UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549





FORM 10-Q/A

(Amendment No. 1)







|x | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|- | ---------------------------------------------------------------------------------------

for the quarterly period ended December 31, 2014.

OR



| ̈ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|- | ----------------------------------------------------------------------------------------

for the transition period from
 to
.

Commission file number: 001-36392





DIREXION
SHARES ETF TRUST II

(Exact name of registrant as specified in its charter)







|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|Delaware                                                       |  | 27-6710917                          
|(State or other jurisdiction of
incorporation or organization) |  | (I.R.S. Employer
Identification No.)

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

New York, New York 10019

(Address of principal executive offices) (Zip code)

(866) 476-7523

(Registrants telephone number, including area code)

N/A

(Former name, former
address and former fiscal year, if changed since last report)





Indicate by check mark whether
the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90
days.    x  Yes     ̈  No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    x  Yes     ̈  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.



|                        |  |                                                  |  |                           |  |  
|----------------------- |  | ------------------------------------------------ |  | ------------------------- |  | -
|Large accelerated filer |  |  ̈                                                |  | Accelerated filer         |  |  ̈
|                        |  |                                                  | 
|Non-accelerated filer   |  | x  (Do not check if a smaller reporting company) |  | Smaller reporting company |  |  ̈

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).     ̈  Yes    x  No









---

Explanatory Note:

The sole purpose of this filing is to include the Rule 13a-14(a)/15d-14(a) Certification of Principal Executive and Principal Financial Officer accompanying
the Form 10-Q for the fiscal quarter ended December 31, 2014 filed with the Securities and Exchange Commission on February 13, 2015 (the 10-Q) which Certification were inadvertently omitted. In addition, in connection with this
filing and pursuant to Rules 12b-15 and 13a-14 under the Securities Exchange Act of 1934, as amended, we are including with this filing currently dated certifications. No other changes have been made to the 10-Q, and information reported as of
a particular date has not been updated.



---

|Item 4. | Controls and Procedures.
|------- | ------------------------

Certifications

The certifications by the Principal Executive Officer and Principal Financial Officer of the Trust required by Section 302 and Section 906 of
the Sarbanes-Oxley Act of 2002, which are filed or furnished as exhibits to this Quarterly Report on Form 10-Q, apply both to the Trust taken as a whole and each Fund, and the Principal Executive Officer and Principal Financial Officer of the Trust
are certifying both as to the Trust taken as a whole and each Fund.



|Item 6. | Exhibits.
|------- | ---------



|           |  |                                                                                                                                                         
|---------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------
|ExhibitNo. |  | Description of Document                                                                                                                                 
|           | 
|31.1       |  | Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002(1)                                               
|           | 
|31.2       |  | Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002(1)                                               
|           | 
|32.1       |  | Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(1)
|           | 
|32.2       |  | Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(1)



|(1) | Filed herewith.
|--- | ---------------



---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.



|                            
|----------------------------
|DIREXION SHARES ETF TRUST II
|                            
|/s/ Daniel D. ONeill       
|By: Daniel D. ONeill       
|Principal Executive Officer 
|                            
|Date: March 27, 2015        
|                            
|/s/ Patrick J. Rudnick      
|By: Patrick J. Rudnick      
|Principal Financial Officer 
|                            
|Date: March 27, 2015