Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

Schedule of Investments (Unaudited)

January 31, 2023

Shares		Fair Value
SHORT TERM INVESTMENTS - 95.9%
Money Market Funds - 95.9%
272,048,243	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	272,048,243
	TOTAL SHORT TERM INVESTMENTS (Cost $272,048,243)	$	272,048,243
	TOTAL INVESTMENTS (Cost $272,048,243) - 95.9%	$	272,048,243
	Other Assets in Excess of Liabilities - 4.1% (b)		11,597,522
	TOTAL NET ASSETS - 100.0%	$	283,645,765

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 January 31, 2023.

(b) $9,537,042 of cash is pledged as collateral for futures contracts.

Long Futures Contracts (Unaudited)

January 31, 2023

Reference Entity	Expiration Date		Number of Contracts		Notional Amount		Variation Margin Receivable/ (Payable), net		Unrealized Appreciation (Depreciation)
Copper		3/29/2023		233	$	24,616,450	$	139,800	$	3,347,464
Gold		4/26/2023		261		50,772,330		159,210		(6,199	)
Silver		3/29/2023		177		21,094,860		91,155		2,283,940
Soybean		5/12/2023		602		46,060,525		22,575		279,955
Sugar #11		4/28/2023		1,427		32,668,026		863,050		3,273,534
					$	175,212,191	$	1,275,790	$	9,178,694

All futures contracts held by Direxion BCS Fund Ltd.

Direxion Breakfast Commodities Strategy ETF (Consolidated)

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 89.1%
	Money Market Funds - 89.1%
	4,881,942	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	4,881,942
		TOTAL SHORT TERM INVESTMENTS (Cost $4,881,942)	$	4,881,942
		TOTAL INVESTMENTS (Cost $4,881,942) - 89.1%	$	4,881,942
		Other Assets in Excess of Liabilities - 10.9%		594,510
		TOTAL NET ASSETS - 100.0%	$	5,476,452

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 January 31, 2023.

^(b)  $411,917 of cash is pledged as collateral for futures contracts.

Long Futures Contracts (Unaudited)

January 31, 2023

Reference Entity	Expiration Date	Number of Contracts	Notional Amount	Variation Margin Receivable/ (Payable), net			Unrealized Appreciation (Depreciation)
Coffee C	3/21/2023	5	$340,781	$	21,281		$	28,275
Corn	9/14/2023	73	2,210,075		—			(84,999	)
Frozen Concentrate Orange Juice	3/13/2023	9	295,920		13,365			24,371
Lean Hogs	4/17/2023	20	691,400		(800	)		(17,755	)
Sugar #11	4/28/2023	30	686,784		18,144			64,478
Wheat	7/14/2023	32	1,234,000		12,400			(94,420	)
			$5,458,960	$	64,390		$	(80,050	)

All futures contracts held by Direxion BKT Fund Ltd.

Direxion Hydrogen ETF

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 99.4%
	Chemical Manufacturing - 40.5%
	15,090	Air Liquide S.A. (France)	$	2,393,698
	4,291	Air Products & Chemicals, Inc.		1,375,308
	51,223	Doosan Fuel Cell Co., Ltd (South Korea) (a)		1,380,584
	774,348	ITM Power (United Kingdom) (a)(b)		965,695
	4,057	Linde PLC (Ireland) ADR		1,342,624
	40,362	McPhy Energy SAS (France) (a)(b)		611,718
	1,417,285	Nel ASA (Norway) (a)(b)		2,406,543
	46,098	Nippon Sanso Holdings Corp. (Japan)		746,884
	670,353	PTT Global Chemical PCL (Thailand)		1,000,148
				12,223,202
	Computer and Electronic Product Manufacturing - 7.7%
	92,862	Bloom Energy Corp.		2,315,050
	Electrical Equipment, Appliance, and Component Manufacturing - 13.7%
	61,147	Chung-Hsin Electric & Machinery Manufacturing Corp. (Taiwan)		164,959
	2,682	Hyosung Heavy Industries (South Korea) (a)		156,330
	135,033	Plug Power, Inc. (a)(b)		2,298,262
	91,432	PowerCell Sweden AB (Sweden) (a)(b)		1,216,497
	5,074	SFC Energy AG (Germany) (a)		143,276
	5,019	VARTA AG (Germany) (b)		151,643
				4,130,967
	Merchant Wholesalers, Durable Goods - 0.5%
	4,692	Hyster-Yale Materials Handling, Inc.		152,162
	Miscellaneous Manufacturing - 0.5%
	57,062	Hexagon Purus Holding AS (Norway) (a)		149,221
	Oil and Gas Extraction - 20.5%
	37,231	BP Plc (United Kingdom) ADR		1,348,879
	126,906	CIMC Enric Holdings Limited (Hong Kong)		142,310
	367,281	ENEOS Holdings, Inc. (Japan)		1,308,198
	52,824	Idemitsu Kosan Co., Ltd (Japan)		1,309,988
	35,146	Shell Plc (United Kingdom) ADR		2,066,936
				6,176,311
	Primary Metal Manufacturing - 0.5%
	21,751	Kaori Heat Treatment Co., Ltd. (Taiwan)		153,941
	Transportation Equipment Manufacturing - 4.5%
	209,600	Ballard Power Systems, Inc. (Canada) ADR (a)(b)		1,368,688
	Utilities - 11.0%
	1,150,595	AFC Energy Plc (United Kingdom) (a)(b)		294,349
	216,106	Ceres Power Holdings PLC (United Kingdom) (a)(b)		1,261,869
	358,019	FuelCell Energy, Inc. (a)		1,310,350
	5,364	Korea Gas Corp. (South Korea)		145,226
	16,994	S-Fuelcell Co., Ltd (South Korea)		304,892
				3,316,686
		TOTAL COMMON STOCKS (Cost $36,940,627)	$	29,986,228
	SHORT TERM INVESTMENTS - 14.8%
	Money Market Funds - 14.8%
	4,462,265	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	4,462,265
		TOTAL SHORT TERM INVESTMENTS (Cost $4,462,265)	$	4,462,265
		TOTAL INVESTMENTS (Cost $41,402,892) - 114.2%	$	34,448,493
		Liabilities in Excess of Other Assets - (14.2)%		(4,295,035	)
		TOTAL NET ASSETS - 100.0%	$	30,153,458

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 January 31, 2023.

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

ADR - American Depository Receipt

Direxion Moonshot Innovators ETF

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 99.6%
	Administrative and Support Services - 6.5%
	38,300	Bilibili, Inc. ADR (a)(b)	$	957,500
	27,041	Roblox Corp. (a)		1,006,196
	59,524	SentinelOne, Inc. (a)		898,217
				2,861,913
	Ambulatory Health Care Services - 1.8%
	339,474	Invitae Corp. (a)(b)		801,159
	Chemical Manufacturing - 7.7%
	46,638	Arcturus Therapeutics Holdings, Inc. (a)		985,461
	104,744	bluebird bio, Inc. (a)		665,124
	89,921	BridgeBio Pharma, Inc. (a)		834,467
	21,850	Intellia Therapeutics, Inc. (a)		927,314
				3,412,366
	Computer and Electronic Product Manufacturing - 10.5%
	10,892	Ambarella Inc. ADR (a)		978,537
	113,779	Indie Semiconductor, Inc. (a)(b)		906,819
	286,793	MicroVision, Inc. (a)(b)		719,850
	383,269	Nano Dimension Ltd. ADR (Israel) (a)		1,057,823
	183,905	Vuzix Corp. (a)(b)		958,145
				4,621,174
	Electronics and Appliance Stores - 2.3%
	66,223	UiPath, Inc. (a)		1,017,185
	Food Services and Drinking Places - 2.1%
	29,097	Yelp, Inc. (a)		916,846
	Management of Companies and Enterprises - 3.4%
	72,127	CureVac N.V. ADR (Netherlands) (a)		774,644
	50,411	EHang Holdings Ltd. ADR (a)(b)		712,811
				1,487,455
	Merchant Wholesalers, Nondurable Goods - 2.1%
	178,466	Atara Biotherapeutics, Inc. (a)		904,823
	Miscellaneous Manufacturing - 1.7%
	454,483	Inovio Pharmaceuticals, Inc. (a)		754,442
	Nonmetallic Mineral Product Manufacturing - 0.5%
	263,276	View, Inc. (a)		215,886
	Nonstore Retailers - 2.0%
	208,957	Jumia Technologies AG ADR (Germany) (a)		877,619
	Oil and Gas Extraction - 0.9%
	405,710	Meta Materials, Inc. (a)		409,767
	Printing and Related Support Activities - 1.9%
	114,722	Fisker, Inc. (a)(b)		854,679
	Professional, Scientific, and Technical Services - 19.3%
	61,964	Asana, Inc. (a)		960,442
	79,663	Avidity Biosciences, Inc. (a)		1,888,013
	13,499	Okta, Inc. (a)		993,661
	89,142	Recursion Pharmaceuticals, Inc. (a)		742,553
	42,115	Squarespace, Inc. (a)		998,968
	486,368	TuSimple Holdings, Inc. (a)		1,021,373
	24,633	Unity Software, Inc. (a)		874,964
	225,399	Vimeo, Inc. (a)		1,023,312
				8,503,286
	Publishing Industries (except Internet) - 7.7%
	69,413	C3.ai, Inc. (a)		1,377,848
	86,721	Fastly, Inc. (a)		897,562
	18,371	Twilio, Inc. (a)		1,099,321
				3,374,731
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 29.2%
	467,548	Aeva Technologies, Inc. (a)		790,156
	665,351	Aurora Innovation, Inc. (a)		1,210,939
	138,159	Benson Hill, Inc. (a)		370,266
	297,030	Butterfly Network, Inc. (a)(b)		816,833
	469,875	Desktop Metal, Inc. (a)(b)		789,390
	475,254	Ginkgo Bioworks Holdings, Inc. Class A (a)		926,745
	268,699	Hyliion Holdings Corp. (a)		961,943
	316,076	Hyzon Motors, Inc. (a)(b)		673,242
	168,696	Inoviz Technologies Ltd. ADR (Israel) (a)		941,324
	294,568	Latch, Inc. (a)		270,855
	256,280	Ouster, Inc. (a)		366,480
	156,336	Planet Labs PBC (a)		773,863
	211,087	Rocket Lab USA, Inc. (a)		1,049,102
	126,010	Roivant Sciences Ltd. ADR (a)		1,045,883
	749,958	Velodyne Lidar, Inc. (a)		877,451
	181,583	Virgin Galactic Holdings, Inc. (a)(b)		1,002,338
				12,866,810
		TOTAL COMMON STOCKS (Cost $65,631,395)	$	43,880,141
	SHORT TERM INVESTMENTS - 14.2%
	Money Market Funds - 14.2%
	6,249,400	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	6,249,400
		TOTAL SHORT TERM INVESTMENTS (Cost $6,249,400)	$	6,249,400
		TOTAL INVESTMENTS (Cost $71,880,795) - 113.8%	$	50,129,541
		Liabilities in Excess of Other Assets - (13.8)%		(6,089,933	)
		TOTAL NET ASSETS - 100.0%	$	44,039,608

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 January 31, 2023.

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

ADR - American Depository Receipt

Direxion mRNA ETF

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 99.9%
	Chemical Manufacturing - 60.1%
	1,288	Alnylam Pharmaceuticals, Inc. (a)	$	291,603
	41,078	Arbutus Biopharma Corp. ADR (Canada) (a)		123,645
	11,239	Arcturus Therapeutics Holdings, Inc. (a)		237,480
	1,182	BeiGene Ltd. ADR (a)		302,592
	4,597	HilleVax, Inc. (a)		78,609
	4,319	Intellia Therapeutics, Inc. (a)		183,298
	4,597	Ionis Pharmaceuticals, Inc. (a)		183,282
	13,004	Maravai LifeSciences Holdings, Inc. (a)		190,639
	4,178	PepGen, Inc. (a)		65,260
	4,166	PTC Therapeutics, Inc. (a)		191,178
	55,517	Sangamo Therapeutics, Inc. (a)		193,754
	1,413	Sarepta Therapeutics, Inc. (a)		176,583
	9,268	Stoke Therapeutics, Inc. (a)		92,309
	998	Vertex Pharmaceuticals, Inc. (a)		322,454
				2,632,686
	Management of Companies and Enterprises - 4.2%
	17,270	CureVac N.V. ADR (Netherlands) (a)		185,480
	Merchant Wholesalers, Durable Goods - 3.9%
	11,765	Dyne Therapeutics, Inc. (a)		171,769
	Professional, Scientific, and Technical Services - 28.6%
	4,983	Arrowhead Pharmaceuticals, Inc. (a)		174,355
	7,873	Avidity Biosciences, Inc. (a)		186,590
	1,931	BioNTech SE ADR (Germany)		276,925
	30,623	Gritstone bio, Inc. (a)		97,381
	1,607	Moderna, Inc. (a)		282,929
	28,103	ProQR Therapeutics N.V. ADR (Netherlands) (a)		77,564
	163,400	Sorrento Therapeutics Inc. (a)		156,619
				1,252,363
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.1%
	17,433	Scilex Holding Co. (a)		137,546
		TOTAL COMMON STOCKS (Cost $4,443,321)	$	4,379,844
	SHORT TERM INVESTMENTS - 0.2%
	Money Market Funds - 0.2%
	7,094	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	7,094
		TOTAL SHORT TERM INVESTMENTS (Cost $7,094)	$	7,094
		TOTAL INVESTMENTS (Cost $4,450,415) - 100.1%	$	4,386,938
		Liabilities in Excess of Other Assets - (0.1)%		(1,389	)
		TOTAL NET ASSETS - 100.0%	$	4,385,549

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 January 31, 2023.

ADR - American Depository Receipt

Direxion Nanotechnology ETF

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 99.9%
	Chemical Manufacturing - 32.3%
	752	Aadi Bioscience, Inc. (a)	$	9,490
	1,501	Alkermes PLC ADR (Ireland) (a)		42,989
	162	Alnylam Pharmaceuticals, Inc. (a)		36,677
	3,653	Arcturus Therapeutics Holdings, Inc. (a)		77,188
	3,347	Beam Therapeutics, Inc. (a)		145,427
	487	Cabot Corp.		36,686
	1,427	Generation Bio Co. (a)		8,419
	721	Intellia Therapeutics, Inc. (a)		30,599
	239	Jazz Pharmaceuticals PLC ADR (Ireland) (a)		37,442
				424,917
	Computer and Electronic Product Manufacturing - 37.7%
	253	AMETEK, Inc.		36,665
	43,973	Bionano Genomics, Inc. (a)(b)		79,591
	2,371	Bruker Corp.		166,254
	135	Danaher Corp.		35,691
	626	Lumentum Holdings, Inc. (a)		37,673
	20,014	Nano Dimension Ltd. ADR (Israel) (a)(b)		55,239
	98	NVE Corp.		7,141
	2,323	Seer, Inc. (a)		10,570
	66	Thermo Fisher Scientific, Inc.		37,642
	5,913	Vuzix Corp. (a)		30,807
				497,273
	Machinery Manufacturing - 5.7%
	151	IDEX Corp.		36,192
	77	Lam Research Corp.		38,508
				74,700
	Merchant Wholesalers, Durable Goods - 2.8%
	94	KLA-Tencor Corp.		36,893
	Merchant Wholesalers, Nondurable Goods - 1.8%
	2,888	PDS Biotechnology Corp. (a)		24,057
	Miscellaneous Manufacturing - 2.5%
	2,496	AngioDynamics, Inc. (a)		32,498
	Nonmetallic Mineral Product Manufacturing - 0.6%
	9,526	View, Inc. (a)		7,811
	Oil and Gas Extraction - 2.6%
	34,526	Meta Materials, Inc. (a)		34,871
	Professional, Scientific, and Technical Services - 9.7%
	211	BioNTech SE ADR (Germany)		30,259
	9,672	Liquidia Technologies, Inc. (a)		63,835
	193	Moderna, Inc. (a)		33,980
				128,074
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 4.2%
	6,684	Roivant Sciences Ltd. ADR (a)(b)		55,476
		TOTAL COMMON STOCKS (Cost $1,586,267)	$	1,316,570
	SHORT TERM INVESTMENTS - 12.9%
	Money Market Funds - 12.9%
	169,816	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	169,816
		TOTAL SHORT TERM INVESTMENTS (Cost $169,816)	$	169,816
		TOTAL INVESTMENTS (Cost $1,756,083) - 112.8%	$	1,486,386
		Liabilities in Excess of Other Assets - (12.8)%		(168,087	)
		TOTAL NET ASSETS - 100.0%	$	1,318,299

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 January 31, 2023.

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

ADR - American Depository Receipt

Direxion NASDAQ-100^® Equal Weighted Index Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 99.9%
	Accommodation - 1.1%
	30,194	Marriott International, Inc. Class A	$	5,259,191
	Administrative and Support Services - 3.0%
	31,541	Atlassian Corp. (a)		5,097,656
	18,803	Automatic Data Processing, Inc.		4,245,906
	2,398	Booking Holdings, Inc. (a)		5,836,972
				15,180,534
	Apparel Manufacturing - 0.9%
	14,455	Lululemon Athletica, Inc. (a)		4,435,950
	Beverage and Tobacco Product Manufacturing - 2.7%
	128,762	Keurig Dr Pepper, Inc.		4,542,723
	46,087	Monster Beverage Corp. (a)		4,796,735
	25,750	PepsiCo, Inc.		4,403,765
				13,743,223
	Broadcasting and Content Providers - 3.4%
	15,234	Charter Communications, Inc. (a)		5,854,579
	134,657	Comcast Corp. Class A		5,298,753
	779,248	Sirius XM Holdings, Inc. (b)		4,511,846
	468,652	Warner Bros Discovery, Inc. (a)		6,945,422
				22,610,600
	Chemical Manufacturing - 6.6%
	17,372	Amgen, Inc.		4,384,693
	68,363	AstraZeneca PLC ADR (United Kingdom)		4,468,889
	16,296	Biogen, Inc. (a)		4,740,507
	53,532	Gilead Sciences, Inc.		4,493,476
	6,423	Regeneron Pharmaceuticals, Inc. (a)		4,871,653
	35,834	Seagen, Inc. (a)		4,998,126
	15,241	Vertex Pharmaceuticals, Inc. (a)		4,924,367
				32,881,711
	Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 2.1%
	40,754	Ross Stores, Inc.		4,816,715
	Computer and Electronic Product Manufacturing - 18.9%
	71,000	Advanced Micro Devices, Inc. (a)		5,335,650
	25,726	Alphabet, Inc. Class A (a)		2,542,758
	25,558	Alphabet, Inc. Class C (a)		2,552,478
	27,841	Analog Devices, Inc.		4,773,896
	34,531	Apple, Inc.		4,982,478
	8,361	Broadcom, Inc.		4,891,269
	97,138	Cisco Systems, Inc.		4,727,706
	15,306	Enphase Energy, Inc. (a)		3,388,442
	89,447	Fortinet, Inc. (a)		4,681,656
	77,369	GlobalFoundries, Inc. ADR (a)(b)		4,586,434
	11,394	IDEXX Laboratories, Inc. (a)		5,474,817
	23,276	Illumina, Inc. (a)		4,985,719
	172,522	Intel Corp.		4,875,472
	119,114	Marvell Technology, Inc.		5,139,769
	63,915	Microchip Technology, Inc.		4,961,082
	89,198	Micron Technology, Inc.		5,378,639
	28,024	NVIDIA Corp.		5,475,049
	28,371	NXP Semiconductors NV ADR (Netherlands)		5,229,059
	40,551	Qualcomm, Inc.		5,401,799
	27,394	Texas Instruments, Inc.		4,854,491
				94,238,663
	Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 1.0%
	47,113	Fiserv, Inc. (a)		5,026,015
	Food Manufacturing - 1.9%
	70,203	Mondelez International, Inc.		4,594,084
	116,344	The Kraft Heinz Co.		4,715,423
				9,309,507
	Food Services and Drinking Places - 2.0%
	10,429	Cintas Corp.		4,627,764
	46,992	Starbucks Corp.		5,128,707
				9,756,471
	General Merchandise Retailers - 7.5%
	52,859	Amazon.com, Inc. (a)		5,451,349
	10,060	Costco Wholesale Corp.		5,142,068
	32,558	Dollar Tree, Inc. (a)		4,889,561
	113,274	eBay, Inc.		5,607,063
	82,073	JD.com, Inc. ADR (China)		4,885,806
	5,508	MercadoLibre, Inc. (a)		6,508,749
	53,368	Pinduoduo, Inc. ADR (China)(a)		5,228,996
				37,713,592
	Health and Personal Care Retailers - 0.9%
	118,935	Walgreens Boots Alliance, Inc.		4,383,944
	Machinery Manufacturing - 4.1%
	44,351	Applied Materials, Inc.		4,944,693
	8,091	ASML Holding NV ADR (Netherlands)		5,346,856
	163,701	Baker Hughes Co.		5,195,870
	10,459	Lam Research Corp.		5,230,546
				20,717,965
	Merchant Wholesalers, Durable Goods - 3.0%
	76,911	Copart, Inc. (a)		5,123,042
	97,015	Fastenal Co.		4,904,108
	12,043	KLA-Tencor Corp.		4,726,637
				14,753,787
	Miscellaneous Manufacturing - 3.0%
	23,430	Align Technology, Inc. (a)		6,319,774
	40,519	DexCom, Inc. (a)		4,339,180
	17,548	Intuitive Surgical, Inc. (a)		4,311,368
				14,970,322
	Motion Picture and Sound Recording Industries - 1.1%
	15,976	Netflix, Inc. (a)		5,653,267
	Motor Vehicle and Parts Dealers - 0.9%
	5,720	O’Reilly Automotive, Inc. (a)		4,532,242
	Performing Arts, Spectator Sports, and Related Industries - 1.9%
	61,040	Activision Blizzard, Inc.		4,673,833
	38,148	Electronic Arts, Inc.		4,908,884
				9,582,717
	Professional, Scientific, and Technical Services - 8.0%
	83,587	Cognizant Technology Solutions Corp. Class A		5,579,432
	38,884	Meta Platforms, Inc. (a)		5,792,550
	24,025	Moderna, Inc. (a)		4,229,842
	30,753	Palto Alto Networks, Inc. (a)		4,878,656
	40,047	Paychex, Inc.		4,639,845
	26,539	Verisk Analytics, Inc. Class A		4,824,525
	26,510	Workday, Inc. (a)		4,809,709
	40,668	Zscaler, Inc. (a)		5,049,339
				39,803,898
	Publishing Industries - 8.8%
	13,717	Adobe Systems, Inc. (a)		5,079,954
	19,129	ANSYS, Inc. (a)		5,095,200
	24,138	Autodesk, Inc. (a)		5,193,532
	28,454	Cadence Design Systems, Inc. (a)		5,202,245
	41,656	CrowdStrike Holdings, Inc. (a)		4,411,370
	59,673	Datadog, Inc. (a)		4,464,137
	12,059	Intuit, Inc.		5,096,978
	18,981	Microsoft Corp.		4,703,682
	14,113	Synopsys, Inc. (a)		4,992,474
				44,239,572
	Rail Transportation - 0.9%
	146,742	CSX Corp.		4,537,263
	Rental and Leasing Services - 1.2%
	51,850	Airbnb, Inc. (a)		5,761,053
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.5%
	630,164	Lucid Group, Inc. (a)(b)		7,366,617
	Support Activities for Mining - 1.0%
	34,575	Diamondback Energy, Inc.		5,052,099
	Telecommunications - 3.1%
	67,061	PayPal Holdings, Inc. (a)		5,464,801
	32,619	T-Mobile US, Inc. (a)		4,870,343
	66,486	Zoom Video Communications, Inc. (a)		4,986,450
				15,321,594
	Transportation Equipment Manufacturing - 3.8%
	22,143	Honeywell International, Inc.		4,616,373
	47,278	Paccar, Inc.		5,167,958
	206,600	Rivian Automotive, Inc. (a)		4,008,040
	30,910	Tesla Motors, Inc. (a)		5,354,230
				19,146,601
	Truck Transportation - 1.0%
	15,747	Old Dominion Freight Line, Inc.		5,247,530
	Utilities - 3.7%
	49,110	American Electric Power Co., Inc.		4,614,375
	52,660	Constellation Energy Corp.		4,495,058
	110,768	Exelon Corp.		4,673,302
	66,422	Xcel Energy, Inc.		4,567,841
				18,350,576
	Web Search Portals, Libraries, Archives, and Other Information Services - 0.9%
	59,558	CoStar Group, Inc. (a)		4,639,568
		TOTAL COMMON STOCKS (Cost $541,621,974)	$	499,032,787
	SHORT TERM INVESTMENTS - 3.2%
	Money Market Funds - 3.2%
	16,037,973	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	16,037,973
		TOTAL SHORT TERM INVESTMENTS (Cost $16,037,973)	$	16,037,973
		TOTAL INVESTMENTS (Cost $557,659,947) - 103.1%	$	515,070,760
		Liabilities in Excess of Other Assets - (3.1)%		(15,313,789	)
		TOTAL NET ASSETS - 100.0%	$	499,756,971

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 January 31, 2023.

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

ADR - American Depository Receipt

Direxion Work From Home ETF

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 99.9%
	Administrative and Support Services - 3.4%
	3,843	Atlassian Corp. (a)	$	621,106
	35,206	SentinelOne, Inc. (a)		531,258
				1,152,364
	Computer and Electronic Product Manufacturing - 19.7%
	8,267	Alphabet, Inc. Class A (a)		817,110
	445,706	Avaya Holdings Corp. (a)(b)		159,162
	1,790	Broadcom, Inc.		1,047,168
	20,097	Cisco Systems, Inc.		978,121
	17,933	Fortinet, Inc. (a)		938,613
	7,086	International Business Machines Corp.		954,697
	19,349	Marvell Technology, Inc.		834,909
	12,798	NetApp, Inc.		847,612
				6,577,392
	Data Processing, Hosting and Related Services - 5.3%
	21,120	RingCentral, Inc. (a)		824,313
	7,825	VMware, Inc. (a)		958,328
				1,782,641
	Electronics and Appliance Stores - 3.5%
	27,010	Smartsheet, Inc. (a)		1,167,102
	Management of Companies and Enterprises - 6.6%
	9,987	Alibaba Group Holding Ltd. ADR (a)		1,100,568
	52,028	America Movil SAB de CV Series L ADR (Mexico)		1,088,946
				2,189,514
	Nonstore Retailers - 2.2%
	6,988	Amazon.com, Inc. (a)		720,672
	Professional, Scientific, and Technical Services - 23.6%
	5,641	Meta Platforms, Inc. (a)		840,340
	40,266	Nutanix, Inc. (a)		1,122,213
	14,786	Okta, Inc. (a)		1,088,397
	5,026	Palto Alto Networks, Inc. (a)		797,325
	190,081	Rackspace Technology, Inc. (a)		570,243
	2,037	ServiceNow, Inc. (a)		927,100
	78,746	Sprinklr, Inc. (a)		782,735
	5,458	Workday, Inc. (a)		990,245
	6,126	Zscaler, Inc. (a)		760,604
				7,879,202
	Publishing Industries (except Internet) - 30.4%
	2,382	Adobe Systems, Inc. (a)		882,150
	226,196	Agora, Inc. ADR (a)		879,902
	34,547	Box, Inc. (a)		1,105,159
	5,260	CrowdStrike Holdings, Inc. (a)		557,034
	6,350	CyberArk Software Ltd. ADR (Israel) (a)		894,588
	16,408	DocuSign, Inc. (a)		994,981
	1,106,364	Exela Technologies, Inc. (a)		67,378
	3,506	Microsoft Corp.		868,822
	12,148	Oracle Corp.		1,074,612
	19,362	Progress Software Corp.		1,026,960
	5,904	Salesforce.com, Inc. (a)		991,695
	13,324	Twilio, Inc. (a)		797,308
				10,140,589
	Telecommunications - 5.2%
	188,497	8x8, Inc. (a)		887,821
	11,166	Zoom Video Communications, Inc. (a)		837,450
				1,725,271
		TOTAL COMMON STOCKS (Cost $53,241,316)	$	33,334,747
	SHORT TERM INVESTMENTS - 0.5%
	Money Market Funds - 0.5%
	154,936	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	154,936
		TOTAL SHORT TERM INVESTMENTS (Cost $154,936)	$	154,936
		TOTAL INVESTMENTS (Cost $53,396,252) - 100.4%	$	33,489,683
		Liabilities in Excess of Other Assets - (0.4)%		(126,408	)
		TOTAL NET ASSETS - 100.0%	$	33,363,275

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 January 31, 2023.

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

ADR - American Depository Receipt

Direxion Daily CSI 300 China A Share Bear 1X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 107.4%
	Money Market Funds - 107.4%
	13,058,148	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	13,058,148
	1,720,000	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (a)		1,720,000
	4	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		4
		TOTAL SHORT TERM INVESTMENTS (Cost $14,778,152) (b)	$	14,778,152
		TOTAL INVESTMENTS (Cost $14,778,152) - 107.4%	$	14,778,152
		Liabilities in Excess of Other Assets - (7.4)%		(1,017,175	)
		TOTAL NET ASSETS - 100.0%	$	13,760,977

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $3,420,170.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received/(Paid) at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Depreciation
3.6500 % representing 1 month SOFR rate + spread	Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF	UBS Securities LLC		12/13/2023		240,917	$	7,057,697	$	(511,079	)
(2.2000)% representing 1 month SOFR rate + spread	Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF	Barclays		12/20/2023		200,000		5,798,000		(528,018	)
							$	12,855,697	$	(1,039,097	)

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

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 107.2%
	Money Market Funds - 107.2%
	384,023,564	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	384,023,564
	117,480,000	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (a)		117,480,000
	792,887	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		792,887
		TOTAL SHORT TERM INVESTMENTS (Cost $502,296,451) (b)	$	502,296,451
		TOTAL INVESTMENTS (Cost $502,296,451) - 107.2%	$	502,296,451
		Liabilities in Excess of Other Assets - (7.2)%		(33,585,459	)
		TOTAL NET ASSETS - 100.0%	$	468,710,992

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $122,155,363.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
4.2500% representing 1 month SOFR rate + spread	Total return of S&P 500® Index	UBS Securities LLC	12/13/2023		6,263	$	25,083,169	$	(392,993	)
4.6300% representing 1 month SOFR rate + spread	Total return of S&P 500® Index	Barclays	12/20/2023		108,715		423,384,179		(18,002,380	)
						$	448,467,348	$	(18,395,373	)

Direxion Daily AAPL Bear 1X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 101.1%
	Money Market Funds - 101.1%
	17,019,525	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	17,019,525
	2,793,600	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (a)		2,793,600
	4,950,087	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		4,950,087
		TOTAL SHORT TERM INVESTMENTS (Cost $24,763,212) (b)	$	24,763,212
		TOTAL INVESTMENTS (Cost $24,763,212) - 101.1%	$	24,763,212
		Liabilities in Excess of Other Assets - (1.1)%		(267,216	)
		TOTAL NET ASSETS - 100.0%	$	24,495,996

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $8,239,757.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
2.8000 % representing 1 month SOFR rate + spread	Total return of Apple, Inc.	BNP Paribas	12/5/2023		6,800	$	928,200	$	(49,614	)
4.3000 % representing 1 month SOFR rate + spread	Total return of Apple, Inc.	Goldman Sachs	12/7/2023		56,949		7,937,844		(239,025	)
2.8000 % representing 1 month SOFR rate + spread	Total return of Apple, Inc.	Bank of America Merrill Lynch	12/8/2023		50,570		7,248,156		(22,370	)
2.3000 % representing 1 month SOFR rate + spread	Total return of Apple, Inc.	Citibank N.A.	12/19/2023		55,451		7,854,922		(124,545	)
						$	23,969,122	$	(435,554	)

Direxion Daily AMZN Bear 1X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 112.8%
	Money Market Funds - 112.8%
	4,141,043	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	4,141,043
	825,643	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (a)		825,643
	2,886,135	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		2,886,135
		TOTAL SHORT TERM INVESTMENTS (Cost $7,852,821) (b)	$	7,852,821
		TOTAL INVESTMENTS (Cost $7,852,821) - 112.8%	$	7,852,821
		Liabilities in Excess of Other Assets - (12.8)%		(891,877	)
		TOTAL NET ASSETS - 100.0%	$	6,960,944

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $3,711,778.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
4.3000 % representing 1 month SOFR rate + spread	Total return of Amazon.com, Inc.	Goldman Sachs	12/7/2023		13,856	$	1,301,994	$	(124,277	)
2.8000 % representing 1 month SOFR rate + spread	Total return of Amazon.com, Inc.	Bank of America Merrill Lynch	12/8/2023		27,555		2,451,591		(382,642	)
2.3000 % representing 1 month SOFR rate + spread	Total return of Amazon.com, Inc.	Citibank N.A.	12/19/2023		26,086		2,333,826		(349,661	)
						$	6,087,411	$	(856,580	)

Direxion Daily GOOGL Bear 1X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 103.9%
	Money Market Funds - 103.9%
	3,819,752	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	3,819,752
	493,743	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (a)		493,743
	1,055,533	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		1,055,533
		TOTAL SHORT TERM INVESTMENTS (Cost $5,369,028) (b)	$	5,369,028
		TOTAL INVESTMENTS (Cost $5,369,028) - 103.9%	$	5,369,028
		Liabilities in Excess of Other Assets - (3.9)%		(199,338	)
		TOTAL NET ASSETS - 100.0%	$	5,169,690

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,549,276.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
4.3000% representing 1 month SOFR rate + spread	Total return of Alphabet, Inc.	Goldman Sachs	12/7/2023		23,226	$	2,176,367	$	(109,105	)
2.8000% representing 1 month SOFR rate + spread	Total return of Alphabet, Inc.	Bank of America Merrill Lynch	12/8/2023		9,659		923,690		(26,800	)
2.3000% representing 1 month SOFR rate + spread	Total return of Alphabet, Inc.	Citibank N.A.	12/19/2023		19,419		1,817,550		(97,509	)
						$	4,917,607	$	(233,414	)

Direxion Daily MSFT Bear 1X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 101.7%
	Money Market Funds - 101.7%
	2,297,451	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	2,297,451
	524,106	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (a)		524,106
	897,374	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		897,374
		TOTAL SHORT TERM INVESTMENTS (Cost $3,718,931) (b)	$	3,718,931
		TOTAL INVESTMENTS (Cost $3,718,931) - 101.7%	$	3,718,931
		Liabilities in Excess of Other Assets - (1.7)%		(62,257	)
		TOTAL NET ASSETS - 100.0%	$	3,656,674

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,421,480.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
4.3000% representing 1 month SOFR rate + spread	Total return of Microsoft Corp.	Goldman Sachs	12/7/2023		4,706	$	1,155,667	$	(4,626	)
2.8000% representing 1 month SOFR rate + spread	Total return of Microsoft Corp.	Bank of America Merrill Lynch	12/8/2023		5,682		1,459,819		57,740
2.3000% representing 1 month SOFR rate + spread	Total return of Microsoft Corp.	Citibank N.A.	12/19/2023		4,368		1,102,965		23,964
						$	3,718,451	$	77,078

Direxion Daily TSLA Bear 1X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 109.2%
	Money Market Funds - 109.2%
	49,322,727	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	49,322,727
	10,643,267	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (a)		10,643,267
	16,081,133	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		16,081,133
		TOTAL SHORT TERM INVESTMENTS (Cost $76,047,127) (b)	$	76,047,127
		TOTAL INVESTMENTS (Cost $76,047,127) - 109.2%	$	76,047,127
		Liabilities in Excess of Other Assets - (9.2)%		(6,390,051	)
		TOTAL NET ASSETS - 100.0%	$	69,657,076

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $38,625,426.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
2.8000 % representing 1 month SOFR rate + spread	Total return of Tesla, Inc.	BNP Paribas	12/5/2023		119,275	$	17,881,298	$	(2,733,155	)
4.3000 % representing 1 month SOFR rate + spread	Total return of Tesla, Inc.	Goldman Sachs	12/7/2023		110,917		18,016,769		(1,177,066	)
2.8000 % representing 1 month SOFR rate + spread	Total return of Tesla, Inc.	Bank of America Merrill Lynch	12/8/2023		57,032		9,307,159		(552,458	)
2.3000 % representing 1 month SOFR rate + spread	Total return of Tesla, Inc.	Citibank N.A.	12/19/2023		114,907		13,974,521		(5,907,399	)
						$	59,179,747	$	(10,370,078	)

Direxion Daily AAPL Bull 1.5X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 16.5%
	Computer and Electronic Product Manufacturing - 16.5%
	11,621	Apple, Inc.	$	1,676,794
		TOTAL COMMON STOCKS (Cost $1,730,895)	$	1,676,794
	SHORT TERM INVESTMENTS - 80.7%
	Money Market Funds - 80.7%
	4,381,428	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	4,381,428
	1,257,873	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (a)		1,257,873
	2,563,341	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		2,563,341
		TOTAL SHORT TERM INVESTMENTS (Cost $8,202,642)	$	8,202,642
		TOTAL INVESTMENTS (Cost $9,933,537) - 97.2% (b)	$	9,879,436
		Other Assets in Excess of Liabilities - 2.8%		283,221
		TOTAL NET ASSETS - 100.0%	$	10,162,657

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $4,348,426.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of Apple, Inc.	6.3000 % representing 1 month SOFR rate + spread	BNP Paribas		12/5/2023		7,400	$	1,010,100	$	49,376
Total return of Apple, Inc.	5.3000 % representing 1 month SOFR rate + spread	Goldman Sachs		12/7/2023		34,044		4,634,121		254,579
Total return of Apple, Inc.	6.8000 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch		12/8/2023		17,136		2,492,774		(43,129	)
Total return of Apple, Inc.	6.8000 % representing 1 month SOFR rate + spread	Citibank N.A.		12/19/2023		35,448		4,903,553		175,009
							$	13,040,548	$	435,835

Direxion Daily AMZN Bull 1.5X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	Common Stocks - 19.7%
	General Merchandise Retailers - 19.7%
	35,650	Amazon.com, Inc.	$	3,676,585
		TOTAL COMMON STOCKS (Cost $3,409,631)	$	3,676,585
	SHORT TERM INVESTMENTS - 61.2%
	Money Market Funds - 61.2%
	3,435,181	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	3,435,181
	3,098,335	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (a)		3,098,335
	4,902,246	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		4,902,246
		TOTAL SHORT TERM INVESTMENTS (Cost $11,435,762)	$	11,435,762
		TOTAL INVESTMENTS (Cost $14,845,393) - 80.9% (b)	$	15,112,347
		Other Assets in Excess of Liabilities - 19.1%		3,576,853
		TOTAL NET ASSETS - 100.0%	$	18,689,200

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $8,000,581.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of Amazon.com, Inc.	5.5500 % representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		104,673	$	10,666,414	$	162,020
Total return of Amazon.com, Inc.	6.8000 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		61,207		6,312,278		(32,025	)
Total return of Amazon.com, Inc.	7.3000 % representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		70,303		7,250,348		(51,103	)
						$	24,229,040	$	78,892

Direxion Daily GOOGL Bull 1.5X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 11.8%
	Web Search Portals, Libraries, Archives, and Other Information Services - 11.8%
	10,101	Alphabet, Inc. Class A (a)	$	998,383
		TOTAL COMMON STOCKS (Cost $939,596)	$	998,383
	SHORT TERM INVESTMENTS - 80.3%
	Money Market Funds - 80.3%
	3,495,089	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	3,495,089
	1,265,825	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (b)		1,265,825
	2,022,720	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		2,022,720
		TOTAL SHORT TERM INVESTMENTS (Cost $6,783,634)	$	6,783,634
		TOTAL INVESTMENTS (Cost $7,723,230) - 92.1% (c)	$	7,782,017
		Other Assets in Excess of Liabilities - 7.9%		663,131
		TOTAL NET ASSETS - 100.0%	$	8,445,148

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $3,288,545.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of common shares of Alphabet, Inc. Class A	5.5500% representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		51,675	$	4,747,073	$	334,077
Total return of common shares of Alphabet, Inc. Class A	6.8000% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		19,859		1,919,632		31,362
Total return of common shares of Alphabet, Inc. Class A	6.8000% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		46,532		4,315,087		252,546
						$	10,981,792	$	617,985

Direxion Daily MSFT Bull 1.5X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	Common Stocks - 19.6%
	Publishing Industries - 19.6%
	4,106	Microsoft Corp.	$	1,017,508
		TOTAL COMMON STOCKS (Cost $1,009,834)	$	1,017,508
	SHORT TERM INVESTMENTS - 79.4%
	Money Market Funds - 79.4%
	2,011,078	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	2,011,078
	623,555	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (a)		623,555
	1,496,904	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		1,496,904
		TOTAL SHORT TERM INVESTMENTS (Cost $4,131,537)	$	4,131,537
		TOTAL INVESTMENTS (Cost $5,141,371) - 99.0% (b)	$	5,149,045
		Other Assets in Excess of Liabilities - 1.0%		54,732
		TOTAL NET ASSETS - 100.0%	$	5,203,777

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,120,459.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of Microsoft Corp.	5.5500 % representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		10,783	$	2,577,805	$	79,247
Total return of Microsoft Corp.	6.8000 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		8,217		2,061,564		(42,807	)
Total return of Microsoft Corp.	6.8000 % representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		8,393		2,072,984		(6,263	)
						$	6,712,353	$	30,177

Direxion Daily TSLA Bull 1.5X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 20.9%
	Transportation Equipment Manufacturing - 20.9%
	359,976	Tesla Motors, Inc. (a)	$	62,355,043
		TOTAL COMMON STOCKS (Cost $58,452,215)	$	62,355,043
	SHORT TERM INVESTMENTS - 68.9%
	Money Market Funds - 68.9%
	105,409,895	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	105,409,895
	36,118,332	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (b)		36,118,332
	64,341,089	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		64,341,089
		TOTAL SHORT TERM INVESTMENTS (Cost $205,869,316)	$	205,869,316
		TOTAL INVESTMENTS (Cost $264,321,531) - 89.8% (c)	$	268,224,359
		Other Assets in Excess of Liabilities - 10.2%		30,626,723
		TOTAL NET ASSETS - 100.0%	$	298,851,082

Percentages are stated as a percent of net assets.

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

^(a)  Non-income producing security.

^(b)  Represents annualized seven-day yield at January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $177,737,429.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of Tesla, Inc.	6.3000 % representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		299,075	$	45,747,852	$	5,821,114
Total return of Tesla, Inc.	7.8000 % representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		678,888		120,319,482		(2,045,076	)
Total return of Tesla, Inc.	6.8000 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		666,044		115,372,142		(656,701	)
Total return of Tesla, Inc.	7.3000 % representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		583,907		101,144,370		(494,602	)
						$	382,583,846	$	2,624,735

Direxion Daily CSI 300 China A Share Bull 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 44.9%
	1,096,728	Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF (a)	$	34,228,881
		TOTAL INVESTMENT COMPANIES (Cost $31,718,931)	$	34,228,881
	SHORT TERM INVESTMENTS - 56.2%
	Money Market Funds - 56.2%
	32,154,635	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	32,154,635
	10,755,020	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		10,755,020
		TOTAL SHORT TERM INVESTMENTS (Cost $42,909,655)	$	42,909,655
		TOTAL INVESTMENTS (Cost $74,628,586) - 101.1% (c)	$	77,138,536
		Liabilities in Excess of Other Assets - (1.1)%		(820,051	)
		TOTAL NET ASSETS - 100.0%	$	76,318,485

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $19,985,945.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF	2.3000 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		773,960	$	22,197,173	$	2,125,883
Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF	4.4800 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		2,130,176		61,506,375		5,324,514
Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF	1.3000 % representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		889,784		25,964,700		2,003,082
						$	109,668,248	$	9,453,479

Direxion Daily CSI China Internet Index Bull 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 49.0%
	5,947,558	KraneShares CSI China Internet ETF (a)	$	201,443,789
		TOTAL INVESTMENT COMPANIES (Cost $177,117,778)	$	201,443,789
	SHORT TERM INVESTMENTS - 48.5%
	Money Market Funds - 48.5%
	125,326,700	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	125,326,700
	26,449,094	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (b)		26,449,094
	47,753,335	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		47,753,335
		TOTAL SHORT TERM INVESTMENTS (Cost $199,529,129)	$	199,529,129
		TOTAL INVESTMENTS (Cost $376,646,907) - 97.5% (c)	$	400,972,918
		Other Assets in Excess of Liabilities - 2.5%		10,436,697
		TOTAL NET ASSETS - 100.0%	$	411,409,615

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $217,019,965.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of KraneShares CSI China Internet ETF	4.6900% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		3,523,354	$	107,200,409	$	11,547,599
Total return of KraneShares CSI China Internet ETF	4.8500% representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		4,218,875		132,053,560		10,031,259
Total return of KraneShares CSI China Internet ETF	4.8500% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		2,423,357		76,252,512		5,416,316
Total return of KraneShares CSI China Internet ETF	5.0400% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		4,061,426		125,638,137		11,086,564
Total return of KraneShares CSI China Internet ETF	4.9500% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		4,118,919		130,756,435		8,054,266
						$	571,901,053	$	46,136,004

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

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 98.1%
	111,286	iShares Core S&P 500 ETF (a)	$	45,439,186
		TOTAL INVESTMENT COMPANIES (Cost $43,109,410)	$	45,439,186
	SHORT TERM INVESTMENTS - 0.7%
	Money Market Funds - 0.7%
	322,913	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	322,913
	6,545	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		6,545
		TOTAL SHORT TERM INVESTMENTS (Cost $329,458)	$	329,458
		TOTAL INVESTMENTS (Cost $43,438,868) - 98.8% (c)	$	45,768,644
		Other Assets in Excess of Liabilities - 1.2%		561,003
		TOTAL NET ASSETS - 100.0%	$	46,329,647

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $18,671,869.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of S&P 500® Index	4.5100 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		884	$	3,515,398	$	83,604
Total return of S&P 500® Index	4.5500 % representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		10,699		42,342,346		1,098,974
						$	45,857,744	$	1,182,578

Direxion Daily S&P 500 Equal Weight Bull 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 73.9%
	15,900	Invesco S&P 500® Equal Weight ETF (a)	$	2,412,507
		TOTAL INVESTMENT COMPANIES (Cost $2,495,607)	$	2,412,507
	SHORT TERM INVESTMENTS - 25.4%
	Money Market Funds - 25.4%
	830,702	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	830,702
		TOTAL SHORT TERM INVESTMENTS (Cost $830,702)	$	830,702
		TOTAL INVESTMENTS (Cost $3,326,309) - 99.3% (c)	$	3,243,209
		Other Assets in Excess of Liabilities - 0.7%		21,301
		TOTAL NET ASSETS - 100.0%	$	3,264,510

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $676,252.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of S&P 500® Equal Weight Index	4.8500 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		643	$	3,798,115	$	145,466
Total return of S&P 500® Equal Weight Index	4.8500 % representing 1 month SOFR rate + spread	Barclays	12/20/2023		25		151,543		2,200
						$	3,949,658	$	147,666

Direxion Daily MSCI Brazil Bull 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 40.7%
	1,877,496	iShares MSCI Brazil Capped ETF (a)	$	56,963,229
		TOTAL INVESTMENT COMPANIES (Cost $63,348,926)	$	56,963,229
	SHORT TERM INVESTMENTS - 55.9%
	Money Market Funds - 55.9%
	62,649,466	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	62,649,466
	1,420	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (b)		1,420
	15,658,892	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		15,658,892
		TOTAL SHORT TERM INVESTMENTS (Cost $78,309,778)	$	78,309,778
		TOTAL INVESTMENTS (Cost $141,658,704) - 96.6% (c)	$	135,273,007
		Other Assets in Excess of Liabilities - 3.4%		4,741,314
		TOTAL NET ASSETS - 100.0%	$	140,014,321

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $52,682,401.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of iShares MSCI Brazil Capped ETF	4.8900 % representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		175,683	$	4,631,004	$	669,799
Total return of iShares MSCI Brazil Capped ETF	3.8000 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		3,144,113		93,909,575		5,068,459
Total return of iShares MSCI Brazil Capped ETF	4.4400 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		3,776,661		100,166,707		13,870,256
Total return of iShares MSCI Brazil Capped ETF	5.0500 % representing 1 month SOFR rate + spread	Barclays	12/20/2023		255,850		7,862,270		356,990
						$	206,569,556	$	19,965,504

Direxion Daily MSCI India Bull 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 52.6%
	676,787	iShares MSCI India ETF (a)	$	27,741,499
		TOTAL INVESTMENT COMPANIES (Cost $32,323,547)	$	27,741,499
	SHORT TERM INVESTMENTS - 55.3%
	Money Market Funds - 55.3%
	13,401,908	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	13,401,908
	6,270,077	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (b)		6,270,077
	9,485,643	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		9,485,643
		TOTAL SHORT TERM INVESTMENTS (Cost $29,157,628)	$	29,157,628
		TOTAL INVESTMENTS (Cost $61,481,175) - 107.9% (c)	$	56,899,127
		Liabilities in Excess of Other Assets - (7.9)%		(4,169,925	)
		TOTAL NET ASSETS - 100.0%	$	52,729,202

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $19,433,097.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
Total return of iShares MSCI India ETF	5.0900% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		433,356	$	18,461,830	$	(789,358	)
Total return of iShares MSCI India ETF	4.9500% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		900,000		38,655,000		(2,026,682	)
Total return of iShares MSCI India ETF	5.1000% representing 1 month SOFR rate + spread	Barclays	12/20/2023		562,644		24,272,462		(1,398,302	)
						$	81,389,292	$	(4,214,342	)

Direxion Daily Cloud Computing Bull 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 82.0%
	Administrative and Support Services - 0.8%
	640	Alarm.com, Inc. (a)	$	34,304
	809	nCino, Inc. (a)		23,138
				57,442
	Computer and Electronic Product Manufacturing - 0.1%
	551	Radware Ltd. ADR (Israel) (a)		11,736
	Data Processing, Hosting and Related Services - 6.1%
	914	Five9, Inc. (a)		72,005
	1,116	RingCentral, Inc. (a)		43,558
	2,783	VMware, Inc. (a)		340,834
				456,397
	Heavy and Civil Engineering Construction - 0.7%
	729	BlackLine, Inc. (a)		52,342
	Professional, Scientific, and Technical Services - 26.6%
	994	2U, Inc. (a)		8,578
	603	DigitalOcean Holdings, Inc. (a)(b)		17,698
	912	Freshworks, Inc. (a)		14,756
	906	LivePerson, Inc. (a)		11,669
	438	Model N, Inc. (a)		17,371
	2,933	Nutanix, Inc. (a)		81,743
	685	Paycom Software, Inc. (a)		221,899
	535	Paylocity Holding Corp. (a)		111,435
	546	PROS Holdings, Inc. (a)		13,759
	3,651	SAP SE ADR (Germany)		432,753
	702	ServiceNow, Inc. (a)		319,501
	1,786	Snowflake, Inc. (a)		279,402
	877	Unisys Corp. (a)		4,745
	1,956	Vimeo, Inc. (a)		8,880
	1,688	Workday, Inc. (a)		306,254
	1,105	Zscaler, Inc. (a)		137,197
				1,987,640
	Publishing Industries (except Internet) - 44.5%
	1,527	ACI Worldwide, Inc. (a)		42,649
	942	Adobe Systems, Inc. (a)		348,860
	2,124	Akamai Technologies, Inc. (a)		188,930
	238	AppFolio, Inc. (a)		26,735
	1,906	Autodesk, Inc. (a)		410,095
	1,291	Bill.com Holdings, Inc. (a)		149,266
	582	Blackbaud, Inc. (a)		36,206
	1,867	Box, Inc. (a)		59,725
	1,052	C3.ai, Inc. (a)		20,882
	486	Clearwater Analytics Holdings, Inc. (a)		9,516
	1,003	Coupa Software, Inc. (a)		80,160
	1,818	CrowdStrike Holdings, Inc. (a)		192,526
	2,618	DocuSign, Inc. (a)		158,756
	3,680	Dropbox, Inc. (a)		85,486
	451	Enfusion, Inc. (a)		5,358
	523	Everbridge, Inc. (a)		16,715
	1,453	Informatica, Inc. (a)		25,863
	120	MicroStrategy, Inc. Class A (a)(b)		30,208
	4,943	Oracle Corp.		437,258
	637	Paycor HCM, Inc. (a)		15,995
	467	Qualys, Inc. (a)		53,873
	1,901	Salesforce.com, Inc. (a)		319,311
	484	SPS Commerce, Inc. (a)		65,863
	4,503	Tuya, Inc. ADR (China) (a)		12,563
	2,274	Twilio, Inc. (a)		136,076
	362	Upland Software, Inc. (a)		3,160
	1,866	Veeva Systems, Inc. (a)		318,246
	709	VTEX ADR (United Kingdom) (a)		3,212
	583	Workiva, Inc. (a)		50,447
	1,585	Zuora, Inc. (a)		12,553
				3,316,493
	Telecommunications - 3.2%
	1,547	8x8, Inc. (a)		7,286
	302	Bandwidth, Inc. (a)		7,514
	2,972	Zoom Video Communications, Inc. (a)		222,900
				237,700
		TOTAL COMMON STOCKS (Cost $7,661,487)	$	6,119,750
	SHORT TERM INVESTMENTS - 16.9%
	Money Market Funds - 16.9%
	772,530	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	772,530
	1	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (c)		1
	487,348	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (c)		487,348
		TOTAL SHORT TERM INVESTMENTS (Cost $1,259,879)	$	1,259,879
		TOTAL INVESTMENTS (Cost $8,921,366) - 98.9% (e)	$	7,379,629
		Other Assets in Excess of Liabilities - 1.1%		80,189
		TOTAL NET ASSETS - 100.0%	$	7,459,818

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 January 31, 2023.

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

^(e)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,896,596.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of Indxx USA Cloud Computing Index	4.4500 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		8,806	$	6,222,950	$	325,323
Total return of Indxx USA Cloud Computing Index	4.7000 % representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		2,982		2,111,269		102,327
						$	8,334,219	$	427,650

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 85.2%
	Computer and Electronic Product Manufacturing - 5.9%
	11,817	Blink Charging Co. (a)	$	160,829
	12,846	Indie Semiconductor, Inc. (a)		102,383
				263,212
	Management of Companies and Enterprises - 1.4%
	159,050	Arrival Ltd. ADR (Luxembourg) (a)		63,604
	Motor Vehicle and Parts Dealers - 4.0%
	25,942	EVgo, Inc. (a)		178,740
	Printing and Related Support Activities - 3.6%
	21,795	Fisker, Inc. (a)		162,373
	Professional, Scientific, and Technical Services - 3.5%
	75,394	TuSimple Holdings, Inc. (a)		158,327
	Rental and Leasing Services - 2.3%
	4,085	Cerence, Inc. (a)		100,164
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 27.6%
	22,793	Aeva Technologies, Inc. (a)		38,520
	3,773	Allego NV ADR (Netherlands) (a)		16,413
	125,188	Canoo Inc. (a)		150,226
	13,938	ChargePoint Holdings, Inc. (a)		169,207
	15,840	Hyzon Motors, Inc. (a)		33,739
	32,864	Lucid Group, Inc. (a)		384,180
	35,171	Microvast Holdings, Inc. (a)		57,329
	24,196	Nio, Inc. ADR (China) (a)		292,046
	12,784	Proterra, Inc. (a)		65,198
	13,220	The Lion Electric Co. ADR (Canada) (a)		34,636
				1,241,494
	Specialty Trade Contractors - 3.8%
	20,205	QuantumScape Corp. (a)		171,945
	Transportation Equipment Manufacturing - 33.1%
	5,488	Gentex Corp.		161,951
	12,098	Li Auto, Inc. ADR (China) (a)		301,240
	25,599	Luminar Technologies, Inc. (a)		170,745
	60,926	Nikola Corp. (a)		165,110
	7,171	Niu Technologies ADR (China) (a)		38,652
	1,964	Tesla Motors, Inc. (a)		340,204
	29,185	XPeng, Inc. ADR (China) (a)		310,528
				1,488,430
		TOTAL COMMON STOCKS (Cost $3,877,105)	$	3,828,289
	SHORT TERM INVESTMENTS - 17.7%
	Money Market Funds - 17.7%
	794,473	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	794,473
		TOTAL SHORT TERM INVESTMENTS (Cost $794,473)	$	794,473
		TOTAL INVESTMENTS (Cost $4,671,578) - 102.9% (c)	$	4,622,762
		Liabilities in Excess of Other Assets - (2.9)%		(128,678	)
		TOTAL NET ASSETS - 100.0%	$	4,494,084

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,326,336.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of Indxx US Electric and Autonomous Vehicles Index	4.4000 % representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		2,810	$	2,890,688	$	374,205
Total return of Indxx US Electric and Autonomous Vehicles Index	4.3000 % representing 1 month SOFR rate + spread	J.P. Morgan	2/26/2024		1,614		1,847,791		34,274
						$	4,738,479	$	408,479

Direxion Daily Energy Bull 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 88.3%
	Gasoline Stations - 16.8%
	463,087	Chevron Corp.	$	80,586,400
	Machinery Manufacturing - 1.9%
	294,484	Baker Hughes Co.		9,346,922
	Oil and Gas Extraction - 16.1%
	94,541	APA Corp.		4,191,003
	231,846	Coterra Energy, Inc.		5,803,105
	192,221	Devon Energy Corp.		12,156,056
	143,340	EOG Resources, Inc.		18,956,715
	107,931	EQT Corp.		3,526,106
	186,737	Marathon Oil Corp.		5,129,665
	213,815	Occidental Petroleum Corp.		13,853,074
	138,976	Phillips 66		13,935,124
				77,550,848
	Petroleum and Coal Products Manufacturing - 31.8%
	158,521	ConocoPhillips		19,318,954
	860,912	Exxon Mobil Corp.		99,874,401
	137,806	Marathon Petroleum Corp.		17,710,827
	113,362	Valero Energy Corp.		15,874,081
				152,778,263
	Pipeline Transportation - 2.4%
	358,151	Williams Companies, Inc.		11,546,788
	Support Activities for Mining - 15.2%
	51,752	Diamondback Energy, Inc.		7,562,002
	267,011	Halliburton Co.		11,006,194
	81,593	Hess Corp.		12,252,005
	69,866	Pioneer Natural Resources Co.		16,093,633
	371,306	Schlumberger Ltd. ADR (Curaco) (a)		21,157,016
	66,565	Targa Resources Corp.		4,993,706
				73,064,556
	Utilities - 4.1%
	581,633	Kinder Morgan, Inc.		10,643,884
	131,427	ONEOK, Inc.		9,000,121
				19,644,005
		TOTAL COMMON STOCKS (Cost $321,967,625)	$	424,517,782
	SHORT TERM INVESTMENTS - 12.8%
	Money Market Funds - 12.8%
	41,177,741	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	41,177,741
	20,113,498	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (b)		20,113,498
	224,084	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		224,084
		TOTAL SHORT TERM INVESTMENTS (Cost $61,515,323)	$	61,515,323
		TOTAL INVESTMENTS (Cost $383,482,948) - 101.1% (c)	$	486,033,105
		Liabilities in Excess of Other Assets - (1.1)%		(5,423,616	)
		TOTAL NET ASSETS - 100.0%	$	480,609,489

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $253,290,589.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of Energy Select Sector Index	4.7900 % representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		104,947	$	93,425,918	$	5,248,019
Total return of Energy Select Sector Index	4.7500 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		160,159		145,087,731		5,573,755
Total return of Energy Select Sector Index	4.9800 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		66,178		59,231,865		2,971,795
Total return of Energy Select Sector Index	4.8000 % representing 1 month SOFR rate + spread	Barclays	12/20/2023		236,992		211,036,636		11,911,941
						$	508,782,150	$	25,705,510

Direxion Daily Energy Bear 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 108.5%
	Money Market Funds - 108.5%
	36,370,755	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	36,370,755
	2,720,420	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (a)		2,720,420
	1,566,979	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		1,566,979
		TOTAL SHORT TERM INVESTMENTS (Cost $40,658,154) (b)	$	40,658,154
		TOTAL INVESTMENTS (Cost $40,658,154) - 108.5%	$	40,658,154
		Liabilities in Excess of Other Assets - (8.5)%		(3,184,913	)
		TOTAL NET ASSETS - 100.0%	$	37,473,241

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $20,284,664.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
4.3400% representing 1 month SOFR rate + spread	Total return of Energy Select Sector Index	BNP Paribas		12/5/2023		51,509	$	45,854,342	$	(2,602,732	)
4.3000% representing 1 month SOFR rate + spread	Total return of Energy Select Sector Index	J.P. Morgan		12/12/2023		7,784		7,154,237		(179,179	)
4.6200% representing 1 month SOFR rate + spread	Total return of Energy Select Sector Index	UBS Securities LLC		12/13/2023		10,056		9,532,634		36,954
4.5000% representing 1 month SOFR rate + spread	Total return of Energy Select Sector Index	Barclays		12/20/2023		10,007		8,911,033		(507,142	)
							$	71,452,246	$	(3,252,099	)

Direxion Daily Fintech Bull 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 79.0%
	Administrative and Support Services - 13.6%
	372	Coinbase Global, Inc. (a)(b)	$	21,755
	1,284	dlLocal Ltd. ADR (a)		21,302
	315	Envestnet, Inc. (a)		20,475
	586	Evertec, Inc.		21,647
	135	FleetCor Technologies, Inc. (a)		28,189
	788	nCino, Inc. (a)		22,537
	2,399	Paymentus Holdings, Inc. (a)		20,847
	1,689	Remitly Global, Inc. (a)		20,369
	1,126	Upstart Holdings, Inc. (a)(b)		21,034
	743	Visa, Inc. Class A		171,046
				369,201
	Amusement, Gambling, and Recreation Industries - 2.1%
	518	Global Payments, Inc.		58,389
	Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 3.5%
	890	Fiserv, Inc. (a)		94,945
	Credit Intermediation and Related Activities - 28.2%
	1,352	Affirm Holdings, Inc. (a)(b)		21,889
	1,092	American Express Co.		191,023
	732	Capital One Financial Corp.		87,108
	529	Discover Financial Services		61,750
	191	Euronet Worldwide, Inc. (a)		21,522
	1,138	Fidelity National Information Services, Inc.		85,395
	800	Flywire Corp. (a)		21,576
	1,926	LendingClub Corp. (a)		18,663
	439	MasterCard, Inc. Class A		162,693
	451	Meta Financial Group, Inc.		22,379
	608	Nuvei Corp. ADR (Canada) (a)		21,481
	867	Synchrony Financial		31,845
	1,464	Western Union Co.		20,745
				768,069
	Data Processing, Hosting and Related Services - 1.6%
	2,309	PagSeguro Digital Ltd. ADR (a)		23,298
	113	WEX, Inc. (a)		20,902
				44,200
	Heavy and Civil Engineering Construction - 0.8%
	293	BlackLine, Inc. (a)		21,037
	Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) - 0.6%
	2,331	Marathon Digital Holdings, Inc. (a)(b)		16,807
	Management of Companies and Enterprises - 1.7%
	7,783	Lufax Holding Ltd. ADR		23,738
	2,061	StoneCo Ltd. (a)		23,001
				46,739
	Professional, Scientific, and Technical Services - 3.2%
	518	Alliance Data Systems Corp.		21,253
	135	Jack Henry & Associates, Inc.		24,312
	3,232	Riot Blockchain, Inc. (a)		20,265
	327	Shift4 Payments, Inc. (a)		20,941
				86,771
	Publishing Industries - 6.3%
	405	Intuit, Inc.		171,181
	Publishing Industries (except Internet) - 8.7%
	732	ACI Worldwide, Inc. (a)		20,445
	191	Bill.com Holdings, Inc. (a)		22,083
	338	Black Knight, Inc. (a)		20,479
	1,025	Block, Inc. (a)		83,763
	642	Q2 Holdings, Inc. (a)		21,006
	428	SS&C Technologies Holdings, Inc.		25,830
	935	Toast, Inc. (a)		20,860
	1,701	Vertex, Inc. (a)		22,964
				237,430
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.4%
	811	Assetmark Financial Holdings, Inc. (a)		21,524
	1,025	Paysafe Ltd. (United Kingdom) (a)		21,566
	2,151	Robinhood Markets, Inc. (a)		22,392
				65,482
	Telecommunications - 6.3%
	2,106	PayPal Holdings, Inc. (a)		171,618
		TOTAL COMMON STOCKS (Cost $2,424,812)	$	2,151,869
	SHORT TERM INVESTMENTS - 21.7%
	Money Market Funds - 21.7%
	591,627	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	591,627
		TOTAL SHORT TERM INVESTMENTS (Cost $591,627)	$	591,627
		TOTAL INVESTMENTS (Cost $3,016,439) - 100.7% (e)	$	2,743,496
		Liabilities in Excess of Other Assets - (0.7)%		(19,679	)
		TOTAL NET ASSETS - 100.0%	$	2,723,817

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 January 31, 2023.

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

^(e)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,298,284.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation
Total return of Indxx US Fintech and Decentralized Finance Index	5.0000 % representing 1 month SOFR rate + spread	UBS Securities LLC		12/13/2023		1,260	$	2,137,556	$	252,015
Total return of Indxx US Fintech and Decentralized Finance Index	4.9500 % representing 1 month SOFR rate + spread	Barclays		12/20/2023		470		844,133		49,744
							$	2,981,689	$	301,759

Direxion Daily Global Clean Energy Bull 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 81.4%
	203,321	iShares Global Clean Energy ETF (a)	$	4,216,878
		TOTAL INVESTMENT COMPANIES (Cost $4,515,014)	$	4,216,878
	SHORT TERM INVESTMENTS - 17.9%
	Money Market Funds - 17.9%
	162,751	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	162,751
	765,819	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		765,819
		TOTAL SHORT TERM INVESTMENTS (Cost $928,570)	$	928,570
		TOTAL INVESTMENTS (Cost $5,443,584) - 99.3% (c)	$	5,145,448
		Other Assets in Excess of Liabilities - 0.7%		37,132
		TOTAL NET ASSETS - 100.0%	$	5,182,580

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,670,954.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of The S&P Global Clean Energy Index	4.7500 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch		12/8/2023		102,752	$	2,123,717	$	(2,385	)
Total return of The S&P Global Clean Energy Index	4.9500 % representing 1 month SOFR rate + spread	Citibank N.A.		12/19/2023		193,699		3,964,944		31,980
							$	6,088,661	$	29,595

Direxion Daily Gold Miners Index Bull 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 50.6%
	8,384,241	VanEck Vectors® Gold Miners ETF (a)	$	268,463,397
		TOTAL INVESTMENT COMPANIES (Cost $239,183,788)	$	268,463,397
	SHORT TERM INVESTMENTS - 48.3%
	Money Market Funds - 48.3%
	208,735,487	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	208,735,487
	18,217,083	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (b)		18,217,083
	29,317,466	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		29,317,466
		TOTAL SHORT TERM INVESTMENTS (Cost $256,270,036)	$	256,270,036
		TOTAL INVESTMENTS (Cost $495,453,824) - 98.9% (c)	$	524,733,433
		Other Assets in Excess of Liabilities - 1.1%		5,351,231
		TOTAL NET ASSETS - 100.0%	$	530,084,664

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $322,785,881.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation
Total return of VanEck Vectors® Gold Miners ETF	5.0900% representing 1 month SOFR rate + spread	BNP Paribas		12/5/2023		4,170,353	$	119,897,766	$	14,500,282
Total return of VanEck Vectors® Gold Miners ETF	4.9000% representing 1 month SOFR rate + spread	Goldman Sachs		12/7/2023		3,100,000		91,066,938		8,600,073
Total return of VanEck Vectors® Gold Miners ETF	5.1500% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch		12/8/2023		4,114,824		122,539,459		10,325,751
Total return of VanEck Vectors® Gold Miners ETF	5.1500% representing 1 month SOFR rate + spread	J.P. Morgan		12/12/2023		4,672,812		134,526,297		15,852,508
Total return of VanEck Vectors® Gold Miners ETF	5.4700% representing 1 month SOFR rate + spread	UBS Securities LLC		12/13/2023		5,151,712		152,197,478		13,886,273
Total return of VanEck Vectors® Gold Miners ETF	4.9000% representing 1 month SOFR rate + spread	Citibank N.A.		12/19/2023		3,515,683		102,126,913		11,385,010
							$	722,354,851	$	74,549,897

Direxion Daily Gold Miners Index Bear 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 110.7%
	Money Market Funds - 110.7%
	103,726,994	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	103,726,994
	35,238,971	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		35,238,971
		TOTAL SHORT TERM INVESTMENTS (Cost $138,965,965) (b)	$	138,965,965
		TOTAL INVESTMENTS (Cost $138,965,965) - 110.7%	$	138,965,965
		Liabilities in Excess of Other Assets - (10.7)%		(13,402,060	)
		TOTAL NET ASSETS - 100.0%	$	125,563,905

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $62,332,455.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
4.6800% representing 1 month SOFR rate + spread	Total return of VanEck Vectors® Gold Miners ETF	BNP Paribas		12/5/2023		1,533,465	$	46,157,748	$	(3,033,208	)
4.9500% representing 1 month SOFR rate + spread	Total return of VanEck Vectors® Gold Miners ETF	Bank of America Merrill Lynch		12/8/2023		1,305,546		39,081,689		(2,985,286	)
4.2500% representing 1 month SOFR rate + spread	Total return of VanEck Vectors® Gold Miners ETF	J.P. Morgan		12/12/2023		1,384,402		41,263,002		(3,293,495	)
4.8900% representing 1 month SOFR rate + spread	Total return of VanEck Vectors® Gold Miners ETF	UBS Securities LLC		12/13/2023		2,111,297		64,912,342		(2,952,738	)
4.5300% representing 1 month SOFR rate + spread	Total return of VanEck Vectors® Gold Miners ETF	Citibank N.A.		12/19/2023		1,508,187		48,615,279		409,908
							$	240,030,060	$	(11,854,819	)

Direxion Daily Junior Gold Miners Index Bull 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 40.4%
	3,104,828	VanEck VectorsTM Junior Gold Miners ETF (a)	$	120,933,051
		TOTAL INVESTMENT COMPANIES (Cost $109,497,942)	$	120,933,051
	SHORT TERM INVESTMENTS - 58.9%
	Money Market Funds - 58.9%
	174,836,311	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	174,836,311
	1,716,055	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		1,716,055
		TOTAL SHORT TERM INVESTMENTS (Cost $176,552,366)	$	176,552,366
		TOTAL INVESTMENTS (Cost $286,050,308) - 99.3% (c)	$	297,485,417
		Other Assets in Excess of Liabilities - 0.7%		2,025,540
		TOTAL NET ASSETS - 100.0%	$	299,510,957

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $164,984,702.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation
Total return of VanEck VectorsTM Junior Gold Miners ETF	5.0900% representing 1 month SOFR rate + spread	BNP Paribas		12/5/2023		4,856,994	$	167,975,681	$	20,945,930
Total return of VanEck VectorsTM Junior Gold Miners ETF	5.1000% representing 1 month SOFR rate + spread	J.P. Morgan		12/12/2023		1,403,775		49,693,635		4,847,066
Total return of VanEck VectorsTM Junior Gold Miners ETF	5.1700% representing 1 month SOFR rate + spread	UBS Securities LLC		12/13/2023		871,103		31,671,285		2,205,883
Total return of VanEck VectorsTM Junior Gold Miners ETF	5.0900% representing 1 month SOFR rate + spread	Citibank N.A.		12/19/2023		5,142,605		182,909,383		17,033,467
							$	432,249,984	$	45,032,346

Direxion Daily Junior Gold Miners Index Bear 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 111.6%
	Money Market Funds - 111.6%
	97,009,204	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	97,009,204
	16,212,941	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		16,212,941
		TOTAL SHORT TERM INVESTMENTS (Cost $113,222,145) (b)	$	113,222,145
		TOTAL INVESTMENTS (Cost $113,222,145) - 111.6%	$	113,222,145
		Liabilities in Excess of Other Assets - (11.6)%		(11,813,130	)
		TOTAL NET ASSETS - 100.0%	$	101,409,015

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $52,173,942.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
4.6800 % representing 1 month SOFR rate + spread	Total return of VanEck VectorsTM Junior Gold Miners ETF	BNP Paribas		12/5/2023		1,776,263	$	62,620,255	$	(6,455,849	)
4.2000 % representing 1 month SOFR rate + spread	Total return of VanEck VectorsTM Junior Gold Miners ETF	J.P. Morgan		12/12/2023		1,023,097		40,667,844		855,723
4.7700 % representing 1 month SOFR rate + spread	Total return of VanEck VectorsTM Junior Gold Miners ETF	UBS Securities LLC		12/13/2023		1,577,086		57,735,925		(3,628,800	)
4.5800 % representing 1 month SOFR rate + spread	Total return of VanEck VectorsTM Junior Gold Miners ETF	Citibank N.A.		12/19/2023		830,709		30,518,087		(1,708,683	)
							$	191,542,111	$	(10,937,609	)

Direxion Daily Metal Miners Bull 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 71.5%
	Fabricated Metal Product Manufacturing - 4.0%
	834	Materion Corp.	$	75,268
	1,879	Nucor Corp.		317,589
				392,857
	Merchant Wholesalers, Durable Goods - 1.0%
	1,562	Ryerson Holding, Corp.		59,622
	1,168	Schnitzer Steel Industries, Inc.		39,525
				99,147
	Mining (except Oil and Gas) - 26.0%
	1,819	5E Advanced Materials, Inc. (a)		17,917
	1,796	Alpha Metallurgical Resources, Inc.		289,030
	1,930	Arch Resources, Inc.		285,679
	42,164	Coeur Mining, Inc. (a)		164,018
	4,035	Consol Energy, Inc.		233,344
	7,159	Freeport-McMoRan Copper & Gold, Inc.		319,435
	5,954	Newmont Mining Corp.		315,145
	9,842	Peabody Energy Corp. (a)		274,493
	2,499	Royal Gold, Inc.		317,448
	80,441	Uranium Energy Corp. (a)		324,177
				2,540,686
	Primary Metal Manufacturing - 25.3%
	6,128	Alcoa Corp.		320,127
	7,761	Allegheny Technologies, Inc. (a)		282,423
	5,487	Arconic Corp. (a)		128,999
	1,703	Carpenter Technology Corp.		82,238
	13,978	Century Aluminum Co. (a)		157,113
	5,759	Commercial Metals Co.		312,541
	380	Haynes International Inc.		21,162
	881	Kaiser Aluminum Corp.		77,105
	1,361	Reliance Steel & Aluminum Co.		309,559
	2,548	Steel Dynamics, Inc.		307,391
	4,211	SunCoke Energy Inc.		38,362
	3,095	TimkenSteel Corp. (a)		60,879
	10,872	United States Steel Corp.		309,743
	1,234	Worthington Industries, Inc.		70,178
				2,477,820
	Real Estate - 3.0%
	8,947	MP Materials Corp. (a)		290,867
	Support Activities for Mining - 10.5%
	17,823	Cleveland-Cliffs Inc. (a)		380,521
	2,459	Compass Minerals International, Inc.		114,737
	47,650	Hecla Mining Co.		294,001
	3,419	Piedmont Lithium, Inc. (a)		234,680
				1,023,939
	Wood Product Manufacturing - 1.7%
	3,607	Enviva, Inc.		164,046
		TOTAL COMMON STOCKS (Cost $7,108,026)	$	6,989,362
	SHORT TERM INVESTMENTS - 27.6%
	Money Market Funds - 27.6%
	2,347,022	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	2,347,022
	355,799	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		355,799
		TOTAL SHORT TERM INVESTMENTS (Cost $2,702,821)	$	2,702,821
		TOTAL INVESTMENTS (Cost $9,810,847) - 99.1% (c)	$	9,692,183
		Other Assets in Excess of Liabilities - 0.9%		86,188
		TOTAL NET ASSETS - 100.0%	$	9,778,371

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $6,767,925.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation
Total return of S&P Metals & Mining Select Industry Index	4.7000% representing 1 month SOFR rate + spread	J.P. Morgan		12/12/2023		3,065	$	8,162,311	$	764,631
Total return of S&P Metals & Mining Select Industry Index	4.9900% representing 1 month SOFR rate + spread	UBS Securities LLC		12/13/2023		1,231		3,318,392		268,600
							$	11,480,703	$	1,033,231

Direxion Daily Oil Services Bull 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 67.0%
	Machinery Manufacturing - 15.6%
	22,875	Baker Hughes Co.	$	726,052
	6,028	Cactus, Inc.		326,175
	2,563	Dril-Quip, Inc. (a)		78,710
	18,157	NOV, Inc.		443,757
	6,628	Oil States International, Inc (a)		56,736
	29,066	TechnipFMC PLC ADR (United Kingdom) (a)		403,727
				2,035,157
	Management of Companies and Enterprises - 1.3%
	8,701	Expro Group Holdings N.V. ADR (Netherlands) (a)		164,362
	Merchant Wholesalers, Durable Goods - 7.1%
	11,773	ChampionX Corp.		388,745
	14,445	RPC, Inc.		143,294
	5,462	Valaris Ltd. ADR (a)		396,760
				928,799
	Mining (except Oil and Gas) - 0.7%
	7,180	U.S. Silica Holdings, Inc. (a)		87,883
	Primary Metal Manufacturing - 3.1%
	11,450	Tenaris S.A. ADR (Luxembourg)		405,902
	Support Activities for Mining - 39.2%
	3,092	Core Laboratories N.V. ADR (Netherlands)		79,155
	23,932	Halliburton Co.		986,477
	14,398	Helix Energy Solutions Group, Inc. (a)		114,176
	7,290	Helmerich & Payne, Inc.		353,128
	12,956	Liberty Oilfield Services, Inc.		205,093
	1,074	Nabors Industries Ltd. ADR (a)		190,678
	24,376	NexTier Oilfield Solutions, Inc. (a)		229,622
	9,359	Oceaneering International, Inc. (a)		199,815
	20,562	Patterson-UTI Energy, Inc.		345,442
	8,996	ProPetro Holding Corp. (a)		89,510
	29,650	Schlumberger Ltd. ADR (Curaco) (a)		1,689,457
	10,176	Select Energy Services, Inc.		89,345
	78,086	Transocean Ltd. ADR (Switzerland) (a)		526,300
				5,098,198
		TOTAL COMMON STOCKS (Cost $7,304,076)	$	8,720,301
	SHORT TERM INVESTMENTS - 31.3%
	Money Market Funds - 31.3%
	2,613,016	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	2,613,016
	70,000	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (b)		70,000
	1,395,088	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		1,395,088
		TOTAL SHORT TERM INVESTMENTS (Cost $4,078,104)	$	4,078,104
		TOTAL INVESTMENTS (Cost $11,382,180) - 98.3% (c)	$	12,798,405
		Other Assets in Excess of Liabilities - 1.7%		216,624
		TOTAL NET ASSETS - 100.0%	$	13,015,029

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $9,318,557.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation
Total return of MVIS US Listed Oil Services 25 Index	5.0000 % representing 1 month SOFR rate + spread	UBS Securities LLC		12/13/2023		5,490	$	3,708,550	$	495,415
Total return of MVIS US Listed Oil Services 25 Index	4.8000 % representing 1 month SOFR rate + spread	Citibank N.A.		12/19/2023		10,300		6,718,483		1,170,505
Total return of MVIS US Listed Oil Services 25 Index	4.8500 % representing 1 month SOFR rate + spread	Barclays		12/20/2023		6,686		4,719,447		412,415
							$	15,146,480	$	2,078,335

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

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 51.5%
	389,691	Global X Robotics & Artificial Intelligence ETF (a)	$	9,274,646
		TOTAL INVESTMENT COMPANIES (Cost $9,669,282)	$	9,274,646
	SHORT TERM INVESTMENTS - 46.3%
	Money Market Funds - 46.3%
	5,406,433	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	5,406,433
	549,299	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (b)		549,299
	2,393,510	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		2,393,510
		TOTAL SHORT TERM INVESTMENTS (Cost $8,349,242)	$	8,349,242
		TOTAL INVESTMENTS (Cost $18,018,524) - 97.8% (c)	$	17,623,888
		Other Assets in Excess of Liabilities - 2.2%		401,422
		TOTAL NET ASSETS - 100.0%	$	18,025,310

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $5,560,954.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation
Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index	4.7500 % representing 1 month SOFR rate + spread	J.P. Morgan		12/12/2023		488,745	$	10,420,996	$	1,148,742
Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index	5.0900 % representing 1 month SOFR rate + spread	UBS Securities LLC		12/13/2023		432,062		9,689,946		553,354
Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index	4.9500 % representing 1 month SOFR rate + spread	Citibank N.A.		12/19/2023		79,854		1,716,062		172,800
Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index	5.0500 % representing 1 month SOFR rate + spread	Barclays		12/20/2023		124,387		2,595,957		344,483
							$	24,422,961	$	2,219,379

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

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 59.5%
	Chemical Manufacturing - 0.6%
	1,827,706	Gevo, Inc. (a)	$	3,874,737
	Gasoline Stations - 2.4%
	47,968	Chevron Corp.		8,347,391
	291,900	Delek US Holdings, Inc.		7,811,244
				16,158,635
	Merchant Wholesalers, Durable Goods - 0.1%
	21,023	REX American Resources Corp. (a)		687,873
	Merchant Wholesalers, Nondurable Goods - 0.3%
	63,448	World Fuel Services Corp.		1,795,579
	Mining (except Oil and Gas) - 1.2%
	509,082	CNX Resources Corp. (a)		8,516,942
	Oil and Gas Extraction - 32.1%
	253,340	Antero Resources Corp. (a)		7,306,326
	192,517	APA Corp.		8,534,279
	120,958	Berry Petroleum Corp.		1,112,814
	535,490	Clean Energy Fuels Corp. (a)		3,030,873
	576,859	Comstock Resources Inc.		7,008,837
	329,197	Coterra Energy, Inc.		8,239,801
	87,924	Crescent Energy Co. (b)		1,060,364
	135,168	Devon Energy Corp.		8,548,024
	402,990	Earthstone Energy, Inc. (a)(b)		5,601,561
	66,234	EOG Resources, Inc.		8,759,447
	225,927	EQT Corp.		7,381,035
	189,287	Green Plains, Inc. (a)		6,581,509
	1,285,376	Kosmos Energy Ltd. (a)		10,167,324
	318,603	Magnolia Oil & Gas Corp.		7,522,217
	307,939	Marathon Oil Corp.		8,459,084
	147,245	Matador Resources Co.		9,741,729
	196,702	Murphy Oil Corp.		8,578,174
	232,629	Northern Oil and Gas, Inc.		7,797,724
	61,461	Oasis Petroleum, Inc.		8,809,205
	128,737	Occidental Petroleum Corp.		8,340,870
	172,528	Ovintiv, Inc.		8,493,553
	150,955	Par Pacific Holdings, Inc. (a)		4,035,027
	130,358	PDC Energy, Inc.		8,829,147
	82,234	Phillips 66		8,245,603
	319,538	Range Resources Corp.		7,994,841
	77,019	Ranger Oil Corp.		3,234,798
	93,777	SilverBow Resources, Inc. (a)(b)		2,463,522
	63,723	Sitio Royalties Corp.		1,693,120
	232,442	SM Energy Co.		7,640,369
	1,375,216	Southwestern Energy Co. (a)		7,591,192
	210,462	Talos Energy, Inc. (a)		4,169,252
	2,969,000	Tellurian, Inc. (a)		5,908,310
	454,390	VAALCO Energy, Inc.		2,112,914
	828,747	W&T Offshore, Inc. (a)		5,154,806
				220,147,651
	Petroleum and Coal Products Manufacturing - 11.2%
	73,248	ConocoPhillips		8,926,734
	168,572	CVR Energy, Inc.		5,596,590
	77,832	Exxon Mobil Corp.		9,029,290
	165,411	HF Sinclair Corp.		9,411,886
	75,438	Marathon Petroleum Corp.		9,695,292
	247,583	PBF Energy, Inc.		10,396,010
	70,289	Valero Energy Corp.		9,842,569
	678,826	Vertex Energy, Inc. (a)(b)		4,941,853
	160,182	Vital Energy, Inc. (a)		9,015,043
				76,855,267
	Printing and Related Support Activities - 1.5%
	937,065	Permian Resources Corp.		10,185,897
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.0%
	3,385	Texas Pacific Land Corp.		6,755,952
	Support Activities for Mining - 9.1%
	128,536	California Resources Corp.		5,492,343
	235,637	Callon Petroleum Co. (a)		10,026,354
	143,547	Civitas Resources, Inc.		9,553,053
	98,746	Denbury, Inc. (a)		8,569,178
	62,182	Diamondback Energy, Inc.		9,086,034
	22,071	Gulfport Energy Corp. (a)		1,504,139
	62,318	Hess Corp.		9,357,671
	37,656	Pioneer Natural Resources Co.		8,674,059
				62,262,831
		TOTAL COMMON STOCKS (Cost $406,681,174)	$	407,241,364
	SHORT TERM INVESTMENTS - 38.9%
	Money Market Funds - 38.9%
	216,671,951	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	216,671,951
	22,382,471	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (c)		22,382,471
	27,710,729	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (c)		27,710,729
		TOTAL SHORT TERM INVESTMENTS (Cost $266,765,151)	$	266,765,151
		TOTAL INVESTMENTS (Cost $673,446,325) - 98.4% (e)	$	674,006,515
		Other Assets in Excess of Liabilities - 1.6%		10,973,727
		TOTAL NET ASSETS - 100.0%	$	684,980,242

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 January 31, 2023.

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

^(e)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $450,815,494.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation
Total return of S&P Oil & Gas Exploration & Production Select Industry Index	4.8400 % representing 1 month SOFR rate + spread	BNP Paribas		12/5/2023		38,324	$	201,903,096	$	5,371,567
Total return of S&P Oil & Gas Exploration & Production Select Industry Index	4.8000 % representing 1 month SOFR rate + spread	Goldman Sachs		12/7/2023		26,119		131,734,883		9,778,525
Total return of S&P Oil & Gas Exploration & Production Select Industry Index	4.7000 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch		12/8/2023		26,802		140,422,439		4,810,629
Total return of S&P Oil & Gas Exploration & Production Select Industry Index	4.5500 % representing 1 month SOFR rate + spread	J.P. Morgan		12/12/2023		25,662		136,918,483		1,978,012
Total return of S&P Oil & Gas Exploration & Production Select Industry Index	4.5700 % representing 1 month SOFR rate + spread	UBS Securities LLC		12/13/2023		9,842		51,874,760		1,386,390
Total return of S&P Oil & Gas Exploration & Production Select Industry Index	4.6700 % representing 1 month SOFR rate + spread	Citibank N.A.		12/19/2023		50,319		262,336,428		10,094,419
							$	925,190,089	$	33,419,542

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

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 106.9%
	Money Market Funds - 106.9%
	60,533,592	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	60,533,592
	9,820,398	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (a)		9,820,398
	26,430,531	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		26,430,531
		TOTAL SHORT TERM INVESTMENTS (Cost $96,784,521) (b)	$	96,784,521
		TOTAL INVESTMENTS (Cost $96,784,521) - 106.9%	$	96,784,521
		Liabilities in Excess of Other Assets - (6.9)%		(6,213,648	)
		TOTAL NET ASSETS - 100.0%	$	90,570,873

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $42,806,646.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Depreciation
4.5000% representing 1 month SOFR rate + spread	Total return of S&P Oil & Gas Exploration & Production Select Industry Index	Goldman Sachs		12/7/2023		7,590	$	38,324,614	$	(2,806,623	)
4.5000% representing 1 month SOFR rate + spread	Total return of S&P Oil & Gas Exploration & Production Select Industry Index	Bank of America Merrill Lynch		12/8/2023		8,199		43,899,830		(582,875	)
3.9000% representing 1 month SOFR rate + spread	Total return of S&P Oil & Gas Exploration & Production Select Industry Index	J.P. Morgan		12/12/2023		4,656		25,165,866		(57,340	)
4.3300% representing 1 month SOFR rate + spread	Total return of S&P Oil & Gas Exploration & Production Select Industry Index	UBS Securities LLC		12/13/2023		7,485		39,261,669		(1,242,039	)
4.2500% representing 1 month SOFR rate + spread	Total return of S&P Oil & Gas Exploration & Production Select Industry Index	Citibank N.A.		12/19/2023		5,387		27,964,187		(1,216,611	)
							$	174,616,166	$	(5,905,488	)

Direxion Daily Select Large Caps & FANGs Bull 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 73.5%
	Administrative and Support Services - 3.8%
	2,441	Atlassian Corp. (a)	$	394,514
	Computer and Electronic Product Manufacturing - 28.6%
	4,957	Advanced Micro Devices, Inc. (a)		372,518
	3,790	Alphabet, Inc. Class A (a)		374,604
	2,193	Analog Devices, Inc.		376,034
	2,598	Apple, Inc.		374,865
	633	Broadcom, Inc. (a)		370,311
	1,922	NVIDIA Corp.		375,501
	3,916	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) (a)		363,131
	2,091	Texas Instruments, Inc. (a)		370,546
				2,977,510
	Motion Picture and Sound Recording Industries - 3.5%
	1,018	Netflix, Inc. (a)		360,230
	General Merchandise Retailers - 3.8%
	3,844	Amazon.com, Inc. (a)		396,432
	Professional, Scientific, and Technical Services - 11.1%
	2,587	Meta Platforms, Inc. (a)		385,385
	835	ServiceNow, Inc. (a)		380,034
	2,540	Snowflake, Inc. (a)		397,358
				1,162,777
	Publishing Industries - 14.6%
	3,540	CrowdStrike Holdings, Inc. (a)		374,886
	5,025	Datadog, Inc. (a)		375,920
	922	Intuit, Inc.		389,702
	1,530	Microsoft Corp.		379,149
				1,519,657
	Transportation Equipment Manufacturing - 8.1%
	20,514	Rivian Automotive, Inc. (a)		397,972
	2,573	Tesla Motors, Inc. (a)		445,695
				843,667
		TOTAL COMMON STOCKS (Cost $7,706,497)	$	7,654,787
	SHORT TERM INVESTMENTS - 23.9%
	Money Market Funds - 23.9%
	2,280,895	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	2,280,895
	50,004	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (b)		50,004
	162,346	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		162,346
		TOTAL SHORT TERM INVESTMENTS (Cost $2,493,245)	$	2,493,245
		TOTAL INVESTMENTS (Cost $10,199,742) - 97.4% (c)	$	10,148,032
		Other Assets in Excess of Liabilities - 2.6%		274,848
		TOTAL NET ASSETS - 100.0%	$	10,422,880

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $5,933,833.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation
Total return of ICE FANG 20 Index	4.8900 % representing 1 month SOFR rate + spread	UBS Securities LLC		12/13/2023		49,908	$	10,204,381	$	626,219
Total return of ICE FANG 20 Index	4.9500 % representing 1 month SOFR rate + spread	Barclays		12/20/2023		10,617		2,249,689		55,812
							$	12,454,070	$	682,031

Direxion Daily Software Bull 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 74.6%
	Administrative and Support Services - 0.6%
	86	Alarm.com, Inc. (a)	$	4,610
	95	Envestnet, Inc. (a)		6,175
	131	nCino, Inc. (a)		3,747
	361	SentinelOne, Inc. (a)		5,447
	81	Sprout Social, Inc. (a)		5,181
				25,160
	Computer and Electronic Product Manufacturing - 4.0%
	890	BlackBerry, Ltd. ADR (Canada) (a)		3,782
	106	Dolby Laboratories, Inc.		8,433
	1,111	Fortinet, Inc. (a)		58,150
	51	InterDigital, Inc.		3,567
	235	NCR Corp. (a)		6,444
	182	Roper Technologies, Inc.		77,669
	174	Teradata Corp. (a)		6,069
				164,114
	Data Processing, Hosting and Related Services - 1.5%
	121	Five9, Inc. (a)		9,532
	70	Pegasystems, Inc.		2,722
	132	RingCentral, Inc. (a)		5,152
	356	VMware, Inc. (a)		43,599
				61,005
	Electronics and Appliance Stores - 0.5%
	224	Smartsheet, Inc. (a)		9,679
	600	UiPath, Inc. (a)		9,216
				18,895
	Food Services and Drinking Places - 0.3%
	107	Manhattan Associates, Inc. (a)		13,949
	Heavy and Civil Engineering Construction - 0.2%
	93	BlackLine, Inc. (a)		6,677
	Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) - 0.0% (†)
	190	Marathon Digital Holdings, Inc. (a)(b)		1,370
	Merchant Wholesalers, Durable Goods - 0.2%
	34	Agilysys, Inc. (a)		2,841
	100	New Relic, Inc. (a)		6,105
				8,946
	Motion Picture and Sound Recording Industries - 0.8%
	180	Adeia, Inc.		1,971
	270	Take-Two Interactive Software, Inc. (a)		30,572
				32,543
	Other Information Services - 0.1%
	114	LiveRamp Holdings, Inc. (a)		3,051
	Performing Arts, Spectator Sports, and Related Industries - 3.7%
	1,220	Activision Blizzard, Inc.		93,416
	449	Electronic Arts, Inc.		57,777
				151,193
	Professional, Scientific, and Technical Services - 12.5%
	109	A10 Networks, Inc.		1,687
	105	Alteryx, Inc. (a)		5,826
	211	AppLovin Corp. (a)		2,680
	129	Asana, Inc. (a)		1,999
	50	Aspen Technology, Inc. (a)		9,937
	154	Digital Turbine, Inc. (a)		2,673
	127	DoubleVerify Holdings, Inc. (a)		3,453
	132	Elastic NV ADR (Netherlands) (a)		7,767
	276	Freshworks, Inc. (a)		4,466
	26	Intapp, Inc. (a)		753
	77	Jamf Holding Corp. (a)		1,530
	120	LivePerson, Inc. (a)		1,546
	57	Model N, Inc. (a)		2,261
	219	Momentive Global, Inc. (a)		1,688
	394	Nutanix, Inc. (a)		10,981
	463	Open Text Corp. ADR (Canada)		15,534
	3,018	Palantir Technologies, Inc. (a)		23,480
	515	Palto Alto Networks, Inc. (a)		81,700
	83	Paycom Software, Inc. (a)		26,887
	71	Paylocity Holding Corp. (a)		14,789
	118	Procore Technologies, Inc. (a)		6,602
	70	PROS Holdings, Inc. (a)		1,764
	189	Qualtrics International, Inc. (a)		2,981
	346	ServiceNow, Inc. (a)		157,475
	1,723	Snap, Inc. (a)		19,918
	185	Sumo Logic, Inc. (a)		2,189
	418	Unity Software, Inc. (a)		14,847
	112	Verint Systems, Inc. (a)		4,253
	344	Workday, Inc. (a)		62,412
	145	Zscaler, Inc. (a)		18,003
				512,081
	Publishing Industries - 0.6%
	256	Splunk, Inc. (a)		24,517
	Publishing Industries (except Internet) - 48.8%
	193	ACI Worldwide, Inc. (a)		5,390
	720	Adobe Systems, Inc. (a)		266,645
	90	Altair Engineering, Inc. (a)		4,779
	149	ANSYS, Inc. (a)		39,688
	32	AppFolio, Inc. (a)		3,595
	70	Appian, Corp. (a)		2,896
	370	Autodesk, Inc. (a)		79,609
	337	Bentley Systems, Inc.		13,160
	163	Bill.com Holdings, Inc. (a)		18,846
	267	Black Knight, Inc. (a)		16,178
	76	Blackbaud, Inc. (a)		4,728
	244	Box, Inc. (a)		7,806
	144	C3.ai, Inc. (a)		2,858
	470	Cadence Design Systems, Inc. (a)		85,930
	263	Ceridian HCM Holding, Inc. (a)		19,010
	129	Clear Secure, Inc.		4,049
	76	CommVault Systems, Inc. (a)		4,729
	263	Confluent, Inc. (a)		6,075
	30	Consensus Cloud Solutions, Inc. (a)		1,763
	130	Coupa Software, Inc. (a)		10,390
	368	CrowdStrike Holdings, Inc. (a)		38,971
	425	Datadog, Inc. (a)		31,794
	145	Descartes Systems Group, Inc. ADR (Canada) (a)		10,588
	344	DocuSign, Inc. (a)		20,860
	462	Dropbox, Inc. (a)		10,732
	130	Duck Creek Technologies, Inc. (a)		2,461
	345	Dynatrace, Inc. (a)		13,258
	68	Everbridge, Inc. (a)		2,173
	43	Fair Isaac Corp. (a)		28,636
	103	GitLab, Inc. (a)		5,089
	140	Guidewire Software, Inc. (a)		10,254
	83	HubSpot, Inc. (a)		28,802
	483	Intuit, Inc.		204,150
	232	Lightspeed Commerce, Inc. ADR (Canada) (a)		4,199
	968	Microsoft Corp.		239,880
	16	MicroStrategy, Inc. Class A (a)		4,028
	115	N-able, Inc. (a)		1,181
	993	NortonLifeLock, Inc.		22,849
	2,633	Oracle Corp.		232,915
	139	PagerDuty, Inc. (a)		4,141
	81	Paycor HCM, Inc. (a)		2,034
	55	PowerSchool Holdings, Inc. (a)		1,239
	74	Progress Software Corp.		3,925
	181	PTC, Inc. (a)		24,413
	99	Q2 Holdings, Inc. (a)		3,239
	59	Qualys, Inc. (a)		6,806
	101	Rapid7, Inc. (a)		4,027
	1,713	Salesforce.com, Inc. (a)		287,733
	80	SolarWinds Corp. (a)		813
	62	SPS Commerce, Inc. (a)		8,437
	262	Synopsys, Inc. (a)		92,682
	193	Tenable Holdings, Inc. (a)		7,764
	71	Tyler Technologies, Inc. (a)		22,917
	189	Varonis Systems, Inc. (a)		4,884
	78	Workiva, Inc. (a)		6,749
	215	Zeta Global Holdings Corp. (a)		1,952
	212	Zuora, Inc. (a)		1,679
				1,996,378
	Rental and Leasing Services - 0.0%(†)
	67	Cerence, Inc. (a)		1,643
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.1%
	295	E2open, Inc. (a)		2,036
	379	Matterport, Inc. (a)		1,334
				3,370
	Telecommunications - 0.7%
	378	Zoom Video Communications, Inc. (a)		28,350
		TOTAL COMMON STOCKS (Cost $3,500,827)	$	3,053,242
	SHORT TERM INVESTMENTS - 21.6%
	Money Market Funds - 21.6%
	594,808	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	594,808
	290,000	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (c)		290,000
		TOTAL SHORT TERM INVESTMENTS (Cost $884,808)	$	884,808
		TOTAL INVESTMENTS (Cost $4,385,635) - 96.2% (e)	$	3,938,050
		Other Assets in Excess of Liabilities - 3.8%		156,578
		TOTAL NET ASSETS - 100.0%	$	4,094,628

Percentages are stated as a percent of net assets.

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

^(†)  Less than 0.005%.

^(a)  Non-income producing security.

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

^(c)  Represents annualized seven-day yield at January 31, 2023.

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

^(e)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,576,789.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation
Total return of S&P North American Expanded Technology Software Index	4.9900 % representing 1 month SOFR rate + spread	UBS Securities LLC		12/13/2023		6,342	$	3,290,883	$	172,111
Total return of S&P North American Expanded Technology Software Index	4.9000 % representing 1 month SOFR rate + spread	Barclays		12/20/2023		3,020		1,556,652		91,118
							$	4,847,535	$	263,229

Direxion Daily TIPS Bull 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 81.6%
	38,053	iShares TIPS Bond ETF (a)	$	4,134,458
		TOTAL INVESTMENT COMPANIES (Cost $4,501,759)	$	4,134,458
	SHORT TERM INVESTMENTS - 15.2%
	Money Market Funds - 15.2%
	768,843	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	768,843
		TOTAL SHORT TERM INVESTMENTS (Cost $768,843)	$	768,843
		TOTAL INVESTMENTS (Cost $5,270,602) - 96.8% (c)	$	4,903,301
		Other Assets in Excess of Liabilities - 3.2%		160,809
		TOTAL NET ASSETS - 100.0%	$	5,064,110

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $4,158,630.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Depreciation
Total return of iShares TIPS Bond ETF	4.4500 % representing 1 month SOFR rate + spread	UBS Securities LLC		12/13/2023		55,166	$	5,982,194	$	(6,462	)
							$	5,982,194	$	(6,462	)

Direxion Daily TIPS Bear 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 99.2%
	Money Market Funds - 99.2%
	5,433,086	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	5,433,086
	1,130,085	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		1,130,085
		TOTAL SHORT TERM INVESTMENTS (Cost $6,563,171) (b)	$	6,563,171
		TOTAL INVESTMENTS (Cost $6,563,171) - 99.2%	$	6,563,171
		Other Assets in Excess of Liabilities - 0.8%		51,801
		TOTAL NET ASSETS - 100.0%	$	6,614,972

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,131,065.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation
4.1500% representing 1 month SOFR rate + spread	Total return of iShares TIPS Bond ETF	J.P. Morgan		12/12/2023		57,137	$	6,230,790	$	42,750
4.2400% representing 1 month SOFR rate + spread	Total return of iShares TIPS Bond ETF	UBS Securities LLC		12/13/2023		64,630		7,012,825		6,445
							$	13,243,615	$	49,195

Direxion Daily Travel & Vacation Bull 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 63.0%
	Accommodation - 22.6%
	2,858	Boyd Gaming Co.	$	178,082
	4,306	Caesars Entertainment Inc. (a)		224,170
	1,403	Choice Hotels International, Inc.		172,415
	3,269	Hilton Grand Vacations, Inc. (a)		154,820
	5,004	Hilton Worldwide Holdings, Inc.		726,030
	14,910	Host Hotels & Resorts, Inc.		281,054
	6,868	Huazhu Group Ltd. ADR		326,093
	1,629	Hyatt Hotels Corp. (a)		177,756
	5,061	InterContinental Hotels Group PLC ADR (United Kingdom)		358,066
	9,504	Las Vegas Sands Corp. (a)		560,736
	4,272	Marriott International, Inc. Class A		744,097
	12,528	Melco Crown Entertainment Ltd. ADR (a)		171,132
	7,927	MGM Resorts International		328,257
	10,448	Park Hotels & Resorts, Inc.		153,690
	4,829	Penn National Gaming, Inc. (a)		171,188
	11,593	Sunstone Hotel Investors, Inc.		127,407
	3,778	Travel + Leisure Co.		160,074
	914	Vail Resorts, Inc.		239,779
	2,876	Wyndham Hotels & Resorts, Inc.		222,919
				5,477,765
	Administrative and Support Services - 6.0%
	344	Booking Holdings, Inc. (a)		837,330
	4,017	Live Nation Entertainment, Inc. (a)		323,328
	5,326	Six Flags Entertainment Corp. (a)		143,003
	6,772	TripAdvisor, Inc. (a)		157,788
				1,461,449
	Air Transportation - 10.7%
	4,402	Alaska Air Group, Inc. (a)		225,999
	1,442	Allegiant Travel Co. (a)		124,055
	18,199	American Airlines Group, Inc. (a)		293,732
	14,949	Delta Air Lines, Inc. (a)		584,506
	17,467	JetBlue Airways Corp. (a)		139,736
	3,752	Ryanair Holdings PLC ADR (Ireland) (a)		339,668
	10,882	Southwest Airlines Co.		389,249
	6,196	Spirit Airlines, Inc.		122,929
	7,758	United Continental Holdings, Inc. (a)		379,832
				2,599,706
	Amusement, Gambling, and Recreation Industries - 4.9%
	2,020	SeaWorld Entertainment, Inc. (a)		126,028
	7,293	The Walt Disney Co. (a)		791,217
	2,600	Wynn Resorts Ltd. (a)		269,464
				1,186,709
	Data Processing, Hosting and Related Services - 3.4%
	7,346	Airbnb, Inc. (a)		816,214
	Management of Companies and Enterprises - 4.4%
	31,524	Carnival Corp. ADR (Panama) (a)		341,090
	12,949	Norwegian Cruise Line Holdings Ltd. ADR (a)		196,954
	14,369	Trip.com Group Ltd. ADR (China) (a)		528,204
				1,066,248
	Other Information Services - 0.5%
	19,766	Sabre Corp. (a)		134,607
	Performing Arts, Spectator Sports, and Related Industries - 1.0%
	956	Churchill Downs, Inc.		237,184
	Real Estate - 5.9%
	8,656	Apple Hospitality REIT, Inc.		153,471
	5,683	Gaming & Leisure Properties, Inc.		304,381
	1,196	Marriott Vacations Worldwide Corp.		191,408
	7,454	Pebblebrook Hotel Trust		122,246
	1,821	Ryman Hospitality Properties, Inc.		169,153
	14,431	VICI Properties, Inc.		493,251
				1,433,910
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.5%
	23,075	Virgin Galactic Holdings, Inc. (a)(b)		127,374
	Support Activities for Transportation - 1.8%
	3,764	Expedia, Inc. (a)		430,225
	Water Transportation - 1.3%
	5,041	Royal Caribbean Cruises Ltd. ADR (Liberia) (a)		327,363
		TOTAL COMMON STOCKS (Cost $17,239,280)	$	15,298,754
	SHORT TERM INVESTMENTS - 35.5%
	Money Market Funds - 35.5%
	7,594,063	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	7,594,063
	2	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (c)		2
	1,036,273	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (c)		1,036,273
		TOTAL SHORT TERM INVESTMENTS (Cost $8,630,338)	$	8,630,338
		TOTAL INVESTMENTS (Cost $25,869,618) - 98.5% (e)	$	23,929,092
		Other Assets in Excess of Liabilities - 1.5%		357,055
		TOTAL NET ASSETS - 100.0%	$	24,286,147

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)  A portion of this security represents a security on loan.

^(c)  Represents annualized seven-day yield at January 31, 2023.

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

^(e)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $11,830,659.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of BlueStar® Travel and Vacation Index	4.8000 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		18,494	$	2,573,406	$	82,595
Total return of BlueStar® Travel and Vacation Index	4.7500 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		212,943		27,590,776		2,886,705
						$	30,164,182	$	2,969,300

Direxion Daily US Infrastructure Bull 2X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 86.7%
	Administrative and Support Services - 2.0%
	313	Mastec, Inc. (a)	$	30,746
	222	NV5 Global, Inc. (a)		29,590
				60,336
	Air Transportation - 1.0%
	298	Atlas Air Worldwide Holdings, Inc. (a)		30,459
	Computer and Electronic Product Manufacturing - 1.0%
	531	Itron, Inc. (a)		30,516
	Construction of Buildings - 2.1%
	311	Dycom Industries, Inc. (a)		29,660
	3,503	Tutor Perini Corp. (a)		32,123
				61,783
	Couriers and Messengers - 1.0%
	1,091	Air Transport Services Group, Inc. (a)		30,886
	Electrical Equipment, Appliance, and Component Manufacturing - 1.0%
	761	Powell Industries, Inc.		30,212
	Energy - 1.0%
	962	FLEX LNG Ltd. ADR		29,918
	Fabricated Metal Product Manufacturing - 1.0%
	94	Valmont Industries, Inc.		30,995
	Heavy and Civil Engineering Construction - 6.4%
	1,158	Construction Partners, Inc. (a)		32,760
	762	Granite Construction, Inc.		32,446
	4,407	Great Lakes Dredge & Dock Corp. (a)		30,320
	315	MYR Group, Inc. (a)		31,204
	1,191	Primoris Services Corp.		31,681
	929	Sterling Construction Co., Inc. (a)		33,806
				192,217
	Machinery Manufacturing - 2.1%
	545	Arcosa, Inc.		32,302
	2,316	TechnipFMC PLC ADR (United Kingdom) (a)		32,169
				64,471
	Management of Companies and Enterprises - 2.0%
	844	Brookfield Infrastructure Partners L.P.		29,827
	2,195	Frontline PLC ADR (b)		30,357
				60,184
	Pipeline Transportation - 1.0%
	650	Scorpio Tankers, Inc. ADR (Monaco)		31,115
	Professional, Scientific, and Technical Services - 5.1%
	353	AECOM		30,806
	842	Fluor Corp. (a)		30,944
	252	Jacobs Solutions, Inc.		31,135
	593	Stantec, Inc. ADR (Canada)		30,931
	197	Tetra Tech, Inc.		30,637
				154,453
	Publishing Industries (except Internet) - 0.9%
	4,833	21Vianet Group, Inc. ADR (China) (a)		28,418
	Rail Transportation - 3.9%
	246	Canadian National Railway Co. ADR (Canada)		29,296
	381	Canadian Pacific Railway Ltd. ADR (Canada)		30,061
	949	CSX Corp.		29,343
	145	Union Pacific Corp.		29,608
				118,308
	Real Estate - 4.2%
	141	American Tower Corp.		31,498
	210	Crown Castle International Corp.		31,103
	284	Digital Realty Trust, Inc.		32,552
	4,842	Uniti Group, Inc.		31,909
				127,062
	Rental and Leasing Services - 2.1%
	1,675	Global Ship Lease, Inc. ADR (United Kingdom)		31,038
	325	Ryder System, Inc.		30,683
				61,721
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 4.3%
	11,429	Cyxtera Technologies, Inc. (a)		36,801
	3,681	DHT Holdings, Inc. ADR		31,546
	1,264	GDS Holdings Ltd. ADR (China) (a)		29,514
	1,963	Verra Mobility Corp. (a)		30,289
				128,150
	Software & Services - 1.0%
	3,577	Chindata Group Holdings Ltd. ADR (a)		29,653
	Specialty Trade Contractors - 1.0%
	203	Quanta Services, Inc.		30,894
	Support Activities for Transportation - 6.2%
	4,736	Daseke, Inc. (a)		33,057
	291	Forward Air Corp.		31,384
	367	Hub Group, Inc. (a)		31,294
	157	J.B. Hunt Transport Services, Inc.		29,681
	475	Matson, Inc.		31,407
	119	Norfolk Southern Corp.		29,252
				186,075
	Telecommunications - 5.3%
	790	Argan, Inc.		30,802
	2,498	DigitalBridge Group, Inc. (a)		36,971
	42	Equinix, Inc.		31,002
	3,898	IHS Holding Ltd. ADR (a)		29,937
	106	SBA Communications Corp.		31,538
				160,250
	Transportation Equipment Manufacturing - 3.2%
	2,415	Embraer SA ADR (Brazil) (a)		31,130
	1,074	The Greenbrier Companies, Inc.		33,208
	293	Wabtec Corp.		30,416
				94,754
	Truck Transportation - 10.4%
	373	ArcBest Corp.		31,127
	1,798	Heartland Express, Inc.		30,242
	530	Knight-Swift Transportation Holdings, Inc. Class A		31,323
	1,511	Marten Transport Ltd.		33,378
	94	Old Dominion Freight Line, Inc.		31,325
	116	Saia, Inc. (a)		31,642
	1,176	Schneider National, Inc.		31,164
	279	TFI International, Inc. ADR (Canada)		31,053
	853	Universal Logistics Holdings, Inc.		30,640
	662	Werner Enterprises, Inc.		31,094
				312,988
	Utilities - 8.2%
	4,165	Algonquin Power & Utilities Corp. ADR (Canada)		30,405
	328	American Electric Power Co., Inc.		30,819
	430	Black Hills Corp.		31,123
	1,004	MDU Resources Group, Inc.		31,034
	1,122	NiSource, Inc.		31,136
	938	NRG Energy, Inc.		32,098
	335	Ormat Technologies, Inc.		31,004
	447	Xcel Energy, Inc.		30,740
				248,359
	Water Transportation - 9.3%
	2,007	Atlas Corp. ADR (United Kingdom)		29,724
	2,999	Costamare, Inc. ADR (Marshall Islands)		30,440
	527	Danaos Corp. ADR (Greece)		31,188
	566	Eagle Bulk Shipping, Inc. ADR		32,420
	1,905	Euronav NV ADR (Belgium)		29,985
	473	Kirby Corp. (a)		33,479
	3,044	SFL Corp. Ltd. ADR		30,988
	1,391	Star Bulk Carriers Corp. ADR (Greece)		31,603
	1,618	ZIM Integrated Shipping Services Ltd. ADR (United Kingdom) (b)		30,661
				280,488
		TOTAL COMMON STOCKS (Cost $2,436,555)	$	2,614,665
	SHORT TERM INVESTMENTS - 16.8%
	Money Market Funds - 16.8%
	254,803	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	254,803
	250,452	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (c)		250,452
		TOTAL SHORT TERM INVESTMENTS (Cost $505,255)	$	505,255
		TOTAL INVESTMENTS (Cost $2,941,810) - 103.5% (e)	$	3,119,920
		Liabilities in Excess of Other Assets - (3.5)%		(105,688	)
		TOTAL NET ASSETS - 100.0%	$	3,014,232

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 January 31, 2023.

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

^(e)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,292,548.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation
Total return of Indxx US Infrastructure Index	4.8000 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch		12/8/2023		698	$	1,734,366	$	39,038
Total return of Indxx US Infrastructure Index	4.7000 % representing 1 month SOFR rate + spread	J.P. Morgan		12/12/2023		639		1,572,820		52,671
							$	3,307,186	$	91,709

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 66.3%
	147,616	iShares Core S&P Mid-Cap ETF (a)	$	39,013,433
		TOTAL INVESTMENT COMPANIES (Cost $35,895,592)	$	39,013,433
	SHORT TERM INVESTMENTS - 38.7%
	Money Market Funds - 38.7%
	11,744,912	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	11,744,912
	11,055,740	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		11,055,740
		TOTAL SHORT TERM INVESTMENTS (Cost $22,800,652)	$	22,800,652
		TOTAL INVESTMENTS (Cost $58,696,244) - 105.0% (c)	$	61,814,085
		Liabilities in Excess of Other Assets - (5.0)%		(2,966,821	)
		TOTAL NET ASSETS - 100.0%	$	58,847,264

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $35,395,125.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation
Total return of S&P MidCap 400® Index	4.7500 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch		12/8/2023		8,541	$	21,436,031	$	1,126,422
Total return of S&P MidCap 400® Index	4.6000 % representing 1 month SOFR rate + spread	J.P. Morgan		12/12/2023		20,396		51,475,140		2,428,305
Total return of S&P MidCap 400® Index	4.8400 % representing 1 month SOFR rate + spread	UBS Securities LLC		12/13/2023		10,532		25,917,999		1,934,601
Total return of S&P MidCap 400® Index	4.6000 % representing 1 month SOFR rate + spread	Citibank N.A.		12/19/2023		12,378		30,886,947		1,816,998
							$	129,716,117	$	7,306,326

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

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 68.5%
	Accommodation - 0.3%
	11,883	Caesars Entertainment Inc. (a)	$	618,629
	14,967	Hilton Worldwide Holdings, Inc.		2,171,562
	39,606	Host Hotels & Resorts, Inc.		746,573
	18,218	Las Vegas Sands Corp. (a)		1,074,862
	14,920	Marriott International, Inc. Class A		2,598,765
	17,665	MGM Resorts International		731,508
				7,941,899
	Administrative and Support Services - 1.7%
	4,797	Allegion PLC ADR (Ireland)		563,887
	82,435	Amcor PLC ADR (United Kingdom)		994,166
	22,943	Automatic Data Processing, Inc.		5,180,759
	2,190	Booking Holdings, Inc. (a)		5,330,679
	6,467	Broadridge Financial Solutions, Inc.		972,378
	6,821	Equifax, Inc.		1,515,626
	2,168	FactSet Research System, Inc.		916,934
	4,075	FleetCor Technologies, Inc. (a)		850,901
	4,430	Gartner, Inc. (a)		1,497,960
	16,094	Iron Mountain, Inc.		878,411
	7,944	Live Nation Entertainment, Inc. (a)		639,413
	8,694	Moody’s Corp.		2,805,988
	5,934	Robert Half International, Inc.		498,219
	12,777	Rollins, Inc.		465,083
	90,469	Visa, Inc. Class A		20,826,868
	20,659	Waste Management, Inc.		3,196,567
				47,133,839
	Air Transportation - 0.2%
	6,996	Alaska Air Group, Inc. (a)		359,175
	36,009	American Airlines Group, Inc. (a)		581,185
	35,515	Delta Air Lines, Inc. (a)		1,388,637
	32,861	Southwest Airlines Co.		1,175,438
	18,046	United Continental Holdings, Inc. (a)		883,532
				4,387,967
	Ambulatory Health Care Services - 0.2%
	3,001	DaVita, Inc. (a)		247,252
	4,972	Laboratory Corp. of America Holdings		1,253,541
	3,294	Molina Healthcare, Inc. (a)		1,027,168
	6,311	Quest Diagnostics, Inc.		937,057
	67,149	Viatris, Inc.		816,532
				4,281,550
	Amusement, Gambling, and Recreation Industries - 0.5%
	14,969	Global Payments, Inc.		1,687,306
	100,889	The Walt Disney Co. (a)		10,945,447
	5,728	Wynn Resorts Ltd. (a)		593,650
				13,226,403
	Apparel Manufacturing - 0.0%(†)
	2,267	Ralph Lauren Corp.		280,768
	18,275	VF Corp.		565,428
				846,196
	Beverage and Tobacco Product Manufacturing - 1.7%
	99,178	Altria Group, Inc.		4,466,977
	215,407	Coca-Cola Co.		13,208,757
	9,009	Constellation Brands, Inc. Class A		2,085,764
	47,060	Keurig Dr Pepper, Inc.		1,660,277
	10,405	Molson Coors Brewing Co. Class B		547,095
	21,126	Monster Beverage Corp. (a)		2,198,794
	76,326	PepsiCo, Inc.		13,053,273
	85,810	Philip Morris International, Inc.		8,944,834
				46,165,771
	Broadcasting (except Internet) - 0.5%
	238,776	Comcast Corp. Class A		9,395,836
	13,889	Dish Network Corp. (a)		199,863
	16,719	FOX Corp. Class A		567,443
	7,641	FOX Corp. Class B		242,220
	27,995	ViacomCBS, Inc. Class B		648,364
	122,353	Warner Bros Discovery, Inc. (a)		1,813,271
				12,866,997
	Building Material and Garden Equipment and Supplies Dealers - 1.0%
	34,386	Lowe’s Companies, Inc.		7,160,884
	2,900	Snap-on, Inc.		721,317
	56,640	The Home Depot, Inc.		18,360,989
				26,243,190
	Chemical Manufacturing - 5.6%
	97,847	AbbVie, Inc.		14,456,894
	12,250	Air Products & Chemicals, Inc.		3,926,247
	6,445	Albemarle Corp.		1,813,945
	29,502	Amgen, Inc.		7,446,305
	7,994	Biogen, Inc. (a)		2,325,455
	8,675	Bio-Techne Corp.		691,051
	117,723	Bristol-Myers Squibb Co.		8,552,576
	9,932	Catalent, Inc. (a)		531,859
	5,577	Celanese Corp.		687,086
	10,857	CF Industries Holdings, Inc.		919,588
	13,431	Church & Dwight Co., Inc.		1,086,031
	6,852	Clorox Co.		991,416
	46,167	Colgate-Palmolive Co.		3,440,827
	27,497	DuPont de Nemours, Inc.		2,033,403
	6,681	Eastman Chemical Co.		589,064
	13,762	Ecolab, Inc.		2,130,770
	43,663	Eli Lilly and Company		15,026,621
	6,944	FMC Corp.		924,455
	69,449	Gilead Sciences, Inc.		5,829,549
	10,246	Incyte Corp. (a)		872,344
	14,150	International Flavors & Fragrances, Inc.		1,591,309
	18,624	Kimberly-Clark Corp.		2,421,306
	27,399	Linde PLC ADR (Ireland)		9,067,425
	14,000	LyondellBasell Industries N.V. Class A ADR (Netherlands)		1,353,660
	140,334	Merck & Co., Inc.		15,073,275
	18,848	Mosaic Co.		933,730
	14,005	Organon & Co.		421,971
	310,671	Pfizer, Inc.		13,719,231
	13,023	PPG Industries, Inc.		1,697,418
	131,149	Procter & Gamble Co.		18,672,995
	5,888	Regeneron Pharmaceuticals, Inc. (a)		4,465,871
	8,020	Sealed Air Corp.		439,175
	14,229	Vertex Pharmaceuticals, Inc. (a)		4,597,390
	4,083	West Pharmaceutical Services, Inc.		1,084,445
	25,786	Zoetis, Inc.		4,267,325
				154,082,012
	Clothing and Clothing Accessories Stores - 0.4%
	12,663	Bath & Body Works, Inc.		582,625
	5,899	Charter Communications, Inc. (a)		2,267,045
	19,171	Ross Stores, Inc.		2,265,820
	64,276	TJX Companies, Inc.		5,261,633
				10,377,123
	Computer and Electronic Product Manufacturing - 13.1%
	89,215	Advanced Micro Devices, Inc. (a)		6,704,507
	16,387	Agilent Technologies, Inc.		2,492,135
	330,603	Alphabet, Inc. Class A (a)		32,676,801
	293,040	Alphabet, Inc. Class C (a)		29,265,905
	12,716	AMETEK, Inc.		1,842,803
	32,940	Amphenol Corp. Class A		2,627,624
	28,459	Analog Devices, Inc.		4,879,865
	827,652	Apple, Inc.		119,421,907
	13,752	Arista Networks, Inc. (a)		1,733,027
	1,167	Bio-Rad Laboratories, Inc. (a)		545,526
	22,390	Broadcom, Inc.		13,098,374
	227,285	Cisco Systems, Inc.		11,061,961
	36,255	Danaher Corp.		9,585,097
	7,505	Enphase Energy, Inc. (a)		1,661,457
	35,849	Fortinet, Inc. (a)		1,876,337
	19,593	Fortive Corp.		1,332,912
	20,168	GE HealthCare Technologies, Inc. (a)		1,402,079
	13,824	Hologic, Inc. (a)		1,124,859
	48,975	HP, Inc.		1,427,131
	4,602	IDEXX Laboratories, Inc. (a)		2,211,261
	8,687	Illumina, Inc. (a)		1,860,755
	228,444	Intel Corp.		6,455,827
	50,060	International Business Machines Corp.		6,744,584
	9,878	Keysight Technologies, Inc. (a)		1,771,619
	10,506	L3 Harris Technologies, Inc.		2,256,899
	30,443	Microchip Technology, Inc.		2,362,986
	60,215	Micron Technology, Inc.		3,630,964
	2,430	Monolithic Power Systems, Inc.		1,036,541
	9,242	Motorola Solutions, Inc.		2,375,286
	12,069	NetApp, Inc.		799,330
	8,020	Northrop Grumman Corp.		3,593,281
	137,817	NVIDIA Corp.		26,925,307
	14,365	NXP Semiconductors NV ADR (Netherlands)		2,647,613
	23,965	ON Semiconductor Corp. (a)		1,760,229
	23,047	Otis Worldwide Corp.		1,895,155
	6,963	PerkinElmer, Inc.		957,621
	5,669	Qorvo, Inc. (a)		615,994
	62,076	Qualcomm, Inc.		8,269,144
	81,376	Raytheon Technologies Corp.		8,125,394
	5,841	Roper Technologies, Inc.		2,492,647
	10,580	Seagate Technology Holdings PLC ADR (Ireland)		717,112
	8,853	Skyworks Solutions, Inc.		970,909
	3,046	SolarEdge Technologies, Inc. (a)		972,070
	8,615	Teradyne, Inc.		876,145
	50,179	Texas Instruments, Inc.		8,892,221
	21,728	Thermo Fisher Scientific, Inc.		12,392,130
	13,664	Trimble, Inc. (a)		793,332
	3,326	Waters Corp. (a)		1,092,857
	17,619	Western Digital Corp. (a)		774,355
	2,847	Zebra Technologies Corp. Class A (a)		900,164
				361,930,039
	Construction of Buildings - 0.2%
	17,295	D.R. Horton, Inc.		1,706,844
	14,142	Lennar Corp. Class A		1,448,141
	102	NVR, Inc. (a)		537,540
	12,643	PulteGroup, Inc.		719,260
				4,411,785
	Couriers and Messengers - 0.4%
	13,263	FedEx Corp.		2,571,165
	40,358	United Parcel Service, Inc. Class B		7,475,512
				10,046,677
	Credit Intermediation and Related Activities - 4.0%
	33,126	American Express Co.		5,794,731
	386,294	Bank of America Corp.		13,705,711
	40,739	Bank of New York Mellon Corp.		2,060,171
	21,155	Capital One Financial Corp.		2,517,445
	107,174	Citigroup, Inc.		5,596,626
	27,221	Citizens Financial Group, Inc.		1,179,214
	7,322	Comerica, Inc.		536,776
	15,088	Discover Financial Services		1,761,222
	32,829	Fidelity National Information Services, Inc.		2,463,488
	37,980	Fifth Third Bancorp		1,378,294
	10,148	First Republic Bank		1,429,650
	79,874	Huntington Bancshares, Inc.		1,211,689
	162,374	JPMorgan Chase & Co.		22,725,865
	51,672	KeyCorp		991,586
	9,580	M&T Bank Corp.		1,494,480
	47,030	MasterCard, Inc. Class A		17,429,318
	11,551	Northern Trust Corp.		1,120,100
	22,334	PNC Financial Services Group, Inc.		3,694,714
	51,752	Regions Financial Corp.		1,218,242
	3,488	Signature Bank		449,778
	20,278	State Street Corp.		1,851,990
	3,317	SVB Financial Group (a)		1,003,193
	24,919	Synchrony Financial		915,275
	73,472	Truist Financial Corp.		3,628,782
	74,795	U.S. Bancorp		3,724,791
	210,887	Wells Fargo & Co.		9,884,274
	8,217	Zions Bancorp		436,816
				110,204,221
	Data Processing, Hosting and Related Services - 0.1%
	35,135	Fiserv, Inc. (a)		3,748,202
	Electrical Equipment, Appliance, and Component Manufacturing - 0.3%
	6,998	A.O. Smith Corp.		473,765
	32,738	Emerson Electric Co.		2,953,622
	3,503	Generac Holdings, Inc. (a)		422,462
	6,349	Rockwell Automation, Inc.		1,790,609
	17,643	TE Connectivity Ltd. ADR (Switzerland)		2,243,307
	2,983	Whirlpool Corp.		464,125
				8,347,890
	Electronics and Appliance Stores - 0.0%(†)
	11,061	Best Buy Co., Inc.		981,332
	Fabricated Metal Product Manufacturing - 0.2%
	17,341	Ball Corp.		1,009,940
	14,223	Nucor Corp.		2,403,971
	9,126	Pentair PLC ADR (Ireland)		505,398
	8,151	Stanley Black & Decker, Inc.		727,966
				4,647,275
	Food and Beverage Stores - 0.1%
	36,094	Kroger Co.		1,610,875
	Food Manufacturing - 0.7%
	30,393	Archer-Daniels-Midland Co.		2,518,060
	11,079	Campbell Soup Co.		575,332
	32,838	General Mills, Inc.		2,573,186
	16,051	Hormel Foods Corp.		727,271
	14,200	Kellogg Co.		973,836
	7,980	Lamb Weston Holdings, Inc.		797,122
	13,864	McCormick & Co, Inc.		1,041,464
	75,584	Mondelez International, Inc.		4,946,217
	8,116	The Hershey Co.		1,822,854
	5,857	The J.M. Smucker Co.		894,950
	44,138	The Kraft Heinz Co.		1,788,913
	16,054	Tyson Foods, Inc. Class A		1,055,550
				19,714,755
	Food Services and Drinking Places - 0.9%
	1,595	Chipotle Mexican Grill, Inc. (a)		2,625,976
	4,734	Cintas Corp.		2,100,665
	6,817	Darden Restaurants, Inc.		1,008,711
	1,900	Domino’s Pizza, Inc.		670,700
	40,552	McDonald’s Corp.		10,843,605
	63,541	Starbucks Corp.		6,934,865
	15,570	Yum! Brands, Inc.		2,032,041
				26,216,563
	Funds, Trusts, and Other Financial Vehicles - 0.1%
	8,518	Garmin Ltd. ADR (Switzerland)		842,260
	12,404	T. Rowe Price Group, Inc.		1,444,694
				2,286,954
	Gasoline Stations - 0.6%
	98,429	Chevron Corp.		17,128,615
	General Merchandise Stores - 1.2%
	24,538	Costco Wholesale Corp.		12,542,353
	12,483	Dollar General Corp.		2,916,029
	11,625	Dollar Tree, Inc. (a)		1,745,843
	25,472	Target Corp.		4,384,750
	78,128	Wal-Mart Stores, Inc.		11,240,275
				32,829,250
	Health and Personal Care Stores - 0.3%
	72,740	CVS Health Corp.		6,417,123
	2,831	Ulta Salon, Cosmetics & Fragrance, Inc. (a)		1,455,021
	39,713	Walgreens Boots Alliance, Inc.		1,463,821
				9,335,965
	Hospitals - 0.1%
	11,700	HCA Healthcare, Inc.		2,984,319
	3,532	Universal Health Services, Inc. Class B		523,478
				3,507,797
	Insurance Carriers and Related Activities - 4.4%
	31,288	Aflac, Inc.		2,299,668
	14,731	Allstate Corp.		1,892,492
	41,139	American International Group, Inc.		2,600,808
	11,478	AON PLC ADR (United Kingdom)		3,657,809
	20,505	Arch Capital Group Ltd. ADR (a)		1,319,497
	11,640	Arthur J. Gallagher & Co.		2,278,181
	2,888	Assurant, Inc.		382,920
	99,695	Berkshire Hathaway, Inc. Class B (a)		31,056,986
	13,026	Brown & Brown, Inc.		762,802
	31,350	Centene Corp. (a)		2,390,124
	22,949	Chubb Limited ADR (Switzerland)		5,220,668
	16,895	Cigna Corp.		5,350,140
	8,682	Cincinnati Financial Corp.		982,368
	13,239	Elevance Health, Inc.		6,619,368
	2,203	Everest Re Group Ltd. ADR		770,367
	5,048	Globe Life, Inc.		610,051
	17,644	Hartford Financial Services Group, Inc.		1,369,351
	6,972	Humana, Inc.		3,567,572
	8,556	Lincoln National Corp.		303,139
	10,919	Loews Corp.		671,300
	27,470	Marsh & McLennan Companies, Inc.		4,804,778
	36,427	MetLife, Inc.		2,659,899
	12,633	Principal Financial Group, Inc.		1,169,184
	32,377	Progressive Corp.		4,414,604
	20,316	Prudential Financial, Inc.		2,131,961
	13,000	Travelers Companies, Inc.		2,484,560
	51,748	UnitedHealth Group, Inc.		25,832,084
	11,320	W.R. Berkley Corp.		793,985
	5,927	Willis Towers Watson PLC ADR (Ireland)		1,506,584
				119,903,250
	Leather and Allied Product Manufacturing - 0.3%
	69,707	NIKE, Inc. Class B		8,875,793
	13,318	Tapestry, Inc.		606,901
				9,482,694
	Machinery Manufacturing - 1.6%
	47,636	Applied Materials, Inc.		5,310,938
	55,365	Baker Hughes Co.		1,757,285
	46,268	Carrier Global Corp.		2,106,582
	28,794	Caterpillar, Inc.		7,264,438
	7,848	Cummins, Inc.		1,958,390
	15,151	Deere & Co.		6,406,449
	60,446	General Electric Co.		4,864,694
	4,129	IDEX Corp.		989,639
	22,387	Ingersoll Rand, Inc.		1,253,672
	7,528	Lam Research Corp.		3,764,753
	1,192	Mettler-Toledo International, Inc. (a)		1,827,241
	2,960	Nordson Corp.		720,168
	7,051	Parker Hannifin Corp.		2,298,626
	12,737	Trane Technologies PLC ADR (Ireland)		2,281,451
	9,941	Xylem, Inc.		1,033,963
				43,838,289
	Management of Companies and Enterprises - 0.4%
	96,547	Abbott Laboratories		10,673,271
	55,364	Carnival Corp. ADR (Panama) (a)		599,038
	23,375	Norwegian Cruise Line Holdings Ltd. ADR (a)		355,534
				11,627,843
	Merchant Wholesalers, Durable Goods - 0.5%
	23,691	Copart, Inc. (a)		1,578,058
	31,670	Fastenal Co.		1,600,918
	7,488	Henry Schein, Inc. (a)		645,091
	2,228	Huntington Ingalls Industries, Inc.		491,363
	38,059	Johnson Controls International PLC ADR (Ireland) ADR		2,647,765
	7,906	KLA-Tencor Corp.		3,102,947
	13,991	LKQ Corp.		824,909
	2,885	Mohawk Industries, Inc. (a)		346,373
	2,199	Pool Corp.		847,956
	2,441	W.W. Grainger, Inc.		1,438,921
	14,004	WestRock Co.		549,517
				14,073,818
	Merchant Wholesalers, Nondurable Goods - 0.6%
	8,995	AmerisourceBergen Corp.		1,519,795
	10,145	Brown Forman Corp. Class B		675,454
	14,473	Cardinal Health, Inc.		1,118,039
	26,531	ConAgra Brands, Inc.		986,688
	15,495	Illinois Tool Works, Inc.		3,657,440
	7,908	McKesson Corp.		2,994,601
	28,071	Sysco Corp.		2,174,380
	13,064	The Sherwin Williams Co.		3,090,812
				16,217,209
	Mining (except Oil and Gas) - 0.3%
	79,120	Freeport-McMoRan Copper & Gold, Inc.		3,530,334
	3,421	Martin Marietta Materials, Inc.		1,230,328
	43,877	Newmont Mining Corp.		2,322,410
	7,393	Vulcan Materials Co.		1,355,359
				8,438,431
	Miscellaneous Manufacturing - 2.6%
	30,595	3M Co.		3,520,873
	4,037	Align Technology, Inc. (a)		1,088,900
	27,944	Baxter International, Inc.		1,276,761
	15,735	Becton, Dickinson & Co.		3,968,682
	79,274	Boston Scientific Corp. (a)		3,666,422
	11,895	Dentsply Sirona, Inc.		438,093
	21,371	DexCom, Inc. (a)		2,288,620
	7,826	Dover Corp.		1,188,222
	34,214	Edwards Lifesciences Corp. (a)		2,624,214
	12,770	Estee Lauder Companies, Inc. Class A		3,538,312
	7,249	Hasbro, Inc.		428,923
	19,573	Intuitive Surgical, Inc. (a)		4,808,890
	144,669	Johnson & Johnson		23,641,808
	73,560	Medtronic PLC ADR (Ireland)		6,156,236
	8,088	ResMed, Inc.		1,847,057
	5,580	Steris PLC ADR (Ireland)		1,152,326
	18,604	Stryker Corp.		4,721,881
	2,680	Teleflex, Inc.		652,366
	11,563	Textron, Inc.		842,364
	2,765	The Cooper Companies, Inc.		964,791
	11,602	Zimmer Biomet Holdings, Inc.		1,477,399
				70,293,140
	Miscellaneous Store Retailers - 0.0%(†)
	6,188	Tractor Supply Co.		1,410,802
	Motion Picture and Sound Recording Industries - 0.4%
	24,627	Netflix, Inc. (a)		8,714,510
	8,703	Take-Two Interactive Software, Inc. (a)		985,441
				9,699,951
	Motor Vehicle and Parts Dealers - 0.2%
	3,351	Advance Auto Parts, Inc.		510,290
	1,082	AutoZone, Inc. (a)		2,638,836
	8,711	CarMax, Inc. (a)		613,690
	3,446	O’Reilly Automotive, Inc. (a)		2,730,438
				6,493,254
	National Security and International Affairs - 0.0%(†)
	7,539	Leidos Holdings, Inc.		745,155
	Nonmetallic Mineral Product Manufacturing - 0.1%
	42,079	Corning, Inc.		1,456,354
	Nonstore Retailers - 1.9%
	491,317	Amazon.com, Inc. (a)		50,669,522
	30,029	eBay, Inc.		1,486,435
	6,934	Etsy, Inc. (a)		953,980
				53,109,937
	Oil and Gas Extraction - 0.7%
	17,803	APA Corp.		789,207
	43,658	Coterra Energy, Inc.		1,092,760
	36,202	Devon Energy Corp.		2,289,414
	46,089	Dominion Energy, Inc.		2,933,104
	32,554	EOG Resources, Inc.		4,305,266
	20,280	EQT Corp.		662,548
	35,138	Marathon Oil Corp.		965,241
	40,248	Occidental Petroleum Corp.		2,607,668
	26,156	Phillips 66		2,622,662
				18,267,870
	Other Information Services - 0.1%
	22,505	CoStar Group, Inc. (a)		1,753,139
	Paper Manufacturing - 0.0%(†)
	5,150	Packaging Corp of America		734,905
	Performing Arts, Spectator Sports, and Related Industries - 0.2%
	39,476	Activision Blizzard, Inc.		3,022,677
	14,478	Electronic Arts, Inc.		1,863,029
				4,885,706
	Petroleum and Coal Products Manufacturing - 1.5%
	68,944	ConocoPhillips		8,402,205
	227,952	Exxon Mobil Corp.		26,444,711
	25,955	Marathon Petroleum Corp.		3,335,737
	21,326	Valero Energy Corp.		2,986,280
				41,168,933
	Pipeline Transportation - 0.1%
	67,377	Williams Companies, Inc.		2,172,234
	Plastics and Rubber Products Manufacturing - 0.0%(†)
	4,500	Avery Dennison Corp.		852,480
	20,818	Newell Rubbermaid, Inc.		332,255
				1,184,735
	Primary Metal Manufacturing - 0.1%
	20,322	Howmet Aerospace, Inc.		826,902
	9,228	Steel Dynamics, Inc.		1,113,266
				1,940,168
	Professional, Scientific, and Technical Services - 2.2%
	34,896	Accenture PLC Class A ADR (Ireland)		9,737,729
	7,483	CDW Corp.		1,466,893
	2,820	Charles River Laboratories International, Inc. (a)		685,965
	28,399	Cognizant Technology Solutions Corp. Class A		1,895,633
	12,730	DXC Technology Co. (a)		365,733
	21,980	Eaton Corp PLC ADR (Ireland)		3,565,376
	3,258	EPAM Systems, Inc. (a)		1,083,774
	7,427	Extra Space Storage, Inc.		1,172,203
	3,343	F5 Networks, Inc. (a)		493,627
	19,677	International Paper Co.		822,892
	21,447	Interpublic Group of Companies, Inc.		781,958
	10,283	IQVIA Holdings, Inc. (a)		2,359,023
	4,047	Jack Henry & Associates, Inc.		728,824
	7,024	Jacobs Solutions, Inc.		867,815
	17,966	Juniper Networks, Inc.		580,302
	15,487	Match Group, Inc. (a)		838,157
	124,493	Meta Platforms, Inc. (a)		18,545,722
	18,280	Moderna, Inc. (a)		3,218,377
	11,303	Omnicom Group, Inc.		971,945
	17,733	Paychex, Inc.		2,054,545
	2,743	Paycom Software, Inc. (a)		888,567
	11,141	ServiceNow, Inc. (a)		5,070,603
	2,680	Teledyne Technologies, Inc. (a)		1,137,017
	5,140	VeriSign, Inc. (a)		1,120,777
	8,637	Verisk Analytics, Inc. Class A		1,570,120
				62,023,577

Publishing Industries (except Internet) - 5.4%
25,745	Adobe Systems, Inc. (a)		9,534,403
8,684	Akamai Technologies, Inc. (a)		772,442
4,773	ANSYS, Inc. (a)		1,271,336
11,968	Autodesk, Inc. (a)		2,575,035
15,132	Cadence Design Systems, Inc. (a)		2,766,584
8,527	Ceridian HCM Holding, Inc. (a)		616,332
71,213	Hewlett Packard Enterprise Co.		1,148,666
15,577	Intuit, Inc.		6,583,931
412,627	Microsoft Corp.		102,253,097
21,177	News Corp. Class A		429,046
6,477	News Corp. Class B		132,390
32,086	NortonLifeLock, Inc.		738,299
85,055	Oracle Corp.		7,523,965
5,821	PTC, Inc. (a)		785,136
55,316	Salesforce.com, Inc. (a)		9,291,428
8,505	Synopsys, Inc. (a)		3,008,644
2,286	Tyler Technologies, Inc. (a)		737,852
			150,168,586
Rail Transportation - 0.4%
116,345	CSX Corp.		3,597,387
34,013	Union Pacific Corp.		6,945,115
			10,542,502
Real Estate - 1.6%
8,199	Alexandria Real Estate Equities, Inc.		1,317,907
25,770	American Tower Corp.		5,756,760
7,689	AvalonBay Communities, Inc.		1,364,336
7,937	Boston Properties, Inc.		591,624
5,854	Camden Property Trust		721,271
17,459	CBRE Group, Inc. Class A (a)		1,492,919
23,996	Crown Castle International Corp.		3,554,048
15,950	Digital Realty Trust, Inc.		1,828,189
18,836	Equity Residential		1,198,911
3,551	Essex Property Trust, Inc.		802,775
4,052	Federal Realty Investment Trust		451,920
29,774	Healthpeak Properties, Inc.		818,190
32,165	Invitation Homes, Inc.		1,045,362
34,222	Kimco Realty Corp.		768,626
6,370	Mid-America Apartment Communities, Inc.		1,062,006
51,117	Prologis, Inc.		6,608,406
8,715	Public Storage		2,652,323
34,683	Realty Income Corp.		2,352,548
8,556	Regency Centers Corp.		570,086
18,047	Simon Property Group, Inc.		2,318,318
16,898	UDR, Inc.		719,686
22,065	Ventas, Inc.		1,143,188
53,356	VICI Properties, Inc.		1,823,708
26,104	Welltower, Inc.		1,958,844
40,767	Weyerhaeuser Co.		1,403,608
			44,325,559
Rental and Leasing Services - 0.1%
3,886	United Rentals, Inc. (a)		1,713,532
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.9%
5,852	Ameriprise Financial, Inc.		2,048,902
8,271	BlackRock, Inc.		6,279,426
5,843	CBOE Holdings, Inc.		717,988
84,421	Charles Schwab Corp.		6,535,874
19,941	CME Group, Inc.		3,522,777
38,979	Dow, Inc.		2,313,404
15,681	Franklin Resources, Inc.		489,247
18,778	Goldman Sachs Group, Inc.		6,869,180
30,925	IntercontinentalExchange, Inc.		3,325,984
25,176	Invesco Ltd. ADR (a)		466,008
2,153	MarketAxess Holdings, Inc.		783,369
72,976	Morgan Stanley		7,102,754
4,464	MSCI, Inc. Class A		2,372,884
18,790	NASDAQ OMX Group, Inc.		1,130,970
10,727	Raymond James Financial, Inc.		1,209,684
18,444	S&P Global, Inc.		6,915,393
			52,083,844
Specialty Trade Contractors - 0.0%(†)
7,947	Quanta Services, Inc.		1,209,454
Support Activities for Agriculture and Forestry - 0.1%
39,587	Corteva, Inc.		2,551,382
Support Activities for Mining - 0.5%
9,739	Diamondback Energy, Inc.		1,423,063
50,194	Halliburton Co.		2,068,997
15,391	Hess Corp.		2,311,112
13,198	Pioneer Natural Resources Co.		3,040,159
78,484	Schlumberger Ltd. ADR (Curaco) (a)		4,472,018
12,584	Targa Resources Corp.		944,052
			14,259,401
Support Activities for Transportation - 0.2%
6,471	C.H. Robinson Worldwide, Inc.		648,200
8,300	Expedia, Inc. (a)		948,690
8,759	Expeditors International of Washington, Inc.		947,286
4,603	J.B. Hunt Transport Services, Inc.		870,197
12,779	Norfolk Southern Corp.		3,141,206
			6,555,579
Telecommunications - 1.2%
394,427	AT&T, Inc.		8,034,478
5,150	Equinix, Inc.		3,801,370
52,746	Lumen Technologies, Inc.		276,917
63,121	PayPal Holdings, Inc. (a)		5,143,730
5,916	SBA Communications Corp.		1,760,187
33,054	T-Mobile US, Inc. (a)		4,935,293
232,437	Verizon Communications, Inc.		9,662,406
			33,614,381
Transportation Equipment Manufacturing - 2.3%
14,986	Aptiv PLC ADR (United Kingdom) (a)		1,694,767
31,021	Boeing Co. (a)		6,607,473
12,985	BorgWarner, Inc.		613,931
218,581	Ford Motor Co.		2,953,029
12,468	General Dynamics Corp.		2,905,792
78,661	General Motors Co.		3,092,950
37,250	Honeywell International, Inc.		7,765,880
12,857	Lockheed Martin Corp.		5,956,134
19,190	Paccar, Inc.		2,097,659
148,542	Tesla Motors, Inc. (a)		25,730,445
2,848	TransDigm Group, Inc.		2,044,152
10,113	Wabtec Corp.		1,049,831
			62,512,043
Truck Transportation - 0.1%
5,053	Old Dominion Freight Line, Inc.		1,683,862
Utilities - 2.1%
36,913	AES Corp.		1,011,785
13,879	Alliant Energy Corp.		749,882
14,344	Ameren Corp.		1,246,063
28,398	American Electric Power Co., Inc.		2,668,276
10,111	American Water Works Co., Inc.		1,582,270
7,689	Atmos Energy Corp.		903,765
34,862	CenterPoint Energy, Inc.		1,050,044
16,077	CMS Energy Corp.		1,015,906
19,631	Consolidated Edison, Inc.		1,871,031
18,050	Constellation Energy Corp.		1,540,748
10,733	DTE Energy Co.		1,248,999
42,598	Duke Energy Corp.		4,364,165
21,161	Edison International		1,457,993
11,282	Entergy Corp.		1,221,615
12,712	Evergy, Inc.		796,407
19,323	Eversource Energy		1,590,863
55,070	Exelon Corp.		2,323,403
5,549	First Solar, Inc. (a)		985,502
30,052	FirstEnergy Corp.		1,230,629
109,455	Kinder Morgan, Inc.		2,003,027
109,985	NextEra Energy, Inc.		8,208,181
22,462	NiSource, Inc.		623,321
12,741	NRG Energy, Inc.		435,997
24,700	Oneok, Inc.		1,691,456
89,117	PG&E Corp. (a)		1,416,960
6,286	Pinnacle West Capital Corp.		468,621
40,779	PPL Corp.		1,207,058
27,606	Public Service Enterprise Group, Inc.		1,709,640
17,406	Sempra Energy		2,790,704
60,269	Southern Co.		4,079,006
17,443	WEC Energy Group, Inc.		1,639,468
30,321	Xcel Energy, Inc.		2,085,175
			57,217,960
Waste Management and Remediation Services - 0.0%(†)
11,388	Republic Services, Inc.		1,421,450
Water Transportation - 0.0%(†)
12,148	Royal Caribbean Cruises Ltd. ADR (Liberia) (a)		788,891
Wholesale Electronic Markets and Agents and Brokers - 0.0%(†)
7,848	Genuine Parts Co.		1,317,051
Wood Product Manufacturing - 0.0%(†)
12,482	Masco Corp.		664,042
	TOTAL COMMON STOCKS (Cost $1,703,451,859)	$	1,888,052,055
SHORT TERM INVESTMENTS - 28.0%
Money Market Funds - 28.0%
593,487,205	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	593,487,205
76,636,870	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (b)		76,636,870
44,180	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (b)		44,180
100,068,021	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		100,068,021
	TOTAL SHORT TERM INVESTMENTS (Cost $770,236,276)	$	770,236,276
	TOTAL INVESTMENTS (Cost $2,473,688,135) - 96.5% (c)	$	2,658,288,331
	Other Assets in Excess of Liabilities - 3.5%		96,190,648
	TOTAL NET ASSETS - 100.0%	$	2,754,478,979

Percentages are stated as a percent of net assets.

^(†) Less than 0.005%.

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

^(a)  Non-income producing security.

^(b)  Represents annualized seven-day yield at January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,168,714,303.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation
Total return of S&P 500® Index	4.9500 % representing 1 month SOFR rate + spread	BNP Paribas		12/5/2023		237,673	$	927,065,711	$	38,850,629
Total return of S&P 500® Index	4.8000 % representing 1 month SOFR rate + spread	Goldman Sachs		12/7/2023		202,910		795,471,225		28,488,369
Total return of S&P 500® Index	4.7500 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch		12/8/2023		199,009		790,536,354		18,747,574
Total return of S&P 500® Index	4.6500 % representing 1 month SOFR rate + spread	J.P. Morgan		12/12/2023		258,416		1,015,932,069		34,706,466
Total return of S&P 500® Index	4.5100 % representing 1 month SOFR rate + spread	UBS Securities LLC		12/13/2023		198,861		777,077,591		31,030,308
Total return of S&P 500® Index	4.5500 % representing 1 month SOFR rate + spread	Citibank N.A.		12/19/2023		256,600		1,023,459,900		19,088,706
Total return of S&P 500® Index	4.7700 % representing 1 month SOFR rate + spread	Barclays		12/20/2023		210,459		832,579,442		22,395,892
							$	6,162,122,292	$	193,307,944

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

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 110.0%
	Money Market Funds - 110.0%
	589,014,311	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	589,014,311
	141,900,372	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (a)		141,900,372
	148,224,053	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (a)		148,224,053
	314,921,156	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		314,921,156
		TOTAL SHORT TERM INVESTMENTS (Cost $1,194,059,892) (b)	$	1,194,059,892
		TOTAL INVESTMENTS (Cost $1,194,059,892) - 110.0%	$	1,194,059,892
		Liabilities in Excess of Other Assets - (10.0)%		(109,008,267	)
		TOTAL NET ASSETS - 100.0%	$	1,085,051,625

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $767,249,631.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Depreciation
4.3400 % representing 1 month SOFR rate + spread	Total return of S&P 500® Index	BNP Paribas		12/5/2023		163,199	$	643,474,527	$	(20,699,735	)
4.6000 % representing 1 month SOFR rate + spread	Total return of S&P 500® Index	Goldman Sachs		12/7/2023		170,703		677,444,221		(16,397,664	)
4.5500 % representing 1 month SOFR rate + spread	Total return of S&P 500® Index	Bank of America Merrill Lynch		12/8/2023		176,138		703,309,726		(12,707,296	)
4.4000 % representing 1 month SOFR rate + spread	Total return of S&P 500® Index	J.P. Morgan		12/12/2023		104,764		415,167,986		(10,839,014	)
4.2500 % representing 1 month SOFR rate + spread	Total return of S&P 500® Index	UBS Securities LLC		12/13/2023		32,815		131,106,426		(2,151,182	)
4.3500 % representing 1 month SOFR rate + spread	Total return of S&P 500® Index	Citibank N.A.		12/19/2023		11,220		44,774,083		(15,847	)
4.6300 % representing 1 month SOFR rate + spread	Total return of S&P 500® Index	Barclays		12/20/2023		139,682		555,416,112		(11,671,990	)
							$	3,170,693,081	$	(74,482,728	)

Direxion Daily Small Cap Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 64.7%
	4,033,321	iShares Russell 2000 ETF (a)(b)	$	772,300,305
		TOTAL INVESTMENT COMPANIES (Cost $722,512,127)	$	772,300,305
	SHORT TERM INVESTMENTS - 37.0%
	Money Market Funds - 37.0%
	352,347,942	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	352,347,942
	89,890,929	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (c)		89,890,929
		TOTAL SHORT TERM INVESTMENTS (Cost $442,238,871)	$	442,238,871
		TOTAL INVESTMENTS (Cost $1,164,750,998) - 101.7% (e)	$	1,214,539,176
		Liabilities in Excess of Other Assets - (1.7)%		(20,186,530	)
		TOTAL NET ASSETS - 100.0%	$	1,194,352,646

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 January 31, 2023.

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

^(e)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $821,694,081.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of Russell 2000® Index	4.6400 % representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		286,703	$	512,004,846	$	39,811,719
Total return of Russell 2000® Index	4.0500 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		209,570		380,269,698		23,285,563
Total return of Russell 2000® Index	4.6000 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		161,460		298,110,476		12,706,276
Total return of Russell 2000® Index	4.8600 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		222,139		403,133,372		24,322,051
Total return of Russell 2000® Index	4.4900 % representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		337,880		612,128,209		38,367,195
Total return of Russell 2000® Index	4.6500 % representing 1 month SOFR rate + spread	Barclays	12/20/2023		237,157		432,887,156		23,470,725
						$	2,638,533,757	$	161,963,529

Direxion Daily Small Cap Bear 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 113.0%
	Money Market Funds - 113.0%
	369,555,596	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	369,555,596
	42,380,000	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (a)		42,380,000
	193,385,737	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		193,385,737
		TOTAL SHORT TERM INVESTMENTS (Cost $605,321,333) (b)	$	605,321,333
		TOTAL INVESTMENTS (Cost $605,321,333) - 113.0%	$	605,321,333
		Liabilities in Excess of Other Assets - (13.0)%		(69,760,702	)
		TOTAL NET ASSETS - 100.0%	$	535,560,631

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $385,147,878.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Depreciation
4.4400% representing 1 month SOFR rate + spread	Total return of Russell 2000® Index	BNP Paribas		12/5/2023		230,631	$	420,480,542	$	(23,712,449	)
3.8500% representing 1 month SOFR rate + spread	Total return of Russell 2000® Index	Bank of America Merrill Lynch		12/8/2023		93,845		173,408,687		(7,512,313	)
4.3000% representing 1 month SOFR rate + spread	Total return of Russell 2000® Index	J.P. Morgan		12/12/2023		57,761		107,369,023		(3,853,754	)
4.5700% representing 1 month SOFR rate + spread	Total return of Russell 2000® Index	UBS Securities LLC		12/13/2023		118,985		216,606,719		(12,256,542	)
4.2500% representing 1 month SOFR rate + spread	Total return of Russell 2000® Index	Citibank N.A.		12/19/2023		239,216		439,668,613		(20,810,802	)
4.2500% representing 1 month SOFR rate + spread	Total return of Russell 2000® Index	Barclays		12/20/2023		91,228		166,416,632		(9,345,734	)
							$	1,523,950,216	$	(77,491,594	)

Direxion Daily FTSE China Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 60.6%
	13,430,879	iShares China Large-Cap ETF (a)	$	427,101,952
		TOTAL INVESTMENT COMPANIES (Cost $393,347,666)	$	427,101,952
	SHORT TERM INVESTMENTS - 44.8%
	Money Market Funds - 44.8%
	259,460,216	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	259,460,216
	26,440,000	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (b)		26,440,000
	29,964,710	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		29,964,710
		TOTAL SHORT TERM INVESTMENTS (Cost $315,864,926)	$	315,864,926
		TOTAL INVESTMENTS (Cost $709,212,592) - 105.4% (c)	$	742,966,878
		Liabilities in Excess of Other Assets - (5.4)%		(37,850,653	)
		TOTAL NET ASSETS - 100.0%	$	705,116,225

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $495,788,165.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of iShares China Large-Cap ETF	4.6900 % representing 1 month SOFR rate + spread	BNP Paribas		12/5/2023		14,022,007	$	455,575,007	$	(10,242,844	)
Total return of iShares China Large-Cap ETF	4.8000 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch		12/8/2023		10,625,900		303,650,706		32,446,287
Total return of iShares China Large-Cap ETF	4.8500 % representing 1 month SOFR rate + spread	UBS Securities LLC		12/13/2023		13,984,276		406,266,704		36,061,930
Total return of iShares China Large-Cap ETF	5.0500 % representing 1 month SOFR rate + spread	Barclays		12/20/2023		14,458,146		430,227,110		32,509,995
							$	1,595,719,527	$	90,775,368

Direxion Daily FTSE China Bear 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 108.8%
	Money Market Funds - 108.8%
	173,737,847	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	173,737,847
	22,735,619	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		22,735,619
		TOTAL SHORT TERM INVESTMENTS (Cost $196,473,466) (b)	$	196,473,466
		TOTAL INVESTMENTS (Cost $196,473,466) - 108.8%	$	196,473,466
		Liabilities in Excess of Other Assets - (8.8)%		(15,938,800	)
		TOTAL NET ASSETS - 100.0%	$	180,534,666

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $132,259,751.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
4.3000% representing 1 month SOFR rate + spread	Total return of iShares China Large-Cap ETF	BNP Paribas	12/5/2023		9,527,278	$	292,739,922	$	(9,557,937	)
4.6000% representing 1 month SOFR rate + spread	Total return of iShares China Large-Cap ETF	Bank of America Merrill Lynch	12/8/2023		3,484,101		111,847,946		1,264,927
4.4300% representing 1 month SOFR rate + spread	Total return of iShares China Large-Cap ETF	UBS Securities LLC	12/13/2023		4,020,010		128,302,650		701,718
						$	532,890,518	$	(7,591,292	)

Direxion Daily FTSE Europe Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 39.1%
	204,968	Vanguard FTSE Europe ETF (a)(b)	$	12,449,756
		TOTAL INVESTMENT COMPANIES (Cost $11,916,817)	$	12,449,756
	SHORT TERM INVESTMENTS - 65.9%
	Money Market Funds - 65.9%
	14,752,836	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	14,752,836
	2,274,585	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (c)		2,274,585
	3,962,547	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (c)		3,962,547
		TOTAL SHORT TERM INVESTMENTS (Cost $20,989,968)	$	20,989,968
		TOTAL INVESTMENTS (Cost $32,906,785) - 105.0% (e)	$	33,439,724
		Liabilities in Excess of Other Assets - (5.0)%		(1,576,182	)
		TOTAL NET ASSETS - 100.0%	$	31,863,542

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 January 31, 2023.

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

^(e)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $19,622,326.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of Vanguard FTSE Europe ETF	4.5900 % representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		240,935	$	13,552,594	$	1,096,964
Total return of Vanguard FTSE Europe ETF	4.3000 % representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		216,325		12,263,464		888,769
Total return of Vanguard FTSE Europe ETF	4.7500 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		423,679		24,765,264		901,052
Total return of Vanguard FTSE Europe ETF	5.0400 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		198,464		11,475,188		581,963
Total return of Vanguard FTSE Europe ETF	4.8000 % representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		289,409		16,476,055		1,109,273
						$	78,532,565	$	4,578,021

Direxion Daily MSCI Emerging Markets Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 3.3%
	90,729	iShares MSCI Emerging Markets ETF (a)	$	3,752,551
		TOTAL INVESTMENT COMPANIES (Cost $3,786,261)	$	3,752,551
	SHORT TERM INVESTMENTS - 97.8%
	Money Market Funds - 97.8%
	62,478,796	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	62,478,796
	47,574,659	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		47,574,659
	6	Morgan Stanley Institutional Liquidity Funds Treasury Portfolio Institutional Class, 4.12% (b)		6
		TOTAL SHORT TERM INVESTMENTS (Cost $110,053,461)	$	110,053,461
		TOTAL INVESTMENTS (Cost $113,839,722) - 101.1% (c)	$	113,806,012
		Liabilities in Excess of Other Assets - (1.1)%		(1,286,643	)
		TOTAL NET ASSETS - 100.0%	$	112,519,369

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $63,370,867.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of iShares MSCI Emerging Markets ETF	4.6500 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		3,348,722	$	130,912,843	$	8,607,014
Total return of iShares MSCI Emerging Markets ETF	4.9800 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		2,208,523		85,125,327		5,709,523
Total return of iShares MSCI Emerging Markets ETF	4.6300 % representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		2,513,555		102,510,148		1,465,437
						$	318,548,318	$	15,781,974

Direxion Daily MSCI Emerging Markets Bear 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 113.3%
	Money Market Funds - 113.3%
	13,576,619	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	13,576,619
	17,226,851	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		17,226,851
		TOTAL SHORT TERM INVESTMENTS (Cost $30,803,470) (b)	$	30,803,470
		TOTAL INVESTMENTS (Cost $30,803,470) - 113.3%	$	30,803,470
		Liabilities in Excess of Other Assets - (13.3)%		(3,611,861	)
		TOTAL NET ASSETS - 100.0%	$	27,191,609

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $19,681,489.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
4.0000% representing 1 month SOFR rate + spread	Total return of iShares MSCI Emerging Markets ETF	J.P. Morgan	12/12/2023		1,300,000	$	50,817,000	$	(3,397,726	)
4.4300% representing 1 month SOFR rate + spread	Total return of iShares MSCI Emerging Markets ETF	UBS Securities LLC	12/13/2023		310,555		12,430,921		(379,305	)
4.3000% representing 1 month SOFR rate + spread	Total return of iShares MSCI Emerging Markets ETF	Citibank N.A.	12/19/2023		361,768		15,052,934		91,669
						$	78,300,855	$	(3,685,362	)

Direxion Daily MSCI Mexico Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 46.0%
	137,328	iShares MSCI Mexico ETF (a)(b)	$	7,916,959
		TOTAL INVESTMENT COMPANIES (Cost $7,011,118)	$	7,916,959
	SHORT TERM INVESTMENTS - 67.6%
	Money Market Funds - 67.6%
	6,619,176	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	6,619,176
	970,000	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (c)		970,000
	1,760,000	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (c)		1,760,000
	2,272,957	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (c)		2,272,957
		TOTAL SHORT TERM INVESTMENTS (Cost $11,622,133)	$	11,622,133
		TOTAL INVESTMENTS (Cost $18,633,251) - 113.6% (e)	$	19,539,092
		Liabilities in Excess of Other Assets - (13.6)%		(2,338,550	)
		TOTAL NET ASSETS - 100.0%	$	17,200,542

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 January 31, 2023.

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

^(e)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $7,679,423.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of iShares MSCI Mexico ETF	3.8000% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		222,450	$	11,574,103	$	1,251,950
Total return of iShares MSCI Mexico ETF	4.8500% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		309,843		15,687,351		2,074,463
Total return of iShares MSCI Mexico ETF	5.0500% representing 1 month SOFR rate + spread	Barclays	12/20/2023		154,528		8,053,113		953,650
Total return of iShares MSCI Mexico ETF	4.8000% representing 1 month SOFR rate + spread	Goldman Sachs	2/21/2024		70,937		4,050,924		32,909
						$	39,365,491	$	4,312,972

Direxion Daily MSCI South Korea Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 49.5%
	266,819	iShares MSCI South Korea ETF (a)	$	16,935,002
		TOTAL INVESTMENT COMPANIES (Cost $15,582,198)	$	16,935,002
	SHORT TERM INVESTMENTS - 54.4%
	Money Market Funds - 54.4%
	5,078,817	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	5,078,817
	1,930,000	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (b)		1,930,000
	11,577,808	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		11,577,808
		TOTAL SHORT TERM INVESTMENTS (Cost $18,586,625)	$	18,586,625
		TOTAL INVESTMENTS (Cost $34,168,823) - 103.9% (c)	$	35,521,627
		Liabilities in Excess of Other Assets - (3.9)%		(1,331,040	)
		TOTAL NET ASSETS - 100.0%	$	34,190,587

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $21,603,343.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of iShares MSCI South Korea ETF	4.8000% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		357,010	$	20,795,833	$	1,719,160
Total return of iShares MSCI South Korea ETF	4.7500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		424,115		24,829,547		2,109,313
Total return of iShares MSCI South Korea ETF	4.7500% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		430,060		24,930,057		2,410,714
Total return of iShares MSCI South Korea ETF	4.9500% representing 1 month SOFR rate + spread	Barclays	12/20/2023		138,078		8,838,948		(84,458	)
						$	79,394,385	$	6,154,729

Direxion Daily Aerospace & Defense Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 65.6%
	Computer and Electronic Product Manufacturing - 20.7%
	29,235	Aerojet Rocketdyne Holdings, Inc. (a)	$	1,634,821
	25,520	L3 Harris Technologies, Inc.		5,482,207
	22,392	Mercury Computer Systems, Inc. (a)		1,119,264
	11,185	Moog, Inc. Class A		1,066,154
	10,294	Northrop Grumman Corp.		4,612,124
	265,951	Raytheon Technologies Corp.		26,555,207
				40,469,777
	Credit Intermediation and Related Activities - 0.1%
	17,678	Smith & Wesson Brands, Inc.		195,872
	Electrical Equipment, Appliance, and Component Manufacturing - 2.6%
	26,110	Axon Enterprise, Inc. (a)		5,102,938
	Fabricated Metal Product Manufacturing - 3.9%
	35,229	BWX Technologies, Inc.		2,144,037
	14,794	Curtiss-Wright Corp.		2,452,845
	11,208	RBC Bearings, Inc. (a)		2,734,416
	6,824	Sturm, Ruger & Co, Inc.		388,286
				7,719,584
	Merchant Wholesalers, Durable Goods - 3.0%
	32,507	Hexcel Corp.		2,294,344
	15,411	Huntington Ingalls Industries, Inc.		3,398,742
	10,822	Kaman Corp.		272,931
				5,966,017
	Miscellaneous Manufacturing - 2.9%
	76,628	Textron, Inc.		5,582,350
	Primary Metal Manufacturing - 3.0%
	142,196	Howmet Aerospace, Inc.		5,785,955
	Professional, Scientific, and Technical Services - 1.0%
	28,688	Maxar Technologies, Inc.		1,482,309
	12,791	Parsons Corp. (a)		556,664
				2,038,973
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.5%
	84,073	Rocket Lab USA, Inc. (a)		417,843
	92,250	Virgin Galactic Holdings, Inc. (a)(b)		509,220
				927,063
	Textile Mills - 0.1%
	1,960	National Presto Industries, Inc.		150,156
	Transportation Equipment Manufacturing - 27.8%
	12,870	AAR Corp. (a)		662,033
	9,651	AeroVironment, Inc. (a)		858,649
	54,898	Archer Aviation, Inc. (a)		159,204
	50,793	Boeing Co. (a)		10,818,909
	22,588	General Dynamics Corp.		5,264,359
	25,780	HEICO Corp.		3,446,270
	14,705	HEICO Corp. Class A		2,513,820
	48,644	Kratos Defense & Security Solutions, Inc. (a)		556,974
	42,197	Lockheed Martin Corp.		19,548,182
	40,650	Spirit AeroSystems Holdings, Inc.		1,469,498
	9,122	TransDigm Group, Inc.		6,547,316
	25,103	Triumph Group, Inc. (a)		285,923
	23,236	Woodward, Inc.		2,376,113
				54,507,250
		TOTAL COMMON STOCKS (Cost $117,718,388)	$	128,445,935
	SHORT TERM INVESTMENTS - 31.6%
	Money Market Funds - 31.6%
	55,197,937	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	55,197,937
	1	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (c)		1
	6,737,767	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (c)		6,737,767
		TOTAL SHORT TERM INVESTMENTS (Cost $61,935,705)	$	61,935,705
		TOTAL INVESTMENTS (Cost $179,654,093) - 97.2% (e)	$	190,381,640
		Other Assets in Excess of Liabilities - 2.8%		5,437,725
		TOTAL NET ASSETS - 100.0%	$	195,819,365

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 January 31, 2023.

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

^(e)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $154,712,224.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of Dow Jones U.S. Select Aerospace & Defense Index	5.0900 % representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		3,531	$	97,664,106	$	4,085,145
Total return of Dow Jones U.S. Select Aerospace & Defense Index	4.7500 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		5,946		167,998,964		3,668,044
Total return of Dow Jones U.S. Select Aerospace & Defense Index	4.7500 % representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		6,356		178,954,769		4,195,261
						$	444,617,839	$	11,948,450

Direxion Daily Consumer Discretionary Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 61.1%
	Accommodation - 2.3%
	1,075	Caesars Entertainment Inc. (a)	$	55,965
	1,354	Hilton Worldwide Holdings, Inc.		196,452
	1,644	Las Vegas Sands Corp. (a)		96,996
	1,347	Marriott International, Inc. Class A		234,620
	1,596	MGM Resorts International		66,090
				650,123
	Administrative and Support Services - 1.6%
	193	Booking Holdings, Inc. (a)		469,781
	Amusement, Gambling, and Recreation Industries - 0.2%
	517	Wynn Resorts Ltd. (a)		53,582
	Apparel Manufacturing - 0.3%
	205	Ralph Lauren Corp.		25,389
	1,654	VF Corp.		51,175
				76,564
	Building Material and Garden Equipment and Supplies Dealers - 7.9%
	3,108	Lowe’s Companies, Inc.		647,241
	4,975	The Home Depot, Inc.		1,612,746
				2,259,987
	Clothing and Clothing Accessories Stores - 2.6%
	1,142	Bath & Body Works, Inc.		52,544
	1,737	Ross Stores, Inc.		205,296
	5,813	TJX Companies, Inc.		475,852
				733,692
	Construction of Buildings - 1.5%
	1,567	D.R. Horton, Inc.		154,647
	1,276	Lennar Corp. Class A		130,662
	16	NVR, Inc. (a)		84,320
	1,141	PulteGroup, Inc.		64,912
				434,541
	Electrical Equipment, Appliance, and Component Manufacturing - 0.1%
	274	Whirlpool Corp.		42,632
	Electronics and Appliance Stores - 0.3%
	1,004	Best Buy Co., Inc.		89,075
	Food Services and Drinking Places - 6.7%
	138	Chipotle Mexican Grill, Inc. (a)		227,200
	613	Darden Restaurants, Inc.		90,706
	179	Domino’s Pizza, Inc.		63,187
	2,703	McDonald’s Corp.		722,782
	5,747	Starbucks Corp.		627,228
	1,410	Yum! Brands, Inc.		184,019
				1,915,122
	Funds, Trusts, and Other Financial Vehicles - 0.3%
	768	Garmin Ltd. ADR (Switzerland)		75,940
	General Merchandise Stores - 2.9%
	1,129	Dollar General Corp.		263,734
	1,054	Dollar Tree, Inc. (a)		158,290
	2,305	Target Corp.		396,783
				818,807
	Health and Personal Care Stores - 0.5%
	257	Ulta Salon, Cosmetics & Fragrance, Inc. (a)		132,088
	Leather and Allied Product Manufacturing - 3.0%
	6,307	NIKE, Inc. Class B		803,070
	1,207	Tapestry, Inc.		55,003
				858,073
	Management of Companies and Enterprises - 0.3%
	5,014	Carnival Corp. ADR (Panama) (a)		54,251
	2,110	Norwegian Cruise Line Holdings Ltd. ADR (a)		32,093
				86,344
	Merchant Wholesalers, Durable Goods - 0.6%
	1,271	LKQ Corp.		74,938
	264	Mohawk Industries, Inc. (a)		31,696
	194	Pool Corp.		74,808
				181,442
	Miscellaneous Manufacturing - 0.1%
	651	Hasbro, Inc.		38,520
	Miscellaneous Store Retailers - 0.4%
	554	Tractor Supply Co.		126,306
	Motor Vehicle and Parts Dealers - 2.0%
	300	Advance Auto Parts, Inc.		45,684
	95	AutoZone, Inc. (a)		231,691
	792	CarMax, Inc. (a)		55,796
	314	O’Reilly Automotive, Inc. (a)		248,798
				581,969
	Nonstore Retailers - 16.0%
	42,200	Amazon.com, Inc. (a)		4,352,086
	2,717	eBay, Inc.		134,492
	630	Etsy, Inc. (a)		86,675
				4,573,253
	Plastics and Rubber Products Manufacturing - 0.1%
	1,885	Newell Rubbermaid, Inc.		30,085
	Support Activities for Transportation - 0.3%
	753	Expedia, Inc. (a)		86,068
	Transportation Equipment Manufacturing - 10.5%
	1,356	Aptiv PLC ADR (United Kingdom) (a)		153,350
	1,173	BorgWarner, Inc.		55,459
	19,774	Ford Motor Co.		267,147
	7,113	General Motors Co.		279,683
	13,044	Tesla Motors, Inc. (a)		2,259,482
				3,015,121
	Water Transportation - 0.2%
	1,099	Royal Caribbean Cruises Ltd. ADR (Liberia) (a)		71,369
	Wholesale Electronic Markets and Agents and Brokers - 0.4%
	706	Genuine Parts Co.		118,481
		TOTAL COMMON STOCKS (Cost $17,604,007)	$	17,518,965
	SHORT TERM INVESTMENTS - 34.3%
	Money Market Funds - 34.3%
	8,070,589	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	8,070,589
	1,749,782	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		1,749,782
		TOTAL SHORT TERM INVESTMENTS (Cost $9,820,371)	$	9,820,371
		TOTAL INVESTMENTS (Cost $27,424,378) - 95.4% (c)	$	27,339,336
		Other Assets in Excess of Liabilities - 4.6%		1,312,343
		TOTAL NET ASSETS - 100.0%	$	28,651,679

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $18,266,704.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of Consumer Discretionary Select Sector Index	4.7500 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		21,480	$	31,076,601	$	1,058,355
Total return of Consumer Discretionary Select Sector Index	4.9000 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		24,083		32,838,542		3,182,656
						$	63,915,143	$	4,241,011

Direxion Daily Dow Jones Internet Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 64.7%
	Administrative and Support Services - 2.0%
	32,634	Cloudflare, Inc. (a)	$	1,726,665
	34,601	Teladoc Health, Inc. (a)		1,017,269
				2,743,934
	Computer and Electronic Product Manufacturing - 10.6%
	43,814	Alphabet, Inc. Class A (a)		4,330,576
	38,841	Alphabet, Inc. Class C (a)		3,879,051
	16,725	Arista Networks, Inc. (a)		2,107,684
	89,944	Cisco Systems, Inc.		4,377,574
				14,694,885
	Data Processing, Hosting and Related Services - 2.0%
	24,756	Airbnb, Inc. (a)		2,750,639
	Electronics and Appliance Stores - 0.8%
	26,203	Smartsheet, Inc. (a)		1,132,232
	Motion Picture and Sound Recording Industries - 3.1%
	12,115	Netflix, Inc. (a)		4,287,014
	Nonstore Retailers - 9.8%
	78,182	Amazon.com, Inc. (a)		8,062,910
	28,293	DoorDash, Inc. (a)		1,638,730
	43,556	eBay, Inc.		2,156,022
	12,451	Etsy, Inc. (a)		1,713,009
				13,570,671
	Other Information Services - 1.2%
	65,266	Pinterest, Inc. (a)		1,715,843
	Professional, Scientific, and Technical Services - 15.5%
	24,833	Ciena Corp. (a)		1,291,813
	18,679	GoDaddy, Inc. (a)		1,534,106
	41,486	Juniper Networks, Inc.		1,339,998
	32,853	Match Group, Inc. (a)		1,778,004
	42,348	Meta Platforms, Inc. (a)		6,308,582
	36,904	Nutanix, Inc. (a)		1,028,514
	20,576	Okta, Inc. (a)		1,514,599
	136,291	Snap, Inc. (a)		1,575,524
	17,002	Snowflake, Inc. (a)		2,659,793
	13,198	Workday, Inc. (a)		2,394,513
				21,425,446
	Publishing Industries (except Internet) - 12.6%
	16,925	Akamai Technologies, Inc. (a)		1,505,479
	31,404	Box, Inc. (a)		1,004,614
	38,244	Confluent, Inc. (a)		883,437
	15,309	Coupa Software, Inc. (a)		1,223,495
	24,099	Datadog, Inc. (a)		1,802,846
	28,820	DocuSign, Inc. (a)		1,747,645
	47,131	Dropbox, Inc. (a)		1,094,853
	55,024	Fastly, Inc. (a)		569,498
	28,000	Salesforce.com, Inc. (a)		4,703,160
	11,334	Veeva Systems, Inc. (a)		1,933,014
	40,997	ZoomInfo Technologies, Inc. (a)		1,157,345
				17,625,386
	Real Estate - 1.6%
	337,512	Opendoor Technologies, Inc. (a)		739,151
	8,703	Zillow Group, Inc. Class A (a)		373,881
	24,371	Zillow Group, Inc. Class C (a)		1,077,442
				2,190,474
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.5%
	79,547	CommScope Holding Co., Inc. (a)		668,195
	Support Activities for Transportation - 1.3%
	16,485	Expedia, Inc. (a)		1,884,236
	Telecommunications - 3.7%
	41,416	PayPal Holdings, Inc. (a)		3,374,990
	22,615	Zoom Video Communications, Inc. (a)		1,696,125
				5,071,115
		TOTAL COMMON STOCKS (Cost $85,178,025)	$	89,760,070
	SHORT TERM INVESTMENTS - 29.5%
	Money Market Funds - 29.5%
	27,960,416	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	27,960,416
	12,915,658	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		12,915,658
		TOTAL SHORT TERM INVESTMENTS (Cost $40,876,074)	$	40,876,074
		TOTAL INVESTMENTS (Cost $126,054,099) - 94.2% (c)	$	130,636,144
		Other Assets in Excess of Liabilities - 5.8%		8,035,851
		TOTAL NET ASSETS - 100.0%	$	138,671,995

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $97,655,926.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of Dow Jones Internet Composite Index	4.4000 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		160,301	$	96,052,804	$	6,570,300
Total return of Dow Jones Internet Composite Index	4.7500 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		104,168		63,069,264		3,684,744
Total return of Dow Jones Internet Composite Index	4.4000 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		127,378		73,969,898		7,625,201
Total return of Dow Jones Internet Composite Index	4.7000 % representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		115,266		67,485,659		6,442,625
						$	300,577,625	$	24,322,870

Direxion Daily Dow Jones Internet Bear 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 115.7%
	Money Market Funds - 115.7%
	15,668,981	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	15,668,981
	39,919,747	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		39,919,747
		TOTAL SHORT TERM INVESTMENTS (Cost $55,588,728) (b)	$	55,588,728
		TOTAL INVESTMENTS (Cost $55,588,728) - 115.7%	$	55,588,728
		Liabilities in Excess of Other Assets - (15.7)%		(7,555,608	)
		TOTAL NET ASSETS - 100.0%	$	48,033,120

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $41,548,590.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
4.2000 % representing 1 month SOFR rate + spread	Total return of Dow Jones Internet Composite Index	Bank of America Merrill Lynch	12/8/2023		121,056	$	73,132,491	$	(4,429,206	)
4.2000 % representing 1 month SOFR rate + spread	Total return of Dow Jones Internet Composite Index	UBS Securities LLC	12/13/2023		12,211		7,316,587		(501,502	)
4.4000 % representing 1 month SOFR rate + spread	Total return of Dow Jones Internet Composite Index	Citibank N.A.	12/19/2023		58,532		35,986,934		(1,633,418	)
4.5000 % representing 1 month SOFR rate + spread	Total return of Dow Jones Internet Composite Index	J.P. Morgan	1/23/2024		32,188		17,891,262		(2,694,727	)
						$	134,327,274	$	(9,258,853	)

Direxion Daily Financial Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 64.0%
	Administrative and Support Services - 1.1%
	12,650	FactSet Research System, Inc.	$	5,350,191
	52,315	Moody’s Corp.		16,884,666
				22,234,857
	Credit Intermediation and Related Activities - 26.1%
	198,501	American Express Co.		34,723,780
	2,317,650	Bank of America Corp.		82,230,222
	244,245	Bank of New York Mellon Corp.		12,351,470
	126,747	Capital One Financial Corp.		15,082,893
	643,159	Citigroup, Inc.		33,585,763
	163,537	Citizens Financial Group, Inc.		7,084,423
	43,483	Comerica, Inc.		3,187,739
	90,729	Discover Financial Services		10,590,796
	227,929	Fifth Third Bancorp		8,271,543
	60,746	First Republic Bank		8,557,896
	479,082	Huntington Bancshares, Inc.		7,267,674
	974,013	JPMorgan Chase & Co.		136,322,859
	309,804	KeyCorp		5,945,139
	57,319	M&T Bank Corp.		8,941,764
	69,205	Northern Trust Corp.		6,710,809
	133,930	PNC Financial Services Group, Inc.		22,156,040
	310,300	Regions Financial Corp.		7,304,462
	20,896	Signature Bank		2,694,539
	121,847	State Street Corp.		11,128,286
	19,629	SVB Financial Group (a)		5,936,595
	149,607	Synchrony Financial		5,495,065
	440,576	Truist Financial Corp.		21,760,049
	448,987	U.S. Bancorp		22,359,553
	1,265,329	Wells Fargo & Co.		59,305,970
	49,682	Zions Bancorp		2,641,095
				541,636,424
	Funds, Trusts, and Other Financial Vehicles - 0.4%
	74,206	T. Rowe Price Group, Inc.		8,642,773
	Insurance Carriers and Related Activities - 22.0%
	187,891	Aflac, Inc.		13,809,988
	88,065	Allstate Corp.		11,313,711
	246,720	American International Group, Inc.		15,597,638
	68,691	AON PLC ADR (United Kingdom)		21,890,448
	122,822	Arch Capital Group Ltd. ADR (a)		7,903,596
	70,014	Arthur J. Gallagher & Co.		13,703,140
	17,540	Assurant, Inc.		2,325,629
	598,285	Berkshire Hathaway, Inc. Class B (a)		186,377,743
	78,060	Brown & Brown, Inc.		4,571,194
	137,824	Chubb Limited ADR (Switzerland)		31,353,582
	52,194	Cincinnati Financial Corp.		5,905,751
	13,005	Everest Re Group Ltd. ADR		4,547,718
	30,039	Globe Life, Inc.		3,630,213
	105,633	Hartford Financial Services Group, Inc.		8,198,177
	51,133	Lincoln National Corp.		1,811,642
	65,437	Loews Corp.		4,023,067
	164,710	Marsh & McLennan Companies, Inc.		28,809,426
	218,855	MetLife, Inc.		15,980,792
	75,562	Principal Financial Group, Inc.		6,993,263
	194,278	Progressive Corp.		26,489,805
	122,200	Prudential Financial, Inc.		12,823,668
	77,821	Travelers Companies, Inc.		14,873,150
	67,878	W.R. Berkley Corp.		4,760,963
	35,941	Willis Towers Watson PLC ADR (Ireland)		9,135,843
				456,830,147
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 14.4%
	35,337	Ameriprise Financial, Inc.		12,372,190
	49,874	BlackRock, Inc.		37,864,839
	35,227	CBOE Holdings, Inc.		4,328,694
	506,502	Charles Schwab Corp.		39,213,385
	119,450	CME Group, Inc.		21,102,037
	94,328	Franklin Resources, Inc.		2,943,034
	112,451	Goldman Sachs Group, Inc.		41,135,700
	185,474	IntercontinentalExchange, Inc.		19,947,729
	151,021	Invesco Ltd. ADR (a)		2,795,399
	12,499	MarketAxess Holdings, Inc.		4,547,761
	437,755	Morgan Stanley		42,606,694
	26,550	MSCI, Inc. Class A		14,112,918
	112,561	NASDAQ OMX Group, Inc.		6,775,047
	64,284	Raymond James Financial, Inc.		7,249,307
	110,582	S&P Global, Inc.		41,461,615
				298,456,349
		TOTAL COMMON STOCKS (Cost $1,207,932,883)	$	1,327,800,550
	SHORT TERM INVESTMENTS - 33.2%
	Money Market Funds - 33.2%
	574,311,391	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	574,311,391
	7,651,604	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (b)		7,651,604
	60,512,331	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (b)		60,512,331
	45,694,404	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		45,694,404
		TOTAL SHORT TERM INVESTMENTS (Cost $688,169,730)	$	688,169,730
		TOTAL INVESTMENTS (Cost $1,896,102,613) - 97.2% (c)	$	2,015,970,280
		Other Assets in Excess of Liabilities - 2.8%		58,717,651
		TOTAL NET ASSETS - 100.0%	$	2,074,687,931

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,629,287,749.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of Financials Select Sector Index	5.1900 % representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		1,875,000	$	781,948,025	$	59,668,221
Total return of Financials Select Sector Index	4.8500 % representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		1,774,112		763,345,771		34,359,077
Total return of Financials Select Sector Index	5.0000 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		948,170		411,981,290		13,935,464
Total return of Financials Select Sector Index	4.8000 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		1,410,357		606,270,359		26,994,408
Total return of Financials Select Sector Index	4.9700 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		1,176,178		502,984,555		25,798,371
Total return of Financials Select Sector Index	5.0250 % representing 1 month SOFR rate + spread	Societe Generale	12/18/2023		10,000		4,267,340		226,294
Total return of Financials Select Sector Index	4.9500 % representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		1,667,000		717,327,040		31,166,584
Total return of Financials Select Sector Index	4.8500 % representing 1 month SOFR rate + spread	Barclays	12/20/2023		2,005,414		855,770,316		44,152,687
						$	4,643,894,696	$	236,301,106

Direxion Daily Financial Bear 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 107.9%
	Money Market Funds - 107.9%
	90,052,464	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	90,052,464
	17,902,937	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (a)		17,902,937
	77,943,797	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		77,943,797
		TOTAL SHORT TERM INVESTMENTS (Cost $185,899,198) (b)	$	185,899,198
		TOTAL INVESTMENTS (Cost $185,899,198) - 107.9%	$	185,899,198
		Liabilities in Excess of Other Assets - (7.9)%		(13,605,439	)
		TOTAL NET ASSETS - 100.0%	$	172,293,759

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $120,445,666.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
4.5500% representing 1 month SOFR rate + spread	Total return of Financials Select Sector Index	Goldman Sachs	12/7/2023		145,767	$	63,230,934	$	(2,453,333	)
4.8000% representing 1 month SOFR rate + spread	Total return of Financials Select Sector Index	Bank of America Merrill Lynch	12/8/2023		591,309		254,993,973		(10,526,405	)
4.5500% representing 1 month SOFR rate + spread	Total return of Financials Select Sector Index	J.P. Morgan	12/12/2023		94,366		40,617,014		(1,749,009	)
4.6900% representing 1 month SOFR rate + spread	Total return of Financials Select Sector Index	UBS Securities LLC	12/13/2023		315,668		135,818,208		(6,078,245	)
						$	494,660,129	$	(20,806,992	)

Direxion Daily Healthcare Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 75.2%
	Ambulatory Health Care Services - 1.2%		$	131,247
	1,593	DaVita, Inc. (a)		647,444
	2,568	Laboratory Corp. of America Holdings		528,240
	1,694	Molina Healthcare, Inc. (a)		490,133
	3,301	Quest Diagnostics, Inc.		427,521
	35,158	Viatris, Inc.		2,224,585
	Chemical Manufacturing - 27.0%			7,575,290
	51,271	AbbVie, Inc.		3,904,628
	15,470	Amgen, Inc.		1,214,507
	4,175	Biogen, Inc. (a)		362,453
	4,550	Bio-Techne Corp.		4,478,219
	61,641	Bristol-Myers Squibb Co.		279,370
	5,217	Catalent, Inc. (a)		7,868,646
	22,864	Eli Lilly and Company		3,052,226
	36,362	Gilead Sciences, Inc.		455,840
	5,354	Incyte Corp. (a)		7,895,172
	73,505	Merck & Co., Inc.		222,179
	7,374	Organon & Co.		7,186,510
	162,738	Pfizer, Inc.		2,354,291
	3,104	Regeneron Pharmaceuticals, Inc. (a)		2,404,510
	7,442	Vertex Pharmaceuticals, Inc. (a)		570,243
	2,147	West Pharmaceutical Services, Inc.		2,236,101
	13,512	Zoetis, Inc.		52,060,185
	Computer and Electronic Product Manufacturing - 9.1%			1,305,303
	8,583	Agilent Technologies, Inc.		291,695
	624	Bio-Rad Laboratories, Inc. (a)		5,021,634
	18,994	Danaher Corp.		734,131
	10,560	GE HealthCare Technologies, Inc. (a)		588,956
	7,238	Hologic, Inc. (a)		1,153,681
	2,401	IDEXX Laboratories, Inc. (a)		976,752
	4,560	Illumina, Inc. (a)		503,222
	3,659	PerkinElmer, Inc.		6,485,222
	11,371	Thermo Fisher Scientific, Inc.		565,815
	1,722	Waters Corp. (a)		17,626,411
	Health and Personal Care Stores - 1.7%			3,360,564
	38,093	CVS Health Corp.
	Hospitals - 1.0%			1,568,170
	6,148	HCA Healthcare, Inc.		275,671
	1,860	Universal Health Services, Inc. Class B		1,843,841
	Insurance Carriers and Related Activities - 11.9%			1,251,556
	16,416	Centene Corp. (a)		2,806,963
	8,864	Cigna Corp.		3,461,931
	6,924	Elevance Health, Inc.		1,877,939
	3,670	Humana, Inc.		13,522,058
	27,088	UnitedHealth Group, Inc.		22,920,447
	Machinery Manufacturing - 0.5%			991,799
	647	Mettler-Toledo International, Inc. (a)
	Management of Companies and Enterprises - 2.9%			5,588,081
	50,548	Abbott Laboratories
	Merchant Wholesalers, Durable Goods - 0.2%			338,570
	3,930	Henry Schein, Inc. (a)
	Merchant Wholesalers, Nondurable Goods - 1.5%			793,436
	4,696	AmerisourceBergen Corp.		587,100
	7,600	Cardinal Health, Inc.		1,556,754
	4,111	McKesson Corp.		2,937,290
	Miscellaneous Manufacturing - 16.5%			568,051
	2,106	Align Technology, Inc. (a)		667,759
	14,615	Baxter International, Inc.		2,085,355
	8,268	Becton, Dickinson & Co.		1,920,531
	41,525	Boston Scientific Corp. (a)		229,451
	6,230	Dentsply Sirona, Inc.		1,199,194
	11,198	DexCom, Inc. (a)		1,374,771
	17,924	Edwards Lifesciences Corp. (a)		2,517,094
	10,245	Intuitive Surgical, Inc. (a)		12,386,909
	75,798	Johnson & Johnson		3,224,911
	38,534	Medtronic PLC ADR (Ireland)		969,887
	4,247	ResMed, Inc.		597,640
	2,894	Steris PLC ADR (Ireland)		2,478,455
	9,765	Stryker Corp.		331,051
	1,360	Teleflex, Inc.		499,319
	1,431	The Cooper Companies, Inc.		774,737
	6,084	Zimmer Biomet Holdings, Inc.		31,825,115
	Professional, Scientific, and Technical Services - 1.7%			358,794
	1,475	Charles River Laboratories International, Inc. (a)		1,235,373
	5,385	IQVIA Holdings, Inc. (a)		1,686,478
	9,579	Moderna, Inc. (a)		3,280,645
		TOTAL COMMON STOCKS (Cost $149,964,852)	$	144,997,533
	SHORT TERM INVESTMENTS - 33.3%
	Money Market Funds - 33.3%
	23,883,898	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	23,883,898
	3,333,058	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (b)		3,333,058
	36,958,679	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		36,958,679
		TOTAL SHORT TERM INVESTMENTS (Cost $64,175,635)	$	64,175,635
		TOTAL INVESTMENTS (Cost $214,140,487) - 108.5% (c)	$	209,173,168
		Liabilities in Excess of Other Assets - (8.5)%		(16,357,809	)
		TOTAL NET ASSETS - 100.0%	$	192,815,359

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $172,282,265.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
Total return of Health Care Select Sector Index	4.9000 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		18,000	$	25,382,520	$	(1,243,650	)
Total return of Health Care Select Sector Index	4.7500 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		109,999		152,463,757		(4,885,194	)
Total return of Health Care Select Sector Index	4.9400 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		123,599		173,227,755		(7,432,420	)
Total return of Health Care Select Sector Index	4.9000 % representing 1 month SOFR rate + spread	Barclays	12/20/2023		70,208		97,146,994		(3,017,364	)
						$	448,221,026	$	(16,578,628	)

Direxion Daily Homebuilders & Supplies Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 69.4%
	Building Material and Garden Equipment and Supplies Dealers - 5.7%
	24,183	Lowe’s Companies, Inc.	$	5,036,110
	29,035	MasterBrand, Inc. (a)		267,122
	15,626	The Home Depot, Inc.		5,065,480
				10,368,712
	Construction of Buildings - 41.3%
	18,952	Beazer Homes USA, Inc. (a)		310,244
	18,461	Century Communities, Inc.		1,129,813
	204,363	D.R. Horton, Inc.		20,168,585
	17,736	Green Brick Partners , Inc. (a)		553,363
	54,232	KB Home		2,085,221
	9,506	Lennar Corp.		820,938
	166,345	Lennar Corp. Class A		17,033,728
	13,383	LGI Homes, Inc. (a)		1,523,655
	37,223	M.D.C Holdings, Inc.		1,405,541
	17,909	M/I Homes, Inc. (a)		1,070,958
	23,878	Meritage Homes Corp. (a)		2,571,422
	1,960	NVR, Inc. (a)		10,329,200
	148,752	PulteGroup, Inc.		8,462,501
	70,744	Taylor Morrison Home Corp. (a)		2,532,635
	68,815	Toll Brothers, Inc.		4,093,804
	65,888	TRI Pointe Group, Inc. (a)		1,455,466
				75,547,074
	Fabricated Metal Product Manufacturing - 0.7%
	13,472	PGT Innovations, Inc. (a)		292,342
	9,563	Simpson Manufacturing Company, Inc.		1,024,293
				1,316,635
	Furniture and Related Product Manufacturing - 0.1%
	3,733	American Woodmark Corp. (a)		213,864
	Furniture, Home Furnishings, Electronics, and Appliance Retailers - 1.2%
	5,122	Ethan Allen Interiors, Inc.		147,207
	23,825	Floor & Decor Holdings, Inc. (a)		2,162,595
				2,309,802
	Machinery Manufacturing - 0.2%
	22,294	Hayward Holdings, Inc. (a)		300,746
	Management of Companies and Enterprises - 0.3%
	24,594	AZEK Company, Inc. (a)		593,453
	Merchant Wholesalers, Durable Goods - 6.4%
	11,395	Beacon Roofing Supply, Inc. (a)		648,148
	33,044	Builders FirstSource, Inc. (a)		2,633,607
	28,793	Fortune Brands Home & Security, Inc.		1,857,436
	29,765	Leggett & Platt, Inc.		1,088,208
	7,240	Lennox International, Inc.		1,886,889
	6,577	Lumber Liquidators Holdings, Inc. (a)		39,857
	11,838	Mohawk Industries, Inc. (a)		1,421,270
	7,469	Watsco, Inc.		2,146,366
				11,721,781
	Merchant Wholesalers, Nondurable Goods - 2.6%
	19,924	The Sherwin Williams Co.		4,713,819
	Nonmetallic Mineral Product Manufacturing - 1.9%
	8,273	Eagle Materials, Inc.		1,208,520
	20,983	Owens Corning		2,028,007
	7,436	Quanex Building Products Corp.		192,518
				3,429,045
	Specialty Trade Contractors - 3.2%
	15,316	Installed Building Products, Inc.		1,686,139
	20,874	TopBuild Corp. (a)		4,176,052
				5,862,191
	Wood Product Manufacturing - 5.8%
	5,410	Cavco Industries, Inc. (a)		1,439,601
	18,936	JELD-WEN Holding, Inc. (a)		239,540
	16,097	Louisiana-Pacific Corp.		1,096,045
	50,636	Masco Corp.		2,693,835
	5,002	Masonite International Corp. ADR (a)		456,282
	34,566	Skyline Champion Corp. (a)		2,037,666
	24,637	Trex Company, Inc. (a)		1,298,863
	13,838	UFP Industries, Inc.		1,294,545
				10,556,377
		TOTAL COMMON STOCKS (Cost $113,167,258)	$	126,933,499
	SHORT TERM INVESTMENTS - 33.6%
	Money Market Funds - 33.6%
	33,745,678	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	33,745,678
	11,147,012	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (b)		11,147,012
	16,594,751	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		16,594,751
		TOTAL SHORT TERM INVESTMENTS (Cost $61,487,441)	$	61,487,441
		TOTAL INVESTMENTS (Cost $174,654,699) - 103.0% (c)	$	188,420,940
		Liabilities in Excess of Other Assets - (3.0)%		(5,461,821	)
		TOTAL NET ASSETS - 100.0%	$	182,959,119

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $115,598,467.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of Dow Jones U.S. Select Home Construction Index	5.0900% representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		2,208	$	24,826,332	$	2,481,500
Total return of Dow Jones U.S. Select Home Construction Index	4.8500% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		9,425		108,613,341		8,178,907
Total return of Dow Jones U.S. Select Home Construction Index	4.7500% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		10,461		115,762,518		13,758,757
Total return of Dow Jones U.S. Select Home Construction Index	4.8000% representing 1 month SOFR rate + spread	Barclays	12/20/2023		11,859		127,700,386		19,056,757
						$	376,902,577	$	43,475,921

Direxion Daily Industrials Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 65.5%
	Administrative and Support Services - 2.6%
	495	Allegion PLC ADR (Ireland)	$	58,187
	689	Equifax, Inc.		153,096
	610	Robert Half International, Inc.		51,215
	1,302	Rollins, Inc.		47,393
	2,101	Waste Management, Inc.		325,088
				634,979
	Air Transportation - 1.8%
	713	Alaska Air Group, Inc. (a)		36,605
	3,656	American Airlines Group, Inc. (a)		59,008
	3,607	Delta Air Lines, Inc. (a)		141,034
	3,339	Southwest Airlines Co.		119,436
	1,839	United Continental Holdings, Inc. (a)		90,037
				446,120
	Building Material and Garden Equipment and Supplies Dealers - 0.3%
	298	Snap-on, Inc.		74,122
	Computer and Electronic Product Manufacturing - 7.9%
	1,292	AMETEK, Inc.		187,237
	1,989	Fortive Corp.		135,312
	1,071	L3 Harris Technologies, Inc.		230,072
	814	Northrop Grumman Corp.		364,704
	2,343	Otis Worldwide Corp.		192,665
	8,268	Raytheon Technologies Corp.		825,560
				1,935,550
	Couriers and Messengers - 4.2%
	1,346	FedEx Corp.		260,935
	4,104	United Parcel Service, Inc. Class B		760,184
				1,021,119
	Electrical Equipment, Appliance, and Component Manufacturing - 2.3%
	713	A.O. Smith Corp.		48,270
	3,326	Emerson Electric Co.		300,072
	356	Generac Holdings, Inc. (a)		42,934
	646	Rockwell Automation, Inc.		182,191
				573,467
	Fabricated Metal Product Manufacturing - 0.5%
	925	Pentair PLC ADR (Ireland)		51,226
	832	Stanley Black & Decker, Inc.		74,306
				125,532
	Machinery Manufacturing - 12.9%
	4,705	Carrier Global Corp.		214,219
	2,928	Caterpillar, Inc.		738,705
	793	Cummins, Inc.		197,885
	1,545	Deere & Co.		653,288
	6,146	General Electric Co.		494,630
	424	IDEX Corp.		101,624
	2,277	Ingersoll Rand, Inc.		127,512
	303	Nordson Corp.		73,720
	722	Parker Hannifin Corp.		235,372
	1,296	Trane Technologies PLC ADR (Ireland)		232,140
	1,014	Xylem, Inc.		105,466
				3,174,561
	Merchant Wholesalers, Durable Goods - 4.1%
	486	Cintas Corp.		215,658
	2,411	Copart, Inc. (a)		160,597
	3,222	Fastenal Co.		162,872
	223	Huntington Ingalls Industries, Inc.		49,180
	3,874	Johnson Controls International PLC ADR (Ireland)		269,514
	252	W.W. Grainger, Inc.		148,549
				1,006,370
	Merchant Wholesalers, Nondurable Goods - 1.5%
	1,573	Illinois Tool Works, Inc.		371,291
	Miscellaneous Manufacturing - 2.3%
	3,109	3M Co.		357,784
	789	Dover Corp.		119,794
	1,176	Textron, Inc.		85,671
				563,249
	National Security and International Affairs - 0.3%
	769	Leidos Holdings, Inc.		76,008
	Primary Metal Manufacturing - 0.3%
	2,071	Howmet Aerospace, Inc.		84,269
	Professional, Scientific, and Technical Services - 2.5%
	2,238	Eaton Corp PLC ADR (Ireland)		363,026
	718	Jacobs Solutions, Inc.		88,709
	879	Verisk Analytics, Inc. Class A		159,793
				611,528
	Rail Transportation - 4.4%
	11,825	CSX Corp.		365,629
	3,458	Union Pacific Corp.		706,089
				1,071,718
	Rental and Leasing Services - 0.7%
	390	United Rentals, Inc. (a)		171,971
	Specialty Trade Contractors - 0.5%
	804	Quanta Services, Inc.		122,361
	Support Activities for Transportation - 2.3%
	662	C.H. Robinson Worldwide, Inc.		66,313
	895	Expeditors International of Washington, Inc.		96,794
	467	J.B. Hunt Transport Services, Inc.		88,286
	1,302	Norfolk Southern Corp.		320,045
				571,438
	Transportation Equipment Manufacturing - 11.8%
	3,150	Boeing Co. (a)		670,950
	1,266	General Dynamics Corp.		295,054
	3,782	Honeywell International, Inc.		788,472
	1,312	Lockheed Martin Corp.		607,797
	1,956	Paccar, Inc.		213,810
	291	TransDigm Group, Inc.		208,865
	1,023	Wabtec Corp.		106,198
				2,891,146
	Truck Transportation - 0.7%
	510	Old Dominion Freight Line, Inc.		169,952
	Waste Management and Remediation Services - 0.6%
	1,156	Republic Services, Inc.		144,292
	Web Search Portals, Libraries, Archives, and Other Information Services - 0.7%
	2,287	CoStar Group, Inc. (a)		178,157
	Wood Product Manufacturing - 0.3%
	1,269	Masco Corp.		67,511
		TOTAL COMMON STOCKS (Cost $17,004,532)	$	16,086,711
	SHORT TERM INVESTMENTS - 30.9%
	Money Market Funds - 30.9%
	2,666,439	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	2,666,439
	2,210,033	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (b)		2,210,033
	2,722,760	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		2,722,760
		TOTAL SHORT TERM INVESTMENTS (Cost $7,599,232)	$	7,599,232
		TOTAL INVESTMENTS (Cost $24,603,764) - 96.4% (c)	$	23,685,943
		Other Assets in Excess of Liabilities - 3.6%		881,759
		TOTAL NET ASSETS - 100.0%	$	24,567,702

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $16,998,183.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of Industrials Select Sector Index	4.7500% representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		23,521	$	23,754,615	$	306,052
Total return of Industrials Select Sector Index	4.9000% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		18,024		18,222,203		197,748
Total return of Industrials Select Sector Index	4.6500% representing 1 month SOFR rate + spread	Barclays	12/20/2023		14,549		14,544,781		320,750
						$	56,521,599	$	824,550

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 60.7%
	Administrative and Support Services - 2.3%
	6,613	Royalty Pharma PLC ADR (United Kingdom)	$	259,163
	Ambulatory Health Care Services - 5.3%
	3,688	Axsome Therapeutics, Inc. (a)		276,600
	25,613	Viatris, Inc.		311,454
				588,054
	Chemical Manufacturing - 45.2%
	2,248	Aclaris Therapeutics, Inc. (a)		37,991
	1,606	Amphastar Pharmaceuticals, Inc. (a)		48,598
	369	ANI Pharmaceuticals, Inc. (a)		16,505
	3,503	Bristol-Myers Squibb Co.		254,493
	2,010	Cara Therapeutics, Inc. (a)		23,477
	7,129	Cassava Sciences, Inc. (a)(b)		199,612
	6,180	Catalent, Inc. (a)		330,939
	1,244	Collegium Pharmaceutical, Inc. (a)		34,932
	4,453	Corcept Therapeutics, Inc. (a)		101,796
	21,792	Elanco Animal Health, Inc. (a)		299,204
	765	Eli Lilly and Company		263,275
	10,151	Esperion Therapeutics, Inc. (a)		64,560
	2,304	Harmony Biosciences Holdings, Inc. (a)		110,984
	3,795	Innoviva, Inc. (a)		48,007
	4,164	Intra-Cellular Therapies, Inc. (a)		199,539
	1,817	Jazz Pharmaceuticals PLC ADR (Ireland) (a)		284,651
	1,355	Ligand Pharmaceuticals, Inc. (a)		94,443
	2,538	Merck & Co., Inc.		272,607
	12,995	Nektar Therapeutics (a)		35,346
	10,207	Organon & Co.		307,537
	3,018	Pacira Pharmaceuticals, Inc. (a)		118,517
	8,751	Perrigo Co. PLC ADR (Ireland)		327,462
	5,338	Pfizer, Inc.		235,726
	3,106	Pliant Therapeutics, Inc. (a)		108,834
	1,475	Prestige Consumer Healthcare, Inc. (a)		96,996
	5,901	Provention Bio, Inc. (a)		51,103
	11,726	Revance Therapeutics, Inc. (a)		406,658
	12,265	SIGA Technologies, Inc.		89,902
	2,472	Supernus Pharmaceuticals, Inc. (a)		101,377
	4,545	Theravance Biopharma, Inc. ADR (a)		49,131
	3,089	Ventyx Biosciences, Inc. (a)		129,738
	1,800	Zoetis, Inc.		297,882
				5,041,822
	Merchant Wholesalers, Nondurable Goods - 2.3%
	5,870	Amylxy Pharmaceuticals, Inc. (a)		230,046
	4,175	Atea Pharmaceuticals, Inc. (a)		19,330
				249,376
	Miscellaneous Manufacturing - 2.3%
	1,571	Johnson & Johnson		256,733
	Professional, Scientific, and Technical Services - 3.3%
	3,167	Arvinas, Inc. (a)		103,783
	2,712	DICE Therapeutics, Inc. (a)		86,160
	4,083	Reata Pharmaceuticals, Inc. (a)(b)		176,916
				366,859
		TOTAL COMMON STOCKS (Cost $6,709,773)	$	6,762,007
	SHORT TERM INVESTMENTS - 37.4%
	Money Market Funds - 37.4%
	2,309,421	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	2,309,421
	470,595	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (c)		470,595
	1,392,382	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (c)		1,392,382
		TOTAL SHORT TERM INVESTMENTS (Cost $4,172,398)	$	4,172,398
		TOTAL INVESTMENTS (Cost $10,882,171) - 98.1% (e)	$	10,934,405
		Other Assets in Excess of Liabilities - 1.9%		213,264
		TOTAL NET ASSETS - 100.0%	$	11,147,669

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 January 31, 2023.

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

^(e)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $6,693,269.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of S&P Pharmaceuticals Select Industry Index	4.9400 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		1,980	$	9,589,713	$	297,959
Total return of S&P Pharmaceuticals Select Industry Index	4.6500 % representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		1,536		7,472,118		185,225
Total return of S&P Pharmaceuticals Select Industry Index	4.9000 % representing 1 month SOFR rate + spread	Barclays	12/20/2023		1,808		8,739,554		265,379
						$	25,801,385	$	748,563

Direxion Daily Real Estate Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 57.7%
	Accommodation - 0.8%
	25,675	Host Hotels & Resorts, Inc.	$	483,974
	Administrative and Support Services - 1.0%
	10,437	Iron Mountain, Inc.		569,651
	Professional, Scientific, and Technical Services - 1.3%
	4,809	Extra Space Storage, Inc.		759,004
	Real Estate - 48.5%
	5,362	Alexandria Real Estate Equities, Inc.		861,888
	16,718	American Tower Corp.		3,734,634
	5,024	AvalonBay Communities, Inc.		891,459
	5,124	Boston Properties, Inc.		381,943
	3,824	Camden Property Trust		471,155
	11,345	CBRE Group, Inc. Class A (a)		970,111
	15,549	Crown Castle International Corp.		2,302,962
	10,323	Digital Realty Trust, Inc.		1,183,222
	12,213	Equity Residential		777,357
	2,325	Essex Property Trust, Inc.		525,613
	2,624	Federal Realty Investment Trust		292,655
	19,302	Healthpeak Properties, Inc.		530,419
	20,856	Invitation Homes, Inc.		677,820
	22,206	Kimco Realty Corp.		498,747
	4,145	Mid-America Apartment Communities, Inc.		691,054
	33,147	Prologis, Inc.		4,285,244
	5,676	Public Storage		1,727,434
	22,519	Realty Income Corp.		1,527,464
	5,529	Regency Centers Corp.		368,397
	11,740	Simon Property Group, Inc.		1,508,120
	10,989	UDR, Inc.		468,022
	14,352	Ventas, Inc.		743,577
	34,581	VICI Properties, Inc.		1,181,979
	16,966	Welltower, Inc.		1,273,129
	26,426	Weyerhaeuser Co.		909,847
				28,784,252
	Telecommunications - 6.1%
	3,321	Equinix, Inc.		2,451,330
	3,877	SBA Communications Corp.		1,153,524
				3,604,854
		TOTAL COMMON STOCKS (Cost $36,587,868)	$	34,201,735
	SHORT TERM INVESTMENTS - 37.8%
	Money Market Funds - 37.8%
	9,717,602	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	9,717,602
	12,689,658	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		12,689,658
		TOTAL SHORT TERM INVESTMENTS (Cost $22,407,260)	$	22,407,260
		TOTAL INVESTMENTS (Cost $58,995,128) - 95.5% (c)	$	56,608,995
		Other Assets in Excess of Liabilities - 4.5%		2,682,170
		TOTAL NET ASSETS - 100.0%	$	59,291,165

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $44,545,246.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of Real Estate Select Sector Index	4.3500 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		470,712	$	91,095,324	$	2,878,169
Total return of Real Estate Select Sector Index	4.5500 % representing 1 month SOFR rate + spread	J.P. Morgan	1/8/2024		248,593		46,217,430		3,363,663
						$	137,312,754	$	6,241,832

Direxion Daily Real Estate Bear 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 114.6%
	Money Market Funds - 114.6%
	106,037,117	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	106,037,117
	81,317,998	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		81,317,998
		TOTAL SHORT TERM INVESTMENTS (Cost $187,355,115) (b)	$	187,355,115
		TOTAL INVESTMENTS (Cost $187,355,115) - 114.6%	$	187,355,115
		Liabilities in Excess of Other Assets - (14.6)%		(23,820,227	)
		TOTAL NET ASSETS - 100.0%	$	163,534,888

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $118,208,843.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
4.1500 % representing 1 month SOFR rate + spread	Total return of Real Estate Select Sector Index	Bank of America Merrill Lynch	12/8/2023		610,271	$	118,610,815	$	(3,221,218	)
4.0500 % representing 1 month SOFR rate + spread	Total return of Real Estate Select Sector Index	J.P. Morgan	12/12/2023		838,613		157,833,946		(9,683,524	)
4.1000 % representing 1 month SOFR rate + spread	Total return of Real Estate Select Sector Index	UBS Securities LLC	12/13/2023		1,007,451		188,765,745		(12,216,292	)
						$	465,210,506	$	(25,121,034	)

Direxion Daily Regional Banks Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 65.3%
	Credit Intermediation and Related Activities - 59.9%
	2,154	1st Source Corp.	$	105,955
	3,099	Amerant Bancorp, Inc.		86,276
	18,586	Ameris Bancorp		876,516
	70,342	Associated Banc-Corp		1,576,364
	10,731	Atlantic Union Bankshares Corp.		415,182
	6,303	BancFirst Corp.		542,877
	9,858	Bank of Hawaii Corp.		754,038
	1,979	Bank of Marin Bancorp		60,300
	41,171	Bank OZK		1,880,280
	34,388	BankUnited, Inc.		1,294,364
	9,443	Banner Corp.		612,190
	14,269	Berkshire Hills Bancorp, Inc.		443,052
	8,517	BOK Financial Corp.		855,958
	17,498	Brookline Bancorp, Inc.		228,874
	66,096	Cadence Bank		1,690,736
	1,738	Camden National Corp.		73,396
	16,587	Cathay General Bancorp		729,165
	51,754	Citizens Financial Group, Inc.		2,241,983
	3,650	City Holding Co.		345,983
	1,369	Coastal Financial Corp. (a)		62,522
	50,659	Columbia Banking System, Inc.		1,565,870
	31,255	Comerica, Inc.		2,291,304
	19,410	Commerce Bancshares, Inc.		1,291,930
	11,540	Community Bank System, Inc.		665,973
	2,073	Community Trust Bancorp, Inc.		89,305
	5,403	ConnectOne Bancorp, Inc.		128,429
	15,886	Customers Bancorp, Inc. (a)		482,458
	34,341	CVB Financial Corp.		831,739
	4,806	Dime Community Bancshares, Inc.		143,315
	7,354	Eagle Bancorp, Inc.		349,241
	31,382	East West Bancorp, Inc.		2,464,115
	39,647	Eastern Bankshares, Inc.		641,092
	5,548	Enterprise Financial Services Corp.		295,819
	117,861	F.N.B. Corp.		1,681,876
	7,203	FB Financial Corp.		270,545
	62,662	Fifth Third Bancorp		2,274,004
	1,907	Financial Institutions, Inc.		47,122
	6,738	First Bancorp		268,509
	79,179	First BanCorp ADR		1,064,958
	5,698	First Bancshares, Inc.		174,644
	6,948	First Busey Corp.		165,849
	2,650	First Citizens BancShares, Inc. Class A		2,060,852
	23,475	First Commonwealth Financial Corp.		345,317
	15,359	First Financial Bancorp		389,043
	25,571	First Financial Bankshares, Inc.		910,839
	1,985	First Financial Corp.		89,166
	30,486	First Hawaiian, Inc.		836,536
	84,189	First Horizon National Corp.		2,081,994
	8,195	First Merchants Corp.		349,435
	17,620	First Republic Bank		2,482,306
	5,404	Flushing Finanicial Corp.		103,703
	48,828	Fulton Financial Corp.		816,892
	18,572	Glacier Bancorp, Inc.		846,697
	1,437	Great Southern Bancorp, Inc.		83,978
	24,960	Hancock Holding Co.		1,284,941
	6,844	Hanmi Financial Corp. Class A		159,397
	7,697	HarborOne Bancorp, Inc.		104,987
	6,007	Heartland Financial USA, Inc.		297,166
	9,442	Heritage Commerce Corp.		114,437
	10,290	Heritage Financial Corp.		293,574
	21,553	Hilltop Holdings, Inc.		704,783
	7,852	HomeStreet, Inc.		216,480
	39,028	Hope Bancorp, Inc.		503,071
	10,335	Horizon Bancorp, Inc.		161,639
	141,643	Huntington Bancshares, Inc.		2,148,724
	8,743	Independent Bank Corp. (Massachusetts)		696,730
	2,740	Independent Bank Corp. (Michigan)		60,746
	8,559	Independent Bank Group, Inc.		524,667
	14,572	International Bancshares Corp.		682,990
	118,307	KeyCorp		2,270,311
	12,855	Lakeland Bancorp, Inc.		247,716
	5,284	Lakeland Financial Corp.		373,632
	13,886	Live Oak Bancshares, Inc.		475,318
	13,615	M&T Bank Corp.		2,123,940
	1,556	Mercantile Bank Corp.		53,417
	8,651	Meta Financial Group, Inc.		429,263
	3,608	Midland States Bancorp, Inc.		91,932
	7,070	NBT Bancorp, Inc.		277,922
	1,175	Nicolet Bankshares, Inc. (a)		85,646
	41,630	Northwest Bancshares, Inc.		588,648
	13,854	OceanFirst Financial Corp.		331,388
	12,890	OFG Bancorp ADR		364,916
	90,866	Old National Bancorp		1,590,155
	6,496	Old Second Bancorp, Inc.		110,367
	5,734	Origin Bancorp, Inc.		215,025
	19,323	Pacific Premier Bancorp, Inc.		624,906
	71,133	PacWest Bancorp		1,967,539
	1,628	Park National Corp.		203,907
	2,998	Peapack-Gladstone Financial Corp.		111,196
	4,767	Peoples Bancorp, Inc.		141,437
	22,930	Pinnacle Financial Partners, Inc.		1,805,279
	13,376	PNC Financial Services Group, Inc.		2,212,792
	31,386	Popular, Inc. ADR		2,154,335
	2,721	Preferred Bank		193,545
	5,042	Premier Financial Corp.		126,151
	24,157	Prosperity Bancshares, Inc.		1,832,550
	93,591	Regions Financial Corp.		2,203,132
	9,050	Renasant Corp.		321,999
	6,454	S&T Bancorp, Inc.		234,797
	7,561	Sandy Spring Bancorp, Inc.		255,562
	20,248	Seacoast Banking Corp. of Florida		650,163
	17,381	Signature Bank		2,241,280
	96,167	Silvergate Capital Corp. (a)(b)		1,369,418
	30,698	Simmons First National Corp.		684,872
	6,045	Southside Bancshares, Inc.		228,985
	14,340	Stellar Bancorp, Inc.		403,097
	9,357	SVB Financial Group (a)		2,829,931
	51,139	Synovus Financial Corp.		2,145,281
	24,008	Texas Capital Bancshares, Inc. (a)		1,586,209
	12,145	The Bancorp, Inc. (a)		412,080
	1,837	Tompkins Financial Corp.		138,381
	6,986	Towne Bank		212,863
	3,832	TriCo Bancshares		193,708
	11,133	Triumph Bancorp, Inc. (a)		620,442
	48,975	Truist Financial Corp.		2,418,875
	11,612	Trustmark Corp.		338,141
	9,447	UMB Financial Corp.		852,025
	31,428	United Bankshares, Inc.		1,263,406
	34,383	United Community Banks, Inc.		1,118,823
	4,428	Univest Corp. of Pennsylvania		120,220
	120,885	Valley National Bancorp		1,436,114
	17,790	Washington Federal, Inc.		630,833
	2,649	Washington Trust Bancorp, Inc.		113,298
	43,651	Webster Financial Corp.		2,298,225
	10,095	WesBanco, Inc.		375,231
	6,936	Westamerica Bancorp		385,364
	33,917	Western Alliance Bancorp		2,556,324
	22,209	Wintrust Financial Corp.		2,031,457
	43,397	Zions Bancorp		2,306,985
				107,395,952
	Management of Companies and Enterprises - 5.3%
	18,062	Banc of California, Inc.		314,640
	4,316	Byline Bancorp, Inc.		107,037
	7,479	Central Pacific Financial Corp.		169,025
	15,054	Cullen/Frost Bankers, Inc.		1,961,235
	18,146	First Foundation, Inc.		281,807
	31,444	First Interstate BancSystem, Inc.		1,128,211
	50,651	Home Bancshares, Inc.		1,209,039
	3,454	Metropolitan Bank Holding Corp. (a)		205,099
	8,225	National Bank Holdings Corp.		347,342
	8,017	ServisFirst Bancshares, Inc.		546,599
	19,134	South State Corp.		1,523,066
	71,498	Umpqua Holdings Corp.		1,301,264
	14,841	Veritex Holdings, Inc.		417,774
				9,512,138
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.1%
	5,021	CrossFirst Bankshares, Inc. (a)		67,784
	3,515	QCR Holdings, Inc.		184,748
				252,532
		TOTAL COMMON STOCKS (Cost $127,213,190)	$	117,160,622
	SHORT TERM INVESTMENTS - 36.8%
	Money Market Funds - 36.8%
	38,143,509	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	38,143,509
	1,458,920	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (c)		1,458,920
	26,406,967	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (c)		26,406,967
		TOTAL SHORT TERM INVESTMENTS (Cost $66,009,396)	$	66,009,396
		TOTAL INVESTMENTS (Cost $193,222,586) - 102.1% (e)	$	183,170,018
		Liabilities in Excess of Other Assets - (2.1)%		(3,814,755	)
		TOTAL NET ASSETS - 100.0%	$	179,355,263

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 January 31, 2023.

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

^(e)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $120,834,833.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of S&P Regional Banks Select Industry Index	4.8500 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		60,639	$	115,386,315	$	2,532,307
Total return of S&P Regional Banks Select Industry Index	4.8400 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		78,934		145,526,896		8,131,930
Total return of S&P Regional Banks Select Industry Index	4.8000 % representing 1 month SOFR rate + spread	Barclays	12/20/2023		75,993		143,263,358		4,533,821
						$	404,176,569	$	15,198,058

Direxion Daily Retail Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 63.4%
	Administrative and Support Services - 0.7%
	15,749	Revolve Group, Inc. (a)	$	449,477
	Clothing and Clothing Accessories Stores - 14.4%
	17,261	Abercrombie & Fitch Co. Class A (a)		499,879
	7,482	Academy Sports & Outdoors Inc.		437,098
	25,744	American Eagle Outfitters, Inc.		415,508
	9,625	Bath & Body Works, Inc.		442,846
	6,531	Boot Barn Holdings, Inc. (a)		545,273
	18,422	Caleres, Inc.		479,340
	72,131	Chicos FAS, Inc. (a)		380,130
	11,805	Childrens Place Retail Stores, Inc. (a)		535,593
	40,048	Designer Brands, Inc.		412,895
	29,301	Gap, Inc. (b)		397,615
	5,022	Genesco, Inc. (a)		242,512
	19,612	Guess?, Inc.		454,410
	23,376	Nordstrom, Inc.		456,767
	3,542	Ross Stores, Inc.		418,629
	10,550	Shoe Carnival, Inc.		288,121
	5,969	Signet Jewelers Ltd. ADR		458,479
	9,113	The Buckle, Inc.		400,972
	5,216	TJX Companies, Inc.		426,982
	14,888	Urban Outfitters, Inc. (a)		407,782
	9,053	Victoria’s Secret & Co. (a)		381,584
	10,903	Zumiez, Inc. (a)		281,625
				8,764,040
	Electronics and Appliance Stores - 1.4%
	4,979	Best Buy Co., Inc.		441,737
	18,000	GameStop Corp. Class A (a)(b)		393,660
				835,397
	Food and Beverage Stores - 3.4%
	19,051	Albertsons Companies, Inc. Class A		403,881
	14,267	Grocery Outlet Holding Corp. (a)		433,574
	2,468	Ingles Markets, Inc.		234,460
	8,758	Kroger Co.		390,869
	12,065	Sprouts Farmers Market, Inc. (a)		385,477
	2,199	Weis Markets, Inc.		189,862
				2,038,123
	Food Services and Drinking Places - 1.7%
	1,680	Casey’s General Stores, Inc.		396,329
	10,793	Wayfair, Inc. (a)(b)		652,976
				1,049,305
	Gasoline Stations - 0.4%
	5,022	TravelCenters of America Inc. (a)		228,601
	General Merchandise Stores - 9.1%
	24,536	Big Lots, Inc.		401,409
	5,797	BJ’s Wholesale Club Holdings, Inc. (a)		420,109
	2,096	Burlington Stores, Inc. (a)		481,724
	840	Costco Wholesale Corp.		429,358
	1,208	Dillard’s, Inc. Class A		475,118
	1,679	Dollar General Corp.		392,214
	2,864	Dollar Tree, Inc. (a)		430,116
	2,302	Five Below, Inc. (a)		453,793
	15,412	Kohl’s Corp.		498,886
	18,457	Macy’s, Inc.		436,139
	3,250	PriceSmart, Inc.		241,507
	2,676	Target Corp.		460,647
	2,801	Wal-Mart Stores, Inc.		402,980
				5,524,000
	Health and Personal Care Stores - 1.8%
	12,207	Petmed Express, Inc.		262,206
	864	Ulta Salon, Cosmetics & Fragrance, Inc. (a)		444,062
	10,079	Walgreens Boots Alliance, Inc.		371,512
				1,077,780
	Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) - 0.2%
	407	Winmark Corp.		114,286
	Machinery Manufacturing - 1.5%
	33,659	Leslie’s, Inc. (a)		521,378
	10,198	Xometry, Inc. (a)		357,134
				878,512
	Merchant Wholesalers, Durable Goods - 0.3%
	2,180	America’s Car-Mart, Inc. (a)		187,785
	Merchant Wholesalers, Nondurable Goods - 0.8%
	10,735	Foot Locker, Inc.		467,080
	Miscellaneous Manufacturing - 1.5%
	10,644	National Vision Holdings, Inc. (a)		437,468
	38,755	Petco Health & Wellness Co., Inc. (a)		453,046
				890,514
	Miscellaneous Store Retailers - 3.8%
	9,331	Chewy, Inc. (a)		420,455
	7,939	Ollie’s Bargain Outlet Holdings, Inc. (a)		434,740
	35,918	Sally Beauty Holdings, Inc. (a)		559,602
	8,801	The ODP Corp. (a)		454,132
	1,865	Tractor Supply Co.		425,201
				2,294,130
	Motor Vehicle and Parts Dealers - 9.9%
	2,795	Advance Auto Parts, Inc.		425,623
	2,247	Asbury Automotive Group, Inc. (a)		494,340
	3,503	AutoNation, Inc. (a)		443,900
	166	AutoZone, Inc. (a)		404,849
	6,200	CarMax, Inc. (a)		436,790
	80,649	Carvana Co. (a)(b)		820,200
	73,116	EVgo, Inc. (a)(b)		503,769
	2,138	Group 1 Automotive, Inc.		457,211
	10,430	MarineMax, Inc. (a)		325,938
	1,414	Murphy USA, Inc.		384,651
	492	O’Reilly Automotive, Inc. (a)		389,836
	2,494	OneWater Marine. Inc. (a)		81,654
	3,271	Penske Automotive Group, Inc.		418,099
	7,931	Sonic Automotive, Inc.		425,974
				6,012,834
	Nonstore Retailers - 5.2%
	4,572	Amazon.com, Inc. (a)		471,510
	7,368	DoorDash, Inc. (a)		426,755
	9,333	eBay, Inc.		461,983
	3,213	Etsy, Inc. (a)		442,044
	17,770	Overstock.com, Inc. (a)		430,212
	104,965	Stitch Fix, Inc. (a)		546,868
	24,679	Warby Parker, Inc. (a)(b)		398,566
				3,177,938
	Printing and Related Support Activities - 0.2%
	11,726	Arko Corp.		98,381
	Professional, Scientific, and Technical Services - 2.4%
	661,046	ContextLogic, Inc. (a)		454,733
	15,530	Franchise Group, Inc. (b)		479,722
	205,690	Qurate Retail, Inc. (a)		530,680
				1,465,135
	Rental and Leasing Services - 0.8%
	17,186	Rent-A-Center, Inc.		462,132
	Repair and Maintenance - 0.8%
	5,568	Liquidity Services, Inc. (a)		83,464
	8,410	Monro Muffler Brake, Inc.		428,069
				511,533
	Sporting Goods, Hobby, Musical Instrument, and Book Stores - 2.3%
	16,913	Camping World Holdings, Inc. (b)		429,759
	3,414	Dick’s Sporting Goods, Inc.		446,415
	6,020	Hibbett Sports, Inc.		399,487
	12,766	Sportsman’s Warehouse Holdings, Inc. (a)		120,384
				1,396,045
	Truck Transportation - 0.8%
	1,860	Lithia Motors, Inc. Class A		489,552
		TOTAL COMMON STOCKS (Cost $34,756,911)	$	38,412,580
	SHORT TERM INVESTMENTS - 33.4%
	Money Market Funds - 33.4%
	11,761,211	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	11,761,211
	1	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (c)		1
	8,485,695	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (c)		8,485,695
		TOTAL SHORT TERM INVESTMENTS (Cost $20,246,907)	$	20,246,907
		TOTAL INVESTMENTS (Cost $55,003,818) - 96.8% (e)	$	58,659,487
		Other Assets in Excess of Liabilities - 3.2%		1,890,908
		TOTAL NET ASSETS - 100.0%	$	60,550,395

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 January 31, 2023.

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

^(e)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $39,301,256.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of S&P Retail Select Industry® Index	4.7000 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		9,184	$	62,941,501	$	4,998,123
Total return of S&P Retail Select Industry® Index	4.8900 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		5,070		34,674,122		2,894,429
Total return of S&P Retail Select Industry® Index	4.6500 % representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		5,045		34,221,446		3,086,752
						$	131,837,069	$	10,979,304

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

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 67.7%
	Accommodation - 2.5%
	15,524	Caesars Entertainment Inc. (a)	$	808,179
	10,427	Las Vegas Sands Corp. (a)		615,193
	14,180	MGM Resorts International		587,194
				2,010,566
	Administrative and Support Services - 1.2%
	215	Booking Holdings, Inc. (a)		523,332
	5,533	Live Nation Entertainment, Inc. (a)		445,351
				968,683
	Air Transportation - 2.0%
	36,596	American Airlines Group, Inc. (a)		590,659
	12,932	Delta Air Lines, Inc. (a)		505,641
	11,710	United Continental Holdings, Inc. (a)		573,322
				1,669,622
	Amusement, Gambling, and Recreation Industries - 0.9%
	6,843	Wynn Resorts Ltd. (a)		709,209
	Apparel Manufacturing - 0.7%
	4,622	Ralph Lauren Corp.		572,435
	Broadcasting and Content Providers - 1.3%
	31,902	Dish Network Corp. (a)		459,070
	40,026	Warner Bros Discovery, Inc. (a)		593,185
				1,052,255
	Chemical Manufacturing - 0.5%
	1,500	Albemarle Corp.		422,175
	Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 0.8%
	14,203	Bath & Body Works, Inc.		653,480
	Computer and Electronic Product Manufacturing - 16.2%
	10,911	Advanced Micro Devices, Inc. (a)		819,962
	4,685	Alphabet, Inc. Class C (a)		467,891
	2,655	Analog Devices, Inc.		455,253
	2,943	Apple, Inc.		424,645
	3,676	Arista Networks, Inc. (a)		463,250
	856	Broadcom, Inc.		500,769
	1,945	Enphase Energy, Inc. (a)		430,584
	10,323	Fortinet, Inc. (a)		540,306
	2,040	Illumina, Inc. (a)		436,968
	7,397	Microchip Technology, Inc.		574,155
	8,415	Micron Technology, Inc.		507,425
	1,786	Monolithic Power Systems, Inc.		761,836
	5,094	NVIDIA Corp.		995,215
	3,031	NXP Semiconductors NV ADR (Netherlands)		558,644
	9,643	ON Semiconductor Corp. (a)		708,278
	5,408	Qorvo, Inc. (a)		587,633
	4,229	Qualcomm, Inc.		563,345
	5,191	Skyworks Solutions, Inc.		569,297
	1,956	SolarEdge Technologies, Inc. (a)		624,218
	6,050	Teradyne, Inc.		615,285
	8,317	Trimble, Inc. (a)		482,885
	11,991	Western Digital Corp. (a)		527,004
	2,029	Zebra Technologies Corp. Class A (a)		641,529
				13,256,377
	Construction of Buildings - 2.0%
	5,398	D.R. Horton, Inc.		532,729
	5,220	Lennar Corp. Class A		534,528
	10,615	PulteGroup, Inc.		603,887
				1,671,144
	Credit Intermediation and Related Activities - 3.8%
	3,887	Capital One Financial Corp.		462,553
	3,438	First Republic Bank		484,346
	3,962	Signature Bank		510,900
	5,252	State Street Corp.		479,665
	2,386	SVB Financial Group (a)		721,622
	11,584	Synchrony Financial		425,480
				3,084,566
	Electrical Equipment, Appliance, and Component Manufacturing - 0.8%
	5,623	Generac Holdings, Inc. (a)		678,134
	Funds, Trusts, and Other Financial Vehicles - 0.6%
	3,942	T. Rowe Price Group, Inc.		459,125
	General Merchandise Retailers - 1.9%
	5,722	Amazon.com, Inc. (a)		590,110
	6,762	Etsy, Inc. (a)		930,316
				1,520,426
	Insurance Carriers and Related Activities - 0.6%
	13,456	Lincoln National Corp.		476,746
	Leather and Allied Product Manufacturing - 1.4%
	4,376	NIKE, Inc. Class B		557,196
	13,890	Tapestry, Inc.		632,967
				1,190,163
	Machinery Manufacturing - 1.5%
	5,701	Applied Materials, Inc.		635,604
	1,245	Lam Research Corp.		622,625
				1,258,229
	Management of Companies and Enterprises - 1.7%
	74,111	Carnival Corp. ADR (Panama) (a)		801,881
	41,759	Norwegian Cruise Line Holdings Ltd. ADR (a)		635,154
				1,437,035
	Merchant Wholesalers, Durable Goods - 0.7%
	1,551	KLA-Tencor Corp.		608,736
	Mining (except Oil and Gas) - 0.7%
	12,242	Freeport-McMoRan Copper & Gold, Inc.		546,238
	Miscellaneous Manufacturing - 2.8%
	2,923	Align Technology, Inc. (a)		788,421
	4,325	DexCom, Inc. (a)		463,164
	1,973	Estee Lauder Companies, Inc. Class A		546,679
	1,885	Intuitive Surgical, Inc. (a)		463,126
				2,261,390
	Motion Picture and Sound Recording Industries - 0.9%
	1,989	Netflix, Inc. (a)		703,828
	Motor Vehicle and Parts Dealers - 0.6%
	6,528	CarMax, Inc. (a)		459,898
	Professional, Scientific, and Technical Services - 5.6%
	1,781	Charles River Laboratories International, Inc. (a)		433,228
	13,819	DXC Technology Co. (a)		397,020
	1,665	EPAM Systems, Inc. (a)		553,862
	12,149	Match Group, Inc. (a)		657,504
	5,396	Meta Platforms, Inc. (a)		803,842
	2,821	Moderna, Inc. (a)		496,666
	1,765	Paycom Software, Inc. (a)		571,754
	1,469	ServiceNow, Inc. (a)		668,586
				4,582,462
	Publishing Industries - 7.2%
	1,525	Adobe Systems, Inc. (a)		564,768
	2,030	ANSYS, Inc. (a)		540,711
	2,486	Autodesk, Inc. (a)		534,888
	2,923	Cadence Design Systems, Inc. (a)		534,412
	9,783	Ceridian HCM Holding, Inc. (a)		707,115
	1,399	Intuit, Inc.		591,315
	1,752	Microsoft Corp.		434,163
	3,115	PTC, Inc. (a)		420,151
	3,330	Salesforce.com, Inc. (a)		559,340
	1,510	Synopsys, Inc. (a)		534,163
	1,401	Tyler Technologies, Inc. (a)		452,201
				5,873,227
	Rental and Leasing Services - 0.7%
	1,294	United Rentals, Inc. (a)		570,589
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.3%
	1,290	Ameriprise Financial, Inc.		451,655
	589	BlackRock, Inc.		447,175
	26,768	Invesco Ltd. ADR (a)		495,475
	920	MSCI, Inc. Class A		489,035
				1,883,340
	Support Activities for Transportation - 0.7%
	4,848	Expedia, Inc. (a)		554,126
	Telecommunications - 0.6%
	6,506	PayPal Holdings, Inc. (a)		530,174
	Transportation Equipment Manufacturing - 3.2%
	5,255	Aptiv PLC ADR (United Kingdom) (a)		594,288
	2,473	Boeing Co. (a)		526,749
	34,288	Ford Motor Co.		463,231
	11,653	General Motors Co.		458,196
	3,243	Tesla Motors, Inc. (a)		561,752
				2,604,216
	Water Transportation - 0.8%
	11,075	Royal Caribbean Cruises Ltd. ADR (Liberia) (a)		719,211
	Web Search Portals, Libraries, Archives, and Other Information Services- 0.5%
	4,906	CoStar Group, Inc. (a)		382,177
		TOTAL COMMON STOCKS (Cost $51,886,019)	$	55,369,982
	SHORT TERM INVESTMENTS - 14.4%
	Money Market Funds - 14.4%
	1,714,555	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	1,714,555
	543,562	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (b)		543,562
	9,517,913	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		9,517,913
		TOTAL SHORT TERM INVESTMENTS (Cost $11,776,030)	$	11,776,030
		TOTAL INVESTMENTS (Cost $63,662,049) - 82.1% (c)	$	67,146,012
		Other Assets in Excess of Liabilities - 17.9%		14,581,623
		TOTAL NET ASSETS - 100.0%	$	81,727,635

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $63,648,915.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of S&P 500® High Beta Index	4.8500% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		2,982	$	48,580,443	$	2,234,625
Total return of S&P 500® High Beta Index	4.3300% representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		733		11,455,193		1,025,799
Total return of S&P 500® High Beta Index	4.8000% representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		646		10,103,782		877,392
Total return of S&P 500® High Beta Index	4.7500% representing 1 month SOFR rate + spread	Barclays	12/20/2023		6,746		102,855,927		11,897,967
						$	172,995,345	$	16,035,783

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

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 127.5%
	Money Market Funds - 127.5%
	47,891,922	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	47,891,922
	9,401,045	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (a)		9,401,045
	17,819,183	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		17,819,183
		TOTAL SHORT TERM INVESTMENTS (Cost $75,112,150) (b)	$	75,112,150
		TOTAL INVESTMENTS (Cost $75,112,150) - 127.5%	$	75,112,150
		Liabilities in Excess of Other Assets - (27.5)%		(16,219,862	)
		TOTAL NET ASSETS - 100.0%	$	58,892,288

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $46,375,392.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
4.5500% representing 1 month SOFR rate + spread	Total return of S&P 500® High Beta Index	Bank of America Merrill Lynch	12/8/2023		1,217	$	20,256,295	$	(500,854	)
4.0500% representing 1 month SOFR rate + spread	Total return of S&P 500® High Beta Index	J.P. Morgan	12/12/2023		1,463		22,917,559		(1,962,514	)
4.1000% representing 1 month SOFR rate + spread	Total return of S&P 500® High Beta Index	UBS Securities LLC	12/13/2023		5,739		89,717,676		(7,932,079	)
4.5000% representing 1 month SOFR rate + spread	Total return of S&P 500® High Beta Index	Barclays	12/20/2023		1,920		29,487,436		(3,148,745	)
						$	162,378,966	$	(13,544,192	)

Direxion Daily S&P Biotech Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 64.5%
	Administrative and Support Services - 0.3%
	159,751	Day One Biopharmaceuticals (a)	$	3,477,779
	Ambulatory Health Care Services - 1.4%
	377,662	CareDx, Inc. (a)		5,642,271
	51,111	Keros Therapeutics, Inc. (a)		2,993,571
	164,455	Natera, Inc. (a)		7,060,053
				15,695,895
	Apparel Manufacturing - 0.2%
	398,105	Sana Biotechnology, Inc. (a)(b)		1,815,359
	Chemical Manufacturing - 42.2%
	102,434	2seventy bio, Inc. (a)		1,393,102
	38,599	AbbVie, Inc.		5,703,002
	432,969	Acadia Pharmaceuticals Inc. (a)		8,239,400
	141,604	Adicet Bio, Inc. (a)		1,295,677
	614,133	ADMA Biologics, Inc. (a)		2,266,151
	164,646	Agios Pharmaceuticals, Inc. (a)		4,853,764
	254,069	Alkermes PLC ADR (Ireland) (a)		7,276,536
	26,952	Alnylam Pharmaceuticals, Inc. (a)		6,101,933
	465,837	Altimmune, Inc. (a)		6,354,017
	22,607	Amgen, Inc.		5,706,007
	536,632	Amicus Therapeutics, Inc. (a)		6,997,681
	85,707	Arcellx, Inc. (a)		2,863,471
	121,052	Arcturus Therapeutics Holdings, Inc. (a)		2,557,829
	151,647	Arcus Biosciences Inc. (a)		3,280,125
	235,741	Arcutis Biotherapeutics, Inc. (a)		3,906,228
	248,619	Avid Bioservices, Inc. (a)		3,935,639
	148,979	Beam Therapeutics, Inc. (a)		6,473,138
	597,308	BioCryst Pharmaceuticals, Inc. (a)		6,301,599
	22,242	Biogen, Inc. (a)		6,470,198
	61,212	BioMarin Pharmaceutical, Inc. (a)		7,060,804
	837,792	bluebird bio, Inc. (a)		5,319,979
	132,829	Blueprint Medicines Corp. (a)		6,208,427
	502,044	BridgeBio Pharma, Inc. (a)		4,658,968
	164,439	Caribou Biosciences, Inc. (a)		1,185,605
	383,203	Catalyst Pharmaceuticals, Inc. (a)		5,935,815
	111,522	Celldex Therapeutics, Inc. (a)		4,913,659
	135,338	Chinook Therapeutics, Inc. (a)		3,419,991
	251,945	Cogent Biosciences, Inc. (a)		3,794,292
	365,100	Coherus BioSciences, Inc. (a)		3,096,048
	82,807	Crinetics Pharmaceuticals, Inc. (a)		1,623,845
	1,144,597	CTI BioPharma Corp. (a)		6,329,621
	196,553	Deciphera Pharmaceuticals, Inc. (a)		3,343,367
	220,637	Denali Therapeutics, Inc. (a)		6,678,682
	189,412	Design Therapeutics, Inc. (a)(b)		1,486,884
	45,509	Eagle Pharmaceuticals, Inc. (a)		1,544,575
	323,359	Emergent Biosolutions, Inc. (a)		4,265,105
	64,912	Enanta Pharmaceuticals, Inc. (a)		3,465,003
	222,755	ERASCA, Inc. (a)		891,020
	201,928	FibroGen, Inc. (a)		4,765,501
	995,492	Geron Corp. (a)		3,285,124
	71,298	Gilead Sciences, Inc.		5,984,754
	2,155,942	Gossamer Bio, Inc. (a)(b)		5,691,687
	110,214	Halozyme Therapeutics, Inc. (a)		5,705,779
	64,320	Horizon Therapeutics PLC ADR (Ireland) (a)		7,057,190
	366,810	ImmunityBio, Inc. (a)(b)		1,393,878
	1,064,238	Immunogen, Inc. (a)		4,895,495
	76,162	Incyte Corp. (a)		6,484,433
	339,764	Insmed, Inc. (a)		7,315,119
	165,284	Intellia Therapeutics, Inc. (a)		7,014,653
	206,754	Intercept Pharmaceuticals, Inc. (a)		3,775,328
	167,267	Ionis Pharmaceuticals, Inc. (a)		6,668,935
	529,661	Ironwood Pharmaceuticals, Inc. Class A (a)		6,101,695
	79,780	iTeos Therapeutics, Inc. (a)		1,667,402
	31,902	Karuna Therapeutics, Inc. (a)		6,360,940
	541,984	Karyopharm Therapeutics, Inc. (a)		1,788,547
	70,965	Kiniksa Pharmaceuticals, Ltd. ADR (a)		1,026,154
	47,916	Krystal Biotech, Inc. (a)		3,982,778
	81,871	Madrigal Pharmaceuticals, Inc. (a)		23,599,316
	997,284	MannKind Corp. (a)		5,455,144
	324,182	Mersana Therapeutics Inc. (a)		2,133,118
	113,839	Mirum Pharmaceuticals, Inc. (a)		2,672,940
	85,295	Morphic Holding, Inc. (a)		2,791,705
	215,255	Myovant Sciences, Ltd. ADR (a)		5,786,054
	160,447	Myriad Genetics, Inc. (a)		3,164,015
	53,406	Neurocrine Biosciences, Inc. (a)		5,924,328
	379,976	Novavax, Inc. (a)(b)		4,145,538
	205,974	PMV Pharmaceuticals, Inc. (a)		1,688,987
	56,811	Prometheus Biosciences, Inc. (a)		6,457,138
	107,551	Prothena Corp. PLC ADR (a)		6,082,009
	164,455	PTC Therapeutics, Inc. (a)		7,546,840
	113,765	RAPT Therapeutics, Inc. (a)		3,304,873
	8,204	Regeneron Pharmaceuticals, Inc. (a)		6,222,488
	111,384	REGENXBIO, Inc. (a)		2,585,223
	58,269	Replimune Group Inc. (a)		1,622,792
	238,024	Rhythm Pharmaceuticals, Inc. (a)		6,509,956
	228,643	Rocket Pharmaceuticals, Inc. (a)		4,968,412
	127,542	Sage Therapeutics, Inc. (a)		5,655,212
	549,696	Sangamo Therapeutics, Inc. (a)		1,918,439
	52,861	Sarepta Therapeutics, Inc. (a)		6,606,039
	50,778	Seagen, Inc. (a)		7,082,515
	247,095	Seres Therapeutics, Inc. (a)		1,351,610
	247,631	SpringWorks Therapeutics, Inc. (a)		7,775,613
	76,645	Sutro Biopharma, Inc. (a)		554,910
	205,964	Syndax Pharmaceuticals Inc. (a)		5,911,167
	584,722	TG Therapeutics, Inc. (a)		8,905,316
	248,529	Travere Therapeutics, Inc. (a)		5,567,050
	256,874	Twist Bioscience Corp. (a)		7,369,715
	154,285	Ultragenyx Pharmaceutical, Inc. (a)		6,993,739
	153,698	uniQure N.V. ADR (Netherlands) (a)		3,266,083
	22,467	United Therapeutics Corp. (a)		5,912,640
	108,919	Vanda Pharmaceuticals, Inc. (a)		836,498
	219,132	Veracyte, Inc. (a)		5,506,787
	135,566	Vericel Corp. (a)		3,723,998
	20,290	Vertex Pharmaceuticals, Inc. (a)		6,555,699
	91,170	Viridian Therapeutics, Inc. (a)		3,329,528
	90,675	Xencor, Inc. (a)		2,985,021
				458,631,034
	Hospitals - 0.1%
	37,462	Nuvalent, Inc. (a)(b)		1,133,226
	Merchant Wholesalers, Nondurable Goods - 2.5%
	146,089	Akero Therapeutics, Inc. (a)		7,231,406
	254,696	Allakos, Inc. (a)		1,892,391
	391,291	Atara Biotherapeutics, Inc. (a)		1,983,845
	138,337	C4 Therapeutics, Inc. (a)		1,077,645
	229,676	Protagonist Therapeutics Inc. (a)		3,052,394
	368,808	Relay Therapeutics, Inc. (a)		7,914,620
	178,287	Zentalis Pharmaceuticals, Inc. (a)		4,207,573
				27,359,874
	Miscellaneous Manufacturing - 1.4%
	21,985	Anika Therapeutics, Inc. (a)		681,755
	2,013,952	Inovio Pharmaceuticals, Inc. (a)		3,343,160
	137,512	MiMedx Group, Inc. (a)		532,171
	150,166	Mirati Therapeutics, Inc. (a)		8,020,366
	1,922,224	Ocugen, Inc. (a)(b)		2,441,225
				15,018,677
	Pharmaceuticals, Biotechnology & Life Sciences - 0.5%
	280,125	Biohaven, Ltd. ADR (a)		5,347,586
	Professional, Scientific, and Technical Services - 13.3%
	37,462	4D Molecular Therapeutics, Inc. (a)		788,575
	1,361,080	Agenus, Inc. (a)		3,552,419
	161,701	Alector, Inc. (a)		1,426,203
	588,457	Allogene Therapeutics, Inc. (a)		4,542,888
	54,702	AnaptysBio, Inc. (a)		1,361,533
	361,490	Anavex Life Sciences Corp. (a)(b)		3,929,396
	127,789	Apellis Pharmaceuticals, Inc. (a)		6,738,314
	207,450	Arrowhead Pharmaceuticals, Inc. (a)		7,258,675
	187,009	Avidity Biosciences, Inc. (a)		4,432,113
	127,910	Crispr Therapeutics AG ADR (Switzerland) (a)		6,525,968
	175,393	Cytokinetics, Inc. (a)		7,450,695
	503,139	Dynavax Technologies Corp. (a)		5,725,722
	599,611	Editas Medicine, Inc. (a)		5,930,153
	140,554	Exact Sciences Corp. (a)		9,490,206
	397,839	Exelixis, Inc. (a)		7,009,923
	331,688	Fate Therapeutics, Inc. (a)		1,976,860
	119,992	IDEAYA Biosciences, Inc. (a)		2,043,464
	153,000	Inhibrx, Inc. (a)		3,825,000
	309,968	Iveric Bio, Inc. (a)		7,160,261
	271,310	Kezar Life Sciences, Inc. (a)		1,945,293
	254,951	Kura Oncology, Inc. (a)		3,523,423
	167,848	Kymera Therapeutics, Inc. (a)		6,274,158
	452,285	Lyell Immunopharma, Inc. (a)(b)		1,478,972
	35,351	Moderna, Inc. (a)		6,223,897
	128,399	Nurix Therapeutics, Inc. (a)		1,578,024
	406,584	Recursion Pharmaceuticals, Inc. (a)		3,386,845
	184,713	Revolution Medicines, Inc. (a)		4,939,225
	3,322,033	Sorrento Therapeutics Inc. (a)		3,184,169
	147,942	Vaxcyte, Inc. (a)		6,709,170
	289,954	Verve Therapeutics, Inc. (a)		6,596,453
	239,788	Vir Biotechnology, Inc. (a)		7,085,735
				144,093,732
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.9%
	185,595	Cerevel Therapeutics Holdings, Inc. (a)		6,338,069
	956,370	EQRx, Inc. (a)		2,343,106
	179,440	Immunovant Inc. (a)		3,188,649
	231,447	POINT Biopharma Global Inc. (a)		1,851,576
	199,335	Roivant Sciences Ltd. ADR (a)(b)		1,654,481
	620,131	Scilex Holding Co. (a)		4,892,834
				20,268,715
	Support Activities for Transportation - 0.7%
	906,522	Iovance Biotherapeutics, Inc. (a)		7,215,915
		TOTAL COMMON STOCKS (Cost $712,000,279)	$	700,057,792
	SHORT TERM INVESTMENTS - 31.7%
	Money Market Funds - 31.7%
	193,363,625	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	193,363,625
	101,439,555	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (c)		101,439,555
	3	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (c)		3
	49,680,681	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (c)		49,680,681
		TOTAL SHORT TERM INVESTMENTS (Cost $344,483,864)	$	344,483,864
		TOTAL INVESTMENTS (Cost $1,056,484,143) - 96.2% (e)	$	1,044,541,656
		Other Assets in Excess of Liabilities - 3.8%		41,119,805
		TOTAL NET ASSETS - 100.0%	$	1,085,661,461

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 January 31, 2023.

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

^(e)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $913,538,125.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of S&P Biotechnology Select Industry Index	4.8000 % representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		50,000	$	313,822,500	$	29,072,977
Total return of S&P Biotechnology Select Industry Index	4.8000 % representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		85,736		542,038,594		46,540,688
Total return of S&P Biotechnology Select Industry Index	4.1000 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		40,000		257,978,800		16,510,093
Total return of S&P Biotechnology Select Industry Index	4.5500 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		57,028		366,783,162		24,385,272
Total return of S&P Biotechnology Select Industry Index	5.0200 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		59,443		380,829,304		27,797,178
Total return of S&P Biotechnology Select Industry Index	4.5200 % representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		39,820		253,244,849		19,859,102
Total return of S&P Biotechnology Select Industry Index	5.2500 % representing 1 month SOFR rate + spread	Barclays	12/20/2023		38,741		244,596,874		20,847,056
						$	2,359,294,083	$	185,012,366

Direxion Daily S&P Biotech Bear 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 110.4%
	Money Market Funds - 110.4%
	101,133,990	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	101,133,990
	30,165,441	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (a)		30,165,441
	13,240,000	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (a)		13,240,000
	27,279,522	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		27,279,522
		TOTAL SHORT TERM INVESTMENTS (Cost $171,818,953) (b)	$	171,818,953
		TOTAL INVESTMENTS (Cost $171,818,953) - 110.4%	$	171,818,953
		Liabilities in Excess of Other Assets - (10.4)%		(16,235,705	)
		TOTAL NET ASSETS - 100.0%	$	155,583,248

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $98,447,441.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
4.5000 % representing 1 month SOFR rate + spread	Total return of S&P Biotechnology Select Industry Index	Goldman Sachs	12/7/2023		21,971	$	147,228,082	$	(4,119,547	)
3.9000 % representing 1 month SOFR rate + spread	Total return of S&P Biotechnology Select Industry Index	Bank of America Merrill Lynch	12/8/2023		4,943		31,879,730		(2,048,913	)
4.1500 % representing 1 month SOFR rate + spread	Total return of S&P Biotechnology Select Industry Index	J.P. Morgan	12/12/2023		5,925		38,188,343		(2,436,865	)
4.5200 % representing 1 month SOFR rate + spread	Total return of S&P Biotechnology Select Industry Index	UBS Securities LLC	12/13/2023		20,735		140,896,349		(1,873,842	)
4.1500 % representing 1 month SOFR rate + spread	Total return of S&P Biotechnology Select Industry Index	Citibank N.A.	12/19/2023		5,000		31,733,350		(2,575,220	)
4.5500 % representing 1 month SOFR rate + spread	Total return of S&P Biotechnology Select Industry Index	Barclays	12/20/2023		9,110		62,276,638		(431,778	)
						$	452,202,492	$	(13,486,165	)

Direxion Daily Semiconductor Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 71.7%
	Computer and Electronic Product Manufacturing - 58.1%
	2,622,939	Advanced Micro Devices, Inc. (a)	$	197,113,866
	761,362	Analog Devices, Inc.		130,550,742
	474,943	Broadcom, Inc.		277,846,404
	4,350,865	Intel Corp.		122,955,445
	580,262	Lattice Semiconductor Corp. (a)		43,978,057
	2,811,597	Marvell Technology, Inc.		121,320,411
	1,652,200	Microchip Technology, Inc.		128,243,764
	2,269,644	Micron Technology, Inc.		136,859,533
	268,328	MKS Instruments, Inc.		27,455,321
	190,111	Monolithic Power Systems, Inc.		81,093,748
	1,545,675	NVIDIA Corp.		301,978,525
	743,376	NXP Semiconductors NV ADR (Netherlands)		137,011,631
	1,739,574	ON Semiconductor Corp. (a)		127,771,710
	431,301	Qorvo, Inc. (a)		46,865,167
	1,609,730	Qualcomm, Inc.		214,432,133
	684,273	Skyworks Solutions, Inc.		75,044,220
	1,150,410	STMicroelectronics NV ADR (Netherlands)		54,322,360
	1,445,620	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		134,052,343
	665,130	Teradyne, Inc.		67,643,721
	1,449,534	Texas Instruments, Inc.		256,871,920
	3,151,709	United Microelectronics Corp. ADR (Taiwan) (b)		25,623,394
	528,918	Wolfspeed, Inc. (a)		40,731,975
				2,749,766,390
	Credit Intermediation and Related Activities - 0.4%
	2,754,974	ASE Technology Holding Co., Ltd. ADR (Taiwan)		19,835,813
	Electrical Equipment, Appliance, and Component Manufacturing - 0.4%
	168,124	Synaptics, Inc. (a)		21,020,543
	Machinery Manufacturing - 8.5%
	1,193,952	Applied Materials, Inc.		133,113,709
	197,810	ASML Holding NV ADR (Netherlands)		130,720,760
	277,430	Lam Research Corp.		138,742,743
				402,577,212
	Merchant Wholesalers, Durable Goods - 3.8%
	634,255	Entegris, Inc.		51,190,721
	332,435	KLA-Tencor Corp.		130,474,089
				181,664,810
	Primary Metal Manufacturing - 0.5%
	138,486	Silicon Laboratories, Inc. (a)		21,729,838
		TOTAL COMMON STOCKS (Cost $2,973,657,240)	$	3,396,594,606
	SHORT TERM INVESTMENTS - 25.8%
	Money Market Funds - 25.8%
	106,820,772	Dreyfus Government Cash Management Institutional Shares, 4.23% (c)(d)	$	106,820,772
	1,112,600,000	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (c)		1,112,600,000
	179,969	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (c)		179,969
	4,000,000	JPMorgan 100% U.S. Treasury Securities Money Market Fund Institutional Shares, 4.18% (c)		4,000,000
		TOTAL SHORT TERM INVESTMENTS (Cost $1,223,600,741)	$	1,223,600,741
		TOTAL INVESTMENTS (Cost $4,197,257,981) - 97.5% (e)	$	4,620,195,347
		Other Assets in Excess of Liabilities - 2.5%		116,714,108
		TOTAL NET ASSETS - 100.0%	$	4,736,909,455

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 January 31, 2023.

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

^(e)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,372,408,151.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of ICE Semiconductor Index	5.1900 % representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		1,077,509	$	668,184,565	$	70,008,645
Total return of ICE Semiconductor Index	5.1500 % representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		5,061,899		3,253,660,521		213,374,075
Total return of ICE Semiconductor Index	4.9000 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		1,634,793		1,077,165,108		41,216,777
Total return of ICE Semiconductor Index	4.6000 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		2,555,363		1,614,300,280		135,014,495
Total return of ICE Semiconductor Index	5.0600 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		1,995,765		1,265,553,262		101,145,166
Total return of ICE Semiconductor Index	4.7200 % representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		1,820,603		1,183,300,301		63,367,773
Total return of ICE Semiconductor Index	5.0800 % representing 1 month SOFR rate + spread	Barclays	12/20/2023		1,589,223		979,580,759		109,666,375
						$	10,041,744,796	$	733,793,306

Direxion Daily Semiconductor Bear 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 122.5%
	Money Market Funds - 122.5%
	977,382,880	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	977,382,880
	395,820,801	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (a)		395,820,801
	198,173,245	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (a)		198,173,245
	464,396,226	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		464,396,226
		TOTAL SHORT TERM INVESTMENTS (Cost $2,035,773,152) (b)	$	2,035,773,152
		TOTAL INVESTMENTS (Cost $2,035,773,152) - 122.5%	$	2,035,773,152
		Liabilities in Excess of Other Assets - (22.5)%		(374,533,053	)
		TOTAL NET ASSETS - 100.0%	$	1,661,240,099

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,327,366,914.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
4.3400% representing 1 month SOFR rate + spread	Total return of ICE Semiconductor Index	BNP Paribas	12/5/2023		955,703	$	596,027,076	$	(59,207,520	)
4.4500% representing 1 month SOFR rate + spread	Total return of ICE Semiconductor Index	Goldman Sachs	12/7/2023		2,289,924		1,516,495,545		(54,568,031	)
4.7000% representing 1 month SOFR rate + spread	Total return of ICE Semiconductor Index	Bank of America Merrill Lynch	12/8/2023		577,876		373,947,318		(22,195,672	)
4.1500% representing 1 month SOFR rate + spread	Total return of ICE Semiconductor Index	J.P. Morgan	12/12/2023		1,432,587		931,244,355		(49,774,476	)
4.7000% representing 1 month SOFR rate + spread	Total return of ICE Semiconductor Index	UBS Securities LLC	12/13/2023		598,410		402,692,923		(8,246,032	)
4.4500% representing 1 month SOFR rate + spread	Total return of ICE Semiconductor Index	Citibank N.A.	12/19/2023		494,486		298,419,237		(40,197,839	)
4.6300% representing 1 month SOFR rate + spread	Total return of ICE Semiconductor Index	Barclays	12/20/2023		902,747		550,311,666		(67,922,660	)
						$	4,669,138,120	$	(302,112,230	)

Direxion Daily Technology Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 70.7%
	Administrative and Support Services - 4.2%
	48,798	Automatic Data Processing, Inc.	$	11,019,077
	13,837	Broadridge Financial Solutions, Inc.		2,080,531
	8,671	FleetCor Technologies, Inc. (a)		1,810,592
	9,302	Gartner, Inc. (a)		3,145,378
	192,325	Visa, Inc. Class A		44,275,138
				62,330,716
	Amusement, Gambling, and Recreation Industries - 0.3%
	31,811	Global Payments, Inc.		3,585,736
	Computer and Electronic Product Manufacturing - 34.2%
	189,665	Advanced Micro Devices, Inc. (a)		14,253,325
	69,993	Amphenol Corp. Class A		5,583,342
	60,503	Analog Devices, Inc.		10,374,449
	1,617,775	Apple, Inc.		233,428,755
	29,119	Arista Networks, Inc. (a)		3,669,576
	47,636	Broadcom, Inc.		27,867,536
	482,999	Cisco Systems, Inc.		23,507,561
	15,987	Enphase Energy, Inc. (a)		3,539,202
	76,275	Fortinet, Inc. (a)		3,992,234
	104,131	HP, Inc.		3,034,377
	485,468	Intel Corp.		13,719,326
	106,353	International Business Machines Corp.		14,328,940
	21,032	Keysight Technologies, Inc. (a)		3,772,089
	64,693	Microchip Technology, Inc.		5,021,471
	127,886	Micron Technology, Inc.		7,711,526
	5,250	Monolithic Power Systems, Inc.		2,239,440
	19,669	Motorola Solutions, Inc.		5,055,130
	25,571	NetApp, Inc.		1,693,567
	292,909	NVIDIA Corp.		57,225,631
	30,467	NXP Semiconductors NV ADR (Netherlands)		5,615,373
	50,859	ON Semiconductor Corp. (a)		3,735,594
	11,921	Qorvo, Inc. (a)		1,295,336
	131,869	Qualcomm, Inc.		17,566,269
	12,488	Roper Technologies, Inc.		5,329,254
	22,586	Seagate Technology Holdings PLC ADR (Ireland)		1,530,879
	18,883	Skyworks Solutions, Inc.		2,070,899
	6,580	SolarEdge Technologies, Inc. (a)		2,099,875
	18,316	Teradyne, Inc.		1,862,737
	106,759	Texas Instruments, Inc.		18,918,762
	29,009	Trimble, Inc. (a)		1,684,263
	37,372	Western Digital Corp. (a)		1,642,499
	6,075	Zebra Technologies Corp. Class A (a)		1,920,794
				505,290,011
	Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.6%
	74,699	Fiserv, Inc. (a)		7,968,889
	Credit Intermediation and Related Activities - 2.9%
	69,802	Fidelity National Information Services, Inc.		5,237,942
	99,848	MasterCard, Inc. Class A		37,003,669
				42,241,611
	Electrical Equipment, Appliance, and Component Manufacturing - 0.3%
	37,427	TE Connectivity Ltd. ADR (Switzerland)		4,758,843
	Machinery Manufacturing - 1.3%
	101,204	Applied Materials, Inc.		11,283,234
	16,040	Lam Research Corp.		8,021,604
				19,304,838
	Merchant Wholesalers, Durable Goods - 0.5%
	16,664	KLA-Tencor Corp.		6,540,287
	Nonmetallic Mineral Product Manufacturing - 0.2%
	89,549	Corning, Inc.		3,099,291
	Professional, Scientific, and Technical Services - 3.8%
	74,112	Accenture PLC Class A ADR (Ireland)		20,680,953
	15,925	CDW Corp.		3,121,778
	60,454	Cognizant Technology Solutions Corp. Class A		4,035,304
	27,057	DXC Technology Co. (a)		777,348
	6,773	EPAM Systems, Inc. (a)		2,253,038
	7,029	F5 Networks, Inc. (a)		1,037,902
	8,575	Jack Henry & Associates, Inc.		1,544,272
	38,183	Juniper Networks, Inc.		1,233,311
	37,732	Paychex, Inc.		4,371,629
	5,722	Paycom Software, Inc. (a)		1,853,585
	23,762	ServiceNow, Inc. (a)		10,814,799
	5,514	Teledyne Technologies, Inc. (a)		2,339,370
	10,861	VeriSign, Inc. (a)		2,368,241
				56,431,530
	Publishing Industries - 18.4%
	54,692	Adobe Systems, Inc. (a)		20,254,635
	10,242	ANSYS, Inc. (a)		2,728,059
	25,397	Autodesk, Inc. (a)		5,464,419
	32,263	Cadence Design Systems, Inc. (a)		5,898,644
	33,158	Intuit, Inc.		14,014,892
	876,866	Microsoft Corp.		217,296,163
	17,981	Synopsys, Inc. (a)		6,360,779
				272,017,591
	Publishing Industries (except Internet) - 3.1%
	18,499	Akamai Technologies, Inc. (a)		1,645,486
	18,076	Ceridian HCM Holding, Inc. (a)		1,306,533
	151,355	Hewlett Packard Enterprise Co.		2,441,356
	68,193	NortonLifeLock, Inc.		1,569,121
	180,782	Oracle Corp.		15,991,976
	12,445	PTC, Inc. (a)		1,678,582
	117,627	Salesforce.com, Inc. (a)		19,757,807
	4,904	Tyler Technologies, Inc. (a)		1,582,864
				45,973,725
	Telecommunications - 0.8%
	134,108	PayPal Holdings, Inc. (a)		10,928,461
	Utilities - 0.1%
	11,674	First Solar, Inc. (a)		2,073,302
		TOTAL COMMON STOCKS (Cost $947,954,851)	$	1,042,544,831
	SHORT TERM INVESTMENTS - 27.8%
	Money Market Funds - 27.8%
	232,540,845	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	232,540,845
	100,701,380	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (b)		100,701,380
	52,240,000	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (b)		52,240,000
	25,304,221	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		25,304,221
		TOTAL SHORT TERM INVESTMENTS (Cost $410,786,446)	$	410,786,446
		TOTAL INVESTMENTS (Cost $1,358,741,297) - 98.5% (c)	$	1,453,331,277
		Other Assets in Excess of Liabilities - 1.5%		22,542,930
		TOTAL NET ASSETS - 100.0%	$	1,475,874,207

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,145,085,997.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of Technology Select Sector Index	5.0900 % representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		312,700	$	408,928,333	$	17,518,586
Total return of Technology Select Sector Index	4.8000 % representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		490,000		645,006,600		22,878,013
Total return of Technology Select Sector Index	4.9000 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		307,626		418,614,385		564,634
Total return of Technology Select Sector Index	4.7500 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		312,693		406,312,401		21,413,076
Total return of Technology Select Sector Index	4.9800 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		307,443		414,695,342		4,244,575
Total return of Technology Select Sector Index	4.9500 % representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		257,024		345,748,686		4,464,389
Total return of Technology Select Sector Index	4.8900 % representing 1 month SOFR rate + spread	Barclays	12/20/2023		482,608		629,800,795		29,542,873
						$	3,269,106,542	$	100,626,146

Direxion Daily Technology Bear 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 109.7%
	Money Market Funds - 109.7%
	96,923,145	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	96,923,145
	21,242,780	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (a)		21,242,780
	15,542,088	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (a)		15,542,088
	46,494,762	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		46,494,762
		TOTAL SHORT TERM INVESTMENTS (Cost $180,202,775) (b)	$	180,202,775
		TOTAL INVESTMENTS (Cost $180,202,775) - 109.7%	$	180,202,775
		Liabilities in Excess of Other Assets - (9.7)%		(15,990,365	)
		TOTAL NET ASSETS - 100.0%	$	164,212,410

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $105,345,985.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
4.3400% representing 1 month SOFR rate + spread	Total return of Technology Select Sector Index	BNP Paribas	12/5/2023		51,099	$	66,375,046	$	(3,335,182	)
4.5000% representing 1 month SOFR rate + spread	Total return of Technology Select Sector Index	Goldman Sachs	12/7/2023		67,633		87,175,877		(5,086,771	)
4.7000% representing 1 month SOFR rate + spread	Total return of Technology Select Sector Index	Bank of America Merrill Lynch	12/8/2023		56,518		76,909,129		(124,673	)
4.3000% representing 1 month SOFR rate + spread	Total return of Technology Select Sector Index	J.P. Morgan	12/12/2023		51,678		69,384,916		(1,150,574	)
4.6900% representing 1 month SOFR rate + spread	Total return of Technology Select Sector Index	UBS Securities LLC	12/13/2023		26,979		36,225,770		(553,641	)
4.5500% representing 1 month SOFR rate + spread	Total return of Technology Select Sector Index	Citibank N.A.	12/19/2023		50,190		67,515,588		(909,286	)
4.5300% representing 1 month SOFR rate + spread	Total return of Technology Select Sector Index	Barclays	12/20/2023		55,384		74,644,167		(961,614	)
						$	478,230,493	$	(12,121,741	)

Direxion Daily Transportation Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 61.1%
	Administrative and Support Services - 0.9%
	3,483	GXO Logistics, Inc. (a)	$	182,266
	3,379	RXO, Inc. (a)		61,903
				244,169
	Air Transportation - 9.7%
	3,723	Alaska Air Group, Inc. (a)		191,139
	459	Allegiant Travel Co. (a)		39,488
	19,077	American Airlines Group, Inc. (a)		307,903
	757	Atlas Air Worldwide Holdings, Inc. (a)		77,373
	18,821	Delta Air Lines, Inc. (a)		735,901
	1,087	Frontier Group Holdings, Inc. (a)		13,674
	1,509	Hawaiian Holdings, Inc. (a)		18,591
	9,507	JetBlue Airways Corp. (a)		76,056
	1,485	Skywest, Inc. (a)		30,829
	17,428	Southwest Airlines Co.		623,399
	3,195	Spirit Airlines, Inc.		63,389
	9,597	United Continental Holdings, Inc. (a)		469,869
				2,647,611
	Couriers and Messengers - 14.3%
	1,665	Air Transport Services Group, Inc. (a)		47,136
	4,114	FedEx Corp.		797,540
	16,485	United Parcel Service, Inc. Class B		3,053,517
				3,898,193
	Management of Companies and Enterprises - 0.1%
	957	Sun Country Airlines Holdings, Inc. (a)		17,867
	288	U-Haul Holding Co.		19,305
				37,172
	Professional, Scientific, and Technical Services - 0.1%
	4,014	TuSimple Holdings, Inc. (a)		8,429
	Rail Transportation - 15.0%
	40,782	CSX Corp.		1,260,979
	13,887	Union Pacific Corp.		2,835,587
				4,096,566
	Rental and Leasing Services - 1.4%
	731	Avis Budget Group, Inc. (a)		146,229
	4,901	Hertz Global Holdings, Inc. (a)		88,316
	1,475	Ryder System, Inc.		139,255
				373,800
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.1%
	8,577	Joby Aviation, Inc. (a)		37,910
	Support Activities for Transportation - 8.9%
	3,455	C.H. Robinson Worldwide, Inc.		346,087
	1,751	Daseke, Inc. (a)		12,222
	4,671	Expeditors International of Washington, Inc.		505,169
	781	Forward Air Corp.		84,231
	958	Hub Group, Inc. (a)		81,689
	2,432	J.B. Hunt Transport Services, Inc.		459,769
	1,109	Matson, Inc.		73,327
	2,934	Norfolk Southern Corp.		721,206
	3,381	XPO Logistics, Inc. (a)		134,767
				2,418,467
	Transit and Ground Passenger Transportation - 3.6%
	9,204	Lyft, Inc. (a)		149,565
	26,845	Uber Technologies, Inc. (a)		830,316
				979,881
	Truck Transportation - 5.7%
	717	ArcBest Corp.		59,834
	1,367	Heartland Express, Inc.		22,993
	4,717	Knight-Swift Transportation Holdings, Inc. Class A		278,775
	1,690	Marten Transport Ltd.		37,332
	2,472	Old Dominion Freight Line, Inc.		823,769
	777	Saia, Inc. (a)		211,950
	1,087	Schneider National, Inc.		28,805
	1,725	Werner Enterprises, Inc.		81,023
				1,544,481
	Warehousing and Storage - 0.7%
	1,055	Landstar System, Inc.		182,336
	Water Transportation - 0.6%
	281	Eagle Bulk Shipping, Inc. ADR		16,096
	1,094	Genco Shipping & Trading, Ltd. ADR		19,845
	1,758	Kirby Corp. (a)		124,431
				160,372
		TOTAL COMMON STOCKS (Cost $17,634,030)	$	16,629,387
	SHORT TERM INVESTMENTS - 33.2%
	Money Market Funds - 33.2%
	3,783,646	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	3,783,646
	352	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (b)		352
	5,273,046	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		5,273,046
		TOTAL SHORT TERM INVESTMENTS (Cost $9,057,044)	$	9,057,044
		TOTAL INVESTMENTS (Cost $26,691,074) - 94.3% (c)	$	25,686,431
		Other Assets in Excess of Liabilities - 5.7%		1,559,870
		TOTAL NET ASSETS - 100.0%	$	27,246,301

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $18,596,948.

ADR - American Depository Receipt

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of S&P Transportation Select Industry FMC Capped Index	4.9400 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		3,910	$	20,338,124	$	238,259
Total return of S&P Transportation Select Industry FMC Capped Index	4.8000 % representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		8,415		42,978,380		1,285,270
						$	63,316,504	$	1,523,529

Direxion Daily Utilities Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	COMMON STOCKS - 69.5%
	Oil and Gas Extraction - 3.7%
	8,166	Dominion Energy, Inc.	$	519,684
	Utilities - 65.8%
	6,548	AES Corp.		179,481
	2,460	Alliant Energy Corp.		132,914
	2,534	Ameren Corp.		220,128
	5,036	American Electric Power Co., Inc.		473,182
	1,782	American Water Works Co., Inc.		278,865
	1,372	Atmos Energy Corp.		161,265
	6,171	CenterPoint Energy, Inc.		185,870
	2,844	CMS Energy Corp.		179,712
	3,479	Consolidated Edison, Inc.		331,583
	3,205	Constellation Energy Corp.		273,579
	1,900	DTE Energy Co.		221,103
	7,548	Duke Energy Corp.		773,293
	3,744	Edison International		257,962
	1,995	Entergy Corp.		216,019
	2,249	Evergy, Inc.		140,900
	3,413	Eversource Energy		280,992
	9,740	Exelon Corp.		410,931
	5,324	FirstEnergy Corp.		218,018
	19,478	NextEra Energy, Inc.		1,453,643
	3,981	NiSource, Inc.		110,473
	2,259	NRG Energy, Inc.		77,303
	15,781	PG&E Corp. (a)		250,918
	1,109	Pinnacle West Capital Corp.		82,676
	7,217	PPL Corp.		213,623
	4,891	Public Service Enterprise Group, Inc.		302,900
	3,082	Sempra Energy		494,137
	10,671	Southern Co.		722,213
	3,092	WEC Energy Group, Inc.		290,617
	5,363	Xcel Energy, Inc.		368,813
				9,303,113
		TOTAL COMMON STOCKS (Cost $10,168,251)	$	9,822,797
	SHORT TERM INVESTMENTS - 37.1%
	Money Market Funds - 37.1%
	1,880,646	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	1,880,646
	144,870	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (b)		144,870
	3,211,051	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		3,211,051
		TOTAL SHORT TERM INVESTMENTS (Cost $5,236,567)	$	5,236,567
		TOTAL INVESTMENTS (Cost $15,404,818) - 106.6% (c)	$	15,059,364
		Liabilities in Excess of Other Assets - (6.6)%		(935,832	)
		TOTAL NET ASSETS - 100.0%	$	14,123,532

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $10,640,336.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
Total return of Utilities Select Sector Index	4.7500 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		19,853	$	14,133,546	$	(304,896	)
Total return of Utilities Select Sector Index	4.7000 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		21,353		15,447,443		(551,206	)
Total return of Utilities Select Sector Index	4.8500 % representing 1 month SOFR rate + spread	Barclays	12/20/2023		5,280		3,780,533		(103,568	)
						$	33,361,522	$	(959,670	)

Direxion Daily 7-10 Year Treasury Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 77.7%
	178,574	iShares 7-10 Year Treasury Bond ETF (a)	$	17,716,327
		TOTAL INVESTMENT COMPANIES (Cost $17,809,707)	$	17,716,327
	SHORT TERM INVESTMENTS - 23.9%
	Money Market Funds - 23.9%
	5,167,784	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	5,167,784
	69	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (b)		69
	282,524	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		282,524
		TOTAL SHORT TERM INVESTMENTS (Cost $5,450,377)	$	5,450,377
		TOTAL INVESTMENTS (Cost $23,260,084) - 101.6% (c)	$	23,166,704
		Liabilities in Excess of Other Assets - (1.6)%		(371,190	)
		TOTAL NET ASSETS - 100.0%	$	22,795,514

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $20,034,548.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of iShares 7-10 Year Treasury Bond ETF	3.7100 % representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		141,556	$	13,867,350	$	139,185
Total return of iShares 7-10 Year Treasury Bond ETF	4.4500 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		196,345		19,364,651		38,994
Total return of iShares 7-10 Year Treasury Bond ETF	4.5000 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		143,593		14,014,500		165,053
Total return of iShares 7-10 Year Treasury Bond ETF	4.6000 % representing 1 month SOFR rate + spread	Barclays	12/20/2023		29,247		2,877,199		9,460
						$	50,123,700	$	352,692

Direxion Daily 7-10 Year Treasury Bear 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 101.1%
	Money Market Funds - 101.1%
	26,135,079	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	26,135,079
	530,066	Goldman Sachs Financial Square Government Fund Institutional Shares, 4.22% (a)		530,066
	4,184,808	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		4,184,808
		TOTAL SHORT TERM INVESTMENTS (Cost $30,849,953) (b)	$	30,849,953
		TOTAL INVESTMENTS (Cost $30,849,953) - 101.1%	$	30,849,953
		Liabilities in Excess of Other Assets - (1.1)%		(350,491	)
		TOTAL NET ASSETS - 100.0%	$	30,499,462

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $19,001,003.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
3.4100 % representing 1 month SOFR rate + spread	Total return of iShares 7-10 Year Treasury Bond ETF	BNP Paribas	12/5/2023		702,617	$	69,469,915	$	(62,299	)
4.2500 % representing 1 month SOFR rate + spread	Total return of iShares 7-10 Year Treasury Bond ETF	Bank of America Merrill Lynch	12/8/2023		8,495		838,119		(3,284	)
3.3500 % representing 1 month SOFR rate + spread	Total return of iShares 7-10 Year Treasury Bond ETF	J.P. Morgan	12/12/2023		184,489		18,140,561		(122,609	)
4.2100 % representing 1 month SOFR rate + spread	Total return of iShares 7-10 Year Treasury Bond ETF	Barclays	12/20/2023		26,680		2,622,111		(13,184	)
						$	91,070,706	$	(201,376	)

Direxion Daily 20+ Year Treasury Bull 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	INVESTMENT COMPANIES - 65.4%
	5,910,493	iShares 20+ Year Treasury Bond ETF (a)	$	633,427,535
		TOTAL INVESTMENT COMPANIES (Cost $607,719,496)	$	633,427,535
	SHORT TERM INVESTMENTS - 34.9%
	Money Market Funds - 34.9%
	234,394,186	Dreyfus Government Cash Management Institutional Shares, 4.23% (b)	$	234,394,186
	43,412,605	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (b)		43,412,605
	60,179,938	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (b)		60,179,938
		TOTAL SHORT TERM INVESTMENTS (Cost $337,986,729)	$	337,986,729
		TOTAL INVESTMENTS (Cost $945,706,225) - 100.3% (c)	$	971,414,264
		Liabilities in Excess of Other Assets - (0.3)%		(3,587,802	)
		TOTAL NET ASSETS - 100.0%	$	967,826,462

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 January 31, 2023.

^(c)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $668,074,650.

Long Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of iShares 20+ Year Treasury Bond ETF	4.6100 % representing 1 month SOFR rate + spread	BNP Paribas	12/5/2023		3,478,471	$	369,107,641	$	2,417,444
Total return of iShares 20+ Year Treasury Bond ETF	4.2000 % representing 1 month SOFR rate + spread	Goldman Sachs	12/7/2023		3,355,527		354,154,392		4,286,581
Total return of iShares 20+ Year Treasury Bond ETF	4.1000 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/8/2023		1,826,708		195,685,009		(595,912	)
Total return of iShares 20+ Year Treasury Bond ETF	4.6000 % representing 1 month SOFR rate + spread	J.P. Morgan	12/12/2023		2,720,589		286,282,132		4,118,919
Total return of iShares 20+ Year Treasury Bond ETF	4.7400 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/13/2023		5,079,087		545,549,481		(3,089,855	)
Total return of iShares 20+ Year Treasury Bond ETF	4.6400 % representing 1 month SOFR rate + spread	Citibank N.A.	12/19/2023		4,721,331		500,415,709		3,821,531
						$	2,251,194,364	$	10,958,708

Direxion Daily 20+ Year Treasury Bear 3X Shares

Schedule of Investments (Unaudited)

January 31, 2023

Shares			Fair Value
	SHORT TERM INVESTMENTS - 102.1%
	Money Market Funds - 102.1%
	264,290,195	Dreyfus Government Cash Management Institutional Shares, 4.23% (a)	$	264,290,195
	44,757,774	Dreyfus Treasury Securities Cash Management Institutional Shares, 4.23% (a)		44,757,774
	125,606,699	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.22% (a)		125,606,699
		TOTAL SHORT TERM INVESTMENTS (Cost $434,654,668) (b)	$	434,654,668
		TOTAL INVESTMENTS (Cost $434,654,668) - 102.1%	$	434,654,668
		Liabilities in Excess of Other Assets - (2.1)%		(8,955,481	)
		TOTAL NET ASSETS - 100.0%	$	425,699,187

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 January 31, 2023.

^(b)  All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $259,419,378.

Short Total Return Swap Contracts (Unaudited)

January 31, 2023

Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
4.3900 % representing 1 month SOFR rate + spread	Total return of iShares 20+ Year Treasury Bond ETF	BNP Paribas	12/5/2023		2,511,334	$	271,366,382	$	2,977,417
4.0000 % representing 1 month SOFR rate + spread	Total return of iShares 20+ Year Treasury Bond ETF	Goldman Sachs	12/7/2023		2,095,896		223,805,386		(181,928	)
3.8000 % representing 1 month SOFR rate + spread	Total return of iShares 20+ Year Treasury Bond ETF	Bank of America Merrill Lynch	12/8/2023		1,100,000		118,178,595		573,479
4.1000 % representing 1 month SOFR rate + spread	Total return of iShares 20+ Year Treasury Bond ETF	J.P. Morgan	12/12/2023		1,075,696		113,582,741		(1,263,082	)
4.4000 % representing 1 month SOFR rate + spread	Total return of iShares 20+ Year Treasury Bond ETF	UBS Securities LLC	12/13/2023		2,072,672		224,145,821		2,695,564
4.2000 % representing 1 month SOFR rate + spread	Total return of iShares 20+ Year Treasury Bond ETF	Citibank N.A.	12/19/2023		3,061,135		327,702,900		704,763
						$	1,278,781,825	$	5,506,213

Valuation Measurements (Unaudited)

The Funds follows 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 measurement of fair value and a discussion in 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 spreads, credit risk, etc.)

Level 3 - Significant unobservable inputs (including 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 January 31, 2023:

	Asset Class												Liability Class
	Level 1										Level 2		Level 1			Level 2
Funds	Investment Companies		Common Stocks		Short Term Investments		Cash Equivalents		Futures Contracts*		Total Return Swap Contracts*		Futures Contracts*			Total Return Swap Contracts*
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$	—	$	—	$	272,048,243		—	$	9,184,893	$	—	$	(6,199	)	$	—
Direxion Breakfast Commodities Strategy ETF (Consolidated)		—		—		4,881,942		—		117,124		—		(197,174	)		—
Direxion Hydrogen ETF		—		29,986,228		4,462,265		—		—		—		—			—
Direxion Moonshot Innovators ETF		—		43,880,141		6,249,400		—		—		—		—			—
Direxion mRNA ETF		—		4,379,844		7,094		—		—		—		—			—
Direxion Nanotechnology ETF		—		1,316,570		169,816		—		—		—		—			—
Direxion NASDAQ-100® Equal Weighted Index Shares		—		499,032,787		16,037,973		—		—		—		—			—
Direxion Work From Home ETF		—		33,334,747		154,936		—		—		—		—			—
Direxion Daily CSI 300 China A Share Bear 1X Shares		—		—		14,778,152		—		—		—		—			(1,039,097	)
Direxion Daily S&P 500® Bear 1X Shares		—		—		502,296,451		—		—		—		—			(18,395,373	)
Direxion Daily AAPL Bear 1X Shares		—		—		24,763,212		—		—		—		—			(435,554	)
Direxion Daily AMZN Bear 1X Shares		—		—		7,852,821		—		—		—		—			(856,580	)
Direxion Daily GOOGL Bear 1X Shares		—		—		5,369,028		—		—		—		—			(233,414	)
Direxion Daily MSFT Bear 1X Shares		—		—		3,718,931		—		—		81,704		—			(4,626	)
Direxion Daily TSLA Bear 1X Shares		—		—		76,047,127		—		—		—		—			(10,370,078	)
Direxion Daily AAPL Bull 1.5X Shares		1,676,794		—		8,202,642		—		—		478,964		—			(43,129	)
Direxion Daily AMZN Bull 1.5X Shares		3,676,585		—		11,435,762		—		—		162,020		—			(83,128	)
Direxion Daily GOOGL Bull 1.5X Shares		998,383		—		6,783,634		—		—		617,985		—			—
Direxion Daily MSFT Bull 1.5X Shares		1,017,508		—		4,131,537		—		—		79,247		—			(49,070	)
Direxion Daily TSLA Bull 1.5X Shares		62,355,043		—		205,869,316		—		—		5,821,114		—			(3,196,379	)
Direxion Daily CSI 300 China A Share Bull 2X Shares		34,228,881		—		42,909,655		—		—		9,453,479		—			—
Direxion Daily CSI China Internet Index Bull 2X Shares		201,443,789		—		199,529,129		—		—		46,136,004		—			—
Direxion Daily S&P 500® Bull 2X Shares		45,439,186		—		329,458		—		—		1,182,578		—			—
Direxion Daily S&P 500® Equal Weight Bull 2X Shares		2,412,507		—		830,702		—		—		147,666		—			—
Direxion Daily MSCI Brazil Bull 2X Shares		56,963,229		—		78,309,778		—		—		19,965,504		—			—
Direxion Daily MSCI India Bull 2X Shares		27,741,499		—		29,157,628		—		—		—		—			(4,214,342	)
Direxion Daily Cloud Computing Bull 2X Shares		—		6,119,750		1,259,879		—		—		427,650		—			—
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares		—		3,828,289		794,473		—		—		408,479		—			—
Direxion Daily Energy Bull 2X Shares		—		424,517,782		61,515,323		—		—		25,705,510		—			—
Direxion Daily Energy Bear 2X Shares		—		—		40,658,154		—		—		36,954		—			(3,289,053	)
Direxion Daily FinTech Bull 2X Shares		—		2,151,869		591,627		—		—		301,759		—			—
Direxion Daily Global Clean Energy Bull 2X Shares		4,216,878		—		928,570		—		—		31,980		—			(2,385	)
Direxion Daily Gold Miners Index Bull 2X Shares		268,463,397		—		256,270,036		—		—		74,549,897		—			—
Direxion Daily Gold Miners Index Bear 2X Shares		—		—		138,965,965		—		—		409,908		—			(12,264,727	)
Direxion Daily Junior Gold Miners Index Bull 2X Shares		120,933,051		—		176,552,366		—		—		45,032,346		—			—
Direxion Daily Junior Gold Miners Index Bear 2X Shares		—		—		113,222,145		—		—		855,723		—			(11,793,332	)
Direxion Daily Metal Miners Bull 2X Shares		—		6,989,362		2,702,821		—		—		1,033,231		—			—
Direxion Daily Oil Services Bull 2X Shares		—		8,720,301		4,078,104		—		—		2,078,335		—			—
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares		9,274,646		—		8,349,242		—		—		2,219,379		—			—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares		—		407,241,364		266,765,151		—		—		33,419,542		—			—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares		—		—		96,784,521		—		—		—		—			(5,905,488	)
Direxion Daily Select Large Caps & FANGs Bull 2X Shares		—		7,654,787		2,493,245		—		—		682,031		—			—

	Asset Class												Liability Class
	Level 1										Level 2		Level 1		Level 2
Funds	Investment Companies		Common Stocks		Short Term Investments		Cash Equivalents		Futures Contracts*		Total Return Swap Contracts*		Futures Contracts*		Total Return Swap Contracts*
Direxion Daily Software Bull 2X Shares		—		3,053,242		884,808		—		—		263,229		—		—
Direxion Daily TIPS Bull 2X Shares		4,134,458		—		768,843		—		—		—		—		(6,462	)
Direxion Daily TIPS Bear 2X Shares		—		—		6,563,171		—		—		49,195		—		—
Direxion Daily Travel & Vacation Bull 2X Shares		—		15,298,754		8,630,338		—		—		2,969,300		—		—
Direxion Daily US Infrastructure Bull 2X Shares		—		2,614,665		505,255		—		—		91,709		—		—
Direxion Daily Mid Cap Bull 3X Shares		39,013,433		—		22,800,652		—		—		7,306,326		—		—
Direxion Daily S&P 500® Bull 3X Shares		—		1,888,052,055		770,236,276		—		—		193,307,944		—		—
Direxion Daily S&P 500® Bear 3X Shares		—		—		1,194,059,892		—		—		—		—		(74,482,728	)
Direxion Daily Small Cap Bull 3X Shares		772,300,305		—		442,238,871		—		—		161,963,529		—		—
Direxion Daily Small Cap Bear 3X Shares		—		—		605,321,333		—		—		—		—		(77,491,594	)
Direxion Daily FTSE China Bull 3X Shares		427,101,952		—		315,864,926		—		—		101,018,212		—		(10,242,844	)
Direxion Daily FTSE China Bear 3X Shares		—		—		196,473,466		—		—		1,966,645		—		(9,557,937	)
Direxion Daily FTSE Europe Bull 3X Shares		12,449,756		—		20,989,968		—		—		4,578,021		—		—
Direxion Daily MSCI Emerging Markets Bull 3X Shares		3,752,551		—		110,053,461		—		—		15,781,974		—		—
Direxion Daily MSCI Emerging Markets Bear 3X Shares		—		—		30,803,470		—		—		91,669		—		(3,777,031	)
Direxion Daily MSCI Mexico Bull 3X Shares		7,916,959		—		11,622,133		—		—		4,312,972		—		—
Direxion Daily MSCI South Korea Bull 3X Shares		16,935,002		—		18,586,625		—		—		6,239,187		—		(84,458	)
Direxion Daily Aerospace & Defense Bull 3X Shares		—		128,445,935		61,935,705		—		—		11,948,450		—		—
Direxion Daily Consumer Discretionary Bull 3X Shares		—		17,518,965		9,820,371		—		—		4,241,011		—		—
Direxion Daily Dow Jones Internet Bull 3X Shares		—		89,760,070		40,876,074		—		—		24,322,870		—		—
Direxion Daily Dow Jones Internet Bear 3X Shares		—		—		55,588,728		—		—		—		—		(9,258,853	)
Direxion Daily Financial Bull 3X Shares		—		1,327,800,550		688,169,730		—		—		236,301,106		—		—
Direxion Daily Financial Bear 3X Shares		—		—		185,899,198		—		—		—		—		(20,806,992	)
Direxion Daily Healthcare Bull 3X Shares		—		144,997,533		64,175,635		—		—		—		—		(16,578,628	)
Direxion Daily Homebuilders & Supplies Bull 3X Shares		—		126,933,499		61,487,441		—		—		43,475,921		—		—
Direxion Daily Industrials Bull 3X Shares		—		16,086,711		7,599,232		—		—		824,550		—		—
Direxion Daily Pharmaceutical & Medical Bull 3X Shares		—		6,762,007		4,172,398		—		—		748,563		—		—
Direxion Daily Real Estate Bull 3X Shares		—		34,201,735		22,407,260		—		—		6,241,832		—		—
Direxion Daily Real Estate Bear 3X Shares		—		—		187,355,115		—		—		—		—		(25,121,034	)
Direxion Daily Regional Banks Bull 3X Shares		—		117,160,622		66,009,396		—		—		15,198,058		—		—
Direxion Daily Retail Bull 3X Shares		—		38,412,580		20,246,907		—		—		10,979,304		—		—
Direxion Daily S&P 500® High Beta Bull 3X Shares		—		55,369,982		11,776,030		—		—		16,035,783		—		—
Direxion Daily S&P 500® High Beta Bear 3X Shares		—		—		75,112,150		—		—		—		—		(13,544,192	)
Direxion Daily S&P Biotech Bull 3X Shares		—		700,057,792		344,483,864		—		—		185,012,366		—		—
Direxion Daily S&P Biotech Bear 3X Shares		—		—		171,818,953		—		—		—		—		(13,486,165	)
Direxion Daily Semiconductor Bull 3X Shares		—		3,396,594,606		1,223,600,741		—		—		733,793,306		—		—
Direxion Daily Semiconductor Bear 3X Shares		—		—		2,035,773,152		—		—		—		—		(302,112,230	)
Direxion Daily Technology Bull 3X Shares		—		1,042,544,831		410,786,446		—		—		100,626,146		—		—
Direxion Daily Technology Bear 3X Shares		—		—		180,202,775		—		—		—		—		(12,121,741	)
Direxion Daily Transportation Bull 3X Shares		—		16,629,387		9,057,044		—		—		1,523,529		—		—
Direxion Daily Utilities Bull 3X Shares		—		9,822,797		5,236,567		—		—		—		—		(959,670	)
Direxion Daily 7-10 Year Treasury Bull 3X Shares		17,716,327		—		5,450,377		—		—		352,692		—		—
Direxion Daily 7-10 Year Treasury Bear 3X Shares		—		—		30,849,953		—		—		—		—		(201,376	)
Direxion Daily 20+ Year Treasury Bull 3X Shares		633,427,535		—		337,986,729		—		—		14,644,475		—		(3,685,767	)
Direxion Daily 20+ Year Treasury Bear 3X Shares		—		—		434,654,668		—		—		6,951,223		—		(1,445,010	)