  

Direxion Daily AMZN Bull 2X Shares

  

Swap Contracts

    

21,551,280

      

(7,478,274

)

  

Direxion Daily GOOGL Bull 2X Shares

  

Swap Contracts

    

14,765,051

      

1,757,205

    

Direxion Daily MSFT Bull 2X Shares

  

Swap Contracts

    

7,640,220

      

(5,969,388

)

  

Direxion Daily NVDA Bull 2X Shares

  

Swap Contracts

    

53,156,746

      

(5,292,451

)

  

Direxion Daily TSLA Bull 2X Shares

  

Swap Contracts

    

(67,226,551

)

    

(65,262,792

)

  

Direxion Daily CSI 300 China A Share Bull 2X Shares

  

Swap Contracts

    

(18,029,689

)

    

16,208,863

    

Direxion Daily CSI China Internet Index Bull 2X Shares

  

Swap Contracts

    

(61,130,519

)

    

78,666,545

    

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

  

Swap Contracts

    

40,195,359

      

7,501,996

    

Direxion Daily MSCI Brazil Bull 2X Shares

  

Swap Contracts

    

24,102,027

      

(13,878,682

)

  

Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares

  

Swap Contracts

    

99,237

      

(92,982

)

  

Direxion Daily MSCI India Bull 2X Shares

  

Swap Contracts

    

8,352,646

      

8,366,995

    

Direxion Daily Cloud Computing Bull 2X Shares

  

Swap Contracts

    

1,437,220

      

(543,141

)

  

Direxion Daily Concentrated Qs Bull 2X Shares

  

Swap Contracts

    

201,664

      

(281,776

)

  

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares

  

Swap Contracts

    

(2,809,169

)

    

598,638

    

Direxion Daily Energy Bull 2X Shares

  

Swap Contracts

    

3,440,988

      

34,518,498

    

Direxion Daily Energy Bear 2X Shares

  

Swap Contracts

    

1,173,007

      

(4,312,751

)

  

Direxion Daily Global Clean Energy Bull 2X Shares

  

Swap Contracts

    

(795,214

)

    

537,266

    

Direxion Daily Gold Miners Index Bull 2X Shares

  

Swap Contracts

    

15,554,325

      

118,968,637

    

Direxion Daily Gold Miners Index Bear 2X Shares

  

Swap Contracts

    

(6,465,883

)

    

(31,533,853

)

  

DIREXION SEMI-ANNUAL REPORT
136

        Net Realized
Gain (Loss)1​		   Net Unrealized
Appreciation/
(Depreciation)2​		  

Fund

      

Equity Risk

  

Equity Risk

  

Direxion Daily Junior Gold Miners Index Bull 2X Shares

  

Swap Contracts

  

$

3,725,217

    

$

79,885,935

    

Direxion Daily Junior Gold Miners Index Bear 2X Shares

  

Swap Contracts

    

(3,705,849

)

    

(25,505,325

)

  

Direxion Daily NYSE FANG+ Bull 2X Shares

  

Swap Contracts

    

7,136,885

      

3,840,260

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

Swap Contracts

    

4,781,740

      

4,040,260

    

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

  

Swap Contracts

    

15,369,345

      

(8,047,495

)

  

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

  

Swap Contracts

    

787,056

      

(2,549,444

)

  

Direxion Daily Travel & Vacation Bull 2X Shares

  

Swap Contracts

    

1,576,427

      

1,632,117

    

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

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

For the period ended April 30, 2024, the volume of the derivatives held by the Funds was as follows:

   

Quarterly Average Gross Notional Amounts

  
    Long Total Return
Swap Contracts		   Short Total Return
Swap Contracts		  

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

  

$

—

    

$

221,559,921

    

Direxion Daily AAPL Bear 1X Shares

    

—

      

34,839,134

    

Direxion Daily AMZN Bear 1X Shares

    

—

      

4,077,414

    

Direxion Daily GOOGL Bear 1X Shares

    

—

      

2,590,678

    

Direxion Daily MSFT Bear 1X Shares

    

—

      

7,761,645

    

Direxion Daily NVDA Bear 1X Shares

    

—

      

9,008,789

    

Direxion Daily TSLA Bear 1X Shares

    

—

      

71,498,156

    

Direxion Daily Concentrated Qs Bear 1X Shares

    

—

      

2,507,626

    

Direxion Daily AAPL Bull 2X Shares

    

65,246,422

      

—

    

Direxion Daily AMZN Bull 2X Shares

    

105,059,277

      

—

    

Direxion Daily GOOGL Bull 2X Shares

    

84,038,271

      

—

    

Direxion Daily MSFT Bull 2X Shares

    

97,062,800

      

—

    

Direxion Daily NVDA Bull 2X Shares

    

117,270,880

      

—

    

Direxion Daily TSLA Bull 2X Shares

    

1,429,047,191

      

—

    

Direxion Daily CSI 300 China A Share Bull 2X Shares

    

89,824,101

      

—

    

Direxion Daily CSI China Internet Index Bull 2X Shares

    

509,951,304

      

—

    

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

    

216,797,915

      

—

    

Direxion Daily MSCI Brazil Bull 2X Shares

    

159,670,327

      

—

    

Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares

    

1,677,996

      

—

    

Direxion Daily MSCI India Bull 2X Shares

    

106,715,997

      

—

    

Direxion Daily Cloud Computing Bull 2X Shares

    

7,633,720

      

—

    

Direxion Daily Concentrated Qs Bull 2X Shares

    

4,243,959

      

—

    

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares

    

6,286,340

      

—

    

Direxion Daily Energy Bull 2X Shares

    

452,703,274

      

—

    

Direxion Daily Energy Bear 2X Shares

    

—

      

44,878,495

    

Direxion Daily Global Clean Energy Bull 2X Shares

    

4,118,133

      

—

    

Direxion Daily Gold Miners Index Bull 2X Shares

    

718,469,833

      

—

    

Direxion Daily Gold Miners Index Bear 2X Shares

    

—

      

284,169,977

    

Direxion Daily Junior Gold Miners Index Bull 2X Shares

    

450,614,771

      

—

    

Direxion Daily Junior Gold Miners Index Bear 2X Shares

    

—

      

244,271,224

    

Direxion Daily NYSE FANG+ Bull 2X Shares

    

47,445,374

      

—

    

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

    

43,739,661

      

—

    

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

    

672,565,360

      

—

    

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

    

—

      

117,498,980

    

Direxion Daily Travel & Vacation Bull 2X Shares

    

15,252,144

      

—

    

DIREXION SEMI-ANNUAL REPORT
137

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

9.  PRINCIPAL RISKS

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

Counterparty Risk – A Fund will be subject to credit risk with respect to the amount it expects to receive from counterparties to financial instruments entered into by the Fund. The Funds' counterparties are generally required to post collateral to the Funds to the extent of the Funds' daily exposure to such counterparties. However, to the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described in this paragraph. In addition, there may be a delay associated with realization by the Funds of the collateral posted by such counterparties in the event of counterparty default or bankruptcy. A Fund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. A Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and a Fund may obtain only limited recovery or may obtain no recovery in such circumstances.

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

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

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

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

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

DIREXION SEMI-ANNUAL REPORT
138

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

Foreign Securities Risk – Investments in foreign securities directly or indirectly through investments in exchange traded funds which track foreign securities involve greater risks than investing in domestic securities. As a result, the Funds' returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The laws, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore there may be less public information available about foreign companies. Investments in foreign emerging markets present a greater risk than investing in foreign issuers in general. The risk of political or social upheaval is greater in emerging markets. In addition, there may be risks of an economy's dependence on revenues from particular commodities, currency transfer restrictions, a limited number of potential buyers for such securities and delays and disruption in securities settlement procedures.

Leverage Risk – Leverage offers a means of magnifying market movements into larger changes in an investment's value and provides greater investment exposure than an unleveraged investment. Swap and futures contracts may be used to create leverage. Certain Funds employ leveraged investment techniques to achieve its investment objective.

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

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

10.  SUBSEQUENT EVENTS

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

On June 24, 2024, certain Funds declared income distributions with an ex-date of June 25, 2024 and payable date of July 2, 2024. The specific Funds and per share amounts of the distributions are listed below.

Funds   Per Share
Income
Distribution		  

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

  

$

0.16276

    

Direxion Daily AAPL Bear 1X Shares

    

0.21167

    

Direxion Daily AMZN Bear 1X Shares

    

0.17410

    

Direxion Daily GOOGL Bear 1X Shares

    

0.20242

    

Direxion Daily MSFT Bear 1X Shares

    

0.22292

    

Direxion Daily NVDA Bear 1X Shares

    

0.04704

    

Direxion Daily TSLA Bear 1X Shares

    

0.16814

    

Direxion Daily Concentrated Qs Bear 1X Shares

    

0.31869

    

Direxion Daily AAPL Bull 2X Shares

    

0.19784

    

Direxion Daily AMZN Bull 2X Shares

    

0.25290

    

Direxion Daily GOOGL Bull 2X Shares

    

0.33275

    

DIREXION SEMI-ANNUAL REPORT
139

Funds   Per Share
Income
Distribution		  

Direxion Daily MSFT Bull 2X Shares

  

$

0.37125

    

Direxion Daily NVDA Bull 2X Shares

    

0.48453

    

Direxion Daily TSLA Bull 2X Shares

    

0.08177

    

Direxion Daily CSI 300 China A Share Bull 2X Shares

    

0.05335

    

Direxion Daily CSI China Internet Index Bull 2X Shares

    

0.15700

    

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

    

0.31218

    

Direxion Daily MSCI Brazil Bull 2X Shares

    

1.39253

    

Direxion Daily MSCI Emerging Markets Ex China Bull 2X Shares

    

0.24423

    

Direxion Daily MSCI India Bull 2X Shares

    

0.19620

    

Direxion Daily Cloud Computing Bull 2X Shares

    

0.00000

    

Direxion Daily Concentrated Qs Bull 2X Shares

    

0.07122

    

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares

    

0.13427

    

Direxion Daily Energy Bull 2X Shares

    

0.41408

    

Direxion Daily Energy Bear 2X Shares

    

0.34916

    

Direxion Daily Global Clean Energy Bull 2X Shares

    

0.03882

    

Direxion Daily Gold Miners Index Bull 2X Shares

    

0.11965

    

Direxion Daily Gold Miners Index Bear 2X Shares

    

0.09561

    

Direxion Daily Junior Gold Miners Index Bull 2X Shares

    

0.20338

    

Direxion Daily Junior Gold Miners Index Bear 2X Shares

    

0.05653

    

Direxion Daily NYSE FANG+ Bull 2X Shares

    

0.45639

    

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

    

0.07891

    

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

    

0.21950

    

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

    

0.14267

    

Direxion Daily Travel & Vacation Bull 2X Shares

    

0.05228

    

The Board of Trustees of the Trust has determined, upon the recommendation of the Adviser, that it is in the best interests of the Fund and its shareholders to liquidate and terminate the Direxion Daily Global Clean Energy Bull 2X Shares. The Fund will be closed to purchases by investors as of the close of regular trading on the NYSE on July 19, 2024. In order to pursue an orderly liquidation, the Fund's assets will be converted to cash or cash equivalents and, as a result, the Fund will no longer pursue its stated investment objectives after the close of trading on June 21, 2024. The Fund will be liquidated on July 30, 2024 (the "Liquidation Date"). After the Liquidation Date, any shareholder who has not redeemed shares of the Fund prior to the Liquidation Date will receive a payment representing the shareholder's proportionate interest in the net assets of the Fund as of the Liquidation Date.

DIREXION SEMI-ANNUAL REPORT
140

Direxion Shares ETF Trust

Supplemental Information

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
141

Direxion Shares ETF Trust

Board Review of Investment Advisory Agreement

At meetings held on November 17, 2023 and February 7, 2024, the Board of Trustees (the "Board") of the Direxion Shares ETF Trust (the "ETF Trust") considered the approval of the Investment Advisory Agreement (the "Agreement") between Rafferty Asset Management, LLC (the "Adviser") and the ETF Trust, on behalf of the Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares, Direxion Daily Concentrated Qs Bull 2X Shares and Direxion Daily Concentrated Qs Bear 1X Shares, each a series of the ETF Trust. Each such series is referred to herein as a "Fund" and collectively as the "Funds."

Following such consideration, the Board, including the trustees who are not "interested persons" of the Trust as defined in the Investment Company Act of 1940 Act, as amended (the "Independent Trustees"), unanimously approved the Agreement on behalf of the relevant Funds. The Board, including the Independent Trustees, determined that the terms of the Agreement for the Funds were fair and reasonable and in the best interests of shareholders.

The Board did not identify any particular information that was most relevant to its consideration to approve the Agreement and each Trustee may have afforded different weight or importance to different factors. For each Fund, the Board considered, among others, the following factors to the extent applicable: (1) the nature, extent, and quality of the services provided; (2) the projected profitability to the Adviser based upon its services to be provided to the Fund; (3) the extent to which economies of scale might be realized as the Fund grows; (4) whether fee levels reflect these economies of scale, if any, for the benefit of the Fund's shareholders; (5) comparisons of services and fees with contracts entered into by the Adviser with other clients (such as institutional investors), if any; and (6) other benefits anticipated to be derived and identified by the Adviser from its relationship with the Fund.

Nature, Extent and Quality of Services Provided. The Board considered the nature, extent and quality of the services to be provided under the Agreement by the Adviser. Based on written materials received, a presentation from senior representatives of the Adviser and a discussion with the Adviser about its personnel, operations and financial condition, the Board considered the quality of the services provided by the Adviser under the Agreement. In this regard, the Board considered information regarding the experience, qualifications and professional background of the portfolio managers and other personnel at the Adviser with principal responsibility for the Funds, as well as the capacity and integrity of the Adviser's senior management and staff. The Board noted that the Adviser has provided services to the ETF Trust since its inception date and has developed an expertise in managing funds with investment strategies similar to the Funds. The Board considered the Adviser's representation that it has the financial resources and appropriate staffing to manage the relevant Funds and to meet its fee waiver and expense obligations thereto. The Board considered that the Adviser will oversee all aspects of the operation of the Funds, including oversight of the Funds' service providers, and provide compliance services to the Funds. The Board observed that because the Funds had not commenced operations, they did not have any prior performance history. Under the totality of the circumstances, the Board determined that, in the exercise of its business judgment, the nature, extent and quality of the services to be provided by the Adviser to the Funds under the Agreement were fair and reasonable.

Costs of Services Provided to the Funds and Profits Realized. The Board considered the fairness and reasonableness of the investment advisory fee rates to be paid to the Adviser by the Funds in light of the investment advisory services to be provided by the Adviser. The Board considered the fees to be paid to the Adviser on an annual basis, including pursuant to contractual fee waivers and expense reimbursement arrangements. The Board considered that the proposed advisory fee rate and net expense ratio for each Fund were similar to those of comparable exchange-traded funds and to those of similar series of the Trust. The Board also considered that for many of the Funds RAM manages more than the Fund's net assets due to the leveraged exposure of such Funds.

The Board considered the overall profitability of the Adviser's investment business and, because the Funds had not yet commenced operations and the Adviser had no profit data related to the Funds, the Board considered the break-even analysis provided by the Adviser with respect to its services to be rendered to the Funds. The Board considered the significant drivers of cost for the Adviser including, but not limited to, intellectual capital, portfolio rebalancing, regulatory compliance, and entrepreneurial risk. Based on these considerations, the Board determined that, in the exercise of its reasonable business judgment, the costs of the services to be provided and any profits that may be realized under the Agreement was not excessive.

DIREXION SEMI-ANNUAL REPORT
142

Direxion Shares ETF Trust

Board Review of Investment Advisory Agreement

Economies of Scale. The Board considered whether economies of scale may be realized by each Fund as it grows larger and the extent to which any such economies are reflected in contractual fee rates. Noting that the Funds had not yet commenced operations and did not yet have any assets, the Board concluded that economies of scale were not a material factor for the Board to consider in approving the agreement.

Other Benefits. The Board considered the Adviser's representations that its relationship with the Funds may enable it to attract assets to other funds. The Board also considered that the Adviser's overall business with brokerage firms may allow it to negotiate lower commission rates and get better execution for all of its portfolio trades. Based on these and other considerations, the Board determined that such benefits to the Adviser would likely not be material and, overall, would be reasonable.

Conclusion. The Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors. The Board reviewed a memorandum from counsel discussing the legal standards applicable to its consideration of the Agreement. Based on its review, including consideration of each of the factors referenced above, and its consideration of information received throughout the year from the Adviser, the Board determined, in the exercise of its business judgment, that the advisory arrangements, as outlined in the Agreement, were fair and reasonable in light of the services performed, or to be performed, expenses incurred, or to be incurred and such other matters as the Board considered relevant.

DIREXION SEMI-ANNUAL REPORT
143

Direxion Shares ETF Trust

Trustees and Officers

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

Interested Trustees

Name, Address and
Age		   Position(s)
Held with
Fund		   Term of Office
and Length of
Time Served		   Principal Occupation(s)
During Past Five Years		   # of Portfolios
in Direxion
Family of
Investment
Companies
Overseen
by Trustee(3)​		   Other Trusteeships/
Directorships Held by
Trustee During Past
Five Years		  
Daniel D. O'Neill(1)
​Age: 56 		 
Chairman of the Board of Trustees		  
Lifetime of Trust until removal or resignation; Since 2008		  
Chief Executive Officer, Rafferty Asset Management, LLC, April 2021 – September 2022; Managing Director, Rafferty Asset Management, LLC, January 1999 – January 2019.		  
109		  
None.		  
Angela Brickl(2)
​Age: 48 		 
Trustee		  
Lifetime of Trust until removal or resignation; Since 2022		  
President, Rafferty Asset Management, LLC since September 2022; Chief Operating Officer, Rafferty Asset Management, LLC May 2021 – September 2022; General Counsel, Rafferty Asset Management LLC, since October 2010; Chief Compliance Officer, Rafferty Asset Management, LLC, September 2012 – March 2023.		  
109		  
None.		  

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

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

(3)​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 81 of the 101 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 8 funds registered with the SEC.

DIREXION SEMI-ANNUAL REPORT
144

Direxion Shares ETF Trust

Trustees and Officers

Independent Trustees

Name, Address and
Age		   Position(s)
Held with
Fund		   Term of Office
and Length of
Time Served		   Principal Occupation(s)
During Past Five Years		   # of Portfolios
in Direxion
Family of
Investment
Companies
Overseen
by Trustee(3)​		   Other Trusteeships/
Directorships Held by
Trustee During Past
Five Years		  
David L. Driscoll
Age: 54 		 
Trustee		  
Lifetime of Trust until removal or resignation; Since 2014		  
Board Member, Algorithmic Research and Trading, since 2022; Board Advisor, University Common Real Estate, since 2012; Member, Kendrick LLC, since 2006; Partner, King Associates, LLP, since 2004; Principal, Grey Oaks LLP, since 2003.		  
109		  
None.		  
Kathleen M. Berkery
Age: 56 		 
Trustee		  
Lifetime of Trust until removal or resignation; Since 2019		  
Chief Financial Officer, Metro Physical Therapy, LLC, since 2023; Chief Financial Officer, Student Sponsor Partners, 2021 – 2023; Senior Manager – Trusts & Estates, Rynkar, Vail & Barrett, LLC, 2018 – 2021.		  
109		  
None.		  
Carlyle Peake
Age: 52 		 
Trustee		  
Lifetime of Trust until removal or resignation; Since 2022		  
Head of US & LATAM Debt Syndicate, BBVA Securities, Inc., since 2011.		  
109		  
None.		  
Mary Jo Collins
Age: 67 		 
Trustee		  
Lifetime of Trust until removal or resignation; Since 2022		  
Receiver of Taxes, Town of North Homestead, since January 2024; Managing Director, B. Riley Financial, March – December 2022; Managing Director, Imperial Capital LLC, from 2020 – 2022; Director, Royal Bank of Canada, 2014 – 2020; Trustee, Village of Flower Hill, 2020.		  
109		  
None.		  

(3)​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 81 of the 101 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 8 funds registered with the SEC.

DIREXION SEMI-ANNUAL REPORT
145

Direxion Shares ETF Trust

Trustees and Officers

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

Principal Officers of the Trust

Name, Address and
Age		   Position(s)
Held with
Fund		   Term of Office(2)​
and Length of
Time Served		   Principal Occupation(s)
During Past Five Years		   # of Portfolios
in the Direxion
Family of
Investment
Companies
Overseen
by Trustee(3)​		   Other Trusteeships/
Directorships Held by
Trustee During Past
Five Years		  
Angela Brickl(1)
​Age: 48 		 
President		  
Since 2022		  
President, Rafferty Asset Management, LLC, from September 2022; Chief Operating Officer, Rafferty Asset Management, LLC, May 2021 – September 2022; General Counsel, Rafferty Asset Management LLC, since October 2010; Chief Compliance Officer, Rafferty Asset Management, LLC, September 2012 – March 2023.		  
N/A		  
N/A		  
Todd Sherman
Age: 43 		 
Chief Compliance Officer		  
Since 2023		  
Chief Risk Officer, Rafferty Asset Management, LLC, since 2018; SVP Head of Risk, 2012 – 2018.		  
N/A		  
N/A		  
Patrick J. Rudnick
Age: 50 		 
Principal Executive Officer		  
Since 2018		  
Senior Vice President, Rafferty Asset Management, LLC, since March 2013.		  
N/A		  
N/A		  
Corey Noltner
Age: 35 		 
Principal Financial Officer		  
Since 2021		  
Senior Business Analyst, Rafferty Asset Management, LLC, Since October 2015.		  
N/A		  
N/A		  

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

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

(3)​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 81 of the 101 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 8 funds registered with the SEC.

DIREXION SEMI-ANNUAL REPORT
146

Direxion Shares ETF Trust

Trustees and Officers

Name, Address and
Age		   Position(s)
Held with
Fund		   Term of Office(2)​
and Length of
Time Served		   Principal Occupation(s)
During Past Five Years		   # of Portfolios
in the Direxion
Family of
Investment
Companies
Overseen
by Trustee(3)​		   Other Trusteeships/
Directorships Held by
Trustee During Past
Five Years		  
Alyssa Sherman
Age: 35 		 
Secretary		  
Since 2022		  
Assistant General Counsel, Rafferty Asset Management, LLC, since April 2021; Associate, K&L Gates LLP, September 2015 – March 2021.		  
N/A		  
N/A		  

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

(3)​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 81 of the 101 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 8 funds registered with the SEC.

DIREXION SEMI-ANNUAL REPORT
147

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148

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149

SEMI–ANNUAL REPORT APRIL 30, 2024

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

Investment Adviser

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

Administrator

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

Transfer Agent, Custodian & Index Receipt Agent

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

Independent Registered Public Accounting Firm

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

Distributor

Foreside Fund Services, LLC
3 Canal Plaza, Suite 100
Portland, Maine 04101
www.foreside.com

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

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

Each Fund's premium/discount information is available free of charge on the Funds' website, www.direxioninvestments.com or by calling (800) 851-0511.

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

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

PRIVACY NOTICE

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

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

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

•  Your transactions and account inquiries with us.

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

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

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

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

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

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

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

DIREXION SEMI-ANNUAL REPORT

DIREXION SHARES ETF TRUST

SEMI–ANNUAL REPORT APRIL 30, 2024

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

3X BULL FUNDS  

3X BEAR FUNDS

  
Direxion Daily Mid Cap Bull 3X Shares          
Direxion Daily S&P 500®​ Bull 3X Shares  

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

  
Direxion Daily Small Cap Bull 3X Shares  

Direxion Daily Small Cap Bear 3X Shares

  
Direxion Daily FTSE China Bull 3X Shares  

Direxion Daily FTSE China Bear 3X Shares

  
Direxion Daily FTSE Europe Bull 3X Shares          
Direxion Daily MSCI Emerging Markets Bull 3X Shares  

Direxion Daily MSCI Emerging Markets Bear 3X Shares

  
Direxion Daily MSCI Mexico Bull 3X Shares          
Direxion Daily MSCI South Korea Bull 3X Shares          
Direxion Daily Aerospace & Defense Bull 3X Shares          
Direxion Daily Consumer Discretionary Bull 3X Shares          
Direxion Daily Dow Jones Internet Bull 3X Shares  

Direxion Daily Dow Jones Internet Bear 3X Shares

  
Direxion Daily Financial Bull 3X Shares  

Direxion Daily Financial Bear 3X Shares

  
Direxion Daily Healthcare Bull 3X Shares          
Direxion Daily Homebuilders & Supplies Bull 3X Shares          
Direxion Daily Industrials Bull 3X Shares          
Direxion Daily Pharmaceutical & Medical Bull 3X Shares          
Direxion Daily Real Estate Bull 3X Shares  

Direxion Daily Real Estate Bear 3X Shares

  
Direxion Daily Regional Banks Bull 3X Shares          
Direxion Daily Retail Bull 3X Shares          
Direxion Daily S&P 500®​ High Beta Bull 3X Shares  

Direxion Daily S&P 500®​ High Beta Bear 3X Shares

  
Direxion Daily S&P Biotech Bull 3X Shares  

Direxion Daily S&P Biotech Bear 3X Shares

  
Direxion Daily Semiconductor Bull 3X Shares  

Direxion Daily Semiconductor Bear 3X Shares

  
Direxion Daily Technology Bull 3X Shares  

Direxion Daily Technology Bear 3X Shares

  
Direxion Daily Transportation Bull 3X Shares          
Direxion Daily Utilities Bull 3X Shares          
Direxion Daily 7-10 Year Treasury Bull 3X Shares  

Direxion Daily 7-10 Year Treasury Bear 3X Shares

  
Direxion Daily 20+ Year Treasury Bull 3X Shares  

Direxion Daily 20+ Year Treasury Bear 3X Shares

  

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

Table of Contents

Letter to Shareholders    

4

    
Expense Example    

13

    
Allocation of Portfolio Holdings    

16

    
Schedules of Investments    

17

    
Statements of Assets and Liabilities    

88

    
Statements of Operations    

98

    
Statements of Changes in Net Assets    

108

    
Financial Highlights    

128

    
Notes to the Financial Statements    

136

    
Supplemental Information    

174

    
Trustees and Officers    

175

    

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Letter to Shareholders

Dear Shareholders,

This Semi-Annual Report for the Direxion Shares ETF Trust exchange-traded funds (the "ETFs") covers the period from November 1, 2023 to April, 30 2024 (the "Semi-Annual Period").

Market Review:

The Semi-Annual Period began with pressure on equities as bond yields grew and inflation was top of mind for investors. Geopolitical tension also contributed to uncertainty in the markets; the Chinese economy's recovery lagged, the war in Ukraine continued, and the Israeli-Palestinian war began. Despite these headwinds, November 2023 experienced positive returns with the S&P 500 up 8.0%. In particular, rate-sensitive areas like real estate and tech had strong performance, while energy underperformed. The "Magnificent Seven" (Apple Inc., Alphabet Inc., Amazon.com, Inc., Meta Platforms, Inc., Microsoft Corporation, NVIDIA Corporation and Tesla, Inc.) rose to prominence during the Semi-Annual Period as tech rallied. 2023 ended on a bullish note, with all eleven sectors posting positive returns in December. Additionally, small caps had a standout month, with the Russell 2000 up 12.2% in December 2023. 2024 started on a mostly optimistic note for equity markets, although the momentum for small caps did not last. The February core consumer price index reading showed prices up 0.4% month-over-month but was still trending downward and far below its peak. Despite this higher-than-expected inflation, the U.S. economy remained resilient. Contrary to the beginning of the Semi-Annual Period, in March 2024, the energy sector outperformed, while tech underperformed and in April 2024, small caps ended the month in the red. At the end of the Semi-Annual Period, the geopolitical landscape remained rocky and persistent inflation remained a key issue.

After government bonds reached record highs, in November, yields began to decline, which continued through the end of the year, prompting a rally for the bond markets. All eyes were on the Federal Reserve during the Semi-Annual Period as they began to discuss the possibility of rate cuts in light of lower treasury yields, indicating a dovish pivot. Inflation began to ease, but remained at elevated levels that did not reach the Fed's 2% target. At the beginning of 2024, longer term treasury curves increased slightly. The Federal Reserve made no rate cuts by the end of the Semi-Annual Period, indicating the previously anticipated monetary easing would not happen as soon as expected, if at all. As a result of shifting expectations, 2-year and 10-year treasury yields rose in April.

Direxion Shares Operational Review:

The discussion below relates to the performance of the ETFs for the Semi-Annual Period. The ETFs are leveraged and seek daily investment results, before fees and expenses, of 300% or -300% of the performance of a particular benchmark. All ETF returns are NAV (net asset value) returns.

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

The ETFs with the word "Bull" in their name (the "Bull ETFs"), attempt to provide investment results that correlate to 300%, before fees and expenses, of the daily performance of a benchmark index, meaning the Bull Funds attempt to move in the same direction as their respective target benchmark index.

The Funds with the word "Bear" in their name (the "Bear ETFs"), attempt to provide investment results that correlate to -300%, before fees and expenses, of the daily performance of a benchmark index, meaning that the Bear Funds attempt to move in the opposite, or inverse, direction of their respective target benchmark index.

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

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

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

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

Factors Affecting Direxion Shares Performance:

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

Leverage – Each ETF seeks daily investment results (before fees and expenses) of either 300% (for the Bull ETFs) or -300% (for the Bear ETFs) of the daily performance of its respective underlying index. The use of leverage magnifies an ETF's gains or losses and increases the investment's risk and volatility. The Bear ETFs seek to achieve inverse magnified correlation to their respective underlying indexes.

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

Cost of Financing – In order to attain leveraged exposure, a Bull ETF incurs a cost of SOFR plus or minus a spread and a Bear ETF receives SOFR plus or minus a spread as applied to the borrowed portion of the ETF's exposure. The spread varies by both Fund and counterparty and is a function of market demand, hedging costs, access to balance sheet, borrow volatility, current counterparty exposure and administrative costs associated with the swap counterparty. Generally for most of the Bull ETFs, the financing costs will have a negative effect on tracking, but for Bear ETFs, the financing cost will have a positive

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effect on tracking. An increase in interest rates which effects the cost of financing will further impact an ETF's performance and ability to track its index.

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

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

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

Direxion Shares Performance Review:

The Direxion Daily Mid Cap Bull 3X Shares seeks to provide 300% of the daily return of the S&P MidCap 400®​ Index. The S&P MidCap 400®​ Index is a float-adjusted market capitalization weighted index that attempts to measure the performance of 400 mid-sized companies in the United States. For the Semi-Annual Period, the S&P MidCap 400®​ Index returned 21.15%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Mid Cap Bull 3X Shares returned 63.35%, while the model indicated an expected return of 71.11%.

The Direxion Daily S&P 500®​ Bull 3X Shares and the Direxion Daily S&P 500®​ 3X Bear Shares seek to provide 300% and -300%, respectively, of the daily return of the S&P 500®​ Index. Standard & Poor's®​ selects the stocks comprising the S&P 500®​ Index on the basis of market capitalization, financial viability of the company and the public float, liquidity and price of a company's shares outstanding. The Index is a float-adjusted, market capitalization-weighted index. For the Semi-Annual Period, the S&P 500®​ Index returned 19.72%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily S&P 500®​ Bull 3X Shares returned 62.69%, while the model indicated an expected return of 68.26%. The Direxion Daily S&P 500®​ Bear 3X Shares returned -39.78%, while the model indicated an expected return of -44.02%.

The Direxion Daily Small Cap Bull 3X Shares and the Direxion Daily Small Cap Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Russell 2000®​ Index. The Russell 2000®​ Index measures the performance of approximately 2,000 small-capitalization companies in the Russell 3000®​ Index, based on a combination of their market capitalization and current index membership. For the Semi-Annual Period, the Russell 2000®​ Index returned 19.12%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Small Cap Bull 3X Shares returned 49.77%, while the model indicated an expected return of 57.57%. The Direxion Daily Small Cap Bear 3X Shares returned -44.43%, while the model indicated an expected return of -48.85%.

The Direxion Daily FTSE China Bull 3X Shares and the Direxion Daily FTSE China Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the FTSE China 50 Index. The FTSE China 50 Index consists of the 50 largest and most liquid public Chinese companies currently trading on the Hong Kong Stock Exchange. Securities in the index are weighted based on the total market value of their shares, so that securities with higher total market values will generally have a higher representation in the index. Index constituents are screened for liquidity and weightings and are capped to prevent the index from being overly concentrated in any one stock. For the Semi-Annual Period, the FTSE China 50 Index returned 2.69%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods,

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the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily FTSE China Bull 3X Shares returned -9.74%, while the model indicated an expected return of -2.97%. The Direxion Daily FTSE China Bear 3X Shares returned -17.97%, while the model indicated an expected return of -26.05%.

The Direxion Daily FTSE Europe Bull 3X Shares seeks to provide 300% of the daily return of the FTSE Developed Europe All Cap Index. The FTSE Developed Europe All Cap Index is a market capitalization weighted index that is designed to measure the equity market performance of large-, mid- and small-cap companies in developed markets in Europe. For the Semi-Annual Period, the FTSE Developed Europe All Cap Index returned 17.59%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily FTSE Europe Bull 3X Shares returned 52.18%, while the model indicated an expected return of 58.86%.

The Direxion Daily MSCI Emerging Markets Bull 3X Shares and the Direxion Daily MSCI Emerging Markets Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the MSCI Emerging Markets IndexSM​. The MSCI Emerging Market IndexSM​ is a free float-adjusted market capitalization index that is designed to represent the performance of large- and mid-capitalizations securities across 24 emerging markets countries. For the Semi-Annual Period, the MSCI Emerging Market IndexSM​ returned 12.80%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Emerging Markets MSCI Bull 3X Shares returned 33.97%, while the model indicated an expected return of 39.38%. The Direxion Daily MSCI Emerging Markets Bear 3X Shares returned -29.25%, while the model indicated an expected return of -34.30%.

The Direxion Daily MSCI Mexico Bull 3X Shares seeks to provide 300% of the daily return of the MSCI Mexico IMI 25/50 Index. The MSCI Mexico IMI 25/50 Index is designed to measure the performance of the large-, mid- and small-capitalization segments of the Mexican equity market, covering approximately 99% of the free float-adjusted market capitalization in Mexico. The index consists of stocks traded primarily on the Mexican Stock Market. For the Semi-Annual Period, the MSCI Mexico IMI 25/50 Index returned 17.68%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily MSCI Mexico Bull 3X Shares returned 57.88%, while the model indicated an expected return of 53.65%.

The Direxion Daily MSCI South Korea Bull 3X Shares seeks to provide 300% of the MSCI Korea 25/50 Index. The MSCI Korea 25/50 Index is designed to measure the performance of the large- and mid-cap segments of the South Korean equity market, covering approximately 85% of the free float-adjusted market capitalization of South Korean issuers. For the Semi-Annual Period, the MSCI Korea 25/50 Index returned 15.02%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily MSCI South Korea Bull 3X Shares returned 41.47%, while the model indicated an expected return of 41.08%.

The Direxion Daily Aerospace & Defense Bull 3X Shares seeks to provide 300% of the daily return of the Dow Jones U.S. Select Aerospace & Defense Index. The Dow Jones U.S. Select Aerospace & Defense Index is provided by Dow Jones U.S. Index. The index attempts to measure the performance of the aerospace and defense industry of the U.S. equity market. The index provider selects the stocks comprising the index from the aerospace and defense sector on the basis of the float-adjusted, market capitalization-weight of each constituent. Aerospace companies include manufacturers, assemblers and distributors of aircraft and aircraft parts. Defense companies include producers of components and equipment for the defense industry, such as military aircraft, radar equipment and weapons. For the Semi-Annual Period, the Dow Jones U.S. Select Aerospace & Defense Index returned 18.26%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Aerospace & Defense Bull 3X Shares returned 54.76% for the same period, while the model indicated an expected return of 62.11%.

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The Direxion Daily Consumer Discretionary Bull 3X Shares seeks to provide 300% of the daily return of the Consumer Discretionary Select Sector Index. The Consumer Discretionary Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the consumer discretionary sector which includes the following industries: retail (specialty, multiline, internet & direct marketing); hotels, restaurants & leisure; textiles, apparel & luxury goods; household durables; automobiles; automobile components; distributors; leisure equipment & products; and diversified consumer services. For the Semi-Annual Period, the Consumer Discretionary Select Sector Index returned 14.45%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Consumer Discretionary Bull 3X Shares returned 39.96% for the same period, while the model indicated an expected return of 44.17%.

The Direxion Daily Dow Jones Internet Bull 3X Shares and the Direxion Daily Dow Jones Internet Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Dow Jones Internet Composite Index. The Dow Jones Internet Composite Index includes companies that generate at least 50% of their annual sales/revenue from the internet as determined by the Index Provider. Additionally, each stock must have a minimum of three months' trading history and a three month average market capitalization of at least $100 million. The Index consists of 40 stocks that are included in two different sectors, internet commerce and internet services. For the Semi-Annual Period, the Dow Jones Internet Composite Index returned 27.13%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Dow Jones Internet Bull 3X Shares returned 85.17%, while the model indicated an expected return of 94.14%. The Direxion Daily Dow Jones Internet Bear 3X Shares returned -52.80%, while the model indicated an expected return of -56.65%.

The Direxion Daily Financial Bull 3X Shares and the Direxion Daily Financial Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Financial Select Sector Index. The Financial Select Sector Index is provided by S&P Dow Jones Indices and includes securities of companies from the following industries: Banks; Thrifts & Mortgage Finance; Diversified Financial Services; Consumer Finance; Capital Markets; Insurance; and Mortgage Real Estate Investment Trusts (REITs). For the Semi-Annual Period, the Financial Select Sector Index returned 25.18%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Financial Bull 3X Shares returned 83.73%, while the model indicated an expected return of 95.95%. The Direxion Daily Financial Bear 3X Shares returned -46.82%, while the model indicated an expected return of -52.48%.

The Direxion Daily Healthcare Bull 3X Shares seeks to provide 300% of the daily return of the Health Care Select Sector Index. The Health Care Select Sector Index is provided by Standard & Poor's and includes domestic companies from the healthcare sector, which includes the following industries: pharmaceuticals; health care equipment and supplies; health care providers and services; biotechnology; life sciences tools and services; and health care technology. For the Semi-Annual Period, the Health Care Select Sector Index returned 13.38%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Healthcare Bull 3X Shares returned 35.13%, while the model indicated an expected return of 43.40%.

The Direxion Daily Homebuilders & Supplies Bull 3X Shares seeks to provide 300% of the daily return of the Dow Jones U.S. Select Home Construction Index. The Dow Jones U.S. Select Home Construction Index measures U.S. companies in the home construction sector that provide a wide range of products and services related to homebuilding, including home construction and producers, sellers and suppliers of building materials, furnishings and fixtures and also home improvement retailers. The index may include large-, mid- or small-capitalization companies. For the Semi-Annual Period, the Dow Jones U.S. Select Home Construction Index returned 2.31%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Homebuilders & Supplies Bull 3X Shares returned 141.15%, while the model indicated an expected return of 133.28%.

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The Direxion Daily Industrials Bull 3X Shares seeks to provide 300% of the daily return of the Industrials Select Sector Index. The Industrials Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the industrials sector which includes the following industries: aerospace and defense; industry conglomerates; machinery; road and rail; air freight and logistics; commercial services and supplies; professional services; electrical equipment; construction and engineering; trading companies and distributors; airlines; and building products. For the Semi-Annual Period, the Industrials Select Sector Index returned 24.20%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Industrials Bull 3X Shares returned 77.81%, while the model indicated an expected return of 87.55%.

The Direxion Daily Pharmaceutical & Medical Bull 3X Shares seeks to provide 300% of the daily return of the S&P Pharmaceuticals Select Industry Index. The S&P Pharmaceuticals Select Industry Index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard (GICS) pharmaceuticals subindustry. For the Semi-Annual Period, the S&P Pharmaceuticals Select Industry Index returned 11.52%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Pharmaceutical & Medical Bull 3X Shares returned 24.77%, while the model indicated an expected return of 31.76%.

The Direxion Daily Real Estate Bull 3X Shares and the Direxion Daily Real Estate Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Real Estate Select Sector Index. The Real Estate Select Sector Index is provided by S&P Dow Jones Indices and includes securities of companies from the following industries: real estate management and development and real estate investment trusts ("REITs"), excluding mortgage REITs. For the Semi-Annual Period, the Real Estate Select Sector Index returned 10.68%. Given the daily investment objectives of the Real Estate ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the Real Estate ETFs. The Direxion Daily Real Estate Bull 3X Shares returned 22.44%, while the model indicated an expected return of 28.19%. The Direxion Daily Real Estate Bear 3X Shares returned -28.75%, while the model indicated an expected return of -34.32%.

The Direxion Daily Regional Banks Bull 3X Shares seeks to provide 300% of the daily return of the S&P Regional Banks Select Industry Index. The S&P Regional Banks Select Industry Index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard regional banks sub-industry. For the Semi-Annual Period, the S&P Regional Banks Select Industry Index returned 20.22%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Regional Banks Bull 3X Shares returned 42.71%, while the model indicated an expected return of 50.62%.

The Direxion Daily Retail Bull 3X Shares seeks to provide 300% of the daily return of the S&P Retail Select Industry Index. The S&P Retail Select Industry Index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard retail sub-industry. For the Semi-Annual Period, the S&P Retail Select Industry Index returned 23.70%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Retail Bull 3X Shares returned 63.09%, while the model indicated an expected return of 75.16%.

The Direxion Daily S&P 500®​ High Beta Bull 3X Shares and the Direxion Daily S&P 500®​ High Beta Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the S&P 500®​ High Beta Index. The S&P 500®​ High Beta Index selects 100 securities to include in the Index from the S&P 500®​ Index that have the highest sensitivity to market movements, or "beta" over the past 12 months as determined by the Index Provider. Securities with the highest beta are generally the most volatile securities of the S&P 500®​ Index. The Index is reviewed and rebalanced quarterly. For the Semi-Annual Period, the S&P 500®​ High Beta Index returned 28.45%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance

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of the ETFs. The Direxion Daily S&P 500®​ High Beta Bull 3X Shares returned 86.90%, while the model indicated an expected return of 99.03%. The Direxion Daily S&P 500®​ High Beta Bear 3X Shares returned -54.25%, while the model indicated an expected return of -58.57%.

The Direxion Daily S&P Biotech Bull 3X Shares and the Direxion Daily S&P Biotech Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the S&P Biotechnology Select Industry Index. The S&P Biotechnology Select Industry Index is provided by Standard & Poor's and includes domestic companies from the biotechnology industry. The index is designed to measure the performance of the biotechnology sub-industry based on the Global Industry Classification Standards. For the Semi-Annual Period, the S&P Biotechnology Select Industry Index returned 25.13%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily S&P Biotech Bull 3X Shares returned 66.98%, while the model indicated an expected return of 67.79%. The Direxion Daily S&P Biotech Bear 3X Shares returned -61.65%, while the model indicated an expected return of -62.98%.

The Direxion Daily Semiconductor Bull 3X Shares and the Direxion Daily Semiconductor Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the ICE Semiconductor Index. The ICE Semiconductor Index is a rules-based, modified float-adjusted market capitalization-weighted index that tracks the performance of the 30 largest U.S. listed semiconductor companies. For the Semi-Annual Period, the ICE Semiconductor Index returned 42.44%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Semiconductor Bull 3X Shares returned 156.18%, while the model indicated an expected return of 155.60%. The Direxion Daily Semiconductor Bear 3X Shares returned -72.37%, while the model indicated an expected return of -73.16%. Effective November 3, 2023, the name of the underlying index for the Direxion Daily Semiconductor Bull 3X Shares and Direxion Daily Semiconductor Bear 3X Shares was changed to the NYSE Semiconductor Index.

The Direxion Daily Technology Bull 3X Shares and the Direxion Daily Technology Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the Technology Select Sector Index. The Technology Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the technology sector which includes domestic companies from the technology sector which includes the following industries: computers and peripherals; software; diversified telecommunications services; communications equipment; semiconductors and semi-conductor equipment; internet software and services; IT services; electronic equipment, instruments and components; wireless telecommunication services; and office electronics. For the Semi-Annual Period, the Technology Select Sector Index returned 17.91%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Technology Bull 3X Shares returned 55.22%, while the model indicated an expected return of 56.63%. The Direxion Daily Technology Bear 3X Shares returned -42.13%, while the model indicated an expected return of -44.37%.

The Direxion Daily Transportation Bull 3X Shares seeks to provide 300% of the daily return of the S&P Transportation Select Industry FMC Capped Index. The S&P Transportation Select Industry FMC Capped Index is provided by S&P Dow Jones Indices and is designed to measure stocks in the S&P Total Market Index that are included in the GICS transportation sub-industry. For the Semi-Annual Period, the S&P Transportation Select Industry FMC Capped Index returned 7.20%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Transportation Bull 3X Shares returned 50.75%, while the model indicated an expected return of 17.86%.

The Direxion Daily Utilities Bull 3X Shares seeks to provide 300% of the daily return of the Utilities Select Sector Index. The Utilities Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the utilities sector which includes the following industries: electric utilities; multi-utilities; water utilities; independent power producers and energy trades; and gas utilities. For the Semi-Annual Period, the Utilities Select Sector Index returned -12.69%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Utilities Bull 3X Shares returned 32.83%, while the model indicated an expected return of 37.25%.

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The Direxion Daily 7-10 Year Treasury Bull 3X Shares and the Direxion Daily 7-10 Year Treasury Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the ICE U.S. Treasury 7-10 Year Bond Index. The ICE U.S. Treasury 7-10 Year Bond Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than seven years and less than or equal to ten years. Eligible securities must be fixed rate, denominated in U.S. dollars, and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. Securities excluded from the index are zero-coupon STRIPS, inflation linked securities, floating rate notes, cash management and Treasury bills, and any government agency debt issued with or without a government guarantee. For the Semi-Annual Period, the ICE U.S. Treasury 7-10 Year Bond Index returned 2.63%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily 7-10 Year Treasury Bull 3X Shares returned 4.36%, while the model indicated an expected return of 7.12%. The Direxion Daily 7-10 Year Treasury Bear 3X Shares returned -3.68%, while the model indicated and an expected return of -9.17%.

The Direxion Daily 20+ Year Treasury Bull 3X Shares and the Direxion Daily 20+ Year Treasury Bear 3X Shares seek to provide 300% and -300%, respectively, of the daily return of the ICE U.S. Treasury 20+ Year Bond Index. The ICE U.S. Treasury 20+ Year Bond Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than 20 years. Eligible securities must be fixed rate, denominated in U.S. dollars, and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. Securities excluded from the index are zero-coupon STRIPS, inflation linked securities, floating rate notes, cash management and Treasury bills, and any government agency debt issued with or without a government guarantee. For the Semi-Annual Period, the ICE U.S. Treasury 20+ Year Bond Index returned 5.48%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily 20+ Year Treasury Bull 3X Shares returned 12.06%, while the model indicated an expected return of 13.05%. The Direxion Daily 20+ Year Treasury Bear 3X Shares returned -18.23%, while the model indicated an expected return of -20.96%.

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

Best Regards,

  

 

Patrick Rudnick

  

Corey Noltner

  

Principal Executive Officer

  

Principal Financial Officer

  

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

*Basis Point: One hundredth of 1 percentage point.

*Consumer Price Index (CPI): CPI measures the monthly change in prices paid by U.S. consumers.

*S&P 500®​ Index: The S&P 500 Index, or Standard & Poor's 500 Index, is a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S.

*NASDAQ-100®​ Index: The Index includes 100 of the largest domestic and international non-financial companies listed on the NASDAQ Stock Market®​ based on market capitalization.

DIREXION SEMI-ANNUAL REPORT
11

Leveraged and Inverse ETFs pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They seek daily goals and should not be expected to track the underlying index over periods longer than one day. They are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk and who actively manage their investments. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns for performance under one year are cumulative, not annualized. For the most recent month-end performance please visit the Funds website at direxion.com.

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

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

SOFR (Secured Overnight Financing Rate) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities.

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

The views of this letter were those of the Adviser as of April 30, 2024, and may not necessarily reflect its views on the date this letter is first published or anytime thereafter. These views are intended to help shareholders in understanding the ETFs' present investment methodology and do not constitute investment advice.

Distributed by: Foreside Fund Services, LLC

DIREXION SEMI-ANNUAL REPORT
12

Expense Example (Unaudited)

April 30, 2024

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, 2023 to April 30, 2024).

Actual Expenses

The first line under each Fund in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled "Expenses Paid During Period November 1, 2023 to April 30, 2024" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

Expense Example (Unaudited)

April 30, 2024

    Annualized
Expense Ratio		   Beginning
Account Value
November 1, 2023		   Ending
Account Value
April 30, 2024		   Expenses
Paid During
Period*		  

Direxion Daily Mid Cap Bull 3X Shares

  

Based on actual fund return

    

1.31

%

  

$

1,000.00

    

$

1,633.50

    

$

8.58

    

Based on hypothetical 5% return

    

1.31

%

    

1,000.00

      

1,018.35

      

6.57

    

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

  

Based on actual fund return

    

1.43

%

    

1,000.00

      

1,626.90

      

9.34

    

Based on hypothetical 5% return

    

1.43

%

    

1,000.00

      

1,017.75

      

7.17

    

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

  

Based on actual fund return

    

1.10

%

    

1,000.00

      

602.20

      

4.38

    

Based on hypothetical 5% return

    

1.10

%

    

1,000.00

      

1,019.39

      

5.52

    

Direxion Daily Small Cap Bull 3X Shares

  

Based on actual fund return

    

1.21

%

    

1,000.00

      

1,497.70

      

7.51

    

Based on hypothetical 5% return

    

1.21

%

    

1,000.00

      

1,018.85

      

6.07

    

Direxion Daily Small Cap Bear 3X Shares

  

Based on actual fund return

    

1.39

%

    

1,000.00

      

555.70

      

5.38

    

Based on hypothetical 5% return

    

1.39

%

    

1,000.00

      

1,017.95

      

6.97

    

DIREXION SEMI-ANNUAL REPORT
13

Expense Example (Unaudited)

April 30, 2024

    Annualized
Expense Ratio		   Beginning
Account Value
November 1, 2023		   Ending
Account Value
April 30, 2024		   Expenses
Paid During
Period*		  

Direxion Daily FTSE China Bull 3X Shares

  

Based on actual fund return

    

1.05

%

  

$

1,000.00

    

$

902.60

    

$

4.97

    

Based on hypothetical 5% return

    

1.05

%

    

1,000.00

      

1,019.64

      

5.27

    

Direxion Daily FTSE China Bear 3X Shares

  

Based on actual fund return

    

1.58

%

    

1,000.00

      

820.30

      

7.15

    

Based on hypothetical 5% return

    

1.58

%

    

1,000.00

      

1,017.01

      

7.92

    

Direxion Daily FTSE Europe Bull 3X Shares

  

Based on actual fund return

    

1.30

%

    

1,000.00

      

1,521.80

      

8.15

    

Based on hypothetical 5% return

    

1.30

%

    

1,000.00

      

1,018.40

      

6.52

    

Direxion Daily MSCI Emerging Markets Bull 3X Shares

  

Based on actual fund return

    

1.16

%

    

1,000.00

      

1,339.70

      

6.75

    

Based on hypothetical 5% return

    

1.16

%

    

1,000.00

      

1,019.09

      

5.82

    

Direxion Daily MSCI Emerging Markets Bear 3X Shares

  

Based on actual fund return

    

1.31

%

    

1,000.00

      

707.50

      

5.56

    

Based on hypothetical 5% return

    

1.31

%

    

1,000.00

      

1,018.35

      

6.57

    

Direxion Daily MSCI Mexico Bull 3X Shares

  

Based on actual fund return

    

1.45

%

    

1,000.00

      

1,578.80

      

9.30

    

Based on hypothetical 5% return

    

1.45

%

    

1,000.00

      

1,017.65

      

7.27

    

Direxion Daily MSCI South Korea Bull 3X Shares

  

Based on actual fund return

    

1.30

%

    

1,000.00

      

1,414.70

      

7.80

    

Based on hypothetical 5% return

    

1.30

%

    

1,000.00

      

1,018.40

      

6.52

    

Direxion Daily Aerospace & Defense Bull 3X Shares

  

Based on actual fund return

    

1.20

%

    

1,000.00

      

1,547.60

      

7.60

    

Based on hypothetical 5% return

    

1.20

%

    

1,000.00

      

1,018.90

      

6.02

    

Direxion Daily Consumer Discretionary Bull 3X Shares

  

Based on actual fund return

    

1.17

%

    

1,000.00

      

1,399.60

      

6.98

    

Based on hypothetical 5% return

    

1.17

%

    

1,000.00

      

1,019.04

      

5.87

    

Direxion Daily Dow Jones Internet Bull 3X Shares

  

Based on actual fund return

    

1.95

%

    

1,000.00

      

1,851.70

      

13.83

    

Based on hypothetical 5% return

    

1.95

%

    

1,000.00

      

1,015.17

      

9.77

    

Direxion Daily Dow Jones Internet Bear 3X Shares

  

Based on actual fund return

    

1.04

%

    

1,000.00

      

472.00

      

3.81

    

Based on hypothetical 5% return

    

1.04

%

    

1,000.00

      

1,019.69

      

5.22

    

Direxion Daily Financial Bull 3X Shares

  

Based on actual fund return

    

1.35

%

    

1,000.00

      

1,837.30

      

9.52

    

Based on hypothetical 5% return

    

1.35

%

    

1,000.00

      

1,018.15

      

6.77

    

Direxion Daily Financial Bear 3X Shares

  

Based on actual fund return

    

1.12

%

    

1,000.00

      

531.80

      

4.27

    

Based on hypothetical 5% return

    

1.12

%

    

1,000.00

      

1,019.29

      

5.62

    

Direxion Daily Healthcare Bull 3X Shares

  

Based on actual fund return

    

1.28

%

    

1,000.00

      

1,351.30

      

7.48

    

Based on hypothetical 5% return

    

1.28

%

    

1,000.00

      

1,018.50

      

6.42

    

Direxion Daily Homebuilders & Supplies Bull 3X Shares

  

Based on actual fund return

    

1.96

%

    

1,000.00

      

2,411.50

      

16.63

    

Based on hypothetical 5% return

    

1.96

%

    

1,000.00

      

1,015.12

      

9.82

    

Direxion Daily Industrials Bull 3X Shares

  

Based on actual fund return

    

1.32

%

    

1,000.00

      

1,778.10

      

9.12

    

Based on hypothetical 5% return

    

1.32

%

    

1,000.00

      

1,018.30

      

6.62

    

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

  

Based on actual fund return

    

1.36

%

    

1,000.00

      

1,247.70

      

7.60

    

Based on hypothetical 5% return

    

1.36

%

    

1,000.00

      

1,018.10

      

6.82

    

Direxion Daily Real Estate Bull 3X Shares

  

Based on actual fund return

    

1.19

%

    

1,000.00

      

1,224.40

      

6.58

    

Based on hypothetical 5% return

    

1.19

%

    

1,000.00

      

1,018.95

      

5.97

    

DIREXION SEMI-ANNUAL REPORT
14

Expense Example (Unaudited)

April 30, 2024

    Annualized
Expense Ratio		   Beginning
Account Value
November 1, 2023		   Ending
Account Value
April 30, 2024		   Expenses
Paid During
Period*		  

Direxion Daily Real Estate Bear 3X Shares

  

Based on actual fund return

    

1.65

%

  

$

1,000.00

    

$

712.50

    

$

7.03

    

Based on hypothetical 5% return

    

1.65

%

    

1,000.00

      

1,016.66

      

8.27

    

Direxion Daily Regional Banks Bull 3X Shares

  

Based on actual fund return

    

1.24

%

    

1,000.00

      

1,427.10

      

7.48

    

Based on hypothetical 5% return

    

1.24

%

    

1,000.00

      

1,018.70

      

6.22

    

Direxion Daily Retail Bull 3X Shares

  

Based on actual fund return

    

1.38

%

    

1,000.00

      

1,630.90

      

9.03

    

Based on hypothetical 5% return

    

1.38

%

    

1,000.00

      

1,018.00

      

6.92

    

Direxion Daily S&P 500®​ High Beta Bull 3X Shares

  

Based on actual fund return

    

1.33

%

    

1,000.00

      

1,869.00

      

9.49

    

Based on hypothetical 5% return

    

1.33

%

    

1,000.00

      

1,018.25

      

6.67

    

Direxion Daily S&P 500®​ High Beta Bear 3X Shares

  

Based on actual fund return

    

1.33

%

    

1,000.00

      

457.50

      

4.82

    

Based on hypothetical 5% return

    

1.33

%

    

1,000.00

      

1,018.25

      

6.67

    

Direxion Daily S&P Biotech Bull 3X Shares

  

Based on actual fund return

    

1.63

%

    

1,000.00

      

1,669.80

      

10.82

    

Based on hypothetical 5% return

    

1.63

%

    

1,000.00

      

1,016.76

      

8.17

    

Direxion Daily S&P Biotech Bear 3X Shares

  

Based on actual fund return

    

1.35

%

    

1,000.00

      

383.50

      

4.64

    

Based on hypothetical 5% return

    

1.35

%

    

1,000.00

      

1,018.15

      

6.77

    

Direxion Daily Semiconductor Bull 3X Shares

  

Based on actual fund return

    

1.45

%

    

1,000.00

      

2,561.80

      

12.84

    

Based on hypothetical 5% return

    

1.45

%

    

1,000.00

      

1,017.65

      

7.27

    

Direxion Daily Semiconductor Bear 3X Shares

  

Based on actual fund return

    

1.11

%

    

1,000.00

      

276.30

      

3.52

    

Based on hypothetical 5% return

    

1.11

%

    

1,000.00

      

1,019.34

      

5.57

    

Direxion Daily Technology Bull 3X Shares

  

Based on actual fund return

    

1.48

%

    

1,000.00

      

1,552.20

      

9.45

    

Based on hypothetical 5% return

    

1.48

%

    

1,000.00

      

1,017.45

      

7.47

    

Direxion Daily Technology Bear 3X Shares

  

Based on actual fund return

    

1.03

%

    

1,000.00

      

578.70

      

4.04

    

Based on hypothetical 5% return

    

1.03

%

    

1,000.00

      

1,019.74

      

5.17

    

Direxion Daily Transportation Bull 3X Shares

  

Based on actual fund return

    

1.27

%

    

1,000.00

      

1,507.50

      

7.92

    

Based on hypothetical 5% return

    

1.27

%

    

1,000.00

      

1,018.55

      

6.37

    

Direxion Daily Utilities Bull 3X Shares

  

Based on actual fund return

    

1.08

%

    

1,000.00

      

1,328.30

      

6.25

    

Based on hypothetical 5% return

    

1.08

%

    

1,000.00

      

1,019.49

      

5.42

    

Direxion Daily 7-10 Year Treasury Bull 3X Shares

  

Based on actual fund return

    

1.04

%

    

1,000.00

      

1,043.60

      

5.28

    

Based on hypothetical 5% return

    

1.04

%

    

1,000.00

      

1,019.69

      

5.22

    

Direxion Daily 7-10 Year Treasury Bear 3X Shares

  

Based on actual fund return

    

1.51

%

    

1,000.00

      

963.20

      

7.37

    

Based on hypothetical 5% return

    

1.51

%

    

1,000.00

      

1,017.35

      

7.57

    

Direxion Daily 20+ Year Treasury Bull 3X Shares

  

Based on actual fund return

    

0.86

%

    

1,000.00

      

1,120.60

      

4.53

    

Based on hypothetical 5% return

    

0.86

%

    

1,000.00

      

1,020.59

      

4.32

    

Direxion Daily 20+ Year Treasury Bear 3X Shares

  

Based on actual fund return

    

1.42

%

    

1,000.00

      

817.70

      

6.42

    

Based on hypothetical 5% return

    

1.42

%

    

1,000.00

      

1,017.80

      

7.12

    

*  Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 days (the number of days in the period of November 1, 2023 to April 30, 2024), then divided by 366.

DIREXION SEMI-ANNUAL REPORT
15

Allocation of Portfolio Holdings (Unaudited)

April 30, 2024

   

Cash*

   Common
Stocks		   Investment
Companies		  

Futures

  

Swaps

  

Total

  

Direxion Daily Mid Cap Bull 3X Shares

    

71

%

    

21

%

    

—

      

—

      

8

%

    

100

%

  

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

    

22

%

    

70

%

    

—

      

(2

)%

    

10

%

    

100

%

  

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

    

103

%

    

—

      

—

      

—

      

(3

)%

    

100

%

  

Direxion Daily Small Cap Bull 3X Shares

    

29

%

    

—

      

69

%

    

—

      

2

%

    

100

%

  

Direxion Daily Small Cap Bear 3X Shares

    

89

%

    

—

      

—

      

—

      

11

%

    

100

%

  

Direxion Daily FTSE China Bull 3X Shares

    

34

%

    

—

      

46

%

    

—

      

20

%

    

100

%

  

Direxion Daily FTSE China Bear 3X Shares

    

109

%

    

—

      

—

      

—

      

(9

)%

    

100

%

  

Direxion Daily FTSE Europe Bull 3X Shares

    

49

%

    

—

      

48

%

    

—

      

3

%

    

100

%

  

Direxion Daily MSCI Emerging Markets Bull 3X Shares

    

84

%

    

—

      

8

%

    

—

      

8

%

    

100

%

  

Direxion Daily MSCI Emerging Markets Bear 3X Shares

    

106

%

    

—

      

—

      

—

      

(6

)%

    

100

%

  

Direxion Daily MSCI Mexico Bull 3X Shares

    

53

%

    

—

      

48

%

    

—

      

(1

)%

    

100

%

  

Direxion Daily MSCI South Korea Bull 3X Shares

    

45

%

    

—

      

51

%

    

—

      

4

%

    

100

%

  

Direxion Daily Aerospace & Defense Bull 3X Shares

    

27

%

    

67

%

    

—

      

—

      

6

%

    

100

%

  

Direxion Daily Consumer Discretionary Bull 3X Shares

    

25

%

    

79

%

    

—

      

—

      

(4

)%

    

100

%

  

Direxion Daily Dow Jones Internet Bull 3X Shares

    

7

%

    

79

%

    

—

      

—

      

14

%

    

100

%

  

Direxion Daily Dow Jones Internet Bear 3X Shares

    

107

%

    

—

      

—

      

—

      

(7

)%

    

100

%

  

Direxion Daily Financial Bull 3X Shares

    

10

%

    

76

%

    

—

      

—

      

14

%

    

100

%

  

Direxion Daily Financial Bear 3X Shares

    

104

%

    

—

      

—

      

—

      

(4

)%

    

100

%

  

Direxion Daily Healthcare Bull 3X Shares

    

12

%

    

82

%

    

—

      

—

      

6

%

    

100

%

  

Direxion Daily Homebuilders & Supplies Bull 3X Shares

    

19

%

    

73

%

    

—

      

—

      

8

%

    

100

%

  

Direxion Daily Industrials Bull 3X Shares

    

11

%

    

78

%

    

—

      

—

      

11

%

    

100

%

  

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

    

23

%

    

83

%

    

—

      

—

      

(6

)%

    

100

%

  

Direxion Daily Real Estate Bull 3X Shares

    

36

%

    

80

%

    

—

      

—

      

(16

)%

    

100

%

  

Direxion Daily Real Estate Bear 3X Shares

    

75

%

    

—

      

—

      

—

      

25

%

    

100

%

  

Direxion Daily Regional Banks Bull 3X Shares

    

34

%

    

76

%

    

—

      

—

      

(10

)%

    

100

%

  

Direxion Daily Retail Bull 3X Shares

    

21

%

    

75

%

    

—

      

—

      

4

%

    

100

%

  

Direxion Daily S&P 500®​ High Beta Bull 3X Shares

    

24

%

    

75

%

    

—

      

—

      

1

%

    

100

%

  

Direxion Daily S&P 500®​ High Beta Bear 3X Shares

    

100

%

    

—

      

—

      

—

      

0

%**

    

100

%

  

Direxion Daily S&P Biotech Bull 3X Shares

    

37

%

    

66

%

    

—

      

—

      

(3

)%

    

100

%

  

Direxion Daily S&P Biotech Bear 3X Shares

    

74

%

    

—

      

—

      

—

      

26

%

    

100

%

  

Direxion Daily Semiconductor Bull 3X Shares

    

33

%

    

69

%

    

—

      

—

      

(2

)%

    

100

%

  

Direxion Daily Semiconductor Bear 3X Shares

    

104

%

    

—

      

—

      

—

      

(4

)%

    

100

%

  

Direxion Daily Technology Bull 3X Shares

    

19

%

    

77

%

    

—

      

—

      

4

%

    

100

%

  

Direxion Daily Technology Bear 3X Shares

    

91

%

    

—

      

—

      

—

      

9

%

    

100

%

  

Direxion Daily Transportation Bull 3X Shares

    

28

%

    

81

%

    

—

      

—

      

(9

)%

    

100

%

  

Direxion Daily Utilities Bull 3X Shares

    

13

%

    

74

%

    

—

      

—

      

13

%

    

100

%

  

Direxion Daily 7-10 Year Treasury Bull 3X Shares

    

34

%

    

—

      

74

%

    

—

      

(8

)%

    

100

%

  

Direxion Daily 7-10 Year Treasury Bear 3X Shares

    

90

%

    

—

      

—

      

—

      

10

%

    

100

%

  

Direxion Daily 20+ Year Treasury Bull 3X Shares

    

43

%

    

—

      

69

%

    

—

      

(12

)%

    

100

%

  

Direxion Daily 20+ Year Treasury Bear 3X Shares

    

80

%

    

—

      

—

      

—

      

20

%

    

100

%

  

Allocation of Portfolio Holdings reflects percentages of net assets.

*  Cash, cash equivalents and other assets less liabilities.

**  Less than 0.5%.

DIREXION SEMI-ANNUAL REPORT
16

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 20.6%

      

Accommodation - 0.3%

      
 

383

    

Boyd Gaming Corp. (a)​

  

$

20,494

    
 

136

    

Choice Hotels International, Inc. (a)​

    

16,083

    
 

394

    

Hilton Grand Vacations, Inc. (a)​

    

16,406

    
 

244

    

Hyatt Hotels Corp. (a)​

    

36,305

    
 

1,159

    

Park Hotels & Resorts, Inc. (a)​

    

18,695

    
 

821

    

Penn Entertainment, Inc. (a)​

    

13,579

    
 

400

    

Travel + Leisure Co. (a)​

    

17,416

    
 

208

    

Vail Resorts, Inc. (a)​

    

39,389

    
 

458

    

Wyndham Hotels & Resorts, Inc. (a)​

    

33,668

    
     

212,035

    

Administrative and Support Services - 0.2%

      
 

655

    

GXO Logistics, Inc. (a)​

    

32,528

    
 

267

    

ManpowerGroup, Inc. (a)​

    

20,145

    
 

335

    

Mastec, Inc. (a)​

    

29,711

    
 

248

    

The Brink's Co. (a)​

    

21,690

    
     

104,074

    

Ambulatory Health Care Services - 0.1%

      
 

179

    

Amedisys, Inc. (a)​

    

16,477

    
 

82

    

Chemed Corporation (a)​

    

46,576

    
 

128

    

Medpace Holdings, Inc. (a)​

    

49,709

    
     

112,762

    

Apparel Manufacturing - 0.1%

      
 

642

    

Capri Holdings Ltd. ADR (a)​

    

22,778

    
 

202

    

Carter, Inc. (a)​

    

13,819

    
 

189

    

Columbia Sportswear Co. (a)​

    

15,050

    
 

328

    

PVH Corp. (a)​

    

35,686

    
 

1,040

    

Under Armour, Inc. Class A (a)​

    

6,999

    
 

1,051

    

Under Armour, Inc. Class C (a)​

    

6,853

    
     

101,185

    

Beverage and Tobacco Product Manufacturing - 0.1%

      
 

52

    

Boston Beer Co., Inc. Class A (a)​

    

14,477

    
 

26

    

Coca-Cola Consolidated, Inc. (a)​

    

21,476

    
     

35,953

    

Broadcasting and Content Providers - 0.1%

      
 

330

    

TKO Group Holdings, Inc. (a)​

    

31,241

    
 

174

    

Nexstar Media Group, Inc. (a)​

    

27,850

    
     

59,091

    

Building Material and Garden Equipment and Supplies Dealers - 0.0% (†)​

      
 

310

    

Knife River Corporation (a)​

    

24,239

    

Chemical Manufacturing - 1.0%

      
 

363

    

AptarGroup, Inc. (a)​

    

52,410

    
 

5,672

    

Arcadium Lithium PLC ADR (a)​

    

24,957

    
 

275

    

Ashland Global Holdings, Inc. (a)​

    

26,216

    
 

503

    

Avient Corp. (a)​

    

21,337

    
 

307

    

Cabot Corp. (a)​

    

28,008

    
 

2,071

    

Coty, Inc. Class A (a)​

    

23,692

    
 

727

    

Halozyme Therapeutics, Inc. (a)​

    

27,699

    
 

347

     Jazz Pharmaceuticals PLC ADR
(Ireland) (a)​		    

38,430

    
 

377

    

Lantheus Holdings, Inc. (a)​

    

25,086

    
 

551

    

Neurocrine Biosciences, Inc. (a)​

    

75,784

    
 

38

    

Newmarket Corp. (a)​

    

20,023

    

Shares

      

Fair Value

  

Chemical Manufacturing (continued)

      
 

663

    

Olin Corp. (a)​

  

$

34,662

    
 

746

    

Perrigo Co. PLC ADR (Ireland) (a)​

    

24,364

    
 

274

    

QuidelOrtho Corp. (a)​

    

11,111

    
 

287

    

Repligen Corp. (a)​

    

47,125

    
 

1,860

     Roivant Sciences Ltd. ADR
(Ireland) (a)​		    

20,274

    
 

704

    

RPM International, Inc. (a)​

    

75,265

    
 

821

    

The Chemours Co. (a)​

    

21,962

    
 

256

    

United Therapeutics Corp. (a)​

    

59,988

    
 

176

    

Westlake Chemical Corp. (a)​

    

25,935

    
     

684,328

    

Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 0.1%

      
 

1,185

    

Gap, Inc. (a)​

    

24,316

    
 

537

    

Nordstrom, Inc. (a)​

    

10,209

    
     

34,525

    

Computer and Electronic Product Manufacturing - 0.8%

      
 

569

    

Amkor Technology, Inc. (a)​

    

18,407

    
 

513

    

Bruker Corp. (a)​

    

40,019

    
 

296

    

Cirrus Logic, Inc. (a)​

    

26,217

    
 

952

    

Cognex Corp. (a)​

    

39,546

    
 

327

    

Dolby Laboratories, Inc. (a)​

    

25,395

    
 

374

     Integra LifeSciences Holdings
Corp. (a)​		    

10,910

    
 

760

    

Lattice Semiconductor Corp. (a)​

    

52,136

    
 

297

     LivaNova PLC ADR (United
Kingdom) (a)​		    

16,558

    
 

371

    

Lumentum Holdings, Inc. (a)​

    

16,235

    
 

302

     MACOM Technology Solutions
Holdings, Inc. (a)​		    

30,789

    
 

244

    

Masimo Corp. (a)​

    

32,796

    
 

346

    

MKS Instruments, Inc. (a)​

    

41,167

    
 

313

    

Power Integrations, Inc. (a)​

    

20,883

    
 

596

    

Rambus, Inc. (a)​

    

32,673

    
 

833

     Sensata Technologies Holdings
PLC ADR (United Kingdom) (a)​		    

31,912

    
 

539

    

Teradata Corp. (a)​

    

19,997

    
 

239

    

Universal Display Corp. (a)​

    

37,757

    
 

695

    

Vishay Intertechnology, Inc. (a)​

    

16,082

    
 

851

    

Vontier Corp. (a)​

    

34,576

    
 

693

    

Wolfspeed, Inc. (a)​

    

18,732

    
     

562,787

    

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.5%

      
 

394

    

Allegro MicroSystems, Inc. (a)​

    

11,698

    
 

261

    

ASGN, Inc. (a)​

    

25,173

    
 

728

    

Coherent Corp. (a)​

    

39,771

    
 

259

    

Concentrix Corp. (a)​

    

14,160

    
 

910

    

ExlService Holdings, Inc. (a)​

    

26,390

    
 

1,272

    

Kyndryl Holdings, Inc. (a)​

    

25,007

    
 

194

    

Novanta, Inc. (Canada) ADR (a)​

    

30,361

    
 

272

    

Onto Innovation, Inc. (a)​

    

50,453

    
 

1,635

    

Pure Storage, Inc. (a)​

    

82,404

    
 

237

    

WEX, Inc. (a)​

    

50,069

    
     

355,486

    

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

DIREXION SEMI-ANNUAL REPORT
17

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Construction of Buildings - 0.2%

      
 

405

    

KB Home (a)​

  

$

26,228

    
 

592

    

Taylor Morrison Home Corp. (a)​

    

33,158

    
 

575

    

Toll Brothers, Inc. (a)​

    

68,488

    
     

127,874

    

Credit Intermediation and Related Activities - 1.2%

      
 

1,495

    

Ally Financial, Inc. (a)​

    

57,333

    
 

820

    

Associated Banc-Corp (a)​

    

17,278

    
 

579

    

Bank OZK (a)​

    

25,852

    
 

1,009

    

Cadence Bank (a)​

    

27,919

    
 

1,147

    

Columbia Banking System, Inc. (a)​

    

21,575

    
 

653

    

Commerce Bancshares, Inc. (a)​

    

35,706

    
 

776

    

East West Bancorp, Inc. (a)​

    

57,804

    
 

241

    

Euronet Worldwide, Inc. (a)​

    

24,746

    
 

1,976

    

F.N.B. Corp. (a)​

    

26,360

    
 

711

    

First Financial Bankshares, Inc. (a)​

    

21,017

    
 

3,078

    

First Horizon National Corp. (a)​

    

45,924

    
 

607

    

Glacier Bancorp, Inc. (a)​

    

21,961

    
 

472

    

Hancock Whitney Corp. (a)​

    

21,424

    
 

286

    

Houlihan Lokey, Inc. (a)​

    

36,462

    
 

292

    

International Bancshares Corp. (a)​

    

16,250

    
 

3,991

     New York Community Bancorp,
Inc. (a)​		    

10,576

    
 

1,727

    

Old National Bancorp (a)​

    

28,565

    
 

418

    

Pinnacle Financial Partners, Inc. (a)​

    

32,061

    
 

515

    

Prosperity Bancshares, Inc. (a)​

    

31,915

    
 

808

    

Synovus Financial Corp. (a)​

    

28,918

    
 

260

    

Texas Capital Bancshares, Inc. (a)​

    

14,924

    
 

240

    

UMB Financial Corp. (a)​

    

19,118

    
 

747

    

United Bankshares, Inc. (a)​

    

24,248

    
 

2,349

    

Valley National Bancorp (a)​

    

16,467

    
 

947

    

Webster Financial Corp. (a)​

    

41,507

    
 

1,930

    

Western Union Co. (a)​

    

25,939

    
 

338

    

Wintrust Financial Corp. (a)​

    

32,664

    
 

818

    

Zions Bancorp (a)​

    

33,358

    
     

797,871

    

Educational Services - 0.1%

      
 

196

    

Duolingo, Inc. (a)​

    

44,247

    
 

162

    

Grand Canyon Education, Inc. (a)​

    

21,063

    
     

65,310

    

Electrical Equipment, Appliance, and Component Manufacturing - 0.3%

      
 

167

    

Acuity Brands, Inc. (a)​

    

41,466

    
 

129

    

Helen Of Troy Ltd. ADR (a)​

    

11,960

    
 

162

    

IPG Photonics Corp. (a)​

    

13,605

    
 

136

    

Littelfuse, Inc. (a)​

    

31,367

    
 

362

    

Regal Beloit Corp. (a)​

    

58,416

    
 

214

    

Synaptics, Inc. (a)​

    

19,251

    
 

303

    

Whirlpool Corp. (a)​

    

28,742

    
     

204,807

    

Fabricated Metal Product Manufacturing - 0.7%

      
 

1,213

    

Axalta Coating Systems Ltd. ADR (a)​

    

38,137

    
 

505

    

BWX Technologies, Inc. (a)​

    

48,364

    
 

659

    

Crown Holdings, Inc. (a)​

    

54,084

    
 

209

    

Curtiss-Wright Corp. (a)​

    

52,965

    
 

315

    

Lincoln Electric Holdings, Inc. (a)​

    

69,152

    
 

159

    

RBC Bearings, Inc. (a)​

    

38,883

    

Shares

      

Fair Value

  

Fabricated Metal Product Manufacturing (continued)

      
 

446

    

Silgan Holdings, Inc. (a)​

  

$

20,810

    
 

237

     Simpson Manufacturing
Company, Inc. (a)​		    

41,212

    
 

359

    

Timken Co. (a)​

    

32,030

    
 

114

    

Valmont Industries, Inc. (a)​

    

23,347

    
 

151

    

Watts Water Technologies, Inc. (a)​

    

29,968

    
     

448,952

    

Food and Beverage Retailers - 0.3%

      
 

817

    

Celsius Holdings, Inc. (a)​

    

58,228

    
 

547

    

Grocery Outlet Holding Corp. (a)​

    

14,206

    
 

857

    

Performance Food Group Co. (a)​

    

58,173

    
 

559

    

Sprouts Farmers Market, Inc. (a)​

    

36,911

    
 

1,246

    

Us Foods Holding Corp. (a)​

    

62,611

    
     

230,129

    

Food Manufacturing - 0.2%

      
 

1,057

    

Flowers Foods, Inc. (a)​

    

26,361

    
 

359

    

Ingredion, Inc. (a)​

    

41,138

    
 

112

    

Lancaster Colony Corp. (a)​

    

21,371

    
 

222

    

Pilgrim's Pride Corp. (a)​

    

7,996

    
 

278

    

Post Holdings, Inc. (a)​

    

29,510

    
     

126,376

    

Food Services and Drinking Places - 0.4%

      
 

205

    

Casey's General Stores, Inc. (a)​

    

65,514

    
 

337

    

Manhattan Associates, Inc. (a)​

    

69,442

    
 

370

    

Texas Roadhouse, Inc. (a)​

    

59,489

    
 

919

    

Wendys Co. (a)​

    

18,371

    
 

162

    

Wingstop, Inc. (a)​

    

62,336

    
     

275,152

    

Forestry and Logging - 0.0% (†)​

      
 

749

    

Rayonier, Inc. (a)​

    

22,215

    

Funds, Trusts, and Other Financial Vehicles - 0.3%

      
 

553

    

Agree Realty Corp. (a)​

    

31,643

    
 

2,754

     Annaly Capital Management,
Inc. (a)​		    

51,610

    
 

1,192

    

Carlyle Group, Inc. (a)​

    

53,401

    
 

260

    

EastGroup Properties, Inc. (a)​

    

40,394

    
 

729

    

First Industrial Realty Trust, Inc. (a)​

    

33,111

    
 

2,098

    

Healthcare Realty Trust, Inc. (a)​

    

29,855

    
     

240,014

    

Furniture and Home Furnishings Stores - 0.2%

      
 

85

    

RH (a)​

    

20,999

    
 

356

    

Williams-Sonoma, Inc. (a)​

    

102,094

    
     

123,093

    

Furniture, Home Furnishings, Electronics, and Appliance Retailers - 0.1%

      
 

592

    

Floor & Decor Holdings, Inc. (a)​

    

65,316

    
 

1,479

    

GameStop Corp. Class A (a)​

    

16,402

    
     

81,718

    

General Merchandise Retailers - 0.4%

      
 

717

    

BellRing Brands, Inc. (a)​

    

39,557

    
 

735

     BJ's Wholesale Club Holdings,
Inc. (a)​		    

54,890

    
 

356

    

Burlington Stores, Inc. (a)​

    

64,058

    
 

307

    

e.l.f. Beauty, Inc. (a)​

    

49,897

    

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

DIREXION SEMI-ANNUAL REPORT
18

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

General Merchandise Retailers (continued)

      
 

204

    

FirstCash Holdings, Inc. (a)​

  

$

23,048

    
 

304

    

Five Below, Inc. (a)​

    

44,487

    
 

1,509

    

Macy's, Inc. (a)​

    

27,811

    
     

303,748

    

Health and Personal Care Retailers - 0.4%

      
 

678

    

Doximity, Inc. (a)​

    

16,469

    
 

271

    

Enovis Corp. (a)​

    

14,967

    
 

947

    

Envista Holdings Corp. (a)​

    

18,637

    
 

978

    

Option Care Health, Inc. (a)​

    

29,232

    
 

212

    

Penumbra, Inc. (a)​

    

41,652

    
 

469

    

Planet Fitness, Inc. (a)​

    

28,065

    
 

458

    

Progyny, Inc. (a)​

    

14,683

    
 

1,086

    

R1 RCM, Inc. (a)​

    

13,347

    
 

203

    

Shockwave Medical, Inc. (a)​

    

67,029

    
 

686

    

Sotera Health Co. (a)​

    

7,683

    
     

251,764

    

Heavy and Civil Engineering Construction - 0.1%

      
 

941

    

Core & Main, Inc. (a)​

    

53,138

    
 

743

    

KBR, Inc. (a)​

    

48,251

    
     

101,389

    

Hospitals - 0.2%

      
 

552

    

Encompass Health Corp. (a)​

    

46,026

    
 

561

    

Tenet Healthcare Corp. (a)​

    

62,994

    
     

109,020

    

Insurance Carriers and Related Activities - 1.1%

      
 

359

    

American Financial Group, Inc. (a)​

    

45,862

    
 

354

    

Brighthouse Financial, Inc. (a)​

    

17,081

    
 

594

    

CNO Financial Group, Inc. (a)​

    

15,640

    
 

1,730

    

Equitable Holdings, Inc. (a)​

    

63,854

    
 

137

    

Erie Indemnity Co. Class A (a)​

    

52,424

    
 

590

    

Essent Group Ltd. ADR (a)​

    

31,252

    
 

570

    

First American Financial Corp. (a)​

    

30,535

    
 

197

    

Hanover Insurance Group, Inc. (a)​

    

25,575

    
 

333

    

Kemper Corp. (a)​

    

19,417

    
 

120

    

Kinsale Capital Group, Inc. (a)​

    

43,590

    
 

1,501

    

MGIC Investment Corp. (a)​

    

30,440

    
 

1,436

    

Old Republic International Corp. (a)​

    

42,879

    
 

193

    

Primerica, Inc. (a)​

    

40,889

    
 

363

     Reinsurance Group of America,
Inc. (a)​		    

67,877

    
 

290

     RenaissanceRe Holdings Ltd.
ADR (a)​		    

63,583

    
 

222

    

RLI Corp. (a)​

    

31,380

    
 

332

    

Selective Insurance Group, Inc. (a)​

    

33,748

    
 

1,001

    

Unum Group (a)​

    

50,751

    
 

567

    

Voya Financial, Inc. (a)​

    

38,647

    
     

745,424

    

Leather and Allied Product Manufacturing - 0.1%

      
 

337

    

Crocs, Inc. (a)​

    

41,912

    
 

735

    

Skechers U.S.A, Inc. (a)​

    

48,547

    
     

90,459

    

Machinery Manufacturing - 1.0%

      
 

342

    

AGCO Corp. (a)​

    

39,053

    
 

228

    

Belden, Inc. (a)​

    

18,529

    
 

308

    

Brooks Automation, Inc. (a)​

    

16,158

    

Shares

      

Fair Value

  

Machinery Manufacturing (continued)

      
 

379

    

Brunswick Corp. (a)​

  

$

30,563

    
 

232

    

Chart Industries, Inc. (a)​

    

33,422

    
 

267

    

Crane Company (a)​

    

37,383

    
 

266

    

Crane Holdings Co. (a)​

    

16,175

    
 

660

    

Donaldson Co., Inc. (a)​

    

47,652

    
 

223

    

EnerSys (a)​

    

20,170

    
 

311

    

Esab Corp. (a)​

    

32,929

    
 

723

    

Flowserve Corp. (a)​

    

34,097

    
 

929

    

GRACO, Inc. (a)​

    

74,506

    
 

452

    

ITT, Inc. (a)​

    

58,462

    
 

295

    

Middleby Corp. (a)​

    

40,996

    
 

2,167

    

NOV, Inc. (a)​

    

40,068

    
 

360

    

Oshkosh Corp. (a)​

    

40,417

    
 

231

    

Scotts Miracle Gro Co. (a)​

    

15,833

    
 

369

    

Terex Corp. (a)​

    

20,682

    
 

573

    

Toro Co. (a)(a)​

    

50,189

    
     

667,284

    

Management of Companies and Enterprises - 0.1%

      
 

354

    

Cullen/Frost Bankers, Inc. (a)​

    

36,936

    
 

1,043

    

Home Bancshares, Inc. (a)​

    

24,698

    
 

418

    

South State Corp. (a)​

    

31,643

    
     

93,277

    

Merchant Wholesalers, Durable Goods - 0.8%

      
 

213

     Applied Industrial Technologies,
Inc. (a)​		    

39,032

    
 

297

    

Arrow Electronics, Inc. (a)​

    

37,918

    
 

494

    

Avnet, Inc. (a)​

    

24,142

    
 

1,052

    

ChampionX Corp. (a)​

    

35,316

    
 

694

     Fortune Brands Home & Security,
Inc. (a)​		    

50,731

    
 

465

    

Hexcel Corp. (a)​

    

29,858

    
 

933

    

Jefferies Financial Group, Inc. (a)​

    

40,175

    
 

735

    

Leggett & Platt, Inc. (a)​

    

13,281

    
 

176

    

Lennox International, Inc. (a)​

    

81,562

    
 

252

    

MSC Industrial Direct Co., Inc. (a)​

    

22,992

    
 

427

    

SYNNEX Corp. (a)​

    

50,318

    
 

345

    

Valaris Ltd. ADR (a)​

    

22,446

    
 

172

    

Watsco, Inc. (a)​

    

77,008

    
 

242

    

WESCO International, Inc. (a)​

    

36,965

    
     

561,744

    

Mining (except Oil and Gas) - 0.1%

      
 

836

    

CNX Resources Corp. (a)​

    

19,663

    
 

363

    

Royal Gold, Inc. (a)​

    

43,607

    
     

63,270

    

Miscellaneous Manufacturing - 0.3%

      
 

1,175

    

Dentsply Sirona, Inc. (a)​

    

35,262

    
 

640

    

Globus Medical, Inc. (a)​

    

31,865

    
 

282

    

Haemonetics Corp. (a)​

    

25,930

    
 

1,946

    

Mattel, Inc. (a)​

    

35,651

    
 

202

    

MSA Safety, Inc. (a)​

    

36,441

    
 

1,085

    

Neogen Corp. (a)​

    

13,378

    
 

496

    

Scientific Games Corp. Class A (a)​

    

44,273

    
 

477

    

YETI Holdings, Inc. (a)​

    

17,038

    
     

239,838

    

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

DIREXION SEMI-ANNUAL REPORT
19

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Motor Vehicle and Parts Dealers - 0.1%

      
 

142

    

AutoNation, Inc. (a)​

  

$

22,883

    
 

104

    

Murphy USA, Inc. (a)​

    

43,037

    
 

102

    

Penske Automotive Group, Inc. (a)​

    

15,597

    
     

81,517

    

Nonmetallic Mineral Product Manufacturing - 0.2%

      
 

191

    

Eagle Materials, Inc. (a)​

    

47,885

    
 

489

    

Owens Corning (a)​

    

82,255

    
     

130,140

    

Nursing and Residential Care Facilities - 0.1%

      
 

508

     Acadia Healthcare Company,
Inc. (a)​		    

37,562

    

Oil and Gas Extraction - 0.6%

      
 

1,555

    

Antero Resources Corp. (a)​

    

52,886

    
 

612

    

Chesapeake Energy Corp. (a)​

    

55,007

    
 

228

    

Chord Energy Corp. (a)​

    

40,351

    
 

2,385

    

Equitrans Midstream Corp. (a)​

    

32,269

    
 

612

    

Matador Resources Co. (a)​

    

38,128

    
 

798

    

Murphy Oil Corp. (a)​

    

35,623

    
 

1,328

    

Range Resources Corp. (a)​

    

47,688

    
 

6,058

    

Southwestern Energy Co. (a)​

    

45,374

    
 

397

     Weatherford International PLC
ADR (a)​		    

49,077

    
     

396,403

    

Paper Manufacturing - 0.1%

      
 

1,686

     Graphic Packaging Holding
Company (a)​		    

43,583

    
 

140

    

Greif, Inc. (a)​

    

8,579

    
 

437

    

PotlatchDeltic Corp. (a)​

    

17,484

    
 

535

    

Sonoco Products Co. (a)​

    

29,987

    
     

99,633

    

Performing Arts, Spectator Sports, and Related Industries - 0.1%

      
 

374

    

Churchill Downs, Inc. (a)​

    

48,246

    

Personal and Laundry Services - 0.1%

      
 

814

     Service Corporation
International (a)​		    

58,372

    

Petroleum and Coal Products Manufacturing - 0.1%

      
 

853

    

HF Sinclair Corp. (a)​

    

46,275

    
 

599

    

PBF Energy, Inc. (a)​

    

31,909

    
     

78,184

    

Pipeline Transportation - 0.1%

      
 

535

    

DT Midstream, Inc. (a)​

    

33,277

    
 

539

    

New Jersey Resources Corp. (a)​

    

23,549

    
     

56,826

    

Plastics and Rubber Products Manufacturing - 0.3%

      
 

377

     Advanced Drainage Systems,
Inc. (a)​		    

59,189

    
 

638

    

Berry Plastics Group, Inc. (a)​

    

36,136

    
 

267

    

Carlisle Cos, Inc. (a)​

    

103,663

    
 

1,561

    

Goodyear Tire & Rubber Co. (a)​

    

18,670

    
     

217,658

    

Shares

      

Fair Value

  

Primary Metal Manufacturing - 0.3%

      
 

983

    

Alcoa Corp. (a)​

  

$

34,543

    
 

639

    

Commercial Metals Co. (a)​

    

34,340

    
 

316

    

Reliance Steel & Aluminum Co. (a)​

    

89,971

    
 

175

    

Silicon Laboratories, Inc. (a)​

    

21,261

    
 

1,233

    

United States Steel Corp. (a)​

    

45,004

    
     

225,119

    

Printing and Related Support Activities - 0.1%

      
 

2,535

    

Permian Resources Corp. (a)​

    

42,461

    

Professional, Scientific, and Technical Services - 1.1%

      
 

748

    

AECOM (a)​

    

69,085

    
 

674

     Arrowhead Pharmaceuticals,
Inc. (a)​		    

15,246

    
 

154

    

Aspen Technology, Inc. (a)​

    

30,318

    
 

122

    

CACI International, Inc. Class A (a)​

    

49,072

    
 

804

    

Ciena Corp. (a)​

    

37,169

    
 

540

    

Cytokinetics, Inc. (a)​

    

33,113

    
 

1,670

    

Exelixis, Inc. (a)​

    

39,178

    
 

277

    

Exponent, Inc. (a)​

    

25,459

    
 

937

    

Fluor Corp. (a)​

    

37,789

    
 

192

    

FTI Consulting, Inc. (a)​

    

41,055

    
 

913

    

Genpact Limited ADR (a)​

    

28,066

    
 

775

    

GoDaddy, Inc. (a)​

    

94,844

    
 

769

    

H & R Block, Inc. (a)​

    

36,320

    
 

196

    

Insperity, Inc. (a)​

    

20,174

    
 

483

    

Lamar Advertising Co. (a)​

    

55,956

    
 

334

    

Maximus, Inc. (a)​

    

26,814

    
 

237

    

Paylocity Holding Corp. (a)​

    

36,773

    
 

286

     Science Applications International
Corporation (a)​		    

36,808

    
 

297

    

Tetra Tech, Inc. (a)​

    

57,832

    
     

771,071

    

Publishing Industries - 0.2%

      
 

112

    

AppFolio, Inc. (a)​

    

25,399

    
 

230

    

Blackbaud, Inc. (a)​

    

17,921

    
 

1,410

    

Dropbox, Inc. (a)​

    

32,656

    
 

203

    

Qualys, Inc. (a)​

    

33,274

    
 

1,631

    

ZoomInfo Technologies, Inc. (a)​

    

25,868

    
     

135,118

    

Publishing Industries (except Internet) - 0.2%

      
 

242

    

CommVault Systems, Inc. (a)​

    

24,798

    
 

1,320

    

Dynatrace, Inc. (a)​

    

59,809

    
 

20

    

Graham Holdings Co. Class B (a)​

    

14,027

    
 

1,086

    

Tegna, Inc. (a)​

    

14,813

    
 

902

    

The New York Times Co. (a)​

    

38,813

    
     

152,260

    

Real Estate - 1.2%

      
 

1,753

    

American Homes 4 Rent (a)​

    

62,757

    
 

796

    

Apartment Income REIT Corp. (a)​

    

30,550

    
 

1,656

    

Brixmor Property Group, Inc. (a)​

    

36,598

    
 

619

     Corporate Office Properties
Trust (a)​		    

14,837

    
 

838

    

Cousins Properties, Inc. (a)​

    

19,224

    
 

1,238

    

CubeSmart (a)​

    

50,065

    
 

415

    

EPR Properties (a)​

    

16,845

    
 

1,033

    

Equity Lifestyle Properties, Inc. (a)​

    

62,279

    

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

DIREXION SEMI-ANNUAL REPORT
20

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Real Estate (continued)

      
 

1,473

     Gaming & Leisure Properties,
Inc. (a)​		  

$

62,941

    
 

1,240

    

Independence Realty Trust, Inc. (a)​

    

19,555

    
 

262

    

Jones Lang LaSalle, Inc. (a)​

    

47,343

    
 

587

    

Kilroy Realty Corp. (a)​

    

19,841

    
 

1,212

    

Kite Realty Group Trust (a)​

    

26,422

    
 

181

     Marriott Vacations Worldwide
Corp. (a)​		    

17,396

    
 

792

    

MP Materials Corp. (a)​

    

12,672

    
 

1,005

    

National Retail Properties, Inc. (a)​

    

40,733

    
 

425

    

National Storage Affiliates Trust (a)​

    

14,892

    
 

1,351

     Omega Healthcare Investors,
Inc. (a)​		    

41,084

    
 

1,168

    

Rexford Industrial Realty, Inc. (a)​

    

50,002

    
 

1,278

    

Sabra Health Care REIT, Inc. (a)​

    

17,790

    
 

1,003

    

Stag Industrial, Inc. (a)​

    

34,493

    
 

1,638

    

Starwood Property Trust, Inc. (a)​

    

31,073

    
 

883

    

Vornado Realty Trust (a)​

    

22,984

    
 

1,200

    

WP Carey, Inc. (a)​

    

65,808

    
     

818,184

    

Religious, Grantmaking, Civic, Professional, and Similar Organizations - 0.1%

      
 

471

    

HealthEquity, Inc. (a)​

    

37,167

    

Rental and Leasing Services - 0.1%

      
 

101

    

Avis Budget Group, Inc. (a)​

    

9,641

    
 

196

    

GATX Corp. (a)​

    

23,983

    
 

722

    

Hertz Global Holdings, Inc. (a)​

    

3,285

    
 

244

    

Ryder System, Inc. (a)​

    

29,731

    
     

66,640

    

Repair and Maintenance - 0.0% (†)​

      
 

716

    

Valvoline, Inc. (a)​

    

30,444

    

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.7%

      
 

501

    

Adient PLC ADR (Ireland) (a)​

    

14,965

    
 

185

    

Affiliated Managers Group, Inc. (a)​

    

28,878

    
 

1,446

    

Aramark Corp. (a)​

    

45,563

    
 

190

    

Evercore, Inc. (a)​

    

34,485

    
 

449

    

Federated Investors, Inc. Class B (a)​

    

14,750

    
 

1,423

    

FNF Group (a)​

    

70,438

    
 

589

     Interactive Brokers Group, Inc.
Class A (a)​		    

67,806

    
 

730

     Janus Henderson Group PLC
ADR (United Kingdom) (a)​		    

22,791

    
 

143

    

Morningstar, Inc. (a)​

    

40,419

    
 

915

    

nVent Electric PLC ADR (Ireland) (a)​

    

65,944

    
 

549

    

SEI Investments Co. (a)​

    

36,207

    
 

1,213

    

SLM Corp. (a)​

    

25,703

    
 

563

    

Stifel Financial Corp. (a)​

    

44,995

    
     

512,944

    

Specialty Trade Contractors - 0.3%

      
 

196

    

Comfort Systems USA, Inc. (a)​

    

60,645

    
 

260

    

EMCOR Group, Inc. (a)​

    

92,864

    
 

175

    

TopBuild Corp. (a)​

    

70,817

    
     

224,326

    

Shares

      

Fair Value

  

Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers - 0.1%

      
 

319

    

Dick's Sporting Goods, Inc. (a)​

  

$

64,100

    
 

339

     Ollie's Bargain Outlet Holdings,
Inc. (a)​		    

24,794

    
     

88,894

    

Support Activities for Mining - 0.2%

      
 

473

    

Civitas Resources, Inc. (a)​

    

34,037

    
 

2,743

    

Cleveland-Cliffs Inc. (a)​

    

46,357

    
 

305

    

ONE Gas, Inc. (a)​

    

19,679

    
 

1,392

    

Ovintiv, Inc. (a)​

    

71,437

    
     

171,510

    

Support Activities for Transportation - 0.1%

      
 

638

    

XPO Logistics, Inc. (a)​

    

68,560

    

Telecommunications - 0.1%

      
 

1,222

     Frontier Communications Parent,
Inc. (a)​		    

28,277

    
 

682

    

Iridium Communications, Inc. (a)​

    

20,999

    
 

250

    

Ziff Davis, Inc. (a)​

    

12,527

    
     

61,803

    

Textile Product Mills - 0.1%

      
 

949

    

Tempur-Pedic International, Inc. (a)​

    

47,507

    

Transportation Equipment Manufacturing - 0.4%

      
 

409

    

Autoliv, Inc. (a)​

    

48,994

    
 

1,285

    

Gentex Corp. (a)​

    

44,075

    
 

699

    

Harley-Davidson, Inc. (a)​

    

24,039

    
 

316

    

Lear Corp. (a)​

    

39,775

    
 

293

    

Polaris Industries, Inc. (a)​

    

24,952

    
 

293

    

Thor Industries, Inc. (a)​

    

29,130

    
 

153

    

Visteon Corp. (a)​

    

16,926

    
 

332

    

Woodward, Inc. (a)​

    

53,904

    
     

281,795

    

Truck Transportation - 0.2%

      
 

891

     Knight-Swift Transportation
Holdings, Inc. Class A (a)​		    

41,191

    
 

152

    

Lithia Motors, Inc. Class A (a)​

    

38,666

    
 

147

    

Saia, Inc. (a)​

    

58,334

    
 

350

    

Werner Enterprises, Inc. (a)​

    

11,970

    
     

150,161

    

Utilities - 0.8%

      
 

314

    

Allete, Inc. (a)​

    

18,595

    
 

1,875

    

Antero Midstream Corporation (a)​

    

25,950

    
 

374

    

Black Hills Corp. (a)​

    

20,533

    
 

1,385

    

Essential Utilities, Inc. (a)​

    

50,663

    
 

280

    

IDACORP, Inc. (a)​

    

26,538

    
 

1,122

    

MDU Resources Group, Inc. (a)​

    

27,713

    
 

507

    

National Fuel Gas Co. (a)​

    

26,922

    
 

338

    

NorthWestern Corp. (a)​

    

17,049

    
 

1,106

    

OGE Energy Corp. (a)​

    

38,323

    
 

297

    

Ormat Technologies, Inc. (a)​

    

18,958

    
 

471

    

PNM Resources, Inc. (a)​

    

17,455

    
 

556

    

Portland General Electric Co. (a)​

    

24,036

    
 

327

    

Southwest Gas Holdings, Inc. (a)​

    

24,401

    
 

301

    

Spire, Inc. (a)​

    

18,599

    
 

1,154

    

UGI Corp. (a)​

    

29,496

    
 

1,849

    

Vistra Energy Corp. (a)​

    

140,228

    
     

525,459

    

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

DIREXION SEMI-ANNUAL REPORT
21

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Warehousing and Storage - 0.1%

      
 

198

    

Landstar System, Inc. (a)​

  

$

34,533

    

Waste Management and Remediation Services - 0.2%

      
 

277

    

Clean Harbors, Inc. (a)​

    

52,478

    
 

877

    

Darling International, Inc. (a)​

    

37,158

    
 

508

    

Stericycle, Inc. (a)​

    

22,723

    
     

112,359

    

Water Transportation - 0.1%

      
 

325

    

Kirby Corp. (a)​

    

35,467

    

Wood Product Manufacturing - 0.2%

      
 

355

    

Louisiana-Pacific Corp. (a)​

    

25,982

    
 

600

    

Trex Company, Inc. (a)​

    

53,130

    
 

340

    

UFP Industries, Inc. (a)​

    

38,318

    
     

117,430

    
        TOTAL COMMON STOCKS
(Cost $14,175,341)		  

$

14,172,946

    

SHORT TERM INVESTMENTS - 94.3%

      

Money Market Funds - 94.3%

      
 

47,038,101

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

47,038,101

    
 

17,821,255

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (b)​		    

17,821,255

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $64,859,356)		  

$

64,859,356

    
        TOTAL INVESTMENTS
(Cost $79,034,697) -
114.9% (c)​		  

$

79,032,302

    
        Liabilities in Excess of
Other Assets - (14.9)%		    

(10,277,393

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

68,754,909

    

Percentages are stated as a percent of net assets.

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

(†)​  Less than 0.05%.

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $40,406,775.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
Total return of S&P
MidCap 400®​ Index		   5.9700% representing
1 month SOFR rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

5,711

    

$

15,097,269

    

$

990,471

    
Total return of S&P
MidCap 400®​ Index		   5.8500% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

13,724

      

36,262,749

      

2,424,594

    
Total return of S&P
MidCap 400®​ Index		   5.8600% representing
1 month SOFR rate + spread		  

UBS Securities LLC

  

12/17/2024

    

28,445

      

79,763,386

      

1,011,690

    
Total return of S&P
MidCap 400®​ Index		   5.9700% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

19,264

      

52,984,283

      

1,305,793

    
                   

$

184,107,687

    

$

5,732,548

    

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

DIREXION SEMI-ANNUAL REPORT
22

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

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 69.6%

      

Accommodation - 0.4%

      
 

25,989

    

Airbnb, Inc. (a)​

  

$

4,121,076

    
 

12,912

    

Caesars Entertainment Inc. (a)​

    

462,508

    
 

15,065

     Hilton Worldwide Holdings,
Inc.		    

2,972,023

    
 

42,060

    

Host Hotels & Resorts, Inc.

    

793,672

    
 

22,003

    

Las Vegas Sands Corp.

    

976,053

    
 

14,698

     Marriott International, Inc.
Class A		    

3,470,639

    
 

16,322

    

MGM Resorts International (a)​

    

643,739

    
     

13,439,710

    

Administrative and Support Services - 1.7%

      
 

5,237

    

Allegion PLC ADR (Ireland)

    

636,610

    
 

86,227

     Amcor PLC ADR (United
Kingdom)		    

770,869

    
 

24,522

     Automatic Data Processing,
Inc.		    

5,931,627

    
 

2,088

    

Booking Holdings, Inc.

    

7,207,839

    
 

6,998

     Broadridge Financial
Solutions, Inc.		    

1,353,483

    
 

4,308

    

Corpay, Inc. (a)​

    

1,301,619

    
 

7,393

    

Equifax, Inc.

    

1,627,865

    
 

2,272

    

FactSet Research System, Inc.

    

947,174

    
 

4,641

    

Gartner, Inc. (a)​

    

1,914,830

    
 

17,409

    

Iron Mountain, Inc.

    

1,349,546

    
 

8,510

     Live Nation Entertainment,
Inc. (a)​		    

756,624

    
 

9,404

    

Moody's Corp.

    

3,482,583

    
 

6,165

    

Robert Half, Inc.

    

426,248

    
 

16,790

    

Rollins, Inc.

    

748,162

    
 

14,074

     Royal Caribbean Cruises Ltd.
ADR (Liberia) (a)​		    

1,965,153

    
 

94,373

    

Visa, Inc. Class A

    

25,349,531

    
 

21,900

    

Waste Management, Inc.

    

4,555,638

    
     

60,325,401

    

Air Transportation - 0.1%

      
 

39,019

     American Airlines Group,
Inc. (a)​		    

527,147

    
 

38,205

    

Delta Air Lines, Inc.

    

1,912,924

    
 

35,584

    

Southwest Airlines Co.

    

923,049

    
 

19,572

     United Continental Holdings,
Inc. (a)​		    

1,007,175

    
     

4,370,295

    

Ambulatory Health Care Services - 0.1%

      
 

3,150

    

DaVita, Inc. (a)​

    

437,882

    
 

5,057

     Laboratory Corp. of America
Holdings		    

1,018,328

    
 

3,457

    

Molina Healthcare, Inc. (a)​

    

1,182,640

    
 

6,574

    

Quest Diagnostics, Inc.

    

908,395

    
 

71,551

    

Viatris, Inc.

    

827,845

    
     

4,375,090

    

Amusement, Gambling, and Recreation Industries - 0.4%

      
 

15,515

    

Global Payments, Inc.

    

1,904,776

    
 

109,390

    

The Walt Disney Co.

    

12,153,229

    
 

5,709

    

Wynn Resorts Ltd.

    

523,230

    
     

14,581,235

    

Shares

      

Fair Value

  

Apparel Manufacturing - 0.1%

      
 

1,460

    

Deckers Outdoor Corp. (a)​

  

$

1,194,966

    
 

6,862

    

Lululemon Athletica, Inc. (a)​

    

2,474,437

    
 

2,321

    

Ralph Lauren Corp.

    

379,809

    
     

4,049,212

    

Beverage and Tobacco Product Manufacturing - 1.4%

      
 

105,182

    

Altria Group, Inc.

    

4,608,023

    
 

232,117

    

Coca-Cola Co.

    

14,337,867

    
 

9,559

     Constellation Brands, Inc.
Class A		    

2,422,824

    
 

62,125

    

Keurig Dr Pepper, Inc.

    

2,093,612

    
 

11,039

     Molson Coors Brewing Co.
Class B		    

632,093

    
 

44,073

    

Monster Beverage Corp. (a)​

    

2,355,702

    
 

81,983

    

PepsiCo, Inc.

    

14,421,630

    
 

92,591

     Philip Morris International,
Inc.		    

8,790,590

    
     

49,662,341

    

Broadcasting and Content Providers - 0.3%

      
 

5,885

     Charter Communications,
Inc. (a)​		    

1,506,207

    
 

236,375

    

Comcast Corp. Class A

    

9,008,251

    
 

14,258

    

FOX Corp. Class A

    

442,140

    
 

7,865

    

FOX Corp. Class B

    

225,568

    
 

28,743

    

Paramount Global Class B

    

327,383

    
 

132,363

    

Warner Bros Discovery, Inc. (a)​

    

974,192

    
     

12,483,741

    

Building Material and Garden Equipment and Supplies Dealers - 0.8%

      
 

34,316

    

Lowe's Companies, Inc.

    

7,823,705

    
 

3,141

    

Snap-on, Inc.

    

841,662

    
 

59,366

    

The Home Depot, Inc.

    

19,841,305

    
 

6,464

    

Tractor Supply Co.

    

1,765,189

    
     

30,271,861

    

Chemical Manufacturing - 5.3%

      
 

105,351

    

AbbVie, Inc.

    

17,134,287

    
 

13,304

    

Air Products & Chemicals, Inc.

    

3,144,268

    
 

6,981

    

Albemarle Corp.

    

839,884

    
 

31,921

    

Amgen, Inc.

    

8,744,439

    
 

8,660

    

Biogen, Inc. (a)​

    

1,860,341

    
 

9,415

    

Bio-Techne Corp.

    

595,122

    
 

121,378

    

Bristol-Myers Squibb Co.

    

5,333,349

    
 

10,803

    

Catalent, Inc. (a)​

    

603,348

    
 

5,980

    

Celanese Corp.

    

918,588

    
 

11,394

    

CF Industries Holdings, Inc.

    

899,784

    
 

14,676

    

Church & Dwight Co., Inc.

    

1,583,394

    
 

7,428

    

Clorox Co.

    

1,098,378

    
 

49,120

    

Colgate-Palmolive Co.

    

4,515,111

    
 

25,694

    

DuPont de Nemours, Inc.

    

1,862,815

    
 

6,977

    

Eastman Chemical Co.

    

658,908

    
 

15,122

    

Ecolab, Inc.

    

3,419,840

    
 

47,580

    

Eli Lilly and Company

    

37,164,738

    
 

7,435

    

FMC Corp.

    

438,739

    
 

74,322

    

Gilead Sciences, Inc.

    

4,845,795

    
 

11,086

    

Incyte Corp. (a)​

    

577,026

    
 

34,191

    

IntercontinentalExchange, Inc.

    

4,402,433

    

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

DIREXION SEMI-ANNUAL REPORT
23

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

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Chemical Manufacturing (continued)

      
 

15,244

     International Flavors &
Fragrances, Inc.		  

$

1,290,405

    
 

102,821

    

Kenvue, Inc.

    

1,935,091

    
 

20,108

    

Kimberly-Clark Corp.

    

2,745,345

    
 

28,925

    

Linde PLC ADR (Ireland)

    

12,754,768

    
 

15,267

     LyondellBasell Industries N.V.
Class A ADR (Netherlands)		    

1,526,242

    
 

151,197

    

Merck & Co., Inc.

    

19,537,676

    
 

19,468

    

Mosaic Co.

    

611,101

    
 

336,877

    

Pfizer, Inc.

    

8,630,789

    
 

14,067

    

PPG Industries, Inc.

    

1,814,643

    
 

140,336

    

Procter & Gamble Co.

    

22,902,835

    
 

6,264

     Regeneron Pharmaceuticals,
Inc. (a)​		    

5,579,094

    
 

15,372

    

Vertex Pharmaceuticals, Inc. (a)​

    

6,038,275

    
 

4,413

     West Pharmaceutical Services,
Inc.		    

1,577,559

    
 

27,389

    

Zoetis, Inc.

    

4,361,424

    
     

191,945,834

    

Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 0.3%

      
 

13,418

    

Bath & Body Works, Inc.

    

609,445

    
 

20,094

    

Ross Stores, Inc.

    

2,603,178

    
 

68,024

    

TJX Companies, Inc.

    

6,400,378

    
     

9,613,001

    

Computer and Electronic Product Manufacturing - 16.3%

      
 

96,400

     Advanced Micro Devices,
Inc. (a)​		    

15,267,832

    
 

17,462

    

Agilent Technologies, Inc.

    

2,392,993

    
 

351,536

    

Alphabet, Inc. (a)​

    

57,223,030

    
 

294,326

    

Alphabet, Inc. Class C (a)​

    

48,457,833

    
 

13,802

    

AMETEK, Inc.

    

2,410,657

    
 

35,759

    

Amphenol Corp. Class A

    

4,318,614

    
 

29,558

    

Analog Devices, Inc.

    

5,929,630

    
 

865,905

    

Apple, Inc.

    

147,489,599

    
 

15,055

    

Arista Networks, Inc. (a)​

    

3,862,511

    
 

1,252

    

Bio-Rad Laboratories, Inc. (a)​

    

337,727

    
 

26,247

    

Broadcom, Inc.

    

34,128,187

    
 

242,390

    

Cisco Systems, Inc.

    

11,387,482

    
 

39,246

    

Danaher Corp.

    

9,678,849

    
 

8,150

    

Enphase Energy, Inc. (a)​

    

886,394

    
 

38,025

    

Fortinet, Inc. (a)​

    

2,402,420

    
 

20,934

    

Fortive Corp.

    

1,575,702

    
 

25,250

     GE HealthCare Technologies,
Inc.		    

1,925,060

    
 

14,004

    

Hologic, Inc. (a)​

    

1,061,083

    
 

52,030

    

HP, Inc.

    

1,461,523

    
 

4,957

    

IDEXX Laboratories, Inc. (a)​

    

2,442,611

    
 

9,463

    

Illumina, Inc. (a)​

    

1,164,422

    
 

252,207

    

Intel Corp.

    

7,684,747

    
 

54,567

     International Business
Machines Corp.		    

9,069,035

    
 

7,613

    

Jabil Circuit, Inc.

    

893,462

    
 

10,402

    

Keysight Technologies, Inc. (a)​

    

1,538,872

    
 

11,287

    

L3Harris Technologies, Inc.

    

2,415,982

    
 

32,211

    

Microchip Technology, Inc.

    

2,962,768

    
 

65,865

    

Micron Technology, Inc.

    

7,440,110

    

Shares

      

Fair Value

  

Computer and Electronic Product Manufacturing (continued)

      
 

2,865

     Monolithic Power Systems,
Inc.		  

$

1,917,630

    
 

9,893

    

Motorola Solutions, Inc.

    

3,355,211

    
 

12,261

    

NetApp, Inc.

    

1,253,197

    
 

8,385

    

Northrop Grumman Corp.

    

4,066,977

    
 

147,363

    

NVIDIA Corp.

    

127,324,579

    
 

15,379

     NXP Semiconductors NV
ADR (Netherlands)		    

3,939,946

    
 

25,499

    

ON Semiconductor Corp. (a)​

    

1,789,010

    
 

24,177

    

Otis Worldwide Corp.

    

2,204,942

    
 

7,401

    

PerkinElmer, Inc.

    

758,380

    
 

5,737

    

Qorvo, Inc. (a)​

    

670,311

    
 

66,543

    

Qualcomm, Inc.

    

11,036,157

    
 

6,375

    

Roper Technologies, Inc.

    

3,260,558

    
 

79,151

    

RTX Corp.

    

8,035,410

    
 

11,665

     Seagate Technology Holdings
PLC ADR (Ireland)		    

1,002,140

    
 

9,562

    

Skyworks Solutions, Inc.

    

1,019,214

    
 

3,020

    

Super Micro Computer, Inc. (a)​

    

2,593,576

    
 

9,119

    

Teradyne, Inc.

    

1,060,722

    
 

54,209

    

Texas Instruments, Inc.

    

9,563,552

    
 

23,079

    

Thermo Fisher Scientific, Inc.

    

13,125,489

    
 

14,844

    

Trimble, Inc. (a)​

    

891,679

    
 

3,532

    

Waters Corp. (a)​

    

1,091,529

    
 

19,339

    

Western Digital Corp. (a)​

    

1,369,781

    
 

3,061

     Zebra Technologies Corp.
Class A (a)​		    

962,868

    
     

590,101,993

    

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.2%

      
 

35,837

    

Fiserv, Inc. (a)​

    

5,471,235

    

Construction of Buildings - 0.2%

      
 

17,804

    

D.R. Horton, Inc.

    

2,536,892

    
 

14,709

    

Lennar Corp. Class A

    

2,230,179

    
 

224

    

NVR, Inc. (a)​

    

1,666,302

    
 

12,619

    

PulteGroup, Inc.

    

1,406,009

    
     

7,839,382

    

Couriers and Messengers - 0.3%

      
 

13,753

    

FedEx Corp.

    

3,600,260

    
 

43,175

     United Parcel Service, Inc.
Class B		    

6,367,449

    
     

9,967,709

    

Credit Intermediation and Related Activities - 3.6%

      
 

34,149

    

American Express Co.

    

7,991,891

    
 

410,731

    

Bank of America Corp.

    

15,201,154

    
 

45,294

     Bank of New York Mellon
Corp.		    

2,558,658

    
 

22,703

    

Capital One Financial Corp.

    

3,256,291

    
 

113,552

    

Citigroup, Inc.

    

6,964,144

    
 

27,837

    

Citizens Financial Group, Inc.

    

949,520

    
 

7,863

    

Comerica, Inc.

    

394,487

    
 

14,921

    

Discover Financial Services

    

1,890,938

    
 

35,331

     Fidelity National Information
Services, Inc.		    

2,399,682

    
 

40,639

    

Fifth Third Bancorp

    

1,481,698

    

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

DIREXION SEMI-ANNUAL REPORT
24

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

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Credit Intermediation and Related Activities (continued)

      
 

86,417

    

Huntington Bancshares, Inc.

  

$

1,164,037

    
 

172,489

    

JPMorgan Chase & Co.

    

33,073,041

    
 

55,851

    

KeyCorp

    

809,281

    
 

9,906

    

M&T Bank Corp.

    

1,430,327

    
 

49,209

    

MasterCard, Inc. Class A

    

22,203,101

    
 

12,201

    

Northern Trust Corp.

    

1,005,240

    
 

23,737

     PNC Financial Services
Group, Inc.		    

3,637,933

    
 

55,136

    

Regions Financial Corp.

    

1,062,471

    
 

18,060

    

State Street Corp.

    

1,309,169

    
 

24,301

    

Synchrony Financial

    

1,068,758

    
 

79,564

    

Truist Financial Corp.

    

2,987,628

    
 

92,881

    

U.S. Bancorp

    

3,773,755

    
 

214,715

    

Wells Fargo & Co.

    

12,736,894

    
     

129,350,098

    

Electrical Equipment, Appliance, and Component Manufacturing - 0.3%

      
 

7,362

    

A.O. Smith Corp.

    

609,868

    
 

4,218

    

Axon Enterprise, Inc. (a)​

    

1,323,018

    
 

34,138

    

Emerson Electric Co.

    

3,679,393

    
 

3,607

    

Generac Holdings, Inc. (a)​

    

490,408

    
 

6,846

    

Rockwell Automation, Inc.

    

1,854,992

    
 

18,429

     TE Connectivity Ltd. ADR
(Switzerland)		    

2,607,335

    
     

10,565,014

    

Fabricated Metal Product Manufacturing - 0.1%

      
 

18,823

    

Ball Corp.

    

1,309,516

    
 

14,646

    

Nucor Corp.

    

2,468,291

    
 

9,848

    

Pentair PLC ADR (Ireland)

    

778,878

    
 

9,103

    

Stanley Black & Decker, Inc.

    

832,014

    
     

5,388,699

    

Food and Beverage Retailers - 0.1%

      
 

39,477

    

Kroger Co.

    

2,186,236

    

Food Manufacturing - 0.6%

      
 

31,792

    

Archer-Daniels-Midland Co.

    

1,864,919

    
 

8,660

     Bunge Global SA ADR
(Switzerland)		    

881,242

    
 

11,720

    

Campbell Soup Co.

    

535,721

    
 

33,862

    

General Mills, Inc.

    

2,385,916

    
 

17,276

    

Hormel Foods Corp.

    

614,335

    
 

15,738

    

Kellanova

    

910,601

    
 

8,626

    

Lamb Weston Holdings, Inc.

    

718,891

    
 

15,027

    

McCormick & Co, Inc.

    

1,142,954

    
 

80,313

    

Mondelez International, Inc.

    

5,777,717

    
 

8,988

    

The Hershey Co.

    

1,742,953

    
 

6,330

    

The J.M. Smucker Co.

    

727,000

    
 

47,568

    

The Kraft Heinz Co.

    

1,836,600

    
 

17,065

    

Tyson Foods, Inc. Class A

    

1,034,992

    
     

20,173,841

    

Food Services and Drinking Places - 0.8%

      
 

1,637

    

Chipotle Mexican Grill, Inc. (a)​

    

5,172,265

    
 

7,087

    

Darden Restaurants, Inc.

    

1,087,217

    
 

2,087

    

Domino's Pizza, Inc.

    

1,104,587

    
 

43,279

    

McDonald's Corp.

    

11,816,898

    
 

67,575

    

Starbucks Corp.

    

5,979,712

    

Shares

      

Fair Value

  

Food Services and Drinking Places (continued)

      
 

13,025

    

Veralto Corp.

  

$

1,220,182

    
 

16,761

    

Yum! Brands, Inc.

    

2,367,491

    
     

28,748,352

    

Funds, Trusts, and Other Financial Vehicles - 0.1%

      
 

9,132

    

Garmin Ltd. ADR (Switzerland)

    

1,319,300

    
 

13,390

    

T. Rowe Price Group, Inc.

    

1,467,142

    
     

2,786,442

    

Furniture, Home Furnishings, Electronics, and Appliance Retailers - 0.0% (†)​

      
 

11,426

    

Best Buy Co., Inc.

    

841,411

    

Gasoline Stations and Fuel Dealers - 0.5%

      
 

103,411

    

Chevron Corp.

    

16,677,092

    

General Merchandise Retailers - 3.9%

      
 

545,291

    

Amazon.com, Inc. (a)​

    

95,425,925

    
 

26,506

    

Costco Wholesale Corp.

    

19,161,187

    
 

13,038

    

Dollar General Corp.

    

1,814,759

    
 

12,344

    

Dollar Tree, Inc. (a)​

    

1,459,678

    
 

30,937

    

eBay, Inc.

    

1,594,493

    
 

7,109

    

Etsy, Inc. (a)​

    

488,175

    
 

27,480

    

Target Corp.

    

4,423,730

    
 

255,387

    

Walmart, Inc.

    

15,157,219

    
     

139,525,166

    

Health and Personal Care Retailers - 0.2%

      
 

75,067

    

CVS Health Corp.

    

5,082,787

    
 

2,903

    

Ulta Beauty, Inc. (a)​

    

1,175,250

    
 

42,652

    

Walgreens Boots Alliance, Inc.

    

756,220

    
     

7,014,257

    

Hospitals - 0.1%

      
 

11,781

    

HCA Healthcare, Inc.

    

3,649,989

    
 

3,578

     Universal Health Services, Inc.
Class B		    

609,799

    
     

4,259,788

    

Insurance Carriers and Related Activities - 3.9%

      
 

31,384

    

Aflac, Inc.

    

2,625,272

    
 

15,645

    

Allstate Corp.

    

2,660,589

    
 

41,887

     American International
Group, Inc.		    

3,154,510

    
 

11,922

     Aon PLC ADR (United
Kingdom)		    

3,362,123

    
 

22,132

     Arch Capital Group Ltd.
ADR (a)​		    

2,070,227

    
 

12,930

    

Arthur J. Gallagher & Co.

    

3,034,542

    
 

3,101

    

Assurant, Inc.

    

540,814

    
 

108,522

     Berkshire Hathaway, Inc.
Class B (a)​		    

43,053,933

    
 

14,126

    

Brown & Brown, Inc.

    

1,151,834

    
 

31,864

    

Centene Corp. (a)​

    

2,327,984

    
 

24,164

     Chubb Limited ADR
(Switzerland)		    

6,008,137

    
 

17,452

    

Cigna Corp.

    

6,231,062

    
 

9,403

    

Cincinnati Financial Corp.

    

1,087,833

    
 

14,019

    

Elevance Health, Inc.

    

7,410,163

    
 

2,613

    

Everest Re Group Ltd. ADR

    

957,429

    
 

5,109

    

Globe Life, Inc.

    

389,152

    

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

DIREXION SEMI-ANNUAL REPORT
25

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

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Insurance Carriers and Related Activities (continued)

      
 

17,771

     Hartford Financial Services
Group, Inc.		  

$

1,721,832

    
 

7,330

    

Humana, Inc.

    

2,214,320

    
 

10,855

    

Loews Corp.

    

815,753

    
 

29,361

     Marsh & McLennan
Companies, Inc.		    

5,855,464

    
 

36,598

    

MetLife, Inc.

    

2,601,386

    
 

13,028

    

Principal Financial Group, Inc.

    

1,031,036

    
 

34,909

    

Progressive Corp.

    

7,269,799

    
 

21,543

    

Prudential Financial, Inc.

    

2,380,071

    
 

13,617

    

Travelers Companies, Inc.

    

2,888,983

    
 

55,198

    

UnitedHealth Group, Inc.

    

26,699,273

    
 

12,084

    

W.R. Berkley Corp.

    

930,105

    
 

6,162

     Willis Towers Watson PLC
ADR (Ireland)		    

1,547,525

    
     

142,021,151

    

Leather and Allied Product Manufacturing - 0.2%

      
 

72,578

    

NIKE, Inc. Class B

    

6,696,046

    
 

13,718

    

Tapestry, Inc.

    

547,623

    
     

7,243,669

    

Machinery Manufacturing - 1.9%

      
 

49,619

    

Applied Materials, Inc.

    

9,856,814

    
 

59,672

    

Baker Hughes Co.

    

1,946,501

    
 

49,853

    

Carrier Global Corp.

    

3,065,461

    
 

30,345

    

Caterpillar, Inc.

    

10,152,527

    
 

8,487

    

Cummins, Inc.

    

2,397,493

    
 

15,515

    

Deere & Co.

    

6,072,726

    
 

64,921

    

General Electric Co.

    

10,505,516

    
 

4,477

    

IDEX Corp.

    

986,999

    
 

24,143

    

Ingersoll Rand, Inc.

    

2,253,025

    
 

7,836

    

Lam Research Corp.

    

7,008,597

    
 

1,289

     Mettler-Toledo International,
Inc. (a)​		    

1,585,083

    
 

3,176

    

Nordson Corp.

    

820,011

    
 

7,691

    

Parker Hannifin Corp.

    

4,190,903

    
 

13,572

     Trane Technologies PLC ADR
(Ireland)		    

4,306,938

    
 

14,395

    

Xylem, Inc.

    

1,881,427

    
     

67,030,021

    

Management of Companies and Enterprises - 0.3%

      
 

103,536

    

Abbott Laboratories

    

10,971,710

    
 

60,076

     Carnival Corp. ADR
(Panama) (a)​		    

890,326

    
 

25,330

     Norwegian Cruise Line
Holdings Ltd. ADR (a)​		    

479,244

    
     

12,341,280

    

Merchant Wholesalers, Durable Goods - 0.7%

      
 

7,397

    

Builders FirstSource, Inc. (a)​

    

1,352,320

    
 

5,143

    

Cintas Corp.

    

3,385,843

    
 

52,074

    

Copart, Inc. (a)​

    

2,828,139

    
 

34,176

    

Fastenal Co.

    

2,321,917

    
 

8,305

    

Genuine Parts Co.

    

1,305,629

    
 

7,788

    

Henry Schein, Inc. (a)​

    

539,553

    
 

3,154

    

Hubbell, Inc.

    

1,168,620

    
 

2,339

     Huntington Ingalls Industries,
Inc.		    

647,739

    

Shares

      

Fair Value

  

Merchant Wholesalers, Durable Goods (continued)

      
 

40,663

     Johnson Controls International
PLC ADR (Ireland)		  

$

2,645,941

    
 

8,098

    

KLA-Tencor Corp.

    

5,581,870

    
 

15,965

    

LKQ Corp.

    

688,570

    
 

3,146

    

Mohawk Industries, Inc. (a)​

    

362,797

    
 

2,297

    

Pool Corp.

    

832,731

    
 

2,631

    

W.W. Grainger, Inc.

    

2,424,072

    
 

15,334

    

WestRock Co.

    

735,419

    
     

26,821,160

    

Merchant Wholesalers, Nondurable Goods - 0.5%

      
 

10,808

    

Brown Forman Corp. Class B

    

517,163

    
 

14,514

    

Cardinal Health, Inc.

    

1,495,523

    
 

9,867

    

Cencora, Inc.

    

2,358,706

    
 

28,540

    

ConAgra Brands, Inc.

    

878,461

    
 

16,207

    

Illinois Tool Works, Inc.

    

3,956,291

    
 

7,856

    

McKesson Corp.

    

4,220,322

    
 

29,671

    

Sysco Corp.

    

2,205,149

    
 

14,055

    

The Sherwin Williams Co.

    

4,211,018

    
     

19,842,633

    

Mining (except Oil and Gas) - 0.3%

      
 

85,525

     Freeport-McMoRan Copper &
Gold, Inc.		    

4,271,119

    
 

3,656

    

Martin Marietta Materials, Inc.

    

2,146,328

    
 

68,774

    

Newmont Corp.

    

2,794,975

    
 

7,864

    

Vulcan Materials Co.

    

2,026,002

    
     

11,238,424

    

Miscellaneous Manufacturing - 2.1%

      
 

32,964

    

3M Co.

    

3,181,356

    
 

4,243

    

Align Technology, Inc. (a)​

    

1,198,138

    
 

30,321

    

Baxter International, Inc.

    

1,224,059

    
 

17,233

    

Becton, Dickinson & Co.

    

4,042,862

    
 

87,361

    

Boston Scientific Corp. (a)​

    

6,278,635

    
 

23,015

    

DexCom, Inc. (a)​

    

2,931,881

    
 

8,285

    

Dover Corp.

    

1,485,500

    
 

36,170

    

Edwards Lifesciences Corp. (a)​

    

3,062,514

    
 

13,836

     Estee Lauder Companies, Inc.
Class A		    

2,029,880

    
 

7,810

    

Hasbro, Inc.

    

478,753

    
 

4,205

    

Insulet Corp. (a)​

    

723,008

    
 

21,037

    

Intuitive Surgical, Inc. (a)​

    

7,796,733

    
 

143,614

    

Johnson & Johnson

    

20,765,148

    
 

79,315

    

Medtronic PLC ADR (Ireland)

    

6,364,236

    
 

8,717

    

ResMed, Inc.

    

1,865,351

    
 

8,237

    

Solventum Corp. (a)​

    

535,487

    
 

5,889

    

Steris PLC ADR (Ireland)

    

1,204,654

    
 

20,173

    

Stryker Corp.

    

6,788,214

    
 

2,739

    

Teleflex, Inc.

    

571,766

    
 

11,690

    

Textron, Inc.

    

988,857

    
 

11,848

    

The Cooper Companys, Inc.

    

1,055,183

    
 

12,511

    

Zimmer Biomet Holdings, Inc.

    

1,504,823

    
     

76,077,038

    

Motion Picture and Sound Recording Industries - 0.4%

      
 

25,811

    

Netflix, Inc. (a)​

    

14,212,569

    
 

9,447

     Take-Two Interactive Software,
Inc. (a)​		    

1,349,126

    
     

15,561,695

    

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

DIREXION SEMI-ANNUAL REPORT
26

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

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Motor Vehicle and Parts Dealers - 0.2%

      
 

1,029

    

AutoZone, Inc. (a)​

  

$

3,042,136

    
 

9,430

    

CarMax, Inc. (a)​

    

640,957

    
 

3,529

    

O'Reilly Automotive, Inc. (a)​

    

3,575,794

    
     

7,258,887

    

National Security and International Affairs - 0.0% (†)​

      
 

8,225

    

Leidos Holdings, Inc.

    

1,153,310

    

Nonmetallic Mineral Product Manufacturing - 0.0% (†)​

      
 

45,812

    

Corning, Inc.

    

1,529,205

    

Oil and Gas Extraction - 0.4%

      
 

21,534

    

APA Corp.

    

677,029

    
 

44,864

    

Coterra Energy, Inc.

    

1,227,479

    
 

38,219

    

Devon Energy Corp.

    

1,956,048

    
 

49,896

    

Dominion Energy, Inc.

    

2,543,698

    
 

34,759

    

EOG Resources, Inc.

    

4,592,707

    
 

24,527

    

EQT Corp.

    

983,288

    
 

34,905

    

Marathon Oil Corp.

    

937,199

    
 

39,302

    

Occidental Petroleum Corp.

    

2,599,434

    
     

15,516,882

    

Paper Manufacturing - 0.0% (†)​

      
 

5,290

    

Packaging Corp of America

    

915,064

    

Performing Arts, Spectator Sports, and Related Industries - 0.1%

      
 

14,518

    

Electronic Arts, Inc.

    

1,841,173

    

Petroleum and Coal Products Manufacturing - 1.3%

      
 

70,306

    

ConocoPhillips

    

8,831,840

    
 

236,892

    

Exxon Mobil Corp.

    

28,017,217

    
 

21,962

    

Marathon Petroleum Corp.

    

3,990,935

    
 

25,667

    

Phillips 66

    

3,675,771

    
 

20,280

    

Valero Energy Corp.

    

3,242,163

    
     

47,757,926

    

Pipeline Transportation - 0.1%

      
 

72,545

    

Williams Companies, Inc.

    

2,782,826

    

Plastics and Rubber Products Manufacturing - 0.0% (†)​

      
 

4,816

    

Avery Dennison Corp.

    

1,046,420

    

Primary Metal Manufacturing - 0.1%

      
 

23,327

    

Howmet Aerospace, Inc.

    

1,557,077

    
 

9,065

    

Steel Dynamics, Inc.

    

1,179,538

    
     

2,736,615

    

Professional, Scientific, and Technical Services - 3.4%

      
 

37,393

     Accenture PLC Class A ADR
(Ireland)		    

11,251,928

    
 

7,961

    

CDW Corp.

    

1,925,447

    
 

3,058

     Charles River Laboratories
International, Inc. (a)​		    

700,282

    
 

29,671

     Cognizant Technology
Solutions Corp. Class A		    

1,948,791

    
 

23,847

     Eaton Corporation PLC ADR
(Ireland)		    

7,589,546

    
 

3,437

    

EPAM Systems, Inc. (a)​

    

808,589

    
 

12,572

    

Extra Space Storage, Inc.

    

1,688,168

    
 

3,511

    

F5 Networks, Inc. (a)​

    

580,403

    
 

20,647

    

International Paper Co.

    

721,406

    
 

22,823

     Interpublic Group of
Companies, Inc.		    

694,732

    

Shares

      

Fair Value

  

Professional, Scientific, and Technical Services (continued)

      
 

10,875

    

IQVIA Holdings, Inc. (a)​

  

$

2,520,499

    
 

4,353

    

Jack Henry & Associates, Inc.

    

708,190

    
 

7,430

    

Jacobs Solutions, Inc.

    

1,066,428

    
 

19,213

    

Juniper Networks, Inc.

    

668,997

    
 

16,209

    

Match Group, Inc. (a)​

    

499,561

    
 

131,238

    

Meta Platforms, Inc.

    

56,454,650

    
 

19,782

    

Moderna, Inc. (a)​

    

2,182,152

    
 

11,808

    

Omnicom Group, Inc.

    

1,096,255

    
 

95,114

    

Oracle Corp.

    

10,819,218

    
 

18,823

    

Palto Alto Networks, Inc. (a)​

    

5,475,422

    
 

19,101

    

Paychex, Inc.

    

2,269,390

    
 

2,869

    

Paycom Software, Inc.

    

539,315

    
 

12,193

    

ServiceNow, Inc. (a)​

    

8,453,773

    
 

2,752

    

Teledyne Technologies, Inc. (a)​

    

1,049,833

    
 

5,260

    

VeriSign, Inc. (a)​

    

891,465

    
 

8,640

    

Verisk Analytics, Inc. Class A

    

1,883,174

    
     

124,487,614

    

Publishing Industries - 6.4%

      
 

26,963

    

Adobe, Inc. (a)​

    

12,479,285

    
 

9,016

    

Akamai Technologies, Inc. (a)​

    

909,985

    
 

5,194

    

Ansys, Inc. (a)​

    

1,687,427

    
 

12,758

    

Autodesk, Inc. (a)​

    

2,715,540

    
 

16,217

     Cadence Design Systems,
Inc. (a)​		    

4,469,892

    
 

9,356

    

Dayforce, Inc. (a)​

    

574,178

    
 

1,470

    

Fair Isaac Corp. (a)​

    

1,665,995

    
 

77,540

    

Hewlett Packard Enterprise Co.

    

1,318,180

    
 

16,686

    

Intuit, Inc.

    

10,439,095

    
 

443,263

    

Microsoft Corp.

    

172,575,584

    
 

22,703

    

News Corp. Class A

    

540,332

    
 

6,850

    

News Corp. Class B

    

168,099

    
 

33,427

    

NortonLifeLock, Inc.

    

673,220

    
 

7,096

    

PTC, Inc. (a)​

    

1,259,114

    
 

57,747

    

Salesforce, Inc.

    

15,530,478

    
 

9,095

    

Synopsys, Inc. (a)​

    

4,825,716

    
 

2,522

    

Tyler Technologies, Inc. (a)​

    

1,164,029

    
     

232,996,149

    

Rail Transportation - 0.3%

      
 

117,881

    

CSX Corp.

    

3,916,007

    
 

36,360

    

Union Pacific Corp.

    

8,623,137

    
     

12,539,144

    

Real Estate - 1.2%

      
 

9,410

     Alexandria Real Estate
Equities, Inc.		    

1,090,337

    
 

27,833

    

American Tower Corp.

    

4,775,029

    
 

8,491

    

AvalonBay Communities, Inc.

    

1,609,639

    
 

8,627

    

Boston Properties, Inc.

    

533,925

    
 

6,372

    

Camden Property Trust

    

635,161

    
 

17,720

    

CBRE Group, Inc. Class A (a)​

    

1,539,691

    
 

25,874

    

Crown Castle, Inc.

    

2,426,464

    
 

18,068

    

Digital Realty Trust, Inc.

    

2,507,477

    
 

20,615

    

Equity Residential

    

1,327,606

    
 

3,822

    

Essex Property Trust, Inc.

    

941,168

    
 

4,393

     Federal Realty Investment
Trust		    

457,619

    
 

42,222

    

Healthpeak Properties, Inc.

    

785,751

    

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

DIREXION SEMI-ANNUAL REPORT
27

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

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Real Estate (continued)

      
 

34,324

    

Invitation Homes, Inc.

  

$

1,173,881

    
 

39,733

    

Kimco Realty Corp.

    

740,226

    
 

7,003

     Mid-America Apartment
Communities, Inc.		    

910,390

    
 

55,134

    

Prologis, Inc.

    

5,626,425

    
 

9,452

    

Public Storage

    

2,452,321

    
 

49,602

    

Realty Income Corp.

    

2,655,691

    
 

9,832

    

Regency Centers Corp.

    

582,251

    
 

19,431

    

Simon Property Group, Inc.

    

2,730,638

    
 

18,052

    

UDR, Inc.

    

687,420

    
 

24,018

    

Ventas, Inc.

    

1,063,517

    
 

61,709

    

VICI Properties, Inc.

    

1,761,792

    
 

33,007

    

Welltower, Inc.

    

3,144,907

    
 

43,505

    

Weyerhaeuser Co.

    

1,312,546

    
     

43,471,872

    

Rental and Leasing Services - 0.1%

      
 

4,007

    

United Rentals, Inc.

    

2,676,636

    

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.6%

      
 

5,984

    

Ameriprise Financial, Inc.

    

2,464,151

    
 

8,281

    

BlackRock, Inc.

    

6,249,174

    
 

6,258

    

Cboe Global Markets, Inc.

    

1,133,637

    
 

88,816

    

Charles Schwab Corp.

    

6,567,943

    
 

21,500

    

CME Group, Inc.

    

4,507,260

    
 

41,903

    

Dow, Inc.

    

2,384,281

    
 

17,887

    

Franklin Resources, Inc.

    

408,539

    
 

19,444

    

Goldman Sachs Group, Inc.

    

8,296,949

    
 

26,823

    

Invesco Ltd. ADR (a)​

    

380,082

    
 

2,260

    

MarketAxess Holdings, Inc.

    

452,203

    
 

74,715

    

Morgan Stanley

    

6,787,111

    
 

4,719

    

MSCI, Inc. Class A

    

2,198,063

    
 

22,702

    

NASDAQ OMX Group, Inc.

    

1,358,715

    
 

11,264

    

Raymond James Financial, Inc.

    

1,374,208

    
 

19,172

    

S&P Global, Inc.

    

7,972,293

    
 

42,914

    

The Blackstone Group, Inc.

    

5,004,201

    
     

57,538,810

    

Specialty Trade Contractors - 0.1%

      
 

8,660

    

Quanta Services, Inc.

    

2,239,130

    

Support Activities for Agriculture and Forestry - 0.1%

      
 

41,870

    

Corteva, Inc.

    

2,266,423

    

Support Activities for Mining - 0.4%

      
 

10,665

    

Diamondback Energy, Inc.

    

2,145,051

    
 

53,095

    

Halliburton Co.

    

1,989,470

    
 

16,409

    

Hess Corp.

    

2,584,253

    
 

13,902

    

Pioneer Natural Resources Co.

    

3,744,087

    
 

85,145

     Schlumberger Ltd. ADR
(Curaco) (a)​		    

4,042,685

    
 

13,340

    

Targa Resources Corp.

    

1,521,560

    
     

16,027,106

    

Support Activities for Transportation - 0.2%

      
 

6,998

    

C.H. Robinson Worldwide, Inc.

    

496,858

    
 

7,824

    

Expedia, Inc. (a)​

    

1,053,345

    
 

8,667

     Expeditors International of
Washington, Inc.		    

964,724

    

Shares

      

Fair Value

  

Support Activities for Transportation (continued)

      
 

4,869

     J.B. Hunt Transport Services,
Inc.		  

$

791,553

    
 

13,414

    

Norfolk Southern Corp.

    

3,089,513

    
     

6,395,993

    

Telecommunications - 0.9%

      
 

426,557

    

AT&T, Inc.

    

7,204,548

    
 

5,611

    

Equinix, Inc.

    

3,990,038

    
 

63,897

    

PayPal Holdings, Inc. (a)​

    

4,339,884

    
 

6,449

    

SBA Communications Corp.

    

1,200,288

    
 

31,168

    

T-Mobile US, Inc.

    

5,116,851

    
 

250,788

    

Verizon Communications, Inc.

    

9,903,618

    
     

31,755,227

    

Transit and Ground Passenger Transportation - 0.2%

      
 

122,751

    

Uber Technologies, Inc. (a)​

    

8,134,709

    

Transportation Equipment Manufacturing - 1.9%

      
 

16,633

     Aptiv PLC ADR (United
Kingdom) (a)​		    

1,180,943

    
 

34,207

    

Boeing Co. (a)​

    

5,741,303

    
 

13,745

    

BorgWarner, Inc.

    

450,424

    
 

232,808

    

Ford Motor Co.

    

2,828,617

    
 

13,537

    

General Dynamics Corp.

    

3,886,337

    
 

68,895

    

General Motors Co.

    

3,067,895

    
 

39,333

    

Honeywell International, Inc.

    

7,580,649

    
 

12,869

    

Lockheed Martin Corp.

    

5,983,184

    
 

31,227

    

Paccar, Inc.

    

3,313,497

    
 

165,268

    

Tesla, Inc. (a)​

    

30,290,319

    
 

3,325

    

TransDigm Group, Inc.

    

4,149,700

    
 

10,677

    

Wabtec Corp.

    

1,719,851

    
     

70,192,719

    

Truck Transportation - 0.1%

      
 

10,701

     Old Dominion Freight Line,
Inc.		    

1,944,479

    

Utilities - 1.8%

      
 

39,947

    

AES Corp.

    

715,051

    
 

15,214

    

Alliant Energy Corp.

    

757,657

    
 

15,683

    

Ameren Corp.

    

1,158,503

    
 

31,348

     American Electric Power Co.,
Inc.		    

2,696,868

    
 

11,655

     American Water Works Co.,
Inc.		    

1,425,640

    
 

9,016

    

Atmos Energy Corp.

    

1,062,986

    
 

37,664

    

CenterPoint Energy, Inc.

    

1,097,529

    
 

17,607

    

CMS Energy Corp.

    

1,067,160

    
 

20,605

    

Consolidated Edison, Inc.

    

1,945,112

    
 

19,028

    

Constellation Energy Corp.

    

3,538,066

    
 

12,289

    

DTE Energy Co.

    

1,355,723

    
 

45,985

    

Duke Energy Corp.

    

4,518,486

    
 

22,861

    

Edison International

    

1,624,503

    
 

12,578

    

Entergy Corp.

    

1,341,695

    
 

13,741

    

Evergy, Inc.

    

720,716

    
 

20,841

    

Eversource Energy

    

1,263,381

    
 

59,378

    

Exelon Corp.

    

2,231,425

    
 

6,376

    

First Solar, Inc. (a)​

    

1,124,089

    
 

30,788

    

FirstEnergy Corp.

    

1,180,412

    
 

16,231

    

GE Vernova, Inc. (a)​

    

2,494,867

    
 

115,356

    

Kinder Morgan, Inc.

    

2,108,708

    

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

DIREXION SEMI-ANNUAL REPORT
28

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

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Utilities (continued)

      
 

122,373

    

NextEra Energy, Inc.

  

$

8,195,320

    
 

24,691

    

NiSource, Inc.

    

687,891

    
 

13,432

    

NRG Energy, Inc.

    

976,103

    
 

34,738

    

ONEOK, Inc.

    

2,748,471

    
 

127,263

    

PG&E Corp.

    

2,177,470

    
 

6,765

    

Pinnacle West Capital Corp.

    

498,242

    
 

43,973

    

PPL Corp.

    

1,207,499

    
 

29,743

     Public Service Enterprise
Group, Inc.		    

2,054,646

    
 

37,589

    

Sempra Energy

    

2,692,500

    
 

65,055

    

Southern Co.

    

4,781,543

    
 

18,823

    

WEC Energy Group, Inc.

    

1,555,533

    
 

32,912

    

Xcel Energy, Inc.

    

1,768,362

    
     

64,772,157

    

Waste Management and Remediation Services - 0.1%

      
 

12,171

    

Republic Services, Inc.

    

2,333,181

    

Web Search Portals, Libraries, Archives, and Other Information Services - 0.1%

      
 

24,376

    

CoStar Group, Inc. (a)​

    

2,231,135

    

Wood Product Manufacturing - 0.0% (†)​

      
 

13,057

    

Masco Corp.

    

893,752

    
        TOTAL COMMON STOCKS
(Cost $2,629,971,534)		  

$

2,519,626,051

    

SHORT TERM INVESTMENTS - 32.0%

      

Money Market Funds - 32.0%

      
 

930,038,373

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

930,038,373

    
 

54,831,690

     Dreyfus Treasury Securities
Cash Management
Institutional Shares,
5.19% (b)​		    

54,831,690

    

Shares

      

Fair Value

  

Money Market Funds (continued)

  
 

91,498

     Goldman Sachs Financial
Square Government Fund
Institutional Shares,
5.22% (b)​		  

$

91,498

    
 

173,117,627

     Goldman Sachs Financial
Square Treasury
Instruments Fund
Institutional Shares,
5.18% (b)​		    

173,117,627

    
    TOTAL SHORT TERM
INVESTMENTS
(Cost $1,158,079,188)		  

$

1,158,079,188

    
    TOTAL INVESTMENTS
(Cost $3,788,050,722) -
101.6% (c)​		  

$

3,677,705,239

    
    Liabilities in Excess of
Other Assets - (1.6)%		    

(56,383,174

)

  
   

TOTAL NET ASSETS - 100.0%

  

$

3,621,322,065

    

Percentages are stated as a percent of net assets.

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

(†)​  Less than 0.005%.

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,445,586,265.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
Total return of
S&P 500®​ Index		   6.0700% representing
1 month SOFR rate + spread		  

BNP Paribas

  

12/4/2024

    

182,512

    

$

844,663,687

    

$

60,252,807

    
Total return of
S&P 500®​ Index		   5.9200% representing
1 month SOFR rate + spread		  

Goldman Sachs

  

12/10/2024

    

253,224

      

1,169,926,748

      

87,450,918

    
Total return of
S&P 500®​ Index		   5.9200% representing
1 month SOFR rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

202,090

      

951,934,906

      

52,699,981

    
Total return of
S&P 500®​ Index		   6.0500% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

85,575

      

397,384,628

      

26,569,476

    
Total return of
S&P 500®​ Index		   5.8200% representing
1 month SOFR rate + spread		  

UBS Securities LLC

  

12/17/2024

    

262,158

      

1,245,757,825

      

54,984,449

    
Total return of
S&P 500®​ Index		   6.0100% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

172,723

      

2,436,408,840

      

38,141,005

    
Total return of
S&P 500®​ Index		   6.0000% representing
1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

190,664

      

912,433,814

      

36,244,096

    
                   

$

7,958,510,448

    

$

356,342,732

    

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

DIREXION SEMI-ANNUAL REPORT
29

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

Long Futures Contracts (Unaudited)

April 30, 2024

Reference Entity

   Expiration
Date		   Number of
Contracts		   Notional
Amount		   Variation
Margin
Payable, net		   Unrealized
Depreciation		  

S&P 500 Index

  

6/21/2024

    

6,125

    

$

1,551,768,750

    

$

(24,500,000

)

  

$

(66,078,090

)

  

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

DIREXION SEMI-ANNUAL REPORT
30

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

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 106.0%

      

Money Market Funds - 106.0%

      
 

284,036,929

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

284,036,929

    
 

35,991,589

     Dreyfus Treasury Securities
Cash Management
Institutional Shares,
5.19% (a)​		    

35,991,589

    
 

75,624,053

     Goldman Sachs Financial
Square Government
Fund Institutional Shares,
5.22% (a)​		    

75,624,053

    
 

197,224,693

     Goldman Sachs Financial
Square Treasury
Instruments Fund
Institutional Shares,
5.18% (a)​		    

197,224,693

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $592,877,264) (b)​		  

$

592,877,264

    
        TOTAL INVESTMENTS
(Cost $592,877,264) -
106.0%		  

$

592,877,264

    
        Liabilities in Excess of
Other Assets - (6.0)%		    

(33,583,261

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

559,294,003

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)  ​All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $382,190,846.

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
5.4600% representing 1 month
SOFR rate + spread		   Total return of S&P
500®​ Index		  

BNP Paribas

  

12/4/2024

    

23,896

    

$

109,199,463

    

$

(9,332,036

)

  
5.7200% representing 1 month
SOFR rate + spread		   Total return of S&P
500®​ Index		  

Goldman Sachs

  

12/10/2024

    

33,841

      

170,748,975

      

1,396,432

    
5.7200% representing 1 month
SOFR rate + spread		   Total return of S&P
500®​ Index		   Bank of America
Merrill Lynch		  

12/11/2024

    

61,541

      

299,712,484

      

(6,598,497

)

  
5.8500% representing 1 month
SOFR rate + spread		   Total return of S&P
500®​ Index		  

J.P. Morgan

  

12/16/2024

    

34,157

      

162,340,542

      

(7,344,076

)

  
5.4700% representing 1 month
SOFR rate + spread		   Total return of S&P
500®​ Index		  

UBS Securities LLC

  

12/17/2024

    

39,298

      

189,380,437

      

(6,044,227

)

  
5.7700% representing 1 month
SOFR rate + spread		   Total return of S&P
500®​ Index		  

Citibank N.A.

  

12/19/2024

    

53,702

      

268,566,346

      

(573,348

)

  
5.7500% representing 1 month
SOFR rate + spread		   Total return of S&P
500®​ Index		  

Barclays

  

12/23/2024

    

86,772

      

444,779,138

      

9,423,267

    
                   

$

1,644,727,385

    

$

(19,072,485

)

  

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

DIREXION SEMI-ANNUAL REPORT
31

Direxion Daily Small Cap Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

INVESTMENT COMPANIES - 68.7%

      
 

6,553,144

    

iShares Russell 2000 ETF (a)(b)​

  

$

1,283,760,910

    
        TOTAL INVESTMENT
COMPANIES
(Cost $1,269,714,909)		  

$

1,283,760,910

    

SHORT TERM INVESTMENTS - 38.6%

      

Money Market Funds - 38.6%

      
 

497,956,779

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (c)(d)​		  

$

497,956,779

    
 

23,970,000

     Dreyfus Treasury Securities
Cash Management
Institutional Shares,
5.19% (c)​		    

23,970,000

    
 

199,035,073

     Goldman Sachs Financial
Square Treasury
Instruments Fund
Institutional Shares,
5.18% (c)​		    

199,035,073

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $720,961,852)		  

$

720,961,852

    
        TOTAL INVESTMENTS
(Cost $1,990,676,761) -
107.3% (e)​		  

$

2,004,722,762

    
        Liabilities in Excess of
Other Assets - (7.3)%		    

(135,769,211

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

1,868,953,551

    

Percentages are stated as a percent of net assets.

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

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

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

(c)​  Represents annualized seven-day yield at April 30, 2024.

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

(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,559,601,377.

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
Total return of
Russell 2000®​ Index		   5.8200% representing
1 month SOFR rate + spread		  

BNP Paribas

  

12/4/2024

    

370,089

    

$

701,581,992

    

$

18,064,808

    
Total return of
Russell 2000®​ Index		   5.7200% representing
1 month SOFR rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

419,900

      

792,665,279

      

23,817,132

    
Total return of
Russell 2000®​ Index		   5.6400% representing
1 month SOFR rate + spread		  

Societe Generale

  

12/16/2024

    

80,000

      

159,066,424

      

(3,500,467

)

  
Total return of
Russell 2000®​ Index		   5.7000% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

85,000

      

160,950,066

      

4,423,419

    
Total return of
Russell 2000®​ Index		   5.9800% representing
1 month SOFR rate + spread		  

UBS Securities LLC

  

12/17/2024

    

271,134

      

529,137,272

      

(939,265

)

  
Total return of
Russell 2000®​ Index		   5.7100% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

468,538

      

919,748,851

      

(7,672,004

)

  
Total return of
Russell 2000®​ Index		   5.8000% representing
1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

495,525

      

970,060,702

      

(855,496

)

  
                   

$

4,233,210,586

    

$

33,338,127

    

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

DIREXION SEMI-ANNUAL REPORT
32

Direxion Daily Small Cap Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 86.1%

      

Money Market Funds - 86.1%

      
 

185,348,995

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

185,348,995

    
 

15,890,000

     Dreyfus Treasury Securities
Cash Management
Institutional Shares,
5.19% (a)​		    

15,890,000

    
 

32,350,000

     Goldman Sachs Financial
Square Government
Fund Institutional Shares,
5.22% (a)​		    

32,350,000

    
 

107,803,171

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (a)​		    

107,803,171

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $341,392,166) (b)​		  

$

341,392,166

    
        TOTAL INVESTMENTS
(Cost $341,392,166) -
86.1%		  

$

341,392,166

    
        Other Assets in Excess of
Liabilities - 13.9%		    

55,276,437

    
       

TOTAL NET ASSETS - 100.0%

  

$

396,668,603

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $204,507,902.

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
5.4600% representing 1 month
SOFR rate + spread		   Total return of
Russell 2000®​ Index		  

BNP Paribas

  

12/4/2024

    

60,488

    

$

126,877,742

    

$

8,034,142

    
5.5200% representing 1 month
SOFR rate + spread		   Total return of
Russell 2000®​ Index		   Bank of America
Merrill Lynch		  

12/11/2024

    

82,678

      

173,020,926

      

10,557,162

    
5.3700% representing 1 month
SOFR rate + spread		   Total return of
Russell 2000®​ Index		  

Societe Generale

  

12/16/2024

    

51,000

      

100,662,762

      

1,372,459

    
5.5000% representing 1 month
SOFR rate + spread		   Total return of
Russell 2000®​ Index		  

J.P. Morgan

  

12/16/2024

    

64,201

      

125,114,479

      

(191,620

)

  
5.6300% representing 1 month
SOFR rate + spread		   Total return of
Russell 2000®​ Index		  

UBS Securities LLC

  

12/17/2024

    

78,108

      

160,495,675

      

8,020,038

    
5.4700% representing 1 month
SOFR rate + spread		   Total return of
Russell 2000®​ Index		  

Citibank N.A.

  

12/19/2024

    

146,237

      

298,344,594

      

10,427,480

    
5.5200% representing 1 month
SOFR rate + spread		   Total return of
Russell 2000®​ Index		  

Barclays

  

12/23/2024

    

120,214

      

241,559,431

      

4,597,224

    
                   

$

1,226,075,609

    

$

42,816,885

    

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

DIREXION SEMI-ANNUAL REPORT
33

Direxion Daily FTSE China Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

INVESTMENT COMPANIES - 45.6%

      
 

17,487,575

    

iShares China Large-Cap ETF (a)​

  

$

445,758,286

    
        TOTAL INVESTMENT
COMPANIES
(Cost $420,281,101)		  

$

445,758,286

    

SHORT TERM INVESTMENTS - 57.0%

      

Money Market Funds - 57.0%

      
 

327,634,725

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

327,634,725

    
 

164,613,935

     Dreyfus Treasury Securities
Cash Management
Institutional Shares,
5.19% (b)​		    

164,613,935

    
 

63,996,300

     Goldman Sachs Financial
Square Treasury
Instruments Fund
Institutional Shares,
5.18% (b)​		    

63,996,300

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $556,244,960)		  

$

556,244,960

    
        TOTAL INVESTMENTS
(Cost $976,526,061) -
102.6% (c)​		  

$

1,002,003,246

    
        Liabilities in Excess of
Other Assets - (2.6)%		    

(25,240,131

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

976,763,115

    

Percentages are stated as a percent of net assets.

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

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

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $756,471,743.

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
Total return of iShares
China Large-Cap ETF		   5.8200% representing
1 month SOFR rate + spread		  

BNP Paribas

  

12/4/2024

    

19,692,813

    

$

459,308,686

    

$

37,444,745

    
Total return of iShares
China Large-Cap ETF		   5.6700% representing
1 month SOFR rate + spread		  

Goldman Sachs

  

12/10/2024

    

31,313,109

      

734,558,713

      

57,507,493

    
Total return of iShares
China Large-Cap ETF		   6.0200% representing
1 month SOFR rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

12,550,329

      

285,545,516

      

30,854,885

    
Total return of iShares
China Large-Cap ETF		   6.1200% representing
1 month SOFR rate + spread		  

Societe Generale

  

12/16/2024

    

9,250,000

      

219,554,645

      

15,233,182

    
Total return of iShares
China Large-Cap ETF		   6.0800% representing
1 month SOFR rate + spread		  

UBS Securities LLC

  

12/17/2024

    

10,735,005

      

241,441,116

      

29,210,126

    
Total return of iShares
China Large-Cap ETF		   6.0700% representing
1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

13,935,357

      

318,917,568

      

29,535,373

    
                   

$

2,259,326,244

    

$

199,785,804

    

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

DIREXION SEMI-ANNUAL REPORT
34

Direxion Daily FTSE China Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 105.5%

  

Money Market Funds - 105.5%

  
 

118,291,458

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

118,291,458

    
 

57,269,368

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (a)​		    

57,269,368

    
    TOTAL SHORT TERM
INVESTMENTS
(Cost $175,560,826) (b)​		  

$

175,560,826

    
    TOTAL INVESTMENTS
(Cost $175,560,826) -
105.5%		  

$

175,560,826

    
    Liabilities in Excess of
Other Assets - (5.5)%		    

(9,106,930

)

  
   

TOTAL NET ASSETS - 100.0%

  

$

166,453,896

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $132,612,413.

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
5.4300% representing
1 month SOFR rate + spread		   Total return of iShares
China Large-Cap ETF		  

BNP Paribas

  

12/4/2024

    

6,572,691

    

$

158,170,384

    

$

(8,690,413

)

  
5.8200% representing
1 month SOFR rate + spread		   Total return of iShares
China Large-Cap ETF		   Bank of America
Merrill Lynch		  

12/11/2024

    

9,134,265

      

228,342,919

      

(3,894,525

)

  
5.5500% representing
1 month SOFR rate + spread		   Total return of iShares
China Large-Cap ETF		  

UBS Securities LLC

  

12/17/2024

    

3,884,719

      

95,707,971

      

(2,869,759

)

  
                   

$

482,221,274

    

$

(15,454,697

)

  

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

DIREXION SEMI-ANNUAL REPORT
35

Direxion Daily FTSE Europe Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

INVESTMENT COMPANIES - 47.7%

      
 

165,108

    

Vanguard FTSE Europe ETF (a)​

  

$

10,834,387

    
        TOTAL INVESTMENT
COMPANIES
(Cost $10,451,940)		  

$

10,834,387

    

SHORT TERM INVESTMENTS - 54.5%

      

Money Market Funds - 54.5%

      
 

5,870,242

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

5,870,242

    
 

4,313,531

     Dreyfus Treasury Securities
Cash Management
Institutional Shares, 5.19% (b)​		    

4,313,531

    
 

2,198,113

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (b)​		    

2,198,113

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $12,381,886)		  

$

12,381,886

    
        TOTAL INVESTMENTS
(Cost $22,833,826) - 102.2% (c)​		  

$

23,216,273

    
        Liabilities in Excess of
Other Assets - (2.2)%		    

(484,395

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

22,731,878

    

Percentages are stated as a percent of net assets.

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

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

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $12,699,295.

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
Total return of Vanguard
FTSE Europe ETF		   5.6100% representing
1 month SOFR rate + spread		  

BNP Paribas

  

12/4/2024

    

220,521

    

$

13,769,495

    

$

575,754

    
Total return of Vanguard
FTSE Europe ETF		   5.7200% representing
1 month SOFR rate + spread		  

Goldman Sachs

  

12/10/2024

    

340,172

      

22,353,158

      

(104,212

)

  
Total return of Vanguard
FTSE Europe ETF		   5.8200% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

32,157

      

2,080,524

      

17,679

    
Total return of Vanguard
FTSE Europe ETF		   6.0600% representing
1 month SOFR rate + spread		  

UBS Securities LLC

  

12/17/2024

    

79,150

      

5,210,698

      

(30,579

)

  
Total return of Vanguard
FTSE Europe ETF		   5.8700% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

202,160

      

12,802,389

      

286,732

    
                   

$

56,216,264

    

$

745,374

    

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

DIREXION SEMI-ANNUAL REPORT
36

Direxion Daily MSCI Emerging Markets Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

INVESTMENT COMPANIES - 8.3%

      
 

161,114

     iShares MSCI Emerging
Markets ETF (a)​		  

$

6,604,063

    
        TOTAL INVESTMENT
COMPANIES
(Cost $6,572,145)		  

$

6,604,063

    

SHORT TERM INVESTMENTS - 95.7%

      

Money Market Funds - 95.7%

      
 

40,916,055

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

40,916,055

    
 

830,000

     Goldman Sachs Financial
Square Government Fund
Institutional Shares,
5.22% (b)​		    

830,000

    
 

34,256,006

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (b)​		    

34,256,006

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $76,002,061)		  

$

76,002,061

    
        TOTAL INVESTMENTS
(Cost $82,574,206) -
104.0% (c)​		  

$

82,606,124

    
        Liabilities in Excess of
Other Assets - (4.0)%		    

(3,173,953

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

79,432,171

    

Percentages are stated as a percent of net assets.

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

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

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $44,565,620.

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
Total return of iShares
MSCI Emerging
Markets ETF		  
5.8000% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

1,629,285

    

$

64,024,358

    

$

2,537,488

    
Total return of iShares
MSCI Emerging
Markets ETF		  
5.9600% representing
1 month SOFR rate + spread		   UBS
Securities LLC		  

12/17/2024

    

1,603,260

      

62,623,114

      

2,087,019

    
Total return of iShares
MSCI Emerging
Markets ETF		  
5.8900% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

2,319,949

      

92,926,363

      

1,915,933

    
Total return of iShares
MSCI Emerging
Markets ETF		  
6.1700% representing
1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

100,000

      

4,116,617

      

(35,939

)

  
                   

$

223,690,452

    

$

6,504,501

    

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

DIREXION SEMI-ANNUAL REPORT
37

Direxion Daily MSCI Emerging Markets Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 105.9%

  

Money Market Funds - 105.9%

  
 

10,893,625

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

10,893,625

    
 

10,287,835

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (a)​		    

10,287,835

    
    TOTAL SHORT TERM
INVESTMENTS
(Cost $21,181,460) (b)​		  

$

21,181,460

    
    TOTAL INVESTMENTS
(Cost $21,181,460) - 105.9%		  

$

21,181,460

    
    Liabilities in Excess of
Other Assets - (5.9)%		    

(1,171,333

)

  
   

TOTAL NET ASSETS - 100.0%

  

$

20,010,127

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $12,583,847.

 

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
5.5700% representing
1 month SOFR rate + spread		   Total return of iShares
MSCI Emerging Markets ETF		  

J.P. Morgan

  

12/16/2024

    

796,734

    

$

31,286,361

    

$

(1,292,099

)

  
5.4500% representing
1 month SOFR rate + spread		   Total return of iShares
MSCI Emerging Markets ETF		   UBS
Securities LLC		  

12/17/2024

    

341,372

      

13,906,743

      

(1,084

)

  
5.6500% representing
1 month SOFR rate + spread		   Total return of iShares
MSCI Emerging Markets ETF		  

Citibank N.A.

  

12/19/2024

    

326,455

      

13,396,852

      

54,028

    
                       

$

58,589,956

    

$

(1,239,155

)

  

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

DIREXION SEMI-ANNUAL REPORT
38

Direxion Daily MSCI Mexico Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

INVESTMENT COMPANIES - 47.7%

      
 

98,721

    

iShares MSCI Mexico ETF (a)(b)​

  

$

6,464,251

    
        TOTAL INVESTMENT
COMPANIES
(Cost $6,357,084)		  

$

6,464,251

    

SHORT TERM INVESTMENTS - 65.0%

      

Money Market Funds - 65.0%

      
 

3,499,535

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (c)(d)​		  

$

3,499,535

    
 

1,734,961

     Dreyfus Treasury Securities
Cash Management
Institutional Shares, 5.19% (c)​		    

1,734,961

    
 

1,540,000

     Goldman Sachs Financial
Square Government Fund
Institutional Shares, 5.22% (c)​		    

1,540,000

    
 

2,028,031

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (c)​		    

2,028,031

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $8,802,527)		  

$

8,802,527

    
        TOTAL INVESTMENTS
(Cost $15,159,611) -
112.7% (e)​		  

$

15,266,778

    
        Liabilities in Excess of
Other Assets - (12.7)%		    

(1,727,040

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

13,539,738

    

Percentages are stated as a percent of net assets.

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

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

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

(c)​  Represents annualized seven-day yield at April 30, 2024.

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

(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $9,176,127.

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
Total return of iShares
MSCI Mexico ETF		   5.8700% representing
1 month SOFR rate + spread		  

Goldman Sachs

  

12/10/2024

    

123,197

    

$

7,950,188

    

$

47,869

    
Total return of iShares
MSCI Mexico ETF		   4.8200% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

229,468

      

14,802,500

      

175,838

    
Total return of iShares
MSCI Mexico ETF		   5.8700% representing
1 month SOFR rate + spread		   UBS
Securities LLC		  

12/17/2024

    

21,708

      

1,410,351

      

(2,728

)

  
Total return of iShares
MSCI Mexico ETF		   6.0700% representing
1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

147,256

      

9,801,359

      

(377,125

)

  
                   

$

33,964,398

    

$

(156,146

)

  

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

DIREXION SEMI-ANNUAL REPORT
39

Direxion Daily MSCI South Korea Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

INVESTMENT COMPANIES - 51.1%

      
 

302,217

    

iShares MSCI South Korea ETF (a)​

  

$

19,054,782

    
        TOTAL INVESTMENT
COMPANIES
(Cost $18,915,319)		  

$

19,054,782

    

SHORT TERM INVESTMENTS - 52.9%

      

Money Market Funds - 52.9%

      
 

5,684,801

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

5,684,801

    
 

710,000

     Goldman Sachs Financial
Square Government Fund
Institutional Shares, 5.22% (b)​		    

710,000

    
 

13,300,303

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (b)​		    

13,300,303

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $19,695,104)		  

$

19,695,104

    
        TOTAL INVESTMENTS
(Cost $38,610,423) -
104.0% (c)​		  

$

38,749,886

    
        Liabilities in Excess of
Other Assets - (4.0)%		    

(1,503,915

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

37,245,971

    

Percentages are stated as a percent of net assets.

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

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

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $27,258,685.

 

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
Total return of iShares
MSCI South Korea ETF		   5.8200% representing
1 month SOFR rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

550,129

    

$

33,653,030

    

$

803,201

    
Total return of iShares
MSCI South Korea ETF		   5.9200% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

203,259

      

12,580,567

      

77,193

    
Total return of iShares
MSCI South Korea ETF		   5.9700% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

597,396

      

36,861,047

      

558,568

    
Total return of iShares
MSCI South Korea ETF		   5.9700% representing
1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

119,236

      

7,552,329

      

(134,282

)

  
                   

$

90,646,973

    

$

1,304,680

    

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

DIREXION SEMI-ANNUAL REPORT
40

Direxion Daily Aerospace & Defense Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 67.4%

      

Administrative and Support Services - 0.1%

      
 

3,058

    

V2X, Inc. (a)​

  

$

148,558

    
Computer and Electronic Product
Manufacturing - 20.0%		      
 

22,073

    

L3Harris Technologies, Inc.

    

4,724,726

    
 

18,779

    

Leonardo DRS, Inc. (a)​

    

404,124

    
 

13,848

     Mercury Computer Systems,
Inc. (a)​		    

390,513

    
 

7,621

    

Moog, Inc. Class A

    

1,212,272

    
 

10,321

    

Northrop Grumman Corp.

    

5,005,995

    
 

193,994

    

RTX Corp.

    

19,694,271

    
     

31,431,901

    

Credit Intermediation and Related Activities - 0.1%

      
 

12,098

    

Smith & Wesson Brands, Inc.

    

205,303

    

Electrical Equipment, Appliance, and Component Manufacturing - 3.0%

      
 

15,112

    

Axon Enterprise, Inc. (a)​

    

4,740,030

    

Fabricated Metal Product Manufacturing - 3.3%

      
 

24,260

    

BWX Technologies, Inc.

    

2,323,380

    
 

10,139

    

Curtiss-Wright Corp.

    

2,569,426

    
 

4,700

    

Sturm, Ruger & Co, Inc.

    

217,281

    
     

5,110,087

    

Merchant Wholesalers, Durable Goods - 2.8%

      
 

22,372

    

Hexcel Corp.

    

1,436,506

    
 

10,494

    

Huntington Ingalls Industries, Inc.

    

2,906,104

    
     

4,342,610

    

Miscellaneous Manufacturing - 2.9%

      
 

4,784

    

Cadre Holdings, Inc.

    

159,546

    
 

51,956

    

Textron, Inc.

    

4,394,958

    
     

4,554,504

    

Primary Metal Manufacturing - 2.9%

      
 

69,195

    

Howmet Aerospace, Inc.

    

4,618,766

    

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.2%

      
 

69,549

    

Rocket Lab USA, Inc. (a)​

    

261,504

    

Textile Mills - 0.1%

      
 

1,387

    

National Presto Industries, Inc.

    

113,720

    

Transportation Equipment Manufacturing - 32.0%

      
 

8,797

    

AAR Corp. (a)​

    

608,225

    
 

7,422

    

AeroVironment, Inc. (a)​

    

1,185,961

    
 

49,201

    

Archer Aviation, Inc. (a)(b)​

    

190,900

    
 

83,855

    

Boeing Co. (a)​

    

14,074,223

    
 

3,600

    

Ducommun, Inc. (a)​

    

194,724

    
 

17,389

    

General Dynamics Corp.

    

4,992,208

    
 

9,902

    

HEICO Corp.

    

2,053,675

    
 

18,832

    

HEICO Corp. Class A

    

3,123,287

    
 

38,597

     Kratos Defense & Security
Solutions, Inc. (a)​		    

687,799

    
 

30,512

    

Lockheed Martin Corp.

    

14,185,944

    
 

30,762

     Spirit AeroSystems Holdings,
Inc. (a)​		    

984,384

    
 

4,070

    

TransDigm Group, Inc.

    

5,079,482

    

Shares

      

Fair Value

  

Transportation Equipment Manufacturing (continued)

      
 

20,375

    

Triumph Group, Inc. (a)​

  

$

272,210

    
 

94,300

    

Virgin Galactic Holdings, Inc. (a)(b)​

    

82,050

    
 

15,982

    

Woodward, Inc.

    

2,594,838

    
     

50,309,910

    
        TOTAL COMMON STOCKS
(Cost $99,441,432)		  

$

105,836,893

    

SHORT TERM INVESTMENTS - 35.0%

      

Money Market Funds - 35.0%

      
 

29,914,822

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (c)(d)​		  

$

29,914,822

    
 

950,000

     Goldman Sachs Financial
Square Government Fund
Institutional Shares, 5.22% (c)​		    

950,000

    
 

24,005,610

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (c)​		    

24,005,610

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $54,870,432)		  

$

54,870,432

    
        TOTAL INVESTMENTS
(Cost $154,311,864) -
102.4% (e)​		  

$

160,707,325

    
        Liabilities in Excess of
Other Assets - (2.4)%		    

(3,717,699

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

156,989,626

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

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

(c)​  Represents annualized seven-day yield at April 30, 2024.

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

(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $122,459,927.

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

DIREXION SEMI-ANNUAL REPORT
41

Direxion Daily Aerospace & Defense Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
Total return of Dow Jones
U.S. Select Aerospace &
Defense Index		  
6.1100% representing
1 month SOFR rate + spread		  

BNP Paribas

  

12/4/2024

    

972

    

$

29,988,727

    

$

1,315,290

    
Total return of Dow Jones
U.S. Select Aerospace &
Defense Index		  
6.0400% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

998

      

31,834,740

      

528,863

    
Total return of Dow Jones
U.S. Select Aerospace &
Defense Index		  
6.0700% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

6,886

      

216,564,003

      

6,314,393

    
Total return of Dow Jones
U.S. Select Aerospace &
Defense Index		  
5.9700% representing
1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

2,250

      

71,314,449

      

1,638,045

    
                   

$

349,701,919

    

$

9,796,591

    

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

DIREXION SEMI-ANNUAL REPORT
42

Direxion Daily Consumer Discretionary Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 79.1%

      

Accomodation - 4.8%

      
 

2,364

    

Airbnb, Inc. (a)​

  

$

374,860

    
 

1,171

    

Caesars Entertainment Inc. (a)​

    

41,945

    
 

1,368

    

Hilton Worldwide Holdings, Inc.

    

269,879

    
 

2,004

    

Las Vegas Sands Corp.

    

88,897

    
 

1,339

    

Marriott International, Inc. Class A

    

316,178

    
 

1,483

    

MGM Resorts International (a)​

    

58,490

    
     

1,150,249

    

Administrative and Support Services - 3.5%

      
 

189

    

Booking Holdings, Inc.

    

652,434

    
 

1,280

     Royal Caribbean Cruises Ltd.
ADR (Liberia) (a)​		    

178,726

    
     

831,160

    
Amusement, Gambling, and Recreation
Industries - 0.2%		      
 

517

    

Wynn Resorts Ltd.

    

47,383

    

Apparel Manufacturing - 1.6%

      
 

139

    

Deckers Outdoor Corp. (a)​

    

113,767

    
 

624

    

Lululemon Athletica, Inc. (a)​

    

225,014

    
 

212

    

Ralph Lauren Corp.

    

34,692

    
     

373,473

    

Building Material and Garden Equipment and Supplies Dealers - 10.9%

      
 

3,121

    

Lowe's Companies, Inc.

    

711,557

    
 

5,267

    

The Home Depot, Inc.

    

1,760,336

    
 

586

    

Tractor Supply Co.

    

160,025

    
     

2,631,918

    

Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 3.6%

      
 

1,227

    

Bath & Body Works, Inc.

    

55,730

    
 

1,827

    

Ross Stores, Inc.

    

236,688

    
 

6,185

    

TJX Companies, Inc.

    

581,947

    
     

874,365

    

Construction of Buildings - 2.9%

      
 

1,620

    

D.R. Horton, Inc.

    

230,834

    
 

1,342

    

Lennar Corp. Class A

    

203,474

    
 

18

    

NVR, Inc. (a)​

    

133,899

    
 

1,151

    

PulteGroup, Inc.

    

128,245

    
     

696,452

    

Food Services and Drinking Places - 9.3%

      
 

149

    

Chipotle Mexican Grill, Inc. (a)​

    

470,780

    
 

648

    

Darden Restaurants, Inc.

    

99,410

    
 

189

    

Domino's Pizza, Inc.

    

100,032

    
 

3,019

    

McDonald's Corp.

    

824,308

    
 

6,145

    

Starbucks Corp.

    

543,771

    
 

1,525

    

Yum! Brands, Inc.

    

215,406

    
     

2,253,707

    

Funds, Trusts, and Other Financial Vehicles - 0.5%

      
 

831

    

Garmin Ltd. ADR (Switzerland)

    

120,055

    

Shares

      

Fair Value

  

Furniture, Home Furnishings, Electronics, and Appliance Retailers - 0.3%

      
 

1,040

    

Best Buy Co., Inc.

  

$

76,586

    

General Merchandise Retailers - 19.4%

      
 

25,739

    

Amazon.com, Inc. (a)​

    

4,504,325

    
 

2,817

    

eBay, Inc.

    

145,188

    
 

649

    

Etsy, Inc. (a)​

    

44,567

    
     

4,694,080

    

Health and Personal Care Retailers - 0.4%

      
 

263

    

Ulta Beauty, Inc. (a)​

    

106,473

    

Leather and Allied Product Manufacturing - 2.7%

      
 

6,606

    

NIKE, Inc. Class B

    

609,470

    
 

1,245

    

Tapestry, Inc.

    

49,700

    
     

659,170

    

Management of Companies and Enterprises - 0.5%

      
 

5,468

    

Carnival Corp. ADR (Panama) (a)​

    

81,036

    
 

2,309

     Norwegian Cruise Line Holdings
Ltd. ADR (a)​		    

43,686

    
     

124,722

    

Merchant Wholesalers, Durable Goods - 1.2%

      
 

761

    

Genuine Parts Co.

    

119,637

    
 

1,453

    

LKQ Corp.

    

62,668

    
 

287

    

Mohawk Industries, Inc. (a)​

    

33,097

    
 

210

    

Pool Corp.

    

76,131

    
     

291,533

    

Miscellaneous Manufacturing - 0.2%

      
 

708

    

Hasbro, Inc.

    

43,400

    

Motor Vehicle and Parts Dealers - 2.7%

      
 

94

    

AutoZone, Inc. (a)​

    

277,902

    
 

857

    

CarMax, Inc. (a)​

    

58,250

    
 

321

    

O'Reilly Automotive, Inc. (a)​

    

325,256

    
     

661,408

    

Support Activities for Transportation - 0.4%

      
 

710

    

Expedia, Inc. (a)​

    

95,587

    

Transportation Equipment Manufacturing - 14.0%

      
 

1,515

     Aptiv PLC ADR (United
Kingdom) (a)​		    

107,565

    
 

1,247

    

BorgWarner, Inc.

    

40,864

    
 

21,181

    

Ford Motor Co.

    

257,349

    
 

6,265

    

General Motors Co.

    

278,981

    
 

14,665

    

Tesla, Inc. (a)​

    

2,687,801

    
     

3,372,560

    
        TOTAL COMMON STOCKS
(Cost $18,300,833)		  

$

19,104,281

    

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

DIREXION SEMI-ANNUAL REPORT
43

Direxion Daily Consumer Discretionary Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 25.5%

      

Money Market Funds - 25.5%

      
 

4,740,984

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

4,740,984

    
 

50,000

     Goldman Sachs Financial Square
Government Fund Institutional
Shares, 5.22% (b)​		    

50,000

    
 

1,364,579

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (b)​		    

1,364,579

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $6,155,563)		  

$

6,155,563

    
        TOTAL INVESTMENTS
(Cost $24,456,396) - 104.6% (c)​		  

$

25,259,844

    
        Liabilities in Excess of
Other Assets - (4.6)%		    

(1,108,542

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

24,151,302

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $19,436,339.

ADR - American Depository Receipt

 

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
Total return of Consumer
Discretionary Select
Sector Index		  
6.0400% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

8,199

    

$

14,408,367

    

$

(139,292

)

  
Total return of Consumer
Discretionary Select
Sector Index		  
5.9200% representing
1 month SOFR rate + spread		   UBS Securities
LLC		  

12/17/2024

    

8,589

      

15,330,988

      

(223,923

)

  
Total return of Consumer
Discretionary Select
Sector Index		  
5.9700% representing
1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

13,312

      

23,805,785

      

(678,701

)

  
                   

$

53,545,140

    

$

(1,041,916

)

  

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

DIREXION SEMI-ANNUAL REPORT
44

Direxion Daily Dow Jones Internet Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 79.4%

      

Accommodation - 2.5%

      
 

23,706

    

Airbnb, Inc. (a)​

  

$

3,759,060

    

Administrative and Support Services - 3.3%

      
 

26,440

    

Cloudflare, Inc. (a)​

    

2,310,856

    
 

54,153

    

Roblox Corp. (a)​

    

1,925,681

    
 

57,856

    

Teladoc Health, Inc. (a)​

    

737,664

    
     

4,974,201

    

Amusement, Gambling, and Recreation Industries - 1.4%

      
 

51,501

    

DraftKings, Inc. (a)​

    

2,140,382

    

Computer and Electronic Product Manufacturing - 15.7%

      
 

47,810

    

Alphabet, Inc. (a)​

    

7,782,512

    
 

40,031

    

Alphabet, Inc. Class C (a)​

    

6,590,704

    
 

13,685

    

Arista Networks, Inc. (a)​

    

3,511,023

    
 

114,215

    

Cisco Systems, Inc.

    

5,365,821

    
 

379,607

    

CommScope Holding Co., Inc. (a)​

    

339,369

    
     

23,589,429

    

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 1.4%

      
 

63,713

    

Pinterest, Inc. (a)​

    

2,131,200

    

Food Services and Drinking Places - 2.0%

      
 

22,690

    

DoorDash, Inc. (a)​

    

2,932,909

    

General Merchandise Retailers - 9.8%

      
 

70,129

    

Amazon.com, Inc. (a)​

    

12,272,575

    
 

48,625

    

eBay, Inc.

    

2,506,132

    
     

14,778,707

    

Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) - 0.5%

      
 

50,872

    

Marathon Digital Holdings, Inc. (a)​

    

817,004

    

Motion Picture and Sound Recording Industries - 3.9%

      
 

10,541

    

Netflix, Inc. (a)​

    

5,804,296

    

Motor Vehicle and Parts Dealers - 1.0%

      
 

18,301

    

Carvana Co. (a)​

    

1,517,519

    

Professional, Scientific, and Technical Services - 17.1%

      
 

24,270

    

Ciena Corp. (a)​

    

1,122,002

    
 

17,573

    

GoDaddy, Inc. (a)​

    

2,150,584

    
 

46,047

    

Juniper Networks, Inc.

    

1,603,357

    
 

44,937

    

Match Group, Inc. (a)​

    

1,384,958

    
 

20,724

    

Meta Platforms, Inc.

    

8,914,843

    
 

30,060

    

Nutanix, Inc. (a)​

    

1,824,642

    
 

151,289

    

Snap, Inc. (a)​

    

2,276,899

    
 

20,615

    

Snowflake, Inc. (a)​

    

3,199,448

    
 

12,981

    

Workday, Inc. (a)​

    

3,176,840

    
     

25,653,573

    

Publishing Industries - 16.7%

      
 

18,101

    

Akamai Technologies, Inc. (a)​

    

1,826,934

    
 

13,450

    

Atlassian Corp. (a)​

    

2,317,435

    
 

35,922

    

Box, Inc. (a)​

    

934,691

    
 

40,708

    

Confluent, Inc. (a)​

    

1,144,709

    
 

23,344

    

Datadog, Inc. (a)​

    

2,929,672

    
 

31,068

    

DocuSign, Inc. (a)​

    

1,758,449

    
 

52,862

    

Dropbox, Inc. (a)​

    

1,224,284

    

Shares

      

Fair Value

  

Publishing Industries (continued)

      
 

53,422

    

Fastly, Inc. (a)​

  

$

675,788

    
 

18,620

    

Okta, Inc. (a)​

    

1,731,288

    
 

22,015

    

Salesforce, Inc.

    

5,920,714

    
 

29,292

    

Smartsheet, Inc. (a)​

    

1,108,116

    
 

12,173

    

Veeva Systems, Inc. (a)​

    

2,417,071

    
 

69,598

    

ZoomInfo Technologies, Inc. (a)​

    

1,103,824

    
     

25,092,975

    

Telecommunications - 4.1%

      
 

62,777

    

PayPal Holdings, Inc. (a)​

    

4,263,814

    
 

30,458

     Zoom Video Communications,
Inc. (a)​		    

1,860,984

    
     

6,124,798

    
        TOTAL COMMON STOCKS
(Cost $112,009,494)		  

$

119,316,053

    

SHORT TERM INVESTMENTS - 25.4%

      

Money Market Funds - 25.4%

      
 

13,598,153

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

13,598,153

    
 

24,560,495

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (b)​		    

24,560,495

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $38,158,648)		  

$

38,158,648

    
        TOTAL INVESTMENTS
(Cost $150,168,142) -
104.8% (c)​		  

$

157,474,701

    
        Liabilities in Excess of
Other Assets - (4.8)%		    

(7,294,299

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

150,180,402

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $141,556,021.

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

DIREXION SEMI-ANNUAL REPORT
45

Direxion Daily Dow Jones Internet Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  

Total return of Dow Jones
Internet Composite Index		  
5.8200% representing
1 month SOFR rate + spread		   Bank of
America
Merrill Lynch		  

12/11/2024

    

240,022

    

$

193,745,012

    

$

15,952,259

    
Total return of Dow Jones
Internet Composite Index		   6.0100% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

53,322

      

43,211,082

      

3,339,013

    
Total return of Dow Jones
Internet Composite Index		   5.7200% representing
1 month SOFR rate + spread		   UBS
Securities LLC		  

12/17/2024

    

66,388

      

57,112,473

      

1,357,827

    
Total return of Dow Jones
Internet Composite Index		   5.9700% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

12,167

      

10,317,251

      

307,458

    
                   

$

304,385,818

    

$

20,956,557

    

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

DIREXION SEMI-ANNUAL REPORT
46

Direxion Daily Dow Jones Internet Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 108.0%

  

Money Market Funds - 108.0%

  
 

7,684,006

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

7,684,006

    
 

15,091,126

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (a)​		    

15,091,126

    
    TOTAL SHORT TERM
INVESTMENTS
(Cost $22,775,132) (b)​		  

$

22,775,132

    
    TOTAL INVESTMENTS
(Cost $22,775,132) - 108.0%		  

$

22,775,132

    
    Liabilities in Excess of
Other Assets - (8.0)%		    

(1,686,499

)

  
   

TOTAL NET ASSETS - 100.0%

  

$

21,088,633

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $15,415,427.

 

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  

5.6200% representing
1 month SOFR rate + spread		   Total return of
Dow Jones Internet
Composite Index		   Bank of America
Merrill Lynch		  

12/11/2024

    

14,358

    

$

11,885,723

    

$

(694,899

)

  

5.7800% representing
1 month SOFR rate + spread		   Total return of
Dow Jones Internet
Composite Index		  

J.P. Morgan

  

12/16/2024

    

40,642

      

34,498,678

      

(1,241,844

)

  

5.5200% representing
1 month SOFR rate + spread		   Total return of
Dow Jones Internet
Composite Index		   UBS
Securities LLC		  

12/17/2024

    

7,572

      

6,789,191

      

53,091

    

5.6200% representing
1 month SOFR rate + spread		   Total return of
Dow Jones Internet
Composite Index		  

Citibank N.A.

  

12/19/2024

    

8,465

      

7,890,714

      

378,888

    
                   

$

61,064,306

    

$

(1,504,764

)

  

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

DIREXION SEMI-ANNUAL REPORT
47

Direxion Daily Financial Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 75.5%

      

Administrative and Support Services - 7.1%

      
 

20,615

    

Corpay, Inc. (a)​

  

$

6,228,616

    
 

10,881

    

FactSet Research System, Inc.

    

4,536,180

    
 

44,965

    

Moody's Corp.

    

16,651,889

    
 

451,777

    

Visa, Inc. Class A

    

121,351,820

    
     

148,768,505

    
Amusement, Gambling, and Recreation
Industries - 0.4%		      
 

74,380

    

Global Payments, Inc.

    

9,131,633

    

Chemical Manufacturing - 1.0%

      
 

163,560

    

IntercontinentalExchange, Inc.

    

21,059,986

    

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 1.2%

      
 

171,442

    

Fiserv, Inc. (a)​

    

26,174,050

    

Credit Intermediation and Related Activities - 29.5%

      
 

163,352

    

American Express Co.

    

38,229,269

    
 

1,966,651

    

Bank of America Corp.

    

72,785,754

    
 

216,909

     Bank of New York Mellon
Corp.		    

12,253,189

    
 

108,665

    

Capital One Financial Corp.

    

15,585,821

    
 

543,604

    

Citigroup, Inc.

    

33,339,233

    
 

133,173

    

Citizens Financial Group, Inc.

    

4,542,531

    
 

37,673

    

Comerica, Inc.

    

1,890,054

    
 

71,432

    

Discover Financial Services

    

9,052,577

    
 

169,248

     Fidelity National Information
Services, Inc.		    

11,495,324

    
 

194,574

    

Fifth Third Bancorp

    

7,094,168

    
 

413,712

    

Huntington Bancshares, Inc.

    

5,572,701

    
 

825,798

    

JPMorgan Chase & Co.

    

158,338,509

    
 

267,532

    

KeyCorp

    

3,876,539

    
 

47,450

    

M&T Bank Corp.

    

6,851,306

    
 

235,666

    

MasterCard, Inc. Class A

    

106,332,499

    
 

58,578

    

Northern Trust Corp.

    

4,826,241

    
 

113,685

     PNC Financial Services Group,
Inc.		    

17,423,363

    
 

263,943

    

Regions Financial Corp.

    

5,086,182

    
 

86,248

    

State Street Corp.

    

6,252,118

    
 

116,227

    

Synchrony Financial

    

5,111,663

    
 

380,975

    

Truist Financial Corp.

    

14,305,611

    
 

444,759

    

U.S. Bancorp

    

18,070,558

    
 

1,028,003

    

Wells Fargo & Co.

    

60,981,138

    
     

619,296,348

    

Funds, Trusts, and Other Financial Vehicles - 0.3%

      
 

63,948

    

T. Rowe Price Group, Inc.

    

7,006,782

    

Insurance Carriers and Related Activities - 22.2%

      
 

150,367

    

Aflac, Inc.

    

12,578,200

    
 

74,980

    

Allstate Corp.

    

12,751,099

    
 

200,528

     American International
Group, Inc.		    

15,101,764

    
 

57,192

     Aon PLC ADR
(United Kingdom)		    

16,128,716

    
 

105,983

     Arch Capital Group Ltd.
ADR (a)​		    

9,913,650

    
 

61,912

    

Arthur J. Gallagher & Co.

    

14,530,127

    
 

14,830

    

Assurant, Inc.

    

2,586,352

    

Shares

      

Fair Value

  

Insurance Carriers and Related Activities (continued)

      
 

519,722

     Berkshire Hathaway, Inc.
Class B (a)​		  

$

206,189,309

    
 

67,475

    

Brown & Brown, Inc.

    

5,501,911

    
 

115,760

     Chubb Limited ADR
(Switzerland)		    

28,782,566

    
 

44,849

    

Cincinnati Financial Corp.

    

5,188,581

    
 

12,405

    

Everest Re Group Ltd. ADR

    

4,545,316

    
 

24,459

    

Globe Life, Inc.

    

1,863,042

    
 

85,269

     Hartford Financial Services
Group, Inc.		    

8,261,713

    
 

52,050

    

Loews Corp.

    

3,911,557

    
 

140,537

     Marsh & McLennan
Companies, Inc.		    

28,027,294

    
 

175,351

    

MetLife, Inc.

    

12,463,949

    
 

62,665

    

Principal Financial Group, Inc.

    

4,959,308

    
 

167,187

    

Progressive Corp.

    

34,816,693

    
 

103,120

    

Prudential Financial, Inc.

    

11,392,698

    
 

65,178

    

Travelers Companies, Inc.

    

13,828,164

    
 

57,887

    

W.R. Berkley Corp.

    

4,455,562

    
 

29,288

     Willis Towers Watson PLC
ADR (Ireland)		    

7,355,388

    
     

465,132,959

    

Professional, Scientific, and Technical Services - 0.2%

      
 

20,809

    

Jack Henry & Associates, Inc.

    

3,385,416

    

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 12.6%

      
 

28,628

    

Ameriprise Financial, Inc.

    

11,788,724

    
 

39,939

    

BlackRock, Inc.

    

30,139,567

    
 

30,160

    

Cboe Global Markets, Inc.

    

5,463,484

    
 

425,109

    

Charles Schwab Corp.

    

31,436,811

    
 

102,829

    

CME Group, Inc.

    

21,557,072

    
 

85,729

    

Franklin Resources, Inc.

    

1,958,050

    
 

93,150

    

Goldman Sachs Group, Inc.

    

39,748,036

    
 

128,390

    

Invesco Ltd. ADR (a)​

    

1,819,286

    
 

10,831

    

MarketAxess Holdings, Inc.

    

2,167,175

    
 

357,858

    

Morgan Stanley

    

32,507,821

    
 

22,586

    

MSCI, Inc. Class A

    

10,520,333

    
 

108,527

    

NASDAQ OMX Group, Inc.

    

6,495,341

    
 

53,734

    

Raymond James Financial, Inc.

    

6,555,548

    
 

91,784

    

S&P Global, Inc.

    

38,166,541

    
 

205,481

    

The Blackstone Group, Inc.

    

23,961,139

    
     

264,284,928

    

Telecommunications - 1.0%

      
 

306,131

    

PayPal Holdings, Inc. (a)​

    

20,792,418

    
        TOTAL COMMON STOCKS
(Cost $1,458,790,864)		  

$

1,585,033,025

    

SHORT TERM INVESTMENTS - 26.6%

      

Money Market Funds - 26.6%

      
 

354,884,723

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

354,884,723

    
 

72,575,852

     Dreyfus Treasury Securities
Cash Management
Institutional Shares,
5.19% (b)​		    

72,575,852

    

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

DIREXION SEMI-ANNUAL REPORT
48

Direxion Daily Financial Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Money Market Funds (continued)

  
 

37,145,810

     Goldman Sachs Financial
Square Government Fund
Institutional Shares,
5.22% (b)​		  

$

37,145,810

    
 

94,161,982

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (b)​		    

94,161,982

    
    TOTAL SHORT TERM
INVESTMENTS
(Cost $558,768,367)		  

$

558,768,367

    
    TOTAL INVESTMENTS
(Cost $2,017,559,231) -
102.1% (c)​		  

$

2,143,801,392

    
    Liabilities in Excess of
Other Assets - (2.1)%		    

(44,920,746

)

  
   

TOTAL NET ASSETS - 100.0%

  

$

2,098,880,646

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,597,612,771.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
Total return of Financials
Select Sector Index		   6.2100% representing
1 month SOFR
rate + spread		  

BNP Paribas

  

12/4/2024

    

1,033,694

    

$

459,311,592

    

$

46,705,635

    
Total return of Financials
Select Sector Index		   6.0600% representing
1 month SOFR
rate + spread		  

Goldman Sachs

  

12/10/2024

    

738,808

      

324,979,475

      

36,697,846

    
Total return of Financials
Select Sector Index		   6.0700% representing
1 month SOFR
rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

1,306,525

      

605,413,820

      

37,456,115

    
Total return of Financials
Select Sector Index		   6.1900% representing
1 month SOFR
rate + spread		  

Societe Generale

  

12/16/2024

    

911,605

      

420,751,288

      

25,585,666

    
Total return of Financials
Select Sector Index		   6.1500% representing
1 month SOFR
rate + spread		  

J.P. Morgan

  

12/16/2024

    

926,755

      

420,013,135

      

34,493,596

    
Total return of Financials
Select Sector Index		   5.8400% representing
1 month SOFR
rate + spread		   UBS Securities
LLC		  

12/17/2024

    

1,733,886

      

829,007,457

      

25,068,967

    
Total return of Financials
Select Sector Index		   6.1200% representing
1 month SOFR
rate + spread		  

Citibank N.A.

  

12/19/2024

    

695,392

      

320,116,753

      

20,653,489

    
Total return of Financials
Select Sector Index		   6.0200% representing
1 month SOFR
rate + spread		  

Barclays

  

12/23/2024

    

2,125,333

      

969,024,328

      

73,739,820

    
                   

$

4,348,617,848

    

$

300,401,134

    

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

DIREXION SEMI-ANNUAL REPORT
49

Direxion Daily Financial Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 106.3%

      

Money Market Funds - 106.3%

      
 

60,477,310

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

60,477,310

    
 

42,157,913

     Dreyfus Treasury Securities Cash
Management Institutional
Shares, 5.19% (a)​		    

42,157,913

    
 

42,075,200

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (a)​		    

42,075,200

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $144,710,423) (b)​		  

$

144,710,423

    
        TOTAL INVESTMENTS
(Cost $144,710,423) -
106.3%		  

$

144,710,423

    
        Liabilities in Excess of
Other Assets - (6.3)%		    

(8,629,850

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

136,080,573

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $90,594,486.

 

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
5.8200% representing
1 month SOFR rate + spread		   Total return of Financials
Select Sector Index		  

Goldman Sachs

  

12/10/2024

    

250,210

    

$

127,252,648

    

$

3,183,807

    
5.8700% representing
1 month SOFR rate + spread		   Total return of Financials
Select Sector Index		   Bank of America
Merrill Lynch		  

12/11/2024

    

232,699

      

116,846,542

      

1,265,368

    
5.8500% representing
1 month SOFR rate + spread		   Total return of Financials
Select Sector Index		  

Societe Generale

  

12/16/2024

    

158,000

      

69,499,460

      

(7,983,403

)

  
5.9800% representing
1 month SOFR rate + spread		   Total return of Financials
Select Sector Index		  

J.P. Morgan

  

12/16/2024

    

106,156

      

51,177,294

      

(1,149,729

)

  
5.5700% representing
1 month SOFR rate + spread		   Total return of Financials
Select Sector Index		  

UBS Securities LLC

  

12/17/2024

    

73,641

      

35,808,189

      

(560,557

)

  
                   

$

400,584,133

    

$

(5,244,514

)

  

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

DIREXION SEMI-ANNUAL REPORT
50

Direxion Daily Healthcare Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 81.8%

      

Ambulatory Health Care Services - 1.2%

      
 

1,528

    

DaVita, Inc. (a)​

  

$

212,406

    
 

2,407

     Laboratory Corp. of America
Holdings		    

484,698

    
 

1,644

    

Molina Healthcare, Inc. (a)​

    

562,412

    
 

3,147

    

Quest Diagnostics, Inc.

    

434,852

    
 

34,015

    

Viatris, Inc.

    

393,554

    
     

2,087,922

    

Chemical Manufacturing - 32.4%

      
 

50,060

    

AbbVie, Inc.

    

8,141,758

    
 

15,169

    

Amgen, Inc.

    

4,155,396

    
 

4,109

    

Biogen, Inc. (a)​

    

882,695

    
 

4,457

    

Bio-Techne Corp.

    

281,727

    
 

57,693

    

Bristol-Myers Squibb Co.

    

2,535,030

    
 

5,125

    

Catalent, Inc. (a)​

    

286,231

    
 

22,610

    

Eli Lilly and Company

    

17,660,671

    
 

35,329

    

Gilead Sciences, Inc.

    

2,303,451

    
 

5,274

    

Incyte Corp. (a)​

    

274,512

    
 

71,849

    

Merck & Co., Inc.

    

9,284,328

    
 

160,098

    

Pfizer, Inc.

    

4,101,711

    
 

2,995

     Regeneron Pharmaceuticals,
Inc. (a)​		    

2,667,527

    
 

7,307

    

Vertex Pharmaceuticals, Inc. (a)​

    

2,870,263

    
 

2,097

     West Pharmaceutical Services,
Inc.		    

749,636

    
 

13,018

    

Zoetis, Inc.

    

2,072,986

    
     

58,267,922

    

Computer and Electronic Product Manufacturing - 9.0%

      
 

8,308

    

Agilent Technologies, Inc.

    

1,138,528

    
 

593

    

Bio-Rad Laboratories, Inc. (a)​

    

159,962

    
 

18,647

    

Danaher Corp.

    

4,598,723

    
 

12,007

    

GE HealthCare Technologies, Inc.

    

915,414

    
 

6,656

    

Hologic, Inc. (a)​

    

504,325

    
 

2,355

    

IDEXX Laboratories, Inc. (a)​

    

1,160,450

    
 

4,502

    

Illumina, Inc. (a)​

    

553,971

    
 

3,499

    

PerkinElmer, Inc.

    

358,542

    
 

10,955

    

Thermo Fisher Scientific, Inc.

    

6,230,328

    
 

1,676

    

Waters Corp. (a)​

    

517,951

    
     

16,138,194

    

Health and Personal Care Retailers - 1.3%

      
 

35,682

    

CVS Health Corp.

    

2,416,028

    

Hospitals - 1.1%

      
 

5,616

    

HCA Healthcare, Inc.

    

1,739,949

    
 

1,729

     Universal Health Services, Inc.
Class B		    

294,674

    
     

2,034,623

    

Insurance Carriers and Related Activities - 11.9%

      
 

15,155

    

Centene Corp. (a)​

    

1,107,224

    
 

8,294

    

Cigna Corp.

    

2,961,290

    
 

6,662

    

Elevance Health, Inc.

    

3,521,400

    
 

3,465

    

Humana, Inc.

    

1,046,742

    
 

26,226

    

UnitedHealth Group, Inc.

    

12,685,516

    
     

21,322,172

    

Machinery Manufacturing - 0.4%

      
 

609

     Mettler-Toledo International,
Inc. (a)​		    

748,887

    

Shares

      

Fair Value

  

Management of Companies and Enterprises - 2.9%

      
 

49,224

    

Abbott Laboratories

  

$

5,216,267

    

Merchant Wholesalers, Durable Goods - 0.1%

      
 

3,684

    

Henry Schein, Inc. (a)​

    

255,228

    

Merchant Wholesalers, Nondurable Goods - 2.1%

      
 

6,897

    

Cardinal Health, Inc.

    

710,667

    
 

4,695

    

Cencora, Inc.

    

1,122,340

    
 

3,726

    

McKesson Corp.

    

2,001,644

    
     

3,834,651

    

Miscellaneous Manufacturing - 18.0%

      
 

2,019

    

Align Technology, Inc. (a)​

    

570,125

    
 

14,399

    

Baxter International, Inc.

    

581,288

    
 

8,191

    

Becton, Dickinson & Co.

    

1,921,609

    
 

41,538

    

Boston Scientific Corp. (a)​

    

2,985,336

    
 

10,931

    

DexCom, Inc. (a)​

    

1,392,500

    
 

17,197

    

Edwards Lifesciences Corp. (a)​

    

1,456,070

    
 

1,980

    

Insulet Corp. (a)​

    

340,441

    
 

9,990

    

Intuitive Surgical, Inc. (a)​

    

3,702,494

    
 

68,255

    

Johnson & Johnson

    

9,868,991

    
 

37,701

    

Medtronic PLC ADR (Ireland)

    

3,025,128

    
 

4,171

    

ResMed, Inc.

    

892,552

    
 

3,918

    

Solventum Corp. (a)​

    

254,709

    
 

2,802

    

Steris PLC ADR (Ireland)

    

573,177

    
 

9,588

    

Stryker Corp.

    

3,226,362

    
 

1,332

    

Teleflex, Inc.

    

278,055

    
 

5,635

    

The Cooper Companys, Inc.

    

501,853

    
 

5,925

    

Zimmer Biomet Holdings, Inc.

    

712,659

    
     

32,283,349

    

Professional, Scientific, and Technical Services - 1.4%

      
 

1,454

     Charles River Laboratories
International, Inc. (a)​		    

332,966

    
 

5,175

    

IQVIA Holdings, Inc. (a)​

    

1,199,410

    
 

9,405

    

Moderna, Inc. (a)​

    

1,037,466

    
     

2,569,842

    
        TOTAL COMMON STOCKS
(Cost $145,101,846)		  

$

147,175,085

    

SHORT TERM INVESTMENTS - 18.4%

      

Money Market Funds - 18.4%

      
 

11,690,744

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

11,690,744

    
 

3,934

     Goldman Sachs Financial
Square Government Fund
Institutional Shares, 5.22% (b)​		    

3,934

    
 

21,347,473

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (b)​		    

21,347,473

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $33,042,151)		  

$

33,042,151

    
        TOTAL INVESTMENTS
(Cost $178,143,997) -
100.2% (c)​		  

$

180,217,236

    
        Liabilities in Excess of
Other Assets - (0.2)%		    

(300,266

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

179,916,970

    

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

DIREXION SEMI-ANNUAL REPORT
51

Direxion Daily Healthcare Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2024

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $146,617,127.

ADR - American Depository Receipt

 

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
Total return of
Health Care Select
Sector Index		  
6.0400% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

156,398

    

$

210,543,430

    

$

7,654,679

    
Total return of
Health Care Select
Sector Index		  
5.9600% representing
1 month SOFR rate + spread		  

UBS Securities LLC

  

12/17/2024

    

52,088

      

71,610,805

      

1,212,250

    
Total return of
Health Care Select
Sector Index		  
5.9700% representing
1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

68,527

      

93,176,058

      

2,516,991

    
                   

$

375,330,293

    

$

11,383,920

    

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

DIREXION SEMI-ANNUAL REPORT
52

Direxion Daily Homebuilders & Supplies Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 73.4%

      
Building Material and Garden Equipment
and Supplies Dealers - 6.7%		      
 

37,086

    

Lowe's Companies, Inc.

  

$

8,455,237

    
 

32,785

    

MasterBrand, Inc. (a)​

    

546,526

    
 

23,692

    

The Home Depot, Inc.

    

7,918,340

    
     

16,920,103

    

Construction of Buildings - 42.0%

      
 

17,645

    

Beazer Homes USA, Inc. (a)​

    

494,589

    
 

17,506

    

Century Communities, Inc.

    

1,388,576

    
 

184,876

    

D.R. Horton, Inc.

    

26,342,981

    
 

14,044

    

Dream Finders Home, Inc. (a)​

    

498,562

    
 

15,730

    

Green Brick Partners , Inc. (a)​

    

851,465

    
 

45,493

    

KB Home

    

2,946,127

    
 

7,916

    

Lennar Corp.

    

1,111,327

    
 

153,011

    

Lennar Corp. Class A

    

23,199,528

    
 

12,692

    

LGI Homes, Inc. (a)​

    

1,141,391

    
 

17,239

    

M/I Homes, Inc. (a)​

    

2,003,517

    
 

22,566

    

Meritage Homes Corp.

    

3,740,089

    
 

1,980

    

NVR, Inc. (a)​

    

14,728,923

    
 

131,310

    

PulteGroup, Inc.

    

14,630,560

    
 

66,518

    

Taylor Morrison Home Corp. (a)​

    

3,725,673

    
 

64,563

    

Toll Brothers, Inc.

    

7,690,099

    
 

60,082

    

TRI Pointe Group, Inc. (a)​

    

2,214,022

    
     

106,707,429

    

Fabricated Metal Product Manufacturing - 0.7%

      
 

11,037

     Simpson Manufacturing
Company, Inc.		    

1,919,224

    

Furniture and Related Product Manufacturing - 0.1%

      
 

4,143

    

American Woodmark Corp. (a)​

    

381,487

    
Furniture, Home Furnishings, Electronics, and
Appliance Retailers - 1.3%		      
 

10,589

    

Arhaus, Inc.

    

134,057

    
 

5,913

    

Ethan Allen Interiors, Inc.

    

166,983

    
 

27,562

    

Floor & Decor Holdings, Inc. (a)​

    

3,040,916

    
     

3,341,956

    

Machinery Manufacturing - 0.2%

      
 

32,609

    

Hayward Holdings, Inc. (a)​

    

442,830

    

Management of Companies and Enterprises - 0.7%

      
 

37,715

    

AZEK Company, Inc. (a)​

    

1,721,313

    

Merchant Wholesalers, Durable Goods - 6.2%

      
 

16,389

    

Beacon Roofing Supply, Inc. (a)​

    

1,614,808

    
 

31,901

    

Builders FirstSource, Inc. (a)​

    

5,832,141

    
 

32,612

     Fortune Brands Home & Security,
Inc.		    

2,383,937

    
 

34,500

    

Leggett & Platt, Inc.

    

623,415

    
 

8,282

    

Lennox International, Inc.

    

3,838,044

    
 

13,671

    

Mohawk Industries, Inc. (a)​

    

1,576,540

    
     

15,868,885

    

Merchant Wholesalers, Nondurable Goods - 3.1%

      
 

26,575

    

The Sherwin Williams Co.

    

7,962,136

    

Nonmetallic Mineral Product Manufacturing - 2.5%

      
 

8,909

    

Eagle Materials, Inc.

    

2,233,575

    
 

22,988

    

Owens Corning

    

3,866,812

    

Shares

      

Fair Value

  

Nonmetallic Mineral Product Manufacturing (continued)

      
 

8,562

    

Quanex Building Products Corp.

  

$

284,430

    
     

6,384,817

    

Specialty Trade Contractors - 4.5%

      
 

14,514

    

Installed Building Products, Inc.

    

3,421,385

    
 

19,564

    

TopBuild Corp. (a)​

    

7,916,964

    
     

11,338,349

    

Wood Product Manufacturing - 5.4%

      
 

4,806

    

Cavco Industries, Inc. (a)​

    

1,750,393

    
 

22,038

    

JELD-WEN Holding, Inc. (a)​

    

451,779

    
 

56,838

    

Masco Corp.

    

3,890,561

    
 

5,651

     Masonite International Corp.
ADR (a)​		    

749,040

    
 

33,253

    

Skyline Champion Corp. (a)​

    

2,493,642

    
 

28,085

    

Trex Company, Inc. (a)​

    

2,486,927

    
 

15,988

    

UFP Industries, Inc.

    

1,801,848

    
     

13,624,190

    
        TOTAL COMMON STOCKS
(Cost $176,277,891)		  

$

186,612,719

    

SHORT TERM INVESTMENTS - 31.7%

      

Money Market Funds - 31.7%

      
 

28,060,049

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

28,060,049

    
 

29,461,054

     Dreyfus Treasury Securities Cash
Management Institutional
Shares, 5.19% (b)​		    

29,461,054

    
 

23,092,312

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (b)​		    

23,092,312

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $80,613,415)		  

$

80,613,415

    
        TOTAL INVESTMENTS
(Cost $256,891,306) -
105.1% (c)​		  

$

267,226,134

    
        Liabilities in Excess of
Other Assets - (5.1)%		    

(13,035,239

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

254,190,895

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $229,530,507.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
53

Direxion Daily Homebuilders & Supplies Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
Total return of Dow
Jones U.S. Select Home
Construction Index		  
6.1100% representing
1 month SOFR rate + spread		  

BNP Paribas

  

12/4/2024

    

2,450

    

$

43,791,721

    

$

1,133,080

    
Total return of Dow
Jones U.S. Select Home
Construction Index		  
5.8700% representing
1 month SOFR rate + spread		  

Goldman Sachs

  

12/10/2024

    

11,640

      

200,589,826

      

11,733,608

    
Total return of Dow
Jones U.S. Select Home
Construction Index		  
5.8700% representing
1 month SOFR rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

5,680

      

97,555,248

      

6,199,028

    
Total return of Dow
Jones U.S. Select Home
Construction Index		  
5.8700% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

7,081

      

130,026,529

      

314,396

    
Total return of Dow
Jones U.S. Select Home
Construction Index		  
5.9700% representing
1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

4,160

      

74,526,235

      

1,357,953

    
                   

$

546,489,559

    

$

20,738,065

    

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

DIREXION SEMI-ANNUAL REPORT
54

Direxion Daily Industrials Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 77.5%

      

Administrative and Support Services - 5.3%

      
 

636

    

Allegion PLC ADR (Ireland)

  

$

77,312

    
 

2,975

    

Automatic Data Processing, Inc.

    

719,623

    
 

854

     Broadridge Financial
Solutions, Inc.		    

165,172

    
 

893

    

Equifax, Inc.

    

196,630

    
 

754

    

Robert Half, Inc.

    

52,132

    
 

2,033

    

Rollins, Inc.

    

90,590

    
 

2,655

    

Waste Management, Inc.

    

552,293

    
     

1,853,752

    

Air Transportation - 1.5%

      
 

4,739

    

American Airlines Group, Inc. (a)​

    

64,024

    
 

4,638

    

Delta Air Lines, Inc.

    

232,224

    
 

4,321

    

Southwest Airlines Co.

    

112,087

    
 

2,374

     United Continental
Holdings, Inc. (a)​		    

122,166

    
     

530,501

    

Building Material and Garden Equipment and Supplies Dealers - 0.3%

      
 

382

    

Snap-on, Inc.

    

102,361

    

Computer and Electronic Product Manufacturing - 7.2%

      
 

1,672

    

AMETEK, Inc.

    

292,031

    
 

2,540

    

Fortive Corp.

    

191,186

    
 

1,373

    

L3Harris Technologies, Inc.

    

293,891

    
 

1,020

    

Northrop Grumman Corp.

    

494,731

    
 

2,936

    

Otis Worldwide Corp.

    

267,763

    
 

9,609

    

RTX Corp.

    

975,506

    
     

2,515,108

    

Couriers and Messengers - 3.5%

      
 

1,664

    

FedEx Corp.

    

435,602

    
 

5,238

    

United Parcel Service, Inc. Class B

    

772,500

    
     

1,208,102

    

Electrical Equipment, Appliance, and Component Manufacturing - 2.8%

      
 

889

    

A.O. Smith Corp.

    

73,645

    
 

510

    

Axon Enterprise, Inc. (a)​

    

159,966

    
 

4,141

    

Emerson Electric Co.

    

446,317

    
 

445

    

Generac Holdings, Inc. (a)​

    

60,502

    
 

829

    

Rockwell Automation, Inc.

    

224,626

    
     

965,056

    

Fabricated Metal Product Manufacturing - 0.6%

      
 

1,197

    

Pentair PLC ADR (Ireland)

    

94,671

    
 

1,111

    

Stanley Black & Decker, Inc.

    

101,545

    
     

196,216

    

Food Services and Drinking Places - 0.4%

      
 

1,588

    

Veralto Corp.

    

148,764

    

Machinery Manufacturing - 16.2%

      
 

6,051

    

Carrier Global Corp.

    

372,076

    
 

3,687

    

Caterpillar, Inc.

    

1,233,560

    
 

987

    

Cummins, Inc.

    

278,818

    
 

1,886

    

Deere & Co.

    

738,199

    
 

7,882

    

General Electric Co.

    

1,275,465

    
 

548

    

IDEX Corp.

    

120,812

    
 

2,931

    

Ingersoll Rand, Inc.

    

273,521

    

Shares

      

Fair Value

  

Machinery Manufacturing (continued)

      
 

392

    

Nordson Corp.

  

$

101,210

    
 

930

    

Parker Hannifin Corp.

    

506,766

    
 

1,648

     Trane Technologies PLC ADR
(Ireland)		    

522,976

    
 

1,745

    

Xylem, Inc.

    

228,072

    
     

5,651,475

    

Merchant Wholesalers, Durable Goods - 5.8%

      
 

894

    

Builders FirstSource, Inc. (a)​

    

163,441

    
 

624

    

Cintas Corp.

    

410,804

    
 

6,328

    

Copart, Inc. (a)​

    

343,674

    
 

4,143

    

Fastenal Co.

    

281,475

    
 

389

    

Hubbell, Inc.

    

144,132

    
 

287

    

Huntington Ingalls Industries, Inc.

    

79,479

    
 

4,935

     Johnson Controls International
PLC ADR (Ireland)		    

321,121

    
 

319

    

W.W. Grainger, Inc.

    

293,911

    
     

2,038,037

    

Merchant Wholesalers, Nondurable Goods - 1.4%

      
 

1,969

    

Illinois Tool Works, Inc.

    

480,653

    

Miscellaneous Manufacturing - 2.0%

      
 

4,002

    

3M Co.

    

386,233

    
 

1,014

    

Dover Corp.

    

181,810

    
 

1,419

    

Textron, Inc.

    

120,033

    
     

688,076

    

National Security and International Affairs - 0.4%

      
 

996

    

Leidos Holdings, Inc.

    

139,659

    

Primary Metal Manufacturing - 0.5%

      
 

2,833

    

Howmet Aerospace, Inc.

    

189,103

    

Professional, Scientific, and Technical Services - 4.6%

      
 

2,891

     Eaton Corporation PLC ADR
(Ireland)		    

920,090

    
 

910

    

Jacobs Solutions, Inc.

    

130,612

    
 

2,320

    

Paychex, Inc.

    

275,639

    
 

349

    

Paycom Software, Inc.

    

65,605

    
 

1,049

    

Verisk Analytics, Inc. Class A

    

228,640

    
     

1,620,586

    

Publishing Industries - 0.2%

      
 

1,131

    

Dayforce, Inc. (a)​

    

69,410

    

Rail Transportation - 4.4%

      
 

14,311

    

CSX Corp.

    

475,412

    
 

4,415

    

Union Pacific Corp.

    

1,047,061

    
     

1,522,473

    

Rental and Leasing Services - 0.9%

      
 

487

    

United Rentals, Inc.

    

325,311

    

Specialty Trade Contractors - 0.8%

      
 

1,052

    

Quanta Services, Inc.

    

272,005

    

Support Activities for Transportation - 1.9%

      
 

845

    

C.H. Robinson Worldwide, Inc.

    

59,995

    
 

1,053

     Expeditors International of
Washington, Inc.		    

117,209

    
 

591

    

J.B. Hunt Transport Services, Inc.

    

96,079

    
 

1,636

    

Norfolk Southern Corp.

    

376,804

    
     

650,087

    

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

DIREXION SEMI-ANNUAL REPORT
55

Direxion Daily Industrials Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Transit and Ground Passenger Transportation - 2.8%

      
 

14,903

    

Uber Technologies, Inc. (a)​

  

$

987,622

    

Transportation Equipment Manufacturing - 11.3%

      
 

4,153

    

Boeing Co. (a)​

    

697,039

    
 

1,644

    

General Dynamics Corp.

    

471,976

    
 

4,774

    

Honeywell International, Inc.

    

920,093

    
 

1,557

    

Lockheed Martin Corp.

    

723,896

    
 

3,788

    

Paccar, Inc.

    

401,945

    
 

402

    

TransDigm Group, Inc.

    

501,708

    
 

1,298

    

Wabtec Corp.

    

209,082

    
     

3,925,739

    

Truck Transportation - 0.7%

      
 

1,296

    

Old Dominion Freight Line, Inc.

    

235,496

    

Utilities - 0.9%

      
 

1,969

    

GE Vernova, Inc. (a)​

    

302,655

    

Waste Management and Remediation Services - 0.8%

      
 

1,482

    

Republic Services, Inc.

    

284,099

    

Wood Product Manufacturing - 0.3%

      
 

1,592

    

Masco Corp.

    

108,972

    
        TOTAL COMMON STOCKS
(Cost $26,251,084)		  

$

27,011,318

    

SHORT TERM INVESTMENTS - 25.7%

      

Money Market Funds - 25.7%

      
 

1,854,303

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

1,854,303

    
 

4,760,005

     Goldman Sachs Financial Square
Government Fund Institutional
Shares, 5.22% (b)​		    

4,760,005

    

Shares

      

Fair Value

  

Money Market Funds (continued)

  
 

2,363,083

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (b)​		  

$

2,363,083

    
    TOTAL SHORT TERM
INVESTMENTS
(Cost $8,977,391)		  

$

8,977,391

    
    TOTAL INVESTMENTS
(Cost $35,228,475) -
103.2% (c)​		  

$

35,988,709

    
    Liabilities in Excess of
Other Assets - (3.2)%		    

(1,114,211

)

  
   

TOTAL NET ASSETS - 100.0%

  

$

34,874,498

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $24,918,973.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
Total return of
Industrials Select
Sector Index		  
5.9200% representing
1 month SOFR rate + spread		  
J.P. Morgan		  

12/16/2024

    

14,318

    

$

17,058,726

    

$

310,575

    
Total return of
Industrials Select
Sector Index		  
5.9700% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

14,343

      

16,597,959

      

742,835

    
Total return of
Industrials Select
Sector Index		  
5.9700% representing
1 month SOFR rate + spread		  
Barclays		  

12/23/2024

    

34,690

      

39,099,752

      

2,775,336

    
                   

$

72,756,437

    

$

3,828,746

    

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

DIREXION SEMI-ANNUAL REPORT
56

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 83.0%

      

Administrative and Support Services - 3.7%

      
 

16,514

     Royalty Pharma PLC ADR
(United Kingdom)		  

$

457,438

    

Ambulatory Health Care Services - 8.1%

      
 

6,785

    

Axsome Therapeutics, Inc. (a)​

    

500,462

    
 

3,961

    

Fulcrum Therapeutics, Inc. (a)​

    

28,242

    
 

40,909

    

Viatris, Inc.

    

473,317

    
     

1,002,021

    

Chemical Manufacturing - 58.6%

      
 

5,356

    

Amphastar Pharmaceuticals, Inc. (a)​

    

220,935

    
 

1,006

    

ANI Pharmaceuticals, Inc. (a)​

    

66,396

    
 

9,324

    

Bristol-Myers Squibb Co.

    

409,697

    
 

9,858

    

Cassava Sciences, Inc. (a)(b)​

    

218,355

    
 

8,876

    

Catalent, Inc. (a)​

    

495,725

    
 

3,204

    

Collegium Pharmaceutical, Inc. (a)​

    

118,324

    
 

15,385

    

Corcept Therapeutics, Inc. (a)​

    

358,778

    
 

30,490

    

Elanco Animal Health, Inc. (a)​

    

401,248

    
 

658

    

Eli Lilly and Company

    

513,964

    
 

4,094

    

Evolus, Inc. (a)​

    

48,186

    
 

4,110

     Harmony Biosciences Holdings,
Inc. (a)​		    

127,040

    
 

7,239

    

Innoviva, Inc. (a)​

    

109,381

    
 

7,432

    

Intra-Cellular Therapies, Inc. (a)​

    

533,692

    
 

4,267

     Jazz Pharmaceuticals PLC ADR
(Ireland) (a)​		    

472,570

    
 

1,171

    

Ligand Pharmaceuticals, Inc. (a)​

    

81,841

    
 

4,705

    

Marinus Pharmaceuticals, Inc. (a)​

    

6,634

    
 

4,061

    

Merck & Co., Inc.

    

524,762

    
 

27,184

    

Organon & Co.

    

505,894

    
 

4,837

    

Pacira BioSciences, Inc. (a)​

    

126,971

    
 

16,323

    

Perrigo Co. PLC ADR (Ireland)

    

533,109

    
 

18,426

    

Pfizer, Inc.

    

472,074

    
 

4,979

    

Pliant Therapeutics, Inc. (a)​

    

58,852

    
 

2,123

     Prestige Consumer Healthcare,
Inc. (a)​		    

152,347

    
 

17,130

    

Revance Therapeutics, Inc. (a)​

    

61,839

    
 

3,083

    

Supernus Pharmaceuticals, Inc. (a)​

    

92,798

    
 

4,334

    

Theravance Biopharma, Inc. ADR (a)​

    

36,579

    
 

20,974

    

Xeris Biopharma Holdings, Inc. (a)​

    

36,705

    
 

2,753

    

Zoetis, Inc.

    

438,388

    
     

7,223,084

    

Computer and Electronic Product Manufacturing - 0.3%

      
 

7,691

    

Ocular Therapeutix, Inc. (a)​

    

36,455

    

Merchant Wholesalers, Nondurable Goods - 2.9%

      
 

14,970

    

Amneal Pharmaceuticals, Inc. (a)​

    

90,569

    
 

52,603

    

Amylxy Pharmaceuticals, Inc. (a)​

    

95,211

    
 

5,403

    

Tarsus Pharmaceuticals, Inc. (a)​

    

169,816

    
     

355,596

    

Miscellaneous Manufacturing - 5.4%

      
 

11,966

    

EyePoint Pharmaceuticals, Inc. (a)​

    

210,602

    
 

3,144

    

Johnson & Johnson

    

454,591

    
     

665,193

    

Shares

      

Fair Value

  

Professional, Scientific, and Technical Services - 4.0%

      
 

7,994

    

Arvinas, Inc. (a)​

  

$

253,969

    
 

8,127

    

Liquidia Corp. (a)​

    

104,432

    
 

6,300

    

Longboard Pharmaceuticals, Inc. (a)​

    

134,190

    
     

492,591

    
        TOTAL COMMON STOCKS
(Cost $10,583,690)		  

$

10,232,378

    

SHORT TERM INVESTMENTS - 24.7%

      

Money Market Funds - 24.7%

      
 

1,685,851

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (c)(d)​		  

$

1,685,851

    
 

880,595

     Goldman Sachs Financial Square
Government Fund Institutional
Shares, 5.22% (c)​		    

880,595

    
 

477,741

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (c)​		    

477,741

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $3,044,187)		  

$

3,044,187

    
        TOTAL INVESTMENTS
(Cost $13,627,877) -
107.7% (e)​		  

$

13,276,565

    
        Liabilities in Excess of
Other Assets - (7.7)%		    

(946,877

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

12,329,688

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

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

(c)​  Represents annualized seven-day yield at April 30, 2024.

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

(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $9,566,462.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
57

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
Total return of
S&P Pharmaceuticals
Select Industry Index		  
5.9600% representing
1 month SOFR rate + spread		   UBS
Securities LLC		  

12/17/2024

    

2,728

    

$

12,494,383

    

$

(185,879

)

  
Total return of
S&P Pharmaceuticals
Select Industry Index		  
5.9700% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

1,857

      

8,486,917

      

(132,144

)

  
Total return of
S&P Pharmaceuticals
Select Industry Index		  
5.9700% representing
1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

1,264

      

6,177,288

      

(427,371

)

  
                   

$

27,158,588

    

$

(745,394

)

  

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

DIREXION SEMI-ANNUAL REPORT
58

Direxion Daily Real Estate Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 79.8%

      

Accommodation - 1.2%

      
 

37,275

    

Host Hotels & Resorts, Inc.

  

$

703,379

    

Administrative and Support Services - 2.0%

      
 

15,431

    

Iron Mountain, Inc.

    

1,196,211

    

Professional, Scientific, and Technical Services - 2.5%

      
 

11,165

    

Extra Space Storage, Inc.

    

1,499,236

    

Real Estate - 63.4%

      
 

8,322

     Alexandria Real Estate
Equities, Inc.		    

964,270

    
 

24,628

    

American Tower Corp.

    

4,225,180

    
 

7,488

    

AvalonBay Communities, Inc.

    

1,419,500

    
 

7,634

    

Boston Properties, Inc.

    

472,468

    
 

5,636

    

Camden Property Trust

    

561,796

    
 

15,707

    

CBRE Group, Inc. Class A (a)​

    

1,364,781

    
 

22,910

    

Crown Castle, Inc.

    

2,148,500

    
 

16,001

    

Digital Realty Trust, Inc.

    

2,220,619

    
 

18,234

    

Equity Residential

    

1,174,270

    
 

3,390

    

Essex Property Trust, Inc.

    

834,787

    
 

3,881

    

Federal Realty Investment Trust

    

404,284

    
 

37,401

    

Healthpeak Properties, Inc.

    

696,033

    
 

30,385

    

Invitation Homes, Inc.

    

1,039,167

    
 

35,187

    

Kimco Realty Corp.

    

655,534

    
 

6,167

     Mid-America Apartment
Communities, Inc.		    

801,710

    
 

48,807

    

Prologis, Inc.

    

4,980,754

    
 

8,359

    

Public Storage

    

2,168,743

    
 

43,938

    

Realty Income Corp.

    

2,352,441

    
 

8,677

    

Regency Centers Corp.

    

513,852

    
 

17,220

    

Simon Property Group, Inc.

    

2,419,927

    
 

15,989

    

UDR, Inc.

    

608,861

    
 

21,257

    

Ventas, Inc.

    

941,260

    
 

54,646

    

VICI Properties, Inc.

    

1,560,143

    
 

29,235

    

Welltower, Inc.

    

2,785,511

    
 

38,550

    

Weyerhaeuser Co.

    

1,163,053

    
     

38,477,444

    

Telecommunications - 7.5%

      
 

4,957

    

Equinix, Inc.

    

3,524,972

    
 

5,698

    

SBA Communications Corp.

    

1,060,512

    
     

4,585,484

    

Shares

      

Fair Value

  

Web Search Portals, Libraries, Archives, and Other Information Services - 3.2%

      
 

21,572

    

CoStar Group, Inc. (a)​

  

$

1,974,485

    
        TOTAL COMMON STOCKS
(Cost $50,836,488)		  

$

48,436,239

    

SHORT TERM INVESTMENTS - 36.9%

      

Money Market Funds - 36.9%

      
 

3,104,616

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

3,104,616

    
 

19,312,680

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (b)​		    

19,312,680

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $22,417,296)		  

$

22,417,296

    
        TOTAL INVESTMENTS
(Cost $73,253,784) -
116.7% (c)​		  

$

70,853,535

    
        Liabilities in Excess of
Other Assets - (16.7)%		    

(10,124,269

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

60,729,266

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $60,303,133.

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
Total return of Real Estate
Select Sector Index		   5.3700% representing
1 month SOFR rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

468,498

    

$

89,634,286

    

$

(6,615,967

)

  
Total return of Real Estate
Select Sector Index		   5.9500% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

1/13/2025

    

285,310

      

53,144,186

      

(2,842,501

)

  
                   

$

142,778,472

    

$

(9,458,468

)

  

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

DIREXION SEMI-ANNUAL REPORT
59

Direxion Daily Real Estate Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 96.2%

  

Money Market Funds - 96.2%

  
 

39,981,579

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

39,981,579

    
 

66,350,458

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (a)​		    

66,350,458

    
    TOTAL SHORT TERM
INVESTMENTS
(Cost $106,332,037) (b)​		  

$

106,332,037

    
    TOTAL INVESTMENTS
(Cost $106,332,037) -
96.2%		  

$

106,332,037

    
    Other Assets in
Excess of Liabilities - 3.8%		    

4,157,515

    
   

TOTAL NET ASSETS - 100.0%

  

$

110,489,552

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $69,156,851.

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
5.1700% representing
1 month SOFR rate + spread		   Total return of Real Estate
Select Sector Index		   Bank of America
Merrill Lynch		  

12/11/2024

    

607,598

    

$

114,795,864

    

$

7,408,223

    
5.1200% representing
1 month SOFR rate + spread		   Total return of Real Estate
Select Sector Index		   UBS Securities
LLC		  

12/17/2024

    

192,539

      

35,514,470

      

1,435,614

    
5.6500% representing
1 month SOFR rate + spread		   Total return of Real Estate
Select Sector Index		  

J.P. Morgan

  

1/13/2025

    

1,068,009

      

207,260,196

      

18,825,061

    
                   

$

357,570,530

    

$

27,668,898

    

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

DIREXION SEMI-ANNUAL REPORT
60

Direxion Daily Regional Banks Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 75.8%

      

Credit Intermediation and Related Activities - 68.6%

      
 

13,885

    

1st Source Corp.

  

$

688,696

    
 

36,943

    

Amalgamated Financial Corp.

    

906,581

    
 

20,325

    

Amerant Bancorp, Inc.

    

440,240

    
 

97,823

    

Ameris Bancorp

    

4,644,636

    
 

340,183

    

Associated Banc-Corp

    

7,167,656

    
 

71,201

    

Atlantic Union Bankshares Corp.

    

2,262,056

    
 

158,247

    

Axos Financial, Inc. (a)​

    

8,008,881

    
 

15,963

    

BancFirst Corp.

    

1,423,421

    
 

86,253

    

Bank of Hawaii Corp.

    

4,889,683

    
 

275,914

    

Bank OZK

    

12,319,560

    
 

243,496

    

BankUnited, Inc.

    

6,508,648

    
 

46,302

    

Banner Corp.

    

2,020,156

    
 

51,140

    

Berkshire Hills Bancorp, Inc.

    

1,090,305

    
 

35,858

    

BOK Financial Corp.

    

3,181,680

    
 

119,148

    

Brookline Bancorp, Inc.

    

988,928

    
 

365,879

    

Cadence Bank

    

10,123,872

    
 

10,133

    

Camden National Corp.

    

316,352

    
 

226,897

    

Capitol Federal Financial, Inc.

    

1,082,299

    
 

68,035

    

Cathay General Bancorp

    

2,343,125

    
 

355,103

    

Citizens Financial Group, Inc.

    

12,112,563

    
 

15,734

    

City Holding Co.

    

1,589,449

    
 

10,374

    

Coastal Financial Corp. (a)​

    

401,266

    
 

511,218

    

Columbia Banking System, Inc.

    

9,616,011

    
 

113,722

    

Commerce Bancshares, Inc.

    

6,218,319

    
 

71,558

    

Community Bank System, Inc.

    

3,092,737

    
 

11,081

    

Community Trust Bancorp, Inc.

    

465,513

    
 

41,767

    

ConnectOne Bancorp, Inc.

    

748,047

    
 

72,096

    

Customers Bancorp, Inc. (a)​

    

3,292,624

    
 

224,167

    

CVB Financial Corp.

    

3,662,889

    
 

57,714

    

Dime Community Bancshares, Inc.

    

1,050,395

    
 

57,376

    

Eagle Bancorp, Inc.

    

1,060,882

    
 

158,647

    

East West Bancorp, Inc.

    

11,817,615

    
 

187,948

    

Eastern Bankshares, Inc.

    

2,360,627

    
 

35,586

    

Enterprise Financial Services Corp.

    

1,352,624

    
 

436,886

    

F.N.B. Corp.

    

5,828,059

    
 

33,492

    

FB Financial Corp.

    

1,227,482

    
 

36,052

    

First Bancorp

    

1,096,341

    
 

277,567

    

First BanCorp ADR

    

4,788,031

    
 

31,246

    

First Bancshares, Inc.

    

748,029

    
 

39,369

    

First Busey Corp.

    

879,503

    
 

122,521

     First Commonwealth Financial
Corp.		    

1,616,052

    
 

84,943

    

First Financial Bancorp

    

1,878,090

    
 

110,765

    

First Financial Bankshares, Inc.

    

3,274,213

    
 

10,914

    

First Financial Corp.

    

397,379

    
 

171,478

    

First Hawaiian, Inc.

    

3,616,471

    
 

814,105

    

First Horizon National Corp.

    

12,146,447

    
 

56,650

    

First Merchants Corp.

    

1,893,243

    
 

41,983

    

Flushing Finanicial Corp.

    

462,653

    
 

254,268

    

Fulton Financial Corp.

    

4,208,135

    
 

157,847

    

Glacier Bancorp, Inc.

    

5,710,904

    
 

7,182

    

Great Southern Bancorp, Inc.

    

369,155

    
 

114,777

    

Hancock Whitney Corp.

    

5,209,728

    
 

62,751

    

Hanmi Financial Corp. Class A

    

960,090

    
 

34,196

    

HarborOne Bancorp, Inc.

    

346,406

    
 

48,168

    

Heartland Financial USA, Inc.

    

2,028,354

    
 

85,292

    

Heritage Commerce Corp.

    

677,218

    

Shares

      

Fair Value

  

Credit Intermediation and Related Activities (continued)

      
 

45,791

    

Heritage Financial Corp.

  

$

812,332

    
 

79,068

    

Hilltop Holdings, Inc.

    

2,313,530

    
 

180,515

    

Hope Bancorp, Inc.

    

1,808,760

    
 

40,385

    

Horizon Bancorp, Inc.

    

463,620

    
 

902,751

    

Huntington Bancshares, Inc.

    

12,160,056

    
 

65,787

     Independent Bank Corp.
(Massachusetts)		    

3,305,139

    
 

19,481

     Independent Bank Corp.
(Michigan)		    

483,324

    
 

54,176

    

Independent Bank Group, Inc.

    

2,017,514

    
 

49,499

    

International Bancshares Corp.

    

2,754,619

    
 

102,906

    

Kearny Financial Corp.

    

555,692

    
 

56,148

    

Lakeland Bancorp, Inc.

    

684,444

    
 

25,178

    

Lakeland Financial Corp.

    

1,479,711

    
 

42,436

    

Live Oak Bancshares, Inc.

    

1,371,532

    
 

85,380

    

M&T Bank Corp.

    

12,328,018

    
 

16,652

    

Mercantile Bank Corp.

    

600,804

    
 

41,103

    

Meta Financial Group, Inc.

    

2,070,358

    
 

14,102

    

Midland States Bancorp, Inc.

    

308,834

    
 

45,526

    

NBT Bancorp, Inc.

    

1,593,865

    
 

3,563,486

     New York Community Bancorp,
Inc.		    

9,443,238

    
 

8,361

    

Nicolet Bankshares, Inc. (a)​

    

639,867

    
 

180,871

    

Northwest Bancshares, Inc.

    

1,917,233

    
 

75,610

    

OceanFirst Financial Corp.

    

1,116,004

    
 

52,458

    

OFG Bancorp ADR

    

1,894,258

    
 

463,476

    

Old National Bancorp

    

7,665,893

    
 

43,000

    

Old Second Bancorp, Inc.

    

589,100

    
 

23,844

    

Origin Bancorp, Inc.

    

708,167

    
 

131,419

    

Pacific Premier Bancorp, Inc.

    

2,825,509

    
 

10,933

    

Park National Corp.

    

1,439,985

    
 

19,953

     Peapack-Gladstone Financial
Corp.		    

446,548

    
 

29,507

    

Peoples Bancorp, Inc.

    

856,883

    
 

110,828

    

Pinnacle Financial Partners, Inc.

    

8,500,508

    
 

89,922

    

Popular, Inc. ADR

    

7,642,471

    
 

19,757

    

Preferred Bank

    

1,495,407

    
 

32,170

    

Premier Financial Corp.

    

623,455

    
 

146,395

    

Prosperity Bancshares, Inc.

    

9,072,098

    
 

150,385

    

Provident Financial Services, Inc.

    

2,207,652

    
 

618,950

    

Regions Financial Corp.

    

11,927,167

    
 

56,518

    

Renasant Corp.

    

1,642,413

    
 

40,211

    

S&T Bancorp, Inc.

    

1,212,362

    
 

53,627

    

Sandy Spring Bancorp, Inc.

    

1,096,672

    
 

106,265

     Seacoast Banking Corp. of
Florida		    

2,451,534

    
 

119,158

    

Simmons First National Corp.

    

2,036,410

    
 

29,621

    

Southside Bancshares, Inc.

    

789,696

    
 

37,576

    

Stellar Bancorp, Inc.

    

834,187

    
 

307,445

    

Synovus Financial Corp.

    

11,003,457

    
 

110,486

    

Texas Capital Bancshares, Inc. (a)​

    

6,341,896

    
 

78,997

    

TFS Financial Corp.

    

948,754

    
 

122,916

    

The Bancorp, Inc. (a)​

    

3,680,105

    
 

16,924

    

Tompkins Financial Corp.

    

744,318

    
 

52,497

    

Towne Bank

    

1,358,097

    
 

22,044

    

TriCo Bancshares

    

766,470

    
 

34,128

    

Triumph Financial, Inc. (a)​

    

2,401,246

    
 

325,511

    

Truist Financial Corp.

    

12,222,938

    

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

DIREXION SEMI-ANNUAL REPORT
61

Direxion Daily Regional Banks Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Credit Intermediation and Related Activities (continued)

      
 

18,916

    

TrustCo Bank Corp. NY

  

$

503,544

    
 

65,667

    

Trustmark Corp.

    

1,943,743

    
 

50,155

    

UMB Financial Corp.

    

3,995,347

    
 

153,427

    

United Bankshares, Inc.

    

4,980,240

    
 

153,366

    

United Community Banks, Inc.

    

3,869,424

    
 

26,979

    

Univest Financial Corp.

    

563,052

    
 

1,080,465

    

Valley National Bancorp

    

7,574,060

    
 

79,490

    

WaFd, Inc.

    

2,153,384

    
 

23,508

    

Washington Trust Bancorp, Inc.

    

598,514

    
 

250,301

    

Webster Financial Corp.

    

10,970,693

    
 

44,744

    

WesBanco, Inc.

    

1,208,088

    
 

36,038

    

Westamerica Bancorp

    

1,677,569

    
 

202,074

    

Western Alliance Bancorp

    

11,483,865

    
 

86,250

    

Wintrust Financial Corp.

    

8,335,200

    
 

70,176

    

WSFS Financial Corp.

    

2,998,620

    
 

288,520

    

Zions Bancorp

    

11,765,846

    
     

430,885,658

    

Management of Companies and Enterprises - 7.0%

      
 

504,340

    

Banc of California, Inc.

    

6,904,415

    
 

25,724

    

Byline Bancorp, Inc.

    

557,439

    
 

35,874

    

Central Pacific Financial Corp.

    

715,328

    
 

18,804

    

Colmombia Financial, Inc. (a)​

    

312,146

    
 

87,714

    

Cullen/Frost Bankers, Inc.

    

9,152,079

    
 

175,480

    

First Foundation, Inc.

    

961,630

    
 

170,854

    

First Interstate BancSystem, Inc.

    

4,561,802

    
 

243,701

    

Home Bancshares, Inc.

    

5,770,840

    
 

29,296

     Metropolitan Bank Holding
Corp. (a)​		    

1,163,051

    
 

39,707

    

National Bank Holdings Corp.

    

1,299,610

    
 

43,013

    

ServisFirst Bancshares, Inc.

    

2,536,047

    
 

97,159

    

South State Corp.

    

7,354,936

    
 

17,304

    

Stock Yards Bancorp, Inc.

    

770,893

    
 

94,176

    

Veritex Holdings, Inc.

    

1,834,548

    
     

43,894,764

    

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.2%

      
 

37,602

    

CrossFirst Bankshares, Inc. (a)​

    

454,232

    
 

11,238

    

QCR Holdings, Inc.

    

617,641

    
     

1,071,873

    
        TOTAL COMMON STOCKS
(Cost $480,988,969)		  

$

475,852,295

    

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 34.0%

      

Money Market Funds - 34.0%

      
 

72,513,570

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

72,513,570

    
 

21,268,717

     Dreyfus Treasury Securities Cash
Management Institutional
Shares, 5.19% (b)​		    

21,268,717

    
 

37,826,533

     Goldman Sachs Financial Square
Government Fund Institutional
Shares, 5.22% (b)​		    

37,826,533

    
 

81,938,622

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (b)​		    

81,938,622

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $213,547,442)		  

$

213,547,442

    
        TOTAL INVESTMENTS
(Cost $694,536,411) -
109.8% (c)​		  

$

689,399,737

    
        Liabilities in Excess of
Other Assets - (9.8)%		    

(61,655,254

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

627,744,483

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $553,260,601.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
62

Direxion Daily Regional Banks Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
Total return of S&P
Regional Banks
Select Industry Index		  
5.8700% representing
1 month SOFR rate + spread		  

Goldman Sachs

  

12/10/2024

    

220,000

    

$

327,453,977

    

$

(5,633,854

)

  
Total return of S&P
Regional Banks
Select Industry Index		  
6.0700% representing
1 month SOFR rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

180,000

      

288,373,328

      

(25,394,789

)

  
Total return of S&P
Regional Banks
Select Industry Index		  
5.9700% representing
1 month SOFR rate + spread		  

Societe Generale

  

12/16/2024

    

45,000

      

75,636,450

      

(10,131,835

)

  
Total return of S&P
Regional Banks
Select Industry Index		  
5.8700% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

64,137

      

97,158,576

      

(3,416,161

)

  
Total return of S&P
Regional Banks
Select Industry Index		  
5.8600% representing
1 month SOFR rate + spread		  

UBS Securities LLC

  

12/17/2024

    

80,782

      

121,714,810

      

(2,866,897

)

  
Total return of S&P
Regional Banks
Select Industry Index		  
6.0700% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

115,077

      

172,356,145

      

(3,408,420

)

  
Total return of S&P
Regional Banks
Select Industry Index		  
6.0200% representing
1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

248,064

      

374,641,519

      

(9,912,234

)

  
                   

$

1,457,334,805

    

$

(60,764,190

)

  

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

DIREXION SEMI-ANNUAL REPORT
63

Direxion Daily Retail Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 74.5%

      

Administrative and Support Services - 1.1%

      
 

24,823

    

Revolve Group, Inc. (a)​

  

$

494,226

    

Building Material and Garden Equipment and Supplies Dealers - 1.2%

      
 

2,040

    

Tractor Supply Co.

    

557,083

    

Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 18.8%

      
 

4,308

    

Abercrombie & Fitch Co. Class A (a)​

    

523,508

    
 

7,280

    

Academy Sports & Outdoors, Inc.

    

424,424

    
 

22,930

    

American Eagle Outfitters, Inc.

    

556,282

    
 

11,420

    

Bath & Body Works, Inc.

    

518,696

    
 

5,724

    

Boot Barn Holdings, Inc. (a)​

    

609,434

    
 

10,477

    

Caleres, Inc.

    

385,868

    
 

40,505

    

Designer Brands, Inc.

    

376,292

    
 

21,120

    

Foot Locker, Inc.

    

440,352

    
 

24,431

    

Gap, Inc.

    

501,324

    
 

4,452

    

Genesco, Inc. (a)​

    

112,680

    
 

19,917

    

Guess?, Inc.

    

533,377

    
 

29,958

    

Nordstrom, Inc.

    

569,502

    
 

3,505

    

Ross Stores, Inc.

    

454,073

    
 

5,416

    

Shoe Carnival, Inc.

    

181,111

    
 

5,271

    

Signet Jewelers Ltd. ADR

    

516,716

    
 

13,387

    

The Buckle, Inc.

    

500,540

    
 

5,330

    

TJX Companies, Inc.

    

501,500

    
 

12,319

    

Urban Outfitters, Inc. (a)​

    

479,948

    
 

28,206

    

Victoria's Secret & Co. (a)​

    

496,990

    
     

8,682,617

    

Food and Beverage Retailers - 5.3%

      
 

24,501

    

Albertsons Companies, Inc. Class A

    

499,820

    
 

19,711

    

Grocery Outlet Holding Corp. (a)​

    

511,895

    
 

2,674

    

Ingles Markets, Inc.

    

191,859

    
 

9,131

    

Kroger Co.

    

505,675

    
 

8,068

    

Sprouts Farmers Market, Inc. (a)​

    

532,730

    
 

3,152

    

Weis Markets, Inc.

    

198,986

    
     

2,440,965

    

Food Services and Drinking Places - 1.2%

      
 

1,690

    

Casey's General Stores, Inc.

    

540,090

    

Furniture, Home Furnishings, Electronics, and Appliance Retailers - 1.9%

      
 

6,504

    

Best Buy Co., Inc.

    

478,955

    
 

34,888

    

GameStop Corp. Class A (a)(b)​

    

386,908

    
     

865,863

    

General Merchandise Retailers - 16.0%

      
 

2,915

    

Amazon.com, Inc. (a)​

    

510,125

    
 

6,772

     BJ's Wholesale Club Holdings,
Inc. (a)​		    

505,733

    
 

2,365

    

Burlington Stores, Inc. (a)​

    

425,558

    
 

704

    

Costco Wholesale Corp.

    

508,922

    
 

1,260

    

Dillard's, Inc. Class A

    

551,867

    
 

3,251

    

Dollar General Corp.

    

452,507

    
 

3,454

    

Dollar Tree, Inc. (a)​

    

408,435

    
 

10,148

    

eBay, Inc.

    

523,028

    
 

7,069

    

Etsy, Inc. (a)​

    

485,428

    
 

2,496

    

Five Below, Inc. (a)​

    

365,265

    
 

18,741

    

Kohl's Corp.

    

448,660

    

Shares

      

Fair Value

  

General Merchandise Retailers (continued)

      
 

24,166

    

Macy's, Inc.

  

$

445,379

    
 

5,191

    

PriceSmart, Inc.

    

418,343

    
 

3,012

    

Target Corp.

    

484,872

    
 

8,503

    

Walmart, Inc.

    

504,653

    
 

926

    

Winmark Corp.

    

332,730

    
     

7,371,505

    

Health and Personal Care Retailers - 3.7%

      
 

39,807

    

Sally Beauty Holdings, Inc. (a)​

    

431,906

    
 

945

    

Ulta Beauty, Inc. (a)​

    

382,574

    
 

24,154

    

Walgreens Boots Alliance, Inc.

    

428,250

    
 

39,862

    

Warby Parker, Inc. (a)​

    

467,980

    
     

1,710,710

    

Merchant Wholesalers, Durable Goods - 0.3%

      
 

2,964

    

America's Car-Mart, Inc. (a)​

    

169,659

    

Miscellaneous Manufacturing - 0.8%

      
 

21,467

    

National Vision Holdings, Inc. (a)​

    

373,955

    

Motor Vehicle and Parts Dealers - 12.4%

      
 

6,994

    

Advance Auto Parts, Inc.

    

510,422

    
 

2,438

    

Asbury Automotive Group, Inc. (a)​

    

512,565

    
 

3,430

    

AutoNation, Inc. (a)​

    

552,745

    
 

166

    

AutoZone, Inc. (a)​

    

490,762

    
 

6,250

    

CarMax, Inc. (a)​

    

424,813

    
 

5,993

    

Carvana Co. (a)​

    

496,940

    
 

1,948

    

Group 1 Automotive, Inc.

    

572,751

    
 

9,990

    

MarineMax, Inc. (a)​

    

246,453

    
 

1,226

    

Murphy USA, Inc.

    

507,343

    
 

473

    

O'Reilly Automotive, Inc. (a)​

    

479,272

    
 

3,357

    

Penske Automotive Group, Inc.

    

513,319

    
 

6,887

    

Sonic Automotive, Inc.

    

398,344

    
     

5,705,729

    

Printing and Related Support Activities - 0.1%

      
 

9,335

    

Arko Corp.

    

40,141

    

Professional, Scientific, and Technical Services - 0.6%

      
 

19,037

    

Groupon, Inc. (a)(b)​

    

220,068

    
 

59,167

    

Qurate Retail, Inc. (a)​

    

48,605

    
     

268,673

    

Rental and Leasing Services - 0.8%

      
 

12,503

    

Upbound Group, Inc.

    

387,718

    

Repair and Maintenance - 1.1%

      
 

11,714

    

Valvoline, Inc. (a)​

    

498,079

    

Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers - 8.2%

      
 

18,411

    

Camping World Holdings, Inc.

    

373,191

    
 

28,875

    

Chewy, Inc. (a)​

    

432,836

    
 

2,823

    

Dick's Sporting Goods, Inc.

    

567,254

    
 

5,940

    

Hibbett Sports, Inc.

    

512,266

    
 

65,611

    

Leslie's, Inc. (a)​

    

257,851

    
 

13,461

    

Monro Muffler Brake, Inc.

    

366,812

    
 

6,856

     Ollie's Bargain Outlet Holdings,
Inc. (a)​		    

501,448

    
 

20,287

    

Savers Value Village, Inc. (a)(b)​

    

335,141

    
 

8,506

    

The ODP Corp. (a)​

    

433,040

    
     

3,779,839

    

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

DIREXION SEMI-ANNUAL REPORT
64

Direxion Daily Retail Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Truck Transportation - 1.0%

      
 

1,772

    

Lithia Motors, Inc. Class A

  

$

450,761

    
        TOTAL COMMON STOCKS
(Cost $33,417,537)		  

$

34,337,613

    

SHORT TERM INVESTMENTS - 31.3%

      

Money Market Funds - 31.3%

      
 

10,252,140

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (c)(d)​		  

$

10,252,140

    
 

4,201,145

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (c)​		    

4,201,145

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $14,453,285)		  

$

14,453,285

    
        TOTAL INVESTMENTS
(Cost $47,870,822) -
105.8% (e)​		  

$

48,790,898

    
        Liabilities in Excess of
Other Assets - (5.8)%		    

(2,677,098

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

46,113,800

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

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

(c)​  Represents annualized seven-day yield at April 30, 2024.

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

(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $36,586,272.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
Total return of S&P
Retail Select
Industry®​ Index		  
5.8200% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

5,547

    

$

39,450,375

    

$

1,953,577

    
Total return of S&P
Retail Select
Industry®​ Index		  
5.9100% representing
1 month SOFR rate + spread		  

UBS Securities LLC

  

12/17/2024

    

2,810

      

21,010,878

      

136,924

    
Total return of S&P
Retail Select
Industry®​ Index		  
5.9200% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

5,361

      

40,093,698

      

(217,882

)

  
                   

$

100,554,951

    

$

1,872,619

    

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

DIREXION SEMI-ANNUAL REPORT
65

Direxion Daily S&P 500®​ High Beta Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 74.9%

      

Accommodation - 2.4%

      
 

2,812

    

Airbnb, Inc. (a)​

  

$

445,899

    
 

12,698

    

Caesars Entertainment Inc. (a)​

    

454,842

    
 

8,180

    

MGM Resorts International (a)​

    

322,619

    
     

1,223,360

    

Administrative and Support Services - 1.5%

      
 

1,393

    

Equifax, Inc.

    

306,724

    
 

3,271

     Royal Caribbean Cruises Ltd. ADR
(Liberia) (a)​		    

456,730

    
     

763,454

    

Air Transportation - 0.6%

      
 

24,437

    

American Airlines Group, Inc. (a)​

    

330,144

    

Amusement, Gambling, and Recreation Industries - 0.6%

      
 

2,525

    

Global Payments, Inc.

    

309,994

    

Broadcasting and Content Providers - 1.4%

      
 

34,316

    

Paramount Global Class B

    

390,859

    
 

45,501

    

Warner Bros Discovery, Inc. (a)​

    

334,888

    
     

725,747

    

Chemical Manufacturing - 2.3%

      
 

3,837

    

Albemarle Corp.

    

461,629

    
 

5,841

    

Catalent, Inc. (a)​

    

326,220

    
 

2,423

    

Celanese Corp.

    

372,197

    
     

1,160,046

    

Computer and Electronic Product Manufacturing - 15.6%

      
 

2,852

    

Advanced Micro Devices, Inc. (a)​

    

451,700

    
 

2,484

    

Alphabet, Inc. Class C (a)​

    

408,966

    
 

1,383

    

Arista Networks, Inc. (a)​

    

354,822

    
 

303

    

Broadcom, Inc.

    

393,982

    
 

4,474

    

Enphase Energy, Inc. (a)​

    

486,592

    
 

656

    

IDEXX Laboratories, Inc. (a)​

    

323,251

    
 

2,575

    

Illumina, Inc. (a)​

    

316,854

    
 

8,232

    

Intel Corp.

    

250,829

    
 

4,799

    

Microchip Technology, Inc.

    

441,412

    
 

783

    

Monolithic Power Systems, Inc.

    

524,085

    
 

701

    

NVIDIA Corp.

    

605,678

    
 

1,782

     NXP Semiconductors NV ADR
(Netherlands)		    

456,531

    
 

5,760

    

ON Semiconductor Corp. (a)​

    

404,122

    
 

2,387

    

Qualcomm, Inc.

    

395,884

    
 

3,590

    

Skyworks Solutions, Inc.

    

382,658

    
 

4,286

    

Teradyne, Inc.

    

498,547

    
 

6,285

    

Trimble, Inc. (a)​

    

377,540

    
 

5,745

    

Western Digital Corp. (a)​

    

406,918

    
 

1,713

     Zebra Technologies Corp.
Class A (a)​		    

538,841

    
     

8,019,212

    

Credit Intermediation and Related Activities - 11.1%

      
 

2,502

    

Capital One Financial Corp.

    

358,862

    
 

14,683

    

Citizens Financial Group, Inc.

    

500,837

    
 

11,584

    

Comerica, Inc.

    

581,169

    
 

3,072

    

Discover Financial Services

    

389,315

    
 

12,193

    

Fifth Third Bancorp

    

444,557

    
 

30,859

    

Huntington Bancshares, Inc.

    

415,671

    
 

36,922

    

KeyCorp

    

535,000

    

Shares

      

Fair Value

  

Credit Intermediation and Related Activities (continued)

      
 

2,815

    

M&T Bank Corp.

  

$

406,458

    
 

4,326

    

Northern Trust Corp.

    

356,419

    
 

22,094

    

Regions Financial Corp.

    

425,751

    
 

8,481

    

Synchrony Financial

    

372,994

    
 

12,912

    

Truist Financial Corp.

    

484,846

    
 

11,121

    

U.S. Bancorp

    

451,846

    
     

5,723,725

    

Electrical Equipment, Appliance, and Component Manufacturing - 1.8%

      
 

4,198

    

Generac Holdings, Inc. (a)​

    

570,760

    
 

1,281

    

Rockwell Automation, Inc.

    

347,100

    
     

917,860

    

Fabricated Metal Product Manufacturing - 1.5%

      
 

4,578

    

Pentair PLC ADR (Ireland)

    

362,074

    
 

4,325

    

Stanley Black & Decker, Inc.

    

395,305

    
     

757,379

    

Funds, Trusts, and Other Financial Vehicles - 0.8%

      
 

3,546

    

T. Rowe Price Group, Inc.

    

388,535

    

General Merchandise Retailers - 1.5%

      
 

2,201

    

Amazon.com, Inc. (a)​

    

385,175

    
 

5,814

    

Etsy, Inc. (a)​

    

399,247

    
     

784,422

    

Machinery Manufacturing - 1.7%

      
 

2,294

    

Applied Materials, Inc.

    

455,703

    
 

478

    

Lam Research Corp.

    

427,528

    
     

883,231

    

Management of Companies and Enterprises - 2.0%

      
 

34,943

    

Carnival Corp. ADR (Panama) (a)​

    

517,855

    
 

27,553

     Norwegian Cruise Line Holdings
Ltd. ADR (a)​		    

521,303

    
     

1,039,158

    

Merchant Wholesalers, Durable Goods - 3.2%

      
 

2,380

    

Builders FirstSource, Inc. (a)​

    

435,112

    
 

692

    

KLA-Tencor Corp.

    

476,989

    
 

3,551

    

Mohawk Industries, Inc. (a)​

    

409,501

    
 

952

    

Pool Corp.

    

345,128

    
     

1,666,730

    

Mining (except Oil and Gas) - 0.9%

      
 

9,347

     Freeport-McMoRan Copper &
Gold, Inc.		    

466,789

    

Miscellaneous Manufacturing - 3.0%

      
 

1,764

    

Align Technology, Inc. (a)​

    

498,119

    
 

2,341

     Estee Lauder Companies, Inc.
Class A		    

343,448

    
 

6,544

    

Hasbro, Inc.

    

401,147

    
 

831

    

Intuitive Surgical, Inc. (a)​

    

307,985

    
     

1,550,699

    

Motor Vehicle and Parts Dealers - 0.7%

      
 

5,201

    

CarMax, Inc. (a)​

    

353,512

    

Professional, Scientific, and Technical Services - 4.7%

      
 

1,554

     Charles River Laboratories
International, Inc. (a)​		    

355,866

    
 

1,319

    

EPAM Systems, Inc. (a)​

    

310,308

    

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

DIREXION SEMI-ANNUAL REPORT
66

Direxion Daily S&P 500®​ High Beta Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Professional, Scientific, and Technical Services (continued)

      
 

1,540

    

IQVIA Holdings, Inc. (a)​

  

$

356,926

    
 

9,321

    

Match Group, Inc. (a)​

    

287,273

    
 

965

    

Meta Platforms, Inc.

    

415,114

    
 

1,911

    

Paycom Software, Inc.

    

359,230

    
 

488

    

ServiceNow, Inc. (a)​

    

338,345

    
     

2,423,062

    

Publishing Industries - 4.4%

      
 

688

    

Adobe, Inc. (a)​

    

318,427

    
 

959

    

Ansys, Inc. (a)​

    

311,560

    
 

1,483

    

Autodesk, Inc. (a)​

    

315,657

    
 

1,091

    

Cadence Design Systems, Inc. (a)​

    

300,712

    
 

5,660

    

Dayforce, Inc. (a)​

    

347,354

    
 

593

    

Intuit, Inc.

    

370,993

    
 

15,439

    

NortonLifeLock, Inc.

    

310,941

    
     

2,275,644

    

Real Estate - 2.2%

      
 

2,962

     Alexandria Real Estate Equities,
Inc.		    

343,207

    
 

6,661

    

Boston Properties, Inc.

    

412,249

    
 

4,158

    

CBRE Group, Inc. Class A (a)​

    

361,289

    
     

1,116,745

    

Rental and Leasing Services - 0.9%

      
 

654

    

United Rentals, Inc.

    

436,866

    

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.4%

      
 

5,608

    

Charles Schwab Corp.

    

414,711

    
 

13,351

    

Franklin Resources, Inc.

    

304,937

    
 

25,069

    

Invesco Ltd. ADR (a)​

    

355,228

    
 

571

    

MSCI, Inc. Class A

    

265,966

    
 

3,465

    

The Blackstone Group, Inc.

    

404,054

    
     

1,744,896

    

Support Activities for Transportation - 0.7%

      
 

2,522

    

Expedia, Inc. (a)​

    

339,537

    

Telecommunications - 0.9%

      
 

6,550

    

PayPal Holdings, Inc. (a)​

    

444,876

    

Transit and Ground Passenger Transportation - 0.7%

      
 

5,026

    

Uber Technologies, Inc. (a)​

    

333,073

    

Transportation Equipment Manufacturing - 2.9%

      
 

4,220

     Aptiv PLC ADR
(United Kingdom) (a)​		    

299,620

    
 

27,002

    

Ford Motor Co.

    

328,075

    
 

8,608

    

General Motors Co.

    

383,314

    
 

2,708

    

Tesla, Inc. (a)​

    

496,322

    
     

1,507,331

    

Utilities - 1.5%

      
 

20,303

    

AES Corp.

    

363,424

    
 

2,349

    

First Solar, Inc. (a)​

    

414,129

    
     

777,553

    
        TOTAL COMMON STOCKS
(Cost $37,703,552)		  

$

38,463,580

    

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 30.1%

      

Money Market Funds - 30.1%

      
 

9,207,186

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

9,207,186

    
 

440,000

     Goldman Sachs Financial Square
Government Fund Institutional
Shares, 5.22% (b)​		    

440,000

    
 

5,824,901

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (b)​		    

5,824,901

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $15,472,087)		  

$

15,472,087

    
        TOTAL INVESTMENTS
(Cost $53,175,639) -
105.0% (c)​		  

$

53,935,667

    
        Liabilities in Excess of
Other Assets - (5.0)%		    

(2,599,543

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

51,336,124

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $34,639,980.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
67

Direxion Daily S&P 500®​ High Beta Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
Total return of
S&P 500®​ High
Beta Index		  
5.9600% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

438

    

$

8,259,625

    

$

98,218

    
Total return of
S&P 500®​ High
Beta Index		  
5.7400% representing
1 month SOFR rate + spread		  

UBS Securities LLC

  

12/17/2024

    

2,045

      

38,170,396

      

796,985

    
Total return of
S&P 500®​ High
Beta Index		  
5.8900% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

2,228

      

42,685,205

      

(338,909

)

  
Total return of
S&P 500®​ High
Beta Index		  
5.8700% representing
1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

1,267

      

24,207,198

      

19,896

    
                   

$

113,322,424

    

$

576,190

    

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

DIREXION SEMI-ANNUAL REPORT
68

Direxion Daily S&P 500®​ High Beta Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 100.9%

      

Money Market Funds - 100.9%

      
 

16,607,606

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

16,607,606

    
 

11,511,045

     Goldman Sachs Financial Square
Government Fund Institutional
Shares, 5.22% (a)​		    

11,511,045

    
 

10,478,378

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (a)​		    

10,478,378

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $38,597,029) (b)​		  

$

38,597,029

    
        TOTAL INVESTMENTS
(Cost $38,597,029) - 100.9%		  

$

38,597,029

    
        Liabilities in Excess of
Other Assets - (0.9)%		    

(333,047

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

38,263,982

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $24,379,783.

 

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
5.3700% representing
1 month SOFR rate + spread		   Total return of S&P 500®​
High Beta Index		   Bank of America
Merrill Lynch		  

12/11/2024

    

1,321

    

$

23,615,107

    

$

(1,544,790

)

  
5.7500% representing
1 month SOFR rate + spread		   Total return of S&P 500®​
High Beta Index		  

J.P. Morgan

  

12/16/2024

    

924

      

18,251,860

      

438,452

    
5.5200% representing
1 month SOFR rate + spread		   Total return of S&P 500®​
High Beta Index		  

UBS Securities LLC

  

12/17/2024

    

761

      

14,678,279

      

52,453

    
5.6100% representing
1 month SOFR rate + spread		   Total return of S&P 500®​
High Beta Index		  

Barclays

  

12/23/2024

    

2,933

      

57,344,724

      

1,056,688

    
                   

$

113,889,970

    

$

2,803

    

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

DIREXION SEMI-ANNUAL REPORT
69

Direxion Daily S&P Biotech Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 66.3%

      

Administrative and Support Services - 0.4%

      
 

150,969

     Day One
Biopharmaceuticals, Inc. (a)​		  

$

2,581,571

    
 

171,902

    

Tango Therapeutics, Inc. (a)​

    

1,323,645

    
     

3,905,216

    

Ambulatory Health Care Services - 2.2%

      
 

87,160

    

ARS Pharmaceuticals, Inc. (a)​

    

758,292

    
 

285,015

    

CareDx, Inc. (a)​

    

2,211,716

    
 

93,379

    

Keros Therapeutics, Inc. (a)​

    

5,265,642

    
 

80,458

    

Natera, Inc. (a)​

    

7,472,939

    
 

136,554

    

Vera Therapeutics, Inc. (a)​

    

5,395,249

    
     

21,103,838

    

Apparel Manufacturing - 0.4%

      
 

387,478

    

Sana Biotechnology, Inc. (a)​

    

3,487,302

    

Chemical Manufacturing - 42.9%

      
 

360,932

    

89bio, Inc. (a)​

    

3,071,531

    
 

40,057

    

AbbVie, Inc.

    

6,514,871

    
 

305,673

    

Acadia Pharmaceuticals Inc. (a)​

    

5,107,796

    
 

533,062

    

ADMA Biologics, Inc. (a)​

    

3,475,564

    
 

172,829

    

Agios Pharmaceuticals, Inc. (a)​

    

5,616,943

    
 

244,956

    

Alkermes PLC ADR (Ireland) (a)​

    

6,011,220

    
 

47,821

     Alnylam Pharmaceuticals,
Inc. (a)​		    

6,883,833

    
 

183,314

     Alpine Immune Sciences,
Inc. (a)​		    

11,840,251

    
 

689,604

    

Altimmune, Inc. (a)(b)​

    

4,516,906

    
 

26,175

    

Amgen, Inc.

    

7,170,380

    
 

582,523

    

Amicus Therapeutics, Inc. (a)​

    

5,819,405

    
 

99,033

    

Arcellx, Inc. (a)​

    

4,953,631

    
 

122,343

     Arcturus Therapeutics
Holdings, Inc. (a)​		    

3,128,311

    
 

265,388

    

Arcus Biosciences, Inc. (a)​

    

4,041,859

    
 

642,592

    

Arcutis Biotherapeutics, Inc. (a)​

    

5,346,365

    
 

122,301

    

Astria Therapeutics, Inc. (a)​

    

1,122,723

    
 

410,646

    

Avid Bioservices, Inc. (a)​

    

3,133,229

    
 

190,918

    

Beam Therapeutics, Inc. (a)​

    

4,051,280

    
 

1,226,474

     BioCryst Pharmaceuticals,
Inc. (a)​		    

5,065,338

    
 

32,094

    

Biogen, Inc. (a)​

    

6,894,433

    
 

123,593

    

Biohaven Ltd. ADR (a)​

    

4,795,408

    
 

83,367

     BioMarin Pharmaceutical,
Inc. (a)​		    

6,732,719

    
 

373,747

    

Biomea Fusion, Inc. (a)(b)​

    

4,014,043

    
 

77,626

    

Blueprint Medicines Corp. (a)​

    

7,090,359

    
 

247,235

    

BridgeBio Pharma, Inc. (a)​

    

6,334,161

    
 

423,044

    

Caribou Biosciences, Inc. (a)​

    

1,535,650

    
 

380,314

     Catalyst Pharmaceuticals,
Inc. (a)​		    

5,723,726

    
 

149,553

    

Celldex Therapeutics, Inc. (a)​

    

5,596,273

    
 

550,704

    

Cogent Biosciences, Inc. (a)​

    

3,579,576

    
 

169,426

     Crinetics Pharmaceuticals,
Inc. (a)​		    

7,424,247

    
 

170,510

     Deciphera Pharmaceuticals,
Inc. (a)​		    

4,308,788

    
 

339,799

    

Denali Therapeutics, Inc. (a)​

    

5,246,497

    
 

1,883,893

    

Geron Corp. (a)​

    

7,403,700

    

Shares

      

Fair Value

  

Chemical Manufacturing (continued)

      
 

95,386

    

Gilead Sciences, Inc.

  

$

6,219,167

    
 

171,693

    

Halozyme Therapeutics, Inc. (a)​

    

6,541,503

    
 

1,023,817

    

ImmunityBio, Inc. (a)(b)​

    

8,180,298

    
 

119,377

    

Incyte Corp. (a)​

    

6,213,573

    
 

257,545

    

Insmed, Inc. (a)​

    

6,366,512

    
 

239,071

    

Intellia Therapeutics, Inc. (a)​

    

5,116,119

    
 

162,875

    

Ionis Pharmaceuticals, Inc. (a)​

    

6,720,223

    
 

795,227

     Ironwood Pharmaceuticals,
Inc. (a)​		    

6,163,009

    
 

110,056

     Kiniksa Pharmaceuticals, Ltd.
ADR (a)​		    

2,060,248

    
 

41,703

    

Krystal Biotech, Inc. (a)​

    

6,385,563

    
 

275,565

    

MacroGenics, Inc. (a)​

    

4,072,851

    
 

28,069

     Madrigal Pharmaceuticals,
Inc. (a)​		    

5,726,637

    
 

571,999

    

MannKind Corp. (a)​

    

2,350,916

    
 

287,856

    

Mersana Therapeutics, Inc. (a)​

    

912,504

    
 

208,034

     Mirum Pharmaceuticals,
Inc. (a)​		    

5,223,734

    
 

172,507

    

Morphic Holding, Inc. (a)​

    

4,704,266

    
 

194,704

    

Myriad Genetics, Inc. (a)​

    

3,810,357

    
 

51,460

    

Neurocrine Biosciences, Inc. (a)​

    

7,077,808

    
 

1,314,672

    

Novavax, Inc. (a)(b)​

    

5,692,530

    
 

230,264

    

Olema Pharmaceuticals, Inc. (a)​

    

2,341,785

    
 

86,843

    

ORIC Pharmaceuticals, Inc. (a)​

    

766,824

    
 

237,089

     Prothena Corp. PLC ADR
(Ireland) (a)​		    

4,822,390

    
 

229,945

    

PTC Therapeutics, Inc. (a)​

    

7,392,732

    
 

7,396

     Regeneron Pharmaceuticals,
Inc. (a)​		    

6,587,321

    
 

140,529

    

REGENXBIO, Inc. (a)​

    

2,157,120

    
 

501,661

    

Replimune Group, Inc. (a)​

    

3,185,547

    
 

170,832

     Rhythm Pharmaceuticals,
Inc. (a)​		    

6,792,280

    
 

257,087

     Rocket Pharmaceuticals,
Inc. (a)​		    

5,532,512

    
 

670,870

     Roivant Sciences Ltd. ADR
(Ireland) (a)​		    

7,312,483

    
 

306,610

    

Sage Therapeutics, Inc. (a)​

    

4,274,143

    
 

57,612

    

Sarepta Therapeutics, Inc. (a)​

    

7,297,136

    
 

270,144

    

Scholar Rock Holding Corp. (a)​

    

3,963,012

    
 

82,938

    

Soleno Therapeutics, Inc. (a)​

    

3,704,011

    
 

140,299

     SpringWorks Therapeutics,
Inc. (a)​		    

6,550,560

    
 

508,069

    

Summit Therapeutics, Inc. (a)(b)​

    

1,996,711

    
 

291,614

    

Syndax Pharmaceuticals, Inc. (a)​

    

6,161,804

    
 

426,995

    

TG Therapeutics, Inc. (a)​

    

5,832,752

    
 

465,052

    

Travere Therapeutics, Inc. (a)​

    

2,571,738

    
 

190,710

    

Twist Bioscience Corp. (a)​

    

5,955,873

    
 

141,790

     Ultragenyx Pharmaceutical,
Inc. (a)​		    

6,031,747

    
 

29,480

    

United Therapeutics Corp. (a)​

    

6,908,048

    
 

241,079

    

Veracyte, Inc. (a)​

    

4,717,916

    
 

134,669

    

Vericel Corp. (a)​

    

6,177,267

    
 

17,320

    

Vertex Pharmaceuticals, Inc. (a)​

    

6,803,469

    
 

319,465

    

Viridian Therapeutics, Inc. (a)​

    

4,236,106

    
 

179,208

    

Xencor, Inc. (a)​

    

3,752,616

    
     

406,914,737

    

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

DIREXION SEMI-ANNUAL REPORT
70

Direxion Daily S&P Biotech Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

Hospitals - 0.6%

      
 

84,900

    

Nuvalent, Inc. (a)​

  

$

5,847,912

    

Merchant Wholesalers, Durable Goods - 0.7%

      
 

269,070

    

Dyne Therapeutics, Inc. (a)​

    

6,810,161

    

Merchant Wholesalers, Nondurable Goods - 3.1%

      
 

229,790

    

Akero Therapeutics, Inc. (a)​

    

4,570,523

    
 

40,315

    

Avita Medical, Inc. (a)​

    

338,646

    
 

651,358

    

C4 Therapeutics, Inc. (a)​

    

4,103,555

    
 

276,913

    

Cabaletta Bio, Inc. (a)​

    

2,947,739

    
 

186,895

     Protagonist Therapeutics,
Inc. (a)​		    

4,692,934

    
 

362,576

    

Relay Therapeutics, Inc. (a)​

    

2,363,996

    
 

99,821

    

Viking Therapeutics, Inc. (a)​

    

7,943,755

    
 

232,838

     Zentalis Pharmaceuticals,
Inc. (a)​		    

2,575,188

    
     

29,536,336

    

Miscellaneous Manufacturing - 0.2%

      
 

225,231

    

MiMedx Group, Inc. (a)​

    

1,387,423

    

Professional, Scientific, and Technical Services - 13.5%

      
 

121,536

     4D Molecular Therapeutics,
Inc. (a)​		    

2,908,357

    
 

215,351

    

Alector, Inc. (a)​

    

1,093,983

    
 

613,905

    

Allogene Therapeutics, Inc. (a)​

    

1,694,378

    
 

70,853

    

AnaptysBio, Inc. (a)​

    

1,724,562

    
 

523,433

    

Anavex Life Sciences Corp. (a)(b)​

    

1,910,530

    
 

116,268

    

Apellis Pharmaceuticals, Inc. (a)​

    

5,137,883

    
 

51,669

    

Apogee Therapeutics, Inc. (a)​

    

2,598,951

    
 

824,506

    

Ardelyx, Inc. (a)​

    

5,276,838

    
 

214,197

     Arrowhead Pharmaceuticals,
Inc. (a)​		    

4,845,136

    
 

157,015

    

Avidity Biosciences, Inc. (a)​

    

3,788,772

    
 

37,180

    

CARGO Therapeutics, Inc. (a)(b)​

    

710,138

    
 

90,788

     Crispr Therapeutics AG ADR
(Switzerland) (a)​		    

4,810,856

    
 

75,835

    

Cullinan Therapeutics, Inc. (a)​

    

2,048,303

    
 

108,974

    

Cytokinetics, Inc. (a)​

    

6,682,286

    
 

545,277

    

Dynavax Technologies Corp. (a)​

    

6,199,800

    
 

629,638

    

Editas Medicine, Inc. (a)​

    

3,280,414

    
 

119,342

    

Exact Sciences Corp. (a)​

    

7,082,948

    
 

322,599

    

Exelixis, Inc. (a)​

    

7,568,173

    
 

570,082

    

Fate Therapeutics, Inc. (a)​

    

2,251,824

    
 

157,273

    

IDEAYA Biosciences, Inc. (a)​

    

6,393,147

    
 

157,786

    

Inhibrx, Inc. (a)​

    

5,371,035

    
 

243,197

    

Kura Oncology, Inc. (a)​

    

4,771,525

    
 

164,750

    

Kymera Therapeutics, Inc. (a)​

    

5,538,895

    
 

69,547

    

Moderna, Inc. (a)​

    

7,671,730

    
 

165,186

    

Nurix Therapeutics, Inc. (a)​

    

1,985,536

    
 

640,303

     Recursion Pharmaceuticals,
Inc. (a)(b)​		    

5,007,169

    
 

222,169

    

Revolution Medicines, Inc. (a)​

    

8,282,460

    
 

98,574

    

Vaxcyte, Inc. (a)​

    

5,968,656

    
 

337,189

    

Verve Therapeutics, Inc. (a)​

    

2,026,506

    
 

343,246

    

Vir Biotechnology, Inc. (a)​

    

2,903,861

    
 

93,149

    

Voyager Therapeutics, Inc. (a)​

    

728,425

    
     

128,263,077

    

Shares

      

Fair Value

  

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.7%

      
 

173,690

     Cerevel Therapeutics
Holdings, Inc. (a)​		  

$

7,418,300

    
 

80,364

    

Disc Medicine, Inc. (a)​

    

2,237,333

    
 

226,093

    

Immunovant, Inc. (a)​

    

6,203,992

    
 

620,131

    

Scilex Holding Co. (a)(b)​

    

529,096

    
     

16,388,721

    

Support Activities for Transportation - 0.6%

      
 

456,372

    

Iovance Biotherapeutics, Inc. (a)​

    

5,376,062

    
        TOTAL COMMON STOCKS
(Cost $633,956,478)		  

$

629,020,785

    

SHORT TERM INVESTMENTS - 44.1%

      

Money Market Funds - 44.1%

      
 

284,733,285

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (c)(d)​		  

$

284,733,285

    
 

18,470,000

     Dreyfus Treasury Securities
Cash Management
Institutional Shares,
5.19% (c)​		    

18,470,000

    
 

8,540,000

     Goldman Sachs Financial
Square Government Fund
Institutional Shares,
5.22% (c)​		    

8,540,000

    
 

106,903,532

     Goldman Sachs Financial
Square Treasury
Instruments Fund
Institutional Shares,
5.18% (c)​		    

106,903,532

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $418,646,817)		  

$

418,646,817

    
        TOTAL INVESTMENTS
(Cost $1,052,603,295) -
110.4% (e)​		  

$

1,047,667,602

    
        Liabilities in Excess of
Other Assets - (10.4)%		    

(98,588,679

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

949,078,923

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

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

(c)​  Represents annualized seven-day yield at April 30, 2024.

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

(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $796,088,608.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
71

Direxion Daily S&P Biotech Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
Total return of
S&P Biotechnology
Select Industry Index		  
5.8200% representing
1 month SOFR rate + spread		  

BNP Paribas

  

12/4/2024

    

61,129

    

$

381,717,857

    

$

13,841,260

    
Total return of
S&P Biotechnology
Select Industry Index		  
5.8700% representing
1 month SOFR rate + spread		  

Goldman Sachs

  

12/10/2024

    

37,527

      

234,699,903

      

7,982,507

    
Total return of
S&P Biotechnology
Select Industry Index		  
5.8200% representing
1 month SOFR rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

64,102

      

404,527,722

      

10,165,989

    
Total return of
S&P Biotechnology
Select Industry Index		  
5.7100% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

32,629

      

230,934,526

      

(19,565,291

)

  
Total return of
S&P Biotechnology
Select Industry Index		  
5.8700% representing
1 month SOFR rate + spread		  

UBS Securities LLC

  

12/17/2024

    

55,572

      

388,887,387

      

(27,685,221

)

  
Total return of
S&P Biotechnology
Select Industry Index		  
6.0100% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

55,710

      

370,276,573

      

(8,368,113

)

  
Total return of
S&P Biotechnology
Select Industry Index		  
6.2700% representing
1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

30,234

      

201,339,570

      

(5,530,865

)

  
                   

$

2,212,383,538

    

$

(29,159,734

)

  

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

DIREXION SEMI-ANNUAL REPORT
72

Direxion Daily S&P Biotech Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 82.5%

      

Money Market Funds - 82.5%

      
 

30,432,071

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

30,432,071

    
 

7,421,595

     Dreyfus Treasury Securities Cash
Management Institutional
Shares, 5.19% (a)​		    

7,421,595

    
 

9,760,000

     Goldman Sachs Financial Square
Government Fund Institutional
Shares, 5.22% (a)​		    

9,760,000

    
 

36,576,759

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (a)​		    

36,576,759

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $84,190,425) (b)​		  

$

84,190,425

    
        TOTAL INVESTMENTS
(Cost $84,190,425) - 82.5%		  

$

84,190,425

    
        Other Assets in Excess of
Liabilities - 17.5%		    

17,864,287

    
       

TOTAL NET ASSETS - 100.0%

  

$

102,054,712

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $58,212,156.

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  

5.6200% representing
1 month SOFR rate + spread		   Total return of
S&P Biotechnology
Select Industry Index		  

Goldman Sachs

  

12/10/2024

    

5,697

    

$

40,120,279

    

$

2,892,559

    

5.6200% representing
1 month SOFR rate + spread		   Total return of
S&P Biotechnology
Select Industry Index		   Bank of America
Merrill Lynch		  

12/11/2024

    

6,692

      

48,866,429

      

5,162,697

    

5.4500% representing
1 month SOFR rate + spread		   Total return of
S&P Biotechnology
Select Industry Index		  

J.P. Morgan

  

12/16/2024

    

6,897

      

46,653,300

      

1,697,765

    

5.4300% representing
1 month SOFR rate + spread		   Total return of
S&P Biotechnology
Select Industry Index		  

UBS Securities LLC

  

12/17/2024

    

3,999

      

29,636,739

      

3,481,893

    

5.7200% representing
1 month SOFR rate + spread		   Total return of
S&P Biotechnology
Select Industry Index		  

Citibank N.A.

  

12/19/2024

    

15,908

      

108,592,623

      

4,179,929

    

5.8500% representing
1 month SOFR rate + spread		   Total return of
S&P Biotechnology
Select Industry Index		  

Barclays

  

12/23/2024

    

7,308

      

56,777,968

      

9,206,270

    
                   

$

330,647,338

    

$

26,621,113

    

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

DIREXION SEMI-ANNUAL REPORT
73

Direxion Daily Semiconductor Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 69.4%

      

Computer and Electronic Product Manufacturing - 57.0%

      
 

3,019,315

     Advanced Micro Devices,
Inc. (a)​		  

$

478,199,110

    
 

1,515,159

    

Analog Devices, Inc.

    

303,956,047

    
 

5,102,569

     ASE Technology Holding
Co., Ltd. ADR (Taiwan)		    

51,229,793

    
 

447,133

    

Broadcom, Inc.

    

581,393,626

    
 

10,534,685

    

Intel Corp.

    

320,991,852

    
 

1,069,471

     Lattice Semiconductor
Corp. (a)​		    

73,365,711

    
 

4,056,423

    

Marvell Technology, Inc.

    

267,358,840

    
 

3,454,325

    

Microchip Technology, Inc.

    

317,728,814

    
 

3,208,418

    

Micron Technology, Inc.

    

362,422,897

    
 

524,415

    

MKS Instruments, Inc.

    

62,394,897

    
 

359,998

     Monolithic Power
Systems, Inc.		    

240,957,461

    
 

735,358

    

NVIDIA Corp.

    

635,364,019

    
 

1,164,551

     NXP Semiconductors NV
ADR (Netherlands)		    

298,346,321

    
 

3,340,237

    

ON Semiconductor Corp. (a)​

    

234,351,028

    
 

755,487

    

Qorvo, Inc. (a)​

    

88,271,101

    
 

2,874,211

    

Qualcomm, Inc.

    

476,687,894

    
 

842,705

    

Rambus, Inc. (a)​

    

46,197,088

    
 

1,256,830

    

Skyworks Solutions, Inc.

    

133,965,510

    
 

2,100,845

     STMicroelectronics NV
ADR (Netherlands)		    

83,109,428

    
 

2,084,347

     Taiwan Semiconductor
Manufacturing Co. Ltd.
(Taiwan) ADR		    

286,264,217

    
 

1,200,008

    

Teradyne, Inc.

    

139,584,931

    
 

1,736,652

    

Texas Instruments, Inc.

    

306,380,146

    
 

5,833,773

     United Microelectronics
Corp. ADR (Taiwan) (b)​		    

44,920,052

    
 

970,417

    

Wolfspeed, Inc. (a)​

    

26,230,371

    
     

5,859,671,154

    

Machinery Manufacturing - 8.1%

      
 

1,441,576

    

Applied Materials, Inc.

    

286,369,072

    
 

281,398

     ASML Holding NV ADR
(Netherlands)		    

245,511,313

    
 

252,972

    

Axcelis Technologies, Inc. (a)​

    

26,187,661

    
 

309,904

    

Lam Research Corp.

    

277,181,237

    
     

835,249,283

    

Merchant Wholesalers, Durable Goods - 4.3%

      
 

1,176,545

    

Entegris, Inc.

    

156,386,361

    
 

426,793

    

KLA-Tencor Corp.

    

294,184,147

    
     

450,570,508

    
        TOTAL COMMON STOCKS
(Cost $6,282,889,781)		  

$

7,145,490,945

    

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 39.4%

      

Money Market Funds - 39.4%

      
 

1,318,871,402

     Dreyfus Government
Cash Management
Institutional Shares,
5.20% (c)(d)​		  

$

1,318,871,402

    
 

1,904,260,006

     Dreyfus Treasury Securities
Cash Management
Institutional Shares,
5.19% (c)​		    

1,904,260,006

    
 

78,150,000

     Goldman Sachs Financial
Square Government
Fund Institutional
Shares, 5.22% (c)​		    

78,150,000

    
 

238,377,347

     Goldman Sachs Financial
Square Treasury
Instruments Fund
Institutional Shares,
5.18% (c)​		    

238,377,347

    
 

512,000,000

     JPMorgan 100% U.S.
Treasury Securities Money
Market Fund Institutional
Shares, 5.20% (c)​		    

512,000,000

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $4,051,658,755)		  

$

4,051,658,755

    
        TOTAL INVESTMENTS
(Cost $10,334,548,536) -
108.8% (e)​		  

$

11,197,149,700

    
        Liabilities in Excess of
Other Assets - (8.8)%		    

(901,367,829

)

  
        TOTAL NET ASSETS -
100.0%		  

$

10,295,781,871

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

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

(c)​  Represents annualized seven-day yield at April 30, 2024.

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

(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $4,065,857,026.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
74

Direxion Daily Semiconductor Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
Total return of ICE
Semiconductor Index		   6.2700% representing
1 month SOFR rate + spread		  

BNP Paribas

  

12/4/2024

    

2,368,521

    

$

2,666,890,268

    

$

(95,894,165

)

  
Total return of ICE
Semiconductor Index		   6.2000% representing
1 month SOFR rate + spread		  

Goldman Sachs

  

12/10/2024

    

4,024,485

      

4,191,920,850

      

163,127,274

    
Total return of ICE
Semiconductor Index		   6.1200% representing
1 month SOFR rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

3,787,274

      

4,308,890,403

      

(201,399,036

)

  
Total return of ICE
Semiconductor Index		   6.0000% representing
1 month SOFR rate + spread		  

Societe Generale

  

12/16/2024

    

200,000

      

192,822,000

      

21,947,781

    
Total return of ICE
Semiconductor Index		   6.1100% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

1,330,363

      

1,372,998,901

      

69,379,664

    
Total return of ICE
Semiconductor Index		   6.1600% representing
1 month SOFR rate + spread		  

UBS Securities LLC

  

12/17/2024

    

2,361,564

      

2,326,847,829

      

224,024,975

    
Total return of ICE
Semiconductor Index		   6.2700% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

3,831,756

      

4,359,136,459

      

(197,727,164

)

  
Total return of ICE
Semiconductor Index		   6.1700% representing
1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

3,822,286

      

4,323,228,548

      

(167,798,184

)

  
                   

$

23,742,735,258

    

$

(184,338,855

)

  

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

DIREXION SEMI-ANNUAL REPORT
75

Direxion Daily Semiconductor Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 100.4%

      

Money Market Funds - 100.4%

      
 

329,154,063

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

329,154,063

    
 

116,662,414

     Dreyfus Treasury Securities
Cash Management
Institutional Shares, 5.19% (a)​		    

116,662,414

    
 

83,263,245

     Goldman Sachs Financial
Square Government Fund
Institutional Shares, 5.22% (a)​		    

83,263,245

    
 

159,683,354

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (a)​		    

159,683,354

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $688,763,076) (b)​		  

$

688,763,076

    
        TOTAL INVESTMENTS
(Cost $688,763,076) -
100.4%		  

$

688,763,076

    
        Liabilities in Excess of Other
Assets - (0.4)%		    

(3,040,179

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

685,722,897

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $464,143,249.

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
5.4200% representing
1 month SOFR rate + spread		   Total return of ICE
Semiconductor Index		  

BNP Paribas

  

12/4/2024

    

188,815

    

$

186,576,094

    

$

(16,794,963

)

  
5.8500% representing
1 month SOFR rate + spread		   Total return of ICE
Semiconductor Index		  

Goldman Sachs

  

12/10/2024

    

459,110

      

517,972,541

      

17,945,062

    
5.9200% representing
1 month SOFR rate + spread		   Total return of ICE
Semiconductor Index		   Bank of America
Merrill Lynch		  

12/11/2024

    

391,845

      

423,527,365

      

(1,498,533

)

  
5.8000% representing
1 month SOFR rate + spread		   Total return of ICE
Semiconductor Index		  

Societe Generale

  

12/16/2024

    

200,000

      

192,822,001

      

(22,095,611

)

  
5.8200% representing
1 month SOFR rate + spread		   Total return of ICE
Semiconductor Index		  

J.P. Morgan

  

12/16/2024

    

107,587

      

115,130,563

      

(1,277,271

)

  
5.7300% representing
1 month SOFR rate + spread		   Total return of ICE
Semiconductor Index		  

UBS Securities LLC

  

12/17/2024

    

160,318

      

173,506,682

      

(858,195

)

  
5.9600% representing
1 month SOFR rate + spread		   Total return of ICE
Semiconductor Index		  

Citibank N.A.

  

12/19/2024

    

48,863

      

55,616,468

      

2,527,075

    
5.8200% representing
1 month SOFR rate + spread		   Total return of ICE
Semiconductor Index		  

Barclays

  

12/23/2024

    

326,120

      

352,817,281

      

(2,812,158

)

  
                   

$

2,017,968,995

    

$

(24,864,594

)

  

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

DIREXION SEMI-ANNUAL REPORT
76

Direxion Daily Technology Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 76.5%

      

Administrative and Support Services - 0.3%

      
 

18,074

    

Gartner, Inc. (a)​

  

$

7,457,152

    

Computer and Electronic Product Manufacturing - 40.1%

      
 

374,573

     Advanced Micro Devices,
Inc. (a)​		    

59,324,872

    
 

139,070

    

Amphenol Corp. Class A

    

16,795,484

    
 

114,948

    

Analog Devices, Inc.

    

23,059,718

    
 

2,475,292

    

Apple, Inc.

    

421,616,486

    
 

58,417

    

Arista Networks, Inc. (a)​

    

14,987,466

    
 

75,049

    

Broadcom, Inc.

    

97,583,963

    
 

942,015

    

Cisco Systems, Inc.

    

44,255,865

    
 

31,485

    

Enphase Energy, Inc. (a)​

    

3,424,309

    
 

147,767

    

Fortinet, Inc. (a)​

    

9,335,919

    
 

202,152

    

HP, Inc.

    

5,678,450

    
 

980,146

    

Intel Corp.

    

29,865,049

    
 

212,112

     International Business
Machines Corp.		    

35,253,014

    
 

29,581

    

Jabil Circuit, Inc.

    

3,471,626

    
 

40,486

    

Keysight Technologies, Inc. (a)​

    

5,989,499

    
 

125,269

    

Microchip Technology, Inc.

    

11,522,243

    
 

255,920

    

Micron Technology, Inc.

    

28,908,723

    
 

11,138

     Monolithic Power Systems,
Inc.		    

7,454,998

    
 

38,487

    

Motorola Solutions, Inc.

    

13,052,866

    
 

47,762

    

NetApp, Inc.

    

4,881,754

    
 

109,480

    

NVIDIA Corp.

    

94,592,910

    
 

59,754

     NXP Semiconductors NV ADR
(Netherlands)		    

15,308,377

    
 

99,054

    

ON Semiconductor Corp. (a)​

    

6,949,629

    
 

22,388

    

Qorvo, Inc. (a)​

    

2,615,814

    
 

258,717

    

Qualcomm, Inc.

    

42,908,214

    
 

24,772

    

Roper Technologies, Inc.

    

12,669,887

    
 

45,186

     Seagate Technology Holdings
PLC ADR (Ireland)		    

3,881,929

    
 

37,156

    

Skyworks Solutions, Inc.

    

3,960,458

    
 

11,679

    

Super Micro Computer, Inc. (a)​

    

10,029,925

    
 

35,434

    

Teradyne, Inc.

    

4,121,683

    
 

210,801

    

Texas Instruments, Inc.

    

37,189,512

    
 

57,672

    

Trimble, Inc. (a)​

    

3,464,357

    
 

75,172

    

Western Digital Corp. (a)​

    

5,324,433

    
 

11,908

     Zebra Technologies Corp.
Class A (a)​		    

3,745,780

    
     

1,083,225,212

    

Electrical Equipment, Appliance, and Component Manufacturing - 0.4%

      
 

71,588

     TE Connectivity Ltd. ADR
(Switzerland)		    

10,128,270

    

Machinery Manufacturing - 2.4%

      
 

192,891

    

Applied Materials, Inc.

    

38,317,797

    
 

30,402

    

Lam Research Corp.

    

27,191,853

    
     

65,509,650

    

Merchant Wholesalers, Durable Goods - 0.8%

      
 

31,338

    

KLA-Tencor Corp.

    

21,600,970

    

Shares

      

Fair Value

  

Nonmetallic Mineral Product Manufacturing - 0.2%

      
 

178,003

    

Corning, Inc.

  

$

5,941,740

    

Professional, Scientific, and Technical Services - 6.3%

      
 

145,360

     Accenture PLC Class A ADR
(Ireland)		    

43,740,278

    
 

31,063

    

CDW Corp.

    

7,512,897

    
 

115,451

     Cognizant Technology
Solutions Corp. Class A		    

7,582,822

    
 

13,386

    

EPAM Systems, Inc. (a)​

    

3,149,190

    
 

13,637

    

F5 Networks, Inc. (a)​

    

2,254,332

    
 

74,628

    

Juniper Networks, Inc.

    

2,598,547

    
 

369,608

    

Oracle Corp.

    

42,042,910

    
 

73,103

    

Palto Alto Networks, Inc. (a)​

    

21,264,932

    
 

47,514

    

ServiceNow, Inc. (a)​

    

32,942,882

    
 

10,947

    

Teledyne Technologies, Inc. (a)​

    

4,176,062

    
 

20,438

    

VeriSign, Inc. (a)​

    

3,463,832

    
     

170,728,684

    

Publishing Industries - 25.8%

      
 

104,801

    

Adobe, Inc. (a)​

    

48,505,047

    
 

34,957

    

Akamai Technologies, Inc. (a)​

    

3,528,210

    
 

20,134

    

Ansys, Inc. (a)​

    

6,541,134

    
 

49,591

    

Autodesk, Inc. (a)​

    

10,555,444

    
 

63,065

     Cadence Design Systems,
Inc. (a)​		    

17,382,606

    
 

5,760

    

Fair Isaac Corp. (a)​

    

6,527,981

    
 

301,388

     Hewlett Packard Enterprise
Co.		    

5,123,596

    
 

64,892

    

Intuit, Inc.

    

40,597,733

    
 

1,198,370

    

Microsoft Corp.

    

466,561,392

    
 

129,934

    

NortonLifeLock, Inc.

    

2,616,871

    
 

27,728

    

PTC, Inc. (a)​

    

4,920,056

    
 

224,416

    

Salesforce, Inc.

    

60,354,439

    
 

35,368

    

Synopsys, Inc. (a)​

    

18,765,907

    
 

9,771

    

Tyler Technologies, Inc. (a)​

    

4,509,805

    
     

696,490,221

    

Utilities - 0.2%

      
 

24,777

    

First Solar, Inc. (a)​

    

4,368,185

    
        TOTAL COMMON STOCKS
(Cost $2,020,549,454)		  

$

2,065,450,084

    

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

DIREXION SEMI-ANNUAL REPORT
77

Direxion Daily Technology Bull 3X Shares

Schedule of Investments, continued (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 28.8%

      

Money Market Funds - 28.8%

      
 

513,360,674

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

513,360,674

    
 

59,244,936

     Dreyfus Treasury Securities
Cash Management
Institutional Shares,
5.19% (b)​		    

59,244,936

    
 

77,340,000

     Goldman Sachs Financial
Square Government Fund
Institutional Shares,
5.22% (b)​		    

77,340,000

    
 

128,078,550

     Goldman Sachs Financial
Square Treasury
Instruments Fund
Institutional Shares,
5.18% (b)​		  

$

128,078,550

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $778,024,160)		  

$

778,024,160

    
        TOTAL INVESTMENTS
(Cost $2,798,573,614) -
105.3% (c)​		  

$

2,843,474,244

    
        Liabilities in Excess of
Other Assets - (5.3)%		    

(143,363,974

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

2,700,110,270

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,034,101,960.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
Total return of Technology
Select Sector Index		   6.1100% representing
1 month SOFR rate + spread		  

BNP Paribas

  

12/4/2024

    

377,302

    

$

706,513,688

    

$

25,305,000

    
Total return of Technology
Select Sector Index		   5.9700% representing
1 month SOFR rate + spread		  

Goldman Sachs

  

12/10/2024

    

528,921

      

994,024,268

      

32,856,874

    
Total return of Technology
Select Sector Index		   5.9700% representing
1 month SOFR rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

510,676

      

959,697,690

      

30,503,421

    
Total return of Technology
Select Sector Index		   6.0600% representing
1 month SOFR rate + spread		  

Societe Generale

  

12/16/2024

    

100,000

      

191,782,999

      

2,059,882

    
Total return of Technology
Select Sector Index		   6.0500% representing
1 month SOFR rate + spread		  

J.P. Morgan

  

12/16/2024

    

350,000

      

667,668,148

      

10,913,818

    
Total return of Technology
Select Sector Index		   6.0100% representing
1 month SOFR rate + spread		  

UBS Securities LLC

  

12/17/2024

    

440,000

      

846,564,400

      

6,265,622

    
Total return of Technology
Select Sector Index		   6.1400% representing
1 month SOFR rate + spread		  

Citibank N.A.

  

12/19/2024

    

439,300

      

861,074,163

      

(1,238,327

)

  
Total return of Technology
Select Sector Index		   5.9500% representing
1 month SOFR rate + spread		  

Barclays

  

12/23/2024

    

306,032

      

585,078,538

      

9,652,703

    
                   

$

5,812,403,894

    

$

116,318,993

    

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

DIREXION SEMI-ANNUAL REPORT
78

Direxion Daily Technology Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 96.1%

      

Money Market Funds - 96.1%

      
 

93,216,567

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

93,216,567

    
 

13,402,044

     Dreyfus Treasury Securities Cash
Management Institutional
Shares, 5.19% (a)​		    

13,402,044

    
 

7,812,088

     Goldman Sachs Financial Square
Government Fund Institutional
Shares, 5.22% (a)​		    

7,812,088

    
 

19,227,544

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (a)​		    

19,227,544

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $133,658,243) (b)​		  

$

133,658,243

    
        TOTAL INVESTMENTS
(Cost $133,658,243) - 96.1%		  

$

133,658,243

    
        Other Assets in Excess of
Liabilities - 3.9%		    

5,389,818

    
       

TOTAL NET ASSETS - 100.0%

  

$

139,048,061

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $75,901,246.

 

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation
(Depreciation)		  
5.3600% representing
1 month SOFR rate + spread		   Total return of Technology
Select Sector Index		  

BNP Paribas

  

12/4/2024

    

19,021

    

$

37,853,506

    

$

479,535

    
5.7200% representing
1 month SOFR rate + spread		   Total return of Technology
Select Sector Index		  

Goldman Sachs

  

12/10/2024

    

29,418

      

60,672,368

      

3,180,408

    
5.7700% representing
1 month SOFR rate + spread		   Total return of Technology
Select Sector Index		   Bank of America
Merrill Lynch		  

12/11/2024

    

12,170

      

25,178,641

      

1,295,099

    
5.6500% representing
1 month SOFR rate + spread		   Total return of Technology
Select Sector Index		  

Societe Generale

  

12/16/2024

    

5,000

      

9,589,151

      

(117,479

)

  
5.8000% representing
1 month SOFR rate + spread		   Total return of Technology
Select Sector Index		  

J.P. Morgan

  

12/16/2024

    

5,210

      

9,936,147

      

(174,703

)

  
5.7100% representing
1 month SOFR rate + spread		   Total return of Technology
Select Sector Index		   UBS Securities
LLC		  

12/17/2024

    

77,012

      

153,033,095

      

917,329

    
5.8000% representing
1 month SOFR rate + spread		   Total return of Technology
Select Sector Index		  

Citibank N.A.

  

12/19/2024

    

25,984

      

54,078,398

      

3,174,372

    
5.6700% representing
1 month SOFR rate + spread		   Total return of Technology
Select Sector Index		  

Barclays

  

12/23/2024

    

37,163

      

76,262,971

      

3,102,977

    
               

$

426,604,277

    

$

11,857,538

    

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

DIREXION SEMI-ANNUAL REPORT
79

Direxion Daily Transportation Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 80.8%

      

Administrative and Support Services - 1.2%

      
 

3,576

    

GXO Logistics, Inc. (a)​

  

$

177,584

    
 

3,517

    

RXO, Inc. (a)​

    

66,507

    
     

244,091

    

Air Transportation - 12.5%

      
 

3,790

    

Alaska Air Group, Inc. (a)​

    

163,046

    
 

430

    

Allegiant Travel Co.

    

23,461

    
 

19,670

    

American Airlines Group, Inc. (a)​

    

265,742

    
 

19,095

    

Delta Air Lines, Inc.

    

956,086

    
 

10,020

    

JetBlue Airways Corp. (a)​

    

56,913

    
 

1,231

    

SkyWest, Inc. (a)​

    

89,900

    
 

17,937

    

Southwest Airlines Co.

    

465,286

    
 

3,292

    

Spirit Airlines, Inc. (b)​

    

11,621

    
 

9,861

     United Continental Holdings,
Inc. (a)​		    

507,447

    
     

2,539,502

    

Couriers and Messengers - 11.9%

      
 

1,521

     Air Transport Services Group,
Inc. (a)​		    

19,499

    
 

3,230

    

FedEx Corp.

    

845,549

    
 

10,472

    

United Parcel Service, Inc. Class B

    

1,544,411

    
     

2,409,459

    

Management of Companies and Enterprises - 0.2%

      
 

1,172

     Sun Country Airlines Holdings,
Inc. (a)​		    

15,599

    
 

289

    

U-Haul Holding Co. (a)​

    

18,274

    
     

33,873

    

Rail Transportation - 18.0%

      
 

21,065

    

CSX Corp.

    

699,779

    
 

12,445

    

Union Pacific Corp.

    

2,951,456

    
     

3,651,235

    

Rental and Leasing Services - 1.1%

      
 

555

    

Avis Budget Group, Inc.

    

52,974

    
 

3,945

    

Hertz Global Holdings, Inc. (a)​

    

17,950

    
 

1,333

    

Ryder System, Inc.

    

162,426

    
     

233,350

    

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.3%

      
 

11,095

    

Joby Aviation, Inc. (a)(b)​

    

56,030

    

Support Activities for Transportation - 12.1%

      
 

3,507

    

C.H. Robinson Worldwide, Inc.

    

248,997

    
 

4,371

     Expeditors International of
Washington, Inc.		    

486,536

    
 

926

    

Forward Air Corp.

    

20,390

    
 

1,876

    

Hub Group, Inc.

    

75,453

    
 

2,451

    

J.B. Hunt Transport Services, Inc.

    

398,459

    
 

1,051

    

Matson, Inc.

    

113,277

    
 

3,154

    

Norfolk Southern Corp.

    

726,429

    
 

3,491

    

XPO Logistics, Inc. (a)​

    

375,143

    
     

2,444,684

    

Transit and Ground Passenger Transportation - 14.5%

      
 

10,400

    

Lyft, Inc. (a)​

    

162,656

    
 

41,997

    

Uber Technologies, Inc. (a)​

    

2,783,141

    
     

2,945,797

    

Shares

      

Fair Value

  

Truck Transportation - 7.0%

      
 

712

    

ArcBest Corp.

  

$

78,968

    
 

1,378

    

Heartland Express, Inc.

    

13,697

    
 

4,851

     Knight-Swift Transportation
Holdings, Inc. Class A		    

224,262

    
 

1,735

    

Marten Transport Ltd.

    

29,356

    
 

3,686

    

Old Dominion Freight Line, Inc.

    

669,783

    
 

798

    

Saia, Inc. (a)​

    

316,670

    
 

1,123

    

Schneider National, Inc.

    

23,224

    
 

1,907

    

Werner Enterprises, Inc.

    

65,220

    
     

1,421,180

    

Warehousing and Storage - 0.9%

      
 

1,080

    

Landstar System, Inc.

    

188,363

    

Water Transportation - 1.1%

      
 

1,279

    

Genco Shipping & Trading Ltd. ADR

    

27,294

    
 

1,777

    

Kirby Corp. (a)​

    

193,924

    
     

221,218

    
        TOTAL COMMON STOCKS
(Cost $15,725,811)		  

$

16,388,782

    

SHORT TERM INVESTMENTS - 27.9%

      

Money Market Funds - 27.9%

      
 

3,451,428

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (c)(d)​		  

$

3,451,428

    
 

2,200,000

     Goldman Sachs Financial Square
Government Fund Institutional
Shares, 5.22% (c)​		    

2,200,000

    
 

1

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (c)​		    

1

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $5,651,429)		  

$

5,651,429

    
        TOTAL INVESTMENTS
(Cost $21,377,240) - 108.7% (e)​		  

$

22,040,211

    
        Liabilities in Excess of
Other Assets - (8.7)%		    

(1,770,575

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

20,269,636

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

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

(c)​  Represents annualized seven-day yield at April 30, 2024.

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

(e)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $15,386,646.

ADR - American Depository Receipt

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

DIREXION SEMI-ANNUAL REPORT
80

Direxion Daily Transportation Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
Total return of S&P
Transportation Select
Industry FMC Capped Index		   5.9600% representing
1 month SOFR
rate + spread		   UBS Securities
LLC		  

12/17/2024

    

2,269

    

$

14,200,856

    

$

(963,765

)

  
Total return of S&P
Transportation Select
Industry FMC Capped Index		   5.9700% representing
1 month SOFR
rate + spread		  

Barclays

  

12/23/2024

    

5,312

      

31,314,912

      

(791,533

)

  
                   

$

45,515,768

    

$

(1,755,298

)

  

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

DIREXION SEMI-ANNUAL REPORT
81

Direxion Daily Utilities Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

COMMON STOCKS - 74.4%

      

Oil and Gas Extraction - 3.2%

      
 

26,028

    

Dominion Energy, Inc.

  

$

1,326,907

    

Utilities - 71.2%

      
 

20,830

    

AES Corp.

    

372,857

    
 

7,938

    

Alliant Energy Corp.

    

395,312

    
 

8,181

    

Ameren Corp.

    

604,330

    
 

16,357

    

American Electric Power Co., Inc.

    

1,407,193

    
 

6,056

    

American Water Works Co., Inc.

    

740,770

    
 

4,692

    

Atmos Energy Corp.

    

553,187

    
 

19,635

    

CenterPoint Energy, Inc.

    

572,164

    
 

9,160

    

CMS Energy Corp.

    

555,188

    
 

10,738

    

Consolidated Edison, Inc.

    

1,013,667

    
 

9,934

    

Constellation Energy Corp.

    

1,847,128

    
 

6,422

    

DTE Energy Co.

    

708,475

    
 

23,983

    

Duke Energy Corp.

    

2,356,569

    
 

11,931

    

Edison International

    

847,817

    
 

6,577

    

Entergy Corp.

    

701,569

    
 

7,146

    

Evergy, Inc.

    

374,808

    
 

10,866

    

Eversource Energy

    

658,697

    
 

30,965

    

Exelon Corp.

    

1,163,665

    
 

16,065

    

FirstEnergy Corp.

    

615,932

    
 

63,822

    

NextEra Energy, Inc.

    

4,274,159

    
 

12,859

    

NiSource, Inc.

    

358,252

    
 

7,022

    

NRG Energy, Inc.

    

510,289

    
 

66,367

    

PG&E Corp.

    

1,135,539

    
 

3,527

    

Pinnacle West Capital Corp.

    

259,763

    
 

22,929

    

PPL Corp.

    

629,630

    
 

15,501

    

Public Service Enterprise Group, Inc.

    

1,070,809

    
 

19,578

    

Sempra Energy

    

1,402,372

    
 

33,926

    

Southern Co.

    

2,493,561

    
 

9,812

    

WEC Energy Group, Inc.

    

810,864

    
 

17,164

    

Xcel Energy, Inc.

    

922,222

    
     

29,356,788

    
        TOTAL COMMON STOCKS
(Cost $29,685,497)		  

$

30,683,695

    

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 26.7%

      

Money Market Funds - 26.7%

      
 

7,705,949

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

7,705,949

    
 

1,557,895

     Goldman Sachs Financial Square
Government Fund
Institutional Shares, 5.22% (b)​		    

1,557,895

    
 

1,760,972

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (b)​		    

1,760,972

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $11,024,816)		  

$

11,024,816

    
        TOTAL INVESTMENTS
(Cost $40,710,313) -
101.1% (c)​		  

$

41,708,511

    
        Liabilities in Excess of
Other Assets - (1.1)%		    

(487,755

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

41,220,756

    

Percentages are stated as a percent of net assets.

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

(a)​  Non-income producing security.

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $31,821,729.

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  

Total return of Utilities
Select Sector Index		   5.8200% representing
1 month SOFR
rate + spread		  

J.P. Morgan

  

12/16/2024

    

21,930

    

$

14,201,943

    

$

482,104

    

Total return of Utilities
Select Sector Index		   5.7200% representing
1 month SOFR
rate + spread		   UBS Securities
LLC		  

12/17/2024

    

58,923

      

36,561,834

      

3,050,712

    

Total return of Utilities
Select Sector Index		   5.9700% representing
1 month SOFR
rate + spread		  

Barclays

  

12/23/2024

    

56,792

      

36,124,033

      

1,904,441

    
                   

$

86,887,810

    

$

5,437,257

    

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

DIREXION SEMI-ANNUAL REPORT
82

Direxion Daily 7-10 Year Treasury Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

INVESTMENT COMPANIES - 74.0%

      
 

331,838

     iShares 7-10 Year Treasury
Bond ETF (a)​		  

$

30,339,948

    
        TOTAL INVESTMENT COMPANIES
(Cost $31,329,743)		  

$

30,339,948

    

SHORT TERM INVESTMENTS - 33.6%

      

Money Market Funds - 33.6%

      
 

11,822,903

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

11,822,903

    
 

950,067

     Goldman Sachs Financial Square
Government Fund Institutional
Shares, 5.22% (b)​		    

950,067

    
 

1,010,663

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (b)​		    

1,010,663

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $13,783,633)		  

$

13,783,633

    
        TOTAL INVESTMENTS
(Cost $45,113,376) - 107.6% (c)​		  

$

44,123,581

    
        Liabilities in Excess of
Other Assets - (7.6)%		    

(3,118,479

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

41,005,102

    

Percentages are stated as a percent of net assets.

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

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

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $38,606,846.

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
Total return of iShares
7-10 Year Treasury Bond
ETF		   4.7300% representing
1 month SOFR
rate + spread		  

BNP Paribas

  

12/4/2024

    

527,022

    

$

49,355,610

    

$

(1,580,092

)

  
Total return of iShares
7-10 Year Treasury Bond
ETF		   5.7700% representing
1 month SOFR
rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

98,085

      

9,229,925

      

(351,356

)

  
Total return of iShares
7-10 Year Treasury Bond
ETF		   5.7000% representing
1 month SOFR
rate + spread		  

J.P. Morgan

  

12/16/2024

    

147,313

      

13,711,563

      

(315,649

)

  
Total return of iShares
7-10 Year Treasury Bond
ETF		   5.9400% representing
1 month SOFR
rate + spread		  

Barclays

  

12/23/2024

    

241,207

      

22,758,861

      

(840,071

)

  
                   

$

95,055,959

    

$

(3,087,168

)

  

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

DIREXION SEMI-ANNUAL REPORT
83

Direxion Daily 7-10 Year Treasury Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 98.3%

      

Money Market Funds - 98.3%

      
 

11,887,067

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

11,887,067

    
 

2,360,066

     Goldman Sachs Financial Square
Government Fund Institutional
Shares, 5.22% (a)​		    

2,360,066

    
 

1,707,318

     Goldman Sachs Financial Square
Treasury Instruments Fund
Institutional Shares, 5.18% (a)​		    

1,707,318

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $15,954,451) (b)​		  

$

15,954,451

    
        TOTAL INVESTMENTS
(Cost $15,954,451) - 98.3%		  

$

15,954,451

    
        Other Assets in Excess of
Liabilities - 1.7%		    

282,583

    
       

TOTAL NET ASSETS - 100.0%

  

$

16,237,034

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $9,735,918.

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
4.4300% representing
1 month SOFR
rate + spread		   Total return of iShares
7-10 Year Treasury
Bond ETF		  

BNP Paribas

  

12/4/2024

    

307,761

    

$

28,837,340

    

$

900,108

    
5.5000% representing
1 month SOFR
rate + spread		   Total return of iShares
7-10 Year Treasury
Bond ETF		  

J.P. Morgan

  

12/16/2024

    

91,056

      

8,512,523

      

252,919

    
5.6200% representing
1 month SOFR
rate + spread		   Total return of iShares
7-10 Year Treasury
Bond ETF		  

Barclays

  

12/23/2024

    

133,958

      

12,605,050

      

440,580

    
                   

$

49,954,913

    

$

1,593,607

    

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

DIREXION SEMI-ANNUAL REPORT
84

Direxion Daily 20+ Year Treasury Bull 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

INVESTMENT COMPANIES - 68.9%

      
 

32,831,037

     iShares 20+ Year Treasury
Bond ETF (a)​		  

$

2,896,354,084

    
        TOTAL INVESTMENT
COMPANIES
(Cost $3,030,542,734)		  

$

2,896,354,084

    

SHORT TERM INVESTMENTS - 45.1%

      

Money Market Funds - 45.1%

      
 

1,146,053,640

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (b)​		  

$

1,146,053,640

    
 

68,057,517

     Dreyfus Treasury Securities
Cash Management
Institutional Shares,
5.19% (b)​		    

68,057,517

    
 

48,150,000

     Goldman Sachs Financial
Square Government Fund
Institutional Shares,
5.22% (b)​		    

48,150,000

    
 

633,868,406

     Goldman Sachs Financial
Square Treasury
Instruments Fund
Institutional Shares,
5.18% (b)​		    

633,868,406

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $1,896,129,563)		  

$

1,896,129,563

    
        TOTAL INVESTMENTS
(Cost $4,926,672,297) -
114.0% (c)​		  

$

4,792,483,647

    
        Liabilities in Excess of
Other Assets - (14.0)%		    

(591,105,873

)

  
       

TOTAL NET ASSETS - 100.0%

  

$

4,201,377,774

    

Percentages are stated as a percent of net assets.

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

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

(b)​  Represents annualized seven-day yield at April 30, 2024.

(c)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $4,011,487,565.

 

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

DIREXION SEMI-ANNUAL REPORT
85

Direxion Daily 20+ Year Treasury Bull 3X Shares

Long Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Depreciation		  
Total return of iShares
20+ Year Treasury
Bond ETF		   6.0200% representing
1 month SOFR
rate + spread		  

BNP Paribas

  

12/4/2024

    

18,188,959

    

$

1,666,974,603

    

$

(77,528,795

)

  
Total return of iShares
20+ Year Treasury
Bond ETF		   5.6700% representing
1 month SOFR
rate + spread		  

Goldman Sachs

  

12/10/2024

    

20,421,482

      

1,879,219,174

      

(83,867,749

)

  
Total return of iShares
20+ Year Treasury
Bond ETF		   6.0200% representing
1 month SOFR
rate + spread		   Bank of America
Merrill Lynch		  

12/11/2024

    

20,844,046

      

1,931,585,277

      

(104,231,861

)

  
Total return of iShares
20+ Year Treasury
Bond ETF		   5.7200% representing
1 month SOFR
rate + spread		  

J.P. Morgan

  

12/16/2024

    

8,362,969

      

790,325,067

      

(59,597,935

)

  
Total return of iShares
20+ Year Treasury
Bond ETF		   6.1200% representing
1 month SOFR
rate + spread		   UBS Securities
LLC		  

12/17/2024

    

7,216,285

      

664,440,512

      

(30,209,211

)

  
Total return of iShares
20+ Year Treasury
Bond ETF		   6.0100% representing
1 month SOFR
rate + spread		  

Citibank N.A.

  

12/19/2024

    

22,608,124

      

2,078,436,491

      

(91,296,154

)

  
Total return of iShares
20+ Year Treasury
Bond ETF		   6.0700% representing
1 month SOFR
rate + spread		  

Barclays

  

12/23/2024

    

12,400,000

      

1,140,889,108

      

(52,140,823

)

  
                   

$

10,151,870,232

    

$

(498,872,528

)

  

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

DIREXION SEMI-ANNUAL REPORT
86

Direxion Daily 20+ Year Treasury Bear 3X Shares

Schedule of Investments (Unaudited)

April 30, 2024

Shares

      

Fair Value

  

SHORT TERM INVESTMENTS - 97.2%

      

Money Market Funds - 97.2%

      
 

158,065,577

     Dreyfus Government Cash
Management Institutional
Shares, 5.20% (a)​		  

$

158,065,577

    
 

34,225,183

     Dreyfus Treasury Securities
Cash Management
Institutional Shares,
5.19% (a)​		    

34,225,183

    
 

87,545,941

     Goldman Sachs Financial
Square Treasury Instruments
Fund Institutional Shares,
5.18% (a)​		    

87,545,941

    
        TOTAL SHORT TERM
INVESTMENTS
(Cost $279,836,701) (b)​		  

$

279,836,701

    
        TOTAL INVESTMENTS
(Cost $279,836,701) -
97.2%		  

$

279,836,701

    
        Other Assets in Excess of
Liabilities - 2.8%		    

8,059,988

    
       

TOTAL NET ASSETS - 100.0%

  

$

287,896,689

    

Percentages are stated as a percent of net assets.

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

(a)​  Represents annualized seven-day yield at April 30, 2024.

(b)​  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $170,898,543.

Short Total Return Swap Contracts (Unaudited)

April 30, 2024

Terms of Payments
to be Received at
Termination		   Terms of Payments
to be Paid at
Termination		  

Counterparty

   Termination
Date		  

Contracts

   Notional
Amount		   Unrealized
Appreciation		  
5.8200% representing
1 month SOFR
rate + spread		   Total return of iShares
20+ Year Treasury
Bond ETF		  

BNP Paribas

  

12/4/2024

    

2,089,769

    

$

194,273,441

    

$

10,777,928

    
5.4700% representing
1 month SOFR
rate + spread		   Total return of iShares
20+ Year Treasury
Bond ETF		  

Goldman Sachs

  

12/10/2024

    

1,935,685

      

182,094,909

      

12,300,078

    
5.8200% representing
1 month SOFR
rate + spread		   Total return of iShares
20+ Year Treasury
Bond ETF		   Bank of America
Merrill Lynch		  

12/11/2024

    

1,708,315

      

160,637,293

      

10,903,594

    
5.5000% representing
1 month SOFR
rate + spread		   Total return of iShares
20+ Year Treasury
Bond ETF		  

J.P. Morgan

  

12/16/2024

    

948,359

      

89,707,530

      

6,661,346

    
5.4700% representing
1 month SOFR
rate + spread		   Total return of iShares
20+ Year Treasury
Bond ETF		   UBS Securities
LLC		  

12/17/2024

    

1,287,342

      

118,982,968

      

5,951,384

    
5.7000% representing
1 month SOFR
rate + spread		   Total return of iShares
20+ Year Treasury
Bond ETF		  

Citibank N.A.

  

12/19/2024

    

1,821,106

      

171,626,501

      

11,967,148

    
                   

$

917,322,642

    

$

58,561,478

    

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

DIREXION SEMI-ANNUAL REPORT
87

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion Daily
Mid Cap
Bull 3X Shares		   Direxion Daily
S&P 500®
​Bull 3X Shares		   Direxion Daily
S&P 500®
​Bear 3X Shares		   Direxion Daily
Small Cap
Bull 3X Shares		  

Assets:

  
Investments, at fair value (including
securities loaned*) (Note 2)		  

$

79,032,302

    

$

3,677,705,239

    

$

592,877,264

    

$

2,004,722,762

    

Receivable for Fund shares sold

    

—

      

3,371,713

      

4,036

      

5,392,678

    

Receivable for investments sold

    

7,457,262

      

—

      

—

      

39,177,887

    

Dividend and interest receivable

    

135,633

      

5,876,113

      

2,763,252

      

2,484,679

    

Due from broker for swap contracts

    

—

      

—

      

10,943,217

      

—

    

Due from broker for futures contracts

    

—

      

79,502,522

      

—

      

—

    

Unrealized appreciation on swap contracts

    

5,732,548

      

356,342,732

      

10,819,699

      

46,305,359

    

Prepaid expenses and other assets

    

1,944

      

68,327

      

26,345

      

36,345

    

Total Assets

    

92,359,689

      

4,122,866,646

      

617,433,813

      

2,098,119,710

    

Liabilities:

  

Collateral for securities loaned (Note 2)

    

—

      

—

      

—

      

33,985,177

    

Payable for Fund shares redeemed

    

—

      

197,170

      

13,452,583

      

—

    

Payable for investments purchased

    

14,175,340

      

—

      

—

      

49,992,250

    

Unrealized depreciation on swap contracts

    

—

      

—

      

29,892,184

      

12,967,232

    

Due to Adviser, net (Note 6)

    

25,762

      

1,147,727

      

211,198

      

669,490

    

Due to broker for swap contracts

    

9,371,302

      

474,716,865

      

14,425,694

      

130,442,167

    

Variation margin payable

    

—

      

24,500,000

      

—

      

—

    

Accrued expenses and other liabilities

    

32,376

      

982,819

      

158,151

      

1,109,843

    

Total Liabilities

    

23,604,780

      

501,544,581

      

58,139,810

      

229,166,159

    

Net Assets

  

$

68,754,909

    

$

3,621,322,065

    

$

559,294,003

    

$

1,868,953,551

    

Net Assets Consist of:

  

Capital stock

  

$

73,516,583

    

$

3,029,789,632

    

$

3,801,090,598

    

$

2,511,100,144

    

Total distributable earnings (loss)

    

(4,761,674

)

    

591,532,433

      

(3,241,796,595

)

    

(642,146,593

)

  

Net Assets

  

$

68,754,909

    

$

3,621,322,065

    

$

559,294,003

    

$

1,868,953,551

    
Calculation of Net Asset Value Per
Share:		  

Net assets

  

$

68,754,909

    

$

3,621,322,065

    

$

559,294,003

    

$

1,868,953,551

    
Shares outstanding (unlimited shares
of beneficial interest authorized,
par value)		    

1,500,132

      

31,050,002

      

56,126,918

      

55,150,002

    
Net assets value, redemption price
and offering price per share		  

$

45.83

    

$

116.63

    

$

9.96

    

$

33.89

    

Cost of Investments

  

$

79,034,697

    

$

3,788,050,722

    

$

592,877,264

    

$

1,990,676,761

    

*  Securities loaned with values of $–, $–, $– and $33,312,136, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
88

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion Daily
Small Cap
Bear 3X Shares		   Direxion Daily
FTSE China
Bull 3X Shares		   Direxion Daily
FTSE China
Bear 3X Shares		   Direxion Daily
FTSE Europe
Bull 3X Shares		  

Assets:

  

Investments, at fair value (Note 2)

  

$

341,392,166

    

$

1,002,003,246

    

$

175,560,826

    

$

23,216,273

    

Receivable for Fund shares sold

    

36,213,462

      

3,988

      

5,894,180

      

—

    

Receivable for investments sold

    

—

      

50,961,592

      

—

      

—

    

Dividend and interest receivable

    

1,597,933

      

2,326,570

      

601,789

      

52,781

    

Due from broker for swap contracts

    

—

      

1,905,620

      

—

      

42,448

    

Unrealized appreciation on swap contracts

    

43,008,505

      

199,785,804

      

—

      

880,165

    

Prepaid expenses and other assets

    

14,904

      

9,446

      

6,905

      

3,334

    

Total Assets

    

422,226,970

      

1,256,996,266

      

182,063,700

      

24,195,001

    

Liabilities:

  

Payable for Fund shares redeemed

    

—

      

13,313,215

      

—

      

—

    

Unrealized depreciation on swap contracts

    

191,620

      

—

      

15,454,697

      

134,791

    

Due to Adviser, net (Note 6)

    

128,155

      

322,160

      

52,036

      

7,680

    

Due to broker for swap contracts

    

25,013,998

      

266,010,000

      

—

      

1,302,000

    

Accrued expenses and other liabilities

    

224,594

      

587,776

      

103,071

      

18,652

    

Total Liabilities

    

25,558,367

      

280,233,151

      

15,609,804

      

1,463,123

    

Net Assets

  

$

396,668,603

    

$

976,763,115

    

$

166,453,896

    

$

22,731,878

    

Net Assets Consist of:

  

Capital stock

  

$

4,159,747,087

    

$

1,993,305,724

    

$

299,454,952

    

$

40,348,071

    

Total distributable loss

    

(3,763,078,484

)

    

(1,016,542,609

)

    

(133,001,056

)

    

(17,616,193

)

  

Net Assets

  

$

396,668,603

    

$

976,763,115

    

$

166,453,896

    

$

22,731,878

    
Calculation of Net Asset Value Per
Share:		  

Net assets

  

$

396,668,603

    

$

976,763,115

    

$

166,453,896

    

$

22,731,878

    
Shares outstanding (unlimited shares
of beneficial interest authorized,
par value)		    

19,072,797

      

44,092,767

      

17,127,337

      

950,001

    
Net assets value, redemption price
and offering price per share		  

$

20.80

    

$

22.15

    

$

9.72

    

$

23.93

    

Cost of Investments

  

$

341,392,166

    

$

976,526,061

    

$

175,560,826

    

$

22,833,826

    

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

DIREXION SEMI-ANNUAL REPORT
89

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion Daily
MSCI
Emerging
Markets
Bull 3X Shares		   Direxion Daily
MSCI
Emerging
Markets
Bear 3X Shares		   Direxion Daily
MSCI Mexico
Bull 3X Shares		   Direxion Daily
MSCI
South Korea
Bull 3X Shares		  

Assets:

  
Investments, at fair value (including
securities loaned*) (Note 2)		  

$

82,606,124

    

$

21,181,460

    

$

15,266,778

    

$

38,749,886

    

Dividend and interest receivable

    

309,243

      

95,120

      

35,114

      

77,444

    

Due from broker for swap contracts

    

—

      

111,259

      

—

      

—

    

Unrealized appreciation on swap contracts

    

6,540,440

      

54,028

      

223,707

      

1,438,962

    

Prepaid expenses and other assets

    

21,455

      

28,179

      

682

      

1,131

    

Total Assets

    

89,477,262

      

21,470,046

      

15,526,281

      

40,267,423

    

Liabilities:

  

Collateral for securities loaned (Note 2)

    

—

      

—

      

866,250

      

—

    

Unrealized depreciation on swap contracts

    

35,939

      

1,293,183

      

379,853

      

134,282

    

Due to Adviser, net (Note 6)

    

48,283

      

7,813

      

7,981

      

22,407

    

Due to broker for swap contracts

    

9,899,086

      

111,258

      

713,625

      

2,830,661

    

Accrued expenses and other liabilities

    

61,783

      

47,665

      

18,834

      

34,102

    

Total Liabilities

    

10,045,091

      

1,459,919

      

1,986,543

      

3,021,452

    

Net Assets

  

$

79,432,171

    

$

20,010,127

    

$

13,539,738

    

$

37,245,971

    

Net Assets Consist of:

  

Capital stock

  

$

350,535,900

    

$

356,711,202

    

$

10,583,192

    

$

68,541,239

    

Total distributable earnings (loss)

    

(271,103,729

)

    

(336,701,075

)

    

2,956,546

      

(31,295,268

)

  

Net Assets

  

$

79,432,171

    

$

20,010,127

    

$

13,539,738

    

$

37,245,971

    

Calculation of Net Asset Value Per Share:

  

Net assets

  

$

79,432,171

    

$

20,010,127

    

$

13,539,738

    

$

37,245,971

    
Shares outstanding (unlimited shares
of beneficial interest authorized,
par value)		    

2,681,598

      

1,895,232

      

466,025

      

4,900,001

    
Net assets value, redemption price and
offering price per share		  

$

29.62

    

$

10.56

    

$

29.05

    

$

7.60

    

Cost of Investments

  

$

82,574,206

    

$

21,181,460

    

$

15,159,611

    

$

38,610,423

    

*  Securities loaned with values of $–, $–, $847,350 and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
90

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion Daily
Aerospace &
Defense
Bull 3X Shares		   Direxion Daily
Consumer
Discretionary
Bull 3X Shares		   Direxion Daily
Dow Jones
Internet
Bull 3X Shares		   Direxion Daily
Dow Jones
Internet
Bear 3X Shares		  

Assets:

  
Investments, at fair value (including
securities loaned*) (Note 2)		  

$

160,707,325

    

$

25,259,844

    

$

157,474,701

    

$

22,775,132

    

Dividend and interest receivable

    

245,634

      

33,589

      

207,300

      

99,502

    

Unrealized appreciation on swap contracts

    

9,796,591

      

—

      

20,956,557

      

431,979

    

Prepaid expenses and other assets

    

26,298

      

26,334

      

5,628

      

12,194

    

Total Assets

    

170,775,848

      

25,319,767

      

178,644,186

      

23,318,807

    

Liabilities:

  

Collateral for securities loaned (Note 2)

    

72,268

      

—

      

—

      

—

    

Unrealized depreciation on swap contracts

    

—

      

1,041,916

      

—

      

1,936,743

    

Due to Adviser, net (Note 6)

    

52,441

      

16,837

      

56,779

      

11,561

    

Due to broker for swap contracts

    

13,611,146

      

62,608

      

28,356,360

      

260,001

    

Accrued expenses and other liabilities

    

50,367

      

47,104

      

50,645

      

21,869

    

Total Liabilities

    

13,786,222

      

1,168,465

      

28,463,784

      

2,230,174

    

Net Assets

  

$

156,989,626

    

$

24,151,302

    

$

150,180,402

    

$

21,088,633

    

Net Assets Consist of:

  

Capital stock

  

$

98,904,336

    

$

45,702,772

    

$

258,714,595

    

$

74,409,000

    

Total distributable earnings (loss)

    

58,085,290

      

(21,551,470

)

    

(108,534,193

)

    

(53,320,367

)

  

Net Assets

  

$

156,989,626

    

$

24,151,302

    

$

150,180,402

    

$

21,088,633

    

Calculation of Net Asset Value Per Share:

  

Net assets

  

$

156,989,626

    

$

24,151,302

    

$

150,180,402

    

$

21,088,633

    
Shares outstanding (unlimited shares
of beneficial interest authorized,
par value)		    

6,250,001

      

800,001

      

9,400,001

      

2,919,952

    
Net assets value, redemption price
and offering price per share		  

$

25.12

    

$

30.19

    

$

15.98

    

$

7.22

    

Cost of Investments

  

$

154,311,864

    

$

24,456,396

    

$

150,168,142

    

$

22,775,132

    

*  Securities loaned with values of $65,847, $–, $– and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
91

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion Daily
Financial
Bull 3X Shares		   Direxion Daily
Financial
Bear 3X Shares		   Direxion Daily
Healthcare
Bull 3X Shares		   Direxion Daily
Homebuilders &
Supplies
Bull 3X Shares		  

Assets:

  

Investments, at fair value (Note 2)

  

$

2,143,801,392

    

$

144,710,423

    

$

180,217,236

    

$

267,226,134

    

Receivable for Fund shares sold

    

—

      

506

      

—

      

—

    

Receivable for investments sold

    

—

      

—

      

—

      

675,437

    

Dividend and interest receivable

    

3,675,608

      

605,625

      

327,892

      

445,797

    

Due from broker for swap contracts

    

1,968,115

      

—

      

—

      

—

    

Unrealized appreciation on swap contracts

    

300,401,134

      

4,449,175

      

11,383,920

      

20,738,065

    

Prepaid expenses and other assets

    

1,380,452

      

128,384

      

148,227

      

5,638

    

Total Assets

    

2,451,226,701

      

149,894,113

      

192,077,275

      

289,091,071

    

Liabilities:

  

Payable for Fund shares redeemed

    

—

      

1,686,502

      

—

      

254,928

    

Unrealized depreciation on swap contracts

    

—

      

9,693,689

      

—

      

—

    

Due to Adviser, net (Note 6)

    

724,753

      

45,943

      

61,426

      

88,081

    

Due to broker for swap contracts

    

349,759,624

      

2,214,486

      

11,889,868

      

34,475,116

    

Accrued expenses and other liabilities

    

1,861,678

      

172,920

      

209,011

      

82,051

    

Total Liabilities

    

352,346,055

      

13,813,540

      

12,160,305

      

34,900,176

    

Net Assets

  

$

2,098,880,646

    

$

136,080,573

    

$

179,916,970

    

$

254,190,895

    

Net Assets Consist of:

  

Capital stock

  

$

1,885,590,341

    

$

3,351,269,072

    

$

205,219,539

    

$

102,779,429

    

Total distributable earnings (loss)

    

213,290,305

      

(3,215,188,499

)

    

(25,302,569

)

    

151,411,466

    

Net Assets

  

$

2,098,880,646

    

$

136,080,573

    

$

179,916,970

    

$

254,190,895

    
Calculation of Net Asset Value Per
Share:		  

Net assets

  

$

2,098,880,646

    

$

136,080,573

    

$

179,916,970

    

$

254,190,895

    
Shares outstanding (unlimited shares
of beneficial interest authorized,
par value)		    

21,549,289

      

12,103,350

      

1,700,008

      

2,400,000

    
Net assets value, redemption price
and offering price per share		  

$

97.40

    

$

11.24

    

$

105.83

    

$

105.91

    

Cost of Investments

  

$

2,017,559,231

    

$

144,710,423

    

$

178,143,997

    

$

256,891,306

    

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

DIREXION SEMI-ANNUAL REPORT
92

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion Daily
Industrials
Bull 3X Shares		   Direxion Daily
Pharmaceutical &
Medical
Bull 3X Shares		   Direxion Daily
Real Estate
Bull 3X Shares		   Direxion Daily
Real Estate
Bear 3X Shares		  

Assets:

  
Investments, at fair value (including
securities loaned*) (Note 2)		  

$

35,988,709

    

$

13,276,565

    

$

70,853,535

    

$

106,332,037

    

Receivable for Fund shares sold

    

—

      

—

      

7,948

      

681

    

Dividend and interest receivable

    

51,790

      

19,754

      

109,678

      

456,938

    

Unrealized appreciation on swap contracts

    

3,828,746

      

—

      

—

      

27,668,898

    

Prepaid expenses and other assets

    

23,938

      

5,823

      

58,506

      

158,959

    

Total Assets

    

39,893,183

      

13,302,142

      

71,029,667

      

134,617,513

    

Liabilities:

  

Collateral for securities loaned (Note 2)

    

—

      

202,885

      

—

      

—

    

Payable for Fund shares redeemed

    

—

      

—

      

—

      

2,269,725

    

Unrealized depreciation on swap contracts

    

—

      

745,394

      

9,458,468

      

—

    

Due to Adviser, net (Note 6)

    

13,917

      

5,551

      

20,636

      

43,689

    

Due to broker for swap contracts

    

4,959,429

      

1,978

      

746,739

      

21,660,000

    

Accrued expenses and other liabilities

    

45,339

      

16,646

      

74,558

      

154,547

    

Total Liabilities

    

5,018,685

      

972,454

      

10,300,401

      

24,127,961

    

Net Assets

  

$

34,874,498

    

$

12,329,688

    

$

60,729,266

    

$

110,489,552

    

Net Assets Consist of:

  

Capital stock

  

$

25,777,536

    

$

25,644,019

    

$

96,289,151

    

$

258,231,832

    

Total distributable earnings (loss)

    

9,096,962

      

(13,314,331

)

    

(35,559,885

)

    

(147,742,280

)

  

Net Assets

  

$

34,874,498

    

$

12,329,688

    

$

60,729,266

    

$

110,489,552

    
Calculation of Net Asset Value Per
Share:		  

Net assets

  

$

34,874,498

    

$

12,329,688

    

$

60,729,266

    

$

110,489,552

    
Shares outstanding (unlimited shares
of beneficial interest authorized,
par value)		    

700,001

      

1,950,001

      

8,200,000

      

2,434,045

    
Net assets value, redemption price
and offering price per share		  

$

49.82

    

$

6.32

    

$

7.41

    

$

45.39

    

Cost of Investments

  

$

35,228,475

    

$

13,627,877

    

$

73,253,784

    

$

106,332,037

    

*  Securities loaned with values of $–, $198,871, $– and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
93

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion Daily
Regional Banks
Bull 3X Shares		   Direxion Daily
Retail
Bull 3X Shares		   Direxion Daily
S&P 500®
​High Beta
Bull 3X Shares		   Direxion Daily
S&P 500®
​High Beta
Bear 3X Shares		  

Assets:

  
Investments, at fair value (including
securities loaned*) (Note 2)		  

$

689,399,737

    

$

48,790,898

    

$

53,935,667

    

$

38,597,029

    

Receivable for investments sold

    

—

      

—

      

1,143

      

—

    

Dividend and interest receivable

    

1,092,089

      

128,704

      

91,139

      

181,254

    

Due from broker for swap contracts

    

—

      

76,439

      

—

      

—

    

Unrealized appreciation on swap contracts

    

—

      

2,090,501

      

915,099

      

1,547,593

    

Prepaid expenses and other assets

    

30,796

      

17,115

      

10,426

      

12,249

    

Total Assets

    

690,522,622

      

51,103,657

      

54,953,474

      

40,338,125

    

Liabilities:

  

Collateral for securities loaned (Note 2)

    

—

      

390,596

      

—

      

—

    

Unrealized depreciation on swap contracts

    

60,764,190

      

217,882

      

338,909

      

1,544,790

    

Due to Adviser, net (Note 6)

    

230,918

      

52,398

      

16,823

      

24,553

    

Due to broker for swap contracts

    

1,613,564

      

4,304,000

      

3,229,274

      

480,000

    

Accrued expenses and other liabilities

    

169,467

      

24,981

      

32,344

      

24,800

    

Total Liabilities

    

62,778,139

      

4,989,857

      

3,617,350

      

2,074,143

    

Net Assets

  

$

627,744,483

    

$

46,113,800

    

$

51,336,124

    

$

38,263,982

    

Net Assets Consist of:

  

Capital stock

  

$

760,098,978

    

$

130,935,426

    

$

53,841,837

    

$

198,106,047

    

Total distributable loss

    

(132,354,495

)

    

(84,821,626

)

    

(2,505,713

)

    

(159,842,065

)

  

Net Assets

  

$

627,744,483

    

$

46,113,800

    

$

51,336,124

    

$

38,263,982

    
Calculation of Net Asset Value Per
Share:		  

Net assets

  

$

627,744,483

    

$

46,113,800

    

$

51,336,124

    

$

38,263,982

    
Shares outstanding (unlimited shares
of beneficial interest authorized,
par value)		    

9,923,935

      

5,571,105

      

1,314,370

      

1,425,454

    
Net assets value, redemption price
and offering price per share		  

$

63.26

    

$

8.28

    

$

39.06

    

$

26.84

    

Cost of Investments

  

$

694,536,411

    

$

47,870,822

    

$

53,175,639

    

$

38,597,029

    

*  Securities loaned with values of $–, $722,221, $– and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
94

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion Daily
S&P Biotech
Bull 3X Shares		   Direxion Daily
S&P Biotech
Bear 3X Shares		   Direxion Daily
Semiconductor
Bull 3X Shares		   Direxion Daily
Semiconductor
Bear 3X Shares		  

Assets:

  
Investments, at fair value (including
securities loaned*) (Note 2)		  

$

1,047,667,602

    

$

84,190,425

    

$

11,197,149,700

    

$

688,763,076

    

Cash

    

—

      

—

      

690,221

      

—

    

Receivable for Fund shares sold

    

445,758

      

13,697,961

      

4,323,374

      

31,854,072

    

Dividend and interest receivable

    

1,548,758

      

476,740

      

13,879,839

      

3,403,512

    

Unrealized appreciation on swap contracts

    

31,989,756

      

26,621,113

      

478,479,694

      

20,472,137

    

Prepaid expenses and other assets

    

29,870

      

2,666

      

107,945

      

34,597

    

Total Assets

    

1,081,681,744

      

124,988,905

      

11,694,630,773

      

744,527,394

    

Liabilities:

  

Collateral for securities loaned (Note 2)

    

18,313,387

      

—

      

30,169,912

      

—

    

Payable for Fund shares redeemed

    

222,879

      

—

      

438,345

      

—

    

Unrealized depreciation on swap contracts

    

61,149,490

      

—

      

662,818,549

      

45,336,731

    

Due to Adviser, net (Note 6)

    

314,498

      

41,727

      

2,350,236

      

262,743

    

Due to broker for swap contracts

    

52,309,537

      

22,849,001

      

700,359,978

      

12,967,000

    

Accrued expenses and other liabilities

    

293,030

      

43,465

      

2,711,882

      

238,023

    

Total Liabilities

    

132,602,821

      

22,934,193

      

1,398,848,902

      

58,804,497

    

Net Assets

  

$

949,078,923

    

$

102,054,712

    

$

10,295,781,871

    

$

685,722,897

    

Net Assets Consist of:

  

Capital stock

  

$

2,738,400,251

    

$

454,959,482

    

$

6,107,845,675

    

$

3,361,063,335

    

Total distributable earnings (loss)

    

(1,789,321,328

)

    

(352,904,770

)

    

4,187,936,196

      

(2,675,340,438

)

  

Net Assets

  

$

949,078,923

    

$

102,054,712

    

$

10,295,781,871

    

$

685,722,897

    
Calculation of Net Asset Value Per
Share:		  

Net assets

  

$

949,078,923

    

$

102,054,712

    

$

10,295,781,871

    

$

685,722,897

    
Shares outstanding (unlimited shares
of beneficial interest authorized,
par value)		    

10,474,486

      

10,116,024

      

270,150,060

      

18,736,522

    
Net assets value, redemption price
and offering price per share		  

$

90.61

    

$

10.09

    

$

38.11

    

$

36.60

    

Cost of Investments

  

$

1,052,603,295

    

$

84,190,425

    

$

10,334,548,536

    

$

688,763,076

    

*  Securities loaned with values of $19,335,059, $–, $38,260,273 and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
95

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion Daily
Technology
Bull 3X Shares		   Direxion Daily
Technology
Bear 3X Shares		   Direxion Daily
Transportation
Bull 3X Shares		   Direxion Daily
Utilities
Bull 3X Shares		  

Assets:

  
Investments, at fair value (including
securities loaned*) (Note 2)		  

$

2,843,474,244

    

$

133,658,243

    

$

22,040,211

    

$

41,708,511

    

Receivable for Fund shares sold

    

27,500

      

—

      

—

      

—

    

Dividend and interest receivable

    

3,231,752

      

597,291

      

26,471

      

54,543

    

Unrealized appreciation on swap contracts

    

117,557,320

      

12,149,720

      

—

      

5,437,257

    

Prepaid expenses and other assets

    

1,627,713

      

88,901

      

25,428

      

25,619

    

Total Assets

    

2,965,918,529

      

146,494,155

      

22,092,110

      

47,225,930

    

Liabilities:

  

Collateral for securities loaned (Note 2)

    

—

      

—

      

15,564

      

—

    

Unrealized depreciation on swap contracts

    

1,238,327

      

292,182

      

1,755,298

      

—

    

Due to Adviser, net (Note 6)

    

928,593

      

43,823

      

15,857

      

14,519

    

Due to broker for swap contracts

    

261,273,737

      

6,983,000

      

16,260

      

5,938,595

    

Accrued expenses and other liabilities

    

2,367,602

      

127,089

      

19,495

      

52,060

    

Total Liabilities

    

265,808,259

      

7,446,094

      

1,822,474

      

6,005,174

    

Net Assets

  

$

2,700,110,270

    

$

139,048,061

    

$

20,269,636

    

$

41,220,756

    

Net Assets Consist of:

  

Capital stock

  

$

2,177,028,848

    

$

586,531,667

    

$

18,247,598

    

$

42,267,985

    

Total distributable earnings (loss)

    

523,081,422

      

(447,483,606

)

    

2,022,038

      

(1,047,229

)

  

Net Assets

  

$

2,700,110,270

    

$

139,048,061

    

$

20,269,636

    

$

41,220,756

    

Calculation of Net Asset Value Per Share:

  

Net assets

  

$

2,700,110,270

    

$

139,048,061

    

$

20,269,636

    

$

41,220,756

    
Shares outstanding (unlimited shares
of beneficial interest authorized,
par value)		    

41,150,000

      

15,200,260

      

700,001

      

1,750,001

    
Net assets value, redemption price
and offering price per share		  

$

65.62

    

$

9.15

    

$

28.96

    

$

23.55

    

Cost of Investments

  

$

2,798,573,614

    

$

133,658,243

    

$

21,377,240

    

$

40,710,313

    

*  Securities loaned with values of $–, $–, $68,561 and $–, respectively. See Note 2.

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

DIREXION SEMI-ANNUAL REPORT
96

Statements of Assets and Liabilities (Unaudited)

April 30, 2024

    Direxion Daily
7-10 Year
Treasury
Bull 3X Shares		   Direxion Daily
7-10 Year
Treasury
Bear 3X Shares		   Direxion Daily
20+ Year
Treasury
Bull 3X Shares		   Direxion Daily
20+ Year
Treasury
Bear 3X Shares		  

Assets:

  

Investments, at fair value (Note 2)

  

$

44,123,581

    

$

15,954,451

    

$

4,792,483,647

    

$

279,836,701

    

Receivable for Fund shares sold

    

—

      

—

      

6,581,961

      

—

    

Dividend and interest receivable

    

59,081

      

63,356

      

7,297,517

      

1,172,548

    

Unrealized appreciation on swap contracts

    

—

      

1,593,607

      

—

      

58,561,478

    

Prepaid expenses and other assets

    

21,411

      

28,236

      

5,685

      

108,563

    

Total Assets

    

44,204,073

      

17,639,650

      

4,806,368,810

      

339,679,290

    

Liabilities:

  

Payable for Fund shares redeemed

    

—

      

—

      

2,252,538

      

—

    

Payable for investments purchased

    

—

      

—

      

88,989,135

      

—

    

Unrealized depreciation on swap contracts

    

3,087,168

      

—

      

498,872,528

      

—

    

Due to Adviser, net (Note 6)

    

14,775

      

8,778

      

1,302,291

      

102,945

    

Due to broker for swap contracts

    

51,074

      

1,350,000

      

12,275,930

      

51,515,001

    

Accrued expenses and other liabilities

    

45,954

      

43,838

      

1,298,614

      

164,655

    

Total Liabilities

    

3,198,971

      

1,402,616

      

604,991,036

      

51,782,601

    

Net Assets

  

$

41,005,102

    

$

16,237,034

    

$

4,201,377,774

    

$

287,896,689

    

Net Assets Consist of:

  

Capital stock

  

$

63,241,696

    

$

59,868,806

    

$

6,444,045,571

    

$

911,879,948

    

Total distributable loss

    

(22,236,594

)

    

(43,631,772

)

    

(2,242,667,797

)

    

(623,983,259

)

  

Net Assets

  

$

41,005,102

    

$

16,237,034

    

$

4,201,377,774

    

$

287,896,689

    

Calculation of Net Asset Value Per Share:

  

Net assets

  

$

41,005,102

    

$

16,237,034

    

$

4,201,377,774

    

$

287,896,689

    
Shares outstanding (unlimited shares
of beneficial interest authorized,
par value)		    

1,750,000

      

1,050,000

      

95,748,386

      

6,997,044

    
Net assets value, redemption price
and offering price per share		  

$

23.43

    

$

15.46

    

$

43.88

    

$

41.15

    

Cost of Investments

  

$

45,113,376

    

$

15,954,451

    

$

4,926,672,297

    

$

279,836,701

    

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

DIREXION SEMI-ANNUAL REPORT
97

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion Daily
Mid Cap
Bull 3X Shares		   Direxion Daily
S&P 500®
​Bull 3X Shares		   Direxion Daily
S&P 500®
​Bear 3X Shares		   Direxion Daily
Small Cap
Bull 3X Shares		  

Investment Income:

  
Dividend income
(net of foreign withholding tax of $—,
$4,883, $— and $—, respectively)		  

$

340,474

    

$

19,040,633

    

$

—

    

$

9,709,001

    

Interest income

    

633,418

      

31,523,623

      

17,021,893

      

16,206,340

    

Securities lending income

    

—

      

46

      

—

      

10,567

    

Total investment income

    

973,892

      

50,564,302

      

17,021,893

      

25,925,908

    

Expenses:

  

Investment advisory fees (Note 6)

    

251,170

      

13,900,412

      

2,280,222

      

7,708,831

    

Interest expense

    

120,420

      

11,189,019

      

572,397

      

3,510,883

    

Licensing fees

    

26,791

      

1,482,711

      

243,224

      

616,707

    

Fund servicing fees

    

10,612

      

563,087

      

93,345

      

311,458

    

Management service fees (Note 6)

    

8,218

      

454,904

      

74,644

      

252,239

    

Professional fees

    

6,835

      

108,416

      

22,170

      

61,944

    

Reports to shareholders

    

3,156

      

176,586

      

29,337

      

97,243

    

Pricing fees

    

2,992

      

2,992

      

2,992

      

2,992

    

Exchange listing fees

    

2,712

      

3,615

      

3,615

      

3,615

    

Trustees' fees and expenses

    

690

      

38,281

      

6,318

      

21,205

    

Insurance fees

    

532

      

29,759

      

4,944

      

16,388

    

Other

    

1,404

      

77,987

      

12,885

      

43,159

    

Total Expenses

    

435,532

      

28,027,769

      

3,346,093

      

12,646,664

    
Recoupment of expenses to Adviser
(Note 6)		    

3,560

      

—

      

—

      

—

    
Less: Reimbursement of expenses from
Adviser (Note 6)		    

(523

)

    

—

      

—

      

—

    
Less: Investment advisory fees waived
(Note 6)		    

—

      

(1,543,860

)

    

—

      

(186,471

)

  

Net Expenses

    

438,569

      

26,483,909

      

3,346,093

      

12,460,193

    

Net investment income

    

535,323

      

24,080,393

      

13,675,800

      

13,465,715

    
Net realized and unrealized gain
(loss) on investments:		  
Net realized gain (loss) on:
Investment securities		    

3,318,318

      

(1,910,490

)

    

—

      

(46,895,074

)

  

In-kind redemptions

    

1,477,054

      

335,954,903

      

—

      

154,266,763

    

Swap contracts

    

6,625,596

      

1,010,093,900

      

(190,656,617

)

    

301,007,796

    

Futures contracts

    

—

      

(4,735,517

)

    

—

      

—

    

Net realized gain (loss)

    

11,420,968

      

1,339,402,796

      

(190,656,617

)

    

408,379,485

    
Change in net unrealized
appreciation (depreciation) on:
Investment securities		    

2,039,974

      

50,150,519

      

—

      

72,904,368

    

Swap contracts

    

11,305,898

      

318,039,435

      

(130,524,032

)

    

246,371,689

    

Futures contracts

    

—

      

(66,078,090

)

    

—

      

—

    
Change in net unrealized appreciation
(depreciation)		    

13,345,872

      

302,111,864

      

(130,524,032

)

    

319,276,057

    

Net realized and unrealized gain (loss)

    

24,766,840

      

1,641,514,660

      

(321,180,649

)

    

727,655,542

    
Net increase (decrease) in net assets
resulting from operations		  

$

25,302,163

    

$

1,665,595,053

    

$

(307,504,849

)

  

$

741,121,257

    

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

DIREXION SEMI-ANNUAL REPORT
98

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion Daily
Small Cap
Bear 3X Shares		   Direxion Daily
FTSE China
Bull 3X Shares		   Direxion Daily
FTSE China
Bear 3X Shares		   Direxion Daily
FTSE Europe
Bull 3X Shares		  

Investment Income:

  

Dividend income

  

$

—

    

$

10,790,464

    

$

—

    

$

159,207

    

Interest income

    

10,319,402

      

10,612,506

      

3,424,729

      

296,525

    

Securities lending income

    

—

      

—

      

—

      

3

    

Total investment income

    

10,319,402

      

21,402,970

      

3,424,729

      

455,735

    

Expenses:

  

Investment advisory fees (Note 6)

    

1,459,179

      

3,067,347

      

472,125

      

88,650

    

Interest expense

    

970,389

      

507,378

      

398,152

      

41,373

    

Licensing fees

    

116,734

      

356,221

      

54,829

      

3,861

    

Fund servicing fees

    

59,677

      

124,124

      

19,630

      

4,087

    

Management service fees (Note 6)

    

47,758

      

100,362

      

15,452

      

2,901

    

Reports to shareholders

    

18,617

      

38,623

      

6,013

      

1,127

    

Professional fees

    

15,891

      

27,609

      

8,509

      

5,647

    

Trustees' fees and expenses

    

4,040

      

8,469

      

1,308

      

244

    

Insurance fees

    

3,137

      

6,509

      

1,013

      

190

    

Pricing fees

    

2,992

      

2,992

      

2,992

      

2,992

    

Exchange listing fees

    

2,712

      

2,712

      

2,712

      

2,712

    

Other

    

8,230

      

17,224

      

2,664

      

497

    

Total Expenses

    

2,709,356

      

4,259,570

      

985,399

      

154,281

    
Recoupment of expenses to Adviser
(Note 6)		    

—

      

48,087

      

10,779

      

208

    
Less: Reimbursement of expenses from
Adviser (Note 6)		    

—

      

—

      

—

      

(826

)

  

Net Expenses

    

2,709,356

      

4,307,657

      

996,178

      

153,663

    

Net investment income

    

7,610,046

      

17,095,313

      

2,428,551

      

302,072

    
Net realized and unrealized gain
(loss) on investments:		  
Net realized gain (loss) on:
Investment securities		    

—

      

(80,384,142

)

    

—

      

—

    

In-kind redemptions

    

—

      

24,653,341

      

—

      

191,327

    

Swap contracts

    

(152,297,172

)

    

(267,552,841

)

    

10,281,117

      

5,626,727

    

Net realized gain (loss)

    

(152,297,172

)

    

(323,283,642

)

    

10,281,117

      

5,818,054

    
Change in net unrealized
appreciation (depreciation) on:
Investment securities		    

—

      

52,233,798

      

—

      

1,392,770

    

Swap contracts

    

(35,170,985

)

    

312,737,443

      

(37,362,169

)

    

1,386,230

    
Change in net unrealized appreciation
(depreciation)		    

(35,170,985

)

    

364,971,241

      

(37,362,169

)

    

2,779,000

    

Net realized and unrealized gain (loss)

    

(187,468,157

)

    

41,687,599

      

(27,081,052

)

    

8,597,054

    
Net increase (decrease) in net assets
resulting from operations		  

$

(179,858,111

)

  

$

58,782,912

    

$

(24,652,501

)

  

$

8,899,126

    

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

DIREXION SEMI-ANNUAL REPORT
99

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion Daily
MSCI
Emerging
Markets
Bull 3X Shares		   Direxion Daily
MSCI
Emerging
Markets
Bear 3X Shares		   Direxion Daily
MSCI
Mexico
Bull 3X Shares		   Direxion Daily
MSCI
South Korea
Bull 3X Shares		  

Investment Income:

  

Dividend income

  

$

65,489

    

$

—

    

$

105,565

    

$

464,044

    

Interest income

    

2,002,722

      

585,035

      

227,034

      

529,481

    

Securities lending income

    

—

      

—

      

6,850

      

—

    

Total investment income

    

2,068,211

      

585,035

      

339,449

      

993,525

    

Expenses:

  

Investment advisory fees (Note 6)

    

298,342

      

79,954

      

58,175

      

142,697

    

Interest expense

    

82,086

      

38,668

      

38,727

      

66,497

    

Licensing fees

    

40,617

      

33,657

      

3,103

      

15,221

    

Fund servicing fees

    

12,599

      

3,757

      

2,853

      

6,274

    

Management service fees (Note 6)

    

9,764

      

2,617

      

1,904

      

4,670

    

Professional fees

    

7,216

      

5,590

      

5,420

      

6,049

    

Reports to shareholders

    

3,807

      

1,031

      

739

      

1,813

    

Pricing fees

    

2,992

      

2,992

      

2,992

      

2,992

    

Exchange listing fees

    

2,712

      

2,712

      

2,712

      

2,712

    

Trustees' fees and expenses

    

823

      

222

      

160

      

393

    

Insurance fees

    

641

      

174

      

125

      

306

    

Other

    

1,677

      

453

      

326

      

801

    

Total Expenses

    

463,276

      

171,827

      

117,236

      

250,425

    
Recoupment of expenses to Adviser
(Note 6)		    

26

      

—

      

—

      

—

    
Less: Reimbursement of expenses from
Adviser (Note 6)		    

(3,316

)

    

(31,883

)

    

(4,819

)

    

(3,178

)

  

Net Expenses

    

459,986

      

139,944

      

112,417

      

247,247

    

Net investment income

    

1,608,225

      

445,091

      

227,032

      

746,278

    
Net realized and unrealized gain
(loss) on investments:		  
Net realized gain (loss) on:
Investment securities		    

(68,171

)

    

—

      

(72,006

)

    

(758,111

)

  

In-kind redemptions

    

68,515

      

—

      

396,585

      

1,965,612

    

Swap contracts

    

(3,680,308

)

    

(2,004,743

)

    

4,573,652

      

2,757,976

    

Net realized gain (loss)

    

(3,679,964

)

    

(2,004,743

)

    

4,898,231

      

3,965,477

    
Change in net unrealized
appreciation (depreciation) on:
Investment securities		    

232,588

      

—

      

602,418

      

1,344,451

    

Swap contracts

    

23,561,281

      

(5,931,549

)

    

224,757

      

8,791,684

    
Change in net unrealized appreciation
(depreciation)		    

23,793,869

      

(5,931,549

)

    

827,175

      

10,136,135

    

Net realized and unrealized gain (loss)

    

20,113,905

      

(7,936,292

)

    

5,725,406

      

14,101,612

    
Net increase (decrease) in net assets
resulting from operations		  

$

21,722,130

    

$

(7,491,201

)

  

$

5,952,438

    

$

14,847,890

    

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

DIREXION SEMI-ANNUAL REPORT
100

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion Daily
Aerospace &
Defense
Bull 3X Shares		   Direxion Daily
Consumer
Discretionary
Bull 3X Shares		   Direxion Daily
Dow Jones
Internet
Bull 3X Shares		   Direxion Daily
Dow Jones
Internet
Bear 3X Shares		  

Investment Income:

  

Dividend income

  

$

879,269

    

$

97,160

    

$

159,511

    

$

—

    

Interest income

    

1,331,327

      

235,458

      

1,521,139

      

700,689

    

Securities lending income

    

339

      

—

      

—

      

—

    

Total investment income

    

2,210,935

      

332,618

      

1,680,650

      

700,689

    

Expenses:

  

Investment advisory fees (Note 6)

    

606,137

      

115,313

      

673,220

      

86,429

    

Interest expense

    

226,915

      

33,080

      

901,512

      

10,695

    

Licensing fees

    

64,681

      

9,191

      

71,824

      

9,233

    

Fund servicing fees

    

25,140

      

5,189

      

27,696

      

4,034

    

Management service fees (Note 6)

    

19,841

      

3,775

      

22,030

      

2,830

    

Professional fees

    

9,539

      

5,854

      

9,977

      

5,644

    

Reports to shareholders

    

7,772

      

1,480

      

8,519

      

1,122

    

Pricing fees

    

2,992

      

2,992

      

2,992

      

2,992

    

Exchange listing fees

    

2,712

      

2,712

      

2,712

      

2,712

    

Trustees' fees and expenses

    

1,671

      

318

      

1,854

      

241

    

Insurance fees

    

1,310

      

249

      

1,436

      

189

    

Other

    

3,409

      

648

      

3,802

      

491

    

Total Expenses

    

972,119

      

180,801

      

1,727,574

      

126,612

    
Recoupment of expenses to Adviser
(Note 6)		    

—

      

109

      

25,130

      

—

    
Less: Reimbursement of expenses from
Adviser (Note 6)		    

—

      

(1,765

)

    

—

      

(6,440

)

  

Net Expenses

    

972,119

      

179,145

      

1,752,704

      

120,172

    

Net investment income (loss)

    

1,238,816

      

153,473

      

(72,054

)

    

580,517

    
Net realized and unrealized gain
(loss) on investments:		  
Net realized gain (loss) on:
Investment securities		    

105,690

      

(95,336

)

    

781,885

      

—

    

In-kind redemptions

    

11,759,069

      

2,092,457

      

22,361,759

      

—

    

Swap contracts

    

43,978,828

      

4,935,473

      

73,405,767

      

(17,001,005

)

  

Net realized gain (loss)

    

55,843,587

      

6,932,594

      

96,549,411

      

(17,001,005

)

  
Change in net unrealized
appreciation (depreciation) on:
Investment securities		    

6,621,859

      

1,353,229

      

3,777,353

      

—

    

Swap contracts

    

9,016,583

      

2,774,647

      

2,903,295

      

(3,034,710

)

  
Change in net unrealized appreciation
(depreciation)		    

15,638,442

      

4,127,876

      

6,680,648

      

(3,034,710

)

  

Net realized and unrealized gain (loss)

    

71,482,029

      

11,060,470

      

103,230,059

      

(20,035,715

)

  
Net increase (decrease) in net assets
resulting from operations		  

$

72,720,845

    

$

11,213,943

    

$

103,158,005

    

$

(19,455,198

)

  

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

DIREXION SEMI-ANNUAL REPORT
101

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion Daily
Financial
Bull 3X Shares		   Direxion Daily
Financial
Bear 3X Shares		   Direxion Daily
Healthcare
Bull 3X Shares		   Direxion Daily
Homebuilders &
Supplies
Bull 3X Shares		  

Investment Income:

  

Dividend income

  

$

13,060,991

    

$

—

    

$

1,176,718

    

$

852,933

    

Interest income

    

17,312,652

      

4,303,813

      

1,399,749

      

2,340,630

    

Securities lending income

    

—

      

—

      

—

      

15

    

Total investment income

    

30,373,643

      

4,303,813

      

2,576,467

      

3,193,578

    

Expenses:

  

Investment advisory fees (Note 6)

    

7,628,149

      

551,781

      

701,728

      

1,027,873

    

Interest expense

    

4,864,592

      

156,895

      

360,329

      

1,436,076

    

Licensing fees

    

606,883

      

43,974

      

55,854

      

109,640

    

Fund servicing fees

    

308,754

      

22,944

      

28,905

      

41,837

    

Management service fees (Note 6)

    

249,620

      

18,062

      

22,965

      

33,634

    

Reports to shareholders

    

96,590

      

7,084

      

8,918

      

12,984

    

Professional fees

    

64,358

      

11,933

      

10,210

      

12,592

    

Trustees' fees and expenses

    

21,022

      

1,531

      

1,938

      

2,822

    

Insurance fees

    

16,278

      

1,194

      

1,503

      

2,188

    

Pricing fees

    

2,992

      

2,992

      

2,992

      

2,992

    

Exchange listing fees

    

2,712

      

2,712

      

2,712

      

2,712

    

Other

    

42,801

      

3,120

      

3,947

      

5,746

    

Total Expenses

    

13,904,751

      

824,222

      

1,202,001

      

2,691,096

    
Less: Investment advisory fees waived
(Note 6)		    

(163,890

)

    

—

      

—

      

—

    

Net Expenses

    

13,740,861

      

824,222

      

1,202,001

      

2,691,096

    

Net investment income

    

16,632,782

      

3,479,591

      

1,374,466

      

502,482

    
Net realized and unrealized gain
(loss) on investments:		  
Net realized gain (loss) on:
Investment securities		    

(8,831,032

)

    

—

      

(168,914

)

    

(2,183,811

)

  

In-kind redemptions

    

121,805,156

      

—

      

2,691,796

      

45,870,838

    

Swap contracts

    

359,295,892

      

(74,771,401

)

    

(5,025,922

)

    

160,975,411

    

Net realized gain (loss)

    

472,270,016

      

(74,771,401

)

    

(2,503,040

)

    

204,662,438

    
Change in net unrealized
appreciation (depreciation) on:
Investment securities		    

161,533,738

      

—

      

12,499,928

      

4,360,897

    

Swap contracts

    

462,950,044

      

(36,297,886

)

    

41,050,540

      

(5,521,740

)

  
Change in net unrealized appreciation
(depreciation)		    

624,483,782

      

(36,297,886

)

    

53,550,468

      

(1,160,843

)

  

Net realized and unrealized gain (loss)

    

1,096,753,798

      

(111,069,287

)

    

51,047,428

      

203,501,595

    
Net increase (decrease) in net assets
resulting from operations		  

$

1,113,386,580

    

$

(107,589,696

)

  

$

52,421,894

    

$

204,004,077

    

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

DIREXION SEMI-ANNUAL REPORT
102

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion Daily
Industrials
Bull 3X Shares		   Direxion Daily
Pharmaceutical &
Medical
Bull 3X Shares		   Direxion Daily
Real Estate
Bull 3X Shares		   Direxion Daily
Real Estate
Bear 3X Shares		  

Investment Income:

  

Dividend income

  

$

184,396

    

$

76,327

    

$

844,107

    

$

—

    

Interest income

    

231,378

      

109,474

      

586,308

      

2,828,204

    

Securities lending income

    

—

      

14,160

      

—

      

—

    

Total investment income

    

415,774

      

199,961

      

1,430,415

      

2,828,204

    

Expenses:

  

Investment advisory fees (Note 6)

    

114,279

      

49,261

      

242,884

      

397,305

    

Interest expense

    

56,354

      

26,937

      

77,880

      

372,656

    

Licensing fees

    

9,089

      

9,972

      

19,332

      

31,697

    

Professional fees

    

5,832

      

5,351

      

6,793

      

7,997

    

Fund servicing fees

    

5,110

      

2,485

      

10,325

      

16,718

    

Management service fees (Note 6)

    

3,739

      

1,612

      

7,948

      

13,007

    

Pricing fees

    

2,992

      

2,992

      

2,992

      

2,992

    

Exchange listing fees

    

2,712

      

2,712

      

2,712

      

2,712

    

Reports to shareholders

    

1,442

      

621

      

3,083

      

5,139

    

Trustees' fees and expenses

    

314

      

136

      

668

      

1,104

    

Insurance fees

    

243

      

105

      

519

      

866

    

Other

    

640

      

276

      

1,362

      

2,253

    

Total Expenses

    

202,746

      

102,460

      

376,498

      

854,446

    
Recoupment of expenses to Adviser
(Note 6)		    

296

      

—

      

9,043

      

21,463

    
Less: Reimbursement of expenses from
Adviser (Note 6)		    

(1,934

)

    

(13,125

)

    

(10

)

    

—

    

Net Expenses

    

201,108

      

89,335

      

385,531

      

875,909

    

Net investment income

    

214,666

      

110,626

      

1,044,884

      

1,952,295

    
Net realized and unrealized gain
(loss) on investments:		  
Net realized gain (loss) on:
Investment securities		    

(126,617

)

    

(683,794

)

    

(1,126,586

)

    

—

    

In-kind redemptions

    

1,691,711

      

1,048,086

      

2,211,673

      

—

    

Swap contracts

    

5,606,975

      

(900,957

)

    

3,413,582

      

(38,636,328

)

  

Net realized gain (loss)

    

7,172,069

      

(536,665

)

    

4,498,669

      

(38,636,328

)

  
Change in net unrealized
appreciation (depreciation) on:
Investment securities		    

2,316,140

      

325,318

      

1,340,471

      

—

    

Swap contracts

    

5,267,011

      

2,485,856

      

2,672,595

      

(11,176,611

)

  
Change in net unrealized appreciation
(depreciation)		    

7,583,151

      

2,811,174

      

4,013,066

      

(11,176,611

)

  

Net realized and unrealized gain (loss)

    

14,755,220

      

2,274,509

      

8,511,735

      

(49,812,939

)

  
Net increase (decrease) in net assets
resulting from operations		  

$

14,969,886

    

$

2,385,135

    

$

9,556,619

    

$

(47,860,644

)

  

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

DIREXION SEMI-ANNUAL REPORT
103

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion Daily
Regional
Banks
Bull 3X Shares		   Direxion Daily
Retail
Bull 3X Shares		   Direxion Daily
S&P 500®
​High Beta
Bull 3X Shares		   Direxion Daily
S&P 500®
​High Beta
Bear 3X Shares		  

Investment Income:

  
Dividend income
(net of foreign withholding tax of $21,125,
$—, $721 and $—, respectively)		  

$

9,168,482

    

$

366,641

    

$

309,474

    

$

—

    

Interest income

    

5,497,887

      

467,955

      

642,662

      

1,175,733

    

Securities lending income

    

452

      

2,534

      

26

      

—

    

Total investment income

    

14,666,821

      

837,130

      

952,162

      

1,175,733

    

Expenses:

  

Investment advisory fees (Note 6)

    

2,571,844

      

206,584

      

259,070

      

154,872

    

Interest expense

    

1,273,392

      

128,760

      

131,632

      

77,982

    

Licensing fees

    

137,588

      

11,252

      

27,648

      

16,534

    

Fund servicing fees

    

104,518

      

8,848

      

11,035

      

6,816

    

Management service fees (Note 6)

    

84,163

      

6,760

      

8,480

      

5,070

    

Reports to shareholders

    

32,625

      

2,617

      

3,325

      

2,000

    

Professional fees

    

24,096

      

6,520

      

6,934

      

6,158

    

Trustees' fees and expenses

    

7,070

      

567

      

711

      

431

    

Insurance fees

    

5,498

      

441

      

560

      

337

    

Pricing fees

    

2,992

      

2,992

      

2,992

      

2,992

    

Exchange listing fees

    

2,712

      

2,712

      

2,712

      

2,712

    

Other

    

14,403

      

1,155

      

1,452

      

881

    

Total Expenses

    

4,260,901

      

379,208

      

456,551

      

276,785

    
Recoupment of expenses to Adviser
(Note 6)		    

—

      

1

      

3,348

      

—

    
Less: Reimbursement of expenses from
Adviser (Note 6)		    

—

      

(1

)

    

(113

)

    

(2,630

)

  

Net Expenses

    

4,260,901

      

379,208

      

459,786

      

274,155

    

Net investment income

    

10,405,920

      

457,922

      

492,376

      

901,578

    
Net realized and unrealized gain
(loss) on investments:		  
Net realized gain (loss) on:
Investment securities		    

(19,425,761

)

    

(565,741

)

    

104,547

      

—

    

In-kind redemptions

    

73,276,069

      

5,734,030

      

10,097,620

      

—

    

Swap contracts

    

171,871,262

      

12,926,808

      

22,849,156

      

(15,462,540

)

  

Net realized gain (loss)

    

225,721,570

      

18,095,097

      

33,051,323

      

(15,462,540

)

  
Change in net unrealized
appreciation (depreciation) on:
Investment securities		    

5,142,510

      

1,516,891

      

3,168,860

      

—

    

Swap contracts

    

(38,453,781

)

    

5,353,537

      

12,145,950

      

(18,698,713

)

  
Change in net unrealized appreciation
(depreciation)		    

(33,311,271

)

    

6,870,428

      

15,314,810

      

(18,698,713

)

  

Net realized and unrealized gain (loss)

    

192,410,299

      

24,965,525

      

48,366,133

      

(34,161,253

)

  
Net increase (decrease) in net assets
resulting from operations		  

$

202,816,219

    

$

25,423,447

    

$

48,858,509

    

$

(33,259,675

)

  

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

DIREXION SEMI-ANNUAL REPORT
104

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion Daily
S&P Biotech
Bull 3X Shares		   Direxion Daily
S&P Biotech
Bear 3X Shares		   Direxion Daily
Semiconductor
Bull 3X Shares		   Direxion Daily
Semiconductor
Bear 3X Shares		  

Investment Income:

  
Dividend income
(net of foreign withholding tax of $—, $—,
$1,110,795 and $—, respectively)		  

$

522,791

    

$

—

    

$

29,940,492

    

$

—

    

Interest income

    

9,308,808

      

3,230,032

      

60,293,004

      

24,211,760

    

Securities lending income

    

772,003

      

—

      

567,870

      

—

    

Total investment income

    

10,603,602

      

3,230,032

      

90,801,366

      

24,211,760

    

Expenses:

  

Investment advisory fees (Note 6)

    

4,038,737

      

429,339

      

32,809,424

      

3,043,211

    

Interest expense

    

3,894,904

      

228,348

      

35,936,889

      

1,022,890

    

Licensing fees

    

430,799

      

45,796

      

1,312,391

      

121,743

    

Fund servicing fees

    

163,580

      

17,731

      

1,322,833

      

124,358

    

Management service fees (Note 6)

    

132,157

      

14,045

      

1,073,509

      

99,618

    

Reports to shareholders

    

51,057

      

5,359

      

413,126

      

39,118

    

Professional fees

    

34,892

      

8,126

      

246,961

      

27,899

    

Trustees' fees and expenses

    

11,097

      

1,188

      

90,195

      

8,416

    

Insurance fees

    

8,604

      

903

      

69,622

      

6,592

    

Exchange listing fees

    

7,231

      

2,712

      

9,038

      

3,615

    

Pricing fees

    

2,992

      

2,992

      

2,992

      

2,992

    

Other

    

22,598

      

2,411

      

183,549

      

17,165

    

Total Expenses

    

8,798,648

      

758,950

      

73,470,529

      

4,517,617

    
Recoupment of expenses to Adviser
(Note 6)		    

—

      

13,331

      

—

      

—

    
Less: Reimbursement of expenses from
Adviser (Note 6)		    

—

      

(104

)

    

—

      

—

    
Less: Investment advisory fees waived
(Note 6)		    

—

      

—

      

(10,089,753

)

    

—

    

Net Expenses

    

8,798,648

      

772,177

      

63,380,776

      

4,517,617

    

Net investment income

    

1,804,954

      

2,457,855

      

27,420,590

      

19,694,143

    
Net realized and unrealized gain
(loss) on investments:		  
Net realized gain (loss) on:
Investment securities		    

(80,934,807

)

    

—

      

(273,912,969

)

    

—

    

In-kind redemptions

    

176,335,951

      

—

      

1,621,908,533

      

—

    

Swap contracts

    

160,282,756

      

(50,085,725

)

    

5,239,891,623

      

(678,547,353

)

  

Net realized gain (loss)

    

255,683,900

      

(50,085,725

)

    

6,587,887,187

      

(678,547,353

)

  
Change in net unrealized
appreciation (depreciation) on:
Investment securities		    

29,267,781

      

—

      

664,635,443

      

—

    

Swap contracts

    

200,663,817

      

4,049,455

      

53,516,606

      

(262,089,318

)

  
Change in net unrealized appreciation
(depreciation)		    

229,931,598

      

4,049,455

      

718,152,049

      

(262,089,318

)

  

Net realized and unrealized gain (loss)

    

485,615,498

      

(46,036,270

)

    

7,306,039,236

      

(940,636,671

)

  
Net increase (decrease) in net assets
resulting from operations		  

$

487,420,452

    

$

(43,578,415

)

  

$

7,333,459,826

    

$

(920,942,528

)

  

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

DIREXION SEMI-ANNUAL REPORT
105

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion Daily
Technology
Bull 3X Shares		   Direxion Daily
Technology
Bear 3X Shares		   Direxion Daily
Transportation
Bull 3X Shares		   Direxion Daily
Utilities
Bull 3X Shares		  

Investment Income:

  
Dividend income
(net of foreign withholding tax of $18,674,
$—, $— and $—, respectively)		  

$

9,267,500

    

$

—

    

$

161,613

    

$

571,832

    

Interest income

    

20,791,242

      

3,133,584

      

206,022

      

279,261

    

Securities lending income

    

—

      

—

      

352

      

—

    

Total investment income

    

30,058,742

      

3,133,584

      

367,987

      

851,093

    

Expenses:

  

Investment advisory fees (Note 6)

    

11,297,896

      

429,405

      

101,672

      

154,487

    

Interest expense

    

9,804,755

      

69,036

      

44,037

      

27,626

    

Licensing fees

    

898,909

      

34,192

      

11,094

      

12,307

    

Fund servicing fees

    

457,370

      

17,894

      

4,613

      

6,767

    

Management service fees (Note 6)

    

369,719

      

14,053

      

3,327

      

5,056

    

Reports to shareholders

    

143,269

      

5,465

      

1,291

      

1,973

    

Professional fees

    

88,902

      

8,188

      

5,743

      

6,143

    

Trustees' fees and expenses

    

31,119

      

1,187

      

279

      

426

    

Insurance fees

    

24,144

      

921

      

218

      

333

    

Exchange listing fees

    

5,422

      

2,712

      

2,712

      

2,712

    

Pricing fees

    

2,992

      

2,992

      

2,992

      

2,992

    

Other

    

63,378

      

2,417

      

569

      

869

    

Total Expenses

    

23,187,875

      

588,462

      

178,547

      

221,691

    
Recoupment of expenses to Adviser
(Note 6)		    

—

      

3,068

      

—

      

1,752

    
Less: Reimbursement of expenses from
Adviser (Note 6)		    

—

      

—

      

(5,727

)

    

(133

)

  
Less: Investment advisory fees waived
(Note 6)		    

(807,075

)

    

—

      

—

      

—

    

Net Expenses

    

22,380,800

      

591,530

      

172,820

      

223,310

    

Net investment income

    

7,677,942

      

2,542,054

      

195,167

      

627,783

    
Net realized and unrealized gain
(loss) on investments:		  
Net realized gain (loss) on:
Investment securities		    

(29,682,718

)

    

—

      

(363,876

)

    

(3,783

)

  

In-kind redemptions

    

351,254,100

      

—

      

2,348,738

      

1,764,065

    

Swap contracts

    

712,825,137

      

(50,912,004

)

    

5,444,905

      

(108,967

)

  

Net realized gain (loss)

    

1,034,396,519

      

(50,912,004

)

    

7,429,767

      

1,651,315

    
Change in net unrealized appreciation on:
Investment securities		    

24,645,643

      

—

      

1,014,884

      

1,840,630

    

Swap contracts

    

98,179,669

      

5,856,810

      

2,230,117

      

8,026,838

    

Change in net unrealized appreciation

    

122,825,312

      

5,856,810

      

3,245,001

      

9,867,468

    

Net realized and unrealized gain (loss)

    

1,157,221,831

      

(45,055,194

)

    

10,674,768

      

11,518,783

    
Net increase (decrease) in net assets
resulting from operations		  

$

1,164,899,773

    

$

(42,513,140

)

  

$

10,869,935

    

$

12,146,566

    

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

DIREXION SEMI-ANNUAL REPORT
106

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2024

    Direxion Daily
7-10 Year
Treasury
Bull 3X Shares		   Direxion Daily
7-10 Year
Treasury
Bear 3X Shares		   Direxion Daily
20+ Year
Treasury
Bull 3X Shares		   Direxion Daily
20+ Year
Treasury
Bear 3X Shares		  

Investment Income:

  

Dividend income

  

$

534,879

    

$

—

    

$

55,890,550

    

$

—

    

Interest income

    

355,788

      

485,174

      

36,137,902

      

6,366,538

    

Securities lending income

    

222

      

—

      

329

      

—

    

Total investment income

    

890,889

      

485,174

      

92,028,781

      

6,366,538

    

Expenses:

  

Investment advisory fees (Note 6)

    

162,823

      

68,884

      

16,278,157

      

917,735

    

Interest expense

    

20,344

      

51,300

      

2,685,248

      

674,535

    

Fund servicing fees

    

7,137

      

3,326

      

656,601

      

37,935

    

Licensing fees

    

6,527

      

4,987

      

651,140

      

36,733

    

Professional fees

    

6,217

      

5,515

      

125,054

      

11,929

    

Management service fees (Note 6)

    

5,330

      

2,256

      

532,615

      

30,045

    

Pricing fees

    

2,992

      

2,992

      

2,992

      

2,992

    

Exchange listing fees

    

2,712

      

2,712

      

5,422

      

2,712

    

Reports to shareholders

    

2,101

      

901

      

204,993

      

11,853

    

Trustees' fees and expenses

    

449

      

191

      

44,777

      

2,551

    

Insurance fees

    

354

      

152

      

34,546

      

1,997

    

Other

    

916

      

391

      

91,115

      

5,203

    

Total Expenses

    

217,902

      

143,607

      

21,312,660

      

1,736,220

    
Recoupment of expenses to Adviser
(Note 6)		    

8,684

      

4

      

—

      

—

    
Less: Reimbursement of expenses from
Adviser (Note 6)		    

—

      

(5,058

)

    

—

      

—

    
Less: Investment advisory fees waived
(Note 6)		    

—

      

—

      

(2,539,015

)

    

—

    

Net Expenses

    

226,586

      

138,553

      

18,773,645

      

1,736,220

    

Net investment income

    

664,303

      

346,621

      

73,255,136

      

4,630,318

    
Net realized and unrealized gain
(loss) on investments:		  
Net realized gain (loss) on:
Investment securities		    

(392,545

)

    

—

      

(173,214,165

)

    

—

    

In-kind redemptions

    

10,202

      

—

      

115,013,552

      

—

    

Swap contracts

    

(1,597,344

)

    

2,485,404

      

(179,134,761

)

    

(70,777,649

)

  

Net realized gain (loss)

    

(1,979,687

)

    

2,485,404

      

(237,335,374

)

    

(70,777,649

)

  
Change in net unrealized
appreciation (depreciation) on:
Investment securities		    

1,511,052

      

—

      

45,774,427

      

—

    

Swap contracts

    

3,777,479

      

(5,093,603

)

    

49,886,151

      

(3,334,890

)

  
Change in net unrealized appreciation
(depreciation)		    

5,288,531

      

(5,093,603

)

    

95,660,578

      

(3,334,890

)

  

Net realized and unrealized gain (loss)

    

3,308,844

      

(2,608,199

)

    

(141,674,796

)

    

(74,112,539

)

  
Net increase (decrease) in net assets
resulting from operations		  

$

3,973,147

    

$

(2,261,578

)

  

$

(68,419,660

)

  

$

(69,482,221

)

  

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

DIREXION SEMI-ANNUAL REPORT
107

Statements of Changes in Net Assets

    Direxion Daily Mid Cap
Bull 3X Shares		   Direxion Daily S&P 500®​
Bull 3X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

535,323

    

$

729,677

    

$

24,080,393

    

$

31,361,020

    

Net realized gain (loss)

    

11,420,968

      

(295,132

)

    

1,339,402,796

      

493,813,559

    
Change in net unrealized appreciation
(depreciation)		    

13,345,872

      

(12,052,201

)

    

302,111,864

      

(245,170,391

)

  
Net increase (decrease) in net assets resulting
from operations		    

25,302,163

      

(11,617,656

)

    

1,665,595,053

      

280,004,188

    

Distributions to shareholders:

  

Net distributions to shareholders

    

(523,307

)

    

(561,170

)

    

(23,879,318

)

    

(30,072,958

)

  

Total distributions

    

(523,307

)

    

(561,170

)

    

(23,879,318

)

    

(30,072,958

)

  

Capital share transactions:

  

Proceeds from shares sold

    

30,563,880

      

25,899,605

      

5,060,952,488

      

18,791,731,585

    

Cost of shares redeemed

    

(26,167,992

)

    

(21,953,229

)

    

(5,708,405,867

)

    

(18,969,017,688

)

  

Transaction fees (Note 4)

    

6,931

      

5,075

      

1,774,717

      

6,012,150

    
Net increase (decrease) in net assets resulting
from capital transactions		    

4,402,819

      

3,951,451

      

(645,678,662

)

    

(171,273,953

)

  

Total increase (decrease) in net assets

    

29,181,675

      

(8,227,375

)

    

996,037,073

      

78,657,277

    

Net assets:

  

Beginning of year/period

    

39,573,233

      

47,800,608

      

2,625,284,992

      

2,546,627,715

    

End of year/period

  

$

68,754,908

    

$

39,573,233

    

$

3,621,322,065

    

$

2,625,284,992

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

1,400,132

      

1,300,132

      

36,400,002

      

38,600,002

    

Shares sold

    

650,000

      

700,000

      

48,950,000

      

247,300,000

    

Shares repurchased

    

(550,000

)

    

(600,000

)

    

(54,300,000

)

    

(249,500,000

)

  

Shares outstanding, end of year/period

    

1,500,132

      

1,400,132

      

31,050,002

      

36,400,002

    

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

DIREXION SEMI-ANNUAL REPORT
108

Statements of Changes in Net Assets

    Direxion Daily S&P 500®​
Bear 3X Shares		   Direxion Daily Small Cap
Bull 3X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

13,675,800

    

$

31,861,346

    

$

13,465,715

    

$

17,310,157

    

Net realized gain (loss)

    

(190,656,617

)

    

(354,148,994

)

    

408,379,485

      

(129,596,114

)

  
Change in net unrealized appreciation
(depreciation)		    

(130,524,032

)

    

33,783,805

      

319,276,057

      

(382,518,110

)

  
Net increase (decrease) in net assets resulting
from operations		    

(307,504,849

)

    

(288,503,843

)

    

741,121,257

      

(494,804,067

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(13,612,734

)

    

(28,572,014

)

    

(14,001,597

)

    

(14,324,864

)

  

Total distributions

    

(13,612,734

)

    

(28,572,014

)

    

(14,001,597

)

    

(14,324,864

)

  

Capital share transactions:

  

Proceeds from shares sold

    

1,388,243,035

      

8,625,642,166

      

5,839,923,757

      

2,970,252,135

    

Cost of shares redeemed

    

(1,199,840,115

)

    

(8,508,296,380

)

    

(5,972,327,753

)

    

(2,406,622,006

)

  

Transaction fees (Note 4)

    

1,053,263

      

2,974,442

      

1,636,788

      

637,100

    
Net increase (decrease) in net assets resulting
from capital transactions		    

189,456,183

      

120,320,228

      

(130,767,208

)

    

564,267,229

    

Total increase (decrease) in net assets

    

(131,661,400

)

    

(196,755,629

)

    

596,352,452

      

55,138,298

    

Net assets:

  

Beginning of year/period

    

690,955,403

      

887,711,032

      

1,272,601,099

      

1,217,462,801

    

End of year/period

  

$

559,294,003

    

$

690,955,403

    

$

1,868,953,551

    

$

1,272,601,099

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

40,776,918

      

39,176,918

      

55,900,002

      

31,800,002

    

Shares sold

    

122,900,000

      

499,300,000

      

162,600,000

      

94,450,000

    

Shares repurchased

    

(107,550,000

)

    

(497,700,000

)

    

(163,350,000

)

    

(70,350,000

)

  

Shares outstanding, end of year/period

    

56,126,918

      

40,776,918

      

55,150,002

      

55,900,002

    

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

DIREXION SEMI-ANNUAL REPORT
109

Statements of Changes in Net Assets

    Direxion Daily Small Cap
Bear 3X Shares		   Direxion Daily FTSE China
Bull 3X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

7,610,046

    

$

15,956,558

    

$

17,095,313

    

$

13,479,675

    

Net realized gain (loss)

    

(152,297,172

)

    

31,649,820

      

(323,283,642

)

    

(141,727,273

)

  
Change in net unrealized appreciation
(depreciation)		    

(35,170,985

)

    

108,311,261

      

364,971,241

      

41,286,308

    
Net increase (decrease) in net assets resulting
from operations		    

(179,858,111

)

    

155,917,639

      

58,782,912

      

(86,961,290

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(7,327,462

)

    

(14,268,127

)

    

(16,117,301

)

    

(12,964,676

)

  

Total distributions

    

(7,327,462

)

    

(14,268,127

)

    

(16,117,301

)

    

(12,964,676

)

  

Capital share transactions:

  

Proceeds from shares sold

    

3,427,223,334

      

3,893,240,098

      

863,574,329

      

922,081,035

    

Cost of shares redeemed

    

(3,172,862,875

)

    

(4,254,789,353

)

    

(557,675,960

)

    

(411,545,397

)

  

Transaction fees (Note 4)

    

951,859

      

1,276,437

      

143,503

      

88,718

    
Net increase (decrease) in net assets resulting
from capital transactions		    

255,312,318

      

(360,272,818

)

    

306,041,872

      

510,624,356

    

Total increase (decrease) in net assets

    

68,126,745

      

(218,623,306

)

    

348,707,483

      

410,698,390

    

Net assets:

  

Beginning of year/period

    

328,541,859

      

547,165,165

      

628,055,632

      

217,357,242

    

End of year/period

  

$

396,668,604

    

$

328,541,859

    

$

976,763,115

    

$

628,055,632

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

8,622,797

      

16,922,797

      

25,042,767

      

10,892,767

    

Shares sold

    

159,200,000

      

130,900,000

      

46,400,000

      

24,850,000

    

Shares repurchased

    

(148,750,000

)

    

(139,200,000

)

    

(27,350,000

)

    

(10,700,000

)

  

Shares outstanding, end of year/period

    

19,072,797

      

8,622,797

      

44,092,767

      

25,042,767

    

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

DIREXION SEMI-ANNUAL REPORT
110

Statements of Changes in Net Assets

    Direxion Daily FTSE China
Bear 3X Shares		   Direxion Daily FTSE Europe
Bull 3X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

2,428,551

    

$

4,962,706

    

$

302,072

    

$

651,027

    

Net realized gain (loss)

    

10,281,117

      

(89,498,058

)

    

5,818,054

      

5,016,440

    
Change in net unrealized appreciation
(depreciation)		    

(37,362,169

)

    

(32,205,955

)

    

2,779,000

      

291,715

    
Net increase (decrease) in net assets resulting
from operations		    

(24,652,501

)

    

(116,741,307

)

    

8,899,126

      

5,959,182

    

Distributions to shareholders:

  

Net distributions to shareholders

    

(2,231,229

)

    

(4,391,757

)

    

(317,085

)

    

(644,761

)

  

Total distributions

    

(2,231,229

)

    

(4,391,757

)

    

(317,085

)

    

(644,761

)

  

Capital share transactions:

  

Proceeds from shares sold

    

654,744,014

      

821,426,984

      

—

      

10,268,079

    

Cost of shares redeemed

    

(585,578,603

)

    

(745,469,074

)

    

(3,366,604

)

    

(16,035,431

)

  

Transaction fees (Note 4)

    

175,673

      

223,641

      

673

      

3,511

    
Net increase (decrease) in net assets resulting
from capital transactions		    

69,341,084

      

76,181,551

      

(3,365,931

)

    

(5,763,841

)

  

Total increase (decrease) in net assets

    

42,457,354

      

(44,951,513

)

    

5,216,110

      

(449,420

)

  

Net assets:

  

Beginning of year/period

    

123,996,541

      

168,948,054

      

17,515,768

      

17,965,188

    

End of year/period

  

$

166,453,895

    

$

123,996,541

    

$

22,731,878

    

$

17,515,768

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

10,277,337

      

4,427,337

      

1,100,001

      

1,400,001

    

Shares sold

    

52,350,000

      

79,400,000

      

—

      

500,000

    

Shares repurchased

    

(45,500,000

)

    

(73,550,000

)

    

(150,000

)

    

(800,000

)

  

Shares outstanding, end of year/period

    

17,127,337

      

10,277,337

      

950,001

      

1,100,001

    

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

DIREXION SEMI-ANNUAL REPORT
111

Statements of Changes in Net Assets

    Direxion Daily MSCI Emerging
Markets Bull 3X Shares		   Direxion Daily MSCI Emerging
Markets Bear 3X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

1,608,225

    

$

3,144,412

    

$

445,091

    

$

973,564

    

Net realized (loss)

    

(3,679,964

)

    

(11,394,941

)

    

(2,004,743

)

    

(7,782,188

)

  
Change in net unrealized appreciation
(depreciation)		    

23,793,869

      

5,267,937

      

(5,931,549

)

    

(9,500,375

)

  
Net increase (decrease) in net assets resulting
from operations		    

21,722,130

      

(2,982,592

)

    

(7,491,201

)

    

(16,308,999

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(1,695,943

)

    

(2,726,771

)

    

(450,083

)

    

(854,921

)

  

Total distributions

    

(1,695,943

)

    

(2,726,771

)

    

(450,083

)

    

(854,921

)

  

Capital share transactions:

  

Proceeds from shares sold

    

25,847,347

      

75,427,616

      

19,361,089

      

19,254,406

    

Cost of shares redeemed

    

(31,475,910

)

    

(54,069,091

)

    

(19,598,620

)

    

(30,369,698

)

  

Transaction fees (Note 4)

    

6,992

      

11,330

      

5,880

      

9,111

    
Net increase (decrease) in net assets resulting
from capital transactions		    

(5,621,571

)

    

21,369,855

      

(231,651

)

    

(11,106,181

)

  

Total increase (decrease) in net assets

    

14,404,616

      

15,660,492

      

(8,172,935

)

    

(28,270,101

)

  

Net assets:

  

Beginning of year/period

    

65,027,555

      

49,367,063

      

28,183,062

      

56,453,163

    

End of year/period

  

$

79,432,171

    

$

65,027,555

    

$

20,010,127

    

$

28,183,062

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

2,881,598

      

2,281,598

      

1,845,232

      

2,695,232

    

Shares sold

    

900,000

      

2,400,000

      

1,650,000

      

1,500,000

    

Shares repurchased

    

(1,100,000

)

    

(1,800,000

)

    

(1,600,000

)

    

(2,350,000

)

  

Shares outstanding, end of year/period

    

2,681,598

      

2,881,598

      

1,895,232

      

1,845,232

    

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

DIREXION SEMI-ANNUAL REPORT
112

Statements of Changes in Net Assets

    Direxion Daily MSCI Mexico
Bull 3X Shares		   Direxion Daily MSCI South Korea
Bull 3X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

227,032

    

$

283,045

    

$

746,278

    

$

507,329

    

Net realized gain

    

4,898,231

      

6,236,218

      

3,965,477

      

2,730,832

    
Change in net unrealized appreciation
(depreciation)		    

827,175

      

(3,700,001

)

    

10,136,135

      

(6,816,848

)

  
Net increase (decrease) in net assets resulting
from operations		    

5,952,438

      

2,819,262

      

14,847,890

      

(3,578,687

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(202,575

)

    

(286,563

)

    

(774,742

)

    

(436,999

)

  

Total distributions

    

(202,575

)

    

(286,563

)

    

(774,742

)

    

(436,999

)

  

Capital share transactions:

  

Proceeds from shares sold

    

1,650,736

      

15,750,207

      

20,149,558

      

25,600,417

    

Cost of shares redeemed

    

(4,400,989

)

    

(19,398,339

)

    

(23,034,318

)

    

(15,628,967

)

  

Transaction fees (Note 4)

    

880

      

5,062

      

4,607

      

3,313

    
Net increase (decrease) in net assets resulting
from capital transactions		    

(2,749,373

)

    

(3,643,070

)

    

(2,880,153

)

    

9,974,763

    

Total increase (decrease) in net assets

    

3,000,490

      

(1,110,371

)

    

11,192,995

      

5,959,077

    

Net assets:

  

Beginning of year/period

    

10,539,247

      

11,649,618

      

26,052,976

      

20,093,899

    

End of year/period

  

$

13,539,737

    

$

10,539,247

    

$

37,245,971

    

$

26,052,976

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

566,025

      

666,025

      

4,750,001

      

3,350,001

    

Shares sold

    

50,000

      

650,000

      

2,850,000

      

3,150,000

    

Shares repurchased

    

(150,000

)

    

(750,000

)

    

(2,700,000

)

    

(1,750,000

)

  

Shares outstanding, end of year/period

    

466,025

      

566,025

      

4,900,001

      

4,750,001

    

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

DIREXION SEMI-ANNUAL REPORT
113

Statements of Changes in Net Assets

    Direxion Daily Aerospace & Defense
Bull 3X Shares		   Direxion Daily Consumer
Discretionary Bull 3X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

1,238,816

    

$

2,101,884

    

$

153,473

    

$

175,074

    

Net realized gain

    

55,843,587

      

38,161,078

      

6,932,594

      

2,586,394

    
Change in net unrealized appreciation
(depreciation)		    

15,638,442

      

(44,873,426

)

    

4,127,876

      

(2,661,483

)

  
Net increase (decrease) in net assets resulting
from operations		    

72,720,845

      

(4,610,464

)

    

11,213,943

      

99,985

    

Distributions to shareholders:

  

Net distributions to shareholders

    

(1,232,629

)

    

(1,980,147

)

    

(144,795

)

    

(111,347

)

  

Total distributions

    

(1,232,629

)

    

(1,980,147

)

    

(144,795

)

    

(111,347

)

  

Capital share transactions:

  

Proceeds from shares sold

    

12,073,725

      

103,188,750

      

2,383,352

      

13,972,663

    

Cost of shares redeemed

    

(81,946,916

)

    

(136,054,284

)

    

(14,226,367

)

    

(13,694,704

)

  

Transaction fees (Note 4)

    

17,394

      

33,197

      

3,015

      

2,739

    
Net increase (decrease) in net assets resulting
from capital transactions		    

(69,855,797

)

    

(32,832,337

)

    

(11,840,000

)

    

280,698

    

Total increase (decrease) in net assets

    

1,632,419

      

(39,422,948

)

    

(770,852

)

    

269,336

    

Net assets:

  

Beginning of year/period

    

155,357,207

      

194,780,155

      

24,922,153

      

24,652,817

    

End of year/period

  

$

156,989,626

    

$

155,357,207

    

$

24,151,301

    

$

24,922,153

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

9,500,001

      

10,750,001

      

1,150,001

      

1,050,001

    

Shares sold

    

500,000

      

6,150,000

      

100,000

      

600,000

    

Shares repurchased

    

(3,750,000

)

    

(7,400,000

)

    

(450,000

)

    

(500,000

)

  

Shares outstanding, end of year/period

    

6,250,001

      

9,500,001

      

800,001

      

1,150,001

    

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

DIREXION SEMI-ANNUAL REPORT
114

Statements of Changes in Net Assets

    Direxion Daily Dow Jones Internet
Bull 3X Shares		   Direxion Daily Dow Jones Internet
Bear 3X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income (loss)

  

$

(72,054

)

  

$

(51,880

)

  

$

580,517

    

$

1,474,338

    

Net realized gain (loss)

    

96,549,411

      

(6,124,890

)

    

(17,001,005

)

    

(11,921,685

)

  
Change in net unrealized appreciation
(depreciation)		    

6,680,648

      

40,456,291

      

(3,034,710

)

    

(18,295,105

)

  
Net increase (decrease) in net assets resulting
from operations		    

103,158,005

      

34,279,521

      

(19,455,198

)

    

(28,742,452

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

—

      

—

      

(656,467

)

    

(1,371,721

)

  

Return of capital

    

—

      

(1,546

)

    

—

      

—

    

Total distributions

    

—

      

(1,546

)

    

(656,467

)

    

(1,371,721

)

  

Capital share transactions:

  

Proceeds from shares sold

    

11,494,001

      

104,197,095

      

25,185,401

      

106,583,948

    

Cost of shares redeemed

    

(83,123,377

)

    

(122,968,019

)

    

(20,643,801

)

    

(96,028,844

)

  

Transaction fees (Note 4)

    

17,623

      

26,754

      

6,193

      

28,809

    
Net increase (decrease) in net assets resulting
from capital transactions		    

(71,611,753

)

    

(18,744,170

)

    

4,547,793

      

10,583,913

    

Total increase (decrease) in net assets

    

31,546,252

      

15,533,805

      

(15,563,872

)

    

(19,530,260

)

  

Net assets:

  

Beginning of year/period

    

118,634,150

      

103,100,345

      

36,652,505

      

56,182,765

    

End of year/period

  

$

150,180,402

    

$

118,634,150

    

$

21,088,633

    

$

36,652,505

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

13,750,001

      

14,300,001

      

2,319,952

      

1,469,952

    

Shares sold

    

650,000

      

14,550,000

      

3,150,000

      

5,000,000

    

Shares repurchased

    

(5,000,000

)

    

(15,100,000

)

    

(2,550,000

)

    

(4,150,000

)

  

Shares outstanding, end of year/period

    

9,400,001

      

13,750,001

      

2,919,952

      

2,319,952

    

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

DIREXION SEMI-ANNUAL REPORT
115

Statements of Changes in Net Assets

    Direxion Daily Financial
Bull 3X Shares		   Direxion Daily Financial
Bear 3X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

16,632,782

    

$

33,079,629

    

$

3,479,591

    

$

5,662,574

    

Net realized gain (loss)

    

472,270,016

      

(9,086,237

)

    

(74,771,401

)

    

(29,113,509

)

  
Change in net unrealized appreciation
(depreciation)		    

624,483,782

      

(397,372,050

)

    

(36,297,886

)

    

56,575,557

    
Net increase (decrease) in net assets resulting
from operations		    

1,113,386,580

      

(373,378,658

)

    

(107,589,696

)

    

33,124,622

    

Distributions to shareholders:

  

Net distributions to shareholders

    

(17,424,298

)

    

(38,385,156

)

    

(3,385,003

)

    

(4,956,381

)

  

Total distributions

    

(17,424,298

)

    

(38,385,156

)

    

(3,385,003

)

    

(4,956,381

)

  

Capital share transactions:

  

Proceeds from shares sold

    

850,004,829

      

1,239,410,866

      

1,071,000,109

      

833,758,977

    

Cost of shares redeemed

    

(1,279,822,835

)

    

(1,287,728,240

)

    

(991,859,296

)

    

(885,265,901

)

  

Transaction fees (Note 4)

    

311,735

      

282,793

      

297,558

      

265,579

    
Net increase (decrease) in net assets resulting
from capital transactions		    

(429,506,271

)

    

(48,034,581

)

    

79,438,371

      

(51,241,345

)

  

Total increase (decrease) in net assets

    

666,456,011

      

(459,798,395

)

    

(31,536,328

)

    

(23,073,104

)

  

Net assets:

  

Beginning of year/period

    

1,432,424,635

      

1,892,223,030

      

167,616,899

      

190,690,003

    

End of year/period

  

$

2,098,880,646

    

$

1,432,424,635

    

$

136,080,571

    

$

167,616,899

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

26,799,289

      

25,699,289

      

7,753,350

      

9,303,350

    

Shares sold

    

9,300,000

      

20,750,000

      

76,650,000

      

42,550,000

    

Shares repurchased

    

(14,550,000

)

    

(19,650,000

)

    

(72,300,000

)

    

(44,100,000

)

  

Shares outstanding, end of year/period

    

21,549,289

      

26,799,289

      

12,103,350

      

7,753,350

    

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

DIREXION SEMI-ANNUAL REPORT
116

Statements of Changes in Net Assets

    Direxion Daily Healthcare
Bull 3X Shares		   Direxion Daily Homebuilders &
Supplies Bull 3X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

1,374,466

    

$

3,315,117

    

$

502,482

    

$

520,389

    

Net realized gain (loss)

    

(2,503,040

)

    

2,485,755

      

204,662,438

      

60,764,388

    
Change in net unrealized appreciation
(depreciation)		    

53,550,468

      

(55,554,511

)

    

(1,160,843

)

    

28,643,606

    
Net increase (decrease) in net assets resulting
from operations		    

52,421,894

      

(49,753,639

)

    

204,004,077

      

89,928,383

    

Distributions to shareholders:

  

Net distributions to shareholders

    

(1,635,111

)

    

(3,100,894

)

    

(497,245

)

    

(748,870

)

  

Total distributions

    

(1,635,111

)

    

(3,100,894

)

    

(497,245

)

    

(748,870

)

  

Capital share transactions:

  

Proceeds from shares sold

    

5,496,165

      

56,773,234

      

57,253,428

      

66,139,335

    

Cost of shares redeemed

    

(30,438,092

)

    

(45,894,627

)

    

(156,160,275

)

    

(136,936,567

)

  

Transaction fees (Note 4)

    

7,169

      

10,576

      

31,775

      

32,162

    
Net increase (decrease) in net assets resulting
from capital transactions		    

(24,934,758

)

    

10,889,183

      

(98,875,072

)

    

(70,765,070

)

  

Total increase (decrease) in net assets

    

25,852,025

      

(41,965,350

)

    

104,631,760

      

18,414,443

    

Net assets:

  

Beginning of year/period

    

154,064,945

      

196,030,295

      

149,559,134

      

131,144,691

    

End of year/period

  

$

179,916,970

    

$

154,064,945

    

$

254,190,894

    

$

149,559,134

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

1,950,008

      

1,800,008

      

3,400,000

      

5,000,000

    

Shares sold

    

50,000

      

600,000

      

500,000

      

1,300,000

    

Shares repurchased

    

(300,000

)

    

(450,000

)

    

(1,500,000

)

    

(2,900,000

)

  

Shares outstanding, end of year/period

    

1,700,008

      

1,950,008

      

2,400,000

      

3,400,000

    

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

DIREXION SEMI-ANNUAL REPORT
117

Statements of Changes in Net Assets

    Direxion Daily Industrials
Bull 3X Shares		   Direxion Daily Pharmaceutical &
Medical Bull 3X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

214,666

    

$

347,465

    

$

110,626

    

$

156,299

    

Net realized gain (loss)

    

7,172,069

      

3,111,847

      

(536,665

)

    

(2,266,822

)

  
Change in net unrealized appreciation
(depreciation)		    

7,583,151

      

(3,585,964

)

    

2,811,174

      

(4,079,310

)

  
Net increase (decrease) in net assets resulting
from operations		    

14,969,886

      

(126,652

)

    

2,385,135

      

(6,189,833

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(216,380

)

    

(354,278

)

    

(122,921

)

    

(158,160

)

  

Total distributions

    

(216,380

)

    

(354,278

)

    

(122,921

)

    

(158,160

)

  

Capital share transactions:

  

Proceeds from shares sold

    

11,200,540

      

11,695,357

      

6,830,588

      

4,285,507

    

Cost of shares redeemed

    

(10,823,485

)

    

(10,347,637

)

    

(4,944,312

)

    

(930,516

)

  

Transaction fees (Note 4)

    

2,165

      

2,069

      

989

      

186

    
Net increase in net assets resulting
from capital transactions		    

379,220

      

1,349,789

      

1,887,265

      

3,355,177

    

Total increase (decrease) in net assets

    

15,132,726

      

868,859

      

4,149,479

      

(2,992,816

)

  

Net assets:

  

Beginning of year/period

    

19,741,772

      

18,872,913

      

8,180,207

      

11,173,023

    

End of year/period

  

$

34,874,498

    

$

19,741,772

    

$

12,329,686

    

$

8,180,207

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

700,001

      

650,001

      

1,600,001

      

1,100,001

    

Shares sold

    

250,000

      

350,000

      

1,000,000

      

600,000

    

Shares repurchased

    

(250,000

)

    

(300,000

)

    

(650,000

)

    

(100,000

)

  

Shares outstanding, end of year/period

    

700,001

      

700,001

      

1,950,001

      

1,600,001

    

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

DIREXION SEMI-ANNUAL REPORT
118

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, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

1,044,884

    

$

1,490,577

    

$

1,952,295

    

$

5,370,364

    

Net realized gain (loss)

    

4,498,669

      

(5,947,975

)

    

(38,636,328

)

    

(30,705,437

)

  
Change in net unrealized appreciation
(depreciation)		    

4,013,066

      

(14,797,199

)

    

(11,176,611

)

    

38,664,711

    
Net increase (decrease) in net assets resulting
from operations		    

9,556,619

      

(19,254,597

)

    

(47,860,644

)

    

13,329,638

    

Distributions to shareholders:

  

Net distributions to shareholders

    

(819,099

)

    

(1,269,699

)

    

(2,084,778

)

    

(5,064,803

)

  

Return of capital

    

—

      

(9,595

)

    

—

      

—

    

Total distributions

    

(819,099

)

    

(1,279,294

)

    

(2,084,778

)

    

(5,064,803

)

  

Capital share transactions:

  

Proceeds from shares sold

    

32,914,056

      

47,755,605

      

302,455,164

      

177,028,894

    

Cost of shares redeemed

    

(25,639,349

)

    

(29,784,937

)

    

(294,069,221

)

    

(238,837,953

)

  

Transaction fees (Note 4)

    

5,723

      

6,493

      

88,221

      

71,651

    
Net increase (decrease) in net assets resulting
from capital transactions		    

7,280,430

      

17,977,161

      

8,474,164

      

(61,737,408

)

  

Total increase (decrease) in net assets

    

16,017,950

      

(2,556,730

)

    

(41,471,258

)

    

(53,472,573

)

  

Net assets:

  

Beginning of year/period

    

44,711,317

      

47,268,047

      

151,960,810

      

205,433,383

    

End of year/period

  

$

60,729,267

    

$

44,711,317

    

$

110,489,552

    

$

151,960,810

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

7,300,000

      

4,800,000

      

2,334,045

      

3,384,045

    

Shares sold

    

3,800,000

      

5,650,000

      

7,050,000

      

3,450,000

    

Shares repurchased

    

(2,900,000

)

    

(3,150,000

)

    

(6,950,000

)

    

(4,500,000

)

  

Shares outstanding, end of year/period

    

8,200,000

      

7,300,000

      

2,434,045

      

2,334,045

    

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

DIREXION SEMI-ANNUAL REPORT
119

Statements of Changes in Net Assets

    Direxion Daily Regional Banks
Bull 3X Shares		   Direxion Daily Retail
Bull 3X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

10,405,920

    

$

9,912,041

    

$

457,922

    

$

771,755

    

Net realized gain (loss)

    

225,721,570

      

(229,388,819

)

    

18,095,097

      

(8,445,808

)

  
Change in net unrealized appreciation
(depreciation)		    

(33,311,271

)

    

(45,685,169

)

    

6,870,428

      

(7,932,387

)

  
Net increase (decrease) in net assets resulting
from operations		    

202,816,219

      

(265,161,947

)

    

25,423,447

      

(15,606,440

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(9,313,381

)

    

(9,723,478

)

    

(410,244

)

    

(826,260

)

  

Total distributions

    

(9,313,381

)

    

(9,723,478

)

    

(410,244

)

    

(826,260

)

  

Capital share transactions:

  

Proceeds from shares sold

    

518,299,181

      

1,112,836,754

      

26,304,730

      

39,275,537

    

Cost of shares redeemed

    

(531,954,245

)

    

(602,740,553

)

    

(44,168,982

)

    

(34,916,098

)

  

Transaction fees (Note 4)

    

116,080

      

137,290

      

10,628

      

7,856

    
Net increase (decrease) in net assets resulting
from capital transactions		    

(13,538,984

)

    

510,233,491

      

(17,853,624

)

    

4,367,295

    

Total increase (decrease) in net assets

    

179,963,854

      

235,348,066

      

7,159,579

      

(12,065,405

)

  

Net assets:

  

Beginning of year/period

    

447,780,629

      

212,432,563

      

38,954,219

      

51,019,624

    

End of year/period

  

$

627,744,483

    

$

447,780,629

    

$

46,113,798

    

$

38,954,219

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

9,973,935

      

709,859

      

7,621,105

      

6,271,105

    

Shares sold

    

6,900,000

      

17,385,000

      

3,150,000

      

5,800,000

    

Shares repurchased

    

(6,950,000

)

    

(8,120,924

)

    

(5,200,000

)

    

(4,450,000

)

  

Shares outstanding, end of year/period

    

9,923,935

      

9,973,935

      

5,571,105

      

7,621,105

    

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

DIREXION SEMI-ANNUAL REPORT
120

Statements of Changes in Net Assets

    Direxion Daily S&P 500®​ High Beta
Bull 3X Shares		   Direxion Daily S&P 500®​ High Beta
Bear 3X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

492,376

    

$

413,255

    

$

901,578

    

$

2,059,898

    

Net realized gain (loss)

    

33,051,323

      

12,118,699

      

(15,462,540

)

    

(25,035,751

)

  
Change in net unrealized appreciation
(depreciation)		    

15,314,810

      

(16,677,923

)

    

(18,698,713

)

    

5,370,298

    
Net increase (decrease) in net assets resulting
from operations		    

48,858,509

      

(4,145,969

)

    

(33,259,675

)

    

(17,605,555

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(468,651

)

    

(383,793

)

    

(962,069

)

    

(1,776,769

)

  

Total distributions

    

(468,651

)

    

(383,793

)

    

(962,069

)

    

(1,776,769

)

  

Capital share transactions:

  

Proceeds from shares sold

    

6,754,614

      

57,992,938

      

53,279,391

      

123,123,807

    

Cost of shares redeemed

    

(63,004,878

)

    

(63,528,590

)

    

(42,425,441

)

    

(108,582,683

)

  

Transaction fees (Note 4)

    

13,574

      

13,806

      

12,727

      

32,572

    
Net increase (decrease) in net assets resulting
from capital transactions		    

(56,236,690

)

    

(5,521,846

)

    

10,866,677

      

14,573,696

    

Total decrease in net assets

    

(7,846,832

)

    

(10,051,608

)

    

(23,355,067

)

    

(4,808,628

)

  

Net assets:

  

Beginning of year/period

    

59,182,957

      

69,234,565

      

61,619,048

      

66,427,676

    

End of year/period

  

$

51,336,125

    

$

59,182,957

    

$

38,263,981

    

$

61,619,048

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

2,814,370

      

2,714,370

      

1,025,454

      

770,683

    

Shares sold

    

200,000

      

2,100,000

      

1,800,000

      

2,295,000

    

Shares repurchased

    

(1,700,000

)

    

(2,000,000

)

    

(1,400,000

)

    

(2,040,229

)

  

Shares outstanding, end of year/period

    

1,314,370

      

2,814,370

      

1,425,454

      

1,025,454

    

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

DIREXION SEMI-ANNUAL REPORT
121

Statements of Changes in Net Assets

    Direxion Daily S&P Biotech
Bull 3X Shares1​		   Direxion Daily S&P Biotech
Bear 3X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

1,804,954

    

$

6,689,908

    

$

2,457,855

    

$

3,439,371

    

Net realized gain (loss)

    

255,683,900

      

(385,343,790

)

    

(50,085,725

)

    

15,206,346

    
Change in net unrealized appreciation
(depreciation)		    

229,931,598

      

(367,624,729

)

    

4,049,455

      

22,122,182

    
Net increase (decrease) in net assets resulting
from operations		    

487,420,452

      

(746,278,611

)

    

(43,578,415

)

    

40,767,899

    

Distributions to shareholders:

  

Net distributions to shareholders

    

(3,922,372

)

    

(1,704,008

)

    

(2,027,573

)

    

(3,401,055

)

  

Total distributions

    

(3,922,372

)

    

(1,704,008

)

    

(2,027,573

)

    

(3,401,055

)

  

Capital share transactions:

  

Proceeds from shares sold

    

934,283,851

      

1,907,865,730

      

658,025,022

      

1,009,371,534

    

Cost of shares redeemed

    

(1,146,478,463

)

    

(1,642,625,529

)

    

(572,460,409

)

    

(1,175,141,339

)

  

Transaction fees (Note 4)

    

270,538

      

400,518

      

171,738

      

352,543

    
Net increase (decrease) in net assets resulting
from capital transactions		    

(211,924,074

)

    

265,640,719

      

85,736,351

      

(165,417,262

)

  

Total increase (decrease) in net assets

    

271,574,006

      

(482,341,900

)

    

40,130,363

      

(128,050,418

)

  

Net assets:

  

Beginning of year/period

    

677,504,917

      

1,159,846,817

      

61,924,350

      

189,974,768

    

End of year/period

  

$

949,078,923

    

$

677,504,917

    

$

102,054,713

    

$

61,924,350

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

12,445,580

      

7,813,080

      

2,316,024

      

9,416,024

    

Shares sold

    

8,585,000

      

16,910,000

      

71,650,000

      

62,500,000

    

Shares repurchased

    

(10,556,094

)

    

(12,277,500

)

    

(63,850,000

)

    

(69,600,000

)

  

Shares outstanding, end of year/period

    

10,474,486

      

12,445,580

      

10,116,024

      

2,316,024

    

1​  Effective December 4, 2023, the Fund had a 1:20 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:20 stock split.

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

DIREXION SEMI-ANNUAL REPORT
122

Statements of Changes in Net Assets

    Direxion Daily Semiconductor
Bull 3X Shares		   Direxion Daily Semiconductor
Bear 3X Shares1​		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

27,420,590

    

$

42,961,896

    

$

19,694,143

    

$

46,921,429

    

Net realized gain (loss)

    

6,587,887,187

      

1,720,324,932

      

(678,547,353

)

    

(1,440,154,710

)

  
Change in net unrealized appreciation
(depreciation)		    

718,152,049

      

839,332,544

      

(262,089,318

)

    

89,548,417

    
Net increase (decrease) in net assets resulting
from operations		    

7,333,459,826

      

2,602,619,372

      

(920,942,528

)

    

(1,303,684,864

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(26,189,658

)

    

(43,096,740

)

    

(18,992,120

)

    

(43,792,551

)

  

Total distributions

    

(26,189,658

)

    

(43,096,740

)

    

(18,992,120

)

    

(43,792,551

)

  

Capital share transactions:

  

Proceeds from shares sold

    

12,880,451,870

      

10,580,937,669

      

3,974,084,956

      

9,770,072,277

    

Cost of shares redeemed

    

(15,305,553,675

)

    

(11,207,940,372

)

    

(3,060,234,103

)

    

(8,305,932,790

)

  

Transaction fees (Note 4)

    

4,063,361

      

2,957,947

      

1,700,991

      

2,472,680

    
Net increase (decrease) in net assets resulting
from capital transactions		    

(2,421,038,444

)

    

(624,044,756

)

    

915,551,844

      

1,466,612,167

    

Total increase (decrease) in net assets

    

4,886,231,724

      

1,935,477,876

      

(24,382,804

)

    

119,134,752

    

Net assets:

  

Beginning of year/period

    

5,409,550,146

      

3,474,072,270

      

710,105,701

      

590,970,949

    

End of year/period

  

$

10,295,781,870

    

$

5,409,550,146

    

$

685,722,897

    

$

710,105,701

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

362,550,060

      

390,950,060

      

5,242,344

      

992,344

    

Shares sold

    

368,700,000

      

617,300,000

      

73,130,000

      

61,115,000

    

Shares repurchased

    

(461,100,000

)

    

(645,700,000

)

    

(59,635,822

)

    

(56,865,000

)

  

Shares outstanding, end of year/period

    

270,150,060

      

362,550,060

      

18,736,522

      

5,242,344

    

1​  Effective April 15, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

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

DIREXION SEMI-ANNUAL REPORT
123

Statements of Changes in Net Assets

    Direxion Daily Technology
Bull 3X Shares		   Direxion Daily Technology
Bear 3X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

7,677,942

    

$

8,511,155

    

$

2,542,054

    

$

5,628,820

    

Net realized gain (loss)

    

1,034,396,519

      

726,387,060

      

(50,912,004

)

    

(104,388,956

)

  
Change in net unrealized appreciation
(depreciation)		    

122,825,312

      

115,113,941

      

5,856,810

      

(36,021,980

)

  
Net increase (decrease) in net assets resulting
from operations		    

1,164,899,773

      

850,012,156

      

(42,513,140

)

    

(134,782,116

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(7,861,817

)

    

(8,366,866

)

    

(2,484,778

)

    

(4,968,948

)

  

Total distributions

    

(7,861,817

)

    

(8,366,866

)

    

(2,484,778

)

    

(4,968,948

)

  

Capital share transactions:

  

Proceeds from shares sold

    

2,532,002,166

      

1,413,005,654

      

1,051,876,206

      

1,129,604,048

    

Cost of shares redeemed

    

(3,004,588,389

)

    

(1,608,844,840

)

    

(982,625,227

)

    

(1,035,197,838

)

  

Transaction fees (Note 4)

    

697,803

      

359,690

      

294,786

      

310,560

    
Net increase (decrease) in net assets resulting
from capital transactions		    

(471,888,420

)

    

(195,479,496

)

    

69,545,765

      

94,716,770

    

Total increase (decrease) in net assets

    

685,149,536

      

646,165,794

      

24,547,847

      

(45,034,294

)

  

Net assets:

  

Beginning of year/period

    

2,014,960,734

      

1,368,794,940

      

114,500,214

      

159,534,508

    

End of year/period

  

$

2,700,110,270

    

$

2,014,960,734

    

$

139,048,061

    

$

114,500,214

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

47,550,000

      

53,300,000

      

7,100,260

      

3,800,260

    

Shares sold

    

37,350,000

      

34,000,000

      

114,800,000

      

56,350,000

    

Shares repurchased

    

(43,750,000

)

    

(39,750,000

)

    

(106,700,000

)

    

(53,050,000

)

  

Shares outstanding, end of year/period

    

41,150,000

      

47,550,000

      

15,200,260

      

7,100,260

    

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

DIREXION SEMI-ANNUAL REPORT
124

Statements of Changes in Net Assets

    Direxion Daily Transportation
Bull 3X Shares		   Direxion Daily Utilities
Bull 3X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

195,167

    

$

376,536

    

$

627,783

    

$

653,332

    

Net realized gain (loss)

    

7,429,767

      

(627,835

)

    

1,651,315

      

(4,821,348

)

  
Change in net unrealized appreciation
(depreciation)		    

3,245,001

      

(326,794

)

    

9,867,468

      

(4,719,266

)

  
Net increase (decrease) in net assets resulting
from operations		    

10,869,935

      

(578,093

)

    

12,146,566

      

(8,887,282

)

  

Distributions to shareholders:

  

Net distributions to shareholders

    

(226,584

)

    

(358,776

)

    

(672,660

)

    

(565,817

)

  

Total distributions

    

(226,584

)

    

(358,776

)

    

(672,660

)

    

(565,817

)

  

Capital share transactions:

  

Proceeds from shares sold

    

2,208,258

      

6,300,874

      

15,531,449

      

47,512,186

    

Cost of shares redeemed

    

(10,008,206

)

    

(11,184,977

)

    

(23,621,445

)

    

(22,114,430

)

  

Transaction fees (Note 4)

    

2,002

      

2,694

      

5,141

      

4,423

    
Net increase (decrease) in net assets resulting
from capital transactions		    

(7,797,946

)

    

(4,881,409

)

    

(8,084,855

)

    

25,402,179

    

Total increase (decrease) in net assets

    

2,845,405

      

(5,818,278

)

    

3,389,051

      

15,949,080

    

Net assets:

  

Beginning of year/period

    

17,424,232

      

23,242,510

      

37,831,705

      

21,882,625

    

End of year/period

  

$

20,269,637

    

$

17,424,232

    

$

41,220,756

    

$

37,831,705

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

900,001

      

1,050,001

      

2,100,001

      

750,001

    

Shares sold

    

100,000

      

250,000

      

800,000

      

2,100,000

    

Shares repurchased

    

(300,000

)

    

(400,000

)

    

(1,150,000

)

    

(750,000

)

  

Shares outstanding, end of year/period

    

700,001

      

900,001

      

1,750,001

      

2,100,001

    

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

DIREXION SEMI-ANNUAL REPORT
125

Statements of Changes in Net Assets

    Direxion Daily 7-10 Year Treasury
Bull 3X Shares		   Direxion Daily 7-10 Year Treasury
Bear 3X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

664,303

    

$

846,763

    

$

346,621

    

$

979,531

    

Net realized gain (loss)

    

(1,979,687

)

    

(7,179,054

)

    

2,485,404

      

927,443

    
Change in net unrealized appreciation
(depreciation)		    

5,288,531

      

(3,657,657

)

    

(5,093,603

)

    

371,604

    
Net increase (decrease) in net assets resulting
from operations		    

3,973,147

      

(9,989,948

)

    

(2,261,578

)

    

2,278,578

    

Distributions to shareholders:

  

Net distributions to shareholders

    

(557,307

)

    

(733,853

)

    

(385,698

)

    

(868,392

)

  

Total distributions

    

(557,307

)

    

(733,853

)

    

(385,698

)

    

(868,392

)

  

Capital share transactions:

  

Proceeds from shares sold

    

12,644,164

      

48,828,705

      

2,969,235

      

14,265,610

    

Cost of shares redeemed

    

(19,345,299

)

    

(18,107,208

)

    

(13,718,359

)

    

(42,207,200

)

  

Transaction fees (Note 4)

    

5,678

      

5,288

      

4,116

      

25,274

    
Net increase (decrease) in net assets resulting
from capital transactions		    

(6,695,457

)

    

30,726,785

      

(10,745,008

)

    

(27,916,316

)

  

Total increase (decrease) in net assets

    

(3,279,617

)

    

20,002,984

      

(13,392,284

)

    

(26,506,130

)

  

Net assets:

  

Beginning of year/period

    

44,284,720

      

24,281,736

      

29,629,318

      

56,135,448

    

End of year/period

  

$

41,005,103

    

$

44,284,720

    

$

16,237,034

    

$

29,629,318

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

1,950,000

      

850,000

      

1,800,000

      

3,950,000

    

Shares sold

    

500,000

      

1,700,000

      

200,000

      

1,050,000

    

Shares repurchased

    

(700,000

)

    

(600,000

)

    

(950,000

)

    

(3,200,000

)

  

Shares outstanding, end of year/period

    

1,750,000

      

1,950,000

      

1,050,000

      

1,800,000

    

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

DIREXION SEMI-ANNUAL REPORT
126

Statements of Changes in Net Assets

    Direxion Daily 20+ Year Treasury
Bull 3X Shares1​		   Direxion Daily 20+ Year Treasury
Bear 3X Shares		  
    Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		   Six Months Ended
April 30, 2024
(Unaudited)		   Year Ended
October 31, 2023		  

Operations:

  

Net investment income

  

$

73,255,136

    

$

52,328,244

    

$

4,630,318

    

$

12,343,378

    

Net realized gain (loss)

    

(237,335,374

)

    

(1,037,298,687

)

    

(70,777,649

)

    

96,540,706

    
Change in net unrealized appreciation
(depreciation)		    

95,660,578

      

(525,010,582

)

    

(3,334,890

)

    

(86,933,259

)

  
Net increase (decrease) in net assets resulting
from operations		    

(68,419,660

)

    

(1,509,981,025

)

    

(69,482,221

)

    

21,950,825

    

Distributions to shareholders:

  

Net distributions to shareholders

    

(66,136,606

)

    

(43,514,596

)

    

(4,844,783

)

    

(10,844,169

)

  

Total distributions

    

(66,136,606

)

    

(43,514,596

)

    

(4,844,783

)

    

(10,844,169

)

  

Capital share transactions:

  

Proceeds from shares sold

    

8,827,996,837

      

4,677,431,969

      

2,163,424,735

      

1,826,053,350

    

Cost of shares redeemed

    

(6,790,027,675

)

    

(1,265,403,706

)

    

(2,204,191,089

)

    

(2,124,903,945

)

  

Transaction fees (Note 4)

    

1,861,503

      

385,412

      

1,446,857

      

637,471

    
Net increase (decrease) in net assets resulting
from capital transactions		    

2,039,830,665

      

3,412,413,675

      

(39,319,497

)

    

(298,213,124

)

  

Total increase (decrease) in net assets

    

1,905,274,399

      

1,858,918,054

      

(113,646,501

)

    

(287,106,468

)

  

Net assets:

  

Beginning of year/period

    

2,296,103,374

      

437,185,320

      

401,543,190

      

688,649,658

    

End of year/period

  

$

4,201,377,773

    

$

2,296,103,374

    

$

287,896,689

    

$

401,543,190

    

Changes in shares outstanding

  

Shares outstanding, beginning of year/period

    

57,830,000

      

6,235,000

      

7,797,044

      

17,297,044

    

Shares sold

    

163,475,000

      

71,190,000

      

62,250,000

      

52,900,000

    

Shares repurchased

    

(125,556,614

)

    

(19,595,000

)

    

(63,050,000

)

    

(62,400,000

)

  

Shares outstanding, end of year/period

    

95,748,386

      

57,830,000

      

6,997,044

      

7,797,044

    

1​  Effective December 4, 2023, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

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

DIREXION SEMI-ANNUAL REPORT
127

Financial Highlights

April 30, 2024

       

RATIOS TO AVERAGE NET ASSETS7​

      
    Net Asset
Value,
Beginning
of Year/
Period		   Net
Investment
Income
(Loss)1,2​		   Net
Investment
Income
(Loss)1,3​		   Net Realized
and Unrealized
Gain (Loss)
on Investments4​		   Net Increase
(Decrease) in
Net Asset
Value Resulting
from Operations		   Dividends
from Net
Investment
Income		   Distributions
from
Realized
Capital Gains		   Distributions
from
Return
of Capital		   Total
Distributions		   Net
Asset
Value,
End of
Year/
Period		   Total
Return5​		   Net
Assets,
End of
Year/
Period
(000's
omitted)		   Net
Expenses2,6​		   Total
Expenses2​		   Net Investment
Income (Loss)
after Expense
Reimbursement2​		   Net
Expenses3,6​		   Total
Expenses3​		   Net Investment
Income (Loss)
after Expense
Reimbursement3​		   Portfolio
Turnover
Rate8​		  

Direxion Daily Mid Cap Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		  

$

28.26

    

$

0.35

    

$

0.43

    

$

17.55

    

$

17.90

    

$

(0.33

)

  

$

—

    

$

—

    

$

(0.33

)

  

$

45.83

      

63.35

%

  

$

68,755

      

1.31

%

    

1.30

%

    

1.60

%

    

0.95

%

    

0.94

%

    

1.96

%

    

71

%

  

For the Year Ended October 31, 2023

    

36.77

      

0.53

      

0.63

      

(8.65

)

    

(8.12

)

    

(0.39

)

    

—

      

—

      

(0.39

)

    

28.26

      

-22.31

%

    

39,573

      

1.23

%

    

1.24

%

    

1.39

%

    

0.95

%

    

0.96

%

    

1.67

%

    

17

%

  

For the Year Ended October 31, 2022

    

67.09

      

0.15

      

0.17

      

(30.47

)

    

(30.32

)

    

—

      

—

      

—

      

—

      

36.77

      

-45.19

%

    

47,801

      

0.98

%

    

0.99

%

    

0.31

%

    

0.95

%

    

0.96

%

    

0.34

%

    

54

%

  

For the Year Ended October 31, 2021

    

22.89

      

(0.08

)

    

(0.07

)

    

44.29

      

44.21

      

(0.01

)

    

—

      

—

      

(0.01

)

    

67.09

      

193.19

%

    

90,584

      

0.96

%

    

0.95

%

    

(0.14

)%

    

0.95

%

    

0.94

%

    

(0.13

)%

    

33

%

  

For the Year Ended October 31, 2020

    

42.25

      

0.06

      

0.08

      

(19.24

)

    

(19.18

)

    

(0.17

)

    

—

      

(0.01

)

    

(0.18

)

    

22.89

      

-45.61

%

    

40,055

      

1.00

%

    

1.06

%

    

0.25

%

    

0.95

%

    

1.01

%

    

0.30

%

    

91

%

  

For the Year Ended October 31, 2019

    

38.45

      

0.30

      

0.35

      

3.84

      

4.14

      

(0.34

)

    

—

      

—

      

(0.34

)

    

42.25

      

11.04

%

    

46,481

      

1.08

%

    

1.12

%

    

0.75

%

    

0.95

%

    

0.99

%

    

0.88

%

    

23

%

  

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

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

72.12

      

0.71

      

1.03

      

44.50

      

45.21

      

(0.70

)

    

—

      

—

      

(0.70

)

    

116.63

      

62.69

%

    

3,621,322

      

1.43

%

    

1.51

%

    

1.30

%

    

0.83

%

    

0.91

%

    

1.90

%

    

1

%

  

For the Year Ended October 31, 2023

    

65.97

      

0.87

      

1.20

      

6.12

      

6.99

      

(0.84

)

    

—

      

—

      

(0.84

)

    

72.12

      

10.54

%

    

2,625,285

      

1.31

%

    

1.35

%

    

1.10

%

    

0.88

%

    

0.92

%

    

1.53

%

    

65

%

  

For the Year Ended October 31, 2022

    

130.30

      

0.22

      

0.25

      

(64.36

)

    

(64.14

)

    

(0.19

)

    

—

      

—

      

(0.19

)

    

65.97

      

-49.27

%

    

2,546,628

      

0.91

%

    

0.96

%

    

0.23

%

    

0.88

%

    

0.93

%

    

0.26

%

    

113

%

  

For the Year Ended October 31, 2021

    

48.08

      

0.13

      

0.14

      

82.25

      

82.38

      

(0.16

)

    

—

      

—

      

(0.16

)

    

130.30

      

171.57

%

    

3,348,750

      

0.91

%

    

0.93

%

    

0.14

%

    

0.90

%

    

0.92

%

    

0.15

%

    

28

%

  

For the Year Ended October 31, 2020

    

55.25

      

0.16

      

0.20

      

(7.02

)

    

(6.86

)

    

(0.31

)

    

—

      

—

      

(0.31

)

    

48.08

      

-12.54

%

    

1,331,734

      

1.03

%

    

1.04

%

    

0.34

%

    

0.95

%

    

0.96

%

    

0.42

%

    

223

%

  

For the Year Ended October 31, 2019

    

43.04

      

0.45

      

0.56

      

12.26

      

12.71

      

(0.50

)

    

—

      

—

      

(0.50

)

    

55.25

      

29.95

%

    

947,851

      

1.19

%

    

1.19

%

    

0.98

%

    

0.95

%

    

0.95

%

    

1.22

%

    

86

%

  

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

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

16.94

      

0.24

      

0.25

      

(6.98

)

    

(6.74

)

    

(0.24

)

    

—

      

—

      

(0.24

)

    

9.96

      

-39.78

%

    

559,294

      

1.10

%

    

1.10

%

    

4.50

%

    

0.91

%

    

0.91

%

    

4.69

%

    

0

%

  

For the Year Ended October 31, 2023

    

22.66

      

0.58

      

0.61

      

(5.75

)

    

(5.17

)

    

(0.55

)

    

—

      

—

      

(0.55

)

    

16.94

      

-22.66

%

    

690,955

      

1.17

%

    

1.15

%

    

3.49

%

    

0.94

%

    

0.92

%

    

3.72

%

    

0

%

  

For the Year Ended October 31, 2022

    

18.78

      

0.04

      

0.07

      

3.84

      

3.88

      

—

      

—

      

—

      

—

      

22.66

      

20.66

%

    

887,711

      

1.08

%

    

1.06

%

    

0.20

%

    

0.95

%

    

0.93

%

    

0.33

%

    

0

%

  

For the Year Ended October 31, 2021

    

61.00

      

(0.27

)

    

(0.27

)

    

(41.95

)

    

(42.22

)

    

—

      

—

      

—

      

—

      

18.78

      

-69.21

%

    

388,357

      

0.95

%

    

0.92

%

    

(0.92

)%

    

0.95

%

    

0.92

%

    

(0.92

)%

    

0

%

  

For the Year Ended October 31, 2020

    

160.60

      

(0.40

)

    

(0.40

)

    

(98.60

)

    

(99.00

)

    

(0.40

)

    

—

      

(0.20

)

    

(0.60

)

    

61.00

      

-61.87

%

    

803,180

      

0.96

%

    

0.99

%

    

(0.45

)%

    

0.95

%

    

0.98

%

    

(0.44

)%

    

0

%

  

For the Year Ended October 31, 2019

    

259.20

      

2.90

      

2.90

      

(98.60

)

    

(95.70

)

    

(2.90

)

    

—

      

—

      

(2.90

)

    

160.60

      

-37.21

%

    

488,984

      

0.96

%

    

0.96

%

    

1.44

%

    

0.95

%

    

0.95

%

    

1.45

%

    

0

%

  

Direxion Daily Small Cap Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

22.77

      

0.24

      

0.30

      

11.12

      

11.36

      

(0.24

)

    

—

      

—

      

(0.24

)

    

33.89

      

49.77

%

    

1,868,954

      

1.21

%

    

1.23

%

    

1.31

%

    

0.87

%

    

0.89

%

    

1.65

%

    

112

%

  

For the Year Ended October 31, 2023

    

38.28

      

0.48

      

0.59

      

(15.61

)

    

(15.13

)

    

(0.38

)

    

—

      

—

      

(0.38

)

    

22.77

      

-39.82

%

    

1,272,601

      

1.24

%

    

1.24

%

    

1.43

%

    

0.91

%

    

0.91

%

    

1.76

%

    

102

%

  

For the Year Ended October 31, 2022

    

93.14

      

0.11

      

0.13

      

(54.92

)

    

(54.81

)

    

(0.05

)

    

—

      

—

      

(0.05

)

    

38.28

      

-58.86

%

    

1,217,463

      

0.94

%

    

0.94

%

    

0.22

%

    

0.91

%

    

0.91

%

    

0.25

%

    

114

%

  

For the Year Ended October 31, 2021

    

32.03

      

(0.23

)

    

(0.22

)

    

61.35

      

61.12

      

(0.01

)

    

—

      

—

      

(0.01

)

    

93.14

      

190.83

%

    

1,499,519

      

0.91

%

    

0.91

%

    

(0.28

)%

    

0.90

%

    

0.90

%

    

(0.27

)%

    

62

%

  

For the Year Ended October 31, 2020

    

59.64

      

0.02

      

0.05

      

(27.47

)

    

(27.45

)

    

(0.12

)

    

—

      

(0.04

)

    

(0.16

)

    

32.03

      

-46.16

%

    

831,202

      

1.03

%

    

1.01

%

    

0.06

%

    

0.95

%

    

0.93

%

    

0.14

%

    

76

%

  

For the Year Ended October 31, 2019

    

61.79

      

0.32

      

0.46

      

(2.17

)

    

(1.85

)

    

(0.30

)

    

—

      

—

      

(0.30

)

    

59.64

      

-2.88

%

    

730,592

      

1.18

%

    

1.17

%

    

0.56

%

    

0.95

%

    

0.94

%

    

0.79

%

    

53

%

  

Direxion Daily Small Cap Bear 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

38.10

      

0.38

      

0.43

      

(17.33

)

    

(16.95

)

    

(0.35

)

    

—

      

—

      

(0.35

)

    

20.80

      

-44.43

%

    

396,669

      

1.39

%

    

1.39

%

    

3.91

%

    

0.89

%

    

0.89

%

    

4.41

%

    

0

%

  

For the Year Ended October 31, 2023

    

32.33

      

0.99

      

1.10

      

5.76

      

6.75

      

(0.98

)

    

—

      

—

      

(0.98

)

    

38.10

      

21.75

%

    

328,542

      

1.30

%

    

1.30

%

    

3.45

%

    

0.90

%

    

0.90

%

    

3.85

%

    

0

%

  

For the Year Ended October 31, 2022

    

26.89

      

0.01

      

0.04

      

5.43

      

5.44

      

—

      

—

      

—

      

—

      

32.33

      

20.23

%

    

547,165

      

0.99

%

    

0.99

%

    

0.04

%

    

0.91

%

    

0.91

%

    

0.12

%

    

0

%

  

For the Year Ended October 31, 2021

    

124.40

      

(0.33

)

    

(0.33

)

    

(97.18

)

    

(97.51

)

    

—

      

—

      

—

      

—

      

26.89

      

-78.38

%

    

504,783

      

0.94

%

    

0.90

%

    

(0.91

)%

    

0.94

%

    

0.90

%

    

(0.91

)%

    

0

%

  

For the Year Ended October 31, 2020

    

345.52

      

(0.88

)

    

(0.88

)

    

(218.88

)

    

(219.76

)

    

(0.96

)

    

—

      

(0.40

)

    

(1.36

)

    

124.40

      

-63.86

%

    

545,802

      

0.97

%

    

0.97

%

    

(0.46

)%

    

0.95

%

    

0.95

%

    

(0.44

)%

    

0

%

  

For the Year Ended October 31, 2019

    

462.40

      

5.44

      

5.60

      

(116.64

)

    

(111.20

)

    

(5.68

)

    

—

      

—

      

(5.68

)

    

345.52

      

-24.30

%

    

321,403

      

0.99

%

    

0.99

%

    

1.36

%

    

0.95

%

    

0.95

%

    

1.40

%

    

0

%

  

Direxion Daily FTSE China Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

25.08

      

0.40

      

0.41

      

(2.89

)

    

(2.49

)

    

(0.44

)

    

—

      

—

      

(0.44

)

    

22.15

      

-9.74

%

    

976,763

      

1.05

%

    

1.04

%

    

4.18

%

    

0.93

%

    

0.92

%

    

4.30

%

    

52

%

  

For the Year Ended October 31, 2023

    

19.95

      

0.86

      

0.93

      

5.21

      

6.07

      

(0.94

)

    

—

      

—

      

(0.94

)

    

25.08

      

28.74

%

    

628,056

      

1.15

%

    

1.14

%

    

2.23

%

    

0.95

%

    

0.94

%

    

2.43

%

    

126

%

  

For the Year Ended October 31, 2022

    

223.80

      

0.70

      

0.71

      

(204.20

)

    

(203.50

)

    

(0.35

)

    

—

      

—

      

(0.35

)

    

19.95

      

-91.06

%

    

217,357

      

0.97

%

    

0.97

%

    

0.78

%

    

0.95

%

    

0.95

%

    

0.80

%

    

102

%

  

For the Year Ended October 31, 2021

    

335.60

      

0.60

      

0.60

      

(109.60

)

    

(109.00

)

    

(2.80

)

    

—

      

—

      

(2.80

)

    

223.80

      

-32.82

%

    

482,288

      

0.95

%

    

0.93

%

    

0.17

%

    

0.95

%

    

0.93

%

    

0.17

%

    

50

%

  

For the Year Ended October 31, 2020

    

361.00

      

3.00

      

3.20

      

(24.80

)

    

(21.80

)

    

(3.20

)

    

—

      

(0.40

)

    

(3.60

)

    

335.60

      

-6.03

%

    

260,909

      

0.99

%

    

1.01

%

    

0.96

%

    

0.95

%

    

0.97

%

    

1.00

%

    

264

%

  

For the Year Ended October 31, 2019

    

357.00

      

4.40

      

4.80

      

4.00

      

8.40

      

(4.40

)

    

—

      

—

      

(4.40

)

    

361.00

      

2.23

%

    

329,403

      

1.05

%

    

1.07

%

    

1.12

%

    

0.95

%

    

0.97

%

    

1.22

%

    

142

%

  

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

DIREXION SEMI-ANNUAL REPORT
128

Financial Highlights

April 30, 2024

       

RATIOS TO AVERAGE NET ASSETS7​

      
    Net Asset
Value,
Beginning
of Year/
Period		   Net
Investment
Income
(Loss)1,2​		   Net
Investment
Income
(Loss)1,3​		   Net Realized
and Unrealized
Gain (Loss)
on Investments4​		   Net Increase
(Decrease) in
Net Asset
Value Resulting
from Operations		   Dividends
from Net
Investment
Income		   Distributions
from
Realized
Capital Gains		   Distributions
from
Return
of Capital		   Total
Distributions		   Net
Asset
Value,
End of
Year/
Period		   Total
Return5​		   Net
Assets,
End of
Year/
Period
(000's
omitted)		   Net
Expenses2,6​		   Total
Expenses2​		   Net Investment
Income (Loss)
after Expense
Reimbursement2​		   Net
Expenses3,6​		   Total
Expenses3​		   Net Investment
Income (Loss)
after Expense
Reimbursement3​		   Portfolio
Turnover
Rate8​		  

Direxion Daily FTSE China Bear 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		  

$

12.07

    

$

0.23

    

$

0.27

    

$

(2.34

)

  

$

(2.11

)

  

$

(0.24

)

  

$

—

    

$

—

    

$

(0.24

)

  

$

9.72

      

-17.97

%

  

$

166,454

      

1.58

%

    

1.56

%

    

3.86

%

    

0.95

%

    

0.93

%

    

4.49

%

    

0

%

  

For the Year Ended October 31, 2023

    

38.16

      

0.34

      

0.41

      

(26.10

)

    

(25.76

)

    

(0.33

)

    

—

      

—

      

(0.33

)

    

12.07

      

-67.40

%

    

123,997

      

1.58

%

    

1.58

%

    

3.29

%

    

0.95

%

    

0.95

%

    

3.92

%

    

0

%

  

For the Year Ended October 31, 2022

    

16.86

      

0.02

      

0.03

      

21.28

      

21.30

      

—

      

—

      

—

      

—

      

38.16

      

126.33

%

    

168,948

      

1.06

%

    

1.06

%

    

0.09

%

    

0.95

%

    

0.95

%

    

0.20

%

    

0

%

  

For the Year Ended October 31, 2021

    

20.91

      

(0.14

)

    

(0.14

)

    

(3.91

)

    

(4.05

)

    

—

      

—

      

—

      

—

      

16.86

      

-19.37

%

    

66,230

      

0.95

%

    

0.98

%

    

(0.93

)%

    

0.95

%

    

0.98

%

    

(0.93

)%

    

0

%

  

For the Year Ended October 31, 2020

    

49.94

      

(0.05

)

    

(0.04

)

    

(28.78

)

    

(28.83

)

    

(0.11

)

    

—

      

(0.09

)

    

(0.20

)

    

20.91

      

-57.94

%

    

44,477

      

0.98

%

    

1.03

%

    

(0.14

)%

    

0.95

%

    

1.00

%

    

(0.11

)%

    

0

%

  

For the Year Ended October 31, 2019

    

71.04

      

0.65

      

0.71

      

(21.04

)

    

(20.39

)

    

(0.71

)

    

—

      

—

      

(0.71

)

    

49.94

      

-28.74

%

    

78,771

      

1.05

%

    

1.09

%

    

1.27

%

    

0.95

%

    

0.99

%

    

1.37

%

    

0

%

  

Direxion Daily FTSE Europe Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

15.92

      

0.29

      

0.33

      

8.02

      

8.31

      

(0.30

)

    

—

      

—

      

(0.30

)

    

23.93

      

52.18

%

    

22,732

      

1.30

%

    

1.31

%

    

2.56

%

    

0.95

%

    

0.96

%

    

2.91

%

    

0

%

  

For the Year Ended October 31, 2023

    

12.83

      

0.48

      

0.59

      

3.11

      

3.59

      

(0.50

)

    

—

      

—

      

(0.50

)

    

15.92

      

27.29

%

    

17,516

      

1.48

%

    

1.48

%

    

2.36

%

    

0.95

%

    

0.95

%

    

2.89

%

    

15

%

  

For the Year Ended October 31, 2022

    

38.34

      

0.28

      

0.29

      

(25.53

)

    

(25.25

)

    

(0.26

)

    

—

      

—

      

(0.26

)

    

12.83

      

-66.00

%

    

17,965

      

0.98

%

    

0.99

%

    

1.16

%

    

0.95

%

    

0.96

%

    

1.19

%

    

0

%

  

For the Year Ended October 31, 2021

    

14.48

      

0.15

      

0.15

      

23.85

      

24.00

      

(0.14

)

    

—

      

—

      

(0.14

)

    

38.34

      

165.99

%

    

47,924

      

0.96

%

    

0.93

%

    

0.45

%

    

0.95

%

    

0.92

%

    

0.46

%

    

51

%

  

For the Year Ended October 31, 2020

    

29.27

      

0.09

      

0.11

      

(14.74

)

    

(14.65

)

    

(0.14

)

    

—

      

—

      

(0.14

)

    

14.48

      

-50.09

%

    

13,757

      

1.03

%

    

1.09

%

    

0.43

%

    

0.95

%

    

1.01

%

    

0.51

%

    

101

%

  

For the Year Ended October 31, 2019

    

24.54

      

0.36

      

0.42

      

4.79

      

5.15

      

(0.42

)

    

—

      

—

      

(0.42

)

    

29.27

      

21.25

%

    

27,804

      

1.18

%

    

1.20

%

    

1.41

%

    

0.95

%

    

0.97

%

    

1.64

%

    

111

%

  

Direxion Daily MSCI Emerging Markets Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

22.57

      

0.57

      

0.60

      

7.09

      

7.66

      

(0.61

)

    

—

      

—

      

(0.61

)

    

29.62

      

33.97

%

    

79,432

      

1.16

%

    

1.17

%

    

4.04

%

    

0.95

%

    

0.96

%

    

4.25

%

    

159

%

  

For the Year Ended October 31, 2023

    

21.64

      

1.11

      

1.17

      

0.75

      

1.86

      

(0.93

)

    

—

      

—

      

(0.93

)

    

22.57

      

7.70

%

    

65,028

      

1.15

%

    

1.17

%

    

3.66

%

    

0.95

%

    

0.97

%

    

3.86

%

    

320

%

  

For the Year Ended October 31, 2022

    

81.27

      

0.37

      

0.38

      

(60.00

)

    

(59.63

)

    

—

      

—

      

—

      

—

      

21.64

      

-73.37

%

    

49,367

      

0.96

%

    

0.97

%

    

0.74

%

    

0.95

%

    

0.96

%

    

0.75

%

    

262

%

  

For the Year Ended October 31, 2021

    

59.82

      

(0.15

)

    

(0.14

)

    

21.73

      

21.58

      

(0.09

)

    

—

      

(0.04

)

    

(0.13

)

    

81.27

      

36.04

%

    

169,181

      

0.96

%

    

0.94

%

    

(0.16

)%

    

0.95

%

    

0.93

%

    

(0.15

)%

    

87

%

  

For the Year Ended October 31, 2020

    

73.05

      

0.27

      

0.31

      

(13.07

)

    

(12.80

)

    

(0.43

)

    

—

      

—

      

(0.43

)

    

59.82

      

-16.88

%

    

136,479

      

1.02

%

    

1.04

%

    

0.46

%

    

0.95

%

    

0.97

%

    

0.53

%

    

192

%

  

For the Year Ended October 31, 2019

    

62.74

      

0.90

      

0.96

      

10.28

      

11.18

      

(0.87

)

    

—

      

—

      

(0.87

)

    

73.05

      

17.72

%

    

188,596

      

1.04

%

    

1.06

%

    

1.24

%

    

0.95

%

    

0.97

%

    

1.33

%

    

66

%

  

Direxion Daily MSCI Emerging Markets Bear 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

15.27

      

0.24

      

0.26

      

(4.70

)

    

(4.46

)

    

(0.25

)

    

—

      

—

      

(0.25

)

    

10.56

      

-29.25

%

    

20,010

      

1.31

%

    

1.61

%

    

4.18

%

    

0.95

%

    

1.25

%

    

4.54

%

    

0

%

  

For the Year Ended October 31, 2023

    

20.95

      

0.44

      

0.50

      

(5.71

)

    

(5.27

)

    

(0.41

)

    

—

      

—

      

(0.41

)

    

15.27

      

-24.78

%

    

28,183

      

1.41

%

    

1.61

%

    

3.36

%

    

0.95

%

    

1.15

%

    

3.82

%

    

0

%

  

For the Year Ended October 31, 2022

    

9.03

      

(0.00

)10​

    

0.02

      

11.92

      

11.92

      

—

      

—

      

—

      

—

      

20.95

      

132.00

%

    

56,453

      

1.10

%

    

1.23

%

    

—

%

    

0.95

%

    

1.08

%

    

0.15

%

    

0

%

  

For the Year Ended October 31, 2021

    

17.25

      

(0.08

)

    

(0.08

)

    

(8.14

)

    

(8.22

)

    

—

      

—

      

—

      

—

      

9.03

      

-47.65

%

    

26,590

      

0.95

%

    

1.17

%

    

(0.93

)%

    

0.95

%

    

1.17

%

    

(0.93

)%

    

0

%

  

For the Year Ended October 31, 2020

    

42.02

      

(0.04

)

    

(0.03

)

    

(24.56

)

    

(24.60

)

    

(0.11

)

    

—

      

(0.06

)

    

(0.17

)

    

17.25

      

-58.79

%

    

38,720

      

0.98

%

    

1.08

%

    

(0.12

)%

    

0.95

%

    

1.05

%

    

(0.09

)%

    

0

%

  

For the Year Ended October 31, 2019

    

64.78

      

0.63

      

0.67

      

(22.66

)

    

(22.03

)

    

(0.73

)

    

—

      

—

      

(0.73

)

    

42.02

      

-34.15

%

    

62,837

      

1.02

%

    

1.08

%

    

1.32

%

    

0.95

%

    

1.01

%

    

1.39

%

    

0

%

  

Direxion Daily MSCI Mexico Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

18.62

      

0.45

      

0.53

      

10.38

      

10.83

      

(0.40

)

    

—

      

—

      

(0.40

)

    

29.05

      

57.88

%

    

13,540

      

1.45

%

    

1.51

%

    

2.93

%

    

0.95

%

    

1.01

%

    

3.43

%

    

30

%

  

For the Year Ended October 31, 2023

    

17.49

      

0.47

      

0.77

      

1.10

      

1.57

      

(0.44

)

    

—

      

—

      

(0.44

)

    

18.62

      

8.49

%

    

10,539

      

2.12

%

    

2.20

%

    

1.88

%

    

0.95

%

    

1.03

%

    

3.05

%

    

71

%

  

For the Year Ended October 31, 2022

    

16.62

      

0.21

      

0.21

      

0.83

      

1.04

      

(0.17

)

    

—

      

—

      

(0.17

)

    

17.49

      

6.35

%

    

11,650

      

0.98

%

    

1.09

%

    

1.27

%

    

0.95

%

    

1.06

%

    

1.30

%

    

25

%

  

For the Year Ended October 31, 2021

    

6.40

      

(0.01

)

    

(0.00

)10​

    

10.27

      

10.26

      

(0.04

)

    

—

      

—

      

(0.04

)

    

16.62

      

160.49

%

    

15,225

      

0.96

%

    

0.99

%

    

(0.04

)%

    

0.95

%

    

0.98

%

    

(0.03

)%

    

180

%

  

For the Year Ended October 31, 2020

    

26.06

      

0.02

      

0.02

      

(19.58

)

    

(19.56

)

    

(0.08

)

    

—

      

(0.02

)

    

(0.10

)

    

6.40

      

-75.36

%

    

10,660

      

1.03

%

    

1.26

%

    

0.18

%

    

0.95

%

    

1.18

%

    

0.26

%

    

188

%

  

For the Year Ended October 31, 2019

    

25.66

      

0.40

      

0.43

      

0.46

      

0.86

      

(0.46

)

    

—

      

—

      

(0.46

)

    

26.06

      

3.42

%

    

11,400

      

1.05

%

    

1.20

%

    

1.69

%

    

0.95

%

    

1.10

%

    

1.79

%

    

325

%

  

Direxion Daily MSCI South Korea Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

5.48

      

0.16

      

0.17

      

2.14

      

2.30

      

(0.18

)

    

—

      

—

      

(0.18

)

    

7.60

      

41.47

%

    

37,246

      

1.30

%

    

1.32

%

    

3.92

%

    

0.95

%

    

0.97

%

    

4.27

%

    

48

%

  

For the Year Ended October 31, 2023

    

6.00

      

0.14

      

0.17

      

(0.53

)

    

(0.39

)

    

(0.13

)

    

—

      

—

      

(0.13

)

    

5.48

      

-7.30

%

    

26,053

      

1.32

%

    

1.37

%

    

1.67

%

    

0.95

%

    

1.00

%

    

2.04

%

    

73

%

  

For the Year Ended October 31, 2022

    

26.12

      

0.11

      

0.11

      

(20.04

)

    

(19.93

)

    

(0.14

)

    

—

      

(0.05

)

    

(0.19

)

    

6.00

      

-76.86

%

    

20,094

      

0.96

%

    

1.01

%

    

0.78

%

    

0.95

%

    

1.00

%

    

0.79

%

    

27

%

  

For the Year Ended October 31, 2021

    

16.66

      

(0.27

)

    

(0.27

)

    

9.73

      

9.46

      

(0.00

)10​

    

—

      

—

      

(0.00

)10​

    

26.12

      

56.80

%

    

47,022

      

0.96

%

    

0.97

%

    

(0.73

)%

    

0.95

%

    

0.96

%

    

(0.72

)%

    

97

%

  

For the Year Ended October 31, 2020

    

21.32

      

(0.00

)10​

    

0.01

      

(4.47

)

    

(4.47

)

    

(0.19

)

    

—

      

—

      

(0.19

)

    

16.66

      

-21.27

%

    

25,821

      

1.01

%

    

1.15

%

    

(0.02

)%

    

0.95

%

    

1.09

%

    

0.04

%

    

327

%

  

For the Year Ended October 31, 2019

    

24.13

      

0.16

      

0.18

      

(2.78

)

    

(2.62

)

    

(0.19

)

    

—

      

—

      

(0.19

)

    

21.32

      

-10.93

%

    

25,580

      

1.04

%

    

1.10

%

    

0.71

%

    

0.95

%

    

1.01

%

    

0.80

%

    

149

%

  

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

DIREXION SEMI-ANNUAL REPORT
129

Financial Highlights

April 30, 2024

       

RATIOS TO AVERAGE NET ASSETS7​

      
    Net Asset
Value,
Beginning
of Year/
Period		   Net
Investment
Income
(Loss)1,2​		   Net
Investment
Income
(Loss)1,3​		   Net Realized
and Unrealized
Gain (Loss)
on Investments4​		   Net Increase
(Decrease) in
Net Asset
Value Resulting
from Operations		   Dividends
from Net
Investment
Income		   Distributions
from
Realized
Capital Gains		   Distributions
from
Return
of Capital		   Total
Distributions		   Net
Asset
Value,
End of
Year/
Period		   Total
Return5​		   Net
Assets,
End of
Year/
Period
(000's
omitted)		   Net
Expenses2,6​		   Total
Expenses2​		   Net Investment
Income (Loss)
after Expense
Reimbursement2​		   Net
Expenses3,6​		   Total
Expenses3​		   Net Investment
Income (Loss)
after Expense
Reimbursement3​		   Portfolio
Turnover
Rate8​		  

Direxion Daily Aerospace & Defense Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		  

$

16.35

    

$

0.17

    

$

0.20

    

$

8.78

    

$

8.95

    

$

(0.18

)

  

$

—

    

$

—

    

$

(0.18

)

  

$

25.12

      

54.76

%

  

$

156,990

      

1.20

%

    

1.20

%

    

1.53

%

    

0.92

%

    

0.92

%

    

1.81

%

    

8

%

  

For the Year Ended October 31, 2023

    

18.12

      

0.24

      

0.29

      

(1.79

)

    

(1.55

)

    

(0.22

)

    

—

      

—

      

(0.22

)

    

16.35

      

-8.70

%

    

155,357

      

1.21

%

    

1.21

%

    

1.23

%

    

0.93

%

    

0.93

%

    

1.51

%

    

32

%

  

For the Year Ended October 31, 2022

    

20.58

      

0.04

      

0.04

      

(2.12

)

    

(2.08

)

    

(0.04

)

    

(0.34

)

    

—

      

(0.38

)

    

18.12

      

-10.07

%

    

194,780

      

0.98

%

    

0.97

%

    

0.19

%

    

0.94

%

    

0.93

%

    

0.23

%

    

77

%

  

For the Year Ended October 31, 2021

    

8.87

      

(0.03

)

    

(0.03

)

    

11.75

      

11.72

      

(0.01

)

    

—

      

—

      

(0.01

)

    

20.58

      

132.19

%

    

280,890

      

0.96

%

    

0.93

%

    

(0.17

)%

    

0.95

%

    

0.92

%

    

(0.16

)%

    

64

%

  

For the Year Ended October 31, 2020

    

55.54

      

0.01

      

(0.01

)

    

(46.58

)

    

(46.57

)

    

(0.06

)

    

—

      

(0.04

)

    

(0.10

)

    

8.87

      

-83.86

%

    

199,485

      

0.99

%

    

1.02

%

    

0.07

%

    

0.95

%

    

0.98

%

    

0.11

%

    

159

%

  

For the Year Ended October 31, 2019

    

42.15

      

0.30

      

0.46

      

13.43

      

13.73

      

(0.34

)

    

—

      

—

      

(0.34

)

    

55.54

      

32.78

%

    

52,759

      

1.30

%

    

1.34

%

    

0.63

%

    

0.95

%

    

0.99

%

    

0.98

%

    

54

%

  

Direxion Daily Consumer Discretionary Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

21.67

      

0.16

      

0.19

      

8.52

      

8.68

      

(0.16

)

    

—

      

—

      

(0.16

)

    

30.19

      

39.96

%

    

24,151

      

1.17

%

    

1.18

%

    

0.99

%

    

0.95

%

    

0.96

%

    

1.21

%

    

23

%

  

For the Year Ended October 31, 2023

    

23.48

      

0.15

      

0.28

      

(1.87

)

    

(1.72

)

    

(0.09

)

    

—

      

—

      

(0.09

)

    

21.67

      

-7.37

%

    

24,922

      

1.47

%

    

1.50

%

    

0.60

%

    

0.95

%

    

0.98

%

    

1.12

%

    

99

%

  

For the Year Ended October 31, 2022

    

92.11

      

(0.12

)

    

(0.08

)

    

(68.51

)

    

(68.63

)

    

—

      

—

      

—

      

—

      

23.48

      

-74.51

%

    

24,653

      

1.03

%

    

1.06

%

    

(0.25

)%

    

0.95

%

    

0.98

%

    

(0.17

)%

    

149

%

  

For the Year Ended October 31, 2021

    

36.13

      

(0.33

)

    

(0.33

)

    

56.31

      

55.98

      

—

      

—

      

—

      

—

      

92.11

      

154.94

%

    

55,264

      

0.96

%

    

0.99

%

    

(0.54

)%

    

0.95

%

    

0.98

%

    

(0.53

)%

    

18

%

  

For the Year Ended October 31, 2020

    

31.74

      

(0.06

)

    

(0.05

)

    

4.52

      

4.46

      

(0.07

)

    

—

      

—

      

(0.07

)

    

36.13

      

14.26

%

    

12,647

      

1.00

%

    

1.46

%

    

(0.20

)%

    

0.95

%

    

1.41

%

    

(0.15

)%

    

101

%

  
For the Period November 29, 20189​ through
October 31, 2019		    

25.00

      

0.15

      

0.18

      

6.79

      

6.94

      

(0.17

)

    

—

      

(0.03

)

    

(0.20

)

    

31.74

      

27.83

%

    

6,347

      

1.08

%

    

2.18

%

    

0.55

%

    

0.95

%

    

2.05

%

    

0.68

%

    

66

%

  

Direxion Daily Dow Jones Internet Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

8.63

      

(0.01

)

    

0.07

      

7.36

      

7.35

      

—

      

—

      

—

      

—

      

15.98

      

85.17

%

    

150,180

      

1.95

%

    

1.92

%

    

(0.08

)%

    

0.95

%

    

0.92

%

    

0.92

%

    

7

%

  

For the Year Ended October 31, 2023

    

7.21

      

(0.00

)10​

    

0.06

      

1.42

      

1.42

      

(0.00

)10​

    

—

      

—

      

(0.00

)10​

    

8.63

      

19.70

%

    

118,634

      

1.70

%

    

1.68

%

    

(0.04

)%

    

0.95

%

    

0.93

%

    

0.71

%

    

110

%

  

For the Year Ended October 31, 2022

    

86.93

      

(0.07

)

    

(0.06

)

    

(76.60

)

    

(76.67

)

    

—

      

(3.05

)

    

—

      

(3.05

)

    

7.21

      

-91.32

%

    

103,100

      

0.98

%

    

0.99

%

    

(0.39

)%

    

0.95

%

    

0.96

%

    

(0.36

)%

    

55

%

  

For the Year Ended October 31, 2021

    

45.47

      

(0.62

)

    

(0.62

)

    

42.08

      

41.46

      

—

      

—

      

—

      

—

      

86.93

      

91.18

%

    

99,968

      

0.96

%

    

0.96

%

    

(0.81

)%

    

0.95

%

    

0.95

%

    

(0.80

)%

    

65

%

  
For the Period November 7, 20199​ through
October 31, 2020		    

25.00

      

(0.25

)

    

(0.24

)

    

20.74

      

20.49

      

(0.02

)

    

—

      

—

      

(0.02

)

    

45.47

      

81.99

%

    

34,100

      

0.97

%

    

1.14

%

    

(0.66

)%

    

0.95

%

    

1.12

%

    

(0.64

)%

    

123

%

  

Direxion Daily Dow Jones Internet Bear 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

15.80

      

0.20

      

0.21

      

(8.53

)

    

(8.33

)

    

(0.25

)

    

—

      

—

      

(0.25

)

    

7.22

      

-52.80

%

    

21,089

      

1.04

%

    

1.10

%

    

5.04

%

    

0.95

%

    

1.01

%

    

5.13

%

    

0

%

  

For the Year Ended October 31, 2023

    

38.22

      

0.69

      

0.79

      

(22.49

)

    

(21.80

)

    

(0.62

)

    

—

      

—

      

(0.62

)

    

15.80

      

-57.09

%

    

36,653

      

1.44

%

    

1.46

%

    

3.50

%

    

0.95

%

    

0.97

%

    

3.99

%

    

0

%

  

For the Year Ended October 31, 2022

    

14.39

      

0.17

      

0.20

      

23.67

      

23.84

      

(0.01

)

    

—

      

—

      

(0.01

)

    

38.22

      

165.69

%

    

56,183

      

1.06

%

    

1.11

%

    

0.49

%

    

0.95

%

    

1.00

%

    

0.60

%

    

0

%

  

For the Year Ended October 31, 2021

    

44.23

      

(0.18

)

    

(0.18

)

    

(29.66

)

    

(29.84

)

    

—

      

—

      

—

      

—

      

14.39

      

-67.47

%

    

4,604

      

0.95

%

    

1.56

%

    

(0.93

)%

    

0.95

%

    

1.56

%

    

(0.93

)%

    

0

%

  
For the Period November 7, 20199​ through
October 31, 2020		    

250.00

      

(0.24

)

    

(0.23

)

    

(204.96

)

    

(205.20

)

    

(0.28

)

    

—

      

(0.29

)

    

(0.57

)

    

44.23

      

-82.26

%

    

5,305

      

0.96

%

    

2.14

%

    

(0.30

)%

    

0.95

%

    

2.13

%

    

(0.29

)%

    

0

%

  

Direxion Daily Financial Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

53.45

      

0.71

      

0.91

      

43.99

      

44.70

      

(0.75

)

    

—

      

—

      

(0.75

)

    

97.40

      

83.73

%

    

2,098,881

      

1.35

%

    

1.37

%

    

1.63

%

    

0.87

%

    

0.89

%

    

2.11

%

    

11

%

  

For the Year Ended October 31, 2023

    

73.63

      

1.25

      

1.41

      

(20.02

)

    

(18.77

)

    

(1.41

)

    

—

      

—

      

(1.41

)

    

53.45

      

-25.79

%

    

1,432,425

      

1.12

%

    

1.13

%

    

1.85

%

    

0.89

%

    

0.90

%

    

2.08

%

    

80

%

  

For the Year Ended October 31, 2022

    

144.45

      

0.81

      

0.83

      

(70.93

)

    

(70.12

)

    

(0.70

)

    

—

      

—

      

(0.70

)

    

73.63

      

-48.61

%

    

1,892,223

      

0.89

%

    

0.93

%

    

0.82

%

    

0.87

%

    

0.91

%

    

0.84

%

    

109

%

  

For the Year Ended October 31, 2021

    

33.61

      

0.52

      

0.53

      

110.82

      

111.34

      

(0.50

)

    

—

      

—

      

(0.50

)

    

144.45

      

332.26

%

    

3,582,160

      

0.86

%

    

0.91

%

    

0.56

%

    

0.85

%

    

0.90

%

    

0.57

%

    

70

%

  

For the Year Ended October 31, 2020

    

80.94

      

0.32

      

0.36

      

(47.34

)

    

(47.02

)

    

(0.31

)

    

—

      

—

      

(0.31

)

    

33.61

      

-58.07

%

    

1,347,638

      

1.03

%

    

1.03

%

    

0.73

%

    

0.94

%

    

0.94

%

    

0.82

%

    

247

%

  

For the Year Ended October 31, 2019

    

58.65

      

0.68

      

0.88

      

22.25

      

22.93

      

(0.64

)

    

—

      

(0.00

)10​

    

(0.64

)

    

80.94

      

39.44

%

    

1,339,498

      

1.26

%

    

1.25

%

    

1.04

%

    

0.95

%

    

0.94

%

    

1.35

%

    

29

%

  

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

DIREXION SEMI-ANNUAL REPORT
130

Financial Highlights

April 30, 2024

       

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 Financial Bear 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		  

$

21.62

    

$

0.28

    

$

0.29

    

$

(10.40

)

  

$

(10.12

)

  

$

(0.26

)

  

$

—

    

$

—

    

$

(0.26

)

  

$

11.24

      

-46.82

%

  

$

136,081

      

1.12

%

    

1.12

%

    

4.73

%

    

0.91

%

    

0.91

%

    

4.94

%

    

0

%

  

For the Year Ended October 31, 2023

    

20.50

      

0.61

      

0.69

      

1.10

      

1.71

      

(0.59

)

    

—

      

—

      

(0.59

)

    

21.62

      

8.57

%

    

167,617

      

1.35

%

    

1.33

%

    

3.25

%

    

0.93

%

    

0.91

%

    

3.67

%

    

0

%

  

For the Year Ended October 31, 2022

    

18.33

      

0.01

      

0.03

      

2.16

      

2.17

      

—

      

—

      

—

      

—

      

20.50

      

11.84

%

    

190,690

      

1.04

%

    

1.01

%

    

0.05

%

    

0.95

%

    

0.92

%

    

0.14

%

    

0

%

  

For the Year Ended October 31, 2021

    

118.00

      

(0.33

)

    

(0.33

)

    

(99.34

)

    

(99.67

)

    

—

      

—

      

—

      

—

      

18.33

      

-84.47

%

    

130,234

      

0.95

%

    

0.92

%

    

(0.93

)%

    

0.95

%

    

0.92

%

    

(0.93

)%

    

0

%

  

For the Year Ended October 31, 2020

    

261.76

      

(0.88

)

    

(0.80

)

    

(141.92

)

    

(142.80

)

    

(0.64

)

    

—

      

(0.32

)

    

(0.96

)

    

118.00

      

-54.76

%

    

271,668

      

0.96

%

    

0.98

%

    

(0.48

)%

    

0.95

%

    

0.97

%

    

(0.47

)%

    

0

%

  

For the Year Ended October 31, 2019

    

449.20

      

4.72

      

4.88

      

(187.52

)

    

(182.80

)

    

(4.64

)

    

—

      

—

      

(4.64

)

    

261.76

      

-40.98

%

    

175,801

      

0.99

%

    

1.00

%

    

1.37

%

    

0.95

%

    

0.96

%

    

1.41

%

    

0

%

  

Direxion Daily Healthcare Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

79.01

      

0.77

      

0.98

      

26.98

      

27.75

      

(0.93

)

    

—

      

—

      

(0.93

)

    

105.83

      

35.13

%

    

179,917

      

1.29

%

    

1.29

%

    

1.46

%

    

0.90

%

    

0.90

%

    

1.85

%

    

0

%

  

For the Year Ended October 31, 2023

    

108.91

      

1.76

      

1.86

      

(30.04

)

    

(28.28

)

    

(1.62

)

    

—

      

—

      

(1.62

)

    

79.01

      

-26.23

%

    

154,065

      

1.02

%

    

1.01

%

    

1.74

%

    

0.92

%

    

0.91

%

    

1.84

%

    

18

%

  

For the Year Ended October 31, 2022

    

123.96

      

0.40

      

0.44

      

(15.12

)

    

(14.72

)

    

(0.33

)

    

—

      

—

      

(0.33

)

    

108.91

      

-11.85

%

    

196,030

      

0.98

%

    

0.96

%

    

0.35

%

    

0.95

%

    

0.93

%

    

0.38

%

    

16

%

  

For the Year Ended October 31, 2021

    

55.70

      

(0.04

)

    

(0.04

)

    

68.31

      

68.27

      

(0.01

)

    

—

      

—

      

(0.01

)

    

123.96

      

122.57

%

    

254,116

      

0.96

%

    

0.94

%

    

(0.05

)%

    

0.95

%

    

0.93

%

    

(0.04

)%

    

2

%

  

For the Year Ended October 31, 2020

    

58.15

      

0.12

      

0.16

      

(2.44

)

    

(2.32

)

    

(0.13

)

    

—

      

—

      

(0.13

)

    

55.70

      

-3.85

%

    

103,039

      

1.01

%

    

1.04

%

    

0.20

%

    

0.95

%

    

0.98

%

    

0.26

%

    

228

%

  

For the Year Ended October 31, 2019

    

53.02

      

0.40

      

0.46

      

5.16

      

5.56

      

(0.43

)

    

—

      

—

      

(0.43

)

    

58.15

      

10.61

%

    

139,550

      

1.07

%

    

1.08

%

    

0.75

%

    

0.95

%

    

0.96

%

    

0.87

%

    

16

%

  

Direxion Daily Homebuilders & Supplies Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

43.99

      

0.19

      

0.72

      

61.93

      

62.12

      

(0.20

)

    

—

      

—

      

(0.20

)

    

105.91

      

141.15

%

    

254,191

      

1.96

%

    

1.96

%

    

0.37

%

    

0.92

%

    

0.92

%

    

1.41

%

    

24

%

  

For the Year Ended October 31, 2023

    

26.23

      

0.14

      

0.71

      

17.82

      

17.96

      

(0.20

)

    

—

      

—

      

(0.20

)

    

43.99

      

68.45

%

    

149,559

      

2.10

%

    

2.10

%

    

0.28

%

    

0.93

%

    

0.93

%

    

1.45

%

    

108

%

  

For the Year Ended October 31, 2022

    

83.28

      

(0.01

)

    

0.02

      

(57.04

)

    

(57.05

)

    

—

      

—

      

—

      

—

      

26.23

      

-68.50

%

    

131,145

      

0.97

%

    

0.97

%

    

(0.01

)%

    

0.93

%

    

0.93

%

    

0.03

%

    

98

%

  

For the Year Ended October 31, 2021

    

39.58

      

(0.25

)

    

(0.24

)

    

43.95

      

43.70

      

—

      

—

      

—

      

—

      

83.28

      

110.41

%

    

383,075

      

0.96

%

    

0.94

%

    

(0.37

)%

    

0.94

%

    

0.92

%

    

(0.35

)%

    

95

%

  

For the Year Ended October 31, 2020

    

70.39

      

(0.12

)

    

(0.10

)

    

(30.69

)

    

(30.81

)

    

(0.00

)10​

    

—

      

—

      

(0.00

)10​

    

39.58

      

-43.74

%

    

360,141

      

1.01

%

    

1.02

%

    

(0.34

)%

    

0.95

%

    

0.96

%

    

(0.28

)%

    

134

%

  

For the Year Ended October 31, 2019

    

28.33

      

0.15

      

0.22

      

42.09

      

42.24

      

(0.17

)

    

—

      

(0.01

)

    

(0.18

)

    

70.39

      

149.83

%

    

66,870

      

1.12

%

    

1.17

%

    

0.34

%

    

0.95

%

    

1.00

%

    

0.51

%

    

24

%

  

Direxion Daily Industrials Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

28.20

      

0.31

      

0.39

      

21.61

      

21.92

      

(0.30

)

    

—

      

—

      

(0.30

)

    

49.82

      

77.81

%

    

34,874

      

1.32

%

    

1.33

%

    

1.41

%

    

0.95

%

    

0.96

%

    

1.78

%

    

5

%

  

For the Year Ended October 31, 2023

    

29.04

      

0.50

      

0.60

      

(0.83

)

    

(0.33

)

    

(0.51

)

    

—

      

—

      

(0.51

)

    

28.20

      

-1.42

%

    

19,742

      

1.26

%

    

1.30

%

    

1.47

%

    

0.95

%

    

0.99

%

    

1.78

%

    

21

%

  

For the Year Ended October 31, 2022

    

45.37

      

0.12

      

0.13

      

(16.33

)

    

(16.21

)

    

(0.12

)

    

—

      

—

      

(0.12

)

    

29.04

      

-35.71

%

    

18,873

      

0.97

%

    

1.01

%

    

0.33

%

    

0.95

%

    

0.99

%

    

0.35

%

    

20

%

  

For the Year Ended October 31, 2021

    

18.48

      

(0.00

)10​

    

(0.00

)10​

    

26.96

      

26.96

      

(0.03

)

    

(0.04

)

    

—

      

(0.07

)

    

45.37

      

146.14

%

    

63,520

      

0.96

%

    

0.96

%

    

(0.01

)%

    

0.95

%

    

0.95

%

    

—

%

    

3

%

  

For the Year Ended October 31, 2020

    

32.94

      

0.05

      

0.06

      

(14.36

)

    

(14.31

)

    

(0.15

)

    

—

      

—

      

(0.15

)

    

18.48

      

-43.33

%

    

16,636

      

0.97

%

    

1.44

%

    

0.27

%

    

0.95

%

    

1.42

%

    

0.29

%

    

103

%

  

For the Year Ended October 31, 2019

    

26.25

      

0.37

      

0.39

      

6.75

      

7.12

      

(0.43

)

    

—

      

—

      

(0.43

)

    

32.94

      

27.57

%

    

3,294

      

1.03

%

    

1.84

%

    

1.25

%

    

0.95

%

    

1.76

%

    

1.33

%

    

228

%

  

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

5.11

      

0.06

      

0.08

      

1.22

      

1.28

      

(0.07

)

    

—

      

—

      

(0.07

)

    

6.32

      

24.77

%

    

12,330

      

1.36

%

    

1.56

%

    

1.68

%

    

0.95

%

    

1.15

%

    

2.09

%

    

42

%

  

For the Year Ended October 31, 2023

    

10.16

      

0.13

      

0.14

      

(5.04

)

    

(4.91

)

    

(0.14

)

    

—

      

—

      

(0.14

)

    

5.11

      

-48.91

%

    

8,180

      

1.06

%

    

1.37

%

    

1.54

%

    

0.95

%

    

1.26

%

    

1.65

%

    

51

%

  

For the Year Ended October 31, 2022

    

18.11

      

0.03

      

0.04

      

(7.95

)

    

(7.92

)

    

(0.03

)

    

—

      

—

      

(0.03

)

    

10.16

      

-43.75

%

    

11,173

      

0.98

%

    

1.11

%

    

0.25

%

    

0.95

%

    

1.08

%

    

0.28

%

    

189

%

  

For the Year Ended October 31, 2021

    

15.76

      

(0.09

)

    

(0.08

)

    

2.44

      

2.35

      

—

      

—

      

—

      

—

      

18.11

      

14.91

%

    

31,693

      

0.95

%

    

1.07

%

    

(0.39

)%

    

0.95

%

    

1.07

%

    

(0.39

)%

    

115

%

  

For the Year Ended October 31, 2020

    

15.66

      

(0.06

)

    

(0.04

)

    

0.16

      

0.10

      

(0.00

)10​

    

—

      

—

      

(0.00

)10​

    

15.76

      

0.64

%

    

11,029

      

1.03

%

    

1.38

%

    

(0.34

)%

    

0.95

%

    

1.30

%

    

(0.26

)%

    

165

%

  

For the Year Ended October 31, 2019

    

26.53

      

0.12

      

0.12

      

(10.80

)

    

(10.68

)

    

(0.18

)

    

—

      

(0.01

)

    

(0.19

)

    

15.66

      

-40.41

%

    

8,611

      

0.97

%

    

1.43

%

    

0.72

%

    

0.95

%

    

1.41

%

    

0.74

%

    

246

%

  

Direxion Daily Real Estate Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

6.12

      

0.15

      

0.16

      

1.25

      

1.40

      

(0.11

)

    

—

      

—

      

(0.11

)

    

7.41

      

22.44

%

    

60,729

      

1.19

%

    

1.16

%

    

3.23

%

    

0.95

%

    

0.92

%

    

3.47

%

    

26

%

  

For the Year Ended October 31, 2023

    

9.85

      

0.29

      

0.31

      

(3.77

)

    

(3.48

)

    

(0.25

)

    

—

      

(0.00

)10​

    

(0.25

)

    

6.12

      

-36.09

%

    

44,711

      

1.15

%

    

1.15

%

    

3.09

%

    

0.95

%

    

0.95

%

    

3.29

%

    

45

%

  

For the Year Ended October 31, 2022

    

26.14

      

0.25

      

0.26

      

(15.16

)

    

(14.91

)

    

(0.25

)

    

(1.13

)

    

—

      

(1.38

)

    

9.85

      

-60.04

%

    

47,268

      

0.98

%

    

0.97

%

    

1.24

%

    

0.95

%

    

0.94

%

    

1.27

%

    

84

%

  

For the Year Ended October 31, 2021

    

9.03

      

0.22

      

0.22

      

17.08

      

17.30

      

(0.19

)

    

—

      

—

      

(0.19

)

    

26.14

      

192.60

%

    

147,704

      

0.96

%

    

0.94

%

    

1.18

%

    

0.95

%

    

0.93

%

    

1.19

%

    

20

%

  

For the Year Ended October 31, 2020

    

30.84

      

0.19

      

0.19

      

(21.40

)

    

(21.21

)

    

(0.17

)

    

(0.40

)

    

(0.03

)

    

(0.60

)

    

9.03

      

-69.35

%

    

49,659

      

1.01

%

    

1.08

%

    

1.40

%

    

0.95

%

    

1.02

%

    

1.46

%

    

123

%

  

For the Year Ended October 31, 2019

    

19.59

      

0.54

      

0.59

      

11.20

      

11.74

      

(0.49

)

    

—

      

—

      

(0.49

)

    

30.84

      

60.83

%

    

53,969

      

1.14

%

    

1.22

%

    

2.21

%

    

0.95

%

    

1.03

%

    

2.40

%

    

72

%

  

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

DIREXION SEMI-ANNUAL REPORT
131

Financial Highlights

April 30, 2024

       

RATIOS TO AVERAGE NET ASSETS7​

      
    Net Asset
Value,
Beginning
of Year/
Period		   Net
Investment
Income
(Loss)1,2​		   Net
Investment
Income
(Loss)1,3​		   Net Realized
and Unrealized
Gain (Loss)
on Investments4​		   Net Increase
(Decrease) in
Net Asset
Value Resulting
from Operations		   Dividends
from Net
Investment
Income		   Distributions
from
Realized
Capital Gains		   Distributions
from
Return
of Capital		   Total
Distributions		   Net
Asset
Value,
End of
Year/
Period		   Total
Return5​		   Net
Assets,
End of
Year/
Period
(000's
omitted)		   Net
Expenses2,6​		   Total
Expenses2​		   Net Investment
Income (Loss)
after Expense
Reimbursement2​		   Net
Expenses3,6​		   Total
Expenses3​		   Net Investment
Income (Loss)
after Expense
Reimbursement3​		   Portfolio
Turnover
Rate8​		  

Direxion Daily Real Estate Bear 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		  

$

65.11

    

$

0.72

    

$

0.86

    

$

(19.65

)

  

$

(18.93

)

  

$

(0.79

)

  

$

—

    

$

—

    

$

(0.79

)

  

$

45.39

      

-28.75

%

  

$

110,490

      

1.65

%

    

1.61

%

    

3.69

%

    

0.95

%

    

0.91

%

    

4.39

%

    

0

%

  

For the Year Ended October 31, 2023

    

60.71

      

1.62

      

1.87

      

4.40

      

6.02

      

(1.62

)

    

—

      

—

      

(1.62

)

    

65.11

      

10.65

%

    

151,961

      

1.44

%

    

1.40

%

    

3.24

%

    

0.95

%

    

0.91

%

    

3.73

%

    

0

%

  

For the Year Ended October 31, 2022

    

41.07

      

0.37

      

0.40

      

19.27

      

19.64

      

—

      

—

      

—

      

—

      

60.71

      

47.82

%

    

205,433

      

1.01

%

    

1.03

%

    

0.75

%

    

0.95

%

    

0.97

%

    

0.81

%

    

0

%

  

For the Year Ended October 31, 2021

    

153.40

      

(0.64

)

    

(0.64

)

    

(111.69

)

    

(112.33

)

    

—

      

—

      

—

      

—

      

41.07

      

-73.23

%

    

19,926

      

0.95

%

    

1.17

%

    

(0.93

)%

    

0.95

%

    

1.17

%

    

(0.93

)%

    

0

%

  

For the Year Ended October 31, 2020

    

257.60

      

(1.10

)

    

(1.10

)

    

(102.20

)

    

(103.30

)

    

(0.60

)

    

—

      

(0.30

)

    

(0.90

)

    

153.40

      

-40.31

%

    

45,283

      

0.96

%

    

1.14

%

    

(0.60

)%

    

0.95

%

    

1.13

%

    

(0.59

)%

    

0

%

  

For the Year Ended October 31, 2019

    

502.00

      

5.00

      

5.00

      

(244.60

)

    

(239.60

)

    

(4.80

)

    

—

      

—

      

(4.80

)

    

257.60

      

-47.94

%

    

15,495

      

0.97

%

    

1.28

%

    

1.41

%

    

0.95

%

    

1.26

%

    

1.43

%

    

0

%

  

Direxion Daily Regional Banks Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

44.90

      

1.13

      

1.27

      

18.23

      

19.36

      

(1.00

)

    

—

      

—

      

(1.00

)

    

63.26

      

42.71

%

    

627,744

      

1.24

%

    

1.24

%

    

3.04

%

    

0.87

%

    

0.87

%

    

3.41

%

    

68

%

  

For the Year Ended October 31, 2023

    

299.30

      

1.88

      

2.22

      

(254.52

)

    

(252.64

)

    

(1.76

)

    

—

      

—

      

(1.76

)

    

44.90

      

-84.66

%

    

447,781

      

1.38

%

    

1.38

%

    

2.67

%

    

0.90

%

    

0.90

%

    

3.15

%

    

149

%

  

For the Year Ended October 31, 2022

    

510.20

      

3.70

      

3.90

      

(211.00

)

    

(207.30

)

    

(3.60

)

    

—

      

—

      

(3.60

)

    

299.30

      

-40.71

%

    

212,433

      

0.93

%

    

0.93

%

    

0.94

%

    

0.89

%

    

0.89

%

    

0.98

%

    

138

%

  

For the Year Ended October 31, 2021

    

131.90

      

2.80

      

2.80

      

378.30

      

381.10

      

(2.80

)

    

—

      

—

      

(2.80

)

    

510.20

      

290.09

%

    

441,276

      

0.91

%

    

0.89

%

    

0.70

%

    

0.90

%

    

0.88

%

    

0.71

%

    

147

%

  

For the Year Ended October 31, 2020

    

831.20

      

2.10

      

2.10

      

(696.90

)

    

(694.80

)

    

(4.50

)

    

—

      

—

      

(4.50

)

    

131.90

      

-83.83

%

    

111,397

      

0.97

%

    

1.00

%

    

1.64

%

    

0.95

%

    

0.98

%

    

1.66

%

    

331

%

  

For the Year Ended October 31, 2019

    

994.40

      

14.00

      

14.40

      

(163.00

)

    

(149.00

)

    

(14.20

)

    

—

      

—

      

(14.20

)

    

831.20

      

-14.83

%

    

20,780

      

0.99

%

    

1.07

%

    

1.64

%

    

0.95

%

    

1.03

%

    

1.68

%

    

81

%

  

Direxion Daily Retail Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

5.11

      

0.07

      

0.09

      

3.16

      

3.23

      

(0.06

)

    

—

      

—

      

(0.06

)

    

8.28

      

63.09

%

    

46,114

      

1.38

%

    

1.38

%

    

1.66

%

    

0.91

%

    

0.91

%

    

2.13

%

    

36

%

  

For the Year Ended October 31, 2023

    

8.14

      

0.11

      

0.13

      

(3.03

)

    

(2.92

)

    

(0.11

)

    

—

      

—

      

(0.11

)

    

5.11

      

-36.13

%

    

38,954

      

1.21

%

    

1.20

%

    

1.54

%

    

0.93

%

    

0.92

%

    

1.82

%

    

146

%

  

For the Year Ended October 31, 2022

    

41.95

      

0.13

      

0.13

      

(33.83

)

    

(33.70

)

    

(0.11

)

    

—

      

—

      

(0.11

)

    

8.14

      

-80.48

%

    

51,020

      

0.98

%

    

0.95

%

    

0.74

%

    

0.95

%

    

0.92

%

    

0.77

%

    

83

%

  

For the Year Ended October 31, 2021

    

8.58

      

(0.09

)

    

(0.08

)

    

33.46

      

33.37

      

(0.00

)10​

    

—

      

—

      

(0.00

)10​

    

41.95

      

389.07

%

    

128,839

      

0.97

%

    

0.92

%

    

(0.24

)%

    

0.95

%

    

0.90

%

    

(0.22

)%

    

112

%

  

For the Year Ended October 31, 2020

    

9.43

      

0.01

      

0.01

      

(0.82

)

    

(0.81

)

    

(0.02

)

    

—

      

(0.02

)

    

(0.04

)

    

8.58

      

-7.65

%

    

22,485

      

0.99

%

    

1.17

%

    

0.12

%

    

0.95

%

    

1.13

%

    

0.16

%

    

171

%

  

For the Year Ended October 31, 2019

    

14.76

      

0.13

      

0.13

      

(5.34

)

    

(5.21

)

    

(0.12

)

    

—

      

—

      

(0.12

)

    

9.43

      

-35.35

%

    

12,967

      

1.01

%

    

1.16

%

    

1.15

%

    

0.95

%

    

1.10

%

    

1.21

%

    

84

%

  

Direxion Daily S&P 500®​ High Beta Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

21.03

      

0.27

      

0.34

      

18.03

      

18.30

      

(0.27

)

    

—

      

—

      

(0.27

)

    

39.06

      

86.90

%

    

51,336

      

1.33

%

    

1.32

%

    

1.43

%

    

0.95

%

    

0.94

%

    

1.81

%

    

44

%

  

For the Year Ended October 31, 2023

    

25.51

      

0.18

      

0.33

      

(4.48

)

    

(4.30

)

    

(0.18

)

    

—

      

—

      

(0.18

)

    

21.03

      

-17.09

%

    

59,183

      

1.42

%

    

1.43

%

    

0.60

%

    

0.95

%

    

0.96

%

    

1.07

%

    

147

%

  

For the Year Ended October 31, 2022

    

75.48

      

(0.07

)

    

(0.04

)

    

(49.90

)

    

(49.97

)

    

—

      

—

      

—

      

—

      

25.51

      

-66.20

%

    

69,235

      

1.01

%

    

1.01

%

    

(0.16

)%

    

0.95

%

    

0.95

%

    

(0.10

)%

    

144

%

  

For the Year Ended October 31, 2021

    

14.43

      

(0.01

)

    

(0.01

)

    

61.10

      

61.09

      

(0.04

)

    

—

      

—

      

(0.04

)

    

75.48

      

423.32

%

    

110,529

      

0.96

%

    

0.97

%

    

(0.02

)%

    

0.95

%

    

0.96

%

    

(0.01

)%

    

151

%

  
For the Period November 7, 20199​ through
October 31, 2020		    

35.71

      

—

      

—

      

(21.14

)

    

(21.14

)

    

(0.04

)

    

—

      

(0.10

)

    

(0.14

)

    

14.43

      

-59.13

%

    

29,795

      

0.97

%

    

1.16

%

    

(0.03

)%

    

0.95

%

    

1.14

%

    

(0.01

)%

    

245

%

  

Direxion Daily S&P 500®​ High Beta Bear 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

60.09

      

0.63

      

0.69

      

(33.25

)

    

(32.62

)

    

(0.63

)

    

—

      

—

      

(0.63

)

    

26.84

      

-54.25

%

    

38,264

      

1.33

%

    

1.34

%

    

4.36

%

    

0.95

%

    

0.96

%

    

4.74

%

    

0

%

  

For the Year Ended October 31, 2023

    

86.20

      

1.75

      

1.99

      

(26.40

)

    

(24.65

)

    

(1.46

)

    

—

      

—

      

(1.46

)

    

60.09

      

-28.08

%

    

61,619

      

1.44

%

    

1.45

%

    

3.46

%

    

0.95

%

    

0.96

%

    

3.95

%

    

0

%

  

For the Year Ended October 31, 2022

    

90.60

      

0.10

      

0.30

      

(4.50

)

    

(4.40

)

    

—

      

—

      

—

      

—

      

86.20

      

-4.86

%

    

66,428

      

1.14

%

    

1.17

%

    

0.13

%

    

0.95

%

    

0.98

%

    

0.32

%

    

0

%

  

For the Year Ended October 31, 2021

    

1,010.00

      

(1.50

)

    

(1.50

)

    

(917.90

)

    

(919.40

)

    

—

      

—

      

—

      

—

      

90.60

      

-91.03

%

    

23,626

      

0.95

%

    

1.03

%

    

(0.93

)%

    

0.95

%

    

1.03

%

    

(0.93

)%

    

0

%

  
For the Period November 7, 20199​ through
October 31, 2020		    

5,000.00

      

(10.00

)

    

(10.00

)

    

(3,972.00

)

    

(3,982.00

)

    

(4.00

)

    

—

      

(4.00

)

    

(8.00

)

    

1,010.00

      

-79.76

%

    

52,781

      

0.96

%

    

1.10

%

    

(0.79

)%

    

0.95

%

    

1.09

%

    

(0.78

)%

    

0

%

  

Direxion Daily S&P Biotech Bull 3X Shares11​

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

54.44

      

0.18

      

0.57

      

43.40

      

43.58

      

(7.41

)

    

—

      

—

      

(7.41

)

    

90.61

      

66.98

%

    

949,079

      

1.63

%

    

1.63

%

    

0.34

%

    

0.91

%

    

0.91

%

    

1.06

%

    

106

%

  

For the Year Ended October 31, 2023

    

148.40

      

0.77

      

1.17

      

(94.52

)

    

(93.75

)

    

(0.21

)

    

—

      

—

      

(0.21

)

    

54.44

      

-63.25

%

    

677,505

      

1.26

%

    

1.26

%

    

0.68

%

    

0.92

%

    

0.92

%

    

1.02

%

    

83

%

  

For the Year Ended October 31, 2022

    

1,065.00

      

(1.20

)

    

(0.80

)

    

(915.40

)

    

(916.60

)

    

—

      

—

      

—

      

—

      

148.40

      

-86.07

%

    

1,159,847

      

1.09

%

    

1.09

%

    

(0.51

)%

    

0.94

%

    

0.94

%

    

(0.36

)%

    

148

%

  

For the Year Ended October 31, 2021

    

1,070.40

      

(11.40

)

    

(11.40

)

    

6.00

      

(5.40

)

    

—

      

—

      

—

      

—

      

1,065.00

      

-0.50

%

    

772,796

      

0.95

%

    

0.93

%

    

(0.82

)%

    

0.94

%

    

0.92

%

    

(0.81

)%

    

169

%

  

For the Year Ended October 31, 2020

    

743.60

      

(4.60

)

    

(3.80

)

    

331.60

      

327.00

      

(0.20

)

    

—

      

(0.00

)10​

    

(0.20

)

    

1,070.40

      

43.96

%

    

292,298

      

1.04

%

    

1.05

%

    

(0.48

)%

    

0.95

%

    

0.96

%

    

(0.39

)%

    

137

%

  

For the Year Ended October 31, 2019

    

986.60

      

4.80

      

5.00

      

(242.80

)

    

(238.00

)

    

(5.00

)

    

—

      

—

      

(5.00

)

    

743.60

      

-24.17

%

    

487,452

      

0.98

%

    

0.98

%

    

0.53

%

    

0.95

%

    

0.95

%

    

0.56

%

    

114

%

  

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

DIREXION SEMI-ANNUAL REPORT
132

Financial Highlights

April 30, 2024

       

RATIOS TO AVERAGE NET ASSETS7​

      
    Net Asset
Value,
Beginning
of Year/
Period		   Net
Investment
Income
(Loss)1,2​		   Net
Investment
Income
(Loss)1,3​		   Net Realized
and Unrealized
Gain (Loss)
on Investments4​		   Net Increase
(Decrease) in
Net Asset
Value Resulting
from Operations		   Dividends
from Net
Investment
Income		   Distributions
from
Realized
Capital Gains		   Distributions
from
Return
of Capital		   Total
Distributions		   Net
Asset
Value,
End of
Year/
Period		   Total
Return5​		   Net
Assets,
End of
Year/
Period
(000's
omitted)		   Net
Expenses2,6​		   Total
Expenses2​		   Net Investment
Income (Loss)
after Expense
Reimbursement2​		   Net
Expenses3,6​		   Total
Expenses3​		   Net Investment
Income (Loss)
after Expense
Reimbursement3​		   Portfolio
Turnover
Rate8​		  

Direxion Daily S&P Biotech Bear 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		  

$

26.74

    

$

0.18

    

$

0.20

    

$

(16.68

)

  

$

(16.50

)

  

$

(0.15

)

  

$

—

    

$

—

    

$

(0.15

)

  

$

10.09

      

-61.65

%

  

$

102,055

      

1.35

%

    

1.33

%

    

4.29

%

    

0.95

%

    

0.93

%

    

4.69

%

    

0

%

  

For the Year Ended October 31, 2023

    

20.18

      

0.51

      

0.62

      

6.65

      

7.16

      

(0.60

)

    

—

      

—

      

(0.60

)

    

26.74

      

37.01

%

    

61,924

      

1.61

%

    

1.60

%

    

3.18

%

    

0.95

%

    

0.94

%

    

3.84

%

    

0

%

  

For the Year Ended October 31, 2022

    

21.33

      

0.17

      

0.18

      

(1.32

)

    

(1.15

)

    

—

      

—

      

—

      

—

      

20.18

      

-5.39

%

    

189,975

      

1.02

%

    

1.03

%

    

0.63

%

    

0.95

%

    

0.96

%

    

0.70

%

    

0

%

  

For the Year Ended October 31, 2021

    

54.51

      

(0.20

)

    

(0.20

)

    

(32.98

)

    

(33.18

)

    

—

      

—

      

—

      

—

      

21.33

      

-60.87

%

    

47,267

      

0.95

%

    

0.95

%

    

(0.93

)%

    

0.95

%

    

0.95

%

    

(0.93

)%

    

0

%

  

For the Year Ended October 31, 2020

    

408.20

      

(0.09

)

    

(0.04

)

    

(352.33

)

    

(352.42

)

    

(0.71

)

    

—

      

(0.56

)

    

(1.27

)

    

54.51

      

-86.59

%

    

63,561

      

0.99

%

    

1.03

%

    

(0.07

)%

    

0.95

%

    

0.99

%

    

(0.03

)%

    

0

%

  

For the Year Ended October 31, 2019

    

783.40

      

5.80

      

6.20

      

(373.20

)

    

(367.40

)

    

(7.80

)

    

—

      

—

      

(7.80

)

    

408.20

      

-47.16

%

    

82,336

      

1.05

%

    

1.07

%

    

1.29

%

    

0.95

%

    

0.97

%

    

1.39

%

    

0

%

  

Direxion Daily Semiconductor Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

14.92

      

0.10

      

0.24

      

23.19

      

23.29

      

(0.10

)

    

—

      

—

      

(0.10

)

    

38.11

      

156.18

%

    

10,295,782

      

1.45

%

    

1.68

%

    

0.63

%

    

0.63

%

    

0.86

%

    

1.45

%

    

56

%

  

For the Year Ended October 31, 2023

    

8.89

      

0.13

      

0.27

      

6.03

      

6.16

      

(0.13

)

    

—

      

—

      

(0.13

)

    

14.92

      

69.26

%

    

5,409,550

      

1.51

%

    

1.67

%

    

0.78

%

    

0.72

%

    

0.88

%

    

1.57

%

    

97

%

  

For the Year Ended October 31, 2022

    

47.62

      

0.12

      

0.14

      

(38.77

)

    

(38.65

)

    

(0.08

)

    

—

      

—

      

(0.08

)

    

8.89

      

-81.24

%

    

3,474,072

      

0.85

%

    

0.97

%

    

0.51

%

    

0.77

%

    

0.89

%

    

0.59

%

    

241

%

  

For the Year Ended October 31, 2021

    

16.59

      

(0.00

)10​

    

(0.00

)10​

    

31.05

      

31.05

      

(0.02

)

    

—

      

—

      

(0.02

)

    

47.62

      

187.22

%

    

4,155,099

      

0.83

%

    

0.90

%

    

(0.01

)%

    

0.82

%

    

0.89

%

    

—

%

    

170

%

  

For the Year Ended October 31, 2020

    

13.21

      

0.02

      

0.03

      

3.39

      

3.41

      

(0.03

)

    

—

      

—

      

(0.03

)

    

16.59

      

25.88

%

    

1,318,844

      

1.06

%

    

1.06

%

    

0.13

%

    

0.94

%

    

0.94

%

    

0.25

%

    

230

%

  

For the Year Ended October 31, 2019

    

6.70

      

0.07

      

0.10

      

6.51

      

6.58

      

(0.07

)

    

—

      

—

      

(0.07

)

    

13.21

      

98.82

%

    

634,080

      

1.35

%

    

1.35

%

    

0.74

%

    

0.93

%

    

0.93

%

    

1.16

%

    

92

%

  

Direxion Daily Semiconductor Bear 3X Shares12​

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

135.50

      

1.16

      

1.22

      

(98.95

)

    

(97.79

)

    

(1.11

)

    

—

      

—

      

(1.11

)

    

36.60

      

-72.37

%

    

685,723

      

1.11

%

    

1.11

%

    

4.86

%

    

0.86

%

    

0.86

%

    

5.11

%

    

0

%

  

For the Year Ended October 31, 2023

    

595.50

      

6.20

      

6.60

      

(460.80

)

    

(454.60

)

    

(5.40

)

    

—

      

—

      

(5.40

)

    

135.50

      

-76.38

%

    

710,106

      

1.13

%

    

1.13

%

    

4.05

%

    

0.88

%

    

0.88

%

    

4.30

%

    

0

%

  

For the Year Ended October 31, 2022

    

575.00

      

2.00

      

2.90

      

18.50

      

20.50

      

—

      

—

      

—

      

—

      

595.50

      

3.57

%

    

590,971

      

1.09

%

    

1.08

%

    

0.41

%

    

0.89

%

    

0.88

%

    

0.61

%

    

0

%

  

For the Year Ended October 31, 2021

    

3,749.00

      

(8.00

)

    

(8.00

)

    

(3,166.00

)

    

(3,174.00

)

    

—

      

—

      

—

      

—

      

575.00

      

-84.66

%

    

145,418

      

0.95

%

    

0.91

%

    

(0.93

)%

    

0.95

%

    

0.91

%

    

(0.93

)%

    

0

%

  

For the Year Ended October 31, 2020

    

36,816.00

      

(2.00

)

    

1.00

      

(32,924.00

)

    

(32,926.00

)

    

(102.00

)

    

—

      

(39.00

)

    

(141.00

)

    

3,749.00

      

-89.76

%

    

93,777

      

0.98

%

    

1.00

%

    

(0.02

)%

    

0.95

%

    

0.97

%

    

0.01

%

    

0

%

  

For the Year Ended October 31, 2019

    

159,960.00

      

924.00

      

960.00

      

(122,856.00

)

    

(121,932.00

)

    

(1212.00

)

    

—

      

—

      

(1212.00

)

    

36,816.00

      

-76.67

%

    

237,361

      

1.02

%

    

1.01

%

    

1.45

%

    

0.95

%

    

0.94

%

    

1.52

%

    

0

%

  

Direxion Daily Technology Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

42.38

      

0.18

      

0.40

      

23.24

      

23.42

      

(0.18

)

    

—

      

—

      

(0.18

)

    

65.62

      

55.22

%

    

2,700,110

      

1.48

%

    

1.54

%

    

0.51

%

    

0.83

%

    

0.89

%

    

1.16

%

    

28

%

  

For the Year Ended October 31, 2023

    

25.68

      

0.17

      

0.48

      

16.70

      

16.87

      

(0.17

)

    

—

      

—

      

(0.17

)

    

42.38

      

65.90

%

    

2,014,961

      

1.71

%

    

1.72

%

    

0.46

%

    

0.89

%

    

0.90

%

    

1.28

%

    

56

%

  

For the Year Ended October 31, 2022

    

71.11

      

(0.02

)

    

(0.01

)

    

(45.13

)

    

(45.15

)

    

—

      

(0.28

)

    

—

      

(0.28

)

    

25.68

      

-63.77

%

    

1,368,795

      

0.94

%

    

0.96

%

    

(0.05

)%

    

0.90

%

    

0.92

%

    

(0.01

)%

    

96

%

  

For the Year Ended October 31, 2021

    

25.58

      

(0.14

)

    

(0.14

)

    

45.86

      

45.72

      

—

      

(0.19

)

    

—

      

(0.19

)

    

71.11

      

179.53

%

    

3,061,359

      

0.91

%

    

0.93

%

    

(0.29

)%

    

0.90

%

    

0.92

%

    

(0.28

)%

    

25

%

  

For the Year Ended October 31, 2020

    

18.44

      

(0.02

)

    

—

      

7.19

      

7.17

      

(0.03

)

    

—

      

—

      

(0.03

)

    

25.58

      

38.98

%

    

1,560,088

      

1.06

%

    

1.06

%

    

(0.11

)%

    

0.95

%

    

0.95

%

    

—

%

    

376

%

  

For the Year Ended October 31, 2019

    

12.55

      

0.04

      

0.09

      

5.91

      

5.95

      

(0.05

)

    

—

      

—

      

(0.05

)

    

18.44

      

47.55

%

    

774,641

      

1.36

%

    

1.36

%

    

0.27

%

    

0.95

%

    

0.95

%

    

0.68

%

    

47

%

  

Direxion Daily Technology Bear 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

16.13

      

0.18

      

0.19

      

(6.98

)

    

(6.80

)

    

(0.18

)

    

—

      

—

      

(0.18

)

    

9.15

      

-42.13

%

    

139,048

      

1.03

%

    

1.03

%

    

4.44

%

    

0.91

%

    

0.91

%

    

4.56

%

    

0

%

  

For the Year Ended October 31, 2023

    

41.98

      

0.78

      

0.86

      

(26.01

)

    

(25.23

)

    

(0.62

)

    

—

      

—

      

(0.62

)

    

16.13

      

-60.23

%

    

114,500

      

1.31

%

    

1.28

%

    

3.86

%

    

0.95

%

    

0.92

%

    

4.22

%

    

0

%

  

For the Year Ended October 31, 2022

    

37.16

      

0.12

      

0.17

      

4.70

      

4.82

      

—

      

—

      

—

      

—

      

41.98

      

12.97

%

    

159,535

      

1.08

%

    

1.07

%

    

0.31

%

    

0.95

%

    

0.94

%

    

0.44

%

    

0

%

  

For the Year Ended October 31, 2021

    

147.80

      

(0.57

)

    

(0.57

)

    

(110.07

)

    

(110.64

)

    

—

      

—

      

—

      

—

      

37.16

      

-74.86

%

    

66,942

      

0.95

%

    

0.95

%

    

(0.93

)%

    

0.95

%

    

0.95

%

    

(0.93

)%

    

0

%

  

For the Year Ended October 31, 2020

    

957.00

      

(0.50

)

    

(0.40

)

    

(805.00

)

    

(805.50

)

    

(2.30

)

    

—

      

(1.40

)

    

(3.70

)

    

147.80

      

-84.47

%

    

80,036

      

0.96

%

    

1.03

%

    

(0.18

)%

    

0.95

%

    

1.02

%

    

(0.17

)%

    

0

%

  

For the Year Ended October 31, 2019

    

2,218.00

      

22.00

      

22.00

      

(1,260.00

)

    

(1,238.00

)

    

(23.00

)

    

—

      

—

      

(23.00

)

    

957.00

      

-56.25

%

    

59,340

      

0.98

%

    

1.03

%

    

1.53

%

    

0.95

%

    

1.00

%

    

1.56

%

    

0

%

  

Direxion Daily Transportation Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

19.36

      

0.23

      

0.28

      

9.64

      

9.87

      

(0.27

)

    

—

      

—

      

(0.27

)

    

28.96

      

50.75

%

    

20,270

      

1.27

%

    

1.31

%

    

1.44

%

    

0.95

%

    

0.99

%

    

1.76

%

    

17

%

  

For the Year Ended October 31, 2023

    

22.14

      

0.38

      

0.45

      

(2.79

)

    

(2.41

)

    

(0.37

)

    

—

      

—

      

(0.37

)

    

19.36

      

-11.24

%

    

17,424

      

1.21

%

    

1.26

%

    

1.47

%

    

0.95

%

    

1.00

%

    

1.73

%

    

89

%

  

For the Year Ended October 31, 2022

    

48.54

      

(0.01

)

    

(0.01

)

    

(26.39

)

    

(26.40

)

    

—

      

—

      

—

      

—

      

22.14

      

-54.39

%

    

23,243

      

0.96

%

    

0.98

%

    

(0.03

)%

    

0.95

%

    

0.97

%

    

(0.02

)%

    

54

%

  

For the Year Ended October 31, 2021

    

18.08

      

(0.09

)

    

(0.09

)

    

30.56

      

30.47

      

(0.01

)

    

—

      

—

      

(0.01

)

    

48.54

      

168.57

%

    

89,798

      

0.96

%

    

0.95

%

    

(0.24

)%

    

0.95

%

    

0.94

%

    

(0.23

)%

    

49

%

  

For the Year Ended October 31, 2020

    

25.01

      

(0.02

)

    

(0.01

)

    

(6.85

)

    

(6.87

)

    

(0.06

)

    

—

      

—

      

(0.06

)

    

18.08

      

-27.42

%

    

38,879

      

0.96

%

    

1.13

%

    

(0.10

)%

    

0.95

%

    

1.12

%

    

(0.09

)%

    

128

%

  

For the Year Ended October 31, 2019

    

27.12

      

0.23

      

0.24

      

(2.06

)

    

(1.83

)

    

(0.28

)

    

—

      

—

      

(0.28

)

    

25.01

      

-6.66

%

    

3,751

      

0.99

%

    

1.57

%

    

0.92

%

    

0.95

%

    

1.53

%

    

0.96

%

    

74

%

  

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

DIREXION SEMI-ANNUAL REPORT
133

Financial Highlights

April 30, 2024

       

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 Utilities Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		  

$

18.02

    

$

0.31

    

$

0.33

    

$

5.56

    

$

5.87

    

$

(0.34

)

  

$

—

    

$

—

    

$

(0.34

)

  

$

23.55

      

32.83

%

  

$

41,221

      

1.08

%

    

1.07

%

    

3.05

%

    

0.95

%

    

0.94

%

    

3.18

%

    

0

%

  

For the Year Ended October 31, 2023

    

29.18

      

0.69

      

0.71

      

(11.26

)

    

(10.57

)

    

(0.59

)

    

—

      

—

      

(0.59

)

    

18.02

      

-36.82

%

    

37,832

      

1.06

%

    

1.12

%

    

2.76

%

    

0.95

%

    

1.01

%

    

2.87

%

    

27

%

  

For the Year Ended October 31, 2022

    

32.41

      

0.46

      

0.51

      

(3.10

)

    

(2.64

)

    

(0.51

)

    

(0.08

)

    

—

      

(0.59

)

    

29.18

      

-8.50

%

    

21,883

      

1.08

%

    

1.17

%

    

1.25

%

    

0.95

%

    

1.04

%

    

1.38

%

    

63

%

  

For the Year Ended October 31, 2021

    

26.76

      

0.31

      

0.31

      

5.70

      

6.01

      

(0.36

)

    

—

      

—

      

(0.36

)

    

32.41

      

22.72

%

    

37,274

      

0.96

%

    

1.03

%

    

1.04

%

    

0.95

%

    

1.02

%

    

1.05

%

    

69

%

  

For the Year Ended October 31, 2020

    

45.80

      

0.40

      

0.42

      

(17.58

)

    

(17.18

)

    

(0.50

)

    

(1.34

)

    

(0.02

)

    

(1.86

)

    

26.76

      

-38.38

%

    

14,715

      

1.01

%

    

1.28

%

    

1.44

%

    

0.95

%

    

1.22

%

    

1.50

%

    

80

%

  

For the Year Ended October 31, 2019

    

27.81

      

0.65

      

0.68

      

18.04

      

18.69

      

(0.70

)

    

—

      

—

      

(0.70

)

    

45.80

      

67.76

%14​

    

16,029

      

1.04

%

    

1.58

%

    

1.76

%

    

0.95

%

    

1.49

%

    

1.85

%

    

72

%

  

Direxion Daily 7-10 Year Treasury Bull 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

22.71

      

0.40

      

0.41

      

0.64

      

1.04

      

(0.32

)

    

—

      

—

      

(0.32

)

    

23.43

      

4.36

%

    

41,005

      

1.04

%

    

1.00

%

    

3.06

%

    

0.95

%

    

0.91

%

    

3.15

%

    

22

%

  

For the Year Ended October 31, 2023

    

28.57

      

0.73

      

0.74

      

(5.96

)

    

(5.23

)

    

(0.63

)

    

—

      

—

      

(0.63

)

    

22.71

      

-18.77

%

    

44,285

      

0.98

%

    

0.98

%

    

2.54

%

    

0.95

%

    

0.95

%

    

2.57

%

    

55

%

  

For the Year Ended October 31, 2022

    

51.86

      

0.20

      

0.20

      

(23.49

)

    

(23.29

)

    

—

      

—

      

—

      

—

      

28.57

      

-44.91

%

    

24,282

      

0.96

%

    

1.01

%

    

0.48

%

    

0.95

%

    

1.00

%

    

0.49

%

    

0

%

  

For the Year Ended October 31, 2021

    

65.11

      

(0.22

)

    

(0.22

)

    

(7.29

)

    

(7.51

)

    

—

      

(5.18

)

    

(0.56

)

    

(5.74

)

    

51.86

      

-12.64

%

    

23,339

      

0.95

%

    

1.06

%

    

(0.40

)%

    

0.95

%

    

1.06

%

    

(0.40

)%

    

6

%

  

For the Year Ended October 31, 2020

    

54.00

      

(0.06

)

    

(0.04

)

    

11.35

      

11.29

      

(0.18

)

    

—

      

—

      

(0.18

)

    

65.11

      

20.96

%

    

19,534

      

0.99

%

    

1.15

%

    

(0.10

)%

    

0.95

%

    

1.11

%

    

(0.06

)%

    

76

%

  

For the Year Ended October 31, 2019

    

38.83

      

0.52

      

0.57

      

15.18

      

15.70

      

(0.53

)

    

—

      

—

      

(0.53

)

    

54.00

      

40.66

%

    

21,600

      

1.05

%

    

1.28

%

    

1.09

%

    

0.95

%

    

1.18

%

    

1.19

%

    

97

%

  

Direxion Daily 7-10 Year Treasury Bear 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

16.46

      

0.27

      

0.31

      

(0.92

)

    

(0.65

)

    

(0.35

)

    

—

      

—

      

(0.35

)

    

15.46

      

-3.68

%

    

16,237

      

1.51

%

    

1.57

%

    

3.77

%

    

0.95

%

    

1.01

%

    

4.33

%

    

0

%

  

For the Year Ended October 31, 2023

    

14.21

      

0.44

      

0.48

      

2.22

      

2.66

      

(0.41

)

    

—

      

—

      

(0.41

)

    

16.46

      

19.45

%

    

29,629

      

1.29

%

    

1.29

%

    

3.30

%

    

0.95

%

    

0.95

%

    

3.64

%

    

0

%

  

For the Year Ended October 31, 2022

    

8.71

      

(0.00

)10​

    

0.01

      

5.50

      

5.50

      

—

      

—

      

—

      

—

      

14.21

      

63.15

%

    

56,135

      

1.01

%

    

0.99

%

    

0.04

%

    

0.95

%

    

0.93

%

    

0.10

%

    

0

%

  

For the Year Ended October 31, 2021

    

8.10

      

(0.08

)

    

(0.08

)

    

0.69

      

0.61

      

—

      

—

      

—

      

—

      

8.71

      

7.53

%

    

29,623

      

0.95

%

    

1.12

%

    

(0.93

)%

    

0.95

%

    

1.12

%

    

(0.93

)%

    

0

%

  

For the Year Ended October 31, 2020

    

10.58

      

(0.01

)

    

(0.01

)

    

(2.43

)

    

(2.44

)

    

(0.03

)

    

—

      

(0.01

)

    

(0.04

)

    

8.10

      

-23.08

%

    

6,882

      

0.95

%

    

1.40

%

    

(0.09

)%

    

0.95

%

    

1.40

%

    

(0.09

)%

    

0

%

  

For the Year Ended October 31, 2019

    

15.53

      

0.18

      

0.18

      

(4.95

)

    

(4.77

)

    

(0.18

)

    

—

      

—

      

(0.18

)

    

10.58

      

-30.84

%

    

11,109

      

0.97

%

    

1.18

%

    

1.41

%

    

0.95

%

    

1.16

%

    

1.43

%

    

0

%

  

Direxion Daily 20+ Year Treasury Bull 3X Shares13​

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

39.70

      

0.92

      

0.95

      

11.43

      

12.35

      

(8.17

)

    

—

      

—

      

(8.17

)

    

43.88

      

12.06

%

    

4,201,378

      

0.86

%

    

0.98

%

    

3.38

%

    

0.74

%

    

0.86

%

    

3.50

%

    

77

%

  

For the Year Ended October 31, 2023

    

70.10

      

2.23

      

2.25

      

(30.84

)

    

(28.61

)

    

(1.79

)

    

—

      

—

      

(1.79

)

    

39.70

      

-41.97

%

    

2,296,103

      

0.92

%

    

0.92

%

    

3.31

%

    

0.89

%

    

0.89

%

    

3.34

%

    

119

%

  

For the Year Ended October 31, 2022

    

281.00

      

1.40

      

1.40

      

(211.50

)

    

(210.10

)

    

(0.80

)

    

—

      

—

      

(0.80

)

    

70.10

      

-74.89

%

    

437,185

      

0.91

%

    

0.91

%

    

0.92

%

    

0.90

%

    

0.90

%

    

0.93

%

    

8

%

  

For the Year Ended October 31, 2021

    

358.10

      

0.30

      

0.30

      

(70.10

)

    

(69.80

)

    

(0.30

)

    

(6.90

)

    

(0.10

)

    

(7.30

)

    

281.00

      

-19.90

%

    

359,735

      

0.88

%

    

0.88

%

    

0.11

%

    

0.88

%

    

0.88

%

    

0.11

%

    

33

%

  

For the Year Ended October 31, 2020

    

293.90

      

0.80

      

1.00

      

64.90

      

65.70

      

(1.50

)

    

—

      

—

      

(1.50

)

    

358.10

      

22.38

%

    

282,879

      

0.98

%

    

0.98

%

    

0.22

%

    

0.93

%

    

0.93

%

    

0.27

%

    

67

%

  

For the Year Ended October 31, 2019

    

157.60

      

2.90

      

3.40

      

136.30

      

139.20

      

(2.90

)

    

—

      

—

      

(2.90

)

    

293.90

      

88.98

%

    

189,539

      

1.12

%

    

1.12

%

    

1.25

%

    

0.92

%

    

0.92

%

    

1.46

%

    

66

%

  

Direxion Daily 20+ Year Treasury Bear 3X Shares

  
For the Six Months Ended
April 30, 2024 (Unaudited)		    

51.50

      

0.62

      

0.71

      

(10.21

)

    

(9.59

)

    

(0.76

)

    

—

      

—

      

(0.76

)

    

41.15

      

-18.23

%

    

287,897

      

1.42

%

    

1.42

%

    

3.79

%

    

0.87

%

    

0.87

%

    

4.34

%

    

0

%

  

For the Year Ended October 31, 2023

    

39.81

      

0.95

      

1.15

      

11.61

      

12.56

      

(0.87

)

    

—

      

—

      

(0.87

)

    

51.50

      

33.09

%

    

401,543

      

1.52

%

    

1.52

%

    

3.05

%

    

0.87

%

    

0.87

%

    

3.70

%

    

0

%

  

For the Year Ended October 31, 2022

    

14.33

      

0.01

      

0.04

      

25.47

      

25.48

      

—

      

—

      

—

      

—

      

39.81

      

177.78

%

    

688,650

      

1.01

%

    

1.01

%

    

0.06

%

    

0.88

%

    

0.88

%

    

0.19

%

    

0

%

  

For the Year Ended October 31, 2021

    

13.95

      

(0.14

)

    

(0.14

)

    

0.52

      

0.38

      

—

      

—

      

—

      

—

      

14.33

      

2.74

%

    

325,333

      

0.88

%

    

0.88

%

    

(0.86

)%

    

0.88

%

    

0.88

%

    

(0.86

)%

    

0

%

  

For the Year Ended October 31, 2020

    

26.80

      

(0.02

)

    

(0.01

)

    

(12.73

)

    

(12.75

)

    

(0.07

)

    

—

      

(0.03

)

    

(0.10

)

    

13.95

      

-47.66

%

    

99,010

      

0.90

%

    

0.90

%

    

(0.09

)%

    

0.89

%

    

0.89

%

    

(0.08

)%

    

0

%

  

For the Year Ended October 31, 2019

    

57.13

      

0.52

      

0.60

      

(30.30

)

    

(29.78

)

    

(0.55

)

    

—

      

—

      

(0.55

)

    

26.80

      

-52.34

%

    

123,239

      

1.10

%

    

1.10

%

    

1.32

%

    

0.91

%

    

0.91

%

    

1.51

%

    

0

%

  

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

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

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

4​  In certain instances, due to the timing of sales and redemptions of capital shares, the net realized and realized gain (loss) per share is not in accordance with the Fund's changes in net realized and unrealized gain (loss) on investments, in-kind redemptions, futures, and swaps for the year/period.

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

DIREXION SEMI-ANNUAL REPORT
134

Financial Highlights

April 30, 2024

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

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

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

8​  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Portfolio turnover rate does not include effects of turnover of the swap and future contracts portfolio. Short-term securities with maturities less than or equal to 366 days are also excluded from portfolio turnover calculation.

9​  Commencement of operations.

10​  Between $(0.005) and $0.005.

11​  Effective December 4, 2023, the Fund had a 1:20 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:20 stock split.

12​  Effective April 15, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

13​  Effective December 4, 2023, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

14​  The Fund's total return includes voluntary reimbursement by the Adviser for a realized loss on a trading error. Had this reimbursement not been made to the Fund, total return would have been 1.94% lower.

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

DIREXION SEMI-ANNUAL REPORT
135

Direxion Shares ETF Trust

Notes to the Financial Statements (Unaudited)

April 30, 2024

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 81 separate series (each, a "Fund" and together the "Funds"). 40 of these Funds are included in this report:

Bull Funds

  

Bear Funds

  

Direxion Daily Mid Cap Bull 3X Shares

  

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

  

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

  

Direxion Daily Small Cap Bear 3X Shares

  

Direxion Daily Small Cap Bull 3X Shares

  

Direxion Daily FTSE China Bear 3X Shares

  

Direxion Daily FTSE China Bull 3X Shares

  

Direxion Daily MSCI Emerging Markets Bear 3X Shares

  

Direxion Daily FTSE Europe Bull 3X Shares

  

Direxion Daily Dow Jones Internet Bear 3X Shares

  

Direxion Daily MSCI Emerging Markets Bull 3X Shares

  

Direxion Daily Financial Bear 3X Shares

  

Direxion Daily MSCI Mexico Bull 3X Shares

  

Direxion Daily Real Estate Bear 3X Shares

  

Direxion Daily MSCI South Korea Bull 3X Shares

  

Direxion Daily S&P High Beta Bear 3X Shares

  

Direxion Daily Aerospace & Defense Bull 3X Shares

  

Direxion Daily S&P Biotech Bear 3X Shares

  

Direxion Daily Consumer Discretionary Bull 3X Shares

  

Direxion Daily Semiconductor Bear 3X Shares

  

Direxion Daily Dow Jones Internet Bull 3X Shares

  

Direxion Daily Technology Bear 3X Shares

  

Direxion Daily Financial Bull 3X Shares

  

Direxion Daily 7-10 Year Treasury Bear 3X Shares

  

Direxion Daily Healthcare Bull 3X Shares

  

Direxion Daily 20+ Year Treasury Bear 3X Shares

  

Direxion Daily Homebuilders & Supplies Bull 3X Shares

          

Direxion Daily Industrials Bull 3X Shares

          

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

          

Direxion Daily Real Estate Bull 3X Shares

          

Direxion Daily Regional Banks Bull 3X Shares

          

Direxion Daily Retail Bull 3X Shares

          

Direxion Daily S&P 500®​ High Beta Bull 3X Shares

          

Direxion Daily S&P 500®​ Biotech Bull 3X Shares

          

Direxion Daily Semiconductor Bull 3X Shares

          

Direxion Daily Technology Bull 3X Shares

          

Direxion Daily Transportation Bull 3X Shares

          

Direxion Daily Utilities Bull 3X Shares

          

Direxion Daily 7-10 Year Treasury Bull 3X Shares

          

Direxion Daily 20+ Year Treasury Bull 3X Shares

          

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

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

Each Fund's investment objective is to seek daily investment results, before fees and expenses, that correspond to the performance of a particular index or benchmark. The Funds with the word "Bull" in their name attempt to provide investment results that correlate positively to the return of an index or benchmark. The Funds with the word "Bear" in their name attempt to provide investment results that correlate negatively to the return of an index or benchmark. The correlations sought by the Bull Funds are a multiple of 300% of the return of the target index or benchmark and a multiple of -300% of the return of the target index or benchmark for the Bear Funds.

DIREXION SEMI-ANNUAL REPORT
136

Funds

  

Index or Benchmark

  

Daily Target

  

Direxion Daily Mid Cap Bull 3X Shares

  

S&P Mid Cap 400®​ Index

    

300

%

  

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

        

300

%

  

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

  

S&P 500®​ Index

    

-300

%

  

Direxion Daily Small Cap Bull 3X Shares

        

300

%

  

Direxion Daily Small Cap Bear 3X Shares

  

Russell 2000®​ Index

    

-300

%

  

Direxion Daily FTSE China Bull 3X Shares

        

300

%

  

Direxion Daily FTSE China Bear 3X Shares

  

FTSE China 50 Index

    

-300

%

  

Direxion Daily FTSE Europe Bull 3X Shares

  

FTSE Developed Europe All Cap Index

    

300

%

  

Direxion Daily MSCI Emerging Markets Bull 3X Shares

        

300

%

  

Direxion Daily MSCI Emerging Markets Bear 3X Shares

  

MSCI Emerging Markets IndexSM​

    

-300

%

  

Direxion Daily MSCI Mexico Bull 3X Shares

  

MSCI Mexico IMI 25/50 Index

    

300

%

  

Direxion Daily MSCI South Korea Bull 3X Shares

  

MSCI Korea 25/50 Index

    

300

%

  

Direxion Daily Aerospace & Defense Bull 3X Shares

  

Dow Jones U.S. Select Aerospace & Defense Index

    

300

%

  

Direxion Daily Consumer Discretionary Bull 3X Shares

  

Consumer Discretionary Select Sector Index

    

300

%

  

Direxion Daily Dow Jones Internet Bull 3X Shares

        

300

%

  

Direxion Daily Dow Jones Internet Bear 3X Shares

  

Dow Jones Internet Composite Index

    

-300

%

  

Direxion Daily Financial Bull 3X Shares

        

300

%

  

Direxion Daily Financial Bear 3X Shares

  

Financials Select Sector Index

    

-300

%

  

Direxion Daily Healthcare Bull 3X Shares

  

Health Care Select Sector Index

    

300

%

  

Direxion Daily Homebuilders & Supplies Bull 3X Shares

  

Dow Jones U.S. Select Home Construction Index

    

300

%

  

Direxion Daily Industrials Bull 3X Shares

  

Industrial Select Sector Index

    

300

%

  

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

  

S&P Pharmaceuticals Select Industry Index

    

300

%

  

Direxion Daily Real Estate Bull 3X Shares

        

300

%

  

Direxion Daily Real Estate Bear 3X Shares

  

Real Estate Select Sector Index

    

-300

%

  

Direxion Daily Regional Banks Bull 3X Shares

  

S&P Regional Banks Select Industry Index

    

300

%

  

Direxion Daily Retail Bull 3X Shares

  

S&P Retail Select Industry®​ Index

    

300

%

  

Direxion Daily S&P 500®​ High Beta Bull 3X Shares

        

300

%

  

Direxion Daily S&P 500®​ High Beta Bear 3X Shares

  

S&P 500®​ High Beta Index

    

-300

%

  

Direxion Daily S&P Biotech Bull 3X Shares

        

300

%

  

Direxion Daily S&P Biotech Bear 3X Shares

  

S&P Biotechnology Select Industry Index

    

-300

%

  

Direxion Daily Semiconductor Bull 3X Shares

        

300

%

  

Direxion Daily Semiconductor Bear 3X Shares

  

NYSE Semiconductor Index1​

    

-300

%

  

Direxion Daily Technology Bull 3X Shares

        

300

%

  

Direxion Daily Technology Bear 3X Shares

  

Technology Select Sector Index

    

-300

%

  

Direxion Daily Transportation Bull 3X Shares

  

S&P Transportation Select Industry FMC Capped Index

    

300

%

  

Direxion Daily Utilities Bull 3X Shares

  

Utilities Select Sector Index

    

300

%

  

Direxion Daily 7-10 Year Treasury Bull 3X Shares

        

300

%

  

Direxion Daily 7-10 Year Treasury Bear 3X Shares

  

ICE U.S. Treasury 7-10 Year Bond Index

    

-300

%

  

Direxion Daily 20+ Year Treasury Bull 3X Shares

        

300

%

  

Direxion Daily 20+ Year Treasury Bear 3X Shares

  

ICE U.S. Treasury 20+ Year Bond Index

    

-300

%

  

1​  Effective November 3, 2023, the Direxion Daily Semiconductor Bull 3X Shares and Direxion Daily Semiconductor Bear 3X Shares changed their benchmark index from ICE Semiconductor Index to NYSE Semiconductor Index.

DIREXION SEMI-ANNUAL REPORT
137

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, Direxion Daily 7-10 Year Treasury Bull 3X Shares, Direxion Daily 7-10 Year Treasury Bear 3X Shares, Direxion Daily 20+ Year Treasury Bull 3X Shares and Direxion Daily 20+ Year Treasury Bear 3X Shares (the "Fixed Income Funds") do not calculate their NAVs, even if the NYSE is open for business. Similarly, on days that SIFMA recommends that the bond markets close early, each of the Fixed Income Funds calculate its NAV as of the time of the recommended close, usually 2:00 p.m. Eastern time, rather than the close of regular trading on the NYSE. A security listed or traded on an exchange, domestic or foreign, is valued at its last sales price on the principal exchange on which it is traded prior to the time when assets are valued. If no sale is reported at that time, the mean of the last bid and asked prices is used. Securities primarily traded on the NASDAQ®​ Global Market ("NASDAQ") for which market quotations are readily available are valued using the NASDAQ®​ Official Closing Price ("NOCP") provided by NASDAQ each business day. Over the Counter ("OTC") securities held by a Fund will be valued at the last sales price or, if no sales price is reported, the mean of the last bid and asked price is used. The portfolio securities of a Fund that are listed on national exchanges are valued at the last sales price of such securities; if no sales price is reported, the mean of the last bid and asked price is used. Swap contracts are valued using the closing price of the underlying reference entity or the closing value of the underlying reference index. The Funds valued their investments in money market funds based on their daily net asset values. Futures contracts are valued at settlement price established on the exchange on which they are traded, if that settlement price reflects trading prior to the Valuation Time. If the settlement price established by the exchange reflects trading after the Valuation Time, then the last sales price prior to Valuation time will be used. Securities, swap or future contracts are fair valued as determined by the Adviser under the supervision of the Board of Trustees (the "Board") in the following scenarios: a) reliable market quotations are not readily available; b) the Funds' pricing service does not provide a valuation for such securities; c) the Funds' pricing service provides valuation that in the judgment of the Adviser does not represent fair value; or d) the Fund or Adviser believes the market price is stale.

b) Swap Contracts – Each Fund may enter into equity swap contacts. Standard equity swap contracts are between two parties that agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross amount to be exchanged is calculated with respect to a "notional amount" (i.e. the return on or increase in value of a particular dollar amount invested in a "basket" of securities representing a particular index or industry sector). Each Fund enters into master netting agreements with counterparties to mitigate counterparty credit risk in derivative contracts. A Fund does not offset fair value amounts for derivatives contracts and related cash collateral on the Statement of Assets and Liabilities arising from derivative contracts executed with the same counterparties under such master netting agreements. The Fund's obligations are accrued daily and offset by any amounts owed to the Fund.

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

DIREXION SEMI-ANNUAL REPORT
138

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

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

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including swap contracts, and typically contains, among other things, collateral posting terms, netting and rights of set-off provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and receivables to create a single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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

For financial reporting purposes, the Funds elect to not offset assets and liabilities subject to an ISDA Master Agreement, if any, in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of October 31, 2023, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting/set-off provisions in the ISDA Master Agreement are detailed in the following tables.

In the event of the counterparty's default, bankruptcy or any other event for which the counterparty cannot meet its obligations, a Fund bears the risk of loss equal to the amount of the daily appreciation owed to the Fund. This obligation represents the daily gain accrued to the Fund from the close of business day prior to this event to the day on which this event occurs and the counterparty can no longer meet its obligations. A Fund will enter into swap agreements only with large, well-capitalized and established financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Adviser. Shareholders may obtain swap counterparty financial statements at www.sec.gov. Swap contracts are subject to credit risk. Credit risk occurs when the financial condition of an issuer of a security or instrument may cause it to default or become unable to pay interest or principal due on the security. The counterparty to a swap contract might default on its obligations. In addition, the Funds have agreements with certain counterparties with which it trades swap contracts that contain credit risk-related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value and performance-based thresholds. The maximum exposure to the Funds in regard to potential counterparty default and credit-risk related contingent features at April 30, 2024 is detailed in the following tables. If such credit risk-related contingencies were triggered, the counterparties would have the option to terminate any positions open under the master netting agreement.

DIREXION SEMI-ANNUAL REPORT
139

Description: Swap Contract

Counterparty: Bank of America Merrill Lynch

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		   Net
Amount2​		   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		   Net
Amount		  
Direxion Daily
Mid Cap
Bull 3X Shares		  

$

990,471

    

$

—

    

$

990,4711​

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

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

52,699,981

      

—

      

52,699,9811​

      

—

      

—

      

—

      

—

      

—

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

—

      

—

      

—

      

—

      

6,598,497

      

—

      

6,598,4971​

      

—

    
Direxion Daily
Small Cap
Bull 3X Shares		    

23,817,132

      

—

      

23,817,1321​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Small Cap
Bear 3X Shares		    

10,557,162

      

—

      

7,060,000

      

3,497,162

      

—

      

—

      

—

      

—

    
Direxion Daily
FTSE China
Bull 3X Shares		    

30,854,885

      

—

      

30,854,8851​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
FTSE China
Bear 3X Shares		    

—

      

—

      

—

      

—

      

3,894,525

      

—

      

3,894,5251​

      

—

    
Direxion Daily
MSCI South
Korea Bull 3
X Shares		    

803,201

      

—

      

803,2011​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Dow Jones
Internet Bull
3X Shares		    

15,952,259

      

—

      

15,952,2591​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Dow Jones
Internet Bear
3X Shares		    

—

      

—

      

—

      

—

      

694,899

      

—

      

694,8991​

      

—

    
Direxion Daily
Financial Bull
3X Shares		    

37,456,115

      

—

      

37,456,1151​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Financial Bear
3X Shares		    

1,265,368

      

—

      

140,000

      

1,125,368

      

—

      

—

      

—

      

—

    
Direxion Daily
Homebuilders &
Supplies Bull
3X Shares		    

6,199,028

      

—

      

6,199,0281​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Real Estate
Bull 3X Shares		    

—

      

—

      

—

      

—

      

6,615,967

      

—

      

6,615,9671​

      

—

    
Direxion Daily
Real Estate
Bear 3X Shares		    

7,408,223

      

—

      

5,390,000

      

2,018,223

      

—

      

—

      

—

      

—

    
Direxion Daily
Regional Banks
Bull 3X Shares		    

—

      

—

      

—

      

—

      

25,394,789

      

—

      

25,394,7891​

      

—

    

DIREXION SEMI-ANNUAL REPORT
140

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		   Net
Amount2​		   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		   Net
Amount		  
Direxion Daily
S&P 500®​ High
Beta Bear
3X Shares		  

$

—

    

$

—

    

$

—

    

$

—

    

$

1,544,790

    

$

—

    

$

1,544,7901​

    

$

—

    
Direxion Daily
S&P Biotech
Bull 3X Shares		    

10,165,989

      

—

      

10,165,9891​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
S&P Biotech
Bear 3X Shares		    

5,162,697

      

—

      

4,570,000

      

592,697

      

—

      

—

      

—

      

—

    
Direxion Daily
Semiconductor
Bull 3X Shares		    

—

      

—

      

—

      

—

      

201,399,036

      

—

      

201,399,0361​

      

—

    
Direxion Daily
Semiconductor
Bear 3X Shares		    

—

      

—

      

—

      

—

      

1,498,533

      

—

      

1,498,5331​

      

—

    
Direxion Daily
Technology Bull
3X Shares		    

30,503,421

      

—

      

30,503,4211​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Technology
Bear 3X Shares		    

1,295,099

      

—

      

760,000

      

535,099

      

—

      

—

      

—

      

—

    
Direxion Daily
7-10 Year
Treasury Bull
3X Shares		    

—

      

—

      

—

      

—

      

351,356

      

—

      

351,3561​

      

—

    
Direxion Daily
20+ Year
Treasury Bull
3X Shares		    

—

      

—

      

—

      

—

      

104,231,861

      

—

      

104,231,8611​

      

—

    
Direxion Daily
20+ Year
Treasury Bear
3X Shares		    

10,903,594

      

—

      

9,580,000

      

1,323,594

      

—

      

—

      

—

      

—

    

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

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

Description: Swap Contract

Counterparty: BNP Paribas

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		   Net
Amount2​		   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		   Net
Amount		  
Direxion Daily
S&P 500®​
Bull 3X Shares		  

$

60,252,807

    

$

—

    

$

60,252,8071​

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

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

—

      

—

      

—

      

—

      

9,332,036

      

—

      

9,332,0361​

      

—

    
Direxion Daily
Small Cap
Bull 3X Shares		    

18,064,808

      

—

      

18,064,8081​

      

—

      

—

      

—

      

—

      

—

    

DIREXION SEMI-ANNUAL REPORT
141

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		   Net
Amount2​		   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		   Net
Amount		  
Direxion Daily
Small Cap
Bear 3X Shares		  

$

8,034,142

    

$

—

    

$

5,479,000

    

$

2,555,142

    

$

—

    

$

—

    

$

—

    

$

—

    
Direxion Daily
FTSE China
Bull 3X Shares		    

37,444,745

      

—

      

37,444,7451​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
FTSE China
Bear 3X Shares		    

—

      

—

      

—

      

—

      

8,690,413

      

—

      

8,690,4131​

      

—

    
Direxion Daily
FTSE Europe
Bull 3X Shares		    

575,754

      

—

      

575,7541​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Aerospace &
Defense
Bull 3X Shares		    

1,315,290

      

—

      

1,315,2901​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Financial
Bull 3X Shares		    

46,705,635

      

—

      

46,705,6351​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Homebuilders
& Supplies
Bull 3X Shares		    

1,133,080

      

—

      

1,133,0801​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
S&P Biotech
Bull 3X Shares		    

13,841,260

      

—

      

13,841,2601​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Semiconductor
Bull 3X Shares		    

—

      

—

      

—

      

—

      

95,894,165

      

—

      

95,894,1651​

      

—

    
Direxion Daily
Semiconductor
Bear 3X Shares		    

—

      

—

      

—

      

—

      

16,794,963

      

—

      

16,794,9631​

      

—

    
Direxion Daily
Technology
Bull 3X Shares		    

25,305,000

      

—

      

25,305,0001​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Technology
Bear 3X Shares		    

479,535

      

—

      

—

      

479,535

      

—

      

—

      

—

      

—

    
Direxion Daily
7-10 Year
Treasury
Bull 3X Shares		    

—

      

—

      

—

      

—

      

1,580,092

      

—

      

1,580,0921​

      

—

    
Direxion Daily
7-10 Year
Treasury Bear
3X Shares		    

900,108

      

—

      

770,000

      

130,108

      

—

      

—

      

—

      

—

    
Direxion Daily
20+ Year
Treasury
Bull 3X Shares		    

—

      

—

      

—

      

—

      

77,528,795

      

—

      

77,528,7951​

      

—

    
Direxion Daily
20+ Year
Treasury
Bear 3X Shares		    

10,777,928

      

—

      

9,423,000

      

1,354,928

      

—

      

—

      

—

      

—

    

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

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

DIREXION SEMI-ANNUAL REPORT
142

Description: Swap Contract

Counterparty: Barclays

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		   Net
Amount2​		   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		   Net
Amount		  
Direxion Daily
S&P 500®​ Bull
3X Shares		  

$

36,244,096

    

$

—

    

$

36,244,0961​

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

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

9,423,267

      

—

      

3,420,000

      

6,003,267

      

—

      

—

      

—

      

—

    
Direxion Daily
Small Cap Bull
3X Shares		    

—

      

—

      

—

      

—

      

855,496

      

—

      

855,4961​

      

—

    
Direxion Daily
Small Cap Bear
3X Shares		    

4,597,224

      

—

      

1,210,000

      

3,387,224

      

—

      

—

      

—

      

—

    
Direxion Daily
FTSE China Bull
3X Shares		    

29,535,373

      

—

      

29,535,3731​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
MSCI Emerging
Markets Bull
3X Shares		    

—

      

—

      

—

      

—

      

35,939

      

—

      

35,9391​

      

—

    
Direxion Daily
MSCI Mexico
Bull 3X Shares		    

—

      

—

      

—

      

—

      

377,125

      

—

      

377,1251​

      

—

    
Direxion Daily
MSCI South
Korea Bull
3X Shares		    

—

      

—

      

—

      

—

      

134,282

      

—

      

134,2821​

      

—

    
Direxion Daily
Aerospace &
Defense Bull
3X Shares		    

1,638,045

      

—

      

1,638,0451​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Consumer
Discretionary
Bull 3X Shares		    

—

      

—

      

—

      

—

      

678,701

      

—

      

678,7011​

      

—

    
Direxion Daily
Financial Bull
3X Shares		    

73,739,820

      

—

      

73,739,8201​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Healthcare Bull
3X Shares		    

2,516,991

      

—

      

2,516,9911​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Homebuilders &
Supplies Bull
3X Shares		    

1,357,953

      

—

      

1,357,9531​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Industrials Bull
3X Shares		    

2,775,336

      

—

      

2,775,3361​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Pharmaceutical &
Medical Bull
3X Shares		    

—

      

—

      

—

      

—

      

427,371

      

—

      

427,3711​

      

—

    
Direxion Daily
Regional Banks
Bull 3X Shares		    

—

      

—

      

—

      

—

      

9,912,234

      

—

      

9,912,2341​

      

—

    

DIREXION SEMI-ANNUAL REPORT
143

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		   Net
Amount2​		   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		   Net
Amount		  
Direxion Daily
S&P 500®​ High
Beta Bull
3X Shares		  

$

19,896

    

$

—

    

$

19,8961​

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    
Direxion Daily
S&P 500®​ High
Beta Bear
3X Shares		    

1,056,688

      

—

      

—

      

1,056,688

      

—

      

—

      

—

      

—

    
Direxion Daily
S&P Biotech Bull
3X Shares		    

—

      

—

      

—

      

—

      

5,530,865

      

—

      

5,530,8651​

      

—

    
Direxion Daily S&P
Biotech Bear
3X Shares		    

9,206,270

      

—

      

8,560,000

      

646,270

      

—

      

—

      

—

      

—

    
Direxion Daily
Semiconductor
Bull 3X Shares		    

—

      

—

      

—

      

—

      

167,798,184

      

—

      

78,150,000

      

89,648,184

    
Direxion Daily
Semiconductor
Bear 3X Shares		    

—

      

—

      

—

      

—

      

2,812,158

      

—

      

2,812,1581​

      

—

    
Direxion Daily
Technology Bull
3X Shares		    

9,652,703

      

—

      

9,652,7031​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Technology Bear
3X Shares		    

3,102,977

      

—

      

2,390,000

      

712,977

      

—

      

—

      

—

      

—

    
Direxion Daily
Transportation
Bull 3X Shares		    

—

      

—

      

—

      

—

      

791,533

      

—

      

791,5331​

      

—

    
Direxion Daily
Utilities Bull 3X
Shares		    

1,904,441

      

—

      

1,904,4411​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
7-10 Year
Treasury Bull
3X Shares		    

—

      

—

      

—

      

—

      

840,071

      

—

      

840,0711​

      

—

    
Direxion Daily
7-10 Year
Treasury Bear
3X Shares		    

440,580

      

—

      

310,000

      

130,580

      

—

      

—

      

—

      

—

    
Direxion Daily
20+ Year
Treasury Bull
3X Shares		    

—

      

—

      

—

      

—

      

52,140,823

      

—

      

52,140,8231​

      

—

    

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

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

DIREXION SEMI-ANNUAL REPORT
144

Description: Swap Contract

Counterparty: Citibank N.A.

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		   Net
Amount2​		   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		   Net
Amount		  
Direxion Daily
Mid Cap Bull
3X Shares		  

$

1,305,793

    

$

—

    

$

1,305,7931​

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

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

38,141,005

      

—

      

38,141,0051​

      

—

      

—

      

—

      

—

      

—

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

—

      

—

      

—

      

—

      

573,348

      

—

      

573,3481​

      

—

    
Direxion Daily
Small Cap Bull
3X Shares		    

—

      

—

      

—

      

—

      

7,672,004

      

—

      

7,672,0041​

      

—

    
Direxion Daily
Small Cap Bear
3X Shares		    

10,427,480

      

—

      

6,554,998

      

3,872,482

      

—

      

—

      

—

      

—

    
Direxion Daily
FTSE Europe
Bull 3X Shares		    

286,732

      

—

      

286,7321​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
MSCI Emerging
Markets Bull
3X Shares		    

1,915,933

      

—

      

1,915,9331​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
MSCI Emerging
Markets Bear
3X Shares		    

54,028

      

—

      

—

      

54,028

      

—

      

—

      

—

      

—

    
Direxion Daily
MSCI South
Korea Bull
3X Shares		    

558,568

      

—

      

558,5681​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Aerospace &
Defense Bull
3X Shares		    

6,314,393

      

—

      

6,314,3931​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Dow Jones
Internet Bull
3X Shares		    

307,458

      

—

      

307,4581​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Dow Jones
Internet Bear
3X Shares		    

378,888

      

—

      

260,001

      

118,887

      

—

      

—

      

—

      

—

    
Direxion Daily
Financial Bull
3X Shares		    

20,653,489

      

—

      

20,653,4891​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Homebuilders &
Supplies Bull
3X Shares		    

314,396

      

—

      

314,3961​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Industrials Bull
3X Shares		    

742,835

      

—

      

742,8351​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Pharmaceutical &
Medical Bull
3X Shares		    

—

      

—

      

—

      

—

      

132,144

      

—

      

132,1441​

      

—

    

DIREXION SEMI-ANNUAL REPORT
145

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		   Net
Amount2​		   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		   Net
Amount		  
Direxion Daily
Regional Banks
Bull 3X Shares		  

$

—

    

$

—

    

$

—

    

$

—

    

$

3,408,420

    

$

—

    

$

3,408,4201​

    

$

—

    
Direxion Daily
Retail Bull
3X Shares		    

—

      

—

      

—

      

—

      

217,882

      

—

      

217,8821​

      

—

    
Direxion Daily
S&P 500®​ High
Beta Bull
3X Shares		    

—

      

—

      

—

      

—

      

338,909

      

—

      

338,9091​

      

—

    
Direxion Daily
S&P Biotech
Bull 3X Shares		    

—

      

—

      

—

      

—

      

8,368,113

      

—

      

8,368,1131​

      

—

    
Direxion Daily
S&P Biotech
Bear 3X Shares		    

4,179,929

      

—

      

3,109,001

      

1,070,928

      

—

      

—

      

—

      

—

    
Direxion Daily
Semiconductor
Bull 3X Shares		    

—

      

—

      

—

      

—

      

197,727,164

      

—

      

197,727,1641​

      

—

    
Direxion Daily
Semiconductor
Bear 3X Shares		    

2,527,075

      

—

      

1,387,000

      

1,140,075

      

—

      

—

      

—

      

—

    
Direxion Daily
Technology Bull
3X Shares		    

—

      

—

      

—

      

—

      

1,238,327

      

—

      

1,238,3271​

      

—

    
Direxion Daily
Technology
Bear 3X Shares		    

3,174,372

      

—

      

1,743,000

      

1,431,372

      

—

      

—

      

—

      

—

    
Direxion Daily
20+ Year
Treasury Bull
3X Shares		    

—

      

—

      

—

      

—

      

91,296,154

      

—

      

91,296,1541​

      

—

    
Direxion Daily
20+ Year
Treasury Bear
3X Shares		    

11,967,148

      

—

      

10,822,001

      

1,145,147

      

—

      

—

      

—

      

—

    

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

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

Description: Swap Contract

Counterparty: Goldman Sachs

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		   Net
Amount2​		   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		   Net
Amount		  
Direxion Daily
S&P 500®​
Bull 3X Shares		  

$

87,450,918

    

$

—

    

$

87,450,9181​

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

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

1,396,432

      

—

      

—

      

1,396,432

      

—

      

—

      

—

      

—

    

DIREXION SEMI-ANNUAL REPORT
146

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		   Net
Amount2​		   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		   Net
Amount		  
Direxion Daily
FTSE China
Bull 3X Shares		  

$

57,507,493

    

$

—

    

$

57,507,4931​

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    
Direxion Daily
FTSE Europe
Bull 3X Shares		    

—

      

—

      

—

      

—

      

104,212

      

—

      

104,2121​

      

—

    
Direxion Daily
MSCI Mexico
Bull 3X Shares		    

47,869

      

—

      

47,8691​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Financial Bull
3X Shares		    

36,697,846

      

—

      

36,697,8461​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Financial Bear
3X Shares		    

3,183,807

      

—

      

2,074,486

      

1,109,321

      

—

      

—

      

—

      

—

    
Direxion Daily
Homebuilders &
Supplies Bull
3X Shares		    

11,733,608

      

—

      

11,733,6081​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Regional Banks
Bull 3X Shares		    

—

      

—

      

—

      

—

      

5,633,854

      

—

      

5,633,8541​

      

—

    
Direxion Daily
S&P Biotech
Bull 3X Shares		    

7,982,507

      

—

      

7,982,5071​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
S&P Biotech
Bear 3X Shares		    

2,892,559

      

—

      

2,390,000

      

502,559

      

—

      

—

      

—

      

—

    
Direxion Daily
Semiconductor
Bull 3X Shares		    

163,127,274

      

—

      

163,127,2741​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Semiconductor
Bear 3X Shares		    

17,945,062

      

—

      

11,580,000

      

6,365,062

      

—

      

—

      

—

      

—

    
Direxion Daily
Technology
Bull 3X Shares		    

32,856,874

      

—

      

32,856,8741​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Technology
Bear 3X Shares		    

3,180,408

      

—

      

2,090,000

      

1,090,408

      

—

      

—

      

—

      

—

    
Direxion Daily
20+ Year
Treasury
Bull 3X Shares		    

—

      

—

      

—

      

—

      

83,867,749

      

—

      

83,867,7491​

      

—

    
Direxion Daily
20+ Year
Treasury
Bear 3X Shares		    

12,300,078

      

—

      

10,800,000

      

1,500,078

      

—

      

—

      

—

      

—

    

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

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

DIREXION SEMI-ANNUAL REPORT
147

Description: Swap Contract

Counterparty: J.P. Morgan

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		   Net
Amount2​		   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		   Net
Amount		  
Direxion Daily
Mid Cap Bull
3X Shares		  

$

2,424,594

    

$

—

    

$

2,424,5941​

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

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

26,569,476

      

—

      

26,569,4761​

      

—

      

—

      

—

      

—

      

—

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

—

      

—

      

—

      

—

      

7,344,076

      

—

      

7,344,0761​

      

—

    
Direxion Daily
Small Cap Bull
3X Shares		    

4,423,419

      

—

      

4,423,4191​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Small Cap Bear
3X Shares		    

—

      

—

      

—

      

—

      

191,620

      

—

      

191,6201​

      

—

    
Direxion Daily
FTSE Europe
Bull 3X Shares		    

17,679

      

—

      

—

      

17,679

      

—

      

—

      

—

      

—

    
Direxion Daily
MSCI Emerging
Markets Bull
3X Shares		    

2,537,488

      

—

      

2,537,4881​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
MSCI Emerging
Markets Bear
3X Shares		    

—

      

—

      

—

      

—

      

1,292,099

      

—

      

1,292,0991​

      

—

    
Direxion Daily
MSCI Mexico
Bull 3X Shares		    

175,838

      

—

      

175,8381​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
MSCI South
Korea Bull
3X Shares		    

77,193

      

—

      

77,1931​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Aerospace &
Defense Bull
3X Shares		    

528,863

      

—

      

528,8631​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Consumer
Discretionary
Bull 3X Shares		    

—

      

—

      

—

      

—

      

139,292

      

—

      

139,2921​

      

—

    
Direxion Daily
Dow Jones
Internet Bull
3X Shares		    

3,339,013

      

—

      

3,339,0131​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Dow Jones
Internet Bear
3X Shares		    

—

      

—

      

—

      

—

      

1,241,844

      

—

      

1,241,8441​

      

—

    
Direxion Daily
Financial Bull
3X Shares		    

34,493,596

      

—

      

34,493,5961​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Financial Bear
3X Shares		    

—

      

—

      

—

      

—

      

1,149,729

      

—

      

1,149,7291​

      

—

    

DIREXION SEMI-ANNUAL REPORT
148

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		   Net
Amount2​		   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		   Net
Amount		  
Direxion Daily
Healthcare
Bull 3X Shares		  

$

7,654,679

    

$

—

    

$

7,654,6791​

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    
Direxion Daily
Industrials
Bull 3X Shares		    

310,575

      

—

      

310,5751​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Real Estate
Bull 3X Shares		    

—

      

—

      

—

      

—

      

2,842,501

      

—

      

2,842,5011​

      

—

    
Direxion Daily
Real Estate
Bear 3X Shares		    

18,825,061

      

—

      

15,270,000

      

3,555,061

      

—

      

—

      

—

      

—

    
Direxion Daily
Regional Banks
Bull 3X Shares		    

—

      

—

      

—

      

—

      

3,416,161

      

—

      

3,416,1611​

      

—

    
Direxion Daily
Retail Bull
3X Shares		    

1,953,577

      

—

      

1,953,5771​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
S&P 500®​ High
Beta Bull
3X Shares		    

98,218

      

—

      

—

      

98,218

      

—

      

—

      

—

      

—

    
Direxion Daily
S&P 500®​ High
Beta Bear
3X Shares		    

438,452

      

—

      

438,4521​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
S&P Biotech
Bull 3X Shares		    

—

      

—

      

—

      

—

      

19,565,291

      

—

      

19,565,2911​

      

—

    
Direxion Daily
S&P Biotech
Bear 3X Shares		    

1,697,765

      

—

      

1,090,000

      

607,765

      

—

      

—

      

—

      

—

    
Direxion Daily
Semiconductor
Bull 3X Shares		    

69,379,664

      

—

      

69,379,6641​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Semiconductor
Bear 3X Shares		    

—

      

—

      

—

      

—

      

1,277,271

      

—

      

1,277,2711​

      

—

    
Direxion Daily
Technology
Bull 3X Shares		    

10,913,818

      

—

      

10,913,8181​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Technology
Bear 3X Shares		    

—

      

—

      

—

      

—

      

174,703

      

—

      

174,7031​

      

—

    
Direxion Daily
Utilities Bull
3X Shares		    

482,104

      

—

      

482,1041​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
7-10 Year
Treasury Bull
3X Shares		    

—

      

—

      

—

      

—

      

315,649

      

—

      

315,6491​

      

—

    
Direxion Daily
7-10 Year
Treasury Bear
3X Shares		    

252,919

      

—

      

252,9191​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
20+ Year
Treasury Bull
3X Shares		    

—

      

—

      

—

      

—

      

59,597,935

      

—

      

59,597,9351​

      

—

    

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
Amount2​		   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		   Net
Amount		  
Direxion Daily
20+ Year
Treasury Bear
3X Shares		  

$

6,661,346

    

$

—

    

$

5,930,000

    

$

731,346

    

$

—

    

$

—

    

$

—

    

$

—

    

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: Societe Generale

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		   Net
Amount2​		   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		   Net
Amount		  
Direxion Daily
Small Cap
Bull 3X Shares		  

$

—

    

$

—

    

$

—

    

$

—

    

$

3,500,467

    

$

—

    

$

3,500,4671​

    

$

—

    
Direxion Daily
Small Cap
Bear 3X Shares		    

1,372,459

      

—

      

—

      

1,372,459

      

—

      

—

      

—

      

—

    
Direxion Daily
FTSE China
Bull 3X Shares		    

15,233,182

      

—

      

15,233,1821​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Financial
Bull 3X Shares		    

25,585,666

      

—

      

25,585,6661​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Financial
Bear 3X Shares		    

—

      

—

      

—

      

—

      

7,983,403

      

—

      

7,983,4031​

      

—

    
Direxion Daily
Regional Banks
Bull 3X Shares		    

—

      

—

      

—

      

—

      

10,131,835

      

—

      

10,131,8351​

      

—

    
Direxion Daily
Semiconductor
Bull 3X Shares		    

21,947,781

      

—

      

21,947,7811​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Semiconductor
Bear 3X Shares		    

—

      

—

      

—

      

—

      

22,095,611

      

—

      

22,095,6111​

      

—

    
Direxion Daily
Technology
Bull 3X Shares		    

2,059,882

      

—

      

2,059,8821​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Technology
Bear 3X Shares		    

—

      

—

      

—

      

—

      

117,479

      

—

      

117,4791​

      

—

    

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

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

DIREXION SEMI-ANNUAL REPORT
150

Description: Swap Contract

Counterparty: UBS Securities LLC

        Assets:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		           Liabilities:
Gross Amounts not
offset in the Statement
of Asset and Liabilities		      

Fund Name

   Gross
Amounts of
Recognized
Assets		   Financial
Instruments		   Collateral
Received		   Net
Amount2​		   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		   Net
Amount		  
Direxion Daily
Mid Cap
Bull 3X Shares		  

$

1,011,690

    

$

—

    

$

1,011,6901​

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

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

54,984,449

      

—

      

54,984,4491​

      

—

      

—

      

—

      

—

      

—

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

—

      

—

      

—

      

—

      

6,044,227

      

—

      

6,044,2271​

      

—

    
Direxion Daily
Small Cap
Bull 3X Shares		    

—

      

—

      

—

      

—

      

939,265

      

—

      

939,2651​

      

—

    
Direxion Daily
Small Cap
Bear 3X Shares		    

8,020,038

      

—

      

4,710,000

      

3,310,038

      

—

      

—

      

—

      

—

    
Direxion Daily
FTSE China
Bull 3X Shares		    

29,210,126

      

—

      

29,210,1261​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
FTSE China
Bear 3X Shares		    

—

      

—

      

—

      

—

      

2,869,759

      

—

      

2,869,7591​

      

—

    
Direxion Daily
FTSE Europe
Bull 3X Shares		    

—

      

—

      

—

      

—

      

30,579

      

—

      

30,5791​

      

—

    
Direxion Daily
MSCI Emerging
Markets Bull
3X Shares		    

2,087,019

      

—

      

2,087,0191​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
MSCI Emerging
Markets Bear
3X Shares		    

—

      

—

      

—

      

—

      

1,084

      

—

      

1,0841​

      

—

    
Direxion Daily
MSCI Mexico
Bull 3X Shares		    

—

      

—

      

—

      

—

      

2,728

      

—

      

2,7281​

      

—

    
Direxion Daily
Consumer
Discretionary
Bull 3X Shares		    

—

      

—

      

—

      

—

      

223,923

      

—

      

223,9231​

      

—

    
Direxion Daily
Dow Jones
Internet Bull
3X Shares		    

1,357,827

      

—

      

1,357,8271​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Dow Jones
Internet Bear
3X Shares		    

53,091

      

—

      

—

      

53,091

      

—

      

—

      

—

      

—

    
Direxion Daily
Financial
Bull 3X Shares		    

25,068,967

      

—

      

25,068,9671​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Financial
Bear 3X Shares		    

—

      

—

      

—

      

—

      

560,557

      

—

      

560,5571​

      

—

    

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
Amount2​		   Gross
Amounts of
Recognized
Liabilities		   Financial
Instruments		   Collateral
Pledged		   Net
Amount		  
Direxion Daily
Healthcare
Bull 3X Shares		  

$

1,212,250

    

$

—

    

$

1,212,2501​

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    
Direxion Daily
Pharmaceutical &
Medical Bull
3X Shares		    

—

      

—

      

—

      

—

      

185,879

      

—

      

185,8791​

      

—

    
Direxion Daily
Real Estate
Bear 3X Shares		    

1,435,614

      

—

      

1,000,000

      

435,614

      

—

      

—

      

—

      

—

    
Direxion Daily
Regional Banks
Bull 3X Shares		    

—

      

—

      

—

      

—

      

2,866,897

      

—

      

2,866,8971​

      

—

    
Direxion Daily
Retail Bull
3X Shares		    

136,924

      

—

      

136,9241​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
S&P 500®​ High
Beta Bull
3X Shares		    

796,985

      

—

      

796,9851​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
S&P 500®​ High
Beta Bear
3X Shares		    

52,453

      

—

      

—

      

52,453

      

—

      

—

      

—

      

—

    
Direxion Daily
S&P Biotech
Bull 3X Shares		    

—

      

—

      

—

      

—

      

27,685,221

      

—

      

27,685,2211​

      

—

    
Direxion Daily
S&P Biotech
Bear 3X Shares		    

3,481,893

      

—

      

3,130,000

      

351,893

      

—

      

—

      

—

      

—

    
Direxion Daily
Semiconductor
Bull 3X Shares		    

224,024,975

      

—

      

224,024,9751​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Semiconductor
Bear 3X Shares		    

—

      

—

      

—

      

—

      

858,195

      

—

      

858,1951​

      

—

    
Direxion Daily
Technology
Bull 3X Shares		    

6,265,622

      

—

      

6,265,6221​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Technology
Bear 3X Shares		    

917,329

      

—

      

—

      

917,329

      

—

      

—

      

—

      

—

    
Direxion Daily
Transportation
Bull 3X Shares		    

—

      

—

      

—

      

—

      

963,765

      

—

      

963,7651​

      

—

    
Direxion Daily
Utilities Bull
3X Shares		    

3,050,712

      

—

      

3,050,7121​

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
20+ Year
Treasury Bull
3X Shares		    

—

      

—

      

—

      

—

      

30,209,211

      

—

      

30,209,2111​

      

—

    
Direxion Daily
20+ Year
Treasury Bear
3X Shares		    

5,951,384

      

—

      

4,960,000

      

991,384

      

—

      

—

      

—

      

—

    

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

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

DIREXION SEMI-ANNUAL REPORT
152

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

d) Risks of Futures Contracts, Options on Futures Contracts and Short Positions – The risks inherent in the use of options, futures contracts, options on futures contracts and short positions include 1) adverse changes in the fair value of such instruments; 2) imperfect correlation between the price of options and futures contracts and options thereon and movements in the price of the underlying securities, index or futures contracts; 3) the possible absence of a liquid secondary market for any particular instrument at any time; 4) the possible need to defer closing out certain positions to avoid adverse tax consequences; and 5) the possible non-performance by the counterparty under the terms of the contract. The Funds designate cash, cash equivalents and liquid securities as collateral for written options, futures contracts, options on futures contracts and short positions. The Funds were not invested in any type of options during the period ended April 30, 2024.

e) Risks of Investing in Foreign Securities – Investments in foreign securities involve greater risks than investing in domestic securities. As a result, the Funds' returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The laws, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore there may be less public information available about foreign companies. Investments in foreign emerging markets present a greater risk than investing in foreign issuers in general. The risk of political or social upheaval is greater in emerging markets. In addition, there may be risks of an economy's dependence on revenues from particular commodities, currency transfer restrictions, a limited number of potential buyers for such securities and delays and disruption in securities settlement procedures.

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

g) Securities Lending – The Funds may lend its investment securities to approved brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of April 30, 2024, all securities on loan were collateralized by cash and/or U.S. government obligations. The cash received as collateral for securities on loan was invested in money market funds, whose maturities are overnight and continuous, and is disclosed in the Schedules of Investments. The securities on loan in each Fund are also disclosed in the Schedule of Investments. The total value of securities loaned and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Non-cash collateral consists of U.S. Treasury securities and is not disclosed on the Statements of Assets and Liabilities as its held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell, reinvest or pledge those securities. Income earned by the Funds from securities lending is disclosed in the Statements of Operations.

DIREXION SEMI-ANNUAL REPORT
153

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

As of April 30, 2024, the market value of the securities loaned and the payable on collateral received for securities lending were as follows:

Funds

   Market Value
of Securities
Loaned		   Cash
Collateral
Received		   Non-Cash
Collateral
Received		   Total
Collateral
Received		  

Direxion Daily Small Cap Bull 3X Shares

  

$

33,312,136

    

$

33,985,177

    

$

—

    

$

33,985,177

    

Direxion Daily MSCI Mexico Bull 3X Shares

    

847,350

      

866,250

      

—

      

866,250

    

Direxion Daily Aerospace & Defense Bull 3X Shares

    

65,847

      

72,268

      

—

      

72,268

    

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

    

198,871

      

202,885

      

—

      

202,885

    

Direxion Daily Retail Bull 3X Shares

    

722,221

      

390,596

      

351,790

      

742,386

    

Direxion Daily S&P Biotech Bull 3X Shares

    

19,335,059

      

18,313,387

      

1,673,241

      

19,986,628

    

Direxion Daily Semiconductor Bull 3X Shares

    

38,260,273

      

30,169,912

      

8,910,169

      

39,080,081

    

Direxion Daily Transportation Bull 3X Shares

    

68,561

      

15,564

      

54,833

      

70,397

    

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

The Funds may be subject to a nondeductible 4% U.S. excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. Certain Funds paid this excise tax during the period ended April 30, 2024, which is disclosed on the Statements of Operations.

i) Income and Expenses – Interest income, including amortization of premiums and discounts, is recognized on an accrual basis. Distributions are recorded on the ex-dividend date. Certain Funds paid this excise tax during the period ended April 30, 2024.

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

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

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

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

DIREXION SEMI-ANNUAL REPORT
154

3.  INCOME TAX AND DISTRIBUTION INFORMATION

The tax character of distributions paid during the periods ended April 30, 2024 and October 31, 2023 are listed below.

The tax character of distributions to shareholders made during the periods may differ from their ultimate characterization for U.S. Federal income tax purposes.

    Period Ended
April 30, 2024 (Unaudited)		   Year Ended
October 31, 2023		  
   

Distributions Paid From:

  

Distributions Paid From:

  

Funds

   Ordinary
Income		   Long Term
Capital Gains		   Return
of Capital		   Ordinary
Income		   Long Term
Capital Gains		   Return
of Capital		  
Direxion Daily Mid Cap Bull
3X Shares		  

$

523,307

    

$

—

    

$

—

    

$

561,170

    

$

—

    

$

—

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

23,879,318

      

—

      

—

      

30,072,958

      

—

      

—

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

13,612,734

      

—

      

—

      

28,572,014

      

—

      

—

    
Direxion Daily Small Cap Bull
3X Shares		    

14,001,597

      

—

      

—

      

14,324,864

      

—

      

—

    
Direxion Daily Small Cap Bear
3X Shares		    

7,327,462

      

—

      

—

      

14,268,127

      

—

      

—

    
Direxion Daily FTSE China Bull
3X Shares		    

16,117,301

      

—

      

—

      

12,964,676

      

—

      

—

    
Direxion Daily FTSE China Bear
3X Shares		    

2,231,229

      

—

      

—

      

4,391,757

      

—

      

—

    
Direxion Daily FTSE Europe Bull
3X Shares		    

317,085

      

—

      

—

      

644,761

      

—

      

—

    
Direxion Daily MSCI Emerging
Markets Bull 3X Shares		    

1,695,943

      

—

      

—

      

2,726,771

      

—

      

—

    
Direxion Daily MSCI Emerging
Markets Bear 3X Shares		    

450,083

      

—

      

—

      

854,921

      

—

      

—

    
Direxion Daily MSCI Mexico Bull
3X Shares		    

202,575

      

—

      

—

      

286,563

      

—

      

—

    
Direxion Daily MSCI South Korea
Bull 3X Shares		    

774,742

      

—

      

—

      

436,999

      

—

      

—

    
Direxion Daily Aerospace & Defense
Bull 3X Shares		    

1,232,629

      

—

      

—

      

1,980,147

      

—

      

—

    
Direxion Daily Consumer Discretionary
Bull 3X Shares		    

144,795

      

—

      

—

      

111,347

      

—

      

—

    
Direxion Daily Dow Jones Internet
Bull 3X Shares		    

—

      

—

      

—

      

—

      

—

      

1,546

    
Direxion Daily Dow Jones Internet
Bear 3X Shares		    

656,467

      

—

      

—

      

1,371,721

      

—

      

—

    

Direxion Daily Financial Bull 3X Shares

    

17,424,298

      

—

      

—

      

38,385,156

      

—

      

—

    
Direxion Daily Financial Bear
3X Shares		    

3,385,003

      

—

      

—

      

4,956,381

      

—

      

—

    
Direxion Daily Healthcare Bull
3X Shares		    

1,635,111

      

—

      

—

      

3,100,894

      

—

      

—

    
Direxion Daily Homebuilders &
Supplies Bull 3X Shares		    

497,245

      

—

      

—

      

748,870

      

—

      

—

    
Direxion Daily Industrials Bull
3X Shares		    

216,380

      

—

      

—

      

354,278

      

—

      

—

    
Direxion Daily Pharmaceutical &
Medical Bull 3X Shares		    

122,921

      

—

      

—

      

158,160

      

—

      

—

    
Direxion Daily Real Estate Bull
3X Shares		    

819,099

      

—

      

—

      

1,269,699

      

—

      

9,595

    
Direxion Daily Real Estate Bear
3X Shares		    

2,084,778

      

—

      

—

      

5,064,803

      

—

      

—

    

DIREXION SEMI-ANNUAL REPORT
155

    Period Ended
April 30, 2024 (Unaudited)		   Year Ended
October 31, 2023		  
   

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 Regional Banks Bull
3X Shares		  

$

9,313,381

    

$

—

    

$

—

    

$

9,723,478

    

$

—

    

$

—

    

Direxion Daily Retail Bull 3X Shares

    

410,244

      

—

      

—

      

826,260

      

—

      

—

    
Direxion Daily S&P 500®​ High Beta
Bull 3X Shares		    

468,651

      

—

      

—

      

383,793

      

—

      

—

    
Direxion Daily S&P 500®​ High Beta
Bear 3X Shares		    

962,069

      

—

      

—

      

1,776,769

      

—

      

—

    
Direxion Daily S&P Biotech Bull
3X Shares		    

3,922,372

      

—

      

—

      

1,704,008

      

—

      

—

    
Direxion Daily S&P Biotech Bear
3X Shares		    

2,027,573

      

—

      

—

      

3,401,055

      

—

      

—

    
Direxion Daily Semiconductor Bull
3X Shares		    

26,189,658

      

—

      

—

      

43,096,740

      

—

      

—

    
Direxion Daily Semiconductor Bear
3X Shares		    

18,992,120

      

—

      

—

      

43,792,551

      

—

      

—

    
Direxion Daily Technology Bull
3X Shares		    

7,861,817

      

—

      

—

      

8,366,866

      

—

      

—

    
Direxion Daily Technology Bear
3X Shares		    

2,484,778

      

—

      

—

      

4,968,948

      

—

      

—

    
Direxion Daily Transportation Bull
3X Shares		    

226,584

      

—

      

—

      

358,776

      

—

      

—

    

Direxion Daily Utilities Bull 3X Shares

    

672,660

      

—

      

—

      

565,817

      

—

      

—

    
Direxion Daily 7-10 Year Treasury
Bull 3X Shares		    

557,307

      

—

      

—

      

733,853

      

—

      

—

    
Direxion Daily 7-10 Year Treasury
Bear 3X Shares		    

385,698

      

—

      

—

      

868,392

      

—

      

—

    
Direxion Daily 20+ Year Treasury
Bull 3X Shares		    

66,136,606

      

—

      

—

      

43,514,596

      

—

      

—

    
Direxion Daily 20+ Year Treasury
Bear 3X Shares		    

4,844,783

      

—

      

—

      

10,844,169

      

—

      

—

    

At October 31, 2023, the components of accumulated earnings/losses of the Funds on a tax basis were as follows:




Funds		   Net
Unrealized
Appreciation/
(Depreciation)		   Undistributed
Ordinary
Income (Loss)		   Undistributed
Capital
Gain (Loss)		   Other
Accumulated
Earnings (Losses)1​		   Total
Accumulated
Earnings (Losses)		  
Direxion Daily Mid Cap Bull
3X Shares		  

$

(16,452,800

)

  

$

170,662

    

$

—

    

$

(13,258,393

)

  

$

(29,540,531

)

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

(979,116,996

)

    

1,788,887

      

—

      

(72,855,193

)

    

(1,050,183,302

)

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

(174,797,686

)

    

3,339,083

      

—

      

(2,749,220,409

)

    

(2,920,679,012

)

  
Direxion Daily Small Cap Bull
3X Shares		    

(817,761,884

)

    

4,729,584

      

—

      

(556,233,953

)

    

(1,369,266,253

)

  
Direxion Daily Small Cap Bear
3X Shares		    

(94,329,952

)

    

1,686,489

      

—

      

(3,483,249,447

)

    

(3,575,892,910

)

  
Direxion Daily FTSE China Bull
3X Shares		    

(561,774,559

)

    

1,006,011

      

—

      

(498,439,672

)

    

(1,059,208,220

)

  
Direxion Daily FTSE China Bear
3X Shares		    

(3,087,611

)

    

585,565

      

—

      

(103,615,281

)

    

(106,117,327

)

  
Direxion Daily FTSE Europe Bull
3X Shares		    

(4,008,480

)

    

71,580

      

—

      

(22,261,334

)

    

(26,198,234

)

  
Direxion Daily MSCI Emerging
Markets Bull 3X Shares		    

(67,476,749

)

    

417,641

      

—

      

(224,070,808

)

    

(291,129,916

)

  

DIREXION SEMI-ANNUAL REPORT
156




Funds		   Net
Unrealized
Appreciation/
(Depreciation)		   Undistributed
Ordinary
Income (Loss)		   Undistributed
Capital
Gain (Loss)		   Other
Accumulated
Earnings (Losses)1​		   Total
Accumulated
Earnings (Losses)		  
Direxion Daily MSCI Emerging
Markets Bear 3X Shares		  

$

1,488,620

    

$

118,643

    

$

—

    

$

(330,367,054

)

  

$

(328,759,791

)

  
Direxion Daily MSCI Mexico Bull
3X Shares		    

(2,799,806

)

    

6,488

      

—

      

—

      

(2,793,318

)

  
Direxion Daily MSCI South Korea
Bull 3X Shares		    

(20,213,176

)

    

73,960

      

—

      

(25,229,200

)

    

(45,368,416

)

  
Direxion Daily Aerospace &
Defense Bull 3X Shares		    

(13,526,046

)

    

123,120

      

—

      

—

      

(13,402,926

)

  
Direxion Daily Consumer
Discretionary Bull 3X Shares		    

(10,215,904

)

    

5,460

      

—

      

(22,410,175

)

    

(32,620,619

)

  
Direxion Daily Dow Jones Internet
Bull 3X Shares		    

(89,836,280

)

    

—

      

—

      

(121,855,918

)

    

(211,692,198

)

  
Direxion Daily Dow Jones Internet
Bear 3X Shares		    

(8,606,030

)

    

203,104

      

—

      

(24,805,776

)

    

(33,208,702

)

  
Direxion Daily Financial Bull
3X Shares		    

(419,155,974

)

    

3,375,319

      

—

      

(466,891,322

)

    

(882,671,977

)

  
Direxion Daily Financial Bear
3X Shares		    

(9,925,358

)

    

703,564

      

—

      

(3,094,992,008

)

    

(3,104,213,802

)

  
Direxion Daily Healthcare Bull
3X Shares		    

(61,964,616

)

    

376,663

      

—

      

(14,501,399

)

    

(76,089,352

)

  
Direxion Daily Homebuilders &
Supplies Bull 3X Shares		    

(52,095,367

)

    

—

      

—

      

—

      

(52,095,367

)

  
Direxion Daily Industrials Bull
3X Shares		    

(5,205,988

)

    

4,146

      

—

      

(454,702

)

    

(5,656,544

)

  
Direxion Daily Pharmaceutical &
Medical Bull 3X Shares		    

(8,337,529

)

    

10,660

      

—

      

(7,249,678

)

    

(15,576,547

)

  
Direxion Daily Real Estate Bull
3X Shares		    

(35,752,716

)

    

—

      

—

      

(8,544,688

)

    

(44,297,404

)

  
Direxion Daily Real Estate Bear
3X Shares		    

15,444,597

      

654,847

      

—

      

(113,896,302

)

    

(97,796,858

)

  
Direxion Daily Regional Banks Bull
3X Shares		    

(211,480,825

)

    

316,385

      

—

      

(114,692,893

)

    

(325,857,333

)

  

Direxion Daily Retail Bull 3X Shares

    

(47,027,187

)

    

57,958

      

—

      

(62,865,602

)

    

(109,834,831

)

  
Direxion Daily S&P 500®​ High Beta
Bull 3X Shares		    

(33,100,620

)

    

29,462

      

—

      

(17,824,412

)

    

(50,895,570

)

  
Direxion Daily S&P 500®​ High Beta
Bear 3X Shares		    

(4,802,104

)

    

287,407

      

—

      

(121,105,625

)

    

(125,620,322

)

  
Direxion Daily S&P Biotech Bull
3X Shares		    

(885,812,203

)

    

1,546,128

      

—

      

(1,388,553,333

)

    

(2,272,819,408

)

  
Direxion Daily S&P Biotech Bear
3X Shares		    

1,762,659

      

179,685

      

—

      

(309,241,125

)

    

(307,298,781

)

  
Direxion Daily Semiconductor Bull
3X Shares		    

(3,045,646,411

)

    

5,102,925

      

—

      

(78,790,487

)

    

(3,119,333,973

)

  
Direxion Daily Semiconductor Bear
3X Shares		    

(595,504,463

)

    

3,707,767

      

—

      

(1,143,609,094

)

    

(1,735,405,790

)

  
Direxion Daily Technology Bull
3X Shares		    

(358,154,866

)

    

144,289

      

—

      

(275,945,957

)

    

(633,956,534

)

  
Direxion Daily Technology Bear
3X Shares		    

(52,265,136

)

    

672,427

      

—

      

(350,892,979

)

    

(402,485,688

)

  
Direxion Daily Transportation Bull
3X Shares		    

(7,411,190

)

    

20,519

      

—

      

(1,230,641

)

    

(8,621,312

)

  
Direxion Daily Utilities Bull
3X Shares		    

(12,608,650

)

    

87,515

      

—

      

—

      

(12,521,135

)

  
Direxion Daily 7-10 Year Treasury
Bull 3X Shares		    

(16,723,722

)

    

146,939

      

—

      

(9,075,650

)

    

(25,652,433

)

  
Direxion Daily 7-10 Year Treasury
Bear 3X Shares		    

4,390,209

      

111,178

      

—

      

(45,485,883

)

    

(40,984,496

)

  

DIREXION SEMI-ANNUAL REPORT
157




Funds		   Net
Unrealized
Appreciation/
(Depreciation)		   Undistributed
Ordinary
Income (Loss)		   Undistributed
Capital
Gain (Loss)		   Other
Accumulated
Earnings (Losses)1​		   Total
Accumulated
Earnings (Losses)		  
Direxion Daily 20+ Year Treasury
Bull 3X Shares		  

$

(2,038,067,979

)

  

$

9,920,777

    

$

—

    

$

(79,964,330

)

  

$

(2,108,111,532

)

  
Direxion Daily 20+ Year Treasury
Bear 3X Shares		    

32,130,934

      

1,510,829

      

—

      

(583,298,018

)

    

(549,656,255

)

  

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

At April 30, 2024, the aggregate gross unrealized appreciation and depreciation of investments for U.S Federal income tax purposes were as follows:

Funds

   Tax Cost of
Investments		   Gross
Unrealized
Appreciation		   Gross
Unrealized
Depreciation		   Net
Unrealized
Appreciation
(Depreciation)		  

Direxion Daily Mid Cap Bull 3X Shares

  

$

79,034,697

    

$

—

    

$

(2,395

)

  

$

(2,395

)

  

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

    

3,788,050,722

      

43,619,238

      

(153,964,721

)

    

(110,345,483

)

  

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

    

592,877,264

      

—

      

—

      

—

    

Direxion Daily Small Cap Bull 3X Shares

    

1,990,676,761

      

14,046,001

      

—

      

14,046,001

    

Direxion Daily Small Cap Bear 3X Shares

    

341,392,166

      

—

      

—

      

—

    

Direxion Daily FTSE China Bull 3X Shares

    

976,526,061

      

25,477,185

      

—

      

25,477,185

    

Direxion Daily FTSE China Bear 3X Shares

    

175,560,826

      

—

      

—

      

—

    

Direxion Daily FTSE Europe Bull 3X Shares

    

22,833,826

      

382,447

      

—

      

382,447

    

Direxion Daily MSCI Emerging Markets Bull 3X Shares

    

82,574,206

      

31,918

      

—

      

31,918

    

Direxion Daily MSCI Emerging Markets Bear 3X Shares

    

21,181,460

      

—

      

—

      

—

    

Direxion Daily MSCI Mexico Bull 3X Shares

    

15,159,611

      

107,167

      

—

      

107,167

    

Direxion Daily MSCI South Korea Bull 3X Shares

    

38,610,423

      

139,463

      

—

      

139,463

    

Direxion Daily Aerospace & Defense Bull 3X Shares

    

154,311,864

      

12,203,712

      

(5,808,251

)

    

6,395,461

    

Direxion Daily Consumer Discretionary Bull 3X Shares

    

24,456,396

      

2,195,423

      

(1,391,975

)

    

803,448

    

Direxion Daily Dow Jones Internet Bull 3X Shares

    

150,168,142

      

12,984,462

      

(5,677,903

)

    

7,306,559

    

Direxion Daily Dow Jones Internet Bear 3X Shares

    

22,775,132

      

—

      

—

      

—

    

Direxion Daily Financial Bull 3X Shares

    

2,017,559,231

      

138,600,805

      

(12,358,644

)

    

126,242,161

    

Direxion Daily Financial Bear 3X Shares

    

144,710,423

      

—

      

—

      

—

    

Direxion Daily Healthcare Bull 3X Shares

    

178,143,997

      

18,610,896

      

(16,537,657

)

    

2,073,239

    

Direxion Daily Homebuilders & Supplies Bull 3X Shares

    

256,891,306

      

11,540,338

      

(1,205,510

)

    

10,334,828

    

Direxion Daily Industrials Bull 3X Shares

    

35,228,475

      

1,972,038

      

(1,211,804

)

    

760,234

    

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

    

13,627,877

      

742,026

      

(1,093,338

)

    

(351,312

)

  

Direxion Daily Real Estate Bull 3X Shares

    

73,253,784

      

1,117,350

      

(3,517,599

)

    

(2,400,249

)

  

Direxion Daily Real Estate Bear 3X Shares

    

106,332,037

      

—

      

—

      

—

    

Direxion Daily Regional Banks Bull 3X Shares

    

694,536,411

      

18,133,248

      

(23,269,922

)

    

(5,136,674

)

  

Direxion Daily Retail Bull 3X Shares

    

47,870,822

      

3,316,497

      

(2,396,421

)

    

920,076

    

Direxion Daily S&P 500®​ High Beta Bull 3X Shares

    

53,175,639

      

2,821,707

      

(2,061,679

)

    

760,028

    

Direxion Daily S&P 500®​ High Beta Bear 3X Shares

    

38,597,029

      

—

      

—

      

—

    

Direxion Daily S&P Biotech Bull 3X Shares

    

1,052,603,295

      

57,138,139

      

(62,073,832

)

    

(4,935,693

)

  

Direxion Daily S&P Biotech Bear 3X Shares

    

84,190,425

      

—

      

—

      

—

    

Direxion Daily Semiconductor Bull 3X Shares

    

10,334,548,536

      

970,649,452

      

(108,048,288

)

    

862,601,164

    

Direxion Daily Semiconductor Bear 3X Shares

    

688,763,076

      

—

      

—

      

—

    

Direxion Daily Technology Bull 3X Shares

    

2,798,573,614

      

115,931,328

      

(71,030,698

)

    

44,900,630

    

Direxion Daily Technology Bear 3X Shares

    

133,658,243

      

—

      

—

      

—

    

Direxion Daily Transportation Bull 3X Shares

    

21,377,240

      

1,538,650

      

(875,679

)

    

662,971

    

Direxion Daily Utilities Bull 3X Shares

    

40,710,313

      

1,457,151

      

(458,953

)

    

998,198

    

Direxion Daily 7-10 Year Treasury Bull 3X Shares

    

45,113,376

      

—

      

(989,795

)

    

(989,795

)

  

Direxion Daily 7-10 Year Treasury Bear 3X Shares

    

15,954,451

      

—

      

—

      

—

    

Direxion Daily 20+ Year Treasury Bull 3X Shares

    

4,926,672,297

      

—

      

(134,188,650

)

    

(134,188,650

)

  

Direxion Daily 20+ Year Treasury Bear 3X Shares

    

279,836,701

      

—

      

—

      

—

    

DIREXION SEMI-ANNUAL REPORT
158

The difference between the book cost of investments and the tax cost of investments is primarily attributable to tax deferral of losses on wash sales.

In order to meet certain U.S. excise tax distribution requirements, the Funds are required to measure and distribute annually net capital gains realized during a twelve month period ending October 31 and net investment income earned during a twelve month period ending December 31. In connection with this, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late ordinary losses are generally losses incurred between January 1 and the end of their fiscal year, October 31, 2023.

At October 31, 2023, Direxion Daily Dow Jones Internet Bull 3X Shares deferred, on a tax basis, qualified late year losses of $169,875.

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

At October 31, 2023, for U.S. Federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains through the year indicated:

Funds

   Utilized in
Current Year		  

Unlimited ST

  

Unlimited LT

  

Direxion Daily Mid Cap Bull 3X Shares

  

$

—

    

$

13,258,393

    

$

—

    

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

    

—

      

72,854,915

      

—

    

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

    

—

      

2,745,890,765

      

3,329,426

    

Direxion Daily Small Cap Bull 3X Shares

    

—

      

556,233,833

      

—

    

Direxion Daily Small Cap Bear 3X Shares

    

—

      

3,483,249,332

      

—

    

Direxion Daily FTSE China Bull 3X Shares

    

—

      

493,387,139

      

5,052,531

    

Direxion Daily FTSE China Bear 3X Shares

    

—

      

103,615,282

      

—

    

Direxion Daily FTSE Europe Bull 3X Shares

    

—

      

22,013,170

      

248,164

    

Direxion Daily MSCI Emerging Markets Bull 3X Shares

    

—

      

163,034,478

      

61,036,329

    

Direxion Daily MSCI Emerging Markets Bear 3X Shares

    

—

      

330,367,054

      

—

    

Direxion Daily MSCI Mexico Bull 3X Shares

    

—

      

—

      

—

    

Direxion Daily MSCI South Korea Bull 3X Shares

    

—

      

25,229,200

        

Direxion Daily Aerospace & Defense Bull 3X Shares

    

5,096,355

      

—

      

—

    

Direxion Daily Consumer Discretionary Bull 3X Shares

    

—

      

20,828,649

      

1,581,526

    

Direxion Daily Dow Jones Internet Bull 3X Shares

    

—

      

120,923,438

      

762,606

    

Direxion Daily Dow Jones Internet Bear 3X Shares

    

—

      

24,805,776

      

—

    

Direxion Daily Financial Bull 3X Shares

    

—

      

397,872,276

      

69,018,742

    

Direxion Daily Financial Bear 3X Shares

    

—

      

3,094,991,711

      

—

    

Direxion Daily Healthcare Bull 3X Shares

    

—

      

12,349,092

      

2,152,307

    

Direxion Daily Homebuilders & Supplies Bull 3X Shares

    

—

      

—

      

—

    

Direxion Daily Industrials Bull 3X Shares

    

—

      

297,071

      

157,631

    

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

    

—

      

6,639,378

      

610,300

    

Direxion Daily Real Estate Bull 3X Shares

    

—

      

8,544,688

      

—

    

Direxion Daily Real Estate Bear 3X Shares

    

—

      

113,896,302

      

—

    

Direxion Daily Regional Banks Bull 3X Shares

    

—

      

104,932,878

      

9,760,017

    

Direxion Daily Retail Bull 3X Shares

    

—

      

52,816,258

      

10,049,344

    

Direxion Daily S&P 500®​ High Beta Bull 3X Shares

    

—

      

16,389,966

      

1,434,446

    

Direxion Daily S&P 500®​ High Beta Bear 3X Shares

    

—

      

121,105,626

      

—

    

Direxion Daily S&P Biotech Bull 3X Shares

    

—

      

1,270,365,863

      

118,187,470

    

Direxion Daily S&P Biotech Bear 3X Shares

    

—

      

309,241,125

      

—

    

Direxion Daily Semiconductor Bull 3X Shares

    

160,811,379

      

64,619,538

      

14,170,949

    

Direxion Daily Semiconductor Bear 3X Shares

    

—

      

1,143,609,094

      

—

    

Direxion Daily Technology Bull 3X Shares

    

—

      

241,290,237

      

34,655,720

    

Direxion Daily Technology Bear 3X Shares

    

—

      

350,892,945

      

—

    

Direxion Daily Transportation Bull 3X Shares

    

—

      

685,137

      

545,504

    

Direxion Daily Utilities Bull 3X Shares

    

—

      

—

      

—

    

Direxion Daily 7-10 Year Treasury Bull 3X Shares

    

—

      

8,383,391

      

692,259

    

Direxion Daily 7-10 Year Treasury Bear 3X Shares

    

1,865,238

      

45,485,883

      

—

    

Direxion Daily 20+ Year Treasury Bull 3X Shares

    

—

      

76,816,241

      

3,148,090

    

Direxion Daily 20+ Year Treasury Bear 3X Shares

    

105,112,757

      

583,298,018

      

—

    

DIREXION SEMI-ANNUAL REPORT
159

The Funds follow authoritative financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Funds have reviewed all open tax years and concluded that there is no effect to the Funds' financial positions or results of operations and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During this period, the Funds did not incur any interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of April 30, 2024, open U.S. Federal and state income tax years include the tax years ended October 31, 2021 through October 31, 2023. The Funds have no examination in progress. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.

4.  CREATION AND REDEMPTION TRANSACTIONS AND TRANSACTION FEES

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

Transaction fees are imposed to cover the costs associated with the issuance and redemption of Creation Units. There is a fixed and a variable component to the total transaction fee. A fixed transaction fee is paid to the transfer agent and is applicable to each creation or redemption transaction, regardless of the number of Creation Units purchased or redeemed. In addition, a variable transaction fee equal to a percentage of the value of each Creation Unit purchased or redeemed is applicable to each creation or redemption transaction and is paid to the Fund. Not all Funds will have a transaction fee associated with capital share activity for the year. Transaction fees received by each Fund are presented in the Capital Share Transaction section of the Statements of Changes in Net Assets.

5.  INVESTMENT TRANSACTIONS

The table below presents each Fund's investment transactions during the period ended April 30, 2024. Purchases represent the aggregate purchases of investments excluding the cost of in-kind purchases, short-term investment purchases, swaps and futures contracts. Sales represent the aggregate sales of investments excluding proceeds from in-kind sales, short-term investments, swap and future contracts.

Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:


Funds		  

Purchases

  

Sales

   Purchases
In-Kind		   Sales
In-Kind		  

Direxion Daily Mid Cap Bull 3X Shares

  

$

27,250,131

    

$

48,427,024

    

$

8,761,192

    

$

9,202,011

    

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

    

2,361,150,952

      

20,860,451

      

2,495,292,597

      

4,402,701,845

    

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

    

—

      

—

      

—

      

—

    

Direxion Daily Small Cap Bull 3X Shares

    

1,532,844,750

      

2,863,886,643

      

3,093,068,485

      

1,529,573,795

    

Direxion Daily Small Cap Bear 3X Shares

    

—

      

—

      

—

      

—

    

Direxion Daily FTSE China Bull 3X Shares

    

244,505,800

      

560,054,518

      

773,019,281

      

476,964,362

    

Direxion Daily FTSE China Bear 3X Shares

    

—

      

—

      

—

      

—

    

Direxion Daily FTSE Europe Bull 3X Shares

    

3,222,170

      

—

      

—

      

3,392,902

    

Direxion Daily MSCI Emerging Markets Bull 3X Shares

    

18,960,630

      

8,332,243

      

18,377,755

      

24,484,691

    

Direxion Daily MSCI Emerging Markets Bear 3X Shares

    

—

      

—

      

—

      

—

    

Direxion Daily MSCI Mexico Bull 3X Shares

    

4,957,175

      

1,990,814

      

1,650,778

      

4,410,117

    

Direxion Daily MSCI South Korea Bull 3X Shares

    

14,565,099

      

8,751,202

      

20,118,900

      

22,851,614

    

Direxion Daily Aerospace & Defense Bull 3X Shares

    

42,453,478

      

8,663,920

      

12,100,192

      

71,683,578

    

Direxion Daily Consumer Discretionary Bull 3X Shares

    

11,660,096

      

5,133,928

      

2,318,832

      

12,431,993

    

Direxion Daily Dow Jones Internet Bull 3X Shares

    

76,068,572

      

8,548,514

      

10,603,244

      

72,432,870

    

DIREXION SEMI-ANNUAL REPORT
160


Funds		  

Purchases

  

Sales

   Purchases
In-Kind		   Sales
In-Kind		  

Direxion Daily Dow Jones Internet Bear 3X Shares

  

$

—

    

$

—

    

$

—

    

$

—

    

Direxion Daily Financial Bull 3X Shares

    

405,686,884

      

151,048,101

      

702,669,402

      

716,093,937

    

Direxion Daily Financial Bear 3X Shares

    

—

      

—

      

—

      

—

    

Direxion Daily Healthcare Bull 3X Shares

    

21,844,127

      

561,842

      

5,629,426

      

19,385,714

    

Direxion Daily Homebuilders & Supplies Bull 3X Shares

    

176,872,743

      

42,408,229

      

58,147,392

      

149,657,841

    

Direxion Daily Industrials Bull 3X Shares

    

9,650,550

      

1,124,408

      

11,155,615

      

10,799,184

    

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

    

6,045,004

      

3,967,802

      

5,974,986

      

4,855,814

    

Direxion Daily Real Estate Bull 3X Shares

    

14,554,796

      

11,777,839

      

29,816,426

      

19,518,321

    

Direxion Daily Real Estate Bear 3X Shares

    

—

      

—

      

—

      

—

    

Direxion Daily Regional Banks Bull 3X Shares

    

381,221,379

      

329,568,120

      

487,717,392

      

425,585,803

    

Direxion Daily Retail Bull 3X Shares

    

13,420,361

      

13,274,936

      

24,538,613

      

25,924,363

    

Direxion Daily S&P 500®​ High Beta Bull 3X Shares

    

43,374,487

      

20,602,838

      

5,257,154

      

52,479,739

    

Direxion Daily S&P 500®​ High Beta Bear 3X Shares

    

—

      

—

      

—

      

—

    

Direxion Daily S&P Biotech Bull 3X Shares

    

749,349,381

      

841,527,088

      

833,978,017

      

718,917,084

    

Direxion Daily S&P Biotech Bear 3X Shares

    

—

      

—

      

—

      

—

    

Direxion Daily Semiconductor Bull 3X Shares

    

3,553,340,567

      

8,896,666,816

      

11,399,240,942

      

5,174,321,882

    

Direxion Daily Semiconductor Bear 3X Shares

    

—

      

—

      

—

      

—

    

Direxion Daily Technology Bull 3X Shares

    

604,371,283

      

864,033,594

      

2,440,110,291

      

2,027,810,873

    

Direxion Daily Technology Bear 3X Shares

    

—

      

—

      

—

      

—

    

Direxion Daily Transportation Bull 3X Shares

    

11,941,248

      

3,191,444

      

2,174,304

      

9,810,134

    

Direxion Daily Utilities Bull 3X Shares

    

5,027,997

      

106,979

      

15,691,224

      

19,602,816

    

Direxion Daily 7-10 Year Treasury Bull 3X Shares

    

6,757,287

      

14,023,414

      

6,275,964

      

1,260,008

    

Direxion Daily 7-10 Year Treasury Bear 3X Shares

    

—

      

—

      

—

      

—

    

Direxion Daily 20+ Year Treasury Bull 3X Shares

    

2,234,828,000

      

4,595,260,034

      

5,478,817,960

      

1,760,698,090

    

Direxion Daily 20+ Year Treasury Bear 3X Shares

    

—

      

—

      

—

      

—

    

There were no purchases or sales of long-term U.S. Government securities in the Funds during the period ended April 30, 2024.

6.  INVESTMENT ADVISORY AND OTHER AGREEMENTS

Under an Investment Advisory Agreement between the Adviser and the Trust, on behalf of each Fund, the Adviser provides a continuous investment program for each Fund's assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of each Fund, subject to the supervision of the Trustees. Pursuant to the Advisory Agreement, each Fund pays the Adviser 0.75% at an annual rate based on its average daily net assets.

The Adviser has agreed to waive a portion of its fees based upon the specific breakpoints listed in the table below based on each Fund's daily net assets. For the period ended April 30, 2024, the Adviser waived its fee in certain Funds.

Net Asset Range

  

Advisory Fee Limit

  
$0 – $1,500,000,000    

0.75

%

  
$1,500,000,000 – $2,000,000,000    

0.70

%

  
$2,000,000,000 – $2,500,000,000    

0.65

%

  
$2,500,000,000 – $3,000,000,000    

0.60

%

  
$3,000,000,000 – $3,500,000,000    

0.55

%

  
$3,500,000,000 – $4,000,000,000    

0.50

%

  
$4,000,000,000 – $4,500,000,000    

0.45

%

  

Greater than $4,500,000,000

    

0.40

%

  

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

DIREXION SEMI-ANNUAL REPORT
161

Each Fund is responsible for its own operating expenses. The Adviser has contractually agreed to waive its fees and/or reimburse each Fund's operating expenses to the extent that they exceed 0.95% of each Fund's respective average daily net assets at least until September 1, 2025. Any expense waiver is subject to recoupment by the Adviser, as applicable, within the following three years if overall expenses fall below these percentage limitations.

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

            Potential Recoupment
Amounts Expiring:		  

Total Potential

  
    Expenses
Recouped		   Expenses
Reimbursed		   October 31,
2024		   October 31,
2025		   October 31,
2026		   April 30,
2027		   Recoupment
Amount		  
Direxion Daily Mid Cap
Bull 3X Shares		  

$

3,560

    

$

523

    

$

—

    

$

6,551

    

$

18,834

    

$

523

    

$

25,908

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

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily S&P 500®​
Bear 3X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily Small Cap
Bull 3X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily Small Cap
Bear 3X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily FTSE China
Bull 3X Shares		    

48,087

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily FTSE China
Bear 3X Shares		    

10,779

      

—

      

681

      

5,923

      

18,864

      

—

      

25,468

    
Direxion Daily FTSE Europe
Bull 3X Shares		    

208

      

826

      

—

      

—

      

9,828

      

826

      

10,654

    
Direxion Daily MSCI
Emerging Markets
Bull 3X Shares		    

26

      

3,316

      

419

      

17,713

      

28,061

      

3,316

      

49,509

    
Direxion Daily MSCI
Emerging Markets
Bear 3X Shares		    

—

      

31,883

      

28,380

      

50,097

      

70,652

      

31,883

      

181,012

    
Direxion Daily MSCI Mexico
Bull 3X Shares		    

—

      

4,819

      

2,614

      

14,262

      

22,387

      

4,819

      

44,082

    
Direxion Daily MSCI South
Korea Bull 3X Shares		    

—

      

3,178

      

2,388

      

15,648

      

26,640

      

3,178

      

47,854

    
Direxion Daily Aerospace &
Defense Bull 3X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily Consumer
Discretionary
Bull 3X Shares		    

109

      

1,765

      

7,024

      

24,164

      

35,921

      

1,765

      

68,874

    
Direxion Daily Dow Jones
Internet Bull 3X Shares		    

25,130

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily Dow Jones
Internet Bear 3X Shares		    

—

      

6,440

      

13,579

      

18,987

      

14,565

      

6,440

      

53,571

    
Direxion Daily Financial
Bull 3X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily Financial
Bear 3X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily Healthcare
Bull 3X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Homebuilders & Supplies
Bull 3X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily Industrials
Bull 3X Shares		    

296

      

1,934

      

459

      

17,849

      

44,415

      

1,934

      

64,657

    

DIREXION SEMI-ANNUAL REPORT
162

            Potential Recoupment
Amounts Expiring:		  

Total Potential

  
    Expenses
Recouped		   Expenses
Reimbursed		   October 31,
2024		   October 31,
2025		   October 31,
2026		   April 30,
2027		   Recoupment
Amount		  
Direxion Daily
Pharmaceutical & Medical
Bull 3X Shares		  

$

—

    

$

13,125

    

$

9,408

    

$

23,937

    

$

52,651

    

$

13,125

    

$

99,121

    
Direxion Daily Real Estate
Bull 3X Shares		    

9,043

      

10

      

—

      

—

      

58,767

      

10

      

58,777

    
Direxion Daily Real Estate
Bear 3X Shares		    

21,463

      

—

      

18,475

      

51,746

      

9,547

      

—

      

79,768

    
Direxion Daily Regional
Banks Bull 3X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily Retail
Bull 3X Shares		    

1

      

1

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily S&P 500®​
High Beta Bull 3X Shares		    

3,348

      

113

      

—

      

3,189

      

44,482

      

113

      

47,784

    
Direxion Daily S&P 500®​
High Beta Bear 3X Shares		    

—

      

2,630

      

8,815

      

14,090

      

14,716

      

2,630

      

40,251

    
Direxion Daily S&P Biotech
Bull 3X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily S&P Biotech
Bear 3X Shares		    

13,331

      

104

      

—

      

1,981

      

19,850

      

104

      

21,935

    
Direxion Daily
Semiconductor
Bull 3X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily
Semiconductor
Bear 3X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily Technology
Bull 3X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily Technology
Bear 3X Shares		    

3,068

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily Transportation
Bull 3X Shares		    

—

      

5,727

      

428

      

12,108

      

34,823

      

5,727

      

53,086

    
Direxion Daily Utilities
Bull 3X Shares		    

1,752

      

133

      

6,474

      

21,711

      

30,222

      

133

      

58,540

    
Direxion Daily 7-10 Year
Treasury Bull 3X Shares		    

8,684

      

—

      

9,491

      

21,306

      

8,421

      

—

      

39,218

    
Direxion Daily 7-10 Year
Treasury Bear 3X Shares		    

4

      

5,058

      

9,183

      

3,162

      

7,895

      

5,058

      

25,298

    
Direxion Daily 20+ Year
Treasury Bull 3X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    
Direxion Daily 20+ Year
Treasury Bear 3X Shares		    

—

      

—

      

—

      

—

      

—

      

—

      

—

    

The net amounts receivable (payable) arising from the Investment Advisory Agreement, Management Services Agreement and waiver of any expenses as of October 31, 2024 is presented on the Statement of Assets and Liabilities as "Due from (to) Adviser, net".

The Board has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940. In accordance with the Plan, each Fund is authorized to charge an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services. No 12b-1 fees were charged by any Fund.

7.  FAIR VALUE MEASUREMENTS

The Funds follow authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and

DIREXION SEMI-ANNUAL REPORT
163

valuation techniques used to develop the measurements of fair value and a discussion in changes of valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels below:

Level 1 – Quoted prices in active markets for identical securities

Level 2 – Evaluated price based on other significant observable inputs (including quoted prices for similar securities in active markets, quoted prices for identical or similar securities in inactive markets, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the credit risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds' net assets as of April 30, 2024:

   

Asset Class

  

Liability Class

  
   

Level 1

  

Level 2

  

Level 1

  

Level 2

  

Funds

   Investment
Companies		   Common
Stocks		   Short Term
Investments		   Total Return
Swap
Contracts*		   Futures
Contracts*		   Total Return
Swap
Contracts*		  
Direxion Daily
Mid Cap
Bull 3X Shares		  

$

—

    

$

14,172,946

    

$

64,859,356

    

$

5,732,548

    

$

—

    

$

—

    
Direxion Daily
S&P 500®​
Bull 3X Shares		    

—

      

2,519,626,051

      

1,158,079,188

      

356,342,732

      

(66,078,090

)

    

—

    
Direxion Daily
S&P 500®​
Bear 3X Shares		    

—

      

—

      

592,877,264

      

10,819,699

      

—

      

(29,892,184

)

  
Direxion Daily
Small Cap
Bull 3X Shares		    

1,283,760,910

      

—

      

720,961,852

      

46,305,359

      

—

      

(12,967,232

)

  
Direxion Daily
Small Cap
Bear 3X Shares		    

—

      

—

      

341,392,166

      

43,008,505

      

—

      

(191,620

)

  
Direxion Daily
FTSE China
Bull 3X Shares		    

445,758,286

      

—

      

556,244,960

      

199,785,804

      

—

      

—

    
Direxion Daily
FTSE China
Bear 3X Shares		    

—

      

—

      

175,560,826

      

—

      

—

      

(15,454,697

)

  
Direxion Daily
FTSE Europe
Bull 3X Shares		    

10,834,387

      

—

      

12,381,886

      

880,165

      

—

      

(134,791

)

  
Direxion Daily
MSCI Emerging
Markets Bull
3X Shares		    

6,604,063

      

—

      

76,002,061

      

6,540,440

      

—

      

(35,939

)

  
Direxion Daily
MSCI Emerging
Markets Bear
3X Shares		    

—

      

—

      

21,181,460

      

54,028

      

—

      

(1,293,183

)

  
Direxion Daily
MSCI Mexico
Bull 3X Shares		    

6,464,251

      

—

      

8,802,527

      

223,707

      

—

      

(379,853

)

  
Direxion Daily
MSCI South Korea
Bull 3X Shares		    

19,054,782

      

—

      

19,695,104

      

1,438,962

      

—

      

(134,282

)

  

DIREXION SEMI-ANNUAL REPORT
164

   

Asset Class

  

Liability Class

  
   

Level 1

  

Level 2

  

Level 1

  

Level 2

  

Funds

   Investment
Companies		   Common
Stocks		   Short Term
Investments		   Total Return
Swap
Contracts*		   Futures
Contracts*		   Total Return
Swap
Contracts*		  
Direxion Daily
Aerospace &
Defense
Bull 3X Shares		  

$

—

    

$

105,836,893

    

$

54,870,432

    

$

9,796,591

    

$

—

    

$

—

    
Direxion Daily
Consumer
Discretionary
Bull 3X Shares		    

—

      

19,104,281

      

6,155,563

      

—

      

—

      

(1,041,916

)

  
Direxion Daily Dow
Jones Internet
Bull 3X Shares		    

—

      

119,316,053

      

38,158,648

      

20,956,557

      

—

      

—

    
Direxion Daily Dow
Jones Internet
Bear 3X Shares		    

—

      

—

      

22,775,132

      

431,979

      

—

      

(1,936,743

)

  
Direxion Daily
Financial
Bull 3X Shares		    

—

      

1,585,033,025

      

558,768,367

      

300,401,134

      

—

      

—

    
Direxion Daily
Financial
Bear 3X Shares		    

—

      

—

      

144,710,423

      

4,449,175

      

—

      

(9,693,689

)

  
Direxion Daily
Healthcare
Bull 3X Shares		    

—

      

147,175,085

      

33,042,151

      

11,383,920

      

—

      

—

    
Direxion Daily
Homebuilders &
Supplies
Bull 3X Shares		    

—

      

186,612,719

      

80,613,415

      

20,738,065

      

—

      

—

    
Direxion Daily
Industrials
Bull 3X Shares		    

—

      

27,011,318

      

8,977,391

      

3,828,746

      

—

      

—

    
Direxion Daily
Pharmaceutical &
Medical
Bull 3X Shares		    

—

      

10,232,378

      

3,044,187

      

—

      

—

      

(745,394

)

  
Direxion Daily Real
Estate
Bull 3X Shares		    

—

      

48,436,239

      

22,417,296

      

—

      

—

      

(9,458,468

)

  
Direxion Daily
Real Estate
Bear 3X Shares		    

—

      

—

      

106,332,037

      

27,668,898

      

—

      

—

    
Direxion Daily
Regional Banks
Bull 3X Shares		    

—

      

475,852,295

      

213,547,442

      

—

      

—

      

(60,764,190

)

  
Direxion Daily Retail
Bull 3X Shares		    

—

      

34,337,613

      

14,453,285

      

2,090,501

      

—

      

(217,882

)

  
Direxion Daily
S&P 500®​ High
Beta Bull 3X Shares		    

—

      

38,463,580

      

15,472,087

      

915,099

      

—

      

(338,909

)

  
Direxion Daily
S&P 500®​ High
Beta Bear 3X Shares		    

—

      

—

      

38,597,029

      

1,547,593

      

—

      

(1,544,790

)

  
Direxion Daily S&P
Biotech
Bull 3X Shares		    

—

      

629,020,785

      

418,646,817

      

31,989,756

      

—

      

(61,149,490

)

  

DIREXION SEMI-ANNUAL REPORT
165

   

Asset Class

  

Liability Class

  
   

Level 1

  

Level 2

  

Level 1

  

Level 2

  

Funds

   Investment
Companies		   Common
Stocks		   Short Term
Investments		   Total Return
Swap
Contracts*		   Futures
Contracts*		   Total Return
Swap
Contracts*		  
Direxion Daily S&P
Biotech
Bear 3X Shares		  

$

—

    

$

—

    

$

84,190,425

    

$

26,621,113

    

$

—

    

$

—

    
Direxion Daily
Semiconductor
Bull 3X Shares		    

—

      

7,145,490,945

      

4,051,658,755

      

478,479,694

      

—

      

(662,818,549

)

  
Direxion Daily
Semiconductor
Bear 3X Shares		    

—

      

—

      

688,763,076

      

20,472,137

      

—

      

(45,336,731

)

  
Direxion Daily
Technology
Bull 3X Shares		    

—

      

2,065,450,084

      

778,024,160

      

117,557,320

      

—

      

(1,238,327

)

  
Direxion Daily
Technology
Bear 3X Shares		    

—

      

—

      

133,658,243

      

12,149,720

      

—

      

(292,182

)

  
Direxion Daily
Transportation
Bull 3X Shares		    

—

      

16,388,782

      

5,651,429

      

—

      

—

      

(1,755,298

)

  
Direxion Daily Utilities
Bull 3X Shares		    

—

      

30,683,695

      

11,024,816

      

5,437,257

      

—

      

—

    
Direxion Daily
7-10 Year Treasury
Bull 3X Shares		    

30,339,948

      

—

      

13,783,633

      

—

      

—

      

(3,087,168

)

  
Direxion Daily
7-10 Year Treasury
Bear 3X Shares		    

—

      

—

      

15,954,451

      

1,593,607

      

—

      

—

    
Direxion Daily 20+
Year Treasury
Bull 3X Shares		    

2,896,354,084

      

—

      

1,896,129,563

      

—

      

—

      

(498,872,528

)

  
Direxion Daily 20+
Year Treasury
Bear 3X Shares		    

—

      

—

      

279,836,701

      

58,561,478

      

—

      

—

    

For further detail on each asset class, see each Fund's Schedule of Investments.

*  Futures contracts and total return swap contracts are valued at the unrealized appreciation/(depreciation).

The Funds also follow authoritative accounting standards, which require additional disclosure regarding fair value measurements. Specifically, these standards require reporting entities to disclose a) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions, b) transfers between all levels on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfers and c) purchases and sales on a gross basis in the Level 3 rollforward rather than as one net number. Additionally, reporting entities are required to disclose quantitative information about unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy.

There were no Level 3 securities held by the Funds or any transfers between levels during the period ended April 30, 2024.

8.  VALUATION OF DERIVATIVE INSTRUMENTS

The Funds follow authoritative standards of accounting for derivative instruments, which establish disclosure requirements for derivative instruments. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enable investors to understand how and why a fund uses derivative instruments, how derivative instruments are accounted for and how derivative instruments affect a fund's financial position and results of operations.

DIREXION SEMI-ANNUAL REPORT
166

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, 2024, the Funds were invested in swap contracts. At April 30, 2024, the fair value of derivative instruments, by primary risk, were as follows:

   

Asset Derivatives1​

  

Fund

  

Equity Risk

  

Interest Rate Risk

  

Total

  

Direxion Daily Mid Cap Bull 3X Shares

  

$

5,732,548

    

$

—

    

$

5,732,548

    

Direxion Daily S&P 500®​ Bull 3X Shares

    

356,342,732

      

—

      

356,342,732

    

Direxion Daily S&P 500®​ Bear 3X Shares

    

10,819,699

      

—

      

10,819,699

    

Direxion Daily Small Cap Bull 3X Shares

    

46,305,359

      

—

      

46,305,359

    

Direxion Daily Small Cap Bear 3X Shares

    

43,008,505

      

—

      

43,008,505

    

Direxion Daily FTSE China Bull 3X Shares

    

199,785,804

      

—

      

199,785,804

    

Direxion Daily FTSE Europe Bull 3X Shares

    

880,165

      

—

      

880,165

    

Direxion Daily MSCI Emerging Markets Bull 3X Shares

    

6,540,440

      

—

      

6,540,440

    

Direxion Daily MSCI Emerging Markets Bear 3X Shares

    

54,028

      

—

      

54,028

    

Direxion Daily MSCI Mexico Bull 3X Shares

    

223,707

      

—

      

223,707

    

Direxion Daily MSCI South Korea Bull 3X Shares

    

1,438,962

      

—

      

1,438,962

    

Direxion Daily Aerospace & Defense Bull 3X Shares

    

9,796,591

      

—

      

9,796,591

    

Direxion Daily Dow Jones Internet Bull 3X Shares

    

20,956,557

      

—

      

20,956,557

    

Direxion Daily Dow Jones Internet Bear 3X Shares

    

431,979

      

—

      

431,979

    

Direxion Daily Financial Bull 3X Shares

    

300,401,134

      

—

      

300,401,134

    

Direxion Daily Financial Bear 3X Shares

    

4,449,175

      

—

      

4,449,175

    

Direxion Daily Healthcare Bull 3X Shares

    

11,383,920

      

—

      

11,383,920

    

Direxion Daily Homebuilders & Supplies Bull 3X Shares

    

20,738,065

      

—

      

20,738,065

    

Direxion Daily Industrials Bull 3X Shares

    

3,828,746

      

—

      

3,828,746

    

Direxion Daily Real Estate Bear 3X Shares

    

27,668,898

      

—

      

27,668,898

    

Direxion Daily Retail Bull 3X Shares

    

2,090,501

      

—

      

2,090,501

    

Direxion Daily S&P 500®​ High Beta Bull 3X Shares

    

915,099

      

—

      

915,099

    

Direxion Daily S&P 500®​ High Beta Bear 3X Shares

    

1,547,593

      

—

      

1,547,593

    

Direxion Daily S&P Biotech Bull 3X Shares

    

31,989,756

      

—

      

31,989,756

    

Direxion Daily S&P Biotech Bear 3X Shares

    

26,621,113

      

—

      

26,621,113

    

Direxion Daily Semiconductor Bull 3X Shares

    

478,479,694

      

—

      

478,479,694

    

Direxion Daily Semiconductor Bear 3X Shares

    

20,472,137

      

—

      

20,472,137

    

Direxion Daily Technology Bull 3X Shares

    

117,557,320

      

—

      

117,557,320

    

Direxion Daily Technology Bear 3X Shares

    

12,149,720

      

—

      

12,149,720

    

Direxion Daily Utilities Bull 3X Shares

    

5,437,257

      

—

      

5,437,257

    

Direxion Daily 7-10 Year Treasury Bear 3X Shares

    

—

      

1,593,607

      

1,593,607

    

Direxion Daily 20+ Year Treasury Bear 3X Shares

    

—

      

58,561,478

      

58,561,478

    

1​  Statements of Assets and Liabilities location: Unrealized appreciation on swap contracts.

   

Liability Derivatives2​

  

Fund

  

Equity Risk

  

Interest Rate Risk

  

Total

  

Direxion Daily S&P 500®​ Bear 3X Shares

  

$

29,892,184

    

$

—

    

$

29,892,184

    

Direxion Daily Small Cap Bull 3X Shares

    

12,967,232

      

—

      

12,967,232

    

Direxion Daily Small Cap Bear 3X Shares

    

191,620

      

—

      

191,620

    

Direxion Daily FTSE China Bear 3X Shares

    

15,454,697

      

—

      

15,454,697

    

Direxion Daily FTSE Europe Bull 3X Shares

    

134,791

      

—

      

134,791

    

Direxion Daily MSCI Emerging Markets Bull 3X Shares

    

35,939

      

—

      

35,939

    

Direxion Daily MSCI Emerging Markets Bear 3X Shares

    

1,293,183

      

—

      

1,293,183

    

Direxion Daily MSCI Mexico Bull 3X Shares

    

379,853

      

—

      

379,853

    

Direxion Daily MSCI South Korea Bull 3X Shares

    

134,282

      

—

      

134,282

    

Direxion Daily Consumer Discretionary Bull 3X Shares

    

1,041,916

      

—

      

1,041,916

    

Direxion Daily Dow Jones Internet Bear 3X Shares

    

1,936,743

      

—

      

1,936,743

    

Direxion Daily Financial Bear 3X Shares

    

9,693,689

      

—

      

9,693,689

    

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

    

745,394

      

—

      

745,394

    

Direxion Daily Real Estate Bull 3X Shares

    

9,458,468

      

—

      

9,458,468

    

Direxion Daily Regional Banks Bull 3X Shares

    

60,764,190

      

—

      

60,764,190

    

Direxion Daily Retail Bull 3X Shares

    

217,882

      

—

      

217,882

    

Direxion Daily S&P 500®​ High Beta Bull 3X Shares

    

338,909

      

—

      

338,909

    

DIREXION SEMI-ANNUAL REPORT
167

   

Liability Derivatives2​

  

Fund

  

Equity Risk

  

Interest Rate Risk

  

Total

  

Direxion Daily S&P 500®​ High Beta Bear 3X Shares

  

$

1,544,790

    

$

—

    

$

1,544,790

    

Direxion Daily S&P Biotech Bull 3X Shares

    

61,149,490

      

—

      

61,149,490

    

Direxion Daily Semiconductor Bull 3X Shares

    

662,818,549

      

—

      

662,818,549

    

Direxion Daily Semiconductor Bear 3X Shares

    

45,336,731

      

—

      

45,336,731

    

Direxion Daily Technology Bull 3X Shares

    

1,238,327

      

—

      

1,238,327

    

Direxion Daily Technology Bear 3X Shares

    

292,182

      

—

      

292,182

    

Direxion Daily Transportation Bull 3X Shares

    

1,755,298

      

—

      

1,755,298

    

Direxion Daily 7-10 Year Treasury Bull 3X Shares

    

—

      

3,087,168

      

3,087,168

    

Direxion Daily 20+ Year Treasury Bull 3X Shares

    

—

      

498,872,528

      

498,872,528

    
Futures Contracts*
Fund		  

Equity Risk

  

Interest Rate Risk

  

Total

  

Direxion Daily S&P 500®​ Bull 3X Shares

  

$

24,500,000

    

$

—

    

$

24,500,000

    

2​  Statements of Assets and Liabilities location: Unrealized depreciation on swap contracts.

*  Cumulative depreciation of futures contracts as reported in the Schedule of Investments.

  Only current day's variation margin, if any, is reported in the Statements of Assets and Liabilities.

Transactions in derivative instruments during the period ended April 30, 2024 by primary risk, were as follows:

       

Net Realized Gain (Loss)1​

   Net Unrealized
Appreciation (Depreciation)2​		  

Fund

      

Equity Risk

  

Interest Rate Risk

  

Equity Risk

  

Interest Rate Risk

  
Direxion Daily Mid Cap
Bull 3X Shares		  

Swap Contracts

  

$

6,625,596

    

$

—

    

$

11,305,898

    

$

—

    
Direxion Daily S&P 500®​
Bull 3X Shares		  

Swap Contracts

    

1,010,093,900

      

—

      

318,039,435

      

—

    
Direxion Daily S&P 500®​
Bull 3X Shares		  

Futures Contracts

    

(4,735,517

)

    

—

      

(66,078,090

)

    

—

    
Direxion Daily S&P 500®​
Bear 3X Shares		  

Swap Contracts

    

(190,656,617

)

    

—

      

(130,524,032

)

    

—

    
Direxion Daily Small Cap
Bull 3X Shares		  

Swap Contracts

    

301,007,796

      

—

      

246,371,689

      

—

    
Direxion Daily Small Cap
Bear 3X Shares		  

Swap Contracts

    

(152,297,172

)

    

—

      

(35,170,985

)

    

—

    
Direxion Daily FTSE China
Bull 3X Shares		  

Swap Contracts

    

(267,552,841

)

    

—

      

312,737,443

      

—

    
Direxion Daily FTSE China
Bear 3X Shares		  

Swap Contracts

    

10,281,117

      

—

      

(37,362,169

)

    

—

    
Direxion Daily FTSE Europe
Bull 3X Shares		  

Swap Contracts

    

5,626,727

      

—

      

1,386,230

      

—

    
Direxion Daily MSCI Emerging
Markets Bull 3X Shares		  

Swap Contracts

    

(3,680,308

)

    

—

      

23,561,281

      

—

    
Direxion Daily MSCI Emerging
Markets Bear 3X Shares		  

Swap Contracts

    

(2,004,743

)

    

—

      

(5,931,549

)

    

—

    
Direxion Daily MSCI Mexico
Bull 3X Shares		  

Swap Contracts

    

4,573,652

      

—

      

224,757

      

—

    
Direxion Daily MSCI South
Korea Bull 3X Shares		  

Swap Contracts

    

2,757,976

      

—

      

8,791,684

      

—

    
Direxion Daily Aerospace &
Defense Bull 3X Shares		  

Swap Contracts

    

43,978,828

      

—

      

9,016,583

      

—

    

DIREXION SEMI-ANNUAL REPORT
168

       

Net Realized Gain (Loss)1​

   Net Unrealized
Appreciation (Depreciation)2​		  

Fund

      

Equity Risk

  

Interest Rate Risk

  

Equity Risk

  

Interest Rate Risk

  
Direxion Daily Consumer
Discretionary Bull 3X Shares		  

Swap Contracts

  

$

4,935,473

    

$

—

    

$

2,774,647

    

$

—

    
Direxion Daily Dow Jones
Internet Bull 3X Shares		  

Swap Contracts

    

73,405,767

      

—

      

2,903,295

      

—

    
Direxion Daily Dow Jones
Internet Bear 3X Shares		  

Swap Contracts

    

(17,001,005

)

    

—

      

(3,034,710

)

    

—

    
Direxion Daily Financial
Bull 3X Shares		  

Swap Contracts

    

359,295,892

      

—

      

462,950,044

      

—

    
Direxion Daily Financial
Bear 3X Shares		  

Swap Contracts

    

(74,771,401

)

    

—

      

(36,297,886

)

    

—

    
Direxion Daily Healthcare
Bull 3X Shares		  

Swap Contracts

    

(5,025,922

)

    

—

      

41,050,540

      

—

    
Direxion Daily Homebuilders &
Supplies Bull 3X Shares		  

Swap Contracts

    

160,975,411

      

—

      

(5,521,740

)

    

—

    
Direxion Daily Industrials
Bull 3X Shares		  

Swap Contracts

    

5,606,975

      

—

      

5,267,011

      

—

    
Direxion Daily Pharmaceutical &
Medical Bull 3X Shares		  

Swap Contracts

    

(900,957

)

    

—

      

2,485,856

      

—

    
Direxion Daily Real Estate
Bull 3X Shares		  

Swap Contracts

    

3,413,582

      

—

      

2,672,595

      

—

    
Direxion Daily Real Estate
Bear 3X Shares		  

Swap Contracts

    

(38,636,328

)

    

—

      

(11,176,611

)

    

—

    
Direxion Daily Regional Banks
Bull 3X Shares		  

Swap Contracts

    

171,871,262

      

—

      

(38,453,781

)

    

—

    
Direxion Daily Retail
Bull 3X Shares		  

Swap Contracts

    

12,926,808

      

—

      

5,353,537

      

—

    
Direxion Daily S&P 500®​ High
Beta Bull 3X Shares		  

Swap Contracts

    

22,849,156

      

—

      

12,145,950

      

—

    
Direxion Daily S&P 500®​ High
Beta Bear 3X Shares		  

Swap Contracts

    

(15,462,540

)

    

—

      

(18,698,713

)

    

—

    
Direxion Daily S&P Biotech
Bull 3X Shares		  

Swap Contracts

    

160,282,756

      

—

      

200,663,817

      

—

    
Direxion Daily S&P Biotech
Bear 3X Shares		  

Swap Contracts

    

(50,085,725

)

    

—

      

4,049,455

      

—

    
Direxion Daily Semiconductor
Bull 3X Shares		  

Swap Contracts

    

5,239,891,623

      

—

      

53,516,606

      

—

    
Direxion Daily Semiconductor
Bear 3X Shares		  

Swap Contracts

    

(678,547,353

)

    

—

      

(262,089,318

)

    

—

    
Direxion Daily Technology
Bull 3X Shares		  

Swap Contracts

    

712,825,137

      

—

      

98,179,669

      

—

    
Direxion Daily Technology
Bear 3X Shares		  

Swap Contracts

    

(50,912,004

)

    

—

      

5,856,810

      

—

    
Direxion Daily Transportation
Bull 3X Shares		  

Swap Contracts

    

5,444,905

      

—

      

2,230,117

      

—

    
Direxion Daily Utilities
Bull 3X Shares		  

Swap Contracts

    

(108,967

)

    

—

      

8,026,838

      

—

    

DIREXION SEMI-ANNUAL REPORT
169

       

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 Bull 3X Shares		  

Swap Contracts

  

$

—

    

$

(1,597,344

)

  

$

—

    

$

3,777,479

    
Direxion Daily 7-10 Year
Treasury Bear 3X Shares		  

Swap Contracts

    

—

      

2,485,404

      

—

      

(5,093,603

)

  
Direxion Daily 20+ Year
Treasury Bull 3X Shares		  

Swap Contracts

    

—

      

(179,134,761

)

    

—

      

49,886,151

    
Direxion Daily 20+ Year
Treasury Bear 3X Shares		  

Swap Contracts

    

—

      

(70,777,649

)

    

—

      

(3,334,890

)

  

1​  Statements of Operations location: Net realized gain (loss) on swap and futures contracts.

2​  Statements of Operations location: Change in net unrealized appreciation (depreciation) on swap and futures contracts.

For the period ended April 30, 2024, the volume of the derivatives held by the Funds was as follows:

   

Quarterly Average Gross Notional Amounts

  
    Long Total Return
Swap Contracts		   Short Total Return
Swap Contracts		   Long Futures
Contracts		  

Direxion Daily Mid Cap Bull 3X Shares

  

$

141,117,707

    

$

—

    

$

—

    

Direxion Daily S&P 500®​ Bull 3X Shares

    

7,512,747,341

      

—

      

517,256,250

    

Direxion Daily S&P 500®​ Bear 3X Shares

    

—

      

1,896,592,200

      

—

    

Direxion Daily Small Cap Bull 3X Shares

    

4,156,844,050

      

—

      

—

    

Direxion Daily Small Cap Bear 3X Shares

    

—

      

1,137,862,894

      

—

    

Direxion Daily FTSE China Bull 3X Shares

    

1,924,517,767

      

—

      

—

    

Direxion Daily FTSE China Bear 3X Shares

    

—

      

430,718,521

      

—

    

Direxion Daily FTSE Europe Bull 3X Shares

    

52,568,813

      

—

      

—

    

Direxion Daily MSCI Emerging Markets Bull 3X Shares

    

216,633,423

      

—

      

—

    

Direxion Daily MSCI Emerging Markets Bear 3X Shares

    

—

      

71,218,564

      

—

    

Direxion Daily MSCI Mexico Bull 3X Shares

    

34,199,193

      

—

      

—

    

Direxion Daily MSCI South Korea Bull 3X Shares

    

87,317,429

      

—

      

—

    

Direxion Daily Aerospace & Defense Bull 3X Shares

    

348,940,617

      

—

      

—

    

Direxion Daily Consumer Discretionary Bull 3X Shares

    

59,024,234

      

—

      

—

    

Direxion Daily Dow Jones Internet Bull 3X Shares

    

321,109,393

      

—

      

—

    

Direxion Daily Dow Jones Internet Bear 3X Shares

    

—

      

80,842,341

      

—

    

Direxion Daily Financial Bull 3X Shares

    

4,081,149,920

      

—

      

—

    

Direxion Daily Financial Bear 3X Shares

    

—

      

439,226,471

      

—

    

Direxion Daily Healthcare Bull 3X Shares

    

381,024,272

      

—

      

—

    

Direxion Daily Homebuilders & Supplies Bull 3X Shares

    

484,493,445

      

—

      

—

    

Direxion Daily Industrials Bull 3X Shares

    

60,149,805

      

—

      

—

    

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

    

26,164,513

      

—

      

—

    

Direxion Daily Real Estate Bull 3X Shares

    

132,972,915

      

—

      

—

    

Direxion Daily Real Estate Bear 3X Shares

    

—

      

391,027,406

      

—

    

Direxion Daily Regional Banks Bull 3X Shares

    

1,360,641,300

      

—

      

—

    

Direxion Daily Retail Bull 3X Shares

    

101,539,365

      

—

      

—

    

Direxion Daily S&P 500®​ High Beta Bull 3X Shares

    

133,722,277

      

—

      

—

    

Direxion Daily S&P 500®​ High Beta Bear 3X Shares

    

—

      

149,296,483

      

—

    

Direxion Daily S&P Biotech Bull 3X Shares

    

2,081,201,652

      

—

      

—

    

Direxion Daily S&P Biotech Bear 3X Shares

    

—

      

296,730,982

      

—

    

Direxion Daily Semiconductor Bull 3X Shares

    

17,612,842,841

      

—

      

—

    

Direxion Daily Semiconductor Bear 3X Shares

    

—

      

2,276,544,150

      

—

    

Direxion Daily Technology Bull 3X Shares

    

5,614,782,118

      

—

      

—

    

Direxion Daily Technology Bear 3X Shares

    

—

      

342,372,040

      

—

    

Direxion Daily Transportation Bull 3X Shares

    

49,847,155

      

—

      

—

    

Direxion Daily Utilities Bull 3X Shares

    

86,921,676

      

—

      

—

    

Direxion Daily 7-10 Year Treasury Bull 3X Shares

    

96,771,989

      

—

      

—

    

DIREXION SEMI-ANNUAL REPORT
170

   

Quarterly Average Gross Notional Amounts

  
    Long Total Return
Swap Contracts		   Short Total Return
Swap Contracts		   Long Futures
Contracts		  

Direxion Daily 7-10 Year Treasury Bear 3X Shares

  

$

—

    

$

64,459,227

    

$

—

    

Direxion Daily 20+ Year Treasury Bull 3X Shares

    

9,329,480,214

      

—

      

—

    

Direxion Daily 20+ Year Treasury Bear 3X Shares

    

—

      

945,667,665

      

—

    

The Funds utilize this volume of derivatives in order to obtain leverage in order to meet the investment objectives of 300% or -300% daily performance of their respective indices.

9.  PRINCIPAL RISKS

Below are some of the principal risks of investing in the Funds. Please refer to the Funds' prospectus for a full discussion.

Counterparty Risk – A Fund will be subject to credit risk with respect to the amount it expects to receive from counterparties to financial instruments entered into by the Fund. The Funds' counterparties are generally required to post collateral to the Funds to the extent of the Funds' daily exposure to such counterparties. However, to the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described in this paragraph. In addition, there may be a delay associated with realization by the Funds of the collateral posted by such counterparties in the event of counterparty default or bankruptcy. A Fund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. A Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and a Fund may obtain only limited recovery or may obtain no recovery in such circumstances.

Sector Concentration Risk – The risk of concentrating investments in a limited number of issuers in a particular industry is that a Fund will be more susceptible to the risks associated with that industry than a Fund that does not concentrate its investments.

Daily Index Correlation/Tracking Risk – A number of factors may affect a Fund's ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. A failure to achieve a high degree of correlation may prevent a Fund from achieving its investment objective. A number of factors may adversely affect a Fund's correlation with its benchmark, including fees, expenses, transaction costs, costs associated with the use of leveraged investment techniques, income items, accounting standards, and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. A Fund may not have investment exposure to all securities in its underlying benchmark index, or its weighting of investment exposure to such stocks or industries may be different from that of the index. In addition, a Fund may invest in securities or financial instruments not included in the index underlying its benchmark. A Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to its benchmark. Activities surrounding annual index reconstitutions and other index rebalancing or reconstitution events may hinder the Funds' ability to meet their daily investment objective on that day. Each Fund seeks to rebalance its portfolio daily to keep leverage consistent with its daily investment objective.

Certain Funds are "leveraged" funds in the sense that they have investment objectives to match a multiple of the performance of an index on a given day. These Funds are subject to all the correlation risks described above. In addition, there is a special form of correlation risk that derives from these Funds' use of leverage, which is that for periods greater than one day, the use of leverage tends to cause the performance of a Fund to be either greater than or less than the index performance times the stated multiple in the fund objective, before accounting for fees and fund expenses. In general, given a particular index return, increased volatility of the index will cause a decrease in the performance relative to the index performance times the stated fund multiple.

Derivatives Risk – The Fund's investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund's other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

DIREXION SEMI-ANNUAL REPORT
171

In addition, the Fund's investments in derivatives are subject to the following risks:

•  Swap Agreements. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities representing a particular index or an ETF that seeks to track an index. Swaps are subject to counterparty, valuation and leveraging risks.

•  Futures Contracts. Futures contracts are typically exchange-traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. Futures contracts are subject to liquidity risks; there may not be a liquid secondary market for the futures contracts and the Fund may not be able to enter into a closing transaction. Exchanges may also limit the number of positions that can be held or controlled by the Fund or the Adviser, thus limiting the ability of the Fund to implement its leveraged investment strategy. Futures markets are highly volatile and the use of futures may increase the Fund's volatility. Futures contracts are also subject to leverage risk.

Foreign Securities Risk – Investments in foreign securities directly or indirectly through investments in exchange traded funds which track foreign securities involve greater risks than investing in domestic securities. As a result, the Funds' returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The laws, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore there may be less public information available about foreign companies. Investments in foreign emerging markets present a greater risk than investing in foreign issuers in general. The risk of political or social upheaval is greater in emerging markets. In addition, there may be risks of an economy's dependence on revenues from particular commodities, currency transfer restrictions, a limited number of potential buyers for such securities and delays and disruption in securities settlement procedures.

Leverage Risk – Leverage offers a means of magnifying market movements into larger changes in an investment's value and provides greater investment exposure than an unleveraged investment. Swap and future agreements may be used to create leverage. Each Fund employs leveraged investment techniques to achieve its investment objective.

Liquidity Risk – In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a Fund invests, a Fund might not be able to dispose of certain holdings quickly or at prices that represent fair market value in the judgment of the Adviser. Additionally, certain counterparties may have the ability to demand repayment at any time, thereby exposing the Fund to the risk that it may be required to liquidate investments at an inopportune time. This may prevent a Fund from limiting losses, realizing gains or from achieving a high correlation or inverse correlation with its underlying index.

10.  ADDITIONAL INFORMATION

On December 4, 2023, and April 15, 2024, shares of the following Funds were adjusted to reflect a reverse stock split. The effect of the reverse stock split was to decrease the number of shares outstanding and increase the net asset value. The reverse stock split has no impact on the net assets of the Fund or the value of a shareholder's investment in the Fund. A summary of the reverse stock 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 S&P Biotech
Bull 3X Shares		  

12/4/23

    

1

:20

  

$

4.21

    

$

84.20

      

244,511,600

      

12,225,580

    
Direxion Daily 20+ Year Treasury
Bull 3X Shares		  

12/4/23

    

1

:10

    

5.44

      

54.40

      

658,000,000

      

65,800,000

    
Direxion Daily Semiconductor
Bear 3X Shares		  

4/15/24

    

1

:10

    

3.53

      

35.30

      

219,873,440

      

21,987,344

    

DIREXION SEMI-ANNUAL REPORT
172

11.  SUBSEQUENT EVENTS

Management has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that no items require recognition or disclosure besides those noted below.

On June 24, 2024, certain Funds declared income distributions with an ex-date of June 25, 2024 and payable date of July 2, 2024. The specific Funds and per share amounts of the distributions are listed below.

Funds   Per Share
Income
Distribution		  

Direxion Daily Mid Cap Bull 3X Shares

  

$

0.24531

    

Direxion Daily S&P 500®​ Bull 3X Shares

    

0.33671

    

Direxion Daily S&P 500®​ Bear 3X Shares

    

0.11697

    

Direxion Daily Small Cap Bull 3X Shares

    

0.15286

    

Direxion Daily Small Cap Bear 3X Shares

    

0.23275

    

Direxion Daily FTSE China Bull 3X Shares

    

0.11942

    

Direxion Daily FTSE China Bear 3X Shares

    

0.11597

    

Direxion Daily FTSE Europe Bull 3X Shares

    

0.31182

    

Direxion Daily MSCI Emerging Markets Bull 3X Shares

    

0.29368

    

Direxion Daily MSCI Emerging Markets Bear 3X Shares

    

0.12798

    

Direxion Daily MSCI Mexico Bull 3X Shares

    

0.09807

    

Direxion Daily MSCI South Korea Bull 3X Shares

    

0.02422

    

Direxion Daily Aerospace & Defense Bull 3X Shares

    

0.10267

    

Direxion Daily Consumer Discretionary Bull 3X Shares

    

0.08185

    

Direxion Daily Dow Jones Internet Bull 3X Shares

    

0.00000

    

Direxion Daily Dow Jones Internet Bear 3X Shares

    

0.08924

    

Direxion Daily Financial Bull 3X Shares

    

0.26980

    

Direxion Daily Financial Bear 3X Shares

    

0.14453

    

Direxion Daily Healthcare Bull 3X Shares

    

0.27294

    

Direxion Daily Homebuilders & Supplies Bull 3X Shares

    

0.04168

    

Direxion Daily Industrials Bull 3X Shares

    

0.11217

    

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

    

0.02194

    

Direxion Daily Real Estate Bull 3X Shares

    

0.07596

    

Direxion Daily Real Estate Bear 3X Shares

    

0.41363

    

Direxion Daily Regional Banks Bull 3X Shares

    

0.44108

    

Direxion Daily Retail Bull 3X Shares

    

0.03915

    

Direxion Daily S&P 500®​ High Beta Bull 3X Shares

    

0.12232

    

Direxion Daily S&P 500®​ High Beta Bear 3X Shares

    

0.31936

    

Direxion Daily S&P Biotech Bull 3X Shares

    

0.15021

    

Direxion Daily S&P Biotech Bear 3X Shares

    

0.08904

    

Direxion Daily Semiconductor Bull 3X Shares

    

0.14946

    

Direxion Daily Semiconductor Bear 3X Shares

    

0.27477

    

Direxion Daily Technology Bull 3X Shares

    

0.09845

    

Direxion Daily Technology Bear 3X Shares

    

0.08628

    

Direxion Daily Transportation Bull 3X Shares

    

0.07724

    

Direxion Daily Utilities Bull 3X Shares

    

0.17571

    

Direxion Daily 7-10 Year Treasury Bull 3X Shares

    

0.25271

    

Direxion Daily 7-10 Year Treasury Bear 3X Shares

    

0.14977

    

Direxion Daily 20+ Year Treasury Bull 3X Shares

    

0.43495

    

Direxion Daily 20+ Year Treasury Bear 3X Shares

    

0.39684

    

DIREXION SEMI-ANNUAL REPORT
173

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
174

Direxion Shares ETF Trust

Trustees and Officers

The business affairs of the Funds are managed by or under the direction of the Board of Trustees. Information pertaining to the Trustees and Officers of the Funds is set below. The report includes additional information about the Funds' Trustees and Officers and is available without charge, upon request by calling 1-800-851-0511.

Interested Trustees

Name, Address and
Age		   Position(s)
Held with
Fund		   Term of Office
and Length of
Time Served		   Principal Occupation(s)
During Past Five Years		   # of Portfolios
in Direxion
Family of
Investment
Companies
Overseen
by Trustee(3)​		   Other Trusteeships/
Directorships Held by
Trustee During Past
Five Years		  
Daniel D. O'Neill(1)
​Age: 56 		 
Chairman of the Board of Trustees		  
Lifetime of Trust until removal or resignation; Since 2008		  
Chief Executive Officer, Rafferty Asset Management, LLC, April 2021 – September 2022; Managing Director, Rafferty Asset Management, LLC, January 1999 – January 2019.		  
109		  
None.		  
Angela Brickl(2)
​Age: 48 		 
Trustee		  
Lifetime of Trust until removal or resignation; Since 2022		  
President, Rafferty Asset Management, LLC since September 2022; Chief Operating Officer, Rafferty Asset Management, LLC May 2021 – September 2022; General Counsel, Rafferty Asset Management LLC, since October 2010; Chief Compliance Officer, Rafferty Asset Management, LLC, September 2012 – March 2023.		  
109		  
None.		  

(1)​  Mr. O'Neill is affiliated with Rafferty because he owns a beneficial interest in Rafferty.

(2)​  Ms. Brickl is affiliated with Rafferty because she serves as an officer of Rafferty.

(3)​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 81 of the 101 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 8 funds registered with the SEC.

DIREXION SEMI-ANNUAL REPORT
175

Direxion Shares ETF Trust

Trustees and Officers

Independent Trustees

Name, Address and
Age		   Position(s)
Held with
Fund		   Term of Office
and Length of
Time Served		   Principal Occupation(s)
During Past Five Years		   # of Portfolios
in Direxion
Family of
Investment
Companies
Overseen
by Trustee(3)​		   Other Trusteeships/
Directorships Held by
Trustee During Past
Five Years		  
David L. Driscoll
Age: 54 		 
Trustee		  
Lifetime of Trust until removal or resignation; Since 2014		  
Board Member, Algorithmic Research and Trading, since 2022; Board Advisor, University Common Real Estate, since 2012; Member, Kendrick LLC, since 2006; Partner, King Associates, LLP, since 2004; Principal, Grey Oaks LLP, since 2003.		  
109		  
None.		  
Kathleen M. Berkery
Age: 56 		 
Trustee		  
Lifetime of Trust until removal or resignation; Since 2019		  
Chief Financial Officer, Metro Physical Therapy, LLC, since 2023; Chief Financial Officer, Student Sponsor Partners, 2021 – 2023; Senior Manager – Trusts & Estates, Rynkar, Vail & Barrett, LLC, 2018 – 2021.		  
109		  
None.		  
Carlyle Peake
Age: 52 		 
Trustee		  
Lifetime of Trust until removal or resignation; Since 2022		  
Head of US & LATAM Debt Syndicate, BBVA Securities, Inc., since 2011.		  
109		  
None.		  
Mary Jo Collins
Age: 67 		 
Trustee		  
Lifetime of Trust until removal or resignation; Since 2022		  
Receiver of Taxes, Town of North Homestead, since January 2024; Managing Director, B. Riley Financial, March – December 2022; Managing Director, Imperial Capital LLC, from 2020-2022; Director, Royal Bank of Canada, 2014 – 2020; Trustee, Village of Flower Hill, 2020.		  
109		  
None.		  

(3)​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 81 of the 101 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 8 funds registered with the SEC.

DIREXION SEMI-ANNUAL REPORT
176

Direxion Shares ETF Trust

Trustees and Officers

The officers of the Trust conduct and supervise its daily business. Unless otherwise noted, an individual's business address is 1301 Avenue of the Americas, 28th Floor, New York, New York 10019. As of the date of this report, the officers of the Trust, their ages, their business address and their principal occupations during the past five years are as follows:

Principal Officers of the Trust

Name, Address and
Age		   Position(s)
Held with
Fund		   Term of Office(3)
​and Length of
Time Served		   Principal Occupation(s)
During Past Five Years		   # of Portfolios
in the Direxion
Family of
Investment
Companies
Overseen
by Trustee(2)​		   Other Trusteeships/
Directorships Held by
Trustee During Past
Five Years		  
Angela Brickl(1)​
Age: 48 		 
President		  
Since 2022		  
President, Rafferty Asset Management, LLC, from September 2022; Chief Operating Officer, Rafferty Asset Management, LLC, May 2021 – September 2022; General Counsel, Rafferty Asset Management LLC, since October 2010; Chief Compliance Officer, Rafferty Asset Management, LLC, September 2012 – March 2023.		  
N/A		  
N/A		  
Todd Sherman
Age: 43 		 
Chief Compliance Officer		  
Since 2023		  
Chief Risk Officer, Rafferty Asset Management, LLC, since 2018; SVP Head of Risk, 2012 – 2018.		  
N/A		  
N/A		  
Patrick J. Rudnick
Age: 50 		 
Principal Executive Officer		  
Since 2018		  
Senior Vice President, Rafferty Asset Management, LLC, since March 2013.		  
N/A		  
N/A		  
Corey Noltner
Age: 35 		 
Principal Financial Officer		  
Since 2021		  
Senior Business Analyst, Rafferty Asset Management, LLC, Since October 2015.		  
N/A		  
N/A		  

(1)​  Ms. Brickl serves on the Board of Trustees of the Direxion Funds and Direxion Shares ETF Trust.

(2)​  Pursuant to the Trust's By-laws, each officer shall hold office until his or her successor shall have been elected and qualified or until his or her earlier death, inability to serve, removal or resignation. Officers serve at the pleasure of the Board of Trustees and may be removed at any time with or without cause.

(3)​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 81 of the 101 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 8 funds registered with the SEC.

DIREXION SEMI-ANNUAL REPORT
177

Direxion Shares ETF Trust

Trustees and Officers

Name, Address and
Age		   Position(s)
Held with
Fund		   Term of Office(3)
​and Length of
Time Served		   Principal Occupation(s)
During Past Five Years		   # of Portfolios
in the Direxion
Family of
Investment
Companies
Overseen
by Trustee(2)​		   Other Trusteeships/
Directorships Held by
Trustee During Past
Five Years		  
Alyssa Sherman
Age: 35 		 
Secretary		  
Since 2022		  
Assistant General Counsel, Rafferty Asset Management, LLC, since April 2021; Associate, K&L Gates LLP, September 2015 – March 2021.		  
N/A		  
N/A		  

(2)​  Pursuant to the Trust's By-laws, each officer shall hold office until his or her successor shall have been elected and qualified or until his or her earlier death, inability to serve, removal or resignation. Officers serve at the pleasure of the Board of Trustees and may be removed at any time with or without cause.

(3)​  The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this report, offers for sale to the public 81 of the 101 funds registered with the SEC and the Direxion Funds which, as of the date of this report, offers for sale to the public 8 funds registered with the SEC.

DIREXION SEMI-ANNUAL REPORT
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179

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181

SEMI–ANNUAL REPORT APRIL 30, 2024

1301 Avenue of the Americas (6th Ave.), 28th Floor  New York, New York 10019  (800) 851-0511  www.direxion.com

Investment Advisers

Rafferty Asset Management, LLC
Direxion Advisors, LLC
1301 Avenue of the Americas (6th Ave.), 28th Floor
New York, NY 10019

Administrator

U.S. Bancorp Fund Services, LLC
P.O. Box 1993
Milwaukee, WI 53201-1993

Transfer Agent, Custodian & Index Receipt Agent

The Bank of New York Mellon
101 Barclay Street
New York, New York 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP
700 Nicollet Mall, Suite 500
Minneapolis, MN 55402

Distributor

Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 01401
www.foreside.com

The Trust's Proxy Voting Policies are available without charge by calling 1-800-851-0511, or by accessing the SEC's website, at www.sec.gov.

The actual voting records relating to portfolio securities during the most recent period ended June 30 (starting with the year ended June 30, 2005) is available without charge by calling 1-800-851-0511 or by accessing the SEC's website at www.sec.gov.

Each Fund's premium/discount information is available free of charge on the Funds' websites or by calling (800) 851-8511 or (833) 547-4417.

The Trust files complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Part F of Form N-PORT. The Funds' Part F of Form N-PORT (and Form N-Q prior to April 30, 2019) is available on the SEC's website at www.sec.gov.

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

PRIVACY NOTICE

At the Direxion Funds, we are committed to protecting your privacy. To open and service your Direxion accounts, we collect and maintain certain nonpublic personal information about you, such as your address, phone number, social security number, purchases, sales, account balances, bank account information and other personal financial information. We collect this information from the following sources:

•  Account applications or other forms on which you provide information,

•  Mail, e-mail, the telephone and our website, and

•  Your transactions and account inquiries with us.

We safeguard the personal information that you have entrusted to us in the following ways:

•  As a general policy, only those employees who maintain your account and respond to your requests for additional services have access to your account information.

•  We maintain physical, electronic, and procedural safeguards to insure the security of your personal information and to prevent unauthorized access to your information.

We do not disclose any nonpublic personal information about you or our former shareholders to anyone, except as permitted or required by law. In the course of conducting business and maintaining your account we may share shareholder information, as allowed by law, with our affiliated companies and with other service providers, including financial intermediaries, custodians, transfer agents and marketing consultants. Those companies are contractually bound to use that information only for the services for which we hired them. They are not permitted to use or share our shareholders' nonpublic personal information for any other purpose. There also may be times when we provide information to federal, state or local authorities as required by law.

In the event that you hold fund shares of Direxion through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your nonpublic personal information would be shared with nonaffiliated third parties.

For questions about our policy, please contact us at (800) 851-0511.

This page is not a part of the Semi-Annual Report.

DIREXION SEMI-ANNUAL REPORT

 

(b) Not applicable.

 

Item 2. Code of Ethics.

 

Not applicable for semi-annual reports.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable for semi-annual reports.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable for semi-annual reports.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable for semi-annual reports

 

Item 6. Schedule of Investments.

 

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable to open-end investment companies.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable to open-end investment companies.

 

 

 

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable to open-end investment companies.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors/trustees.

 

Item 11. Controls and Procedures.

 

(a)The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

 

(b)There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal half-year covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable to open-end investment companies.

 

Item 13. Exhibits.

 

(a)(1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable.

 

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

 

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

 

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

 

(b)Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) Direxion Shares ETF Trust  

 

By (Signature and Title) /s/ Patrick J. Rudnick  
  Patrick J. Rudnick, Principal Executive Officer  

 

Date 7/1/2024  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title) /s/ Patrick J. Rudnick  
  Patrick J. Rudnick, Principal Executive Officer  

 

Date 7/1/2024  

 

By (Signature and Title) /s/ Corey Noltner  
  Corey Noltner, Principal Financial Officer  

 

Date 7/1/2024