# EDGAR Filing Document

**Accession Number:** 0001424958
**File Stem:** 0001133228-25-006997
**Filing Date:** 2025-7
**Character Count:** 2119829
**Document Hash:** 94193e3774eb51b155e3d05b82b73f7d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006997.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001133228-25-006997

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 128

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Direxion Shares ETF Trust
- **CENTRAL INDEX KEY:** 0001424958

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22201
- **FILM NUMBER:** 251098816

**BUSINESS ADDRESS:**
- **STREET 1:** 535 MADISON AVENUE
- **STREET 2:** 37TH FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 646-572-3390

**MAIL ADDRESS:**
- **STREET 1:** 535 MADISON AVENUE
- **STREET 2:** 37TH FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Direxion ETF Trust
- **DATE OF NAME CHANGE:** 20080124

## Series and Classes Contracts Data

### Direxion Daily MSCI India Bull 2X Shares (Series ID: S000022757)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000065885 | Direxion Daily MSCI India Bull 2X Shares | INDL            |

### Direxion Daily Energy Bull 2X Shares (Series ID: S000022760)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000065888 | Direxion Daily Energy Bull 2X Shares | ERX             |

### Direxion Daily Financial Bull 3X Shares (Series ID: S000022761)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000065889 | Direxion Daily Financial Bull 3X Shares | FAS             |

### Direxion Daily Real Estate Bull 3X Shares (Series ID: S000022762)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000065890 | Direxion Daily Real Estate Bull 3X Shares | DRN             |

### Direxion Daily Homebuilders & Supplies Bull 3X Shares (Series ID: S000022763)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000065891 | Direxion Daily Homebuilders & Supplies Bull 3X Shares | NAIL            |

### Direxion Daily S&P 500(R) Bear 3X Shares (Series ID: S000022765)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000065893 | Direxion Daily S&P 500(R) Bear 3X Shares | SPXS            |

### Direxion Daily S&P 500(R) Bull 3X Shares (Series ID: S000022767)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000065895 | Direxion Daily S&P 500(R) Bull 3X Shares | SPXL            |

### Direxion Daily Small Cap Bear 3X Shares (Series ID: S000022770)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000065898 | Direxion Daily Small Cap Bear 3X Shares | TZA             |

### Direxion Daily MSCI Emerging Markets Bear 3X Shares (Series ID: S000022773)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000065901 | Direxion Daily MSCI Emerging Markets Bear 3X Shares | EDZ             |

### Direxion Daily FTSE China Bear 3X Shares (Series ID: S000022775)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000065903 | Direxion Daily FTSE China Bear 3X Shares | YANG            |

### Direxion Daily Mid Cap Bull 3X Shares (Series ID: S000022778)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000065906 | Direxion Daily Mid Cap Bull 3X Shares | MIDU            |

### Direxion Daily Energy Bear 2X Shares (Series ID: S000022780)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000065908 | Direxion Daily Energy Bear 2X Shares | ERY             |

### Direxion Daily Financial Bear 3X Shares (Series ID: S000022781)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000065909 | Direxion Daily Financial Bear 3X Shares | FAZ             |

### Direxion Daily Real Estate Bear 3X Shares (Series ID: S000022782)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000065910 | Direxion Daily Real Estate Bear 3X Shares | DRV             |

### Direxion Daily Small Cap Bull 3X Shares (Series ID: S000022786)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000065914 | Direxion Daily Small Cap Bull 3X Shares | TNA             |

### Direxion Daily MSCI Emerging Markets Bull 3X Shares (Series ID: S000022789)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000065917 | Direxion Daily MSCI Emerging Markets Bull 3X Shares | EDC             |

### Direxion Daily FTSE China Bull 3X Shares (Series ID: S000022791)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000065919 | Direxion Daily FTSE China Bull 3X Shares | YINN            |

### Direxion Daily Technology Bull 3X Shares (Series ID: S000023809)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000070000 | Direxion Daily Technology Bull 3X Shares | TECL            |

### Direxion Daily Technology Bear 3X Shares (Series ID: S000023810)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000070001 | Direxion Daily Technology Bear 3X Shares | TECS            |

### Direxion Daily 7-10 Year Treasury Bull 3X Shares (Series ID: S000025255)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000075251 | Direxion Daily 7-10 Year Treasury Bull 3X Shares | TYD             |

### Direxion Daily 7-10 Year Treasury Bear 3X Shares (Series ID: S000025256)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000075252 | Direxion Daily 7-10 Year Treasury Bear 3X Shares | TYO             |

### Direxion Daily 20+ Year Treasury Bull 3X Shares (Series ID: S000025257)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000075253 | Direxion Daily 20+ Year Treasury Bull 3X Shares | TMF             |

### Direxion Daily 20+ Year Treasury Bear 3X Shares (Series ID: S000025258)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000075254 | Direxion Daily 20+ Year Treasury Bear 3X Shares | TMV             |

### Direxion Daily Utilities Bull 3X Shares (Series ID: S000027476)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000082787 | Direxion Daily Utilities Bull 3X Shares | UTSL            |

### Direxion Daily Consumer Discretionary Bull 3X Shares (Series ID: S000027484)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000082795 | Direxion Daily Consumer Discretionary Bull 3X Shares | WANT            |

### Direxion Daily Healthcare Bull 3X Shares (Series ID: S000027486)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000082797 | Direxion Daily Healthcare Bull 3X Shares | CURE            |

### Direxion Daily Retail Bull 3X Shares (Series ID: S000027487)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000082798 | Direxion Daily Retail Bull 3X Shares | RETL            |

### Direxion Daily Semiconductor Bull 3X Shares (Series ID: S000027920)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000084845 | Direxion Daily Semiconductor Bull 3X Shares | SOXL            |

### Direxion Daily Semiconductor Bear 3X Shares (Series ID: S000027921)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000084846 | Direxion Daily Semiconductor Bear 3X Shares | SOXS            |

### Direxion Daily S&P 500(R) Bull 2X Shares (Series ID: S000027922)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000084847 | Direxion Daily S&P 500(R) Bull 2X Shares | SPUU            |

### Direxion Daily Gold Miners Index Bull 2X Shares (Series ID: S000029338)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000090181 | Direxion Daily Gold Miners Index Bull 2X Shares | NUGT            |

### Direxion Daily Regional Banks Bull 3X Shares (Series ID: S000029341)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000090184 | Direxion Daily Regional Banks Bull 3X Shares | DPST            |

### Direxion Daily MSCI Brazil Bull 2X Shares (Series ID: S000029346)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000090189 | Direxion Daily MSCI Brazil Bull 2X Shares | BRZU            |

### Direxion Daily Gold Miners Index Bear 2X Shares (Series ID: S000029348)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000090191 | Direxion Daily Gold Miners Index Bear 2X Shares | DUST            |

### Direxion Daily MSCI South Korea Bull 3X Shares (Series ID: S000029358)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000090201 | Direxion Daily MSCI South Korea Bull 3X Shares | KORU            |

### Direxion Daily S&P 500 (R) Bear 1X Shares (Series ID: S000031292)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000097007 | Direxion Daily S&P 500 (R) Bear 1X Shares | SPDN            |

### Direxion NASDAQ-100(R) Equal Weighted Index Shares (Series ID: S000033634)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000103352 | Direxion NASDAQ-100(R) Equal Weighted Index Shares | QQQE            |

### DIREXION DAILY JUNIOR GOLD MINERS INDEX BULL 2X SHARES (Series ID: S000034516)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000106084 | DIREXION DAILY JUNIOR GOLD MINERS INDEX BULL 2X SHARES | JNUG            |

### DIREXION DAILY JUNIOR GOLD MINERS INDEX BEAR 2X SHARES (Series ID: S000034517)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000106085 | DIREXION DAILY JUNIOR GOLD MINERS INDEX BEAR 2X SHARES | JDST            |

### Direxion Daily FTSE Europe Bull 3X Shares (Series ID: S000038649)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000119158 | Direxion Daily FTSE Europe Bull 3X Shares | EURL            |

### Direxion Daily CSI 300 China A Share Bull 2X Shares (Series ID: S000048742)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000153531 | Direxion Daily CSI 300 China A Share Bull 2X Shares | CHAU            |

### Direxion Daily S&P Biotech Bull 3X Shares (Series ID: S000049373)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000156149 | Direxion Daily S&P Biotech Bull 3X Shares | LABU            |

### Direxion Daily S&P Biotech Bear 3X Shares (Series ID: S000049374)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000156150 | Direxion Daily S&P Biotech Bear 3X Shares | LABD            |

### Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares (Series ID: S000049375)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000156151 | Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | GUSH            |

### Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares (Series ID: S000049376)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000156152 | Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | DRIP            |

### Direxion Daily Pharmaceutical & Medical Bull 3X Shares (Series ID: S000050532)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000159441 | Direxion Daily Pharmaceutical & Medical Bull 3X Shares | PILL            |

### Direxion Auspice Broad Commodity Strategy ETF (Series ID: S000054803)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000172242 | Direxion Auspice Broad Commodity Strategy ETF | COM             |

### Direxion Daily CSI China Internet Index Bull 2X Shares (Series ID: S000055198)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000173593 | Direxion Daily CSI China Internet Index Bull 2X Shares | CWEB            |

### Direxion Daily Transportation Bull 3X Shares (Series ID: S000057169)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000181590 | Direxion Daily Transportation Bull 3X Shares | TPOR            |

### Direxion Daily MSCI Mexico Bull 3X Shares (Series ID: S000057175)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000181596 | Direxion Daily MSCI Mexico Bull 3X Shares | MEXX            |

### Direxion Daily Aerospace & Defense Bull 3X Shares (Series ID: S000057185)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000181606 | Direxion Daily Aerospace & Defense Bull 3X Shares | DFEN            |

### Direxion Daily Industrials Bull 3X Shares (Series ID: S000057187)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000181608 | Direxion Daily Industrials Bull 3X Shares | DUSL            |

### Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares (Series ID: S000061746)

| Class ID   | Class Name                                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000199973 | Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | UBOT            |

### Direxion Daily S&P 500(R) High Beta Bull 3X Shares (Series ID: S000066279)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000214055 | Direxion Daily S&P 500(R) High Beta Bull 3X Shares | HIBL            |

### Direxion Daily S&P 500(R) High Beta Bear 3X Shares (Series ID: S000066280)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000214056 | Direxion Daily S&P 500(R) High Beta Bear 3X Shares | HIBS            |

### Direxion Daily Dow Jones Internet Bull 3X Shares (Series ID: S000066281)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000214057 | Direxion Daily Dow Jones Internet Bull 3X Shares | WEBL            |

### Direxion Daily Dow Jones Internet Bear 3X Shares (Series ID: S000066282)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000214058 | Direxion Daily Dow Jones Internet Bear 3X Shares | WEBS            |

### Direxion Work From Home ETF (Series ID: S000068856)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000220041 | Direxion Work From Home ETF | WFH             |

### Direxion Daily Cloud Computing Bull 2X Shares (Series ID: S000070706)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000224797 | Direxion Daily Cloud Computing Bull 2X Shares | CLDL            |

### Direxion Daily TSLA Bear 1X Shares (Series ID: S000071019)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000225448 | Direxion Daily TSLA Bear 1X Shares | TSLS            |

### Direxion Daily NYSE FANG+ Bull 2X Shares (Series ID: S000071020)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000225449 | Direxion Daily NYSE FANG+ Bull 2X Shares | FNGG            |

### Direxion Daily Travel & Vacation Bull 2X Shares (Series ID: S000072081)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000227802 | Direxion Daily Travel & Vacation Bull 2X Shares | OOTO            |

### Direxion Daily TSLA Bull 2X Shares (Series ID: S000072483)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000228774 | Direxion Daily TSLA Bull 2X Shares | TSLL            |

### Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares (Series ID: S000075767)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000235049 | Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares | EVAV            |

### Direxion Daily META Bear 1X Shares (Series ID: S000076230)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000235740 | Direxion Daily META Bear 1X Shares | METD            |

### Direxion Daily AAPL Bull 2X Shares (Series ID: S000076233)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000235743 | Direxion Daily AAPL Bull 2X Shares | AAPU            |

### Direxion Daily MSFT Bull 2X Shares (Series ID: S000076235)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000235745 | Direxion Daily MSFT Bull 2X Shares | MSFU            |

### Direxion Daily AMZN Bull 2X Shares (Series ID: S000076237)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000235747 | Direxion Daily AMZN Bull 2X Shares | AMZU            |

### Direxion Daily GOOGL Bull 2X Shares (Series ID: S000076239)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000235749 | Direxion Daily GOOGL Bull 2X Shares | GGLL            |

### Direxion Daily AAPL Bear 1X Shares (Series ID: S000076244)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000235754 | Direxion Daily AAPL Bear 1X Shares | AAPD            |

### Direxion Daily MSFT Bear 1X Shares (Series ID: S000076245)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000235755 | Direxion Daily MSFT Bear 1X Shares | MSFD            |

### Direxion Daily AMZN Bear 1X Shares (Series ID: S000076246)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000235756 | Direxion Daily AMZN Bear 1X Shares | AMZD            |

### Direxion Daily GOOGL Bear 1X Shares (Series ID: S000076247)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000235757 | Direxion Daily GOOGL Bear 1X Shares | GGLS            |

### Direxion Daily NVDA Bear 1X Shares (Series ID: S000076248)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000235758 | Direxion Daily NVDA Bear 1X Shares | NVDD            |

### Direxion Daily Crypto Industry Bull 2X Shares (Series ID: S000078170)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000238924 | Direxion Daily Crypto Industry Bull 2X Shares | LMBO            |

### Direxion Daily Crypto Industry Bear 1X Shares (Series ID: S000078171)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000238925 | Direxion Daily Crypto Industry Bear 1X Shares | REKT            |

### Direxion HCM Tactical Enhanced US ETF (Series ID: S000080459)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000242864 | Direxion HCM Tactical Enhanced US ETF | HCMT            |

### Direxion Daily NVDA Bull 2X Shares (Series ID: S000081684)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000244619 | Direxion Daily NVDA Bull 2X Shares | NVDU            |

### Direxion Daily AI and Big Data Bull 2X Shares (Series ID: S000083879)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000247964 | Direxion Daily AI and Big Data Bull 2X Shares | AIBU            |

### Direxion Daily AI and Big Data Bear 2X Shares (Series ID: S000083880)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000247965 | Direxion Daily AI and Big Data Bear 2X Shares | AIBD            |

### Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares (Series ID: S000083881)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000247966 | Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares | XXCH            |

### Direxion Daily Magnificent 7 Bear 1X Shares (Series ID: S000084216)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000248489 | Direxion Daily Magnificent 7 Bear 1X Shares | QQQD            |

### Direxion Daily Magnificent 7 Bull 2X Shares (Series ID: S000084217)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000248490 | Direxion Daily Magnificent 7 Bull 2X Shares | QQQU            |

### Direxion Daily META Bull 2X Shares (Series ID: S000085276)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000250248 | Direxion Daily META Bull 2X Shares | METU            |

### Direxion Daily Uranium Industry Bull 2X Shares (Series ID: S000085277)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000250249 | Direxion Daily Uranium Industry Bull 2X Shares | URAA            |

### Direxion Daily AMD Bull 2X Shares (Series ID: S000088048)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000254076 | Direxion Daily AMD Bull 2X Shares | AMUU            |

### Direxion Daily LLY Bear 1X Shares (Series ID: S000088049)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000254077 | Direxion Daily LLY Bear 1X Shares | ELIS            |

### Direxion Daily MU Bull 2X Shares (Series ID: S000088050)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000254078 | Direxion Daily MU Bull 2X Shares | MUU             |

### Direxion Daily MU Bear 1X Shares (Series ID: S000088051)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000254079 | Direxion Daily MU Bear 1X Shares | MUD             |

### Direxion Daily NFLX Bull 2X Shares (Series ID: S000088052)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000254080 | Direxion Daily NFLX Bull 2X Shares | NFXL            |

### Direxion Daily NFLX Bear 1X Shares (Series ID: S000088053)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000254081 | Direxion Daily NFLX Bear 1X Shares | NFXS            |

### Direxion Daily PLTR Bull 2X Shares (Series ID: S000088054)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000254082 | Direxion Daily PLTR Bull 2X Shares | PLTU            |

### Direxion Daily PLTR Bear 1X Shares (Series ID: S000088055)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000254083 | Direxion Daily PLTR Bear 1X Shares | PLTD            |

### Direxion Daily TSM Bull 2X Shares (Series ID: S000088056)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000254084 | Direxion Daily TSM Bull 2X Shares | TSMX            |

### Direxion Daily TSM Bear 1X Shares (Series ID: S000088057)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000254085 | Direxion Daily TSM Bear 1X Shares | TSMZ            |

### Direxion Daily AMD Bear 1X Shares (Series ID: S000088058)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000254086 | Direxion Daily AMD Bear 1X Shares | AMDD            |

### Direxion Daily AVGO Bull 2X Shares (Series ID: S000088059)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000254087 | Direxion Daily AVGO Bull 2X Shares | AVL             |

### Direxion Daily AVGO Bear 1X Shares (Series ID: S000088060)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000254088 | Direxion Daily AVGO Bear 1X Shares | AVS             |

### Direxion Daily BA Bull 2X Shares (Series ID: S000088061)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000254089 | Direxion Daily BA Bull 2X Shares | BOEU            |

### Direxion Daily BA Bear 1X Shares (Series ID: S000088062)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000254090 | Direxion Daily BA Bear 1X Shares | BOED            |

### Direxion Daily BRKB Bull 2X Shares (Series ID: S000088063)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000254091 | Direxion Daily BRKB Bull 2X Shares | BRKU            |

### Direxion Daily BRKB Bear 1X Shares (Series ID: S000088064)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000254092 | Direxion Daily BRKB Bear 1X Shares | BRKD            |

### Direxion Daily LLY Bull 2X Shares (Series ID: S000088065)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000254093 | Direxion Daily LLY Bull 2X Shares | ELIL            |

### Direxion Daily PANW Bear 1X Shares (Series ID: S000090368)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000257376 | Direxion Daily PANW Bear 1X Shares | PALD            |

### Direxion Daily XOM Bull 2X Shares (Series ID: S000090373)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000257381 | Direxion Daily XOM Bull 2X Shares | XOMX            |

### Direxion Daily XOM Bear 1X Shares (Series ID: S000090374)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000257382 | Direxion Daily XOM Bear 1X Shares | XOMZ            |

### Direxion Daily PANW Bull 2X Shares (Series ID: S000090382)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000257390 | Direxion Daily PANW Bull 2X Shares | PALU            |

?xml version='1.0' encoding='ASCII'? 2025-05-07B578315_DirexionAuspiceBroadCommodityStrategyETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22201</u>**

**<u>Direxion Shares ETF Trust</u>**

(Exact name of registrant as specified in charter)

**<u>1301 Avenue of the Americas (6<sup>th</sup> Ave.), 28<sup>th</sup> Floor</u>**

**<u>New York, NY 10019</u>**

(Address of principal executive offices) (Zip code)

**<u>Direxion Shares ETF Trust</u>**

**<u>1301 Avenue of the Americas (6<sup>th</sup> Ave.), 28<sup>th</sup> Floor</u>**

**<u>New York, NY 10019</u>**

(Name and address of agent for service)

**<u>1-800-851-0511</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>October 31, 2025</u>**

Date of reporting period: **<u>April 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act
 of 1940, as amended ("Act"), is filed herewith **.** 

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Auspice Broad Commodity** **Strategy ETF**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | COM (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Auspice Broad Commodity Strategy ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Auspice Broad Commodity Strategy ETF | $35 | 0.70% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $222736910 |
| **Number of Holdings** | 4 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Futures Contracts  | 28.2% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Short-Term Investments and Other Assets  | 99.0% |
|  Futures Contracts  | 1.0% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Dreyfus Government Cash Management Institutional Shares  | 98.3% |
|  Gold June 2025 Futures  | 2.0% |
|  Natural Gas April 2026 Futures  | 0.2% |
|  Sugar July 2025 Futures  | 0.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Auspice Broad Commodity Strategy ETF PAGE 1 TSR-SAR-25460E307

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion HCM Tactical Enhanced US ETF**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | HCMT (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion HCM Tactical Enhanced US ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion HCM Tactical Enhanced US ETF | $51 | 1.15% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $351829491 |
| **Number of Holdings** | 505 |
| **Portfolio Turnover** | 17% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Common Stocks  | 80.8% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 81.0% |
|  Short-Term Investments and Other Assets  | 19.0% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Dreyfus Government Cash Management Institutional Shares  | 19.2% |
|  Apple, Inc.  | 5.5% |
|  Microsoft Corp.  | 5.0% |
|  NVIDIA Corp.  | 4.6% |
|  Amazon.com, Inc.  | 3.0% |
|  Meta Platforms, Inc.  | 2.1% |
|  Berkshire Hathaway, Inc. Class B  | 1.7% |
|  Alphabet, Inc. - Class A  | 1.6% |
|  Broadcom, Inc.  | 1.5% |
|  Tesla, Inc.  | 1.4% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion HCM Tactical Enhanced US ETF PAGE 1 TSR-SAR-25461A726

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion NASDAQ-100® Equal Weighted** **Index Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | QQQE (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion NASDAQ-100® Equal Weighted Index Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion NASDAQ-100® Equal Weighted Index Shares | $17 | 0.35% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1171849010 |
| **Number of Holdings** | 102 |
| **Portfolio Turnover** | 17% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Common Stocks  | 99.9% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Information Technology  | 40.7% |
|  Consumer Discretionary  | 12.1% |
|  Industrials  | 11.4% |
|  Communication Services  | 10.0% |
|  Health Care  | 9.7% |
|  Consumer Staples  | 7.3% |
|  Utilities  | 4.2% |
|  Energy  | 1.7% |
|  Materials  | 1.0% |
|  Real Estate  | 1.0% |
|  Financials  | 0.9% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Palantir Technologies, Inc.  | 1.3% |
|  MicroStrategy, Inc. Class A  | 1.3% |
|  CrowdStrike Holdings, Inc.  | 1.2% |
|  Netflix, Inc.  | 1.2% |
|  Copart, Inc.  | 1.2% |
|  Cadence Design Systems, Inc.  | 1.1% |
|  Tesla, Inc.  | 1.1% |
|  Ross Stores, Inc.  | 1.1% |
|  MercadoLibre, Inc.  | 1.1% |
|  Cintas Corp.  | 1.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion NASDAQ-100® Equal Weighted Index Shares PAGE 1 TSR-SAR-25459Y207

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Work From Home ETF**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | WFH (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Work From Home ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Work From Home ETF | $22 | 0.45% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $19309779 |
| **Number of Holdings** | 41 |
| **Portfolio Turnover** | 20% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Common Stocks  | 99.4% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Software  | 57.3% |
|  Semiconductors & Semiconductor Equipment  | 9.6% |
|  IT Services  | 9.5% |
|  Interactive Media & Services  | 6.5% |
|  Technology Hardware, Storage & Peripherals  | 4.5% |
|  Diversified Telecommunication Services  | 2.8% |
|  Communications Equipment  | 2.6% |
|  Media  | 2.6% |
|  Broadline Retail  | 2.4% |
|  Electronic Equipment, Instruments & Components  | 2.2% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Crowdstrike Holdings Inc  | 3.2% |
|  Pegasystems, Inc.  | 3.1% |
|  Zscaler, Inc.  | 3.1% |
|  ServiceNow, Inc.  | 2.8% |
|  Verizon Communications, Inc.  | 2.8% |
|  Zoom Video Communications, Inc.  | 2.8% |
|  Varonis Systems, Inc.  | 2.8% |
|  Palto Alto Networks, Inc.  | 2.7% |
|  Broadcom, Inc.  | 2.7% |
|  Monday.com Ltd. ADR  | 2.7% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Work From Home ETF PAGE 1 TSR-SAR-25460G773

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Work From Home ETF PAGE 2 TSR-SAR-25460G773

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily AAPL Bear 1X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | AAPD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily AAPL Bear 1X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily AAPL Bear 1X Shares | $46 | 0.92% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $34963528 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily AAPL Bear 1X Shares PAGE 1 TSR-SAR-25461A304

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily AMD Bear 1X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | AMDD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily AMD Bear 1X Shares for the period of February 12, 2025 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily AMD Bear 1X Shares | $21 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2552672 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily AMD Bear 1X Shares PAGE 1 TSR-SAR-25461A395

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily AMZN Bear 1X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | AMZD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily AMZN Bear 1X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily AMZN Bear 1X Shares | $46 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4268324 |
| **Number of Holdings** | 6 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily AMZN Bear 1X Shares PAGE 1 TSR-SAR-25461A502

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| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily AVGO Bear 1X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | AVS (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily AVGO Bear 1X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily AVGO Bear 1X Shares | $40 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3777981 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily AVGO Bear 1X Shares PAGE 1 TSR-SAR-25461A551

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily BA Bear 1X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | BOED (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily BA Bear 1X Shares for the period of April 23, 2025 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily BA Bear 1X Shares | $2 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2209214 |
| **Number of Holdings** | 6 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily BA Bear 1X Shares PAGE 1 TSR-SAR-25461A320

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily BRKB Bear 1X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | BRKD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily BRKB Bear 1X Shares for the period of December 11, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily BRKB Bear 1X Shares | $34 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2699956 |
| **Number of Holdings** | 7 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily BRKB Bear 1X Shares PAGE 1 TSR-SAR-25461A437

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily GOOGL Bear 1X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | GGLS (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily GOOGL Bear 1X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily GOOGL Bear 1X Shares | $48 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4912642 |
| **Number of Holdings** | 4 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily GOOGL Bear 1X Shares PAGE 1 TSR-SAR-25461A601

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily LLY Bear 1X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | ELIS (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily LLY Bear 1X Shares for the period of March 26, 2025 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily LLY Bear 1X Shares | $9 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4023949 |
| **Number of Holdings** | 7 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily LLY Bear 1X Shares PAGE 1 TSR-SAR-25461A296

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily META Bear 1X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | METD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily META Bear 1X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily META Bear 1X Shares | $47 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4493863 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily META Bear 1X Shares PAGE 1 TSR-SAR-25461A106

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily MSFT Bear 1X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | MSFD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily MSFT Bear 1X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily MSFT Bear 1X Shares | $47 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $6072530 |
| **Number of Holdings** | 6 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MSFT Bear 1X Shares PAGE 1 TSR-SAR-25461A403

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily MU Bear 1X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | MUD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily MU Bear 1X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily MU Bear 1X Shares | $48 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3868218 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MU Bear 1X Shares PAGE 1 TSR-SAR-25461A510

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily NFLX Bear 1X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | NFXS (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily NFLX Bear 1X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily NFLX Bear 1X Shares | $39 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $8900199 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily NFLX Bear 1X Shares PAGE 1 TSR-SAR-25461A205

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily NVDA Bear 1X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | NVDD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily NVDA Bear 1X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily NVDA Bear 1X Shares | $48 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $40058800 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily NVDA Bear 1X Shares PAGE 1 TSR-SAR-25461A700

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily PANW Bear 1X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | PALD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily PANW Bear 1X Shares for the period of March 26, 2025 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily PANW Bear 1X Shares | $9 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2462201 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily PANW Bear 1X Shares PAGE 1 TSR-SAR-25461A361

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily PLTR Bear 1X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | PLTD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily PLTR Bear 1X Shares for the period of December 11, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily PLTR Bear 1X Shares | $27 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $37742666 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily PLTR Bear 1X Shares PAGE 1 TSR-SAR-25461A429

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily TSLA Bear 1X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | TSLS (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily TSLA Bear 1X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily TSLA Bear 1X Shares | $36 | 0.88% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $78139034 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily TSLA Bear 1X Shares PAGE 1 TSR-SAR-25460G260

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily TSM Bear 1X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | TSMZ (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily TSM Bear 1X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily TSM Bear 1X Shares | $48 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2937983 |
| **Number of Holdings** | 7 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily TSM Bear 1X Shares PAGE 1 TSR-SAR-25461A536

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily XOM Bear 1X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | XOMZ (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily XOM Bear 1X Shares for the period of April 23, 2025 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily XOM Bear 1X Shares | $2 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2564651 |
| **Number of Holdings** | 6 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily XOM Bear 1X Shares PAGE 1 TSR-SAR-25461A346

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily S&P 500® Bear 1X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | SPDN (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily S&P 500® Bear 1X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily S&P 500® Bear 1X Shares | $23 | 0.45% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $170569085 |
| **Number of Holdings** | 4 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Information Technology  | 30.3% |
|  Financials  | 14.5% |
|  Health Care  | 10.8% |
|  Consumer Discretionary  | 10.3% |
|  Communication Services  | 9.3% |
|  Industrials  | 8.5% |
|  Consumer Staples  | 6.2% |
|  Energy  | 3.2% |
|  Utilities  | 2.6% |
|  Real Estate  | 2.3% |
|  Materials  | 2.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Apple, Inc.  | 6.8% |
|  Microsoft Corp.  | 6.2% |
|  NVIDIA Corp.  | 5.7% |
|  Amazon.com, Inc.  | 3.7% |
|  Meta Platforms, Inc.  | 2.5% |
|  Berkshire Hathaway, Inc. Class B  | 2.1% |
|  Alphabet, Inc.  | 2.0% |
|  Broadcom, Inc.  | 1.9% |
|  Tesla, Inc.  | 1.7% |
|  Alphabet, Inc. Class C  | 1.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily S&P 500® Bear 1X Shares PAGE 1 TSR-SAR-25460E869

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily S&P 500® Bear 1X Shares PAGE 2 TSR-SAR-25460E869

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Crypto Industry Bear 1X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | REKT (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Crypto Industry Bear 1X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Crypto Industry Bear 1X Shares | $23 | 0.45% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3250411 |
| **Number of Holdings** | 5 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Financial Services  | 35.7% |
|  Capital Markets  | 17.9% |
|  Software  | 15.6% |
|  Semiconductors & Semiconductor Equipment  | 15.4% |
|  Banks  | 6.3% |
|  Hotels, Restaurants & Leisure  | 4.9% |
|  IT Services  | 4.2% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Visa, Inc. Class A  | 10.5% |
|  MasterCard, Inc. Class A.  | 10.1% |
|  Advanced Micro Devices, Inc.  | 7.8% |
|  NVIDIA Corp.  | 7.7% |
|  PayPal Holdings, Inc.  | 7.0% |
|  Coinbase Global, Inc.  | 6.7% |
|  NU Holdings Ltd.  | 6.3% |
|  Robinhood Markets, Inc.  | 5.9% |
|  Interactive Brokers Group, Inc.  | 5.3% |
|  DraftKings, Inc.  | 4.9% |

---

Direxion Daily Crypto Industry Bear 1X Shares PAGE 1 TSR-SAR-25461A585

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Crypto Industry Bear 1X Shares PAGE 2 TSR-SAR-25461A585

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Magnificent 7 Bear 1X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | QQQD (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Magnificent 7 Bear 1X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Magnificent 7 Bear 1X Shares | $22 | 0.45% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $9051920 |
| **Number of Holdings** | 6 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -100.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Interactive Media & Services  | 27.5% |
|  Automobiles  | 16.5% |
|  Software  | 14.7% |
|  Technology Hardware, Storage & Peripherals  | 14.2% |
|  Broadline Retail  | 13.7% |
|  Semiconductors & Semiconductor Equipment  | 13.4% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Tesla, Inc.  | 16.5% |
|  Microsoft Corp.  | 14.7% |
|  Apple, Inc.  | 14.2% |
|  Alphabet, Inc.  | 14.1% |
|  Amazon.com, Inc.  | 13.6% |
|  NVIDIA Corp.  | 13.5% |
|  Meta Platforms, Inc.  | 13.4% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks** **associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be** **used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There** **is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual** **performance information, the Fund should not be expected to provide -100% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Magnificent 7 Bear 1X Shares PAGE 1 TSR-SAR-25461A668

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Magnificent 7 Bear 1X Shares PAGE 2 TSR-SAR-25461A668

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily AAPL Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | AAPU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily AAPL Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily AAPL Bull 2X Shares | $38 | 0.87% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $84997629 |
| **Number of Holdings** | 10 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 193.1% |
|  Common Stocks  | 6.9% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily AAPL Bull 2X Shares PAGE 1 TSR-SAR-25461A874

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily AMD Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | AMUU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily AMD Bull 2X Shares for the period of February 12, 2025 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily AMD Bull 2X Shares | $17 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3765802 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 43% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 186.1% |
|  Common Stocks  | 13.9% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily AMD Bull 2X Shares PAGE 1 TSR-SAR-25461A411

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily AMZN Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | AMZU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily AMZN Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily AMZN Bull 2X Shares | $40 | 0.86% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $195308843 |
| **Number of Holdings** | 7 |
| **Portfolio Turnover** | 33% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 183.6% |
|  Common Stocks  | 16.4% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily AMZN Bull 2X Shares PAGE 1 TSR-SAR-25461A858

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily AVGO Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | AVL (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily AVGO Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily AVGO Bull 2X Shares | $46 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $60457467 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 23% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 185.0% |
|  Common Stocks  | 15.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily AVGO Bull 2X Shares PAGE 1 TSR-SAR-25461A569

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily BA Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | BOEU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily BA Bull 2X Shares for the period of April 23, 2025 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily BA Bull 2X Shares | $2 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3944009 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 182.1% |
|  Common Stocks  | 17.9% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily BA Bull 2X Shares PAGE 1 TSR-SAR-25461A338

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily BRKB Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | BRKU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily BRKB Bull 2X Shares for the period of December 11, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily BRKB Bull 2X Shares | $41 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $46715326 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 14% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 182.7% |
|  Common Stocks  | 17.3% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily BRKB Bull 2X Shares PAGE 1 TSR-SAR-25461A452

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily GOOGL Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | GGLL (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily GOOGL Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily GOOGL Bull 2X Shares | $38 | 0.86% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $217153998 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 188.4% |
|  Common Stocks  | 11.6% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily GOOGL Bull 2X Shares PAGE 1 TSR-SAR-25461A841

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily LLY Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | ELIL (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily LLY Bull 2X Shares for the period of March 26, 2025 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily LLY Bull 2X Shares | $10 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3987112 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 187.2% |
|  Common Stocks  | 12.8% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily LLY Bull 2X Shares PAGE 1 TSR-SAR-25461A312

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily META Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | METU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily META Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily META Bull 2X Shares | $43 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $94736140 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 190.1% |
|  Common Stocks  | 9.9% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily META Bull 2X Shares PAGE 1 TSR-SAR-25461A809

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily MSFT Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | MSFU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily MSFT Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily MSFT Bull 2X Shares | $40 | 0.86% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $142929653 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 182.5% |
|  Common Stocks  | 17.5% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MSFT Bull 2X Shares PAGE 1 TSR-SAR-25461A866

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily MU Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | MUU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily MU Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily MU Bull 2X Shares | $34 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $21788438 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 95% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 186.8% |
|  Common Stocks  | 13.2% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MU Bull 2X Shares PAGE 1 TSR-SAR-25461A528

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily NFLX Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | NFXL (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily NFLX Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily NFLX Bull 2X Shares | $70 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $59554750 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 189.9% |
|  Common Stocks  | 10.1% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily NFLX Bull 2X Shares PAGE 1 TSR-SAR-25461A882

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily NVDA Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | NVDU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily NVDA Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily NVDA Bull 2X Shares | $32 | 0.84% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $438909485 |
| **Number of Holdings** | 11 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 180.9% |
|  Common Stocks  | 19.1% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily NVDA Bull 2X Shares PAGE 1 TSR-SAR-25461A833

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily PANW Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | PALU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily PANW Bull 2X Shares for the period of March 26, 2025 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily PANW Bull 2X Shares | $9 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4037017 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 185.2% |
|  Common Stocks  | 14.8% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily PANW Bull 2X Shares PAGE 1 TSR-SAR-25461A379

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily PLTR Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | PLTU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily PLTR Bull 2X Shares for the period of December 11, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily PLTR Bull 2X Shares | $52 | 0.88% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $379106007 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 28% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 189.0% |
|  Common Stocks  | 11.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily PLTR Bull 2X Shares PAGE 1 TSR-SAR-25461A445

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily TSLA Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | TSLL (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily TSLA Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily TSLA Bull 2X Shares | $35 | 0.76% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5092682730 |
| **Number of Holdings** | 11 |
| **Portfolio Turnover** | 100% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 182.8% |
|  Common Stocks  | 17.2% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily TSLA Bull 2X Shares PAGE 1 TSR-SAR-25460G286

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily TSM Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | TSMX (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily TSM Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily TSM Bull 2X Shares | $37 | 0.90% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $102335890 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 186.2% |
|  Common Stocks  | 13.8% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily TSM Bull 2X Shares PAGE 1 TSR-SAR-25461A544

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily XOM Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | XOMX (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily XOM Bull 2X Shares for the period of April 23, 2025 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily XOM Bull 2X Shares | $2 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2369646 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 177.7% |
|  Common Stocks  | 22.3% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily XOM Bull 2X Shares PAGE 1 TSR-SAR-25461A353

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily CSI 300 China A Share Bull** **2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | CHAU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily CSI 300 China A Share Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | $40 | 0.87% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $149297858 |
| **Number of Holdings** | 10 |
| **Portfolio Turnover** | 17% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 168.6% |
|  Investment Companies  | 31.4% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Financials  | 24.7% |
|  Information Technology  | 16.8% |
|  Industrials  | 16.0% |
|  Consumer Staples  | 11.0% |
|  Consumer Discretionary  | 8.3% |
|  Materials  | 7.6% |
|  Health Care  | 6.0% |
|  Utilities  | 3.8% |
|  Energy  | 2.7% |
|  Communication Services  | 2.3% |
|  Real Estate  | 0.8% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Kweichow Moutai Co. Ltd.  | 4.9% |
|  Contemporary Amperex Technology Co. Ltd.  | 3.1% |
|  Ping An Insurance Group Comapny of China Ltd.  | 2.8% |
|  China Merchants Bank Co. Ltd.  | 2.5% |
|  China Yangtze Power Co. Ltd.  | 1.8% |
|  Midea Group Co., Ltd.  | 1.8% |
|  BYD Co. Ltd.  | 1.6% |
|  Industrial & Commerical Bank of China Ltd.  | 1.5% |
|  Zijin Mining Group Co. Ltd.  | 1.5% |
|  East Money Information Co. Ltd.  | 1.3% |

---

Direxion Daily CSI 300 China A Share Bull 2X Shares PAGE 1 TSR-SAR-25490K869

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily CSI 300 China A Share Bull 2X Shares PAGE 2 TSR-SAR-25490K869

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily CSI China Internet Index** **Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | CWEB (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily CSI China Internet Index Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily CSI China Internet Index Bull 2X Shares | $42 | 0.87% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $257753193 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 76% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 147.7% |
|  Investment Companies  | 52.3% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Interactive Media & Services  | 28.5% |
|  Broadline Retail  | 24.8% |
|  Hotels, Restaurants & Leisure  | 12.9% |
|  Entertainment  | 12.5% |
|  Consumer Staples Distribution & Retail  | 6.2% |
|  Real Estate Management & Development  | 3.8% |
|  Ground Transportation  | 3.7% |
|  Consumer Finance  | 3.5% |
|  Diversified Consumer Services  | 2.4% |
|  Media  | 1.0% |
|  Other  | 0.7% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Alibaba Group Holding Ltd.  | 12.1% |
|  Tencent Holdings Ltd.  | 11.3% |
|  PDD Holdings, Inc.  | 6.6% |
|  Meituan Class B  | 6.0% |
|  Trip.com Group Ltd.  | 4.8% |
|  NetEase, Inc.  | 4.4% |
|  Kuaishou Technology  | 4.2% |
|  Tencent Music Entertainment Group ADR  | 4.0% |
|  Baidu, Inc. Class A  | 3.9% |
|  Kanzhun Ltd. ADR  | 3.8% |

---

Direxion Daily CSI China Internet Index Bull 2X Shares PAGE 1 TSR-SAR-25460G187

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily CSI China Internet Index Bull 2X Shares PAGE 2 TSR-SAR-25460G187

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily S&P 500® Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | SPUU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily S&P 500® Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily S&P 500® Bull 2X Shares | $28 | 0.60% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $131628781 |
| **Number of Holdings** | 509 |
| **Portfolio Turnover** | 21% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 110.0% |
|  Common Stocks  | 90.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Information Technology  | 30.3% |
|  Financials  | 14.5% |
|  Health Care  | 10.8% |
|  Consumer Discretionary  | 10.3% |
|  Communication Services  | 9.3% |
|  Industrials  | 8.5% |
|  Consumer Staples  | 6.2% |
|  Energy  | 3.2% |
|  Utilities  | 2.6% |
|  Real Estate  | 2.3% |
|  Materials  | 2.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Apple, Inc.  | 6.8% |
|  Microsoft Corp.  | 6.2% |
|  NVIDIA Corp.  | 5.7% |
|  Amazon.com, Inc.  | 3.7% |
|  Meta Platforms, Inc.  | 2.5% |
|  Berkshire Hathaway, Inc. Class B  | 2.1% |
|  Alphabet, Inc.  | 2.0% |
|  Broadcom, Inc.  | 1.9% |
|  Tesla, Inc.  | 1.7% |
|  Alphabet, Inc. Class C  | 1.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily S&P 500® Bull 2X Shares PAGE 1 TSR-SAR-25459Y165

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily S&P 500® Bull 2X Shares PAGE 2 TSR-SAR-25459Y165

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily MSCI Brazil Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | BRZU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily MSCI Brazil Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily MSCI Brazil Bull 2X Shares | $45 | 0.92% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $129075713 |
| **Number of Holdings** | 7 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 135.4% |
|  Investment Companies  | 64.6% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Financials  | 38.4% |
|  Energy  | 13.9% |
|  Materials  | 12.4% |
|  Utilities  | 11.9% |
|  Industrials  | 10.2% |
|  Consumer Staples  | 7.7% |
|  Communication Services  | 2.1% |
|  Health Care  | 1.3% |
|  Information Technology  | 1.1% |
|  Consumer Discretionary  | 1.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Nu Holdings Ltd. Class A  | 10.0% |
|  Itaú Unibanco Holding S.A.  | 8.8% |
|  Vale S.A.  | 8.5% |
|  Petróleo Brasileiro S.A.  | 6.2% |
|  Petróleo Brasileiro S.A. - Petrobras  | 5.5% |
|  WEG S.A.  | 3.7% |
|  B3 S.A. – Brasil, Bolsa, Balcão  | 3.7% |
|  Banco Bradesco S.A.  | 3.7% |
|  Ambev S.A.  | 3.5% |
|  Companhia de Saneamento Básico do Estado de São Paulo - SABESP  | 2.8% |

---

Direxion Daily MSCI Brazil Bull 2X Shares PAGE 1 TSR-SAR-25460G708

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MSCI Brazil Bull 2X Shares PAGE 2 TSR-SAR-25460G708

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily MSCI Emerging Markets ex** **China Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | XXCH (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares | $45 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2703880 |
| **Number of Holdings** | 6 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 158.6% |
|  Investment Companies  | 41.4% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  India  | 27.2% |
|  Taiwan, Province Of China  | 24.1% |
|  Korea, Republic of  | 13.2% |
|  Other  | 10.7% |
|  Brazil  | 6.3% |
|  Saudi Arabia  | 5.6% |
|  South Africa  | 4.1% |
|  Mexico  | 3.0% |
|  United Arab Emirates  | 2.0% |
|  Malaysia  | 2.0% |
|  Indonesia  | 1.8% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 12.5% |
|  Samsung Electronics Co. Ltd.  | 3.3% |
|  HDFC Bank, Ltd.  | 2.3% |
|  Reliance Industries, Ltd.  | 1.8% |
|  ICICI Bank Ltd.  | 1.6% |
|  SK Hynix, Inc.  | 1.2% |
|  MediaTek, Inc.  | 1.1% |
|  Infosys Ltd.  | 1.1% |
|  Bharti Airtel Ltd.  | 1.0% |
|  Hon Hai Precision Industry Co. Ltd.  | 1.0% |

---

Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares PAGE 1 TSR-SAR-25461A684

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares PAGE 2 TSR-SAR-25461A684

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily MSCI India Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | INDL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily MSCI India Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily MSCI India Bull 2X Shares | $43 | 0.90% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $86316407 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 56% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 150.1% |
|  Investment Companies  | 49.9% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Financials  | 29.8% |
|  Consumer Discretionary  | 12.5% |
|  Information Technology  | 9.8% |
|  Energy  | 9.1% |
|  Industrials  | 8.4% |
|  Materials  | 7.6% |
|  Consumer Staples  | 6.7% |
|  Health Care  | 5.8% |
|  Communication Services  | 4.8% |
|  Utilities  | 3.9% |
|  Real Estate  | 1.6% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  HDFC Bank Ltd.  | 8.5% |
|  Reliance Industries Ltd.  | 6.6% |
|  ICICI Bank Ltd.  | 5.8% |
|  Infosys Ltd.  | 3.9% |
|  Bharti Airtel Ltd.  | 3.7% |
|  Tata Consultancy Services  | 2.4% |
|  Mahindra & Mahindra  | 2.1% |
|  Axis Bank Ltd.  | 2.1% |
|  Kotak Mahindra Bank Ltd.  | 1.9% |
|  Bajaj Finserv Ltd.  | 1.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily MSCI India Bull 2X Shares PAGE 1 TSR-SAR-25490K331

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MSCI India Bull 2X Shares PAGE 2 TSR-SAR-25490K331

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily AI and Big Data Bull 2X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | AIBU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily AI and Big Data Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily AI and Big Data Bull 2X Shares | $46 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $10353181 |
| **Number of Holdings** | 35 |
| **Portfolio Turnover** | 27% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 126.9% |
|  Common Stocks  | 73.1% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Software  | 31.4% |
|  Semiconductors & Semiconductor Equipment  | 20.9% |
|  Interactive Media & Services  | 14.3% |
|  Technology Hardware, Storage & Peripherals  | 10.7% |
|  IT Services  | 10.4% |
|  Broadline Retail  | 6.8% |
|  Communications Equipment  | 3.4% |
|  Professional Services  | 1.2% |
|  Health Care Providers & Services  | 0.9% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Palantir Technologies, Inc.  | 8.3% |
|  Apple, Inc.  | 7.7% |
|  Microsoft Corp.  | 7.7% |
|  Meta Platforms, Inc.  | 7.5% |
|  Amazon.com, Inc.  | 6.8% |
|  Alphabet, Inc.  | 6.8% |
|  NVIDIA Corp.  | 6.6% |
|  International Business Machines Corp.  | 5.4% |
|  Intel Corp.  | 4.7% |
|  Snowflake, Inc.  | 4.7% |

---

Direxion Daily AI and Big Data Bull 2X Shares PAGE 1 TSR-SAR-25461A718

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily AI and Big Data Bull 2X Shares PAGE 2 TSR-SAR-25461A718

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily AI and Big Data Bear 2X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | AIBD (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily AI and Big Data Bear 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily AI and Big Data Bear 2X Shares | $43 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1982893 |
| **Number of Holdings** | 5 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -200.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Software  | 31.4% |
|  Semiconductors & Semiconductor Equipment  | 20.9% |
|  Interactive Media & Services  | 14.3% |
|  Technology Hardware, Storage & Peripherals  | 10.7% |
|  IT Services  | 10.4% |
|  Broadline Retail  | 6.8% |
|  Communications Equipment  | 3.4% |
|  Professional Services  | 1.2% |
|  Health Care Providers & Services  | 0.9% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Palantir Technologies, Inc.  | 8.3% |
|  Apple, Inc.  | 7.7% |
|  Microsoft Corp.  | 7.7% |
|  Meta Platforms, Inc.  | 7.5% |
|  Amazon.com, Inc.  | 6.8% |
|  Alphabet, Inc.  | 6.8% |
|  NVIDIA Corp.  | 6.6% |
|  International Business Machines Corp.  | 5.4% |
|  Intel Corp.  | 4.7% |
|  Snowflake, Inc.  | 4.7% |

---

Direxion Daily AI and Big Data Bear 2X Shares PAGE 1 TSR-SAR-25461A692

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-2X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -200% of the return of the** **benchmark's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily AI and Big Data Bear 2X Shares PAGE 2 TSR-SAR-25461A692

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Cloud Computing Bull 2X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | CLDL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Cloud Computing Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Cloud Computing Bull 2X Shares | $48 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5679588 |
| **Number of Holdings** | 50 |
| **Portfolio Turnover** | 32% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 131.0% |
|  Common Stocks  | 69.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Software  | 80.6% |
|  IT Services  | 10.4% |
|  Health Care Technology  | 4.9% |
|  Professional Services  | 4.0% |
|  Interactive Media & Services  | 0.1% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  CrowdStrike Holdings, Inc.  | 5.8% |
|  MicroStrategy, Inc. Class A  | 5.7% |
|  ServiceNow, Inc.  | 5.7% |
|  SAP SE ADR  | 5.3% |
|  Autodesk, Inc.  | 5.1% |
|  Workday, Inc.  | 4.9% |
|  Veeva Systems, Inc.  | 4.9% |
|  Snowflake, Inc.  | 4.9% |
|  Atlassian Corp.  | 4.9% |
|  Adobe, Inc.  | 4.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Cloud Computing Bull 2X Shares PAGE 1 TSR-SAR-25460G625

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Cloud Computing Bull 2X Shares PAGE 2 TSR-SAR-25460G625

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Crypto Industry Bull 2X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | LMBO (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Crypto Industry Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Crypto Industry Bull 2X Shares | $40 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3388932 |
| **Number of Holdings** | 29 |
| **Portfolio Turnover** | 29% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 121.0% |
|  Common Stocks  | 79.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Financial Services  | 35.7% |
|  Capital Markets  | 17.9% |
|  Software  | 15.6% |
|  Semiconductors & Semiconductor Equipment  | 15.4% |
|  Banks  | 6.3% |
|  Hotels, Restaurants & Leisure  | 4.9% |
|  IT Services  | 4.2% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Visa, Inc. Class A  | 10.5% |
|  MasterCard, Inc. Class A.  | 10.1% |
|  Advanced Micro Devices, Inc.  | 7.8% |
|  NVIDIA Corp.  | 7.7% |
|  PayPal Holdings, Inc.  | 7.0% |
|  Coinbase Global, Inc.  | 6.7% |
|  NU Holdings Ltd.  | 6.3% |
|  Robinhood Markets, Inc.  | 5.9% |
|  Interactive Brokers Group, Inc.  | 5.3% |
|  DraftKings, Inc.  | 4.9% |

---

Direxion Daily Crypto Industry Bull 2X Shares PAGE 1 TSR-SAR-25461A593

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Crypto Industry Bull 2X Shares PAGE 2 TSR-SAR-25461A593

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Electric And Autonomous** **Vehicles Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | EVAV (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Electric And Autonomous Vehicles Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Electric And Autonomous Vehicles Bull 2X Shares | $46 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2833860 |
| **Number of Holdings** | 24 |
| **Portfolio Turnover** | 66% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 139.8% |
|  Common Stocks  | 60.2% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Automobiles  | 53.9% |
|  Automobile Components  | 27.1% |
|  Aerospace & Defense  | 5.4% |
|  Specialty Retail  | 4.3% |
|  Software  | 3.5% |
|  Electrical Equipment  | 3.4% |
|  Semiconductors & Semiconductor Equipment  | 2.4% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Rivian Automotive, Inc.  | 10.2% |
|  Li Auto, Inc. ADR  | 10.1% |
|  Nio, Inc. ADR  | 9.0% |
|  Lucid Group, Inc.  | 8.6% |
|  XPeng, Inc. ADR  | 6.8% |
|  Tesla, Inc.  | 6.6% |
|  Hesai Group ADR  | 6.0% |
|  EHang Holdings Ltd. ADR  | 5.4% |
|  Mobileye Global, Inc.  | 4.8% |
|  BorgWarner, Inc.  | 4.7% |

---

Direxion Daily Electric And Autonomous Vehicles Bull 2X Shares PAGE 1 TSR-SAR-25460G146

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Electric And Autonomous Vehicles Bull 2X Shares PAGE 2 TSR-SAR-25460G146

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---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Energy Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | ERX (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Energy Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Energy Bull 2X Shares | $40 | 0.90% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $189461953 |
| **Number of Holdings** | 30 |
| **Portfolio Turnover** | 6% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 130.9% |
|  Common Stocks  | 69.1% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Oil, Gas & Consumable Fuels  | 92.4% |
|  Energy Equipment & Services  | 7.6% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Exxon Mobil Corp.  | 24.1% |
|  Chevron Corp.  | 15.2% |
|  ConocoPhillips  | 7.6% |
|  Williams Companies, Inc.  | 5.1% |
|  EOG Resources, Inc.  | 4.3% |
|  ONEOK, Inc.  | 3.9% |
|  Kinder Morgan, Inc.  | 3.9% |
|  Schlumberger Ltd. ADR  | 3.6% |
|  Marathon Petroleum Corp.  | 3.3% |
|  Phillips 66  | 3.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Energy Bull 2X Shares PAGE 1 TSR-SAR-25460G609

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Energy Bull 2X Shares PAGE 2 TSR-SAR-25460G609

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Energy Bear 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | ERY (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Energy Bear 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Energy Bear 2X Shares | $49 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $17139652 |
| **Number of Holdings** | 7 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -200.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Oil, Gas & Consumable Fuels  | 92.4% |
|  Energy Equipment & Services  | 7.6% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Exxon Mobil Corp.  | 24.1% |
|  Chevron Corp.  | 15.2% |
|  ConocoPhillips  | 7.6% |
|  Williams Companies, Inc.  | 5.1% |
|  EOG Resources, Inc.  | 4.3% |
|  ONEOK, Inc.  | 3.9% |
|  Kinder Morgan, Inc.  | 3.9% |
|  Schlumberger Ltd. ADR  | 3.6% |
|  Marathon Petroleum Corp.  | 3.3% |
|  Phillips 66  | 3.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-2X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -200% of the return of the** **benchmark's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Energy Bear 2X Shares PAGE 1 TSR-SAR-25460G179

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Energy Bear 2X Shares PAGE 2 TSR-SAR-25460G179

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---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Gold Miners Index Bull 2X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | NUGT (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Gold Miners Index Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Gold Miners Index Bull 2X Shares | $51 | 0.86% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $489803313 |
| **Number of Holdings** | 10 |
| **Portfolio Turnover** | 34% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 151.6% |
|  Investment Companies  | 48.4% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Metals & Mining  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Newmont Corp.  | 11.9% |
|  Agnico Eagle Mines Ltd.  | 11.8% |
|  Wheaton Precious Metals Corp.  | 7.6% |
|  Franco-Nevada Corp.  | 6.6% |
|  Barrick Gold Corp.  | 6.6% |
|  Anglogold Ashanti PLC  | 4.8% |
|  Gold Fields Ltd.  | 4.5% |
|  Kinross Gold Corp.  | 4.1% |
|  Northern Star Resources Ltd.  | 3.2% |
|  Zijin Mining Group Co. Ltd.  | 3.0% |

---

Direxion Daily Gold Miners Index Bull 2X Shares PAGE 1 TSR-SAR-25460G781

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Gold Miners Index Bull 2X Shares PAGE 2 TSR-SAR-25460G781

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---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Gold Miners Index Bear 2X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | DUST (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Gold Miners Index Bear 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Gold Miners Index Bear 2X Shares | $34 | 0.87% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $124232064 |
| **Number of Holdings** | 7 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -200.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Metals & Mining  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Newmont Corp.  | 11.9% |
|  Agnico Eagle Mines Ltd.  | 11.8% |
|  Wheaton Precious Metals Corp.  | 7.6% |
|  Franco-Nevada Corp.  | 6.6% |
|  Barrick Gold Corp.  | 6.6% |
|  Anglogold Ashanti PLC  | 4.8% |
|  Gold Fields Ltd.  | 4.5% |
|  Kinross Gold Corp.  | 4.1% |
|  Northern Star Resources Ltd.  | 3.2% |
|  Zijin Mining Group Co. Ltd.  | 3.0% |

---

Direxion Daily Gold Miners Index Bear 2X Shares PAGE 1 TSR-SAR-25461A478

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-2X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -200% of the return of the** **benchmark's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Gold Miners Index Bear 2X Shares PAGE 2 TSR-SAR-25461A478

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---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Junior Gold Miners Index** **Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | JNUG (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Junior Gold Miners Index Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | $49 | 0.85% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $272871147 |
| **Number of Holdings** | 7 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 172.7% |
|  Investment Companies  | 27.3% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Metals & Mining  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Alamos Gold, Inc.  | 7.1% |
|  Harmony Gold Mining Co. Ltd.  | 6.9% |
|  Evolution Mining Ltd.  | 6.1% |
|  Pan American Silver Corp.  | 5.6% |
|  B2gold Corp.  | 4.9% |
|  Industrias Peñoles S.A.B. de C.V.  | 2.6% |
|  Iamgold Corp.  | 2.3% |
|  Lundin Gold, Inc.  | 2.3% |
|  Endeavour Mining PLC  | 2.3% |
|  Osisko Gold Royalties Ltd.  | 2.2% |

---

Direxion Daily Junior Gold Miners Index Bull 2X Shares PAGE 1 TSR-SAR-25460G831

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Junior Gold Miners Index Bull 2X Shares PAGE 2 TSR-SAR-25460G831

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Junior Gold Miners Index** **Bear 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | JDST (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Junior Gold Miners Index Bear 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | $34 | 0.88% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $81283781 |
| **Number of Holdings** | 6 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -200.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Metals & Mining  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Alamos Gold, Inc.  | 7.1% |
|  Harmony Gold Mining Co. Ltd.  | 6.9% |
|  Evolution Mining Ltd.  | 6.1% |
|  Pan American Silver Corp.  | 5.6% |
|  B2gold Corp.  | 4.9% |
|  Industrias Peñoles S.A.B. de C.V.  | 2.6% |
|  Iamgold Corp.  | 2.3% |
|  Lundin Gold, Inc.  | 2.3% |
|  Endeavour Mining PLC  | 2.3% |
|  Osisko Gold Royalties Ltd.  | 2.2% |

---

Direxion Daily Junior Gold Miners Index Bear 2X Shares PAGE 1 TSR-SAR-25461A577

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-2X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -200% of the return of the** **benchmark's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Junior Gold Miners Index Bear 2X Shares PAGE 2 TSR-SAR-25461A577

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Magnificent 7 Bull 2X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | QQQU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Magnificent 7 Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Magnificent 7 Bull 2X Shares | $44 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $78674397 |
| **Number of Holdings** | 14 |
| **Portfolio Turnover** | 164% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 155.7% |
|  Common Stocks  | 44.3% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Interactive Media & Services  | 27.5% |
|  Automobiles  | 16.5% |
|  Software  | 14.7% |
|  Technology Hardware, Storage & Peripherals  | 14.2% |
|  Broadline Retail  | 13.7% |
|  Semiconductors & Semiconductor Equipment  | 13.4% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Tesla, Inc.  | 16.5% |
|  Microsoft Corp.  | 14.7% |
|  Apple, Inc.  | 14.2% |
|  Alphabet, Inc.  | 14.1% |
|  Amazon.com, Inc.  | 13.6% |
|  NVIDIA Corp.  | 13.5% |
|  Meta Platforms, Inc.  | 13.4% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Magnificent 7 Bull 2X Shares PAGE 1 TSR-SAR-25461A650

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Magnificent 7 Bull 2X Shares PAGE 2 TSR-SAR-25461A650

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily NYSE FANG+ Bull 2X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | FNGG (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily NYSE FANG+ Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily NYSE FANG+ Bull 2X Shares | $48 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $93025846 |
| **Number of Holdings** | 17 |
| **Portfolio Turnover** | 9% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 157.1% |
|  Common Stocks  | 42.9% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Software  | 32.2% |
|  Semiconductors & Semiconductor Equipment  | 18.7% |
|  Interactive Media & Services  | 18.7% |
|  Entertainment  | 11.5% |
|  Technology Hardware, Storage & Peripherals  | 9.7% |
|  Broadline Retail  | 9.2% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Netflix, Inc.  | 11.5% |
|  CrowdStrike Holdings, Inc.  | 11.2% |
|  ServiceNow, Inc.  | 11.1% |
|  Microsoft Corp.  | 10.0% |
|  Apple, Inc.  | 9.7% |
|  Broadcom, Inc.  | 9.6% |
|  Alphabet, Inc.  | 9.4% |
|  Amazon.com, Inc.  | 9.2% |
|  Meta Platforms, Inc.  | 9.2% |
|  NVIDIA Corp.  | 9.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily NYSE FANG+ Bull 2X Shares PAGE 1 TSR-SAR-25460G161

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily NYSE FANG+ Bull 2X Shares PAGE 2 TSR-SAR-25460G161

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Robotics, Artificial** **Intelligence & Automation Index Bull 2X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | UBOT (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | $41 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $20782060 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 14% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 149.3% |
|  Investment Companies  | 50.7% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Machinery  | 32.0% |
|  Electronic Equipment, Instruments & Components  | 16.5% |
|  Software  | 15.2% |
|  Health Care Equipment & Supplies  | 11.7% |
|  Semiconductors & Semiconductor Equipment  | 8.6% |
|  Electrical Equipment  | 8.3% |
|  Consumer Finance  | 2.1% |
|  Aerospace & Defense  | 2.0% |
|  Automobile Components  | 1.8% |
|  Life Sciences Tools & Services  | 1.2% |
|  Other  | 0.6% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Keyence Corp.  | 8.9% |
|  NVIDIA Corp.  | 8.6% |
|  Intuitive Surgical, Inc.  | 8.4% |
|  ABB Ltd.  | 8.3% |
|  FANUC Corp.  | 7.7% |
|  Daifuku Co. Ltd.  | 4.8% |
|  SMC Corp.  | 4.3% |
|  Dynatrace, Inc.  | 4.3% |
|  Pegasystems, Inc.  | 3.7% |
|  OMRON  | 2.9% |

---

Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares PAGE 1 TSR-SAR-25460G823

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares PAGE 2 TSR-SAR-25460G823

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily S&P Oil & Gas Exp. & Prod.** **Bull 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | GUSH (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | $38 | 0.92% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $198061358 |
| **Number of Holdings** | 62 |
| **Portfolio Turnover** | 34% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 129.8% |
|  Common Stocks  | 70.2% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Oil, Gas & Consumable Fuels  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Expand Energy Corp.  | 3.3% |
|  CNX Resources Corp.  | 3.2% |
|  EQT Corp.  | 3.2% |
|  Marathon Oil Corp.  | 3.2% |
|  Exxon Mobil Corp.  | 3.1% |
|  HF Sinclair Corp.  | 3.1% |
|  Antero Resources Corp.  | 3.1% |
|  Texas Pacific Land Corp.  | 3.0% |
|  Valero Energy Corp.  | 2.9% |
|  ConocoPhillips  | 2.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares PAGE 1 TSR-SAR-25460G500

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares PAGE 2 TSR-SAR-25460G500

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily S&P Oil & Gas Exp. & Prod.** **Bear 2X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | DRIP (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | $51 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $40511526 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -200.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Oil, Gas & Consumable Fuels  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Expand Energy Corp.  | 3.3% |
|  CNX Resources Corp.  | 3.2% |
|  EQT Corp.  | 3.2% |
|  Marathon Oil Corp.  | 3.2% |
|  Exxon Mobil Corp.  | 3.1% |
|  HF Sinclair Corp.  | 3.1% |
|  Antero Resources Corp.  | 3.1% |
|  Texas Pacific Land Corp.  | 3.0% |
|  Valero Energy Corp.  | 2.9% |
|  ConocoPhillips  | 2.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-2X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -200% of the return of the** **benchmark's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares PAGE 1 TSR-SAR-25460G328

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares PAGE 2 TSR-SAR-25460G328

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Travel & Vacation Bull 2X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | OOTO (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Travel & Vacation Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Travel & Vacation Bull 2X Shares | $42 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3869424 |
| **Number of Holdings** | 54 |
| **Portfolio Turnover** | 22% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 128.1% |
|  Common Stocks  | 71.9% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Hotels, Restaurants & Leisure  | 64.0% |
|  Passenger Airlines  | 16.3% |
|  Entertainment  | 8.0% |
|  Hotel & Resort REITs  | 5.0% |
|  Specialized REITs  | 5.8% |
|  Interactive Media & Services  | 0.9% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Booking Holdings, Inc.  | 6.0% |
|  Airbnb, Inc. Class A  | 5.4% |
|  Hilton Worldwide Holdings, Inc.  | 5.4% |
|  Marriott International, Inc. Class C  | 5.1% |
|  Trip.com Group Ltd. ADR  | 5.0% |
|  The Walt Disney Co.  | 4.9% |
|  Royal Caribbean Cruises Ltd. ADR  | 4.7% |
|  VICI Properties, Inc.  | 3.6% |
|  Delta Air Lines, Inc.  | 3.5% |
|  Live Nation Entertainment, Inc.  | 3.1% |

---

Direxion Daily Travel & Vacation Bull 2X Shares PAGE 1 TSR-SAR-25460G542

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Travel & Vacation Bull 2X Shares PAGE 2 TSR-SAR-25460G542

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Uranium Industry Bull 2X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | URAA (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Uranium Industry Bull 2X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Uranium Industry Bull 2X Shares | $37 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $6784150 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 22% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 149.9% |
|  Investment Companies  | 50.1% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Nuclear Energy  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Global X Uranium ETF  | 55.4% |
|  Sprott Uranium Miners ETF  | 24.0% |
|  VanEck Uranium and Nuclear ETF  | 20.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 200% of the return of the common shares'** **cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Uranium Industry Bull 2X Shares PAGE 1 TSR-SAR-25461A643

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Uranium Industry Bull 2X Shares PAGE 2 TSR-SAR-25461A643

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Mid Cap Bull 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | MIDU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Mid Cap Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Mid Cap Bull 3X Shares | $40 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $66523474 |
| **Number of Holdings** | 407 |
| **Portfolio Turnover** | 28% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 230.5% |
|  Common Stocks  | 69.5% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Industrials  | 21.5% |
|  Financials  | 18.3% |
|  Consumer Discretionary  | 13.3% |
|  Information Technology  | 10.1% |
|  Health Care  | 9.2% |
|  Real Estate  | 7.3% |
|  Materials  | 6.7% |
|  Consumer Staples  | 5.7% |
|  Energy  | 3.6% |
|  Utilities  | 3.1% |
|  Communication Services  | 1.2% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Interactive Brokers Group, Inc. Class A  | 0.7% |
|  RB Global, Inc. ADR  | 0.7% |
|  EMCOR Group, Inc.  | 0.7% |
|  Casey's General Stores, Inc.  | 0.6% |
|  Guidewire Software, Inc.  | 0.6% |
|  Sprouts Farmers Market, Inc.  | 0.6% |
|  Carlisle Cos., Inc.  | 0.6% |
|  Fidelity National Financial, Inc.  | 0.6% |
|  Docusign, Inc.  | 0.6% |
|  Watsco, Inc.  | 0.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Mid Cap Bull 3X Shares PAGE 1 TSR-SAR-25459W730

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Mid Cap Bull 3X Shares PAGE 2 TSR-SAR-25459W730

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily S&P 500® Bull 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | SPXL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily S&P 500® Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily S&P 500® Bull 3X Shares | $37 | 0.81% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4001766903 |
| **Number of Holdings** | 514 |
| **Portfolio Turnover** | 40% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 229.6% |
|  Common Stocks  | 70.4% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Information Technology  | 30.3% |
|  Financials  | 14.5% |
|  Health Care  | 10.8% |
|  Consumer Discretionary  | 10.3% |
|  Communication Services  | 9.3% |
|  Industrials  | 8.5% |
|  Consumer Staples  | 6.2% |
|  Energy  | 3.2% |
|  Utilities  | 2.6% |
|  Real Estate  | 2.3% |
|  Materials  | 2.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Apple, Inc.  | 6.8% |
|  Microsoft Corp.  | 6.2% |
|  NVIDIA Corp.  | 5.7% |
|  Amazon.com, Inc.  | 3.7% |
|  Meta Platforms, Inc.  | 2.5% |
|  Berkshire Hathaway, Inc. Class B  | 2.1% |
|  Alphabet, Inc.  | 2.0% |
|  Broadcom, Inc.  | 1.9% |
|  Tesla, Inc.  | 1.7% |
|  Alphabet, Inc. Class C  | 1.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily S&P 500® Bull 3X Shares PAGE 1 TSR-SAR-25459W862

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily S&P 500® Bull 3X Shares PAGE 2 TSR-SAR-25459W862

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily S&P 500® Bear 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | SPXS (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily S&P 500® Bear 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily S&P 500® Bear 3X Shares | $45 | 0.92% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $400143094 |
| **Number of Holdings** | 11 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -300.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Information Technology  | 30.3% |
|  Financials  | 14.5% |
|  Health Care  | 10.8% |
|  Consumer Discretionary  | 10.3% |
|  Communication Services  | 9.3% |
|  Industrials  | 8.5% |
|  Consumer Staples  | 6.2% |
|  Energy  | 3.2% |
|  Utilities  | 2.6% |
|  Real Estate  | 2.3% |
|  Materials  | 2.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Apple, Inc.  | 6.8% |
|  Microsoft Corp.  | 6.2% |
|  NVIDIA Corp.  | 5.7% |
|  Amazon.com, Inc.  | 3.7% |
|  Meta Platforms, Inc.  | 2.5% |
|  Berkshire Hathaway, Inc. Class B  | 2.1% |
|  Alphabet, Inc.  | 2.0% |
|  Broadcom, Inc.  | 1.9% |
|  Tesla, Inc.  | 1.7% |
|  Alphabet, Inc. Class C  | 1.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily S&P 500® Bear 3X Shares PAGE 1 TSR-SAR-25460E265

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily S&P 500® Bear 3X Shares PAGE 2 TSR-SAR-25460E265

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Small Cap Bull 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | TNA (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Small Cap Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Small Cap Bull 3X Shares | $35 | 0.88% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1664493688 |
| **Number of Holdings** | 11 |
| **Portfolio Turnover** | 83% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 232.7% |
|  Investment Companies  | 67.3% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Financials  | 19.8% |
|  Industrials  | 17.6% |
|  Health Care  | 17.1% |
|  Information Technology  | 12.5% |
|  Consumer Discretionary  | 9.1% |
|  Real Estate  | 6.2% |
|  Energy  | 4.5% |
|  Materials  | 4.0% |
|  Consumer Staples  | 3.3% |
|  Utilities  | 3.3% |
|  Communication Services  | 2.6% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Sprouts Farmers Market, Inc.  | 0.7% |
|  Insmed, Inc.  | 0.5% |
|  FTAI Aviation Ltd.  | 0.5% |
|  Carpenter Technology Corp.  | 0.4% |
|  Applied Industrial Technologies, Inc.  | 0.4% |
|  SouthState Corp.  | 0.4% |
|  Mueller Industries, Inc.  | 0.4% |
|  Rocket Lab Corp.  | 0.3% |
|  Halozyme Therapeutics, Inc.  | 0.3% |
|  Exlservice Holdings, Inc.  | 0.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Small Cap Bull 3X Shares PAGE 1 TSR-SAR-25459W847

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Small Cap Bull 3X Shares PAGE 2 TSR-SAR-25459W847

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Small Cap Bear 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | TZA (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Small Cap Bear 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Small Cap Bear 3X Shares | $49 | 0.90% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $261323898 |
| **Number of Holdings** | 11 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -300.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Financials  | 19.8% |
|  Industrials  | 17.6% |
|  Health Care  | 17.1% |
|  Information Technology  | 12.5% |
|  Consumer Discretionary  | 9.1% |
|  Real Estate  | 6.2% |
|  Energy  | 4.5% |
|  Materials  | 4.0% |
|  Consumer Staples  | 3.3% |
|  Utilities  | 3.3% |
|  Communication Services  | 2.6% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Sprouts Farmers Market, Inc.  | 0.7% |
|  Insmed, Inc.  | 0.5% |
|  FTAI Aviation Ltd.  | 0.5% |
|  Carpenter Technology Corp.  | 0.4% |
|  Applied Industrial Technologies, Inc.  | 0.4% |
|  SouthState Corp.  | 0.4% |
|  Mueller Industries, Inc.  | 0.4% |
|  Rocket Lab Corp.  | 0.3% |
|  Halozyme Therapeutics, Inc.  | 0.3% |
|  Exlservice Holdings, Inc.  | 0.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Small Cap Bear 3X Shares PAGE 1 TSR-SAR-25460E232

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Small Cap Bear 3X Shares PAGE 2 TSR-SAR-25460E232

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily FTSE China Bull 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | YINN (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily FTSE China Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily FTSE China Bull 3X Shares | $45 | 0.92% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1117630493 |
| **Number of Holdings** | 13 |
| **Portfolio Turnover** | 107% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 257.2% |
|  Investment Companies  | 42.8% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Consumer Discretionary  | 31.8% |
|  Financials  | 29.7% |
|  Communication Services  | 18.5% |
|  Information Technology  | 7.9% |
|  Energy  | 4.4% |
|  Health Care  | 2.0% |
|  Materials  | 1.8% |
|  Industrials  | 1.6% |
|  Real Estate  | 1.0% |
|  Consumer Staples  | 0.9% |
|  Utilities  | 0.4% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Tencent Holdings Ltd.  | 9.0% |
|  Alibaba Group Holding Ltd.  | 8.5% |
|  Xiaomi Corp.  | 7.7% |
|  Meituan Class B  | 6.5% |
|  China Construction Bank Corp. Class H  | 5.0% |
|  BYD  | 4.7% |
|  Industrial & Commercial Bank of China Ltd.  | 4.5% |
|  Bank Of China (Hong Kong) Ltd.  | 4.2% |
|  NetEase, Inc.  | 4.0% |
|  Ping An Insurance Group Comapny of China Ltd.  | 3.8% |

---

Direxion Daily FTSE China Bull 3X Shares PAGE 1 TSR-SAR-25460G195

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily FTSE China Bull 3X Shares PAGE 2 TSR-SAR-25460G195

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---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily FTSE China Bear 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | YANG (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily FTSE China Bear 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily FTSE China Bear 3X Shares | $37 | 0.94% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $225151003 |
| **Number of Holdings** | 7 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -300.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Consumer Discretionary  | 31.8% |
|  Financials  | 29.7% |
|  Communication Services  | 18.5% |
|  Information Technology  | 7.9% |
|  Energy  | 4.4% |
|  Health Care  | 2.0% |
|  Materials  | 1.8% |
|  Industrials  | 1.6% |
|  Real Estate  | 1.0% |
|  Consumer Staples  | 0.9% |
|  Utilities  | 0.4% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Tencent Holdings Ltd.  | 9.0% |
|  Alibaba Group Holding Ltd.  | 8.5% |
|  Xiaomi Corp.  | 7.7% |
|  Meituan Class B  | 6.5% |
|  China Construction Bank Corp. Class H  | 5.0% |
|  BYD  | 4.7% |
|  Industrial & Commercial Bank of China Ltd.  | 4.5% |
|  Bank Of China (Hong Kong) Ltd.  | 4.2% |
|  NetEase, Inc.  | 4.0% |
|  Ping An Insurance Group Comapny of China Ltd.  | 3.8% |

---

Direxion Daily FTSE China Bear 3X Shares PAGE 1 TSR-SAR-25461A460

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily FTSE China Bear 3X Shares PAGE 2 TSR-SAR-25461A460

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily FTSE Europe Bull 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | EURL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily FTSE Europe Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily FTSE Europe Bull 3X Shares | $51 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $38386039 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 252.6% |
|  Investment Companies  | 47.4% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  United Kingdom  | 22.1% |
|  Switzerland  | 14.9% |
|  Germany  | 14.8% |
|  France  | 14.6% |
|  Netherlands  | 7.4% |
|  Other  | 6.1% |
|  Sweden  | 5.5% |
|  Italy  | 4.9% |
|  Spain  | 4.7% |
|  Denmark  | 3.5% |
|  Belgium  | 1.5% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  SAP SE  | 2.4% |
|  Nestle SA  | 2.1% |
|  ASML Holding N.V.  | 2.0% |
|  Roche Holding AG  | 1.7% |
|  Novartis AG  | 1.7% |
|  AstraZeneca PLC  | 1.6% |
|  Novo Nordisk A/S  | 1.6% |
|  HSBC Holdings PLC  | 1.5% |
|  Shell PLC  | 1.5% |
|  Siemens AG  | 1.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily FTSE Europe Bull 3X Shares PAGE 1 TSR-SAR-25459Y280

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily FTSE Europe Bull 3X Shares PAGE 2 TSR-SAR-25459Y280

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---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily MSCI Emerging Markets** **Bull 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | EDC (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily MSCI Emerging Markets Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares | $44 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $64315213 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 77% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 295.7% |
|  Investment Companies  | 4.3% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  China  | 27.1% |
|  India  | 19.2% |
|  Taiwan, Province Of China  | 17.0% |
|  Other  | 11.2% |
|  Korea, Republic of  | 9.3% |
|  Brazil  | 4.5% |
|  Saudi Arabia  | 3.9% |
|  South Africa  | 2.9% |
|  Mexico  | 2.1% |
|  United Arab Emirates  | 1.4% |
|  Malaysia  | 1.4% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 8.8% |
|  Tencent Holdings Ltd.  | 5.0% |
|  Alibaba Group Holding Ltd.  | 3.1% |
|  Samsung Electronics Co. Ltd.  | 2.3% |
|  HDFC Bank  | 1.6% |
|  Xiaomi Corp.  | 1.3% |
|  Reliance Industries Ltd.  | 1.3% |
|  ICICI Bank Ltd.  | 1.1% |
|  Meituan Class B  | 1.0% |
|  China Construction Bank Corp.  | 1.0% |

---

Direxion Daily MSCI Emerging Markets Bull 3X Shares PAGE 1 TSR-SAR-25490K281

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MSCI Emerging Markets Bull 3X Shares PAGE 2 TSR-SAR-25490K281

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---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily MSCI Emerging Markets** **Bear 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | EDZ (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily MSCI Emerging Markets Bear 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares | $46 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $16757972 |
| **Number of Holdings** | 5 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -300.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  China  | 27.1% |
|  India  | 19.2% |
|  Taiwan, Province Of China  | 17.0% |
|  Other  | 11.2% |
|  Korea, Republic of  | 9.3% |
|  Brazil  | 4.5% |
|  Saudi Arabia  | 3.9% |
|  South Africa  | 2.9% |
|  Mexico  | 2.1% |
|  United Arab Emirates  | 1.4% |
|  Malaysia  | 1.4% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 8.8% |
|  Tencent Holdings Ltd.  | 5.0% |
|  Alibaba Group Holding Ltd.  | 3.1% |
|  Samsung Electronics Co. Ltd.  | 2.3% |
|  HDFC Bank  | 1.6% |
|  Xiaomi Corp.  | 1.3% |
|  Reliance Industries Ltd.  | 1.3% |
|  ICICI Bank Ltd.  | 1.1% |
|  Meituan Class B  | 1.0% |
|  China Construction Bank Corp.  | 1.0% |

---

Direxion Daily MSCI Emerging Markets Bear 3X Shares PAGE 1 TSR-SAR-25460E547

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MSCI Emerging Markets Bear 3X Shares PAGE 2 TSR-SAR-25460E547

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily MSCI Mexico Bull 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | MEXX (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily MSCI Mexico Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily MSCI Mexico Bull 3X Shares | $52 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $27379416 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 53% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 252.9% |
|  Investment Companies  | 47.1% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Consumer Staples  | 31.4% |
|  Financials  | 19.8% |
|  Materials  | 16.3% |
|  Industrials  | 13.9% |
|  Communication Services  | 10.0% |
|  Real Estate  | 7.2% |
|  Consumer Discretionary  | 0.8% |
|  Health Care  | 0.6% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Grupo Finance Banorte  | 11.3% |
|  Fomento Economico Mexicano  | 9.2% |
|  Wal-Mart de México S.A.B. de C.V.  | 8.2% |
|  Grupo Mexico Class B  | 8.1% |
|  América Móvil S.A.B. de C.V.  | 7.8% |
|  Grupo Aeroportuario del Pacífico S.A.B. de C.V.  | 4.3% |
|  CEMEX S.A.B. de C.V.  | 3.9% |
|  Grupo Aeroportuario del Sureste S.A.B. de C.V.  | 3.3% |
|  Arca Continental  | 3.2% |
|  Grupo Financiero Inbursa S.A.B. de C.V. Series O  | 2.8% |

---

Direxion Daily MSCI Mexico Bull 3X Shares PAGE 1 TSR-SAR-25460E281

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MSCI Mexico Bull 3X Shares PAGE 2 TSR-SAR-25460E281

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily MSCI South Korea Bull 3X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | KORU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily MSCI South Korea Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily MSCI South Korea Bull 3X Shares | $41 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $80826744 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 246.6% |
|  Investment Companies  | 53.4% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Information Technology  | 35.4% |
|  Industrials  | 18.9% |
|  Financials  | 14.0% |
|  Consumer Discretionary  | 9.2% |
|  Health Care  | 7.5% |
|  Communication Services  | 6.7% |
|  Materials  | 3.6% |
|  Consumer Staples  | 2.6% |
|  Energy  | 1.4% |
|  Utilities  | 0.7% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Samsung Electronics Co. Ltd.  | 22.2% |
|  SK Hynix, Inc.  | 9.3% |
|  KB Financial Group  | 3.3% |
|  Naver Corp.  | 2.8% |
|  Hyundai Motor Co.  | 2.5% |
|  Hanwha Aerospace Co. Ltd.  | 2.5% |
|  Celltrion, Inc.  | 2.5% |
|  Shinhan Financial Group Co. Ltd.  | 2.2% |
|  Kia Corp.  | 2.1% |
|  Samsung Biologics Co. Ltd.  | 1.8% |

---

Direxion Daily MSCI South Korea Bull 3X Shares PAGE 1 TSR-SAR-25461A387

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MSCI South Korea Bull 3X Shares PAGE 2 TSR-SAR-25461A387

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---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Aerospace & Defense Bull** **3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | DFEN (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Aerospace & Defense Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Aerospace & Defense Bull 3X Shares | $48 | 0.93% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $161184835 |
| **Number of Holdings** | 45 |
| **Portfolio Turnover** | 42% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 235.5% |
|  Common Stocks  | 64.5% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Aerospace & Defense  | 99.8% |
|  Leisure Products  | 0.2% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  General Electric Co.  | 19.5% |
|  RTX Corp.  | 15.1% |
|  Boeing Co.  | 9.9% |
|  Axon Enterprise, Inc.  | 4.7% |
|  Howmet Aerospace, Inc.  | 4.6% |
|  TransDigm Group, Inc.  | 4.6% |
|  L3Harris Technologies, Inc.  | 4.5% |
|  General Dynamics Corp.  | 4.5% |
|  Lockheed Martin Corp.  | 4.4% |
|  Northrop Grumman Corp.  | 4.4% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Aerospace & Defense Bull 3X Shares PAGE 1 TSR-SAR-25460E661

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Aerospace & Defense Bull 3X Shares PAGE 2 TSR-SAR-25460E661

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Consumer Discretionary Bull** **3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | WANT (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Consumer Discretionary Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Consumer Discretionary Bull 3X Shares | $43 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $17657953 |
| **Number of Holdings** | 58 |
| **Portfolio Turnover** | 61% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 234.0% |
|  Common Stocks  | 66.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Hotels, Restaurants & Leisure  | 26.8% |
|  Broadline Retail  | 22.3% |
|  Specialty Retail  | 23.0% |
|  Automobiles  | 18.4% |
|  Household Durables  | 3.9% |
|  Textiles, Apparel & Luxury Goods  | 3.9% |
|  Distributors  | 1.1% |
|  Automobile Components  | 0.4% |
|  Leisure Products  | 0.2% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Amazon.com, Inc.  | 21.3% |
|  Tesla, Inc.  | 16.0% |
|  The Home Depot, Inc.  | 7.3% |
|  Booking Holdings, Inc.  | 4.8% |
|  McDonald's Corp.  | 4.8% |
|  TJX Companies, Inc.  | 4.1% |
|  Lowe's Companies, Inc.  | 3.6% |
|  Starbucks Corp.  | 2.6% |
|  O'Reilly Automotive, Inc.  | 2.3% |
|  Chipotle Mexican Grill, Inc.  | 2.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Consumer Discretionary Bull 3X Shares PAGE 1 TSR-SAR-25459Y801

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Consumer Discretionary Bull 3X Shares PAGE 2 TSR-SAR-25459Y801

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Dow Jones Internet Bull 3X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | WEBL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Dow Jones Internet Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Dow Jones Internet Bull 3X Shares | $45 | 0.93% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $117128216 |
| **Number of Holdings** | 47 |
| **Portfolio Turnover** | 47% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 234.6% |
|  Common Stocks  | 65.4% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Interactive Media & Services  | 18.2% |
|  Software  | 16.9% |
|  Hotels, Restaurants & Leisure  | 13.8% |
|  Entertainment  | 12.5% |
|  Broadline Retail  | 10.7% |
|  Communications Equipment  | 10.2% |
|  IT Services  | 8.3% |
|  Financial Services  | 3.2% |
|  Commercial Services & Supplies  | 2.6% |
|  Other  | 1.9% |
|  Health Care Technology  | 1.7% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Netflix, Inc.  | 10.8% |
|  Amazon.com, Inc.  | 9.1% |
|  Meta Platforms, Inc.  | 8.7% |
|  Salesforce, Inc.  | 5.7% |
|  Alphabet, Inc. Class A  | 5.1% |
|  Booking Holdings, Inc.  | 5.1% |
|  Cisco Systems, Inc.  | 4.2% |
|  Alphabet, Inc. Class C  | 4.2% |
|  Arista Networks, Inc.  | 4.1% |
|  DoorDash, Inc.  | 3.2% |

---

Direxion Daily Dow Jones Internet Bull 3X Shares PAGE 1 TSR-SAR-25460E364

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Dow Jones Internet Bull 3X Shares PAGE 2 TSR-SAR-25460E364

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Dow Jones Internet Bear 3X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | WEBS (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Dow Jones Internet Bear 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Dow Jones Internet Bear 3X Shares | $40 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $11542560 |
| **Number of Holdings** | 6 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -300.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Interactive Media & Services  | 18.2% |
|  Software  | 16.9% |
|  Hotels, Restaurants & Leisure  | 13.8% |
|  Entertainment  | 12.5% |
|  Broadline Retail  | 10.7% |
|  Communications Equipment  | 10.2% |
|  IT Services  | 8.3% |
|  Financial Services  | 3.2% |
|  Commercial Services & Supplies  | 2.6% |
|  Other  | 1.9% |
|  Health Care Technology  | 1.7% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Netflix, Inc.  | 10.8% |
|  Amazon.com, Inc.  | 9.1% |
|  Meta Platforms, Inc.  | 8.7% |
|  Salesforce, Inc.  | 5.7% |
|  Alphabet, Inc. Class A  | 5.1% |
|  Booking Holdings, Inc.  | 5.1% |
|  Cisco Systems, Inc.  | 4.2% |
|  Alphabet, Inc. Class C  | 4.2% |
|  Arista Networks, Inc.  | 4.1% |
|  DoorDash, Inc.  | 3.2% |

---

Direxion Daily Dow Jones Internet Bear 3X Shares PAGE 1 TSR-SAR-25461A486

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Dow Jones Internet Bear 3X Shares PAGE 2 TSR-SAR-25461A486

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Financial Bull 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | FAS (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Financial Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Financial Bull 3X Shares | $43 | 0.86% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2250678581 |
| **Number of Holdings** | 85 |
| **Portfolio Turnover** | 41% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 231.6% |
|  Common Stocks  | 68.4% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Financial Services  | 34.4% |
|  Banks  | 23.6% |
|  Capital Markets  | 22.1% |
|  Insurance  | 15.8% |
|  Consumer Finance  | 4.1% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Berkshire Hathaway Class B  | 14.3% |
|  JPMorgan Chase & Co.  | 10.0% |
|  Visa, Inc. Class A  | 8.7% |
|  MasterCard, Inc. Class A  | 6.5% |
|  Bank of America Corp.  | 3.9% |
|  Wells Fargo & Co.  | 3.4% |
|  Goldman Sachs Group, Inc.  | 2.5% |
|  Progressive Corp.  | 2.4% |
|  S&P Global, Inc.  | 2.3% |
|  American Express Co.  | 2.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Financial Bull 3X Shares PAGE 1 TSR-SAR-25459Y694

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Financial Bull 3X Shares PAGE 2 TSR-SAR-25459Y694

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Financial Bear 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | FAZ (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Financial Bear 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Financial Bear 3X Shares | $40 | 0.92% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $106538165 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -300.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Financial Services  | 34.4% |
|  Banks  | 23.6% |
|  Capital Markets  | 22.1% |
|  Insurance  | 15.8% |
|  Consumer Finance  | 4.1% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Berkshire Hathaway Class B  | 14.3% |
|  JPMorgan Chase & Co.  | 10.0% |
|  Visa, Inc. Class A  | 8.7% |
|  MasterCard, Inc. Class A  | 6.5% |
|  Bank of America Corp.  | 3.9% |
|  Wells Fargo & Co.  | 3.4% |
|  Goldman Sachs Group, Inc.  | 2.5% |
|  Progressive Corp.  | 2.4% |
|  S&P Global, Inc.  | 2.3% |
|  American Express Co.  | 2.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Financial Bear 3X Shares PAGE 1 TSR-SAR-25460E240

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Financial Bear 3X Shares PAGE 2 TSR-SAR-25460E240

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Healthcare Bull 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | CURE (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Healthcare Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Healthcare Bull 3X Shares | $41 | 0.91% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $133259556 |
| **Number of Holdings** | 67 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 234.5% |
|  Common Stocks  | 65.5% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Pharmaceuticals  | 31.7% |
|  Health Care Equipment & Supplies  | 22.7% |
|  Health Care Providers & Services  | 20.2% |
|  Biotechnology  | 16.9% |
|  Life Sciences Tools & Services  | 8.5% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Eli Lilly & Co.  | 13.9% |
|  UnitedHealth Group, Inc.  | 7.4% |
|  Johnson & Johnson  | 7.4% |
|  AbbVie, Inc.  | 6.7% |
|  Abbott Laboratories  | 4.4% |
|  Merck & Co., Inc.  | 4.2% |
|  Intuitive Surgical, Inc.  | 3.6% |
|  Thermo Fisher Scientific, Inc.  | 3.2% |
|  Amgen, Inc.  | 3.1% |
|  Boston Scientific Corp.  | 3.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Healthcare Bull 3X Shares PAGE 1 TSR-SAR-25459Y876

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Healthcare Bull 3X Shares PAGE 2 TSR-SAR-25459Y876

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Homebuilders & Supplies** **Bull 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | NAIL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Homebuilders & Supplies Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares | $32 | 0.92% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $242310767 |
| **Number of Holdings** | 56 |
| **Portfolio Turnover** | 8% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 241.1% |
|  Common Stocks  | 58.9% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Household Durables  | 66.9% |
|  Building Products  | 16.4% |
|  Specialty Retail  | 10.7% |
|  Chemicals  | 4.8% |
|  Construction Materials  | 1.2% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  D.R. Horton, Inc..  | 14.5% |
|  Lennar Corp. Class A  | 10.2% |
|  NVR, Inc.  | 8.6% |
|  PulteGroup, Inc.  | 8.4% |
|  The Sherwin Williams Co.  | 4.8% |
|  The Home Depot, Inc.  | 4.7% |
|  Lowe's Companies, Inc.  | 4.6% |
|  Toll Brothers, Inc.  | 4.1% |
|  TopBuild Corp.  | 3.5% |
|  Lennox International, Inc.  | 2.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Homebuilders & Supplies Bull 3X Shares PAGE 1 TSR-SAR-25490K596

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Homebuilders & Supplies Bull 3X Shares PAGE 2 TSR-SAR-25490K596

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Industrials Bull 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | DUSL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Industrials Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Industrials Bull 3X Shares | $43 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $29410129 |
| **Number of Holdings** | 85 |
| **Portfolio Turnover** | 19% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 232.2% |
|  Common Stocks  | 67.8% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Aerospace & Defense  | 24.8% |
|  Machinery  | 18.2% |
|  Ground Transportation  | 11.0% |
|  Electrical Equipment  | 9.2% |
|  Professional Services  | 8.1% |
|  Commercial Services & Supplies  | 7.5% |
|  Building Products  | 6.4% |
|  Industrial Conglomerates  | 5.3% |
|  Air Freight & Logistics  | 3.5% |
|  Trading Companies & Distributors  | 3.3% |
|  Other  | 2.7% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  General Electric Co.  | 5.4% |
|  Uber Technologies, Inc.  | 4.2% |
|  RTX Corp.  | 4.2% |
|  Caterpillar, Inc.  | 3.7% |
|  Boeing Co.  | 3.4% |
|  Honeywell International, Inc.  | 3.4% |
|  Union Pacific Corp.  | 3.2% |
|  Automatic Data Processing, Inc.  | 3.0% |
|  Deere & Co.  | 2.9% |
|  Eaton Corporation PLC ADR  | 2.9% |

---

Direxion Daily Industrials Bull 3X Shares PAGE 1 TSR-SAR-25460E737

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Industrials Bull 3X Shares PAGE 2 TSR-SAR-25460E737

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Pharmaceutical & Medical** **Bull 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | PILL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Pharmaceutical & Medical Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares | $39 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $13584307 |
| **Number of Holdings** | 48 |
| **Portfolio Turnover** | 38% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 230.2% |
|  Common Stocks  | 69.8% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Pharmaceuticals  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Corcept Therapeutics, Inc.  | 5.2% |
|  Eli Lilly & Co.  | 4.3% |
|  Tarsus Pharmaceuticals, Inc.  | 4.2% |
|  Royalty Pharma PLC ADR  | 4.0% |
|  Zoetis, Inc.  | 3.8% |
|  Johnson & Johnson  | 3.8% |
|  Pfizer, Inc.  | 3.8% |
|  Axsome Therapeutics, Inc.  | 3.7% |
|  Perrigo Co. PLC ADR  | 3.7% |
|  Prestige Consumer Healthcare, Inc.  | 3.7% |

---

Direxion Daily Pharmaceutical & Medical Bull 3X Shares PAGE 1 TSR-SAR-25460E646

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Pharmaceutical & Medical Bull 3X Shares PAGE 2 TSR-SAR-25460E646

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Real Estate Bull 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | DRN (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Real Estate Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Real Estate Bull 3X Shares | $43 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $58377965 |
| **Number of Holdings** | 36 |
| **Portfolio Turnover** | 1% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 226.3% |
|  Common Stocks  | 73.7% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Specialized REITs  | 44.1% |
|  Health Care REITs  | 13.8% |
|  Residential REITs  | 12.7% |
|  Retail REITs  | 12.4% |
|  Industrial REITs  | 8.9% |
|  Real Estate Management & Development  | 6.3% |
|  Hotel & Resort REITs  | 0.9% |
|  Office REITs  | 0.9% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  American Tower Corp.  | 9.9% |
|  Prologis, Inc.  | 8.9% |
|  Welltower, Inc.  | 8.7% |
|  Equinix, Inc.  | 7.9% |
|  Digital Realty Trust, Inc.  | 4.8% |
|  Realty Income Corp.  | 4.8% |
|  Simon Property Group, Inc.  | 4.5% |
|  Public Storage  | 4.4% |
|  Crown Castle, Inc.  | 4.3% |
|  CBRE Group, Inc. Class A  | 3.4% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Real Estate Bull 3X Shares PAGE 1 TSR-SAR-25459W755

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Real Estate Bull 3X Shares PAGE 2 TSR-SAR-25459W755

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Real Estate Bear 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | DRV (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Real Estate Bear 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Real Estate Bear 3X Shares | $48 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $46518484 |
| **Number of Holdings** | 5 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -300.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Specialized REITs  | 44.1% |
|  Health Care REITs  | 13.8% |
|  Residential REITs  | 12.7% |
|  Retail REITs  | 12.4% |
|  Industrial REITs  | 8.9% |
|  Real Estate Management & Development  | 6.3% |
|  Hotel & Resort REITs  | 0.9% |
|  Office REITs  | 0.9% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  American Tower Corp.  | 9.9% |
|  Prologis, Inc.  | 8.9% |
|  Welltower, Inc.  | 8.7% |
|  Equinix, Inc.  | 7.9% |
|  Digital Realty Trust, Inc.  | 4.8% |
|  Realty Income Corp.  | 4.8% |
|  Simon Property Group, Inc.  | 4.5% |
|  Public Storage  | 4.4% |
|  Crown Castle, Inc.  | 4.3% |
|  CBRE Group, Inc. Class A  | 3.4% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Real Estate Bear 3X Shares PAGE 1 TSR-SAR-25460G419

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Real Estate Bear 3X Shares PAGE 2 TSR-SAR-25460G419

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Regional Banks Bull 3X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | DPST (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Regional Banks Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Regional Banks Bull 3X Shares | $35 | 0.88% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $537604663 |
| **Number of Holdings** | 151 |
| **Portfolio Turnover** | 73% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 232.2% |
|  Common Stocks  | 67.8% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Banks  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  East West Bancorp, Inc.  | 3.0% |
|  Huntington Bancshares, Inc.  | 3.0% |
|  M&T Bank Corp.  | 3.0% |
|  Regions Financial Corp.  | 2.9% |
|  First Horizon National Corp.  | 2.9% |
|  Truist Financial Corp.  | 2.9% |
|  Western Alliance Bancorp  | 2.8% |
|  Citizens Financial Group, Inc.  | 2.7% |
|  Valley National Bancorp  | 2.7% |
|  Zions Bancorp  | 2.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Regional Banks Bull 3X Shares PAGE 1 TSR-SAR-25460G153

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Regional Banks Bull 3X Shares PAGE 2 TSR-SAR-25460G153

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Retail Bull 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | RETL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Retail Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Retail Bull 3X Shares | $39 | 0.94% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $34447291 |
| **Number of Holdings** | 83 |
| **Portfolio Turnover** | 37% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 237.8% |
|  Common Stocks  | 62.2% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Specialty Retail  | 65.8% |
|  Consumer Staples Distribution & Retail  | 23.8% |
|  Broadline Retail  | 10.4% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Grocery Outlet Holding Corp.  | 1.9% |
|  Carvana Co.  | 1.9% |
|  Dollar Tree, Inc.  | 1.8% |
|  GameStop Corp. Class A  | 1.7% |
|  Dollar General Corp.  | 1.7% |
|  Sprouts Farmers Market, Inc.  | 1.7% |
|  Signet Jewelers Ltd. ADR  | 1.7% |
|  PriceSmart, Inc.  | 1.7% |
|  Ulta Beauty, Inc.  | 1.7% |
|  Casey's General Stores, Inc.  | 1.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Retail Bull 3X Shares PAGE 1 TSR-SAR-25460G815

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Retail Bull 3X Shares PAGE 2 TSR-SAR-25460G815

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily S&P 500® High Beta Bull 3X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | HIBL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily S&P 500® High Beta Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily S&P 500® High Beta Bull 3X Shares | $38 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $45936741 |
| **Number of Holdings** | 108 |
| **Portfolio Turnover** | 53% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 243.0% |
|  Common Stocks  | 57.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Information Technology  | 51.6% |
|  Industrials  | 17.9% |
|  Consumer Discretionary  | 9.0% |
|  Financials  | 8.9% |
|  Utilities  | 3.2% |
|  Communication Services  | 2.6% |
|  Health Care  | 2.6% |
|  Materials  | 1.8% |
|  Energy  | 0.8% |
|  Consumer Staples  | 0.8% |
|  Real Estate  | 0.8% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Super Micro Computer, Inc.  | 1.8% |
|  NVIDIA Corp.  | 1.8% |
|  Palantir Technologies, Inc.  | 1.8% |
|  Monolithic Power Systems, Inc.  | 1.7% |
|  Broadcom, Inc.  | 1.6% |
|  Tesla, Inc.  | 1.6% |
|  KLA-Tencor Corp.  | 1.6% |
|  Cadence Design Systems, Inc.  | 1.5% |
|  Lam Research Corp.  | 1.5% |
|  Advanced Micro Devices, Inc.  | 1.4% |

---

Direxion Daily S&P 500® High Beta Bull 3X Shares PAGE 1 TSR-SAR-25460G856

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily S&P 500® High Beta Bull 3X Shares PAGE 2 TSR-SAR-25460G856

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily S&P 500® High Beta Bear** **3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | HIBS (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily S&P 500® High Beta Bear 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily S&P 500® High Beta Bear 3X Shares | $45 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $24388318 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -300.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Information Technology  | 51.6% |
|  Industrials  | 17.9% |
|  Consumer Discretionary  | 9.0% |
|  Financials  | 8.9% |
|  Utilities  | 3.2% |
|  Communication Services  | 2.6% |
|  Health Care  | 2.6% |
|  Materials  | 1.8% |
|  Energy  | 0.8% |
|  Consumer Staples  | 0.8% |
|  Real Estate  | 0.8% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Super Micro Computer, Inc.  | 1.8% |
|  NVIDIA Corp.  | 1.8% |
|  Palantir Technologies, Inc.  | 1.8% |
|  Monolithic Power Systems, Inc.  | 1.7% |
|  Broadcom, Inc.  | 1.6% |
|  Tesla, Inc.  | 1.6% |
|  KLA-Tencor Corp.  | 1.6% |
|  Cadence Design Systems, Inc.  | 1.5% |
|  Lam Research Corp.  | 1.5% |
|  Advanced Micro Devices, Inc.  | 1.4% |

---

Direxion Daily S&P 500® High Beta Bear 3X Shares PAGE 1 TSR-SAR-25460E224

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily S&P 500® High Beta Bear 3X Shares PAGE 2 TSR-SAR-25460E224

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily S&P Biotech Bull 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | LABU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily S&P Biotech Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily S&P Biotech Bull 3X Shares | $34 | 0.92% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $596913408 |
| **Number of Holdings** | 135 |
| **Portfolio Turnover** | 27% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 236.3% |
|  Common Stocks  | 63.7% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Biotechnology  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Alnylam Pharmaceuticals, Inc.  | 2.7% |
|  Natera, Inc.  | 2.6% |
|  Vertex Pharmaceuticals, Inc.  | 2.6% |
|  Neurocrine Biosciences, Inc.  | 2.5% |
|  United Therapeutics Corp.  | 2.5% |
|  Exact Sciences Corp.  | 2.5% |
|  Insmed, Inc.  | 2.5% |
|  Gilead Sciences, Inc.  | 2.4% |
|  Amgen, Inc.  | 2.4% |
|  Incyte Corp.  | 2.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily S&P Biotech Bull 3X Shares PAGE 1 TSR-SAR-25460G120

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily S&P Biotech Bull 3X Shares PAGE 2 TSR-SAR-25460G120

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily S&P Biotech Bear 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | LABD (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily S&P Biotech Bear 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily S&P Biotech Bear 3X Shares | $54 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $47989625 |
| **Number of Holdings** | 10 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -300.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Biotechnology  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Alnylam Pharmaceuticals, Inc.  | 2.7% |
|  Natera, Inc.  | 2.6% |
|  Vertex Pharmaceuticals, Inc.  | 2.6% |
|  Neurocrine Biosciences, Inc.  | 2.5% |
|  United Therapeutics Corp.  | 2.5% |
|  Exact Sciences Corp.  | 2.5% |
|  Insmed, Inc.  | 2.5% |
|  Gilead Sciences, Inc.  | 2.4% |
|  Amgen, Inc.  | 2.4% |
|  Incyte Corp.  | 2.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily S&P Biotech Bear 3X Shares PAGE 1 TSR-SAR-25460G716

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily S&P Biotech Bear 3X Shares PAGE 2 TSR-SAR-25460G716

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Semiconductor Bull 3X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | SOXL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Semiconductor Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Semiconductor Bull 3X Shares | $25 | 0.72% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $9210538654 |
| **Number of Holdings** | 43 |
| **Portfolio Turnover** | 74% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 232.2% |
|  Common Stocks  | 67.8% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Semiconductors & Semiconductor Equipment  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Broadcom, Inc.  | 8.8% |
|  NVIDIA Corp.  | 7.9% |
|  Texas Instruments, Inc.  | 7.4% |
|  Advanced Micro Devices, Inc.  | 7.1% |
|  Qualcomm, Inc.  | 6.9% |
|  KLA-Tencor Corp.  | 4.5% |
|  Applied Materials, Inc.  | 4.3% |
|  Monolithic Power Systems, Inc.  | 4.3% |
|  Lam Research Corp.  | 4.2% |
|  NXP Semiconductors NV ADR  | 3.9% |

---

Direxion Daily Semiconductor Bull 3X Shares PAGE 1 TSR-SAR-25459W458

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Semiconductor Bull 3X Shares PAGE 2 TSR-SAR-25459W458

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Semiconductor Bear 3X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | SOXS (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Semiconductor Bear 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Semiconductor Bear 3X Shares | $40 | 0.87% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $736836408 |
| **Number of Holdings** | 12 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -300.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Semiconductors & Semiconductor Equipment  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Broadcom, Inc.  | 8.8% |
|  NVIDIA Corp.  | 7.9% |
|  Texas Instruments, Inc.  | 7.4% |
|  Advanced Micro Devices, Inc.  | 7.1% |
|  Qualcomm, Inc.  | 6.9% |
|  KLA-Tencor Corp.  | 4.5% |
|  Applied Materials, Inc.  | 4.3% |
|  Monolithic Power Systems, Inc.  | 4.3% |
|  Lam Research Corp.  | 4.2% |
|  NXP Semiconductors NV ADR  | 3.9% |

---

Direxion Daily Semiconductor Bear 3X Shares PAGE 1 TSR-SAR-25460G112

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Semiconductor Bear 3X Shares PAGE 2 TSR-SAR-25460G112

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Technology Bull 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | TECL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Technology Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Technology Bull 3X Shares | $35 | 0.84% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2262669324 |
| **Number of Holdings** | 81 |
| **Portfolio Turnover** | 45% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 230.2% |
|  Common Stocks  | 69.8% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Software  | 37.6% |
|  Semiconductors & Semiconductor Equipment  | 31.1% |
|  Technology Hardware, Storage & Peripherals  | 16.3% |
|  IT Services  | 6.6% |
|  Communications Equipment  | 5.0% |
|  Electronic Equipment, Instruments & Components  | 3.4% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Apple, Inc.  | 14.7% |
|  Microsoft Corp.  | 13.5% |
|  NVIDIA Corp.  | 12.3% |
|  Broadcom, Inc.  | 4.5% |
|  Salesforce, Inc.  | 3.1% |
|  Palantir Technologies, Inc.  | 2.9% |
|  Cisco Systems, Inc.  | 2.7% |
|  Oracle Corp.  | 2.7% |
|  International Business Machines Corp.  | 2.7% |
|  ServiceNow, Inc.  | 2.4% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Technology Bull 3X Shares PAGE 1 TSR-SAR-25459W102

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Technology Bull 3X Shares PAGE 2 TSR-SAR-25459W102

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Technology Bear 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | TECS (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Technology Bear 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Technology Bear 3X Shares | $43 | 0.92% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $78283567 |
| **Number of Holdings** | 12 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -300.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Software  | 37.6% |
|  Semiconductors & Semiconductor Equipment  | 31.1% |
|  Technology Hardware, Storage & Peripherals  | 16.3% |
|  IT Services  | 6.6% |
|  Communications Equipment  | 5.0% |
|  Electronic Equipment, Instruments & Components  | 3.4% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Apple, Inc.  | 14.7% |
|  Microsoft Corp.  | 13.5% |
|  NVIDIA Corp.  | 12.3% |
|  Broadcom, Inc.  | 4.5% |
|  Salesforce, Inc.  | 3.1% |
|  Palantir Technologies, Inc.  | 2.9% |
|  Cisco Systems, Inc.  | 2.7% |
|  Oracle Corp.  | 2.7% |
|  International Business Machines Corp.  | 2.7% |
|  ServiceNow, Inc.  | 2.4% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Technology Bear 3X Shares PAGE 1 TSR-SAR-25461A494

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Technology Bear 3X Shares PAGE 2 TSR-SAR-25461A494

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Transportation Bull 3X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | TPOR (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Transportation Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Transportation Bull 3X Shares | $37 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $13057312 |
| **Number of Holdings** | 51 |
| **Portfolio Turnover** | 9% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 247.4% |
|  Common Stocks  | 52.6% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Ground Transportation  | 65.5% |
|  Air Freight & Logistics  | 16.9% |
|  Passenger Airlines  | 15.8% |
|  Marine Transportation  | 1.8% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Uber Technologies, Inc.  | 22.8% |
|  Union Pacific Corp.  | 17.6% |
|  United Parcel Service, Inc. Class B  | 6.6% |
|  Norfolk Southern Corp.  | 4.6% |
|  CSX Corp.  | 4.5% |
|  Old Dominion Freight Line, Inc.  | 4.4% |
|  Delta Air Lines, Inc.  | 4.4% |
|  United Continental Holdings, Inc.  | 4.3% |
|  FedEx Corp.  | 4.1% |
|  Southwest Airlines Co.  | 3.1% |

---

Direxion Daily Transportation Bull 3X Shares PAGE 1 TSR-SAR-25460E679

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Transportation Bull 3X Shares PAGE 2 TSR-SAR-25460E679

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily Utilities Bull 3X Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | UTSL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily Utilities Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily Utilities Bull 3X Shares | $45 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $28770136 |
| **Number of Holdings** | 39 |
| **Portfolio Turnover** | 16% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 228.6% |
|  Common Stocks  | 71.4% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Electric Utilities  | 64.2% |
|  Multi-Utilities  | 27.1% |
|  Independent Power and Renewable Electricity Producers  | 4.2% |
|  Water Utilities  | 2.4% |
|  Gas Utilities  | 2.1% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  NextEra Energy, Inc.  | 11.4% |
|  Southern Co.  | 8.3% |
|  Duke Energy Corp.  | 7.8% |
|  Constellation Energy Corp.  | 5.8% |
|  American Electric Power Co., Inc.  | 4.8% |
|  Exelon Corp.  | 3.9% |
|  Sempra Energy  | 3.9% |
|  Dominion Energy, Inc.  | 3.8% |
|  Vistra Corp.  | 3.6% |
|  Xcel Energy, Inc.  | 3.4% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Utilities Bull 3X Shares PAGE 1 TSR-SAR-25460E711

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Utilities Bull 3X Shares PAGE 2 TSR-SAR-25460E711

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily 7-10 Year Treasury Bull 3X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | TYD (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily 7-10 Year Treasury Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares | $48 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $50417680 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 231.2% |
|  Investment Companies  | 68.8% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  4.625% 2035-02-15  | 8.7% |
|  4.375% 2034-05-15  | 8.6% |
|  4.250% 2034-11-15  | 8.5% |
|  4.500% 2033-11-15  | 8.3% |
|  4.000% 2034-02-15  | 8.2% |
|  3.875% 2034-08-15  | 8.2% |
|  3.875% 2033-08-15  | 7.4% |
|  4.125% 2032-11-15  | 7.0% |
|  2.875% 2032-05-15  | 6.6% |
|  3.500% 2033-02-15  | 6.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily 7-10 Year Treasury Bull 3X Shares PAGE 1 TSR-SAR-25459W565

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily 7-10 Year Treasury Bull 3X Shares PAGE 2 TSR-SAR-25459W565

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily 7-10 Year Treasury Bear 3X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | TYO (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily 7-10 Year Treasury Bear 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares | $46 | 0.95% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $9976371 |
| **Number of Holdings** | 6 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -300.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  4.625% 2035-02-15  | 8.7% |
|  4.375% 2034-05-15  | 8.6% |
|  4.250% 2034-11-15  | 8.5% |
|  4.500% 2033-11-15  | 8.3% |
|  4.000% 2034-02-15  | 8.2% |
|  3.875% 2034-08-15  | 8.2% |
|  3.875% 2033-08-15  | 7.4% |
|  4.125% 2032-11-15  | 7.0% |
|  2.875% 2032-05-15  | 6.6% |
|  3.500% 2033-02-15  | 6.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily 7-10 Year Treasury Bear 3X Shares PAGE 1 TSR-SAR-25459W557

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily 7-10 Year Treasury Bear 3X Shares PAGE 2 TSR-SAR-25459W557

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily 20+ Year Treasury Bull 3X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | TMF (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily 20+ Year Treasury Bull 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily 20+ Year Treasury Bull 3X Shares | $35 | 0.75% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4804190428 |
| **Number of Holdings** | 13 |
| **Portfolio Turnover** | 83% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | 230.9% |
|  Investment Companies  | 69.1% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  4.625% 2054-05-15  | 4.7% |
|  4.625% 2055-02-15  | 4.7% |
|  4.500% 2054-11-15  | 4.6% |
|  4.750% 2053-11-15  | 4.6% |
|  4.250% 2054-08-15  | 4.4% |
|  4.250% 2054-02-15  | 4.4% |
|  4.250% 2053-08-15  | 3.9% |
|  4.000% 2052-11-15  | 3.5% |
|  2.250% 2051-05-15  | 3.3% |
|  3.625% 2053-05-15  | 3.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily 20+ Year Treasury Bull 3X Shares PAGE 1 TSR-SAR-25460G138

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily 20+ Year Treasury Bull 3X Shares PAGE 2 TSR-SAR-25460G138

------

---

| | | |
|:---|:---|:---|
| ![image](i202409201524414.jpg) | **Direxion Daily 20+ Year Treasury Bear 3X** **Shares**  | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | TMV (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](in20250410200283.jpg) |
| ![image](i202409201524414.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](in20250410200283.jpg) |

---

This semi-annual shareholder report contains important information about the Direxion Daily 20+ Year Treasury Bear 3X Shares for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Direxion Daily 20+ Year Treasury Bear 3X Shares | $45 | 0.88% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $168988897 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 0% |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Swap Contracts  | -300.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Swap contracts are total return swap contracts.

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  4.625% 2054-05-15  | 4.7% |
|  4.625% 2055-02-15  | 4.7% |
|  4.500% 2054-11-15  | 4.6% |
|  4.750% 2053-11-15  | 4.6% |
|  4.250% 2054-08-15  | 4.4% |
|  4.250% 2054-02-15  | 4.4% |
|  4.250% 2053-08-15  | 3.9% |
|  4.000% 2052-11-15  | 3.5% |
|  2.250% 2051-05-15  | 3.3% |
|  3.625% 2053-05-15  | 3.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily 20+ Year Treasury Bear 3X Shares PAGE 1 TSR-SAR-25460G849

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily 20+ Year Treasury Bear 3X Shares PAGE 2 TSR-SAR-25460G849

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable for semi-annual reports.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are filed herewith.

![](direxioncover_15952.jpg)

------

**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#tsoia) | &nbsp;&nbsp; [1](#tsoia) |
| [Statements of Assets and Liabilities](#tsala) | &nbsp;&nbsp; [23](#tsala) |
| [Statements of Operations](#tsopa) | &nbsp;&nbsp; [24](#tsopa) |
| [Statements of Changes in Net Assets](#tscnaa) | &nbsp;&nbsp; [25](#tscnaa) |
| [Financial Highlights](#tfihia) | &nbsp;&nbsp; [27](#tfihia) |
| [Notes to the Financial Statements](#tnotea) | &nbsp;&nbsp; [29](#tnotea) |
| [Additional Information](#taddinfa) | &nbsp;&nbsp; [42](#taddinfa) |
| [Form N-CSR Items](#tforma) | &nbsp;&nbsp; [43](#tforma) |

---

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion Auspice Broad Commodity Strategy ETF (Consolidated)** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 98.3%**<br>|  |
|  | **Money Market Funds — 98.3%**<br>|  |
| 218888532  | Dreyfus Government Cash Management Institutional Shares, 4.26%<sup>(a)</sup> | $218888532  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $218,888,532)** | $218888532  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $218,888,532) — 98.3%** | $218888532  |
|  | Other Assets in Excess of Liabilities — 1.7%<sup>(b)</sup> | 3848378  |
|  | **TOTAL NET ASSETS — 100.0%** | $222736910 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> $3,144,066 of cash is pledged as collateral for futures contracts. 

**Long Futures Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Expiration** <br>**Date** | **Number of** <br>**Contracts** | **Notional** <br>**Amount** | **Variation Margin** <br>**Receivable/(Payable),** <br>**net** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Corn | 9/12/2025 | &nbsp;&nbsp; 1148 | $25083800 | &nbsp;&nbsp;&nbsp;&nbsp; $129150 | $(228818)  |
| Gold | 6/26/2025 | &nbsp;&nbsp; 90 | 29871900 | &nbsp;&nbsp;&nbsp;&nbsp; (130500) | 4461243  |
| Natural Gas | 4/28/2026 | &nbsp;&nbsp; 206 | 7846540 | &nbsp;&nbsp;&nbsp;&nbsp; 86520 | 437389  |
|  |  |  | $62802240 | &nbsp;&nbsp;&nbsp;&nbsp; $85170 | $4669814 |

---

All futures contracts held by DirexionBCS Fund Ltd. See Note 1.

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion HCM Tactical Enhanced US ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 80.8%**<br>|  |
|  | **Accommodation — 0.3%**<br>|  |
| 2609 | Airbnb, Inc. Class A<sup>(a)</sup> | $318089  |
| 1453 | Hilton Worldwide Holdings, Inc. | 327622  |
| 4209 | Host Hotels & Resorts, Inc. | 59431  |
| 2071 | Las Vegas Sands Corp. | 75944  |
| 1386 | Marriott International, Inc. Class C | 330672  |
| 1356 | MGM Resorts International<sup>(a)</sup> | 42660  |
| 539 | Wynn Resorts Ltd. | 43287  |
|  |  | 1197705 |
|  | **Administrative and Support Services — 2.6%**<br>|  |
| 523 | Allegion PLC ADR (Ireland) | 72802  |
| 13756 | Amcor PLC ADR (United Kingdom)<sup>(b)</sup> | 126555  |
| 577 | Ameriprise Financial, Inc. | 271778  |
| 2456 | Automatic Data Processing, Inc. | 738274  |
| 191 | Booking Holdings, Inc. | 973962  |
| 700 | Broadridge Financial Solutions, Inc. | 169680  |
| 424 | Corpay, Inc.<sup>(a)</sup> | 137957  |
| 740 | Equifax, Inc. | 192496  |
| 220 | FactSet Research System, Inc. | 95088  |
| 464 | Gartner, Inc.<sup>(a)</sup> | 195381  |
| 1763 | Iron Mountain, Inc. | 158088  |
| 948 | Live Nation Entertainment, Inc.<sup>(a)(b)</sup> | 125563  |
| 1515 | Match Group, Inc. | 44935  |
| 935 | Moody's Corp. | 423667  |
| 1689 | Rollins, Inc. | 96493  |
| 1493 | Royal Caribbean Cruises Ltd. ADR (Liberia) | 320861  |
| 12585 | Uber Technologies, Inc.<sup>(a)</sup> | 1019511  |
| 10375 | Visa, Inc. Class A | 3584562  |
| 2196 | Waste Management, Inc. | 512459  |
|  |  | 9260112 |
|  | **Air Transportation — 0.1%**<br>|  |
| 3858 | Delta Air Lines, Inc. | 160609  |
| 3574 | Southwest Airlines Co. | 99929  |
| 1983 | United Continental Holdings, Inc.<sup>(a)</sup> | 136470  |
|  |  | 397008 |
|  | **Ambulatory Health Care Services — 0.1%**<br>|  |
| 275 | DaVita, Inc.<sup>(a)</sup> | 38926  |
| 503 | Labcorp Holdings, Inc. | 121228  |
| 343 | Molina Healthcare, Inc.<sup>(a)</sup> | 112164  |
| 662 | Quest Diagnostics, Inc. | 117982  |
| 7185 | Viatris, Inc. | 60498  |
|  |  | 450798 |
|  | **Amusement, Gambling, and Recreation Industries — 0.3%**<br>|  |
| 10880 | The Walt Disney Co. | 989536  |

---

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion HCM Tactical Enhanced US ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Apparel Manufacturing — 0.2%**<br>|  |
| 2067 | Cintas Corp. | $437543  |
| 919 | Deckers Outdoor Corp.<sup>(a)</sup> | 101853  |
| 233 | Ralph Lauren Corp. | 52413  |
|  |  | 591809 |
|  | **Beverage and Tobacco Product Manufacturing — 1.2%**<br>|  |
| 10207 | Altria Group, Inc. | 603744  |
| 940 | Constellation Brands, Inc. Class A | 176287  |
| 7187 | Keurig Dr Pepper, Inc. | 248598  |
| 1037 | Molson Coors Brewing Co. Class B | 59659  |
| 4216 | Monster Beverage Corp.<sup>(a)</sup> | 253466  |
| 8258 | PepsiCo, Inc. | 1119620  |
| 9367 | Philip Morris International, Inc. | 1605129  |
|  |  | 4066503 |
|  | **Broadcasting and Content Providers — 0.4%**<br>|  |
| 579 | Charter Communications, Inc.<sup>(a)(b)</sup> | 226887  |
| 22716 | Comcast Corp. Class A | 776887  |
| 1310 | FOX Corp. Class A | 65225  |
| 797 | FOX Corp. Class B | 36853  |
| 3587 | Paramount Global Class B<sup>(b)</sup> | 42111  |
| 405 | TKO Group Holdings, Inc.<sup>(b)</sup> | 65979  |
| 13441 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 116534  |
|  |  | 1330476 |
|  | **Building Material and Garden Equipment and Supplies Dealers — 0.9%**<br>|  |
| 3398 | Lowe's Companies, Inc. | 759657  |
| 325 | Snap-on, Inc. | 101988  |
| 5982 | The Home Depot, Inc. | 2156451  |
| 3216 | Tractor Supply Co. | 162794  |
|  |  | 3180890 |
|  | **Chemical Manufacturing — 5.6%**<br>|  |
| 10631 | AbbVie, Inc. | 2074108  |
| 1348 | Air Products & Chemicals, Inc. | 365429  |
| 702 | Albemarle Corp. | 41102  |
| 3231 | Amgen, Inc. | 939962  |
| 888 | Biogen, Inc.<sup>(a)</sup> | 107519  |
| 955 | Bio-Techne Corp. | 48084  |
| 12223 | Bristol-Myers Squibb Co. | 613595  |
| 1046 | CF Industries Holdings, Inc. | 81975  |
| 1485 | Church & Dwight Co., Inc. | 147520  |
| 735 | Clorox Co. | 104590  |
| 4882 | Colgate-Palmolive Co. | 450072  |
| 2520 | DuPont de Nemours, Inc. | 166295  |
| 686 | Eastman Chemical Co. | 52822  |
| 1520 | Ecolab, Inc. | 382174  |
| 4743 | Eli Lilly & Co. | 4263720  |

---

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion HCM Tactical Enhanced US ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Chemical Manufacturing — (Continued)** <br>|  |
| 7503 | Gilead Sciences, Inc. | $799370  |
| 970 | Incyte Corp.<sup>(a)</sup> | 60780  |
| 3460 | IntercontinentalExchange, Inc. | 581176  |
| 1541 | International Flavors & Fragrances, Inc. | 120907  |
| 11550 | Kenvue, Inc. | 272580  |
| 2001 | Kimberly-Clark Corp. | 263692  |
| 2865 | Linde PLC ADR (Ireland) | 1298504  |
| 1560 | LyondellBasell Industries N.V. Class A ADR (Netherlands) | 90808  |
| 15237 | Merck & Co., Inc. | 1298192  |
| 1919 | Mosaic Co. | 58338  |
| 34124 | Pfizer, Inc. | 832967  |
| 1404 | PPG Industries, Inc. | 152839  |
| 14117 | Procter & Gamble Co. | 2295001  |
| 630 | Regeneron Pharmaceuticals, Inc. | 377219  |
| 1548 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 788706  |
| 2696 | Zoetis, Inc. | 421654  |
|  |  | 19551700 |
|  | **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers — 0.4%**<br>|  |
| 669 | Lululemon Athletica, Inc.<sup>(a)</sup> | 181145  |
| 1991 | Ross Stores, Inc. | 276749  |
| 6771 | TJX Companies, Inc. | 871292  |
|  |  | 1329186 |
|  | **Computer and Electronic Product Manufacturing — 19.5%**<br>|  |
| 9754 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 949552  |
| 1714 | Agilent Technologies, Inc. | 184426  |
| 35125 | Alphabet, Inc. | 5577850  |
| 28467 | Alphabet, Inc. Class C | 4580056  |
| 1400 | AMETEK, Inc. | 237412  |
| 7296 | Amphenol Corp. Class A | 561427  |
| 2993 | Analog Devices, Inc. | 583395  |
| 90453 | Apple, Inc. | 19221262  |
| 6224 | Arista Networks, Inc.<sup>(a)</sup> | 512048  |
| 28227 | Broadcom, Inc. | 5432851  |
| 23980 | Cisco Systems, Inc. | 1384365  |
| 3848 | Danaher Corp. | 767022  |
| 1886 | Dell Technologies, Inc. | 173059  |
| 808 | Enphase Energy, Inc.<sup>(a)</sup> | 36029  |
| 639 | First Solar, Inc.<sup>(a)</sup> | 80399  |
| 3827 | Fortinet, Inc.<sup>(a)</sup> | 397089  |
| 2055 | Fortive Corp. | 143213  |
| 2749 | GE HealthCare Technologies, Inc. | 193337  |
| 1359 | Hologic, Inc.<sup>(a)</sup> | 79094  |
| 5652 | HP, Inc. | 144522  |
| 26072 | Intel Corp. | 524047  |
| 5563 | International Business Machines Corp. | 1345245  |

---

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion HCM Tactical Enhanced US ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Computer and Electronic Product Manufacturing — (Continued)** <br>|  |
| 655 | Jabil Circuit, Inc.<sup>(b)</sup> | $95997  |
| 1042 | Keysight Technologies, Inc.<sup>(a)</sup> | 151507  |
| 1130 | L3Harris Technologies, Inc. | 248622  |
| 7730 | Lam Research Corp. | 554009  |
| 3235 | Microchip Technology, Inc. | 149069  |
| 6713 | Micron Technology, Inc. | 516565  |
| 297 | Monolithic Power Systems, Inc. | 176151  |
| 1008 | Motorola Solutions, Inc. | 443913  |
| 1218 | NetApp, Inc. | 109315  |
| 828 | Northrop Grumman Corp. | 402822  |
| 147465 | NVIDIA Corp. | 16061888  |
| 1531 | NXP Semiconductors NV ADR (Netherlands) | 282179  |
| 2540 | ON Semiconductor Corp.<sup>(a)</sup> | 100838  |
| 2384 | Otis Worldwide Corp. | 229508  |
| 3990 | Palto Alto Networks, Inc.<sup>(a)</sup> | 745851  |
| 6658 | Qualcomm, Inc. | 988447  |
| 726 | Revvity, Inc. | 67830  |
| 640 | Roper Technologies, Inc. | 358451  |
| 8021 | RTX Corp. | 1011689  |
| 1270 | Seagate Technology Holdings PLC ADR (Ireland) | 115608  |
| 971 | Skyworks Solutions, Inc. | 62416  |
| 3037 | Super Micro Computer, Inc.<sup>(a)</sup> | 96759  |
| 290 | Teledyne Technologies, Inc.<sup>(a)</sup> | 135149  |
| 983 | Teradyne, Inc. | 72948  |
| 5481 | Texas Instruments, Inc. | 877234  |
| 2299 | Thermo Fisher Scientific, Inc. | 986271  |
| 1483 | Trimble, Inc.<sup>(a)</sup> | 92154  |
| 1492 | Veralto Corp. | 143083  |
| 364 | Waters Corp.<sup>(a)</sup> | 126574  |
| 2095 | Western Digital Corp.<sup>(a)</sup> | 91887  |
| 319 | Zebra Technologies Corp. Class A<sup>(a)</sup> | 79852  |
|  |  | 68682286 |
|  | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 0.2%**<br>|  |
| 3422 | Fiserv, Inc.<sup>(a)</sup> | 631599  |
|  | **Construction of Buildings — 0.2%**<br>|  |
| 1705 | D.R. Horton, Inc. | 215410  |
| 1412 | Lennar Corp. Class A | 153357  |
| 17 | NVR, Inc.<sup>(a)</sup> | 121138  |
| 1214 | PulteGroup, Inc. | 124532  |
|  |  | 614437 |
|  | **Couriers and Messengers — 0.2%**<br>|  |
| 1343 | FedEx Corp. | 282473  |
| 4401 | United Parcel Service, Inc. Class B | 419415  |
|  |  | 701888 |

---

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion HCM Tactical Enhanced US ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Credit Intermediation and Related Activities — 4.3%**<br>|  |
| 3337 | American Express Co. | $889010  |
| 39874 | Bank of America Corp. | 1590175  |
| 4319 | Bank of New York Mellon Corp. | 347291  |
| 2291 | Capital One Financial Corp. | 412976  |
| 11302 | Citigroup, Inc. | 772831  |
| 2632 | Citizens Financial Group, Inc. | 97095  |
| 1514 | Discover Financial Services | 276562  |
| 3188 | Fidelity National Information Services, Inc. | 251469  |
| 4041 | Fifth Third Bancorp | 145234  |
| 1493 | Global Payments, Inc. | 113931  |
| 8749 | Huntington Bancshares, Inc. | 127123  |
| 16841 | JPMorgan Chase & Co. | 4119645  |
| 5997 | KeyCorp | 88996  |
| 1000 | M&T Bank Corp. | 169760  |
| 4900 | MasterCard, Inc. Class A | 2685494  |
| 1176 | Northern Trust Corp. | 110520  |
| 2381 | PNC Financial Services Group, Inc. | 382603  |
| 5474 | Regions Financial Corp. | 111724  |
| 1732 | State Street Corp. | 152589  |
| 2340 | Synchrony Financial | 121563  |
| 7926 | Truist Financial Corp. | 303883  |
| 9398 | U.S. Bancorp | 379115  |
| 19802 | Wells Fargo & Co. | 1406140  |
|  |  | 15055729 |
|  | **Electrical Equipment, Appliance, and Component Manufacturing — 0.2%**<br>|  |
| 706 | A.O. Smith Corp. | 47909  |
| 439 | Axon Enterprise, Inc.<sup>(a)</sup> | 269239  |
| 3393 | Emerson Electric Co. | 356638  |
| 366 | Generac Holdings, Inc.<sup>(a)</sup> | 41863  |
| 674 | Rockwell Automation, Inc. | 166936  |
|  |  | 882585 |
|  | **Fabricated Metal Product Manufacturing — 0.1%**<br>|  |
| 1792 | Ball Corp. | 93076  |
| 1420 | Nucor Corp. | 169505  |
| 997 | Pentair PLC ADR (Ireland) | 90458  |
| 933 | Stanley Black & Decker, Inc. | 55999  |
|  |  | 409038 |
|  | **Food and Beverage Retailers — 0.1%**<br>|  |
| 4017 | Kroger Co. | 290068  |
|  | **Food Manufacturing — 1.0%**<br>|  |
| 2878 | Archer-Daniels-Midland Co. | 137424  |
| 23318 | Coca-Cola Co. | 1691721  |
| 3315 | General Mills, Inc. | 188093  |
| 1747 | Hormel Foods Corp. | 52235  |

---

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion HCM Tactical Enhanced US ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Food Manufacturing — (Continued)** <br>|  |
| 1617 | Kellanova | $133839  |
| 865 | Lamb Weston Holdings, Inc. | 45681  |
| 1522 | McCormick & Co, Inc. | 116677  |
| 7794 | Mondelez International, Inc. | 531005  |
| 1182 | The Campbell's Company | 43096  |
| 896 | The Hershey Co. | 149802  |
| 635 | The J.M. Smucker Co. | 73831  |
| 5251 | The Kraft Heinz Co. | 152804  |
| 1719 | Tyson Foods, Inc. Class A | 105272  |
|  |  | 3421480 |
|  | **Food Services and Drinking Places — 0.9%**<br>|  |
| 8158 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 412142  |
| 700 | Darden Restaurants, Inc. | 140448  |
| 2043 | DoorDash, Inc.<sup>(a)</sup> | 394074  |
| 4313 | McDonald's Corp. | 1378651  |
| 6842 | Starbucks Corp. | 547702  |
| 1678 | Yum! Brands, Inc. | 252438  |
|  |  | 3125455 |
|  | **Funds, Trusts, and Other Financial Vehicles — 0.1%**<br>|  |
| 930 | Garmin Ltd. ADR (Switzerland) | 173789  |
| 1349 | T. Rowe Price Group, Inc. | 119454  |
|  |  | 293243 |
|  | **Furniture, Home Furnishings, Electronics, and Appliance Retailers — 0.0%<sup>(†)</sup>**<br>|  |
| 1168 | Best Buy Co., Inc. | 77894  |
|  | **Gasoline Stations and Fuel Dealers — 0.4%**<br>|  |
| 10063 | Chevron Corp. | 1369172  |
|  | **General Merchandise Retailers — 4.7%**<br>|  |
| 56792 | Amazon.com, Inc.<sup>(a)</sup> | 10473581  |
| 2671 | Costco Wholesale Corp. | 2656310  |
| 1322 | Dollar General Corp. | 123858  |
| 1212 | Dollar Tree, Inc.<sup>(a)</sup> | 99105  |
| 2881 | eBay, Inc. | 196369  |
| 2754 | Target Corp. | 266312  |
| 26121 | Walmart, Inc. | 2540267  |
| 734 | Williams-Sonoma, Inc. | 113381  |
|  |  | 16469183 |
|  | **Health and Personal Care Retailers — 0.2%**<br>|  |
| 7591 | CVS Health Corp. | 506396  |
| 289 | Ulta Beauty, Inc.<sup>(a)</sup> | 114340  |
| 4317 | Walgreens Boots Alliance, Inc. | 47357  |
|  |  | 668093 |

---

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion HCM Tactical Enhanced US ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Hospitals — 0.1%**<br>|  |
| 1074 | HCA Healthcare, Inc. | $370616  |
| 361 | Universal Health Services, Inc. Class B | 63922  |
|  |  | 434538 |
|  | **Insurance Carriers and Related Activities — 4.5%**<br>|  |
| 2987 | Aflac, Inc. | 324627  |
| 1595 | Allstate Corp. | 316432  |
| 3578 | American International Group, Inc. | 291679  |
| 2252 | Arch Capital Group Ltd.ADR | 204211  |
| 1532 | Arthur J. Gallagher & Co. | 491297  |
| 318 | Assurant, Inc. | 61291  |
| 11041 | Berkshire Hathaway, Inc. Class B<sup>(a)</sup> | 5887613  |
| 1434 | Brown & Brown, Inc. | 158601  |
| 2992 | Centene Corp.<sup>(a)</sup> | 179071  |
| 2239 | Chubb Limited ADR (Switzerland) | 640533  |
| 1647 | Cigna Corp. | 560046  |
| 946 | Cincinnati Financial Corp. | 131693  |
| 1404 | Elevance Health, Inc. | 590494  |
| 144 | Erie Indemnity Co. Class A | 51641  |
| 256 | Everest Re Group Ltd.ADR | 91861  |
| 506 | Globe Life, Inc. | 62410  |
| 720 | Humana, Inc. | 188813  |
| 1063 | Loews Corp. | 92300  |
| 2964 | Marsh & McLennan Companies, Inc. | 668293  |
| 3494 | MetLife, Inc. | 263343  |
| 1262 | Principal Financial Group, Inc. | 93577  |
| 3535 | Progressive Corp. | 995951  |
| 2132 | Prudential Financial, Inc. | 218978  |
| 1727 | The Hartford Insurance Group, Inc. | 211851  |
| 1373 | Travelers Companies, Inc. | 362651  |
| 5539 | UnitedHealth Group, Inc. | 2278966  |
| 1803 | W.R. Berkley Corp. | 129257  |
| 598 | Willis Towers Watson PLC ADR (Ireland) | 184064  |
|  |  | 15731544 |
|  | **Leather and Allied Product Manufacturing — 0.1%**<br>|  |
| 7111 | NIKE, Inc. Class B | 401060  |
| 1241 | Tapestry, Inc. | 87677  |
|  |  | 488737 |
|  | **Machinery Manufacturing — 1.7%**<br>|  |
| 4889 | Applied Materials, Inc. | 736821  |
| 5959 | Baker Hughes Co. | 210949  |
| 4859 | Carrier Global Corp. | 303882  |
| 2875 | Caterpillar, Inc. | 889151  |
| 836 | Cummins, Inc. | 245650  |
| 1525 | Deere & Co. | 706929  |

---

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion HCM Tactical Enhanced US ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Machinery Manufacturing — (Continued)** <br>|  |
| 6460 | General Electric Co. | $1301949  |
| 459 | IDEX Corp. | 79852  |
| 2434 | Ingersoll Rand, Inc. | 183597  |
| 121 | Mettler-Toledo International, Inc.<sup>(a)</sup> | 129539  |
| 335 | Nordson Corp. | 63506  |
| 769 | Parker Hannifin Corp. | 465291  |
| 1359 | Trane Technologies PLC ADR (Ireland) | 520918  |
| 1467 | Xylem, Inc. | 176876  |
|  |  | 6014910 |
|  | **Management of Companies and Enterprises — 0.6%**<br>|  |
| 10449 | Abbott Laboratories | 1366207  |
| 1301 | Aon PLC ADR (United Kingdom) | 461582  |
| 814 | Bunge Global SA ADR (Switzerland) | 64078  |
| 2649 | Norwegian Cruise Line Holdings Ltd.ADR<sup>(a)</sup> | 42463  |
| 2982 | Smurfit WestRock PLC ADR (Ireland) | 125304  |
|  |  | 2059634 |
|  | **Merchant Wholesalers, Durable Goods — 0.8%**<br>|  |
| 686 | Builders FirstSource, Inc.<sup>(a)</sup> | 82066  |
| 5279 | Copart, Inc.<sup>(a)</sup> | 322177  |
| 3449 | Fastenal Co. | 279265  |
| 846 | Genuine Parts Co. | 99447  |
| 745 | Henry Schein, Inc.<sup>(a)</sup> | 48403  |
| 332 | Hubbell, Inc. | 120576  |
| 229 | Huntington Ingalls Industries, Inc. | 52748  |
| 3969 | Johnson Controls International PLC ADR (Ireland) | 332999  |
| 811 | KLA-Tencor Corp. | 569882  |
| 185 | Lennox International, Inc. | 101149  |
| 1564 | LKQ Corp. | 59760  |
| 325 | Mohawk Industries, Inc.<sup>(a)</sup> | 34564  |
| 220 | Pool Corp.<sup>(b)</sup> | 64491  |
| 1791 | TE Connectivity PLC ADR (Ireland) | 262166  |
| 277 | W.W. Grainger, Inc. | 283734  |
|  |  | 2713427 |
|  | **Merchant Wholesalers, Nondurable Goods — 0.7%**<br>|  |
| 1094 | Brown Forman Corp. Class B | 38115  |
| 1459 | Cardinal Health, Inc. | 206142  |
| 1040 | Cencora, Inc. | 304377  |
| 2873 | ConAgra Brands, Inc. | 70992  |
| 199 | Domino's Pizza, Inc. | 97583  |
| 1606 | Illinois Tool Works, Inc. | 385295  |
| 748 | McKesson Corp. | 533167  |
| 2952 | Sysco Corp. | 210773  |
| 1402 | The Sherwin Williams Co. | 494794  |
|  |  | 2341238 |

---

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion HCM Tactical Enhanced US ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Mining (except Oil and Gas) — 0.3%**<br>|  |
| 8652 | Freeport-McMoRan Copper & Gold, Inc. | $311732  |
| 376 | Martin Marietta Materials, Inc. | 197016  |
| 6859 | Newmont Corp. | 361332  |
| 805 | Vulcan Materials Co. | 211176  |
|  |  | 1081256 |
|  | **Miscellaneous Manufacturing — 2.3%**<br>|  |
| 3265 | 3M Co. | 453541  |
| 426 | Align Technology, Inc.<sup>(a)</sup> | 73826  |
| 3079 | Baxter International, Inc. | 95972  |
| 1725 | Becton, Dickinson & Co. | 357230  |
| 8878 | Boston Scientific Corp.<sup>(a)</sup> | 913280  |
| 2349 | DexCom, Inc.<sup>(a)</sup> | 167672  |
| 836 | Dover Corp. | 142663  |
| 3557 | Edwards Lifesciences Corp.<sup>(a)</sup> | 268518  |
| 1415 | Estee Lauder Companies, Inc. Class A | 84843  |
| 788 | Hasbro, Inc. | 48777  |
| 426 | Insulet Corp.<sup>(a)</sup> | 107476  |
| 2147 | Intuitive Surgical, Inc.<sup>(a)</sup> | 1107423  |
| 14496 | Johnson & Johnson | 2265870  |
| 7719 | Medtronic PLC ADR (Ireland) | 654262  |
| 891 | ResMed, Inc. | 210802  |
| 841 | Solventum Corp.<sup>(a)</sup> | 55607  |
| 589 | Steris PLC ADR (Ireland) | 132372  |
| 2070 | Stryker Corp. | 774014  |
| 1097 | Textron, Inc. | 77196  |
| 1198 | The Cooper Companys, Inc.<sup>(a)</sup> | 97841  |
| 1195 | Zimmer Biomet Holdings, Inc. | 123145  |
|  |  | 8212330 |
|  | **Motion Picture and Sound Recording Industries — 0.8%**<br>|  |
| 2577 | Netflix, Inc.<sup>(a)</sup> | 2916442  |
|  | **Motor Vehicle and Parts Dealers — 0.3%**<br>|  |
| 98 | AutoZone, Inc.<sup>(a)</sup> | 368735  |
| 932 | CarMax, Inc.<sup>(a)</sup> | 60272  |
| 353 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 499566  |
|  |  | 928573 |
|  | **National Security and International Affairs — 0.0%<sup>(†)</sup>**<br>|  |
| 788 | Leidos Holdings, Inc. | 115978  |
|  | **Nonmetallic Mineral Product Manufacturing — 0.1%**<br>|  |
| 4646 | Corning, Inc. | 206189  |
|  | **Oil and Gas Extraction — 1.2%**<br>|  |
| 2224 | APA Corp. | 34561  |
| 4433 | Coterra Energy, Inc. | 108874  |

---

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

10<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion HCM Tactical Enhanced US ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Oil and Gas Extraction — (Continued)** <br>|  |
| 3952 | Devon Energy Corp. | $120180  |
| 1121 | Diamondback Energy, Inc. | 147983  |
| 5060 | Dominion Energy, Inc. | 275163  |
| 3385 | EOG Resources, Inc. | 373467  |
| 3596 | EQT Corp. | 177786  |
| 1261 | Expand Energy Corp. | 131018  |
| 26212 | Exxon Mobil Corp. | 2768774  |
| 4073 | Occidental Petroleum Corp. | 160517  |
|  |  | 4298323 |
|  | **Paper Manufacturing — 0.0%<sup>(†)</sup>**<br>|  |
| 537 | Packaging Corp of America | 99673  |
|  | **Performing Arts, Spectator Sports, and Related Industries — 0.1%**<br>|  |
| 1275 | Caesars Entertainment, Inc.<sup>(a)</sup> | 34501  |
| 1433 | Electronic Arts, Inc. | 207914  |
|  |  | 242415 |
|  | **Petroleum and Coal Products Manufacturing — 0.4%**<br>|  |
| 7678 | ConocoPhillips | 684263  |
| 1911 | Marathon Petroleum Corp.<sup>(b)</sup> | 262591  |
| 2491 | Phillips 66 | 259214  |
| 1914 | Valero Energy Corp. | 222196  |
|  |  | 1428264 |
|  | **Pipeline Transportation — 0.2%**<br>|  |
| 1310 | Targa Resources Corp. | 223879  |
| 7341 | Williams Companies, Inc. | 429962  |
|  |  | 653841 |
|  | **Plastics and Rubber Products Manufacturing — 0.0%<sup>(†)</sup>**<br>|  |
| 486 | Avery Dennison Corp. | 83160  |
| 439 | West Pharmaceutical Services, Inc. | 92756  |
|  |  | 175916 |
|  | **Primary Metal Manufacturing — 0.1%**<br>|  |
| 2444 | Howmet Aerospace, Inc. | 338689  |
| 859 | Steel Dynamics, Inc. | 111421  |
|  |  | 450110 |
|  | **Professional, Scientific, and Technical Services — 4.6%**<br>|  |
| 3763 | Accenture PLC Class A ADR (Ireland) | 1125701  |
| 813 | CDW Corp. | 130535  |
| 317 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 37603  |
| 2985 | Cognizant Technology Solutions Corp. Class A | 219606  |
| 2377 | Eaton Corporation PLC ADR (Ireland) | 699718  |
| 348 | EPAM Systems, Inc.<sup>(a)</sup> | 54605  |
| 1272 | Extra Space Storage, Inc. | 186373  |
| 354 | F5 Networks, Inc.<sup>(a)</sup> | 93718  |

---

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

11<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion HCM Tactical Enhanced US ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Professional, Scientific, and Technical Services — (Continued)** <br>|  |
| 859 | GoDaddy, Inc.<sup>(a)</sup> | $161775  |
| 494 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 213729  |
| 3175 | International Paper Co. | 145034  |
| 2239 | Interpublic Group of Companies, Inc. | 56244  |
| 1009 | IQVIA Holdings, Inc.<sup>(a)</sup> | 156466  |
| 443 | Jack Henry & Associates, Inc. | 76830  |
| 730 | Jacobs Solutions, Inc. | 90374  |
| 1998 | Juniper Networks, Inc. | 72567  |
| 13187 | Meta Platforms, Inc. | 7239663  |
| 2040 | Moderna, Inc.<sup>(a)</sup> | 58222  |
| 1180 | Omnicom Group, Inc. | 89869  |
| 9765 | Oracle Corp. | 1374131  |
| 12342 | Palantir Technologies, Inc.<sup>(a)</sup> | 1461787  |
| 1936 | Paychex, Inc. | 284824  |
| 293 | Paycom Software, Inc. | 66332  |
| 719 | PTC, Inc.<sup>(a)</sup> | 111423  |
| 1235 | ServiceNow, Inc.<sup>(a)</sup> | 1179437  |
| 989 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 230754  |
| 491 | VeriSign, Inc.<sup>(a)</sup> | 138521  |
| 859 | Verisk Analytics, Inc. Class A | 254633  |
| 1282 | Workday, Inc.<sup>(a)</sup> | 314090  |
|  |  | 16324564 |
|  | **Publishing Industries — 6.9%**<br>|  |
| 2623 | Adobe, Inc.<sup>(a)</sup> | 983573  |
| 909 | Akamai Technologies, Inc.<sup>(a)</sup> | 73247  |
| 526 | Ansys, Inc.<sup>(a)</sup> | 169309  |
| 1290 | Autodesk, Inc.<sup>(a)</sup> | 353783  |
| 1650 | Cadence Design Systems, Inc.<sup>(a)</sup> | 491271  |
| 1485 | CrowdStrike Holdings, Inc.<sup>(a)</sup> | 636872  |
| 961 | Dayforce, Inc.<sup>(a)(b)</sup> | 55613  |
| 141 | Fair Isaac Corp.<sup>(a)</sup> | 280545  |
| 3261 | Gen Digital, Inc. | 84362  |
| 7911 | Hewlett Packard Enterprise Co. | 128316  |
| 1683 | Intuit, Inc. | 1056032  |
| 44764 | Microsoft Corp. | 17693419  |
| 2270 | News Corp. Class A<sup>(b)</sup> | 61562  |
| 666 | News Corp. Class B | 20926  |
| 5764 | Salesforce, Inc. | 1548844  |
| 934 | Synopsys, Inc.<sup>(a)</sup> | 428715  |
| 256 | Tyler Technologies, Inc.<sup>(a)</sup> | 139085  |
|  |  | 24205474 |
|  | **Rail Transportation — 0.3%**<br>|  |
| 11613 | CSX Corp. | 325977  |
| 3641 | Union Pacific Corp. | 785218  |
|  |  | 1111195 |

---

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

12<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion HCM Tactical Enhanced US ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Real Estate — 1.5%**<br>|  |
| 933 | Alexandria Real Estate Equities, Inc. | $67792  |
| 2810 | American Tower Corp. | 633402  |
| 863 | AvalonBay Communities, Inc. | 181213  |
| 882 | BXP, Inc. | 56210  |
| 636 | Camden Property Trust | 72377  |
| 1775 | CBRE Group, Inc. Class A<sup>(a)</sup> | 216870  |
| 2618 | Crown Castle, Inc. | 276880  |
| 1913 | Digital Realty Trust, Inc. | 307113  |
| 2057 | Equity Residential | 144525  |
| 393 | Essex Property Trust, Inc. | 109706  |
| 466 | Federal Realty Investment Trust | 43813  |
| 4211 | Healthpeak Properties, Inc. | 75124  |
| 3427 | Invitation Homes, Inc. | 117169  |
| 4095 | Kimco Realty Corp. | 81818  |
| 699 | Mid-America Apartment Communities, Inc. | 111595  |
| 5582 | Prologis, Inc. | 570480  |
| 952 | Public Storage | 286009  |
| 5270 | Realty Income Corp. | 304922  |
| 986 | Regency Centers Corp. | 71169  |
| 1843 | Simon Property Group, Inc. | 290051  |
| 1809 | UDR, Inc. | 75761  |
| 2632 | Ventas, Inc. | 184451  |
| 6348 | VICI Properties, Inc. | 203263  |
| 3669 | Welltower, Inc. | 559853  |
| 4366 | Weyerhaeuser Co. | 113123  |
|  |  | 5154689 |
|  | **Rental and Leasing Services — 0.1%**<br>|  |
| 399 | United Rentals, Inc. | 251949  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 2.1%**<br>|  |
| 2691 | Apollo Global Management, Inc. | 367268  |
| 883 | Blackrock, Inc. | 807292  |
| 626 | Cboe Global Markets, Inc. | 138847  |
| 10258 | Charles Schwab Corp. | 835001  |
| 2169 | CME Group, Inc. | 600986  |
| 4235 | Dow, Inc. | 129549  |
| 1875 | Franklin Resources, Inc. | 35175  |
| 1887 | Goldman Sachs Group, Inc. | 1033227  |
| 2697 | Invesco Ltd.ADR | 37569  |
| 4071 | KKR & Co., Inc. | 465193  |
| 217 | MarketAxess Holdings, Inc. | 48085  |
| 7449 | Morgan Stanley | 859764  |
| 470 | MSCI, Inc. Class A | 256202  |
| 2496 | NASDAQ OMX Group, Inc. | 190220  |

---

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

13<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion HCM Tactical Enhanced US ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — (Continued)** <br>|  |
| 1108 | Raymond James Financial, Inc. | $151840  |
| 1905 | S&P Global, Inc. | 952595  |
| 4404 | The Blackstone Group, Inc. | 580051  |
|  |  | 7488864 |
|  | **Specialty Trade Contractors — 0.1%**<br>|  |
| 896 | Quanta Services, Inc. | 262250  |
|  | **Support Activities for Agriculture and Forestry — 0.1%**<br>|  |
| 4132 | Corteva, Inc. | 256143  |
|  | **Support Activities for Mining — 0.2%**<br>|  |
| 5228 | Halliburton Co. | 103619  |
| 1663 | Hess Corp. | 214610  |
| 8436 | Schlumberger Ltd. ADR (Curaco) | 280497  |
|  |  | 598726 |
|  | **Support Activities for Transportation — 0.2%**<br>|  |
| 710 | C.H. Robinson Worldwide, Inc. | 63346  |
| 736 | Expedia, Inc. | 115501  |
| 851 | Expeditors International of Washington, Inc. | 93533  |
| 480 | J.B. Hunt Transport Services, Inc. | 62678  |
| 1372 | Norfolk Southern Corp. | 307397  |
|  |  | 642455 |
|  | **Telecommunications — 1.2%**<br>|  |
| 43222 | AT&T, Inc. | 1197249  |
| 583 | Equinix, Inc. | 501817  |
| 5955 | PayPal Holdings, Inc.<sup>(a)</sup> | 392077  |
| 642 | SBA Communications Corp. | 156263  |
| 2885 | T-Mobile US, Inc. | 712451  |
| 25348 | Verizon Communications, Inc. | 1116833  |
|  |  | 4076690 |
|  | **Transportation Equipment Manufacturing — 2.5%**<br>|  |
| 1389 | Aptiv PlcADR<sup>(a)</sup> | 79256  |
| 4519 | Boeing Co.<sup>(a)</sup> | 828062  |
| 23438 | Ford Motor Co. | 234614  |
| 1528 | General Dynamics Corp. | 415799  |
| 5992 | General Motors Co. | 271078  |
| 3914 | Honeywell International, Inc. | 823897  |
| 1254 | Lockheed Martin Corp. | 599099  |
| 3158 | Paccar, Inc. | 284883  |
| 16855 | Tesla, Inc.<sup>(a)</sup> | 4755807  |
| 345 | TransDigm Group, Inc. | 487509  |
| 1029 | Wabtec Corp. | 190098  |
|  |  | 8970102 |

---

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

14<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion HCM Tactical Enhanced US ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Truck Transportation — 0.0%<sup>(†)</sup>**<br>|  |
| 1127 | Old Dominion Freight Line, Inc. | $172747  |
|  | **Utilities — 2.4%**<br>|  |
| 4279 | AES Corp. | 42790  |
| 1546 | Alliant Energy Corp. | 94368  |
| 1623 | Ameren Corp. | 161066  |
| 3209 | American Electric Power Co., Inc. | 347663  |
| 1170 | American Water Works Co., Inc. | 172002  |
| 959 | Atmos Energy Corp.<sup>(b)</sup> | 154044  |
| 3923 | CenterPoint Energy, Inc. | 152134  |
| 1793 | CMS Energy Corp. | 132054  |
| 2085 | Consolidated Edison, Inc. | 235084  |
| 1891 | Constellation Energy Corp. | 422525  |
| 1242 | DTE Energy Co. | 170154  |
| 4676 | Duke Energy Corp. | 570566  |
| 2327 | Edison International | 124518  |
| 2585 | Entergy Corp. | 214994  |
| 1392 | Evergy, Inc.<sup>(b)</sup> | 96187  |
| 2206 | Eversource Energy | 131213  |
| 6051 | Exelon Corp. | 283792  |
| 3093 | FirstEnergy Corp. | 132628  |
| 1660 | GE Vernova, Inc. | 615561  |
| 11640 | Kinder Morgan, Inc. | 306132  |
| 12379 | NextEra Energy, Inc. | 827908  |
| 2824 | NiSource, Inc. | 110447  |
| 1214 | NRG Energy, Inc. | 133030  |
| 3733 | ONEOK, Inc. | 306703  |
| 13210 | PG&E Corp. | 218229  |
| 677 | Pinnacle West Capital Corp. | 64437  |
| 4445 | PPL Corp.<sup>(b)</sup> | 162242  |
| 3005 | Public Service Enterprise Group, Inc. | 240190  |
| 3811 | Sempra Energy | 283043  |
| 6594 | Southern Co. | 605923  |
| 108 | Texas Pacific Land Corp. | 139198  |
| 2050 | Vistra Corp. | 265741  |
| 1919 | WEC Energy Group, Inc. | 210169  |
| 3459 | Xcel Energy, Inc. | 244551  |
|  |  | 8371286 |
|  | **Waste Management and Remediation Services — 0.1%**<br>|  |
| 1217 | Republic Services, Inc. | 305163  |
|  | **Water Transportation — 0.0%<sup>(†)</sup>**<br>|  |
| 6308 | Carnival Corp. ADR (Panama)<sup>(a)</sup> | 115689  |

---

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

15<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion HCM Tactical Enhanced US ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Web Search Portals, Libraries, Archives, and Other Information** <br>**Services — 0.0%<sup>(†)</sup>**<br>|  |
| 2540 | CoStar Group, Inc.<sup>(a)</sup> | $188392  |
|  | **Wood Product Manufacturing — 0.0%<sup>(†)</sup>**<br>|  |
| 1272 | Masco Corp. | 77096  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $229,940,982)** | $284204685  |
|  | **SHORT TERM INVESTMENTS — 19.3%**<br>|  |
|  | **Money Market Funds — 19.3%**<br>|  |
| 67751396 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup>  | $67751396  |
| 12521 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(c)</sup>  | 12521  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $67,763,917)** | $67763917  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $297,704,899) — 100.1%** | $351968602  |
|  | Liabilities in Excess of Other Assets — (0.1)% | (139111)  |
|  | **TOTAL NET ASSETS — 100.0%** | $351829491 |

---

Percentages are stated as a percent of net assets.

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

---

| | |
|:---|:---|
| <sup>(†)</sup><br>| Less than 0.05%. |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

ADR - American Depository Receipt

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

16<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9%**<br>|  |
|  | **Accommodation — 2.0%**<br>|  |
| 92036 | Airbnb, Inc. Class A<sup>(a)</sup> | $11221029  |
| 49916 | Marriott International, Inc. Class C | 11908959  |
|  |  | 23129988 |
|  | **Administrative and Support Services — 3.0%**<br>|  |
| 40149 | Automatic Data Processing, Inc. | 12068789  |
| 2561 | Booking Holdings, Inc. | 13059256  |
| 93603 | Pinduoduo, Inc. ADR (China)<sup>(a)</sup> | 9881669  |
|  |  | 35009714 |
|  | **Apparel Manufacturing — 1.1%**<br>|  |
| 62017 | Cintas Corp. | 13127759  |
|  | **Beverage and Tobacco Product Manufacturing — 4.1%**<br>|  |
| 139597 | Coca-Cola Europacific Partners ADR (United Kingdom) | 12667032  |
| 353337 | Keurig Dr Pepper, Inc. | 12221927  |
| 206849 | Monster Beverage Corp.<sup>(a)</sup> | 12435762  |
| 81507 | PepsiCo, Inc. | 11050719  |
|  |  | 48375440 |
|  | **Broadcasting and Content Providers — 2.8%**<br>|  |
| 32586 | Charter Communications, Inc.<sup>(a)(b)</sup> | 12769150  |
| 322565 | Comcast Corp. Class A | 11031723  |
| 1103747 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 9569487  |
|  |  | 33370360 |
|  | **Chemical Manufacturing — 6.7%**<br>|  |
| 37501 | Amgen, Inc. | 10909791  |
| 158204 | AstraZeneca PLC ADR (United Kingdom) | 11357465  |
| 84138 | Biogen, Inc.<sup>(a)</sup> | 10187429  |
| 110703 | Gilead Sciences, Inc. | 11794298  |
| 25863 | Linde PLC ADR (Ireland) | 11721887  |
| 18011 | Regeneron Pharmaceuticals, Inc. | 10784266  |
| 23563 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 12005349  |
|  |  | 78760485 |
|  | **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers — 2.0%**<br>|  |
| 36739 | Lululemon Athletica, Inc.<sup>(a)</sup> | 9947819  |
| 95948 | Ross Stores, Inc. | 13336772  |
|  |  | 23284591 |
|  | **Computer and Electronic Product Manufacturing — 19.8%**<br>|  |
| 111378 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 10842648  |
| 36152 | Alphabet, Inc. | 5740938  |
| 35645 | Alphabet, Inc. Class C | 5734924  |
| 58002 | Analog Devices, Inc. | 11305750  |
| 54302 | Apple, Inc. | 11539175  |
| 61847 | Broadcom, Inc. | 11903692  |
| 196585 | Cisco Systems, Inc. | 11348852  |
| 120172 | Fortinet, Inc.<sup>(a)</sup> | 12469047  |

---

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

17<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Computer and Electronic Product Manufacturing — (Continued)** <br>|  |
| 145473 | GE HealthCare Technologies, Inc. | $10231116  |
| 306870 | GlobalFoundries, Inc. ADR<sup>(a)(b)</sup> | 10761931  |
| 488636 | Intel Corp. | 9821584  |
| 156303 | Lam Research Corp. | 11202236  |
| 229202 | Microchip Technology, Inc. | 10561628  |
| 125152 | Micron Technology, Inc. | 9630446  |
| 61564 | MongoDB, Inc<sup>(a)</sup> | 10599474  |
| 100719 | NVIDIA Corp. | 10970313  |
| 59090 | NXP Semiconductors NV ADR (Netherlands) | 10890878  |
| 270766 | ON Semiconductor Corp.<sup>(a)</sup> | 10749410  |
| 65014 | Palto Alto Networks, Inc.<sup>(a)</sup> | 12153067  |
| 75597 | Qualcomm, Inc. | 11223131  |
| 20711 | Roper Technologies, Inc. | 11599817  |
| 66229 | Texas Instruments, Inc. | 10599951  |
|  |  | 231880008 |
|  | **Electrical Equipment, Appliance, and Component Manufacturing — 1.1%**<br>|  |
| 21174 | Axon Enterprise, Inc.<sup>(a)</sup> | 12986014  |
|  | **Food Manufacturing — 2.1%**<br>|  |
| 183754 | Mondelez International, Inc. | 12519160  |
| 401569 | The Kraft Heinz Co. | 11685658  |
|  |  | 24204818 |
|  | **Food Services and Drinking Places — 1.9%**<br>|  |
| 62189 | DoorDash, Inc.<sup>(a)</sup> | 11995636  |
| 122116 | Starbucks Corp. | 9775386  |
|  |  | 21771022 |
|  | **General Merchandise Retailers — 3.2%**<br>|  |
| 60424 | Amazon.com, Inc.<sup>(a)</sup> | 11143394  |
| 13035 | Costco Wholesale Corp. | 12963308  |
| 5661 | MercadoLibre, Inc.<sup>(a)</sup> | 13194942  |
|  |  | 37301644 |
|  | **Machinery Manufacturing — 2.8%**<br>|  |
| 77928 | Applied Materials, Inc. | 11744529  |
| 16552 | ASML Holding NV ADR (Netherlands) | 11058060  |
| 268748 | Baker Hughes Co. | 9513679  |
|  |  | 32316268 |
|  | **Management of Companies and Enterprises — 1.0%**<br>|  |
| 99560 | ARM Holdings PLC ADR (United Kingdom)<sup>(a)(b)</sup> | 11354818  |
|  | **Merchant Wholesalers, Durable Goods — 3.2%**<br>|  |
| 221040 | Copart, Inc.<sup>(a)</sup> | 13490071  |
| 158619 | Fastenal Co. | 12843381  |
| 16777 | KLA-Tencor Corp. | 11789030  |
|  |  | 38122482 |

---

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

18<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Miscellaneous Manufacturing — 2.0%**<br>|  |
| 160628 | DexCom, Inc.<sup>(a)</sup> | $11465627  |
| 24074 | Intuitive Surgical, Inc.<sup>(a)</sup> | 12417369  |
|  |  | 23882996 |
|  | **Motion Picture and Sound Recording Industries — 1.2%**<br>|  |
| 12349 | Netflix, Inc.<sup>(a)</sup> | 13975610  |
|  | **Motor Vehicle and Parts Dealers — 1.1%**<br>|  |
| 8856 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 12533011  |
|  | **Oil and Gas Extraction — 0.8%**<br>|  |
| 74796 | Diamondback Energy, Inc. | 9873820  |
|  | **Performing Arts, Spectator Sports, and Related Industries — 1.0%**<br>|  |
| 82148 | Electronic Arts, Inc. | 11918853  |
|  | **Professional, Scientific, and Technical Services — 14.2%**<br>|  |
| 37755 | AppLovin Corp.<sup>(a)</sup> | 10167799  |
| 52151 | Atlassian Corp.<sup>(a)</sup> | 11906595  |
| 71603 | CDW Corp. | 11496578  |
| 155127 | Cognizant Technology Solutions Corp. Class A | 11412693  |
| 28150 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 12179098  |
| 168412 | Marvell Technology, Inc. | 9830208  |
| 19873 | Meta Platforms, Inc. | 10910277  |
| 130330 | Palantir Technologies, Inc.<sup>(a)</sup> | 15436285  |
| 82879 | Paychex, Inc. | 12193158  |
| 55534 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 12957193  |
| 210519 | The Trade Desk, Inc.<sup>(a)</sup> | 11290134  |
| 41567 | Verisk Analytics, Inc. Class A | 12321706  |
| 47516 | Workday, Inc.<sup>(a)</sup> | 11641420  |
| 57760 | Zscaler, Inc.<sup>(a)</sup> | 13063579  |
|  |  | 166806723 |
|  | **Publishing Industries — 10.7%**<br>|  |
| 30606 | Adobe, Inc.<sup>(a)</sup> | 11476638  |
| 36566 | Ansys, Inc.<sup>(a)</sup> | 11769864  |
| 44361 | Autodesk, Inc.<sup>(a)</sup> | 12166004  |
| 45179 | Cadence Design Systems, Inc.<sup>(a)</sup> | 13451595  |
| 32719 | CrowdStrike Holdings, Inc.<sup>(a)</sup> | 14032198  |
| 112866 | Datadog, Inc.<sup>(a).</sup> | 11530391  |
| 19617 | Intuit, Inc. | 12309079  |
| 30290 | Microsoft Corp. | 11972425  |
| 38997 | MicroStrategy, Inc. Class A<sup>(a)(b)</sup> | 14823150  |
| 26426 | Synopsys, Inc.<sup>(a)</sup> | 12129798  |
|  |  | 125661142 |
|  | **Rail Transportation — 1.0%**<br>|  |
| 400879 | CSX Corp. | 11252674  |

---

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

19<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Telecommunications — 1.9%**<br>|  |
| 168888 | PayPal Holdings, Inc.<sup>(a)</sup> | $11119586  |
| 46329 | T-Mobile US, Inc. | 11440947  |
|  |  | 22560533 |
|  | **Transportation Equipment Manufacturing — 3.1%**<br>|  |
| 56425 | Honeywell International, Inc. | 11877462  |
| 122070 | Paccar, Inc. | 11011935  |
| 47657 | Tesla, Inc. (a) | 13446899  |
|  |  | 36336296 |
|  | **Truck Transportation — 0.9%**<br>|  |
| 71747 | Old Dominion Freight Line, Inc. | 10997380  |
|  | **Utilities — 4.2%**<br>|  |
| 112774 | American Electric Power Co., Inc. | 12217935  |
| 53277 | Constellation Energy Corp. | 11904213  |
| 270650 | Exelon Corp. | 12693485  |
| 171526 | Xcel Energy, Inc. | 12126888  |
|  |  | 48942521 |
|  | **Web Search Portals, Libraries, Archives, and Other Information** <br>**Services — 1.0%**<br>|  |
| 151092 | CoStar Group, Inc.<sup>(a)</sup> | 11206494  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,260,203,294)** | $1170943464  |
|  | **SHORT TERM INVESTMENTS — 0.5%**<br>|  |
|  | **Money Market Funds — 0.5%**<br>|  |
| 5493450 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $5493450  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $5,493,450)** | $5493450  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $1,265,696,744) — 100.4%** | $1176436914  |
|  | Liabilities in Excess of Other Assets — (0.4)% | (4587904)  |
|  | **TOTAL NET ASSETS — 100.0%** | $1171849010 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

ADR - American Depository Receipt

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

20<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion Work From Home ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares**  |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4%**<br>|  |
|  | **Administrative and Support Services — 4.7%**<br>|  |
| 3615 | Cloudflare, Inc.<sup>(a)</sup> | $436620  |
| 25868 | SentinelOne, Inc.<sup>(a)</sup> | 478558  |
|  |  | 915178 |
|  | **Computer and Electronic Product Manufacturing — 20.2%**<br>|  |
| 2712 | Broadcom, Inc. | 521979  |
| 4866 | Fortinet, Inc.<sup>(a)</sup> | 504896  |
| 2068 | International Business Machines Corp. | 500084  |
| 5478 | NetApp, Inc. | 491650  |
| 4430 | NVIDIA Corp. | 482515  |
| 2820 | Palto Alto Networks, Inc.<sup>(a)</sup> | 527143  |
| 203797 | SEALSQ Corp. ADR<sup>(a)(b)</sup> | 495227  |
| 84091 | Xerox Corp. <sup>(b)</sup> | 370841  |
|  |  | 3894335 |
|  | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 2.5%**<br>|  |
| 18580 | RingCentral, Inc.<sup>(a)</sup> | 473790  |
|  | **Food Services and Drinking Places — 2.2%**<br>|  |
| 10494 | JOYY, Inc. ADR | 431933  |
|  | **General Merchandise Retailers — 2.4%**<br>|  |
| 2494 | Amazon.com, Inc.<sup>(a)</sup> | 459944  |
|  | **Merchant Wholesalers, Durable Goods — 2.2%**<br>|  |
| 3909 | TD SYNNEX Corp. | 433117  |
|  | **Professional, Scientific, and Technical Services — 32.2%**<br>|  |
| 1878 | Atlassian Corp.<sup>(a)</sup> | 428766  |
| 12510 | DigitalOcean Holdings, Inc<sup>(a)</sup> | 386559  |
| 68469 | Hello Group, Inc. ADR | 390958  |
| 5765 | Marvell Technology, Inc. | 336503  |
| 792 | Meta Platforms, Inc. | 434808  |
| 1854 | Monday.com Ltd. ADR (Israel)<sup>(a)</sup> | 520955  |
| 23784 | NetScout Systems, Inc.<sup>(a)</sup> | 499940  |
| 3216 | Oracle Corp. | 452555  |
| 6551 | Pegasystems, Inc. | 603216  |
| 567 | ServiceNow, Inc.<sup>(a)</sup> | 541491  |
| 2002 | Workday, Inc.<sup>(a)</sup> | 490490  |
| 6874 | Zoom Video Communications, Inc.<sup>(a)</sup> | 533010  |
| 2645 | Zscaler, Inc.<sup>(a)</sup> | 598220  |
|  |  | 6217471 |
|  | **Publishing Industries — 27.7%**<br>|  |
| 1151 | Adobe, Inc.<sup>(a)</sup> | 431602  |
| 93637 | Agora, Inc. ADR<sup>(a)</sup> | 307129  |
| 16044 | Box, Inc.<sup>(a)</sup> | 500894  |
| 1423 | CrowdStrike Holdings, Inc.<sup>(a)</sup> | 610282  |

---

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

21<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion Work From Home ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**  |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Publishing Industries — (Continued)** <br>|  |
| 1436 | CyberArk Software Ltd. ADR (Israel)<sup>(a)</sup> | $505702  |
| 6310 | DocuSign, Inc.<sup>(a)</sup> | 515842  |
| 744 | HubSpot, Inc.<sup>(a)</sup> | 454956  |
| 1296 | Microsoft Corp. | 512257  |
| 4468 | Okta, Inc.<sup>(a)</sup> | 501131  |
| 51200 | SoundHound AI, Inc.<sup>(a)(b)</sup> | 475648  |
| 12400 | Varonis Systems, Inc.<sup>(a)</sup> | 531216  |
|  |  | 5346659 |
|  | **Telecommunications — 5.3%**<br>|  |
| 199113 | Altice USA, Inc.<sup>(a)</sup> | 493800  |
| 12131 | Verizon Communications, Inc. | 534492  |
|  |  | 1028292 |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $21,759,242)** | $19200719  |
|  | **SHORT TERM INVESTMENTS — 4.8%**<br>|  |
|  | **Money Market Funds — 4.8%**<br>|  |
| 918791 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $918791  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $918,791)** | $918791  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $22,678,033) — 104.2%** | $20119510  |
|  | Liabilities in Excess of Other Assets — (4.2)% | (809731)  |
|  | **TOTAL NET ASSETS — 100.0%** | $19309779 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

ADR - American Depository Receipt

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

22<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion Shares ETF Trust** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Auspice** <br>**Broad Commodity** <br>**Strategy ETF** <br>(Consolidated) | **Direxion HCM** <br>**Tactical** <br>**Enhanced** <br>**US ETF** | **Direxion** <br>**NASDAQ-100<sup>®</sup>** <br>**Equal Weighted** <br>**Index Shares** | **Direxion** <br>**Work From** <br>**Home ETF**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $218888532 | $351968602 | $1176436914 | $20119510  |
| Due from broker for futures contracts | 10308 |  |  | —  |
| Deposit at broker for futures contracts | 3144066 |  |  | —  |
| Dividend and interest receivable | 765571 | 403881 | 217312 | 44402  |
| Variation margin receivable, net | 85170 |  |  | —  |
| Due from broker for swap contracts |  | 722 |  | —  |
| Prepaid expenses and other assets | 5595 | 7156 | 11456 | 3360  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 222899242 | 352380361 | 1176665682 | 20167272  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  | 117728 | 4298142 | 838746  |
| Payable for investments purchased |  | 46552 |  | —  |
| Due to Adviser, net (Note 6) | 42071 | 310337 | 189857 | 2481  |
| Accrued operating services fees (Note 6) | 37305 |  | 48438 | 740  |
| Accrued expenses and other liabilities | 82956 | 76253 | 280235 | 15526  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 162332 | 550870 | 4816672 | 857493  |
| **NET ASSETS** | $222736910 | $351829491 | $1171849010 | $19309779  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $225618473 | $392394124 | $1287663724 | $35034475  |
| Total distributable loss | (2881563) | (40564633) | (115814714) | (15724696)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $222736910 | $351829491 | $1171849010 | $19309779  |
|  **Calculation of Net Asset Value Per Share:**<br>|  |  |  |  |
| Net assets | $222736910 | $351829491 | $1171849010 | $19309779  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 7850001 | 13250001 | 13350002 | 325001  |
|  Net assets value, redemption price and offering price per share | $28.37 | $26.55 | $87.78 | $59.41  |
| Cost of Investments | $218888532 | $297704899 | $1265696744 | $22678033  |
| \*Value of securities loaned | $— | $1205102 | $48161366 | $811073 |

---

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

23<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion Shares ETF Trust** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Auspice** <br>**Broad Commodity** <br>**Strategy ETF** <br>(Consolidated) | **Direxion HCM** <br>**Tactical** <br>**Enhanced** <br>**US ETF** | **Direxion** <br>**NASDAQ-100<sup>®</sup>** <br>**Equal Weighted** <br>**Index Shares** | **Direxion** <br>**Work From** <br>**Home ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | &nbsp;&nbsp;&nbsp; $— | $2323572 | $6628755 | $105457  |
| Less: Foreign Withholding Tax | &nbsp;&nbsp;&nbsp; — | (541) | (27329) | —  |
| Interest income | &nbsp;&nbsp;&nbsp; 5280350 | 1948257 | 25961 | 1179  |
| Securities lending income | &nbsp;&nbsp;&nbsp; — | 860 | 41154 | 63590  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 5280350 | 4272148 | 6668541 | 170226  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | &nbsp;&nbsp;&nbsp; 619466 | 2226463 | 1920593 | 48093  |
| Licensing fees | &nbsp;&nbsp;&nbsp; 273210 |  | 384119 | 7661  |
| Operating services fees (Note 6) | &nbsp;&nbsp;&nbsp; 247786 |  | 320099 | 6012  |
| Management service fees (Note 6) | &nbsp;&nbsp;&nbsp; 60583 | 103672 | 313050 | 5878  |
| Professional fees | &nbsp;&nbsp;&nbsp; 11494 | 16084 | 38720 | 5587  |
| Reports to shareholders | &nbsp;&nbsp;&nbsp; 11122 | 18935 | 57464 | 1069  |
| Fund servicing fees | &nbsp;&nbsp;&nbsp; 7780 | 12761 | 37972 | 940  |
| Exchange listing fees | &nbsp;&nbsp;&nbsp; 2976 | 3595 | 2976 | 2976  |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp; 2815 | 4793 | 14546 | 270  |
| Pricing fees | &nbsp;&nbsp;&nbsp; 1984 | 1984 | 1984 | 1984  |
| Insurance fees | &nbsp;&nbsp;&nbsp; 1866 | 3178 | 9643 | 179  |
| Interest expense | &nbsp;&nbsp;&nbsp; — | 232732 |  | —  |
| Other | &nbsp;&nbsp;&nbsp; 17582 | 30468 | 92184 | 1699  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 1258664 | 2654665 | 3193350 | 82348  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | &nbsp;&nbsp;&nbsp; — | 16636 |  | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | &nbsp;&nbsp;&nbsp; (391412) | (62) | (952658) | (28243)  |
| &nbsp;&nbsp;&nbsp; Net Expenses | &nbsp;&nbsp;&nbsp; 867252 | 2671239 | 2240692 | 54105  |
| **Net investment income** | &nbsp;&nbsp;&nbsp; 4413098 | 1600909 | 4427849 | 116121  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp;&nbsp; — | (5728553) | (36419488) | 217672  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp;&nbsp; — |  | 78692832 | 1247526  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp;&nbsp; — | (68462061) |  | —  |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp; (8381017) |  |  | —  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (8381017) | (74191336) | 42273344 | 1465198  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp;&nbsp; — | (6640701) | (65191131) | (1158766)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp;&nbsp; — | (15569700) |  | —  |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp; 1148342 |  |  | —  |
|  Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 1148342 | (22209679) | (65191131) | (1158766)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; (7232675) | (96401015) | (22917787) | 306432  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $(2819577) | $(94800106) | $(18489938) | $422553 |

---

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

24<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**DIREXION SHARES ETF TRUST** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Auspice Broad Commodity** <br>**Strategy ETF (Consolidated)** | **Direxion Auspice Broad Commodity** <br>**Strategy ETF (Consolidated)** | **Direxion HCM** <br>**Tactical Enhanced US ETF**  | **Direxion HCM** <br>**Tactical Enhanced US ETF**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $4413098 | $11629435 | $1600909 | $2656600  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (8381017) | (9712531) | (74191336) | 24964254  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 1148342 | 6426668 | (22209679) | 76474104  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** <br>**resulting from operations** | (2819577) | 8343572 | (94800106) | 104094958  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (3580650) | (10293949) | (10443949) | (2714750)  |
| &nbsp;&nbsp;&nbsp; Return of capital |  | (205247) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (3580650) | (10499196) | (10443949) | (2714750)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 23005795 | 42088268 | 71017029 | 590724152  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (65719322) | (58271678) | (2576556) | (459395497)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 15444 | 15863 | 10354 | 137462  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** <br>**resulting from capital transactions** | (42698083) | (16167547) | 68450827 | 131466117  |
| **Total increase (decrease) in net assets** | (49098310) | (18323171) | (36793228) | 232846325  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 271835220 | 290158391 | 388622719 | 155776394  |
| &nbsp;&nbsp;&nbsp; End of year/period | $222736910 | $271835220 | $351829491 | $388622719  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 9350001 | 9950001 | 11300001 | 6700001  |
| &nbsp;&nbsp;&nbsp; Shares sold | 800000 | 1450000 | 2050000 | 18350000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (2300000) | (2050000) | (100000) | (13750000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 7850001 | 9350001 | 13250001 | 11300001 |

---

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

25<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**DIREXION SHARES ETF TRUST** 

**Statements of Changes in Net Assets (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion NASDAQ-100<sup>®</sup>** <br>**Equal Weighted Index Shares** | **Direxion NASDAQ-100<sup>®</sup>** <br>**Equal Weighted Index Shares** | **Direxion Work From Home ETF**  | **Direxion Work From Home ETF**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $4427849 | $10284711 | &nbsp;&nbsp; $116121 | $301727  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 42273344 | 108655866 | &nbsp;&nbsp; 1465198 | 1383097  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (65191131) | 96035188 | &nbsp;&nbsp; (1158766) | 6190729  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (18489938) | 214975765 | &nbsp;&nbsp; 422553 | 7875553  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (4334257) | (10435457) | &nbsp;&nbsp; (31771) | (317678)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (4334257) | (10435457) | &nbsp;&nbsp; (31771) | (317678)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 504262264 | 1402328534 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (587771461) | (1120157718) | &nbsp;&nbsp; (4660496) | (11080407)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (83509197) | 282170816 | &nbsp;&nbsp; (4660496) | (11080407)  |
| **Total increase (decrease) in net assets** | (106333392) | 486711124 | &nbsp;&nbsp; (4269714) | (3522532)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 1278182402 | 791471278 | &nbsp;&nbsp; 23579493 | 27102025  |
| &nbsp;&nbsp;&nbsp; End of year/period | $1171849010 | $1278182402 | &nbsp;&nbsp; $19309779 | $23579493  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 14350002 | 11100002 | &nbsp;&nbsp; 400001 | 600001  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5450000 | 16200000 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (6450000) | (12950000) | &nbsp;&nbsp; (75000) | (200000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 13350002 | 14350002 | &nbsp;&nbsp; 325001 | 400001 |

---

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

26<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**DIREXION SHARES ETF TRUST** 

**Financial Highlights** 

**April 30, 2024** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | **Ratios to Average Net Assets <sup>5</sup>** | **Ratios to Average Net Assets <sup>5</sup>** | **Ratios to Average Net Assets <sup>5</sup>** | **Ratios to Average Net Assets <sup>5</sup>** | **Ratios to Average Net Assets <sup>5</sup>** | **Ratios to Average Net Assets <sup>5</sup>** | **Ratios to Average Net Assets <sup>5</sup>** | |
|  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain (Loss)** <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital Gains** | <br>**Distributions** <br>**from** <br>**Return of** <br>**Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | **Net Assets,** <br>**End of** <br>**Year/Period** <br>**(000's omitted)** | **Net** <br>**Expenses** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income (Loss)** <br>**after** <br>**Expense** <br>**Reimbursement** | **Net** <br>**Expenses<sup>2</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income (Loss)** <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)** | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)** | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)** | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | $29.07 | &nbsp;&nbsp; $0.51 | &nbsp;&nbsp; $(0.80) | $(0.29) | &nbsp;&nbsp; $(0.41) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.41) | $28.37 | -1.01% | $222737 | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 3.56% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 3.56% | &nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 29.16 | 1.24 | &nbsp;&nbsp; (0.20) | 1.04 | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (1.13) | 29.07 | 3.71% | 271835 | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 4.33% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 4.33% | &nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 29.88 | 1.15 | &nbsp;&nbsp; (0.15) | 1.00 | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (1.72) | 29.16 | 3.33% | 290158 | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 3.84% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 3.84% | &nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 32.70 | 0.01 | 1.85 | 1.86 | &nbsp;&nbsp; (4.68) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.68) | 29.88 | 6.21% | 297288 | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 23.13 | &nbsp;&nbsp; (0.20) | 9.77 | 9.57 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 32.70 | 41.37% | 253431 | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; (0.67)% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; (0.67)% | &nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 23.53 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.29) | (0.31) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.09) | 23.13 | -1.31% | 43946 | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; (0.10)% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; (0.10)% | &nbsp;&nbsp; 0%  |
| **Direxion HCM Tactical Enhanced US ETF** | **Direxion HCM Tactical Enhanced US ETF** | **Direxion HCM Tactical Enhanced US ETF** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | 34.39 | 0.13 | &nbsp;&nbsp; (7.09) | (6.96) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; (0.75) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.88) | 26.55 | -20.99% | 351829 | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 17%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 23.25 | 0.28 | 11.14 | 11.42 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28) | 34.39 | 49.31% | 388623 | &nbsp;&nbsp; 1.32%<sup>6</sup> | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 1.15%<sup>6</sup> | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 191%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the Period June 22, 2023<sup>8</sup> through October 31, <br>2023 | 25.00 | 0.11 | &nbsp;&nbsp; (1.80) | (1.69) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06) | 23.25 | -6.77% | 155776 | &nbsp;&nbsp; 1.20%<sup>6</sup> | &nbsp;&nbsp; 2.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.15%<sup>6</sup> | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 24%  |
| **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares** | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares** | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares** | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | 89.07 | 0.31 | &nbsp;&nbsp; (1.30) | (0.99) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30) | 87.78 | -1.12% | 1171849 | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 17%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 71.30 | 0.76 | 17.79 | 18.55 | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.78) | 89.07 | 26.04% | 1278182 | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 34%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 63.90 | 0.63 | 7.45 | 8.08 | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.68) | 71.30 | 12.66% | 791471 | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 30%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 87.33 | 0.53 | &nbsp;&nbsp; (20.59) | (20.06) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp; (2.87) | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.37) | 63.90 | -23.78% | 699676 | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 34%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 63.03 | 0.39 | 24.33 | 24.72 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42) | 87.33 | 39.30% | 432264 | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 30%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 51.32 | 0.38 | 11.72 | 12.10 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39) | 63.03 | 23.69% | 274199 | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 35%  |

---

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

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**[**TABLE OF CONTENTS**](#TOC1)**

**DIREXION SHARES ETF TRUST** 

**Financial Highlights** 

**April 30, 2024(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | **Ratios to Average Net Assets <sup>5</sup>** | **Ratios to Average Net Assets <sup>5</sup>** | **Ratios to Average Net Assets <sup>5</sup>** | **Ratios to Average Net Assets <sup>5</sup>** | **Ratios to Average Net Assets <sup>5</sup>** | **Ratios to Average Net Assets <sup>5</sup>** | **Ratios to Average Net Assets <sup>5</sup>** | |
|  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain (Loss)** <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital Gains** | <br>**Distributions** <br>**from** <br>**Return of** <br>**Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | **Net Assets,** <br>**End of** <br>**Year/Period** <br>**(000's omitted)** | **Net** <br>**Expenses** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income (Loss)** <br>**after** <br>**Expense** <br>**Reimbursement** | **Net** <br>**Expenses<sup>2</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income (Loss)** <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Work From Home ETF** | **Direxion Work From Home ETF** | **Direxion Work From Home ETF** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | $58.95 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.23 | $0.54 | &nbsp;&nbsp; $(0.08) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.08) | $59.41 | 0.92% | $19310 | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 20%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 45.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | 13.78 | 14.38 | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.60) | 58.95 | 31.94% | 23579 | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 33%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 43.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | 1.32 | 1.44 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12) | 45.17 | 3.29% | 27102 | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp; 37%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 77.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp; (33.78) | (33.15) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.54) | 43.85 | -43.00% | 38371 | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp; 45%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 53.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | 24.24 | 24.46 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.69) | 77.54 | 45.69% | 110490 | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 35%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the Period June 25, 2020<sup>8</sup> through October 31, <br>2020 | 50.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 3.65 | 3.80 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | 53.77 | 7.60% | 133078 | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp; 32% |

---

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

<sup>2</sup> Excludes interest expense and extraordinary expenses which comprise of tax and litigation expenses.

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

<sup>4</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period.Total return calculated for a period of less than one year is not annualized.

<sup>5</sup> For periods less than a year, these ratios are annualized.

<sup>6</sup> Net expenses include effects of any reimbursement/waiver or recoupment.

<sup>7</sup> Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Portfolio turnover rate does not include effects of turnover of the swap and future contracts portfolio. Short-term securities with maturities less than or equal to 365 days are also excluded from portfolio turnover calculation.

<sup>8</sup> Commencement of operations.

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

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**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)** 

1. ORGANIZATION

The Direxion Shares ETF Trust (the "Trust") is a Delaware statutory trust formed on April 23, 2008, and is registered with the Securities and Exchange Commission ("SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is a registered investment company that has 107 separate series (each, a "Fund" and together the "Funds"). Four of these Funds are included in this report:

---

| | |
|:---|:---|
|  Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares  |
| Direxion HCM Tactical Enhanced US ETF | Direxion Work From Home ETF |

---

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

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

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

---

| | |
|:---|:---|
| **Funds** | **Index or Benchmark**  |
| Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | Auspice Broad Commodity Index  |
| Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | NASDAQ-100<sup>®</sup> Equal Weighted Index  |
| Direxion Work From Home ETF | Solactive Remote Work Index |

---

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Investment Valuation – The Net Asset Value ("NAV") per share of each Fund is determined daily, as of the close of regular trading on the New York Stock Exchange ("NYSE") (normally at 4:00 p.m. Eastern time ("Valuation

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Swap Contracts – The Direxion HCM Tactical Enhanced US ETF ("HCM") may enter into equity swap contacts. Standard equity swap contracts are between two parties that agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross amount to be exchanged is calculated with respect to a "notional amount" (i.e. the return on or increase in value of a particular dollar amount invested in a "basket" of securities representing a particular index or industry sector). HCM enters into master netting agreements with counterparties to mitigate counterparty credit risk in derivative contracts. HCM does not offset fair value amounts for derivative contracts and related cash collateral on the Statements of Assets and Liabilities arising from derivative contracts executed with the same counterparties under such master netting agreements. HCM's obligations are accrued daily and offset by any amounts owed to HCM.

In a "long" equity swap agreement, the counterparty will generally agree to pay HCM the amount, if any, by which the notional amount of the swap contract would have increased in value if the Fund had been invested in the particular securities, plus dividends that would have been received on those securities. HCM will agree to pay the counterparty a floating rate of interest (e.g., a SOFR based rate) on the notional amount of the swap contract plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such securities plus, in certain instances, commissions or trading spreads on the notional amounts. Thus, the return on the swap contract should be the gain or loss on the notional amount plus dividends on the securities less the interest and commission paid by HCM on the notional amount. Payments may be made at the conclusion of the contract or periodically during its term. In certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the counterparty will pay HCM interest. These swap contracts do not include the delivery of securities by HCM to the counterparty. The net amount of the excess, if any, of the HCM's obligations owed over its entitlement with respect to each swap is accrued on a daily basis and an amount of cash or liquid assets having an aggregate net asset value at least equal to such accrued excess is maintained in a segregated account by HCM's custodian. Until a swap contract is settled in cash, the gain or loss on the notional amount plus dividends on the securities less the interest paid by HCM on the notional amount are recorded as "unrealized appreciation or depreciation on swaps" and when cash is exchanged, the gain or loss is recorded as "realized gains or losses on swaps".

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

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**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

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

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

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

For financial reporting purposes, HCM elects to not offset assets and liabilities subject to an ISDA Master Agreement, if any, in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities.

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

As of April 30, 2025, the Fund was not invested in swap contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Futures Contracts – Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against, changes in the values of commodities, equities, interest rates or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. The Direxion Auspice Broad Commodity Strategy ETF (Consolidated) was invested in futures contracts as of the period ended April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Risks of Futures Contracts, Options on Futures Contracts and Short Positions – The risks inherent in the use of options, futures contracts, options on futures contracts and short positions include 1) adverse changes in the fair value of such instruments; 2) imperfect correlation between the price of options and futures contracts and options thereon and movements in the price of the underlying securities, index or futures contracts; 3) the possible absence of a liquid secondary market for any particular instrument at any time; 4) the possible need to defer closing out certain positions to avoid adverse tax consequences; and 5) the possible non-performance by the counterparty under the terms of the contract. The Funds designate cash, cash equivalents and liquid securities as collateral for written options, futures contracts, options on futures contracts and short positions. The Funds were not invested in any type of options during the period ended April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Basis for Consolidation – The Direxion Auspice Broad Commodity Strategy ETF may invest up to 25% of its total assets in the BCS Fund. The BCS Fund, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by the Direxion Auspice Broad Commodity Strategy ETF. The BCS Fund acts as an investment vehicle to facilitate entering into certain investments for the Direxion Auspice Broad Commodity Strategy ETF consistent with the Fund's investment objectives and policies specified in its prospectus and statement of additional information and within the limitation of the U.S. federal tax requirements applicable to regulated investment companies. As of April 30, 2025, the net assets of the Direxion Auspice Broad Commodity Strategy ETF were $222,736,910 of which $30,327,519, or approximately 13.6%, represented the Direxion Auspice Broad Commodity Strategy ETF's ownership of all issued shares and voting rights of the BCS Fund. All intercompany balances, revenues and expenses have been eliminated in consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Risks of Investing Commodity-Linked Derivatives – The Direxion Auspice Broad Commodity Strategy ETF, through its investment in its respective subsidiary, may hold commodity-linked derivatives. Commodity-linked derivatives provide exposure, which may include long and/or short exposure, to the investment returns of physical commodities that trade in the commodities markets without investing directly in physical commodities. The value of a commodity-linked derivative investment typically is based upon the price movements of a physical commodity (such as heating oil, precious metals, livestock, or agricultural products), a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. The Direxion Auspice Broad Commodity Strategy ETF held commodity-linked derivatives during the period ended April 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) Securities Lending – Each Fund may lend up to 33<sup>1</sup>∕3% of the value of the securities in their portfolios to approved brokers, dealers and other financial institutions.The borrower pledges and maintains with the Fund collateral consisting of cash, cash equivalents, or securities issued or guaranteed by the U.S. government. The collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. Government securities held as collateral, net of fee

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

rebates paid to borrower and net of fees paid to the lending agent.The amount of fees depends on a number of factors including the security type and the length of the loan.In addition, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.No more than 99% of the value of any security may be on loan at any time.

As of April 30, 2025, all securities on loan were collateralized by cash and/or U.S. government obligations.The cash received as collateral for securities on loan was invested in money market funds, whose maturities are overnight and continuous, and is disclosed in the Schedules of Investments. The securities on loan in each Fund are also disclosed in the Schedule of Investments. The total value of securities loaned and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Non-cash collateral consists of U.S. Treasury securities and is not disclosed on the Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell, reinvest or pledge those securities.Income earned by the Funds from securities lending is disclosed in the Statements of Operations.

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

As of April 30, 2025, the market value of the securities loaned and the related cash and non-cash collateral received for securities lending were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Market Value** <br>**of Securities** <br>**Loaned** | **Cash** <br>**Collateral** <br>**Received** | **Non-Cash** <br>**Collateral** <br>**Received** | **Total** <br>**Collateral** <br>**Received**  |
| Direxion HCM Tactical Enhanced US ETF | $1205102 | $117728 | $1113357 | $1231085  |
| Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | 48161366 | 4298142 | 44880798 | 49178940  |
| Direxion Work From Home ETF | 811073 | 838746 |  | 838746 |

---

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

The Funds may be subject to a nondeductible 4% U.S. excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. No Funds paid this excise tax during the period ended April 30, 2025.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) Guarantees and Indemnifications – In the ordinary course of business, the Funds enter into contracts that contain a variety of indemnification provisions pursuant to which the Funds agree to indemnify third parties upon

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

the occurrence of specified events. The Funds' maximum exposure relating to these indemnification agreements is unknown. However, the Funds have not had prior claims or losses in connection with these provisions and believe the risk of loss is remote.

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

3. INCOME TAX AND DISTRIBUTION INFORMATION

The tax character of distributions paid during the periods ended April 30, 2025 and October 31, 2024 are presented in the following table. The tax character of distributions to shareholders made during the periods may differ from their ultimate characterization for U.S. Federal income tax purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Period Ended** <br>**April 30, 2025 (Unaudited)**  | **Period Ended** <br>**April 30, 2025 (Unaudited)**  | **Period Ended** <br>**April 30, 2025 (Unaudited)**  | **Year Ended** <br>**October 31, 2024**  | **Year Ended** <br>**October 31, 2024**  | **Year Ended** <br>**October 31, 2024**  |
| | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:**  | **Distributions Paid From:**  | **Distributions Paid From:**  |
| <br>**Funds** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital**  |
|  Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | $3580650 | $— | $— | $10293949 | $— | $205247  |
|  Direxion HCM Tactical Enhanced US ETF | 1586042 | 8857907 |  | 2714750 |  | —  |
|  Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | 4334257 |  |  | 10435457 |  | —  |
| Direxion Work From Home ETF | 31771 |  |  | 317678 |  |  |

---

At October 31, 2024, the components of accumulated earnings/(losses) on a tax-basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds** | **Net Unrealized** <br>**Appreciation** <br>(Depreciation) | **Undistributed** <br>**Ordinary** <br>**Income** | **Undistributed** <br>**Capital Gain** | **Other** <br>**Accumulated** <br>**Earnings (Losses)<sup>1</sup>** | **Total** <br>**Accumulated** <br>**Earnings (Losses)**  |
|  Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | $3521472 | $— | $— | &nbsp;&nbsp; $(2808) | $3518664  |
|  Direxion HCM Tactical Enhanced US ETF | 55640048 | 9039374 |  | &nbsp;&nbsp; — | 64679422  |
|  Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | (43120434) | 127849 |  | &nbsp;&nbsp; (49997934) | (92990519)  |
| Direxion Work From Home ETF | (1556780) | 21516 |  | &nbsp;&nbsp; (14580214) | (16115478) |

---

<sup>1</sup> Other Accumulated Earnings (Losses) consist of capital loss carryover and organizational costs.

At April 30, 2025, the aggregate gross unrealized appreciation and depreciation of investments for U.S. Federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Tax Cost of** <br>**Investments** | **Gross** <br>**Unrealized** <br>**Appreciation** | **Gross** <br>**Unrealized** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | $218888532 | $— | $— | $—  |
| Direxion HCM Tactical Enhanced US ETF | 297704899 | 58900485 | (4636782) | 54263703  |
|  Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | 1265696744 | 63257787 | (152517617) | (89259830)  |
| Direxion Work From Home ETF | 22678033 | 4376890 | (6935413) | (2558523) |

---

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

In order to meet certain U.S. excise tax distribution requirements, each Fund is required to measure and distribute annually net capital gains realized during a twelve month period ending October 31 and net investment income earned during a twelve month period ending December 31. In connection with this, these Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year ordinary losses are generally losses incurred between January 1 and the end of their fiscal year, October 31, 2024.

At October 31, 2024, the Funds deferred, on a tax basis, no qualified late year losses.

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

At October 31, 2024, for U.S. Federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains:

---

| | | | |
|:---|:---|:---|:---|
| **Funds** | **Utilized in** <br>**Current Year** | **Unlimited ST** | **Unlimited LT**  |
| Direxion Auspice Broad Commodity Strategy ETF <br>&nbsp;&nbsp;&nbsp;&nbsp;(Consolidated) | $— | $— | $—  |
| Direxion HCM Tactical Enhanced US ETF | 563301 |  | —  |
| Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares |  | 15813852 | 34184082  |
| Direxion Work From Home ETF |  | 6090747 | 8489467 |

---

The Funds follow authoritative financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. Management has reviewed all open tax years and concluded that there is no effect to the Funds' financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During this period, the Funds did not incur any interest or penalties.Open tax years are those years that are open for examination by the relevant income taxing authority. As of April 30, 2025, open U.S. Federal and state income tax years include the tax years ended October 31, 2022 through October 31, 2024. The Funds have no examinations in progress. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.

4. CREATION AND REDEMPTION TRANSACTIONS AND TRANSACTION FEES

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

---

| | |
|:---|:---|
| **Funds** | **Number of Shares** <br>**Per Creation Unit**  |
| Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | 50,000 shares  |
| Direxion HCM Tactical Enhanced US ETF | 25,000 shares  |
| Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | 50,000 shares  |
| Direxion Work From Home ETF | 25,000 shares |

---

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

Transaction fees payable to the Trust are imposed to compensate the Trust for the transfer and other transaction costs of a Fund associated with the issuance and redemption of Creation Units. There is a fixed and a variable component to the total transaction fee. A fixed transaction fee is paid to the transfer agent and is applicable to each creation or redemption transaction, regardless of the number of Creation Units purchased or redeemed. In addition, a variable transaction fee equal to a percentage of the value of each Creation Unit purchased or redeemed is applicable to

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

each creation or redemption transaction and is paid to the Fund. Not all Funds will have a transaction fee associated with capital share activity for the year. Transaction fees received by each Fund are presented in the Capital Share Transaction section of the Statements of Changes in Net Assets and any amount receivable as of April 30, 2025, is included in Receivable for Fund shares sold on the Statements of Assets and Liabilities.

5. INVESTMENT TRANSACTIONS

The table below presents each Fund's investment transactions during the period ended April 30, 2025. Purchases represent the aggregate purchases of investments excluding the cost of in-kind purchases, short-term investment purchases, swaps and futures contracts. Sales represent the aggregate sales of investments excluding proceeds from in-kind sales, short-term investments, swaps and futures contracts. Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Purchases** | **Sales** | **Purchases** <br>**In-Kind** | **Sales** <br>**In-Kind**  |
|  Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | $— | $— | $— | $—  |
| Direxion HCM Tactical Enhanced US ETF | 55995666 | 127109318 | 56658363 | —  |
| &nbsp;&nbsp;&nbsp; Direxion NASDAQ-100<sup>®</sup> Equal Weighted <br>Index Shares | 217054183 | 217080971 | 504190440 | 587710422  |
| Direxion Work From Home ETF | 4738595 | 4700124 |  | 4659136 |

---

There were no purchases or sales of long-term U.S. Government securities in the Funds during the period ended April 30, 2025.

6. INVESTMENT ADVISORY AND OTHER AGREEMENTS

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

---

| | |
|:---|:---|
| Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | 0.50%  |
| Direxion HCM Tactical Enhanced US ETF | 1.05%  |
| Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | 0.30%  |
| Direxion Work From Home ETF | 0.40% |

---

The Adviser and Subadviser have entered into a sub-advisory agreement effective through September 1, 2025. The Adviser pays, out of the investment advisory fee it receives from Direxion HCM Tactical Enhanced US ETF, a fee for these sub-advisory fees. Pursuant to the Sub-Advisory Agreement, the Adviser pays the Subadviser fees at an annual rate of 0.80% on average assets of the first $250,000,000, 0.85% on average assets excess between $250,000,000 and $500,000,000 and 0.90% on average assets excess of $500,000,000.

Under the Management Services Agreement, the Trust pays to the Adviser a fee at the annual rate of 0.05% on the first $25,000,000,000 of the aggregate average daily net assets of the Funds in the Trust and the funds in the Direxion Funds Trust, 0.0475% on the aggregate average net assets of over $25,000,000,000 to $50,000,000,000 and 0.045% on the aggregate net assets above $50,000,000,000. This fee compensates the Adviser for performing certain management, administration and compliance functions related to the Trust. This fee is allocated to each Fund based on each Fund's respective average daily net assets.

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

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

---

| | |
|:---|:---|
| Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | 0.20%  |
| Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | 0.05%  |
| Direxion Work From Home ETF | 0.05% |

---

The Direxion HCM Tactical Enhanced US ETF has entered into an Operating Expense Limitation Agreement with the Adviser. Under the Operating Expense Limitation Agreement, the Adviser has contractually agreed to waive its fees and/or reimburse the Fund's operating expenses to the extent that they exceed 1.15% multiplied by the Fund's respective average daily net assets at least until September 1, 2026. Pursuant to the Operating Expense Limitation Agreement this fee is computed daily and payable monthly. Any expense waiver is subject to recoupment by the Adviser, as applicable, within the following three years if overall expenses fall below these percentage limitations. This agreement may be terminated or revised at any time with the consent of the Board of Trustees.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Expenses** <br>**Recouped** | **Expenses** <br>**Reimbursed** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Total Potential** <br>**Recoupment** <br>**Amount**  |
|  | **Expenses** <br>**Recouped** | **Expenses** <br>**Reimbursed** | **October 31,** <br>**2025** | **October 31,** <br>**2026** | **October 31,** <br>**2027** | **April 30,** <br>**2028** | **Total Potential** <br>**Recoupment** <br>**Amount**  |
|  Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | $— | $391412 | $— | $— | $— | $391412 | &nbsp;&nbsp; $391412  |
|  Direxion HCM Tactical Enhanced US ETF | 16636 | 62 |  | 455399 |  | 62 | &nbsp;&nbsp; 455461  |
|  Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares |  | 952658 |  |  |  | 952658 | &nbsp;&nbsp; 952658  |
| Direxion Work From Home ETF |  | 28243 |  |  |  | 28243 | &nbsp;&nbsp; 28243 |

---

The net amounts receivable (payable) arising from the Investment Advisory Agreement, Management Services Agreement and waiver of any expenses as of April 30, 2025, is presented on the Statement of Assets and Liabilities as "Due from (to) Adviser, net".

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

ALPS Distributors, Inc. serves as principal underwriter of the Funds and acts as the Funds' distributor in a continuous public offering of the Funds' shares.

7. FAIR VALUE MEASUREMENTS

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

Level 1 – Quoted prices in active markets for identical securities

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

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

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

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

The following is a summary of the inputs used to value the Funds' investments at April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Class**  | **Asset Class**  | **Asset Class**  | **Liability Class**  |
| | **Level 1** | **Level 1** | **Level 1** | **Level 1**  |
| <br>**Funds** | **Common Stocks** | **Short Term** <br>**Investments** | **Futures** <br>**Contracts\*** | **Futures** <br>**Contracts\***  |
| &nbsp;&nbsp;&nbsp; Direxion Auspice Broad Commodity Strategy <br>ETF (Consolidated) | $— | $218888532 | $4898632 | $(228818)  |
| Direxion HCM Tactical Enhanced US ETF | 284204685 | 67763917 |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion NASDAQ-100<sup>®</sup> Equal Weighted <br>Index Shares | 1170943464 | 5493450 |  | —  |
| Direxion Work From Home ETF | 19200719 | 918791 |  |  |

---

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

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

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

There were no Level 3 securities held by the Funds or any transfers between levels during the period ended April 30, 2025.

8. VALUATION OF DERIVATIVE INSTRUMENTS

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

Certain Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective. For additional discussion on the risks associated with derivative instruments refer to Note 2. As of April 30, 2025, certain Funds were invested in futures contracts. At April 30, 2025, the fair values of derivative instruments, by primary risk, were as follows:

**Futures Contracts\*** 

---

| | | |
|:---|:---|:---|
| **Fund** | **Commodity Risk** | **Total**  |
| Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | &nbsp;&nbsp; $4669814 | $4669814 |

---

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

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

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**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

Transactions in derivative instruments during the period ended April 30, 2025, by primary risk, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds** |  | **Net Realized Gain (Loss)<sup>1</sup>** | **Net Realized Gain (Loss)<sup>1</sup>** | **Net Unrealized Appreciation** <br>(Depreciation)<sup>2</sup>  | **Net Unrealized Appreciation** <br>(Depreciation)<sup>2</sup>  |
| **Funds** |  | **Equity Risk** | **Commodity** <br>**Risk** | **Equity Risk** | **Commodity** <br>**Risk**  |
|  Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | Futures Contracts | $— | $(8381017) | $— | $1148342  |
| &nbsp;&nbsp;&nbsp; Direxion HCM Tactical Enhanced <br>US ETF | Swap Contracts | (68462061) |  | (15569700) |  |

---

<sup>1</sup> Statements of Operations location: Net realized gain (loss) on swap and futures contracts.

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

For the period ended April 30, 2025, the volume of the derivatives held by the Funds was as follows:

---

| | | |
|:---|:---|:---|
|  | **Quarterly Average Gross Notional Amounts**  | **Quarterly Average Gross Notional Amounts**  |
|  | **Long Futures** <br>**Contracts** | **Long Total Return** <br>**Swap Contracts**  |
| Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | &nbsp;&nbsp; $116915931 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| Direxion HCM Tactical Enhanced US ETF | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 296219983 |

---

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

9. PRINCIPAL RISKS

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

**Counterparty Risk – A Fund will be subject to credit risk with respect to the amount it expects to receive from counterparties to financial instruments entered into by the Fund. The Funds' counterparties are generally required to post collateral to the Funds to the extent of the Funds' daily exposure to such counterparties. However, to the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described in this paragraph. In addition, there may be a delay associated with realization by the Funds of the collateral posted by such counterparties in the event of counterparty default or bankruptcy. A Fund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. A Fund may experience significant delays in obtaining any recovery in bankruptcy or other reorganization proceeding, and a Fund may obtain only limited recovery or may obtain no recovery in such circumstances.** 

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

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

39<br>

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

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

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

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

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

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

10. SUBSEQUENT EVENTS

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

On June 23, 2025, certain Funds declared income distributions with an ex-date of June 24, 2025 and payable date of July 2, 2025. The specific Funds and per share amounts of the distributions are listed below.

---

| | |
|:---|:---|
| **Funds** | **Per Share** <br>**Income** <br>**Distribution**  |
| Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | $0.25405  |
| Direxion HCM Tactical Enhanced US ETF | 0.05227  |
| Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | 0.14219  |
| Direxion Work From Home ETF | 0.47401 |

---

11. NEW ACCOUNTING PRONOUNCEMENT

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker,

40<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. The Funds operate as a single segment entity. The Funds' income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

41<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**DIREXION SHARES ETF TRUST** 

**ADDITIONAL INFORMATION (Unaudited)** 

**FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS** 

Information regarding how often shares of the Funds traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is available on the Funds' website www.direxion.com.

**FEDERAL TAX STATUS OF DIVIDENDS DECLARED DURING THE TAX YEAR** 

For Federal income tax purposes, dividends from short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction ("DRD"), the individual qualified dividend rate ("QDI"), the qualified interest income rate ("QII"), and the qualified short-term gain rate ("QSTG"), for the year ended October 31, 2024, is presented below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **DRD** | **QDI** | **QII** | **QSTG**  |
| Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion HCM Tactical Enhanced ETF | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Work From Home ETF | 0.00% | 0.00% | 0.00% | 0.00% |

---

The Funds are designating as long-term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2024. To the extent necessary to fully distribute such capital gain, the Funds also designate earnings and profits distributed to shareholders on the redemption of shares.

**DISCLOSURE OF PORTFOLIO HOLDINGS** 

Each Fund files its complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission ("SEC") on Part F of Form N-PORT. The Funds' Part F of Form N-PORT is available without charge, upon request, by calling 1-800-850-0511. Furthermore, you may obtain the Part F of Form N-PORT on the SEC's website at www.sec.gov.

**PROXY VOTING POLICIES AND PROCEDURES** 

A description of the policies and procedures the Funds use to determine how to vote proxies related to portfolio securities is provided in the SAI. The SAI is available without charge upon request by calling 1-800-850-0511, by accessing the SEC's website at www.sec.gov or by accessing the Funds' website at www.direxion.com. Information on how the Funds voted proxies related to portfolio securities during the period ended April 30, 2025, is available without charge, upon request, by calling 1-800-850-0511 or by accessing the website of the SEC.

42<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**DIREXION SHARES ETF TRUST** 

**FORM N-CSR ITEMS (Unaudited)** 

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END INVESTMENT COMPANIES** 

There were no changes in or disagreements with accountants during the period covered by this report.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END INVESTMENT COMPANIES** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS FOR OPEN-END INVESTMENT COMPANIES** 

The Trust, together with other affiliated trusts, pay each Independent Trustee an aggregate fee consisting of a $225,000 annual retainer (paid in monthly increments) for services provided as a Board member. Such fees are allocated between the Funds and other affiliated funds. Each Fund's share of these fees, together with reimbursable expenses of the Trustees, is reflected on the Statements of Operations as "Trustees fees and expenses".

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

Not applicable.

43<br>

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**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#soibb) | [1](#soibb) |
| [Statements of Assets and Liabilities](#salbb) | [91](#salbb) |
| [Statements of Operations](#sopbb) | [107](#sopbb) |
| [Statements of Changes in Net Assets](#scnabb) | [123](#scnabb) |
| [Financial Highlights](#fihibb) | [153](#fihibb) |
| [Notes to the Financial Statements](#notebb) | [164](#notebb) |
| [Additional Information](#addbb) | [214](#addbb) |
| [Form N-CSR Items](#ncsrbb) | [216](#ncsrbb) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY AAPL BEAR 1X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 102.4%**<br>|  |
|  | **Money Market Funds — 102.4%**<br>|  |
| 26704174 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $26704174  |
| 361260 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 361260  |
| 2590000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 2590000  |
| 6133510 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 6133510  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $35,788,944)<sup>(b)</sup>** | $35788944  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $35,788,944) — 102.4%** | $35788944  |
|  | Liabilities in Excess of Other Assets — (2.4)% | (825416)  |
|  | **TOTAL NET ASSETS — 100.0%** | $34963528 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $12,699,241. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
| SOFR minus 0.75% | Total return of common shares of Apple, Inc. | BNP Paribas | 12/5/2025 | &nbsp;&nbsp; 30119 | $6623738 | $270843  |
| SOFR plus 1.03% | Total return of common shares of Apple, Inc. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 2342 | 577889 | 91354  |
| SOFR minus 1.50% | Total return of common shares of Apple, Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 39072 | 8635055 | 378789  |
| SOFR minus 2.00% | Total return of common shares of Apple, Inc. | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 49481 | 10625840 | 148127  |
| SOFR plus 2.15% | Total return of common shares of Apple, Inc. | Barclays | 12/22/2025 | &nbsp;&nbsp; 43520 | 10224481 | 1116027  |
|  |  |  |  |  | $36687003 | $2005140 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

1<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY AMD BEAR 1X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT TERM INVESTMENTS — 110.8%**<br>|  |
|  | **Money Market Funds — 110.8%**<br>|  |
| 1858958 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $1858958  |
| 301449 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 301449  |
| 260000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 260000  |
| 408585 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 408585  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $2,828,992)<sup>(b)</sup>** | $2828992  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $2,828,992) — 110.8%** | $2828992  |
|  | Liabilities in Excess of Other Assets — (10.8)% | (276320)  |
|  | **TOTAL NET ASSETS — 100.0%** | $2552672 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $970,034. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid/(Received)** <br>**at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR minus 1.50% | Total return of common shares of Advanced Micro Devices, Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 5014 | $556879 | &nbsp;&nbsp;&nbsp; $72472  |
| SOFR plus 1.50% | Total return of common shares of Advanced Micro Devices, Inc. | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 8965 | 796089 | &nbsp;&nbsp;&nbsp; (74500)  |
| SOFR plus 0.00% | Total return of common shares of Advanced Micro Devices, Inc. | Goldman Sachs | 3/12/2026 | &nbsp;&nbsp;&nbsp; 7442 | 825732 | &nbsp;&nbsp;&nbsp; 108363  |
| SOFR minus 2.00% | Total return of common shares of Advanced Micro Devices, Inc. | Citibank N.A. | #N/A | &nbsp;&nbsp;&nbsp; 4801 | 533284 | &nbsp;&nbsp;&nbsp; 68609  |
|  |  |  |  |  | $2711984 | &nbsp;&nbsp;&nbsp; $174944 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

2<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY AMZN BEAR 1X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 94.0%**<br>|  |
|  | **Money Market Funds — 94.0%**<br>|  |
| 2626627 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $2626627  |
| 405030 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 405030  |
| 979447 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 979447  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $4,011,104)<sup>(b)</sup>** | $4011104  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $4,011,104) — 94.0%** | $4011104  |
|  | Other Assets in Excess of Liabilities — 6.0% | 257220  |
|  | **TOTAL NET ASSETS — 100.0%** | $4268324 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,384,478. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR minus 1.50% | Total return of common shares of Amazon.com, Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 6969 | $1594225 | &nbsp;&nbsp;&nbsp; $326325  |
| SOFR minus 2.00% | Total return of common shares of Amazon.com, Inc. | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 6176 | 1310135 | &nbsp;&nbsp;&nbsp; 175335  |
| SOFR plus 1.03% | Total return of common shares of Amazon.com, Inc. | Goldman Sachs | 5/5/2026 | &nbsp;&nbsp; 10000 | 1812571 | &nbsp;&nbsp;&nbsp; (27906)  |
|  |  |  |  |  | $4716931 | &nbsp;&nbsp;&nbsp; $473754 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

3<br>

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**DIREXION DAILY AVGO BEAR 1X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT TERM INVESTMENTS — 112.6%**<br>|  |
|  | **Money Market Funds — 112.6%**<br>|  |
| 2838431 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $2838431  |
| 437855 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 437855  |
| 170000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 170000  |
| 806975 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 806975  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $4,253,261)<sup>(b)</sup>** | $4253261  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $4,253,261) — 112.6%** | $4253261  |
|  | Liabilities in Excess of Other Assets — (12.6)% | (475280)  |
|  | **TOTAL NET ASSETS — 100.0%** | $3777981 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,414,830. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid/(Received)** <br>**at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR minus 1.50% | Total return of common shares of Broadcom Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 6292 | $1100418 | &nbsp;&nbsp;&nbsp; $(108480)  |
| SOFR minus 2.00% | Total return of common shares of Broadcom Inc. | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 3733 | 688871 | &nbsp;&nbsp;&nbsp; (29408)  |
| SOFR plus 2.15% | Total return of common shares of Broadcom Inc. | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 3915 | 888609 | &nbsp;&nbsp;&nbsp; 147175  |
| SOFR plus 1.65% | Total return of common shares of Broadcom Inc. | Goldman Sachs | 1/12/2026 | &nbsp;&nbsp;&nbsp; 5689 | 1179886 | &nbsp;&nbsp;&nbsp; 95487  |
|  |  |  |  |  | $3857784 | &nbsp;&nbsp;&nbsp; $104774 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

4<br>

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**DIREXION DAILY BA BEAR 1X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 111.8%**<br>|  |
|  | **Money Market Funds — 111.8%**<br>|  |
| 1923092 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $1923092  |
| 547528 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 547528  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $2,470,620)<sup>(b)</sup>** | $2470620  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $2,470,620) — 111.8%** | $2470620  |
|  | Liabilities in Excess of Other Assets — (11.8)% | (261406)  |
|  | **TOTAL NET ASSETS — 100.0%** | $2209214 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $547,528. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid/(Received)** <br>**at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR minus 1.50% | Total return of common shares of Boeing Co. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 3161 | $513623 | &nbsp;&nbsp; $(65279)  |
| SOFR minus 2.00% | Total return of common shares of Boeing Co. | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 4000 | 649951 | &nbsp;&nbsp; (82677)  |
| SOFR plus 1.50% | Total return of common shares of Boeing Co. | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 3271 | 532342 | &nbsp;&nbsp; (66323)  |
| SOFR plus 0.00% | Total return of common shares of Boeing Co. | Goldman Sachs | 5/26/2026 | &nbsp;&nbsp;&nbsp; 1624 | 263932 | &nbsp;&nbsp; (33397)  |
|  |  |  |  |  | $1959848 | &nbsp;&nbsp; $(247676) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY BRKB BEAR 1X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 107.5%**<br>|  |
|  | **Money Market Funds — 107.5%**<br>|  |
| 1902521 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $1902521  |
| 263313 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 263313  |
| 737024 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 737024  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $2,902,858)<sup>(b)</sup>** | $2902858  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $2,902,858) — 107.5%** | $2902858  |
|  | Liabilities in Excess of Other Assets — (7.5)% | (202902)  |
|  | **TOTAL NET ASSETS — 100.0%** | $2699956 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,000,337. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid/(Received)** <br>**at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR minus 1.50% | Total return of common shares of Berkshire Hathaway, Inc. Class B | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 899 | $416593 | &nbsp;&nbsp; $(58308)  |
| SOFR minus 2.00% | Total return of common shares of Berkshire Hathaway, Inc. Class B | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 2678 | 1355928 | &nbsp;&nbsp; (68989)  |
| SOFR plus 1.50% | Total return of common shares of Berkshire Hathaway, Inc. Class B | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 545 | 247621 | &nbsp;&nbsp; (37860)  |
| SOFR plus 1.15% | Total return of common shares of Berkshire Hathaway, Inc. Class B | Goldman Sachs | 1/13/2026 | &nbsp;&nbsp;&nbsp; 941 | 457397 | &nbsp;&nbsp; (39855)  |
|  |  |  |  |  | $2477539 | &nbsp;&nbsp; $(205012) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY GOOGL BEAR 1X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 102.7%**<br>|  |
|  | **Money Market Funds — 102.7%**<br>|  |
| 3321604 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $3321604  |
| 1722979 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 1722979  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $5,044,583)<sup>(b)</sup>** | $5044583  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $5,044,583) — 102.7%** | $5044583  |
|  | Liabilities in Excess of Other Assets — (2.7)% | (131941)  |
|  | **TOTAL NET ASSETS — 100.0%** | $4912642 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,722,979. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR minus 1.50% | Total return of common shares of Alphabet, Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 17922 | $2700264 | &nbsp;&nbsp;&nbsp; $(142666)  |
| SOFR minus 2.00% | Total return of common shares of Alphabet, Inc. | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 13014 | 2626178 | &nbsp;&nbsp;&nbsp; 571728  |
|  |  |  |  |  | $5326442 | &nbsp;&nbsp;&nbsp; $429062 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY LLY BEAR 1X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 108.5%**<br>|  |
|  | **Money Market Funds — 108.5%**<br>|  |
| 2853672 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $2853672  |
| 310000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 310000  |
| 1203286 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 1203286  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $4,366,958)<sup>(b)</sup>** | $4366958  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $4,366,958) — 108.5%** | $4366958  |
|  | Liabilities in Excess of Other Assets — (8.5)% | (343009)  |
|  | **TOTAL NET ASSETS — 100.0%** | $4023949 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,513,286. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid/(Received)** <br>**at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR minus 1.50% | Total return of common shares of Eli Lilly & Co. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 727 | $619658 | &nbsp;&nbsp; $(32113)  |
| SOFR minus 2.00% | Total return of common shares of Eli Lilly & Co. | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 2124 | 1672196 | &nbsp;&nbsp; (234819)  |
| SOFR plus 1.50% | Total return of common shares of Eli Lilly & Co. | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 750 | 639262 | &nbsp;&nbsp; (31211)  |
| SOFR plus 0.00% | Total return of common shares of Eli Lilly & Co. | Goldman Sachs | 4/28/2026 | &nbsp;&nbsp;&nbsp; 875 | 740810 | &nbsp;&nbsp; (42569)  |
|  |  |  |  |  | $3671926 | &nbsp;&nbsp; $(340712) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY META BEAR 1X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT TERM INVESTMENTS — 116.5%**<br>|  |
|  | **Money Market Funds — 116.5%**<br>|  |
| 3666337 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $3666337  |
| 393954 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 393954  |
| 580000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 580000  |
| 592936 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 592936  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $5,233,227)<sup>(b)</sup>** | $5233227  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $5,233,227) — 116.5%** | $5233227  |
|  | Liabilities in Excess of Other Assets — (16.5)% | (739364)  |
|  | **TOTAL NET ASSETS — 100.0%** | $4493863 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,566,891. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
| SOFR minus 1.50% | Total return of Meta Platforms Corporation | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 1269 | $748661 | &nbsp;&nbsp; $54213  |
| SOFR minus 2.00% | Total return of Meta Platforms Corporation | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 1328 | 955796 | &nbsp;&nbsp; 230864  |
| SOFR plus 2.15% | Total return of Meta Platforms Corporation | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 2406 | 1752652 | &nbsp;&nbsp; 454473  |
| SOFR plus 1.00% | Total return of Meta Platforms Corporation | Goldman Sachs | 6/1/2026 | &nbsp;&nbsp;&nbsp; 3182 | 1764228 | &nbsp;&nbsp; 16740  |
|  |  |  |  |  | $5221337 | &nbsp;&nbsp; $756290 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily MSFT Bear 1X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 116.2%**<br>|  |
|  | **Money Market Funds — 116.2%**<br>|  |
| 4849580 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $4849580  |
| 588333 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 588333  |
| 1619314 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 1619314  |
|  | **TOTAL SHORT TERM INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,057,227)<sup>(b)</sup>** | $7057227  |
|  | **TOTAL INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,057,227) — 116.2%** | $7057227  |
|  | Liabilities in Excess of Other Assets — (16.2)% | (984697)  |
|  | **TOTAL NET ASSETS — 100.0%** | $6072530 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,207,647. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR plus 1.03% | Total return of common shares of Microsoft Corp. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 2550 | $1004247 | &nbsp;&nbsp;&nbsp; $3743  |
| SOFR minus 1.50% | Total return of common shares of Microsoft Corp. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 5873 | 2309430 | &nbsp;&nbsp;&nbsp; (4222)  |
| SOFR minus 2.00% | Total return of common shares of Microsoft Corp. | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 6940 | 3035487 | &nbsp;&nbsp;&nbsp; 312933  |
|  |  |  |  |  | $6349164 | &nbsp;&nbsp;&nbsp; $312454 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily MU Bear 1X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 103.2%**<br>|  |
|  | **Money Market Funds — 103.2%**<br>|  |
| 2475932 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $2475932  |
| 264995 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 264995  |
| 270000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 270000  |
| 980943 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 980943  |
|  | **TOTAL SHORT TERM INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,991,870)<sup>(b)</sup>** | $3991870  |
|  | **TOTAL INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,991,870) — 103.2%** | $3991870  |
|  | Liabilities in Excess of Other Assets — (3.2)% | (123652)  |
|  | **TOTAL NET ASSETS — 100.0%** | $3868218 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,515,938. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid/(Received)** <br>**at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR plus 1.90% | Total return of common shares of Micron Technology, Inc. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 8968 | $909317 | &nbsp;&nbsp;&nbsp; $234519  |
| SOFR minus 1.50% | Total return of common shares of Micron Technology, Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 22609 | 1582658 | &nbsp;&nbsp;&nbsp; (154612)  |
| SOFR minus 2.00% | Total return of common shares of Micron Technology, Inc. | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 4693 | 487603 | &nbsp;&nbsp;&nbsp; 129624  |
| SOFR plus 2.15% | Total return of common shares of Micron Technology, Inc. | Barclays | 12/22/2025 | &nbsp;&nbsp; 13999 | 1190231 | &nbsp;&nbsp;&nbsp; 124308  |
|  |  |  |  |  | $4169809 | &nbsp;&nbsp;&nbsp; $333839 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily NFLX Bear 1X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 112.6%**<br>|  |
|  | **Money Market Funds — 112.6%**<br>|  |
| 6298306 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $6298306  |
| 1600816 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 1600816  |
| 1000000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 1000000  |
| 1119562 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17%<sup>(a)</sup> | 1119562  |
|  | **TOTAL SHORT TERM INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,018,684)<sup>(b)</sup>** | $10018684  |
|  | **TOTAL INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,018,684) — 112.6%** | $10018684  |
|  | Liabilities in Excess of Other Assets — (12.6)% | (1118485)  |
|  | **TOTAL NET ASSETS — 100.0%** | $8900199 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $3,720,377. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid/(Received)** <br>**at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR plus 1.65% | Total return of common shares of Netflix, Inc. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 3224 | $3434675 | $(206683)  |
| SOFR minus 1.50% | Total return of common shares of Netflix, Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 460 | 425831 | (92964)  |
| SOFR minus 2.00% | Total return of common shares of Netflix, Inc. | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 1718 | 1614716 | (325253)  |
| SOFR plus 2.15% | Total return of common shares of Netflix, Inc. | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 2462 | 2275514 | (488004)  |
|  |  |  |  |  | $7750736 | $(1112904) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily NVDA Bear 1X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 99.7%**<br>|  |
|  | **Money Market Funds — 99.7%**<br>|  |
| 28079422 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $28079422  |
| 2635692 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 2635692  |
| 5890000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 5890000  |
| 3344618 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17%<sup>(a)</sup> | 3344618  |
|  | **TOTAL SHORT TERM INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $39,949,732)<sup>(b)</sup>** | $39949732  |
|  | **TOTAL INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $39,949,732) — 99.7%** | $39949732  |
|  | Other Assets in Excess of Liabilities — 0.3% | 109068  |
|  | **TOTAL NET ASSETS — 100.0%** | $40058800 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $13,368,817. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR minus 0.75% | Total return of common shares of NVIDIA Corp. | BNP Paribas | 12/5/2025 | 28150 | $4085691 | &nbsp;&nbsp; $1076044  |
| SOFR plus 1.65% | Total return of common shares of NVIDIA Corp. | Goldman Sachs | 12/10/2025 | 59319 | 7309461 | &nbsp;&nbsp; 917601  |
| SOFR minus 1.50% | Total return of common shares of NVIDIA Corp. | Bank of America Merrill Lynch | 12/11/2025 | 89005 | 9652700 | &nbsp;&nbsp; (22761)  |
| SOFR minus 2.00% | Total return of common shares of NVIDIA Corp. | Citibank N.A. | 12/19/2025 | 10510 | 1292906 | &nbsp;&nbsp; 156754  |
| SOFR plus 2.15% | Total return of common shares of NVIDIA Corp. | Barclays | 12/22/2025 | 180793 | 20179490 | &nbsp;&nbsp; 535910  |
|  |  |  |  |  | $42520248 | &nbsp;&nbsp; $2663548 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily PANW Bear 1X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 103.3%**<br>|  |
|  | **Money Market Funds — 103.3%**<br>|  |
| 1539280 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $1539280  |
| 350000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 350000  |
| 240000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 240000  |
| 413162 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 413162  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $2,542,442)<sup>(b)</sup>** | $2542442  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $2,542,442) — 103.3%** | $2542442  |
|  | Liabilities in Excess of Other Assets — (3.3)% | (80241)  |
|  | **TOTAL NET ASSETS — 100.0%** | $2462201 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,003,162. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid/(Received)** <br>**at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR minus 1.50% | Total return of common shares of Palo Alto Networks, Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 2578 | $489691 | &nbsp;&nbsp;&nbsp; $9180  |
| SOFR minus 2.00% | Total return of common shares of Palo Alto Networks, Inc. | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 2538 | 482093 | &nbsp;&nbsp;&nbsp; 8798  |
| SOFR plus 1.50% | Total return of common shares of Palo Alto Networks, Inc. | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 6172 | 1091895 | &nbsp;&nbsp;&nbsp; (55993)  |
| SOFR plus 0.00% | Total return of common shares of Palo Alto Networks, Inc. | Goldman Sachs | 4/28/2026 | &nbsp;&nbsp;&nbsp; 1884 | 357361 | &nbsp;&nbsp;&nbsp; 6738  |
|  |  |  |  |  | $2421040 | &nbsp;&nbsp;&nbsp; $(31277) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily PLTR Bear 1X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 108.2%**<br>|  |
|  | **Money Market Funds — 108.2%**<br>|  |
| 23504650 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $23504650  |
| 9074307 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 9074307  |
| 6500000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 6500000  |
| 1753938 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 1753938  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $40,832,895)<sup>(b)</sup>** | $40832895  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $40,832,895) — 108.2%** | $40832895  |
|  | Liabilities in Excess of Other Assets — (8.2)% | (3090229)  |
|  | **TOTAL NET ASSETS — 100.0%** | $37742666 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $17,328,244. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid/(Received)** <br>**at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR minus 1.50% | Total return of common shares of Palantir Technologies, Inc. | Bank of America Merrill Lynch | 12/11/2025 | 7015 | $616198 | $(211557)  |
| SOFR minus 2.00% | Total return of common shares of Palantir Technologies, Inc. | Citibank N.A. | 12/19/2025 | 14569 | 1133823 | (590032)  |
| SOFR plus 1.50% | Total return of common shares of Palantir Technologies, Inc. | Barclays | 12/22/2025 | 113742 | 10573067 | (2864043)  |
| SOFR plus 1.65% | Total return of common shares of Palantir Technologies, Inc. | Goldman Sachs | 1/13/2026 | 183330 | 20875590 | (671316)  |
|  |  |  |  |  | $33198678 | $(4336948) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily TSLA Bear 1X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 103.8%**<br>|  |
|  | **Money Market Funds — 103.8%**<br>|  |
| 47418596 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $47418596  |
| 15164531 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 15164531  |
| 18523985 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 18523985  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $81,107,112)<sup>(b)</sup>** | $81107112  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $81,107,112) — 103.8%** | $81107112  |
|  | Liabilities in Excess of Other Assets — (3.8)% | (2968078)  |
|  | **TOTAL NET ASSETS — 100.0%** | $78139034 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $39,045,194. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR minus 0.75% | Total return of common shares of Tesla, Inc. | BNP Paribas | 12/5/2025 | 36667 | $12600816 | &nbsp;&nbsp; $2399160  |
| SOFR plus 1.90% | Total return of common shares of Tesla, Inc. | Goldman Sachs | 12/10/2025 | 85967 | 21978068 | &nbsp;&nbsp; (2157354)  |
| SOFR minus 1.50% | Total return of common shares of Tesla, Inc. | Bank of America Merrill Lynch | 12/11/2025 | 110624 | 29290788 | &nbsp;&nbsp; (1821801)  |
| SOFR minus 2.00% | Total return of common shares of Tesla, Inc. | Citibank N.A. | 12/19/2025 | 28676 | 10843166 | &nbsp;&nbsp; 2818301  |
| SOFR minus 1.50% | Total return of common shares of Tesla, Inc. | Barclays | 12/22/2025 | 15000 | 4231765 | &nbsp;&nbsp; (635)  |
|  |  |  |  |  | $78944603 | &nbsp;&nbsp; $1237671 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

16<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily TSM Bear 1X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT TERM INVESTMENTS — 107.7%**<br>|  |
|  | **Money Market Funds — 107.7%**<br>|  |
| 2390992 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $2390992  |
| 265446 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 265446  |
| 507922 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 507922  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $3,164,360)<sup>(b)</sup>** | $3164360  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $3,164,360) — 107.7%** | $3164360  |
|  | Liabilities in Excess of Other Assets — (7.7)% | (226377)  |
|  | **TOTAL NET ASSETS — 100.0%** | $2937983 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,294,562. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid/(Received)** <br>**at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
| SOFR minus 0.75% | Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | BNP Paribas | 12/5/2025 | &nbsp;&nbsp;&nbsp; 7048 | $1369481 | &nbsp;&nbsp; $204074  |
| SOFR plus 1.90% | Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 3727 | 836991 | &nbsp;&nbsp; 228041  |
| SOFR minus 1.50% | Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 5162 | 974379 | &nbsp;&nbsp; 117093  |
| SOFR minus 2.00% | Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 1689 | 336614 | &nbsp;&nbsp; 55882  |
|  |  |  |  |  | $3517465 | &nbsp;&nbsp; $605090 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

17<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily XOM Bear 1X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 97.5%**<br>|  |
|  | **Money Market Funds — 97.5%**<br>|  |
| 2012031 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $2012031  |
| 487430 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 487430  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $2,499,461)<sup>(b)</sup>** | $2499461  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $2,499,461) — 97.5%** | $2499461  |
|  | Other Assets in Excess of Liabilities — 2.5% | 65190  |
|  | **TOTAL NET ASSETS — 100.0%**<br>| $2564651 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $487,430. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid/(Received)** <br>**at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
| SOFR minus 1.50% | Total return of common shares of Exxon Mobil Corp. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 6000 | $649800 | &nbsp;&nbsp;&nbsp; $16425  |
| SOFR minus 2.00% | Total return of common shares of Exxon Mobil Corp. | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 6000 | 649800 | &nbsp;&nbsp;&nbsp; 16353  |
| SOFR plus 1.50% | Total return of common shares of Exxon Mobil Corp. | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 6000 | 649800 | &nbsp;&nbsp;&nbsp; 16858  |
| SOFR plus 0.00% | Total return of common shares of Exxon Mobil Corp. | Goldman Sachs | 5/26/2026 | &nbsp;&nbsp;&nbsp; 6280 | 676914 | &nbsp;&nbsp;&nbsp; 14071  |
|  |  |  |  |  | $2626314 | &nbsp;&nbsp;&nbsp; $63707 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

18<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 99.1%**<br>|  |
|  | **Money Market Funds — 99.1%**<br>|  |
| 135937585 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $135937585  |
| 33117652 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 33117652  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $169,055,237)<sup>(b)</sup>** | $169055237  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $169,055,237) — 99.1%** | $169055237  |
|  | Other Assets in Excess of Liabilities — 0.9% | 1513848  |
|  | **TOTAL NET ASSETS — 100.0%** | $170569085 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $33,787,841. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
| SOFR plus 0.40%<br> Total return of S&P 500<sup>®</sup> Index | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 733 | $4435097 | $412460  |
| SOFR plus 0.64%<br> Total return of S&P 500<sup>®</sup> Index | Barclays | 12/22/2025 | &nbsp;&nbsp; 29895 | 168141095 | 2531187  |
|  |  |  |  | $172576192 | $2943647 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

19<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Crypto Industry Bear 1X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 108.6%**<br>|  |
|  | **Money Market Funds — 108.6%**<br>|  |
| 2539373 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $2539373  |
| 210000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 210000  |
| 779096 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 779096  |
|  | **TOTAL SHORT TERM INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,528,469)<sup>(b)</sup>** | $3528469  |
|  | **TOTAL INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,528,469) — 108.6%** | $3528469  |
|  | Liabilities in Excess of Other Assets — (8.6)% | (278058)  |
|  | **TOTAL NET ASSETS — 100.0%** | $3250411 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(a)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $989,096. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR plus 0.70% | Total return of Solactive Distributed Ledger & Decentralized Payment Tech Index | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 599 | $1891452 | &nbsp;&nbsp; $(230867)  |
| SOFR plus 0.66% | Total return of Solactive Distributed Ledger & Decentralized Payment Tech Index | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 316 | 1084651 | &nbsp;&nbsp; (32979)  |
|  |  |  |  |  | $2976103 | &nbsp;&nbsp; $(263846) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

20<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Magnificent 7 Bear 1X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 101.2%**<br>|  |
|  | **Money Market Funds — 101.2%**<br>|  |
| 7428924 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $7428924  |
| 943182 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 943182  |
| 789824 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 789824  |
| 5 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 5  |
|  | **TOTAL SHORT TERM INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,161,935)<sup>(b)</sup>** | $9161935  |
|  | **TOTAL INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,161,935) — 101.2%** | $9161935  |
|  | Liabilities in Excess of Other Assets — (1.22)% | (110015)  |
|  | **TOTAL NET ASSETS — 100.0%** | $9051920 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The geographic location of all investments is United States unless otherwise indicated.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $9,161,935. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR plus 0.45% | Total return of Indxx Magnificent 7 Index | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 627 | $4727240 | &nbsp;&nbsp;&nbsp; $704795  |
| SOFR plus 0.68% | Total return of Indxx Magnificent 7 Index | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 767 | 4801672 | &nbsp;&nbsp;&nbsp; (164602)  |
|  |  |  |  |  | $9528912 | &nbsp;&nbsp;&nbsp; $540193 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

21<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily AAPL Bull 2X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 6.9%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 6.9%**<br>|  |
| 27538 | Apple, Inc. | $5851825  |
|  | **TOTAL COMMON STOCKS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,242,263)** | $5851825  |
|  | **SHORT TERM INVESTMENTS — 97.3%**<br>|  |
| 34404894 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $34404894  |
| 9186514 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 9186514  |
| 7290000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 7290000  |
| 31860021 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 31860021  |
|  | **TOTAL SHORT TERM INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $82,741,429)** | $82741429  |
|  | **TOTAL INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $88,983,692) — 104.2% <sup>(b)</sup>** | $88593254  |
|  | Liabilities in Excess of Other Assets — (4.2)% | (3595625)  |
|  | **TOTAL NET ASSETS — 100.0%** | $84997629 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $61,864,721. 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of Apple, Inc. | SOFR plus 3.75% | BNP Paribas | 12/05/2025 | 132681 | $27164936 | &nbsp;&nbsp; $815294  |
|  Total return of common shares of Apple, Inc. | SOFR plus 1.72% | Goldman Sachs | 12/10/2025 | 111608 | 25491030 | &nbsp;&nbsp; (2065384)  |
|  Total return of common shares of Apple, Inc. | SOFR plus 3.00% | Bank of America Merrill Lynch | 12/11/2025 | 111114 | 24731788 | &nbsp;&nbsp; (1589492)  |
|  Total return of common shares of Apple, Inc. | SOFR plus 3.25% | Citibank N.A. | 12/19/2025 | 314006 | 63041409 | &nbsp;&nbsp; 3246621  |
|  Total return of common shares of Apple, Inc. | SOFR plus 2.96% | Barclays | 12/22/2025 | 103030 | 22263375 | &nbsp;&nbsp; (703928)  |
|  |  |  |  |  | $162692538 | &nbsp;&nbsp; $(296889) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily AMD Bull 2X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 13.9%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 13.9%**<br>|  |
| 5364 | Advanced Micro Devices, Inc.<sup>(a)</sup> | $522185  |
|  | **TOTAL COMMON STOCKS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $560,363)** | $522185  |
|  | **SHORT TERM INVESTMENTS — 98.5%**<br>|  |
| 665891 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $665891  |
| 627141 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(b)</sup> | 627141  |
| 641000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup> | 641000  |
| 1775544 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 1775544  |
|  | **TOTAL SHORT TERM INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,709,576)** | $3709576  |
|  | **TOTAL INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,269,939) — 112.4%<sup>(c)</sup>** | $4231761  |
|  | Liabilities in Excess of Other Assets — (12.4)% | (465959)  |
|  | **TOTAL NET ASSETS — 100.0%** | $3765802 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $3,043,685. 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of Advanced Micro Devices, Inc. | SOFR plus 3.00% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 24419 | $2613861 | &nbsp;&nbsp;&nbsp; $(266919)  |
|  Total return of common shares of Advanced Micro Devices, Inc. | SOFR plus 3.75% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 12015 | 1266675 | &nbsp;&nbsp;&nbsp; (114170)  |
|  Total return of common shares of Advanced Micro Devices, Inc. | SOFR plus 3.00% | Barclays | 12/22/2025 | &nbsp;&nbsp; 23583 | 2230666 | &nbsp;&nbsp;&nbsp; 58407  |
|  Total return of common shares of Advanced Micro Devices, Inc. | SOFR plus 3.00% | Goldman Sachs | 3/12/2026 | &nbsp;&nbsp; 11986 | 1302594 | &nbsp;&nbsp;&nbsp; (152665)  |
|  |  |  |  |  | $7413796 | &nbsp;&nbsp;&nbsp; $(475347) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily AMZN Bull 2X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 16.4%**<br>|  |
|  | **General Merchandise Retailers — 16.4%**<br>|  |
| 173894 | Amazon.com, Inc.<sup>(a)</sup> | $32069531  |
|  | **TOTAL COMMON STOCKS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $34,481,766)** | $32069531  |
|  | **SHORT TERM INVESTMENTS — 112.7%**<br>|  |
| 42127864 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $42127864  |
| 53983496 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(b)</sup> | 53983496  |
| 123905864 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 123905864  |
|  | **TOTAL SHORT TERM INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $220,017,224)** | $220017224  |
|  | **TOTAL INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $254,498,990) — 129.1%<sup>(c)</sup>** | $252086755  |
|  | Liabilities in Excess of Other Assets — (29.1)% | (56777912)  |
|  | **TOTAL NET ASSETS — 100.0%** | $195308843 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $195,721,482. 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
|  Total return of common shares of Amazon.com, Inc. | SOFR plus 1.75% | Goldman Sachs | 12/10/2025 | 741660 | $143474311 | $(7494682)  |
|  Total return of common shares of Amazon.com, Inc. | SOFR plus 3.00% | Bank of America Merrill Lynch | 12/11/2025 | 595233 | 137020446 | (31147564)  |
|  Total return of common shares of Amazon.com, Inc. | SOFR plus 3.75% | Citibank N.A. | 12/19/2025 | 607296 | 129593189 | (19279978)  |
|  |  |  |  |  | $410087946 | $(57922224) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily AVGO Bull 2X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 15.0%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 15.0%**<br>|  |
| 47012 | Broadcom Inc. | $9048399  |
|  | **TOTAL COMMON STOCKS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,530,340)** | $9048399  |
|  | **SHORT TERM INVESTMENTS — 94.6%**<br>|  |
| 12389281 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $12389281  |
| 13461977 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 13461977  |
| 17480000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 17480000  |
| 13870051 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 13870051  |
|  | **TOTAL SHORT TERM INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $57,201,309)** | $57201309  |
|  | **TOTAL INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $67,731,649) — 109.6%<sup>(b)</sup>** | $66249708  |
|  | Liabilities in Excess of Other Assets — (9.6)% | (5792241)  |
|  | **TOTAL NET ASSETS — 100.0%** | $60457467 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $44,812,027. 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of Broadcom Inc. | SOFR plus 3.00% | Bank of America Merrill Lynch | 12/11/2025 | 97765 | $17547600 | &nbsp;&nbsp; $1130590  |
|  Total return of common shares of Broadcom Inc. | SOFR plus 3.75% | Citibank N.A. | 12/19/2025 | 84480 | 15645263 | &nbsp;&nbsp; 484563  |
|  Total return of common shares of Broadcom Inc. | SOFR plus 2.58% | Barclays | 12/22/2025 | 271053 | 53181557 | &nbsp;&nbsp; (1501225)  |
|  Total return of common shares of Broadcom Inc. | SOFR plus 2.93% | Goldman Sachs | 1/12/2026 | 127917 | 27631487 | &nbsp;&nbsp; (3394584)  |
|  |  |  |  |  | $114005907 | &nbsp;&nbsp; $(3280656) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily BA Bull 2X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 17.9%**<br>|  |
|  | **Transportation Equipment Manufacturing — 17.9%**<br>|  |
| 3857 | Boeing Co.<sup>(a)</sup> | $706757  |
|  | **TOTAL COMMON STOCKS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $643,561)** | $706757  |
|  | **SHORT TERM INVESTMENTS — 76.5%**<br>|  |
| 668061 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $668061  |
| 520000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(b)</sup> | 520000  |
| 850000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup> | 850000  |
| 978174 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 978174  |
|  | **TOTAL SHORT TERM INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,016,235)** | $3016235  |
|  | **TOTAL INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,659,796) — 94.4%<sup>(c)</sup>** | $3722992  |
|  | Other Assets in Excess of Liabilities — 5.6% | 221017  |
|  | **TOTAL NET ASSETS — 100.0%** | $3944009 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,348,174. 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of common shares of Boeing Co. | SOFR plus 3.00% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 7994 | $1454908 | &nbsp;&nbsp; $9615  |
|  Total return of common shares of Boeing Co. | SOFR plus 3.75% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 7000 | 1274000 | &nbsp;&nbsp; 8394  |
|  Total return of common shares of Boeing Co. | SOFR plus 3.00% | Barclays | 12/22/2025 | &nbsp;&nbsp; 15694 | 2856862 | &nbsp;&nbsp; 18332  |
|  Total return of common shares of Boeing Co. | SOFR plus 3.00% | Goldman Sachs | 5/26/2026 | &nbsp;&nbsp; 8503 | 1399187 | &nbsp;&nbsp; 156692  |
|  |  |  |  |  | $6984957 | &nbsp;&nbsp; $193033 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily BRKB Bull 2X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 17.3%**<br>|  |
|  | **Insurance Carriers and Related Activities — 17.3%**<br>|  |
| 15135 | Berkshire Hathaway, Inc. Class B<sup>(a)</sup> | $8070739  |
|  | **TOTAL COMMON STOCKS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,847,974)** | $8070739  |
|  | **SHORT TERM INVESTMENTS — 85.8%**<br>|  |
| 10339632 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $10339632  |
| 11280077 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(b)</sup> | 11280077  |
| 1830000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup> | 1830000  |
| 16613172 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 16613172  |
|  | **TOTAL SHORT TERM INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $40,062,881)** | $40062881  |
|  | **TOTAL INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $47,910,855) — 103.1%<sup>(c)</sup>** | $48133620  |
|  | Liabilities in Excess of Other Assets — (3.1)% | (1418294)  |
|  | **TOTAL NET ASSETS — 100.0%** | $46715326 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $29,723,249. 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of Berkshire Hathaway, Inc. Class B | SOFR plus 3.00% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 35196 | $18120586 | &nbsp;&nbsp; $523020  |
|  Total return of common shares of Berkshire Hathaway, Inc. Class B | SOFR plus 3.25% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 53411 | 26765003 | &nbsp;&nbsp; 1412319  |
|  Total return of common shares of Berkshire Hathaway, Inc. Class B | SOFR plus 3.00% | Barclays | 12/22/2025 | &nbsp;&nbsp; 11696 | 5716638 | &nbsp;&nbsp; 439280  |
|  Total return of common shares of Berkshire Hathaway, Inc. Class B | SOFR plus 2.28% | Goldman Sachs | 6/1/2026 | &nbsp;&nbsp; 59771 | 31951783 | &nbsp;&nbsp; (84846)  |
|  |  |  |  |  | $82554010 | &nbsp;&nbsp; $2289773 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily GOOGL Bull 2X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 11.6%**<br>|  |
|  | **Web Search Portals, Libraries, Archives, and Other Information** <br>**Services — 11.6%**<br>|  |
| 159105 | Alphabet, Inc. | $25265874  |
|  | **TOTAL COMMON STOCKS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $28,965,713)** | $25265874  |
|  | **SHORT TERM INVESTMENTS — 110.9%**<br>|  |
| 105734344 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $105734344  |
| 47341912 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 47341912  |
| 87715104 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 87715104  |
|  | **TOTAL SHORT TERM INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $240,791,360)** | $240791360  |
|  | **TOTAL INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $269,757,073) — 122.5%<sup>(b)</sup>** | $266057234  |
|  | Liabilities in Excess of Other Assets — (22.5)% | (48903236)  |
|  | **TOTAL NET ASSETS — 100.0%** | $217153998 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $188,792,442. 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of Alphabet, Inc. | SOFR plus 3.00% | Nomura | 12/10/2025 | 750000 | $124402500 | $(6595334)  |
|  Total return of common shares of Alphabet, Inc. | SOFR plus 3.00% | Bank of America Merrill Lynch | 12/11/2025 | 629665 | 99380874 | 338595  |
|  Total return of common shares of Alphabet, Inc. | SOFR plus 3.25% | Citibank N.A. | 12/19/2025 | 639504 | 120018835 | (21149131)  |
|  Total return of common shares of Alphabet, Inc. | SOFR plus 3.00% | Barclays | 12/22/2025 | 556655 | 107523070 | (21377378)  |
|  |  |  |  |  | $451325279 | $(48783248) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily LLY Bull 2X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 12.8%**<br>|  |
|  | **Chemical Manufacturing — 12.8%**<br>|  |
| 567 | Eli Lilly & Co. | $509704  |
|  | **TOTAL COMMON STOCKS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $476,595)** | $509704  |
|  | **SHORT TERM INVESTMENTS — 77.7%**<br>|  |
| 586079 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $586079  |
| 1110000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(b)</sup> | 1110000  |
| 350000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup> | 350000  |
| 1051120 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 1051120  |
|  | **TOTAL SHORT TERM INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,097,199)** | $3097199  |
|  | **TOTAL INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,573,794) — 90.5%<sup>(c)</sup>** | $3606903  |
|  | Other Assets in Excess of Liabilities — 9.5% | 380209  |
|  | **TOTAL NET ASSETS — 100.0%** | $3987112 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,511,121. 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of Eli Lilly & Co. | SOFR plus 3.00% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 1414 | $1205015 | &nbsp;&nbsp;&nbsp; $57313  |
|  Total return of common shares of Eli Lilly & Co. | SOFR plus 3.75% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 2022 | 1668348 | &nbsp;&nbsp;&nbsp; 142638  |
|  Total return of common shares of Eli Lilly & Co. | SOFR plus 3.00% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1400 | 1193373 | &nbsp;&nbsp;&nbsp; 56387  |
|  Total return of common shares of Eli Lilly & Co. | SOFR plus 3.00% | Goldman Sachs | 6/2/2026 | &nbsp;&nbsp;&nbsp; 3468 | 3117559 | &nbsp;&nbsp;&nbsp; (9567)  |
|  |  |  |  |  | $7184295 | &nbsp;&nbsp;&nbsp; $246771 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY META BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 9.9%**<br>|  |
|  | **Professional, Scientific, and Technical Services — 9.9%**<br>|  |
| 17097 | Meta Platforms, Inc. | $9386253  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $9,622,865)** | $9386253  |
|  | **SHORT TERM INVESTMENTS — 94.3%**<br>|  |
| 21400138 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $21400138  |
| 11867081 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 11867081  |
| 16212449 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 16212449  |
| 39861675 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 39861675  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $89,341,343)** | $89341343  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $98,964,208) — 104.2%<sup>(b)</sup>** | $98727596  |
|  | Liabilities in Excess of Other Assets — (4.2)% | (3991456)  |
|  | **TOTAL NET ASSETS — 100.0%** | $94736140 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $67,941,204. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of Meta Platforms, Inc. | SOFR plus 3.00% | Goldman Sachs | 12/10/2025 | 43816 | $26144568 | $(2383838)  |
|  Total return of common shares of Meta Platforms, Inc. | SOFR plus 3.00% | Bank of America Merrill Lynch | 12/11/2025 | 129824 | 70648223 | 461949  |
|  Total return of common shares of Meta Platforms, Inc. | SOFR plus 3.75% | Citibank N.A. | 12/19/2025 | 80203 | 49968284 | (6531209)  |
|  Total return of common shares of Meta Platforms, Inc. | SOFR plus 2.94% | Barclays | 12/22/2025 | 74193 | 44424174 | (4435881)  |
|  |  |  |  |  | $191185249 | $(12888979) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MSFT BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 17.5%**<br>|  |
|  | **Publishing Industries — 17.5%**<br>|  |
| 63177 | Microsoft Corp.<sup>(a)</sup> | $24971340  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $26,668,520)** | $24971340  |
|  | **SHORT TERM INVESTMENTS — 95.2%**<br>|  |
| 35653525 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $35653525  |
| 17839712 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(b)</sup> | 17839712  |
| 21790000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup> | 21790000  |
| 60720178 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 60720178  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $136,003,415)** | $136003415  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $162,671,935) — 112.7%<sup>(c)</sup>** | $160974755  |
|  | Liabilities in Excess of Other Assets — (12.7)% | (18045102)  |
|  | **TOTAL NET ASSETS — 100.0%** | $142929653 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $100,349,890. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of Microsoft Corp. | SOFR plus 1.74% | Goldman Sachs | 12/10/2025 | 152894 | $59101775 | $1167722  |
|  Total return of common shares of Microsoft Corp. | SOFR plus 3.00% | Bank of America Merrill Lynch | 12/11/2025 | 218821 | 89185787 | (3920230)  |
|  Total return of common shares of Microsoft Corp. | SOFR plus 3.25% | Citibank N.A. | 12/19/2025 | 160115 | 69720329 | (8222480)  |
|  Total return of common shares of Microsoft Corp. | SOFR plus 3.00% | Barclays | 12/22/2025 | 128210 | 55803403 | (6476878)  |
|  |  |  |  |  | $273811294 | $(17451866) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MU BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 13.2%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 13.2%**<br>|  |
| 37414 | Micron Technology, Inc. | $2879008  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,579,234)** | $2879008  |
|  | **SHORT TERM INVESTMENTS — 105.0%**<br>|  |
| 4358319 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $4358319  |
| 5320537 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 5320537  |
| 3880000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 3880000  |
| 9315261 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 9315261  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $22,874,117)** | $22874117  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $26,453,351) — 118.2%<sup>(b)</sup>** | $25753125  |
|  | Liabilities in Excess of Other Assets — (18.2)% | (3964687)  |
|  | **TOTAL NET ASSETS — 100.0%** | $21788438 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $18,515,797. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of Micron Technology, Inc. | SOFR plus 3.62% | Goldman Sachs | 12/10/2025 | 112115 | $10240904 | &nbsp;&nbsp; $(1843085)  |
|  Total return of common shares of Micron Technology, Inc. | SOFR plus 3.00% | Bank of America Merrill Lynch | 12/11/2025 | 151301 | 10818517 | &nbsp;&nbsp; 786549  |
|  Total return of common shares of Micron Technology, Inc. | SOFR plus 3.75% | Citibank N.A. | 12/19/2025 | 110568 | 10031041 | &nbsp;&nbsp; (1636788)  |
|  Total return of common shares of Micron Technology, Inc. | SOFR plus 2.87% | Barclays | 12/22/2025 | 154901 | 12340996 | &nbsp;&nbsp; (542453)  |
|  |  |  |  |  | $43431458 | &nbsp;&nbsp; $(3235777) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY NFLX BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 10.1%**<br>|  |
|  | **Motion Picture and Sound Recording Industries — 10.1%**<br>|  |
| 5294 | Netflix, Inc.<sup>(a)</sup> | $5991326  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $5,248,616)** | $5991326  |
|  | **SHORT TERM INVESTMENTS — 105.6%**<br>|  |
| 23528801 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $23528801  |
| 9169119 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(b)</sup> | 9169119  |
| 11979703 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup> | 11979703  |
| 18201534 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 18201534  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $62,879,157)** | $62879157  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $68,127,773) — 115.7%<sup>(c)</sup>** | $68870483  |
|  | Liabilities in Excess of Other Assets — (15.7)% | (9315733)  |
|  | **TOTAL NET ASSETS — 100.0%** | $59554750 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $39,350,356. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of Netflix, Inc. | SOFR plus 2.46% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 20357 | $21909282 | &nbsp;&nbsp; $1082110  |
|  Total return of common shares of Netflix, Inc. | SOFR plus 3.00% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 16646 | 18737403 | &nbsp;&nbsp; 97386  |
|  Total return of common shares of Netflix, Inc. | SOFR plus 3.75% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 27500 | 31122420 | &nbsp;&nbsp; (201831)  |
|  Total return of common shares of Netflix, Inc. | SOFR plus 2.76% | Barclays | 12/22/2025 | &nbsp;&nbsp; 35447 | 39900561 | &nbsp;&nbsp; 207580  |
|  |  |  |  |  | $111669666 | &nbsp;&nbsp; $1185245 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY NVDA BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 19.1%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 19.1%**<br>|  |
| 771042 | NVIDIA Corp. | $83981894  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $87,658,639)** | $83981894  |
|  | **SHORT TERM INVESTMENTS — 106.5%**<br>|  |
| 280300549 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $280300549  |
| 99209595 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 99209595  |
| 40881564 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 40881564  |
| 46843633 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 46843633  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $467,235,341)** | $467235341  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $554,893,980) — 125.6%<sup>(b)</sup>** | $551217235  |
|  | Liabilities in Excess of Other Assets — (25.6)% | (112307750)  |
|  | **TOTAL NET ASSETS — 100.0%** | $438909485 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $413,835,119. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of NVIDIA Corp. | SOFR plus 3.75% | BNP Paribas | 12/05/2025 | 460122 | $66782107 | $(18800660)  |
|  Total return of common shares of NVIDIA Corp. | SOFR plus 2.99% | Goldman Sachs | 12/10/2025 | 2001930 | 228508668 | (12381066)  |
|  Total return of common shares of NVIDIA Corp. | SOFR plus 3.75% | Nomura | 12/10/2025 | 2650000 | 346302000 | (67898470)  |
|  Total return of common shares of NVIDIA Corp. | SOFR plus 3.50% | Bank of America Merrill Lynch | 12/11/2025 | 659821 | 70751677 | 885552  |
|  Total return of common shares of NVIDIA Corp. | SOFR plus 3.75% | Citibank N.A. | 12/19/2025 | 404614 | 52158791 | (9644280)  |
|  Total return of common shares of NVIDIA Corp. | SOFR plus 3.00% | Barclays | 12/22/2025 | 1111762 | 123244864 | (2783085)  |
|  |  |  |  |  | $887748107 | $(110622009) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY PANW BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 14.8%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 14.8%**<br>|  |
| 3187 | Palo Alto Networks, Inc.<sup>(a)</sup> | $595746  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $592,467)** | $595746  |
|  | **SHORT TERM INVESTMENTS — 86.1%**<br>|  |
| 933364 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $933364  |
| 1140000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(b)</sup> | 1140000  |
| 1403902 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 1403902  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $3,477,266)** | $3477266  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $4,069,733) — 100.9%<sup>(c)</sup>** | $4073012  |
|  | Liabilities in Excess of Other Assets — (0.9)% | (35995)  |
|  | **TOTAL NET ASSETS — 100.0%** | $4037017 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,543,902. 

**Long Total Return Swap Contracts** 

**April 30, 2025(Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of Palo Alto Networks, Inc. | SOFR plus 3.00% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 6495 | $1229545 | &nbsp;&nbsp;&nbsp; $(23851)  |
|  Total return of common shares of Palo Alto Networks, Inc. | SOFR plus 3.75% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 12334 | 2321618 | &nbsp;&nbsp;&nbsp; (25216)  |
|  Total return of common shares of Palo Alto Networks, Inc. | SOFR plus 3.00% | Barclays | 12/22/2025 | &nbsp;&nbsp; 3398 | 630104 | &nbsp;&nbsp;&nbsp; 1536  |
|  Total return of common shares of Palo Alto Networks, Inc. | SOFR plus 3.00% | Goldman Sachs | 4/28/2026 | &nbsp;&nbsp; 17778 | 3323243 | &nbsp;&nbsp;&nbsp; (12236)  |
|  |  |  |  |  | $7504510 | &nbsp;&nbsp;&nbsp; $(59767) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY PLTR BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 11.0%**<br>|  |
|  | **Professional, Scientific, and Technical Services — 11.0%**<br>|  |
| 351775 | Palantir Technologies, Inc.<sup>(a)</sup> | $41664231  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $35,260,364)** | $41664231  |
|  | **SHORT TERM INVESTMENTS — 84.2%**<br>|  |
| 66976521 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $66976521  |
| 96018309 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(b)</sup> | 96018309  |
| 50540000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup> | 50540000  |
| 105846599 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 105846599  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $319,381,429)** | $319381429  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $354,641,793) — 95.2%<sup>(c)</sup>** | $361045660  |
|  | Other Assets in Excess of Liabilities — 4.8% | 18060347  |
|  | **TOTAL NET ASSETS — 100.0%** | $379106007 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $252,404,908. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of common shares of Palantir Technologies, Inc. | SOFR plus 3.00% | Bank of America Merrill Lynch | 12/11/2025 | 1693098 | $175193315 | $24883658  |
|  Total return of common shares of Palantir Technologies, Inc. | SOFR plus 3.75% | Citibank N.A. | 12/19/2025 | 783341 | 76537775 | 15869626  |
|  Total return of common shares of Palantir Technologies, Inc. | SOFR plus 3.00% | Barclays | 12/22/2025 | 1451140 | 168448331 | 3390254  |
|  Total return of common shares of Palantir Technologies, Inc. | SOFR plus 2.83% | Goldman Sachs | 6/1/2026 | 2122297 | 246776275 | 4546951  |
|  |  |  |  |  | $666955696 | $48690489 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY TSLA BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 17.2%**<br>|  |
|  | **Transportation Equipment Manufacturing — 17.2%**<br>|  |
| 3103571 | Tesla, Inc.<sup>(a)</sup> | $875703593  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $766,616,328)** | $875703593  |
|  | **SHORT TERM INVESTMENTS — 107.2%**<br>|  |
| 2581537369 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $2581537369  |
| 895958856 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(b)</sup> | 895958856  |
| 322259697 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup> | 322259697  |
| 1657705113 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 1657705113  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $5,457,461,035)** | $5457461035  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $6,224,077,363) — 124.4%<sup>(c)</sup>** | $6333164628  |
|  | Liabilities in Excess of Other Assets — (24.4)% | (1240481898)  |
|  | **TOTAL NET ASSETS — 100.0%** | $5092682730 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $4,491,068,989. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of Tesla, Inc. | SOFR plus 3.75% | BNP Paribas | 12/05/2025 | 1251409 | $414559068 | $(70031149)  |
|  Total return of common shares of Tesla, Inc. | SOFR plus 4.50% | Nomura | 12/10/2025 | 6119189 | 2383770406 | (721022001)  |
|  Total return of common shares of Tesla, Inc. | SOFR plus 4.00% | Bank of America Merrill Lynch | 12/11/2025 | 7980122 | 2330435028 | (79301104)  |
|  Total return of common shares of Tesla, Inc. | SOFR plus 3.75% | Citibank N.A. | 12/19/2025 | 7044944 | 1887869363 | 86726349  |
|  Total return of common shares of Tesla, Inc. | SOFR plus 4.00% | Barclays | 12/22/2025 | 3678302 | 1023727942 | 7544555  |
|  Total return of common shares of Tesla, Inc. | SOFR plus 3.72% | Goldman Sachs | 6/1/2026 | 6920069 | 2020867750 | (68839377)  |
|  |  |  |  |  | $10061229557 | $(844922727) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

37<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY TSM BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 13.8%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 13.8%**<br>|  |
| 84749 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | $14126811  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $17,268,790)** | $14126811  |
|  | **SHORT TERM INVESTMENTS — 108.2%**<br>|  |
| 30612069 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $30612069  |
| 27017053 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 27017053  |
| 53148939 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 53148939  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $110,778,061)** | $110778061  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $128,046,851) — 122.0%<sup>(b)</sup>** | $124904872  |
|  | Liabilities in Excess of Other Assets — (22.0)% | (22568982)  |
|  | **TOTAL NET ASSETS — 100.0%** | $102335890 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $100,244,204.

ADR - American Depository Receipt

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | SOFR plus 3.75% | BNP Paribas | 12/05/2025 | 166058 | $33106600 | $(6079956)  |
|  Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | SOFR plus 3.00% | Bank of America Merrill Lynch | 12/11/2025 | 427172 | 77932299 | (7595173)  |
|  Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | SOFR plus 3.75% | Citibank N.A. | 12/19/2025 | 286230 | 44847264 | 2712636  |
|  Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | SOFR plus 3.70% | Goldman Sachs | 1/12/2026 | 263649 | 51945462 | (9105978)  |
|  |  |  |  |  | $207831625 | $(20068471) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY XOM BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 22.3%**<br>|  |
|  | **Oil and Gas Extraction — 22.3%**<br>|  |
| 5000 | Exxon Mobil Corp. | $528150  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $541,545)** | $528150  |
|  | **SHORT TERM INVESTMENTS — 82.6%**<br>|  |
| 378951 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $378951  |
| 430000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(b)</sup> | 430000  |
| 330000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup> | 330000  |
| 819050 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 819050  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $1,958,001)** | $1958001  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $2,499,546) — 104.9%<sup>(c)</sup>** | $2486151  |
|  | Liabilities in Excess of Other Assets — (4.9)% | (116505)  |
|  | **TOTAL NET ASSETS — 100.0%** | $2369646 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,579,050. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized**<br>**Depreciation**  |
|  Total return of common shares of Exxon Mobil Corp. | SOFR plus 3.00% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 10000 | $1083087 | &nbsp;&nbsp; $(28545)  |
|  Total return of common shares of Exxon Mobil Corp. | SOFR plus 3.75% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 10000 | 1083086 | &nbsp;&nbsp; (28725)  |
|  Total return of common shares of Exxon Mobil Corp. | SOFR plus 3.00% | Barclays | 12/22/2025 | &nbsp;&nbsp; 10000 | 1083065 | &nbsp;&nbsp; (28523)  |
|  Total return of common shares of Exxon Mobil Corp. | SOFR plus 3.00% | Goldman Sachs | 5/26/2026 | &nbsp;&nbsp; 9867 | 1068700 | &nbsp;&nbsp; (28381)  |
|  |  |  |  |  | $4317938 | &nbsp;&nbsp; $(114174) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY CSI 300 CHINA A SHARE BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 31.4%**<br>|  |
| 1813341 | Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF<sup>(a)</sup> | $46820465  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $58,948,227)** | $46820465  |
|  | **SHORT TERM INVESTMENTS — 76.4%**<br>|  |
|  | **Money Market Funds — 76.4%**<br>|  |
| 71600187 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $71600187  |
| 2132546 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(b)</sup> | 2132546  |
| 10349031 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup> | 10349031  |
| 30030609 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 30030609  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $114,112,373)** | $114112373  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $173,060,600) — 107.8%<sup>(c)</sup>** | $160932838  |
|  | Liabilities in Excess of Other Assets — (7.8)% | (11634980)  |
|  | **TOTAL NET ASSETS — 100.0%** | $149297858 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $73,122,115. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
|  Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF | SOFR plus 0.00% | J.P. Morgan | 12/16/2025 | 1270546 | $34406386 | $(1786125)  |
|  Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF | SOFR plus 0.80% | UBS Securities LLC | 12/17/2025 | 2108406 | 57356446 | (3339230)  |
|  Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF | SOFR minus 0.30% | Citibank N.A. | 12/19/2025 | 3627305 | 96813314 | (3736495)  |
|  Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF | SOFR plus 0.90% | Barclays | 12/22/2025 | 1697696 | 44166001 | (951808)  |
|  Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF | SOFR plus 1.00% | Goldman Sachs | 1/12/2026 | 1047274 | 28801393 | (2103901)  |
|  |  |  |  |  | $261543540 | $(11917559) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY CSI CHINA INTERNET INDEX BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 52.3%**<br>|  |
| 4195961 | KraneShares CSI China Internet ETF<sup>(a)</sup> | $134690348  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $122,815,972)** | $134690348  |
|  | **SHORT TERM INVESTMENTS — 50.9%**<br>|  |
|  | **Money Market Funds — 50.9%**<br>|  |
| 65329368 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $65329368  |
| 31972158 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(b)</sup> | 31972158  |
| 33797754 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 33797754  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $131,099,280)** | $131099280  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $253,915,252) — 103.2%<sup>(c)</sup>** | $265789628  |
|  | Liabilities in Excess of Other Assets — (3.2)% | (8036435)  |
|  | **TOTAL NET ASSETS — 100.0%** | $257753193 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $193,214,999. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of KraneShares CSI China Internet ETF | SOFR plus 0.85% | BNP Paribas | 12/5/2025 | 1256721 | $37767342 | &nbsp;&nbsp; $1918623  |
|  Total return of KraneShares CSI China Internet ETF | SOFR plus 0.75% | Goldman Sachs | 12/10/2025 | 4024884 | 136972024 | &nbsp;&nbsp; (7474325)  |
|  Total return of KraneShares CSI China Internet ETF | SOFR plus 0.85% | Bank of America Merrill Lynch | 12/11/2025 | 1372265 | 40851604 | &nbsp;&nbsp; 2908143  |
|  Total return of KraneShares CSI China Internet ETF | SOFR plus 0.74% | UBS Securities LLC | 12/17/2025 | 2613253 | 79596671 | &nbsp;&nbsp; 2876251  |
|  Total return of KraneShares CSI China Internet ETF | SOFR plus 0.80% | Citibank N.A. | 12/19/2025 | 2596282 | 76732918 | &nbsp;&nbsp; 5324165  |
|  |  |  |  |  | $371920559 | &nbsp;&nbsp; $5552857 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

41<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 90.0%**<br>|  |
|  | **Accommodation — 0.4%**<br>|  |
| 1087 | Airbnb, Inc. Class A<sup>(a)</sup> | $132527  |
| 602 | Hilton Worldwide Holdings, Inc. | 135739  |
| 1754 | Host Hotels & Resorts, Inc. | 24767  |
| 862 | Las Vegas Sands Corp. | 31610  |
| 573 | Marriott International, Inc. Class C | 136706  |
| 561 | MGM Resorts International<sup>(a)(b)</sup> | 17649  |
| 224 | Wynn Resorts Ltd.<sup>(b)</sup> | 17989  |
|  |  | 496987  |
|  | **Administrative and Support Services — 2.9%**<br>|  |
| 218 | Allegion PLC ADR (Ireland) | 30346  |
| 5726 | Amcor PLC ADR (United Kingdom)<sup>(b)</sup> | 52679  |
| 241 | Ameriprise Financial, Inc. | 113516  |
| 1021 | Automatic Data Processing, Inc. | 306913  |
| 82 | Booking Holdings, Inc. | 418141  |
| 294 | Broadridge Financial Solutions, Inc. | 71266  |
| 176 | Corpay, Inc.<sup>(a)</sup> | 57265  |
| 312 | Equifax, Inc. | 81160  |
| 96 | FactSet Research System, Inc. | 41493  |
| 192 | Gartner, Inc.<sup>(a)</sup> | 80847  |
| 738 | Iron Mountain, Inc. | 66176  |
| 393 | Live Nation Entertainment, Inc.<sup>(a)</sup> | 52053  |
| 630 | Match Group, Inc.<sup>(b)</sup> | 18686  |
| 389 | Moody's Corp. | 176264  |
| 705 | Rollins, Inc. | 40277  |
| 620 | Royal Caribbean Cruises Ltd. ADR (Liberia) | 133244  |
| 5240 | Uber Technologies, Inc.<sup>(a)</sup> | 424492  |
| 4322 | Visa, Inc. Class A | 1493251  |
| 916 | Waste Management, Inc. | 213758  |
|  |  | 3871827  |
|  | **Air Transportation — 0.1%**<br>|  |
| 1610 | Delta Air Lines, Inc. | 67024  |
| 1487 | Southwest Airlines Co.<sup>(b)</sup> | 41577  |
| 825 | United Continental Holdings, Inc.<sup>(a)</sup> | 56776  |
|  |  | 165377  |
|  | **Ambulatory Health Care Services — 0.1%**<br>|  |
| 109 | DaVita, Inc.<sup>(a)</sup> | 15429  |
| 208 | Labcorp Holdings, Inc. | 50130  |
| 140 | Molina Healthcare, Inc.<sup>(a)</sup> | 45781  |
| 279 | Quest Diagnostics, Inc. | 49723  |
| 2994 | Viatris, Inc. | 25210  |
|  |  | 186273  |
|  | **Amusement, Gambling, and Recreation Industries — 0.3%**<br>|  |
| 4535 | The Walt Disney Co. | 412458  |

---

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

42<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Apparel Manufacturing — 0.2%**<br>|  |
| 861 | Cintas Corp. | $182257  |
| 381 | Deckers Outdoor Corp.<sup>(a)</sup> | 42226  |
| 100 | Ralph Lauren Corp. | 22495  |
|  |  | 246978  |
|  | **Beverage and Tobacco Product Manufacturing — 1.3%**<br>|  |
| 4252 | Altria Group, Inc. | 251506  |
| 390 | Constellation Brands, Inc. Class A | 73140  |
| 2995 | Keurig Dr Pepper, Inc. | 103597  |
| 431 | Molson Coors Brewing Co. Class B | 24795  |
| 1756 | Monster Beverage Corp.<sup>(a)</sup> | 105571  |
| 3440 | PepsiCo, Inc. | 466395  |
| 3899 | Philip Morris International, Inc. | 668133  |
|  |  | 1693137  |
|  | **Broadcasting and Content Providers — 0.4%**<br>|  |
| 242 | Charter Communications, Inc.<sup>(a)(b)</sup> | 94830  |
| 9461 | Comcast Corp. Class A | 323566  |
| 548 | FOX Corp. Class A | 27285  |
| 331 | FOX Corp. Class B | 15305  |
| 1493 | Paramount Global Class B<sup>(b)</sup> | 17528  |
| 167 | TKO Group Holdings, Inc.<sup>(b)</sup> | 27206  |
| 5601 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 48561  |
|  |  | 554281  |
|  | **Building Material and Garden Equipment and Supplies Dealers — 1.0%**<br>|  |
| 1416 | Lowe's Companies, Inc. | 316561  |
| 130 | Snap-on, Inc. | 40795  |
| 2492 | The Home Depot, Inc. | 898341  |
| 1339 | Tractor Supply Co. | 67780  |
|  |  | 1323477  |
|  | **Chemical Manufacturing — 6.2%**<br>|  |
| 4428 | AbbVie, Inc. | 863903  |
| 558 | Air Products & Chemicals, Inc. | 151268  |
| 295 | Albemarle Corp. | 17272  |
| 1349 | Amgen, Inc. | 392451  |
| 367 | Biogen, Inc.<sup>(a)</sup> | 44436  |
| 395 | Bio-Techne Corp. | 19888  |
| 5091 | Bristol-Myers Squibb Co. | 255568  |
| 436 | CF Industries Holdings, Inc. | 34169  |
| 617 | Church & Dwight Co., Inc. | 61293  |
| 309 | Clorox Co. | 43971  |
| 2035 | Colgate-Palmolive Co. | 187607  |
| 1049 | DuPont de Nemours, Inc. | 69224  |
| 288 | Eastman Chemical Co. | 22176  |
| 631 | Ecolab, Inc. | 158652  |
| 1975 | Eli Lilly & Co. | 1775426 |

---

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

43<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Chemical Manufacturing — (Continued)** <br>|  |
| 3126 | Gilead Sciences, Inc. | $333044  |
| 404 | Incyte Corp.<sup>(a)</sup> | 25315  |
| 1441 | IntercontinentalExchange, Inc. | 242045  |
| 641 | International Flavors & Fragrances, Inc. | 50293  |
| 4810 | Kenvue, Inc. | 113516  |
| 833 | Kimberly-Clark Corp. | 109773  |
| 1193 | Linde PLC ADR (Ireland) | 540703  |
| 650 | LyondellBasell Industries N.V. Class A ADR (Netherlands) | 37837  |
| 6346 | Merck & Co., Inc. | 540679  |
| 797 | Mosaic Co. | 24229  |
| 14216 | Pfizer, Inc. | 347013  |
| 582 | PPG Industries, Inc. | 63357  |
| 5882 | Procter & Gamble Co. | 956237  |
| 265 | Regeneron Pharmaceuticals, Inc. | 158671  |
| 643 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 327608  |
| 1123 | Zoetis, Inc. | 175637  |
|  |  | 8143261  |
|  | **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers — 0.4%**<br>|  |
| 282 | Lululemon Athletica, Inc.<sup>(a)</sup> | 76357  |
| 826 | Ross Stores, Inc. | 114814  |
| 2820 | TJX Companies, Inc. | 362878  |
|  |  | 554049  |
|  | **Computer and Electronic Product Manufacturing — 21.7%**<br>|  |
| 4066 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 395825  |
| 715 | Agilent Technologies, Inc. | 76934  |
| 14632 | Alphabet, Inc. | 2323562  |
| 11858 | Alphabet, Inc. Class C | 1907834  |
| 580 | AMETEK, Inc. | 98356  |
| 3038 | Amphenol Corp. Class A | 233774  |
| 1245 | Analog Devices, Inc. | 242675  |
| 37684 | Apple, Inc. | 8007850  |
| 2592 | Arista Networks, Inc.<sup>(a)</sup> | 213244  |
| 11759 | Broadcom, Inc. | 2263255  |
| 9992 | Cisco Systems, Inc. | 576838  |
| 1605 | Danaher Corp. | 319925  |
| 783 | Dell Technologies, Inc. | 71848  |
| 332 | Enphase Energy, Inc.<sup>(a)</sup> | 14804  |
| 268 | First Solar, Inc.<sup>(a)</sup> | 33720  |
| 1595 | Fortinet, Inc.<sup>(a)</sup> | 165497  |
| 856 | Fortive Corp. | 59655  |
| 1147 | GE HealthCare Technologies, Inc. | 80669  |
| 562 | Hologic, Inc.<sup>(a)</sup> | 32708  |
| 2352 | HP, Inc. | 60141  |
| 10862 | Intel Corp. | 218326  |

---

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

44<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Computer and Electronic Product Manufacturing — (Continued)** <br>|  |
| 2319  | International Business Machines Corp.  | $560781  |
| 274 | Jabil Circuit, Inc. | 40157  |
| 434 | Keysight Technologies, Inc.<sup>(a)</sup> | 63104  |
| 472 | L3Harris Technologies, Inc. | 103849  |
| 3220 | Lam Research Corp. | 230777  |
| 1349 | Microchip Technology, Inc. | 62162  |
| 2796 | Micron Technology, Inc. | 215152  |
| 120 | Monolithic Power Systems, Inc. | 71172  |
| 421 | Motorola Solutions, Inc. | 185404  |
| 509 | NetApp, Inc. | 45683  |
| 342 | Northrop Grumman Corp. | 166383  |
| 61435 | NVIDIA Corp. | 6691500  |
| 637 | NXP Semiconductors NV ADR (Netherlands) | 117405  |
| 1058 | ON Semiconductor Corp.<sup>(a)</sup> | 42003  |
| 995 | Otis Worldwide Corp. | 95789  |
| 1660 | Palto Alto Networks, Inc.<sup>(a)</sup> | 310304  |
| 2773 | Qualcomm, Inc. | 411680  |
| 305 | Revvity, Inc. | 28496  |
| 268 | Roper Technologies, Inc. | 150101  |
| 3342 | RTX Corp. | 421526  |
| 532 | Seagate Technology Holdings PLC ADR (Ireland) | 48428  |
| 404 | Skyworks Solutions, Inc. | 25969  |
| 1264 | Super Micro Computer, Inc.<sup>(a)(b)</sup> | 40271  |
| 117 | Teledyne Technologies, Inc.<sup>(a)</sup> | 54526  |
| 409 | Teradyne, Inc. | 30352  |
| 2285 | Texas Instruments, Inc. | 365714  |
| 960 | Thermo Fisher Scientific, Inc. | 411840  |
| 616 | Trimble, Inc.<sup>(a)</sup> | 38278  |
| 620 | Veralto Corp. | 59458  |
| 148 | Waters Corp.<sup>(a)</sup> | 51464  |
| 873 | Western Digital Corp.<sup>(a)</sup> | 38290  |
| 128 | Zebra Technologies Corp. Class A<sup>(a)</sup> | 32041  |
|  |  | 28607499  |
|  | &nbsp;&nbsp;&nbsp; **Computing Infrastructure Providers, Data Processing, Web Hosting, and** <br>**Related Services — 0.2%**<br>|  |
| 1428 | Fiserv, Inc.<sup>(a)</sup> | 263566  |
|  | **Construction of Buildings — 0.2%**<br>|  |
| 711 | D.R. Horton, Inc. | 89828  |
| 586 | Lennar Corp. Class A | 63645  |
| 7 | NVR, Inc.<sup>(a)</sup> | 49880  |
| 508 | PulteGroup, Inc. | 52111  |
|  |  | 255464  |

---

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

45<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Couriers and Messengers — 0.2%**<br>|  |
| 556 | FedEx Corp. | $116943  |
| 1835 | United Parcel Service, Inc. Class B | 174876  |
|  |  | 291819  |
|  | **Credit Intermediation and Related Activities — 4.8%**<br>|  |
| 1392 | American Express Co. | 370843  |
| 16610 | Bank of America Corp. | 662407  |
| 1800 | Bank of New York Mellon Corp. | 144738  |
| 957 | Capital One Financial Corp. | 172509  |
| 4709 | Citigroup, Inc. | 322002  |
| 1094 | Citizens Financial Group, Inc. | 40358  |
| 630 | Discover Financial Services | 115082  |
| 1328 | Fidelity National Information Services, Inc. | 104753  |
| 1681 | Fifth Third Bancorp | 60415  |
| 620 | Global Payments, Inc. | 47312  |
| 3646 | Huntington Bancshares, Inc. | 52976  |
| 7015 | JPMorgan Chase & Co. | 1716009  |
| 2499 | KeyCorp | 37085  |
| 415 | M&T Bank Corp. | 70450  |
| 2043 | MasterCard, Inc. Class A | 1119687  |
| 492 | Northern Trust Corp. | 46238  |
| 994 | PNC Financial Services Group, Inc. | 159726  |
| 2280 | Regions Financial Corp. | 46535  |
| 724 | State Street Corp. | 63784  |
| 975 | Synchrony Financial | 50651  |
| 3301 | Truist Financial Corp. | 126560  |
| 3913 | U.S. Bancorp | 157850  |
| 8250 | Wells Fargo & Co. | 585833  |
|  |  | 6273803  |
|  | **Electrical Equipment, Appliance, and Component Manufacturing — 0.3%**<br>|  |
| 296 | A.O. Smith Corp. | 20087  |
| 183 | Axon Enterprise, Inc.<sup>(a)</sup> | 112234  |
| 1414 | Emerson Electric Co. | 148625  |
| 149 | Generac Holdings, Inc.<sup>(a)</sup> | 17043  |
| 284 | Rockwell Automation, Inc. | 70341  |
|  |  | 368330  |
|  | **Fabricated Metal Product Manufacturing — 0.1%**<br>|  |
| 748 | Ball Corp. | 38851  |
| 589 | Nucor Corp. | 70309  |
| 414 | Pentair PLC ADR (Ireland) | 37562  |
| 387 | Stanley Black & Decker, Inc. | 23228  |
|  |  | 169950  |
|  | **Food and Beverage Retailers — 0.1%**<br>|  |
| 1670 | Kroger Co. | 120591  |

---

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

46<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Food Manufacturing — 1.1%**<br>|  |
| 1201 | Archer-Daniels-Midland Co. | $57348  |
| 9713 | Coca-Cola Co. | 704678  |
| 1384 | General Mills, Inc. | 78528  |
| 729 | Hormel Foods Corp. | 21797  |
| 675 | Kellanova | 55870  |
| 357 | Lamb Weston Holdings, Inc. | 18853  |
| 634 | McCormick & Co, Inc. | 48602  |
| 3246 | Mondelez International, Inc. | 221150  |
| 492 | The Campbell's Company | 17938  |
| 371 | The Hershey Co. | 62028  |
| 267 | The J.M. Smucker Co. | 31044  |
| 2188 | The Kraft Heinz Co. | 63671  |
| 718 | Tyson Foods, Inc. Class A | 43970  |
|  |  | 1425477  |
|  | **Food Services and Drinking Places — 1.0%**<br>|  |
| 3400 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 171768  |
| 294 | Darden Restaurants, Inc. | 58988  |
| 852 | DoorDash, Inc.<sup>(a)</sup> | 164342  |
| 1798 | McDonald's Corp. | 574731  |
| 2849 | Starbucks Corp. | 228062  |
| 699 | Yum! Brands, Inc. | 105158  |
|  |  | 1303049  |
|  | **Funds, Trusts, and Other Financial Vehicles — 0.1%**<br>|  |
| 385 | Garmin Ltd. ADR (Switzerland) | 71945  |
| 558 | T. Rowe Price Group, Inc. | 49411  |
|  |  | 121356  |
|  | **Furniture, Home Furnishings, Electronics, and Appliance Retailers — 0.0%<sup>(†)</sup>**<br>|  |
| 488 | Best Buy Co., Inc. | 32545  |
|  | **Gasoline Stations and Fuel Dealers — 0.4%**<br>|  |
| 4193 | Chevron Corp. | 570500  |
|  | **General Merchandise Retailers — 5.2%**<br>|  |
| 23660 | Amazon.com, Inc.<sup>(a)</sup> | 4363377  |
| 1113 | Costco Wholesale Corp. | 1106879  |
| 551 | Dollar General Corp. | 51623  |
| 508 | Dollar Tree, Inc.<sup>(a)</sup> | 41539  |
| 1201 | eBay, Inc.<sup>(b)</sup> | 81860  |
| 1149 | Target Corp. | 111109  |
| 10881 | Walmart, Inc. | 1058177  |
| 309 | Williams-Sonoma, Inc. | 47731  |
|  |  | 6862295  |

---

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

47<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Health and Personal Care Retailers — 0.2%**<br>|  |
| 3163 | CVS Health Corp. | $211004  |
| 117 | Ulta Beauty, Inc.<sup>(a)</sup> | 46290  |
| 1799 | Walgreens Boots Alliance, Inc. | 19735  |
|  |  | 277029  |
|  | **Hospitals — 0.1%**<br>|  |
| 450 | HCA Healthcare, Inc. | 155286  |
| 147 | Universal Health Services, Inc. Class B | 26029  |
|  |  | 181315  |
|  | **Insurance Carriers and Related Activities — 5.0%**<br>|  |
| 1242 | Aflac, Inc. | 134981  |
| 664 | Allstate Corp. | 131731  |
| 1487 | American International Group, Inc. | 121220  |
| 942 | Arch Capital Group Ltd. ADR | 85421  |
| 639 | Arthur J. Gallagher & Co. | 204921  |
| 128 | Assurant, Inc. | 24671  |
| 4599 | Berkshire Hathaway, Inc. Class B<sup>(a)</sup> | 2452417  |
| 596 | Brown & Brown, Inc. | 65918  |
| 1244 | Centene Corp.<sup>(a)</sup> | 74453  |
| 934 | Chubb Limited ADR (Switzerland) | 267199  |
| 688 | Cigna Corp. | 233947  |
| 393 | Cincinnati Financial Corp. | 54709  |
| 582 | Elevance Health, Inc. | 244778  |
| 62 | Erie Indemnity Co. Class A | 22234  |
| 108 | Everest Re Group Ltd. ADR | 38754  |
| 209 | Globe Life, Inc. | 25778  |
| 303 | Humana, Inc. | 79459  |
| 444 | Loews Corp. | 38552  |
| 1232 | Marsh & McLennan Companies, Inc. | 277779  |
| 1453 | MetLife, Inc. | 109513  |
| 529 | Principal Financial Group, Inc. | 39225  |
| 1470 | Progressive Corp. | 414158  |
| 887 | Prudential Financial, Inc. | 91104  |
| 721 | The Hartford Insurance Group, Inc. | 88445  |
| 569 | Travelers Companies, Inc. | 150290  |
| 2310 | UnitedHealth Group, Inc. | 950426  |
| 754 | W.R. Berkley Corp. | 54054  |
| 250 | Willis Towers Watson PLC ADR (Ireland) | 76950  |
|  |  | 6553087  |
|  | **Leather and Allied Product Manufacturing — 0.2%**<br>|  |
| 2964 | NIKE, Inc. Class B | 167170  |
| 519 | Tapestry, Inc. | 36667  |
|  |  | 203837 |

---

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

48<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Machinery Manufacturing — 1.9%**<br>|  |
| 2040 | Applied Materials, Inc. | $307448  |
| 2484 | Baker Hughes Co. | 87934  |
| 2026 | Carrier Global Corp. | 126706  |
| 1199 | Caterpillar, Inc. | 370815  |
| 345 | Cummins, Inc. | 101375  |
| 635 | Deere & Co. | 294361  |
| 2692 | General Electric Co. | 542546  |
| 190 | IDEX Corp. | 33054  |
| 1010 | Ingersoll Rand, Inc. | 76184  |
| 53 | Mettler-Toledo International, Inc.<sup>(a)</sup> | 56740  |
| 137 | Nordson Corp. | 25971  |
| 324 | Parker Hannifin Corp. | 196039  |
| 562 | Trane Technologies PLC ADR (Ireland)  | 215420  |
| 610 | Xylem, Inc. | 73548  |
|  |  | 2508141  |
|  | **Management of Companies and Enterprises — 0.6%**<br>|  |
| 4352 | Abbott Laboratories | 569024  |
| 541 | Aon PLC ADR (United Kingdom)  | 191941  |
| 334 | Bunge Global SA ADR (Switzerland)  | 26293  |
| 1103 | Norwegian Cruise Line Holdings Ltd. ADR<sup>(a)</sup> | 17681  |
| 1241 | Smurfit WestRock PLC ADR (Ireland)  | 52147  |
|  |  | 857086  |
|  | **Merchant Wholesalers, Durable Goods — 0.9%**<br>|  |
| 288 | Builders FirstSource, Inc.<sup>(a)</sup> | 34453  |
| 2200 | Copart, Inc.<sup>(a)</sup> | 134266  |
| 1437 | Fastenal Co. | 116354  |
| 348 | Genuine Parts Co. | 40907  |
| 313 | Henry Schein, Inc.<sup>(a)</sup> | 20336  |
| 136 | Hubbell, Inc. | 49393  |
| 98 | Huntington Ingalls Industries, Inc. | 22573  |
| 1657 | Johnson Controls International PLC ADR (Ireland) | 139022  |
| 333 | KLA-Tencor Corp. | 233996  |
| 80 | Lennox International, Inc. | 43740  |
| 652 | LKQ Corp. | 24913  |
| 130 | Mohawk Industries, Inc.<sup>(a)</sup> | 13826  |
| 96 | Pool Corp.<sup>(b)</sup> | 28141  |
| 748 | TE Connectivity PLC ADR (Ireland) | 109492  |
| 110 | W.W. Grainger, Inc. | 112674  |
|  |  | 1124086  |
|  | **Merchant Wholesalers, Nondurable Goods — 0.7%**<br>|  |
| 456 | Brown Forman Corp. Class B | 15887  |
| 608 | Cardinal Health, Inc. | 85904  |
| 432 | Cencora, Inc. | 126433  |
| 1197 | ConAgra Brands, Inc. | 29578 |

---

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

49<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Merchant Wholesalers, Nondurable Goods — (Continued)** <br>|  |
| 86 | Domino's Pizza, Inc. | $42172  |
| 671 | Illinois Tool Works, Inc. | 160980  |
| 314 | McKesson Corp. | 223816  |
| 1227 | Sysco Corp. | 87608  |
| 581 | The Sherwin Williams Co. | 205046  |
|  |  | 977424  |
|  | **Mining (except Oil and Gas) — 0.3%**<br>|  |
| 3605 | Freeport-McMoRan Copper & Gold, Inc. | 129888  |
| 152 | Martin Marietta Materials, Inc. | 79645  |
| 2855 | Newmont Corp. | 150402  |
| 331 | Vulcan Materials Co. | 86831  |
|  |  | 446766  |
|  | **Miscellaneous Manufacturing — 2.6%**<br>|  |
| 1364 | 3M Co. | 189473  |
| 176 | Align Technology, Inc.<sup>(a)</sup> | 30501  |
| 1281 | Baxter International, Inc. | 39929  |
| 721 | Becton, Dickinson & Co. | 149312  |
| 3698 | Boston Scientific Corp.<sup>(a)</sup> | 380413  |
| 981 | DexCom, Inc.<sup>(a)</sup> | 70024  |
| 345 | Dover Corp. | 58874  |
| 1478 | Edwards Lifesciences Corp.<sup>(a)</sup> | 111574  |
| 588 | Estee Lauder Companies, Inc. Class A | 35256  |
| 330 | Hasbro, Inc. | 20427  |
| 176 | Insulet Corp.<sup>(a)</sup> | 44403  |
| 895 | Intuitive Surgical, Inc.<sup>(a)</sup> | 461641  |
| 6040 | Johnson & Johnson | 944112  |
| 3216 | Medtronic PLC ADR (Ireland) | 272588  |
| 369 | ResMed, Inc. | 87302  |
| 346 | Solventum Corp.<sup>(a)</sup> | 22878  |
| 247 | Steris PLC ADR (Ireland) | 55511  |
| 862 | Stryker Corp. | 322319  |
| 458 | Textron, Inc. | 32229  |
| 501 | The Cooper Companys, Inc.<sup>(a)</sup> | 40917  |
| 500 | Zimmer Biomet Holdings, Inc. | 51525  |
|  |  | 3421208  |
|  | **Motion Picture and Sound Recording Industries — 0.9%**<br>|  |
| 1072 | Netflix, Inc.<sup>(a)</sup> | 1213204  |
|  | **Motor Vehicle and Parts Dealers — 0.3%**<br>|  |
| 42 | AutoZone, Inc.<sup>(a)</sup> | 158029  |
| 387 | CarMax, Inc.<sup>(a)</sup> | 25027  |
| 144 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 203789  |
|  |  | 386845  |

---

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

50<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **National Security and International Affairs — 0.0%<sup>(†)</sup>**<br>|  |
| 330 | Leidos Holdings, Inc. | $48569  |
|  | **NonmetallicMineral Product Manufacturing — 0.1%**<br>|  |
| 1934 | Corning, Inc. | 85831  |
|  | **Oil and Gas Extraction — 1.4%**<br>|  |
| 927 | APA Corp. | 14406  |
| 1847 | Coterra Energy, Inc. | 45362  |
| 1648 | Devon Energy Corp. | 50116  |
| 469 | Diamondback Energy, Inc. | 61913  |
| 2107 | Dominion Energy, Inc. | 114579  |
| 1412 | EOG Resources, Inc. | 155786  |
| 1496 | EQT Corp. | 73962  |
| 527 | Expand Energy Corp. | 54755  |
| 10921 | Exxon Mobil Corp. | 1153585  |
| 1696 | Occidental Petroleum Corp. | 66839  |
|  |  | 1791303  |
|  | **Paper Manufacturing — 0.0%<sup>(†)</sup>**<br>|  |
| 224 | Packaging Corp of America | 41577  |
|  | **Performing Arts, Spectator Sports, and Related Industries — 0.1%**<br>|  |
| 533 | Caesars Entertainment, Inc.<sup>(a)</sup> | 14423  |
| 596 | Electronic Arts, Inc. | 86474  |
|  |  | 100897  |
|  | **Petroleum and Coal Products Manufacturing — 0.5%**<br>|  |
| 3200 | ConocoPhillips | 285184  |
| 793 | Marathon Petroleum Corp. | 108966  |
| 1036 | Phillips 66 | 107806  |
| 794 | Valero Energy Corp. | 92176  |
|  |  | 594132  |
|  | **Pipeline Transportation — 0.2%**<br>|  |
| 548 | Targa Resources Corp. | 93653  |
| 3058 | Williams Companies, Inc. | 179107  |
|  |  | 272760  |
|  | **Plastics and Rubber Products Manufacturing — 0.1%**<br>|  |
| 201 | Avery Dennison Corp. | 34393  |
| 183 | West Pharmaceutical Services, Inc. | 38666  |
|  |  | 73059  |
|  | **Primary Metal Manufacturing — 0.1%**<br>|  |
| 1015 | Howmet Aerospace, Inc. | 140659  |
| 354 | Steel Dynamics, Inc. | 45917  |
|  |  | 186576 |

---

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

51<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Professional, Scientific, and Technical Services — 5.2%**<br>|  |
| 1570 | Accenture PLC Class A ADR (Ireland) | $469666  |
| 334 | CDW Corp. | 53627  |
| 128 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 15183  |
| 1241 | Cognizant Technology Solutions Corp. Class A | 91300  |
| 991 | Eaton Corporation PLC ADR (Ireland) | 291721  |
| 143 | EPAM Systems, Inc.<sup>(a)</sup> | 22438  |
| 532 | Extra Space Storage, Inc. | 77949  |
| 144 | F5 Networks, Inc.<sup>(a)</sup> | 38123  |
| 354 | GoDaddy, Inc.<sup>(a)</sup> | 66669  |
| 206 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 89126  |
| 1324 | International Paper Co. | 60480  |
| 934 | Interpublic Group of Companies, Inc. | 23462  |
| 421 | IQVIA Holdings, Inc.<sup>(a)</sup> | 65284  |
| 184 | Jack Henry & Associates, Inc. | 31911  |
| 306 | Jacobs Solutions, Inc. | 37883  |
| 832 | Juniper Networks, Inc. | 30218  |
| 5494 | Meta Platforms, Inc. | 3016206  |
| 851 | Moderna, Inc.<sup>(a)</sup> | 24288  |
| 492 | Omnicom Group, Inc. | 37471  |
| 4069 | Oracle Corp. | 572590  |
| 5142 | Palantir Technologies, Inc.<sup>(a)</sup> | 609019  |
| 803 | Paychex, Inc. | 118137  |
| 119 | Paycom Software, Inc. | 26940  |
| 302 | PTC, Inc.<sup>(a)</sup> | 46801  |
| 518 | ServiceNow, Inc.<sup>(a)</sup> | 494695  |
| 411 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 95895  |
| 204 | VeriSign, Inc.<sup>(a)</sup> | 57552  |
| 354 | Verisk Analytics, Inc. Class A | 104936  |
| 537 | Workday, Inc.<sup>(a)</sup> | 131565  |
|  |  | 6801135  |
|  | **Publishing Industries — 7.7%**<br>|  |
| 1091 | Adobe, Inc.<sup>(a)</sup> | 409103  |
| 376 | Akamai Technologies, Inc.<sup>(a)</sup> | 30298  |
| 219 | Ansys, Inc.<sup>(a)</sup> | 70492  |
| 539 | Autodesk, Inc.<sup>(a)</sup> | 147821  |
| 689 | Cadence Design Systems, Inc.<sup>(a)</sup> | 205143  |
| 617 | CrowdStrike Holdings, Inc.<sup>(a)</sup> | 264613  |
| 397 | Dayforce, Inc.<sup>(a)</sup> | 22974  |
| 61 | Fair Isaac Corp.<sup>(a)</sup> | 121371  |
| 1359 | Gen Digital, Inc. | 35157  |
| 3295 | Hewlett Packard Enterprise Co. | 53445  |
| 702 | Intuit, Inc. | 440484  |
| 18649 | Microsoft Corp. | 7371204  |
| 949 | News Corp. Class A | 25737 |

---

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

52<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Publishing Industries — (Continued)** <br>|  |
| 282 | News Corp. Class B<sup>(b)</sup> | $8860  |
| 2399 | Salesforce, Inc. | 644635  |
| 387 | Synopsys, Inc.<sup>(a)</sup> | 177637  |
| 108 | Tyler Technologies, Inc.<sup>(a)</sup> | 58676  |
|  |  | 10087650  |
|  | **Rail Transportation — 0.4%**<br>|  |
| 4837 | CSX Corp. | 135774  |
| 1515 | Union Pacific Corp. | 326725  |
|  |  | 462499  |
|  | **Real Estate — 1.6%**<br>|  |
| 387 | Alexandria Real Estate Equities, Inc. | 28119  |
| 1171 | American Tower Corp. | 263955  |
| 356 | AvalonBay Communities, Inc. | 74753  |
| 365 | BXP, Inc. | 23261  |
| 267 | Camden Property Trust | 30385  |
| 741 | CBRE Group, Inc. Class A<sup>(a)</sup> | 90535  |
| 1090 | Crown Castle, Inc. | 115278  |
| 794 | Digital Realty Trust, Inc. | 127469  |
| 857 | Equity Residential | 60213  |
| 160 | Essex Property Trust, Inc. | 44664  |
| 193 | Federal Realty Investment Trust | 18146  |
| 1756 | Healthpeak Properties, Inc. | 31327  |
| 1431 | Invitation Homes, Inc. | 48926  |
| 1705 | Kimco Realty Corp. | 34066  |
| 293 | Mid-America Apartment Communities, Inc. | 46777  |
| 2327 | Prologis, Inc. | 237819  |
| 395 | Public Storage | 118670  |
| 2196 | Realty Income Corp. | 127061  |
| 410 | Regency Centers Corp. | 29594  |
| 770 | Simon Property Group, Inc. | 121183  |
| 755 | UDR, Inc. | 31619  |
| 1094 | Ventas, Inc. | 76668  |
| 2644 | VICI Properties, Inc. | 84661  |
| 1529 | Welltower, Inc. | 233310  |
| 1821 | Weyerhaeuser Co. | 47182  |
|  |  | 2145641  |
|  | **Rental and Leasing Services — 0.1%**<br>|  |
| 164 | United Rentals, Inc. | 103558  |
|  | &nbsp;&nbsp;&nbsp; **Securities, Commodity Contracts, and Other Financial Investments and** <br>**Related Activities — 2.4%**<br>|  |
| 1121 | Apollo Global Management, Inc. | 152994  |
| 365 | Blackrock, Inc. | 333705  |
| 264 | Cboe Global Markets, Inc. | 58555  |
| 4274 | Charles Schwab Corp. | 347904  |

---

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

53<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | &nbsp;&nbsp;&nbsp; **Securities, Commodity Contracts, and Other Financial Investments and** <br>**Related Activities — (Continued)** <br>|  |
| 903 | CME Group, Inc. | $250203  |
| 1765 | Dow, Inc. | 53991  |
| 778 | Franklin Resources, Inc. | 14595  |
| 783 | Goldman Sachs Group, Inc. | 428732  |
| 1123 | Invesco Ltd. ADR | 15643  |
| 1693 | KKR & Co., Inc. | 193459  |
| 95 | MarketAxess Holdings, Inc. | 21051  |
| 3105 | Morgan Stanley | 358379  |
| 195 | MSCI, Inc. Class A | 106297  |
| 1039 | NASDAQ OMX Group, Inc. | 79182  |
| 462 | Raymond James Financial, Inc. | 63313  |
| 790 | S&P Global, Inc. | 395040  |
| 1837 | The Blackstone Group, Inc. | 241951  |
|  |  | 3114994  |
|  | **Specialty Trade Contractors — 0.1%**<br>|  |
| 371 | Quanta Services, Inc. | 108588  |
|  | **Support Activities for Agriculture and Forestry — 0.1%**<br>|  |
| 1720 | Corteva, Inc. | 106623  |
|  | **Support Activities for Mining — 0.2%**<br>|  |
| 2178 | Halliburton Co. | 43168  |
| 694 | Hess Corp. | 89560  |
| 3515 | Schlumberger Ltd. ADR (Curaco) | 116874  |
|  |  | 249602  |
|  | **Support Activities for Transportation — 0.2%**<br>|  |
| 298 | C.H. Robinson Worldwide, Inc. | 26588  |
| 309 | Expedia, Inc. | 48491  |
| 351 | Expeditors International of Washington, Inc. | 38579  |
| 200 | J.B. Hunt Transport Services, Inc. | 26116  |
| 568 | Norfolk Southern Corp. | 127260  |
|  |  | 267034  |
|  | **Telecommunications — 1.3%**<br>|  |
| 18008 | AT&T, Inc. | 498821  |
| 245 | Equinix, Inc. | 210884  |
| 2481 | PayPal Holdings, Inc.<sup>(a)</sup> | 163349  |
| 269 | SBA Communications Corp. | 65475  |
| 1202 | T-Mobile US, Inc. | 296834  |
| 10561 | Verizon Communications, Inc. | 465318  |
|  |  | 1700681  |
|  | **Transportation Equipment Manufacturing — 2.8%**<br>|  |
| 576 | Aptiv PLC ADR<sup>(a)</sup> | 32867  |
| 1882 | Boeing Co.<sup>(a)</sup> | 344858  |
| 9765 | Ford Motor Co. | 97748  |

---

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

54<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Transportation Equipment Manufacturing — (Continued)** <br>|  |
| 636 | General Dynamics Corp. | $173068  |
| 2496 | General Motors Co. | 112919  |
| 1632 | Honeywell International, Inc. | 343536  |
| 526 | Lockheed Martin Corp. | 251296  |
| 1315 | Paccar, Inc. | 118626  |
| 7020 | Tesla, Inc.<sup>(a)</sup> | 1980763  |
| 141 | TransDigm Group, Inc. | 199243  |
| 428 | Wabtec Corp. | 79069  |
|  |  | 3733993  |
|  | **Truck Transportation — 0.1%**<br>|  |
| 471 | Old Dominion Freight Line, Inc. | 72195  |
|  | **Utilities — 2.7%**<br>|  |
| 1784 | AES Corp. | 17840  |
| 643 | Alliant Energy Corp. | 39249  |
| 677 | Ameren Corp. | 67185  |
| 1337 | American Electric Power Co., Inc. | 144851  |
| 489 | American Water Works Co., Inc. | 71888  |
| 397 | Atmos Energy Corp. | 63770  |
| 1635 | CenterPoint Energy, Inc. | 63405  |
| 750 | CMS Energy Corp. | 55237  |
| 868 | Consolidated Edison, Inc. | 97867  |
| 785 | Constellation Energy Corp. | 175400  |
| 519 | DTE Energy Co. | 71103  |
| 1946 | Duke Energy Corp. | 237451  |
| 972 | Edison International | 52012  |
| 1075 | Entergy Corp. | 89408  |
| 577 | Evergy, Inc. | 39871  |
| 920 | Eversource Energy | 54722  |
| 2522 | Exelon Corp. | 118282  |
| 1287 | FirstEnergy Corp. | 55187  |
| 692 | GE Vernova, Inc. | 256607  |
| 4850 | Kinder Morgan, Inc. | 127555  |
| 5159 | NextEra Energy, Inc. | 345034  |
| 1179 | NiSource, Inc. | 46111  |
| 509 | NRG Energy, Inc. | 55776  |
| 1556 | ONEOK, Inc. | 127841  |
| 5503 | PG&E Corp. | 90910  |
| 285 | Pinnacle West Capital Corp. | 27126  |
| 1853 | PPL Corp. | 67634  |
| 1250 | Public Service Enterprise Group, Inc. | 99912  |
| 1590 | Sempra Energy | 118089  |
| 2749 | Southern Co. | 252606  |
| 47 | Texas Pacific Land Corp. | 60577 |

---

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

55<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Utilities — (Continued)** <br>|  |
| 854 | Vistra Corp. | $110704  |
| 797 | WEC Energy Group, Inc. | 87287  |
| 1440 | Xcel Energy, Inc. | 101808  |
|  |  | 3490305  |
|  | **Waste Management and Remediation Services — 0.1%**<br>|  |
| 509 | Republic Services, Inc. | 127632  |
|  | **Water Transportation — 0.0% <sup>(†)</sup>**<br>|  |
| 2627 | Carnival Corp. ADR (Panama)<sup>(a)</sup> | 48179  |
|  | **Web Search Portals, Libraries, Archives, and Other Information Services — 0.1%**<br>|  |
| 1058 | CoStar Group, Inc.<sup>(a)</sup> | 78472  |
|  | **Wood Product Manufacturing — 0.0% <sup>(†)</sup>**<br>|  |
| 532 | Masco Corp. | 32244  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $101,364,475)** | $118390106  |
|  | **SHORT TERM INVESTMENTS — 14.5%**<br>|  |
|  | **Money Market Funds — 14.5%**<br>|  |
| 12440927 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $12440927  |
| 6061121 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(c)</sup> | 6061121  |
| 645804 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 645804  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $19,147,852)** | $19147852  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $120,512,327) — 104.5%<sup>(e)</sup>** | $137537958  |
|  | Liabilities in Excess of Other Assets — (4.5)% | (5909177)  |
|  | **TOTAL NET ASSETS — 100.0%** | $131628781 |

---

Percentages are stated as a percent of net assets.

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

---

| | |
|:---|:---|
| <sup>(†)</sup><br>| Less than 0.005%.<br>|

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $94,280,402. 

ADR - American Depository Receipt

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

56<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 2X SHARES** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR plus 0.85% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 10000 | $60528500 | &nbsp;&nbsp; $(5806124)  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR plus 0.80% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 14809 | 79518854 | &nbsp;&nbsp; 2792041  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR plus 0.90% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 1204 | 7049717 | &nbsp;&nbsp; (418264)  |
|  |  |  |  |  | $147097071 | &nbsp;&nbsp; $(3432347) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

57<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MSCI BRAZIL BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 64.6%**<br>|  |
| 3081711 | iShares MSCI Brazil Capped ETF<sup>(a)(b)</sup> | $83329465  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $83,114,305)** | $83329465  |
|  | **SHORT TERM INVESTMENTS — 70.1%**<br>|  |
|  | **Money Market Funds — 70.1%**<br>|  |
| 77536251 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $77536251  |
| 12987059 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 12987059  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $90,523,310)** | $90523310  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $173,637,615) — 134.7%<sup>(e)</sup>** | $173852775  |
|  | Liabilities in Excess of Other Assets — (34.7)% | (44777062)  |
|  | **TOTAL NET ASSETS — 100.0%** | $129075713 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $49,546,248. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of iShares MSCI Brazil Capped ETF | SOFR plus 0.70% | BNP Paribas | 12/5/2025 | 1376152 | $33937179 | $2877137  |
|  Total return of iShares MSCI Brazil Capped ETF | SOFR plus 0.27% | J.P. Morgan | 12/16/2025 | 2558435 | 61679767 | 7623196  |
|  Total return of iShares MSCI Brazil Capped ETF | SOFR plus 0.70% | UBS Securities LLC | 12/17/2025 | 2366716 | 58990908 | 4592691  |
|  Total return of iShares MSCI Brazil Capped ETF | SOFR plus 0.83% | Barclays | 12/22/2025 | 164023 | 4174956 | 211730  |
|  |  |  |  |  | $158782810 | $15304754 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MSCI EMERGING MARKETS EX CHINA BULL 2X SHARES** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 41.4%**<br>|  |
| 19724 | iShares MSCI Emerging Markets ex China ETF<sup>(a)</sup> | $1119139  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $1,099,655)** | $1119139  |
|  | **SHORT TERM INVESTMENTS — 57.9%**<br>|  |
|  | **Money Market Funds — 57.9%**<br>|  |
| 773545 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $773545  |
| 482833 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(b)</sup> | 482833  |
| 308626 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 308626  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $1,565,004)** | $1565004  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $2,664,659) — 99.3%<sup>(c)</sup>** | $2684143  |
|  | Other Assets in Excess of Liabilities — 0.7% | 19737  |
|  | **TOTAL NET ASSETS — 100.0%** | $2703880 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,391,200. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of iShares MSCI Emerging Markets ex China ETF | SOFR plus 0.60% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 41053 | $2278548 | &nbsp;&nbsp;&nbsp; $34492  |
|  Total return of iShares MSCI Emerging Markets ex China ETF | SOFR plus 0.80% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 34531 | 1962693 | &nbsp;&nbsp;&nbsp; (21324)  |
|  |  |  |  |  | $4241241 | &nbsp;&nbsp;&nbsp; $13168 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

59<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MSCI INDIA BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 49.9%**<br>|  |
| 803424 | iShares MSCI India ETF<sup>(a)(b)</sup> | $43039424  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $40,856,901)** | $43039424  |
|  | **SHORT TERM INVESTMENTS — 51.2%**<br>|  |
|  | **Money Market Funds — 51.2%**<br>|  |
| 21235126 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $21235126  |
| 7508584 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(c)</sup> | 7508584  |
| 15472906 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 15472906  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $44,216,616)** | $44216616  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $85,073,517) — 101.1%<sup>(e)</sup>** | $87256040  |
|  | Liabilities in Excess of Other Assets — (1.1)% | (939633)  |
|  | **TOTAL NET ASSETS — 100.0%** | $86316407 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $26,491,876. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of iShares MSCI India ETF | SOFR plus 0.70% | Bank of America Merrill Lynch | 12/11/2025 | 669826 | $33823714 | &nbsp;&nbsp; $1862299  |
|  Total return of iShares MSCI India ETF | SOFR plus 0.79% | UBS Securities LLC | 12/17/2025 | 442825 | 23402573 | &nbsp;&nbsp; 32078  |
|  Total return of iShares MSCI India ETF | SOFR plus 0.95% | Citibank N.A. | 12/19/2025 | 645473 | 34560497 | &nbsp;&nbsp; (647932)  |
|  Total return of iShares MSCI India ETF | SOFR plus 0.90% | Barclays | 12/22/2025 | 661006 | 35095298 | &nbsp;&nbsp; (294569)  |
|  |  |  |  |  | $126882082 | &nbsp;&nbsp; $951876 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

60<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY AI AND BIG DATA BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — 73.1%**<br>|  |
|  | **Administrative and Support Services — 0.3%**<br>|  |
| 1257 | nCino, Inc.<sup>(a)</sup> | $29162  |
|  | **Computer and Electronic Product Manufacturing — 34.5%**<br>|  |
| 3541 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 344716  |
| 3398 | Alphabet, Inc. | 539602  |
| 458 | Ambarella, Inc. ADR<sup>(a)</sup> | 21980  |
| 2682 | Apple, Inc. | 569925  |
| 4350 | Arista Networks, Inc.<sup>(a)</sup> | 357875  |
| 1790 | Broadcom, Inc. | 344521  |
| 16256 | Intel Corp. | 326746  |
| 1310 | International Business Machines Corp. | 316784  |
| 4986 | NVIDIA Corp. | 543075  |
| 6407 | Super Micro Computer, Inc.<sup>(a)</sup> | 204127  |
|  |  | 3569351  |
|  | **General Merchandise Retailers — 5.3%**<br>|  |
| 2989 | Amazon.com, Inc.<sup>(a)</sup> | 551231  |
|  | **Professional, Scientific, and Technical Services — 22.7%**<br>|  |
| 1127 | Elastic NV ADR (Netherlands)<sup>(a)</sup> | 97147  |
| 905 | Grid Dynamics Holdings, Inc.<sup>(a)</sup> | 12815  |
| 338 | Innodata, Inc.<sup>(a)</sup> | 12783  |
| 1037 | Meta Platforms, Inc. | 569313  |
| 683 | NICE Systems Ltd. ADR (Israel)<sup>(a)</sup> | 106449  |
| 2409 | Oracle Corp. | 338995  |
| 676 | Pagaya Technologies Ltd. ADR (Israel)<sup>(a)</sup> | 7409  |
| 3372 | Palantir Technologies, Inc.<sup>(a)</sup> | 399380  |
| 392 | ServiceNow, Inc.<sup>(a)</sup> | 374364  |
| 2140 | Snowflake, Inc.<sup>(a)</sup> | 341308  |
| 1814 | Tempus AI, Inc.<sup>(a)</sup> | 93729  |
|  |  | 2353692  |
|  | **Publishing Industries — 10.3%**<br>|  |
| 3120 | BigBear.ai Holdings, Inc.<sup>(a)(b)</sup> | 10639  |
| 1395 | C3.ai, Inc.<sup>(a)</sup> | 30704  |
| 1402 | Microsoft Corp. | 554155  |
| 1251 | Salesforce, Inc. | 336156  |
| 3956 | SoundHound AI, Inc.<sup>(a)(b)</sup> | 36751  |
| 5117 | UiPath, Inc.<sup>(a)</sup> | 61097  |
| 2306 | Zeta Global Holdings Corp.<sup>(a)</sup> | 30117  |
|  |  | 1059619  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $7,409,300)** | $7563055  |

---

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

61<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY AI AND BIG DATA BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 33.2%**<br>|  |
|  | **Money Market Funds — 33.2%**<br>|  |
| 1975004 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $1975004  |
| 43134 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(c)</sup> | 43134  |
| 1420000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(c)</sup> | 1420000  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $3,438,138)** | $3438138  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $10,847,438) — 106.3%<sup>(e)</sup>** | $11001193  |
|  | Liabilities in Excess of Other Assets — (6.3)% | (648012)  |
|  | **TOTAL NET ASSETS — 100.0%** | $10353181 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $5,835,662.

ADR - American Depository Receipt

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| &nbsp;&nbsp;&nbsp; Total return of Solactive US <br>AI & Big Data Index | SOFR plus 1.08% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1312 | $5566325 | &nbsp;&nbsp;&nbsp; $(711731)  |
| &nbsp;&nbsp;&nbsp; Total return of Solactive US <br>AI & Big Data Index | SOFR plus 0.70% | Goldman Sachs | 1/12/2026 | &nbsp;&nbsp;&nbsp; 2170 | 8043590 | &nbsp;&nbsp;&nbsp; 120841  |
|  |  |  |  |  | $13609915 | &nbsp;&nbsp;&nbsp; $(590890) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

62<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY AI AND BIG DATA BEAR 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 122.5%**<br>|  |
|  | **Money Market Funds — 122.5%**<br>|  |
| 1294478 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $1294478  |
| 871891 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 871891  |
| 262069 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 262069  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $2,428,438)<sup>(b)</sup>** | $2428438  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $2,428,438) — 122.5%** | $2428438  |
|  | Liabilities in Excess of Other Assets — (22.5)% | (445545)  |
|  | **TOTAL NET ASSETS — 100.0%** | $1982893 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,133,960. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR plus 0.65% | Total return of Solactive US AI & Big Data Index | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 383 | $1640546 | &nbsp;&nbsp;&nbsp; $219104  |
| SOFR plus 0.45% | Total return of Solactive US AI & Big Data Index | Goldman Sachs | 5/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 668 | 2267405 | &nbsp;&nbsp;&nbsp; (249089)  |
|  |  |  |  |  | $3907951 | &nbsp;&nbsp;&nbsp; $(29985) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

63<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY CLOUD COMPUTING BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 69.0%**<br>|  |
|  | **Administrative and Support Services — 0.7%**<br>|  |
| 364 | Alarm.com, Inc.<sup>(a)</sup> | $19510  |
| 820 | nCino, Inc.<sup>(a)(b)</sup> | 19024  |
|  |  | 38534  |
|  | **Computer and Electronic Product Manufacturing — 0.1%**<br>|  |
| 246 | Radware Ltd. ADR (Israel)<sup>(a)</sup> | 5870  |
|  | &nbsp;&nbsp;&nbsp; **Computing Infrastructure Providers, Data Processing, Web Hosting, and** <br>**Related Services — 0.5%**<br>|  |
| 576 | Five9, Inc.<sup>(a)</sup> | 14481  |
| 611 | RingCentral, Inc.<sup>(a)</sup> | 15580  |
|  |  | 30061  |
|  | **Credit Intermediation and Related Activities — 0.1%**<br>|  |
| 1604 | Blend Labs, Inc.<sup>(a)</sup> | 5373  |
|  | **Heavy and Civil Engineering Construction — 0.3%**<br>|  |
| 401 | BlackLine, Inc.<sup>(a)</sup> | 18939  |
|  | **Professional, Scientific, and Technical Services — 32.7%**<br>|  |
| 843 | Atlassian Corp.<sup>(a)</sup> | 192465  |
| 482 | DigitalOcean Holdings, Inc.<sup>(a)</sup> | 14894  |
| 1440 | Freshworks, Inc.<sup>(a)</sup> | 21269  |
| 480 | Jamf Holding Corp.<sup>(a)</sup> | 5554  |
| 1926 | Nutanix, Inc.<sup>(a)</sup> | 132316  |
| 1278 | Oracle Corp. | 179840  |
| 390 | Paycom Software, Inc. | 88292  |
| 346 | Paylocity Holding Corp.<sup>(a)</sup> | 66467  |
| 334 | PROS Holdings, Inc.<sup>(a)</sup> | 5705  |
| 717 | SAP SE ADR (Germany)<sup>(b)</sup> | 209500  |
| 232 | ServiceNow, Inc.<sup>(a)</sup> | 221562  |
| 1213 | Snowflake, Inc.<sup>(a)</sup> | 193461  |
| 1098 | Vimeo, Inc.<sup>(a)</sup> | 5534  |
| 792 | Workday, Inc.<sup>(a)</sup> | 194040  |
| 2031 | Zoom Video Communications, Inc.<sup>(a)</sup> | 157484  |
| 742 | Zscaler, Inc.<sup>(a)</sup> | 167818  |
|  |  | 1856201  |
|  | **Publishing Industries — 34.3%**<br>|  |
| 805 | ACI Worldwide, Inc.<sup>(a)</sup> | 42955  |
| 500 | Adobe, Inc.<sup>(a)</sup> | 187490  |
| 1142 | Akamai Technologies, Inc.<sup>(a)</sup> | 92022  |
| 171 | Appfolio, Inc. Class A<sup>(a)</sup> | 35315  |
| 736 | Autodesk, Inc.<sup>(a)</sup> | 201848  |
| 711 | Bill.com Holdings, Inc.<sup>(a)</sup> | 32400  |
| 299 | Blackbaud, Inc.<sup>(a)</sup> | 18102  |
| 1069 | Box, Inc.<sup>(a)</sup> | 33374  |
| 898 | C3.ai, Inc.<sup>(a)(b)</sup> | 19765 |

---

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

64<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY CLOUD COMPUTING BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Publishing Industries — (Continued)** <br>|  |
| 1743 | Clearwater Analytics Holdings, Inc.<sup>(a)</sup> | $39636  |
| 530 | CrowdStrike Holdings, Inc.<sup>(a)</sup> | 227301  |
| 1551 | DocuSign, Inc.<sup>(a)</sup> | 126794  |
| 1655 | Dropbox, Inc.<sup>(a)</sup> | 47250  |
| 1324 | Informatica, Inc.<sup>(a)</sup> | 24931  |
| 590 | MicroStrategy, Inc. Class A<sup>(a)(b)</sup> | 224265  |
| 279 | Qualys, Inc.<sup>(a)</sup> | 35073  |
| 693 | Salesforce, Inc. | 186216  |
| 282 | Semrush Holdings, Inc.<sup>(a)</sup> | 2899  |
| 289 | SPS Commerce, Inc.<sup>(a)</sup> | 41475  |
| 1108 | Twilio, Inc.<sup>(a)</sup> | 107155  |
| 828 | Veeva Systems, Inc.<sup>(a)</sup> | 193495  |
| 385 | Workiva, Inc.<sup>(a)</sup> | 28979  |
|  |  | 1948740  |
|  | &nbsp;&nbsp;&nbsp; **Securities, Commodity Contracts, and Other Financial Investments and** <br>**Related Activities — 0.3%**<br>|  |
| 881 | AvePoint, Inc.<sup>(a)</sup> | 14405  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,664,369)** | $3918123  |
|  | **SHORT TERM INVESTMENTS — 40.7%**<br>|  |
|  | **Money Market Funds — 40.7%**<br>|  |
| 1439564 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $1439564  |
| 874835 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 874835  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $2,314,399)** | $2314399  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $5,978,768) — 109.7%<sup>(e)</sup>** | $6232522  |
|  | Liabilities in Excess of Other Assets — (9.7)% | (552934)  |
|  | **TOTAL NET ASSETS — 100.0%** | $5679588 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,931,080. 

ADR - American Depository Receipt

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

65<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY CLOUD COMPUTING BULL 2X SHARES** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of Indxx USA Cloud Computing Index | SOFR plus 0.80% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 3276 | $4007676 | &nbsp;&nbsp;&nbsp; $(400317)  |
|  Total return of Indxx USA Cloud Computing Index | SOFR plus 0.35% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 3378 | 3503430 | &nbsp;&nbsp;&nbsp; 261444  |
|  |  |  |  |  | $7511106 | &nbsp;&nbsp;&nbsp; $(138873) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

66<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY CRYPTO INDUSTRY BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 79.0%**<br>|  |
|  | **Administrative and Support Services — 14.1%**<br>|  |
| 3428 | Hut 8 Corp.<sup>(a)</sup> | $42198  |
| 17049 | NU Holdings Ltd. ADR (Brazil)<sup>(a)</sup> | 211919  |
| 1977 | Paysafe Ltd. ADR (United Kingdom)<sup>(a)</sup> | 30110  |
| 556 | Visa, Inc. Class A | 192098  |
|  |  | 476325  |
|  | **Amusement, Gambling, and Recreation Industries — 3.2%**<br>|  |
| 3286 | DraftKings, Inc.<sup>(a)</sup> | 109391  |
|  | **Computer and Electronic Product Manufacturing — 5.7%**<br>|  |
| 1762 | NVIDIA Corp. | 191917  |
|  | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 6.8%**<br>|  |
| 7417 | Applied Digital Corp.<sup>(a)(b)</sup> | 33673  |
| 11932 | Cipher Mining, Inc.<sup>(a)</sup> | 34006  |
| 9733 | Core Scientific, Inc.<sup>(a)(b)</sup> | 78838  |
| 11558 | Riot Platforms, Inc.<sup>(a)</sup> | 83680  |
|  |  | 230197  |
|  | **Credit Intermediation and Related Activities — 10.7%**<br>|  |
| 642 | Coinbase Global, Inc.<sup>(a)</sup> | 130255  |
| 359 | MasterCard, Inc. Class A | 196753  |
| 12661 | Terawulf, Inc.<sup>(a)(b)</sup> | 35198  |
|  |  | 362206  |
|  | **General Merchandise Retailers — 6.1%**<br>|  |
| 89 | MercadoLibre, Inc.<sup>(a)</sup> | 207446  |
|  | **Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) — 3.5%**<br>|  |
| 8967 | MARA Holdings, Inc.<sup>(a)(b)</sup> | 119889  |
|  | **Management of Companies and Enterprises — 3.6%**<br>|  |
| 1036 | Globant SA ADR (Luxembourg)<sup>(a)</sup> | 121803  |
|  | **Professional, Scientific, and Technical Services — 3.6%**<br>|  |
| 9268 | Cleanspark, Inc.<sup>(a)(b)</sup> | 75719  |
| 7408 | IREN Ltd. ADR (Australia)<sup>(a)(b)</sup> | 45263  |
|  |  | 120982  |
|  | **Publishing Industries — 7.0%**<br>|  |
| 2055 | Block, Inc.<sup>(a)</sup> | 120156  |
| 1427 | Shift4 Payments, Inc.<sup>(a)</sup> | 116728  |
|  |  | 236884  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 8.8%**<br>|  |
| 4756 | Bitdeer Technologies Group ADR (Singapore)<sup>(a)(b)</sup> | 45515  |
| 700 | Interactive Brokers Group, Inc. Class A | 120295  |
| 2717 | Robinhood Markets, Inc.<sup>(a)</sup> | 133432  |
|  |  | 299242  |

---

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

67<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY CRYPTO INDUSTRY BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Telecommunications — 5.9%**<br>|  |
| 3057 | PayPal Holdings, Inc.<sup>(a)</sup> | $201273  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $2,785,489)** | $2677555  |
|  | **SHORT TERM INVESTMENTS — 30.4%**<br>|  |
|  | **Money Market Funds — 30.4%**<br>|  |
| 826227 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $826227  |
| 9 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(c)</sup> | 9  |
| 204778 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 204778  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $1,031,014)** | $1031014  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $3,816,503) — 109.4%<sup>(e)</sup>** | $3708569  |
|  | Liabilities in Excess of Other Assets — (9.4)% | (319637)  |
|  | **TOTAL NET ASSETS — 100.0%** | $3388932 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $204,787.

ADR - American Depository Receipt

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of Solactive Distributed Ledger & Decentralized Payment Tech Index | SOFR plus 0.90% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 559 | $2071599 | &nbsp;&nbsp;&nbsp; $(101705)  |
|  Total return of Solactive Distributed Ledger & Decentralized Payment Tech Index | SOFR plus 0.88% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 596 | 2070201 | &nbsp;&nbsp;&nbsp; 37094  |
|  |  |  |  |  | $4141800 | &nbsp;&nbsp;&nbsp; $(64611) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

68<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY ELECTRIC AND AUTONOMOUS VEHICLES BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 60.2%**<br>|  |
|  | Computer and Electronic Product Manufacturing — 5.3%<br>|  |
| 39999 | Indie Semiconductor, Inc.<sup>(a)(b)</sup> | $79598  |
| 18291 | QuantumScape Corp.<sup>(a)(b)</sup> | 71518  |
|  |  | 151116  |
|  | **Management of Companies and Enterprises — 5.2%**<br>|  |
| 4491 | EHang Holdings Ltd. ADR (China)<sup>(a)</sup> | 75224  |
| 69999 | Polestar Automotive Holding UK PLC ADR (Sweden)<sup>(a)</sup> | 72799  |
|  |  | 148023  |
|  | **Motor Vehicle and Parts Dealers — 2.8%**<br>|  |
| 28661 | EVgo, Inc.<sup>(a)</sup> | 79104  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 4.6%**<br>|  |
| 32108 | Nio, Inc. ADR (China)<sup>(a)(b)</sup> | 130037  |
|  | **Transportation Equipment Manufacturing — 42.3%**<br>|  |
| 2673 | BorgWarner, Inc. | 75860  |
| 3359 | Gentex Corp. | 73159  |
| 5059 | Hesai Group ADR (China)<sup>(a)</sup> | 95160  |
| 3036 | Li Auto, Inc. ADR (China)<sup>(a)</sup> | 74048  |
| 52797 | Lucid Group, Inc.<sup>(a)(b)</sup> | 132520  |
| 5515 | Mobileye Global, Inc. (Israel)<sup>(a)(b)</sup> | 80409  |
| 13407 | Pony AI, Inc. ADR (China)<sup>(a)</sup> | 121870  |
| 10694 | Rivian Automotive, Inc.<sup>(a)</sup> | 146080  |
| 503 | Tesla, Inc.<sup>(a)</sup> | 141926  |
| 9973 | WeRide, Inc. ADR (China)<sup>(a)</sup> | 64725  |
| 6164 | XPeng, Inc. ADR (China)<sup>(a)</sup> | 114650  |
| 3543 | ZEEKR Intelligent Technology Holding Ltd. ADR (China)<sup>(a)</sup> | 76175  |
|  |  | 1196582  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $1,797,970)** | $1704862  |
|  | **SHORT TERM INVESTMENTS — 63.5%**<br>|  |
|  | **Money Market Funds — 63.5%**<br>|  |
| 820700 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $820700  |
| 487427 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(c)</sup> | 487427  |
| 492339 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 492339  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $1,800,466)** | $1800466  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $3,598,436) — 123.7%<sup>(e)</sup>** | $3505328  |
|  | Liabilities in Excess of Other Assets — (23.7)% | (671468)  |
|  | **TOTAL NET ASSETS — 100.0%** | $2833860 |

---

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

69<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY ELECTRIC AND AUTONOMOUS VEHICLES BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,085,121.

ADR - American Depository Receipt

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of Indxx US Electric and Autonomous Vehicles Index | SOFR plus 0.60% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 1281 | $988117 | &nbsp;&nbsp;&nbsp; $(143237)  |
|  Total return of Indxx US Electric and Autonomous Vehicles Index | SOFR plus 0.65% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 997 | 743732 | &nbsp;&nbsp;&nbsp; (88129)  |
|  Total return of Indxx US Electric and Autonomous Vehicles Index | SOFR plus 0.00% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp;&nbsp; 3622 | 2393510 | &nbsp;&nbsp;&nbsp; 31697  |
|  |  |  |  |  | $4125359 | &nbsp;&nbsp;&nbsp; $(199669) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

70<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY ENERGY BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 69.1%**<br>|  |
|  | **Gasoline Stations and Fuel Dealers — 10.5%**<br>|  |
| 146321 | Chevron Corp. | $19908436  |
|  | **Machinery Manufacturing — 1.9%**<br>|  |
| 99770 | Baker Hughes Co. | 3531858  |
|  | **Oil and Gas Extraction — 27.4%**<br>|  |
| 37279 | APA Corp. | 579316  |
| 74208 | Coterra Energy, Inc. | 1822549  |
| 66193 | Devon Energy Corp. | 2012929  |
| 18830 | Diamondback Energy, Inc. | 2485748  |
| 51398 | EOG Resources, Inc. | 5670741  |
| 60125 | EQT Corp. | 2972580  |
| 21190 | Expand Energy Corp. | 2201641  |
| 299148 | Exxon Mobil Corp. | 31599003  |
| 68078 | Occidental Petroleum Corp. | 2682954  |
|  |  | 52027461  |
|  | **Petroleum and Coal Products Manufacturing — 11.8%**<br>|  |
| 111701 | ConocoPhillips | 9954793  |
| 31841 | Marathon Petroleum Corp. | 4375272  |
| 41615 | Phillips 66 | 4330457  |
| 31901 | Valero Energy Corp. | 3703387  |
|  |  | 22363909  |
|  | **Pipeline Transportation — 5.5%**<br>|  |
| 21974 | Targa Resources Corp. | 3755357  |
| 113450 | Williams Companies, Inc. | 6644766  |
|  |  | 10400123  |
|  | **Support Activities for Mining — 5.3%**<br>|  |
| 87472 | Halliburton Co. | 1733695  |
| 27852 | Hess Corp. | 3594301  |
| 141157 | Schlumberger Ltd. ADR (Curaco) | 4693470  |
|  |  | 10021466  |
|  | **Utilities — 6.7%**<br>|  |
| 194790 | Kinder Morgan, Inc. | 5122977  |
| 62518 | ONEOK, Inc. | 5136479  |
| 1898 | Texas Pacific Land Corp.<sup>(a)</sup> | 2446275  |
|  |  | 12705731  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $144,838,212)** | $130958984  |

---

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

71<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY ENERGY BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 40.4%**<br>|  |
|  | **Money Market Funds — 40.4%**<br>|  |
| 59808004 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $59808004  |
| 1755952 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup> | 1755952  |
| 14898687 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 14898687  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $76,462,643)** | $76462643  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $221,300,855) — 109.5%<sup>(c)</sup>** | $207421627  |
|  | Liabilities in Excess of Other Assets — (9.5)% | (17959674)  |
|  | **TOTAL NET ASSETS — 100.0%** | $189461953 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> A portion of this security represents a security on loan.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $142,521,913.

ADR - American Depository Receipt

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of Energy Select Sector Index | SOFR plus 0.75% | BNP Paribas | 12/5/2025 | &nbsp;&nbsp; 75494 | $63064419 | $838676  |
|  Total return of Energy Select Sector Index | SOFR plus 0.80% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 93420 | 88877812 | (10226866)  |
|  Total return of Energy Select Sector Index | SOFR plus 0.70% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 34941 | 31661479 | (2334545)  |
|  Total return of Energy Select Sector Index | SOFR plus 0.80% | Barclays | 12/22/2025 | &nbsp;&nbsp; 88709 | 78328105 | (3739254)  |
|  |  |  |  |  | $261931815 | $(15461989) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

72<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY ENERGY BEAR 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 96.2%**<br>|  |
|  | **Money Market Funds — 96.2%**<br>|  |
| 12955642 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $12955642  |
| 1252495 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 1252495  |
| 2284815 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 2284815  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $16,492,952)<sup>(b)</sup>** | $16492952  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $16,492,952) — 96.2%** | $16492952  |
|  | Other Assets in Excess of Liabilities — 3.8% | 646700  |
|  | **TOTAL NET ASSETS — 100.0%** | $17139652 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $6,117,614. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
| SOFR plus 0.35% | Total return of Energy Select Sector Index | BNP Paribas | 12/5/2025 | &nbsp;&nbsp; 6221 | $5402497 | $140369  |
| SOFR plus 0.60% | Total return of Energy Select Sector Index | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 13657 | 13314134 | 1800617  |
| SOFR plus 0.34% | Total return of Energy Select Sector Index | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 13389 | 12744085 | 1456300  |
| SOFR plus 0.55% | Total return of Energy Select Sector Index | Barclays | 12/22/2025 | &nbsp;&nbsp; 7178 | 6607295 | 547754  |
|  |  |  |  |  | $38068011 | $3945040 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

73<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY GOLD MINERS INDEX BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 48.4%**<br>|  |
| 4840022 | VanEck Gold Miners ETF<sup>(a)(b)</sup> | $237209479  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES**<br>**(Cost $210,867,413)** | $237209479  |
|  | **SHORT TERM INVESTMENTS — 50.1%**<br>|  |
|  | **Money Market Funds — 50.1%**<br>|  |
| 172919151 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)</sup> | $172919151  |
| 26040283 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(c)</sup> | 26040283  |
| 46213761 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 46213761  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $245,173,195)** | $245173195  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $456,040,608) — 98.5%<sup>(d)</sup>** | $482382674  |
|  | Other Assets in Excess of Liabilities — 1.5% | 7420639  |
|  | **TOTAL NET ASSETS — 100.0%** | $489803313 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $325,616,730. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of VanEck Gold Miners ETF | SOFR plus 0.99% | BNP Paribas | 12/5/2025 | 2560192 | $93877952 | $30418038  |
|  Total return of VanEck Gold Miners ETF | SOFR plus 1.00% | Goldman Sachs | 12/10/2025 | 2633950 | 99853045 | 28207928  |
|  Total return of VanEck Gold Miners ETF | SOFR plus 1.00% | Bank of America Merrill Lynch | 12/11/2025 | 3302342 | 123673292 | 36479111  |
|  Total return of VanEck Gold Miners ETF | SOFR plus 0.77% | J.P. Morgan | 12/16/2025 | 2639505 | 96430913 | 32081986  |
|  Total return of VanEck Gold Miners ETF | SOFR plus 0.68% | UBS Securities LLC | 12/17/2025 | 2211869 | 80044913 | 27740458  |
|  Total return of VanEck Gold Miners ETF | SOFR plus 0.98% | Citibank N.A. | 12/19/2025 | 1800118 | 73995587 | 13673915  |
|  |  |  |  |  | $567875702 | $168601436 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

74<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY GOLD MINERS INDEX BEAR 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 113.7%**<br>|  |
|  | **Money Market Funds — 113.7%**<br>|  |
| 101949067 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $101949067  |
| 39311353 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 39311353  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $141,260,420)<sup>(b)</sup>** | $141260420  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $141,260,420) — 113.7%** | $141260420  |
|  | Liabilities in Excess of Other Assets — (13.7)% | (17028356)  |
|  | **TOTAL NET ASSETS — 100.0%** | $124232064 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $65,473,457. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR plus 0.59% | Total return of VanEck Gold Miners ETF | BNP Paribas | 12/5/2025 | 620249 | $28690401 | $(1568826)  |
| SOFR plus 0.80% | Total return of VanEck Gold Miners ETF | Bank of America Merrill Lynch | 12/11/2025 | 802406 | 36955367 | (2187662)  |
| SOFR plus 0.45% | Total return of VanEck Gold Miners ETF | J.P. Morgan | 12/16/2025 | 1102860 | 47891410 | (6033481)  |
| SOFR plus 0.15% | Total return of VanEck Gold Miners ETF | UBS Securities LLC | 12/17/2025 | 1484290 | 64066727 | (8499059)  |
| SOFR plus 0.73% | Total return of VanEck Gold Miners ETF | Citibank N.A. | 12/19/2025 | 1059876 | 52879873 | 1024544  |
|  |  |  |  |  | $230483778 | $(17264484) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

75<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY JUNIOR GOLD MINERS INDEX BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 27.3%**<br>|  |
| 1214369 | VanEck Junior Gold Miners ETF<sup>(a)</sup> | $74562257  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES**<br>**(Cost $69,967,130)** | $74562257  |
|  | **SHORT TERM INVESTMENTS — 71.4%**<br>|  |
|  | **Money Market Funds — 71.4%**<br>|  |
| 174768652 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $174768652  |
| 20152319 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 20152319  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $194,920,971)** | $194920971  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $264,888,101) — 98.7%<sup>(c)</sup>** | $269483228  |
|  | Other Assets in Excess of Liabilities — 1.3% | 3387919  |
|  | **TOTAL NET ASSETS — 100.0%** | $272871147 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $132,476,951. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of VanEck Junior Gold Miners ETF | SOFR plus 0.99% | BNP Paribas | 12/5/2025 | 1740756 | $108129583 | &nbsp;&nbsp; $(1480249)  |
|  Total return of VanEck Junior Gold Miners ETF | SOFR plus 0.63% | J.P. Morgan | 12/16/2025 | 2389530 | 112604822 | &nbsp;&nbsp; 33885047  |
|  Total return of VanEck Junior Gold Miners ETF | SOFR plus 0.67% | UBS Securities LLC | 12/17/2025 | 2563012 | 119089575 | &nbsp;&nbsp; 38662283  |
|  Total return of VanEck Junior Gold Miners ETF | SOFR plus 0.89% | Citibank N.A. | 12/19/2025 | 980684 | 42723381 | &nbsp;&nbsp; 16983670  |
|  |  |  |  |  | $382547361 | &nbsp;&nbsp; $88050751 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

76<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY JUNIOR GOLD MINERS INDEX BEAR 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 117.1%**<br>|  |
|  | **Money Market Funds — 117.1%**<br>|  |
| 74504490 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $74504490  |
| 20651062 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 20651062  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $95,155,552)<sup>(b)</sup>** | $95155552  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $95,155,552) — 117.1%** | $95155552  |
|  | Liabilities in Excess of Other Assets — (17.1)% | (13871771)  |
|  | **TOTAL NET ASSETS — 100.0%** | $81283781 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $44,908,859. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR plus 0.59% | Total return of VanEck Junior Gold Miners ETF | BNP Paribas | 12/5/2025 | 640097 | $40561280 | $1306486  |
| SOFR plus 0.30% | Total return of VanEck Junior Gold Miners ETF | J.P. Morgan | 12/16/2025 | 254919 | 11858742 | (3731649)  |
| SOFR plus 0.15% | Total return of VanEck Junior Gold Miners ETF | UBS Securities LLC | 12/17/2025 | 807660 | 42157345 | (7302317)  |
| SOFR plus 0.60% | Total return of VanEck Junior Gold Miners ETF | Citibank N.A. | 12/19/2025 | 945034 | 55287542 | (2542378)  |
|  |  |  |  |  | $149864909 | $(12269858) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

77<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MAGNIFICENT 7 BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 44.3%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 18.5%**<br>|  |
| 30924 | Alphabet, Inc. - Class A | $4910731  |
| 23197 | Apple, Inc. | 4929363  |
| 43082 | NVIDIA Corp. | 4692491  |
|  |  | 14532585  |
|  | **General Merchandise Retailers — 6.1%**<br>|  |
| 25808 | Amazon.com, Inc.<sup>(a)</sup> | 4759512  |
|  | **Professional, Scientific, and Technical Services — 5.9%**<br>|  |
| 8479 | Meta Platforms, Inc. - Class A | 4654971  |
|  | **Publishing Industries — 6.5%**<br>|  |
| 12957 | Microsoft Corp. | 5121384  |
|  | **Transportation Equipment Manufacturing — 7.3%**<br>|  |
| 20370 | Tesla, Inc.<sup>(a)</sup> | 5747599  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $34,707,944)** | $34816051  |
|  | **SHORT TERM INVESTMENTS — 58.8%**<br>|  |
|  | **Money Market Funds — 58.8%**<br>|  |
| 22647601 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $22647601  |
| 6734350 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(b)</sup> | 6734350  |
| 13080450 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup> | 13080450  |
| 3803773 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 3803773  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $46,266,174)** | $46266174  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $80,974,118) — 103.1%<sup>(c)</sup>** | $81082225  |
|  | Liabilities in Excess of Other Assets — (3.1)% | (2407828)  |
|  | **TOTAL NET ASSETS — 100.0%** | $78674397 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $23,618,573. 

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

78<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MAGNIFICENT 7 BULL 2X SHARES** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of Indxx Magnificent 7 Index | SOFR plus 0.70% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 5491 | $42002717 | &nbsp;&nbsp; $(6987631)  |
|  Total return of Indxx Magnificent 7 Index | SOFR plus 0.80% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 2284 | 18203274 | &nbsp;&nbsp; (3726640)  |
|  Total return of Indxx Magnificent 7 Index | SOFR plus 1.00% | Barclays | 12/22/2025 | &nbsp;&nbsp; 11099 | 70150686 | &nbsp;&nbsp; 1816673  |
|  |  |  |  |  | $130356677 | &nbsp;&nbsp; $(8897598) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

79<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY NYSE FANG+ BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 42.9%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 16.2%**<br>|  |
| 23801 | Alphabet, Inc. | $3779599  |
| 18122 | Apple, Inc. | 3850925  |
| 19946 | Broadcom, Inc. | 3839007  |
| 33193 | NVIDIA Corp. | 3615381  |
|  |  | 15084912  |
|  | **General Merchandise Retailers — 4.0%**<br>|  |
| 19949 | Amazon.com, Inc.<sup>(a)</sup> | 3678995  |
|  | **Motion Picture and Sound Recording Industries — 4.9%**<br>|  |
| 4066 | Netflix, Inc.<sup>(a)</sup> | 4601574  |
|  | **Professional, Scientific, and Technical Services — 8.7%**<br>|  |
| 6678 | Meta Platforms, Inc. | 3666222  |
| 4620 | ServiceNow, Inc.<sup>(a)</sup> | 4412146  |
|  |  | 8078368  |
|  | **Publishing Industries — 9.1%**<br>|  |
| 10400 | CrowdStrike Holdings, Inc.<sup>(a)</sup> | 4460248  |
| 10058 | Microsoft Corp. | 3975525  |
|  |  | 8435773  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $38,343,630)** | $39879622  |
|  | **SHORT TERM INVESTMENTS — 62.6%**<br>|  |
|  | **Money Market Funds — 62.6%**<br>|  |
| 37530212 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $37530212  |
| 3840004 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup> | 3840004  |
| 16877100 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 16877100  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $58,247,316)** | $58247316  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $96,590,946) — 105.5%<sup>(c)</sup>** | $98126938  |
|  | Liabilities in Excess of Other Assets — (5.5)% | (5101092)  |
|  | **TOTAL NET ASSETS — 100.0%** | $93025846 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $42,299,807. 

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

80<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY NYSE FANG+ BULL 2X SHARES** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of NYSE FANG+ Index | SOFR plus 1.00% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 2014 | $26336513 | &nbsp;&nbsp; $(1902096)  |
|  Total return of NYSE FANG+ Index | SOFR plus 0.75% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp;&nbsp; 5559 | 69844911 | &nbsp;&nbsp; (1702553)  |
|  Total return of NYSE FANG+ Index | SOFR plus 0.80% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp;&nbsp; 2260 | 26281674 | &nbsp;&nbsp; 1544133  |
|  Total return of NYSE FANG+ Index | SOFR plus 0.83% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1999 | 25967526 | &nbsp;&nbsp; (1617854)  |
|  |  |  |  |  | $148430624 | &nbsp;&nbsp; $(3678370) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

81<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY ROBOTICS, ARTIFICIAL INTELLIGENCE & AUTOMATION INDEX BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 50.7%**<br>|  |
| 369063 | Global X Robotics & Artificial Intelligence ETF<sup>(a)(b)</sup> | $10540439  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $10,732,698)** | $10540439  |
|  | **SHORT TERM INVESTMENTS — 60.3%**<br>|  |
|  | **Money Market Funds — 60.3%**<br>|  |
| 7527818 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $7527818  |
| 999299 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(c)</sup> | 999299  |
| 4013913 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 4013913  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $12,541,030)** | $12541030  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $23,273,728) — 111.0%<sup>(e)</sup>** | $23081469  |
|  | Liabilities in Excess of Other Assets — (11.0)% | (2299409)  |
|  | **TOTAL NET ASSETS — 100.0%** | $20782060 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $11,248,644. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index | SOFR plus 0.75% | J.P. Morgan | 12/16/2025 | 576669 | $15860039 | &nbsp;&nbsp; $558293  |
|  Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index | SOFR plus 0.79% | UBS Securities LLC | 12/17/2025 | 337673 | 11002686 | &nbsp;&nbsp; (1539967)  |
|  Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index | SOFR plus 0.85% | Citibank N.A. | 12/19/2025 | 92823 | 2902217 | &nbsp;&nbsp; (293257)  |
|  Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index | SOFR plus 0.93% | Barclays | 12/22/2025 | 79098 | 2628620 | &nbsp;&nbsp; (410079)  |
|  |  |  |  |  | $32393562 | &nbsp;&nbsp; $(1685010) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

82<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P OIL & GAS EXP. & PROD. BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 70.2%**<br>|  |
|  | **Funds, Trusts, and Other Financial Vehicles — 1.6%**<br>|  |
| 143557 | Magnolia Oil & Gas Corp. | $2947225  |
|  | **Gasoline Stations and Fuel Dealers — 2.5%**<br>|  |
| 28872 | Chevron Corp. | 3928324  |
| 83826 | Delek US Holdings, Inc. | 1091415  |
|  |  | 5019739  |
|  | **Merchant Wholesalers, Durable Goods — 0.2%**<br>|  |
| 11272 | REX American Resources Corp.<sup>(a)</sup> | 447724  |
|  | **Merchant Wholesalers, Nondurable Goods — 2.7%**<br>|  |
| 141835 | HF Sinclair Corp. | 4264978  |
| 44308 | World Kinect Corp. | 1111688  |
|  |  | 5376666  |
|  | **Oil and Gas Extraction — 40.1%**<br>|  |
| 122420 | Antero Resources Corp.<sup>(a)</sup> | 4263889  |
| 224342 | APA Corp. | 3486275  |
| 87221 | Berry Petroleum Corp. | 216308  |
| 57837 | California Resources Corp. | 1995955  |
| 41588 | Chord Energy Corp. | 3752485  |
| 222366 | Clean Energy Fuels Corp.<sup>(a)</sup> | 322431  |
| 151384 | CNX Resources Corp.<sup>(a)(b)</sup> | 4455231  |
| 104797 | Comstock Resources, Inc.<sup>(a)(b)</sup> | 1914641  |
| 161891 | Coterra Energy, Inc. | 3976043  |
| 251271 | Crescent Energy Co. | 2080524  |
| 126867 | Devon Energy Corp. | 3858025  |
| 30081 | Diamondback Energy, Inc. | 3970993  |
| 35476 | EOG Resources, Inc. | 3914067  |
| 90056 | EQT Corp. | 4452369  |
| 43721 | Expand Energy Corp. | 4542612  |
| 40401 | Exxon Mobil Corp. | 4267558  |
| 88410 | Green Plains, Inc.<sup>(a)</sup> | 316508  |
| 681693 | Kosmos Energy Ltd.<sup>(a)</sup> | 1049807  |
| 91307 | Matador Resources Co. | 3610279  |
| 168646 | Murphy Oil Corp. | 3462302  |
| 126756 | Northern Oil and Gas, Inc.<sup>(b)</sup> | 3080171  |
| 95628 | Occidental Petroleum Corp. | 3768699  |
| 72791 | Par Pacific Holdings, Inc.<sup>(a)</sup> | 1042367  |
| 117241 | Range Resources Corp. | 3977987  |
| 19688 | SandRidge Energy, Inc. | 179358  |
| 146661 | SM Energy Co. | 3342404  |
| 67919 | VAALCO Energy, Inc. | 222095  |
| 87810 | Viper Energy, Inc. | 3541377  |
| 13355 | Vitesse Energy, Inc.<sup>(b)</sup> | 273110  |
|  |  | 79335870  |

---

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

83<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P OIL & GAS EXP. & PROD. BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
|  | **Petroleum and Coal Products Manufacturing — 10.5%**<br>|  |
| 103224 | Calumet, Inc.<sup>(a)(b)</sup> | $1094174  |
| 45094 | ConocoPhillips | 4018777  |
| 40886 | CVR Energy, Inc. | 771110  |
| 32151 | Marathon Petroleum Corp. | 4417869  |
| 122317 | PBF Energy, Inc. Class A<sup>(b)</sup> | 2101406  |
| 35555 | Phillips 66 | 3699853  |
| 35217 | Valero Energy Corp. | 4088342  |
| 38936 | Vital Energy, Inc.<sup>(a)</sup> | 552113  |
|  |  | 20743644  |
|  | **Printing and Related Support Activities — 2.0%**<br>|  |
| 330967 | Permian Resources Corp. | 3905410  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 1.2%**<br>|  |
| 84480 | Sable Offshore Corp.<sup>(a)(b)</sup> | 1576397  |
| 49652 | Sitio Royalties Corp. | 842098  |
|  |  | 2418495  |
|  | **Support Activities for Mining — 7.3%**<br>|  |
| 113701 | Civitas Resources, Inc.<sup>(b)</sup> | 3098352  |
| 14824 | Gulfport Energy Corp.<sup>(a)</sup> | 2557140  |
| 30611 | Hess Corp. | 3950350  |
| 22808 | HighPeak Energy, Inc.<sup>(b)</sup> | 182692  |
| 110903 | Ovintiv, Inc. | 3724123  |
| 147855 | Talos Energy, Inc.<sup>(a)(b)</sup> | 1017242  |
|  |  | 14529899  |
|  | **Utilities — 2.1%**<br>|  |
| 3273 | Texas Pacific Land Corp. | 4218471  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $175,080,606)** | $138943143  |
|  | **SHORT TERM INVESTMENTS — 49.2%**<br>|  |
|  | **Money Market Funds — 49.2%**<br>|  |
| 67601989 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $67601989  |
| 7137307 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(c)</sup> | 7137307  |
| 22693707 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 22693707  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $97,433,003)** | $97433003  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $272,513,609) — 119.4%<sup>(e)</sup>** | $236376146  |
|  | Liabilities in Excess of Other Assets — (19.4)% | (38314788)  |
|  | **TOTAL NET ASSETS — 100.0%** | $198061358 |

---

Percentages are stated as a percent of net assets.

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

84<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P OIL & GAS EXP. & PROD. BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $155,488,068. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of S&P Oil & Gas Exploration & Production Select Industry Index | SOFR plus 0.75% | BNP Paribas | 12/5/2025 | &nbsp;&nbsp; 8815 | $47270878 | $(10150322)  |
|  Total return of S&P Oil & Gas Exploration & Production Select Industry Index | SOFR plus 1.00% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 8987 | 46135167 | (8219469)  |
|  Total return of S&P Oil & Gas Exploration & Production Select Industry Index | SOFR plus 0.95% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 8182 | 42916661 | (8382372)  |
|  Total return of S&P Oil & Gas Exploration & Production Select Industry Index | SOFR plus 0.82% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 7331 | 36995917 | (5936253)  |
|  Total return of S&P Oil & Gas Exploration & Production Select Industry Index | SOFR plus 0.69% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 16810 | 71589725 | 168888  |
|  Total return of S&P Oil & Gas Exploration & Production Select Industry Index | SOFR plus 0.71% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 10000 | 45893494 | (3373394)  |
|  |  |  |  |  | $290801842 | $(35892922) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

85<br>

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**[**TABLE OF CONTENTS**](#TOC)**

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

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 99.7%**<br>|  |
|  | **Money Market Funds — 99.7%**<br>|  |
| 31228658 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $31228658  |
| 2916027 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 2916027  |
| 6230473 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 6230473  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $40,375,158)<sup>(b)</sup>** | $40375158  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $40,375,158) — 99.7%** | $40375158  |
|  | Other Assets in Excess of Liabilities — 0.3% | 136368  |
|  | **TOTAL NET ASSETS — 100.0%** | $40511526 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $15,990,564. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR plus 0.78% | Total return of S&P Oil & Gas Exploration & Production Select Industry Index | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 3533 | $18469088 | &nbsp;&nbsp; $3510685  |
| SOFR plus 0.75% | Total return of S&P Oil & Gas Exploration & Production Select Industry Index | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 1000 | 5400455 | &nbsp;&nbsp; 1176875  |
| SOFR plus 0.60% | Total return of S&P Oil & Gas Exploration & Production Select Industry Index | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp;&nbsp; 1000 | 5222920 | &nbsp;&nbsp; 1001178  |
| SOFR plus 0.35% | Total return of S&P Oil & Gas Exploration & Production Select Industry Index | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp;&nbsp; 9409 | 39239571 | &nbsp;&nbsp; (948763)  |
| SOFR plus 0.47% | Total return of S&P Oil & Gas Exploration & Production Select Industry Index | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 4000 | 22394748 | &nbsp;&nbsp; 5426298  |
|  |  |  |  |  | $90726782 | &nbsp;&nbsp; $10166273 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

86<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY TRAVEL & VACATION BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 71.9%**<br>|  |
|  | **Accommodation — 27.0%**<br>|  |
| 1235 | Airbnb, Inc. Class A<sup>(a)</sup> | $150571  |
| 1907 | Apple Hospitality REIT, Inc. | 22445  |
| 490 | Boyd Gaming Corp. | 33879  |
| 209 | Choice Hotels International, Inc.<sup>(b)</sup> | 26357  |
| 701 | Hilton Grand Vacations, Inc.<sup>(a)</sup> | 23575  |
| 667 | Hilton Worldwide Holdings, Inc. | 150395  |
| 3063 | Host Hotels & Resorts, Inc. | 43250  |
| 1314 | Huazhu Group Ltd. ADR | 44991  |
| 211 | Hyatt Hotels Corp. Class A | 23775  |
| 625 | InterContinental Hotels Group PLC ADR (United Kingdom) | 67431  |
| 1645 | Las Vegas Sands Corp. | 60322  |
| 588 | Marriott International, Inc. Class C | 140285  |
| 3957 | Melco Resorts & Entertainment Ltd. ADR<sup>(a)</sup> | 20379  |
| 1360 | MGM Resorts International<sup>(a)</sup> | 42786  |
| 2008 | Park Hotels & Resorts, Inc. | 19959  |
| 1537 | Penn Entertainment, Inc.<sup>(a)</sup> | 23393  |
| 2352 | Sunstone Hotel Investors, Inc. | 19616  |
| 615 | Travel + Leisure Co. | 27017  |
| 188 | Vail Resorts, Inc. | 26170  |
| 408 | Wyndham Hotels & Resorts, Inc. | 34802  |
| 545 | Wynn Resorts Ltd. | 43769  |
|  |  | 1045167  |
|  | **Administrative and Support Services — 12.4%**<br>|  |
| 33 | Booking Holdings, Inc. | 168276  |
| 647 | Live Nation Entertainment, Inc.<sup>(a)</sup> | 85695  |
| 394 | MakeMyTrip Ltd. ADR (India)<sup>(a)</sup> | 41299  |
| 612 | Royal Caribbean Cruises Ltd. ADR (Liberia) | 131525  |
| 778 | Six Flags Entertainment Corp. | 26771  |
| 1972 | TripAdvisor, Inc.<sup>(a)</sup> | 24552  |
|  |  | 478118  |
|  | **Air Transportation — 11.7%**<br>|  |
| 719 | Alaska Air Group, Inc.<sup>(a)</sup> | 31830  |
| 302 | Allegiant Travel Co.<sup>(b)</sup> | 14173  |
| 3255 | American Airlines Group, Inc.<sup>(a)</sup> | 32387  |
| 312 | Copa Holdings SA ADR (Panama) | 28629  |
| 2333 | Delta Air Lines, Inc. | 97123  |
| 3744 | JetBlue Airways Corp.<sup>(a)</sup> | 16324  |
| 1565 | Ryanair Holdings PLC ADR (Ireland) | 74901  |
| 303 | SkyWest, Inc.<sup>(a)</sup> | 27018  |
| 1936 | Southwest Airlines Co. | 54131  |
| 1117 | United Continental Holdings, Inc.<sup>(a)</sup> | 76872  |
|  |  | 453388 |
|  | **Amusement, Gambling, and Recreation Industries — 4.1%**<br>|  |
| 1497 | The Walt Disney Co. | 136152  |
| 475 | United Parks & Resorts, Inc.<sup>(a)</sup> | 20734  |
|  |  | 156886  |

---

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

87<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY TRAVEL & VACATION BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
|  | **Management of Companies and Enterprises — 5.3%**<br>|  |
| 2192 | Norwegian Cruise Line Holdings Ltd. ADR<sup>(a)</sup> | $35138  |
| 2347 | Trip.com Group Ltd. ADR (China) | 138450  |
| 814 | Viking Holdings Ltd. ADR<sup>(a)</sup> | 33398  |
|  |  | 206986  |
|  | **Performing Arts, Spectator Sports, and Related Industries — 1.7%**<br>|  |
| 1205 | Caesars Entertainment, Inc.<sup>(a)</sup> | 32607  |
| 384 | Churchill Downs, Inc. | 34718  |
|  |  | 67325  |
|  | **Real Estate — 5.5%**<br>|  |
| 1277 | Gaming & Leisure Properties, Inc. | 61117  |
| 324 | Marriott Vacations Worldwide Corp. | 17759  |
| 376 | Ryman Hospitality Properties, Inc.<sup>(b)</sup> | 33069  |
| 3122 | VICI Properties, Inc. | 99966  |
|  |  | 211911  |
|  | **Support Activities for Transportation — 2.1%**<br>|  |
| 513 | Expedia, Inc. | 80505  |
|  | **Water Transportation — 2.1%**<br>|  |
| 4389 | Carnival Corp. ADR (Panama)<sup>(a)</sup> | 80494  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,469,780)** | $2780780  |
|  | **SHORT TERM INVESTMENTS — 40.1%**<br>|  |
|  | **Money Market Funds — 40.1%**<br>|  |
| 695298 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $695298  |
| 857412 | &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, <br>4.17%<sup>(c)</sup> | 857412  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $1,552,710)** | $1552710  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $5,022,490) — 112.0%<sup>(e)</sup>** | $4333490  |
|  | Liabilities in Excess of Other Assets — (12.0)% | (464066)  |
|  | **TOTAL NET ASSETS — 100.0%** | $3869424 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,597,428. 

ADR - American Depository Receipt

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

88<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
|  Total return of BlueStar<sup>®</sup> Travel and Vacation Index | SOFR plus 0.65% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 22289 | $3633613 | &nbsp;&nbsp; $(168934)  |
|  Total return of BlueStar<sup>®</sup> Travel and Vacation Index | SOFR plus 0.79% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 9461 | 1715497 | &nbsp;&nbsp; (257447)  |
|  |  |  |  |  | $5349110 | &nbsp;&nbsp; $(426381) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

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**DIREXION DAILY URANIUM INDUSTRY BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 50.1%**<br>|  |
| 75312 | Global X Uranium ETF<sup>(a)</sup> | $1882800  |
| 23539 | Sprott Uranium Miners ETF<sup>(a)</sup> | 816332  |
| 8828 | VanEck Uranium and Nuclear ETF<sup>(a)</sup> | 696883  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $4,078,569)** | $3396015  |
|  | **SHORT TERM INVESTMENTS — 54.8%**<br>|  |
|  | **Money Market Funds — 54.8%**<br>|  |
| 1215133 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $1215133  |
| 2125219 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(b)</sup> | 2125219  |
| 378936 | &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, <br>4.17%<sup>(b)</sup> | 378936  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $3,719,288)** | $3719288  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $7,797,857) — 104.9%<sup>(c)</sup>** | $7115303  |
|  | Liabilities in Excess of Other Assets — (4.9)% | (331153)  |
|  | **TOTAL NET ASSETS — 100.0%** | $6784150 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,547,909. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of Solactive United States Uranium and Nuclear Energy ETF Select Index | SOFR plus 0.95% | BNP Paribas | 12/5/2025 | &nbsp;&nbsp;&nbsp; 13 | $54862 | &nbsp;&nbsp;&nbsp; $700  |
|  Total return of Solactive United States Uranium and Nuclear Energy ETF Select Index | SOFR plus 0.70% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 2448 | 8503900 | &nbsp;&nbsp;&nbsp; (323860)  |
|  Total return of Solactive United States Uranium and Nuclear Energy ETF Select Index | SOFR plus 0.90% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 558 | 1697752 | &nbsp;&nbsp;&nbsp; 177751  |
|  |  |  |  |  | $10256514 | &nbsp;&nbsp;&nbsp; $(145409) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

90<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**AAPL Bear** <br>**1X Shares** | **Direxion Daily** <br>**AMD Bear** <br>**1X Shares** | **Direxion Daily** <br>**AMZN Bear** <br>**1X Shares** | **Direxion Daily** <br>**AVGO Bear** <br>**1X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $35788944 | $2828992 | $4011104 | $4253261  |
| Receivable for Fund shares sold | 128 |  | 328340 | —  |
| Due from Adviser, net (Note 6) |  | 562 |  | —  |
| Dividend and interest receivable | 126425 | 9819 | 13683 | 11715  |
| Due from broker for swap contracts |  | 15244 |  | —  |
| Unrealized appreciation on swap contracts | 2005140 | 249444 | 501660 | 242662  |
| Prepaid expenses and other assets | 2484 | 2740 | 2353 | 2796  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 37923121 | 3106801 | 4857140 | 4510434  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable for Fund shares redeemed | 426385 |  |  | —  |
| Unrealized depreciation on swap contracts |  | 74500 | 27906 | 137888  |
| Due to Adviser, net (Note 6) | 13376 |  | 1430 | 888  |
| Due to broker for swap contracts | 2506057 | 473000 | 550097 | 585869  |
| Accrued expenses and other liabilities | 13775 | 6629 | 9383 | 7808  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2959593 | 554129 | 588816 | 732453  |
| **NET ASSETS** | $34963528 | $2552672 | $4268324 | $3777981  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $44655178 | $2426985 | $7046341 | $4265660  |
| Total distributable earnings (loss) | (9691650) | 125687 | (2778017) | (487679)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $34963528 | $2552672 | $4268324 | $3777981  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $34963528 | $2552672 | $4268324 | $3777981  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 2050001 | 100001 | 325001 | 200001  |
|  Net assets value, redemption price and offering price per share | $17.06 | $25.53 | $13.13 | $18.89  |
| Cost of Investments | $35788944 | $2828992 | $4011104 | $4253261 |

---

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

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**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**BA Bear** <br>**1X Shares** | **Direxion Daily** <br>**BRKB Bear** <br>**1X Shares** | **Direxion Daily** <br>**GOOGL Bear** <br>**1X Shares** | **Direxion Daily** <br>**LLY Bear** <br>**1X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $2470620 | $2902858 | $5044583 | $4366958  |
| Due from Adviser, net (Note 6) | 335 | 687 |  | 190  |
| Dividend and interest receivable | 2002 | 10181 | 17243 | 13516  |
| Due from broker for swap contracts |  |  |  | 12866  |
| Unrealized appreciation on swap contracts |  |  | 571728 | —  |
| Prepaid expenses and other assets |  | 2501 | 2340 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 2472957 | 2916227 | 5635894 | 4393530  |
| **LIABILITIES:**<br>|  |  |  |  |
| Unrealized depreciation on swap contracts | 247676 | 205012 | 142666 | 340712  |
| Due to Adviser, net (Note 6) |  |  | 2175 | —  |
| Due to broker for swap contracts | 15252 |  | 568999 | 25149  |
| Accrued expenses and other liabilities | 815 | 11259 | 9412 | 3720  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 263743 | 216271 | 723252 | 369581  |
| **NET ASSETS** | $2209214 | $2699956 | $4912642 | $4023949  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $2500025 | $3114679 | $6943411 | $4666510  |
| Total distributable loss | (290811) | (414723) | (2030769) | (642561)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $2209214 | $2699956 | $4912642 | $4023949  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $2209214 | $2699956 | $4912642 | $4023949  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 100001 | 125001 | 350001 | 175001  |
|  Net assets value, redemption price and offering price per share | $22.09 | $21.60 | $14.04 | $22.99  |
| Cost of Investments | $2470620 | $2902858 | $5044583 | $4366958 |

---

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

92<br>

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**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**META Bear** <br>**1X Shares** | **Direxion Daily** <br>**MSFT Bear** <br>**1X Shares** | **Direxion Daily** <br>**MU Bear** <br>**1X Shares** | **Direxion Daily** <br>**NFLX Bear** <br>**1X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $5233227 | $7057227 | $3991870 | $10018684  |
| Receivable for Fund shares sold |  | 714809 |  | —  |
| Dividend and interest receivable | 19039 | 23794 | 13457 | 22577  |
| Due from broker for swap contracts | 521381 |  |  | —  |
| Unrealized appreciation on swap contracts | 756290 | 316676 | 488451 | —  |
| Prepaid expenses and other assets | 3954 | 2362 | 2795 | 2745  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 6533891 | 8114868 | 4496573 | 10044006  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable for Fund shares redeemed |  | 1428762 |  | —  |
| Unrealized depreciation on swap contracts |  | 4222 | 154612 | 1112904  |
| Due to Adviser, net (Note 6) | 2802 | 3342 | 1600 | 3060  |
| Due to broker for swap contracts | 2029678 | 596451 | 464211 | 19563  |
| Accrued expenses and other liabilities | 7548 | 9561 | 7932 | 8280  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2040028 | 2042338 | 628355 | 1143807  |
| **NET ASSETS** | $4493863 | $6072530 | $3868218 | $8900199  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $4133270 | $10336102 | $3935319 | $11052790  |
| Total distributable earnings (loss) | 360593 | (4263572) | (67101) | (2152591)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $4493863 | $6072530 | $3868218 | $8900199  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $4493863 | $6072530 | $3868218 | $8900199  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 225001 | 425001 | 150001 | 600001  |
|  Net assets value, redemption price and offering price per share | $19.97 | $14.29 | $25.79 | $14.83  |
| Cost of Investments | $5233227 | $7057227 | $3991870 | $10018684 |

---

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

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**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**NVDA Bear** <br>**1X Shares** | **Direxion Daily** <br>**PANW Bear** <br>**1X Shares** | **Direxion Daily** <br>**PLTR Bear** <br>**1X Shares** | **Direxion Daily** <br>**TSLA Bear** <br>**1X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $39949732 | $2542442 | $40832895 | $81107112  |
| Receivable for Fund shares sold |  |  | 2001504 | 233253  |
| Due from Adviser, net (Note 6) |  | 924 |  | —  |
| Dividend and interest receivable | 87243 | 9108 | 104548 | 216799  |
| Due from broker for swap contracts |  | 4327 |  | —  |
| Unrealized appreciation on swap contracts | 2686309 | 24716 |  | 5217461  |
| Prepaid expenses and other assets | 3411 |  | 2501 | 2815  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 42726695 | 2581517 | 42941448 | 86777440  |
| **LIABILITIES:**<br>|  |  |  |  |
| Unrealized depreciation on swap contracts | 22761 | 55993 | 4336948 | 3979790  |
| Due to Adviser, net (Note 6) | 17606 |  | 18156 | 23638  |
| Due to broker for swap contracts | 2614908 | 59637 | 827488 | 4616333  |
| Accrued expenses and other liabilities | 12620 | 3686 | 16190 | 18645  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2667895 | 119316 | 5198782 | 8638406  |
| **NET ASSETS** | $40058800 | $2462201 | $37742666 | $78139034  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $48287128 | $2500025 | $38191719 | $117875197  |
| Total distributable loss | (8228328) | (37824) | (449053) | (39736163)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $40058800 | $2462201 | $37742666 | $78139034  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $40058800 | $2462201 | $37742666 | $78139034  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 5850001 | 100001 | 3300001 | 8375001  |
|  Net assets value, redemption price and offering price per share | $6.85 | $24.62 | $11.44 | $9.33  |
| Cost of Investments | $39949732 | $2542442 | $40832895 | $81107112 |

---

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

94<br>

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**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**TSM Bear** <br>**1X Shares** | **Direxion Daily** <br>**XOM Bear** <br>**1X Shares** | **Direxion Daily** <br>**S&P 500<sup>®</sup> Bear** <br>**1X Shares** | **Direxion Daily** <br>**Crypto Industry**<br>**Bear 1X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $3164360 | $2499461 | $169055237 | &nbsp;&nbsp; $3528469  |
| Receivable for Fund shares sold |  |  | 2881238 | &nbsp;&nbsp; —  |
| Due from Adviser, net (Note 6) |  | 296 |  | &nbsp;&nbsp; —  |
| Dividend and interest receivable | 11468 | 2009 | 671462 | &nbsp;&nbsp; 12457  |
| Unrealized appreciation on swap contracts | 605090 | 63707 | 2943647 | &nbsp;&nbsp; —  |
| Prepaid expenses and other assets | 2737 |  | 46695 | &nbsp;&nbsp; 2992  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 3783655 | 2565473 | 175598279 | &nbsp;&nbsp; 3543918  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable for Fund shares redeemed |  |  | 1728743 | &nbsp;&nbsp; —  |
| Unrealized depreciation on swap contracts |  |  |  | &nbsp;&nbsp; 263846  |
| Due to Adviser, net (Note 6) | 828 |  | 55160 | &nbsp;&nbsp; 1558  |
| Due to broker for swap contracts | 836892 | 6 | 3200000 | &nbsp;&nbsp; 12796  |
| Accrued expenses and other liabilities | 7952 | 816 | 45291 | &nbsp;&nbsp; 15307  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 845672 | 822 | 5029194 | &nbsp;&nbsp; 293507  |
| **NET ASSETS** | $2937983 | $2564651 | $170569085 | &nbsp;&nbsp; $3250411  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $2388401 | $2500025 | $371148448 | &nbsp;&nbsp; $3058943  |
| Total distributable earnings (loss) | 549582 | 64626 | (200579363) | &nbsp;&nbsp; 191468  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $2937983 | $2564651 | $170569085 | &nbsp;&nbsp; $3250411  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $2937983 | $2564651 | $170569085 | &nbsp;&nbsp; $3250411  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 125001 | 100001 | 14799983 | &nbsp;&nbsp; 125001  |
|  Net assets value, redemption price and offering price per share | $23.50 | $25.65 | $11.52 | &nbsp;&nbsp; $26.00  |
| Cost of Investments | $3164360 | $2499461 | $169055237 | &nbsp;&nbsp; $3528469 |

---

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

95<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Magnificent 7** <br>**Bear 1X Shares** | **Direxion Daily** <br>**AAPL Bull** <br>**2X Shares** | **Direxion Daily** <br>**AMD Bull** <br>**2X Shares** | **Direxion Daily** <br>**AMZN Bull** <br>**2XShares**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $9161935 | $88593254 | $4231761 | $252086755  |
| Receivable for Fund shares sold |  |  |  | 2145823  |
| Due from Adviser, net (Note 6) | 782 |  | 84 | —  |
| Dividend and interest receivable | 30369 | 272658 | 13290 | 780598  |
| Unrealized appreciation on swap contracts | 704795 | 4061915 | 58407 | —  |
| Prepaid expenses and other assets | 9869 | 2909 | 2740 | 3917  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 9907750 | 92930736 | 4306282 | 255017093  |
| **LIABILITIES:**<br>|  |  |  |  |
| Unrealized depreciation on swap contracts | 164602 | 4358804 | 533754 | 57922224  |
| Due to Adviser, net (Note 6) |  | 31042 |  | 73339  |
| Due to broker for swap contracts | 670000 | 3515999 |  | 1662938  |
| Accrued expenses and other liabilities | 21228 | 27262 | 6726 | 49749  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 855830 | 7933107 | 540480 | 59708250  |
| **NET ASSETS** | $9051920 | $84997629 | $3765802 | $195308843  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $9708265 | $70750971 | $5573174 | $241422810  |
| Total distributable earnings (loss) | (656345) | 14246658 | (1807372) | (46113967)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $9051920 | $84997629 | $3765802 | $195308843  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $9051920 | $84997629 | $3765802 | $195308843  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 475001 | 3500001 | 225001 | 7250001  |
|  Net assets value, redemption price and offering price per share | $19.06 | $24.29 | $16.74 | $26.94  |
| Cost of Investments | $9161935 | $88983692 | $4269939 | $254498990 |

---

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

96<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**AVGO Bull** <br>**2X Shares** | **Direxion Daily** <br>**BA Bull** <br>**2X Shares** | **Direxion Daily** <br>**BRKB Bull** <br>**2X Shares** | **Direxion Daily** <br>**GOOGL Bull** <br>**2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $66249708 | $3722992 | $48133620 | $266057234  |
| Receivable for Fund shares sold | 295 |  |  | 2208788  |
| Due from Adviser, net (Note 6) |  | 214 |  | —  |
| Dividend and interest receivable | 214115 | 1681 | 107885 | 804817  |
| Due from broker for swap contracts | 41164 | 273909 | 1645099 | —  |
| Unrealized appreciation on swap contracts | 1615153 | 193033 | 2374619 | 338595  |
| Prepaid expenses and other assets | 2809 |  | 2501 | 3200  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 68123244 | 4191829 | 52263724 | 269412634  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable for Fund shares redeemed | 1181825 |  |  | 1762912  |
| Unrealized depreciation on swap contracts | 4895809 |  | 84846 | 49121843  |
| Due to Adviser, net (Note 6) | 39108 |  | 24496 | 77159  |
| Due to broker for swap contracts | 1532000 | 247000 | 5424632 | 1249687  |
| Accrued expenses and other liabilities | 17035 | 820 | 14424 | 47035  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 7665777 | 247820 | 5548398 | 52258636  |
| **NET ASSETS** | $60457467 | $3944009 | $46715326 | $217153998  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $82708409 | $3278509 | $43581340 | $281252223  |
| Total distributable earnings (loss) | (22250942) | 665500 | 3133986 | (64098225)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $60457467 | $3944009 | $46715326 | $217153998  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $60457467 | $3944009 | $46715326 | $217153998  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 3075001 | 125001 | 1500001 | 7375001  |
|  Net assets value, redemption price and offering price per share | $19.66 | $31.55 | $31.14 | $29.44  |
| Cost of Investments | $67731649 | $3659796 | $47910855 | $269757073 |

---

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

97<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**LLY Bull** <br>**2X Shares** | **Direxion Daily** <br>**META Bull** <br>**2X Shares** | **Direxion Daily** <br>**MSFT Bull** <br>**2X Shares** | **Direxion Daily** <br>**MU Bull** <br>**2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $3606903 | $98727596 | $160974755 | $25753125  |
| Receivable for Fund shares sold |  | 9652550 |  | —  |
| Due from Adviser, net (Note 6) | 1005 |  |  | —  |
| Dividend and interest receivable | 8819 | 284049 | 482703 | 70908  |
| Due from broker for swap contracts | 200294 |  |  | —  |
| Unrealized appreciation on swap contracts | 256338 | 461949 | 1167722 | 786549  |
| Prepaid expenses and other assets |  | 3219 | 4889 | 2834  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 4073359 | 109129363 | 162630069 | 26613416  |
| **LIABILITIES:**<br>|  |  |  |  |
| Unrealized depreciation on swap contracts | 9567 | 13350928 | 18619588 | 4022326  |
| Due to Adviser, net (Note 6) |  | 31430 | 51809 | 11405  |
| Due to broker for swap contracts | 73000 | 990000 | 990001 | 780000  |
| Accrued expenses and other liabilities | 3680 | 20865 | 39018 | 11247  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 86247 | 14393223 | 19700416 | 4824978  |
| **NET ASSETS** | $3987112 | $94736140 | $142929653 | $21788438  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $3665166 | $106430197 | $182940471 | $40769020  |
| Total distributable earnings (loss) | 321946 | (11694057) | (40010818) | (18980582)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $3987112 | $94736140 | $142929653 | $21788438  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $3987112 | $94736140 | $142929653 | $21788438  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 150001 | 3625001 | 4425001 | 2200001  |
|  Net assets value, redemption price and offering price per share | $26.58 | $26.13 | $32.30 | $9.90  |
| Cost of Investments | $3573794 | $98964208 | $162671935 | $26453351 |

---

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

98<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**NFLX Bull** <br>**2X Shares** | **Direxion Daily** <br>**NVDA Bull** <br>**2X Shares** | **Direxion Daily** <br>**PANW Bull** <br>**2X Shares** | **Direxion Daily** <br>**PLTR Bull** <br>**2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $68870483 | $551217235 | $4073012 | $361045660  |
| Cash |  |  |  | 80887362  |
| Receivable for Fund shares sold |  | 492 |  | 12724149  |
| Receivable for investments sold |  | 2484726 | 2484727 | —  |
| Due from Adviser, net (Note 6) |  |  | 1086 | —  |
| Dividend and interest receivable | 115628 | 1687327 | 8810 | 665799  |
| Due from broker for swap contracts | 5125191 |  | 267551 | —  |
| Unrealized appreciation on swap contracts | 1387076 | 885552 | 1536 | 48690489  |
| Prepaid expenses and other assets | 2748 | 25076 |  | 2501  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 75501126 | 556300408 | 6836722 | 504015960  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable for Fund shares redeemed |  | 4451286 | 2484727 | 8929620  |
| Unrealized depreciation on swap contracts | 201831 | 111507561 | 61303 | —  |
| Due to Adviser, net (Note 6) | 17707 | 164977 |  | 89023  |
| Due to broker for swap contracts | 15715000 | 1163304 | 250000 | 115858000  |
| Accrued expenses and other liabilities | 11838 | 103795 | 3675 | 33310  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 15946376 | 117390923 | 2799705 | 124909953  |
| **NET ASSETS** | $59554750 | $438909485 | $4037017 | $379106007  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $37121296 | $645517908 | $4061022 | $264906781  |
| Total distributable earnings (loss) | 22433454 | (206608423) | (24005) | 114199226  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $59554750 | $438909485 | $4037017 | $379106007  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $59554750 | $438909485 | $4037017 | $379106007  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 1100001 | 8925001 | 175001 | 7450001  |
|  Net assets value, redemption price and offering price per share | $54.14 | $49.18 | $23.07 | $50.89  |
| Cost of Investments | $68127773 | $554893980 | $4069733 | $354641793 |

---

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

99<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**TSLA Bull** <br>**2X Shares** | **Direxion Daily** <br>**TSM Bull** <br>**2X Shares** | **Direxion Daily** <br>**XOM Bull** <br>**2X Shares** | **Direxion Daily** <br>**CSI 300 China A** <br>**Share Bull** <br>**2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $6333164628 | $124904872 | $2486151 | $160932838  |
| Cash | 299505413 | 42463 |  | —  |
| Receivable for Fund shares sold | 81912020 | 733718 |  | —  |
| Due from Adviser, net (Note 6) |  |  | 296 | —  |
| Dividend and interest receivable | 16885559 | 387615 | 1571 | 527364  |
| Due from broker for swap contracts | 277150970 | 42457 |  | —  |
| Unrealized appreciation on swap contracts | 94270904 | 2712636 |  | —  |
| Prepaid expenses and other assets | 20225 | 2936 |  | 11999  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 7102909719 | 128826697 | 2488018 | 161472201  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable for Fund shares redeemed |  | 1466706 |  | —  |
| Unrealized depreciation on swap contracts | 939193631 | 22781107 | 114174 | 11917559  |
| Due to Adviser, net (Note 6) | 1499444 | 28760 |  | 67082  |
| Due to broker for swap contracts | 1068643536 | 2188463 | 3381 | 60132  |
| Accrued expenses and other liabilities | 890378 | 25771 | 817 | 129570  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2010226989 | 26490807 | 118372 | 12174343  |
| **NET ASSETS** | $5092682730 | $102335890 | $2369646 | $149297858  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $5973843753 | $148027197 | $2500025 | $419546362  |
| Total distributable loss | (881161023) | (45691307) | (130379) | (270248504)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $5092682730 | $102335890 | $2369646 | $149297858  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $5092682730 | $102335890 | $2369646 | $149297858  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 497575001 | 5600001 | 100001 | 11250000  |
|  Net assets value, redemption price and offering price per share | $10.24 | $18.27 | $23.70 | $13.27  |
| Cost of Investments | $6224077363 | $128046851 | $2499546 | $173060600 |

---

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

100<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**CSI China** <br>**Internet Index** <br>**Bull 2X Shares** | **Direxion Daily** <br>**S&P 500<sup>®</sup> Bull** <br>**2X Shares** | **Direxion Daily** <br>**MSCI Brazil** <br>**Bull 2X Shares** | **Direxion Daily** <br>**MSCI Emerging** <br>**Markets ex** <br>**China Bull** <br>**2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $265789628 | $137537958 | $173852775 | &nbsp;&nbsp; $2684143  |
| Cash |  | 27329 |  | &nbsp;&nbsp; —  |
| Due from Adviser, net (Note 6) |  |  |  | &nbsp;&nbsp; 1265  |
| Dividend and interest receivable | 456337 | 157963 | 158430 | &nbsp;&nbsp; 5442  |
| Due from broker for swap contracts | 66442 |  | 206680 | &nbsp;&nbsp; —  |
| Unrealized appreciation on swap contracts | 13027182 | 2792041 | 15304754 | &nbsp;&nbsp; 34492  |
| Prepaid expenses and other assets | 14335 | 7641 | 12223 | &nbsp;&nbsp; 6731  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 279353924 | 140522932 | 189534862 | &nbsp;&nbsp; 2732073  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  | 16575 | 42705277 | &nbsp;&nbsp; —  |
| Payable for investments purchased |  | 19339 |  | &nbsp;&nbsp; —  |
| Unrealized depreciation on swap contracts | 7474325 | 6224388 |  | &nbsp;&nbsp; 21324  |
| Due to Adviser, net (Note 6) | 96495 | 45463 | 46273 | &nbsp;&nbsp; —  |
| Due to broker for swap contracts | 13763000 | 2500000 | 17630000 | &nbsp;&nbsp; —  |
| Accrued expenses and other liabilities | 266911 | 88386 | 77599 | &nbsp;&nbsp; 6869  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 21600731 | 8894151 | 60459149 | &nbsp;&nbsp; 28193  |
| **NET ASSETS** | $257753193 | $131628781 | $129075713 | &nbsp;&nbsp; $2703880  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $724403587 | $105743743 | $605970613 | &nbsp;&nbsp; $3154322  |
| Total distributable earnings (loss) | (466650394) | 25885038 | (476894900) | &nbsp;&nbsp; (450442)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $257753193 | $131628781 | $129075713 | &nbsp;&nbsp; $2703880  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $257753193 | $131628781 | $129075713 | &nbsp;&nbsp; $2703880  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 7274087 | 1033236 | 2258631 | &nbsp;&nbsp; 125001  |
|  Net assets value, redemption price and offering price per share | $35.43 | $127.39 | $57.15 | &nbsp;&nbsp; $21.63  |
| Cost of Investments | $253915252 | $120512327 | $173637615 | &nbsp;&nbsp; $2664659  |
| \*Value of securities loaned | $— | $140479 | $43095010 | &nbsp;&nbsp; $— |

---

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

101<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**MSCI India Bull** <br>**2X Shares** | **Direxion Daily** <br>**AI and Big** <br>**Data Bull**<br>**2X Shares** | **Direxion Daily** <br>**AI and Big** <br>**Data Bear** <br>**2X Shares** | **Direxion Daily** <br>**Cloud** <br>**Computing Bull** <br>**2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $87256040 | $11001193 | $2428438 | $6232522  |
| Receivable for Fund shares sold | 595 |  |  | —  |
| Receivable for investments sold |  | 680321 |  | —  |
| Dividend and interest receivable | 151336 | 12085 | 8392 | 8655  |
| Foreign tax reclaims |  |  |  | 3349  |
| Unrealized appreciation on swap contracts | 1894377 | 120841 | 219104 | 261444  |
| Prepaid expenses and other assets | 7837 | 4234 | 4193 | 15027  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 89310185 | 11818674 | 2660127 | 6520997  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) | 2 | 48311 |  | 150120  |
| Payable for Fund shares redeemed | 1146 |  |  | —  |
| Payable for investments purchased |  | 678535 |  | —  |
| Unrealized depreciation on swap contracts | 942501 | 711731 | 249089 | 400317  |
| Due to Adviser, net (Note 6) | 31513 | 6814 | 1716 | 13  |
| Due to broker for swap contracts | 1953159 | 1579 | 410000 | 266446  |
| Accrued expenses and other liabilities | 65457 | 18523 | 16429 | 24513  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2993778 | 1465493 | 677234 | 841409  |
| **NET ASSETS** | $86316407 | $10353181 | $1982893 | $5679588  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $82373895 | $10967398 | $3150209 | $18864263  |
| Total distributable earnings (loss) | 3942512 | (614217) | (1167316) | (13184675)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $86316407 | $10353181 | $1982893 | $5679588  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $86316407 | $10353181 | $1982893 | $5679588  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 1449686 | 375001 | 125001 | 475001  |
|  Net assets value, redemption price and offering price per share | $59.54 | $27.61 | $15.86 | $11.96  |
| Cost of Investments | $85073517 | $10847438 | $2428438 | $5978768  |
| \*Value of securities loaned | $17524085 | $47072 | $— | $323424 |

---

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

102<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Crypto Industry** <br>**Bull 2X Shares** | **Direxion Daily** <br>**Electric and** <br>**Autonomous** <br>**Vehicles Bull** <br>**2X Shares** | **Direxion Daily** <br>**Energy Bull** <br>**2X Shares** | **Direxion Daily** <br>**Energy Bear** <br>**2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $3708569 | $3505328 | $207421627 | $16492952  |
| Receivable for investments sold | 521095 | 367288 |  | —  |
| Due from Adviser, net (Note 6) |  | 1769 |  | —  |
| Dividend and interest receivable | 3791 | 7828 | 277969 | 69226  |
| Unrealized appreciation on swap contracts | 37094 | 31697 | 838676 | 3945040  |
| Prepaid expenses and other assets | 3004 | 10317 | 151604 | 56787  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 4273553 | 3924227 | 208689876 | 20564005  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) | 213000 | 460537 |  | —  |
| Payable for investments purchased | 522250 | 369545 |  | —  |
| Unrealized depreciation on swap contracts | 101705 | 231366 | 16300665 | —  |
| Due to Adviser, net (Note 6) | 2533 |  | 74484 | 12180  |
| Due to broker for swap contracts | 29404 | 5788 | 2805176 | 3400000  |
| Accrued expenses and other liabilities | 15729 | 23131 | 47598 | 12173  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 884621 | 1090367 | 19227923 | 3424353  |
| **NET ASSETS** | $3388932 | $2833860 | $189461953 | $17139652  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $5309903 | $13580651 | $261234782 | $212324942  |
| Total distributable loss | (1920971) | (10746791) | (71772829) | (195185290)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $3388932 | $2833860 | $189461953 | $17139652  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $3388932 | $2833860 | $189461953 | $17139652  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 225001 | 174948 | 4063531 | 665264  |
|  Net assets value, redemption price and offering price per share | $15.06 | $16.20 | $46.62 | $25.76  |
| Cost of Investments | $3816503 | $3598436 | $221300855 | $16492952  |
| \*Value of securities loaned | $281294 | $435906 | $909918 | $— |

---

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

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**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Gold Miners** <br>**Index Bull** <br>**2X Shares** | **Direxion Daily** <br>**Gold Miners** <br>**Index Bear** <br>**2X Shares** | **Direxion Daily** <br>**Junior Gold** <br>**Miners Index** <br>**Bull 2X Shares** | **Direxion Daily** <br>**Junior Gold** <br>**Miners Index** <br>**Bear 2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $482382674 | $141260420 | $269483228 | $95155552  |
| Receivable for Fund shares sold |  | 1482199 |  | —  |
| Dividend and interest receivable | 965003 | 441200 | 690332 | 288137  |
| Due from broker for swap contracts | 4435337 |  |  | 1  |
| Unrealized appreciation on swap contracts | 168601436 | 1024544 | 89531000 | 1306486  |
| Prepaid expenses and other assets | 24130 | 17388 | 15851 | 9110  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 656408580 | 144225751 | 359720411 | 96759286  |
| **LIABILITIES:**<br>|  |  |  |  |
| Unrealized depreciation on swap contracts |  | 18289028 | 1480249 | 13576344  |
| Due to Adviser, net (Note 6) | 209166 | 42751 | 118218 | 27019  |
| Due to broker for swap contracts | 166252532 | 1636106 | 85133001 | 1857263  |
| Accrued expenses and other liabilities | 143569 | 25802 | 117796 | 14879  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 166605267 | 19993687 | 86849264 | 15475505  |
| **NET ASSETS** | $489803313 | $124232064 | $272871147 | $81283781  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $1990792452 | $878824980 | $1647940780 | $402867552  |
| Total distributable loss | (1500989139) | (754592916) | (1375069633) | (321583771)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $489803313 | $124232064 | $272871147 | $81283781  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $489803313 | $124232064 | $272871147 | $81283781  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 7151908 | 4190838 | 3993351 | 21267244  |
|  Net assets value, redemption price and offering price per share | $68.49 | $29.64 | $68.33 | $3.82  |
| Cost of Investments | $456040608 | $141260420 | $264888101 | $95155552  |
| \*Value of securities loaned | $3885381 | $— | $— | $— |

---

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

104<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Magnificent 7** <br>**Bull 2X Shares** | **Direxion Daily** <br>**NYSE FANG+** <br>**Bull 2X Shares** | **Direxion Daily** <br>**Robotics,** <br>**Artificial** <br>**Intelligence &** <br>**Automation** <br>**Index Bull 2X** <br>**Shares** | **Direxion Daily** <br>**S&P Oil & Gas** <br>**Exp. & Prod.** <br>**Bull 2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $81082225 | $98126938 | $23081469 | $236376146  |
| Receivable for investments sold | 8797102 |  |  | —  |
| Dividend and interest receivable | 88065 | 165291 | 40565 | 414067  |
| Unrealized appreciation on swap contracts | 1816673 | 1544133 | 558293 | 168888  |
| Prepaid expenses and other assets | 3968 | 4798 | 6261 | 40976  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 91788033 | 99841160 | 23686588 | 237000077  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  |  | 3 | 387396  |
| Unrealized depreciation on swap contracts | 10714271 | 5222503 | 2243303 | 36061810  |
| Due to Adviser, net (Note 6) | 42160 | 47599 | 10558 | 76878  |
| Due to broker for swap contracts | 2320000 | 1507095 | 629916 | 2275986  |
| Accrued expenses and other liabilities | 37205 | 38117 | 20748 | 136649  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 13113636 | 6815314 | 2904528 | 38938719  |
| **NET ASSETS** | $78674397 | $93025846 | $20782060 | $198061358  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $104047120 | $85238430 | $42615795 | $392250833  |
| Total distributable earnings (loss) | (25372723) | 7787416 | (21833735) | (194189475)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $78674397 | $93025846 | $20782060 | $198061358  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $78674397 | $93025846 | $20782060 | $198061358  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 2550001 | 629852 | 1223646 | 11063688  |
|  Net assets value, redemption price and offering price per share | $30.85 | $147.69 | $16.98 | $17.90  |
| Cost of Investments | $80974118 | $96590946 | $23273728 | $272513609  |
| \*Value of securities loaned | $— | $— | $890704 | $7428026 |

---

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

105<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**S&P Oil & Gas** <br>**Exp. & Prod.** <br>**Bear 2X Shares** | **Direxion Daily** <br>**Travel &** <br>**Vacation Bull** <br>**2X Shares** | **Direxion Daily** <br>**Uranium** <br>**Industry Bull** <br>**2X Shares**  |
| **ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at fair value (including securities loaned\*) <br>(Note 2) | $40375158 | $4333490 | $7115303  |
| Dividend and interest receivable | 164818 | 6196 | 15524  |
| Unrealized appreciation on swap contracts | 11115036 |  | 178451  |
| Prepaid expenses and other assets | 6305 | 7499 | 4245  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 51661317 | 4347185 | 7313523  |
| **LIABILITIES:**<br>|  |  |  |
| Collateral for securities loaned (Note 2) |  | 30216 | —  |
| Unrealized depreciation on swap contracts | 948763 | 426381 | 323860  |
| Due to Adviser, net (Note 6) | 30243 | 592 | 1693  |
| Due to broker for swap contracts | 10143001 | 6175 | 183092  |
| Accrued expenses and other liabilities | 27784 | 14397 | 20728  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 11149791 | 477761 | 529373  |
| **NET ASSETS** | $40511526 | $3869424 | $6784150  |
| **Net Assets Consist of:**<br>|  |  |  |
| Capital stock | $254930562 | $20884094 | $11173399  |
| Total distributable loss | (214419036) | (17014670) | (4389249)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $40511526 | $3869424 | $6784150  |
| **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |
| Net assets | $40511526 | $3869424 | $6784150  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 3107895 | 300001 | 500001  |
| Net assets value, redemption price and offering price per share | $13.04 | $12.90 | $13.57  |
| Cost of Investments | $40375158 | $5022490 | $7797857  |
| \*Value of securities loaned | $— | $43417 | $— |

---

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

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**DIREXION SHARES ETF TRUST** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**AAPL Bear** <br>**1X Shares** | **Direxion Daily** <br>**AMD Bear** <br>**1X Shares<sup>1</sup>** | **Direxion Daily** <br>**AMZN Bear** <br>**1X Shares** | **Direxion Daily** <br>**AVGO Bear** <br>**1X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Interest income | $618695 | &nbsp;&nbsp; $24694 | &nbsp;&nbsp; $115190 | &nbsp;&nbsp; $85119  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 618695 | &nbsp;&nbsp; 24694 | &nbsp;&nbsp; 115190 | &nbsp;&nbsp; 85119  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 106587 | &nbsp;&nbsp; 4539 | &nbsp;&nbsp; 19542 | &nbsp;&nbsp; 14960  |
| Interest expense | 17686 | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 2920 | &nbsp;&nbsp; 1984  |
| Management service fees (Note 6) | 6954 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; 1274 | &nbsp;&nbsp; 975  |
| Professional fees | 5725 | &nbsp;&nbsp; 2172 | &nbsp;&nbsp; 5096 | &nbsp;&nbsp; 5064  |
| Licensing fees | 2132 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 299  |
| Pricing fees | 1984 | &nbsp;&nbsp; 970 | &nbsp;&nbsp; 1984 | &nbsp;&nbsp; 2663  |
| Exchange listing fees | 1984 | &nbsp;&nbsp; 927 | &nbsp;&nbsp; 1984 | &nbsp;&nbsp; 1984  |
| Reports to shareholders | 1304 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 179  |
| Fund servicing fees | 868 | &nbsp;&nbsp; — | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 319  |
| Trustees' fees and expenses | 330 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 45  |
| Insurance fees | 219 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 30  |
| Offering fees |  | &nbsp;&nbsp; 3206 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Other | 2226 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 292  |
| &nbsp;&nbsp;&nbsp; Total expenses | 147999 | &nbsp;&nbsp; 12584 | &nbsp;&nbsp; 34248 | &nbsp;&nbsp; 28794  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) |  | &nbsp;&nbsp; (6661) | &nbsp;&nbsp; (6576) | &nbsp;&nbsp; (7861)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 148556 | &nbsp;&nbsp; 5923 | &nbsp;&nbsp; 27673 | &nbsp;&nbsp; 20933  |
| **Net investment income** | 470139 | &nbsp;&nbsp; 18771 | &nbsp;&nbsp; 87517 | &nbsp;&nbsp; 64186  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized loss on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (229911) | &nbsp;&nbsp; (57185) | &nbsp;&nbsp; (146889) | &nbsp;&nbsp; (601163)  |
| Net realized loss | (229911) | &nbsp;&nbsp; (57185) | &nbsp;&nbsp; (146889) | &nbsp;&nbsp; (601163)  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 2126990 | &nbsp;&nbsp; 174944 | &nbsp;&nbsp; 463143 | &nbsp;&nbsp; (99913)  |
|  Change in net unrealized appreciation (depreciation) | 2126990 | &nbsp;&nbsp; 174944 | &nbsp;&nbsp; 463143 | &nbsp;&nbsp; (99913)  |
| **Net realized and unrealized gain (loss)** | 1897079 | &nbsp;&nbsp; 117759 | &nbsp;&nbsp; 316254 | &nbsp;&nbsp; (701076)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $2367218 | &nbsp;&nbsp; $136530 | &nbsp;&nbsp; $403771 | &nbsp;&nbsp; $(636890) |

---

<sup>1</sup> Represents the period from February 12, 2025 (commencement of operations) to April 30, 2025.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**BA Bear** <br>**1X Shares<sup>1</sup>** | **Direxion Daily** <br>**BRKB Bear** <br>**1X Shares<sup>2</sup>** | **Direxion Daily** <br>**GOOGL Bear** <br>**1X Shares** | **Direxion Daily** <br>**LLY Bear** <br>**1X Shares<sup>3</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Interest income | &nbsp;&nbsp; $2002 | &nbsp;&nbsp; $48580 | &nbsp;&nbsp; $111634 | &nbsp;&nbsp; $14733  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 2002 | &nbsp;&nbsp; 48580 | &nbsp;&nbsp; 111634 | &nbsp;&nbsp; 14733  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 8241 | &nbsp;&nbsp; 18865 | &nbsp;&nbsp; 2623  |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5911 | &nbsp;&nbsp; —  |
| Management service fees (Note 6) | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 538 | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 172  |
| Professional fees | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 3923 | &nbsp;&nbsp; 5093 | &nbsp;&nbsp; 1008  |
| Licensing fees | &nbsp;&nbsp; — | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; —  |
| Pricing fees | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 2006 | &nbsp;&nbsp; 1984 | &nbsp;&nbsp; 592  |
| Exchange listing fees | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 1833 | &nbsp;&nbsp; 1984 | &nbsp;&nbsp; 518  |
| Reports to shareholders | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 37  |
| Fund servicing fees | &nbsp;&nbsp; — | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 324 | &nbsp;&nbsp; —  |
| Trustees' fees and expenses | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 9  |
| Insurance fees | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 6  |
| Offering fees | &nbsp;&nbsp; 329 | &nbsp;&nbsp; 5795 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1480  |
| Excise tax | &nbsp;&nbsp; — | &nbsp;&nbsp; 224 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Other | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 72  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 1219 | &nbsp;&nbsp; 23184 | &nbsp;&nbsp; 36477 | &nbsp;&nbsp; 6517  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | &nbsp;&nbsp; (739) | &nbsp;&nbsp; (12521) | &nbsp;&nbsp; (6672) | &nbsp;&nbsp; (3195)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 10663 | &nbsp;&nbsp; 29807 | &nbsp;&nbsp; 3322  |
| **Net investment income** | &nbsp;&nbsp; 1522 | &nbsp;&nbsp; 37917 | &nbsp;&nbsp; 81827 | &nbsp;&nbsp; 11411  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; (44657) | &nbsp;&nbsp; (215499) | &nbsp;&nbsp; 333603 | &nbsp;&nbsp; (313260)  |
| Net realized gain (loss) | &nbsp;&nbsp; (44657) | &nbsp;&nbsp; (215499) | &nbsp;&nbsp; 333603 | &nbsp;&nbsp; (313260)  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; (247676) | &nbsp;&nbsp; (205012) | &nbsp;&nbsp; 504442 | &nbsp;&nbsp; (340712)  |
|  Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (247676) | &nbsp;&nbsp; (205012) | &nbsp;&nbsp; 504442 | &nbsp;&nbsp; (340712)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; (292333) | &nbsp;&nbsp; (420511) | &nbsp;&nbsp; 838045 | &nbsp;&nbsp; (653972)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $(290811) | &nbsp;&nbsp; $(382594) | &nbsp;&nbsp; $919872 | &nbsp;&nbsp; $(642561) |

---

<sup>1</sup> Represents the period from April 23, 2025 (commencement of operations) to April 30, 2025.

<sup>2</sup> Represents the period from December 11, 2024 (commencement of operations) to April 30, 2025.

<sup>3</sup> Represents the period from March 26, 2025 (commencement of operations) to April 30, 2025.

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

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**DIREXION SHARES ETF TRUST** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**META Bear** <br>**1X Shares** | **Direxion Daily** <br>**MSFT Bear** <br>**1X Shares** | **Direxion Daily** <br>**MU Bear** <br>**1X Shares** | **Direxion Daily** <br>**NFLX Bear** <br>**1X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Interest income | &nbsp;&nbsp; $142544 | &nbsp;&nbsp; $118415 | &nbsp;&nbsp; $71473 | $120104  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 142544 | &nbsp;&nbsp; 118415 | &nbsp;&nbsp; 71473 | 120104  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | &nbsp;&nbsp; 24629 | &nbsp;&nbsp; 21314 | &nbsp;&nbsp; 12770 | 20156  |
| Interest expense | &nbsp;&nbsp; 2939 | &nbsp;&nbsp; 3323 | &nbsp;&nbsp; 1021 | 173  |
| Management service fees (Note 6) | &nbsp;&nbsp; 1606 | &nbsp;&nbsp; 1390 | &nbsp;&nbsp; 833 | 1315  |
| Professional fees | &nbsp;&nbsp; 5133 | &nbsp;&nbsp; 5110 | &nbsp;&nbsp; 5051 | 5102  |
| Licensing fees | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 255 | 403  |
| Pricing fees | &nbsp;&nbsp; 1984 | &nbsp;&nbsp; 1984 | &nbsp;&nbsp; 2663 | 2663  |
| Exchange listing fees | &nbsp;&nbsp; 1984 | &nbsp;&nbsp; 1984 | &nbsp;&nbsp; 1984 | 1984  |
| Reports to shareholders | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; 155 | 243  |
| Fund servicing fees | &nbsp;&nbsp; 351 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 279 | 346  |
| Trustees' fees and expenses | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 39 | 62  |
| Insurance fees | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 26 | 41  |
| Excise tax | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38 | —  |
| Other | &nbsp;&nbsp; 513 | &nbsp;&nbsp; 408 | &nbsp;&nbsp; 268 | 401  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 40053 | &nbsp;&nbsp; 36674 | &nbsp;&nbsp; 25382 | 32889  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | &nbsp;&nbsp; (5923) | &nbsp;&nbsp; (6354) | &nbsp;&nbsp; (8148) | (7184)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 34137 | &nbsp;&nbsp; 30321 | &nbsp;&nbsp; 17234 | 25705  |
| **Net investment income** | &nbsp;&nbsp; 108407 | &nbsp;&nbsp; 88094 | &nbsp;&nbsp; 54239 | 94399  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized loss on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; (115037) | &nbsp;&nbsp; (179867) | &nbsp;&nbsp; (361514) | (987461)  |
| Net realized loss | &nbsp;&nbsp; (115037) | &nbsp;&nbsp; (179867) | &nbsp;&nbsp; (361514) | (987461)  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; 959868 | &nbsp;&nbsp; (190939) | &nbsp;&nbsp; 253727 | (1001951)  |
|  Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 959868 | &nbsp;&nbsp; (190939) | &nbsp;&nbsp; 253727 | (1001951)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 844831 | &nbsp;&nbsp; (370806) | &nbsp;&nbsp; (107787) | (1989412)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $953238 | &nbsp;&nbsp; $(282712) | &nbsp;&nbsp; $(53548) | $(1895013) |

---

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

109<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**NVDA Bear** <br>**1X Shares** | **Direxion Daily** <br>**PANW Bear** <br>**1X Shares<sup>1</sup>** | **Direxion Daily** <br>**PLTR Bear** <br>**1X Shares<sup>2</sup>** | **Direxion Daily** <br>**TSLA Bear** <br>**1X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Interest income | $540649 | &nbsp;&nbsp; $10326 | $494261 | $1293500  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 540649 | &nbsp;&nbsp; 10326 | 494261 | 1293500  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 91585 | &nbsp;&nbsp; 2026 | 81226 | 215394  |
| Interest expense | 20422 | &nbsp;&nbsp; 6 | 31542 | 89958  |
| Management service fees (Note 6) | 5972 | &nbsp;&nbsp; 133 | 5301 | 14049  |
| Professional fees | 5609 | &nbsp;&nbsp; 1003 | 4454 | 6496  |
| Licensing fees | 1859 | &nbsp;&nbsp; — | 1625 | 4308  |
| Pricing fees | 1984 | &nbsp;&nbsp; 592 | 2006 | 1984  |
| Exchange listing fees | 1984 | &nbsp;&nbsp; 518 | 1833 | 1984  |
| Reports to shareholders | 1105 | &nbsp;&nbsp; 28 | 1006 | 2616  |
| Fund servicing fees | 923 | &nbsp;&nbsp; — | 145 | 1688  |
| Trustees' fees and expenses | 280 | &nbsp;&nbsp; 7 | 255 | 662  |
| Insurance fees | 185 | &nbsp;&nbsp; 5 | 169 | 439  |
| Offering fees |  | &nbsp;&nbsp; 1479 | 5795 | —  |
| Excise tax |  | &nbsp;&nbsp; — | 396 | —  |
| Other | 1757 | &nbsp;&nbsp; 56 | 2134 | 4366  |
| &nbsp;&nbsp;&nbsp; Total expenses | 133665 | &nbsp;&nbsp; 5853 | 137887 | 343944  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 2800 | &nbsp;&nbsp; — | 2146 | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (35) | &nbsp;&nbsp; (3281) | (5209) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 136430 | &nbsp;&nbsp; 2572 | 134824 | 343944  |
| **Net investment income** | 404219 | &nbsp;&nbsp; 7754 | 359437 | 949556  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (186393) | &nbsp;&nbsp; (14301) | 3809942 | (10971924)  |
| Net realized gain (loss) | (186393) | &nbsp;&nbsp; (14301) | 3809942 | (10971924)  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 3674025 | &nbsp;&nbsp; (31277) | (4336948) | 1363309  |
|  Change in net unrealized appreciation (depreciation) | 3674025 | &nbsp;&nbsp; (31277) | (4336948) | 1363309  |
| **Net realized and unrealized gain (loss)** | 3487632 | &nbsp;&nbsp; (45578) | (527006) | (9608615)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3891851 | &nbsp;&nbsp; $(37824) | $(167569) | $(8659059) |

---

<sup>1</sup> Represents the period from March 26, 2025 (commencement of operations) to April 30, 2025.

<sup>2</sup> Represents the period from December 11, 2024 (commencement of operations) to April 30, 2025.

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

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**DIREXION SHARES ETF TRUST** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**TSM Bear** <br>**1X Shares** | **Direxion Daily** <br>**XOM Bear** <br>**1X Shares<sup>1</sup>** | **Direxion Daily** <br>**S&P 500<sup>®</sup> Bear** <br>**1X Shares** | **Direxion Daily** <br>**Crypto Industry** <br>**Bear 1X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Interest income | &nbsp;&nbsp; $84749 | &nbsp;&nbsp;&nbsp; $2009 | $3414456 | &nbsp;&nbsp;&nbsp; $61009  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 84749 | &nbsp;&nbsp;&nbsp; 2009 | 3414456 | &nbsp;&nbsp;&nbsp; 61009  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | &nbsp;&nbsp; 14553 | &nbsp;&nbsp;&nbsp; 411 | 273503 | &nbsp;&nbsp;&nbsp; 4828  |
| Interest expense | &nbsp;&nbsp; 3368 | &nbsp;&nbsp;&nbsp; — | 24129 | &nbsp;&nbsp;&nbsp; 1979  |
| Management service fees (Note 6) | &nbsp;&nbsp; 949 | &nbsp;&nbsp;&nbsp; 27 | 38239 | &nbsp;&nbsp;&nbsp; 675  |
| Professional fees | &nbsp;&nbsp; 5061 | &nbsp;&nbsp;&nbsp; 222 | 12181 | &nbsp;&nbsp;&nbsp; 5034  |
| Licensing fees | &nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp; — | 39071 | &nbsp;&nbsp;&nbsp; 6524  |
| Pricing fees | &nbsp;&nbsp; 2663 | &nbsp;&nbsp;&nbsp; 132 | 1984 | &nbsp;&nbsp;&nbsp; 1984  |
| Exchange listing fees | &nbsp;&nbsp; 1984 | &nbsp;&nbsp;&nbsp; 115 | 3055 | &nbsp;&nbsp;&nbsp; 3055  |
| Reports to shareholders | &nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp; 5 | 7190 | &nbsp;&nbsp;&nbsp; 127  |
| Fund servicing fees | &nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp; — | 4089 | &nbsp;&nbsp;&nbsp; 264  |
| Trustees' fees and expenses | &nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 1 | 1820 | &nbsp;&nbsp;&nbsp; 32  |
| Insurance fees | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 1 | 1207 | &nbsp;&nbsp;&nbsp; 21  |
| Offering fees | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 329 |  | &nbsp;&nbsp;&nbsp; —  |
| Other | &nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp; 11 | 12011 | &nbsp;&nbsp;&nbsp; 216  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 29707 | &nbsp;&nbsp;&nbsp; 1254 | 418479 | &nbsp;&nbsp;&nbsp; 24739  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | &nbsp;&nbsp; (7907) | &nbsp;&nbsp;&nbsp; (734) | (42704) | &nbsp;&nbsp;&nbsp; (16554)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 21802 | &nbsp;&nbsp;&nbsp; 520 | 375775 | &nbsp;&nbsp;&nbsp; 8186  |
| **Net investment income** | &nbsp;&nbsp; 62947 | &nbsp;&nbsp;&nbsp; 1489 | 3038681 | &nbsp;&nbsp;&nbsp; 52823  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; 75803 | &nbsp;&nbsp;&nbsp; (570) | (5427395) | &nbsp;&nbsp;&nbsp; 492501  |
| Net realized gain (loss) | &nbsp;&nbsp; 75803 | &nbsp;&nbsp;&nbsp; (570) | (5427395) | &nbsp;&nbsp;&nbsp; 492501  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; 598420 | &nbsp;&nbsp;&nbsp; 63707 | 10738225 | &nbsp;&nbsp;&nbsp; (413205)  |
|  Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 598420 | &nbsp;&nbsp;&nbsp; 63707 | 10738225 | &nbsp;&nbsp;&nbsp; (413205)  |
| **Net realized and unrealized gain** | &nbsp;&nbsp; 674223 | &nbsp;&nbsp;&nbsp; 63137 | 5310830 | &nbsp;&nbsp;&nbsp; 79296  |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $737170 | &nbsp;&nbsp;&nbsp; $64626 | $8349511 | &nbsp;&nbsp;&nbsp; $132119 |

---

<sup>1</sup> Represents the period from April 23, 2025 (commencement of operations) to April 30, 2025.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Magnificent 7** <br>**Bear 1X Shares** | **Direxion Daily** <br>**AAPL Bull** <br>**2X Shares** | **Direxion Daily** <br>**AMD Bull** <br>**2X Shares<sup>1</sup>** | **Direxion Daily** <br>**AMZN Bull** <br>**2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | &nbsp;&nbsp; $— | $25906 | $— | $—  |
| Interest income | &nbsp;&nbsp; 99970 | 1929577 | 34055 | 4053964  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 99970 | 1955483 | 34055 | 4053964  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | &nbsp;&nbsp; 7978 | 348073 | 5941 | 751579  |
| Interest expense | &nbsp;&nbsp; 3054 | 153518 | 14 | 156271  |
| Management service fees (Note 6) | &nbsp;&nbsp; 1117 | 22685 | 389 | 49002  |
| Professional fees | &nbsp;&nbsp; 5087 | 7373 | 2183 | 10245  |
| Licensing fees | &nbsp;&nbsp; 11901 | 6961 | 119 | 15032  |
| Pricing fees | &nbsp;&nbsp; 1984 | 1984 | 970 | 1984  |
| Exchange listing fees | &nbsp;&nbsp; 3595 | 1984 | 927 | 1984  |
| Reports to shareholders | &nbsp;&nbsp; 217 | 4109 | 78 | 8997  |
| Fund servicing fees | &nbsp;&nbsp; 266 | 2962 |  | 5929  |
| Trustees' fees and expenses | &nbsp;&nbsp; 55 | 1040 | 20 | 2277  |
| Insurance fees | &nbsp;&nbsp; 36 | 690 | 13 | 1510  |
| Offering fees | &nbsp;&nbsp; — |  | 3206 | —  |
| Other | &nbsp;&nbsp; 397 | 6631 | 161 | 14612  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 35687 | 558010 | 14021 | 1019422  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | &nbsp;&nbsp; 1 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | &nbsp;&nbsp; (22376) |  | (6481) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 13312 | 558010 | 7540 | 1019422  |
| **Net investment income** | &nbsp;&nbsp; 86658 | 1397473 | 26515 | 3034542  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp; — | 1273246 | (49285) | 1085167  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; — | 4127467 | (10810) | 3347254  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; (511839) | 10952262 | (1245687) | 15351172  |
| Net realized gain (loss) | &nbsp;&nbsp; (511839) | 16352975 | (1305782) | 19783593  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp; — | (4067705) | (38178) | (4293570)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; 641404 | (6820753) | (475347) | (54327870)  |
|  Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 641404 | (10888458) | (513525) | (58621440)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 129565 | 5464517 | (1819307) | (38837847)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $216223 | $6861990 | $(1792792) | $(35803305) |

---

<sup>1</sup> Represents the period from February 12, 2025 (commencement of operations) to April 30, 2025.

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

112<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**AVGO Bull** <br>**2X Shares** | **Direxion Daily** <br>**BA Bull** <br>**2X Shares<sup>1</sup>** | **Direxion Daily** <br>**BRKB Bull** <br>**2X Shares<sup>2</sup>** | **Direxion Daily** <br>**GOOGL Bull** <br>**2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $49431 | &nbsp;&nbsp; $— | $— | $48451  |
| Interest income | 858585 | &nbsp;&nbsp; 1680 | 249283 | 4095292  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 908016 | &nbsp;&nbsp; 1680 | 249283 | 4143743  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 152277 | &nbsp;&nbsp; 479 | 52170 | 694323  |
| Interest expense | 21269 | &nbsp;&nbsp; — | 9201 | 191125  |
| Management service fees (Note 6) | 9938 | &nbsp;&nbsp; 31 | 3411 | 45287  |
| Professional fees | 6065 | &nbsp;&nbsp; 223 | 4265 | 9905  |
| Licensing fees | 3045 | &nbsp;&nbsp; — | 1043 | 13886  |
| Pricing fees | 2663 | &nbsp;&nbsp; 131 | 2006 | 1984  |
| Exchange listing fees | 1984 | &nbsp;&nbsp; 115 | 1833 | 1984  |
| Reports to shareholders | 1883 | &nbsp;&nbsp; 6 | 683 | 8418  |
| Fund servicing fees | 638 | &nbsp;&nbsp; — | 153 | 4646  |
| Trustees' fees and expenses | 477 | &nbsp;&nbsp; 2 | 173 | 2131  |
| Insurance fees | 316 | &nbsp;&nbsp; 1 | 115 | 1413  |
| Offering fees |  | &nbsp;&nbsp; 329 | 5795 | —  |
| Excise tax | 423 | &nbsp;&nbsp; — | 351 | —  |
| Other | 3705 | &nbsp;&nbsp; 13 | 1362 | 14368  |
| &nbsp;&nbsp;&nbsp; Total expenses | 204683 | &nbsp;&nbsp; 1330 | 82561 | 989470  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 11744 | &nbsp;&nbsp; — | 281 | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (1851) | &nbsp;&nbsp; (724) | (7208) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 214576 | &nbsp;&nbsp; 606 | 75634 | 989470  |
| **Net investment income** | 693440 | &nbsp;&nbsp; 1074 | 173649 | 3154273  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (563011) | &nbsp;&nbsp; — | 9829 | —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 539051 | &nbsp;&nbsp; — | 144819 | 2856322  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (17607900) | &nbsp;&nbsp; 408197 | 380441 | (9035925)  |
| Net realized gain (loss) | (17631860) | &nbsp;&nbsp; 408197 | 535089 | (6179603)  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (1423425) | &nbsp;&nbsp; 63196 | 222765 | (6223627)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (2786251) | &nbsp;&nbsp; 193033 | 2289773 | (62333796)  |
|  Change in net unrealized appreciation (depreciation) | (4209676) | &nbsp;&nbsp; 256229 | 2512538 | (68557423)  |
| **Net realized and unrealized gain (loss)** | (21841536) | &nbsp;&nbsp; 664426 | 3047627 | (74737026)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(21148096) | &nbsp;&nbsp; $665500 | $3221276 | $(71582753) |

---

<sup>1</sup> Represents the period from April 23, 2025 (commencement of operations) to April 30, 2025.

<sup>2</sup> Represents the period from December 11, 2024 (commencement of operations) to April 30, 2025.

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

113<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**LLY Bull** <br>**2X Shares<sup>1</sup>** | **Direxion Daily** <br>**META Bull** <br>**2X Shares** | **Direxion Daily** <br>**MSFT Bull** <br>**2X Shares** | **Direxion Daily** <br>**MU Bull** <br>**2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | &nbsp;&nbsp; $— | $7283 | $111267 | $11356  |
| Interest income | &nbsp;&nbsp; 9857 | 1286442 | 3076502 | 364635  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 9857 | 1293725 | 3187769 | 375991  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | &nbsp;&nbsp; 1921 | 223007 | 562573 | 66782  |
| Interest expense | &nbsp;&nbsp; — | 117123 | 45532 | 11448  |
| Management service fees (Note 6) | &nbsp;&nbsp; 126 | 14545 | 36682 | 4355  |
| Professional fees | &nbsp;&nbsp; 1002 | 6545 | 8924 | 5432  |
| Licensing fees | &nbsp;&nbsp; — | 4460 | 11251 | 1336  |
| Pricing fees | &nbsp;&nbsp; 592 | 1984 | 1984 | 2663  |
| Exchange listing fees | &nbsp;&nbsp; 518 | 1984 | 1984 | 1984  |
| Reports to shareholders | &nbsp;&nbsp; 27 | 2699 | 6748 | 804  |
| Fund servicing fees | &nbsp;&nbsp; — | 1664 | 4209 | 569  |
| Trustees' fees and expenses | &nbsp;&nbsp; 7 | 683 | 1708 | 204  |
| Insurance fees | &nbsp;&nbsp; 4 | 453 | 1133 | 135  |
| Offering fees | &nbsp;&nbsp; 1480 |  |  | —  |
| Excise tax | &nbsp;&nbsp; — |  |  | 253  |
| Other | &nbsp;&nbsp; 53 | 4562 | 11172 | 1451  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 5730 | 379709 | 693900 | 97416  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | &nbsp;&nbsp; — | 19889 |  | 919  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | &nbsp;&nbsp; (3296) |  |  | (2044)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 2434 | 399598 | 693900 | 96291  |
| **Net investment income** | &nbsp;&nbsp; 7423 | 894127 | 2493869 | 279700  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp; — | (832306) |  | (807517)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; — | 665275 | 1072630 | 75611  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; 34643 | 3074109 | (19054569) | (14300890)  |
| Net realized gain (loss) | &nbsp;&nbsp; 34643 | 2907078 | (17981939) | (15032796)  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp; 33109 | (450756) | (2071844) | (665169)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; 246771 | (16622232) | (6912899) | (2706064)  |
|  Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 279880 | (17072988) | (8984743) | (3371233)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 314523 | (14165910) | (26966682) | (18404029)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $321946 | $(13271783) | $(24472813) | $(18124329) |

---

<sup>1</sup> Represents the period from March 26, 2025 (commencement of operations) to April 30, 2025.

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

114<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**NFLX Bull** <br>**2X Shares** | **Direxion Daily** <br>**NVDA Bull** <br>**2X Shares** | **Direxion Daily** <br>**PANW Bull** <br>**2X Shares<sup>1</sup>** | **Direxion Daily** <br>**PLTR Bull** <br>**2X Shares<sup>2</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $— | $18329 | &nbsp;&nbsp; $— | $—  |
| Interest income | 406868 | 11662793 | &nbsp;&nbsp; 9831 | 1864847  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 406868 | 11681122 | &nbsp;&nbsp; 9831 | 1864847  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 76560 | 2226159 | &nbsp;&nbsp; 1836 | 333993  |
| Interest expense | 39705 | 1267738 | &nbsp;&nbsp; — | 95542  |
| Management service fees (Note 6) | 4996 | 145083 | &nbsp;&nbsp; 120 | 21830  |
| Professional fees | 5514 | 20393 | &nbsp;&nbsp; 1002 | 6409  |
| Licensing fees | 1531 | 1859 | &nbsp;&nbsp; — | 6680  |
| Pricing fees | 2663 | 1984 | &nbsp;&nbsp; 592 | 2006  |
| Exchange listing fees | 1984 | 1984 | &nbsp;&nbsp; 518 | 1833  |
| Reports to shareholders | 944 | 26271 | &nbsp;&nbsp; 26 | 4332  |
| Fund servicing fees | 500 | 19934 | &nbsp;&nbsp; — | 285  |
| Trustees' fees and expenses | 239 | 6650 | &nbsp;&nbsp; 6 | 1096  |
| Insurance fees | 159 | 4408 | &nbsp;&nbsp; 4 | 727  |
| Offering fees |  |  | &nbsp;&nbsp; 1480 | 5795  |
| Excise tax | 27 |  | &nbsp;&nbsp; — | 95  |
| Other | 1770 | 40450 | &nbsp;&nbsp; 50 | 8872  |
| &nbsp;&nbsp;&nbsp; Total expenses | 136592 | 3762913 | &nbsp;&nbsp; 5634 | 489495  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 2399 |  | &nbsp;&nbsp; — | 1548  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (2283) |  | &nbsp;&nbsp; (3309) | (1548)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 136708 | 3762913 | &nbsp;&nbsp; 2325 | 489495  |
| **Net investment income** | 270160 | 7918209 | &nbsp;&nbsp; 7506 | 1375352  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | 156190 | (2277132) | &nbsp;&nbsp; — | 95669  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 556792 | 6469370 | &nbsp;&nbsp; — | 1735469  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 19752584 | (76535924) | &nbsp;&nbsp; 24977 | 56626171  |
| Net realized gain (loss) | 20465566 | (72343686) | &nbsp;&nbsp; 24977 | 58457309  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | 705894 | (25858367) | &nbsp;&nbsp; 3279 | 6403867  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 800968 | (219958438) | &nbsp;&nbsp; (59767) | 48690489  |
|  Change in net unrealized appreciation (depreciation) | 1506862 | (245816805) | &nbsp;&nbsp; (56488) | 55094356  |
| **Net realized and unrealized gain (loss)** | 21972428 | (318160491) | &nbsp;&nbsp; (31511) | 113551665  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $22242588 | $(310242282) | &nbsp;&nbsp; $(24005) | $114927017 |

---

<sup>1</sup> Represents the period from March 26, 2025 (commencement of operations) to April 30, 2025.

<sup>2</sup> Represents the period from December 11, 2024 (commencement of operations) to April 30, 2025.

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

115<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**TSLA Bull** <br>**2X Shares** | **Direxion Daily** <br>**TSM Bull** <br>**2X Shares** | **Direxion Daily** <br>**XOM Bull** <br>**2X Shares<sup>1</sup>** | **Direxion Daily** <br>**CSI 300 China A** <br>**Share Bull** <br>**2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $— | $94914 | &nbsp;&nbsp; $— | $1925581  |
| Less: Foreign Withholding Tax |  | (19932) | &nbsp;&nbsp; — | —  |
| Interest income | 93563167 | 1831288 | &nbsp;&nbsp; 1570 | 3721737  |
| Securities lending income |  |  | &nbsp;&nbsp; — | 71792  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 93563167 | 1906270 | &nbsp;&nbsp; 1570 | 5719110  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 15652181 | 325138 | &nbsp;&nbsp; 411 | 1004125  |
| Interest expense | 6780871 | 57693 | &nbsp;&nbsp; — | 99240  |
| Management service fees (Note 6) | 1020484 | 21207 | &nbsp;&nbsp; 27 | 65439  |
| Professional fees | 114921 | 7274 | &nbsp;&nbsp; 222 | 11916  |
| Licensing fees | 313044 | 6503 | &nbsp;&nbsp; — | 40164  |
| Pricing fees | 1984 | 2663 | &nbsp;&nbsp; 132 | 1984  |
| Exchange listing fees | 1984 | 1984 | &nbsp;&nbsp; 115 | 3055  |
| Reports to shareholders | 187168 | 3941 | &nbsp;&nbsp; 6 | 11842  |
| Fund servicing fees | 113636 | 2007 | &nbsp;&nbsp; — | 9706  |
| Trustees' fees and expenses | 47377 | 998 | &nbsp;&nbsp; 1 | 2997  |
| Insurance fees | 31409 | 661 | &nbsp;&nbsp; 1 | 1987  |
| Offering fees |  |  | &nbsp;&nbsp; 329 | —  |
| Other | 310577 | 7001 | &nbsp;&nbsp; 11 | 17678  |
| &nbsp;&nbsp;&nbsp; Total expenses | 24575636 | 437070 | &nbsp;&nbsp; 1255 | 1270133  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) |  | 11564 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) |  |  | (734) | —  |
| &nbsp;&nbsp;&nbsp; Less: Investment advisory fees waived (Note 6) | (1943991) |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 22631645 | 448634 | &nbsp;&nbsp; 521 | 1270133  |
| **Net investment income** | 70931522 | 1457636 | &nbsp;&nbsp; 1049 | 4448977  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (370933580) |  | &nbsp;&nbsp; — | (21199373)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 90631997 | 829978 | &nbsp;&nbsp; — | (9002265)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 500000211 | (23512625) | &nbsp;&nbsp; (3859) | (82389128)  |
| Net realized gain (loss) | 219698628 | (22682647) | &nbsp;&nbsp; (3859) | (112590766)  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | 48241101 | (3100414) | &nbsp;&nbsp; (13395) | 19096981  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (1263784564) | (19324985) | &nbsp;&nbsp; (114174) | 36771818  |
|  Change in net unrealized appreciation (depreciation) | (1215543463) | (22425399) | &nbsp;&nbsp; (127569) | 55868799  |
| **Net realized and unrealized loss** | (995844835) | (45108046) | &nbsp;&nbsp; (131428) | (56721967)  |
|  **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(924913313) | $(43650410) | &nbsp;&nbsp; $(130379) | $(52272990) |

---

<sup>1</sup> Represents the period from April 23, 2025 (commencement of operations) to April 30, 2025.

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

116<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**CSI China Internet** <br>**Index Bull** <br>**2X Shares** | **Direxion Daily** <br>**S&P 500<sup>®</sup> Bull** <br>**2X Shares** | **Direxion Daily** <br>**MSCI Brazil Bull** <br>**2X Shares** | **Direxion Daily** <br>**MSCI Emerging** <br>**Markets ex** <br>**China Bull** <br>**2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | &nbsp;&nbsp; $5886529 | $943699 | $3211712 | &nbsp;&nbsp;&nbsp; $47342  |
| Less: Foreign Withholding Tax | &nbsp;&nbsp; — | (203) |  | &nbsp;&nbsp;&nbsp; —  |
| Interest income | &nbsp;&nbsp; 3572731 | 342471 | 958678 | &nbsp;&nbsp;&nbsp; 31962  |
| Securities lending income | &nbsp;&nbsp; — | 222 | 53739 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 9459260 | 1286189 | 4224129 | &nbsp;&nbsp;&nbsp; 79304  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | &nbsp;&nbsp; 1226036 | 373227 | 454478 | &nbsp;&nbsp;&nbsp; 10342  |
| Interest expense | &nbsp;&nbsp; 1034411 | 262489 | 65041 | &nbsp;&nbsp;&nbsp; —  |
| Management service fees (Note 6) | &nbsp;&nbsp; 79934 | 36491 | 29636 | &nbsp;&nbsp;&nbsp; 674  |
| Professional fees | &nbsp;&nbsp; 13572 | 8860 | 8171 | &nbsp;&nbsp;&nbsp; 5031  |
| Licensing fees | &nbsp;&nbsp; 49042 | 44787 | 39596 | &nbsp;&nbsp;&nbsp; 7439  |
| Pricing fees | &nbsp;&nbsp; 1984 | 1984 | 1984 | &nbsp;&nbsp;&nbsp; 1984  |
| Exchange listing fees | &nbsp;&nbsp; 3055 | 3055 | 3055 | &nbsp;&nbsp;&nbsp; 3055  |
| Reports to shareholders | &nbsp;&nbsp; 14660 | 6639 | 5466 | &nbsp;&nbsp;&nbsp; 122  |
| Fund servicing fees | &nbsp;&nbsp; 9689 | 4745 | 3359 | &nbsp;&nbsp;&nbsp; 293  |
| Trustees' fees and expenses | &nbsp;&nbsp; 3711 | 1681 | 1384 | &nbsp;&nbsp;&nbsp; 31  |
| Insurance fees | &nbsp;&nbsp; 2460 | 1114 | 917 | &nbsp;&nbsp;&nbsp; 21  |
| Other | &nbsp;&nbsp; 23614 | 10588 | 9135 | &nbsp;&nbsp;&nbsp; 187  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 2462168 | 755660 | 622222 | &nbsp;&nbsp;&nbsp; 29179  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | &nbsp;&nbsp; — | 8 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | &nbsp;&nbsp; — | (45306) |  | &nbsp;&nbsp;&nbsp; (16079)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 2462168 | 710362 | 622222 | &nbsp;&nbsp;&nbsp; 13100  |
| **Net investment income** | &nbsp;&nbsp; 6997092 | 575827 | 3601907 | &nbsp;&nbsp;&nbsp; 66204  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp; (11337754) | (2579325) | (3580074) | &nbsp;&nbsp;&nbsp; (69933)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; 18169081 |  | 2381236 | &nbsp;&nbsp;&nbsp; 31068  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; 25494126 | 17035875 | (28907069) | &nbsp;&nbsp;&nbsp; (373414)  |
| Net realized gain (loss) | &nbsp;&nbsp; 32325453 | 14456550 | (30105907) | &nbsp;&nbsp;&nbsp; (412279)  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp; (14691602) | (1221988) | 3142014 | &nbsp;&nbsp;&nbsp; (51824)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; (39169462) | (24187765) | 26519227 | &nbsp;&nbsp;&nbsp; 173777  |
|  Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (53861064) | (25409753) | 29661241 | &nbsp;&nbsp;&nbsp; 121953  |
| **Net realized and unrealized loss** | &nbsp;&nbsp; (21535611) | (10953203) | (444666) | &nbsp;&nbsp;&nbsp; (290326)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $(14538519) | $(10377376) | $3157241 | &nbsp;&nbsp;&nbsp; $(224122) |

---

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

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**DIREXION SHARES ETF TRUST** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**MSCI India** <br>**Bull 2X Shares** | **Direxion Daily** <br>**AI and Big** <br>**Data Bull** <br>**2X Shares** | **Direxion Daily** <br>**AI and Big** <br>**Data Bear** <br>**2X Shares** | **Direxion Daily** <br>**Cloud** <br>**Computing** <br>**Bull 2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $305694 | $18519 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2409  |
| Interest income | 1011779 | 54716 | &nbsp;&nbsp; 45434 | &nbsp;&nbsp; 46349  |
| Securities lending income | 7292 | 278 | &nbsp;&nbsp; — | &nbsp;&nbsp; 240  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1324765 | 73513 | &nbsp;&nbsp; 45434 | &nbsp;&nbsp; 48998  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 304211 | 41212 | &nbsp;&nbsp; 7568 | &nbsp;&nbsp; 26141  |
| Interest expense | 102747 | 7739 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5461  |
| Management service fees (Note 6) | 19834 | 2687 | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 1704  |
| Professional fees | 7099 | 5248 | &nbsp;&nbsp; 5013 | &nbsp;&nbsp; 5141  |
| Licensing fees | 16224 | 7347 | &nbsp;&nbsp; 6450 | &nbsp;&nbsp; 11901  |
| Pricing fees | 1984 | 1984 | &nbsp;&nbsp; 1984 | &nbsp;&nbsp; 1984  |
| Exchange listing fees | 3055 | 3055 | &nbsp;&nbsp; 3055 | &nbsp;&nbsp; 3055  |
| Reports to shareholders | 3641 | 492 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 308  |
| Fund servicing fees | 2820 | 483 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; 414  |
| Trustees' fees and expenses | 922 | 125 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 78  |
| Insurance fees | 611 | 83 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 52  |
| Other | 5617 | 832 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 493  |
| &nbsp;&nbsp;&nbsp; Total expenses | 468765 | 71287 | &nbsp;&nbsp; 25100 | &nbsp;&nbsp; 56732  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) |  | (11346) | &nbsp;&nbsp; (15514) | &nbsp;&nbsp; (18158)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 468765 | 59941 | &nbsp;&nbsp; 9586 | &nbsp;&nbsp; 38574  |
| **Net investment income** | 856000 | 13572 | &nbsp;&nbsp; 35848 | &nbsp;&nbsp; 10424  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (1038028) | (606419) | &nbsp;&nbsp; — | &nbsp;&nbsp; (862046)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 649314 | 505819 | &nbsp;&nbsp; — | &nbsp;&nbsp; 192530  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 1544993 | 15003 | &nbsp;&nbsp; (555751) | &nbsp;&nbsp; 246568  |
| Net realized gain (loss) | 1156279 | (85597) | &nbsp;&nbsp; (555751) | &nbsp;&nbsp; (422948)  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (952376) | (320737) | &nbsp;&nbsp; — | &nbsp;&nbsp; 602056  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (8569787) | (1093063) | &nbsp;&nbsp; 114077 | &nbsp;&nbsp; (390678)  |
|  Change in net unrealized appreciation (depreciation) | (9522163) | (1413800) | &nbsp;&nbsp; 114077 | &nbsp;&nbsp; 211378  |
| **Net realized and unrealized loss** | (8365884) | (1499397) | &nbsp;&nbsp; (441674) | &nbsp;&nbsp; (211570)  |
|  **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(7509884) | $(1485825) | &nbsp;&nbsp; $(405826) | &nbsp;&nbsp; $(201146) |

---

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

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**DIREXION SHARES ETF TRUST** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Crypto Industry** <br>**Bull 2X Shares** | **Direxion Daily** <br>**Electric and** <br>**Autonomous** <br>**Vehicles Bull** <br>**2X Shares** | **Direxion Daily** <br>**Energy Bull** <br>**2X Shares** | **Direxion Daily** <br>**Energy Bear** <br>**2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $2102 | &nbsp;&nbsp; $1889 | $3151959 | $—  |
| Interest income | 26458 | &nbsp;&nbsp; 38484 | 1740312 | 425293  |
| Securities lending income | 578 | &nbsp;&nbsp; 26875 | 1565 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 29138 | &nbsp;&nbsp; 67248 | 4893836 | 425293  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 14888 | &nbsp;&nbsp; 16674 | 996844 | 72289  |
| Interest expense | 3607 | &nbsp;&nbsp; 7470 | 462605 | 17597  |
| Management service fees (Note 6) | 970 | &nbsp;&nbsp; 1086 | 64977 | 4713  |
| Professional fees | 5063 | &nbsp;&nbsp; 5074 | 11909 | 5470  |
| Licensing fees | 6645 | &nbsp;&nbsp; 11901 | 78782 | 5734  |
| Pricing fees | 1984 | &nbsp;&nbsp; 1984 | 1984 | 1984  |
| Exchange listing fees | 3055 | &nbsp;&nbsp; 3055 | 3055 | 3055  |
| Reports to shareholders | 175 | &nbsp;&nbsp; 195 | 11829 | 868  |
| Fund servicing fees | 328 | &nbsp;&nbsp; 345 | 8770 | 807  |
| Trustees' fees and expenses | 45 | &nbsp;&nbsp; 49 | 2994 | 220  |
| Insurance fees | 29 | &nbsp;&nbsp; 33 | 1985 | 146  |
| Excise tax | 228 | &nbsp;&nbsp; — |  | —  |
| Other | 275 | &nbsp;&nbsp; 307 | 18389 | 1349  |
| &nbsp;&nbsp;&nbsp; Total expenses | 37292 | &nbsp;&nbsp; 48173 | 1664123 | 114232  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) |  | &nbsp;&nbsp; — |  | 2  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (14599) | &nbsp;&nbsp; (19583) |  | (5071)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 22693 | &nbsp;&nbsp; 28590 | 1664123 | 109163  |
| **Net investment income** | 6445 | &nbsp;&nbsp; 38658 | 3229713 | 316130  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (438966) | &nbsp;&nbsp; (535835) | (8904876) | —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | &nbsp;&nbsp; 165746 | 9179566 | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (1081162) | &nbsp;&nbsp; 443134 | (5977851) | 2123374  |
| Net realized gain (loss) | (1520128) | &nbsp;&nbsp; 73045 | (5703161) | 2123374  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (105991) | &nbsp;&nbsp; 196547 | (12882872) | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (33729) | &nbsp;&nbsp; (401115) | (26404635) | 1720415  |
|  Change in net unrealized appreciation (depreciation) | (139720) | &nbsp;&nbsp; (204568) | (39287507) | 1720415  |
| **Net realized and unrealized gain (loss)** | (1659848) | &nbsp;&nbsp; (131523) | (44990668) | 3843789  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1653403) | &nbsp;&nbsp; $(92865) | $(41760955) | $4159919 |

---

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

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Gold Miners** <br>**Index Bull** <br>**2X Shares** | **Direxion Daily** <br>**Gold Miners** <br>**Index Bear** <br>**2X Shares** | **Direxion Daily** <br>**Junior Gold** <br>**Miners Index** <br>**Bull 2X Shares** | **Direxion Daily** <br>**Junior Gold** <br>**Miners Index** <br>**Bear 2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $3482846 | $— | $3116509 | $—  |
| Interest income | 5983893 | 2399112 | 4108113 | 1312460  |
| Securities lending income | 842 |  | 11 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 9467581 | 2399112 | 7224633 | 1312460  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 2050889 | 372145 | 1106793 | 199336  |
| Interest expense | 2301695 | 54088 | 1470792 | 26911  |
| Management service fees (Note 6) | 133723 | 24267 | 72172 | 13003  |
| Professional fees | 19409 | 7588 | 12779 | 6385  |
| Licensing fees | 49731 | 4965 | 1240 | 1240  |
| Pricing fees | 1984 | 1984 | 1984 | 1984  |
| Exchange listing fees | 3055 | 3055 | 3055 | 3055  |
| Reports to shareholders | 24595 | 4475 | 13310 | 2427  |
| Fund servicing fees | 15812 | 3009 | 8496 | 1592  |
| Trustees' fees and expenses | 6225 | 1133 | 3369 | 614  |
| Insurance fees | 4127 | 751 | 2233 | 407  |
| Excise tax |  |  | 47945 | —  |
| Other | 39900 | 7269 | 21673 | 4006  |
| &nbsp;&nbsp;&nbsp; Net expenses | 4651145 | 484729 | 2765841 | 260960  |
| **Net investment income** | 4816436 | 1914383 | 4458792 | 1051500  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (12531355) |  |  | —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 50179347 |  | 23885113 | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 148765379 | (27196940) | 114632967 | (24609066)  |
| Net realized gain (loss) | 186413371 | (27196940) | 138518080 | (24609066)  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | 14321775 |  | (3788590) | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (10901986) | (5999645) | (37447665) | (204302)  |
|  Change in net unrealized appreciation (depreciation) | 3419789 | (5999645) | (41236255) | (204302)  |
| **Net realized and unrealized gain (loss)** | 189833160 | (33196585) | 97281825 | (24813368)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $194649596 | $(31282202) | $101740617 | $(23761868) |

---

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

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**DIREXION SHARES ETF TRUST** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Magnificent 7** <br>**Bull 2X Shares** | **Direxion Daily** <br>**NYSE FANG+** <br>**Bull 2X Shares** | **Direxion Daily** <br>**Robotics,** <br>**Artificial** <br>**Intelligence &** <br>**Automation Index** <br>**Bull 2X Shares** | **Direxion Daily** <br>**S&P Oil & Gas** <br>**Exp. & Prod.** <br>**Bull 2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $58448 | $62063 | &nbsp;&nbsp; $— | $2703530  |
| Interest income | 438484 | 1064167 | &nbsp;&nbsp; 303918 | 2436033  |
| Securities lending income |  |  | &nbsp;&nbsp; 176 | 10076  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 496932 | 1126230 | &nbsp;&nbsp; 304094 | 5149639  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 236446 | 313890 | &nbsp;&nbsp; 97200 | 1119323  |
| Interest expense | 23762 | 187737 | &nbsp;&nbsp; 45160 | 266078  |
| Management service fees (Note 6) | 15420 | 20462 | &nbsp;&nbsp; 6335 | 72948  |
| Professional fees | 6634 | 7155 | &nbsp;&nbsp; 5633 | 12717  |
| Licensing fees | 24507 | 20926 | &nbsp;&nbsp; 7878 | 119394  |
| Pricing fees | 1984 | 1984 | &nbsp;&nbsp; 1984 | 1984  |
| Exchange listing fees | 3595 | 3055 | &nbsp;&nbsp; 3055 | 3055  |
| Reports to shareholders | 2851 | 3737 | &nbsp;&nbsp; 1147 | 13204  |
| Fund servicing fees | 1267 | 2491 | &nbsp;&nbsp; 1035 | 10325  |
| Trustees' fees and expenses | 722 | 946 | &nbsp;&nbsp; 290 | 3342  |
| Insurance fees | 478 | 627 | &nbsp;&nbsp; 193 | 2216  |
| Other | 5350 | 6229 | &nbsp;&nbsp; 1792 | 20151  |
| &nbsp;&nbsp;&nbsp; Total expenses | 323016 | 569239 | &nbsp;&nbsp; 171702 | 1644737  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 2478 | 16111 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (2234) | (19) | &nbsp;&nbsp; (3422) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 323260 | 585331 | &nbsp;&nbsp; 168280 | 1644737  |
| **Net investment income** | 173672 | 540899 | &nbsp;&nbsp; 135814 | 3504902  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (9871143) | (2017983) | &nbsp;&nbsp; (1184949) | (30508310)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 1014548 | 3133876 | &nbsp;&nbsp; — | 11513546  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (7468064) | 11672309 | &nbsp;&nbsp; (36080) | (38886416)  |
| Net realized gain (loss) | (16324659) | 12788202 | &nbsp;&nbsp; (1221029) | (57881180)  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (595936) | 759908 | &nbsp;&nbsp; (827249) | (5791802)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (9523809) | (15933438) | &nbsp;&nbsp; (4390742) | (16094890)  |
| Change in net unrealized depreciation | (10119745) | (15173530) | &nbsp;&nbsp; (5217991) | (21886692)  |
| **Net realized and unrealized loss** | (26444404) | (2385328) | &nbsp;&nbsp; (6439020) | (79767872)  |
|  **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(26270732) | $(1844429) | &nbsp;&nbsp; $(6303206) | $(76262970) |

---

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

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**DIREXION SHARES ETF TRUST** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**S&P Oil & Gas** <br>**Exp. & Prod.** <br>**Bear 2X Shares** | **Direxion Daily** <br>**Travel &** <br>**Vacation** <br>**Bull 2X Shares** | **Direxion Daily** <br>**Uranium** <br>**Industry** <br>**Bull 2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | $— | $34058 | $97602  |
| Interest income | 1021952 | 39229 | 104051  |
| Securities lending income |  | 43 | 5  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1021952 | 73330 | 201658  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fees (Note 6) | 174574 | 23856 | 28154  |
| Interest expense | 101136 | 10690 | 7682  |
| Management service fees (Note 6) | 11387 | 1554 | 1836  |
| Professional fees | 6204 | 5123 | 5157  |
| Licensing fees | 18621 | 2503 | 6248  |
| Pricing fees | 1984 | 1984 | 1984  |
| Exchange listing fees | 3055 | 3055 | 3055  |
| Reports to shareholders | 2118 | 279 | 336  |
| Fund servicing fees | 1376 | 435 | 420  |
| Trustees' fees and expenses | 536 | 71 | 85  |
| Insurance fees | 355 | 47 | 57  |
| Excise tax |  | 107 | 2002  |
| Other | 3549 | 409 | 540  |
| &nbsp;&nbsp;&nbsp; Total expenses | 324895 | 50113 | 57556  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 9 |  | 1  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (2641) | (9098) | (12211)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 322263 | 41015 | 45346  |
| **Net investment income** | 699689 | 32315 | 156312  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | (372171) | (269208)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 547849 | (19500)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 16188235 | 681652 | (3010265)  |
| Net realized gain (loss) | 16188235 | 857330 | (3298973)  |
| Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | (404994) | (632093)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 1011720 | (1221768) | (700643)  |
| Change in net unrealized appreciation (depreciation) | 1011720 | (1626762) | (1332736)  |
| **Net realized and unrealized gain (loss)** | 17199955 | (769432) | (4631709)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $17899644 | $(737117) | $(4475397) |

---

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

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Direxion Daily AAPL** <br>**Bear 1X Shares** | **Direxion Daily AAPL** <br>**Bear 1X Shares** | **Direxion Daily AMD** <br>**Bear 1X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **For the Period** <br>**February 12, 2025<sup>1</sup>** <br>**through** <br>**April 30, 2025** <br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $470139 | $1179517 | &nbsp;&nbsp;&nbsp;&nbsp; $18771  |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp; (229911) | (5280087) | &nbsp;&nbsp;&nbsp;&nbsp; (57185)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 2126990 | (1488835) | &nbsp;&nbsp;&nbsp;&nbsp; 174944  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; 2367218 | (5589405) | &nbsp;&nbsp;&nbsp;&nbsp; 136530  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (466512) | (1242145) | &nbsp;&nbsp;&nbsp;&nbsp; (10843)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (466512) | (1242145) | &nbsp;&nbsp;&nbsp;&nbsp; (10843)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 60184709 | 74077786 | &nbsp;&nbsp;&nbsp;&nbsp; 3148758  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (52635576) | (78334822) | &nbsp;&nbsp;&nbsp;&nbsp; (721990)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 15791 | 23500 | &nbsp;&nbsp;&nbsp;&nbsp; 217  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp; 7564924 | (4233536) | &nbsp;&nbsp;&nbsp;&nbsp; 2426985  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 9465630 | (11065086) | &nbsp;&nbsp;&nbsp;&nbsp; 2552672  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 25497898 | 36562984 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $34963528 | $25497898 | &nbsp;&nbsp;&nbsp;&nbsp; $2552672  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp; 1500001 | 1600001 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 3550000 | 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 125001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (3000000) | (3850000) | &nbsp;&nbsp;&nbsp;&nbsp; (25000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp; 2050001 | 1500001 | &nbsp;&nbsp;&nbsp;&nbsp; 100001 |

---

<sup>1</sup> Commencement of Operations.

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

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares**  | **Direxion Daily AVGO Bear 1X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **October 10, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $87517 | &nbsp;&nbsp; $147591 | &nbsp;&nbsp; $64186 | &nbsp;&nbsp;&nbsp; $5590  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (146889) | &nbsp;&nbsp; (1461989) | &nbsp;&nbsp; (601163) | &nbsp;&nbsp;&nbsp; 21444  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 463143 | &nbsp;&nbsp; 97691 | &nbsp;&nbsp; (99913) | &nbsp;&nbsp;&nbsp; 204687  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; 403771 | &nbsp;&nbsp; (1216707) | &nbsp;&nbsp; (636890) | &nbsp;&nbsp;&nbsp; 231721  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (91715) | &nbsp;&nbsp; (146986) | &nbsp;&nbsp; (82510) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (91715) | &nbsp;&nbsp; (146986) | &nbsp;&nbsp; (82510) | &nbsp;&nbsp;&nbsp; —  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 16722776 | &nbsp;&nbsp; 10661343 | &nbsp;&nbsp; 11564684 | &nbsp;&nbsp;&nbsp; 2500025  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (16908097) | &nbsp;&nbsp; (8159484) | &nbsp;&nbsp; (9801990) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 5073 | &nbsp;&nbsp; 2448 | &nbsp;&nbsp; 2941 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp; (180248) | &nbsp;&nbsp; 2504307 | &nbsp;&nbsp; 1765635 | &nbsp;&nbsp;&nbsp; 2500025  |
| **Total increase in net assets** | &nbsp;&nbsp; 131808 | &nbsp;&nbsp; 1140614 | &nbsp;&nbsp; 1046235 | &nbsp;&nbsp;&nbsp; 2731746  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 4136516 | &nbsp;&nbsp; 2995902 | &nbsp;&nbsp; 2731746 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $4268324 | &nbsp;&nbsp; $4136516 | &nbsp;&nbsp; $3777981 | &nbsp;&nbsp;&nbsp; $2731746  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | &nbsp;&nbsp; 300001 | &nbsp;&nbsp; 150001 | &nbsp;&nbsp; 100001 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 1475000 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 100001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (1450000) | &nbsp;&nbsp; (550000) | &nbsp;&nbsp; (500000) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | &nbsp;&nbsp; 325001 | &nbsp;&nbsp; 300001 | &nbsp;&nbsp; 200001 | &nbsp;&nbsp;&nbsp; 100001 |

---

<sup>1</sup> Commencement of Operations.

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

124<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily BA** <br>**Bear 1X Shares** | **Direxion Daily BRKB** <br>**Bear 1X Shares** | **Direxion Daily GOOGL** <br>**Bear 1X Shares**  | **Direxion Daily GOOGL** <br>**Bear 1X Shares**  |
|  | **For the Period** <br>**April 23, 2025<sup>1</sup>** <br>**through** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**December 11, 2024<sup>1</sup>** <br>**through** <br>**April 30, 2025** <br>(Unaudited) | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp; $1522 | &nbsp;&nbsp;&nbsp;&nbsp; $37917 | &nbsp;&nbsp; $81827 | $141542  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (44657) | &nbsp;&nbsp;&nbsp;&nbsp; (215499) | &nbsp;&nbsp; 333603 | (1197303)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; (247676) | &nbsp;&nbsp;&nbsp;&nbsp; (205012) | &nbsp;&nbsp; 504442 | (214058)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; (290811) | &nbsp;&nbsp;&nbsp;&nbsp; (382594) | &nbsp;&nbsp; 919872 | (1269819)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32129) | &nbsp;&nbsp; (84182) | (135857)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32129) | &nbsp;&nbsp; (84182) | (135857)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp; 2500025 | &nbsp;&nbsp;&nbsp;&nbsp; 3725373 | &nbsp;&nbsp; 9452798 | 14216614  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (610877) | &nbsp;&nbsp; (9494929) | (10645677)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp; 2848 | 3194  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; 2500025 | &nbsp;&nbsp;&nbsp;&nbsp; 3114679 | &nbsp;&nbsp; (39283) | 3574131  |
| **Total increase in net assets** | &nbsp;&nbsp;&nbsp; 2209214 | &nbsp;&nbsp;&nbsp;&nbsp; 2699956 | &nbsp;&nbsp; 796407 | 2168455  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 4116235 | 1947780  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp;&nbsp; $2209214 | &nbsp;&nbsp;&nbsp;&nbsp; $2699956 | &nbsp;&nbsp; $4912642 | $4116235  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 300001 | 100001  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 100001 | &nbsp;&nbsp;&nbsp;&nbsp; 150001 | &nbsp;&nbsp; 775000 | 875000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (25000) | &nbsp;&nbsp; (725000) | (675000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | &nbsp;&nbsp;&nbsp; 100001 | &nbsp;&nbsp;&nbsp;&nbsp; 125001 | &nbsp;&nbsp; 350001 | 300001 |

---

<sup>1</sup> Commencement of Operations.

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

125<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Direxion Daily LLY** <br>**Bear 1X Shares** | **Direxion Daily META** <br>**Bear 1X Shares**  | **Direxion Daily META** <br>**Bear 1X Shares**  |
|  | **For the Period** <br>**March 26, 2025<sup>1</sup>** <br>**through** <br>**April 30, 2025** <br>(Unaudited) | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**June 5, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $11411 | &nbsp;&nbsp; $108407 | $67910  |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp; (313260) | &nbsp;&nbsp; (115037) | (294679)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (340712) | &nbsp;&nbsp; 959868 | (203578)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp; (642561) | &nbsp;&nbsp; 953238 | (430347)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (114756) | (47542)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (114756) | (47542)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 4666510 | &nbsp;&nbsp; 24271854 | 10909789  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (26822417) | (4235273)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 8046 | 1271  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 4666510 | &nbsp;&nbsp; (2542517) | 6675787  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 4023949 | &nbsp;&nbsp; (1704035) | 6197898  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 6197898 | —  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp;&nbsp;&nbsp; $4023949 | &nbsp;&nbsp; $4493863 | $6197898  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 300001 | —  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 175001 | &nbsp;&nbsp; 1425000 | 475001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1500000) | (175000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp;&nbsp;&nbsp; 175001 | &nbsp;&nbsp; 225001 | 300001 |

---

<sup>1</sup> Commencement of Operations.

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

126<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares**  | **Direxion Daily MU Bear 1X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**October 10, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $88094 | $294765 | &nbsp;&nbsp; $54239 | &nbsp;&nbsp;&nbsp; $5634  |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp; (179867) | (2037606) | &nbsp;&nbsp; (361514) | &nbsp;&nbsp;&nbsp; (51186)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (190939) | 585924 | &nbsp;&nbsp; 253727 | &nbsp;&nbsp;&nbsp; 80112  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; (282712) | (1156917) | &nbsp;&nbsp; (53548) | &nbsp;&nbsp;&nbsp; 34560  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (94255) | (301555) | &nbsp;&nbsp; (48113) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (94255) | (301555) | &nbsp;&nbsp; (48113) | &nbsp;&nbsp;&nbsp; —  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 9654434 | 31802163 | &nbsp;&nbsp; 4614081 | &nbsp;&nbsp;&nbsp; 2500025  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (11091088) | (27688790) | &nbsp;&nbsp; (3179741) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 3327 | 8306 | &nbsp;&nbsp; 954 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp; (1433327) | 4121679 | &nbsp;&nbsp; 1435294 | &nbsp;&nbsp;&nbsp; 2500025  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (1810294) | 2663207 | &nbsp;&nbsp; 1333633 | &nbsp;&nbsp;&nbsp; 2534585  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 7882824 | 5219617 | &nbsp;&nbsp; 2534585 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $6072530 | $7882824 | &nbsp;&nbsp; $3868218 | &nbsp;&nbsp;&nbsp; $2534585  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | &nbsp;&nbsp; 550001 | 300001 | &nbsp;&nbsp; 100001 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 675000 | 2225000 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 100001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (800000) | (1975000) | &nbsp;&nbsp; (125000) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | &nbsp;&nbsp; 425001 | 550001 | &nbsp;&nbsp; 150001 | &nbsp;&nbsp;&nbsp; 100001 |

---

<sup>1</sup> Commencement of Operations.

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

127<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily NFLX**<br>**Bear 1X Shares** | **Direxion Daily NFLX**<br>**Bear 1X Shares** | **Direxion Daily NVDA** <br>**Bear 1X Shares**  | **Direxion Daily NVDA** <br>**Bear 1X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**October 3, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $94399 | &nbsp;&nbsp; $10647 | $404219 | $634916  |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp; (987461) | &nbsp;&nbsp; (71708) | (186393) | (10572784)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (1001951) | &nbsp;&nbsp; (110953) | 3674025 | (2055523)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; (1895013) | &nbsp;&nbsp; (172014) | 3891851 | (11993391)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (85564) | &nbsp;&nbsp; — | (438357) | (598186)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (85564) | &nbsp;&nbsp; — | (438357) | (598186)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 15841112 | &nbsp;&nbsp; 4829345 | 121887118 | 72151960  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (9620553) | &nbsp;&nbsp; — | (114975408) | (41506317)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 2886 | &nbsp;&nbsp; — | 34493 | 12452  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | &nbsp;&nbsp; 6223445 | &nbsp;&nbsp; 4829345 | 6946203 | 30658095  |
| **Total increase in net assets** | &nbsp;&nbsp; 4242868 | &nbsp;&nbsp; 4657331 | 10399697 | 18066518  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 4657331 | &nbsp;&nbsp; — | 29659103 | 11592585  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $8900199 | &nbsp;&nbsp; $4657331 | $40058800 | $29659103  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | &nbsp;&nbsp; 200001 | &nbsp;&nbsp; — | 4450001 | 425001  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 200001 | 17975000 | 8575000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (500000) | &nbsp;&nbsp; — | (16575000) | (4550000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | &nbsp;&nbsp; 600001 | &nbsp;&nbsp; 200001 | 5850001 | 4450001 |

---

<sup>1</sup> Commencement of Operations.

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

128<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily PANW** <br>**Bear 1X Shares** | **Direxion Daily PLTR** <br>**Bear 1X Shares** | **Direxion Daily TSLA** <br>**Bear 1X Shares**  | **Direxion Daily TSLA** <br>**Bear 1X Shares**  |
|  | **For the Period** <br>**March 26, 2025<sup>1</sup>** <br>**through** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**December 11, 2024<sup>1</sup>** <br>**through** <br>**April 30, 2025** <br>(Unaudited) | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $7754 | &nbsp;&nbsp; $359437 | $949556 | $1684881  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (14301) | &nbsp;&nbsp; 3809942 | (10971924) | (6504750)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (31277) | &nbsp;&nbsp; (4336948) | 1363309 | (10492430)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp; (37824) | &nbsp;&nbsp; (167569) | (8659059) | (15312299)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (281484) | (960352) | (1764224)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (281484) | (960352) | (1764224)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2500025 | &nbsp;&nbsp; 168951215 | 273164838 | 350413866  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (130798736) | (229497174) | (339019676)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 39240 | 68849 | 101706  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 2500025 | &nbsp;&nbsp; 38191719 | 43736513 | 11495896  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 2462201 | &nbsp;&nbsp; 37742666 | 34117102 | (5580627)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 44021932 | 49602559  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp;&nbsp;&nbsp; $2462201 | &nbsp;&nbsp; $37742666 | $78139034 | $44021932  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 3100001 | 2075001  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 100001 | &nbsp;&nbsp; 11050001 | 28025000 | 17225000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (7750000) | (22750000) | (16200000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | &nbsp;&nbsp;&nbsp;&nbsp; 100001 | &nbsp;&nbsp; 3300001 | 8375001 | 3100001 |

---

<sup>1</sup> Commencement of Operations.

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

129<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily XOM** <br>**Bear 1X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**October 3, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  | **For the Period** <br>**April 23, 2025<sup>1</sup>** <br>**through** <br>**April 30, 2025** <br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $62947 | &nbsp;&nbsp; $9122 | &nbsp;&nbsp;&nbsp;&nbsp; $1489  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 75803 | &nbsp;&nbsp; (140166) | &nbsp;&nbsp;&nbsp;&nbsp;(570)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation | &nbsp;&nbsp; 598420 | &nbsp;&nbsp; 6670 | &nbsp;&nbsp;&nbsp;&nbsp; 63707  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; 737170 | &nbsp;&nbsp; (124374) | &nbsp;&nbsp;&nbsp;&nbsp; 64626  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (63214) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (63214) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 3407523 | &nbsp;&nbsp; 4117642 | &nbsp;&nbsp;&nbsp;&nbsp; 2500025  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (5138305) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 1541 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp; (1729241) | &nbsp;&nbsp; 4117642 | &nbsp;&nbsp;&nbsp;&nbsp; 2500025  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (1055285) | &nbsp;&nbsp; 3993268 | &nbsp;&nbsp;&nbsp;&nbsp; 2564651  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 3993268 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $2937983 | &nbsp;&nbsp; $3993268 | &nbsp;&nbsp;&nbsp;&nbsp; $2564651  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp; 175001 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 175001 | &nbsp;&nbsp;&nbsp;&nbsp; 100001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (225000) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp; 125001 | &nbsp;&nbsp; 175001 | &nbsp;&nbsp;&nbsp;&nbsp; 100001 |

---

<sup>1</sup> Commencement of Operations.

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

130<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily S&P 500<sup>®</sup>** <br>**Bear 1X Shares** | **Direxion Daily S&P 500<sup>®</sup>** <br>**Bear 1X Shares** | **Direxion Daily Crypto Industry** <br>**Bear 1X Shares**  | **Direxion Daily Crypto Industry** <br>**Bear 1X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**July 17, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $3038681 | $8592384 | &nbsp;&nbsp;&nbsp; $52823 | &nbsp;&nbsp; $36556  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (5427395) | (46329612) | &nbsp;&nbsp;&nbsp; 492501 | &nbsp;&nbsp; (46324)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 10738225 | (23581910) | &nbsp;&nbsp;&nbsp; (413205) | &nbsp;&nbsp; 149359  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 8349511 | (61319138) | &nbsp;&nbsp;&nbsp; 132119 | &nbsp;&nbsp; 139591  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (3045354) | (9127533) | &nbsp;&nbsp;&nbsp; (49327) | &nbsp;&nbsp; (30915)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (3045354) | (9127533) | &nbsp;&nbsp;&nbsp; (49327) | &nbsp;&nbsp; (30915)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 743555714 | 3330131858 | &nbsp;&nbsp;&nbsp; 574722 | &nbsp;&nbsp; 3240292  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (725598695) | (3409098968) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (756298)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) |  | 327688 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 227  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 17957019 | (78639422) | &nbsp;&nbsp;&nbsp; 574722 | &nbsp;&nbsp; 2484221  |
| **Total increase (decrease) in net assets** | 23261176 | (149086093) | &nbsp;&nbsp;&nbsp; 657514 | &nbsp;&nbsp; 2592897  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 147307909 | 296394002 | &nbsp;&nbsp;&nbsp; 2592897 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | $170569085 | $147307909 | &nbsp;&nbsp;&nbsp; $3250411 | &nbsp;&nbsp; $2592897  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | 12949983 | 19449983 | &nbsp;&nbsp;&nbsp; 100001 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | 65650000 | 243750000 | &nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 125001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (63800000) | (250250000) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (25000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | 14799983 | 12949983 | &nbsp;&nbsp;&nbsp; 125001 | &nbsp;&nbsp; 100001 |

---

<sup>1</sup> Commencement of Operations.

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

131<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Magnificent 7** <br>**Bear 1X Shares** | **Direxion Daily Magnificent 7** <br>**Bear 1X Shares** | **Direxion Daily AAPL** <br>**Bull 2X Shares**  | **Direxion Daily AAPL** <br>**Bull 2X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**March 7, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $86658 | &nbsp;&nbsp; $118742 | $1397473 | $2288784  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (511839) | &nbsp;&nbsp; (713795) | 16352975 | 26854673  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 641404 | &nbsp;&nbsp; (101211) | (10888458) | 11150431  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; 216223 | &nbsp;&nbsp; (696264) | 6861990 | 40293888  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (61647) | &nbsp;&nbsp; (114657) | (12183349) | (2167326)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (61647) | &nbsp;&nbsp; (114657) | (12183349) | (2167326)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 17107091 | &nbsp;&nbsp; 5449251 | 161637668 | 165537552  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (10665812) | &nbsp;&nbsp; (2186121) | (169435346) | (140604900)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 656 | 36519 | 40096  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp; 6444479 | &nbsp;&nbsp; 3263786 | (7761159) | 24972748  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 6599055 | &nbsp;&nbsp; 2452865 | (13082518) | 63099310  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 2452865 | &nbsp;&nbsp; — | 98080147 | 34980837  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $9051920 | &nbsp;&nbsp; $2452865 | $84997629 | $98080147  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | &nbsp;&nbsp; 125001 | &nbsp;&nbsp; — | 2775001 | 1500001  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 225001 | 5925000 | 5475000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (600000) | &nbsp;&nbsp; (100000) | (5200000) | (4200000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | &nbsp;&nbsp; 475001 | &nbsp;&nbsp; 125001 | 3500001 | 2775001 |

---

<sup>1</sup> Commencement of Operations.

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

132<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Direxion Daily AMD** <br>**Bull 2X Shares** | **Direxion Daily AMZN** <br>**Bull 2X Shares**  | **Direxion Daily AMZN** <br>**Bull 2X Shares**  |
|  | **For the Period** <br>**February 12, 2025<sup>1</sup>** <br>**through** <br>**April 30, 2025** <br>(Unaudited) | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $26515 | $3034542 | $3475214  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (1305782) | 19783593 | 7332677  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (513525) | (58621440) | (4110472)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp; (1792792) | (35803305) | 6697419  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (14580) | (5456103) | (3785145)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (14580) | (5456103) | (3785145)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 6322820 | 170727203 | 220052964  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (749835) | (92617039) | (106602582)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; 189 | 21072 | 30950  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 5573174 | 78131236 | 113481332  |
| **Total increase in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 3765802 | 36871828 | 116393606  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp; — | 158437015 | 42043409  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp;&nbsp;&nbsp; $3765802 | $195308843 | $158437015  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp; — | 4950001 | 1825001  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 275001 | 4750000 | 6525000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp; (50000) | (2450000) | (3400000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp;&nbsp;&nbsp; 225001 | 7250001 | 4950001 |

---

<sup>1</sup> Commencement of Operations.

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

133<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily AVGO** <br>**Bull 2X Shares** | **Direxion Daily AVGO** <br>**Bull 2X Shares** | **Direxion Daily BA** <br>**Bull 2X Shares** | **Direxion Daily BRKB** <br>**Bull 2X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**October 10, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  | **For the Period** <br>**April 23, 2025<sup>1</sup>** <br>**through** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**December 11, 2024<sup>1</sup>** <br>**through** <br>**April 30, 2025** <br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $693440 | &nbsp;&nbsp;&nbsp; $6210 | &nbsp;&nbsp;&nbsp; $1074 | &nbsp;&nbsp;&nbsp;&nbsp; $173649  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (17631860) | &nbsp;&nbsp;&nbsp; (74932) | &nbsp;&nbsp;&nbsp; 408197 | &nbsp;&nbsp;&nbsp;&nbsp; 535089  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (4209676) | &nbsp;&nbsp;&nbsp; (552921) | &nbsp;&nbsp;&nbsp; 256229 | &nbsp;&nbsp;&nbsp;&nbsp; 2512538  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (21148096) | &nbsp;&nbsp;&nbsp; (621643) | &nbsp;&nbsp;&nbsp; 665500 | &nbsp;&nbsp;&nbsp;&nbsp; 3221276  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (481203) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (87290)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (481203) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (87290)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 113009464 | &nbsp;&nbsp;&nbsp; 4727016 | &nbsp;&nbsp;&nbsp; 3278509 | &nbsp;&nbsp;&nbsp;&nbsp; 53208678  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (35035316) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9629399)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 7245 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2061  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | 77981393 | &nbsp;&nbsp;&nbsp; 4727016 | &nbsp;&nbsp;&nbsp; 3278509 | &nbsp;&nbsp;&nbsp;&nbsp; 43581340  |
| **Total increase in net assets** | 56352094 | &nbsp;&nbsp;&nbsp; 4105373 | &nbsp;&nbsp;&nbsp; 3944009 | &nbsp;&nbsp;&nbsp;&nbsp; 46715326  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 4105373 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | $60457467 | &nbsp;&nbsp;&nbsp; $4105373 | &nbsp;&nbsp;&nbsp; $3944009 | &nbsp;&nbsp;&nbsp;&nbsp; $46715326  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | 200001 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | 4350000 | &nbsp;&nbsp;&nbsp; 200001 | &nbsp;&nbsp;&nbsp; 125001 | &nbsp;&nbsp;&nbsp;&nbsp; 1850001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (1475000) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (350000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | 3075001 | &nbsp;&nbsp;&nbsp; 200001 | &nbsp;&nbsp;&nbsp; 125001 | &nbsp;&nbsp;&nbsp;&nbsp; 1500001 |

---

<sup>1</sup> Commencement of Operations.

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

134<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Direxion Daily GOOGL** <br>**Bull 2X Shares** | **Direxion Daily GOOGL** <br>**Bull 2X Shares** | **Direxion Daily LLY** <br>**Bull 2X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **For the Period** <br>**March 26, 2025<sup>1</sup>** <br>**through** <br>**April 30, 2025** <br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $3154273 | $2573351 | &nbsp;&nbsp;&nbsp;&nbsp; $7423  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (6179603) | 1517582 | &nbsp;&nbsp;&nbsp;&nbsp; 34643  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (68557423) | 17652565 | &nbsp;&nbsp;&nbsp;&nbsp; 279880  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (71582753) | 21743498 | &nbsp;&nbsp;&nbsp;&nbsp; 321946  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (4227494) | (2250138) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (4227494) | (2250138) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 245369041 | 152882789 | &nbsp;&nbsp;&nbsp;&nbsp; 3665166  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (106279718) | (53106364) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 23492 | 13462 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | 139112815 | 99789887 | &nbsp;&nbsp;&nbsp;&nbsp; 3665166  |
| **Total increase in net assets** | 63302568 | 119283247 | &nbsp;&nbsp;&nbsp;&nbsp; 3987112  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 153851430 | 34568183 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | $217153998 | $153851430 | &nbsp;&nbsp;&nbsp;&nbsp; $3987112  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 3925001 | 1275001 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | 6175000 | 4125000 | &nbsp;&nbsp;&nbsp;&nbsp; 150001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (2725000) | (1475000) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 7375001 | 3925001 | &nbsp;&nbsp;&nbsp;&nbsp; 150001 |

---

<sup>1</sup> Commencement of Operations.

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

135<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily META** <br>**Bull 2X Shares** | **Direxion Daily META** <br>**Bull 2X Shares** | **Direxion Daily MSFT** <br>**Bull 2X Shares**  | **Direxion Daily MSFT** <br>**Bull 2X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**June 5, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $894127 | $264557 | $2493869 | $2733374  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2907078 | (1490746) | (17981939) | 6309138  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (17072988) | 3947397 | (8984743) | (11255510)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (13271783) | 2721208 | (24472813) | (2212998)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (716258) | (169399) | (6500971) | (2525389)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (716258) | (169399) | (6500971) | (2525389)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 100592410 | 81663863 | 113076899 | 180276388  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (44614896) | (31486888) | (98516075) | (59163357)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 10068 | 7815 | 20215 | 15086  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | 55987582 | 50184790 | 14581039 | 121128117  |
| **Total increase (decrease) in net assets** | 41999541 | 52736599 | (16392745) | 116389730  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 52736599 |  | 159322398 | 42932668  |
| &nbsp;&nbsp;&nbsp; End of year/period | $94736140 | $52736599 | $142929653 | $159322398  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | 1625001 |  | 4100001 | 1250001  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3375000 | 2725001 | 2975000 | 4225000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (1375000) | (1100000) | (2650000) | (1375000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | 3625001 | 1625001 | 4425001 | 4100001 |

---

<sup>1</sup> Commencement of Operations.

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

136<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily MU** <br>**Bull 2X Shares** | **Direxion Daily MU** <br>**Bull 2X Shares** | **Direxion Daily NFLX** <br>**Bull 2X Shares**  | **Direxion Daily NFLX** <br>**Bull 2X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**October 10, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **For the Period**<br>**October 3, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $279700 | &nbsp;&nbsp;&nbsp; $8723 | &nbsp;&nbsp; $270160 | &nbsp;&nbsp; $9725  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (15032796) | &nbsp;&nbsp;&nbsp; (83886) | &nbsp;&nbsp; 20465566 | &nbsp;&nbsp; (30287)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (3371233) | &nbsp;&nbsp;&nbsp; (564770) | &nbsp;&nbsp; 1506862 | &nbsp;&nbsp; 421093  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; (18124329) | &nbsp;&nbsp;&nbsp; (639933) | &nbsp;&nbsp; 22242588 | &nbsp;&nbsp; 400531  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (216320) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (201811) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (216320) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (201811) | &nbsp;&nbsp; —  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 53264840 | &nbsp;&nbsp;&nbsp; 5937734 | &nbsp;&nbsp; 62997693 | &nbsp;&nbsp; 6488776  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (18437764) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (31012889) | &nbsp;&nbsp; (1367723)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 4210 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 7243 | &nbsp;&nbsp; 342  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | &nbsp;&nbsp; 34831286 | &nbsp;&nbsp;&nbsp; 5937734 | &nbsp;&nbsp; 31992047 | &nbsp;&nbsp; 5121395  |
| **Total increase in net assets** | &nbsp;&nbsp; 16490637 | &nbsp;&nbsp;&nbsp; 5297801 | &nbsp;&nbsp; 54032824 | &nbsp;&nbsp; 5521926  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 5297801 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 5521926 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $21788438 | &nbsp;&nbsp;&nbsp; $5297801 | &nbsp;&nbsp; $59554750 | &nbsp;&nbsp; $5521926  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | &nbsp;&nbsp; 225001 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 200001 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 225001 | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp; 250001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (1025000) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (725000) | &nbsp;&nbsp; (50000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | &nbsp;&nbsp; 2200001 | &nbsp;&nbsp;&nbsp; 225001 | &nbsp;&nbsp; 1100001 | &nbsp;&nbsp; 200001 |

---

<sup>1</sup> Commencement of Operations.

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

137<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily NVDA** <br>**Bull 2X Shares** | **Direxion Daily NVDA** <br>**Bull 2X Shares** | **Direxion Daily PANW** <br>**Bull 2X Shares** | **Direxion Daily PLTR** <br>**Bull 2X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **For the Period** <br>**March 26, 2025<sup>1</sup>** <br>**through** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**December 11, 2024<sup>1</sup>** <br>**through** <br>**April 30, 2025** <br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $7918209 | $7226497 | &nbsp;&nbsp;&nbsp;&nbsp; $7506 | &nbsp;&nbsp; $1375352  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (72343686) | 89703084 | &nbsp;&nbsp;&nbsp;&nbsp; 24977 | &nbsp;&nbsp; 58457309  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (245816805) | 133153265 | &nbsp;&nbsp;&nbsp;&nbsp; (56488) | &nbsp;&nbsp; 55094356  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (310242282) | 230082846 | &nbsp;&nbsp;&nbsp;&nbsp; (24005) | &nbsp;&nbsp; 114927017  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (91459569) | (5595151) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (727791)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (91459569) | (5595151) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (727791)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 414565795 | 542352654 | &nbsp;&nbsp;&nbsp;&nbsp; 4061022 | &nbsp;&nbsp; 433448636  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (229757423) | (124976712) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (168582256)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 56417 | 32923 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 40401  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | 184864789 | 417408865 | &nbsp;&nbsp;&nbsp;&nbsp; 4061022 | &nbsp;&nbsp; 264906781  |
| **Total increase (decrease) in net assets** | (216837062) | 641896560 | &nbsp;&nbsp;&nbsp;&nbsp; 4037017 | &nbsp;&nbsp; 379106007  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 655746547 | 13849987 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | $438909485 | $655746547 | &nbsp;&nbsp;&nbsp;&nbsp; $4037017 | &nbsp;&nbsp; $379106007  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | 6000001 | 650001 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5975000 | 7100000 | &nbsp;&nbsp;&nbsp;&nbsp; 175001 | &nbsp;&nbsp; 12900001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (3050000) | (1750000) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5450000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | 8925001 | 6000001 | &nbsp;&nbsp;&nbsp;&nbsp; 175001 | &nbsp;&nbsp; 7450001 |

---

<sup>1</sup> Commencement of Operations.

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

138<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily TSLA** <br>**Bull 2X Shares** | **Direxion Daily TSLA** <br>**Bull 2X Shares** | **Direxion Daily TSM** <br>**Bull 2X Shares**  | **Direxion Daily TSM** <br>**Bull 2X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**October 3, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $70931522 | $43940312 | $1457636 | $26612  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 219698628 | (119860990) | (22682647) | (214453)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (1215543463) | 644842059 | (22425399) | (785051)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (924913313) | 568921381 | (43650410) | (972892)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (106179698) | (60392155) | (1068005) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (106179698) | (60392155) | (1068005) | —  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 6448523629 | 2379283496 | 259813603 | 23878542  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (2601426734) | (1364605112) | (134980908) | (715816)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 626438 | 335699 | 31561 | 215  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | 3847723333 | 1015014083 | 124864256 | 23162941  |
| **Total increase in net assets** | 2816630322 | 1523543309 | 80145841 | 22190049  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 2276052408 | 752509099 | 22190049 | —  |
| &nbsp;&nbsp;&nbsp; End of year/period | $5092682730 | $2276052408 | $102335890 | $22190049  |
| **CHANGES IN SHARES OUTSTANDING** | **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | 191875001 | 68725001 | 775001 | —  |
| &nbsp;&nbsp;&nbsp; Shares sold | 493125000 | 247025000 | 9500000 | 800001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (187425000) | (123875000) | (4675000) | (25000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | 497575001 | 191875001 | 5600001 | 775001 |

---

<sup>1</sup> Commencement of Operations.

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

139<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Direxion Daily XOM** <br>**Bull 2X Shares** | **Direxion Daily CSI 300 China** <br>**A Share Bull 2X Shares**  | **Direxion Daily CSI 300 China** <br>**A Share Bull 2X Shares**  |
|  | **For the Period** <br>**April 23, 2025<sup>1</sup>** <br>**through** <br>**April 30, 2025** <br>(Unaudited) | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $1049 | $4448977 | $2128644  |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp; (3859) | (112590766) | (91163085)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (127569) | 55868799 | (64324823)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp; (130379) | (52272990) | (153359264)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; — | (4388447) | (1878464)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (4388447) | (1878464)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2500025 | 84773139 | 486413035  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — | (211217368) | (56294635)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; — | 130750 | 145624  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 2500025 | (126313479) | 430264024  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 2369646 | (182974916) | 275026296  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp; — | 332272774 | 57246478  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp;&nbsp;&nbsp; $2369646 | $149297858 | $332272774  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp; — | 20850000 | 3850000  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 100001 | 5550000 | 21000000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp; — | (15150000) | (4000000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp;&nbsp;&nbsp; 100001 | 11250000 | 20850000 |

---

<sup>1</sup> Commencement of Operations.

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

140<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily CSI China Internet** <br>**Index Bull 2X Shares** | **Direxion Daily CSI China Internet** <br>**Index Bull 2X Shares** | **Direxion Daily S&P 500<sup>®</sup>**<br>**Bull 2X Shares**  | **Direxion Daily S&P 500<sup>®</sup>**<br>**Bull 2X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $6997092 | $8385739 | $575827 | $1680233  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 32325453 | (41182306) | 14456550 | 87181974  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (53861064) | 126364449 | (25409753) | 37347207  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (14538519) | 93567882 | (10377376) | 126209414  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (10053574) | (8794646) | (442574) | (1780102)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (10053574) | (8794646) | (442574) | (1780102)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 47322572 | 164788048 | 38754183 | 455839581  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (140272447) | (194765116) | (48376874) | (644710139)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 31190 | 44099 | 14513 | 196507  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from capital transactions** | (92918685) | (29932969) | (9608178) | (188674051)  |
| **Total increase (decrease) in net assets** | (117510778) | 54840267 | (20428128) | (64244739)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 375263971 | 320423704 | 152056909 | 216301648  |
| &nbsp;&nbsp;&nbsp; End of year/period | $257753193 | $375263971 | $131628781 | $152056909  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | 9624087 | 10274087 | 1083236 | 2683236  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1250000 | 4950000 | 300000 | 4800000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (3600000) | (5600000) | (350000) | (6400000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | 7274087 | 9624087 | 1033236 | 1083236 |

---

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

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily MSCI Brazil** <br>**Bull 2X Shares** | **Direxion Daily MSCI Brazil** <br>**Bull 2X Shares** | **Direxion Daily MSCI Emerging Markets** <br>**ex China Bull 2X Shares**  | **Direxion Daily MSCI Emerging Markets** <br>**ex China Bull 2X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**February 7, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $3601907 | $5577181 | &nbsp;&nbsp;&nbsp; $66204 | &nbsp;&nbsp;&nbsp;&nbsp; $35338  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (30105907) | 5538588 | &nbsp;&nbsp;&nbsp; (412279) | &nbsp;&nbsp;&nbsp;&nbsp; 208363  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 29661241 | (14917286) | &nbsp;&nbsp;&nbsp; 121953 | &nbsp;&nbsp;&nbsp;&nbsp; (89301)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 3157241 | (3801517) | &nbsp;&nbsp;&nbsp; (224122) | &nbsp;&nbsp;&nbsp;&nbsp; 154400  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (3746511) | (5457553) | &nbsp;&nbsp;&nbsp; (339713) | &nbsp;&nbsp;&nbsp;&nbsp; (41007)  |
| &nbsp;&nbsp;&nbsp; Return of capital |  |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (3746511) | (5457553) | &nbsp;&nbsp;&nbsp; (339713) | &nbsp;&nbsp;&nbsp;&nbsp; (41007)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 55710693 | 74720744 | &nbsp;&nbsp;&nbsp; 1084116 | &nbsp;&nbsp;&nbsp;&nbsp; 3196246  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (34039100) | (59158688) | &nbsp;&nbsp;&nbsp; (1126265) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 8098 | 13270 | &nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 21679691 | 15575326 | &nbsp;&nbsp;&nbsp; (41924) | &nbsp;&nbsp;&nbsp;&nbsp; 3196246  |
| **Total increase (decrease) in net assets** | 21090421 | 6316256 | &nbsp;&nbsp;&nbsp; (605759) | &nbsp;&nbsp;&nbsp;&nbsp; 3309639  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 107985292 | 101669036 | &nbsp;&nbsp;&nbsp; 3309639 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | $129075713 | $107985292 | &nbsp;&nbsp;&nbsp; $2703880 | &nbsp;&nbsp;&nbsp;&nbsp; $3309639  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | 1758631 | 1408631 | &nbsp;&nbsp;&nbsp; 125001 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1150000 | 1050000 | &nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 125001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (650000) | (700000) | &nbsp;&nbsp;&nbsp; (50000) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | 2258631 | 1758631 | &nbsp;&nbsp;&nbsp; 125001 | &nbsp;&nbsp;&nbsp;&nbsp; 125001 |

---

<sup>1</sup> Commencement of Operations.

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

142<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily MSCI India** <br>**Bull 2X Shares** | **Direxion Daily MSCI India** <br>**Bull 2X Shares** | **Direxion Daily AI and Big Data** <br>**Bull 2X Shares**  | **Direxion Daily AI and Big Data** <br>**Bull 2X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**May 15, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $856000 | $1051284 | &nbsp;&nbsp; $13572 | &nbsp;&nbsp; $3952  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 1156279 | 12828226 | &nbsp;&nbsp; (85597) | &nbsp;&nbsp; 47041  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (9522163) | 15553339 | &nbsp;&nbsp; (1413800) | &nbsp;&nbsp; 976665  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; (7509884) | 29432849 | &nbsp;&nbsp; (1485825) | &nbsp;&nbsp; 1027658  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (1877426) | (1166696) | &nbsp;&nbsp; (146703) | &nbsp;&nbsp; (9347)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (1877426) | (1166696) | &nbsp;&nbsp; (146703) | &nbsp;&nbsp; (9347)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 29997992 | 40523012 | &nbsp;&nbsp; 9248547 | &nbsp;&nbsp; 6456993  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (29588482) | (30319630) | &nbsp;&nbsp; (4739368) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 5918 | 6786 | &nbsp;&nbsp; 1226 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | &nbsp;&nbsp; 415428 | 10210168 | &nbsp;&nbsp; 4510405 | &nbsp;&nbsp; 6456993  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (8971882) | 38476321 | &nbsp;&nbsp; 2877877 | &nbsp;&nbsp; 7475304  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 95288289 | 56811968 | &nbsp;&nbsp; 7475304 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $86316407 | $95288289 | &nbsp;&nbsp; $10353181 | &nbsp;&nbsp; $7475304  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | &nbsp;&nbsp; 1449686 | 1249686 | &nbsp;&nbsp; 250001 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 550000 | 650000 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (550000) | (450000) | &nbsp;&nbsp; (125000) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | &nbsp;&nbsp; 1449686 | 1449686 | &nbsp;&nbsp; 375001 | &nbsp;&nbsp; 250001 |

---

<sup>1</sup> Commencement of Operations.

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

143<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily AI and Big Data** <br>**Bear 2X Shares** | **Direxion Daily AI and Big Data** <br>**Bear 2X Shares** | **Direxion Daily Cloud Computing** <br>**Bull 2X Shares**  | **Direxion Daily Cloud Computing** <br>**Bull 2X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**May 15, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp; $35848 | &nbsp;&nbsp; $49934 | &nbsp;&nbsp; $10424 | &nbsp;&nbsp; $5904  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (555751) | &nbsp;&nbsp; (586698) | &nbsp;&nbsp; (422948) | &nbsp;&nbsp; 2105513  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 114077 | &nbsp;&nbsp; (144062) | &nbsp;&nbsp; 211378 | &nbsp;&nbsp; 449434  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; (405826) | &nbsp;&nbsp; (680826) | &nbsp;&nbsp; (201146) | &nbsp;&nbsp; 2560851  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp;&nbsp; (36533) | &nbsp;&nbsp; (44131) | &nbsp;&nbsp; (3615) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp; (36533) | &nbsp;&nbsp; (44131) | &nbsp;&nbsp; (3615) | &nbsp;&nbsp; —  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 3150209 | &nbsp;&nbsp; 2696487 | &nbsp;&nbsp; 2272818  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1616975) | &nbsp;&nbsp; (6444249)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 1348  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 3150209 | &nbsp;&nbsp; 1079912 | &nbsp;&nbsp; (4170083)  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (442359) | &nbsp;&nbsp; 2425252 | &nbsp;&nbsp; 875151 | &nbsp;&nbsp; (1609232)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp;&nbsp; 2425252 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4804437 | &nbsp;&nbsp; 6413669  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp;&nbsp; $1982893 | &nbsp;&nbsp; $2425252 | &nbsp;&nbsp; $5679588 | &nbsp;&nbsp; $4804437  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | &nbsp;&nbsp;&nbsp; 125001 | &nbsp;&nbsp; — | &nbsp;&nbsp; 425001 | &nbsp;&nbsp; 850001  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 125001 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 200000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (125000) | &nbsp;&nbsp; (625000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | &nbsp;&nbsp;&nbsp; 125001 | &nbsp;&nbsp; 125001 | &nbsp;&nbsp; 475001 | &nbsp;&nbsp; 425001 |

---

<sup>1</sup> Commencement of Operations.

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

144<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Crypto Industry** <br>**Bull 2X Shares** | **Direxion Daily Crypto Industry** <br>**Bull 2X Shares** | **Direxion Daily Electric and Autonomous** <br>**Vehicles Bull 2X Shares**  | **Direxion Daily Electric and Autonomous** <br>**Vehicles Bull 2X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**July 14, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $6445 | &nbsp;&nbsp; $6231 | &nbsp;&nbsp;&nbsp;&nbsp; $38658 | &nbsp;&nbsp;&nbsp; $123565  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (1520128) | &nbsp;&nbsp; (226268) | &nbsp;&nbsp;&nbsp;&nbsp; 73045 | &nbsp;&nbsp;&nbsp; (6392615)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (139720) | &nbsp;&nbsp; (32825) | &nbsp;&nbsp;&nbsp;&nbsp; (204568) | &nbsp;&nbsp;&nbsp; 2875570  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; (1653403) | &nbsp;&nbsp; (252862) | &nbsp;&nbsp;&nbsp;&nbsp; (92865) | &nbsp;&nbsp;&nbsp; (3393480)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (7882) | &nbsp;&nbsp; (6824) | &nbsp;&nbsp;&nbsp;&nbsp; (52022) | &nbsp;&nbsp;&nbsp; (125751)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (7882) | &nbsp;&nbsp; (6824) | &nbsp;&nbsp;&nbsp;&nbsp; (52022) | &nbsp;&nbsp;&nbsp; (125751)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 2379574 | &nbsp;&nbsp; 2930329 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8921029  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1844908) | &nbsp;&nbsp;&nbsp; (4987332)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; 997  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp; 2379574 | &nbsp;&nbsp; 2930329 | &nbsp;&nbsp;&nbsp;&nbsp; (1844539) | &nbsp;&nbsp;&nbsp; 3934694  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 718289 | &nbsp;&nbsp; 2670643 | &nbsp;&nbsp;&nbsp;&nbsp; (1989426) | &nbsp;&nbsp;&nbsp; 415463  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 2670643 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4823286 | &nbsp;&nbsp;&nbsp; 4407823  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $3388932 | &nbsp;&nbsp; $2670643 | &nbsp;&nbsp;&nbsp;&nbsp; $2833860 | &nbsp;&nbsp;&nbsp; $4823286  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | &nbsp;&nbsp; 125001 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 274948 | &nbsp;&nbsp;&nbsp; 124948  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 125001 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 400000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (100000) | &nbsp;&nbsp;&nbsp; (250000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | &nbsp;&nbsp; 225001 | &nbsp;&nbsp; 125001 | &nbsp;&nbsp;&nbsp;&nbsp; 174948 | &nbsp;&nbsp;&nbsp; 274948 |

---

<sup>1</sup> Commencement of Operations.

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

145<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Energy** <br>**Bull 2X Shares** | **Direxion Daily Energy** <br>**Bull 2X Shares** | **Direxion Daily Energy** <br>**Bear 2X Shares**  | **Direxion Daily Energy** <br>**Bear 2X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $3229713 | $9515523 | &nbsp;&nbsp; $316130 | $878989  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (5703161) | 44668767 | &nbsp;&nbsp; 2123374 | (767117)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (39287507) | (29989330) | &nbsp;&nbsp; 1720415 | 131993  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (41760955) | 24194960 | &nbsp;&nbsp; 4159919 | 243865  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (3373859) | (9671962) | &nbsp;&nbsp; (331173) | (946237)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (3373859) | (9671962) | &nbsp;&nbsp; (331173) | (946237)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 30408638 | 179860856 | &nbsp;&nbsp; 19452080 | 92763003  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (105046158) | (253276787) | &nbsp;&nbsp; (29264207) | (95558596)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 24242 | 52729 | &nbsp;&nbsp; 8779 | 28667  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from capital transactions** | (74613278) | (73363202) | &nbsp;&nbsp; (9803348) | (2766926)  |
| **Total decrease in net assets** | (119748092) | (58840204) | &nbsp;&nbsp; (5974602) | (3469298)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 309210045 | 368050249 | &nbsp;&nbsp; 23114254 | 26583552  |
| &nbsp;&nbsp;&nbsp; End of year/period | $189461953 | $309210045 | &nbsp;&nbsp; $17139652 | $23114254  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | 5163531 | 6263531 | &nbsp;&nbsp; 965264 | 965264  |
| &nbsp;&nbsp;&nbsp; Shares sold | 600000 | 2900000 | &nbsp;&nbsp; 900000 | 3650000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (1700000) | (4000000) | &nbsp;&nbsp; (1200000) | (3650000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | 4063531 | 5163531 | &nbsp;&nbsp; 665264 | 965264 |

---

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

146<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Gold Miners Index** <br>**Bull 2X Shares** | **Direxion Daily Gold Miners Index** <br>**Bull 2X Shares** | **Direxion Daily Gold Miners Index** <br>**Bear 2X Shares<sup>1</sup>**  | **Direxion Daily Gold Miners Index** <br>**Bear 2X Shares<sup>1</sup>**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended**<br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $4816436 | $10330112 | $1914383 | $4685735  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 186413371 | 152216065 | (27196940) | (58041840)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 3419789 | 221409472 | (5999645) | (35656635)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 194649596 | 383955649 | (31282202) | (89012740)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (4753345) | (11225003) | (1968404) | (4583846)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (4753345) | (11225003) | (1968404) | (4583846)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 176766051 | 498444216 | 212420406 | 680764350  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (443793280) | (773126325) | (149965403) | (661779758)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 97232 | 156749 | 44987 | 198534  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (266929997) | (274525360) | 62499990 | 19183126  |
| **Total increase (decrease) in net assets** | (77033746) | 98205286 | 29249384 | (74413460)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 566837059 | 468631773 | 94982680 | 169396140  |
| &nbsp;&nbsp;&nbsp; End of year/period | $489803313 | $566837059 | $124232064 | $94982680  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | 11251908 | 16401908 | 1841017 | 1261017  |
| &nbsp;&nbsp;&nbsp; Shares sold | 4200000 | 14450000 | 5750000 | 8000000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (8300000) | (19600000) | (3400179) | (7420000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | 7151908 | 11251908 | 4190838 | 1841017 |

---

<sup>1</sup> Effective November 4, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split. 

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

147<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Junior Gold Miners**<br>**Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners**<br>**Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners** <br>**Index Bear 2X Shares**  | **Direxion Daily Junior Gold Miners** <br>**Index Bear 2X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $4458792 | $6198904 | $1051500 | $3397416  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 138518080 | 63743952 | (24609066) | (35254975)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (41236255) | 173334347 | (204302) | (34326826)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 101740617 | 243277203 | (23761868) | (66184385)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (4366254) | (6942012) | (1074151) | (3343314)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (4366254) | (6942012) | (1074151) | (3343314)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 79951849 | 299058519 | 116355402 | 509756713  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (227102534) | (522100846) | (65191157) | (511803633)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 49027 | 108067 | 19558 | 153539  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (147101658) | (222934260) | 51183803 | (1893381)  |
| **Total increase (decrease) in net assets** | (49727295) | 13400931 | 26347784 | (71421080)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 322598442 | 309197511 | 54935997 | 126357077  |
| &nbsp;&nbsp;&nbsp; End of year/period | $272871147 | $322598442 | $81283781 | $54935997  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | 6193351 | 11493351 | 17317244 | 16632449  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1950000 | 9500000 | 6900000 | 10605000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (4150000) | (14800000) | (2950000) | (9920205)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 3993351 | 6193351 | 21267244 | 17317244 |

---

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

148<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Magnificent 7** <br>**Bull 2X Shares** | **Direxion Daily Magnificent 7** <br>**Bull 2X Shares** | **Direxion Daily NYSE FANG+** <br>**Bull 2X Shares**  | **Direxion Daily NYSE FANG+** <br>**Bull 2X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**March 7, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $173672 | $53598 | &nbsp;&nbsp; $540899 | $642018  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (16324659) | 1186712 | &nbsp;&nbsp; 12788202 | 14157820  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (10119745) | 1330254 | &nbsp;&nbsp; (15173530) | 14543944  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; (26270732) | 2570564 | &nbsp;&nbsp; (1844429) | 29343782  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (1051559) | (61989) | &nbsp;&nbsp; (456748) | (642916)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (1051559) | (61989) | &nbsp;&nbsp; (456748) | (642916)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 98621055 | 21674296 | &nbsp;&nbsp; 60174934 | 57476352  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (11631033) | (5180288) | &nbsp;&nbsp; (26986491) | (45433335)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 2790 | 1293 | &nbsp;&nbsp; 6227 | 9838  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | &nbsp;&nbsp; 86992812 | 16495301 | &nbsp;&nbsp; 33194670 | 12052855  |
| **Total increase in net assets** | &nbsp;&nbsp; 59670521 | 19003876 | &nbsp;&nbsp; 30893493 | 40753721  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 19003876 |  | &nbsp;&nbsp; 62132353 | 21378632  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $78674397 | $19003876 | &nbsp;&nbsp; $93025846 | $62132353  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/<br>period | &nbsp;&nbsp; 525001 |  | &nbsp;&nbsp; 429852 | 329852  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 2350000 | 675001 | &nbsp;&nbsp; 350000 | 450000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (325000) | (150000) | &nbsp;&nbsp; (150000) | (350000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/**<br>**period** | &nbsp;&nbsp; 2550001 | 525001 | &nbsp;&nbsp; 629852 | 429852 |

---

<sup>1</sup> Commencement of Operations.

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

149<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Robotics,** <br>**Artificial Intelligence &** <br>**Automation Index Bull 2X Shares** | **Direxion Daily Robotics,** <br>**Artificial Intelligence &** <br>**Automation Index Bull 2X Shares** | **Direxion Daily S&P Oil &** <br>**Gas Exp. & Prod. Bull 2X Shares**  | **Direxion Daily S&P Oil &** <br>**Gas Exp. & Prod. Bull 2X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $135814 | $454618 | $3504902 | $11230348  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (1221029) | 6963424 | (57881180) | 19452857  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (5217991) | 7183454 | (21886692) | (131010683)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; (6303206) | 14601496 | (76262970) | (100327478)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (145658) | (442110) | (3737554) | (11417514)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (145658) | (442110) | (3737554) | (11417514)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 1492966 | 9438486 | 59415409 | 195583973  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (2381686) | (16664869) | (131433894) | (300903869)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 714 | 3667 | 29023 | 64597  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from capital transactions** | &nbsp;&nbsp; (888006) | (7222716) | (71989462) | (105255299)  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (7336870) | 6936670 | (151989986) | (217000291)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 28118930 | 21182260 | 350051344 | 567051635  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $20782060 | $28118930 | $198061358 | $350051344  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/ period | &nbsp;&nbsp; 1223646 | 1573646 | 12713688 | 15213688  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 100000 | 400000 | 2750000 | 6100000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (100000) | (750000) | (4400000) | (8600000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp; 1223646 | 1223646 | 11063688 | 12713688 |

---

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily S&P Oil & Gas Exp. &** <br>**Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. &** <br>**Prod. Bear 2X Shares** | **Direxion Daily Travel &** <br>**Vacation Bull 2X Shares**  | **Direxion Daily Travel &** <br>**Vacation Bull 2X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $699689 | $2176464 | &nbsp;&nbsp; $32315 | $163480  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 16188235 | (987306) | &nbsp;&nbsp; 857330 | 1604602  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 1011720 | 12198564 | &nbsp;&nbsp; (1626762) | 5228845  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; 17899644 | 13387722 | &nbsp;&nbsp; (737117) | 6996927  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (687697) | (2496925) | &nbsp;&nbsp; (30653) | (168744)  |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — | (8988)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (687697) | (2496925) | &nbsp;&nbsp; (30653) | (177732)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 55417739 | 62092614 | &nbsp;&nbsp; — | 576079  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (72362215) | (106251996) | &nbsp;&nbsp; (3857403) | (10628717)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 21708 | 31875 | &nbsp;&nbsp; 771 | 2126  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from capital transactions** | &nbsp;&nbsp; (16922768) | (44127507) | &nbsp;&nbsp; (3856632) | (10050512)  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 289179 | (33236710) | &nbsp;&nbsp; (4624402) | (3231317)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 40222347 | 73459057 | &nbsp;&nbsp; 8493826 | 11725143  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $40511526 | $40222347 | &nbsp;&nbsp; $3869424 | $8493826  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/ period | &nbsp;&nbsp; 3507895 | 7107895 | &nbsp;&nbsp; 500001 | 1200001  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 5450000 | 6150000 | &nbsp;&nbsp; — | 50000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (5850000) | (9750000) | &nbsp;&nbsp; (200000) | (750000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp; 3107895 | 3507895 | &nbsp;&nbsp; 300001 | 500001 |

---

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

151<br>

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Direxion Daily Uranium Industry** <br>**Bull 2X Shares**  | **Direxion Daily Uranium Industry** <br>**Bull 2X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **For the Period** <br>**June 26, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $156312 | &nbsp;&nbsp; $27676  |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp; (3298973) | &nbsp;&nbsp; (91956)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (1332736) | &nbsp;&nbsp; 504773  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; (4475397) | &nbsp;&nbsp; 440493  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (337479) | &nbsp;&nbsp; (16866)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (337479) | &nbsp;&nbsp; (16866)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 5574591 | &nbsp;&nbsp; 7469702  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (1871268) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 374 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | &nbsp;&nbsp; 3703697 | &nbsp;&nbsp; 7469702  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (1109179) | &nbsp;&nbsp; 7893329  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 7893329 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $6784150 | &nbsp;&nbsp; $7893329  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp; 325001 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 325001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (150000) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp; 500001 | &nbsp;&nbsp; 325001 |

---

<sup>1</sup>Commencement of Operations.

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

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**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning**<br>**of**<br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | <br>**Total** <br>**Distributions** | <br>**Net**<br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>6</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | &nbsp;&nbsp; $17.00 | &nbsp;&nbsp;&nbsp; $0.27 | &nbsp;&nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $(0.28) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.28) | $17.06 | 2.12% | $34964 | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp; 3.31% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 3.43% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 22.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp; (5.86) | &nbsp;&nbsp; (5.05) | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.80) | 17.00 | -22.47% | 25498 | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp;&nbsp; 4.09% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 4.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 26.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp; (3.51) | &nbsp;&nbsp; (2.60) | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.76) | 22.85 | -9.96% | 36563 | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 3.94% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 4.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period August 9, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03) | 26.21 | 4.95% | 13105 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 2.06% | &nbsp;&nbsp;&nbsp;&nbsp; 1.51% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period February 12, 2025<sup>8</sup> through April 30, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09) | 25.53 | 2.48% | 2553 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 2.08% | &nbsp;&nbsp;&nbsp;&nbsp; 3.10% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.05% | &nbsp;&nbsp;&nbsp;&nbsp; 3.13% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 13.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.22) | 13.13 | -2.98% | 4268 | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp;&nbsp; 3.36% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp; 3.47% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 19.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp; (6.15) | &nbsp;&nbsp; (5.49) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.69) | 13.79 | -27.68% | 4137 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp; 4.36% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 29.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp; (9.06) | &nbsp;&nbsp; (8.08) | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.81) | 19.97 | -28.28% | 2996 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp; 3.81% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp; 3.87% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period September 7, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 29.86 | 19.48% | 3733 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 4.96% | &nbsp;&nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 4.95% | &nbsp;&nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 27.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp; (8.29) | &nbsp;&nbsp; (7.97) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.46) | 18.89 | -29.39% | 3778 | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp;&nbsp; 3.22% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp;&nbsp; 3.32% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period October 10, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 27.32 | 9.28% | 2732 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 8.27% | &nbsp;&nbsp;&nbsp;&nbsp; 3.57% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 8.27% | &nbsp;&nbsp;&nbsp;&nbsp; 3.57% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period April 23, 2025<sup>8</sup> through April 30, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (2.93) | &nbsp;&nbsp; (2.91) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 22.09 | -11.63% | 2209 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.41% | &nbsp;&nbsp;&nbsp;&nbsp; 3.01% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.41% | &nbsp;&nbsp;&nbsp;&nbsp; 3.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period December 11, 2024<sup>8</sup> through April 30, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp; (3.46) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.26) | 21.60 | -12.59% | 2700 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 2.11% | &nbsp;&nbsp;&nbsp;&nbsp; 3.45% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.09% | &nbsp;&nbsp;&nbsp;&nbsp; 3.47% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 13.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.22) | 14.04 | 4.10% | 4913 | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp;&nbsp; 3.49% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 19.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp; (5.81) | &nbsp;&nbsp; (5.16) | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.60) | 13.72 | -26.68% | 4116 | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp;&nbsp; 4.33% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 27.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp; (8.19) | &nbsp;&nbsp; (7.32) | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.86) | 19.48 | -26.57% | 1948 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp;&nbsp; 3.76% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp;&nbsp; 3.84% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period September 7, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 27.66 | 10.68% | 4150 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 4.89% | &nbsp;&nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 4.89% | &nbsp;&nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period March 26, 2025<sup>8</sup> through April 30, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; (2.09) | &nbsp;&nbsp; (2.01) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 22.99 | -8.02% | 4024 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.86% | &nbsp;&nbsp;&nbsp;&nbsp; 3.26% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.86% | &nbsp;&nbsp;&nbsp;&nbsp; 3.26% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |

---

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

153<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning**<br>**of**<br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | <br>**Total** <br>**Distributions** | <br>**Net**<br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>6</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | &nbsp;&nbsp; $20.66 | &nbsp;&nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $(0.61) | &nbsp;&nbsp; $(0.30) | &nbsp;&nbsp; $(0.39) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.39) | $19.97 | -1.31% | $4494 | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp;&nbsp; 3.39% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period June 5, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp; (4.47) | &nbsp;&nbsp; (4.11) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.23) | 20.66 | -16.45% | 6198 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 2.14% | &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.12% | &nbsp;&nbsp;&nbsp;&nbsp; 4.02% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 14.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp; — | 0.22 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.26) | 14.29 | 1.55% | 6073 | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 3.10% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; 3.22% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 17.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp; (3.04) | &nbsp;&nbsp; (2.44) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.63) | 14.33 | -13.83% | 7883 | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp;&nbsp; 4.19% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp;&nbsp; 4.24% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 26.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp; (9.39) | &nbsp;&nbsp; (8.62) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.69) | 17.40 | -32.53% | 5220 | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp; 3.96% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period September 7, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | 1.72 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 26.71 | 6.88% | 4006 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 4.61% | &nbsp;&nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 4.61% | &nbsp;&nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 25.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | 0.80 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.36) | 25.79 | 3.24% | 3868 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp;&nbsp;&nbsp; 3.19% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period October 10, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | 0.35 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 25.35 | 1.40% | 2535 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 9.03% | &nbsp;&nbsp;&nbsp;&nbsp; 3.97% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 9.03% | &nbsp;&nbsp;&nbsp;&nbsp; 3.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 23.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp; (8.45) | &nbsp;&nbsp; (8.13) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.33) | 14.83 | -35.15% | 8900 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp;&nbsp; 3.51% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp;&nbsp; 3.52% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period October 3, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (1.78) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 23.29 | -6.84% | 4657 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 7.64% | &nbsp;&nbsp;&nbsp;&nbsp; 3.94% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 7.64% | &nbsp;&nbsp;&nbsp;&nbsp; 3.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily NVDA Bear 1X Shares** | **Direxion Daily NVDA Bear 1X Shares** | **Direxion Daily NVDA Bear 1X Shares** | **Direxion Daily NVDA Bear 1X Shares** | **Direxion Daily NVDA Bear 1X Shares** | **Direxion Daily NVDA Bear 1X Shares** | **Direxion Daily NVDA Bear 1X Shares** | **Direxion Daily NVDA Bear 1X Shares** | **Direxion Daily NVDA Bear 1X Shares** | **Direxion Daily NVDA Bear 1X Shares** | **Direxion Daily NVDA Bear 1X Shares** | **Direxion Daily NVDA Bear 1X Shares** | **Direxion Daily NVDA Bear 1X Shares** | **Direxion Daily NVDA Bear 1X Shares** | **Direxion Daily NVDA Bear 1X Shares** | **Direxion Daily NVDA Bear 1X Shares** | **Direxion Daily NVDA Bear 1X Shares** | **Direxion Daily NVDA Bear 1X Shares** | **Direxion Daily NVDA Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 6.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | 0.32 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.13) | 6.85 | 4.84% | 40059 | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp;&nbsp; 3.31% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 3.48% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 27.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp; (20.49) | &nbsp;&nbsp; (20.09) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.53) | 6.66 | -74.61% | 29659 | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp; 4.35% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period September 13, 2023<sup>8</sup> through October 31, 2023 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | 2.28 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 27.28 | 9.12% | 11593 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp;&nbsp; 2.78% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp;&nbsp; 2.78% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period March 26, 2025<sup>8</sup> through April 30, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 24.62 | -1.51% | 2462 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.17% | &nbsp;&nbsp;&nbsp;&nbsp; 2.87% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.17% | &nbsp;&nbsp;&nbsp;&nbsp; 2.87% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period December 11, 2024<sup>8</sup> through April 30, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp; (13.61) | &nbsp;&nbsp; (13.40) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.16) | 11.44 | -53.78% | 37743 | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp; 3.32% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 3.61% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |

---

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

154<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning**<br>**of**<br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | <br>**Total** <br>**Distributions** | <br>**Net**<br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>6</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | &nbsp;&nbsp; $14.20 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp;&nbsp; $(4.89) | &nbsp;&nbsp; $(4.73) | &nbsp;&nbsp; $(0.14) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.14) | $9.33 | -33.23% | $78139 | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp; 3.31% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 3.62% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 23.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp; (9.59) | &nbsp;&nbsp; (8.92) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.78) | 14.20 | -38.26% | 44022 | &nbsp;&nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp;&nbsp;&nbsp; 3.31% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 4.28% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 30.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp; (4.93) | &nbsp;&nbsp; (3.98) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp;&nbsp; (1.62) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.30) | 23.90 | -14.81% | 49603 | &nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp;&nbsp; 3.78% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 3.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period August 9, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02) | 30.18 | 20.84% | 12071 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.14% | &nbsp;&nbsp;&nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 22.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.43) | 23.50 | 5.07% | 2938 | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp;&nbsp; 3.42% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period October 3, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp; (2.25) | &nbsp;&nbsp; (2.18) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 22.82 | -8.72% | 3993 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 6.18% | &nbsp;&nbsp;&nbsp;&nbsp; 4.12% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 6.18% | &nbsp;&nbsp;&nbsp;&nbsp; 4.12% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period April 23, 2025<sup>8</sup> through April 30, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 25.65 | 2.59% | 2565 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.29% | &nbsp;&nbsp;&nbsp;&nbsp; 2.72% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.29% | &nbsp;&nbsp;&nbsp;&nbsp; 2.72% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 11.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.22) | 11.52 | 3.33% | 170569 | &nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp;&nbsp; 3.89% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 0.50% | &nbsp;&nbsp;&nbsp;&nbsp; 3.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 15.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; (3.75) | &nbsp;&nbsp; (3.20) | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.66) | 11.38 | -21.21% | 147308 | &nbsp;&nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp;&nbsp; 4.68% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 0.51% | &nbsp;&nbsp;&nbsp;&nbsp; 4.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 16.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp; (1.16) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.70) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.70) | 15.24 | -3.26% | 296394 | &nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp;&nbsp; 4.07% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 0.50% | &nbsp;&nbsp;&nbsp;&nbsp; 4.10% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 14.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03) | 16.50 | 12.88% | 613802 | &nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 0.51% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 21.28 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; (6.57) | &nbsp;&nbsp; (6.64) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 14.64 | -31.20% | 123669 | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp;&nbsp;&nbsp; (0.42)% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 0.51% | &nbsp;&nbsp;&nbsp;&nbsp; (0.42)% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 26.03 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; (4.60) | &nbsp;&nbsp; (4.66) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.09) | 21.28 | -17.95% | 175571 | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 25.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.44) | 26.00 | 2.15% | 3250 | &nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 1.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.83% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 1.65% | &nbsp;&nbsp;&nbsp;&nbsp; 3.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period July 17, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.31) | 25.93 | 4.92% | 2593 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 3.91% | &nbsp;&nbsp;&nbsp;&nbsp; 4.28% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 3.33% | &nbsp;&nbsp;&nbsp;&nbsp; 4.86% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 19.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.28) | 19.06 | -1.31% | 9052 | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp;&nbsp; 3.81% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp; 3.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period March 7, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp; (5.36) | &nbsp;&nbsp; (4.65) | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.73) | 19.62 | -18.69% | 2453 | &nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp;&nbsp;&nbsp; 4.96% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 1.87% | &nbsp;&nbsp;&nbsp;&nbsp; 4.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |

---

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

155<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning**<br>**of**<br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | <br>**Total** <br>**Distributions** | <br>**Net**<br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>6</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | &nbsp;&nbsp; $35.34 | &nbsp;&nbsp;&nbsp; $0.47 | &nbsp;&nbsp;&nbsp; $(6.35) | &nbsp;&nbsp; $(5.88) | &nbsp;&nbsp; $(0.54) | &nbsp;&nbsp;&nbsp; $(4.63) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(5.17) | $24.29 | -21.56% | $84998 | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp; 3.01% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 3.34% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 23.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;11.94 | &nbsp;&nbsp;&nbsp;&nbsp;12.86 | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.84) | 35.34 | 55.72% | 98080 | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp; 2.99% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 3.39% | &nbsp;&nbsp;&nbsp; 30%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 21.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.49) | 23.32 | 8.95% | 34981 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp; 2.90% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 3.16% | &nbsp;&nbsp;&nbsp; 4%  |
| &nbsp;&nbsp;&nbsp; For the Period August 9, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp; (3.18) | &nbsp;&nbsp; (3.12) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 21.87 | -12.48% | 7108 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.40% | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.40% | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 9%  |
| **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period February 12, 2025<sup>8</sup> through April 30, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (8.33) | &nbsp;&nbsp; (8.20) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06) | 16.74 | -32.88% | 3766 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp;&nbsp;&nbsp; 3.35% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.77% | &nbsp;&nbsp;&nbsp;&nbsp; 3.35% | &nbsp;&nbsp;&nbsp; 43%  |
| **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 32.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp; (4.61) | &nbsp;&nbsp; (4.05) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.02) | 26.94 | -13.83% | 195309 | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 3.02% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 3.18% | &nbsp;&nbsp;&nbsp; 33%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 23.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.32) | 32.01 | 45.02% | 158437 | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; 3.32% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 3.54% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 17.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.42) | 23.04 | 31.53% | 42043 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 3.26% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period September 7, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (7.15) | &nbsp;&nbsp; (7.10) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 17.89 | -28.42% | 6262 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 5.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 5.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 20.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.21) | 19.66 | -3.39% | 60457 | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 3.41% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 3.52% | &nbsp;&nbsp;&nbsp; 23%  |
| &nbsp;&nbsp;&nbsp; For the Period October 10, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (4.51) | &nbsp;&nbsp; (4.47) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 20.53 | -17.88% | 4105 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 6.77% | &nbsp;&nbsp;&nbsp;&nbsp; 3.15% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 6.77% | &nbsp;&nbsp;&nbsp;&nbsp; 3.15% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period April 23, 2025<sup>8</sup> through April 30, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;6.55 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 31.55 | 26.21% | 3944 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.08% | &nbsp;&nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.08% | &nbsp;&nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period December 11, 2024<sup>8</sup> through April 30, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;5.96 | &nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09) | 31.14 | 24.92% | 46715 | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp; 2.49% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 2.63% | &nbsp;&nbsp;&nbsp; 14%  |
| **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 39.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp; (9.45) | &nbsp;&nbsp; (8.81) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.95) | 29.44 | -23.26% | 217154 | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp; 3.40% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 3.61% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 27.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;11.89 | &nbsp;&nbsp;&nbsp;&nbsp;13.09 | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.00) | 39.20 | 48.48% | 153851 | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 3.53% | &nbsp;&nbsp;&nbsp; 52%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 20.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;6.52 | &nbsp;&nbsp;&nbsp;&nbsp;7.22 | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.53) | 27.11 | 35.52% | 34568 | &nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; 2.68% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 2.96% | &nbsp;&nbsp;&nbsp; 10%  |
| &nbsp;&nbsp;&nbsp; For the Period September 7, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (4.62) | &nbsp;&nbsp; (4.57) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 20.42 | -18.30% | 4593 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 5.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 5.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period March 26, 2025<sup>8</sup> through April 30, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 26.58 | 6.32% | 3987 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.24% | &nbsp;&nbsp;&nbsp;&nbsp; 2.90% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.24% | &nbsp;&nbsp;&nbsp;&nbsp; 2.90% | &nbsp;&nbsp;&nbsp; 0%  |

---

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

156<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning**<br>**of**<br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | <br>**Total** <br>**Distributions** | <br>**Net**<br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>6</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | $32.45 | &nbsp;&nbsp;&nbsp; $0.50 | &nbsp;&nbsp; $(6.39) | &nbsp;&nbsp; $(5.89) | &nbsp;&nbsp; $(0.43) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.43) | $26.13 | -18.49% | $94736 | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp; 3.01% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 3.40% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period June 5, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;7.30 | 7.66 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.21) | 32.45 | 30.64% | 52737 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp; 3.26% | &nbsp;&nbsp;&nbsp; 9%  |
| **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 38.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp; (5.15) | &nbsp;&nbsp; (4.55) | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp; (1.36) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.01) | 32.30 | -12.96% | 142930 | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 3.33% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 3.39% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 34.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | 5.82 | &nbsp;&nbsp; (1.31) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.31) | 38.86 | 16.45% | 159322 | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp;&nbsp; 3.20% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 21.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;12.47 | 13.46 | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.65) | 34.35 | 62.95% | 42933 | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 3.07% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | &nbsp;&nbsp;&nbsp; 59%  |
| &nbsp;&nbsp;&nbsp; For the Period September 7, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (3.50) | &nbsp;&nbsp; (3.45) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 21.54 | -13.82% | 3231 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 5.19% | &nbsp;&nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 5.19% | &nbsp;&nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 23.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp; (13.73) | &nbsp;&nbsp; (13.48) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.17) | 9.90 | -57.51% | 21788 | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp; 3.14% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 3.27% | &nbsp;&nbsp;&nbsp; 95%  |
| &nbsp;&nbsp;&nbsp; For the Period October 10, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (1.50) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 23.55 | -5.80% | 5298 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp;&nbsp;&nbsp; 2.98% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 4.85% | &nbsp;&nbsp;&nbsp;&nbsp; 2.98% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 27.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;26.42 | 26.95 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.42) | 54.14 | 98.10% | 59555 | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp;&nbsp; 2.65% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 3.04% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period October 3, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | 2.61 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 27.61 | 10.44% | 5522 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 6.29% | &nbsp;&nbsp;&nbsp;&nbsp; 2.88% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 6.29% | &nbsp;&nbsp;&nbsp;&nbsp; 2.88% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 109.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp; (46.24) | &nbsp;&nbsp; (45.16) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp;&nbsp; (13.88) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14.95) | 49.18 | -48.09% | 438909 | &nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp; 2.66% | &nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp; 3.09% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 21.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;87.03 | 89.40 | &nbsp;&nbsp; (1.42) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.42) | 109.29 | 423.18% | 655747 | &nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp;&nbsp;&nbsp; 2.78% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 3.43% | &nbsp;&nbsp;&nbsp; 12%  |
| &nbsp;&nbsp;&nbsp; For the Period September 13, 2023<sup>8</sup> through October 31, 2023 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp; (3.80) | &nbsp;&nbsp; (3.69) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 21.31 | -14.76% | 13850 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.89% | &nbsp;&nbsp;&nbsp;&nbsp; 3.47% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.89% | &nbsp;&nbsp;&nbsp;&nbsp; 3.47% | &nbsp;&nbsp;&nbsp; 114%  |
| **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period March 26, 2025<sup>8</sup> through April 30, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (1.99) | &nbsp;&nbsp; (1.93) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 23.07 | -7.73% | 4037 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.30% | &nbsp;&nbsp;&nbsp;&nbsp; 3.07% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.30% | &nbsp;&nbsp;&nbsp;&nbsp; 3.07% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily PLTR Bull 2X Shares** | **Direxion Daily PLTR Bull 2X Shares** | **Direxion Daily PLTR Bull 2X Shares** | **Direxion Daily PLTR Bull 2X Shares** | **Direxion Daily PLTR Bull 2X Shares** | **Direxion Daily PLTR Bull 2X Shares** | **Direxion Daily PLTR Bull 2X Shares** | **Direxion Daily PLTR Bull 2X Shares** | **Direxion Daily PLTR Bull 2X Shares** | **Direxion Daily PLTR Bull 2X Shares** | **Direxion Daily PLTR Bull 2X Shares** | **Direxion Daily PLTR Bull 2X Shares** | **Direxion Daily PLTR Bull 2X Shares** | **Direxion Daily PLTR Bull 2X Shares** | **Direxion Daily PLTR Bull 2X Shares** | **Direxion Daily PLTR Bull 2X Shares** | **Direxion Daily PLTR Bull 2X Shares** | **Direxion Daily PLTR Bull 2X Shares** | **Direxion Daily PLTR Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period December 11, 2024<sup>8</sup> through April 30, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;25.66 | 26.04 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.15) | 50.89 | 104.38% | 379106 | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp; 3.09% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | &nbsp;&nbsp;&nbsp; 28%  |

---

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

157<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning**<br>**of**<br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | <br>**Total** <br>**Distributions** | <br>**Net**<br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>6</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | $11.86 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $(1.36) | $(1.10) | &nbsp;&nbsp; $(0.22) | &nbsp;&nbsp;&nbsp; $(0.30) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.52) | $10.24 | -11.87% | $5092683 | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; 3.40% | &nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 3.72% | &nbsp;&nbsp;&nbsp; 100%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 10.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | 1.18 | 1.55 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.64) | 11.86 | 14.26% | 2276052 | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp;&nbsp; 3.60% | &nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp; 3.87% | &nbsp;&nbsp;&nbsp; 77%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 16.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp; (5.76) | (5.36) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.33) | 10.95 | -32.56% | 752509 | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp; 2.98% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 3.31% | &nbsp;&nbsp;&nbsp; 72%  |
| &nbsp;&nbsp;&nbsp; For the Period August 9, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (8.42) | (8.35) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 16.64 | -33.40% | 100286 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 1.55% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp; 33%  |
| **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 28.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp; (10.47) | (10.07) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.29) | 18.27 | -35.49% | 102336 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 3.37% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period October 3, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | 3.56 | 3.63 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 28.63 | 14.52% | 22190 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.47% | &nbsp;&nbsp;&nbsp;&nbsp; 3.51% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.47% | &nbsp;&nbsp;&nbsp;&nbsp; 3.51% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period April 23, 2025<sup>8</sup> through April 30, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (1.31) | (1.30) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 23.70 | -5.21% | 2370 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.29% | &nbsp;&nbsp;&nbsp;&nbsp; 1.91% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.29% | &nbsp;&nbsp;&nbsp;&nbsp; 1.91% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 15.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp; (2.69) | (2.45) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.22) | 13.27 | -15.48% | 149298 | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 3.33% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 3.40% | &nbsp;&nbsp;&nbsp; 17%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 14.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | 1.11 | 1.49 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.42) | 15.94 | 10.56% | 332273 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 2.63% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 2.71% | &nbsp;&nbsp;&nbsp; 22%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 15.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp; (0.20) | 0.21 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.39) | 14.87 | 0.88% | 57246 | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 2.09% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 2.20% | &nbsp;&nbsp;&nbsp; 57%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 39.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp; (23.61) | (23.48) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.78) | 15.05 | -60.95% | 39119 | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp; 83%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 32.67 | &nbsp;&nbsp; (0.17) | 6.81 | 6.64 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 39.31 | 20.32% | 117919 | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.42)% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; (0.41)% | &nbsp;&nbsp;&nbsp; 123%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 21.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 11.21 | 11.26 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.09) | 32.67 | 52.60% | 96388 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 38.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp; (3.28) | (2.48) | &nbsp;&nbsp; (1.08) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.08) | 35.43 | -6.21% | 257753 | &nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp;&nbsp; 4.28% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 4.91% | &nbsp;&nbsp;&nbsp; 76%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 31.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | 7.84 | 8.65 | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.85) | 38.99 | 28.26% | 375264 | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 2.49% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | &nbsp;&nbsp;&nbsp; 105%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 22.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | 8.62 | 9.33 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.41) | 31.19 | 41.58% | 320424 | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 1.84% | &nbsp;&nbsp;&nbsp; 186%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 194.10 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (171.53) | (171.83) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 22.27 | -88.53% | 161974 | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; (0.42)% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.38)% | &nbsp;&nbsp;&nbsp; 142%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 539.10 | &nbsp;&nbsp; (2.20) | &nbsp;&nbsp; (342.80) | (345.00) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 194.10 | -64.00% | 314433 | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; (0.70)% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; (0.70)% | &nbsp;&nbsp;&nbsp; 23%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 241.90 | &nbsp;&nbsp; (0.30) | 298.50 | 298.20 | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp; (1.00) | 539.10 | 123.61% | 56608 | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; (0.09)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)% | &nbsp;&nbsp;&nbsp; 40%  |

---

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

158<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning**<br>**of**<br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | <br>**Total** <br>**Distributions** | <br>**Net**<br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>6</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | $140.37 | &nbsp;&nbsp; $0.56 | $(13.06) | $(12.50) | &nbsp;&nbsp; $(0.48) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.48) | $127.39 | -8.94% | $131629 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp; 21%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 80.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | 59.73 | 60.78 | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.02) | 140.37 | 75.63% | 152057 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 20%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 73.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | 7.59 | 8.40 | &nbsp;&nbsp; (1.17) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.17) | 80.61 | 11.50% | 216302 | &nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.67% | &nbsp;&nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp; 76%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 111.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | (36.02) | (35.27) | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp;&nbsp; (2.27) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.21) | 73.38 | -32.51% | 50139 | &nbsp;&nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 72%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 61.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 55.98 | 56.75 | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp; (5.36) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6.05) | 111.86 | 98.25% | 59648 | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 42%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 59.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | 2.15 | 2.84 | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.96) | 61.16 | 4.75% | 17324 | &nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp; 105%  |
| **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 61.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | (4.23) | (2.73) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.52) | 57.15 | -3.56% | 129076 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 5.94% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 6.05% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 72.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | (10.88) | (6.87) | &nbsp;&nbsp; (3.91) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.91) | 61.40 | -10.66% | 107985 | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 5.37% | &nbsp;&nbsp;&nbsp; 42%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 86.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | (14.29) | (10.51) | &nbsp;&nbsp; (3.69) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.69) | 72.18 | -12.28% | 101669 | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp; 5.09% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 5.59% | &nbsp;&nbsp;&nbsp; 32%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 67.24 | &nbsp;&nbsp;&nbsp;&nbsp;5.75 | 18.05 | 23.80 | &nbsp;&nbsp; (4.66) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4.66) | 86.38 | 37.79% | 138954 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 7.16% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 7.22% | &nbsp;&nbsp;&nbsp; 54%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 61.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | 5.94 | 6.50 | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; (0.92) | 67.24 | 9.83% | 185492 | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp; 25%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 1116.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | (1049.80) | (1048.26) | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.30) | &nbsp;&nbsp;&nbsp; (6.58) | 61.66 | -94.40% | 160853 | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp; 232%  |
| **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** | **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** | **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** | **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** | **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** | **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** | **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** | **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** | **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** | **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** | **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** | **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** | **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** | **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** | **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** | **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** | **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** | **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** | **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 26.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | (2.72) | (2.18) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp; (2.23) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.67) | 21.63 | -8.76% | 2704 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.12% | &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period February 7, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | 1.55 | 1.89 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.41) | 26.48 | 7.48% | 3310 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.68% | &nbsp;&nbsp;&nbsp;&nbsp; 1.74% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.68% | &nbsp;&nbsp;&nbsp;&nbsp; 1.74% | &nbsp;&nbsp;&nbsp; 63%  |
| **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 65.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | (5.49) | (4.88) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp; (0.77) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.31) | 59.54 | -7.52% | 86316 | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 2.11% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 2.36% | &nbsp;&nbsp;&nbsp; 56%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 45.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | 20.34 | 21.10 | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.83) | 65.73 | 46.52% | 95288 | &nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 47.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | (2.29) | (1.45) | &nbsp;&nbsp; (0.70) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.70) | 45.46 | -3.02% | 56812 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.84% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp; 8%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 61.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | (14.44) | (12.90) | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.40) | 47.61 | -21.15% | 52361 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 2.89% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 2.92% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 30.67 | &nbsp;&nbsp; (0.41) | 31.65 | 31.24 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 61.91 | 101.86% | 92846 | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; (0.83)% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; (0.82)% | &nbsp;&nbsp;&nbsp; 11%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 66.74 | &nbsp;&nbsp; (0.14) | (35.92) | (36.06) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00)<sup>9</sup> | &nbsp;&nbsp;&nbsp; (0.01) | 30.67 | -54.04% | 84346 | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; (0.46)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; (0.42)% | &nbsp;&nbsp;&nbsp; 157%  |
| **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 29.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | (1.88) | (1.84) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.45) | 27.61 | -6.55% | 10353 | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp;&nbsp; 0.39% | &nbsp;&nbsp;&nbsp; 27%  |
| &nbsp;&nbsp;&nbsp; For the Period May 15, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 4.92 | 4.94 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.04) | 29.90 | 19.76% | 7475 | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0.24% | &nbsp;&nbsp;&nbsp; 51%  |

---

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

159<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning**<br>**of**<br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | <br>**Total** <br>**Distributions** | <br>**Net**<br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>6</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | $19.40 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $(3.54) | $(3.25) | &nbsp;&nbsp; $(0.29) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.29) | $15.86 | -16.66% | $1983 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.49% | &nbsp;&nbsp;&nbsp;&nbsp; 3.55% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.49% | &nbsp;&nbsp;&nbsp;&nbsp; 3.55% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period May 15, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp; (5.66) | (5.22) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.38) | 19.40 | -20.95% | 2425 | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 3.27% | &nbsp;&nbsp;&nbsp;&nbsp; 4.42% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 3.23% | &nbsp;&nbsp;&nbsp;&nbsp; 4.46% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Cloud Computing Bull 2X Shares** | **Direxion Daily Cloud Computing Bull 2X Shares** | **Direxion Daily Cloud Computing Bull 2X Shares** | **Direxion Daily Cloud Computing Bull 2X Shares** | **Direxion Daily Cloud Computing Bull 2X Shares** | **Direxion Daily Cloud Computing Bull 2X Shares** | **Direxion Daily Cloud Computing Bull 2X Shares** | **Direxion Daily Cloud Computing Bull 2X Shares** | **Direxion Daily Cloud Computing Bull 2X Shares** | **Direxion Daily Cloud Computing Bull 2X Shares** | **Direxion Daily Cloud Computing Bull 2X Shares** | **Direxion Daily Cloud Computing Bull 2X Shares** | **Direxion Daily Cloud Computing Bull 2X Shares** | **Direxion Daily Cloud Computing Bull 2X Shares** | **Direxion Daily Cloud Computing Bull 2X Shares** | **Direxion Daily Cloud Computing Bull 2X Shares** | **Direxion Daily Cloud Computing Bull 2X Shares** | **Direxion Daily Cloud Computing Bull 2X Shares** | **Direxion Daily Cloud Computing Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 11.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.65 | 0.67 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 11.96 | 5.83% | 5680 | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp; 32%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 7.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 3.74 | 3.75 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 11.30 | 49.67% | 4804 | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.84% | &nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp; 20%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 7.05 | &nbsp;&nbsp; (0.02) | 0.52 | 0.50 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 7.55 | 7.09% | 6414 | &nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.21)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp; 30%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 32.12 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (23.98) | (24.05) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.02) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.02) | 7.05 | -77.03% | 7759 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; (0.54)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp;&nbsp; (0.53)% | &nbsp;&nbsp;&nbsp; 16%  |
| &nbsp;&nbsp;&nbsp; For the Period January 8, 2021<sup>8</sup> through October 31, 2021 | 25.00 | &nbsp;&nbsp; (0.18) | 7.30 | 7.12 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 32.12 | 28.48% | 27301 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; (0.82)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; (0.82)% | &nbsp;&nbsp;&nbsp; 19%  |
| **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 21.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (6.30) | (6.26) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.04) | 15.06 | -29.35% | 3389 | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp;&nbsp; 0.52% | &nbsp;&nbsp;&nbsp; 29%  |
| &nbsp;&nbsp;&nbsp; For the Period July 14, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (3.64) | (3.59) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05) | 21.36 | -14.33% | 2671 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 4.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 4.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 47%  |
| **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** | **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** | **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** | **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** | **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** | **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** | **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** | **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** | **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** | **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** | **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** | **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** | **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** | **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** | **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** | **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** | **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** | **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** | **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 17.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp; (1.28) | (1.10) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.24) | 16.20 | -6.64% | 2834 | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 2.17% | &nbsp;&nbsp;&nbsp;&nbsp; 1.73% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.83% | &nbsp;&nbsp;&nbsp;&nbsp; 2.07% | &nbsp;&nbsp;&nbsp; 66%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 35.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp; (17.62) | (17.05) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.69) | 17.54 | -48.89% | 4823 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.83% | &nbsp;&nbsp;&nbsp;&nbsp; 2.57% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.77% | &nbsp;&nbsp;&nbsp;&nbsp; 2.63% | &nbsp;&nbsp;&nbsp; 59%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 95.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp; (60.57) | (58.90) | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.02) | 35.28 | -62.32% | 4408 | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.94% | &nbsp;&nbsp;&nbsp;&nbsp; 2.61% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp;&nbsp; 2.80% | &nbsp;&nbsp;&nbsp; 137%  |
| &nbsp;&nbsp;&nbsp; For the Period August 11, 2022<sup>8</sup> through October 31, 2022 | 250.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>9</sup> | &nbsp;&nbsp; (154.80) | (154.80) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 95.20 | -61.92% | 2855 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 4.74% | &nbsp;&nbsp;&nbsp;&nbsp; (0.11)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 4.74% | &nbsp;&nbsp;&nbsp;&nbsp; (0.11)% | &nbsp;&nbsp;&nbsp; 74%  |
| **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 59.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp; (13.22) | (12.50) | &nbsp;&nbsp; (0.76) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.76) | 46.62 | -21.15% | 189462 | &nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 2.78% | &nbsp;&nbsp;&nbsp; 6%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 58.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | 1.14 | 2.81 | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.69) | 59.88 | 4.67% | 309210 | &nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 3.08% | &nbsp;&nbsp;&nbsp; 18%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 70.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp; (12.22) | (10.45) | &nbsp;&nbsp; (1.75) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.75) | 58.76 | -14.68% | 368050 | &nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp;&nbsp; 2.85% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 3.16% | &nbsp;&nbsp;&nbsp; 6%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 31.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | 39.43 | 40.67 | &nbsp;&nbsp; (1.34) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.34) | 70.96 | 130.82% | 558028 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 2.62% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 2.73% | &nbsp;&nbsp;&nbsp; 8%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 8.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | 23.20 | 23.71 | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.53) | 31.63 | 283.45% | 599755 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 2.31% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 2.32% | &nbsp;&nbsp;&nbsp; 36%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 143.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp; (134.67) | (134.15) | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.00) | 8.45 | -93.97% | 257498 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 2.80% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 2.83% | &nbsp;&nbsp;&nbsp; 72%  |

---

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

160<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning**<br>**of**<br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | <br>**Total** <br>**Distributions** | <br>**Net**<br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>6</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | $23.95 | &nbsp;&nbsp; $0.38 | $1.87 | $2.25 | &nbsp;&nbsp; $(0.44) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.44) | $25.76 | 9.81% | $17140 | &nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 3.28% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 3.46% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 27.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | (3.41) | (2.41) | &nbsp;&nbsp; (1.18) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.18) | 23.95 | -8.61% | 23114 | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 4.37% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 28.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | (1.41) | (0.38) | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.02) | 27.54 | -1.57% | 26584 | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp;&nbsp; 3.59% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 3.78% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 109.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | (81.07) | (80.96) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 28.94 | -73.67% | 39513 | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 735.70 | &nbsp;&nbsp; (1.70) | (624.10) | (625.80) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 109.90 | -85.06% | 39105 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 506.10 | &nbsp;&nbsp; (1.90) | 233.80 | 231.90 | &nbsp;&nbsp; (1.50) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.80) | &nbsp;&nbsp;&nbsp; (2.30) | 735.70 | 45.80% | 33626 | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp; (0.32)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp; (0.27)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 50.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | 18.08 | 18.50 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.39) | 68.49 | 37.20% | 489803 | &nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp;&nbsp; 1.76% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 2.60% | &nbsp;&nbsp;&nbsp; 34%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 28.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | 21.82 | 22.52 | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.71) | 50.38 | 79.97% | 566837 | &nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp;&nbsp; 1.88% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 2.57% | &nbsp;&nbsp;&nbsp; 48%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 24.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | 3.38 | 4.09 | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.49) | 28.57 | 16.06% | 468632 | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 2.34% | &nbsp;&nbsp;&nbsp; 108%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 49.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | (24.35) | (24.10) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 24.97 | -49.11% | 375908 | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 117%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 76.72 | &nbsp;&nbsp; (0.30) | (27.35) | (27.65) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 49.07 | -36.04% | 750864 | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; (0.49)% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; (0.49)% | &nbsp;&nbsp;&nbsp; 71%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 158.15 | &nbsp;&nbsp; (0.22) | (80.50) | (80.72) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp; (0.71) | 76.72 | -51.26% | 1032006 | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp; (0.23)% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; (0.06)% | &nbsp;&nbsp;&nbsp; 333%  |
| **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 51.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | (13.84) | (12.95) | &nbsp;&nbsp; (9.00) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9.00) | 29.64 | -41.42% | 124232 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 3.86% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 3.97% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 134.30 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | (82.33) | (79.01) | &nbsp;&nbsp; (3.70) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.70) | 51.59 | -59.86% | 94983 | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; 4.37% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 4.67% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 237.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | (102.90) | (98.80) | &nbsp;&nbsp; (3.90) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.90) | 134.30 | -41.52% | 169396 | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp;&nbsp; 3.42% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 4.01% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 206.00 | &nbsp;&nbsp; (0.30) | 31.30 | 31.00 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 237.00 | 15.05% | 86749 | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp; (0.14)% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 200.80 | &nbsp;&nbsp; (1.70) | 6.90 | 5.20 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 206.00 | 2.59% | 64076 | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 1697.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | (1487.20) | (1486.20) | &nbsp;&nbsp; (6.30) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4.20) | &nbsp;&nbsp;&nbsp; (10.50) | 200.80 | -88.01% | 101595 | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 52.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | 16.36 | 17.09 | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.85) | 68.33 | 33.11% | 272871 | &nbsp;&nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp;&nbsp;&nbsp; 3.02% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 4.05% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 26.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | 25.26 | 26.01 | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.82) | 52.09 | 98.36% | 322598 | &nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp;&nbsp; 2.07% | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp;&nbsp; 2.82% | &nbsp;&nbsp;&nbsp; 22%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 25.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | 0.76 | 1.40 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.43) | 26.90 | 5.10% | 309198 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp; 1.84% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 2.20% | &nbsp;&nbsp;&nbsp; 98%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 67.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | (41.40) | (41.12) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 25.93 | -61.33% | 226686 | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp; 140%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 117.16 | &nbsp;&nbsp; (0.08) | (49.69) | (49.77) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp; (0.34) | 67.05 | -42.53% | 515810 | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.09)% | &nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp; (0.08)% | &nbsp;&nbsp;&nbsp; 67%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 695.10 | &nbsp;&nbsp; (0.55) | (577.27) | (577.82) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.12) | 117.16 | -83.11% | 672880 | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; (0.32)% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; (0.17)% | &nbsp;&nbsp;&nbsp; 312%  |

---

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

161<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning**<br>**of**<br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | <br>**Total** <br>**Distributions** | <br>**Net**<br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>6</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | $23.40 | &nbsp;&nbsp; $0.40 | $(19.57) | $(19.17) | &nbsp;&nbsp; $(0.41) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.41) | $3.82 | -43.76% | $81284 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 3.96% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 4.06% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 76.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | (52.35) | (50.54) | &nbsp;&nbsp; (2.06) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.06) | 23.40 | -67.68% | 54936 | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 4.26% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 134.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | (58.70) | (56.30) | &nbsp;&nbsp; (2.40) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.40) | 76.00 | -41.65% | 126357 | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp;&nbsp; 3.46% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 3.97% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 110.00 | &nbsp;&nbsp; (0.10) | 24.80 | 24.70 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 134.70 | 22.45% | 113621 | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 117.20 | &nbsp;&nbsp; (0.90) | (6.30) | (7.20) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 111.00 | -6.14% | 75675 | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 3357.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>9</sup> | (3222.10) | (3222.10) | &nbsp;&nbsp; (11.10) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7.10) | &nbsp;&nbsp;&nbsp; (18.20) | 117.20 | -96.42% | 83570 | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 36.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | (4.29) | (4.18) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; (1.09) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.17) | 30.85 | -12.75% | 78674 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp; 164%  |
| &nbsp;&nbsp;&nbsp; For the Period March 7, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | 11.20 | 11.36 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.16) | 36.20 | 45.46% | 19004 | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 267%  |
| **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 144.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | 2.95 | 4.01 | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.86) | 147.69 | 2.72% | 93026 | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 1.74% | &nbsp;&nbsp;&nbsp; 9%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 64.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | 79.67 | 81.27 | &nbsp;&nbsp; (1.54) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.54) | 144.54 | 125.89% | 62132 | &nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.88% | &nbsp;&nbsp;&nbsp; 92%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 43.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | 21.00 | 21.68 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.47) | 64.81 | 49.68% | 21379 | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp; 84%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 296.50 | &nbsp;&nbsp; (0.30) | (240.80) | (241.10) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11.70) | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (11.80) | 43.60 | -84.62% | 12640 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; (0.39)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; (0.38)% | &nbsp;&nbsp;&nbsp; 170%  |
| &nbsp;&nbsp;&nbsp; For the Period September 30, 2021 through October 31, 2021 | 250.00 | &nbsp;&nbsp; (0.20) | 46.70 | 46.50 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 296.50 | 18.60% | 7413 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 3.72% | &nbsp;&nbsp;&nbsp;&nbsp; (0.94)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 3.72% | &nbsp;&nbsp;&nbsp;&nbsp; (0.94)% | &nbsp;&nbsp;&nbsp; 20%  |
| **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 22.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | (5.99) | (5.87) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.13) | 16.98 | -25.69% | 20782 | &nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp; 14%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 13.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | 9.51 | 9.81 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.29) | 22.98 | 72.90% | 28119 | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 1.82% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 11.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 2.04 | 2.19 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07) | 13.46 | 19.17% | 21182 | &nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 49.81 | &nbsp;&nbsp; (0.13) | (37.36) | (37.49) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.98) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.98) | 11.34 | -76.73% | 11043 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; (0.54)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; (0.53)% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 33.43 | &nbsp;&nbsp; (0.38) | 23.19 | 22.81 | &nbsp;&nbsp; (2.81) | &nbsp;&nbsp;&nbsp; (3.62) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6.43) | 49.81 | 73.55% | 46003 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; (0.87)% | &nbsp;&nbsp;&nbsp; 11%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 22.74 | &nbsp;&nbsp; (0.13) | 10.85 | 10.72 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03) | 33.43 | 47.15% | 44245 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp;&nbsp; (0.56)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; (0.48)% | &nbsp;&nbsp;&nbsp; 93%  |
| **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 27.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | (9.61) | (9.29) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.34) | 17.90 | -34.13% | 198061 | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp;&nbsp; 2.35% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 2.53% | &nbsp;&nbsp;&nbsp; 34%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 37.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | (9.74) | (8.89) | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.85) | 27.53 | -24.28% | 350051 | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp; 2.49% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 3.01% | &nbsp;&nbsp;&nbsp; 36%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 46.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | (9.04) | (8.20) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.77) | 37.27 | -17.42% | 567052 | &nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp;&nbsp; 2.41% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 2.91% | &nbsp;&nbsp;&nbsp; 48%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 27.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 18.64 | 18.83 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.17) | 46.24 | 68.43% | 800618 | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp; 55%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 4.88 | &nbsp;&nbsp; (0.04) | 22.76 | 22.72 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00)<sup>9</sup> | &nbsp;&nbsp;&nbsp; (0.02) | 27.58 | 465.94% | 891290 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; (0.25)% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)% | &nbsp;&nbsp;&nbsp; 194%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 270.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | (264.84) | (264.79) | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.73) | 4.88 | -98.19% | 342250 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 315%  |

---

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

162<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning**<br>**of**<br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | <br>**Total** <br>**Distributions** | <br>**Net**<br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>6</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | $11.47 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $1.56 | $1.72 | &nbsp;&nbsp; $(0.15) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.15) | $13.04 | 15.22% | $40512 | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp; 3.01% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 3.44% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 10.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | 1.23 | 1.67 | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.53) | 11.47 | 17.12% | 40222 | &nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp;&nbsp; 4.22% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 12.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp; (2.07) | (1.62) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.49) | 10.33 | -14.02% | 73459 | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; 3.58% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 3.87% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 48.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp; (36.18) | (36.16) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 12.44 | -74.40% | 102747 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 714.90 | &nbsp;&nbsp; (0.90) | &nbsp;&nbsp; (665.40) | (666.30) | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>9</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>9</sup> | 48.60 | -93.20% | 93490 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 739.40 | &nbsp;&nbsp; (3.00) | &nbsp;&nbsp; (21.20) | (24.20) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.30) | 714.90 | -3.26% | 39046 | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; (0.44)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; (0.21)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Travel & Vacation Bull 2X Shares** | **Direxion Daily Travel & Vacation Bull 2X Shares** | **Direxion Daily Travel & Vacation Bull 2X Shares** | **Direxion Daily Travel & Vacation Bull 2X Shares** | **Direxion Daily Travel & Vacation Bull 2X Shares** | **Direxion Daily Travel & Vacation Bull 2X Shares** | **Direxion Daily Travel & Vacation Bull 2X Shares** | **Direxion Daily Travel & Vacation Bull 2X Shares** | **Direxion Daily Travel & Vacation Bull 2X Shares** | **Direxion Daily Travel & Vacation Bull 2X Shares** | **Direxion Daily Travel & Vacation Bull 2X Shares** | **Direxion Daily Travel & Vacation Bull 2X Shares** | **Direxion Daily Travel & Vacation Bull 2X Shares** | **Direxion Daily Travel & Vacation Bull 2X Shares** | **Direxion Daily Travel & Vacation Bull 2X Shares** | **Direxion Daily Travel & Vacation Bull 2X Shares** | **Direxion Daily Travel & Vacation Bull 2X Shares** | **Direxion Daily Travel & Vacation Bull 2X Shares** | **Direxion Daily Travel & Vacation Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 16.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (4.09) | (4.00) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09) | 12.90 | -23.68% | 3869 | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp; 22%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 9.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | 7.23 | 7.44 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.22) | 16.99 | 76.53% | 8494 | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp; 11%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 10.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp; (0.65) | (0.53) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06) | 9.77 | -5.27% | 11725 | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 29%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 20.74 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (10.35) | (10.38) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 10.36 | -50.05% | 23824 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; (0.22)% | &nbsp;&nbsp;&nbsp; 10%  |
| &nbsp;&nbsp;&nbsp; For the Period June 10, 2021<sup>8</sup> through October 31, 2021 | 25.00 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (4.23) | (4.26) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 20.74 | -17.04% | 12447 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp;&nbsp; (0.36)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp;&nbsp; (0.36)% | &nbsp;&nbsp;&nbsp; 26%  |
| **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 24.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp; (10.23) | (9.88) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.84) | 13.57 | -41.68% | 6784 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp;&nbsp; 4.16% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp;&nbsp; 4.42% | &nbsp;&nbsp;&nbsp; 22%  |
| &nbsp;&nbsp;&nbsp; For the Period June 26, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp; (0.81) | (0.64) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07) | 24.29 | -2.52% | 7893 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 3.04% | &nbsp;&nbsp;&nbsp;&nbsp; 2.17% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.98% | &nbsp;&nbsp;&nbsp;&nbsp; 2.23% | &nbsp;&nbsp;&nbsp; 168% |

---

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

<sup>2</sup> Excludes interest expense and extraordinary expenses which comprise of tax and litigation expenses.

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

<sup>4</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived or recouped by the investment advisor.

<sup>5</sup> For periods less than a year, these ratios are annualized.

<sup>6</sup> Net expenses include effects of any reimbursement/waiver or recoupment.

<sup>7</sup> Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Portfolio turnover rate does not include effects of turnover of the swap and future contracts portfolio. Short-term securities with maturities less than or equal to 365 days are also excluded from portfolio turnover calculation. 

<sup>8</sup> Commencement of operations.

<sup>9</sup> Between $(0.005) and $0.005.

<sup>10</sup> Effective November 4, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split. 

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

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)** 

1. ORGANIZATION

The Direxion Shares ETF Trust (the "Trust") is a Delaware statutory trust formed on April 23, 2008, and is registered with the Securities and Exchange Commission ("SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is a registered investment company that has 107 separate series (each, a "Fund" and together the "Funds"). 63 of these Funds are included in this report:

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| | |
|:---|:---|
| **Bull Funds** | **Bear Funds** |
| Direxion Daily AAPL Bull 2X Shares | Direxion Daily AAPL Bear 1X Shares  |
| Direxion Daily AMD Bull 2X Shares | Direxion Daily AMD Bear 1X Shares  |
| Direxion Daily AMZN Bull 2X Shares | Direxion Daily AMZN Bear 1X Shares  |
| Direxion Daily AVGO Bull 2X Shares | Direxion Daily AVGO Bear 1X Shares  |
| Direxion Daily BA Bull 2X Shares | Direxion Daily BA Bear 1X Shares  |
| Direxion Daily BRKB Bull 2X Shares | Direxion Daily BRKB Bear 1X Shares  |
| Direxion Daily GOOGL Bull 2X Shares | Direxion Daily GOOGL Bear 1X Shares  |
| Direxion Daily LLY Bull 2X Shares | Direxion Daily LLY Bear 1X Shares  |
| Direxion Daily META Bull 2X Shares | Direxion Daily META Bear 1X Shares  |
| Direxion Daily MSFT Bull 2X Shares | Direxion Daily MSFT Bear 1X Shares  |
| Direxion Daily MU Bull 2X Shares | Direxion Daily MU Bear 1X Shares  |
| Direxion Daily NFLX Bull 2X Shares | Direxion Daily NFLX Bear 1X Shares  |
| Direxion Daily NVDA Bull 2X Shares | Direxion Daily NVDA Bear 1X Shares  |
| Direxion Daily PANW Bull 2X Shares | Direxion Daily PANW Bear 1X Shares  |
| Direxion Daily PLTR Bull 2X Shares | Direxion Daily PLTR Bear 1X Shares  |
| Direxion Daily TSLA Bull 2X Shares | Direxion Daily TSLA Bear 1X Shares  |
| Direxion Daily TSM Bull 2X Shares | Direxion Daily TSM Bear 1X Shares  |
| Direxion Daily XOM Bull 2X Shares | Direxion Daily XOM Bear 1X Shares  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | Direxion Daily Crypto Industry Bear 1X Shares  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | Direxion Daily Magnificent 7 Bear 1X Shares  |
| Direxion Daily MSCI Brazil Bull 2X Shares | Direxion Daily AI and Big Data Bear 2X Shares  |
| Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares | Direxion Daily Energy Bear 2X Shares  |
| Direxion Daily MSCI India Bull 2X Shares | Direxion Daily Gold Miners Index Bear 2X Shares  |
| Direxion Daily AI and Big Data Bull 2X Shares | Direxion Daily Junior Gold Miners Index Bear 2X Shares  |
| Direxion Daily Cloud Computing Bull 2X Shares | Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares  |
| Direxion Daily Crypto Industry Bull 2X Shares |  |
| Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares |  |
| Direxion Daily Energy Bull 2X Shares |  |
| Direxion Daily Gold Miners Index Bull 2X Shares |  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares |  |
| Direxion Daily Magnificent 7 Bull 2X Shares |  |
| Direxion Daily NYSE FANG+ Bull 2X Shares |  |
| Direxion Daily Robotics, Artificial Intelligence & Automation  |  |
| Index Bull 2X Shares |  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares |  |
| Direxion Daily Travel & Vacation Bull 2X Shares |  |
| Direxion Daily Uranium Industry Bull 2X Shares |  |

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

Rafferty Asset Management, LLC (the "Adviser") serves as investment adviser to the Funds. The Adviser has registered as a commodity pool operator ("CPO") and certain of the Funds presented in this report are considered

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

commodity pools under the Commodity Exchange Act (the "CEA). Accordingly, the Adviser is subject to registration and regulation as a CPO under the CEA and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission and the National Futures Association, including investor protection requirements, antifraud provisions, disclosure requirements and reporting and recordkeeping requirements.

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

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| | | |
|:---|:---|:---|
| **Funds** | **Index or Benchmark** | **Daily Target** |
| Direxion Daily AAPL Bear 1X Shares | Common shares of Apple, Inc. | -100%  |
| Direxion Daily AMD Bear 1X Shares | Common shares of Advanced Micro Devices, Inc. | -100%  |
| Direxion Daily AMZN Bear 1X Shares | Common shares of Amazon, Inc. | -100%  |
| Direxion Daily AVGO Bear 1X Shares | Common shares of Broadcom, Inc. | -100%  |
| Direxion Daily BA Bear 1X Shares | Common shares of The Boeing Co. | -100%  |
| Direxion Daily BRKB Bear 1X Shares | Common shares of Berkshire Hathaway, Inc. | -100%  |
| Direxion Daily GOOGL Bear 1X Shares | Common shares of Alphabet, Inc. | -100%  |
| Direxion Daily LLY Bear 1X Shares | Common shares of Eli Lilly and Company | -100%  |
| Direxion Daily META Bear 1X Shares | Common shares of META Platforms, Inc. | -100%  |
| Direxion Daily MSFT Bear 1X Shares | Common shares of Microsoft Corp. | -100%  |
| Direxion Daily MU Bear 1X Shares | Common shares of Micron Technology, Inc. | -100%  |
| Direxion Daily NFLX Bear 1X Shares | Common shares of Netflix, Inc. | -100%  |
| Direxion Daily NVDA Bear 1X Shares | Common shares of NVIDIA Corp. | -100%  |
| Direxion Daily PANW Bear 1X Shares | Common shares of Palo Alto Networks, Inc. | -100%  |
| Direxion Daily PLTR Bear 1X Shares | Common shares of Palantir Technologies, Inc. | -100%  |
| Direxion Daily TSLA Bear 1X Shares | Common shares of Tesla, Inc. | -100%  |
| Direxion Daily TSM Bear 1X Shares | Common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | -100%  |
| Direxion Daily XOM Bear 1X Shares | Common shares of Exxon Mobil Corp. | -100%  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | S&P 500<sup>®</sup> Index | -100%  |
| Direxion Daily Crypto Industry Bear 1X Shares | Solactive Distributed Ledger & Decentralized Payment Tech Index | -100%  |
| Direxion Daily Magnificent 7 Bear 1X Shares | Indxx Magnificent 7 Index | -100%  |
| Direxion Daily AAPL Bull 2X Shares | Common shares of Apple, Inc. | 200%  |
| Direxion Daily AMD Bull 2X Shares | Common shares of Advanced Micro Devices, Inc. | 200%  |
| Direxion Daily AMZN Bull 2X Shares | Common shares of Amazon, Inc. | 200%  |
| Direxion Daily AVGO Bull 2X Shares | Common shares of Broadcom, Inc. | 200%  |
| Direxion Daily BA Bull 2X Shares | Common shares of The Boeing Co. | 200%  |
| Direxion Daily BRKB Bull 2X Shares | Common shares of Berkshire Hathaway, Inc. | 200%  |
| Direxion Daily GOOGL Bull 2X Shares | Common shares of Alphabet, Inc. | 200%  |
| Direxion Daily LLY Bull 2X Shares | Common shares of Eli Lilly and Company | 200%  |

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Funds** | **Index or Benchmark** | **Daily Target** |
| Direxion Daily META Bull 2X Shares | Common shares of META Platforms, Inc. | 200%  |
| Direxion Daily MSFT Bull 2X Shares | Common shares of Microsoft Corp. | 200%  |
| Direxion Daily MU Bull 2X Shares | Common shares of Micron Technology, Inc. | 200%  |
| Direxion Daily NFLX Bull 2X Shares | Common shares of Netflix, Inc. | 200%  |
| Direxion Daily NVDA Bull 2X Shares | Common shares of NVIDIA Corp. | 200%  |
| Direxion Daily PANW Bull 2X Shares | Common shares of Palo Alto Networks, Inc. | 200%  |
| Direxion Daily PLTR Bull 2X Shares | Common shares of Palantir Technologies, Inc. | 200%  |
| Direxion Daily TSLA Bull 2X Shares | Common shares of Tesla, Inc. | 200%  |
| Direxion Daily TSM Bull 2X Shares | Common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | 200%  |
| Direxion Daily XOM Bull 2X Shares | Common shares of Exxon Mobil Corp. | 200%  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | CSI 300 Index | 200%  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | CSI Overseas China Internet Index | 200%  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | S&P 500<sup>®</sup> Index | 200%  |
| Direxion Daily MSCI Brazil Bull 2X Shares | MSCI Brazil 25/50 Index | 200%  |
| Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares | MSCI Emerging Markets ex China Index | 200%  |
| Direxion Daily MSCI India Bull 2X Shares | MSCI India Index | 200%  |
| Direxion Daily AI and Big Data Bull 2X Shares <br>Direxion Daily AI and Big Data Bear 2X Shares | Solactive US AI & Big Data Index  | 200% <br>-200% |
| Direxion Daily Cloud Computing Bull 2X Shares | Indxx USA Cloud Computing Index | 200%  |
| Direxion Daily Crypto Industry Bull 2X Shares | Solactive Distributed Ledger & Decentralized Payment Tech Index | 200%  |
| Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares | Indxx US Electric and Autonomous Vehicles Index | 200%  |
| Direxion Daily Energy Bull 2X Shares <br>Direxion Daily Energy Bear 2X Shares | Energy Select Sector Index | 200%<br>-200%  |
| Direxion Daily Gold Miners Index Bull 2X Shares <br>Direxion Daily Gold Miners Index Bear 2X Shares | NYSE Arca Gold Miners Index | 200% <br>-200%  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares<br>Direxion Daily Junior Gold Miners Index Bear 2X Shares | MVIS Global Junior Gold Miners Index | 200%<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>-200%  |
| Direxion Daily Magnificent 7 Bull 2X Shares | Indxx Magnificent 7 Index | 200%  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | NYSE FANG+ Index | 200%  |
| Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | Indxx Global Robotics and Artificial Intelligence Thematic Index | 200%  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares<br>Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | S&P Oil & Gas Exploration & Production Select Industry Index | 200%<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>-200%  |

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

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| | | |
|:---|:---|:---|
| **Funds** | **Index or Benchmark** | **Daily Target** |
| Direxion Daily Travel & Vacation Bull 2X Shares | BlueStar<sup>®</sup> Travel and Vacation Index | 200%  |
| Direxion Daily Uranium Industry Bull 2X Shares | Solactive United States Uranium and Nuclear Energy ETF Select Index | 200% |

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2. SIGNIFICANT ACCOUNTING POLICIES

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Swap Contracts – Each Fund may enter into equity swap contacts. Standard equity swap contracts are between two parties that agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross amount to be exchanged is calculated with respect to a "notional amount" (i.e. the return on or increase in value of a particular dollar amount invested in a "basket" of securities representing a particular index or industry sector). Each Fund enters into master netting agreements with counterparties to mitigate counterparty credit risk in derivative contracts. A Fund does not offset fair value amounts for derivative contracts and related cash collateral on the Statements of Assets and Liabilities arising from derivative contracts executed with the same counterparties under such master netting agreements. Each Fund's obligations are accrued daily and offset by any amounts owed to the Fund.

In a "long" equity swap agreement, the counterparty will generally agree to pay the Fund the amount, if any, by which the notional amount of the swap contract would have increased in value if the Fund had been invested in the particular securities, plus dividends that would have been received on those securities. The Fund will agree to pay the counterparty a floating rate of interest (e.g., a SOFR based rate) on the notional amount of the swap contract plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such securities plus, in certain instances, commissions or trading spreads on the notional amounts. Thus, the return on the swap contract should be the gain or loss on the notional amount plus dividends on the securities less the interest and commission paid by the Fund on the notional amount. Payments may be made at the conclusion of the contract or periodically during its term. In certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the counterparty will pay the Fund interest. These swap contracts do not include the delivery of securities by the Funds to the counterparty. The net amount of the excess, if any, of the Fund's obligations owed over its entitlement with respect to each swap is accrued on a daily basis and an amount

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

of cash or liquid assets having an aggregate net asset value at least equal to such accrued excess is maintained in a segregated account by the Funds' custodian. Until a swap contract is settled in cash, the gain or loss on the notional amount plus dividends on the securities less the interest paid by the Fund on the notional amount are recorded as "unrealized appreciation or depreciation on swaps" and when cash is exchanged, the gain or loss is recorded as "realized gains or losses on swaps".

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

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

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

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

For financial reporting purposes, the Funds elect to not offset assets and liabilities subject to an ISDA Master Agreement, if any, in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of April 30, 2025, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting/set-off provisions in the ISDA Master Agreement are detailed in the following tables.

In the event of the counterparty's default, bankruptcy or any other event for which the counterparty cannot meet its obligations, a Fund bears the risk of loss equal to the amount of the daily appreciation owed to the Fund. This obligation represents the daily gain accrued to the Fund from the close of business day prior to this event to the day on which this event occurs and the counterparty can no longer meet its obligations. A Fund will enter into swap agreements only with large, well-capitalized and established financial institutions. The creditworthiness of each of the firms that is a party to

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

a swap agreement is monitored by the Adviser. Shareholders may obtain swap counterparty financial statements at www.sec.gov. Swap contracts are subject to credit risk. Credit risk occurs when the financial condition of an issuer of a security or instrument may cause it to default or become unable to pay interest or principal due on the security. The counterparty to a swap contract might default on its obligations. In addition, the Funds have agreements with certain counterparties with which it trades swap contracts that contain credit risk-related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value and performance-based thresholds. The maximum exposure to the Funds in regard to potential counterparty default and credit-risk related contingent features at April 30, 2025 is detailed in the following tables. If such credit risk-related contingencies were triggered, the counterparties would have the option to terminate any positions open under the master netting agreement.

**Description: Swap Contract** 

**Counterparty: Bank of America Merrill Lynch** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount** |
|  Direxion Daily AAPL Bear 1X Shares | $378789 | $— | $378789<sup>1</sup> | $— | $— | $— | $— | $—  |
|  Direxion Daily AMD Bear 1X Shares | 72472 |  | 72472<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily AMZN Bear 1X Shares | 326325 |  | 326325<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily AVGO Bear 1X Shares |  |  |  |  | 108480 |  | 108480<sup>1</sup> | —  |
|  Direxion Daily BA Bear 1X Shares |  |  |  |  | 65279 |  | 65279<sup>1</sup> | —  |
|  Direxion Daily BRKB Bear 1X Shares |  |  |  |  | 58308 |  | 58308<sup>1</sup> | —  |
|  Direxion Daily GOOGL Bear 1X Shares |  |  |  |  | 142666 |  | 142666<sup>1</sup> | —  |
|  Direxion Daily LLY Bear 1X Shares |  |  |  |  | 32113 |  | 32113<sup>1</sup> | —  |
|  Direxion Daily META Bear 1X Shares | 54213 |  | 54213<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily MSFT Bear 1X Shares |  |  |  |  | 4222 |  | 4222<sup>1</sup> | —  |
|  Direxion Daily MU Bear 1X Shares |  |  |  |  | 154612 |  | 154612<sup>1</sup> | —  |
|  Direxion Daily NFLX Bear 1X Shares |  |  |  |  | 92964 |  | 92964<sup>1</sup> | —  |
|  Direxion Daily NVDA Bear 1X Shares |  |  |  |  | 22761 |  | 22761<sup>1</sup> | —  |
|  Direxion Daily PANW Bear 1X Shares | 9180 |  | 9180<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily PLTR Bear 1X Shares |  |  |  |  | 211557 |  | 211557<sup>1</sup> | —  |
|  Direxion Daily TSLA Bear 1X Shares |  |  |  |  | 1821801 |  | 1821801<sup>1</sup> | —  |
|  Direxion Daily TSM Bear 1X Shares | 117093 |  | 117093<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily XOM Bear 1X Shares | 16425 |  |  | 16425 |  |  |  | —  |

---

169<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount** |
|  Direxion Daily Crypto Industry Bear 1X Shares | $— | $— | $— | $— | $230867 | $— | $230867<sup>1</sup> | $—  |
|  Direxion Daily AAPL Bull 2X Shares |  |  |  |  | 1589492 |  | 1589492<sup>1</sup> | —  |
|  Direxion Daily AMD Bull 2X Shares |  |  |  |  | 266919 |  | 266919<sup>1</sup> | —  |
|  Direxion Daily AMZN Bull 2X Shares |  |  |  |  | 31147564 |  | 31147564<sup>1</sup>  | —  |
|  Direxion Daily AVGO Bull 2X Shares | 1130590 |  | 1050000 | 80590 |  |  |  | —  |
|  Direxion Daily BA Bull 2X Shares | 9615 |  | 9615<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily BRKB Bull 2X Shares | 523020 |  | 490000 | 33020 |  |  |  | —  |
|  Direxion Daily GOOGL Bull 2X Shares | 338595 |  | 338595<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily LLY Bull 2X Shares | 57313 |  |  | 57313 |  |  |  | —  |
|  Direxion Daily META Bull 2X Shares | 461949 |  | 461949<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily MSFT Bull 2X Shares |  |  |  |  | 3920230 |  | 3920230<sup>1</sup> | —  |
|  Direxion Daily MU Bull 2X Shares | 786549 |  | 780000 | 6549 |  |  |  | —  |
|  Direxion Daily NFLX Bull 2X Shares | 97386 |  | 97386<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily NVDA Bull 2X Shares | 885552 |  | 885552<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily PANW Bull 2X Shares |  |  |  |  | 23851 |  | 23851<sup>1</sup> | —  |
|  Direxion Daily PLTR Bull 2X Shares | 24883658 |  | 20930000 | 3953658 |  |  |  | —  |
|  Direxion Daily TSLA Bull 2X Shares |  |  |  |  | 79301104 |  | 79301104<sup>1</sup>  | —  |
|  Direxion Daily TSM Bull 2X Shares |  |  |  |  | 7595173 |  | 7595173<sup>1</sup> | —  |
|  Direxion Daily XOM Bull 2X Shares |  |  |  |  | 28545 |  | 28545<sup>1</sup> | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily CSI China Internet Index Bull 2X <br>Shares | 2908143 |  | 2908143 <sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily MSCI India Bull 2X Shares | 1862299 |  | 1840000 | 22299 |  |  |  | —  |
|  Direxion Daily Cloud Computing Bull 2X Shares |  |  |  |  | 400317 |  | 400317<sup>1</sup> | —  |
|  Direxion Daily Crypto Industry Bull 2X Shares |  |  |  |  | 101705 |  | 101705<sup>1</sup> | —  |
|  Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares |  |  |  |  | 88129 |  | 88129<sup>1</sup> | —  |

---

170<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount** |
|  Direxion Daily Gold Miners Index Bull 2X Shares | $36479111 | $— | $35170000 | $1309111 | $— | $— | $— | $—  |
|  Direxion Daily Gold Miners Index Bear 2X Shares |  |  |  |  | 2187662 |  | 2187662<sup>1</sup> | —  |
|  Direxion Daily Magnificent 7 Bull 2X Shares |  |  |  |  | 3726640 |  | 3726640<sup>1</sup> | —  |
|  Direxion Daily NYSE FANG+ Bull 2X Shares |  |  |  |  | 1902096 |  |  | 1902096  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X <br>Shares |  |  |  |  | 8382372 |  | 8382372<sup>1</sup> | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X <br>Shares | 1176875 |  | 1030000 | 146875 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Travel & Vacation Bull 2X <br>Shares |  |  |  |  | 168934 |  | 168934<sup>1</sup> | —  |
|  Direxion Daily Uranium Industry Bull 2X Shares | 177751 |  | 160000 | 17751 |  |  |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

**Description: Swap Contract** 

**Counterparty: BNP Paribas** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount** |
|  Direxion Daily AAPL Bear 1X Shares | $270843 | $— | $260000 | $10843 | $— | $— | $— | $—  |
|  Direxion Daily NVDA Bear 1X Shares | 1076044 |  | 1011908 | 64136 |  |  |  | —  |
|  Direxion Daily TSLA Bear 1X Shares | 2399160 |  | 2038333 | 360827 |  |  |  | —  |
|  Direxion Daily TSM Bear 1X Shares | 204074 |  | 204074<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily AAPL Bull 2X Shares | 815294 |  | 660000 | 155294 |  |  |  | —  |
|  Direxion Daily NVDA Bull 2X Shares |  |  |  |  | 18800660 |  | 18800660<sup>1</sup> | —  |
|  Direxion Daily TSLA Bull 2X Shares |  |  |  |  | 70031149 |  | 70031149<sup>1</sup> | —  |
|  Direxion Daily TSM Bull 2X Shares |  |  |  |  | 6079956 |  | 6079956<sup>1</sup> | —  |

---

171<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount** |
| &nbsp;&nbsp;&nbsp; Direxion Daily CSI China Internet Index Bull 2X <br>Shares | $1918623 | $— | $1918623<sup>1</sup> | $— | $— | $— | $— | $—  |
|  Direxion Daily MSCI Brazil Bull 2X Shares | 2877137 |  | 2877137<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Energy Bull 2X Shares | 838676 |  | 838676<sup>1</sup> | $— |  |  |  | —  |
|  Direxion Daily Energy Bear 2X Shares | 140369 |  | 10000 | 130369 |  |  |  | —  |
|  Direxion Daily Gold Miners Index Bull 2X Shares | 30418038 |  | 29080000 | 1338038 |  |  |  | —  |
|  Direxion Daily Gold Miners Index Bear 2X Shares |  |  |  |  | 1568826 |  | 1568826<sup>1</sup> | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Junior Gold Miners Index Bull 2X <br>Shares |  |  |  |  | 1480249 |  | 1480249<sup>1</sup> | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Junior Gold Miners Index Bear 2X <br>Shares | 1306486 |  | 1306486<sup>1</sup> |  |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X <br>Shares |  |  |  |  | 10150322 |  | 10150322<sup>1</sup> | —  |
|  Direxion Daily Uranium Industry Bull 2X Shares | 700 |  |  | 700 |  |  |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

**Description: Swap Contract** 

**Counterparty: Barclays** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount** |
|  Direxion Daily AAPL Bear 1X Shares | $1116027 | $— | $1116027<sup>1</sup> | $— | $— | $— | $— | $—  |
|  Direxion Daily AMD Bear 1X Shares |  |  |  |  | 74500 |  | 74500<sup>1</sup> | —  |
|  Direxion Daily AVGO Bear 1X Shares | 147175 |  | 147175<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily BA Bear 1X Shares |  |  |  |  | 66323 |  |  | 66323  |
|  Direxion Daily BRKB Bear 1X Shares |  |  |  |  | 37860 |  |  | 37860  |
|  Direxion Daily LLY Bear 1X Shares |  |  |  |  | 31211 |  |  | 31211  |

---

172<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount** |
|  Direxion Daily META Bear 1X Shares | $454473 | $— | $454473<sup>1</sup> | $— | $— | $— | $— | $—  |
|  Direxion Daily MU Bear 1X Shares | 124308 |  | 80000 | 44308 |  |  |  | —  |
|  Direxion Daily NFLX Bear 1X Shares |  |  |  |  | 488004 |  | 488004<sup>1</sup> | —  |
|  Direxion Daily NVDA Bear 1X Shares | 535910 |  | 510000 | 25910 |  |  |  | —  |
|  Direxion Daily PANW Bear 1X Shares |  |  |  |  | 55993 |  | 55993<sup>1</sup> | —  |
|  Direxion Daily PLTR Bear 1X Shares |  |  |  |  | 2864043 |  | 2864043<sup>1</sup> | —  |
|  Direxion Daily TSLA Bear 1X Shares |  |  |  |  | 635 |  |  | 635  |
|  Direxion Daily XOM Bear 1X Shares | 16858 |  |  | 16858 |  |  |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | 2531187 |  | 2531187<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Crypto Industry Bear 1X Shares |  |  |  |  | 32979 |  | 32979<sup>1</sup> | —  |
|  Direxion Daily Magnificent 7 Bear 1X Shares |  |  |  |  | 164602 |  | 164602<sup>1</sup> | —  |
|  Direxion Daily AAPL Bull 2X Shares |  |  |  |  | 703928 |  | 703928<sup>1</sup> | —  |
|  Direxion Daily AMD Bull 2X Shares | 58407 |  |  | 58407 |  |  |  | —  |
|  Direxion Daily AVGO Bull 2X Shares |  |  |  |  | 1501225 |  | 1501225<sup>1</sup> | —  |
|  Direxion Daily BA Bull 2X Shares | 18332 |  |  | 18332 |  |  |  | —  |
|  Direxion Daily BRKB Bull 2X Shares | 439280 |  | 300000 | 139280 |  |  |  | —  |
|  Direxion Daily GOOGL Bull 2X Shares |  |  |  |  | 21377378 |  | 21377378<sup>1</sup> | —  |
|  Direxion Daily LLY Bull 2X Shares | 56387 |  |  | 56387 |  |  |  | —  |
|  Direxion Daily META Bull 2X Shares |  |  |  |  | 4435881 |  | 4435881<sup>1</sup> | —  |
|  Direxion Daily MSFT Bull 2X Shares |  |  |  |  | 6476878 |  | 6476878<sup>1</sup> | —  |
|  Direxion Daily MU Bull 2X Shares |  |  |  |  | 542453 |  | 542453<sup>1</sup> | —  |
|  Direxion Daily NFLX Bull 2X Shares | 207580 |  | 207580<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily NVDA Bull 2X Shares |  |  |  |  | 2783085 |  | 2783085<sup>1</sup> | —  |
|  Direxion Daily PANW Bull 2X Shares | 1536 |  |  | 1536 |  |  |  | —  |
|  Direxion Daily PLTR Bull 2X Shares | 3390254 |  | 3390254<sup>1</sup> |  |  |  |  | —  |

---

173<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount** |
|  Direxion Daily TSLA Bull 2X Shares | $7544555 | $— | $7544555<sup>1</sup> | $— | $— | $— | $— | $—  |
|  Direxion Daily XOM Bull 2X Shares |  |  |  |  | 28523 |  | 28523<sup>1</sup> | —  |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares |  |  |  |  | 951808 |  | 951808<sup>1</sup> | —  |
|  Direxion Daily MSCI Brazil Bull 2X Shares | 211730 |  | 211730<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily MSCI India Bull 2X Shares |  |  |  |  | 294569 |  | 294569<sup>1</sup> | —  |
|  Direxion Daily AI and Big Data Bull 2X Shares |  |  |  |  | 711731 |  | 711731<sup>1</sup> | —  |
|  Direxion Daily Crypto Industry Bull 2X Shares | 37094 |  |  | 37094 |  |  |  | —  |
|  Direxion Daily Energy Bull 2X Shares |  |  |  |  | 3739254 |  | 3739254<sup>1</sup> | —  |
|  Direxion Daily Energy Bear 2X Shares | 547754 |  | 547754<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Magnificent 7 Bull 2X Shares | 1816673 |  | 1816673<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily NYSE FANG+ Bull 2X Shares |  |  |  |  | 1617854 |  | 1617854<sup>1</sup> | —  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares |  |  |  |  | 410079 |  | 410079<sup>1</sup> |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

**Description: Swap Contract** 

**Counterparty: Citibank N.A.** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount** |
|  Direxion Daily AAPL Bear 1X Shares | $148127 | $— | $148127<sup>1</sup> | $— | $— | $— | $— | $—  |
|  Direxion Daily AMD Bear 1X Shares | 68609 |  | 68609<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily AMZN Bear 1X Shares | 175335 |  | 175335<sup>1</sup> |  |  |  |  |  |
|  Direxion Daily AVGO Bear 1X Shares  | —  | —  | —  | —  | 29408  | —  | 29408<sup>1</sup>  | —  |
|  Direxion Daily BA Bear 1X Shares |  |  |  |  | 82677 |  | 82677<sup>1</sup> | —  |

---

174<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount** |
|  Direxion Daily BRBK Bear 1X Shares | $— | $— | $— | $— | $68989 | $— | $68989<sup>1</sup> | $—  |
|  Direxion Daily GOOGL Bear 1X Shares | 571728 |  | 568999 | 2729 |  |  |  | —  |
|  Direxion Daily LLY Bear 1X Shares |  |  |  |  | 234819 |  | 234819<sup>1</sup> | —  |
|  Direxion Daily META Bear 1X Shares | 230864 |  | 230864<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily MSFT Bear 1X Shares | 312933 |  | 312933<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily MU Bear 1X Shares | 129624 |  | 129624<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily NFLX Bear 1X Shares |  |  |  |  | 325253 |  | 325253<sup>1</sup> | —  |
|  Direxion Daily NVDA Bear 1X Shares | 156754 |  | 156754<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily PANW Bear 1X Shares | 8798 |  | 8798<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily PLTR Bear 1X Shares |  |  |  |  | 590032 |  | 590032<sup>1</sup> | —  |
|  Direxion Daily TSLA Bear 1X Shares | 2818301 |  | 2578000 | 240301 |  |  |  | —  |
|  Direxion Daily TSM Bear 1X Shares | 55882 |  | 55882<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily XOM Bear 1X Shares | 16353 |  |  | 16353 |  |  |  | —  |
|  Direxion Daily AAPL Bull 2X Shares | 3246621 |  | 2856000 | 390621 |  |  |  | —  |
|  Direxion Daily AMD Bull 2X Shares |  |  |  |  | 114170 |  | 114170<sup>1</sup> | —  |
|  Direxion Daily AMZN Bull 2X Shares |  |  |  |  | 19279978 |  | 19279978<sup>1</sup> | —  |
|  Direxion Daily AVGO Bull 2X Shares | 484563 |  | 482000 | 2563 |  |  |  | —  |
|  Direxion Daily BA Bull 2X Shares | 8394 |  | 8394<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily BRKB Bull 2X Shares | 1412319 |  | 1412319<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily GOOGL Bull 2X Shares |  |  |  |  | 21149131 |  | 21149131<sup>1</sup> | —  |
|  Direxion Daily LLY Bull 2X Shares | 142638 |  | 73000 | 69638 |  |  |  | —  |
|  Direxion Daily META Bull 2X Shares |  |  |  |  | 6531209 |  | 6531209<sup>1</sup> | —  |
|  Direxion Daily MSFT Bull 2X Shares |  |  |  |  | 8222480 |  | 8222480<sup>1</sup> | —  |
|  Direxion Daily MU Bull 2X Shares |  |  |  |  | 1636788 |  | 1636788<sup>1</sup> | —  |

---

175<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount** |
|  Direxion Daily NFLX Bull 2X Shares | $— | $— | $— | $— | $201831 | $— | $201831<sup>1</sup> | $—  |
|  Direxion Daily NVDA Bull 2X Shares |  |  |  |  | 9644280 |  | 9644280<sup>1</sup> | —  |
|  Direxion Daily PANW Bull 2X Shares |  |  |  |  | 25216 |  | 25216<sup>1</sup> | —  |
|  Direxion Daily PLTR Bull 2X Shares | 15869626 |  | 14038000 | 1831626 |  |  |  | —  |
|  Direxion Daily TSLA Bull 2X Shares | 86726349 |  | 86726349<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily TSM Bull 2X Shares | 2712636 |  | 2146000 | 566636 |  |  |  | —  |
|  Direxion Daily XOM Bull 2X Shares |  |  |  |  | 28725 |  | 28725<sup>1</sup> | —  |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares |  |  |  |  | 3736495 |  | 3736495<sup>1</sup> | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily CSI China Internet Index Bull 2X <br>Shares | 5324165 |  | 5324165<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares |  |  |  |  | 418264 |  | 418264<sup>1</sup> | —  |
|  Direxion Daily MSCI India Bull 2X Shares |  |  |  |  | 647932 |  | 647932<sup>1</sup> | —  |
|  Direxion Daily Cloud Computing Bull 2X Shares | 261444 |  | 261444<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Gold Miners Index Bull 2X Shares | 13673915 |  | 12006002 | 1667913 |  |  |  | —  |
|  Direxion Daily Gold Miners Index Bear 2X Shares | 1024544 |  | 1024544<sup>1</sup> |  |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Junior Gold Miners Index Bull 2X <br>Shares | 16983670 |  | 16263001 | 720669 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Junior Gold Miners Index Bear 2X <br>Shares |  |  |  |  | 2542378 |  | 2542378<sup>1</sup> | —  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares |  |  |  |  | 293257 |  | 293257<sup>1</sup> | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X <br>Shares |  |  |  |  | 3373394 |  | 3373394<sup>1</sup> | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X <br>Shares | 5426298 |  | 5023001 | 403297 |  |  |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

176<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Description: Swap Contract** 

**Counterparty: Goldman Sachs** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount** |
|  Direxion Daily AAPL Bear 1X Shares | $91354 | $— | $91354<sup>1</sup> | $— | $— | $— | $— | $—  |
|  Direxion Daily AMD Bear 1X Shares | 108363 |  | 108363<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily AMZN Bear 1X Shares |  |  |  |  | 27906 |  | 27906<sup>1</sup> | —  |
|  Direxion Daily AVGO Bear 1X Shares | 95487 |  | 95487<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily BA Bear 1X Shares |  |  |  |  | 33397 |  |  | 33397  |
|  Direxion Daily BRKB Bear 1X Shares |  |  |  |  | 39855 |  | 39855<sup>1</sup> | —  |
|  Direxion Daily LLY Bear 1X Shares |  |  |  |  | 42569 |  | 42569<sup>1</sup> | —  |
|  Direxion Daily META Bear 1X Shares | 16740 |  | 16740<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily MSFT Bear 1X Shares | 3743 |  |  | 3743 |  |  |  | —  |
|  Direxion Daily MU Bear 1X Shares | 234519 |  | 234519<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily NFLX Bear 1X Shares |  |  |  |  | 206683 |  | 206683<sup>1</sup> | —  |
|  Direxion Daily NVDA Bear 1X Shares | 917601 |  | 790000 | 127601 |  |  |  | —  |
|  Direxion Daily PANW Bear 1X Shares | 6738 |  |  | 6738 |  |  |  | —  |
|  Direxion Daily PLTR Bear 1X Shares |  |  |  |  | 671316 |  | 671316<sup>1</sup> | —  |
|  Direxion Daily TSLA Bear 1X Shares |  |  |  |  | 2157354 |  | 2157354<sup>1</sup> | —  |
|  Direxion Daily TSM Bear 1X Shares | 228041 |  | 228041<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily XOM Bear 1X Shares | 14071 |  |  | 14071 |  |  |  | —  |
|  Direxion Daily Magnificent 7 Bear 1X Shares | 704795 |  | 670000 | 34795 |  |  |  | —  |
|  Direxion Daily AAPL Bull 2X Shares |  |  |  |  | 2065384 |  | 2065384<sup>1</sup> | —  |
|  Direxion Daily AMD Bull 2X Shares |  |  |  |  | 152665 |  | 152665<sup>1</sup> | —  |
|  Direxion Daily AMZN Bull 2X Shares |  |  |  |  | 7494682 |  | 7494682<sup>1</sup> | —  |
|  Direxion Daily AVGO Bull 2X Shares |  |  |  |  | 3394584 |  | 3394584<sup>1</sup> | —  |
|  Direxion Daily BA Bull 2X Shares | 156692 |  |  | 156692 |  |  |  | —  |
|  Direxion Daily BRKB Bull 2X Shares |  |  |  |  | 84846 |  | 84846<sup>1</sup> | —  |

---

177<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount** |
|  Direxion Daily LLY Bull 2X Shares | $— | $— | $— | $— | $9567 | $— | $9567<sup>1</sup> | $—  |
|  Direxion Daily META Bull 2X Shares |  |  |  |  | 2383838 |  | 2383838<sup>1</sup> | —  |
|  Direxion Daily MSFT Bull 2X Shares | 1167722 |  | 990000 | 177722 |  |  |  | —  |
|  Direxion Daily MU Bull 2X Shares |  |  |  |  | 1843085 |  | 1843085<sup>1</sup> | —  |
|  Direxion Daily NFLX Bull 2X Shares | 1082110 |  | 960000 | 122110 |  |  |  | —  |
|  Direxion Daily NVDA Bull 2X Shares |  |  |  |  | 12381066 |  | 12381066<sup>1</sup> | —  |
|  Direxion Daily PANW Bull 2X Shares |  |  |  |  | 12236 |  | 12236<sup>1</sup> | —  |
|  Direxion Daily PLTR Bull 2X Shares | 4546951 |  | 4546951<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily TSLA Bull 2X Shares |  |  |  |  | 68839377 |  | 68839377<sup>1</sup> | —  |
|  Direxion Daily TSM Bull 2X Shares |  |  |  |  | 9105978 |  | 9105978<sup>1</sup> | —  |
|  Direxion Daily XOM Bull 2X Shares |  |  |  |  | 28381 |  | 28381<sup>1</sup> | —  |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares |  |  |  |  | 2103901 |  | 2103901<sup>1</sup> | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily CSI China Internet Index Bull 2X <br>Shares |  |  |  |  | 7474325 |  | 7474325<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares |  |  |  |  | 5806124 |  | 5806124<sup>1</sup> | —  |
|  Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares | 34492 |  |  | 34492 |  |  |  | —  |
|  Direxion Daily AI and Big Data Bull 2X Shares | 120841 |  |  | 120841 |  |  |  | —  |
|  Direxion Daily AI and Big Data Bear 2X Shares |  |  |  |  | 249089 |  | 249089<sup>1</sup> | —  |
|  Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares |  |  |  |  | 143237 |  | 143237<sup>1</sup> | —  |
|  Direxion Daily Gold Miners Index Bull 2X Shares | 28207928 |  | 26830000 | 1377928 |  |  |  | —  |
|  Direxion Daily Magnificent 7 Bull 2X Shares |  |  |  |  | 6987631 |  | 6734350 | 253281  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X <br>Shares |  |  |  |  | 8219469 |  | 8219469<sup>1</sup> | —  |

---

178<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount** |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X <br>Shares | $3510685 | $— | $3140000 | $370685 | $— | $— | $— | $—  |
|  Direxion Daily Uranium Industry Bull 2X Shares |  |  |  |  | 323860 |  | 323860<sup>1</sup> |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

**Description: Swap Contract** 

**Counterparty: J.P. Morgan** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount** |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares | $— | $— | $— | $— | $1786125 | $— | $1786125<sup>1</sup> | $—  |
|  Direxion Daily MSCI Brazil Bull 2X Shares | 7623196 |  | 7623196<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares |  |  |  |  | 21324 |  | 21324<sup>1</sup> | —  |
|  Direxion Daily AI and Big Data Bear 2X Shares | 219104 |  | 219104<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares | 31697 |  |  | 31697 |  |  |  | —  |
|  Direxion Daily Energy Bull 2X Shares |  |  |  |  | 10226866 |  | 10226866<sup>1</sup> | —  |
|  Direxion Daily Energy Bear 2X Shares | 1800617 |  | 1650000 | 150617 |  |  |  | —  |
|  Direxion Daily Gold Miners Index Bull 2X Shares | 32081986 |  | 30700000 | 1381986 |  |  |  | —  |
|  Direxion Daily Gold Miners Index Bear 2X Shares |  |  |  |  | 6033481 |  | 6033481<sup>1</sup> | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Junior Gold Miners Index Bull 2X <br>Shares | 33885047 |  | 32110000 | 1775047 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Junior Gold Miners Index Bear 2X <br>Shares |  |  |  |  | 3731649 |  | 3731649<sup>1</sup> | —  |
|  Direxion Daily NYSE FANG+ Bull 2X Shares |  |  |  |  | 1702553 |  | 1702553<sup>1</sup> | —  |

---

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount** |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | $558293 | $— | $558293<sup>1</sup> | $— | $— | $— | $— | $—  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X <br>Shares |  |  |  |  | 5936253 |  | 5936253<sup>1</sup> | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X <br>Shares | 1001178 |  | 950000 | 51178 |  |  |  | —  |
|  Direxion Daily Travel & Vacation Bull 2X Shares |  |  |  |  | 257447 |  | 257447<sup>1</sup> |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

**Description: Swap Contract** 

**Counterparty: Nomura** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | <br>**Net** <br>**Amount** |
|  Direxion Daily GOOGL Bull 2X Shares | $— | $— | $— | $— | $6595334 | $—<br>$6595334<sup>1</sup> | $—  |
|  Direxion Daily NVDA Bull 2X Shares |  |  |  |  | 67898470 | —<br>67898470<sup>1</sup> | —  |
|  Direxion Daily TSLA Bull 2X Shares |  |  |  |  | 721022001 | —<br>721022001<sup>1</sup> |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Description: Swap Contract** 

**Counterparty: UBS Securities LLC** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount** |
|  Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | $412460 | $— | $412460<sup>1</sup> | $— | $— | $— | $— | $—  |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares |  |  |  |  | 3339230 |  | 3339230<sup>1</sup> | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily CSI China Internet Index Bull 2X <br>Shares | 2876251 |  | 2876251<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 2792041 |  | 2500000 | 292041 |  |  |  | —  |
|  Direxion Daily MSCI Brazil Bull 2X Shares | 4592691 |  | 4592691<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily MSCI India Bull 2X Shares | 32078 |  |  | 32078 |  |  |  | —  |
|  Direxion Daily Energy Bull 2X Shares |  |  |  |  | 2334545 |  | 2334545<sup>1</sup> | —  |
|  Direxion Daily Energy Bear 2X Shares | 1456300 |  | 1170000 | 286300 |  |  |  | —  |
|  Direxion Daily Gold Miners Index Bull 2X Shares | 27740458 |  | 26580000 | 1160458 |  |  |  | —  |
|  Direxion Daily Gold Miners Index Bear 2X Shares |  |  |  |  | 8499059 |  | 8499059<sup>1</sup> | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Junior Gold Miners Index Bull 2X <br>Shares | 38662283 |  | 36760000 | 1902283 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Junior Gold Miners Index Bear 2X <br>Shares |  |  |  |  | 7302317 |  | 7302317<sup>1</sup> | —  |
|  Direxion Daily NYSE FANG+ Bull 2X Shares | 1544133 |  | 1500000 | 44133 |  |  |  | —  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares |  |  |  |  | 1539967 |  | 1539967<sup>1</sup> | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X <br>Shares | 168888 |  | 168888<sup>1</sup> |  |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X <br>Shares |  |  |  |  | 948763 |  | 948763<sup>1</sup> |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Futures Contracts – Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against, changes in the values of commodities, equities, interest rates or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund

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**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Risks of Futures Contracts, Options on Futures Contracts and Short Positions – The risks inherent in the use of options, futures contracts, options on futures contracts and short positions include 1) adverse changes in the fair value of such instruments; 2) imperfect correlation between the price of options and futures contracts and options thereon and movements in the price of the underlying securities, index or futures contracts; 3) the possible absence of a liquid secondary market for any particular instrument at any time; 4) the possible need to defer closing out certain positions to avoid adverse tax consequences; and 5) the possible non-performance by the counterparty under the terms of the contract. The Funds designate cash, cash equivalents and liquid securities as collateral for written options, futures contracts, options on futures contracts and short positions. The Funds were not invested in any type of futures or options contracts during the period ended April 30, 2025.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Securities Lending – Each Fund may lend up to 33<sup>1</sup>∕3% of the value of the securities in their portfolios to approved brokers, dealers and other financial institutions.The borrower pledges and maintains with the Fund collateral consisting of cash, cash equivalents, or securities issued or guaranteed by the U.S. government. The collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. Government securities held as collateral, net of fee rebates paid to borrower and net of fees paid to the lending agent. The amount of fees depends on a number of factors including the security type and the length of the loan. In addition, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. No more than 99% of the value of any security may be on loan at any time.

As of April 30, 2025, all securities on loan were collateralized by cash and/or U.S. government obligations. The cash received as collateral for securities on loan was invested in money market funds, whose maturities are overnight and continuous, and is disclosed in the Schedules of Investments. The securities on loan in each Fund are also disclosed in the Schedule of Investments. The total value of securities loaned and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Non-cash collateral consists of U.S. Treasury securities and is not disclosed on the Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell, reinvest or pledge those securities. Income earned by the Funds from securities lending is disclosed in the Statements of Operations.

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

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

As of April 30, 2025, the market value of the securities loaned and the related cash and non-cash collateral received for securities lending were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Market Value** <br>**of Securities** <br>**Loaned** | **Cash** <br>**Collateral** <br>**Received** | **Non-Cash** <br>**Collateral** <br>**Received** | **Total** <br>**Collateral** <br>**Received**  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | $140479 | $16575 | $127084 | $143659  |
| Direxion Daily MSCI Brazil Bull 2X Shares | 43095010 | 42705277 | 1438524 | 44143801  |
| Direxion Daily MSCI India Bull 2X Shares | 17524085 | 2 | 17888168 | 17888170  |
| Direxion Daily AI and Big Data Bull 2X Shares | 47072 | 48311 |  | 48311  |
| Direxion Daily Cloud Computing Bull 2X Shares | 323424 | 150120 | 180469 | 330589  |
| Direxion Daily Crypto Industry Bull 2X Shares | 281294 | 213001 | 76228 | 289229  |
|  Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares | 435906 | 460537 | 14128 | 474665  |
| Direxion Daily Energy Bull 2X Shares | 909918 |  | 928823 | 928823  |
| Direxion Daily Gold Miners Index Bull 2X Shares | 3885381 |  | 3963978 | 3963978  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 890704 | 3 | 909705 | 909708  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 7428026 | 387396 | 7198515 | 7585911  |
| Direxion Daily Travel & Vacation Bull 2X Shares | 43417 | 30216 | 14084 | 44300 |

---

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

The Funds may be subject to a nondeductible 4% U.S. excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. Certain Funds paid this excise tax during the period ended April 30, 2025, which is disclosed on the Statements of Operations.

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

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

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

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

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

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

3. INCOME TAX AND DISTRIBUTION INFORMATION

The tax character of distributions paid during the periods ended April 30, 2025 and October 31, 2024 are presented in the following table. The tax character of distributions to shareholders made during the periods may differ from their ultimate characterization for U.S. Federal income tax purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year/Period Ended** <br>**April 30, 2025 (Unaudited)** | **Year/Period Ended** <br>**April 30, 2025 (Unaudited)** | **Year/Period Ended** <br>**April 30, 2025 (Unaudited)** | **Year/Period Ended** <br>**October 31, 2024**  | **Year/Period Ended** <br>**October 31, 2024**  | **Year/Period Ended** <br>**October 31, 2024**  |
| | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:**  | **Distributions Paid From:**  | **Distributions Paid From:**  |
| <br>**Funds** | **Ordinary**<br>**Income** | **Long Term**<br>**Capital Gains** | **Return**<br>**of Capital** | **Ordinary** <br>**Income** | **Long Term**<br>**Capital Gains** | **Return**<br>**of Capital**  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AAPL Bear 1X <br>Shares | $466512 | $— | $— | $1242145 | &nbsp;&nbsp; $— | $—  |
|  Direxion Daily AMD Bear 1X Shares<sup>10</sup> | 10843 |  |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AMZN Bear 1X <br>Shares | 91715 |  |  | 146986 | &nbsp;&nbsp; — | —  |
|  Direxion Daily AVGO Bear 1X Shares<sup>8</sup> | 82510 |  |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily BA Bear 1X <br>Shares<sup>12</sup> |  |  |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily BRKB Bear 1X Shares<sup>9</sup> | 32129 |  |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily GOOGL Bear 1X Shares | 84182 |  |  | 135857 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily LLY Bear 1X <br>Shares<sup>11</sup> |  |  |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily META Bear 1X Shares<sup>4</sup> | 114756 |  |  | 47542 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MSFT Bear 1X <br>Shares | 94255 |  |  | 301555 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MU Bear 1X <br>Shares<sup>8</sup> | 48113 |  |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily NFLX Bear 1X Shares<sup>7</sup> | 85564 |  |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily NVDA Bear 1X <br>Shares | 438357 |  |  | 598186 | &nbsp;&nbsp; — | —  |
|  Direxion Daily PANW Bear 1X Shares<sup>11</sup> |  |  |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily PLTR Bear 1X <br>Shares<sup>9</sup> | 281484 |  |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily TSLA Bear 1X <br>Shares | 960352 |  |  | 1764224 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily TSM Bear 1X <br>Shares<sup>7</sup> | 63214 |  |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily XOM Bear 1X Shares<sup>12</sup> |  |  |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | 3045354 |  |  | 9127533 | &nbsp;&nbsp; — | —  |
|  Direxion Daily Crypto Industry Bear 1X Shares<sup>6</sup> | 49327 |  |  | 30915 | &nbsp;&nbsp; — | —  |
|  Direxion Daily Magnificent 7 Bear 1X Shares<sup>2</sup> | 61647 |  |  | 114657 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AAPL Bull 2X <br>Shares | 1417781 | 10765568 |  | 2167326 | &nbsp;&nbsp; — | —  |

---

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year/Period Ended** <br>**April 30, 2025 (Unaudited)** | **Year/Period Ended** <br>**April 30, 2025 (Unaudited)** | **Year/Period Ended** <br>**April 30, 2025 (Unaudited)** | **Year/Period Ended** <br>**October 31, 2024**  | **Year/Period Ended** <br>**October 31, 2024**  | **Year/Period Ended** <br>**October 31, 2024**  |
| | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:**  | **Distributions Paid From:**  | **Distributions Paid From:**  |
| <br>**Funds** | **Ordinary**<br>**Income** | **Long Term**<br>**Capital Gains** | **Return**<br>**of Capital** | **Ordinary** <br>**Income** | **Long Term**<br>**Capital Gains** | **Return**<br>**of Capital**  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AMD Bull 2X <br>Shares<sup>10</sup> | $14580 | $— | $— | $— | &nbsp;&nbsp; $— | $—  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AMZN Bull 2X <br>Shares | 2670416 | 2785687 |  | 3785145 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AVGO Bull 2X <br>Shares<sup>8</sup> | 481203 |  |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily BA Bull 2X <br>Shares<sup>12</sup> |  |  |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily BRKB Bull 2X <br>Shares<sup>9</sup> | 87290 |  |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily GOOGL Bull 2X Shares | 2743541 | 1483953 |  | 2250138 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily LLY Bull 2X <br>Shares<sup>11</sup> |  |  |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily META Bull 2X <br>Shares<sup>4</sup> | 716258 |  |  | 169399 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MSFT Bull 2X <br>Shares | 2366908 | 4134063 |  | 2525389 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MU Bull 2X <br>Shares<sup>8</sup> | 216320 |  |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily NFLX Bull 2X <br>Shares<sup>7</sup> | 182402 | 19409 |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily NVDA Bull 2X <br>Shares | 7834182 | 83625387 |  | 5595151 | &nbsp;&nbsp; — | —  |
|  Direxion Daily PANW Bull 2X Shares<sup>11</sup> |  |  |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily PLTR Bull 2X <br>Shares<sup>9</sup> | 727791 |  |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily TSLA Bull 2X <br>Shares | 58536258 | 47643440 |  | 60392155 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily TSM Bull 2X <br>Shares<sup>7</sup> | 1068005 |  |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily XOM Bull 2X <br>Shares<sup>12</sup> |  |  |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares | 4388447 |  | 1878464 |  | &nbsp;&nbsp; —  |  |
|  Direxion Daily CSI China Internet Index Bull 2X Shares | 10053574 |  |  | 8794646 | &nbsp;&nbsp; — | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 442574 |  |  | 1780102 | &nbsp;&nbsp; — | —  |
|  Direxion Daily MSCI Brazil Bull 2X Shares | 3746511 |  |  | 5457553 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MSCI Emerging Markets ex China Bull 2X <br>Shares<sup>1</sup> | 61361 | 278352 |  | 41007 | &nbsp;&nbsp; — | —  |
|  Direxion Daily MSCI India Bull 2X Shares | 765256 | 1112170 |  | 1166696 | &nbsp;&nbsp; — | —  |
|  Direxion Daily AI and Big Data Bull 2X Shares<sup>3</sup> | 6611 | 140092 |  | 9347 | &nbsp;&nbsp; — | —  |

---

185<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year/Period Ended** <br>**April 30, 2025 (Unaudited)** | **Year/Period Ended** <br>**April 30, 2025 (Unaudited)** | **Year/Period Ended** <br>**April 30, 2025 (Unaudited)** | **Year/Period Ended** <br>**October 31, 2024**  | **Year/Period Ended** <br>**October 31, 2024**  | **Year/Period Ended** <br>**October 31, 2024**  |
| | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:**  | **Distributions Paid From:**  | **Distributions Paid From:**  |
| <br>**Funds** | **Ordinary**<br>**Income** | **Long Term**<br>**Capital Gains** | **Return**<br>**of Capital** | **Ordinary** <br>**Income** | **Long Term**<br>**Capital Gains** | **Return**<br>**of Capital**  |
|  Direxion Daily AI and Big Data Bear 2X Shares<sup>3</sup> | $36533 | $— | $— | $44131 | &nbsp;&nbsp; $— | $—  |
|  Direxion Daily Cloud Computing Bull 2X Shares | 3615 |  |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily Crypto Industry Bull 2X Shares<sup>6</sup> | 7882 |  |  | 6824 | &nbsp;&nbsp; — | —  |
|  Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares | 52022 |  |  | 125751 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Energy Bull 2X <br>Shares | 3373859 |  |  | 9671962 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Energy Bear 2X <br>Shares | 331173 |  |  | 946237 | &nbsp;&nbsp; — | —  |
|  Direxion Daily Gold Miners Index Bull 2X Shares | 4753345 |  |  | 11225003 | &nbsp;&nbsp; — | —  |
|  Direxion Daily Gold Miners Index Bear 2X Shares | 1968404 |  |  | 4583846 | &nbsp;&nbsp; — | —  |
|  Direxion Daily Junior Gold Miners Index Bull 2X Shares | 4366254 |  |  | 6942012 | &nbsp;&nbsp; — | —  |
|  Direxion Daily Junior Gold Miners Index Bear 2X Shares | 1074151 |  |  | 3343314 | &nbsp;&nbsp; — | —  |
|  Direxion Daily Magnificent 7 Bull 2X Shares<sup>2</sup> | 128169 | 923390 |  | 61989 | &nbsp;&nbsp; — | —  |
|  Direxion Daily NYSE FANG+ Bull 2X Shares | 456748 |  |  | 642916 | &nbsp;&nbsp; — | —  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 145658 |  |  | 442110 | &nbsp;&nbsp; — | —  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 3737554 |  |  | 11417514 | &nbsp;&nbsp; — | —  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | 687697 |  |  | 2496925 | &nbsp;&nbsp; — | —  |
|  Direxion Daily Travel & Vacation Bull 2X Shares | 30653 |  |  | 168744 | &nbsp;&nbsp; — | 8988  |
|  Direxion Daily Uranium Industry Bull 2X Shares<sup>5</sup> | 157302 | 180177 |  | 16866 | &nbsp;&nbsp; — |  |

---

<sup>1</sup> Commenced operations on February 7, 2024

<sup>2</sup> Commenced operations on March 7, 2024

<sup>3</sup> Commenced operations on May 15, 2024

<sup>4</sup> Commenced operations on June 5, 2024

<sup>5</sup> Commenced operations on June 26, 2024

<sup>6</sup> Commenced operations on July 17, 2024

<sup>7</sup> Commenced operations on October 3, 2024

<sup>8</sup> Commenced operations on October 10, 2024

<sup>9</sup> Commenced operations on December 11, 2024

<sup>10</sup> Commenced operations on February 12, 2025

<sup>11</sup> Commenced operations on March 26, 2025

<sup>12</sup> Commenced operations on April 23, 2025

At October 31, 2024, the components of accumulated earnings/(losses) on a tax-basis were as follows:

186<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds** | **Net Unrealized**<br>**Appreciation**<br>(Depreciation) | **Undistributed**<br>**Ordinary**<br>**Income**<br>(Loss)  | **Undistributed**<br>**Capital**<br>**Gain (Loss)**  | **Other**<br>**Accumulated**<br>**Earnings** <br>(Losses)<sup>1</sup> | **Total**<br>**Accumulated**<br>**Earnings** <br>(Losses)  |
|  Direxion Daily AAPL Bear 1X Shares | $(5734393) | $109128 | &nbsp;&nbsp; $— | $(5967091) | $(11592356)  |
|  Direxion Daily AMZN Bear 1X Shares | (440836) | 15880 | &nbsp;&nbsp; — | (2665117) | (3090073)  |
|  Direxion Daily AVGO Bear 1X Shares | 204023 | 27698 | &nbsp;&nbsp; — |  | 231721  |
|  Direxion Daily GOOGL Bear 1X Shares | (677134) | 17247 | &nbsp;&nbsp; — | (2206572) | (2866459)  |
|  Direxion Daily META Bear 1X Shares | (321263) | 22577 | &nbsp;&nbsp; — | (179203) | (477889)  |
|  Direxion Daily MSFT Bear 1X Shares | (697144) | 26659 | &nbsp;&nbsp; — | (3216120) | (3886605)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MU Bear 1X <br>Shares | 34023 | 5634 | &nbsp;&nbsp; — | (5097) | 34560  |
|  Direxion Daily NFLX Bear 1X Shares | (184093) | 13644 | &nbsp;&nbsp; — | (1565) | (172014)  |
|  Direxion Daily NVDA Bear 1X Shares | (8141329) | 108252 | &nbsp;&nbsp; — | (3648745) | (11681822)  |
|  Direxion Daily TSLA Bear 1X Shares | (16888238) | 183293 | &nbsp;&nbsp; — | (13411807) | (30116752)  |
|  Direxion Daily TSM Bear 1X Shares | (107698) | 9122 | &nbsp;&nbsp; — | (25798) | (124374)  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | (45049061) | 757251 | &nbsp;&nbsp; — | (161591710) | (205883520)  |
|  Direxion Daily Crypto Industry Bear 1X Shares | 136980 | 9559 | &nbsp;&nbsp; — | (37863) | 108676  |
|  Direxion Daily Magnificent 7 Bear 1X Shares | (295173) | 4085 | &nbsp;&nbsp; — | (519833) | (810921)  |
|  Direxion Daily AAPL Bull 2X Shares | 8519328 | 11049829 | &nbsp;&nbsp; — | (1140) | 19568017  |
|  Direxion Daily AMZN Bull 2X Shares | (8095249) | 3241836 | &nbsp;&nbsp; — | (1146) | (4854559)  |
|  Direxion Daily AVGO Bull 2X Shares | (626424) | 6210 | &nbsp;&nbsp; — | (1429) | (621643)  |
|  Direxion Daily GOOGL Bull 2X Shares | 9793823 | 1919345 | &nbsp;&nbsp; — | (1146) | 11712022  |
|  Direxion Daily META Bull 2X Shares | 2336099 | 104820 | &nbsp;&nbsp; — | (146935) | 2293984  |
|  Direxion Daily MSFT Bull 2X Shares | (13547660) | 4511772 | &nbsp;&nbsp; — | (1146) | (9037034)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MU Bull 2X <br>Shares | (647145) | 8723 | &nbsp;&nbsp; — | (1511) | (639933)  |
|  Direxion Daily NFLX Bull 2X Shares | 363545 | 30697 | &nbsp;&nbsp; — | (1565) | 392677  |
|  Direxion Daily NVDA Bull 2X Shares | 109782110 | 85326253 | &nbsp;&nbsp; — | (14935) | 195093428  |
|  Direxion Daily TSLA Bull 2X Shares | 96605233 | 53327894 | &nbsp;&nbsp; — | (1139) | 149931988  |

---

187<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds** | **Net Unrealized**<br>**Appreciation**<br>(Depreciation) | **Undistributed**<br>**Ordinary**<br>**Income**<br>(Loss)  | **Undistributed**<br>**Capital**<br>**Gain (Loss)**  | **Other**<br>**Accumulated**<br>**Earnings** <br>(Losses)<sup>1</sup> | **Total**<br>**Accumulated**<br>**Earnings** <br>(Losses)  |
|  Direxion Daily TSM Bull 2X Shares | $(1000194) | $27302 | &nbsp;&nbsp; $— | $— | $(972892)  |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares | (178025450) | 429034 | &nbsp;&nbsp; — | (35990651) | (213587067)  |
|  Direxion Daily CSI China Internet Index Bull 2X Shares | (105243181) | 574926 | &nbsp;&nbsp; — | (337390046) | (442058301)  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 36686440 | 18548 | &nbsp;&nbsp; — |  | 36704988  |
|  Direxion Daily MSCI Brazil Bull 2X Shares | (34588621) | 206087 | &nbsp;&nbsp; — | (441923096) | (476305630)  |
|  Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares | (161972) | 278352 | &nbsp;&nbsp; — | (2987) | 113393  |
|  Direxion Daily MSCI India Bull 2X Shares | 12192126 | 1137696 | &nbsp;&nbsp; — |  | 13329822  |
|  Direxion Daily AI and Big Data Bull 2X Shares | 881268 | 140089 | &nbsp;&nbsp; — | (3046) | 1018311  |
|  Direxion Daily AI and Big Data Bear 2X Shares | (599343) | 8683 | &nbsp;&nbsp; — | (134297) | (724957)  |
|  Direxion Daily Cloud Computing Bull 2X Shares | (1166808) |  | &nbsp;&nbsp; — | (11813106) | (12979914)  |
|  Direxion Daily Crypto Industry Bull 2X Shares | (220091) | 3495 | &nbsp;&nbsp; — | (43090) | (259686)  |
|  Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares | (5381517) | 22125 | &nbsp;&nbsp; — | (5242512) | (10601904)  |
|  Direxion Daily Energy Bull 2X Shares | (13565158) | 297380 | &nbsp;&nbsp; — | (13370237) | (26638015)  |
|  Direxion Daily Energy Bear 2X Shares | (1316876) | 79872 | &nbsp;&nbsp; — | (197777032) | (199014036)  |
|  Direxion Daily Gold Miners Index Bull 2X Shares | 121484940 | 304103 | &nbsp;&nbsp; — | (1812674433) | (1690885390)  |
|  Direxion Daily Gold Miners Index Bear 2X Shares | (64197532) | 513630 | &nbsp;&nbsp; — | (657658408) | (721342310)  |
|  Direxion Daily Junior Gold Miners Index Bull 2X Shares | 29719786 | 230571 | &nbsp;&nbsp; — | (1502394353) | (1472443996)  |
|  Direxion Daily Junior Gold Miners Index Bear 2X Shares | (47359822) | 318842 | &nbsp;&nbsp; — | (249706772) | (296747752)  |
|  Direxion Daily Magnificent 7 Bull 2X Shares | 1026183 | 923385 | &nbsp;&nbsp; — |  | 1949568  |
|  Direxion Daily NYSE FANG+ Bull 2X Shares | 10810663 | 60131 | &nbsp;&nbsp; — | (782201) | 10088593  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 1303215 | 42317 | &nbsp;&nbsp; — | (16730403) | (15384871)  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | (80243683) | 614259 | &nbsp;&nbsp; — | (34559527) | (114188951)  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | (3822778) | 125503 | &nbsp;&nbsp; — | (227933708) | (231630983)  |

---

188<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds** | **Net Unrealized**<br>**Appreciation**<br>(Depreciation) | **Undistributed**<br>**Ordinary**<br>**Income**<br>(Loss)  | **Undistributed**<br>**Capital**<br>**Gain (Loss)**  | **Other**<br>**Accumulated**<br>**Earnings** <br>(Losses)<sup>1</sup> | **Total**<br>**Accumulated**<br>**Earnings** <br>(Losses)  |
|  Direxion Daily Travel & Vacation Bull 2X Shares | $(336727) | $— | &nbsp;&nbsp; $— | $(15910173) | $(16246900)  |
|  Direxion Daily Uranium Industry Bull 2X Shares | 232640 | 193808 | &nbsp;&nbsp; — | (2821) | 423627 |

---

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

At April 30, 2025, the aggregate gross unrealized appreciation and depreciation of investments for U.S. Federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Tax Cost of**<br>**Investments** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| Direxion Daily AAPL Bear 1X Shares | $35788944 | $— | $— | $—  |
| Direxion Daily AMD Bear 1X Shares | 2828992 |  |  | —  |
| Direxion Daily AMZN Bear 1X Shares | 4011104 |  |  | —  |
| Direxion Daily AVGO Bear 1X Shares | 4253261 |  |  | —  |
| Direxion Daily BA Bear 1X Shares | 2470620 |  |  | —  |
| Direxion Daily BRKB Bear 1X Shares | 2902858 |  |  | —  |
| Direxion Daily GOOGL Bear 1X Shares | 5044583 |  |  | —  |
| Direxion Daily LLY Bear 1X Shares | 4366958 |  |  | —  |
| Direxion Daily META Bear 1X Shares | 5233227 |  |  | —  |
| Direxion Daily MSFT Bear 1X Shares | 7057227 |  |  | —  |
| Direxion Daily MU Bear 1X Shares | 3991870 |  |  | —  |
| Direxion Daily NFLX Bear 1X Shares | 10018684 |  |  | —  |
| Direxion Daily NVDA Bear 1X Shares | 39949732 |  |  | —  |
| Direxion Daily PANW Bear 1X Shares | 2542442 |  |  | —  |
| Direxion Daily PLTR Bear 1X Shares | 40832895 |  |  | —  |
| Direxion Daily TSLA Bear 1X Shares | 81107112 |  |  | —  |
| Direxion Daily TSM Bear 1X Shares | 3164360 |  |  | —  |
| Direxion Daily XOM Bear 1X Shares | 2499461 |  |  | —  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | 169055237 |  |  | —  |
| Direxion Daily Crypto Industry Bear 1X Shares | 3528469 |  |  | —  |
| Direxion Daily Magnificent 7 Bear 1X Shares | 9161935 |  |  | —  |
| Direxion Daily AAPL Bull 2X Shares | 88983692 |  | (390438) | (390438)  |
| Direxion Daily AMD Bull 2X Shares | 4269939 |  | (38178) | (38178)  |
| Direxion Daily AMZN Bull 2X Shares | 254498990 |  | (2412235) | (2412235)  |
| Direxion Daily AVGO Bull 2X Shares | 67731649 |  | (1481941) | (1481941)  |
| Direxion Daily BA Bull 2X Shares | 3659796 | 63196 |  | 63196  |
| Direxion Daily BRKB Bull 2X Shares | 47910855 | 222765 |  | 222765  |
| Direxion Daily GOOGL Bull 2X Shares | 269757073 |  | (3699839) | (3699839)  |
| Direxion Daily LLY Bull 2X Shares | 3573794 | 33109 |  | 33109  |
| Direxion Daily META Bull 2X Shares | 98964208 |  | (236612) | (236612)  |
| Direxion Daily MSFT Bull 2X Shares | 162671935 |  | (1697180) | (1697180)  |
| Direxion Daily MU Bull 2X Shares | 26453351 |  | (700226) | (700226)  |
| Direxion Daily NFLX Bull 2X Shares | 68127773 | 742710 |  | 742710  |
| Direxion Daily NVDA Bull 2X Shares | 554893980 |  | (3676745) | (3676745)  |
| Direxion Daily PANW Bull 2X Shares | 4069733 | 3279 |  | 3279  |
| Direxion Daily PLTR Bull 2X Shares | 354641793 | 6403867 |  | 6403867  |

---

189<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Tax Cost of**<br>**Investments** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| Direxion Daily TSLA Bull 2X Shares | $6224077363 | $109087265 | $— | $109087265  |
| Direxion Daily TSM Bull 2X Shares | 128046851 |  | (3141979) | (3141979)  |
| Direxion Daily XOM Bull 2X Shares | 2499546 |  | (13395) | (13395)  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | 173060600 |  | (12127762) | (12127762)  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | 253915252 | 11874376 |  | 11874376  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 120512327 | 19688707 | (2663076) | 17025631  |
| Direxion Daily MSCI Brazil Bull 2X Shares | 173637615 | 215160 |  | 215160  |
|  Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares | 2664659 | 19484 |  | 19484  |
| Direxion Daily MSCI India Bull 2X Shares | 85073517 | 2182523 |  | 2182523  |
| Direxion Daily AI and Big Data Bull 2X Shares | 10847438 | 520581 | (366826) | 153755  |
| Direxion Daily AI and Big Data Bear 2X Shares | 2428438 |  |  | —  |
| Direxion Daily Cloud Computing Bull 2X Shares | 5978768 | 397088 | (143334) | 253754  |
| Direxion Daily Crypto Industry Bull 2X Shares | 3816503 | 183244 | (291178) | (107934)  |
|  Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares | 3598436 | 170200 | (263308) | (93108)  |
| Direxion Daily Energy Bull 2X Shares | 221300855 | 5546968 | (19426196) | (13879228)  |
| Direxion Daily Energy Bear 2X Shares | 16492952 |  |  | —  |
| Direxion Daily Gold Miners Index Bull 2X Shares | 456040608 | 26342066 |  | 26342066  |
| Direxion Daily Gold Miners Index Bear 2X Shares | 141260420 |  |  | —  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | 264888101 | 4595127 |  | 4595127  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | 95155552 |  |  | —  |
| Direxion Daily Magnificent 7 Bull 2X Shares | 80974118 | 681623 | (573516) | 108107  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | 96590946 | 2753853 | (1217861) | 1535992  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 23273728 |  | (192259) | (192259)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X <br>Shares | 272513609 | 4484640 | (40622103) | (36137463)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X <br>Shares | 40375158 |  |  | —  |
| Direxion Daily Travel & Vacation Bull 2X Shares | 5022490 | 133727 | (822727) | (689000)  |
| Direxion Daily Uranium Industry Bull 2X Shares | 7797857 |  | (682554) | (682554) |

---

In order to meet certain U.S. excise tax distribution requirements, each Fund is required to measure and distribute annually net capital gains realized during a twelve month period ending October 31 and net investment income earned during a twelve month period ending December 31. In connection with this, these Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year ordinary losses are generally losses incurred between January 1 and the end of their fiscal year, October 31, 2024.

At October 31, 2024, no Funds deferred, on a tax basis, qualified late year losses.

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

190<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

At October 31, 2024, for U.S. Federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains:

---

| | | | |
|:---|:---|:---|:---|
| **Funds** | **Utilized in**<br>**Current Year** | **Unlimited ST** | **Unlimited LT**  |
| Direxion Daily AAPL Bear 1X Shares | $— | $(5965958) | $—  |
| Direxion Daily AMZN Bear 1X Shares |  | (2663978) | —  |
| Direxion Daily AVGO Bear 1X Shares |  |  | —  |
| Direxion Daily GOOGL Bear 1X Shares |  | (2205433) | —  |
| Direxion Daily META Bear 1X Shares |  | (176994) | —  |
| Direxion Daily MSFT Bear 1X Shares |  | (3214981) | —  |
| Direxion Daily MU Bear 1X Shares |  | (5097) | —  |
| Direxion Daily NFLX Bear 1X Shares |  |  | —  |
| Direxion Daily NVDA Bear 1X Shares |  | (3633810) | —  |
| Direxion Daily TSLA Bear 1X Shares |  | (13410669) | —  |
| Direxion Daily TSM Bear 1X Shares |  | (25798) | —  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares |  | (161591710) | —  |
| Direxion Daily Crypto Industry Bear 1X Shares |  | (33945) | —  |
| Direxion Daily Magnificent 7 Bear 1X Shares |  | (519833) | —  |
| Direxion Daily AAPL Bull 2X Shares |  |  | —  |
| Direxion Daily AMZN Bull 2X Shares |  |  | —  |
| Direxion Daily AVGO Bull 2X Shares |  | (1429) | —  |
| Direxion Daily GOOGL Bull 2X Shares |  |  | —  |
| Direxion Daily META Bull 2X Shares | 120552 | (137273) | —  |
| Direxion Daily MSFT Bull 2X Shares |  |  | —  |
| Direxion Daily MU Bull 2X Shares |  | (1511) | —  |
| Direxion Daily NFLX Bull 2X Shares |  |  | —  |
| Direxion Daily NVDA Bull 2X Shares | 9277 |  | —  |
| Direxion Daily TSLA Bull 2X Shares |  |  | —  |
| Direxion Daily TSM Bull 2X Shares |  |  | —  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares |  | (33776002) | (2214649)  |
| Direxion Daily CSI China Internet Index Bull 2X Shares |  | (337390046) | —  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 4527651 |  | —  |
| Direxion Daily MSCI Brazil Bull 2X Shares | 1174847 | (440806844) | (1116252)  |
| Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares |  |  | —  |
| Direxion Daily MSCI India Bull 2X Shares |  |  | —  |
| Direxion Daily AI and Big Data Bull 2X Shares |  |  | —  |
| Direxion Daily AI and Big Data Bear 2X Shares |  | (131417) | —  |
| Direxion Daily Cloud Computing Bull 2X Shares |  | (10216962) | (1596144)  |
| Direxion Daily Crypto Industry Bull 2X Shares |  | (39002) | —  |
| Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares |  | (5016884) | (225628)  |
| Direxion Daily Energy Bull 2X Shares |  | (6514009) | (6856228)  |
| Direxion Daily Energy Bear 2X Shares |  | (197777032) | —  |
| Direxion Daily Gold Miners Index Bull 2X Shares | 15769121 | (1208098921) | (604575512)  |
| Direxion Daily Gold Miners Index Bear 2X Shares |  | (657658408) | —  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares |  | (1502394353) | —  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares |  | (249706772) | —  |
| Direxion Daily Magnificent 7 Bull 2X Shares |  |  | —  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | 6988584 |  | (782201)  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares |  | (15318301) | (1410918)  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares |  | (24247323) | (10312204)  |

---

191<br>

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Funds** | **Utilized in**<br>**Current Year** | **Unlimited ST** | **Unlimited LT**  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | $— | $(227933708) | $—  |
| Direxion Daily Travel & Vacation Bull 2X Shares | 310318 | (14439482) | (1470691)  |
| Direxion Daily Uranium Industry Bull 2X Shares |  |  |  |

---

The Funds follow authoritative financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. Management has reviewed all open tax years and concluded that there is no effect to the Funds' financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During this period, the Funds did not incur any interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of April 30, 2025, open U.S. Federal and state income tax years include the tax years ended October 31, 2022, through October 31, 2024. The Funds have no examinations in progress. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.

4. CREATION AND REDEMPTION TRANSACTIONS AND TRANSACTION FEES

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

---

| | |
|:---|:---|
| **Fund** | **Number of shares**<br>**per Creation Unit**  |
| Direxion Daily AAPL Bear 1X Shares | 25,000 shares  |
| Direxion Daily AMD Bear 1X Shares | 25,000 shares  |
| Direxion Daily AMZN Bear 1X Shares | 25,000 shares  |
| Direxion Daily AVGO Bear 1X Shares | 25,000 shares  |
| Direxion Daily BA Bear 1X Shares | 25,000 shares  |
| Direxion Daily BRKB Bear 1X Shares | 25,000 shares  |
| Direxion Daily GOOGL Bear 1X Shares | 25,000 shares  |
| Direxion Daily LLY Bear 1X Shares | 25,000 shares  |
| Direxion Daily META Bear 1X Shares | 25,000 shares  |
| Direxion Daily MSFT Bear 1X Shares | 25,000 shares  |
| Direxion Daily MU Bear 1X Shares | 25,000 shares  |
| Direxion Daily NFLX Bear 1X Shares | 25,000 shares  |
| Direxion Daily NVDA Bear 1X Shares | 25,000 shares  |
| Direxion Daily PANW Bear 1X Shares | 25,000 shares  |
| Direxion Daily PLTR Bear 1X Shares | 25,000 shares  |
| Direxion Daily TSLA Bear 1X Shares | 25,000 shares  |
| Direxion Daily TSM Bear 1X Shares | 25,000 shares  |
| Direxion Daily XOM Bear 1X Shares | 25,000 shares  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | 50,000 shares  |
| Direxion Daily Crypto Industry Bear 1X Shares | 25,000 shares  |
| Direxion Daily Magnificent 7 Bear 1X Shares | 25,000 shares  |
| Direxion Daily AAPL Bull 2X Shares | 25,000 shares  |
| Direxion Daily AMD Bull 2X Shares | 25,000 shares  |
| Direxion Daily AMZN Bull 2X Shares | 25,000 shares  |
| Direxion Daily AVGO Bull 2X Shares | 25,000 shares  |
| Direxion Daily BA Bull 2X Shares | 25,000 shares  |
| Direxion Daily BRKB Bull 2X Shares | 25,000 shares  |
| Direxion Daily GOOGL Bull 2X Shares | 25,000 shares  |
| Direxion Daily LLY Bull 2X Shares | 25,000 shares  |

---

192<br>

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| **Fund** | **Number of shares**<br>**per Creation Unit**  |
| Direxion Daily META Bull 2X Shares | 25,000 shares  |
| Direxion Daily MSFT Bull 2X Shares | 25,000 shares  |
| Direxion Daily MU Bull 2X Shares | 25,000 shares  |
| Direxion Daily NFLX Bull 2X Shares | 25,000 shares  |
| Direxion Daily NVDA Bull 2X Shares | 25,000 shares  |
| Direxion Daily PANW Bull 2X Shares | 25,000 shares  |
| Direxion Daily PLTR Bull 2X Shares | 25,000 shares  |
| Direxion Daily TSLA Bull 2X Shares | 25,000 shares  |
| Direxion Daily TSM Bull 2X Shares | 25,000 shares  |
| Direxion Daily XOM Bull 2X Shares | 25,000 shares  |
| Direxion Daily CSI China A Share Bull 2X Shares | 50,000 shares  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | 50,000 shares  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 50,000 shares  |
| Direxion Daily MSCI Brazil Bull 2X Shares | 50,000 shares  |
| Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares | 25,000 shares  |
| Direxion Daily MSCI India Bull 2X Shares | 50,000 shares  |
| Direxion Daily AI and Big Data Bull 2X Shares | 25,000 shares  |
| Direxion Daily AI and Big Data Bear 2X Shares | 25,000 shares  |
| Direxion Daily Cloud Computing Bull 2X Shares | 50,000 shares  |
| Direxion Daily Crypto Industry Bull 2X Shares | 25,000 shares  |
| Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares | 50,000 shares  |
| Direxion Daily Energy Bull 2X Shares | 50,000 shares  |
| Direxion Daily Energy Bear 2X Shares | 50,000 shares  |
| Direxion Daily Gold Miners Index Bull 2X Shares | 50,000 shares  |
| Direxion Daily Gold Miners Index Bear Shares | 50,000 shares  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | 50,000 shares  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | 50,000 shares  |
| Direxion Daily Magnificent 7 Bull 2X Shares | 25,000 shares  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | 50,000 shares  |
| Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 50,000 shares  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 50,000 shares  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | 50,000 shares  |
| Direxion Daily Travel & Vacation Bull 2X Shares | 50,000 shares  |
| Direxion Daily Uranium Industry Bull 2X Shares | 25,000 shares |

---

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

Transaction fees payable to the Trust are imposed to compensate the Trust for the transfer and other transaction costs of a Fund associated with the issuance and redemption of Creation Units. There is a fixed and a variable component to the total transaction fee. A fixed transaction fee is paid to the transfer agent and is applicable to each creation or redemption transaction, regardless of the number of Creation Units purchased or redeemed. In addition, a variable transaction fee equal to a percentage of the value of each Creation Unit purchased or redeemed is applicable to each creation or redemption transaction and is paid to the Fund. Not all Funds will have a transaction fee associated with capital share activity for the year. Transaction fees received by each Fund are presented in the Capital Share Transaction section of the Statements of Changes in Net Assets and any amount receivable as of April 30, 2025, is included in Receivable for Fund shares sold on the Statements of Assets and Liabilities.

193<br>

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

5. INVESTMENT TRANSACTIONS

The table below presents each Fund's investment transactions during the period ended April 30, 2025. Purchases represent the aggregate purchases of investments excluding the cost of in-kind purchases, short-term investment purchases, swaps and futures contracts. Sales represent the aggregate sales of investments excluding proceeds from in-kind sales, short-term investments, swaps and futures contracts. Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Purchases** | **Sales** | **Purchases**<br>**In-Kind** | **Sales**<br>**In-Kind**  |
| Direxion Daily AAPL Bear 1X Shares | $— | $— | $— | $—  |
| Direxion Daily AMD Bear 1X Shares<sup>2</sup> |  |  |  | —  |
| Direxion Daily AMZN Bear 1X Shares |  |  |  | —  |
| Direxion Daily AVGO Bear 1X Shares |  |  |  | —  |
| Direxion Daily BA Bear 1X Shares<sup>4</sup> |  |  |  | —  |
| Direxion Daily BRKB Bear 1X Shares<sup>1</sup> |  |  |  | —  |
| Direxion Daily GOOGL Bear 1X Shares |  |  |  | —  |
| Direxion Daily LLY Bear 1X Shares<sup>3</sup> |  |  |  | —  |
| Direxion Daily META Bear 1X Shares |  |  |  | —  |
| Direxion Daily MSFT Bear 1X Shares |  |  |  | —  |
| Direxion Daily MU Bear 1X Shares |  |  |  | —  |
| Direxion Daily NFLX Bear 1X Shares |  |  |  | —  |
| Direxion Daily NVDA Bear 1X Shares |  |  |  | —  |
| Direxion Daily PANW Bear 1X Shares<sup>3</sup> |  |  |  | —  |
| Direxion Daily PLTR Bear 1X Shares<sup>1</sup> |  |  |  | —  |
| Direxion Daily TSLA Bear 1X Shares |  |  |  | —  |
| Direxion Daily TSM Bear 1X Shares |  |  |  | —  |
| Direxion Daily XOM Bear 1X Shares<sup>4</sup> |  |  |  | —  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares |  |  |  | —  |
| Direxion Daily Crypto Industry Bear 1X Shares |  |  |  | —  |
| Direxion Daily Magnificent 7 Bear 1X Shares |  |  |  | —  |
| Direxion Daily AAPL Bull 2X Shares |  | 10680004 | 23252197 | 28529858  |
| Direxion Daily AMD Bull 2X Shares<sup>2</sup> | 377771 | 176557 | 497390 | 78146  |
| Direxion Daily AMZN Bull 2X Shares | 15427425 | 11883220 | 17698571 | 13271206  |
| Direxion Daily AVGO Bull 2X Shares | 3487876 | 1583566 | 12425683 | 4667949  |
| Direxion Daily BA Bull 2X Shares<sup>4</sup> | 487587 |  | 155974 | —  |
| Direxion Daily BRBK Bull 2X Shares<sup>1</sup> | 646244 | 472328 | 9234625 | 1715215  |
| Direxion Daily GOOGL Bull 2X Shares |  |  | 29887487 | 16815394  |
| Direxion Daily LLY Bull 2X Shares<sup>3</sup> | 362253 |  | 114342 | —  |
| Direxion Daily META Bull 2X Shares |  | 2423188 | 14748465 | 6630305  |
| Direxion Daily MSFT Bull 2X Shares |  |  | 18143697 | 18775252  |
| Direxion Daily MU Bull 2X Shares | 2895435 | 2648760 | 5751190 | 2606276  |
| Direxion Daily NFLX Bull 2X Shares |  | 2238369 | 10046236 | 4036052  |
| Direxion Daily NVDA Bull 2X Shares |  | 59215078 | 31148919 | 23924909  |
| Direxion Daily PANW Bull 2X Shares<sup>3</sup> | 379918 |  | 212549 | —  |
| Direxion Daily PLTR Bull 2X Shares<sup>1</sup> | 7765023 | 4821426 | 50349771 | 19864142  |
| Direxion Daily TSLA Bull 2X Shares | 854090825 | 814272287 | 819565317 | 304267493  |
| Direxion Daily TSM Bull 2X Shares |  |  | 30836880 | 17939281  |
| Direxion Daily XOM Bull 2X Shares<sup>4</sup> | 541545 |  |  | —  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | 18494300 | 70944627 | 82061811 | 174645471  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | 143675025 | 133388490 | 38768935 | 108442284  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 30003131 | 64670027 | 13194211 | —  |

---

194<br>

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Purchases** | **Sales** | **Purchases**<br>**In-Kind** | **Sales**<br>**In-Kind**  |
| Direxion Daily MSCI Brazil Bull 2X Shares | $— | $12863463 | $56871074 | $21051079  |
|  Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares |  | 943661 | 1144999 | 1126046  |
| Direxion Daily MSCI India Bull 2X Shares | 23163051 | 36260769 | 30320585 | 29626938  |
| Direxion Daily AI and Big Data Bull 2X Shares | 2347156 | 8007617 | 9400027 | 1979475  |
| Direxion Daily AI and Big Data Bear 2X Shares |  |  |  | —  |
| Direxion Daily Cloud Computing Bull 2X Shares | 1622372 | 3288239 | 2705827 | 882304  |
| Direxion Daily Crypto Industry Bull 2X Shares | 824140 | 1772113 | 2294382 | —  |
|  Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares | 2521829 | 1813638 |  | 1876450  |
| Direxion Daily Energy Bull 2X Shares | 10467840 | 41253979 | 28086570 | 72548792  |
| Direxion Daily Energy Bear 2X Shares |  |  |  | —  |
| Direxion Daily Gold Miners Index Bull 2X Shares | 195675450 | 93438952 | 163084953 | 359149583  |
| Direxion Daily Gold Miners Index Bear 2X Shares |  |  |  | —  |
|  Direxion Daily Junior Gold Miners Index Bull 2X Shares | 66659850 |  | 69015014 | 191415474  |
|  Direxion Daily Junior Gold Miners Index Bear 2X Shares |  |  |  | —  |
| Direxion Daily Magnificent 7 Bull 2X Shares | 65267915 | 82594895 | 63034678 | 7022143  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | 3428980 | 34580349 | 59911516 | 18539827  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 1775119 | 3308096 | 1497029 | —  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 67005591 | 80801486 | 61841684 | 103444731  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares |  |  |  | —  |
| Direxion Daily Travel & Vacation Bull 2X Shares | 1487524 | 1087804 |  | 3860458  |
| Direxion Daily Uranium Industry Bull 2X Shares | 793935 | 787989 | 924795 | 373266 |

---

<sup>1</sup> Represents the period from December 11, 2024 (commencement of operations) to April 30, 2025.

<sup>2</sup> Represents the period from February 12, 2025 (commencement of operations) to April 30, 2025.

<sup>3</sup> Represents the period from March 26, 2025 (commencement of operations) to April 30, 2025.

<sup>4</sup> Represents the period from April 23, 2025 (commencement of operations) to April 30, 2025.

There were no purchases or sales of long-term U.S. Government securities in the Funds during the period ended April 30, 2025.

6. INVESTMENT ADVISORY AND OTHER AGREEMENTS

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

---

| | |
|:---|:---|
| Direxion Daily AAPL Bear 1X Shares | 0.75%  |
| Direxion Daily AMD Bear 1X Shares | 0.75%  |
| Direxion Daily AMZN Bear 1X Shares | 0.75%  |
| Direxion Daily AVGO Bear 1X Shares | 0.75%  |
| Direxion Daily BA Bear 1X Shares | 0.75%  |
| Direxion Daily BRKB Bear 1X Shares | 0.75%  |
| Direxion Daily LLY Bear 1X Shares | 0.75%  |
| Direxion Daily GOOGL Bear 1X Shares | 0.75% |

---

195<br>

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| Direxion Daily META Bear 1X Shares | 0.75%  |
| Direxion Daily MSFT Bear 1X Shares | 0.75%  |
| Direxion Daily MU Bear 1X Shares | 0.75%  |
| Direxion Daily NFLX Bear 1X Shares | 0.75%  |
| Direxion Daily NVDA Bear 1X Shares | 0.75%  |
| Direxion Daily PANW Bear 1X Shares | 0.75%  |
| Direxion Daily PLTR Bear 1X Shares | 0.75%  |
| Direxion Daily TSLA Bear 1X Shares | 0.75%  |
| Direxion Daily TSM Bear 1X Shares | 0.75%  |
| Direxion Daily XOM Bear 1X Shares | 0.75%  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | 0.35%  |
| Direxion Daily Crypto Industry Bear 1X Shares | 0.35%  |
| Direxion Daily Magnificent 7 Bear 1X Shares | 0.35%  |
| Direxion Daily AAPL Bull 2X Shares | 0.75%  |
| Direxion Daily AMD Bull 2X Shares | 0.75%  |
| Direxion Daily AMZN Bull 2X Shares | 0.75%  |
| Direxion Daily AVGO Bull 2X Shares | 0.75%  |
| Direxion Daily BA Bull 2X Shares | 0.75%  |
| Direxion Daily BRKB Bull 2X Shares | 0.75%  |
| Direxion Daily GOOGL Bull 2X Shares | 0.75%  |
| Direxion Daily LLY Bull 2X Shares | 0.75%  |
| Direxion Daily META Bull 2X Shares | 0.75%  |
| Direxion Daily MSFT Bull 2X Shares | 0.75%  |
| Direxion Daily MU Bull 2X Shares | 0.75%  |
| Direxion Daily NFLX Bull 2X Shares | 0.75%  |
| Direxion Daily NVDA Bull 2X Shares | 0.75%  |
| Direxion Daily PANW Bull 2X Shares | 0.75%  |
| Direxion Daily PLTR Bull 2X Shares | 0.75%  |
| Direxion Daily TSLA Bull 2X Shares | 0.75%  |
| Direxion Daily TSM Bull 2X Shares | 0.75%  |
| Direxion Daily XOM Bull 2X Shares | 0.75%  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | 0.75%  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | 0.75%  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 0.50%  |
| Direxion Daily MSCI Brazil Bull 2X Shares | 0.75%  |
| Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares | 0.75%  |
| Direxion Daily MSCI India Bull 2X Shares | 0.75%  |
| Direxion Daily AI and Big Data Bull 2X Shares | 0.75%  |
| Direxion Daily AI and Big Data Bear 2X Shares | 0.75%  |
| Direxion Daily Cloud Computing Bull 2X Shares | 0.75%  |
| Direxion Daily Crypto Industry Bull 2X Shares | 0.75%  |
| Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares | 0.75%  |
| Direxion Daily Energy Bull 2X Shares | 0.75%  |
| Direxion Daily Energy Bear 2X Shares | 0.75%  |
| Direxion Daily Gold Miners Index Bull 2X Shares | 0.75%  |
| Direxion Daily Gold Miners Index Bear 2X Shares | 0.75%  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | 0.75%  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | 0.75%  |
| Direxion Daily Magnificent 7 Bull 2X Shares | 0.75%  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | 0.75%  |
| Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares  | 0.75%  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 0.75%  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | 0.75%  |
| Direxion Daily Travel & Vacation Bull 2X Shares | 0.75% |
| Direxion Daily Uranium Industry Bull 2X Shares  | 0.75% |

---

196<br>

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

The Adviser has agreed to waive a portion of its fees based upon the specific breakpoints listed in the table below based on each Fund's daily net assets. This waiver is not applicable for Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares, Direxion Daily Crypto Industry Bear 1X Shares, Direxion Daily Magnificent 7 Bear 1X Shares and Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares. For the period ended April 30, 2025, the Adviser waived its fee in certain Funds.

---

| | |
|:---|:---|
| **Net Asset Range** | **Advisory** <br>**Fee Limit** |
| $0- $1500000000 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% |
| $1500000000 - $2000000000 | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% |
| $2000000000 - $2500000000 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% |
| $2500000000 - $3000000000 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% |
| Greater than $3,000,000,000 | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% |

---

Under the Management Services Agreement, the Trust pays to the Adviser a fee at the annual rate of 0.05% on the first $25,000,000,000 of the aggregate average daily net assets of the Funds in the Trust and the funds in the Direxion Funds Trust, 0.0475% on the aggregate average net assets of over $25,000,000,000 to $50,000,000,000 and 0.045% on the aggregate net assets above $50,000,000,000. This fee compensates the Adviser for performing certain management, administration and compliance functions related to the Trust. This fee is allocated to each Fund based on each Fund's respective average daily net assets.

The Funds have entered into an Operating Expense Limitation Agreement with the Adviser. Under the Operating Expense Limitation Agreement, the Adviser has contractually agreed to waive its fees and/or reimburse the Funds' operating expenses to the extent that they exceed the following annual rates multiplied by the Fund's respective average daily net assets at least until September 1, 2026. Pursuant to the Operating Expense Limitation Agreement this fee is computed daily and payable monthly. Any expense waiver is subject to recoupment by the Adviser, as applicable, within the following three years if overall expenses fall below these percentage limitations. This agreement may be terminated or revised at any time with the consent of the Board of Trustees.

---

| | |
|:---|:---|
| Direxion Daily AAPL Bear 1X Shares | 0.95%  |
| Direxion Daily AMD Bear 1X Shares | 0.95%  |
| Direxion Daily AMZN Bear 1X Shares | 0.95%  |
| Direxion Daily AVGO Bear 1X Shares | 0.95%  |
| Direxion Daily BA Bear 1X Shares | 0.95%  |
| Direxion Daily BRKB Bear 1X Shares | 0.95%  |
| Direxion Daily GOOGL Bear 1X Shares | 0.95%  |
| Direxion Daily LLY Bear 1X Shares | 0.95%  |
| Direxion Daily META Bear 1X Shares | 0.95%  |
| Direxion Daily MSFT Bear 1X Shares | 0.95%  |
| Direxion Daily MU Bear 1X Shares | 0.95%  |
| Direxion Daily NFLX Bear 1X Shares | 0.95%  |
| Direxion Daily NVDA Bear 1X Shares | 0.95%  |
| Direxion Daily PANW Bear 1X Shares | 0.95%  |
| Direxion Daily PLTR Bear 1X Shares | 0.95%  |
| Direxion Daily TSLA Bear 1X Shares | 0.95%  |
| Direxion Daily TSM Bear 1X Shares | 0.95%  |
| Direxion Daily XOM Bear 1X Shares | 0.95%  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | 0.45%  |
| Direxion Daily Crypto Industry Bear 1X Shares | 0.45%  |
| Direxion Daily Magnificent 7 Bear 1X Shares | 0.45% |

---

197<br>

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| Direxion Daily AAPL Bull 2X Shares | 0.95% |
| Direxion Daily AMD Bull 2X Shares | 0.95%  |
| Direxion Daily AMZN Bull 2X Shares | 0.95%  |
| Direxion Daily AVGO Bull 2X Shares | 0.95%  |
| Direxion Daily BA Bull 2X Shares | 0.95%  |
| Direxion Daily BRKB Bull 2X Shares | 0.95%  |
| Direxion Daily GOOGL Bull 2X Shares | 0.95%  |
| Direxion Daily LLY Bull 2X Shares | 0.95%  |
| Direxion Daily META Bull 2X Shares | 0.95%  |
| Direxion Daily MSFT Bull 2X Shares | 0.95%  |
| Direxion Daily MU Bull 2X Shares | 0.95%  |
| Direxion Daily NFLX Bull 2X Shares | 0.95%  |
| Direxion Daily NVDA Bull 2X Shares | 0.95%  |
| Direxion Daily PANW Bull 2X Shares | 0.95%  |
| Direxion Daily PLTR Bull 2X Shares | 0.95%  |
| Direxion Daily TSLA Bull 2X Shares | 0.95%  |
| Direxion Daily TSM Bull 2X Shares | 0.95%  |
| Direxion Daily XOM Bull 2X Shares | 0.95%  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | 0.95%  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | 0.95%  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 0.60%  |
| Direxion Daily MSCI Brazil Bull 2X Shares | 0.95%  |
| Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares | 0.95%  |
| Direxion Daily MSCI India Bull 2X Shares | 0.95%  |
| Direxion Daily AI and Big Data Bull 2X Shares | 0.95%  |
| Direxion Daily AI and Big Data Bear 2X Shares | 0.95%  |
| Direxion Daily Cloud Computing Bull 2X Shares | 0.95%  |
| Direxion Daily Crypto Industry Bull 2X Shares | 0.95%  |
| Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares | 0.95%  |
| Direxion Daily Energy Bull 2X Shares | 0.95%  |
| Direxion Daily Energy Bear 2X Shares | 0.95%  |
| Direxion Daily Gold Miners Index Bull 2X Shares | 0.95%  |
| Direxion Daily Gold Miners Index Bear 2X Shares | 0.95%  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | 0.95%  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | 0.95%  |
| Direxion Daily Magnificent 7 Bull 2X Shares | 0.95%  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | 0.95%  |
| Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares  | 0.95%  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 0.95%  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | 0.95%  |
| Direxion Daily Travel & Vacation Bull 2X Shares | 0.95%  |
| Direxion Daily Uranium Industry Bull 2X Shares | 0.95% |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Expenses** <br>**Recouped**  | **Expenses** <br>**Reimbursed**  | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Total Potential**<br>**Recoupment**<br>**Amount**  |
|  | **Expenses** <br>**Recouped**  | **Expenses** <br>**Reimbursed**  | **October 31,** <br>**2025**  | **October 31,** <br>**2026**  | **October 31,** <br>**2027**  | **April 30,** <br>**2028**  | **Total Potential**<br>**Recoupment**<br>**Amount**  |
|  Direxion Daily AAPL Bear 1X Shares | $557 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
|  Direxion Daily AMD Bear 1X Shares |  | &nbsp;&nbsp; 6661 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 6661 | &nbsp;&nbsp;&nbsp;&nbsp; 6661  |
|  Direxion Daily AMZN Bear 1X Shares | 1 | &nbsp;&nbsp; 6576 | &nbsp;&nbsp; 15172 | &nbsp;&nbsp; 16135 | &nbsp;&nbsp; 18004 | 6576 | &nbsp;&nbsp;&nbsp;&nbsp; 55887  |
|  Direxion Daily AVGO Bear 1X Shares |  | &nbsp;&nbsp; 7861 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11446 | 7861 | &nbsp;&nbsp;&nbsp;&nbsp; 19307  |
| &nbsp;&nbsp;&nbsp; Direxion Daily BA Bear 1X <br>Shares |  | &nbsp;&nbsp; 739 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 739 | &nbsp;&nbsp;&nbsp;&nbsp; 739  |
|  Direxion Daily BRKB Bear 1X Shares |  | &nbsp;&nbsp; 12521 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 12521 | &nbsp;&nbsp;&nbsp;&nbsp; 12521  |
|  Direxion Daily GOOGL Bear 1X Shares | 2 | &nbsp;&nbsp; 6672 | &nbsp;&nbsp; 15325 | &nbsp;&nbsp; 17435 | &nbsp;&nbsp; 18180 | 6672 | &nbsp;&nbsp;&nbsp;&nbsp; 57612  |
|  Direxion Daily LLY Bear 1X Shares |  | &nbsp;&nbsp; 3195 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 3195 | &nbsp;&nbsp;&nbsp;&nbsp; 3195  |
|  Direxion Daily META Bear 1X Shares | 7 | &nbsp;&nbsp; 5923 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19836 | 5923 | &nbsp;&nbsp;&nbsp;&nbsp; 25759  |
|  Direxion Daily MSFT Bear 1X Shares | 1 | &nbsp;&nbsp; 6354 | &nbsp;&nbsp; 15215 | &nbsp;&nbsp; 15315 | &nbsp;&nbsp; 13885 | 6354 | &nbsp;&nbsp;&nbsp;&nbsp; 50769  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MU Bear 1X <br>Shares |  | &nbsp;&nbsp; 8148 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11462 | 8148 | &nbsp;&nbsp;&nbsp;&nbsp; 19610  |
|  Direxion Daily NFLX Bear 1X Shares |  | &nbsp;&nbsp; 7184 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18085 | 7184 | &nbsp;&nbsp;&nbsp;&nbsp; 25269  |
|  Direxion Daily NVDA Bear 1X Shares | 2800 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5884 | &nbsp;&nbsp; 30084 | 35 | &nbsp;&nbsp;&nbsp;&nbsp; 36003  |
|  Direxion Daily PANW Bear 1X Shares |  | &nbsp;&nbsp; 3281 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 3281 | &nbsp;&nbsp;&nbsp;&nbsp; 3281  |
|  Direxion Daily PLTR Bear 1X Shares | 2146 | &nbsp;&nbsp; 5209 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 3063 | &nbsp;&nbsp;&nbsp;&nbsp; 3063  |
|  Direxion Daily TSLA Bear 1X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily TSM Bear 1X Shares | 2 | &nbsp;&nbsp; 7907 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11573 | 7907 | &nbsp;&nbsp;&nbsp;&nbsp; 19480  |
|  Direxion Daily XOM Bear 1X Shares |  | &nbsp;&nbsp; 734 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 734 | &nbsp;&nbsp;&nbsp;&nbsp; 734  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares |  | &nbsp;&nbsp; 42704 | &nbsp;&nbsp; 156442 | &nbsp;&nbsp; 205611 | &nbsp;&nbsp; 117395 | 42704 | &nbsp;&nbsp;&nbsp;&nbsp; 522152  |
|  Direxion Daily Crypto Industry Bear 1X Shares | 1 | &nbsp;&nbsp; 16554 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24620 | 16554 | &nbsp;&nbsp;&nbsp;&nbsp; 41174  |
|  Direxion Daily Magnificent 7 Bear 1X Shares | 1 | &nbsp;&nbsp; 22376 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34055 | 22376 | &nbsp;&nbsp;&nbsp;&nbsp; 56431  |
|  Direxion Daily AAPL Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily AMD Bull 2X Shares |  | &nbsp;&nbsp; 6481 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 6481 | &nbsp;&nbsp;&nbsp;&nbsp; 6481  |
|  Direxion Daily AMZN Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Expenses** <br>**Recouped**  | **Expenses** <br>**Reimbursed**  | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Total Potential**<br>**Recoupment**<br>**Amount**  |
|  | **Expenses** <br>**Recouped**  | **Expenses** <br>**Reimbursed**  | **October 31,** <br>**2025**  | **October 31,** <br>**2026**  | **October 31,** <br>**2027**  | **April 30,** <br>**2028**  | **Total Potential**<br>**Recoupment**<br>**Amount**  |
|  Direxion Daily AVGO Bull 2X Shares | $11744 | &nbsp;&nbsp; $1851 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $1585 | &nbsp;&nbsp;&nbsp;&nbsp; $1585  |
| &nbsp;&nbsp;&nbsp; Direxion Daily BA Bull 2X <br>Shares |  | &nbsp;&nbsp; 724 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 724 | &nbsp;&nbsp;&nbsp;&nbsp; 724  |
|  Direxion Daily BRKB Bull 2X Shares | 281 | &nbsp;&nbsp; 7208 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 6927 | &nbsp;&nbsp;&nbsp;&nbsp; 6927  |
|  Direxion Daily GOOGL Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily LLY Bull 2X Shares |  | &nbsp;&nbsp; 3296 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 3296 | &nbsp;&nbsp;&nbsp;&nbsp; 3296  |
|  Direxion Daily META Bull 2X Shares | 19889 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1295 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1295  |
|  Direxion Daily MSFT Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MU Bull 2X <br>Shares | 919 | &nbsp;&nbsp; 2044 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10477 | 2044 | &nbsp;&nbsp;&nbsp;&nbsp; 12521  |
|  Direxion Daily NFLX Bull 2X Shares | 2399 | &nbsp;&nbsp; 2283 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15620 | 2283 | &nbsp;&nbsp;&nbsp;&nbsp; 17903  |
|  Direxion Daily NVDA Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily PANW Bull 2X Shares |  | &nbsp;&nbsp; 3309 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 3309 | &nbsp;&nbsp;&nbsp;&nbsp; 3309  |
|  Direxion Daily PLTR Bull 2X Shares | 1548 | &nbsp;&nbsp; 1548 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily TSLA Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily TSM Bull 2X Shares | 11564 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily XOM Bull 2X Shares |  | &nbsp;&nbsp; 734 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 734 | &nbsp;&nbsp;&nbsp;&nbsp; 734  |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily CSI China Internet Index Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 8 | &nbsp;&nbsp; 45306 | &nbsp;&nbsp; 25522 | &nbsp;&nbsp; 131626 | &nbsp;&nbsp; 93531 | 45306 | &nbsp;&nbsp;&nbsp;&nbsp; 295985  |
|  Direxion Daily MSCI Brazil Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares |  | &nbsp;&nbsp; 16079 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35124 | 16079 | &nbsp;&nbsp;&nbsp;&nbsp; 51203  |
|  Direxion Daily MSCI India Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily AI and Big Data Bull 2X Shares |  | &nbsp;&nbsp; 11346 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23999 | 11346 | &nbsp;&nbsp;&nbsp;&nbsp; 35345  |
|  Direxion Daily AI and Big Data Bear 2X Shares |  | &nbsp;&nbsp; 15514 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25772 | 15514 | &nbsp;&nbsp;&nbsp;&nbsp; 41286  |
|  Direxion Daily Cloud Computing Bull 2X Shares |  | &nbsp;&nbsp; 18158 | &nbsp;&nbsp; 19913 | &nbsp;&nbsp; 49336 | &nbsp;&nbsp; 39667 | 18158 | &nbsp;&nbsp;&nbsp;&nbsp; 127074  |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Expenses** <br>**Recouped**  | **Expenses** <br>**Reimbursed**  | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Total Potential**<br>**Recoupment**<br>**Amount**  |
|  | **Expenses** <br>**Recouped**  | **Expenses** <br>**Reimbursed**  | **October 31,** <br>**2025**  | **October 31,** <br>**2026**  | **October 31,** <br>**2027**  | **April 30,** <br>**2028**  | **Total Potential**<br>**Recoupment**<br>**Amount**  |
|  Direxion Daily Crypto Industry Bull 2X Shares | $— | &nbsp;&nbsp; $14599 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24114 | $14599 | &nbsp;&nbsp;&nbsp;&nbsp; $38713  |
|  Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares |  | &nbsp;&nbsp; 19583 | &nbsp;&nbsp; 32082 | &nbsp;&nbsp; 43190 | &nbsp;&nbsp; 41071 | 19583 | &nbsp;&nbsp;&nbsp;&nbsp; 135926  |
|  Direxion Daily Energy Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Energy Bear 2X Shares | 2 | &nbsp;&nbsp; 5071 | &nbsp;&nbsp; 7795 | &nbsp;&nbsp; 21970 | &nbsp;&nbsp; 9368 | 5071 | &nbsp;&nbsp;&nbsp;&nbsp; 44204  |
|  Direxion Daily Gold Miners Index Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Gold Miners Index Bear 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Junior Gold Miners Index Bull 2X <br>Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Junior Gold Miners Index Bear 2X <br>Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Magnificent 7 Bull 2X Shares | 2478 | &nbsp;&nbsp; 2234 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23818 | 2234 | &nbsp;&nbsp;&nbsp;&nbsp; 26052  |
|  Direxion Daily NYSE FANG+ Bull 2X Shares | 16111 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19822 | &nbsp;&nbsp; 4526 | 19 | &nbsp;&nbsp;&nbsp;&nbsp; 24367  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares |  | &nbsp;&nbsp; 3422 | &nbsp;&nbsp; 9078 | &nbsp;&nbsp; 21243 | &nbsp;&nbsp; 6901 | 3422 | &nbsp;&nbsp;&nbsp;&nbsp; 40644  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X <br>Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X <br>Shares | 9 | &nbsp;&nbsp; 2641 | &nbsp;&nbsp; 9422 | &nbsp;&nbsp; 20519 | &nbsp;&nbsp; 1989 | 2641 | &nbsp;&nbsp;&nbsp;&nbsp; 34571  |
|  Direxion Daily Travel & Vacation Bull 2X Shares |  | &nbsp;&nbsp; 9098 | &nbsp;&nbsp; 9178 | &nbsp;&nbsp; 18324 | &nbsp;&nbsp; 15971 | 9098 | &nbsp;&nbsp;&nbsp;&nbsp; 52571  |
|  Direxion Daily Uranium Industry Bull 2X Shares | 1 | &nbsp;&nbsp; 12211 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25867 | 12211 | &nbsp;&nbsp;&nbsp;&nbsp; 38078 |

---

The net amounts receivable (payable) arising from the Investment Advisory Agreement, Management Services Agreement, and waiver of any expenses as of April 30, 2025, is presented on the Statement of Assets and Liabilities as "Due from (to) Adviser, net".

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

ALPS Distributors, Inc. serves as principal underwriter of the Funds and acts as the Funds' distributor in a continuous public offering of the Funds' shares.

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

7. FAIR VALUE MEASUREMENTS

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

Level 1 –

Quoted prices in active markets for identical securities

Level 2 –

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

Level 3 –

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

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

The following is a summary of the inputs used to value the Funds' investments at April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Asset Class** | **Asset Class** | **Asset Class** | **Asset Class** | **Liability Class**  |
| | **Level 1** | **Level 1** | **Level 1** | **Level 2** | **Level 2**  |
| <br>**Funds** | **Investment** <br>**Companies** | **Common** <br>**Stocks** | **Short Term** <br>**Investments** | **Total Return** <br>**Swap** <br>**Contracts\*** | **Total Return** <br>**Swap** <br>**Contracts\***  |
| Direxion Daily AAPL Bear 1X Shares | $— | $— | $35788944 | $2005140 | $—  |
| Direxion Daily AMD Bear 1X Shares |  |  | 2828992 | 249444 | (74500)  |
| Direxion Daily AMZN Bear 1X Shares |  |  | 4011104 | 501660 | (27906)  |
| Direxion Daily AVGO Bear 1X Shares |  |  | 4253261 | 242662 | (137888)  |
| Direxion Daily BA Bear 1X Shares |  |  | 2470620 |  | (247676)  |
| Direxion Daily BRKB Bear 1X Shares |  |  | 2902858 |  | (205012)  |
| Direxion Daily GOOGL Bear 1X Shares |  |  | 5044583 | 571728 | (142666)  |
| Direxion Daily LLY Bear 1X Shares |  |  | 4366958 |  | (340712)  |
| Direxion Daily META Bear 1X Shares |  |  | 5233227 | 756290 | —  |
| Direxion Daily MSFT Bear 1X Shares |  |  | 7057227 | 316676 | (4222)  |
| Direxion Daily MU Bear 1X Shares |  |  | 3991870 | 488451 | (154612)  |
| Direxion Daily NFLX Bear 1X Shares |  |  | 10018684 |  | (1112904)  |
| Direxion Daily NVDA Bear 1X Shares |  |  | 39949732 | 2686309 | (22761)  |
| Direxion Daily PANW Bear 1X Shares |  |  | 2542442 | 24716 | (55993)  |
| Direxion Daily PLTR Bear 1X Shares |  |  | 40832895 |  | (4336948)  |
| Direxion Daily TSLA Bear 1X Shares |  |  | 81107112 | 5217461 | (3979790)  |
| Direxion Daily TSM Bear 1X Shares |  |  | 3164360 | 605090 | —  |
| Direxion Daily XOM Bear 1X Shares |  |  | 2499461 | 63707 | —  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares |  |  | 169055237 | 2943647 | —  |
|  Direxion Daily Crypto Industry Bear 1X Shares |  |  | 3528469 |  | (263846)  |
|  Direxion Daily Magnificent 7 Bear 1X Shares |  |  | 9161935 | 704795 | (164602)  |
| Direxion Daily AAPL Bull 2X Shares |  | 5851825 | 82741429 | 4061915 | (4358804)  |
| Direxion Daily AMD Bull 2X Shares |  | 522185 | 3709576 | 58407 | (533754)  |
| Direxion Daily AMZN Bull 2X Shares |  | 32069531 | 220017224 |  | (57922224)  |
| Direxion Daily AVGO Bull 2X Shares |  | 9048399 | 57201309 | 1615153 | (4895809)  |
| Direxion Daily BA Bull 2X Shares |  | 706757 | 3016235 | 193033 | —  |
| Direxion Daily BRKB Bull 2X Shares |  | 8070739 | 40062881 | 2374619 | (84846)  |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Asset Class** | **Asset Class** | **Asset Class** | **Asset Class** | **Liability Class**  |
| | **Level 1** | **Level 1** | **Level 1** | **Level 2** | **Level 2**  |
| <br>**Funds** | **Investment** <br>**Companies** | **Common** <br>**Stocks** | **Short Term** <br>**Investments** | **Total Return** <br>**Swap** <br>**Contracts\*** | **Total Return** <br>**Swap** <br>**Contracts\***  |
| Direxion Daily GOOGL Bull 2X Shares | $— | $25265874 | $240791360 | $338595 | $(49121843)  |
| Direxion Daily LLY Bull 2X Shares |  | 509704 | 3097199 | 256338 | (9567)  |
| Direxion Daily META Bull 2X Shares |  | 9386253 | 89341343 | 461949 | (13350928)  |
| Direxion Daily MSFT Bull 2X Shares |  | 24971340 | 136003415 | 1167722 | (18619588)  |
| Direxion Daily MU Bull 2X Shares |  | 2879008 | 22874117 | 786549 | (4022326)  |
| Direxion Daily NFLX Bull 2X Shares |  | 5991326 | 62879157 | 1387076 | (201831)  |
| Direxion Daily NVDA Bull 2X Shares |  | 83981894 | 467235341 | 885552 | (111507561)  |
| Direxion Daily PANW Bull 2X Shares |  | 595746 | 3477266 | 1536 | (61303)  |
| Direxion Daily PLTR Bull 2X Shares |  | 41664231 | 319381429 | 48690489 | —  |
| Direxion Daily TSLA Bull 2X Shares |  | 875703593 | 5457461035 | 94270904 | (939193631)  |
| Direxion Daily TSM Bull 2X Shares |  | 14126811 | 110778061 | 2712636 | (22781107)  |
| Direxion Daily XOM Bull 2X Shares |  | 528150 | 1958001 |  | (114174)  |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares | 46820465 |  | 114112373 |  | (11917559)  |
|  Direxion Daily CSI China Internet Index Bull 2X Shares | 134690348 |  | 131099280 | 13027182 | (7474325)  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares |  | 118390106 | 19147852 | 2792041 | (6224388)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MSCI Brazil Bull 2X <br>Shares | 83329465 |  | 90523310 | 15304754 | —  |
|  Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares | 1119139 |  | 1565004 | 34492 | (21324)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MSCI India Bull 2X <br>Shares | 43039424 |  | 44216616 | 1894377 | (942501)  |
|  Direxion Daily AI and Big Data Bull 2X Shares |  | 7563055 | 3438138 | 120841 | (711731)  |
|  Direxion Daily AI and Big Data Bear 2X Shares |  |  | 2428438 | 219104 | (249089)  |
|  Direxion Daily Cloud Computing Bull 2X Shares |  | 3918123 | 2314399 | 261444 | (400317)  |
|  Direxion Daily Crypto Industry Bull 2X Shares |  | 2677555 | 1031014 | 37094 | (101705)  |
|  Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares |  | 1704862 | 1800466 | 31697 | (231366)  |
| Direxion Daily Energy Bull 2X Shares |  | 130958984 | 76462643 | 838676 | (16300665)  |
| Direxion Daily Energy Bear 2X Shares |  |  | 16492952 | 3945040 | —  |
|  Direxion Daily Gold Miners Index Bull 2X Shares | 237209479 |  | 245173195 | 168601436 | —  |
|  Direxion Daily Gold Miners Index Bear 2X Shares |  |  | 141260420 | 1024544 | (18289028)  |
|  Direxion Daily Junior Gold Miners Index Bull 2X Shares | 74562257 |  | 194920971 | 89531000 | (1480249)  |
|  Direxion Daily Junior Gold Miners Index Bear 2X Shares |  |  | 95155552 | 1306486 | (13576344)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Magnificent 7 Bull 2X <br>Shares |  | 34816051 | 46266174 | 1816673 | (10714271)  |
|  Direxion Daily NYSE FANG+ Bull 2X Shares |  | 39879622 | 58247316 | 1544133 | (5222503)  |

---

203<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Asset Class** | **Asset Class** | **Asset Class** | **Asset Class** | **Liability Class**  |
| | **Level 1** | **Level 1** | **Level 1** | **Level 2** | **Level 2**  |
| <br>**Funds** | **Investment** <br>**Companies** | **Common** <br>**Stocks** | **Short Term** <br>**Investments** | **Total Return** <br>**Swap** <br>**Contracts\*** | **Total Return** <br>**Swap** <br>**Contracts\***  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | $10540439 | $— | $12541030 | $558293 | $(2243303)  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares |  | 138943143 | 97433003 | 168888 | (36061810)  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares |  |  | 40375158 | 11115036 | (948763)  |
|  Direxion Daily Travel & Vacation Bull 2X Shares |  | 2780780 | 1552710 |  | (426381)  |
|  Direxion Daily Uranium Industry Bull 2X Shares |  | 3396015 | 3719288 | 178451 | (323860) |

---

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

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

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

There were no Level 3 securities held by the Funds or any transfers between levels during the period ended April 30, 2025.

8. VALUATION OF DERIVATIVE INSTRUMENTS

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

Certain Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective. For additional discussion on the risks associated with derivative instruments refer to Note 2. As of April 30, 2025, the Funds were invested in swap contracts. At April 30, 2025, the fair values of derivative instruments, by primary risk, were as follows:

**Swap Contracts**

---

| | | |
|:---|:---|:---|
| | **Asset Derivatives<sup>1</sup>**  | **Asset Derivatives<sup>1</sup>**  |
| <br>**Fund** | **Equity Risk** | **Total**  |
| Direxion Daily AAPL Bear 1X Shares | $2005140 | $2005140  |
| Direxion Daily AMD Bear 1X Shares | 249444 | 249444  |
| Direxion Daily AMZN Bear 1X Shares | 501660 | 501660  |
| Direxion Daily AVGO Bear 1X Shares | 242662 | 242662  |
| Direxion Daily GOOGL Bear 1X Shares | 571728 | 571728  |
| Direxion Daily META Bear 1X Shares | 756290 | 756290  |
| Direxion Daily MSFT Bear 1X Shares | 316676 | 316676  |
| Direxion Daily MU Bear 1X Shares | 488451 | 488451  |

---

204<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| | **Asset Derivatives<sup>1</sup>**  | **Asset Derivatives<sup>1</sup>**  |
| <br>**Fund** | **Equity Risk** | **Total**  |
| Direxion Daily NVDA Bear 1X Shares | $2686309 | $2686309  |
| Direxion Daily PANW Bear 1X Shares | 24716 | 24716  |
| Direxion Daily TSLA Bear 1X Shares | 5217461 | 5217461  |
| Direxion Daily TSM Bear 1X Shares | 605090 | 605090  |
| Direxion Daily XOM Bear 1X Shares | 63707 | 63707  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | 2943647 | 2943647  |
| Direxion Daily Magnificent 7 Bear 1X Shares | 704795 | 704795  |
| Direxion Daily AAPL Bull 2X Shares | 4061915 | 4061915  |
| Direxion Daily AMD Bull 2X Shares | 58407 | 58407  |
| Direxion Daily AVGO Bull 2X Shares | 1615153 | 1615153  |
| Direxion Daily BA Bull 2X Shares | 193033 | 193033  |
| Direxion Daily BRKB Bull 2X Shares | 2374619 | 2374619  |
| Direxion Daily GOOGL Bull 2X Shares | 338595 | 338595  |
| Direxion Daily LLY Bull 2X Shares | 256338 | 256338  |
| Direxion Daily META Bull 2X Shares | 461949 | 461949  |
| Direxion Daily MSFT Bull 2X Shares | 1167722 | 1167722  |
| Direxion Daily MU Bull 2X Shares | 786549 | 786549  |
| Direxion Daily NFLX Bull 2X Shares | 1387076 | 1387076  |
| Direxion Daily NVDA Bull 2X Shares | 885552 | 885552  |
| Direxion Daily PANW Bull 2X Shares | 1536 | 1536  |
| Direxion Daily PLTR Bull 2X Shares | 48690489 | 48690489  |
| Direxion Daily TSLA Bull 2X Shares | 94270904 | 94270904  |
| Direxion Daily TSM Bull 2X Shares | 2712636 | 2712636  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | 13027182 | 13027182  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 2792041 | 2792041  |
| Direxion Daily MSCI Brazil Bull 2X Shares | 15304754 | 15304754  |
| Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares | 34492 | 34492  |
| Direxion Daily MSCI India Bull 2X Shares | 1894377 | 1894377  |
| Direxion Daily AI and Big Data Bull 2X Shares | 120841 | 120841  |
| Direxion Daily AI and Big Data Bear 2X Shares | 219104 | 219104  |
| Direxion Daily Cloud Computing Bull 2X Shares | 261444 | 261444  |
| Direxion Daily Crypto Industry Bull 2X Shares | 37094 | 37094  |
| Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares | 31697 | 31697  |
| Direxion Daily Energy Bull 2X Shares | 838676 | 838676  |
| Direxion Daily Energy Bear 2X Shares | 3945040 | 3945040  |
| Direxion Daily Gold Miners Index Bull 2X Shares | 168601436 | 168601436  |
| Direxion Daily Gold Miners Index Bear 2X Shares | 1024544 | 1024544  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | 89531000 | 89531000  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | 1306486 | 1306486  |
| Direxion Daily Magnificent 7 Bull 2X Shares | 1816673 | 1816673  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | 1544133 | 1544133  |
| Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 558293 | 558293  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 168888 | 168888  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | 11115036 | 11115036  |
| Direxion Daily Uranium Industry Bull 2X Shares | 178451 | 178451 |

---

205<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Swap Contracts**

---

| | | |
|:---|:---|:---|
| | **Liability Derivatives<sup>2</sup>**  | **Liability Derivatives<sup>2</sup>**  |
| <br>**Fund** | **Equity Risk** | **Total**  |
| Direxion Daily AMD Bear 1X Shares | $74500 | $74500  |
| Direxion Daily AMZN Bear 1X Shares | 27906 | 27906  |
| Direxion Daily AVGO Bear 1X Shares | 137888 | 137888  |
| Direxion Daily BA Bear 1X Shares | 247676 | 247676  |
| Direxion Daily BRKB Bear 1X Shares | 205012 | 205012  |
| Direxion Daily GOOGL Bear 1X Shares | 142666 | 142666  |
| Direxion Daily LLY Bear 1X Shares | 340712 | 340712  |
| Direxion Daily MSFT Bear 1X Shares | 4222 | 4222  |
| Direxion Daily MU Bear 1X Shares | 154612 | 154612  |
| Direxion Daily NFLX Bear 1X Shares | 1112904 | 1112904  |
| Direxion Daily NVDA Bear 1X Shares | 22761 | 22761  |
| Direxion Daily PANW Bear 1X Shares | 55993 | 55993  |
| Direxion Daily PLTR Bear 1X Shares | 4336948 | 4336948  |
| Direxion Daily TSLA Bear 1X Shares | 3979790 | 3979790  |
| Direxion Daily Crypto Industry Bear 1X Shares | 263846 | 263846  |
| Direxion Daily Magnificent 7 Bear 1X Shares | 164602 | 164602  |
| Direxion Daily AAPL Bull 2X Shares | 4358804 | 4358804  |
| Direxion Daily AMD Bull 2X Shares | 533754 | 533754  |
| Direxion Daily AMZN Bull 2X Shares | 57922224 | 57922224  |
| Direxion Daily AVGO Bull 2X Shares | 4895809 | 4895809  |
| Direxion Daily BRKB Bull 2X Shares | 84846 | 84846  |
| Direxion Daily GOOGL Bull 2X Shares | 49121843 | 49121843  |
| Direxion Daily LLY Bull 2X Shares | 9567 | 9567  |
| Direxion Daily META Bull 2X Shares | 13350928 | 13350928  |
| Direxion Daily MSFT Bull 2X Shares | 18619588 | 18619588  |
| Direxion Daily MU Bull 2X Shares | 4022326 | 4022326  |
| Direxion Daily NFLX Bull 2X Shares | 201831 | 201831  |
| Direxion Daily NVDA Bull 2X Shares | 111507561 | 111507561  |
| Direxion Daily PANW Bull 2X Shares | 61303 | 61303  |
| Direxion Daily TSLA Bull 2X Shares | 939193631 | 939193631  |
| Direxion Daily TSM Bull 2X Shares | 22781107 | 22781107  |
| Direxion Daily XOM Bull 2X Shares | 114174 | 114174  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | 11917559 | 11917559  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | 7474325 | 7474325  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 6224388 | 6224388  |
| Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares | 21324 | 21324  |
| Direxion Daily MSCI India Bull 2X Shares | 942501 | 942501  |
| Direxion Daily AI and Big Data Bull 2X Shares | 711731 | 711731  |
| Direxion Daily AI and Big Data Bear 2X Shares | 249089 | 249089  |
| Direxion Daily Cloud Computing Bull 2X Shares | 400317 | 400317  |
| Direxion Daily Crypto Industry Bull 2X Shares | 101705 | 101705  |
| Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares | 231366 | 231366  |
| Direxion Daily Energy Bull 2X Shares | 16300665 | 16300665  |
| Direxion Daily Gold Miners Index Bear 2X Shares | 18289028 | 18289028  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | 1480249 | 1480249  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | 13576344 | 13576344  |
| Direxion Daily Magnificent 7 Bull 2X Shares | 10714271 | 10714271  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | 5222503 | 5222503  |

---

206<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| | **Liability Derivatives<sup>2</sup>**  | **Liability Derivatives<sup>2</sup>**  |
| <br>**Fund** | **Equity Risk** | **Total**  |
| Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | $2243303 | $2243303  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 36061810 | 36061810  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | 948763 | 948763  |
| Direxion Daily Travel & Vacation Bull 2X Shares | 426381 | 426381  |
| Direxion Daily Uranium Industry Bull 2X Shares | 323860 | 323860 |

---

<sup>1</sup> Statements of Assets and Liabilities location: Unrealized appreciation on swap contracts.

<sup>2</sup> Statements of Assets and Liabilities location: Unrealized depreciation on swap contracts.

Transactions in derivative instruments during the period ended April 30, 2025, by primary risk, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** |  | **Net Realized** <br>**Gain (Loss)<sup>1</sup>** <br>**Equity Risk** | **Net Unrealized** <br>**Appreciation/**<br>(Depreciation)<sup>2</sup> <br>**Equity Risk**  |
| Direxion Daily AAPL Bear 1X Shares | Swap Contracts | $(229911) | $2126990  |
| Direxion Daily AMD Bear 1X Shares | Swap Contracts | (57185) | 174944  |
| Direxion Daily AMZN Bear 1X Shares | Swap Contracts | (146889) | 463143  |
| Direxion Daily AVGO Bear 1X Shares | Swap Contracts | (601163) | (99913)  |
| Direxion Daily BA Bear 1X Shares | Swap Contracts | (44657) | (247676)  |
| Direxion Daily BRKB Bear 1X Shares | Swap Contracts | (215499) | (205012)  |
| Direxion Daily GOOGL Bear 1X Shares | Swap Contracts | 333603 | 504442  |
| Direxion Daily LLY Bear 1X Shares | Swap Contracts | (313260) | (340712)  |
| Direxion Daily META Bear 1X Shares | Swap Contracts | (115037) | 959868  |
| Direxion Daily MSFT Bear 1X Shares | Swap Contracts | (179867) | (190939)  |
| Direxion Daily MU Bear 1X Shares | Swap Contracts | (361514) | 253727  |
| Direxion Daily NFLX Bear 1X Shares | Swap Contracts | (987461) | (1001951)  |
| Direxion Daily NVDA Bear 1X Shares | Swap Contracts | (186393) | 3674025  |
| Direxion Daily PANW Bear 1X Shares | Swap Contracts | (14301) | (31277)  |
| Direxion Daily PLTR Bear 1X Shares | Swap Contracts | 3809942 | (4336948)  |
| Direxion Daily TSLA Bear 1X Shares | Swap Contracts | (10971924) | 1363309  |
| Direxion Daily TSM Bear 1X Shares | Swap Contracts | 75803 | 598420  |
| Direxion Daily XOM Bear 1X Shares | Swap Contracts | (570) | 63707  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | Swap Contracts | (5427395) | 10738225  |
| Direxion Daily Crypto Industry Bear 1X Shares | Swap Contracts | 492501 | (413205)  |
| Direxion Daily Magnificent 7 Bear 1X Shares | Swap Contracts | (511839) | 641404  |
| Direxion Daily AAPL Bull 2X Shares | Swap Contracts | 10952262 | (6820753)  |
| Direxion Daily AMD Bull 2X Shares | Swap Contracts | (1245687) | (475347)  |
| Direxion Daily AMZN Bull 2X Shares | Swap Contracts | 15351172 | (54327870)  |
| Direxion Daily AVGO Bull 2X Shares | Swap Contracts | (17607900) | (2786251)  |
| Direxion Daily BA Bull 2X Shares | Swap Contracts | 408197 | 193033  |
| Direxion Daily BRKB Bull 2X Shares | Swap Contracts | 380441 | 2289773  |
| Direxion Daily GOOGL Bull 2X Shares | Swap Contracts | (9035925) | (62333796)  |
| Direxion Daily LLY Bull 2X Shares | Swap Contracts | 34643 | 246771  |
| Direxion Daily META Bull 2X Shares | Swap Contracts | 3074109 | (16622232)  |
| Direxion Daily MSFT Bull 2X Shares | Swap Contracts | (19054569) | (6912899)  |
| Direxion Daily MU Bull 2X Shares | Swap Contracts | (14300890) | (2706064)  |
| Direxion Daily NFLX Bull 2X Shares | Swap Contracts | 19752584 | 800968  |
| Direxion Daily NVDA Bull 2X Shares | Swap Contracts | (76535924) | (219958438)  |
| Direxion Daily PANW Bull 2X Shares | Swap Contracts | 24977 | (59767)  |
| Direxion Daily PLTR Bull 2X Shares | Swap Contracts | 56626171 | 48690489  |

---

207<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund** |  | **Net Realized** <br>**Gain (Loss)<sup>1</sup>** <br>**Equity Risk** | **Net Unrealized** <br>**Appreciation/**<br>(Depreciation)<sup>2</sup> <br>**Equity Risk**  |
| Direxion Daily TSLA Bull 2X Shares | Swap Contracts | $500000211 | $(1263784564)  |
| Direxion Daily TSM Bull 2X Shares | Swap Contracts | (23512625) | (19324985)  |
| Direxion Daily XOM Bull 2X Shares | Swap Contracts | (3859) | (114174)  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | Swap Contracts | (82389128) | 36771818  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | Swap Contracts | 25494126 | (39169462)  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | Swap Contracts | 17035875 | (24187765)  |
| Direxion Daily MSCI Brazil Bull 2X Shares | Swap Contracts | (28907069) | 26519227  |
|  Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares | Swap Contracts | (373414) | 173777  |
| Direxion Daily MSCI India Bull 2X Shares | Swap Contracts | 1544993 | (8569787)  |
| Direxion Daily AI and Big Data Bull 2X Shares | Swap Contracts | 15003 | (1093063)  |
| Direxion Daily AI and Big Data Bear 2X Shares | Swap Contracts | (555751) | 114077  |
| Direxion Daily Cloud Computing Bull 2X Shares | Swap Contracts | 246568 | (390678)  |
| Direxion Daily Crypto Industry Bull 2X Shares | Swap Contracts | (1081162) | (33729)  |
|  Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares | Swap Contracts | 443134 | (401115)  |
| Direxion Daily Energy Bull 2X Shares | Swap Contracts | (5977851) | (26404635)  |
| Direxion Daily Energy Bear 2X Shares | Swap Contracts | 2123374 | 1720415  |
| Direxion Daily Gold Miners Index Bull 2X Shares | Swap Contracts | 148765379 | (10901986)  |
| Direxion Daily Gold Miners Index Bear 2X Shares | Swap Contracts | (27196940) | (5999645)  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | Swap Contracts | 114632967 | (37447665)  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | Swap Contracts | (24609066) | (204302)  |
| Direxion Daily Magnificent 7 Bull 2X Shares | Swap Contracts | (7468064) | (9523809)  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | Swap Contracts | 11672309 | (15933438)  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | Swap Contracts | (36080) | (4390742)  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | Swap Contracts | (38886416) | (16094890)  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | Swap Contracts | 16188235 | 1011720  |
| Direxion Daily Travel & Vacation Bull 2X Shares | Swap Contracts | 681652 | (1221768)  |
| Direxion Daily Uranium Industry Bull 2X Shares | Swap Contracts | (3010265) | (700643) |

---

<sup>1</sup> Statements of Operations location: Net realized gain (loss) on swap contracts.

<sup>2</sup> Statements of Operations location: Change in net unrealized appreciation (depreciation) on swap contracts.

For the period ended April 30, 2025, the volume of the derivatives held by the Funds was as follows:

---

| | | |
|:---|:---|:---|
|  | **Quarterly Average Gross Notional Amounts**  | **Quarterly Average Gross Notional Amounts**  |
|  | **Long Total Return**<br>**Swap Contracts** | **Short Total Return** <br>**Swap Contracts**  |
| Direxion Daily AAPL Bear 1X Shares | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $33832876  |
| Direxion Daily AMD Bear 1X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1355992  |
| Direxion Daily AMZN Bear 1X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4126524  |
| Direxion Daily AVGO Bear 1X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3365528  |
| Direxion Daily BA Bear 1X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 979924  |
| Direxion Daily BRKB Bear 1X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1836089  |
| Direxion Daily GOOGL Bear 1X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4410753  |
| Direxion Daily LLY Bear 1X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1835963  |
| Direxion Daily META Bear 1X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6725085  |
| Direxion Daily MSFT Bear 1X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6933328  |

---

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Quarterly Average Gross Notional Amounts**  | **Quarterly Average Gross Notional Amounts**  |
|  | **Long Total Return**<br>**Swap Contracts** | **Short Total Return** <br>**Swap Contracts**  |
| Direxion Daily MU Bear 1X Shares | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3829811  |
| Direxion Daily NFLX Bear 1X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5962307  |
| Direxion Daily NVDA Bear 1X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33543030  |
| Direxion Daily PANW Bear 1X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1210520  |
| Direxion Daily PLTR Bear 1X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15257638  |
| Direxion Daily TSLA Bear 1X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60269663  |
| Direxion Daily TSM Bear 1X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4311851  |
| Direxion Daily XOM Bear 1X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1313157  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158960600  |
| Direxion Daily Crypto Industry Bear 1X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2764978  |
| Direxion Daily Magnificent 7 Bear 1X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4646467  |
| Direxion Daily AAPL Bull 2X Shares | &nbsp;&nbsp;&nbsp; 193825767 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily AMD Bull 2X Shares | &nbsp;&nbsp;&nbsp; 8529224 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily AMZN Bull 2X Shares | &nbsp;&nbsp;&nbsp; 363262428 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily AVGO Bull 2X Shares | &nbsp;&nbsp;&nbsp; 73408406 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily BA Bull 2X Shares | &nbsp;&nbsp;&nbsp; 3492479 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily BRKB Bull 2X Shares | &nbsp;&nbsp;&nbsp; 33258291 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily GOOGL Bull 2X Shares | &nbsp;&nbsp;&nbsp; 345547752 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily LLY Bull 2X Shares | &nbsp;&nbsp;&nbsp; 3592148 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily META Bull 2X Shares | &nbsp;&nbsp;&nbsp; 138968216 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily MSFT Bull 2X Shares | &nbsp;&nbsp;&nbsp; 294386012 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily MU Bull 2X Shares | &nbsp;&nbsp;&nbsp; 30224371 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily NFLX Bull 2X Shares | &nbsp;&nbsp;&nbsp; 57946983 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily NVDA Bull 2X Shares | &nbsp;&nbsp;&nbsp; 1006917673 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily PANW Bull 2X Shares | &nbsp;&nbsp;&nbsp; 3752255 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily PLTR Bull 2X Shares | &nbsp;&nbsp;&nbsp; 257940559 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily TSLA Bull 2X Shares | &nbsp;&nbsp;&nbsp; 7832802339 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily TSM Bull 2X Shares | &nbsp;&nbsp;&nbsp; 147813888 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily XOM Bull 2X Shares | &nbsp;&nbsp;&nbsp; 2158969 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | &nbsp;&nbsp;&nbsp; 404096597 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | &nbsp;&nbsp;&nbsp; 451898674 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | &nbsp;&nbsp;&nbsp; 156746626 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily MSCI Brazil Bull 2X Shares | &nbsp;&nbsp;&nbsp; 170750719 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares | &nbsp;&nbsp;&nbsp; 4627165 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily MSCI India Bull 2X Shares | &nbsp;&nbsp;&nbsp; 122781692 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily AI and Big Data Bull 2X Shares | &nbsp;&nbsp;&nbsp; 12457655 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily AI and Big Data Bear 2X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4072680  |
| Direxion Daily Cloud Computing Bull 2X Shares | &nbsp;&nbsp;&nbsp; 7799415 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily Crypto Industry Bull 2X Shares | &nbsp;&nbsp;&nbsp; 4368068 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares | &nbsp;&nbsp;&nbsp; 5640391 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily Energy Bull 2X Shares | &nbsp;&nbsp;&nbsp; 316733677 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily Energy Bear 2X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45220604  |
| Direxion Daily Gold Miners Index Bull 2X Shares | &nbsp;&nbsp;&nbsp; 672563561 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily Gold Miners Index Bear 2X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 204932048  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | &nbsp;&nbsp;&nbsp; 420852854 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117957181  |
| Direxion Daily Magnificent 7 Bull 2X Shares | &nbsp;&nbsp;&nbsp; 104977365 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | &nbsp;&nbsp;&nbsp; 127092621 | &nbsp;&nbsp;&nbsp;&nbsp; —  |

---

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Quarterly Average Gross Notional Amounts**  | **Quarterly Average Gross Notional Amounts**  |
|  | **Long Total Return**<br>**Swap Contracts** | **Short Total Return** <br>**Swap Contracts**  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | &nbsp;&nbsp;&nbsp; $37696679 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | &nbsp;&nbsp;&nbsp; 388238053 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99105080  |
| Direxion Daily Travel & Vacation Bull 2X Shares | &nbsp;&nbsp;&nbsp; 7797580 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily Uranium Industry Bull 2X Shares | &nbsp;&nbsp;&nbsp; 11634836 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

9. PRINCIPAL RISKS

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

**Counterparty Risk – A Fund will be subject to credit risk with respect to the amount it expects to receive from counterparties to financial instruments entered into by the Fund. The Funds' counterparties are generally required to post collateral to the Funds to the extent of the Funds' daily exposure to such counterparties. However, to the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described in this paragraph. In addition, there may be a delay associated with realization by the Funds of the collateral posted by such counterparties in the event of counterparty default or bankruptcy. A Fund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. A Fund may experience significant delays in obtaining any recovery in bankruptcy or other reorganization proceeding, and a Fund may obtain only limited recovery or may obtain no recovery in such circumstances.** 

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

Certain Funds are "leveraged" funds in the sense that they have investment objectives to match a multiple of the performance of an index on a given day. These Funds are subject to all of the correlation risks described above. In addition, there is a special form of correlation risk that derives from these Funds' use of leverage, which is that for periods greater than one day, the use of leverage tends to cause the performance of a Fund to be either greater than or less than the index performance times the stated multiple in the fund objective, before accounting for fees and fund expenses. In general, given a particular index return, increased volatility of the index will cause a decrease in the performance relative to the index performance times the stated fund multiple.

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

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

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

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

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

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

**Leverage Risk – Leverage offers a means of magnifying market movements into larger changes in an investment's value and provides greater investment exposure than an unleveraged investment. Swap and futures contracts may be used to create leverage. Certain Funds employ leveraged investment techniques to achieve its investment objective.** 

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

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

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

10. ADDITIONAL INFORMATION

On November 4, 2024, shares of the following Fund were adjusted to reflect a reverse stock split. The effect of the reverse stock split was to decrease the number of shares outstanding and increase the net asset value. The reverse stock split has no impact on the net assets of the Fund or the value of a shareholder's investment in the Fund. A summary of the reverse stock split is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Effective** <br>**Date** | **Rate** | **Net Asset** <br>**Value Before** <br>**Split** | **Net Asset** <br>**Value After** <br>**Split** | **Shares** <br>**Outstanding** <br>**Before Split** | **Shares** <br>**Outstanding** <br>**After Split**  |
|  Direxion Daily Gold Miners Index Bear 2X Shares | 11/4/2024 | 1:10 | &nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp;52.90 | 18410171 | &nbsp;&nbsp; 1841017 |

---

11. SUBSEQUENT EVENTS

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

On June 23, 2025, certain Funds declared income distributions with an ex-date of June 24, 2025 and payable date of July 2, 2025. The specific Funds and per share amounts of the distributions are listed below.

---

| | |
|:---|:---|
| **Funds**  | **Per Share** <br>**Income** <br>**Distribution**  |
| Direxion Daily AAPL Bear 1X Shares  | &nbsp;&nbsp; $0.12095  |
| Direxion Daily AMD Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.17165  |
| Direxion Daily AMZN Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.06763  |
| Direxion Daily AVGO Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.05199  |
| Direxion Daily BA Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.13095  |
| Direxion Daily BRKB Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.22107  |
| Direxion Daily GOOGL Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.14618  |
| Direxion Daily LLY Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.22280  |
| Direxion Daily META Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.09535  |
| Direxion Daily MSFT Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.08858  |
| Direxion Daily MU Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.20558  |
| Direxion Daily NFLX Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.08059  |
| Direxion Daily NVDA Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.04081  |
| Direxion Daily PANW Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.20414  |
| Direxion Daily PLTR Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.05144  |
| Direxion Daily TSLA Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.05292  |
| Direxion Daily TSM Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.12192  |
| Direxion Daily XOM Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.14481  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.13499  |
| Direxion Daily Crypto Industry Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.27651  |
| Direxion Daily Magnificent 7 Bear 1X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.20053  |
| Direxion Daily AAPL Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.08428  |
| Direxion Daily AMD Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.10338  |
| Direxion Daily AMZN Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.26454  |
| Direxion Daily AVGO Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.19036  |
| Direxion Daily BA Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.09746  |
| Direxion Daily BRKB Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.15371  |
| Direxion Daily GOOGL Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.14618  |
| Direxion Daily LLY Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.10303  |
| Direxion Daily META Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.24968  |

---

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| **Funds**  | **Per Share** <br>**Income** <br>**Distribution**  |
| Direxion Daily MSFT Bull 2X Shares  | &nbsp;&nbsp; $0.37388  |
| Direxion Daily MU Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.10341  |
| Direxion Daily NFLX Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.35237  |
| Direxion Daily NVDA Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.60667  |
| Direxion Daily PANW Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.12140  |
| Direxion Daily PLTR Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.31714  |
| Direxion Daily TSLA Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.08962  |
| Direxion Daily TSM Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.25809  |
| Direxion Daily XOM Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.12287  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.09815  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.37920  |
| Direxion Daily MSCI Brazil Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.76952  |
| Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.25370  |
| Direxion Daily MSCI India Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.19948  |
| Direxion Daily AI and Big Data Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.04280  |
| Direxion Daily AI and Big Data Bear 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.12090  |
| Direxion Daily Cloud Computing Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.02949  |
| Direxion Daily Crypto Industry Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.02138  |
| Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.14986  |
| Direxion Daily Energy Bull 2X Shares  | &nbsp;&nbsp;&nbsp;&nbsp;0.32280  |
| Direxion Daily Energy Bear 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.13880  |
| Direxion Daily Gold Miners Index Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.03886  |
| Direxion Daily Gold Miners Index Bear 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.23398  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.16463  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.09627  |
| Direxion Daily Magnificent 7 Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.05165  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.64161  |
| Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.05340  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.14605  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.05601  |
| Direxion Daily Travel & Vacation Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.07240  |
| Direxion Daily Uranium Industry Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.05913 |

---

12. NEW ACCOUNTING PRONOUNCEMENT

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. The Funds operate as a single segment entity. The Funds' income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

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**Direxion Shares ETF Trust** 

**ADDITIONAL INFORMATION (Unaudited)** 

**Frequency Distribution of Premiums and Discounts** 

Information regarding how often shares of the Funds traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is available on the Funds' website www.direxion.com.

**Federal Tax Status of Dividends Declared During the Tax Year** 

For Federal income tax purposes, dividends from short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction ("DRD"), the individual qualified dividend rate ("QDI"), the qualified interest income rate ("QII"), and the qualified short-term gain rate ("QSTG") is presented below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **DRD** | **QDI** | **QII** | **QSTG**  |
| Direxion Daily AAPL Bear 1X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily AMZN Bear 1X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily AVGO Bear 1X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily GOOGL Bear 1X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily META Bear 1X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily MSFT Bear 1X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily MU Bear 1X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily NFLX Bear 1X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily NVDA Bear 1X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 2.73%  |
| Direxion Daily TSLA Bear 1X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily TSM Bear 1X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Crypto Industry Bear 1X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Magnificent 7 Bear 1X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily AAPL Bull 2X Shares | 0.27% | 0.27% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily AMZN Bull 2X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 16.06%  |
| Direxion Daily AVGO Bull 2X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily GOOGL Bull 2X Shares | 0.51% | 0.51% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily META Bull 2X Shares | 1.19% | 1.19% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily MSFT Bull 2X Shares | 1.00% | 1.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily MU Bull 2X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily NFLX Bull 2X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily NVDA Bull 2X Shares | 0.01% | 0.01% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily TSLA Bull 2X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 30.65%  |
| Direxion Daily TSM Bull 2X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | 29.71% | 29.71% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | 31.01% | 31.01% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 16.09% | 16.09% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily MSCI Brazil Bull 2X Shares | 61.97% | 61.97% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares | 4.89% | 4.89% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily MSCI India Bull X Shares | 0.27% | 0.27% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily AI and Big Data Bull 2X Shares | 9.09% | 9.09% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily AI and Big Data Bull Bear 2X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Cloud Computing Bull 2X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Crypto Industry Bull 2X Shares | 5.81% | 5.81% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares | 6.24% | 6.24% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Energy Bull 2X Shares | 86.76% | 86.76% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Energy Bear 2X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Gold Miners Index Bull 2X Shares | 36.47% | 36.74% | &nbsp;&nbsp; 0.00% | 0.00%  |

---

214<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **DRD** | **QDI** | **QII** | **QSTG**  |
| Direxion Daily Gold Miners Index Bear 2X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | 11.30% | 11.30% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Magnificent 7 Bull 2X Shares | 0.83% | 0.83% | &nbsp;&nbsp; 0.00% | 13.54%  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | 9.90% | 9.90% | &nbsp;&nbsp; 0.00% | 0.00%  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Robotics, Artificial Intelligence & Automation <br>Index Bull 2X Shares | 6.85% | 6.85% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 57.95% | 57.95% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Travel & Vacation Bull 2X Shares | 77.90% | 77.90% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Uranium Industry Bull 2X Shares | 0.17% | 0.17% | &nbsp;&nbsp; 0.00% | 0.00% |

---

The Funds are designating as long-term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2024. To the extent necessary to fully distribute such capital gain, the Funds also designate earnings and profits distributed to shareholders on the redemption of shares.

**Disclosure of Portfolio Holdings** 

Each Fund files its complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission ("SEC") on Part F of Form N-PORT. The Funds' Part F of Form N-PORT is available without charge, upon request, by calling 1-800-850-0511. Furthermore, you may obtain the Part F of Form N-PORT on the SEC's website at <u>www.sec.gov</u>.

**Proxy Voting Policies and Procedures** 

A description of the policies and procedures the Funds use to determine how to vote proxies related to portfolio securities is provided in the SAI. The SAI is available without charge upon request by calling 1-800-850-0511, by accessing the SEC's website at www.sec.gov or by accessing the Funds' website at www.direxion.com. Information on how the Funds voted proxies related to portfolio securities during the period ended April 30, 2025, is available without charge, upon request, by calling 1-800-850-0511 or by accessing the website of the SEC.

215<br>

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**Direxion Shares ETF Trust** 

**FORM N-CSR ITEMS (Unaudited)** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosures for Open-End Investment Companies** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Investment Companies** 

The Trust, together with other affiliated trusts, pay each Independent Trustee an aggregate fee consisting of a $225,000 annual retainer (paid in monthly increments) for services provided as a Board member. Such fees are allocated between the Funds and other affiliated funds. Each Fund's share of these fees, together with reimbursable expenses of the Trustees, is reflected on the Statements of Operations as "Trustees fees and expenses".

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract** 

At meetings held on August 24, 2023, August 22, 2024 and November 21, 2024, the Board of Trustees (the "Board") of the Direxion Shares ETF Trust (the "ETF Trust") considered the approval of the Investment Advisory Agreement (the "Agreement") between Rafferty Asset Management, LLC (the "Adviser") and the ETF Trust, on behalf of the Direxion Daily AMD Bull 2X Shares, Direxion Daily AMD Bear 1X Shares, Direxion Daily BA Bull 2X Shares, Direxion Daily BA Bear 1X Shares, Direxion Daily BRKB Bull 2X Shares, Direxion Daily BRKB Bear 1X Shares, Direxion Daily LLY Bull 2X Shares, Direxion Daily LLY Bear 1X Shares, Direxion Daily PANW Bull 2X Shares, Direxion Daily PANW Bear 1X Shares, Direxion Daily PLTR Bull 2X Shares, Direxion Daily PLTR Bear 1X Shares, Direxion Daily XOM Bull 2X Shares and Direxion Daily XOM Bear 1X Shares, each a series of the ETF Trust. Each such series is referred to herein as a "Fund" and collectively as the "Funds."

Following such consideration, the Board, including the trustees who are not "interested persons" of the Trust as defined in the Investment Company Act of 1940 Act, as amended (the "Independent Trustees"), unanimously approved the Agreement on behalf of the relevant Funds. The Board, including the Independent Trustees, determined that the terms of the Agreement for the Funds were fair and reasonable and in the best interests of shareholders.

The Board did not identify any particular information that was most relevant to its consideration to approve the Agreement and each Trustee may have afforded different weight or importance to different factors. For each Fund, the Board considered, among others, the following factors to the extent applicable: (1) the nature, extent, and quality of the services to be provided; (2) the projected profitability to the Adviser based upon its services to be provided to the Fund; (3) the extent to which economies of scale might be realized as the Fund grows; (4) whether fee levels reflect these economies of scale, if any, for the benefit of the Fund's shareholders; (5) comparisons of services and fees with contracts entered into by the Adviser with other clients (such as institutional investors), if any; and (6) other benefits anticipated to be derived and identified by the Adviser from its relationship with the Fund.

**<u>Nature, Extent and Quality of Services Provided</u>. The Board considered the nature, extent and quality of the services to be provided under the Agreement by the Adviser. Based on written materials received, a presentation from senior representatives of the Adviser and a discussion with the Adviser about its personnel, operations and financial condition, the Board considered the quality of the services provided by the Adviser under the Agreement. In this regard, the Board considered information regarding the experience, qualifications and professional background of the portfolio managers and other personnel at the Adviser with principal responsibility for the Funds, as well as the capacity and integrity of the Adviser's senior management and staff. The Board noted that the Adviser has provided services to the ETF Trust since its inception date and has developed an expertise in managing funds with investment strategies similar to the Funds. The Board considered the Adviser's representation that it has the financial resources and appropriate staffing to manage the relevant Funds and to meet its fee waiver and expense obligations thereto. The Board considered that the Adviser will oversee all aspects of the operation of the Funds, including oversight of the Funds' service providers, and provide compliance services to the Funds. The Board observed that because the Funds had not commenced operations, they did not have any prior performance history. Under the totality of the circumstances, the Board determined that, in the exercise of its business judgment, the nature, extent and quality of the services to be provided by the Adviser to the Funds under the Agreement were fair and reasonable.** 

**<u>Costs of Services Provided to the Funds and Profits Realized</u>. The Board considered the fairness and reasonableness of the investment advisory fee rates to be paid to the Adviser by the Funds in light of the investment** 

216<br>

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**Direxion Shares ETF Trust** 

**FORM N-CSR ITEMS (Unaudited)(Continued)** 

advisory services to be provided by the Adviser. The Board considered the fees to be paid to the Adviser on an annual basis, including pursuant to contractual fee waivers and expense reimbursement arrangements. The Board considered that the proposed advisory fee rate and net expense ratio for each Fund were similar to those of comparable exchange-traded funds and to those of similar series of the Trust. The Board also considered that for many of the Funds the Adviser manages more than the Fund's net assets due to the leveraged exposure of such Funds.

The Board considered the overall profitability of the Adviser's investment business and, because the Funds had not yet commenced operations and the Adviser had no profit data related to the Funds, the Board considered the break-even analysis provided by the Adviser with respect to its services to be rendered to the Funds. The Board considered the significant drivers of cost for the Adviser including, but not limited to, intellectual capital, portfolio rebalancing, regulatory compliance, and entrepreneurial risk. Based on these considerations, the Board determined that, in the exercise of its reasonable business judgment, the costs of the services to be provided and any profits that may be realized under the Agreement was not excessive.

**<u>Economies of Scale</u>. The Board considered whether economies of scale may be realized by each Fund as it grows larger and the extent to which any such economies are reflected in contractual fee rates. Noting that the Funds had not yet commenced operations and did not yet have any assets, the Board concluded that economies of scale were not a material factor for the Board to consider in approving the agreement.** 

**<u>Other Benefits</u>. The Board considered the Adviser's representations that its relationship with the Funds may enable it to attract assets to other funds. The Board also considered that the Adviser's overall business with brokerage firms may allow it to negotiate lower commission rates and get better execution for all of its portfolio trades. Based on these and other considerations, the Board determined that such benefits to the Adviser would likely not be material and, overall, would be reasonable.** 

**<u>Conclusion</u>. The Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors. The Board reviewed a memorandum from counsel discussing the legal standards applicable to its consideration of the Agreement. Based on its review, including consideration of each of the factors referenced above, and its consideration of information received throughout the year from the Adviser, the Board determined, in the exercise of its business judgment, that the advisory arrangements, as outlined in the Agreement, were fair and reasonable in light of the services performed, or to be performed, expenses incurred, or to be incurred and such other matters as the Board considered relevant.** 

217<br>

![](direxion_logo_3x_smallfnt.jpg)

------

**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#soia) | [1](#soia) |
| [Statements of Assets and Liabilities](#sala) | [111](#sala) |
| [Statements of Operations](#sopa) | [121](#sopa) |
| [Statements of Changes in Net Assets](#scnaa) | [131](#scnaa) |
| [Financial Highlights](#fihia) | [151](#fihia) |
| [Notes to the Financial Statements](#notesa) | [162](#notesa) |
| [Additional Information](#adda) | [198](#adda) |
| [Form N-CSR Items](#itema) | [200](#itema) |

---

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 69.5%**<br>|  |
|  | **Accommodation — 0.8%**<br>|  |
| 1144 | Boyd Gaming Corp.  | $79096  |
| 385 | Choice Hotels International, Inc.<sup>(b)</sup> | 48552  |
| 1070 | Hilton Grand Vacations, Inc.<sup>(a)</sup> | 35984  |
| 735 | Hyatt Hotels Corp. Class A  | 82820  |
| 3560 | Park Hotels & Resorts, Inc.  | 35387  |
| 1180 | Travel + Leisure Co.  | 51838  |
| 646 | Vail Resorts, Inc.  | 89923  |
| 1341 | Wyndham Hotels & Resorts, Inc.  | 114387  |
|  |  | 537987  |
|  | **Administrative and Support Services — 0.9%**<br>|  |
| 809 | ManpowerGroup, Inc.  | 34844  |
| 1061 | MasTec, Inc.<sup>(a)</sup> | 135087  |
| 3182 | RB Global, Inc. ADR  | 320427  |
| 2500 | Warner Music Group Corp. Class A  | 76125  |
|  |  | 566483  |
|  | **Air Transportation — 0.3%**<br>|  |
| 2122 | Alaska Air Group, Inc.<sup>(a)</sup> | 93941  |
| 11342 | American Airlines Group, Inc.<sup>(a)</sup> | 112853  |
|  |  | 206794  |
|  | **Ambulatory Health Care Services — 0.3%**<br>|  |
| 1603 | Acadia Healthcare Company, Inc.<sup>(a)</sup> | 37510  |
| 565 | Amedisys, Inc.<sup>(a)</sup> | 53618  |
| 430 | Medpace Holdings, Inc.<sup>(a)</sup> | 132608  |
|  |  | 223736  |
|  | **Apparel Manufacturing — 0.3%**<br>|  |
| 2034 | Capri Holdings Ltd. ADR<sup>(a)(b)</sup> | 30591  |
| 553 | Columbia Sportswear Co.<sup>(b)</sup> | 34380  |
| 959 | PVH Corp.  | 66152  |
| 3256 | Under Armour, Inc. Class A<sup>(a)(b)</sup> | 18624  |
| 2209 | Under Armour, Inc. Class C<sup>(a)(b)</sup> | 12017  |
| 5711 | VF Corp.  | 67847  |
|  |  | 229611  |
|  | **Beverage and Tobacco Product Manufacturing — 0.3%**<br>|  |
| 148 | Boston Beer Co., Inc. Class A<sup>(a)</sup> | 36378  |
| 102 | Coca-Cola Consolidated, Inc.  | 138293  |
|  |  | 174671  |
|  | **Broadcasting and Content Providers — 0.1%**<br>|  |
| 503 | Nexstar Media Group, Inc.  | 75279  |
|  | **Building Material and Garden Equipment and Supplies Dealers — 0.1%**<br>|  |
| 977 | Knife River Corp.<sup>(a)(b)</sup> | 91232  |

---

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

1<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Chemical Manufacturing — 3.2%**<br>|  |
| 813 | Ashland, Inc.  | $44219  |
| 1576 | Avient Corp.  | 52497  |
| 3287 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 209349  |
| 935 | Cabot Corp.  | 73435  |
| 6316 | Coty, Inc. Class A<sup>(a)</sup> | 31896  |
| 2194 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 134755  |
| 3298 | Hims & Hers Health, Inc.<sup>(a)(b)</sup> | 109164  |
| 1042 | Jazz Pharmaceuticals PLC ADR (Ireland)<sup>(a)</sup> | 121872  |
| 1200 | Lantheus Holdings, Inc.<sup>(a)</sup> | 125208  |
| 1720 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 185227  |
| 132 | NewMarket Corp.  | 81220  |
| 1996 | Olin Corp.  | 43153  |
| 2352 | Perrigo Co. PLC ADR (Ireland)  | 60493  |
| 899 | Repligen Corp.<sup>(a)</sup> | 124053  |
| 7263 | Roivant Sciences Ltd. ADR (Ireland)<sup>(a)(b)</sup> | 84396  |
| 2217 | RPM International, Inc.  | 236665  |
| 1648 | Sarepta Therapeutics, Inc.<sup>(a)</sup> | 102835  |
| 744 | Scotts Miracle-Gro Co.  | 37483  |
| 770 | United Therapeutics Corp.<sup>(a)</sup> | 233379  |
| 577 | Westlake Chemical Corp.  | 53332  |
|  |  | 2144631  |
|  | **Clothing, Clothing Accessories, Shoe, and JewelryRetailers — 0.4%**<br>|  |
| 870 | Abercrombie & Fitch Co. Class A<sup>(a)</sup> | 60396  |
| 3736 | Bath & Body Works, Inc.  | 113985  |
| 3839 | Gap, Inc.  | 84074  |
| 1680 | Nordstrom, Inc.  | 40555  |
|  |  | 299010  |
|  | **Computer and Electronic Product Manufacturing — 3.0%**<br>|  |
| 1957 | Amkor Technology, Inc.  | 34150  |
| 332 | Bio-Rad Laboratories, Inc. Class A<sup>(a)</sup> | 81035  |
| 1908 | Bruker Corp.  | 76434  |
| 917 | Cirrus Logic, Inc.<sup>(a)</sup> | 88069  |
| 2929 | Cognex Corp.  | 79962  |
| 1057 | Dolby Laboratories, Inc.  | 81167  |
| 2084 | EchoStar Corp.<sup>(a)(b)</sup> | 46848  |
| 621 | Fabrinet ADR<sup>(a)</sup> | 127342  |
| 6608 | Flex Ltd. ADR<sup>(a)</sup> | 226919  |
| 2732 | Illumina, Inc.<sup>(a)</sup> | 212003  |
| 1877 | Iridium Communications, Inc.  | 45292  |
| 2380 | Lattice Semiconductor Corp.<sup>(a)</sup> | 116453  |
| 936 | LivaNova PLC ADR (United Kingdom)<sup>(a)</sup> | 34632  |
| 1193 | Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 70435  |
| 1026 | MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 106448  |
| 767 | Masimo Corp.<sup>(a)</sup> | 123456  |
| 1160 | MKS Instruments, Inc.  | 81362  |

---

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

2<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Computer and Electronic Product Manufacturing — (Continued)**<br>|  |
| 982 | Power Integrations, Inc.  | $48236  |
| 1838 | Rambus, Inc.<sup>(a)</sup> | 89676  |
| 2580 | Sensata Technologies Holdings PLC ADR (United Kingdom) | 55212  |
| 761 | Universal Display Corp.  | 95604  |
| 2565 | Vontier Corp.  | 81593  |
|  |  | 2002328  |
|  | &nbsp;&nbsp;&nbsp; **Computing Infrastructure Providers, Data Processing, Web Hosting, and** <br>**Related Services — 1.6%** <br>|  |
| 2254 | Allegro MicroSystems, Inc.<sup>(a)</sup> | 42984  |
| 763 | ASGN, Inc.<sup>(a)</sup> | 38440  |
| 2672 | Coherent Corp.<sup>(a)</sup> | 171863  |
| 799 | Concentrix Corp.<sup>(b)</sup> | 40797  |
| 2775 | ExlService Holdings, Inc.<sup>(a)</sup> | 134532  |
| 4014 | Kyndryl Holdings, Inc.<sup>(a)</sup> | 130134  |
| 620 | Novanta, Inc. ADR (Canada)<sup>(a)</sup> | 73693  |
| 851 | Onto Innovation, Inc.<sup>(a)</sup> | 103796  |
| 5346 | Pure Storage, Inc.<sup>(a)</sup> | 242494  |
| 607 | WEX, Inc.<sup>(a)</sup> | 79135  |
|  |  | 1057868  |
|  | **Construction of Buildings — 0.7%**<br>|  |
| 11744 | Avantor, Inc.<sup>(a)</sup> | 152554  |
| 1197 | KB Home  | 64674  |
| 1785 | Taylor Morrison Home Corp.<sup>(a)</sup> | 102370  |
| 1722 | Toll Brothers, Inc.  | 173698  |
|  |  | 493296  |
|  | **Credit Intermediation and Related Activities — 4.3%**<br>|  |
| 4740 | Ally Financial, Inc.  | 154808  |
| 2828 | Associated Banc-Corp.  | 62386  |
| 1820 | Bank OZK  | 77532  |
| 3166 | Cadence Bank  | 92637  |
| 3615 | Columbia Banking System, Inc.  | 81048  |
| 2266 | Comerica, Inc.  | 121798  |
| 2106 | Commerce Bancshares, Inc.  | 127918  |
| 2391 | East West Bancorp, Inc.  | 204550  |
| 712 | Euronet Worldwide, Inc.<sup>(a)</sup> | 70559  |
| 6203 | F.N.B. Corp.  | 81197  |
| 2219 | First Financial Bankshares, Inc.  | 74359  |
| 9039 | First Horizon National Corp.  | 163425  |
| 5227 | Flagstar Financial, Inc.  | 61208  |
| 1484 | Hancock Whitney Corp.  | 77302  |
| 923 | International Bancshares Corp.  | 56340  |
| 5502 | Old National Bancorp  | 113286  |
| 1320 | Pinnacle Financial Partners, Inc.  | 132317 |
| 1644  | Prosperity Bancshares, Inc.  | 111628  |

---

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

3<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Credit Intermediation and Related Activities — (Continued)**<br>|  |
| 2434 | Synovus Financial Corp.  | $105441  |
| 794 | Texas Capital Bancshares, Inc.<sup>(a)</sup> | 54111  |
| 1174 | UMB Financial Corp.  | 111025  |
| 2462 | United Bankshares, Inc.  | 84422  |
| 8193 | Valley National Bancorp  | 70460  |
| 2956 | Webster Financial Corp.  | 139819  |
| 1882 | Western Alliance Bancorp  | 131194  |
| 5828 | Western Union Co.  | 57756  |
| 1147 | Wintrust Financial Corp.  | 127512  |
| 2551 | Zions Bancorp  | 114718  |
|  |  | 2860756  |
|  | **Educational Services — 0.6%**<br>|  |
| 654 | Duolingo, Inc.<sup>(a)</sup> | 254720  |
| 59 | Graham Holdings Co. Class B  | 54283  |
| 496 | Grand Canyon Education, Inc.<sup>(a)</sup> | 88471  |
|  |  | 397474  |
|  | **Electrical Equipment, Appliance, and Component Manufacturing — 0.7%**<br>|  |
| 528 | Acuity Brands, Inc.  | 128626  |
| 455 | IPG Photonics Corp.<sup>(a)</sup> | 27250  |
| 429 | Littelfuse, Inc.  | 78211  |
| 1143 | Regal Rexnord Corp.  | 120975  |
| 676 | Synaptics, Inc.<sup>(a)</sup> | 37626  |
| 955 | Whirlpool Corp.<sup>(b)</sup> | 72848  |
|  |  | 465536  |
|  | **Fabricated Metal Product Manufacturing — 2.2%**<br>|  |
| 3762 | Axalta Coating Systems Ltd. ADR<sup>(a)</sup> | 122265  |
| 1578 | BWX Technologies, Inc.  | 172191  |
| 725 | Chart Industries, Inc.<sup>(a)</sup> | 97861  |
| 2019 | Crown Holdings, Inc.  | 194490  |
| 650 | Curtiss-Wright Corp.  | 224179  |
| 1961 | Mueller Industries, Inc.  | 144251  |
| 539 | RBC Bearings, Inc.<sup>(a)</sup> | 177099  |
| 1400 | Silgan Holdings, Inc.  | 72310  |
| 1101 | Timken Co.  | 70739  |
| 346 | Valmont Industries, Inc.  | 101454  |
| 472 | Watts Water Technologies, Inc.  | 98058  |
|  |  | 1474897  |
|  | **Food and Beverage Retailers — 1.5%**<br>|  |
| 6994 | Albertsons Companies, Inc. Class A  | 153728  |
| 2715 | Celsius Holdings, Inc.<sup>(a)</sup> | 94917  |
| 2694 | Performance Food Group Co.<sup>(a)</sup> | 217298  |
| 1725 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 294975  |
| 3973 | Us Foods Holding Corp.<sup>(a)</sup> | 260867  |
|  |  | 1021785  |

---

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Food Manufacturing — 0.6%**<br>|  |
| 3379 | Flowers Foods, Inc.  | $59436  |
| 1112 | Ingredion, Inc.  | 147696  |
| 333 | Lancaster Colony Corp.  | 54206  |
| 695 | Pilgrim's Pride Corp.  | 37933  |
| 789 | Post Holdings, Inc.<sup>(a)(b)</sup> | 89291  |
|  |  | 388562  |
|  | **Food Services and Drinking Places — 1.5%**<br>|  |
| 640 | Casey's General Stores, Inc.  | 296058  |
| 1399 | Cava Group, Inc.<sup>(a)</sup> | 129310  |
| 1054 | Manhattan Associates, Inc.<sup>(a)</sup> | 186969  |
| 1151 | Texas Roadhouse, Inc.  | 191020  |
| 2953 | Wendy's Co.<sup>(b)</sup> | 36912  |
| 504 | Wingstop, Inc.  | 133000  |
|  |  | 973269  |
|  | **Forestry and Logging — 0.1%**<br>|  |
| 2423 | Rayonier, Inc.  | 59267  |
|  | **Funds, Trusts, and Other Financial Vehicles — 1.4%** <br>|  |
| 1846 | Agree Realty Corp.<sup>(b)</sup> | 143268  |
| 9975 | Annaly Capital Management, Inc.  | 195510  |
| 3640 | Carlyle Group, Inc.  | 140650  |
| 895 | EastGroup Properties, Inc.  | 146261  |
| 2283 | First Industrial Realty Trust, Inc.  | 108625  |
| 6114 | Healthcare Realty Trust, Inc.  | 94951  |
| 1663 | SEI Investments Co.  | 130196  |
|  |  | 959461  |
|  | **Furniture, Home Furnishings, Electronics, and Appliance Retailers — 0.6%**<br>|  |
| 1849 | Floor & Decor Holdings, Inc. Class A<sup>(a)</sup> | 132093  |
| 7013 | GameStop Corp. Class A<sup>(a)</sup> | 195382  |
| 260 | RH<sup>(a)</sup> | 47848  |
|  |  | 375323  |
|  | **General Merchandise Retailers — 1.4%**<br>|  |
| 2213 | BellRing Brands, Inc.<sup>(a)</sup> | 170711  |
| 2279 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 267919  |
| 1083 | Burlington Stores, Inc.<sup>(a)</sup> | 243718  |
| 973 | e.l.f. Beauty, Inc.<sup>(a)(b)</sup> | 60200  |
| 672 | FirstCash Holdings, Inc.  | 90021  |
| 949 | Five Below, Inc.<sup>(a)</sup> | 72020  |
| 4789 | Macy's, Inc.  | 54690  |
|  |  | 959279  |
|  | **Health and Personal Care Retailers — 1.0%**<br>|  |
| 2303 | Doximity, Inc. Class A<sup>(a)</sup> | 130995  |
| 2970 | Envista Holdings Corp.<sup>(a)(b)</sup> | 47757  |
| 2935 | Option Care Health, Inc.<sup>(a)</sup> | 94830  |

---

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Health and Personal Care Retailers — (Continued)** <br>|  |
| 661 | Penumbra, Inc.<sup>(a)</sup> | $193567  |
| 1452 | Planet Fitness, Inc. Class A<sup>(a)</sup> | 137345  |
| 2638 | Sotera Health Co.<sup>(a)</sup> | 30337  |
|  |  | 634831  |
|  | **Heavy and Civil Engineering Construction — 0.4%**<br>|  |
| 3280 | Core & Main, Inc. Class A<sup>(a)</sup> | 172791  |
| 2298 | KBR, Inc.  | 121357  |
|  |  | 294148  |
|  | **Hospitals — 0.7%**<br>|  |
| 1738 | Encompass Health Corp.  | 203329  |
| 1641 | Tenet Healthcare Corp.<sup>(a)</sup> | 234581  |
|  |  | 437910  |
|  | **Insurance Carriers and Related Activities — 3.8%**<br>|  |
| 1245 | American Financial Group, Inc.  | 157692  |
| 1012 | Brighthouse Financial, Inc.<sup>(a)</sup> | 58919  |
| 1753 | CNO Financial Group, Inc.  | 66509  |
| 5345 | Equitable Holdings, Inc.  | 264310  |
| 1811 | Essent Group Ltd. ADR  | 103100  |
| 1777 | First American Financial Corp.  | 108059  |
| 621 | Hanover Insurance Group, Inc.  | 103148  |
| 1036 | Kemper Corp.  | 61248  |
| 382 | Kinsale Capital Group, Inc.  | 166269  |
| 4285 | MGIC Investment Corp.  | 106739  |
| 4023 | Old Republic International Corp.  | 151265  |
| 577 | Primerica, Inc.  | 151215  |
| 1136 | Reinsurance Group of America, Inc.  | 212784  |
| 849 | RenaissanceRe Holdings Ltd. ADR  | 205399  |
| 1438 | RLI Corp.  | 106426  |
| 1835 | Ryan Specialty Holdings, Inc.  | 120211  |
| 1049 | Selective Insurance Group, Inc.  | 91504  |
| 2834 | Unum Group  | 220089  |
| 1659 | Voya Financial, Inc.  | 98213  |
|  |  | 2553099  |
|  | **Leather and Allied Product Manufacturing — 0.3%**<br>|  |
| 966 | Crocs, Inc.<sup>(a)</sup> | 93142  |
| 2269 | Skechers U.S.A., Inc. Class A<sup>(a)</sup> | 108957  |
|  |  | 202099  |
|  | **Machinery Manufacturing — 3.0%**<br>|  |
| 1164 | AAON, Inc.<sup>(b)</sup> | 106238  |
| 1068 | AGCO Corp.  | 90599  |
| 694 | Belden, Inc.  | 71558  |
| 1138 | Brunswick Corp.  | 52405  |
| 839 | Crane Company  | 135062 |

---

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Machinery Manufacturing — (Continued)** <br>|  |
| 848 | Crane NXT Co.  | $39788  |
| 2059 | Donaldson Co., Inc.  | 135338  |
| 680 | EnerSys  | 58888  |
| 980 | Esab Corp.  | 117718  |
| 2265 | Flowserve Corp.  | 102446  |
| 2912 | Graco, Inc.  | 237648  |
| 1405 | ITT, Inc.  | 192513  |
| 973 | Lincoln Electric Holdings, Inc.  | 171443  |
| 928 | Middleby Corp.<sup>(a)</sup> | 123749  |
| 6569 | NOV, Inc.  | 76266  |
| 1123 | Oshkosh Corp.  | 94063  |
| 1146 | Terex Corp.  | 40339  |
| 1736 | Toro Co.<sup>(a)</sup> | 118534  |
|  |  | 1964595  |
|  | **Management of Companies and Enterprises — 0.9%**<br>|  |
| 15080 | CNH Industrial NV ADR  | 174476  |
| 1108 | Cullen/Frost Bankers, Inc.  | 129049  |
| 1956 | Glacier Bancorp, Inc.  | 79726  |
| 3189 | Home Bancshares, Inc.  | 88495  |
| 1693 | South State Corp.  | 146918  |
|  |  | 618664  |
|  | **Merchant Wholesalers, Durable Goods — 2.3%**<br>|  |
| 661 | Applied Industrial Technologies, Inc.  | 160808  |
| 899 | Arrow Electronics, Inc.<sup>(a)</sup> | 100113  |
| 1493 | Avnet, Inc.  | 70156  |
| 3291 | ChampionX Corp.  | 79412  |
| 2607 | Entegris, Inc.  | 206266  |
| 2143 | Fortune Brands Innovations, Inc.  | 115336  |
| 1398 | Hexcel Corp.  | 67761  |
| 2808 | Jefferies Financial Group, Inc.  | 131218  |
| 772 | MSC Industrial Direct Co., Inc.  | 59042  |
| 1300 | TD SYNNEX Corp.  | 144040  |
| 601 | Watsco, Inc.  | 276364  |
| 766 | WESCO International, Inc.  | 124827  |
|  |  | 1535343  |
|  | **Merchant Wholesalers, Nondurable Goods — 0.1%**<br>|  |
| 2759 | HF Sinclair Corp.  | 82963  |
|  | **Miscellaneous Manufacturing — 0.9%**<br>|  |
| 3429 | Dentsply Sirona, Inc.  | 47663  |
| 1961 | Globus Medical, Inc. Class A<sup>(a)</sup> | 140741  |
| 866 | Haemonetics Corp.<sup>(a)</sup> | 54575  |
| 1523 | Light & Wonder, Inc. Class A<sup>(a)</sup> | 130034  |
| 5811 | Mattel, Inc.<sup>(a)</sup> | 92337  |

---

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Miscellaneous Manufacturing — (Continued)** <br>|  |
| 677 | MSA Safety, Inc.  | $106573  |
| 1463 | YETI Holdings, Inc.<sup>(a)</sup> | 41769  |
|  |  | 613692  |
|  | **Motor Vehicle and Parts Dealers — 0.4%**<br>|  |
| 444 | AutoNation, Inc.<sup>(a)</sup> | 77323  |
| 314 | Murphy USA, Inc.  | 156551  |
| 323 | Penske Automotive Group, Inc.  | 50281  |
|  |  | 284155  |
|  | **Nonmetallic Mineral Product Manufacturing — 0.5%**<br>|  |
| 573 | Eagle Materials, Inc.  | 129722  |
| 1479 | Owens Corning  | 215061  |
|  |  | 344783  |
|  | **Nursing and Residential Care Facilities — 0.2%**<br>|  |
| 983 | The Ensign Group, Inc.  | 126797  |
|  | **Oil and Gas Extraction — 1.3%**<br>|  |
| 5045 | Antero Resources Corp.<sup>(a)</sup> | 175717  |
| 1054 | Chord Energy Corp.  | 95102  |
| 2567 | CNX Resources Corp.<sup>(a)(b)</sup> | 75547  |
| 2001 | Matador Resources Co.  | 79120  |
| 2364 | Murphy Oil Corp.  | 48533  |
| 977 | ONE Gas, Inc.  | 76704  |
| 4162 | Range Resources Corp.  | 141217  |
| 2265 | Viper Energy, Inc.  | 91348  |
| 1256 | Weatherford International PLC ADR  | 51998  |
|  |  | 835286  |
|  | **Paper Manufacturing — 0.4%**<br>|  |
| 5179 | Graphic Packaging Holding Company  | 131081  |
| 1237 | PotlatchDeltic Corp.  | 47488  |
| 1694 | Sonoco Products Co.  | 69454  |
|  |  | 248023  |
|  | **Performing Arts, Spectator Sports, and Related Industries — 0.2%**<br>|  |
| 1267 | Churchill Downs, Inc.  | 114549  |
|  | **Personal and Laundry Services — 0.3%**<br>|  |
| 2488 | Service Corporation International  | 198791  |
|  | **Petroleum and Coal Products Manufacturing — 0.5%**<br>|  |
| 767 | Carlisle Cos., Inc.  | 291061  |
| 1691 | PBF Energy, Inc. Class A<sup>(b)</sup> | 29052  |
|  |  | 320113  |

---

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Pipeline Transportation — 0.4%**<br>|  |
| 1747 | DT Midstream, Inc.  | $169809  |
| 1557 | PNM Resources, Inc.  | 82832  |
|  |  | 252641  |
|  | **Plastics and Rubber Products Manufacturing — 0.5%**<br>|  |
| 1218 | Advanced Drainage Systems, Inc.  | 138231  |
| 1147 | AptarGroup, Inc.  | 171993  |
| 4916 | Goodyear Tire & Rubber Co.<sup>(a)</sup> | 53486  |
|  |  | 363710  |
|  | **Primary Metal Manufacturing — 1.5%**<br>|  |
| 4456 | Alcoa Corp.  | 109306  |
| 2460 | Allegheny Technologies, Inc.<sup>(a)</sup> | 133775  |
| 862 | Carpenter Technology Corp.  | 168616  |
| 1960 | Commercial Metals Co.  | 87298  |
| 933 | Reliance, Inc.  | 268919  |
| 561 | Silicon Laboratories, Inc.<sup>(a)</sup> | 57087  |
| 3883 | United States Steel Corp.  | 169726  |
|  |  | 994727  |
|  | **Printing and Related Support Activities — 0.2%**<br>|  |
| 11034 | Permian Resources Corp.  | 130201  |
|  | **Professional, Scientific, and Technical Services — 3.1%**<br>|  |
| 2288 | AECOM  | 225711  |
| 387 | CACI International, Inc. Class A<sup>(a)</sup> | 177196  |
| 2451 | Ciena Corp.<sup>(a)</sup> | 164609  |
| 2036 | Cytokinetics, Inc.<sup>(a)(b)</sup> | 87222  |
| 4827 | Exelixis, Inc.<sup>(a)</sup> | 188977  |
| 876 | Exponent, Inc.  | 68924  |
| 2958 | Fluor Corp.<sup>(a)</sup> | 103205  |
| 609 | FTI Consulting, Inc.<sup>(a)</sup> | 101265  |
| 2772 | Genpact Ltd. ADR  | 139321  |
| 2308 | H&R Block, Inc.  | 139334  |
| 609 | Insperity, Inc.  | 39591  |
| 976 | Maximus, Inc.  | 65353  |
| 806 | Parsons Corp.<sup>(a)</sup> | 53889  |
| 753 | Paylocity Holding Corp.<sup>(a)</sup> | 144651  |
| 843 | Science Applications International Corp.  | 102028  |
| 726 | Simpson Manufacturing Co., Inc.  | 111579  |
| 4623 | Tetra Tech, Inc.  | 144191  |
|  |  | 2057046  |
|  | **Publishing Industries — 2.7%**<br>|  |
| 400 | Appfolio, Inc. Class A<sup>(a)(b)</sup> | 82608  |
| 1618 | Bill.com Holdings, Inc.<sup>(a)</sup> | 73732  |
| 656 | Blackbaud, Inc.<sup>(a)</sup> | 39714 |

---

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Publishing Industries — (Continued)** <br>|  |
| 759 | CommVault Systems, Inc.<sup>(a)</sup> | $126852  |
| 3486 | DocuSign, Inc.<sup>(a)</sup> | 284981  |
| 3732 | Dropbox, Inc.<sup>(a)</sup> | 106549  |
| 5163 | Dynatrace, Inc.<sup>(a)</sup> | 242506  |
| 2478 | NEXTracker, Inc. Class A<sup>(a)</sup> | 100631  |
| 2822 | Okta, Inc.<sup>(a)</sup> | 316516  |
| 631 | Qualys, Inc.<sup>(a)</sup> | 79323  |
| 1185 | Shift4 Payments, Inc.<sup>(a)(b)</sup> | 96933  |
| 1006 | Spire, Inc.  | 76999  |
| 2815 | The New York Times Co. Class A  | 146549  |
| 4680 | ZoomInfo Technologies, Inc.<sup>(a)</sup> | 40061  |
|  |  | 1813954  |
|  | **Publishing Industries (except Internet) — 0.4%**<br>|  |
| 1440 | Guidewire Software, Inc.<sup>(a)</sup> | 294869  |
|  | **Real Estate — 4.1%**<br>|  |
| 5471 | American Homes 4 Rent Class A  | 204561  |
| 5276 | Brixmor Property Group, Inc.  | 131425  |
| 1940 | Corporate Office Properties Trust  | 50653  |
| 2892 | Cousins Properties, Inc.  | 79646  |
| 1306 | EPR Properties  | 64634  |
| 3295 | Equity Lifestyle Properties, Inc.  | 213450  |
| 4733 | Gaming & Leisure Properties, Inc.  | 226521  |
| 3975 | Independence Realty Trust, Inc.  | 77234  |
| 819 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | 186249  |
| 1833 | Kilroy Realty Corp.  | 57758  |
| 3789 | Kite Realty Group Trust  | 82032  |
| 1517 | Lamar Advertising Co. Class A  | 172650  |
| 554 | Marriott Vacations Worldwide Corp.  | 30365  |
| 3235 | National Retail Properties, Inc.  | 132991  |
| 1210 | National Storage Affiliates Trust<sup>(b)</sup> | 45012  |
| 4862 | Omega Healthcare Investors, Inc.  | 189861  |
| 3924 | Rexford Industrial Realty, Inc.  | 129884  |
| 4081 | Sabra Health Care REIT, Inc.  | 72846  |
| 3218 | STAG Industrial, Inc.  | 106290  |
| 5524 | Starwood Property Trust, Inc.<sup>(b)</sup> | 106005  |
| 2863 | Vornado Realty Trust  | 101007  |
| 3775 | WP Carey, Inc.  | 235711  |
|  |  | 2696785  |
|  | **Religious, Grantmaking, Civic, Professional, and Similar Organizations — 0.2%**<br>|  |
| 1495 | HealthEquity, Inc.<sup>(a)</sup> | 128151  |

---

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

10<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Rental and Leasing Services — 0.3%**<br>|  |
| 290 | Avis Budget Group, Inc.<sup>(a)(b)</sup> | $26863  |
| 613 | GATX Corp.  | 89474  |
| 726 | Ryder System, Inc.  | 99948  |
|  |  | 216285  |
|  | **Repair and Maintenance — 0.1%**<br>|  |
| 2192 | Valvoline, Inc.<sup>(a)</sup> | 75098  |
|  | &nbsp;&nbsp;&nbsp; **Securities, Commodity Contracts, and Other Financial Investments and** <br>**Related Activities — 3.1%**<br>|  |
| 505 | Affiliated Managers Group, Inc.  | 83643  |
| 4573 | Aramark Corp.  | 152875  |
| 258 | Chemed Corporation  | 150030  |
| 610 | Evercore, Inc. Class A  | 125227  |
| 1344 | Federated Hermes, Inc. Class B  | 54580  |
| 4485 | Fidelity National Financial, inc.  | 287264  |
| 747 | Hamilton Lane, Inc. Class A  | 115404  |
| 932 | Houlihan Lokey, Inc.  | 151059  |
| 1879 | Interactive Brokers Group, Inc. Class A  | 322906  |
| 2194 | Janus Henderson Group PLC ADR (United Kingdom) | 72863  |
| 466 | Morningstar, Inc.  | 132679  |
| 2843 | nVent Electric PLC ADR (Ireland)  | 156109  |
| 3629 | SLM Corp.  | 104914  |
| 1762 | Stifel Financial Corp.  | 150986  |
|  |  | 2060539  |
|  | **Specialty Trade Contractors — 1.1%**<br>|  |
| 612 | Comfort Systems USA, Inc.  | 243300  |
| 794 | EMCOR Group, Inc.  | 318156  |
| 505 | TopBuild Corp.<sup>(a)</sup> | 149359  |
|  |  | 710815  |
|  | &nbsp;&nbsp;&nbsp; **Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous** <br>**Retailers — 0.6%**<br>|  |
| 2858 | Chewy, Inc. Class A<sup>(a)</sup> | 107175  |
| 999 | Dick's Sporting Goods, Inc.  | 187552  |
| 1057 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 112158  |
|  |  | 406885  |
|  | **Support Activities for Mining — 0.9%**<br>|  |
| 1532 | Civitas Resources, Inc.  | 41747  |
| 8350 | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> | 68804  |
| 4491 | Ovintiv, Inc.  | 150808  |
| 1134 | Royal Gold, Inc.  | 207193  |
| 1039 | Southwest Gas Holdings, Inc.  | 75026  |
| 1129 | Valaris Ltd. ADR<sup>(a)(b)</sup> | 36478  |
|  |  | 580056  |

---

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

11<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Support Activities for Transportation — 0.5%**<br>|  |
| 2062 | GXO Logistics, Inc.<sup>(a)</sup> | $74727  |
| 752 | The Brink's Co.  | 67108  |
| 2022 | XPO, Inc.<sup>(a)</sup> | 214575  |
|  |  | 356410  |
|  | **Telecommunications — 0.2%**<br>|  |
| 3823 | Frontier Communications Parent, Inc.<sup>(a)</sup> | 138584  |
|  | **Textile Product Mills — 0.3%**<br>|  |
| 3298 | Tempur Sealy International, Inc.<sup>(b)</sup> | 201376  |
|  | **Transportation Equipment Manufacturing — 1.0%**<br>|  |
| 1233 | Autoliv, Inc.  | 114953  |
| 3923 | Gentex Corp.  | 85443  |
| 1976 | Harley-Davidson, Inc.  | 44302  |
| 926 | Lear Corp.  | 79404  |
| 904 | Polaris Industries, Inc.  | 30700  |
| 917 | Thor Industries, Inc.<sup>(b)</sup> | 66409  |
| 477 | Visteon Corp.<sup>(a)</sup> | 37774  |
| 1023 | Woodward, Inc.  | 191884  |
|  |  | 650869  |
|  | **Truck Transportation — 0.7%**<br>|  |
| 2793 | Knight-Swift Transportation Holdings, Inc. Class A  | 109401  |
| 459 | Lithia Motors, Inc. Class A  | 134377  |
| 2792 | Maplebear, Inc.<sup>(a)</sup> | 111373  |
| 459 | Saia, Inc.<sup>(a)</sup> | 111996  |
|  |  | 467147  |
|  | **Utilities — 1.8%**<br>|  |
| 999 | ALLETE, Inc.  | 65425  |
| 5779 | Antero Midstream Corporation  | 95643  |
| 1236 | Black Hills Corp.  | 75272  |
| 4357 | Essential Utilities, Inc.  | 179203  |
| 918 | IDACORP, Inc.  | 108407  |
| 1562 | National Fuel Gas Co.  | 119930  |
| 1730 | New Jersey Resources Corp.  | 84666  |
| 1058 | NorthWestern Corp.  | 61607  |
| 3466 | OGE Energy Corp.  | 157287  |
| 992 | Ormat Technologies, Inc.  | 72019  |
| 1887 | Portland General Electric Co.  | 79481  |
| 3706 | UGI Corp.  | 121520  |
|  |  | 1220460  |
|  | **Warehousing and Storage — 0.4%**<br>|  |
| 3901 | CubeSmart  | 158654  |
| 609 | Landstar System, Inc.  | 81697  |
|  |  | 240351  |

---

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

12<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Waste Management and Remediation Services — 0.5%**<br>|  |
| 873 | Clean Harbors, Inc.<sup>(a)</sup> | $186770  |
| 2743 | Darling Ingredients, Inc.<sup>(a)</sup> | 88297  |
|  |  | 275067  |
|  | **Water Transportation — 0.2%**<br>|  |
| 990 | Kirby Corp.<sup>(a)</sup> | 95406  |
|  | **Wood Product Manufacturing — 0.6%**<br>|  |
| 446 | Greif, Inc. Class A  | 23406  |
| 1079 | Louisiana-Pacific Corp.  | 93129  |
| 1849 | Trex Company, Inc.<sup>(a)(b)</sup> | 106909  |
| 1047 | UFP Industries, Inc.  | 103495  |
|  |  | 326939  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $46,449,332)** | $46202747  |
|  | **SHORT TERM INVESTMENTS — 41.6%**<br>|  |
|  | **Money Market Funds — 41.6%**<br>|  |
| 11585622 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $11585622  |
| 16063254 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 16063254  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $27,648,876)**  | $27648876  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $74,098,208) — 111.1%<sup>(e)</sup>** | $73851623  |
|  | Liabilities in Excess of Other Assets — (11.1)% | (7328149)  |
|  | **TOTAL NET ASSETS — 100.0%** | $66523474 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $50,198,357.

ADR - American Depository Receipt

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

13<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of S&P MidCap 400<sup>®</sup> Index | SOFR plus 0.90% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 11379 | $32045299 | &nbsp;&nbsp; $312014  |
|  Total return of S&P MidCap 400<sup>®</sup> Index | SOFR plus 0.75% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 15764 | 48475492 | &nbsp;&nbsp; (3914272)  |
|  Total return of S&P MidCap 400<sup>®</sup> Index | SOFR plus 0.70% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 14613 | 42034837 | &nbsp;&nbsp; (515311)  |
|  Total return of S&P MidCap 400<sup>®</sup> Index | SOFR plus 0.80% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 12027 | 35129561 | &nbsp;&nbsp; (996142)  |
|  |  |  |  |  | $157685189 | &nbsp;&nbsp; $(5113711) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

14<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 70.4%**<br>|  |
|  | **Accommodation — 0.3%**<br>|  |
| 25855 | Airbnb, Inc. Class A<sup>(a)</sup> | $3152241  |
| 14368 | Hilton Worldwide Holdings, Inc.  | 3239697  |
| 41732 | Host Hotels & Resorts, Inc.  | 589256  |
| 20524 | Las Vegas Sands Corp.  | 752615  |
| 13663 | Marriott International, Inc. Class C  | 3259718  |
| 13354 | MGM Resorts International<sup>(a)(b)</sup> | 420117  |
| 5351 | Wynn Resorts Ltd.<sup>(b)</sup> | 429739  |
|  |  | 11843383  |
|  | **Administrative and Support Services — 2.3%**<br>|  |
| 5191 | Allegion PLC ADR (Ireland) | 722587  |
| 136405 | Amcor PLC ADR (United Kingdom)<sup>(b)</sup> | 1254926  |
| 5744 | Ameriprise Financial, Inc.  | 2705539  |
| 24292 | Automatic Data Processing, Inc.  | 7302175  |
| 1977 | Booking Holdings, Inc.  | 10081277  |
| 6991 | Broadridge Financial Solutions, Inc.  | 1694618  |
| 4156 | Corpay, Inc.<sup>(a)</sup> | 1352238  |
| 7410 | Equifax, Inc.  | 1927563  |
| 2265 | FactSet Research System, Inc.  | 978978  |
| 4584 | Gartner, Inc.<sup>(a)</sup> | 1930231  |
| 17549 | Iron Mountain, Inc.  | 1573619  |
| 9360 | Live Nation Entertainment, Inc.<sup>(a)</sup> | 1239732  |
| 15001 | Match Group, Inc.<sup>(b)</sup> | 444930  |
| 9240 | Moody's Corp.  | 4186829  |
| 16769 | Rollins, Inc.  | 958013  |
| 14776 | Royal Caribbean Cruises Ltd. ADR (Liberia) | 3175510  |
| 124735 | Uber Technologies, Inc.<sup>(a)</sup> | 10104782  |
| 102902 | Visa, Inc. Class A  | 35552641  |
| 21806 | Waste Management, Inc.  | 5088648  |
|  |  | 92274836  |
|  | **Air Transportation — 0.1%**<br>|  |
| 38325 | Delta Air Lines, Inc.  | 1595470  |
| 35383 | Southwest Airlines Co.<sup>(b)</sup> | 989309  |
| 19636 | United Continental Holdings, Inc.<sup>(a)</sup> | 1351349  |
|  |  | 3936128  |
|  | **Ambulatory Health Care Services — 0.1%**<br>|  |
| 2623 | DaVita, Inc.<sup>(a)</sup> | 371286  |
| 4980 | Labcorp Holdings, Inc.  | 1200230  |
| 3314 | Molina Healthcare, Inc.<sup>(a)</sup> | 1083711  |
| 6632 | Quest Diagnostics, Inc.  | 1181955  |
| 71277 | Viatris, Inc.  | 600152  |
|  |  | 4437334  |
|  | **Amusement, Gambling, and Recreation Industries — 0.2%**<br>|  |
| 107948 | The Walt Disney Co.  | 9817871  |

---

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

15<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Apparel Manufacturing — 0.1%**<br>|  |
| 20476 | Cintas Corp.  | $4334360  |
| 9069 | Deckers Outdoor Corp.<sup>(a)</sup> | 1005117  |
| 2383 | Ralph Lauren Corp.  | 536056  |
|  |  | 5875533  |
|  | **Beverage and Tobacco Product Manufacturing — 1.0%**<br>|  |
| 101203 | Altria Group, Inc.  | 5986157  |
| 9273 | Constellation Brands, Inc. Class A  | 1739058  |
| 71295 | Keurig Dr Pepper, Inc.  | 2466094  |
| 10276 | Molson Coors Brewing Co. Class B  | 591178  |
| 41825 | Monster Beverage Corp.<sup>(a)</sup> | 2514519  |
| 81896 | PepsiCo, Inc.  | 11103460  |
| 92846 | Philip Morris International, Inc.  | 15910091  |
|  |  | 40310557  |
|  | **Broadcasting and Content Providers — 0.3%**<br>|  |
| 5766 | Charter Communications, Inc.<sup>(a)(b)</sup> | 2259465  |
| 225230 | Comcast Corp. Class A  | 7702866  |
| 13009 | FOX Corp. Class A  | 647718  |
| 7883 | FOX Corp. Class B  | 364510  |
| 35525 | Paramount Global Class B<sup>(b)</sup> | 417063  |
| 3967 | TKO Group Holdings, Inc.<sup>(b)</sup> | 646264  |
| 133300 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 1155711  |
|  |  | 13193597  |
|  | **Building Material and Garden Equipment and Supplies Dealers — 0.8%**<br>|  |
| 33723 | Lowe's Companies, Inc.  | 7539114  |
| 3123 | Snap-on, Inc.  | 980029  |
| 59311 | The Home Depot, Inc.  | 21381022  |
| 31895 | Tractor Supply Co.  | 1614525  |
|  |  | 31514690  |
|  | **Chemical Manufacturing — 4.8%**<br>|  |
| 105421 | AbbVie, Inc.  | 20567637  |
| 13283 | Air Products & Chemicals, Inc.  | 3600888  |
| 7025 | Albemarle Corp.  | 411314  |
| 32080 | Amgen, Inc.  | 9332714  |
| 8737 | Biogen, Inc.<sup>(a)</sup> | 1057876  |
| 9446 | Bio-Techne Corp.  | 475606  |
| 121166 | Bristol-Myers Squibb Co.  | 6082533  |
| 10399 | CF Industries Holdings, Inc.  | 814970  |
| 14683 | Church & Dwight Co., Inc.  | 1458609  |
| 7368 | Clorox Co.  | 1048466  |
| 48466 | Colgate-Palmolive Co.  | 4468081  |
| 24969 | DuPont de Nemours, Inc.  | 1647704  |
| 6884 | Eastman Chemical Co.  | 530068  |
| 15049 | Ecolab, Inc.  | 3783770 |

---

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

16<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Chemical Manufacturing — (Continued)** <br>|  |
| 47061 | Eli Lilly & Co.  | $42305486  |
| 74419 | Gilead Sciences, Inc.  | 7928600  |
| 9593 | Incyte Corp.<sup>(a)</sup> | 601097  |
| 34316 | IntercontinentalExchange, Inc.  | 5764059  |
| 15268 | International Flavors & Fragrances, Inc.  | 1197927  |
| 114489 | Kenvue, Inc.  | 2701940  |
| 19806 | Kimberly-Clark Corp.  | 2610035  |
| 28425 | Linde PLC ADR (Ireland) | 12883063  |
| 15479 | LyondellBasell Industries N.V. Class A ADR (Netherlands)  | 901033  |
| 151051 | Merck & Co., Inc.  | 12869545  |
| 18965 | Mosaic Co.  | 576536  |
| 338397 | Pfizer, Inc.  | 8260271  |
| 13844 | PPG Industries, Inc.  | 1507058  |
| 140030 | Procter & Gamble Co.  | 22764677  |
| 6277 | Regeneron Pharmaceuticals, Inc.  | 3758417  |
| 15336 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 7813692  |
| 26741 | Zoetis, Inc.  | 4182292  |
|  |  | 193905964  |
|  | **Clothing, Clothing Accessories, Shoe, and JewelryRetailers — 0.3%**<br>|  |
| 6690 | Lululemon Athletica, Inc.<sup>(a)</sup> | 1811451  |
| 19706 | Ross Stores, Inc.  | 2739134  |
| 67137 | TJX Companies, Inc.  | 8639189  |
|  |  | 13189774  |
|  | **Computer and Electronic Product Manufacturing — 17.0%**<br>|  |
| 96761 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 9419683  |
| 17046 | Agilent Technologies, Inc.  | 1834150  |
| 348320 | Alphabet, Inc.  | 55313216  |
| 282294 | Alphabet, Inc. Class C  | 45418282  |
| 13811 | AMETEK, Inc.  | 2342069  |
| 72321 | Amphenol Corp. Class A  | 5565101  |
| 29618 | Analog Devices, Inc.  | 5773141  |
| 897045 | Apple, Inc.  | 190622063  |
| 61686 | Arista Networks, Inc.<sup>(a)</sup> | 5074907  |
| 279911 | Broadcom, Inc.  | 53874470  |
| 237824 | Cisco Systems, Inc.  | 13729580  |
| 38210 | Danaher Corp.  | 7616399  |
| 18628 | Dell Technologies, Inc.  | 1709305  |
| 7910 | Enphase Energy, Inc.<sup>(a)</sup> | 352707  |
| 6389 | First Solar, Inc.<sup>(a)</sup> | 803864  |
| 37990 | Fortinet, Inc.<sup>(a)</sup> | 3941842  |
| 20374 | Fortive Corp.  | 1419864  |
| 27313 | GE HealthCare Technologies, Inc.  | 1920923  |
| 13394 | Hologic, Inc.<sup>(a)</sup> | 779531  |
| 56014 | HP, Inc.  | 1432278 |

---

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

17<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Computer and Electronic Product Manufacturing — (Continued)** <br>|  |
| 258566 | Intel Corp.  | $5197177  |
| 55215 | International Business Machines Corp.  | 13352091  |
| 6541 | Jabil Circuit, Inc.  | 958649  |
| 10318 | Keysight Technologies, Inc.<sup>(a)</sup> | 1500237  |
| 11240 | L3Harris Technologies, Inc.  | 2473025  |
| 76646 | Lam Research Corp.  | 5493219  |
| 32111 | Microchip Technology, Inc.  | 1479675  |
| 66532 | Micron Technology, Inc.  | 5119637  |
| 2857 | Monolithic Power Systems, Inc.  | 1694487  |
| 9985 | Motorola Solutions, Inc.  | 4397294  |
| 12140 | NetApp, Inc.  | 1089565  |
| 8121 | Northrop Grumman Corp.  | 3950867  |
| 1462413 | NVIDIA Corp.  | 159286024  |
| 15172 | NXP Semiconductors NV ADR (Netherlands) | 2796351  |
| 25162 | ON Semiconductor Corp.<sup>(a)</sup> | 998931  |
| 23683 | Otis Worldwide Corp.  | 2279962  |
| 39541 | Palto Alto Networks, Inc.<sup>(a)</sup> | 7391399  |
| 66040 | Qualcomm, Inc.  | 9804298  |
| 7262 | Revvity, Inc.<sup>(b)</sup> | 678489  |
| 6401 | Roper Technologies, Inc.  | 3585072  |
| 79548 | RTX Corp.  | 10033389  |
| 12650 | Seagate Technology Holdings PLC ADR (Ireland) | 1151530  |
| 9598 | Skyworks Solutions, Inc.  | 616959  |
| 30069 | Super Micro Computer, Inc.<sup>(a)(b)</sup> | 957998  |
| 2778 | Teledyne Technologies, Inc.<sup>(a)</sup> | 1294631  |
| 9723 | Teradyne, Inc.  | 721544  |
| 54359 | Texas Instruments, Inc.  | 8700158  |
| 22839 | Thermo Fisher Scientific, Inc.  | 9797931  |
| 14671 | Trimble, Inc.<sup>(a)</sup> | 911656  |
| 14759 | Veralto Corp.  | 1415388  |
| 3540 | Waters Corp.<sup>(a)</sup> | 1230964  |
| 20768 | Western Digital Corp.<sup>(a)</sup> | 910885  |
| 3064 | Zebra Technologies Corp. Class A<sup>(a)</sup> | 766981  |
|  |  | 680979838  |
|  | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 0.2%**<br>|  |
| 33972 | Fiserv, Inc.<sup>(a)</sup> | 6270212  |
|  | **Construction of Buildings — 0.2%**<br>|  |
| 16930 | D.R. Horton, Inc.  | 2138936  |
| 13956 | Lennar Corp. Class A  | 1515761  |
| 175 | NVR, Inc.<sup>(a)</sup> | 1247007  |
| 12086 | PulteGroup, Inc.  | 1239782  |
|  |  | 6141486  |

---

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

18<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Couriers and Messengers — 0.2%**<br>|  |
| 13228 | FedEx Corp.  | $2782245  |
| 43668 | United Parcel Service, Inc. Class B  | 4161561  |
|  |  | 6943806  |
|  | **Credit Intermediation and Related Activities — 3.7%**<br>|  |
| 33136 | American Express Co.  | 8827762  |
| 395413 | Bank of America Corp.  | 15769070  |
| 42865 | Bank of New York Mellon Corp.  | 3446775  |
| 22763 | Capital One Financial Corp.  | 4103258  |
| 112095 | Citigroup, Inc.  | 7665056  |
| 26113 | Citizens Financial Group, Inc.  | 963308  |
| 14995 | Discover Financial Services  | 2739137  |
| 31631 | Fidelity National Information Services, Inc.  | 2495053  |
| 40004 | Fifth Third Bancorp  | 1437744  |
| 14778 | Global Payments, Inc.  | 1127709  |
| 86809 | Huntington Bancshares, Inc.  | 1261335  |
| 166979 | JPMorgan Chase & Co.  | 40846403  |
| 59478 | KeyCorp  | 882653  |
| 9914 | M&T Bank Corp.  | 1683001  |
| 48633 | MasterCard, Inc. Class A  | 26653802  |
| 11712 | Northern Trust Corp.  | 1100694  |
| 23656 | PNC Financial Services Group, Inc.  | 3801283  |
| 54277 | Regions Financial Corp.  | 1107794  |
| 17225 | State Street Corp.  | 1517522  |
| 23218 | Synchrony Financial  | 1206175  |
| 78579 | Truist Financial Corp.  | 3012719  |
| 93150 | U.S. Bancorp  | 3757671  |
| 196407 | Wells Fargo & Co.  | 13946861  |
|  |  | 149352785  |
|  | **Electrical Equipment, Appliance, and Component Manufacturing — 0.2%**<br>|  |
| 7054 | A.O. Smith Corp.  | 478684  |
| 4333 | Axon Enterprise, Inc.<sup>(a)</sup> | 2657429  |
| 33666 | Emerson Electric Co.  | 3538633  |
| 3555 | Generac Holdings, Inc.<sup>(a)</sup> | 406621  |
| 6748 | Rockwell Automation, Inc.  | 1671345  |
|  |  | 8752712  |
|  | **Fabricated Metal Product Manufacturing — 0.1%**<br>|  |
| 17813 | Ball Corp.  | 925207  |
| 14025 | Nucor Corp.  | 1674164  |
| 9860 | Pentair PLC ADR (Ireland) | 894598  |
| 9199 | Stanley Black & Decker, Inc.  | 552124  |
|  |  | 4046093  |
|  | **Food and Beverage Retailers — 0.1%**<br>|  |
| 39744 | Kroger Co.  | 2869914 |

---

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

19<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Food Manufacturing — 0.8%**<br>|  |
| 28576 | Archer-Daniels-Midland Co.  | $1364504  |
| 231206 | Coca-Cola Co.  | 16773995  |
| 32924 | General Mills, Inc.  | 1868108  |
| 17369 | Hormel Foods Corp.  | 519333  |
| 16052 | Kellanova  | 1328624  |
| 8519 | Lamb Weston Holdings, Inc.  | 449888  |
| 15075 | McCormick & Co, Inc.  | 1155650  |
| 77259 | Mondelez International, Inc.  | 5263656  |
| 11757 | The Campbell's Company  | 428660  |
| 8813 | The Hershey Co.  | 1473445  |
| 6355 | The J.M. Smucker Co.  | 738896  |
| 52095 | The Kraft Heinz Co.  | 1515965  |
| 17096 | Tyson Foods, Inc. Class A  | 1046959  |
|  |  | 33927683  |
|  | **Food Services and Drinking Places — 0.8%**<br>|  |
| 80930 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 4088583  |
| 7000 | Darden Restaurants, Inc.  | 1404480  |
| 20212 | DoorDash, Inc.<sup>(a)</sup> | 3898693  |
| 42805 | McDonald's Corp.  | 13682618  |
| 67834 | Starbucks Corp.  | 5430112  |
| 16664 | Yum! Brands, Inc.  | 2506932  |
|  |  | 31011418  |
|  | **Funds, Trusts, and Other Financial Vehicles — 0.1%**<br>|  |
| 9167 | Garmin Ltd. ADR (Switzerland) | 1713037  |
| 13296 | T. Rowe Price Group, Inc.  | 1177361  |
|  |  | 2890398  |
|  | **Furniture, Home Furnishings, Electronics, and Appliance Retailers — 0.0%<sup>(†)</sup>**<br>|  |
| 11613 | Best Buy Co., Inc.  | 774471  |
|  | **Gasoline Stations and Fuel Dealers — 0.3%**<br>|  |
| 99803 | Chevron Corp.  | 13579196  |
|  | **General Merchandise Retailers — 4.1%**<br>|  |
| 563214 | Amazon.com, Inc.<sup>(a)</sup> | 103867926  |
| 26505 | Costco Wholesale Corp.  | 26359223  |
| 13134 | Dollar General Corp.  | 1230524  |
| 12067 | Dollar Tree, Inc.<sup>(a)</sup> | 986719  |
| 28603 | eBay, Inc.<sup>(b)</sup> | 1949580  |
| 27366 | Target Corp.  | 2646292  |
| 259044 | Walmart, Inc.  | 25192029  |
| 7330 | Williams-Sonoma, Inc.  | 1132265  |
|  |  | 163364558  |

---

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

20<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Health and Personal Care Retailers — 0.2%**<br>|  |
| 75291 | CVS Health Corp.  | $5022662  |
| 2764 | Ulta Beauty, Inc.<sup>(a)</sup> | 1093549  |
| 42841 | Walgreens Boots Alliance, Inc.  | 469966  |
|  |  | 6586177  |
|  | **Hospitals — 0.1%**<br>|  |
| 10674 | HCA Healthcare, Inc.  | 3683384  |
| 3507 | Universal Health Services, Inc. Class B  | 620984  |
|  |  | 4304368  |
|  | **Insurance Carriers and Related Activities — 3.9%**<br>|  |
| 29554 | Aflac, Inc.  | 3211929  |
| 15823 | Allstate Corp.  | 3139125  |
| 35425 | American International Group, Inc.  | 2887846  |
| 22380 | Arch Capital Group Ltd. ADR  | 2029418  |
| 15184 | Arthur J. Gallagher & Co.  | 4869357  |
| 3057 | Assurant, Inc.  | 589206  |
| 109455 | Berkshire Hathaway, Inc. Class B<sup>(a)</sup> | 58366879  |
| 14173 | Brown & Brown, Inc.  | 1567534  |
| 29608 | Centene Corp.<sup>(a)</sup> | 1772039  |
| 22253 | Chubb Limited ADR (Switzerland) | 6366138  |
| 16348 | Cigna Corp.  | 5558974  |
| 9337 | Cincinnati Financial Corp.  | 1299804  |
| 13840 | Elevance Health, Inc.  | 5820827  |
| 1491 | Erie Indemnity Co. Class A  | 534703  |
| 2565 | Everest Re Group Ltd. ADR  | 920399  |
| 5011 | Globe Life, Inc.  | 618057  |
| 7200 | Humana, Inc.  | 1888128  |
| 10552 | Loews Corp.  | 916230  |
| 29324 | Marsh & McLennan Companies, Inc.  | 6611682  |
| 34562 | MetLife, Inc.  | 2604938  |
| 12565 | Principal Financial Group, Inc.  | 931695  |
| 34972 | Progressive Corp.  | 9853011  |
| 21141 | Prudential Financial, Inc.  | 2171392  |
| 17173 | The Hartford Insurance Group, Inc.  | 2106612  |
| 13541 | Travelers Companies, Inc.  | 3576584  |
| 54962 | UnitedHealth Group, Inc.  | 22613565  |
| 17930 | W.R. Berkley Corp.  | 1285402  |
| 5958 | Willis Towers Watson PLC ADR (Ireland) | 1833872  |
|  |  | 155945346  |
|  | **Leather and Allied Product Manufacturing — 0.1%**<br>|  |
| 70535 | NIKE, Inc. Class B  | 3978174  |
| 12363 | Tapestry, Inc.  | 873446  |
|  |  | 4851620  |

---

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

21<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Machinery Manufacturing — 1.5%**<br>|  |
| 48535 | Applied Materials, Inc.  | $7314710  |
| 59129 | Baker Hughes Co.  | 2093167  |
| 48222 | Carrier Global Corp.  | 3015804  |
| 28542 | Caterpillar, Inc.  | 8827184  |
| 8211 | Cummins, Inc.  | 2412720  |
| 15122 | Deere & Co.  | 7009954  |
| 64102 | General Electric Co.  | 12919117  |
| 4517 | IDEX Corp.  | 785823  |
| 24052 | Ingersoll Rand, Inc.  | 1814242  |
| 1242 | Mettler-Toledo International, Inc.<sup>(a)</sup> | 1329648  |
| 3232 | Nordson Corp.  | 612690  |
| 7685 | Parker Hannifin Corp.  | 4649886  |
| 13387 | Trane Technologies PLC ADR (Ireland) | 5131371  |
| 14515 | Xylem, Inc.  | 1750074  |
|  |  | 59666390  |
|  | **Management of Companies and Enterprises — 0.5%**<br>|  |
| 103576 | Abbott Laboratories  | 13542562  |
| 12923 | Aon PLC ADR (United Kingdom) | 4584951  |
| 7973 | Bunge Global SA ADR (Switzerland) | 627635  |
| 26254 | Norwegian Cruise Line Holdings Ltd. ADR<sup>(a)(b)</sup> | 420852  |
| 29522 | Smurfit WestRock PLC ADR (Ireland) | 1240514  |
|  |  | 20416514  |
|  | **Merchant Wholesalers, Durable Goods — 0.7%**<br>|  |
| 6879 | Builders FirstSource, Inc.<sup>(a)</sup> | 822935  |
| 52352 | Copart, Inc.<sup>(a)</sup> | 3195042  |
| 34251 | Fastenal Co.  | 2773303  |
| 8298 | Genuine Parts Co.  | 975430  |
| 7447 | Henry Schein, Inc.<sup>(a)</sup> | 483832  |
| 3200 | Hubbell, Inc.  | 1162176  |
| 2341 | Huntington Ingalls Industries, Inc.  | 539226  |
| 39423 | Johnson Controls International PLC ADR (Ireland) | 3307590  |
| 7935 | KLA-Tencor Corp.  | 5575845  |
| 1915 | Lennox International, Inc.  | 1047026  |
| 15523 | LKQ Corp.  | 593134  |
| 3123 | Mohawk Industries, Inc.<sup>(a)</sup> | 332131  |
| 2269 | Pool Corp.<sup>(b)</sup> | 665135  |
| 17809 | TE Connectivity PLC ADR (Ireland) | 2606881  |
| 2642 | W.W. Grainger, Inc.  | 2706227  |
|  |  | 26785913  |
|  | **Merchant Wholesalers, Nondurable Goods — 0.6%**<br>|  |
| 10876 | Brown Forman Corp. Class B  | 378920  |
| 14423 | Cardinal Health, Inc.  | 2037826  |
| 10301 | Cencora, Inc.  | 3014794  |
| 28504 | ConAgra Brands, Inc.  | 704334 |

---

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

22<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Merchant Wholesalers, Nondurable Goods — (Continued)** <br>|  |
| 2065 | Domino's Pizza, Inc.  | $1012614  |
| 15941 | Illinois Tool Works, Inc.  | 3824405  |
| 7487 | McKesson Corp.  | 5336659  |
| 29219 | Sysco Corp.  | 2086236  |
| 13827 | The Sherwin Williams Co.  | 4879825  |
|  |  | 23275613  |
|  | **Mining (except Oil and Gas) — 0.3%**<br>|  |
| 85806 | Freeport-McMoRan Copper & Gold, Inc.  | 3091590  |
| 3645 | Martin Marietta Materials, Inc.  | 1909907  |
| 67979 | Newmont Corp.  | 3581134  |
| 7887 | Vulcan Materials Co.  | 2068997  |
|  |  | 10651628  |
|  | **Miscellaneous Manufacturing — 2.0%**<br>|  |
| 32420 | 3M Co.  | 4503462  |
| 4189 | Align Technology, Inc.<sup>(a)</sup> | 725954  |
| 30488 | Baxter International, Inc.  | 950311  |
| 17146 | Becton, Dickinson & Co.  | 3550765  |
| 88010 | Boston Scientific Corp.<sup>(a)</sup> | 9053589  |
| 23325 | DexCom, Inc.<sup>(a)</sup> | 1664939  |
| 8197 | Dover Corp.  | 1398818  |
| 35236 | Edwards Lifesciences Corp.<sup>(a)</sup> | 2659966  |
| 13992 | Estee Lauder Companies, Inc. Class A  | 838960  |
| 7829 | Hasbro, Inc.  | 484615  |
| 4187 | Insulet Corp.<sup>(a)</sup> | 1056338  |
| 21297 | Intuitive Surgical, Inc.<sup>(a)</sup> | 10984993  |
| 143764 | Johnson & Johnson  | 22471751  |
| 76569 | Medtronic PLC ADR (Ireland) | 6489988  |
| 8763 | ResMed, Inc.  | 2073238  |
| 8250 | Solventum Corp.<sup>(a)</sup> | 545490  |
| 5865 | Steris PLC ADR (Ireland) | 1318100  |
| 20499 | Stryker Corp.  | 7664986  |
| 10911 | Textron, Inc.  | 767807  |
| 11923 | The Cooper Companys, Inc.<sup>(a)</sup> | 973751  |
| 11883 | Zimmer Biomet Holdings, Inc.  | 1224543  |
|  |  | 81402364  |
|  | **Motion Picture and Sound Recording Industries — 0.7%**<br>|  |
| 25535 | Netflix, Inc.<sup>(a)</sup> | 28898470  |
|  | **Motor Vehicle and Parts Dealers — 0.2%**<br>|  |
| 1006 | AutoZone, Inc.<sup>(a)</sup> | 3785175  |
| 9179 | CarMax, Inc.<sup>(a)</sup> | 593606  |
| 3438 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 4865458  |
|  |  | 9244239  |

---

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

23<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **National Security and International Affairs — 0.0%<sup>(†)</sup>**<br>|  |
| 7833 | Leidos Holdings, Inc.  | $1152861  |
|  | **Nonmetallic Mineral Product Manufacturing — 0.1%**<br>|  |
| 46031 | Corning, Inc.  | 2042856  |
|  | **Oil and Gas Extraction — 1.1%**<br>|  |
| 22097 | APA Corp.  | 343387  |
| 43984 | Coterra Energy, Inc.  | 1080247  |
| 39223 | Devon Energy Corp.  | 1192772  |
| 11153 | Diamondback Energy, Inc.  | 1472308  |
| 50160 | Dominion Energy, Inc.  | 2727701  |
| 33582 | EOG Resources, Inc.  | 3705102  |
| 35633 | EQT Corp.  | 1761696  |
| 12526 | Expand Energy Corp.  | 1301451  |
| 259929 | Exxon Mobil Corp.  | 27456300  |
| 40347 | Occidental Petroleum Corp.  | 1590075  |
|  |  | 42631039  |
|  | **Paper Manufacturing — 0.0% <sup>(†)</sup>**<br>|  |
| 5329 | Packaging Corp of America  | 989116  |
|  | **Performing Arts, Spectator Sports, and Related Industries — 0.1%**<br>|  |
| 12684 | Caesars Entertainment, Inc.<sup>(a)</sup> | 343229  |
| 14164 | Electronic Arts, Inc.  | 2055055  |
|  |  | 2398284  |
|  | **Petroleum and Coal Products Manufacturing — 0.4%**<br>|  |
| 76176 | ConocoPhillips  | 6788805  |
| 18875 | Marathon Petroleum Corp.  | 2593614  |
| 24666 | Phillips 66  | 2566744  |
| 18903 | Valero Energy Corp.  | 2194449  |
|  |  | 14143612  |
|  | **Pipeline Transportation — 0.2%**<br>|  |
| 13020 | Targa Resources Corp.  | 2225118  |
| 72793 | Williams Companies, Inc.  | 4263486  |
|  |  | 6488604  |
|  | **Plastics and Rubber Products Manufacturing — 0.0% <sup>(†)</sup>**<br>|  |
| 4797 | Avery Dennison Corp.  | 820815  |
| 4331 | West Pharmaceutical Services, Inc.  | 915097  |
|  |  | 1735912  |
|  | **Primary Metal Manufacturing — 0.1%**<br>|  |
| 24192 | Howmet Aerospace, Inc.  | 3352528  |
| 8458 | Steel Dynamics, Inc.  | 1097087  |
|  |  | 4449615  |

---

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

24<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Professional, Scientific, and Technical Services — 4.0%**<br>|  |
| 37353 | Accenture PLC Class A ADR (Ireland) | $11174150  |
| 7957 | CDW Corp.  | 1277576  |
| 3048 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 361554  |
| 29531 | Cognizant Technology Solutions Corp. Class A  | 2172596  |
| 23599 | Eaton Corporation PLC ADR (Ireland) | 6946838  |
| 3396 | EPAM Systems, Inc.<sup>(a)</sup> | 532866  |
| 12664 | Extra Space Storage, Inc.  | 1855529  |
| 3449 | F5 Networks, Inc.<sup>(a)</sup> | 913088  |
| 8430 | GoDaddy, Inc.<sup>(a)</sup> | 1587622  |
| 4888 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 2114793  |
| 31479 | International Paper Co.  | 1437961  |
| 22244 | Interpublic Group of Companies, Inc.  | 558769  |
| 9995 | IQVIA Holdings, Inc.<sup>(a)</sup> | 1549925  |
| 4359 | Jack Henry & Associates, Inc.  | 755981  |
| 7315 | Jacobs Solutions, Inc.  | 905597  |
| 19770 | Juniper Networks, Inc.  | 718046  |
| 130762 | Meta Platforms, Inc.  | 71788338  |
| 20225 | Moderna, Inc.<sup>(a)</sup> | 577222  |
| 11742 | Omnicom Group, Inc.  | 894271  |
| 96862 | Oracle Corp.  | 13630421  |
| 122412 | Palantir Technologies, Inc.<sup>(a)</sup> | 14498477  |
| 19136 | Paychex, Inc.  | 2815288  |
| 2813 | Paycom Software, Inc.  | 636835  |
| 7180 | PTC, Inc.<sup>(a)</sup> | 1112685  |
| 12296 | ServiceNow, Inc.<sup>(a)</sup> | 11742803  |
| 9798 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 2286069  |
| 4860 | VeriSign, Inc.<sup>(a)</sup> | 1371103  |
| 8431 | Verisk Analytics, Inc. Class A  | 2499201  |
| 12777 | Workday, Inc.<sup>(a)</sup> | 3130365  |
|  |  | 161845969  |
|  | **Publishing Industries — 6.0%**<br>|  |
| 25997 | Adobe, Inc.<sup>(a)</sup> | 9748355  |
| 8977 | Akamai Technologies, Inc.<sup>(a)</sup> | 723367  |
| 5220 | Ansys, Inc.<sup>(a)</sup> | 1680214  |
| 12836 | Autodesk, Inc.<sup>(a)</sup> | 3520273  |
| 16372 | Cadence Design Systems, Inc.<sup>(a)</sup> | 4874599  |
| 14700 | CrowdStrike Holdings, Inc.<sup>(a)</sup> | 6304389  |
| 9492 | Dayforce, Inc.<sup>(a)</sup> | 549302  |
| 1461 | Fair Isaac Corp.<sup>(a)</sup> | 2906922  |
| 32386 | Gen Digital, Inc.  | 837826  |
| 78437 | Hewlett Packard Enterprise Co.  | 1272248  |
| 16714 | Intuit, Inc.  | 10487534  |
| 443924 | Microsoft Corp.  | 175465400  |
| 22584 | News Corp. Class A  | 612478  |
| 6671 | News Corp. Class B  | 209603  |

---

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

25<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Publishing Industries — (Continued)** <br>|  |
| 57145 | Salesforce, Inc.  | $15355433  |
| 9228 | Synopsys, Inc.<sup>(a)</sup> | 4235744  |
| 2555 | Tyler Technologies, Inc.<sup>(a)</sup> | 1388132  |
|  |  | 240171819  |
|  | **Rail Transportation — 0.3%**<br>|  |
| 115148 | CSX Corp.  | 3232204  |
| 36086 | Union Pacific Corp.  | 7782307  |
|  |  | 11014511  |
|  | **Real Estate — 1.3%**<br>|  |
| 9195 | Alexandria Real Estate Equities, Inc.  | 668109  |
| 27895 | American Tower Corp.  | 6287812  |
| 8486 | AvalonBay Communities, Inc.  | 1781890  |
| 8687 | BXP, Inc.  | 553623  |
| 6367 | Camden Property Trust  | 724565  |
| 17651 | CBRE Group, Inc. Class A<sup>(a)</sup> | 2156599  |
| 25949 | Crown Castle, Inc.  | 2744366  |
| 18897 | Digital Realty Trust, Inc.  | 3033724  |
| 20398 | Equity Residential  | 1433164  |
| 3844 | Essex Property Trust, Inc.  | 1073053  |
| 4605 | Federal Realty Investment Trust  | 432962  |
| 41769 | Healthpeak Properties, Inc.  | 745159  |
| 34016 | Invitation Homes, Inc.  | 1163007  |
| 40569 | Kimco Realty Corp.  | 810569  |
| 6985 | Mid-America Apartment Communities, Inc.  | 1115155  |
| 55341 | Prologis, Inc.  | 5655850  |
| 9417 | Public Storage  | 2829149  |
| 52255 | Realty Income Corp.  | 3023474  |
| 9745 | Regency Centers Corp.  | 703394  |
| 18307 | Simon Property Group, Inc.  | 2881156  |
| 17990 | UDR, Inc.  | 753421  |
| 26111 | Ventas, Inc.  | 1829859  |
| 62945 | VICI Properties, Inc.  | 2015499  |
| 36377 | Welltower, Inc.  | 5550766  |
| 43334 | Weyerhaeuser Co.  | 1122784  |
|  |  | 51089109  |
|  | **Rental and Leasing Services — 0.1%**<br>|  |
| 3907 | United Rentals, Inc.  | 2467075  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 1.9%**<br>|  |
| 26691 | Apollo Global Management, Inc.  | 3642788  |
| 8700 | Blackrock, Inc.  | 7954062  |
| 6247 | Cboe Global Markets, Inc.  | 1385585  |
| 101759 | Charles Schwab Corp.  | 8283183  |
| 21515 | CME Group, Inc.  | 5961376 |

---

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

26<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — (Continued)** <br>|  |
| 42023 | Dow, Inc.  | $1285483  |
| 18516 | Franklin Resources, Inc.  | 347360  |
| 18634 | Goldman Sachs Group, Inc.  | 10203047  |
| 26753 | Invesco Ltd. ADR  | 372669  |
| 40325 | KKR & Co., Inc.  | 4607938  |
| 2249 | MarketAxess Holdings, Inc.  | 498356  |
| 73885 | Morgan Stanley  | 8527807  |
| 4632 | MSCI, Inc. Class A  | 2524949  |
| 24708 | NASDAQ OMX Group, Inc.  | 1882997  |
| 11014 | Raymond James Financial, Inc.  | 1509358  |
| 18810 | S&P Global, Inc.  | 9405940  |
| 43701 | The Blackstone Group, Inc.  | 5755859  |
|  |  | 74148757  |
|  | **Specialty Trade Contractors — 0.1%**<br>|  |
| 8805 | Quanta Services, Inc.  | 2577135  |
|  | **Support Activities for Agriculture and Forestry — 0.1%**<br>|  |
| 40942 | Corteva, Inc.  | 2537995  |
|  | **Support Activities for Mining — 0.1%**<br>|  |
| 51830 | Halliburton Co.  | 1027271  |
| 16508 | Hess Corp.  | 2130357  |
| 83645 | Schlumberger Ltd. ADR (Curaco) | 2781196  |
|  |  | 5938824  |
|  | **Support Activities for Transportation — 0.2%**<br>|  |
| 7090 | C.H. Robinson Worldwide, Inc.  | 632570  |
| 7373 | Expedia, Inc.  | 1157045  |
| 8365 | Expeditors International of Washington, Inc.  | 919397  |
| 4743 | J.B. Hunt Transport Services, Inc.  | 619341  |
| 13526 | Norfolk Southern Corp.  | 3030500  |
|  |  | 6358853  |
|  | **Telecommunications — 1.0%**<br>|  |
| 428627 | AT&T, Inc.  | 11872968  |
| 5811 | Equinix, Inc.  | 5001818  |
| 59084 | PayPal Holdings, Inc.<sup>(a)</sup> | 3890091  |
| 6426 | SBA Communications Corp.  | 1564088  |
| 28650 | T-Mobile US, Inc.  | 7075118  |
| 251372 | Verizon Communications, Inc.  | 11075450  |
|  |  | 40479533  |
|  | **Transportation Equipment Manufacturing — 2.2%**<br>|  |
| 13704 | Aptiv PLC ADR<sup>(a)</sup> | 781950  |
| 44780 | Boeing Co.<sup>(a)</sup> | 8205487  |
| 232444 | Ford Motor Co.  | 2326765 |

---

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

27<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Transportation Equipment Manufacturing — (Continued)** <br>|  |
| 15151 | General Dynamics Corp.  | $4122890 |
| 59429 | General Motors Co.  | 2688568  |
| 38833 | Honeywell International, Inc.  | 8174347  |
| 12511 | Lockheed Martin Corp.  | 5977130  |
| 31315 | Paccar, Inc.  | 2824926  |
| 167100 | Tesla, Inc.<sup>(a)</sup> | 47148936  |
| 3357 | TransDigm Group, Inc.  | 4743676  |
| 10200 | Wabtec Corp.  | 1884348  |
|  |  | 88879023  |
|  | **Truck Transportation — 0.0%<sup>(†)</sup>**<br>|  |
| 11214 | Old Dominion Freight Line, Inc.  | 1718882  |
|  | **Utilities — 2.1%**<br>|  |
| 42457 | AES Corp.  | 424570  |
| 15325 | Alliant Energy Corp.  | 935438  |
| 16115 | Ameren Corp.  | 1599253  |
| 31837 | American Electric Power Co., Inc.  | 3449221  |
| 11633 | American Water Works Co., Inc.  | 1710167  |
| 9477 | Atmos Energy Corp.<sup>(b)</sup> | 1522291  |
| 38919 | CenterPoint Energy, Inc.  | 1509279  |
| 17835 | CMS Energy Corp.  | 1313548  |
| 20691 | Consolidated Edison, Inc.  | 2332910  |
| 18680 | Constellation Energy Corp.  | 4173859  |
| 12372 | DTE Energy Co.  | 1694964  |
| 46345 | Duke Energy Corp.  | 5655017  |
| 23120 | Edison International  | 1237151  |
| 25614 | Entergy Corp.  | 2130316  |
| 13735 | Evergy, Inc.<sup>(b)</sup> | 949089  |
| 21900 | Eversource Energy  | 1302612  |
| 60037 | Exelon Corp.  | 2815735  |
| 30621 | FirstEnergy Corp.  | 1313028  |
| 16485 | GE Vernova, Inc.  | 6112968  |
| 115434 | Kinder Morgan, Inc.  | 3035914  |
| 122795 | NextEra Energy, Inc.  | 8212530  |
| 28064 | NiSource, Inc.  | 1097583  |
| 12092 | NRG Energy, Inc.  | 1325041  |
| 37048 | ONEOK, Inc.  | 3043864  |
| 130994 | PG&E Corp.  | 2164021  |
| 6784 | Pinnacle West Capital Corp.  | 645701  |
| 44083 | PPL Corp.  | 1609030  |
| 29750 | Public Service Enterprise Group, Inc.  | 2377918  |
| 37827 | Sempra Energy  | 2809411  |
| 65424 | Southern Co.  | 6011811  |
| 1128 | Texas Pacific Land Corp.  | 1453845 |

---

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

28<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Utilities — (Continued)** <br>|  |
| 20315 | Vistra Corp.  | $2633433  |
| 18968 | WEC Energy Group, Inc.  | 2077375  |
| 34297 | Xcel Energy, Inc.  | 2424798  |
|  |  | 83103691  |
|  | **Waste Management and Remediation Services — 0.1%**<br>|  |
| 12122 | Republic Services, Inc.  | 3039592  |
|  | **Water Transportation — 0.0% <sup>(†)</sup>**<br>|  |
| 62571 | Carnival Corp. ADR (Panama)<sup>(a)</sup> | 1147552  |
|  | &nbsp;&nbsp;&nbsp; **Web Search Portals, Libraries, Archives, and Other Information** <br>**Services — 0.0% <sup>(†)</sup>**<br>|  |
| 25159 | CoStar Group, Inc.<sup>(a)</sup> | 1866043  |
|  | **Wood Product Manufacturing — 0.0%<sup>(†)</sup>**<br>|  |
| 12665 | Masco Corp.  | 767626  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,733,042,091)** | $2818416767  |
|  | **SHORT TERM INVESTMENTS — 37.5%**<br>|  |
|  | **Money Market Funds — 37.5%**<br>|  |
| 717697193 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $717697193  |
| 233417205 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(c)</sup> | 233417205  |
| 248423381 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(c)</sup> | 248423381  |
| 301932132 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 301932132  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $1,501,469,911)**  | $1501469911  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $4,234,512,002) — 107.9%<sup>(e)</sup>** | $4319886678  |
|  | Liabilities in Excess of Other Assets — (7.9)% | (318119775)  |
|  | **TOTAL NET ASSETS — 100.0%** | $4001766903 |

---

Percentages are stated as a percent of net assets.

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

---

| | |
|:---|:---|
| <sup>(†)</sup><br>| Less than 0.005%.<br>|

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $3,579,328,456.

ADR - American Depository Receipt

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

29<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> BULL 3X SHARES** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR plus 0.95% | BNP Paribas | 12/5/2025 | 70960 | $431870251 | $(43826501)  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR plus 0.85% | Goldman Sachs | 12/10/2025 | 324254 | 1796609190 | 2605357  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR plus 0.80% | Bank of America Merrill Lynch | 12/11/2025 | 272619 | 1555427677 | (49880790)  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR plus 0.78% | J.P. Morgan | 12/16/2025 | 82285 | 497887629 | (47155861)  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR plus 0.80% | UBS Securities LLC | 12/17/2025 | 254886 | 1542215780 | (145580646)  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR plus 0.90% | Citibank N.A. | 12/19/2025 | 79498 | 466824977 | (31063819)  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR plus 0.85% | Barclays | 12/22/2025 | 565131 | 3072793411 | 66091135  |
|  |  |  |  |  | $9363628915 | $(248811125) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

30<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> BEAR 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 106.2%**<br>|  |
|  | **Money Market Funds — 106.2%**<br>|  |
| 174329479 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $174329479  |
| 34034041 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 34034041  |
| 103697975 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 103697975  |
| 112943855 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 112943855  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $425,005,350)<sup>(b)</sup>** | $425005350  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $425,005,350) — 106.2%** | $425005350  |
|  | Liabilities in Excess of Other Assets — (6.2)% | (24862256)  |
|  | **TOTAL NET ASSETS — 100.0%** | $400143094 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $274,021,509. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR plus 0.35%<br> Total return of S&P 500<sup>®</sup> Index | BNP Paribas | 12/5/2025 | &nbsp;&nbsp; 13748 | $83677065 | $8313780  |
| SOFR plus 0.65%<br> Total return of S&P 500<sup>®</sup> Index | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 30776 | 179952294 | 10231838  |
| SOFR plus 0.60%<br> Total return of S&P 500<sup>®</sup> Index | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 39537 | 240550620 | 24044244  |
| SOFR plus 0.60%<br> Total return of S&P 500<sup>®</sup> Index | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 23250 | 137964496 | 10094854  |
| SOFR plus 0.40%<br> Total return of S&P 500<sup>®</sup> Index | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 8951 | 54159010 | 5032659  |
| SOFR plus 0.65%<br> Total return of S&P 500<sup>®</sup> Index | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 28544 | 160464145 | 2859305  |
| SOFR plus 0.64%<br> Total return of S&P 500<sup>®</sup> Index | Barclays | 12/22/2025 | &nbsp;&nbsp; 70746 | 373287174 | (20061606)  |
|  |  |  |  | $1230054804 | $40515074 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

31<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Small Cap Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value** |
|  | **INVESTMENT COMPANIES — 67.3%**<br>|  |
| 5748302 | iShares Russell 2000 ETF<sup>(a)(b)</sup> | $1120114127  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $1,125,208,760)** | $1120114127  |
|  | **SHORT TERM INVESTMENTS — 77.0%**<br>|  |
|  | **Money Market Funds — 77.0%**<br>|  |
| 856003521 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $856003521  |
| 42560000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(c)</sup> | 42560000  |
| 382837691 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 382837691  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $1,281,401,212)** | $1281401212  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $2,406,609,972) — 144.3%<sup>(e)</sup>** | $2401515339  |
|  | Liabilities in Excess of Other Assets — (44.3)% | (737021651)  |
|  | **TOTAL NET ASSETS — 100.0%** | $1664493688 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,579,080,261. 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation** <br>(Depreciation)  |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR plus 0.80% | BNP Paribas | 12/5/2025 | 261129 | $622366539 | $(119136442)  |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR plus 0.70% | Bank of America Merrill Lynch | 12/11/2025 | 270274 | 605228534 | (81423001)  |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR plus 0.46% | Societe Generale | 12/12/2025 | 55000 | 129909505 | (23751090)  |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR plus 0.65% | J.P. Morgan | 12/16/2025 | 341140 | 753589956 | (91435511)  |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR plus 0.60% | UBS Securities LLC | 12/17/2025 | 260794 | 595481675 | (90345989)  |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR plus 0.54% | Citibank N.A. | 12/19/2025 | 409398 | 808115036 | (6224404)  |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR plus 0.73% | Barclays | 12/22/2025 | 374331 | 721804230 | 11663738  |
|  |  |  |  |  | $4236495475 | $(400652699) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

32<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Small Cap Bear 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 100.3%**<br>|  |
|  | **Money Market Funds — 100.3%**<br>|  |
| 139584361 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $139584361  |
| 18070000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 18070000  |
| 50214211 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 50214211  |
| 54293585 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 54293585  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $262,162,157)<sup>(b)</sup>** | $262162157  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $262,162,157) — 100.3%** | $262162157  |
|  | Liabilities in Excess of Other Assets — (0.3)% | (838259)  |
|  | **TOTAL NET ASSETS — 100.0%** | $261323898 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $163,206,897. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR plus 0.45%<br> Total return of Russell 2000<sup>®</sup> Index | BNP Paribas | 12/5/2025 | &nbsp;&nbsp; 50901 | $119517695 | $20938382  |
| SOFR plus 0.50%<br> Total return of Russell 2000<sup>®</sup> Index | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 53801 | 127346426 | 23426954  |
| SOFR plus 0.25%<br> Total return of Russell 2000<sup>®</sup> Index | Societe Generale | 12/12/2025 | &nbsp;&nbsp; 51000 | 120461542 | 21928869  |
| SOFR plus 0.43%<br> Total return of Russell 2000<sup>®</sup> Index | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 39190 | 83746846 | 7341560  |
| SOFR plus 0.31%<br> Total return of Russell 2000<sup>®</sup> Index | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 58558 | 136679115 | 23436091  |
| SOFR plus 0.30%<br> Total return of Russell 2000<sup>®</sup> Index | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 45768 | 103271743 | 14111197  |
| SOFR plus 0.51%<br> Total return of Russell 2000<sup>®</sup> Index | Barclays | 12/22/2025 | &nbsp;&nbsp; 99936 | 185129806 | (10884466)  |
|  |  |  |  | $876153173 | $100298587 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

33<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily FTSE China Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **INVESTMENT COMPANIES — 42.8%**<br>|  |
| 14123127 | iShares China Large-Cap ETF<sup>(a)</sup> | $478209081  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $473,356,099)** | $478209081  |
|  | **SHORT TERM INVESTMENTS — 57.9%**<br>|  |
|  | **Money Market Funds - 57.9%**<br>|  |
| 387501679 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $387501679  |
| 40290000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(b)</sup> | 40290000  |
| 90800008 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup> | 90800008  |
| 128687804 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 128687804  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $647,279,491)** | $647279491  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $1,120,635,590) — 100.7%<sup>(c)</sup>** | $1125488572  |
|  | Liabilities in Excess of Other Assets — (0.7)% | (7858079)  |
|  | **TOTAL NET ASSETS — 100.0%** | $1117630493 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $786,358,320. 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of iShares China Large-Cap ETF | SOFR plus 3.50% | BNP Paribas | 12/5/2025 | 3696327 | $113843432 | $9352028  |
|  Total return of iShares China Large-Cap ETF | SOFR plus 3.00% | Nomura | 12/10/2025 | 5000000 | 151200000 | 13883938  |
|  Total return of iShares China Large-Cap ETF | SOFR plus 3.25% | Bank of America Merrill Lynch | 12/11/2025 | 9545964 | 335446355 | (16975334)  |
|  Total return of iShares China Large-Cap ETF | SOFR plus 1.15% | Societe Generale | 12/12/2025 | 8750000 | 267662500 | 26893761  |
|  Total return of iShares China Large-Cap ETF | SOFR plus 0.83% | UBS Securities LLC | 12/17/2025 | 21026645 | 651723111 | 52316030  |
|  Total return of iShares China Large-Cap ETF | SOFR plus 1.20% | Citibank N.A. | 12/19/2025 | 8147711 | 249925633 | 23568992  |
|  Total return of iShares China Large-Cap ETF | SOFR plus 0.90% | Barclays | 12/22/2025 | 13556450 | 412820582 | 38876847  |
|  Total return of iShares China Large-Cap ETF | SOFR plus 1.76% | Goldman Sachs | 4/28/2026 | 15176222 | 502322670 | 9833586  |
|  |  |  |  |  | $2684944283 | $157749848 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

34<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily FTSE China Bear 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 110.8%**<br>|  |
|  | **Money Market Funds — 110.8%**<br>|  |
| 128102031 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $128102031  |
| 34467029 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 34467029  |
| 86876926 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 86876926  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $249,445,986)<sup>(b)</sup>** | $249445986  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $249,445,986) — 110.8%** | $249445986  |
|  | Liabilities in Excess of Other Assets — (10.8)% | (24294983)  |
|  | **TOTAL NET ASSETS —100.0%** | $225151003 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $186,058,619. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR plus 0.11% | Total return of iShares China Large-Cap ETF | BNP Paribas | 12/5/2025 | 5265109 | $160310391 | $(17308784)  |
| SOFR plus 0.58% | Total return of iShares China Large-Cap ETF | Bank of America Merrill Lynch | 12/11/2025 | 10178030 | 371739323 | 29826919  |
| SOFR plus 0.18% | Total return of iShares China Large-Cap ETF | UBS Securities LLC | 12/17/2025 | 565207 | 21281438 | 2264198  |
| SOFR plus 0.85% | Total return of iShares China Large-Cap ETF | Goldman Sachs | 5/8/2026 | 3940030 | 126486307 | (6631419)  |
|  |  |  |  |  | $679817459 | $8150914 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

35<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily FTSE Europe Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **INVESTMENT COMPANIES — 47.4%**<br>|  |
| 249586 | Vanguard FTSE Europe ETF<sup>(a)(b)</sup> | $18197316  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $17,337,757)** | $18197316  |
|  | **SHORT TERM INVESTMENTS — 77.6%**<br>|  |
|  | **Money Market Funds — 77.6%**<br>|  |
| 17839901 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $17839901  |
| 5532473 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(c)</sup> | 5532473  |
| 6408256 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 6408256  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $29,780,630)** | $29780630  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $47,118,387) — 125.0%<sup>(e)</sup>** | $47977946  |
|  | Liabilities in Excess of Other Assets — (25.0)% | (9591907)  |
|  | **TOTAL NET ASSETS — 100.0%** | $38386039 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $20,498,007. 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of Vanguard FTSE Europe ETF | SOFR plus 0.50% | BNP Paribas | 12/5/2025 | 173577 | $11635375 | $976491  |
|  Total return of Vanguard FTSE Europe ETF | SOFR plus 0.07% | Goldman Sachs | 12/10/2025 | 490573 | 34303633 | 1382071  |
|  Total return of Vanguard FTSE Europe ETF | SOFR plus 0.60% | J.P. Morgan | 12/16/2025 | 163938 | 11039332 | 869307  |
|  Total return of Vanguard FTSE Europe ETF | SOFR plus 0.74% | UBS Securities LLC | 12/17/2025 | 185027 | 12464606 | 978024  |
|  Total return of Vanguard FTSE Europe ETF | SOFR plus 0.75% | Citibank N.A. | 12/19/2025 | 316756 | 21115457 | 1870427  |
|  |  |  |  |  | $90558403 | $6076320 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

36<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily MSCI Emerging Markets Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 4.3%**<br>|  |
| 63343 | iShares MSCI Emerging Markets ETF<sup>(a)</sup> | $2771889  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $2,775,238)** | $2771889  |
|  | **SHORT TERM INVESTMENTS — 94.4%**<br>|  |
|  | **Money Market Funds — 94.4%**<br>|  |
| 28428857 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $28428857  |
| 12910000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup> | 12910000  |
| 19396395 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 19396395  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $60,735,252)** | $60735252  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $63,510,490) — 98.7%<sup>(c)</sup>** | $63507141  |
|  | Other Assets in Excess of Liabilities — 1.3% | 808072  |
|  | **TOTAL NET ASSETS — 100.0%** | $64315213 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $36,126,045. 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination**<br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of iShares MSCI Emerging Markets ETF | SOFR plus 0.50% | J.P. Morgan | 12/16/2025 | 864610 | $37710086 | $37681  |
|  Total return of iShares MSCI Emerging Markets ETF | SOFR plus 0.47% | UBS Securities LLC | 12/17/2025 | 576477 | 24808342 | 47896  |
|  Total return of iShares MSCI Emerging Markets ETF | SOFR plus 0.77% | Citibank N.A. | 12/19/2025 | 1404749 | 59150176 | 1433138  |
|  Total return of iShares MSCI Emerging Markets ETF | SOFR plus 0.90% | Barclays | 12/22/2025 | 1500000 | 62881968 | 2108256  |
|  |  |  |  |  | $184550572 | $3626971 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

37<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY MSCI EMERGING MARKETS BEAR 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 126.2%**<br>|  |
|  | **Money Market Funds — 126.2%**<br>|  |
| 11235728 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $11235728  |
| 9916488 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 9916488  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $21,152,216)<sup>(b)</sup>** | $21152216  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $21,152,216) — 126.2%** | $21152216  |
|  | Liabilities in Excess of Other Assets — (26.2)% | (4394244)  |
|  | **TOTAL NET ASSETS — 100.0%** | $16757972 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $12,751,085. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR plus 0.27% | Total return of iShares MSCI Emerging Markets ETF | J.P. Morgan | 12/15/2025 | 500000 | $20011982 | &nbsp;&nbsp; $(1793239)  |
| SOFR plus 0.08% | Total return of iShares MSCI Emerging Markets ETF | UBS Securities LLC | 12/17/2025 | 414046 | 18534193 | &nbsp;&nbsp; 506956  |
| SOFR plus 0.53% | Total return of iShares MSCI Emerging Markets ETF | Citibank N.A. | 12/19/2025 | 234922 | 10331595 | &nbsp;&nbsp; 107747  |
|  |  |  |  |  | $48877770 | &nbsp;&nbsp; $(1178536) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

38<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY MSCI MEXICO BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 47.1%**<br>|  |
| 226517 | iShares MSCI Mexico ETF<sup>(a)(b)</sup> | $12904674  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES**<br>**(Cost $12,092,303)** | $12904674  |
|  | **SHORT TERM INVESTMENTS — 52.8%**<br>|  |
|  | **Money Market Funds — 52.8%**<br>|  |
| 6075156 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $6075156  |
| 1110000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(c)</sup> | 1110000  |
| 3250000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(c)</sup> | 3250000  |
| 4014380 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 4014380  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $14,449,536)**  | $14449536  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $26,541,839) — 99.9%<sup>(e)</sup>** | $27354210  |
|  | Other Assets in Excess of Liabilities — 0.1% | 25206  |
|  | **TOTAL NET ASSETS — 100.0%** | $27379416 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $13,741,359. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of iShares MSCI Mexico ETF | SOFR plus 0.75% | Goldman Sachs | 12/10/2025 | 226490 | $11636949 | $1193094  |
|  Total return of iShares MSCI Mexico ETF | SOFR minus 0.70% | J.P. Morgan | 12/16/2025 | 355265 | 18583686 | 1862535  |
|  Total return of iShares MSCI Mexico ETF | SOFR plus 0.65% | UBS Securities LLC | 12/17/2025 | 313508 | 15556267 | 2014855  |
|  Total return of iShares MSCI Mexico ETF | SOFR plus 0.75% | Barclays | 12/22/2025 | 320025 | 17502550 | 680597  |
|  |  |  |  |  | $63279452 | $5751081 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

39<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY MSCI SOUTH KOREA BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 53.4%**<br>|  |
| 768808 | iShares MSCI South Korea ETF<sup>(a)</sup> | $43199322  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES**<br>**(Cost $42,300,219)** | $43199322  |
|  | **SHORT TERM INVESTMENTS — 46.1%**<br>|  |
|  | **Money Market Funds — 46.1%**<br>|  |
| 9373438 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $9373438  |
| 9190000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup> | 9190000  |
| 18679732 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 18679732  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $37,243,170)** | $37243170  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $79,543,389) — 99.5%<sup>(c)</sup>** | $80442492  |
|  | Other Assets in Excess of Liabilities — 0.5% | 384252  |
|  | **TOTAL NET ASSETS — 100.0%** | $80826744 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $70,057,128. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of iShares MSCI South Korea ETF | SOFR plus 0.65% | &nbsp;&nbsp;&nbsp; Bank of America <br>Merrill Lynch | 12/11/2025 | 1950614 | $105868230 | $3120148  |
|  Total return of iShares MSCI South Korea ETF | SOFR plus 0.70% | J.P. Morgan | 12/16/2025 | 571806 | 31052431 | 903036  |
|  Total return of iShares MSCI South Korea ETF | SOFR plus 0.85% | Citibank N.A. | 12/19/2025 | 126109 | 6571540 | 389475  |
|  Total return of iShares MSCI South Korea ETF | SOFR plus 0.73% | Barclays | 12/22/2025 | 898022 | 48803314 | 1160239  |
|  |  |  |  |  | $192295515 | $5572898 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

40<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY AEROSPACE & DEFENSE BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — 64.5%**<br>|  |
|  | **Administrative and Support Services — 0.1%**<br>|  |
| 2705 | V2X, Inc.<sup>(a)(b)</sup> | $134601  |
|  | **Computer and Electronic Product Manufacturing — 16.7%**<br>|  |
| 21277 | L3Harris Technologies, Inc. | 4681365  |
| 14104 | Leonardo DRS, Inc. | 521284  |
| 9665 | Mercury Systems, Inc.<sup>(a)</sup> | 483250  |
| 5401 | Moog, Inc. Class A | 903317  |
| 9358 | Northrop Grumman Corp. | 4552667  |
| 124674 | RTX Corp. | 15725132  |
|  |  | 26867015  |
|  | **Electrical Equipment, Appliance, and Component Manufacturing — 3.0%**<br>|  |
| 7968 | Axon Enterprise, Inc.<sup>(a)</sup> | 4886774  |
|  | **Fabricated Metal Product Manufacturing — 2.8%**<br>|  |
| 17422 | BWX Technologies, Inc. | 1901089  |
| 7175 | Curtiss - Wright Corp. | 2474586  |
| 8384 | Smith & Wesson Brands, Inc. | 79899  |
| 3200 | Sturm, Ruger & Co, Inc. | 130112  |
|  |  | 4585686  |
|  | **Machinery Manufacturing — 12.6%**<br>|  |
| 100448 | General Electric Co. | 20244290  |
|  | **Merchant Wholesalers, Durable Goods — 1.5%**<br>|  |
| 15457 | Hexcel Corp. | 749201  |
| 7454 | Huntington Ingalls Industries, Inc. | 1716954  |
|  |  | 2466155  |
|  | **Miscellaneous Manufacturing — 1.6%**<br>|  |
| 4951 | Cadre Holdings, Inc.<sup>(b)</sup> | 144322  |
| 34782 | Textron, Inc. | 2447609  |
|  |  | 2591931  |
|  | **Primary Metal Manufacturing — 3.0%**<br>|  |
| 34752 | Howmet Aerospace, Inc. | 4815932  |
|  | **Repair and Maintenance — 0.3%**<br>|  |
| 19396 | StandardAero, Inc.<sup>(a)</sup> | 524080  |
|  | **Textile Mills — 0.1%**<br>|  |
| 975 | National Presto Industries, Inc. | 82241  |
|  | **Transportation Equipment Manufacturing — 22.8%**<br>|  |
| 6720 | AAR Corp.<sup>(a)</sup> | 359251  |
| 5335 | AeroVironment, Inc.<sup>(a)</sup> | 808359  |
| 77508 | Archer Aviation, Inc.<sup>(a)(b)</sup> | 645642  |
| 56153 | Boeing Co.<sup>(a)</sup> | 10289476  |
| 2591 | Ducommun, Inc.<sup>(a)</sup> | 148516  |
| 17099 | General Dynamics Corp. | 4652980  |

---

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

41<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY AEROSPACE & DEFENSE BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Transportation Equipment Manufacturing — (Continued)**<br>|  |
| 7139 | HEICO Corp. | $1790176  |
| 13264 | HEICO Corp. Class A | 2665136  |
| 29119 | Kratos Defense & Security Solutions, Inc.<sup>(a)(b)</sup> | 983785  |
| 3386 | Loar Holdings, Inc.<sup>(a)(b)</sup> | 320248  |
| 9633 | Lockheed Martin Corp. | 4602166  |
| 66669 | Rocket Lab USA, Inc.<sup>(a)(b)</sup> | 1452717  |
| 22340 | Spirit AeroSystems Holdings, Inc.<sup>(a)</sup> | 804240  |
| 3355 | TransDigm Group, Inc. | 4740850  |
| 14746 | Triumph Group, Inc.<sup>(a)</sup> | 374548  |
| 11309 | Woodward, Inc. | 2121230  |
|  |  | 36759320  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $85,989,293)** | $103958025  |
|  | **SHORT TERM INVESTMENTS — 34.7%**<br>|  |
|  | **Money Market Funds — 34.7%**<br>|  |
| 20920071 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)</sup> | $20920071 |
| 9796945 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(c)</sup> | 9796945  |
| 7150000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(c)</sup> | 7150000  |
| 18033052 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 18033052  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $55,900,068)** | $55900068  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $141,889,361) — 99.2%<sup>(d)</sup>** | $159858093  |
|  | Other Assets in Excess of Liabilities — 0.8% | 1326742  |
|  | **TOTAL NET ASSETS — 100.0%** | $161184835 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $116,793,363. 

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

42<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY AEROSPACE & DEFENSE BULL 3X SHARES** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of Dow Jones U.S. Select Aerospace & Defense Index | SOFR plus 0.79% | BNP Paribas | 12/5/2025 | &nbsp;&nbsp;&nbsp; 209 | $8011548 | $156110  |
|  Total return of Dow Jones U.S. Select Aerospace & Defense Index | SOFR plus 0.80% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp;&nbsp; 1448 | 54196888 | 2405542  |
|  Total return of Dow Jones U.S. Select Aerospace & Defense Index | SOFR plus 0.90% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 3600 | 130184316 | 10665131  |
|  Total return of Dow Jones U.S. Select Aerospace & Defense Index | SOFR plus 0.88% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 3036 | 113779670 | 5887985  |
|  Total return of Dow Jones U.S. Select Aerospace & Defense Index | SOFR plus 1.00% | Goldman Sachs | 2/24/2026 | &nbsp;&nbsp;&nbsp; 1266 | 48562695 | 1535073  |
|  |  |  |  |  | $354735117 | $20649841 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

43<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY CONSUMER DISCRETIONARY BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 66.0%**<br>|  |
|  | **Accommodation — 3.6%**<br>|  |
| 1443 | Airbnb, Inc. Class A<sup>(a)</sup> | $175931  |
| 802 | Hilton Worldwide Holdings, Inc. | 180835  |
| 1145 | Las Vegas Sands Corp. | 41987  |
| 763 | Marriott International, Inc. Class C | 182036  |
| 746 | MGM Resorts International<sup>(a)(b)</sup> | 23469  |
| 300 | Wynn Resorts Ltd.<sup>(b)</sup> | 24093  |
|  |  | 628351  |
|  | **Administrative and Support Services — 4.2%**<br>|  |
| 110 | Booking Holdings, Inc. | 560921  |
| 826 | Royal Caribbean Cruises Ltd. ADR (Liberia) | 177515  |
|  |  | 738436  |
|  | **Apparel Manufacturing — 0.5%**<br>|  |
| 506 | Deckers Outdoor Corp.<sup>(a)</sup> | 56080  |
| 132 | Ralph Lauren Corp. | 29693  |
|  |  | 85773  |
|  | **Building Material and Garden Equipment and Supplies Dealers — 7.7%**<br>|  |
| 1881 | Lowe's Companies, Inc. | 420516  |
| 2346 | The Home Depot, Inc. | 845710  |
| 1780 | Tractor Supply Co. | 90104  |
|  |  | 1356330  |
|  | **Clothing, Clothing Accessories, Shoe, and JewelryRetailers — 4.2%**<br>|  |
| 375 | Lululemon Athletica, Inc.<sup>(a)</sup> | 101539  |
| 1099 | Ross Stores, Inc. | 152761  |
| 3746 | TJX Companies, Inc. | 482035  |
|  |  | 736335  |
|  | **Construction of Buildings — 2.0%**<br>|  |
| 945 | D.R. Horton, Inc. | 119391  |
| 778 | Lennar Corp. Class A | 84499  |
| 11 | NVR, Inc.<sup>(a)</sup> | 78383  |
| 674 | PulteGroup, Inc. | 69139  |
|  |  | 351412  |
|  | **Food Services and Drinking Places — 8.7%**<br>|  |
| 4517 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 228199  |
| 391 | Darden Restaurants, Inc. | 78450  |
| 1131 | DoorDash, Inc.<sup>(a)</sup> | 218158  |
| 1752 | McDonald's Corp. | 560027  |
| 3786 | Starbucks Corp. | 303069  |
| 931 | Yum! Brands, Inc. | 140060  |
|  |  | 1527963  |
|  | **Funds, Trusts, and Other Financial Vehicles — 0.5%**<br>|  |
| 511 | Garmin Ltd. ADR (Switzerland) | 95491  |

---

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

44<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY CONSUMER DISCRETIONARY BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Furniture, Home Furnishings, Electronics, and Appliance Retailers — 0.2%**<br>|  |
| 648 | Best Buy Co., Inc. | $43215  |
|  | **General Merchandise Retailers — 15.0%**<br>|  |
| 13476 | Amazon.com, Inc.<sup>(a)</sup> | 2485244  |
| 1596 | eBay, Inc. | 108783  |
| 410 | Williams-Sonoma, Inc. | 63333  |
|  |  | 2657360  |
|  | **Health and Personal Care Retailers — 0.3%**<br>|  |
| 155 | Ulta Beauty, Inc.<sup>(a)</sup> | 61324  |
|  | **Leather and Allied Product Manufacturing — 1.5%**<br>|  |
| 3935 | NIKE, Inc. Class B | 221934  |
| 690 | Tapestry, Inc. | 48749  |
|  |  | 270683  |
|  | **Management of Companies and Enterprises — 0.1%**<br>|  |
| 1466 | Norwegian Cruise Line Holdings Ltd. ADR<sup>(a)</sup> | 23500  |
|  | **Merchant Wholesalers, Durable Goods — 0.8%**<br>|  |
| 464 | Genuine Parts Co. | 54543  |
| 867 | LKQ Corp. | 33128  |
| 174 | Mohawk Industries, Inc.<sup>(a)</sup> | 18505  |
| 125 | Pool Corp.<sup>(b)</sup> | 36643  |
|  |  | 142819  |
|  | **Merchant Wholesalers, Nondurable Goods — 0.3%**<br>|  |
| 115 | Domino's Pizza, Inc. | 56393  |
|  | **Miscellaneous Manufacturing — 0.2%**<br>|  |
| 437 | Hasbro, Inc. | 27050  |
|  | **Motor Vehicle and Parts Dealers — 2.9%**<br>|  |
| 56 | AutoZone, Inc.<sup>(a)</sup> | 210706  |
| 513 | CarMax, Inc.<sup>(a)</sup> | 33176  |
| 191 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 270303  |
|  |  | 514185  |
|  | **Performing Arts, Spectator Sports, and Related Industries — 0.1%**<br>|  |
| 708 | Caesars Entertainment, Inc.<sup>(a)</sup> | 19159  |
|  | **Support Activities for Transportation — 0.4%**<br>|  |
| 411 | Expedia, Inc. | 64498  |
|  | **Transportation Equipment Manufacturing — 12.4%**<br>|  |
| 764 | Aptiv PLC ADR<sup>(a)</sup> | 43594  |
| 12973 | Ford Motor Co. | 129860  |
| 3316 | General Motors Co. | 150016  |
| 6610 | Tesla, Inc.<sup>(a)</sup> | 1865077 |
|  |  | 2188547  |

---

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

45<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY CONSUMER DISCRETIONARY BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Water Transportation — 0.4%**<br>|  |
| 3492 | Carnival Corp. ADR (Panama)<sup>(a)</sup> | $64043  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $10,950,277)** | $11652867  |
|  | **SHORT TERM INVESTMENTS — 45.3%**<br>|  |
|  | **Money Market Funds — 45.3%**<br>|  |
| 1012778 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)</sup> | $1012778  |
| 1519460 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(c)</sup> | 1519460  |
| 5467520 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 5467520  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $7,999,758)** | $7999758  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $18,950,035) — 111.3%<sup>(d)</sup>** | $19652625  |
|  | Liabilities in Excess of Other Assets — (11.3)% | (1994672)  |
|  | **TOTAL NET ASSETS — 100.0%** | $17657953 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $12,676,507.

ADR - American Depository Receipt

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of Consumer Discretionary Select Sector Index | SOFR plus 0.80% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 5882 | $11747644 | &nbsp;&nbsp; $(55487)  |
|  Total return of Consumer Discretionary Select Sector Index | SOFR plus 0.80% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp;&nbsp; 4920 | 11482907 | &nbsp;&nbsp; (1843895)  |
|  Total return of Consumer Discretionary Select Sector Index | SOFR plus 0.75% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp;&nbsp; 4642 | 8570750 | &nbsp;&nbsp; 664032  |
|  Total return of Consumer Discretionary Select Sector Index | SOFR plus 0.80% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 5277 | 10574217 | &nbsp;&nbsp; (96088)  |
|  |  |  |  |  | $42375518 | &nbsp;&nbsp; $(1331438) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

46<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY DOW JONES INTERNET BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 65.4%**<br>|  |
|  | **Accommodation — 1.7%**<br>|  |
| 16157 | Airbnb, Inc. Class A<sup>(a)</sup> | $1969861  |
|  | **Administrative and Support Services — 5.7%**<br>|  |
| 772 | Booking Holdings, Inc. | 3936644  |
| 11490 | Cloudflare, Inc.<sup>(a)</sup> | 1387762  |
| 20303 | Roblox Corp.<sup>(a)</sup> | 1361316  |
|  |  | 6685722  |
|  | **Amusement, Gambling, and Recreation Industries — 0.5%**<br>|  |
| 18288 | DraftKings, Inc.<sup>(a)</sup> | 608808  |
|  | **Computer and Electronic Product Manufacturing — 11.6%**<br>|  |
| 24832 | Alphabet, Inc. | 3943322  |
| 20126 | Alphabet, Inc. Class C | 3238072  |
| 38556 | Arista Networks, Inc.<sup>(a)</sup> | 3172002  |
| 56203 | Cisco Systems, Inc. | 3244599  |
|  |  | 13597995  |
|  | **Food Services and Drinking Places — 2.1%**<br>|  |
| 12663 | DoorDash, Inc.<sup>(a)</sup> | 2442566  |
|  | **General Merchandise Retailers — 7.0%**<br>|  |
| 37967 | Amazon.com, Inc.<sup>(a)</sup> | 7001874  |
| 17878 | eBay, Inc. | 1218565  |
|  |  | 8220439  |
|  | **Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) — 0.2%**<br>|  |
| 12668 | MARA Holdings, Inc.<sup>(a)(b)</sup> | 169371  |
|  | **Merchant Wholesalers, Durable Goods — 1.7%**<br>|  |
| 32726 | Copart, Inc.<sup>(a)</sup> | 1997268  |
|  | **Motion Picture and Sound Recording Industries — 7.0%**<br>|  |
| 7279 | Netflix, Inc.<sup>(a)</sup> | 8237790  |
|  | **Motor Vehicle and Parts Dealers — 0.9%**<br>|  |
| 4414 | Carvana Co.<sup>(a)</sup> | 1078561  |
|  | **Performing Arts, Spectator Sports, and Related Industries — 1.4%**<br>|  |
| 6646 | Flutter Entertainment PLC ADR (Ireland)<sup>(a)</sup> | 1601620  |
|  | **Professional, Scientific, and Technical Services — 14.5%**<br>|  |
| 6122 | Atlassian Corp.<sup>(a)</sup> | 1397714  |
| 5304 | Ciena Corp.<sup>(a)</sup> | 356217  |
| 2151 | F5 Networks, Inc.<sup>(a)</sup> | 569456  |
| 5271 | GoDaddy, Inc.<sup>(a)</sup> | 992687  |
| 12358 | Juniper Networks, Inc. | 448842  |
| 12187 | Meta Platforms, Inc. | 6690663  |
| 9300 | Nutanix, Inc.<sup>(a)</sup> | 638910  |
| 1756 | Paycom Software, Inc. | 397541  |

---

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

47<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY DOW JONES INTERNET BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Professional, Scientific, and Technical Services — (Continued)** <br>|  |
| 12321 | Snowflake, Inc.<sup>(a)</sup> | $1965076  |
| 3036 | VeriSign, Inc.<sup>(a)</sup> | 856516  |
| 7988 | Workday, Inc.<sup>(a)</sup> | 1957060  |
| 9783 | Zoom Video Communications, Inc.<sup>(a)</sup> | 758574  |
|  |  | 17029256  |
|  | **Publishing Industries — 9.0%**<br>|  |
| 5608 | Akamai Technologies, Inc.<sup>(a)</sup> | 451893  |
| 5363 | Box, Inc.<sup>(a)</sup> | 167433  |
| 9633 | Confluent, Inc.<sup>(a)</sup> | 229362  |
| 11691 | Datadog, Inc.<sup>(a)</sup> | 1194352  |
| 7541 | DocuSign, Inc.<sup>(a)</sup> | 616477  |
| 8077 | Dropbox, Inc.<sup>(a)</sup> | 230598  |
| 1945 | HubSpot, Inc.<sup>(a)</sup> | 1189367  |
| 6104 | Okta, Inc.<sup>(a)</sup> | 684625  |
| 16284 | Salesforce, Inc. | 4375674  |
| 5573 | Veeva Systems, Inc.<sup>(a)</sup> | 1302354  |
| 10125 | ZoomInfo Technologies, Inc.<sup>(a)</sup> | 86670  |
|  |  | 10528805  |
|  | **Telecommunications — 2.1%**<br>|  |
| 36925 | PayPal Holdings, Inc.<sup>(a)</sup> | 2431142  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $66,008,535)** | $76599204  |
|  | **SHORT TERM INVESTMENTS — 39.9%**<br>|  |
|  | **Money Market Funds — 39.9%**<br>|  |
| 28343787 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $28343787  |
| 18335758 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 18335758  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $46,679,545)** | $46679545  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $112,688,080) — 105.3%<sup>(e)</sup>** | $123278749  |
|  | Liabilities in Excess of Other Assets — (5.3)% | (6150533)  |
|  | **TOTAL NET ASSETS — 100.0%** | $117128216 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $80,524,228.

ADR - American Depository Receipt

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

48<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY DOW JONES INTERNET BULL 3X SHARES** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**<br>(Depreciation)  |
|  Total return of Dow Jones Internet Composite Index | SOFR plus 0.85% | Bank of America Merrill Lynch | 12/11/2025 | 37470 | $39123754 | &nbsp;&nbsp; $413260  |
|  Total return of Dow Jones Internet Composite Index | SOFR plus 0.77% | J.P. Morgan | 12/16/2025 | 32795 | 35621854 | &nbsp;&nbsp; (1151292)  |
|  Total return of Dow Jones Internet Composite Index | SOFR plus 0.69% | UBS Securities LLC | 12/17/2025 | 128110 | 130527648 | &nbsp;&nbsp; 4601061  |
|  Total return of Dow Jones Internet Composite Index | SOFR plus 0.85% | Citibank N.A. | 12/19/2025 | 61241 | 68694868 | &nbsp;&nbsp; (5100114)  |
|  |  |  |  |  | $273968124 | &nbsp;&nbsp; $(1237085) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

49<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY DOW JONES INTERNET BEAR 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 103.3%**<br>|  |
|  | **Money Market Funds — 103.3%**<br>|  |
| 5139177 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $5139177  |
| 6786751 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 6786751  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $11,925,928)<sup>(b)</sup>** | $11925928  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $11,925,928) — 103.3%**  | $11925928  |
|  | Liabilities in Excess of Other Assets — (3.3)% | (383368)  |
|  | **TOTAL NET ASSETS — 100.0%** | $11542560 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $7,278,245. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR plus 0.65% | Total return of Dow Jones Internet Composite Index | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 8417 | $8718204 | &nbsp;&nbsp; $(132313)  |
| SOFR plus 0.56% | Total return of Dow Jones Internet Composite Index | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 9073 | 9645288 | &nbsp;&nbsp; 112091  |
| SOFR plus 0.30% | Total return of Dow Jones Internet Composite Index | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 3030 | 3245488 | &nbsp;&nbsp; 58502  |
| SOFR plus 0.50% | Total return of Dow Jones Internet Composite Index | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 12196 | 13865199 | &nbsp;&nbsp; 1137219  |
|  |  |  |  |  | $35474179 | &nbsp;&nbsp; $1175499 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

50<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY FINANCIAL BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 68.4%**<br>|  |
|  | **Administrative and Support Services — 7.5%**<br>|  |
| 21697 | Ameriprise Financial, Inc. | $10219721  |
| 15724 | Corpay, Inc.<sup>(a)</sup> | 5116118  |
| 8571 | FactSet Research System, Inc. | 3704558  |
| 34910 | Moody's Corp. | 15818419  |
| 388673 | Visa, Inc. Class A | 134286521  |
|  |  | 169145337  |
|  | **Chemical Manufacturing — 1.0%**<br>|  |
| 129586 | IntercontinentalExchange, Inc. | 21766561  |
|  | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 1.0%**<br>|  |
| 128309 | Fiserv, Inc.<sup>(a)</sup> | 23681992  |
|  | **Credit Intermediation and Related Activities — 25.1%**<br>|  |
| 125168 | American Express Co. | 33346007  |
| 1493346 | Bank of America Corp. | 59554638  |
| 161857 | Bank of New York Mellon Corp. | 13014921  |
| 85977 | Capital One Financial Corp. | 15498214  |
| 423351 | Citigroup, Inc. | 28948741  |
| 98585 | Citizens Financial Group, Inc. | 3636801  |
| 56604 | Discover Financial Services | 10339853  |
| 119459 | Fidelity National Information Services, Inc. | 9422926  |
| 151071 | Fifth Third Bancorp | 5429492  |
| 55848 | Global Payments, Inc. | 4261761  |
| 327871 | Huntington Bancshares, Inc. | 4763966  |
| 630613 | JPMorgan Chase & Co. | 154260552  |
| 224653 | KeyCorp | 3333851  |
| 37422 | M&T Bank Corp. | 6352759  |
| 183675 | MasterCard, Inc. Class A | 100664920  |
| 44192 | Northern Trust Corp. | 4153164  |
| 89294 | PNC Financial Services Group, Inc. | 14348653  |
| 205013 | Regions Financial Corp. | 4184315  |
| 65055 | State Street Corp. | 5731345  |
| 87675 | Synchrony Financial | 4554716  |
| 296783 | Truist Financial Corp. | 11378660  |
| 351831 | U.S. Bancorp | 14192863  |
| 741751 | Wells Fargo & Co. | 52671739  |
|  |  | 564044857  |
|  | **Funds, Trusts, and Other Financial Vehicles — 0.2%**<br>|  |
| 50208 | T. Rowe Price Group, Inc. | 4445918  |
|  | **Insurance Carriers and Related Activities — 19.8%**<br>|  |
| 111634 | Aflac, Inc. | 12132383  |
| 59759 | Allstate Corp. | 11855588  |
| 133815 | American International Group, Inc. | 10908599  |
| 84542 | Arch Capital Group Ltd. ADR | 7666269  |

---

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

51<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY FINANCIAL BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Insurance Carriers and Related Activities — (Continued)**<br>|  |
| 57363 | Arthur J. Gallagher & Co. | $18395740  |
| 11568 | Assurant, Inc. | 2229616  |
| 413388 | Berkshire Hathaway, Inc. Class B<sup>(a)</sup> | 220439151  |
| 53528 | Brown & Brown, Inc. | 5920197  |
| 84045 | Chubb Limited ADR (Switzerland) | 24043594  |
| 35277 | Cincinnati Financial Corp. | 4910911  |
| 5622 | Erie Indemnity Co. Class A | 2016162  |
| 9696 | Everest Re Group Ltd. ADR | 3479216  |
| 18936 | Globe Life, Inc. | 2335566  |
| 39848 | Loews Corp. | 3460002  |
| 110770 | Marsh & McLennan Companies, Inc. | 24975312  |
| 130571 | MetLife, Inc. | 9841136  |
| 47457 | Principal Financial Group, Inc. | 3518936  |
| 132115 | Progressive Corp. | 37222080  |
| 79836 | Prudential Financial, Inc. | 8199956  |
| 64865 | The Hartford Insurance Group, Inc. | 7956989  |
| 51135 | Travelers Companies, Inc. | 13506288  |
| 67722 | W.R. Berkley Corp. | 4854990  |
| 22509 | Willis Towers Watson PLC ADR (Ireland) | 6928270  |
|  |  | 446796951  |
|  | **Management of Companies and Enterprises — 0.8%**<br>|  |
| 48779 | Aon PLC ADR (United Kingdom) | 17306302  |
|  | **Professional, Scientific, and Technical Services — 0.1%**<br>|  |
| 16437 | Jack Henry & Associates, Inc. | 2850669  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 12.2%**<br>|  |
| 100809 | Apollo Global Management, Inc. | 13758412  |
| 32834 | Blackrock, Inc. | 30018813  |
| 23607 | Cboe Global Markets, Inc. | 5236033  |
| 384330 | Charles Schwab Corp. | 31284462  |
| 81273 | CME Group, Inc. | 22519123  |
| 69916 | Franklin Resources, Inc.<sup>(b)</sup> | 1311624  |
| 70379 | Goldman Sachs Group, Inc. | 38536021  |
| 101037 | Invesco Ltd. ADR | 1407445  |
| 152250 | KKR & Co., Inc. | 17397608  |
| 8502 | MarketAxess Holdings, Inc. | 1883958  |
| 279073 | Morgan Stanley | 32210606  |
| 17510 | MSCI, Inc. Class A | 9544876  |
| 93337 | NASDAQ OMX Group, Inc. | 7113213  |
| 41595 | Raymond James Financial, Inc. | 5700179  |
| 71040 | S&P Global, Inc. | 35523552  |
| 165072 | The Blackstone Group, Inc. | 21741633  |
|  |  | 275187558  |

---

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

52<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY FINANCIAL BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Telecommunications — 0.7%**<br>|  |
| 223104 | PayPal Holdings, Inc.<sup>(a)</sup> | $14689167  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,336,083,085)** | $1539915312  |
|  | **SHORT TERM INVESTMENTS — 32.3%**<br>|  |
|  | **Money Market Funds — 32.3%**<br>|  |
| 418967501 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup>  | $418967501  |
| 55559380 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(c)</sup>  | 55559380  |
| 6775209 | &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund Institutional Shares, <br>4.23%<sup>(c)</sup>  | 6775209  |
| 247329096 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup>  | 247329096  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $728,631,186)** | $728631186  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $2,064,714,271) — 100.7%<sup>(e)</sup>** | $2268546498  |
|  | Liabilities in Excess of Other Assets — (0.7)% | (17867917)  |
|  | **TOTAL NET ASSETS — 100.0%** | $2250678581 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,858,426,760.

ADR - American Depository Receipt

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

53<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY FINANCIAL BULL 3X SHARES** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of Financial Select Sector Index | SOFR plus 0.99% | BNP Paribas | 12/5/2025 | 833694 | $511530267 | $(17441470)  |
|  Total return of Financial Select Sector Index | SOFR plus 0.89% | Goldman Sachs | 12/10/2025 | 592799 | 352003556 | 2417829  |
|  Total return of Financial Select Sector Index | SOFR plus 0.88% | Bank of America Merrill Lynch | 12/11/2025 | 1430368 | 842795890 | 13551811  |
|  Total return of Financial Select Sector Index | SOFR plus 0.85% | Societe Generale | 12/12/2025 | 511605 | 311117232 | (7933729)  |
|  Total return of Financial Select Sector Index | SOFR plus 0.85% | J.P. Morgan | 12/16/2025 | 2110974 | 1243235950 | 21498497  |
|  Total return of Financial Select Sector Index | SOFR plus 0.80% | UBS Securities LLC | 12/17/2025 | 1689299 | 1002596026 | 3645331  |
|  Total return of Financial Select Sector Index | SOFR plus 1.00% | Citibank N.A. | 12/19/2025 | 344869 | 201972530 | 2598680  |
|  Total return of Financial Select Sector Index | SOFR plus 0.88% | Barclays | 12/22/2025 | 1155610 | 690927663 | (4905321)  |
|  |  |  |  |  | $5156179114 | $13431628 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

54<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY FINANCIAL BEAR 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 99.5%**<br>|  |
|  | **Money Market Funds — 99.5%**<br>|  |
| 60904730 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $60904730  |
| 23251365 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 23251365  |
| 21846575 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 21846575  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $106,002,670)<sup>(b)</sup>** | $106002670  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $106,002,670) — 99.5%** | $106002670  |
|  | Other Assets in Excess of Liabilities — 0.5% | 535495  |
|  | **TOTAL NET ASSETS — 100.0%** | $106538165 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $59,443,415. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**<br>(Depreciation)  |
| SOFR plus 0.68% | Total return of Financial Select Sector Index | Goldman Sachs | 12/10/2025 | 73534 | $45183656 | &nbsp;&nbsp; $1242411  |
| SOFR plus 0.68% | Total return of Financial Select Sector Index | Bank of America Merrill Lynch | 12/11/2025 | 94231 | 59579026 | &nbsp;&nbsp; 3248172  |
| SOFR plus 0.53% | Total return of Financial Select Sector Index | Societe Generale | 12/12/2025 | 158000 | 96082961 | &nbsp;&nbsp; 2330376  |
| SOFR plus 0.65% | Total return of Financial Select Sector Index | J.P. Morgan | 12/16/2025 | 82582 | 51033918 | &nbsp;&nbsp; 1641534  |
| SOFR plus 0.50% | Total return of Financial Select Sector Index | UBS Securities LLC | 12/17/2025 | 123263 | 69836499 | &nbsp;&nbsp; (4023563)  |
|  |  |  |  |  | $321716060 | &nbsp;&nbsp; $4438930 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

55<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY HEALTHCARE BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 65.5%**<br>|  |
|  | **Ambulatory Health Care Services — 1.0%**<br>|  |
| 751 | DaVita, Inc.<sup>(a)</sup> | $106304  |
| 1423 | Labcorp Holdings, Inc. | 342957  |
| 947 | Molina Healthcare, Inc.<sup>(a)</sup> | 309679  |
| 1894 | Quest Diagnostics, Inc. | 337549  |
| 20358 | Viatris, Inc. | 171414  |
|  |  | 1267903  |
|  | **Chemical Manufacturing — 26.9%**<br>|  |
| 30110 | AbbVie, Inc. | 5874461  |
| 9163 | Amgen, Inc. | 2665700  |
| 2496 | Biogen, Inc.<sup>(a)</sup> | 302216  |
| 2697 | Bio-Techne Corp. | 135794  |
| 34612 | Bristol-Myers Squibb Co. | 1737522  |
| 13440 | Eli Lilly & Co. | 12081888  |
| 21257 | Gilead Sciences, Inc. | 2264721  |
| 2739 | Incyte Corp.<sup>(a)</sup> | 171626  |
| 43146 | Merck & Co., Inc. | 3676039  |
| 96658 | Pfizer, Inc. | 2359422  |
| 1795 | Regeneron Pharmaceuticals, Inc. | 1074774  |
| 4380 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 2231610  |
| 7638 | Zoetis, Inc. | 1194583  |
|  |  | 35770356  |
|  | **Computer and Electronic Product Manufacturing — 5.1%**<br>|  |
| 4866 | Agilent Technologies, Inc. | 523582  |
| 10916 | Danaher Corp. | 2175886  |
| 7801 | GE HealthCare Technologies, Inc. | 548644  |
| 3827 | Hologic, Inc.<sup>(a)</sup> | 222732  |
| 2075 | Revvity, Inc. | 193867  |
| 6524 | Thermo Fisher Scientific, Inc. | 2798796  |
| 1012 | Waters Corp.<sup>(a)</sup> | 351903  |
|  |  | 6815410  |
|  | **Health and Personal Care Retailers — 1.1%**<br>|  |
| 21505 | CVS Health Corp. | 1434599  |
|  | **Hospitals — 0.9%**<br>|  |
| 3049 | HCA Healthcare, Inc. | 1052149  |
| 1001 | Universal Health Services, Inc. Class B | 177247  |
|  |  | 1229396  |
|  | **Insurance Carriers and Related Activities — 8.1%**<br>|  |
| 8458 | Centene Corp.<sup>(a)</sup> | 506211  |
| 4670 | Cigna Corp. | 1587987  |
| 3956 | Elevance Health, Inc. | 1663814  |
| 2057 | Humana, Inc. | 539428  |
| 15696 | UnitedHealth Group, Inc. | 6457962  |
|  |  | 10755402  |

---

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

56<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY HEALTHCARE BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Machinery Manufacturing — 0.3%**<br>|  |
| 357 | Mettler-Toledo International, Inc.<sup>(a)</sup> | $382193  |
|  | **Management of Companies and Enterprises — 2.9%**<br>|  |
| 29583 | Abbott Laboratories | 3867977  |
|  | **Merchant Wholesalers, Durable Goods — 0.1%**<br>|  |
| 2127 | Henry Schein, Inc.<sup>(a)</sup> | 138191  |
|  | **Merchant Wholesalers, Nondurable Goods — 2.2%**<br>|  |
| 4120 | Cardinal Health, Inc. | 582115  |
| 2943 | Cencora, Inc. | 861328  |
| 2138 | McKesson Corp. | 1523945  |
|  |  | 2967388  |
|  | **Miscellaneous Manufacturing — 15.7%**<br>|  |
| 1197 | Align Technology, Inc.<sup>(a)</sup> | 207440  |
| 8709 | Baxter International, Inc. | 271460  |
| 4898 | Becton, Dickinson & Co. | 1014327  |
| 25138 | Boston Scientific Corp.<sup>(a)</sup> | 2585946  |
| 6663 | DexCom, Inc.<sup>(a)</sup> | 475605  |
| 10059 | Edwards Lifesciences Corp.<sup>(a)</sup> | 759354  |
| 1196 | Insulet Corp.<sup>(a)</sup> | 301739  |
| 6083 | Intuitive Surgical, Inc.<sup>(a)</sup> | 3137611  |
| 41065 | Johnson & Johnson | 6418870  |
| 21872 | Medtronic PLC ADR (Ireland)  | 1853871  |
| 2505 | ResMed, Inc. | 592658  |
| 2358 | Solventum Corp.<sup>(a)</sup> | 155911  |
| 1676 | Steris PLC ADR (Ireland)  | 376664  |
| 5858 | Stryker Corp. | 2190423  |
| 3405 | The Cooper Companys, Inc.<sup>(a)</sup> | 278086  |
| 3395 | Zimmer Biomet Holdings, Inc. | 349855  |
|  |  | 20969820  |
|  | **Plastics and Rubber Products Manufacturing — 0.2%**<br>|  |
| 1235 | West Pharmaceutical Services, Inc. | 260943  |
|  | **Professional, Scientific, and Technical Services — 1.0%**<br>|  |
| 872 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 103436  |
| 1397 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 604412  |
| 2853 | IQVIA Holdings, Inc.<sup>(a)</sup> | 442415  |
| 5776 | Moderna, Inc.<sup>(a)</sup> | 164847  |
|  |  | 1315110  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $77,713,377)** | $87174688  |

---

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

57<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY HEALTHCARE BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 33.8%**<br>|  |
|  | **Money Market Funds — 33.8%**<br>|  |
| 27102088 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup>  | $27102088  |
| 461802 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup> | 461802  |
| 17531857 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 17531857  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $45,095,747)** | $45095747  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $122,809,124) — 99.3%<sup>(c)</sup>** | $132270435  |
|  | Other Assets in Excess of Liabilities — 0.7% | 989121  |
|  | **TOTAL NET ASSETS — 100.0%** | $133259556 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $112,770,103. 

ADR - American Depository Receipt

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of Health Care Select Sector Index | SOFR plus 0.80% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 83006 | $116334908 | &nbsp;&nbsp;&nbsp; $746678  |
|  Total return of Health Care Select Sector Index | SOFR plus 0.75% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 70000 | 98766926 | &nbsp;&nbsp;&nbsp; (527472)  |
|  Total return of Health Care Select Sector Index | SOFR plus 0.90% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 21973 | 30680539 | &nbsp;&nbsp;&nbsp; 125062  |
|  Total return of Health Care Select Sector Index | SOFR plus 0.80% | Barclays | 12/22/2025 | &nbsp;&nbsp; 45252 | 63750657 | &nbsp;&nbsp;&nbsp; 155348  |
|  |  |  |  |  | $309533030 | &nbsp;&nbsp;&nbsp; $499616 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

58<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Homebuilders & Supplies Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — 58.9%**<br>|  |
|  | **Building Material and Garden Equipment and Supplies Dealers — 5.7%**<br>|  |
| 29661 | Lowe's Companies, Inc.  | $6631013  |
| 30005 | MasterBrand, Inc.<sup>(a)</sup> | 364561  |
| 18569 | The Home Depot, Inc.  | 6693939  |
|  |  | 13689513  |
|  | **Construction of Buildings — 33.5%**<br>|  |
| 16537 | Beazer Homes USA, Inc.<sup>(a)</sup> | 323464  |
| 15706 | Century Communities, Inc.  | 856605  |
| 163487 | D.R. Horton, Inc.  | 20654948  |
| 15796 | Dream Finders Home, Inc.<sup>(a)(b)</sup> | 357937  |
| 17698 | Green Brick Partners , Inc.<sup>(a)</sup> | 1044005  |
| 2667 | Hovnanian Enterprises, Inc.<sup>(a)</sup> | 258166  |
| 40004 | KB Home  | 2161416  |
| 6272 | Lennar Corp.  | 648337  |
| 134610 | Lennar Corp. Class A<sup>(b)</sup> | 14619992  |
| 11928 | LGI Homes, Inc.<sup>(a)</sup> | 651388  |
| 15682 | M/I Homes, Inc.<sup>(a)</sup> | 1672956  |
| 41711 | Meritage Homes Corp.  | 2842188  |
| 1721 | NVR, Inc.<sup>(a)</sup> | 12263416  |
| 116707 | PulteGroup, Inc.  | 11971804  |
| 59652 | Taylor Morrison Home Corp.<sup>(a)</sup> | 3421042  |
| 57582 | Toll Brothers, Inc.  | 5808296  |
| 53950 | TRI Pointe Group, Inc.<sup>(a)</sup> | 1658962  |
|  |  | 81214922  |
|  | **Furniture and Related Product Manufacturing — 0.2%**<br>|  |
| 3555 | American Woodmark Corp.<sup>(a)</sup> | 209745  |
| 9794 | La-Z-Boy, Inc.<sup>(b)</sup> | 386863  |
|  |  | 596608  |
|  | **Furniture, Home Furnishings, Electronics, and Appliance Retailers — 0.9%**<br>|  |
| 12608 | Arhaus, Inc.<sup>(a)(b)</sup> | 99099  |
| 5342 | Ethan Allen Interiors, Inc.  | 151873  |
| 25313 | Floor & Decor Holdings, Inc. Class A<sup>(a)</sup> | 1808361  |
|  |  | 2059333  |
|  | **Machinery Manufacturing — 0.2%**<br>|  |
| 33564 | Hayward Holdings, Inc.<sup>(a)</sup> | 447408  |
|  | **Management of Companies and Enterprises — 0.7%**<br>|  |
| 33916 | AZEK Company, Inc.<sup>(a)</sup> | 1680877  |
|  | **Merchant Wholesalers, Durable Goods — 4.6%**<br>|  |
| 27167 | Builders FirstSource, Inc.<sup>(a)</sup> | 3249988  |
| 29326 | Fortune Brands Innovations, Inc.  | 1578325  |
| 9313 | Griffon Corp.  | 634308  |
| 31727 | Leggett & Platt, Inc.  | 305214  |
| 7561 | Lennox International, Inc.  | 4133977  |
| 12367 | Mohawk Industries, Inc.<sup>(a)</sup> | 1315231  |
|  |  | 11217043  |

---

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

59<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Homebuilders & Supplies Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Merchant Wholesalers, Nondurable Goods — 2.8%**<br>|  |
| 19360 | The Sherwin Williams Co.  | $6832531  |
|  | **Nonmetallic Mineral Product Manufacturing — 2.0%**<br>|  |
| 7859 | Eagle Materials, Inc.  | 1779199  |
| 20250 | Owens Corning  | 2944553  |
| 11144 | Quanex Building Products Corp.  | 183207  |
|  |  | 4906959  |
|  | **Primary Metal Manufacturing — 0.2%**<br>|  |
| 7163 | Gibraltar Industries, Inc.<sup>(a)</sup> | 379281  |
|  | **Professional, Scientific, and Technical Services — 0.6%**<br>|  |
| 9953 | Simpson Manufacturing Co., Inc.  | 1529676  |
|  | **Specialty Trade Contractors — 3.0%**<br>|  |
| 13388 | Installed Building Products, Inc.<sup>(b)</sup> | 2220132  |
| 16903 | TopBuild Corp.<sup>(a)</sup> | 4999231  |
|  |  | 7219363  |
|  | **Wood Product Manufacturing — 4.5%**<br>|  |
| 4619 | Cavco Industries, Inc.<sup>(a)</sup> | 2281093  |
| 30375 | Champion Homes, Inc.<sup>(a)</sup> | 2627438  |
| 19975 | JELD-WEN Holding, Inc.<sup>(a)</sup> | 110262  |
| 50041 | Masco Corp.  | 3032985  |
| 25292 | Trex Company, Inc.<sup>(a)(b)</sup> | 1462383  |
| 14332 | UFP Industries, Inc.  | 1416718  |
|  |  | 10930879  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $158,962,136)** | $142704393  |
|  | **SHORT TERM INVESTMENTS — 57.0%**<br>|  |
|  | **Money Market Funds — 57.0%**<br>|  |
| 76198771 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $76198771  |
| 14446150 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(c)</sup> | 14446150  |
| 9610000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(c)</sup> | 9610000  |
| 37946688 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 37946688  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $138,201,609)**  | $138201609  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $297,163,745) — 115.9%<sup>(e)</sup>** | $280906002  |
|  | Liabilities in Excess of Other Assets — (15.9)% | (38595235)  |
|  | **TOTAL NET ASSETS — 100.0%** | $242310767 |

---

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

60<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Homebuilders & Supplies Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $228,803,996. 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
|  Total return of Dow Jones U.S. Select Home Construction Index | SOFR plus 0.90% | BNP Paribas | 12/5/2025 | &nbsp;&nbsp; 4721 | $85544476 | $(7885914)  |
|  Total return of Dow Jones U.S. Select Home Construction Index | SOFR plus 1.00% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 3372 | 65372260 | (10158483)  |
|  Total return of Dow Jones U.S. Select Home Construction Index | SOFR plus 0.72% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 7276 | 120780396 | (329679)  |
|  Total return of Dow Jones U.S. Select Home Construction Index | SOFR plus 0.75% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 12052 | 213915497 | (15654573)  |
|  Total return of Dow Jones U.S. Select Home Construction Index | SOFR plus 0.85% | Barclays | 12/22/2025 | &nbsp;&nbsp; 7779 | 131510201 | (2763269)  |
|  |  |  |  |  | $617122830 | $(36791918) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

61<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Industrials Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 67.8%**<br>|  |
|  | **Administrative and Support Services — 7.8%**<br>|  |
| 430 | Allegion PLC ADR (Ireland) | $59856  |
| 2013 | Automatic Data Processing, Inc. | 605108  |
| 579 | Broadridge Financial Solutions, Inc. | 140350  |
| 613 | Equifax, Inc. | 159460  |
| 1389 | Rollins, Inc. | 79353  |
| 10334 | Uber Technologies, Inc.<sup>(a)</sup> | 837157  |
| 1807 | Waste Management, Inc. | 421681  |
|  |  | 2302965  |
|  | **Air Transportation — 1.1%**<br>|  |
| 3174 | Delta Air Lines, Inc. | 132134  |
| 2931 | Southwest Airlines Co.<sup>(b)</sup> | 81951  |
| 1627 | United Continental Holdings, Inc.<sup>(a)</sup> | 111970  |
|  |  | 326055  |
|  | **Apparel Manufacturing — 1.2%**<br>|  |
| 1698 | Cintas Corp. | 359433  |
|  | **Building Material and Garden Equipment and Supplies Dealers — 0.3%**<br>|  |
| 260 | Snap-on, Inc. | 81591  |
|  | **Computer and Electronic Product Manufacturing — 6.7%**<br>|  |
| 1145 | AMETEK, Inc. | 194169  |
| 1687 | Fortive Corp. | 117567  |
| 932 | L3Harris Technologies, Inc. | 205059  |
| 672 | Northrop Grumman Corp. | 326928  |
| 1962 | Otis Worldwide Corp. | 188882  |
| 6589 | RTX Corp. | 831070  |
| 1223 | Veralto Corp. | 117286  |
|  |  | 1980961  |
|  | **Couriers and Messengers — 2.0%**<br>|  |
| 1096 | FedEx Corp. | 230521  |
| 3619 | United Parcel Service, Inc. Class B | 344891  |
|  |  | 575412  |
|  | **Electrical Equipment, Appliance, and Component Manufacturing — 2.5%**<br>|  |
| 584 | A.O. Smith Corp. | 39630  |
| 358 | Axon Enterprise, Inc.<sup>(a)</sup> | 219562  |
| 2790 | Emerson Electric Co. | 293257  |
| 295 | Generac Holdings, Inc.<sup>(a)</sup> | 33742  |
| 559 | Rockwell Automation, Inc. | 138453  |
|  |  | 724644  |
|  | **Fabricated Metal Product Manufacturing — 0.4%**<br>|  |
| 818 | Pentair PLC ADR (Ireland) | 74217  |
| 763 | Stanley Black & Decker, Inc. | 45795  |
|  |  | 120012 |

---

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

62<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Industrials Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Machinery Manufacturing — 13.8%**<br>|  |
| 3994 | Carrier Global Corp. | $249785  |
| 2364 | Caterpillar, Inc. | 731114  |
| 680 | Cummins, Inc. | 199811  |
| 1254 | Deere & Co. | 581304  |
| 5310 | General Electric Co. | 1070178  |
| 374 | IDEX Corp. | 65065  |
| 1993 | Ingersoll Rand, Inc. | 150332  |
| 268 | Nordson Corp. | 50805  |
| 637 | Parker Hannifin Corp. | 385423  |
| 1110 | Trane Technologies PLC ADR (Ireland) | 425474  |
| 1202 | Xylem, Inc. | 144925  |
|  |  | 4054216  |
|  | **Merchant Wholesalers, Durable Goods — 4.4%**<br>|  |
| 569 | Builders FirstSource, Inc.<sup>(a)</sup> | 68070  |
| 4337 | Copart, Inc.<sup>(a)</sup> | 264687  |
| 2836 | Fastenal Co. | 229631  |
| 265 | Hubbell, Inc. | 96243  |
| 194 | Huntington Ingalls Industries, Inc. | 44686  |
| 3266 | Johnson Controls International PLC ADR (Ireland) | 274017  |
| 159 | Lennox International, Inc. | 86933  |
| 219 | W.W. Grainger, Inc. | 224324  |
|  |  | 1288591  |
|  | **Merchant Wholesalers, Nondurable Goods — 1.1%**<br>|  |
| 1321 | Illinois Tool Works, Inc. | 316921  |
|  | **Miscellaneous Manufacturing — 1.9%**<br>|  |
| 2686 | 3M Co. | 373112  |
| 679 | Dover Corp. | 115872  |
| 903 | Textron, Inc. | 63544  |
|  |  | 552528  |
|  | **National Security and International Affairs — 0.3%**<br>|  |
| 649 | Leidos Holdings, Inc. | 95520  |
|  | **Primary Metal Manufacturing — 0.9%**<br>|  |
| 2004 | Howmet Aerospace, Inc. | 277714  |
|  | **Professional, Scientific, and Technical Services — 3.9%**<br>|  |
| 1955 | Eaton Corporation PLC ADR (Ireland) | 575493  |
| 607 | Jacobs Solutions, Inc. | 75147  |
| 1586 | Paychex, Inc. | 233332  |
| 233 | Paycom Software, Inc. | 52749  |
| 699 | Verisk Analytics, Inc. Class A | 207205  |
|  |  | 1143926  |

---

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

63<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Industrials Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Publishing Industries — 0.2%**<br>|  |
| 787 | Dayforce, Inc.<sup>(a)</sup> | $45544  |
|  | **Rail Transportation — 3.1%**<br>|  |
| 9539 | CSX Corp. | 267760  |
| 2990 | Union Pacific Corp. | 644823  |
|  |  | 912583  |
|  | **Rental and Leasing Services — 0.7%**<br>|  |
| 323 | United Rentals, Inc. | 203958  |
|  | **Specialty Trade Contractors — 0.7%**<br>|  |
| 730 | Quanta Services, Inc. | 213664  |
|  | **Support Activities for Transportation — 1.5%**<br>|  |
| 587 | C.H. Robinson Worldwide, Inc. | 52372  |
| 693 | Expeditors International of Washington, Inc. | 76168  |
| 393 | J.B. Hunt Transport Services, Inc. | 51318  |
| 1120 | Norfolk Southern Corp. | 250936  |
|  |  | 430794  |
|  | **Transportation Equipment Manufacturing — 10.1%**<br>|  |
| 3711 | Boeing Co.<sup>(a)</sup> | 680004  |
| 1255 | General Dynamics Corp. | 341511  |
| 3217 | Honeywell International, Inc. | 677178  |
| 1036 | Lockheed Martin Corp. | 494949  |
| 2594 | Paccar, Inc. | 234005  |
| 278 | TransDigm Group, Inc. | 392833  |
| 845 | Wabtec Corp. | 156105  |
|  |  | 2976585  |
|  | **Truck Transportation — 0.5%**<br>|  |
| 929 | Old Dominion Freight Line, Inc. | 142397  |
|  | **Utilities — 1.7%**<br>|  |
| 1365 | GE Vernova, Inc. | 506169  |
|  | **Waste Management and Remediation Services — 0.9%**<br>|  |
| 1004 | Republic Services, Inc. | 251753  |
|  | **Wood Product Manufacturing — 0.1%**<br>|  |
| 1048 | Masco Corp. | 63519  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $18,581,197)** | $19947455  |

---

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

64<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Industrials Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 35.1%**<br>|  |
|  | **Money Market Funds — 35.1%**<br>|  |
| 5561442 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)</sup> | $5561442  |
| 114 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(c)</sup> | 114  |
| 4751952 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 4751952  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $10,313,508)** | $10313508  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $28,894,705) — 102.9%<sup>(d)</sup>** | $30260963  |
|  | Liabilities in Excess of Other Assets — (2.9)% | (850834)  |
|  | **TOTAL NET ASSETS — 100.0%** | $29410129 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $22,691,296.

ADR - American Depository Receipt

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized**<br>**Appreciation**<br>(Depreciation)  |
|  Total return of Industrials Select Sector Index | SOFR plus 0.78% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 17328 | $23493895 | &nbsp;&nbsp;&nbsp; $(753217)  |
|  Total return of Industrials Select Sector Index | SOFR plus 0.75% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 11431 | 15325107 | &nbsp;&nbsp;&nbsp; (318290)  |
|  Total return of Industrials Select Sector Index | SOFR plus 0.80% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 12385 | 16159728 | &nbsp;&nbsp;&nbsp; 92653  |
|  Total return of Industrials Select Sector Index | SOFR plus 0.80% | Barclays | 12/22/2025 | &nbsp;&nbsp; 10412 | 13339151 | &nbsp;&nbsp;&nbsp; 416167  |
|  |  |  |  |  | $68317881 | &nbsp;&nbsp;&nbsp; $(562687) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

65<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Pharmaceutical & Medical Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 69.8%**<br>|  |
|  | **Administrative and Support Services — 2.8%**<br>|  |
| 11440 | Royalty Pharma PLC ADR (United Kingdom) | $375461  |
|  | **Ambulatory Health Care Services — 5.1%**<br>|  |
| 3147 | Axsome Therapeutics, Inc.<sup>(a)</sup> | 353377  |
| 40670 | Viatris, Inc. | 342441  |
|  |  | 695818 |
|  | **Chemical Manufacturing — 48.6%**<br>|  |
| 9368 | Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 228673  |
| 2900 | ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 205378  |
| 6283 | Bristol-Myers Squibb Co. | 315406  |
| 5869 | Collegium Pharmaceutical, Inc.<sup>(a)(b)</sup> | 158434  |
| 6832 | Corcept Therapeutics, Inc.<sup>(a)</sup> | 491084  |
| 11166 | CorMedix, Inc.<sup>(a)</sup> | 102615  |
| 14082 | Edgewise Therapeutics, Inc.<sup>(a)</sup> | 230945  |
| 36168 | Elanco Animal Health, Inc.<sup>(a)</sup> | 342873  |
| 457 | Eli Lilly & Co. | 410820  |
| 3101 | Enliven Therapeutics, Inc.<sup>(a)(b)</sup> | 58733  |
| 46813 | Esperion Therapeutics, Inc.<sup>(a)</sup> | 46785  |
| 8513 | Evolus, Inc.<sup>(a)</sup> | 97048  |
| 8698 | Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 256330  |
| 8136 | Innoviva, Inc.<sup>(a)</sup> | 152062  |
| 2801 | Jazz Pharmaceuticals PLC ADR (Ireland)<sup>(a)</sup> | 327605  |
| 1600 | Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 175776  |
| 4026 | Merck & Co., Inc. | 343015  |
| 12762 | Ocular Therapeutix, Inc.<sup>(a)</sup> | 105925  |
| 25053 | Organon & Co. | 323935  |
| 11634 | Pacira BioSciences, Inc.<sup>(a)</sup> | 312955  |
| 13675 | Perrigo Co. PLC ADR (Ireland) | 351721  |
| 14617 | Pfizer, Inc. | 356801  |
| 2473 | Phibro Animal Health Corp. | 46023  |
| 4278 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 347502  |
| 6260 | Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 203325  |
| 15185 | Wave Life Sciences Ltd. ADR (Singapore)<sup>(a)</sup> | 117228  |
| 17295 | Xeris Biopharma Holdings, Inc.<sup>(a)</sup> | 79038  |
| 5990 | Zevra Therapeutics, Inc.<sup>(a)</sup> | 43907  |
| 2324 | Zoetis, Inc. | 363474  |
|  |  | 6595416  |
|  | **Merchant Wholesalers, Nondurable Goods — 3.8%**<br>|  |
| 16045 | Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | 122905  |
| 7586 | Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 393789  |
|  |  | 516694  |
|  | **Miscellaneous Manufacturing — 3.2%**<br>|  |
| 11027 | EyePoint Pharmaceuticals, Inc.<sup>(a)</sup> | 75204  |
| 2307 | Johnson & Johnson | 360607  |
|  |  | 435811  |

---

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

66<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Pharmaceutical & Medical Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Professional, Scientific, and Technical Services — 5.0%**<br>|  |
| 28948 | Arvinas, Inc.<sup>(a)</sup> | $278480  |
| 6901 | Harrow, Inc.<sup>(a)</sup> | 170938  |
| 11331 | Liquidia Corp.<sup>(a)</sup> | 158294  |
| 10099 | Omeros Corp.<sup>(a)(b)</sup> | 74227  |
|  |  | 681939  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 0.6%**<br>|  |
| 36489 | Nuvation Bio, Inc.<sup>(a)</sup> | 82100  |
|  | **Support Activities for Mining — 0.7%**<br>|  |
| 15877 | Mind Medicine MindMed, Inc. ADR (Canada)<sup>(a)(b)</sup> | 101454  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $8,829,954)** | $9484693  |
|  | **SHORT TERM INVESTMENTS — 36.2%**<br>|  |
|  | **Money Market Funds — 36.2%**<br>|  |
| 1969306 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $1969306  |
| 1100000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(c)</sup> | 1100000  |
| 1843384 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 1843384  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $4,912,690)** | $4912690  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $13,742,644) — 106.0%<sup>(e)</sup>** | $14397383  |
|  | Liabilities in Excess of Other Assets — (6.0)% | (813076)  |
|  | **TOTAL NET ASSETS — 100.0%** | $13584307 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $9,945,714.

ADR - American Depository Receipt

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

67<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Pharmaceutical & Medical Bull 3X Shares** 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of S&P Pharmaceuticals Select Industry Index | SOFR plus 0.75% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp;&nbsp; 2548 | $12283757 | &nbsp;&nbsp;&nbsp; $(349907)  |
|  Total return of S&P Pharmaceuticals Select Industry Index | SOFR plus 0.85% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 1943 | 9641419 | &nbsp;&nbsp;&nbsp; (587801)  |
|  Total return of S&P Pharmaceuticals Select Industry Index | SOFR plus 0.73% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 2114 | 9500142 | &nbsp;&nbsp;&nbsp; 486182  |
|  |  |  |  |  | $31425318 | &nbsp;&nbsp;&nbsp; $(451526) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

68<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Real Estate Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 73.7%**<br>|  |
|  | **Accommodation — 0.7%**<br>|  |
| 28268 | Host Hotels & Resorts, Inc. | $399144  |
|  | **Administrative and Support Services — 1.8%**<br>|  |
| 11885 | Iron Mountain, Inc. | 1065728  |
|  | **Professional, Scientific, and Technical Services — 2.1%**<br>|  |
| 8571 | Extra Space Storage, Inc. | 1255823  |
|  | **Real Estate — 59.3%**<br>|  |
| 6231 | Alexandria Real Estate Equities, Inc. | 452745  |
| 18902 | American Tower Corp. | 4260700  |
| 5747 | AvalonBay Communities, Inc. | 1206755  |
| 5888 | BXP, Inc. | 375242  |
| 4312 | Camden Property Trust | 490706  |
| 11954 | CBRE Group, Inc. Class A<sup>(a)</sup> | 1460540  |
| 17581 | Crown Castle, Inc. | 1859367  |
| 12798 | Digital Realty Trust, Inc. | 2054591  |
| 13820 | Equity Residential | 970993  |
| 2602 | Essex Property Trust, Inc. | 726348  |
| 3122 | Federal Realty Investment Trust | 293530  |
| 28293 | Healthpeak Properties, Inc. | 504747  |
| 23043 | Invitation Homes, Inc. | 787840  |
| 27478 | Kimco Realty Corp. | 549011  |
| 4725 | Mid-America Apartment Communities, Inc. | 754346  |
| 37486 | Prologis, Inc. | 3831069  |
| 6371 | Public Storage | 1914040  |
| 35391 | Realty Income Corp. | 2047723  |
| 6601 | Regency Centers Corp. | 476460  |
| 12402 | Simon Property Group, Inc. | 1951827  |
| 12174 | UDR, Inc. | 509847  |
| 17680 | Ventas, Inc. | 1239014  |
| 42636 | VICI Properties, Inc. | 1365205  |
| 24637 | Welltower, Inc. | 3759360  |
| 29343 | Weyerhaeuser Co. | 760277  |
|  |  | 34602283  |
|  | **Telecommunications — 7.6%**<br>|  |
| 3938 | Equinix, Inc. | 3389633  |
| 4350 | SBA Communications Corp. | 1058790  |
|  |  | 4448423  |
|  | &nbsp;&nbsp;&nbsp; **Web Search Portals, Libraries, Archives, and Other Information** <br>**Services — 2.2%**<br>|  |
| 17046 | CoStar Group, Inc.<sup>(a)</sup> | 1264302  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $44,036,119)** | $43035703  |

---

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

69<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Real Estate Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 28.5%**<br>|  |
|  | **Money Market Funds — 28.5%**<br>|  |
| 9690517 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $9690517  |
| 6928475 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 6928475  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $16,618,992)** | $16618992  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $60,655,111) — 102.2%<sup>(c)</sup>** | $59654695  |
|  | Liabilities in Excess of Other Assets — (2.2)% | (1276730)  |
|  | **TOTAL NET ASSETS — 100.0%** | $58377965 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $47,280,062. 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of Real Estate Select Sector Index | SOFR plus 1.05% | Bank of America Merrill Lynch | 12/11/2025 | 93938 | $19148418 | &nbsp;&nbsp; $(123953)  |
|  Total return of Real Estate Select Sector Index | SOFR plus 0.80% | J.P. Morgan | 12/16/2025 | 400400 | 82144402 | &nbsp;&nbsp; (1327458)  |
|  Total return of Real Estate Select Sector Index | SOFR plus 0.35% | UBS Securities LLC | 12/17/2025 | 156560 | 30386420 | &nbsp;&nbsp; 1352007  |
|  |  |  |  |  | $131679240 | &nbsp;&nbsp; $(99404) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

70<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Real Estate Bear 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 103.3%**<br>|  |
|  | **Money Market Funds — 103.3%**<br>|  |
| 20359832 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $20359832  |
| 27696008 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 27696008  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $48,055,840)<sup>(b)</sup>** | $48055840  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $48,055,840) — 103.3%** | $48055840  |
|  | Liabilities in Excess of Other Assets — (3.3)% | (1537356)  |
|  | **TOTAL NET ASSETS — 100.0%** | $46518484 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $31,224,552. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR plus 0.85% | Total return of Real Estate Select Sector Index | Bank of America Merrill Lynch | 12/11/2025 | 281668 | $55841648 | &nbsp;&nbsp; $(1180532)  |
| SOFR plus 0.60% | Total return of Real Estate Select Sector Index | J.P. Morgan | 12/16/2025 | 305308 | 63916230 | &nbsp;&nbsp; 2329813  |
| SOFR plus 0.02% | Total return of Real Estate Select Sector Index | UBS Securities LLC | 12/17/2025 | 100669 | 20465395 | &nbsp;&nbsp; 89952  |
|  |  |  |  |  | $140223273 | &nbsp;&nbsp; $1239233 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

71<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY REGIONAL BANKS BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 67.8%**<br>|  |
|  | **Credit Intermediation and Related Activities — 60.5%**<br>|  |
| 9957 | 1st Source Corp. | $596922  |
| 31368 | Amalgamated Financial Corp. | 883323  |
| 28714 | Amerant Bancorp, Inc. | 483544  |
| 56134 | Ameris Bancorp | 3289452  |
| 222517 | Associated Banc-Corp. | 4908725  |
| 134336 | Atlantic Union Bankshares Corp. | 3721107  |
| 57806 | Axos Financial, Inc.<sup>(a)</sup> | 3669525  |
| 14528 | BancFirst Corp. | 1711689  |
| 50234 | Bank of Hawaii Corp. | 3320970  |
| 167085 | Bank OZK<sup>(b)</sup> | 7117821  |
| 103571 | BankUnited, Inc. | 3387807  |
| 31972 | Banner Corp. | 1954768  |
| 55666 | Berkshire Hills Bancorp, Inc. | 1382187  |
| 20023 | BOK Financial Corp. | 1865543  |
| 83339 | Brookline Bancorp, Inc. | 870059  |
| 162665 | Cadence Bank | 4759578  |
| 10051 | Camden National Corp. | 387165  |
| 101483 | Capitol Federal Financial, Inc. | 575409  |
| 49104 | Cathay General Bancorp | 2047146  |
| 269992 | Citizens Financial Group, Inc. | 9960005  |
| 7134 | City Holding Co.<sup>(b)</sup> | 826617  |
| 14796 | Coastal Financial Corp.<sup>(a)</sup> | 1215491  |
| 212530 | Columbia Banking System, Inc.<sup>(b)</sup> | 4764923  |
| 73877 | Commerce Bancshares, Inc. | 4487289  |
| 29989 | Community Bank System, Inc. | 1637100  |
| 8543 | Community Trust Bancorp, Inc. | 418265  |
| 27081 | ConnectOne Bancorp, Inc. | 610135  |
| 41715 | Customers Bancorp, Inc.<sup>(a)</sup> | 2085750  |
| 120924 | CVB Financial Corp. | 2241931  |
| 42985 | Dime Community Bancshares, Inc. | 1104285  |
| 42822 | Eagle Bancorp, Inc. | 768655  |
| 127899 | East West Bancorp, Inc. | 10941759  |
| 140126 | Eastern Bankshares, Inc. | 2090680  |
| 22271 | Enterprise Financial Services Corp. | 1158537  |
| 357053 | F.N.B. Corp. | 4673824  |
| 23534 | FB Financial Corp. | 1001607  |
| 24872 | First Bancorp | 1006321  |
| 137669 | First BanCorp ADR | 2703819  |
| 45588 | First Busey Corp. | 947775  |
| 83496 | First Commonwealth Financial Corp. | 1279159  |
| 56207 | First Financial Bancorp | 1301192  |
| 65758 | First Financial Bankshares, Inc. | 2203551  |
| 6779 | First Financial Corp. | 334883  |
| 98436 | First Hawaiian, Inc. | 2250247  |
| 583370 | First Horizon National Corp. | 10547330  |
| 31944 | First Merchants Corp. | 1138484  |

---

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

72<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY REGIONAL BANKS BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Credit Intermediation and Related Activities — (Continued)**<br>|  |
| 659353 | Flagstar Financial, Inc. | $7721024  |
| 42233 | Flushing Financial Corp. | 505529  |
| 166208 | Fulton Financial Corp. | 2772349  |
| 4477 | Great Southern Bancorp, Inc. | 246235  |
| 88589 | Hancock Whitney Corp. | 4614601  |
| 28794 | Hanmi Financial Corp. Class A | 658519  |
| 22497 | HarborOne Bancorp, Inc. | 254666  |
| 47718 | Heritage Commerce Corp. | 431371  |
| 25599 | Heritage Financial Corp. | 584169  |
| 50466 | Hilltop Holdings, Inc. | 1490261  |
| 93144 | Hope Bancorp, Inc. | 928646  |
| 21457 | Horizon Bancorp, Inc. | 314989  |
| 750965 | Huntington Bancshares, Inc. | 10911521  |
| 35628 | Independent Bank Corp. (Massachusetts) | 2105259  |
| 16216 | Independent Bank Corp. (Michigan) | 493939  |
| 34820 | International Bancshares Corp. | 2125413  |
| 46285 | Kearny Financial Corp. | 289744  |
| 16197 | Lakeland Financial Corp. | 901687  |
| 32721 | Live Oak Bancshares, Inc. | 855327  |
| 63500 | M&T Bank Corp. | 10779760  |
| 9737 | Mercantile Bank Corp. | 411972  |
| 26889 | Meta Financial Group, Inc. | 2134180  |
| 13988 | Midland States Bancorp, Inc. | 227725  |
| 28569 | NBT Bancorp, Inc.<sup>(b)</sup> | 1209611  |
| 6735 | Nicolet Bankshares, Inc. | 786715  |
| 6629 | Northeast Bank | 549014  |
| 24599 | Northfield Bancorp, Inc. | 259519  |
| 40964 | OceanFirst Financial Corp. | 678364  |
| 47698 | OFG Bancorp ADR | 1876916  |
| 398667 | Old National Bancorp | 8208554  |
| 33955 | Old Second Bancorp, Inc. | 536149  |
| 21635 | Origin Bancorp, Inc. | 693185  |
| 16504 | Orrstown Financial Services, Inc. | 494625  |
| 78872 | Pacific Premier Bancorp, Inc. | 1604257  |
| 7667 | Park National Corp. | 1150817  |
| 12030 | Peapack-Gladstone Financial Corp. | 332990  |
| 18706 | Peoples Bancorp, Inc. | 542661  |
| 73558 | Pinnacle Financial Partners, Inc. | 7373454  |
| 70947 | Popular, Inc. ADR | 6769763  |
| 11962 | Preferred Bank | 955285  |
| 71188 | Prosperity Bancshares, Inc. | 4833665  |
| 83344 | Provident Financial Services, Inc. | 1364341  |
| 518828 | Regions Financial Corp. | 10589279  |
| 72015 | Renasant Corp. | 2309521  |
| 22772 | S&T Bancorp, Inc. | 829812  |

---

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

73<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY REGIONAL BANKS BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Credit Intermediation and Related Activities — (Continued)**<br>|  |
| 53807 | Seacoast Banking Corp. of Florida | $1275764  |
| 80744 | Simmons First National Corp. | 1506683  |
| 15291 | Southside Bancshares, Inc. | 431053  |
| 21422 | Stellar Bancorp, Inc. | 534693  |
| 197724 | Synovus Financial Corp. | 8565404  |
| 59852 | Texas Capital Bancshares, Inc.<sup>(a)</sup> | 4078914  |
| 39439 | TFS Financial Corp. | 511129  |
| 58549 | The Bancorp, Inc.<sup>(a)</sup> | 2828502  |
| 1841 | The Hingham Institution for Savings<sup>(b)</sup> | 459440  |
| 7127 | Tompkins Financial Corp. | 424769  |
| 29941 | Towne Bank | 986556  |
| 15307 | TriCo Bancshares | 590544  |
| 23526 | Triumph Financial, Inc.<sup>(a)</sup> | 1256759  |
| 274260 | Truist Financial Corp. | 10515128  |
| 13283 | TrustCo Bank Corp. NY | 404467  |
| 39678 | Trustmark Corp. | 1331197  |
| 77725 | UMB Financial Corp. | 7350453  |
| 80920 | United Bankshares, Inc. | 2774747  |
| 89546 | United Community Banks, Inc. | 2472365  |
| 14528 | Univest Financial Corp. | 429157  |
| 1137059 | Valley National Bancorp | 9778707  |
| 70243 | WaFd, Inc. | 2004033  |
| 26458 | Washington Trust Bancorp, Inc. | 730241  |
| 134681 | Webster Financial Corp. | 6370411  |
| 66732 | WesBanco, Inc. | 1987279  |
| 15394 | Westamerica Bancorp | 745531  |
| 144150 | Western Alliance Bancorp | 10048697  |
| 66758 | Wintrust Financial Corp. | 7421487  |
| 38883 | WSFS Financial Corp. | 2004419  |
| 201085 | Zions Bancorp | 9042792  |
|  |  | 325201058  |
|  | **Management of Companies and Enterprises — 7.2%**<br>|  |
| 285174 | Banc of California, Inc. | 3844146  |
| 17232 | Byline Bancorp, Inc. | 440105  |
| 25712 | Central Pacific Financial Corp. | 660541  |
| 12464 | Colombia Financial, Inc.<sup>(a)</sup> | 167890  |
| 57095 | Cullen/Frost Bankers, Inc. | 6649855  |
| 8940 | Esquire Financial Holdings, Inc. | 741305  |
| 75715 | First Foundation, Inc. | 380089  |
| 87582 | First Interstate BancSystem, Inc. | 2294210  |
| 87608 | Glacier Bancorp, Inc. | 3570902  |
| 138882 | Home Bancshares, Inc. | 3853976  |
| 11791 | Metropolitan Bank Holding Corp.<sup>(a)</sup> | 730217  |
| 26437 | National Bank Holdings Corp. | 955962  |
| 29541 | NB Bancorp, Inc.<sup>(a)</sup> | 506628  |

---

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

74<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY REGIONAL BANKS BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Management of Companies and Enterprises — (Continued)** <br>|  |
| 94221 | Northwest Bancshares, Inc. | $1163629  |
| 31828 | ServisFirst Bancshares, Inc. | 2266790  |
| 91719 | South State Corp. | 7959375  |
| 15158 | Stock Yards Bancorp, Inc. | 1103351  |
| 56137 | Veritex Holdings, Inc. | 1306869  |
|  |  | 38595840  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 0.1%**<br>|  |
| 11442 | QCR Holdings, Inc. | 743158  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $361,979,068)** | $364540056  |
|  | **SHORT TERM INVESTMENTS — 57.4%**<br>|  |
|  | **Money Market Funds — 57.4%**<br>|  |
| 77950453 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $77950453  |
| 73231332 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(c)</sup> | 73231332  |
| 50907384 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(c)</sup> | 50907384  |
| 106476918 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 106476918  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $308,566,087)** | $308566087  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $670,545,155) — 125.2%<sup>(e)</sup>** | $673106143  |
|  | Liabilities in Excess of Other Assets — (25.2)% | (135501480)  |
|  | **TOTAL NET ASSETS — 100.0%** | $537604663 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $532,104,634.

ADR - American Depository Receipt

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

75<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY REGIONAL BANKS BULL 3X SHARES** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of S&P Regional Banks Select Industry Index | SOFR plus 1.00% | Goldman Sachs | 12/10/2025 | 80000 | $149221882 | $(14343489)  |
|  Total return of S&P Regional Banks Select Industry Index | SOFR plus 0.88% | Bank of America Merrill Lynch | 12/11/2025 | 122175 | 243161430 | (37340144)  |
|  Total return of S&P Regional Banks Select Industry Index | SOFR plus 0.60% | Societe Generale | 12/12/2025 | 65000 | 132368599 | (23046537)  |
|  Total return of S&P Regional Banks Select Industry Index | SOFR plus 0.95% | J.P. Morgan | 12/16/2025 | 90000 | 181635463 | (30358276)  |
|  Total return of S&P Regional Banks Select Industry Index | SOFR plus 0.80% | UBS Securities LLC | 12/17/2025 | 80000 | 159177600 | (24565092)  |
|  Total return of S&P Regional Banks Select Industry Index | SOFR plus 0.90% | Citibank N.A. | 12/19/2025 | 100000 | 165761146 | 4198893  |
|  Total return of S&P Regional Banks Select Industry Index | SOFR plus 0.88% | Barclays | 12/22/2025 | 195655 | 320618667 | 12204119  |
|  |  |  |  |  | $1351944787 | $(113250526) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

76<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY RETAIL BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 62.2%**<br>|  |
|  | **Administrative and Support Services — 0.7%**<br>|  |
| 12315 | Revolve Group, Inc.<sup>(a)</sup> | $244822  |
|  | **Building Material and Garden Equipment and Supplies Dealers — 0.8%**<br>|  |
| 5642 | Tractor Supply Co. | 285598  |
|  | **Clothing, Clothing Accessories, Shoe, and JewelryRetailers — 15.1%**<br>|  |
| 3862 | Abercrombie & Fitch Co. Class A<sup>(a)</sup> | 268100  |
| 6584 | Academy Sports & Outdoors, Inc. | 248085  |
| 25812 | American Eagle Outfitters, Inc. | 271800  |
| 10091 | Bath & Body Works, Inc. | 307876  |
| 2885 | Boot Barn Holdings, Inc.<sup>(a)</sup> | 301021  |
| 16789 | Caleres, Inc.<sup>(b)</sup> | 255864  |
| 18886 | Foot Locker, Inc.<sup>(a)(b)</sup> | 231731  |
| 14055 | Gap, Inc. | 307805  |
| 8482 | Genesco, Inc.<sup>(a)</sup> | 164551  |
| 12212 | Nordstrom, Inc. | 294798  |
| 2335 | Ross Stores, Inc. | 324565  |
| 8668 | Shoe Carnival, Inc. | 150650  |
| 6103 | Signet Jewelers Ltd. ADR<sup>(b)</sup> | 361908  |
| 58968 | Stitch Fix, Inc.<sup>(a)</sup> | 192825  |
| 8179 | The Buckle, Inc. | 284302  |
| 50437 | The RealReal, Inc.<sup>(a)</sup> | 292535  |
| 2563 | TJX Companies, Inc. | 329807  |
| 5577 | Urban Outfitters, Inc.<sup>(a)</sup> | 294354  |
| 17202 | Victoria's Secret & Co.<sup>(a)</sup> | 323398  |
|  |  | 5205975  |
|  | **Food and Beverage Retailers — 5.3%**<br>|  |
| 14175 | Albertsons Companies, Inc. Class A | 311566  |
| 24106 | Grocery Outlet Holding Corp.<sup>(a)</sup> | 404740  |
| 3857 | Ingles Markets, Inc. | 237938  |
| 4548 | Kroger Co. | 328411  |
| 2150 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 367650  |
| 1942 | Weis Markets, Inc. | 166993  |
|  |  | 1817298  |
|  | **Food Services and Drinking Places — 1.0%**<br>|  |
| 736 | Casey's General Stores, Inc. | 340466  |
|  | **Furniture, Home Furnishings, Electronics, and Appliance Retailers — 1.9%**<br>|  |
| 4069 | Best Buy Co., Inc. | 271362  |
| 13439 | GameStop Corp. Class A<sup>(a)(b)</sup> | 374410  |
|  |  | 645772  |
|  | **General Merchandise Retailers — 14.0%**<br>|  |
| 1487 | Amazon.com, Inc.<sup>(a)</sup> | 274233  |
| 2720 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 319763  |
| 1214 | Burlington Stores, Inc.<sup>(a)</sup> | 273199  |

---

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

77<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY RETAIL BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **General Merchandise Retailers — (Continued)** <br>|  |
| 319 | Costco Wholesale Corp. | $317245  |
| 813 | Dillard's, Inc. Class A<sup>(b)</sup> | 281835  |
| 3949 | Dollar General Corp. | 369982  |
| 4774 | Dollar Tree, Inc.<sup>(a)</sup> | 390370  |
| 4536 | eBay, Inc.<sup>(b)</sup> | 309174  |
| 6576 | Etsy, Inc.<sup>(a)</sup> | 285924  |
| 4012 | Five Below, Inc.<sup>(a)</sup> | 304471  |
| 34327 | Kohl's Corp.<sup>(b)</sup> | 229991  |
| 21227 | Macy's, Inc. | 242412  |
| 3542 | PriceSmart, Inc. | 359478  |
| 2756 | Target Corp. | 266505  |
| 3469 | Walmart, Inc. | 337360  |
| 740 | Winmark Corp. | 266407  |
|  |  | 4828349  |
|  | **Health and Personal Care Retailers — 3.3%**<br>|  |
| 32544 | Sally Beauty Holdings, Inc.<sup>(a)</sup> | 264908  |
| 897 | Ulta Beauty, Inc.<sup>(a)</sup> | 354889  |
| 26388 | Walgreens Boots Alliance, Inc. | 289476  |
| 14444 | Warby Parker, Inc.<sup>(a)</sup> | 238471  |
|  |  | 1147744  |
|  | **Merchant Wholesalers, Durable Goods — 0.4%**<br>|  |
| 2630 | America's Car-Mart, Inc.<sup>(a)</sup> | 124714  |
|  | **Miscellaneous Manufacturing — 0.9%**<br>|  |
| 24815 | National Vision Holdings, Inc.<sup>(a)</sup> | 306465  |
|  | **Motor Vehicle and Parts Dealers — 10.1%**<br>|  |
| 7864 | Advance Auto Parts, Inc.<sup>(b)</sup> | 257310  |
| 1215 | Asbury Automotive Group, Inc.<sup>(a)</sup> | 265040  |
| 1784 | AutoNation, Inc.<sup>(a)</sup> | 310684  |
| 81 | AutoZone, Inc.<sup>(a)</sup> | 304771  |
| 4073 | CarMax, Inc.<sup>(a)</sup> | 263401  |
| 1648 | Carvana Co.<sup>(a)</sup> | 402689  |
| 689 | Group 1 Automotive, Inc. | 278101  |
| 8695 | MarineMax, Inc.<sup>(a)</sup> | 186595  |
| 652 | Murphy USA, Inc. | 325068  |
| 225 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 318420  |
| 1877 | Penske Automotive Group, Inc. | 292192  |
| 4598 | Sonic Automotive, Inc. | 279190  |
|  |  | 3483461  |
|  | **Printing and Related Support Activities — 0.2%**<br>|  |
| 18827 | Arko Corp.<sup>(b)</sup> | 75779  |
|  | **Rental and Leasing Services — 0.7%**<br>|  |
| 12134 | Upbound Group, Inc. | 241467  |

---

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

78<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY RETAIL BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Repair and Maintenance — 0.9%**<br>|  |
| 8551 | Valvoline, Inc.<sup>(a)</sup> | $292957  |
|  | **Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers — 5.2%**<br>|  |
| 6580 | Build-A-Bear Workshop, Inc. | 232142  |
| 17985 | Camping World Holdings, Inc. | 216899  |
| 8886 | Chewy, Inc. Class A<sup>(a)</sup> | 333225  |
| 1516 | Dick's Sporting Goods, Inc. | 284614  |
| 15711 | Monro, Inc. | 219011  |
| 2886 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 306234  |
| 13885 | The ODP Corp.<sup>(a)</sup> | 189947  |
|  |  | 1782072  |
|  | **Truck Transportation — 1.7%**<br>|  |
| 990 | Lithia Motors, Inc. Class A | 289832  |
| 7619 | Maplebear, Inc.<sup>(a)</sup> | 303923  |
|  |  | 593755 |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $20,008,034)** | $21416694  |
|  | **SHORT TERM INVESTMENTS — 48.3%**<br>|  |
|  | **Money Market Funds — 48.3%**<br>|  |
| 11035816 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $11035816  |
| 1940069 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(c)</sup> | 1940069  |
| 3657474 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 3657474  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $16,633,359)** | $16633359  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $36,641,393) — 110.5%<sup>(e)</sup>** | $38050053  |
|  | Liabilities in Excess of Other Assets — (10.5)% | (3602762)  |
|  | **TOTAL NET ASSETS — 100.0%** | $34447291 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $26,988,265.

ADR - American Depository Receipt

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

79<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY RETAIL BULL 3X SHARES** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of S&P Retail Select Industry<sup>®</sup> Index | SOFR plus 0.75% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp;&nbsp; 1426 | $11794234 | &nbsp;&nbsp; $(1531998)  |
|  Total return of S&P Retail Select Industry<sup>®</sup> Index | SOFR plus 0.65% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp;&nbsp; 7148 | 50719938 | &nbsp;&nbsp; 1204114  |
|  Total return of S&P Retail Select Industry<sup>®</sup> Index | SOFR plus 0.80% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 1032 | 8723630 | &nbsp;&nbsp; (1316107)  |
|  Total return of S&P Retail Select Industry<sup>®</sup> Index | SOFR plus 0.73% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1636 | 11998728 | &nbsp;&nbsp; (122723)  |
|  |  |  |  |  | $83236530 | &nbsp;&nbsp; $(1766714) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

80<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> HIGH BETA BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 57.0%**<br>|  |
|  | **Accommodation — 1.0%**<br>|  |
| 1844 | Airbnb, Inc. Class A<sup>(a)</sup> | $224821  |
| 7014 | MGM Resorts International<sup>(a)(b)</sup> | 220660  |
|  |  | 445481  |
|  | **Administrative and Support Services — 1.4%**<br>|  |
| 429 | Gartner, Inc.<sup>(a)</sup> | 180643  |
| 1058 | Royal Caribbean Cruises Ltd. ADR (Liberia) | 227375  |
| 2886 | Uber Technologies, Inc.<sup>(a)</sup> | 233795  |
|  |  | 641813  |
|  | **Air Transportation — 0.3%**<br>|  |
| 2308 | United Continental Holdings, Inc.<sup>(a)</sup> | 158837  |
|  | **Apparel Manufacturing — 0.9%**<br>|  |
| 2045 | Deckers Outdoor Corp.<sup>(a)</sup> | 226647  |
| 792 | Ralph Lauren Corp. | 178161  |
|  |  | 404808  |
|  | **Chemical Manufacturing — 0.6%**<br>|  |
| 4489 | Albemarle Corp. | 262831  |
|  | **Computer and Electronic Product Manufacturing — 19.3%**<br>|  |
| 3894 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 379081  |
| 1333 | Alphabet, Inc. Class C | 214466  |
| 4659 | Amphenol Corp. Class A | 358510  |
| 1548 | Analog Devices, Inc. | 301736  |
| 4282 | Arista Networks, Inc.<sup>(a)</sup> | 352280  |
| 2207 | Broadcom, Inc. | 424781  |
| 3774 | Dell Technologies, Inc. | 346302  |
| 3698 | Enphase Energy, Inc.<sup>(a)</sup> | 164894  |
| 18452 | Intel Corp. | 370885  |
| 1628 | Jabil Circuit, Inc. | 238600  |
| 1584 | Keysight Technologies, Inc.<sup>(a)</sup> | 230314  |
| 5330 | Lam Research Corp. | 382001  |
| 6195 | Microchip Technology, Inc. | 285466  |
| 4889 | Micron Technology, Inc. | 376209  |
| 764 | Monolithic Power Systems, Inc. | 453128  |
| 2280 | NetApp, Inc. | 204630  |
| 4333 | NVIDIA Corp. | 471950  |
| 1508 | NXP Semiconductors NV ADR (Netherlands) | 277939  |
| 8261 | ON Semiconductor Corp.<sup>(a)</sup> | 327962  |
| 1306 | Palto Alto Networks, Inc.<sup>(a)</sup> | 244131  |
| 2196 | Qualcomm, Inc. | 326018  |
| 2455 | Seagate Technology Holdings PLC ADR (Ireland) | 223479  |
| 4498 | Skyworks Solutions, Inc. | 289131  |
| 15068 | Super Micro Computer, Inc.<sup>(a)</sup> | 480066  |
| 3976 | Teradyne, Inc. | 295059  |
| 1432 | Texas Instruments, Inc.<sup>(b)</sup> | 229192  |

---

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

81<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> HIGH BETA BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Computer and Electronic Product Manufacturing — (Continued)**<br>|  |
| 3377 | Trimble, Inc.<sup>(a)</sup> | $209847  |
| 5145 | Western Digital Corp.<sup>(a)</sup> | 225660  |
| 706 | Zebra Technologies Corp. Class A<sup>(a)</sup> | 176726  |
|  |  | 8860443  |
|  | **Credit Intermediation and Related Activities — 1.7%**<br>|  |
| 1122 | Capital One Financial Corp. | 202252  |
| 2863 | Citigroup, Inc. | 195772  |
| 13448 | KeyCorp | 199568  |
| 3840 | Synchrony Financial | 199488  |
|  |  | 797080  |
|  | **Electrical Equipment, Appliance, and Component Manufacturing — 1.3%**<br>|  |
| 1860 | Emerson Electric Co. | 195505  |
| 1424 | Generac Holdings, Inc.<sup>(a)</sup> | 162877  |
| 864 | Rockwell Automation, Inc. | 213995  |
|  |  | 572377  |
|  | **Food Manufacturing — 0.5%**<br>|  |
| 3955 | Lamb Weston Holdings, Inc. | 208863  |
|  | **Funds, Trusts, and Other Financial Vehicles - 0.4%** <br>|  |
| 2094  | T. Rowe Price Group, Inc. | 185424  |
|  | **General Merchandise Retailers — 0.5%**<br>|  |
| 1303 | Amazon.com, Inc.<sup>(a)</sup> | 240299  |
|  | **Machinery Manufacturing — 3.7%**<br>|  |
| 2417 | Applied Materials, Inc. | 364266  |
| 3873 | Carrier Global Corp. | 242218  |
| 671 | Caterpillar, Inc. | 207520  |
| 1172 | General Electric Co. | 236205  |
| 2669 | Ingersoll Rand, Inc. | 201323  |
| 388 | Parker Hannifin Corp. | 234763  |
| 597 | Trane Technologies PLC ADR (Ireland) | 228836  |
|  |  | 1715131  |
|  | **Management of Companies and Enterprises — 0.4%**<br>|  |
| 11444 | Norwegian Cruise Line Holdings Ltd. ADR<sup>(a)</sup> | 183447  |
|  | **Merchant Wholesalers, Durable Goods — 3.0%**<br>|  |
| 1882 | Builders FirstSource, Inc.<sup>(a)</sup> | 225144  |
| 795 | Hubbell, Inc. | 288728  |
| 2723 | Johnson Controls International PLC ADR (Ireland) | 228460  |
| 579 | KLA-Tencor Corp. | 406857  |
| 404 | Lennox International, Inc. | 220887  |
|  |  | 1370076  |
|  | **Mining (except Oil and Gas) — 0.5%**<br>|  |
| 5769 | Freeport-McMoRan Copper & Gold, Inc. | 207857  |

---

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

82<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> HIGH BETA BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Miscellaneous Manufacturing — 0.5%**<br>|  |
| 1305 | Align Technology, Inc.<sup>(a)</sup> | $226156  |
|  | **Motion Picture and Sound Recording Industries — 0.6%**<br>|  |
| 227 | Netflix, Inc.<sup>(a)</sup> | 256900  |
|  | **Performing Arts, Spectator Sports, and Related Industries — 0.5%**<br>|  |
| 8838 | Caesars Entertainment, Inc.<sup>(a)</sup> | 239156  |
|  | **Primary Metal Manufacturing — 0.6%**<br>|  |
| 2036 | Howmet Aerospace, Inc. | 282149  |
|  | **Professional, Scientific, and Technical Services — 4.3%**<br>|  |
| 1702 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 201891  |
| 1094 | Eaton Corporation PLC ADR (Ireland) | 322041  |
| 398 | Meta Platforms, Inc. | 218502  |
| 8951 | Moderna, Inc.<sup>(a)</sup> | 255461  |
| 1830 | Oracle Corp. | 257518  |
| 3939 | Palantir Technologies, Inc.<sup>(a)</sup> | 466535  |
| 279 | ServiceNow, Inc.<sup>(a)</sup> | 266448  |
|  |  | 1988396  |
|  | **Publishing Industries — 6.8%**<br>|  |
| 492 | Adobe, Inc.<sup>(a)</sup> | 184490  |
| 713 | Ansys, Inc.<sup>(a)</sup> | 229501  |
| 871 | Autodesk, Inc.<sup>(a)</sup> | 238872  |
| 1283 | Cadence Design Systems, Inc.<sup>(a)</sup> | 382000  |
| 869 | CrowdStrike Holdings, Inc.<sup>(a)</sup> | 372688  |
| 3353 | Dayforce, Inc.<sup>(a)</sup> | 194038  |
| 133 | Fair Isaac Corp.<sup>(a)</sup> | 264628  |
| 13167 | Hewlett Packard Enterprise Co. | 213569  |
| 390 | Intuit, Inc. | 244713  |
| 576 | Microsoft Corp. | 227670  |
| 792 | Salesforce, Inc. | 212818  |
| 810 | Synopsys, Inc.<sup>(a)</sup> | 371798  |
|  |  | 3136785  |
|  | **Real Estate — 0.4%**<br>|  |
| 3078 | BXP, Inc. | 196161  |
|  | **Rental and Leasing Services — 0.6%**<br>|  |
| 414 | United Rentals, Inc. | 261420  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 2.9%**<br>|  |
| 1933 | Apollo Global Management, Inc. | 263816  |
| 369 | Goldman Sachs Group, Inc. | 202046  |
| 13584 | Invesco Ltd. ADR | 189225  |
| 2422 | KKR & Co., Inc. | 276762  |
| 1603 | Morgan Stanley | 185018  |

---

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

83<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> HIGH BETA BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — (Continued)** <br>|  |
| 1681 | The Blackstone Group, Inc. | $221405  |
|  |  | 1338272  |
|  | **Specialty Trade Contractors — 0.7%**<br>|  |
| 1163 | Quanta Services, Inc. | 340398  |
|  | **Transportation Equipment Manufacturing — 0.9%**<br>|  |
| 1473 | Tesla, Inc.<sup>(a)</sup> | 415622  |
|  | **Utilities — 2.3%**<br>|  |
| 985 | Constellation Energy Corp. | 220088  |
| 2474 | NRG Energy, Inc. | 271101  |
| 165 | Texas Pacific Land Corp. | 212664  |
| 2743 | Vistra Corp. | 355575  |
|  |  | 1059428 |
|  | **Water Transportation — 0.4%**<br>|  |
| 10688 | Carnival Corp. ADR (Panama)<sup>(a)</sup> | 196018  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $23,494,480)** | $26191628  |
|  | **SHORT TERM INVESTMENTS — 49.0%**<br>|  |
|  | **Money Market Funds — 49.0%**<br>|  |
| 13500934 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)</sup> | $13500934  |
| 22042 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(c)</sup> | 22042  |
| 1670398 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(c)</sup> | 1670398  |
| 7310607 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 7310607  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $22,503,981)** | $22503981  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $45,998,461) — 106.0%<sup>(e)</sup>** | $48695609  |
|  | Liabilities in Excess of Other Assets — (6.0)% | (2758868)  |
|  | **TOTAL NET ASSETS — 100.0%** | $45936741 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $34,218,856.

ADR - American Depository Receipt

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

84<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> HIGH BETA BULL 3X SHARES** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of S&P 500<sup>®</sup> High Beta Index | SOFR plus 0.80% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp;&nbsp; 386 | $8490715 | &nbsp;&nbsp; $(1421324)  |
|  Total return of S&P 500<sup>®</sup> High Beta Index | SOFR plus 0.35% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp;&nbsp; 2240 | 41113602 | &nbsp;&nbsp; 636522  |
|  Total return of S&P 500<sup>®</sup> High Beta Index | SOFR plus 0.77% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 2774 | 49916304 | &nbsp;&nbsp; 1706774  |
|  Total return of S&P 500<sup>®</sup> High Beta Index | SOFR plus 0.75% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 574 | 12149529 | &nbsp;&nbsp; (1549280)  |
|  |  |  |  |  | $111670150 | &nbsp;&nbsp; $(627308) |

---

SOFR -Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

85<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**DIREXION DAILY S&P 500<sup>®</sup> HIGH BETA BEAR 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 112.7%**<br>|  |
|  | **Money Market Funds — 112.7%**<br>|  |
| 12373363 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $12373363  |
| 2740489 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 2740489  |
| 12370710 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 12370710  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $27,484,562)<sup>(b)</sup>** | $27484562  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $27,484,562) — 112.7%** | $27484562  |
|  | Liabilities in Excess of Other Assets — (12.7)% | (3096244)  |
|  | **TOTAL NET ASSETS — 100.0%** | $24388318 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $17,146,620. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR plus 0.20%<br> Total return of S&P 500<sup>®</sup> High Beta Index | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 296 | $6563519 | &nbsp;&nbsp; $1129529  |
| SOFR plus 0.59%<br> Total return of S&P 500<sup>®</sup> High Beta Index | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp;&nbsp; 544 | 12054964 | &nbsp;&nbsp; 2047367  |
| SOFR plus 0.03%<br> Total return of S&P 500<sup>®</sup> High Beta Index | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp;&nbsp; 678 | 11942015 | &nbsp;&nbsp; (699981)  |
| SOFR plus 0.57%<br> Total return of S&P 500<sup>®</sup> High Beta Index | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 1602 | 26888401 | &nbsp;&nbsp; (3005332)  |
| SOFR plus 0.53%<br> Total return of S&P 500<sup>®</sup> High Beta Index | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 796 | 17211331 | &nbsp;&nbsp; 2495700  |
|  |  |  |  | $74660230 | &nbsp;&nbsp; $1967283 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

86<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily S&P Biotech Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 63.7%**<br>|  |
|  | **Ambulatory Health Care Services — 2.7%**<br>|  |
| 67122 | ARS Pharmaceuticals, Inc.<sup>(a)(b)</sup> | $937694  |
| 88507 | CareDx, Inc.<sup>(a)</sup> | 1493998  |
| 49296 | Keros Therapeutics, Inc.<sup>(a)</sup> | 711834  |
| 66662 | Natera, Inc.<sup>(a)</sup> | 10061296  |
| 98871 | Veracyte, Inc.<sup>(a)</sup> | 3015566  |
|  |  | 16220388  |
|  | **Apparel Manufacturing — 0.0%<sup>(†)</sup>**<br>|  |
| 173858 | Sana Biotechnology, Inc.<sup>(a)(b)</sup> | 330330  |
|  | **Chemical Manufacturing — 48.1%**<br>|  |
| 122291 | 89bio, Inc.<sup>(a)</sup> | 980774  |
| 45412 | AbbVie, Inc. | 8859881  |
| 178458 | Acadia Pharmaceuticals Inc.<sup>(a)</sup> | 2605487  |
| 198999 | ADMA Biologics, Inc.<sup>(a)</sup> | 4736176  |
| 83424 | Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 2476859  |
| 184119 | Akebia Therapeutics, Inc.<sup>(a)</sup> | 443727  |
| 134049 | Alkermes PLC ADR (Ireland)<sup>(a)</sup> | 3856590  |
| 39714 | Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 10454313  |
| 128021 | Altimmune, Inc.<sup>(a)(b)</sup> | 672110  |
| 30818 | Amgen, Inc. | 8965573  |
| 226108 | Amicus Therapeutics, Inc.<sup>(a)</sup> | 1736509  |
| 73832 | Arbutus Biopharma Corp. ADR (Canada)<sup>(a)(b)</sup> | 262104  |
| 52127 | Arcellx, Inc.<sup>(a)</sup> | 3385649  |
| 44090 | Arcturus Therapeutics Holdings, Inc.<sup>(a)</sup> | 564793  |
| 100085 | Arcus Biosciences, Inc.<sup>(a)</sup> | 875744  |
| 142899 | Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 2130624  |
| 171775 | Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 2385955  |
| 129046 | Avidity Biosciences, Inc.<sup>(a)</sup> | 4213352  |
| 106817 | Beam Therapeutics, Inc.<sup>(a)(b)</sup> | 2128863  |
| 225721 | BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 1997631  |
| 68686 | Biogen, Inc.<sup>(a)</sup> | 8316501  |
| 106652 | Biohaven Ltd. ADR<sup>(a)</sup> | 2359142  |
| 116685 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 7431668  |
| 88501 | Blueprint Medicines Corp.<sup>(a)</sup> | 7920839  |
| 180099 | BridgeBio Pharma, Inc.<sup>(a)(b)</sup> | 6908598  |
| 73957 | Capricor Therapeutics, Inc.<sup>(a)(b)</sup> | 939254  |
| 93291 | Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 2266038  |
| 96519 | Celldex Therapeutics, Inc.<sup>(a)</sup> | 2010491  |
| 149401 | Cogent Biosciences, Inc.<sup>(a)</sup> | 778379  |
| 90997 | Crinetics Pharmaceuticals, Inc.<sup>(a)</sup> | 3038390  |
| 115058 | Denali Therapeutics, Inc.<sup>(a)</sup> | 1915716  |
| 21270 | Dianthus Therapeutics, Inc.<sup>(a)(b)</sup> | 464749  |
| 99001 | Emergent BioSolutions Inc.<sup>(a)</sup> | 528665  |
| 207786 | Exact Sciences Corp.<sup>(a)</sup> | 9483353  |
| 785552 | Geron Corp.<sup>(a)</sup> | 1107628  |
| 84490 | Gilead Sciences, Inc. | 9001565  |

---

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

87<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily S&P Biotech Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Chemical Manufacturing — (Continued)**<br>|  |
| 54260 | GRAIL, Inc.<sup>(a)(b)</sup> | $1871699  |
| 99006 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 6080949  |
| 164844 | Humacyte, Inc.<sup>(a)(b)</sup> | 239024  |
| 289191 | ImmunityBio, Inc.<sup>(a)(b)</sup> | 725869  |
| 91306 | Immunome, Inc.<sup>(a)(b)</sup> | 802580  |
| 142191 | Incyte Corp.<sup>(a)</sup> | 8909688  |
| 130078 | Insmed, Inc.<sup>(a)</sup> | 9365616  |
| 160461 | Intellia Therapeutics, Inc.<sup>(a)</sup> | 1423289  |
| 157038 | Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 4822637  |
| 50153 | Janux Therapeutics, Inc.<sup>(a)</sup> | 1665080  |
| 23404 | KalVista Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 322273  |
| 21538 | Krystal Biotech, Inc.<sup>(a)</sup> | 3658875  |
| 26650 | Madrigal Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 8898702  |
| 235183 | MannKind Corp.<sup>(a)</sup> | 1185322  |
| 46213 | Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | 2007955  |
| 130812 | Myriad Genetics, Inc.<sup>(a)</sup> | 969317  |
| 88294 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 9508381  |
| 247458 | Novavax, Inc.<sup>(a)(b)</sup> | 1650545  |
| 28509 | Organogenesis Holdings, Inc.<sup>(a)</sup> | 139979  |
| 68989 | ORIC Pharmaceuticals, Inc.<sup>(a)</sup> | 393927  |
| 39177 | Prothena Corp. PLC ADR (Ireland)<sup>(a)</sup> | 360428  |
| 50842 | PTC Therapeutics, Inc.<sup>(a)</sup> | 2533965  |
| 13964 | Regeneron Pharmaceuticals, Inc. | 8361085  |
| 70039 | Replimune Group, Inc.<sup>(a)</sup> | 684981  |
| 51439 | Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 3353308  |
| 19058 | Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 372774  |
| 138882 | Rocket Pharmaceuticals, Inc.<sup>(a)</sup> | 1059670  |
| 441707 | Roivant Sciences Ltd. ADR (Ireland)<sup>(a)(b)</sup> | 5132635  |
| 86838 | Sarepta Therapeutics, Inc.<sup>(a)</sup> | 5418691  |
| 99506 | Scholar Rock Holding Corp.<sup>(a)</sup> | 3274742  |
| 41301 | Soleno Therapeutics, Inc.<sup>(a)</sup> | 3091793  |
| 98847 | SpringWorks Therapeutics, Inc.<sup>(a)</sup> | 4576616  |
| 62652 | Spyre Therapeutics, Inc.<sup>(a)(b)</sup> | 954190  |
| 54980 | Stoke Therapeutics, Inc.<sup>(a)</sup> | 536605  |
| 204707 | Summit Therapeutics, Inc.<sup>(a)(b)</sup> | 4937533  |
| 152841 | Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 2162700  |
| 162046 | TG Therapeutics, Inc.<sup>(a)(b)</sup> | 7374713  |
| 129221 | Travere Therapeutics, Inc.<sup>(a)</sup> | 2689089  |
| 88461 | Twist Bioscience Corp.<sup>(a)</sup> | 3389826  |
| 79132 | Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 3084565  |
| 73599 | uniQure N.V. ADR (Netherlands)<sup>(a)</sup> | 1086321  |
| 31354 | United Therapeutics Corp.<sup>(a)</sup> | 9503084  |
| 75633 | Vera Therapeutics, Inc.<sup>(a)</sup> | 1767543  |
| 42502 | Vericel Corp.<sup>(a)(b)</sup> | 1615926  |
| 19436 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 9902642  |

---

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

88<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily S&P Biotech Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Chemical Manufacturing — (Continued)**<br>|  |
| 163749 | Viking Therapeutics, Inc.<sup>(a)(b)</sup> | $4727434  |
| 94354 | Viridian Therapeutics, Inc.<sup>(a)</sup> | 1278497  |
| 77295 | Xencor, Inc.<sup>(a)</sup> | 851791  |
|  |  | 286928544 |
|  | **Hospitals — 0.6%**<br>|  |
| 45612 | Nuvalent, Inc.<sup>(a)</sup> | 3500721  |
|  | **Merchant Wholesalers, Durable Goods — 0.2%**<br>|  |
| 131299 | Dyne Therapeutics, Inc.<sup>(a)</sup> | 1548015  |
|  | **Merchant Wholesalers, Nondurable Goods — 1.1%**<br>|  |
| 66016 | Akero Therapeutics, Inc.<sup>(a)</sup> | 3010990  |
| 26061 | Praxis Precision Medicines, Inc.<sup>(a)</sup> | 980936  |
| 39431 | Protagonist Therapeutics, Inc.<sup>(a)(b)</sup> | 1806728  |
| 182717 | Relay Therapeutics, Inc.<sup>(a)</sup> | 608448  |
|  |  | 6407102  |
|  | **Miscellaneous Manufacturing — 0.1%**<br>|  |
| 58417 | MiMedx Group, Inc.<sup>(a)</sup> | 401909  |
|  | **Professional, Scientific, and Technical Services — 10.1%**<br>|  |
| 27769 | AnaptysBio, Inc.<sup>(a)</sup> | 617027  |
| 113569 | Anavex Life Sciences Corp.<sup>(a)(b)</sup> | 1078905  |
| 160514 | Apellis Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 3083474  |
| 38313 | Apogee Therapeutics, Inc.<sup>(a)</sup> | 1503785  |
| 350565 | Ardelyx, Inc.<sup>(a)</sup> | 1929860  |
| 15519 | ArriVent Biopharma, Inc.<sup>(a)(b)</sup> | 329934  |
| 63651 | CG Oncology, Inc.<sup>(a)(b)</sup> | 1714758  |
| 130119 | Crispr Therapeutics AG ADR (Switzerland)<sup>(a)</sup> | 5031702  |
| 48967 | Cullinan Therapeutics, Inc.<sup>(a)</sup> | 405447  |
| 131408 | Cytokinetics, Inc.<sup>(a)(b)</sup> | 5629519  |
| 106182 | Day One Biopharmaceuticals, Inc.<sup>(a)</sup> | 826096  |
| 146460 | Dynavax Technologies Corp.<sup>(a)</sup> | 1720905  |
| 205097 | Exelixis, Inc.<sup>(a)</sup> | 8029547  |
| 108167 | IDEAYA Biosciences, Inc.<sup>(a)</sup> | 2177402  |
| 116824 | Kura Oncology, Inc.<sup>(a)</sup> | 766365  |
| 52569 | Kymera Therapeutics, Inc.<sup>(a)(b)</sup> | 1801540  |
| 275088 | Moderna, Inc.<sup>(a)</sup> | 7851011  |
| 98093 | Nurix Therapeutics, Inc.<sup>(a)</sup> | 1131012  |
| 533215 | Recursion Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 2980672  |
| 145618 | Revolution Medicines, Inc.<sup>(a)</sup> | 5880055  |
| 117440 | Vaxcyte, Inc.<sup>(a)</sup> | 4209050  |
| 100331 | Verve Therapeutics, Inc.<sup>(a)(b)</sup> | 568877  |
| 152484 | Vir Biotechnology, Inc.<sup>(a)</sup> | 933202  |
|  |  | 60200145  |

---

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

89<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily S&P Biotech Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 0.6%**<br>|  |
| 30326 | Disc Medicine, Inc.<sup>(a)</sup> | $1498711  |
| 123716 | Immunovant, Inc.<sup>(a)(b)</sup> | 1998014  |
| 17718 | Scilex Holding Co.<sup>(a)</sup> | 83983  |
|  |  | 3580708  |
|  | **Support Activities for Transportation — 0.2%**<br>|  |
| 375601 | Iovance Biotherapeutics, Inc.<sup>(a)</sup> | 1348408  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $379,988,498)** | $380466270  |
|  | **SHORT TERM INVESTMENTS — 51.7%**<br>|  |
|  | **Money Market Funds — 51.7%**<br>|  |
| 162914302 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $162914302  |
| 31366143 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(c)</sup> | 31366143  |
| 18721150 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(c)</sup> | 18721150  |
| 95586139 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 95586139  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $308,587,734)** | $308587734  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $688,576,232) — 115.4%<sup>(e)</sup>** | $689054004  |
|  | Liabilities in Excess of Other Assets — (15.4)% | (92140596)  |
|  | **TOTAL NET ASSETS — 100.0%** | $596913408 |

---

Percentages are stated as a percent of net assets.

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

---

| | |
|:---|:---|
| <sup>(†)</sup><br>| Less than 0.005%. |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $521,453,056. 

ADR - American Depository Receipt

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

90<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily S&P Biotech Bull 3X Shares** 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of S&P Biotechnology Select Industry Index | SOFR plus 0.95% | BNP Paribas | 12/5/2025 | &nbsp;&nbsp; 12129 | $93373408 | $(16798881)  |
|  Total return of S&P Biotechnology Select Industry Index | SOFR plus 1.00% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 24749 | 185141541 | (28491478)  |
|  Total return of S&P Biotechnology Select Industry Index | SOFR plus 0.73% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 36264 | 257052894 | (27092639)  |
|  Total return of S&P Biotechnology Select Industry Index | SOFR plus 0.65% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 10147 | 68727871 | (3515594)  |
|  Total return of S&P Biotechnology Select Industry Index | SOFR plus 0.70% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 45717 | 290384797 | 3214223  |
|  Total return of S&P Biotechnology Select Industry Index | SOFR plus 0.84% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 36469 | 250087667 | (16696463)  |
|  Total return of S&P Biotechnology Select Industry Index | SOFR plus 0.95% | Barclays | 12/22/2025 | &nbsp;&nbsp; 52533 | 312399342 | 26837191  |
|  |  |  |  |  | $1457167520 | $(62543641) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

91<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily S&P Biotech Bear 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 103.7%**<br>|  |
|  | **Money Market Funds — 103.7%**<br>|  |
| 20550361 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $20550361  |
| 5919542 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 5919542  |
| 14437299 | &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund Institutional Shares, <br>4.23%<sup>(a)</sup> | 14437299  |
| 8881572 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 8881572  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $49,788,774)<sup>(b)</sup>** | $49788774  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $49,788,774) — 103.7%** | $49788774  |
|  | Liabilities in Excess of Other Assets — (3.7)% | (1799149)  |
|  | **TOTAL NET ASSETS — 100.0%** | $47989625 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $30,404,876. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR plus 0.78% | Total return of S&P Biotechnology Select Industry Index | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 4800 | $34878945 | &nbsp;&nbsp; $4359658  |
| SOFR plus 0.53% | Total return of S&P Biotechnology Select Industry Index | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 1764 | 13329543 | &nbsp;&nbsp; 2165621  |
| SOFR plus 0.39% | Total return of S&P Biotechnology Select Industry Index | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp;&nbsp; 2632 | 18152350 | &nbsp;&nbsp; 1344442  |
| SOFR plus 0.25% | Total return of S&P Biotechnology Select Industry Index | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp;&nbsp; 1189 | 7724068 | &nbsp;&nbsp; 95127  |
| SOFR plus 0.55% | Total return of S&P Biotechnology Select Industry Index | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 2274 | 16702867 | &nbsp;&nbsp; 2172841  |
| SOFR plus 0.71% | Total return of S&P Biotechnology Select Industry Index | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 9596 | 58706940 | &nbsp;&nbsp; (3305652)  |
|  |  |  |  |  | $149494713 | &nbsp;&nbsp; $6832037 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

92<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Semiconductor Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 67.8%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 55.0%**<br>|  |
| 4531147 | Advanced Micro Devices, Inc.<sup>(a)</sup> | $441107161  |
| 1231770 | Analog Devices, Inc. | 240096608  |
| 5886058 | ASE Technology Holding Co., Ltd. ADR (Taiwan) | 51385286  |
| 2841234 | Broadcom, Inc. | 546852308  |
| 11937066 | Intel Corp. | 239935027  |
| 3693160 | Lam Research Corp. | 264688777  |
| 1309380 | Lattice Semiconductor Corp.<sup>(a)</sup> | 64067963  |
| 4811054 | Microchip Technology, Inc. | 221693368  |
| 3024526 | Micron Technology, Inc. | 232737276  |
| 643339 | MKS Instruments, Inc. | 45123798  |
| 452095 | Monolithic Power Systems, Inc. | 268137544  |
| 4532889 | NVIDIA Corp. | 493722270  |
| 1313710 | NXP Semiconductors NV ADR (Netherlands) | 242129890  |
| 4028269 | ON Semiconductor Corp.<sup>(a)</sup> | 159922279  |
| 892748 | Qorvo, Inc.<sup>(a)</sup> | 63983249  |
| 2879120 | Qualcomm, Inc. | 427434155  |
| 1542454 | Skyworks Solutions, Inc. | 99148943  |
| 2408649 | STMicroelectronics NV ADR (Netherlands) | 54700419  |
| 1389010 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | 231534077  |
| 1514663 | Teradyne, Inc. | 112403141  |
| 2888725 | Texas Instruments, Inc. | 462340436  |
| 6696349 | United Microelectronics Corp. ADR (Taiwan)<sup>(b)</sup> | 47142297  |
| 419720 | Universal Display Corp. | 52729424  |
|  |  | 5063015696  |
|  | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 0.6%**<br>|  |
| 471400 | Onto Innovation, Inc.<sup>(a)</sup> | 57496658  |
|  | **Machinery Manufacturing — 5.5%**<br>|  |
| 1792133 | Applied Materials, Inc. | 270092364  |
| 355525 | ASML Holding NV ADR (Netherlands) | 237519142  |
|  |  | 507611506  |
|  | **Management of Companies and Enterprises — 0.4%**<br>|  |
| 336642 | ARM Holdings PLC ADR (United Kingdom)<sup>(a)(b)</sup> | 38394020  |
|  | **Merchant Wholesalers, Durable Goods — 4.3%**<br>|  |
| 1437607 | Entegris, Inc. | 113743466  |
| 400927 | KLA-Tencor Corp. | 281727394  |
|  |  | 395470860  |
|  | **Professional, Scientific, and Technical Services — 2.0%**<br>|  |
| 3084443 | Marvell Technology, Inc. | 180038938  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $5,813,188,663)** | $6242027678  |

---

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

93<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Semiconductor Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 34.4%**<br>|  |
|  | **Money Market Funds — 34.4%**<br>|  |
| 1267756114 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $1267756114  |
| 784460000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(c)</sup> | 784460000  |
| 140389000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(c)</sup> | 140389000  |
| 545408293 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 545408293  |
| 432000000 | JPMorgan 100% U.S. Treasury Securities Money Market Fund Institutional Shares, 4.17%<sup>(c)</sup> | 432000000  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $3,170,013,407)** | $3170013407  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $8,983,202,070) — 102.2%<sup>(e)</sup>** | $9412041085  |
|  | Liabilities in Excess of Other Assets — (2.2)% | (201502431)  |
|  | **TOTAL NET ASSETS — 100.0%** | $9210538654 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,600,951,910.

ADR - American Depository Receipt

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

94<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Semiconductor Bull 3X Shares** 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of ICE Semiconductor Index | SOFR plus 0.99% | BNP Paribas | 12/5/2025 | 1531525 | $1405331393 | $28156734  |
|  Total return of ICE Semiconductor Index | SOFR plus 1.05% | Goldman Sachs | 12/10/2025 | 4068027 | 3704149906 | 105294684  |
|  Total return of ICE Semiconductor Index | SOFR plus 0.98% | Bank of America Merrill Lynch | 12/11/2025 | 3727889 | 3478882626 | 13320272  |
|  Total return of ICE Semiconductor Index | SOFR plus 0.58% | Societe Generale | 12/12/2025 | 100000 | 116065999 | (23991756)  |
|  Total return of ICE Semiconductor Index | SOFR plus 0.97% | J.P. Morgan | 12/16/2025 | 1380363 | 1351409079 | (61157726)  |
|  Total return of ICE Semiconductor Index | SOFR plus 0.89% | UBS Securities LLC | 12/17/2025 | 2045436 | 1829215438 | 87912147  |
|  Total return of ICE Semiconductor Index | SOFR plus 1.04% | Citibank N.A. | 12/19/2025 | 5521683 | 4992984271 | 178957249  |
|  Total return of ICE Semiconductor Index | SOFR plus 0.97% | Barclays | 12/22/2025 | 4407006 | 4227489820 | (106416163)  |
|  |  |  |  |  | $21105528532 | $222075441 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

95<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Semiconductor Bear 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 121.3%**<br>|  |
|  | Money Market Funds — 121.3%<br>|  |
| 363276352 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $363276352  |
| 71548916 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 71548916  |
| 17165262 | &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund Institutional Shares, <br>4.23%<sup>(a)</sup> | 17165262  |
| 441638267 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 441638267  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $893,628,797)<sup>(b)</sup>** | $893628797  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $893,628,797) — 121.3%** | $893628797  |
|  | Liabilities in Excess of Other Assets — (21.3)% | (156792389)  |
|  | **TOTAL NET ASSETS — 100.0%** | $736836408 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $602,943,952. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR plus 0.15% | Total return of ICE Semiconductor Index | BNP Paribas | 12/5/2025 | 194152 | $194460760 | $13443259  |
| SOFR plus 0.78% | Total return of ICE Semiconductor Index | Goldman Sachs | 12/10/2025 | 286787 | 283975988 | 15906286  |
| SOFR plus 0.78% | Total return of ICE Semiconductor Index | Bank of America Merrill Lynch | 12/11/2025 | 653421 | 614370476 | 1609140  |
| SOFR plus 0.38% | Total return of ICE Semiconductor Index | Societe Generale | 12/12/2025 | 100000 | 116066000 | 23861019  |
| SOFR plus 0.67% | Total return of ICE Semiconductor Index | J.P. Morgan | 12/16/2025 | 32587 | 37130931 | 7108078  |
| SOFR plus 0.50% | Total return of ICE Semiconductor Index | UBS Securities LLC | 12/17/2025 | 155352 | 181758105 | 38108290  |
| SOFR plus 0.79% | Total return of ICE Semiconductor Index | Citibank N.A. | 12/19/2025 | 840503 | 706350474 | (81667176)  |
| SOFR plus 0.76% | Total return of ICE Semiconductor Index | Barclays | 12/22/2025 | 91643 | 95032125 | 9321712  |
|  |  |  |  |  | $2229144859 | $27690608 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

96<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Technology Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 69.8%**<br>|  |
|  | **Administrative and Support Services — 0.3%**<br>|  |
| 14507 | Gartner, Inc.<sup>(a)</sup> | $6108608  |
|  | **Computer and Electronic Product Manufacturing — 39.9%**<br>|  |
| 305637 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 29753762  |
| 228419 | Amphenol Corp. Class A | 17576842  |
| 93559 | Analog Devices, Inc. | 18236520  |
| 1089263 | Apple, Inc. | 231468387  |
| 194826 | Arista Networks, Inc.<sup>(a)</sup> | 16028335  |
| 367879 | Broadcom, Inc. | 70805671  |
| 751172 | Cisco Systems, Inc. | 43365160  |
| 58838 | Dell Technologies, Inc. | 5398975  |
| 24965 | Enphase Energy, Inc.<sup>(a)</sup> | 1113189  |
| 20188 | First Solar, Inc.<sup>(a)</sup> | 2540054  |
| 119997 | Fortinet, Inc.<sup>(a)</sup> | 12450889  |
| 176893 | HP, Inc. | 4523154  |
| 816689 | Intel Corp. | 16415449  |
| 174417 | International Business Machines Corp. | 42177519  |
| 20656 | Jabil Circuit, Inc. | 3027343  |
| 32607 | Keysight Technologies, Inc.<sup>(a)</sup> | 4741058  |
| 242103 | Lam Research Corp. | 17351522  |
| 101446 | Microchip Technology, Inc. | 4674632  |
| 210128 | Micron Technology, Inc. | 16169350  |
| 9008 | Monolithic Power Systems, Inc. | 5342645  |
| 31516 | Motorola Solutions, Inc. | 13879331  |
| 38320 | NetApp, Inc. | 3439220  |
| 1775781 | NVIDIA Corp. | 193418067  |
| 47938 | NXP Semiconductors NV ADR (Netherlands) | 8835453  |
| 79485 | ON Semiconductor Corp.<sup>(a)</sup> | 3155555  |
| 124894 | Palto Alto Networks, Inc.<sup>(a)</sup> | 23346435  |
| 208583 | Qualcomm, Inc. | 30966232  |
| 20212 | Roper Technologies, Inc. | 11320337  |
| 39938 | Seagate Technology Holdings PLC ADR (Ireland) | 3635556  |
| 30311 | Skyworks Solutions, Inc. | 1948391  |
| 94959 | Super Micro Computer, Inc.<sup>(a)</sup> | 3025394  |
| 8813 | Teledyne Technologies, Inc.<sup>(a)</sup> | 4107122  |
| 30724 | Teradyne, Inc. | 2280028  |
| 171698 | Texas Instruments, Inc. | 27480265  |
| 46365 | Trimble, Inc.<sup>(a)</sup> | 2881121  |
| 65611 | Western Digital Corp.<sup>(a)</sup> | 2877698  |
| 9706 | Zebra Technologies Corp. Class A<sup>(a)</sup> | 2429606  |
|  |  | 902186267  |
|  | **Machinery Manufacturing — 1.0%**<br>|  |
| 153289 | Applied Materials, Inc. | 23102185  |

---

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

97<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Technology Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS - (Continued)**<br>|  |
|  | **Merchant Wholesalers, Durable Goods — 1.1%**<br>|  |
| 25047 | KLA-Tencor Corp. | $17600276  |
| 56258 | TE Connectivity PLC ADR (Ireland) | 8235046  |
|  |  | 25835322  |
|  | **NonmetallicMineral Product Manufacturing — 0.3%**<br>|  |
| 145420 | Corning, Inc. | 6453740  |
|  | **Professional, Scientific, and Technical Services — 8.9%**<br>|  |
| 117972 | Accenture PLC Class A ADR (Ireland) | 35291324  |
| 25152 | CDW Corp. | 4038405  |
| 93290 | Cognizant Technology Solutions Corp. Class A | 6863345  |
| 10722 | EPAM Systems, Inc.<sup>(a)</sup> | 1682389  |
| 10867 | F5 Networks, Inc.<sup>(a)</sup> | 2876930  |
| 26625 | GoDaddy, Inc.<sup>(a)</sup> | 5014286  |
| 62426 | Juniper Networks, Inc. | 2267313  |
| 305976 | Oracle Corp. | 43056943  |
| 386603 | Palantir Technologies, Inc.<sup>(a)</sup> | 45789259  |
| 22702 | PTC, Inc.<sup>(a)</sup> | 3518129  |
| 38823 | ServiceNow, Inc.<sup>(a)</sup> | 37076353  |
| 15351 | VeriSign, Inc.<sup>(a)</sup> | 4330824  |
| 40369 | Workday, Inc.<sup>(a)</sup> | 9890405  |
|  |  | 201695905  |
|  | **Publishing Industries — 18.3%**<br>|  |
| 82109 | Adobe, Inc.<sup>(a)</sup> | 30789233  |
| 28329 | Akamai Technologies, Inc.<sup>(a)</sup> | 2282751  |
| 16492 | Ansys, Inc.<sup>(a)</sup> | 5308445  |
| 40559 | Autodesk, Inc.<sup>(a)</sup> | 11123306  |
| 51752 | Cadence Design Systems, Inc.<sup>(a)</sup> | 15408640  |
| 46452 | CrowdStrike Holdings, Inc.<sup>(a)</sup> | 19921869  |
| 4628 | Fair Isaac Corp.<sup>(a)</sup> | 9208239  |
| 102280 | Gen Digital, Inc. | 2645984  |
| 247726 | Hewlett Packard Enterprise Co. | 4018116  |
| 52778 | Intuit, Inc. | 33116612  |
| 539055 | Microsoft Corp. | 213066879  |
| 180523 | Salesforce, Inc. | 48508335  |
| 29161 | Synopsys, Inc.<sup>(a)</sup> | 13385191  |
| 8055 | Tyler Technologies, Inc.<sup>(a)</sup> | 4376281  |
|  |  | 413159881 |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,433,675,005)** | $1578541908  |

---

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

98<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Technology Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 38.2%**<br>|  |
|  | **Money Market Funds — 38.2%**<br>|  |
| 374254444 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $374254444  |
| 108096753 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(b)</sup> | 108096753  |
| 131859394 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup> | 131859394  |
| 250776256 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 250776256  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $864,986,847)** | $864986847  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $2,298,661,852) — 108.0%<sup>(c)</sup>** | $2443528755  |
|  | Liabilities in Excess of Other Assets — (8.0)% | (180859431)  |
|  | **TOTAL NET ASSETS — 100.0%**<br>| $2262669324 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,777,580,149.

ADR - American Depository Receipt

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of Technology Select Sector Index | SOFR plus 0.95% | BNP Paribas | 12/5/2025 | 164163 | $338853346 | $7787431  |
|  Total return of Technology Select Sector Index | SOFR plus 0.85% | Goldman Sachs | 12/10/2025 | 264940 | 589157946 | (32587400)  |
|  Total return of Technology Select Sector Index | SOFR plus 0.83% | Bank of America Merrill Lynch | 12/11/2025 | 516556 | 1057444256 | 34202959  |
|  Total return of Technology Select Sector Index | SOFR plus 0.74% | Societe Generale | 12/12/2025 | 100000 | 242974000 | (35411365)  |
|  Total return of Technology Select Sector Index | SOFR plus 0.80% | J.P. Morgan | 12/16/2025 | 302890 | 622070087 | 17372471  |
|  Total return of Technology Select Sector Index | SOFR plus 0.80% | UBS Securities LLC | 12/17/2025 | 531320 | 1182928028 | (68234455)  |
|  Total return of Technology Select Sector Index | SOFR plus 0.99% | Citibank N.A. | 12/19/2025 | 141665 | 289449510 | 9806838  |
|  Total return of Technology Select Sector Index | SOFR plus 0.80% | Barclays | 12/22/2025 | 438643 | 975344045 | (52895995)  |
|  |  |  |  |  | $5298221218 | $(119959516) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

99<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Technology Bear 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 106.8%**<br>|  |
|  | **Money Market Funds — 106.8%**<br>|  |
| 46404037 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $46404037  |
| 5973735 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 5973735  |
| 12028703 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 12028703  |
| 19179301 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 19179301  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $83,585,776)<sup>(b)</sup>** | $83585776  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $83,585,776) — 106.8%**  | $83585776  |
|  | Liabilities in Excess of Other Assets — (6.8)% | (5302209)  |
|  | **TOTAL NET ASSETS — 100.0%**<br>| $78283567 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $48,954,636. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR plus 0.49% | Total return of Technology Select Sector Index | BNP Paribas | 12/5/2025 | &nbsp;&nbsp; 8140 | $19760013 | &nbsp;&nbsp; $2858628  |
| SOFR plus 0.65% | Total return of Technology Select Sector Index | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 9902 | 23430915 | &nbsp;&nbsp; 2746160  |
| SOFR plus 0.63% | Total return of Technology Select Sector Index | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 10594 | 23987495 | &nbsp;&nbsp; 1785058  |
| SOFR plus 0.33% | Total return of Technology Select Sector Index | Societe Generale | 12/12/2025 | &nbsp;&nbsp; 5000 | 12148699 | &nbsp;&nbsp; 1751890  |
| SOFR plus 0.60% | Total return of Technology Select Sector Index | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 15117 | 31078224 | &nbsp;&nbsp; (665556)  |
| SOFR plus 0.40% | Total return of Technology Select Sector Index | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 17040 | 36824133 | &nbsp;&nbsp; 1074784  |
| SOFR plus 0.65% | Total return of Technology Select Sector Index | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp; 16088 | 35660714 | &nbsp;&nbsp; 1785926  |
| SOFR plus 0.59% | Total return of Technology Select Sector Index | Barclays | 12/22/2025 | &nbsp;&nbsp; 29029 | 68306062 | &nbsp;&nbsp; 7479855  |
|  |  |  |  |  | $251196255 | &nbsp;&nbsp; $18816745 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

100<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Transportation Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 52.6%**<br>|  |
|  | **Administrative and Support Services — 12.2%**<br>|  |
| 1834 | RXO, Inc.<sup>(a)</sup> | $25841  |
| 19365 | Uber Technologies, Inc.<sup>(a)</sup> | 1568759  |
|  |  | 1594600 |
|  | **Air Transportation — 8.0%**<br>|  |
| 1596 | Alaska Air Group, Inc.<sup>(a)</sup> | 70655  |
| 189 | Allegiant Travel Co.<sup>(b)</sup> | 8870  |
| 8524 | American Airlines Group, Inc.<sup>(a)</sup> | 84814  |
| 7195 | Delta Air Lines, Inc. | 299528  |
| 1053 | Frontier Group Holdings, Inc.<sup>(a)</sup> | 3138  |
| 3935 | JetBlue Airways Corp.<sup>(a)</sup> | 17156  |
| 522 | SkyWest, Inc.<sup>(a)</sup> | 46547  |
| 7685 | Southwest Airlines Co.<sup>(b)</sup> | 214872  |
| 4262 | United Continental Holdings, Inc.<sup>(a)</sup> | 293311  |
|  |  | 1038891  |
|  | **Couriers and Messengers — 5.6%**<br>|  |
| 1337 | FedEx Corp. | 281211  |
| 4775 | United Parcel Service, Inc. Class B | 455058  |
|  |  | 736269  |
|  | **Management of Companies and Enterprises — 0.1%**<br>|  |
| 508 | Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 4978  |
| 125 | U-Haul Holding Co.<sup>(a)(b)</sup> | 7674  |
|  |  | 12652  |
|  | **Merchant Wholesalers, Nondurable Goods — 0.0%<sup>(†)</sup>**<br>|  |
| 1474 | FTAI Infrastructure, Inc. | 6367  |
|  | **Rail Transportation — 11.6%**<br>|  |
| 11030 | CSX Corp. | 309612  |
| 5601 | Union Pacific Corp. | 1207912  |
|  |  | 1517524  |
|  | **Rental and Leasing Services — 0.8%**<br>|  |
| 217 | Avis Budget Group, Inc.<sup>(a)(b)</sup> | 20100  |
| 1590 | Hertz Global Holdings, Inc.<sup>(a)(b)</sup> | 10844  |
| 546 | Ryder System, Inc. | 75168  |
|  |  | 106112  |
|  | **Support Activities for Transportation — 8.3%**<br>|  |
| 1539 | C.H. Robinson Worldwide, Inc. | 137310  |
| 1815 | Expeditors International of Washington, Inc. | 199487  |
| 260 | Forward Air Corp.<sup>(a)(b)</sup> | 3827  |
| 1550 | GXO Logistics, Inc.<sup>(a)</sup> | 56172  |
| 787 | Hub Group, Inc. | 24861  |
| 1030 | J.B. Hunt Transport Services, Inc. | 134497  |
| 432 | Matson, Inc. | 47127 |

---

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

101<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Transportation Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Support Activities for Transportation — (Continued)** <br>|  |
| 1410 | Norfolk Southern Corp. | $315910  |
| 1521 | XPO, Inc.<sup>(a)</sup> | 161409  |
|  |  | 1080600  |
|  | **Transit and Ground Passenger Transportation — 0.5%**<br>|  |
| 4777 | Lyft, Inc.<sup>(a)</sup> | 59235  |
|  | **Transportation Equipment Manufacturing — 0.3%**<br>|  |
| 6249 | Joby Aviation, Inc.<sup>(a)</sup> | 39369  |
|  | **Truck Transportation — 4.1%**<br>|  |
| 303 | ArcBest Corp. | 17731  |
| 203 | Covenant Logistics Group Inc. | 4040  |
| 561 | Heartland Express, Inc. | 4264  |
| 2099 | Knight-Swift Transportation Holdings, Inc. Class A | 82218  |
| 749 | Marten Transport Ltd. | 9617  |
| 1979 | Old Dominion Freight Line, Inc. | 303341  |
| 345 | Saia, Inc.<sup>(a)</sup> | 84180  |
| 609 | Schneider National, Inc. | 13087  |
| 802 | Werner Enterprises, Inc. | 19777  |
|  |  | 538255 |
|  | **Warehousing and Storage — 0.5%**<br>|  |
| 458 | Landstar System, Inc. | 61441  |
|  | **Water Transportation — 0.6%**<br>|  |
| 555 | Genco Shipping & Trading Ltd. ADR | 7193  |
| 744 | Kirby Corp.<sup>(a)</sup> | 71699  |
|  |  | 78892 |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $6,790,519)** |  |
|  |  | $6870207 |
|  | **SHORT TERM INVESTMENTS — 55.7%**<br>|  |
|  | **Money Market Funds — 55.7%**<br>|  |
| 2288203 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | 2288203 |
| 2194564 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(c)</sup> | 2194564  |
| 1719793 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(c)</sup> | 1719793  |
| 1064439 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 1064439  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $7,266,999)** | $7266999 |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $14,057,518) — 108.3%<sup>(e)</sup>** | $14137206 |
|  | Liabilities in Excess of Other Assets — (8.3)% | (1079894)  |
|  | **TOTAL NET ASSETS — 100.0%** | $13057312 |

---

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

102<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Transportation Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

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

---

| | |
|:---|:---|
| <sup>(†)</sup><br>| Less than 0.005%.<br>|

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $9,954,150. 

ADR - American Depository Receipt

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
|  Total return of S&P Transportation Select Industry FMC Capped Index | SOFR plus 0.95% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp; 1575 | $8944090 | &nbsp;&nbsp; $(239992)  |
|  Total return of S&P Transportation Select Industry FMC Capped Index | SOFR plus 0.73% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 2380 | 13392077 | &nbsp;&nbsp; (244988)  |
|  Total return of S&P Transportation Select Industry FMC Capped Index | SOFR plus 1.05% | Goldman Sachs | 1/12/2026 | &nbsp;&nbsp;&nbsp; 1863 | 10667061 | &nbsp;&nbsp; (371844)  |
|  |  |  |  |  | $33003228 | &nbsp;&nbsp; $(856824) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

103<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Utilities Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 71.4%**<br>|  |
|  | **Oil and Gas Extraction — 2.7%**<br>|  |
| 14259 | Dominion Energy, Inc. | $775405  |
|  | **Utilities — 68.7%**<br>|  |
| 12070 | AES Corp. | 120700  |
| 4356 | Alliant Energy Corp. | 265890  |
| 4582 | Ameren Corp. | 454718  |
| 9052 | American Electric Power Co., Inc. | 980694  |
| 3308 | American Water Works Co., Inc. | 486309  |
| 2694 | Atmos Energy Corp. | 432737  |
| 11063 | CenterPoint Energy, Inc. | 429023  |
| 5072 | CMS Energy Corp. | 373553  |
| 5881 | Consolidated Edison, Inc. | 663083  |
| 5311 | Constellation Energy Corp. | 1186690  |
| 3518 | DTE Energy Co. | 481966  |
| 13173 | Duke Energy Corp. | 1607369  |
| 6572 | Edison International | 351668  |
| 7279 | Entergy Corp. | 605394  |
| 3904 | Evergy, Inc. | 269766  |
| 6226 | Eversource Energy | 370323  |
| 17064 | Exelon Corp. | 800302  |
| 8707 | FirstEnergy Corp. | 373356  |
| 34908 | NextEra Energy, Inc. | 2334647  |
| 7977 | NiSource, Inc. | 311980  |
| 3438 | NRG Energy, Inc. | 376736  |
| 37237 | PG&E Corp. | 615155  |
| 1930 | Pinnacle West Capital Corp. | 183697  |
| 12533 | PPL Corp. | 457455  |
| 8458 | Public Service Enterprise Group, Inc. | 676048  |
| 10752 | Sempra Energy | 798551  |
| 18600 | Southern Co. | 1709154  |
| 5776 | Vistra Corp. | 748743  |
| 5393 | WEC Energy Group, Inc. | 590641  |
| 9748 | Xcel Energy, Inc. | 689184  |
|  |  | 19745532 |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $20,509,798)** | $20520937  |

---

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

104<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily Utilities Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 29.4%**<br>|  |
|  | **Money Market Funds — 29.4%**<br>|  |
| 6427241 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup>  | $6427241  |
| 1241759 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(b)</sup>  | 1241759  |
| 795370 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup>  | 795370  |
| 5897 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 5897  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $8,470,267)** | $8470267  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $28,980,065) — 100.8%<sup>(c)</sup>** | $28991204  |
|  | Liabilities in Excess of Other Assets — (0.8)% | (221068)  |
|  | **TOTAL NET ASSETS — 100.0%** | $28770136 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $22,926,420. 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of Utilities Select Sector Index | SOFR plus 1.10% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 7839 | $6211258 | &nbsp;&nbsp; $(16640)  |
|  Total return of Utilities Select Sector Index | SOFR plus 0.75% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 29324 | 22801376 | &nbsp;&nbsp; 465864  |
|  Total return of Utilities Select Sector Index | SOFR plus 0.60% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 27790 | 21412560 | &nbsp;&nbsp; 604306  |
|  Total return of Utilities Select Sector Index | SOFR plus 0.80% | Barclays | 12/22/2025 | &nbsp;&nbsp; 17336 | 13526700 | &nbsp;&nbsp; 277555  |
|  |  |  |  |  | $63951894 | &nbsp;&nbsp; $1331085 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

105<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily 7-10 Year Treasury Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 68.8%**<br>|  |
| 361036 | iShares 7-10 Year Treasury Bond ETF<sup>(a)</sup> | $34684729  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $34,644,729)** | $34684729  |
|  | **SHORT TERM INVESTMENTS — 30.7%**<br>|  |
|  | **Money Market Funds — 30.7%**<br>|  |
| 12874486 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(b)</sup> | $12874486  |
| 75 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(b)</sup> | 75  |
| 2580141 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(b)</sup> | 2580141  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $15,454,702)** | $15454702  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $50,099,431) — 99.5%<sup>(c)</sup>** | $50139431  |
|  | Other Assets in Excess of Liabilities — 0.5% | 278249  |
|  | **TOTAL NET ASSETS — 100.0%** | $50417680 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $40,563,766. 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of iShares 7-10 Year Treasury Bond ETF | SOFR plus 0.75% | BNP Paribas | 12/5/2025 | 402205  | $38201431  | $172128  |
|  Total return of iShares 7-10 Year Treasury Bond ETF | SOFR plus 0.85% | &nbsp;&nbsp;&nbsp; Bank of America <br>Merrill Lynch | 12/11/2025 | 167639  | 15840209  | 142239  |
|  Total return of iShares 7-10 Year Treasury Bond ETF | SOFR plus 0.60% | J.P. Morgan | 12/16/2025 | 384593  | 36031512  | 717888  |
|  Total return of iShares 7-10 Year Treasury Bond ETF | SOFR plus 0.67% | Barclays | 12/22/2025 | 258936  | 24059594 | 677615  |
|  |  |  |  |  | $114132746 | $1709870 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

106<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily 7-10 Year Treasury Bear 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 103.1%**<br>|  |
|  | **Money Market Funds — 103.1%**<br>|  |
| 7572606 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $7572606  |
| 1370066 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(a)</sup> | 1370066  |
| 1340222 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 1340222  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $10,282,894)<sup>(b)</sup>** | $10282894  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $10,282,894) — 103.1%** | $10282894  |
|  | Liabilities in Excess of Other Assets — (3.1)% | (306523)  |
|  | **TOTAL NET ASSETS — 100.0%** | $9976371 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $5,963,311. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR plus 0.45% | Total return of iShares 7-10 Year Treasury Bond ETF | BNP Paribas | 12/5/2025 | 170489 | $16175501 | &nbsp;&nbsp; $(116910)  |
| SOFR plus 0.38% | Total return of iShares 7-10 Year Treasury Bond ETF | J.P. Morgan | 12/16/2025 | 71609 | 6717863 | &nbsp;&nbsp; (131454)  |
| SOFR plus 0.44% | Total return of iShares 7-10 Year Treasury Bond ETF | Barclays | 12/22/2025 | 69440 | 6571777 | &nbsp;&nbsp; (78865)  |
|  |  |  |  |  | $29465141 | &nbsp;&nbsp; $(327229) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

107<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily 20+ Year Treasury Bull 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 69.1%**<br>|  |
| 37105522 | iShares 20+ Year Treasury Bond ETF<sup>(a)(b)</sup> | $3319831053  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $3,352,901,750)** | $3319831053  |
|  | **SHORT TERM INVESTMENTS — 31.7%**<br>|  |
|  | **Money Market Funds — 31.7%**<br>|  |
| 477077482 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(c)(d)</sup> | $477077482  |
| 350000500 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(c)</sup> | 350000500  |
| 102660000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.23%<sup>(c)</sup> | 102660000  |
| 484862258 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(c)</sup> | 484862258  |
| 110000000 | JPMorgan 100% U.S. Treasury Securities Money Market Fund Institutional Shares, 4.17%<sup>(c)</sup> | 110000000  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $1,524,600,240)** | $1524600240  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $4,877,501,990) — 100.8%<sup>(e)</sup>** | $4844431293  |
|  | Liabilities in Excess of Other Assets — (0.8)% | (40240865)  |
|  | **TOTAL NET ASSETS — 100.0%** | $4804190428 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

<sup>(e)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $3,979,379,325. 

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

108<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily 20+ Year Treasury Bull 3X Shares** 

**Long Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments** <br>**to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of iShares 20+ Year Treasury Bond ETF | SOFR plus 0.85% | BNP Paribas | 12/5/2025 | 18230852 | $1615911732 | $10350351  |
|  Total return of iShares 20+ Year Treasury Bond ETF | SOFR plus 0.70% | Goldman Sachs | 12/10/2025 | 19174756 | 1675646281 | 34354663  |
|  Total return of iShares 20+ Year Treasury Bond ETF | SOFR plus 0.70% | Bank of America Merrill Lynch | 12/11/2025 | 20500000 | 1875438147 | (52374907)  |
|  Total return of iShares 20+ Year Treasury Bond ETF | SOFR plus 0.50% | J.P. Morgan | 12/16/2025 | 13034706 | 1174847063 | (13351118)  |
|  Total return of iShares 20+ Year Treasury Bond ETF | SOFR plus 0.80% | UBS Securities LLC | 12/17/2025 | 8236829 | 746586181 | (13412101)  |
|  Total return of iShares 20+ Year Treasury Bond ETF | SOFR plus 0.79% | Citibank N.A. | 12/19/2025 | 23977097 | 2134981378 | (8237610)  |
|  Total return of iShares 20+ Year Treasury Bond ETF | SOFR plus 0.80% | Barclays | 12/22/2025 | 20829235 | 1823476185 | 28289194  |
|  |  |  |  |  | $11046886967 | $(14381528) |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

109<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Daily 20+ Year Treasury Bear 3X Shares** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 98.9%**<br>|  |
|  | **Money Market Funds — 98.9%**<br>|  |
| 89832175 | Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>(a)</sup> | $89832175  |
| 11284848 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.15%<sup>(a)</sup> | 11284848  |
| 65953159 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.17%<sup>(a)</sup> | 65953159  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $167,070,182)<sup>(b)</sup>** | $167070182  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $167,070,182) — 98.9%** | $167070182  |
|  | Other Assets in Excess of Liabilities — 1.1% | 1918715  |
|  | **TOTAL NET ASSETS — 100.0%** | $168988897 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> Represents annualized seven-day yield at April 30, 2025.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $101,560,746. 

**Short Total Return Swap Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
| SOFR plus 0.65% | Total return of iShares 20+ Year Treasury Bond ETF | BNP Paribas | 12/5/2025 | 740437 | $68934982 | $3051124  |
| SOFR plus 0.50% | Total return of iShares 20+ Year Treasury Bond ETF | Goldman Sachs | 12/10/2025 | 630274 | 58036938 | 1901969  |
| SOFR plus 0.50% | Total return of iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;&nbsp; Bank of America <br>Merrill Lynch | 12/11/2025 | 1124706 | 103697893 | 3592228  |
| SOFR plus 0.28% | Total return of iShares 20+ Year Treasury Bond ETF | J.P. Morgan | 12/16/2025 | 841941 | 75900981 | 821767  |
| SOFR plus 0.10% | Total return of iShares 20+ Year Treasury Bond ETF | UBS Securities LLC | 12/17/2025 | 962426 | 87234293 | 1339833  |
| SOFR plus 0.48% | Total return of iShares 20+ Year Treasury Bond ETF | Citibank N.A. | 12/19/2025 | 1366600 | 121707212 | 310986  |
|  |  |  |  |  | $515512299 | $11017907 |

---

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

110<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Mid Cap Bull** <br>**3X Shares** | **Direxion Daily** <br>**S&P 500<sup>®</sup> Bull** <br>**3X Shares** | **Direxion Daily** <br>**S&P 500<sup>®</sup> Bear** <br>**3X Shares** | **Direxion Daily** <br>**Small Cap Bull** <br>**3X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $73851623 | $4319886678 | $425005350 | $2401515339  |
| Cash |  | 19096802 |  | —  |
| Receivable for Fund shares sold |  | 9650 | 2287378 | —  |
| Receivable for investments sold | 133063 |  |  | 19484558  |
| Dividend and interest receivable | 146978 | 7798870 | 1561370 | 3610884  |
| Due from broker for swap contracts |  | 2088195 |  | —  |
| Unrealized appreciation on swap contracts | 312014 | 68696492 | 60576680 | 11663738  |
| Prepaid expenses and other assets | 6603 | 137824 | 43308 | 63099  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 74450281 | 4417714511 | 489474086 | 2436337618  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) | 98978 | 293393 |  | 341574151  |
| Payable for Fund shares redeemed |  | 32325538 | 6203546 | 162496  |
| Payable for investments purchased | 316541 | 1068128 |  | —  |
| Unrealized depreciation on swap contracts | 5425725 | 317507617 | 20061606 | 412316437  |
| Due to Adviser, net (Note 6) | 39981 | 1306527 | 164331 | 595781  |
| Due to broker for swap contracts | 2001830 | 61549473 | 62743250 | 16424760  |
| Accrued expenses and other liabilities | 43752 | 1896932 | 158259 | 770305  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 7926807 | 415947608 | 89330992 | 771843930  |
| **NET ASSETS** | $66523474 | $4001766903 | $400143094 | $1664493688  |
| **NET ASSETS CONSIST OF:**<br>|  |  |  |  |
| Capital stock | $96899838 | $3954727594 | $3832025346 | $2761580746  |
| Total distributable earnings (loss) | (30376364) | 47039309 | (3431882252) | (1097087058)  |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $66523474 | $4001766903 | $400143094 | $1664493688  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $66523474 | $4001766903 | $400143094 | $1664493688  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 1850132 | 31100002 | 61276918 | 65250002  |
|  Net assets value, redemption price and offering price per share | $35.96 | $128.67 | $6.53 | $25.51  |
| Cost of Investments | $74098208 | $4234512002 | $425005350 | $2406609972  |
| \*Value of securities loaned | $645327 | $3182233 | $— | $350468912 |

---

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

111<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Small Cap Bear** <br>**3X Shares** | **Direxion Daily** <br>**FTSE China Bull** <br>**3X Shares** | **Direxion Daily** <br>**FTSE China Bear** <br>**3X Shares** | **Direxion Daily** <br>**FTSE Europe Bull** <br>**3X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $262162157 | $1125488572 | $249445986 | &nbsp;&nbsp; $47977946  |
| Receivable for Fund shares sold | 5762391 | 4516 |  | &nbsp;&nbsp; —  |
| Dividend and interest receivable | 937072 | 2270231 | 957742 | &nbsp;&nbsp; 57195  |
| Unrealized appreciation on swap contracts | 111183053 | 174725182 | 32091117 | &nbsp;&nbsp; 6076320  |
| Prepaid expenses and other assets | 25514 | 36871 | 13025 | &nbsp;&nbsp; 9158  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 380070187 | 1302525372 | 282507870 | &nbsp;&nbsp; 54120619  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  |  |  | &nbsp;&nbsp; 9703030  |
| Payable for Fund shares redeemed |  | 71451 |  | &nbsp;&nbsp; —  |
| Unrealized depreciation on swap contracts | 10884466 | 16975334 | 23940203 | &nbsp;&nbsp; —  |
| Due to Adviser, net (Note 6) | 98673 | 447325 | 98791 | &nbsp;&nbsp; 22512  |
| Due to broker for swap contracts | 107665587 | 166660710 | 33201033 | &nbsp;&nbsp; 5996345  |
| Accrued expenses and other liabilities | 97563 | 740059 | 116840 | &nbsp;&nbsp; 12693  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 118746289 | 184894879 | 57356867 | &nbsp;&nbsp; 15734580  |
| **NET ASSETS** | $261323898 | $1117630493 | $225151003 | &nbsp;&nbsp; $38386039  |
| **NET ASSETS CONSIST OF:**<br>|  |  |  |  |
| Capital stock | $4062865767 | $2038512948 | $485481830 | &nbsp;&nbsp; $52935016  |
| Total distributable loss | (3801541869) | (920882455) | (260330827) | &nbsp;&nbsp; (14548977)  |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $261323898 | $1117630493 | $225151003 | &nbsp;&nbsp; $38386039  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $261323898 | $1117630493 | $225151003 | &nbsp;&nbsp; $38386039  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 15872797 | 34642767 | 5359937 | &nbsp;&nbsp; 1350001  |
|  Net assets value, redemption price and offering price per share | $16.46 | $32.26 | $42.01 | &nbsp;&nbsp; $28.43  |
| Cost of Investments | $262162157 | $1120635590 | $249445986 | &nbsp;&nbsp; $47118387  |
| \*Value of securities loaned | $— | $— | $— | &nbsp;&nbsp; $9518052 |

---

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

112<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**MSCI Emerging** <br>**Markets Bull** <br>**3X Shares** | **Direxion Daily** <br>**MSCI Emerging** <br>**Markets Bear** <br>**3X Shares** | **Direxion Daily** <br>**MSCI** <br>**Mexico Bull** <br>**3X Shares** | **Direxion Daily** <br>**MSCI** <br>**South Korea Bull** <br>**3X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $63507141 | $21152216 | $27354210 | $80442492  |
| Cash |  | 11419 |  | —  |
| Receivable for Fund shares sold |  | 448 |  | —  |
| Dividend and interest receivable | 208134 | 74495 | 47436 | 108916  |
| Unrealized appreciation on swap contracts | 3626971 | 614703 | 5751081 | 5572898  |
| Prepaid expenses and other assets | 18908 | 14411 | 13972 | 10557  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 67361154 | 21867692 | 33166699 | 86134863  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  |  | 658350 | —  |
| Payable for Fund shares redeemed |  | 1492906 |  | —  |
| Unrealized depreciation on swap contracts |  | 1793239 |  | —  |
| Due to Adviser, net (Note 6) | 36688 | 55708 | 15258 | 47659  |
| Due to broker for swap contracts | 2988224 | 1755157 | 5100000 | 5232001  |
| Accrued expenses and other liabilities | 21029 | 12710 | 13675 | 28459  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 3045941 | 5109720 | 5787283 | 5308119  |
| **NET ASSETS** | $64315213 | $16757972 | $27379416 | $80826744  |
| **NET ASSETS CONSIST OF:**<br>|  |  |  |  |
| Capital stock | $337042667 | $359591200 | $34254065 | $137609277  |
| Total distributable loss | (272727454) | (342833228) | (6874649) | (56782533)  |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $64315213 | $16757972 | $27379416 | $80826744  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $64315213 | $16757972 | $27379416 | $80826744  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 2181598 | 2245232 | 1916025 | 11294925  |
|  Net assets value, redemption price and offering price per share | $29.48 | $7.46 | $14.29 | $7.16  |
| Cost of Investments | $63510490 | $21152216 | $26541839 | $79543389  |
| \*Value of securities loaned | $— | $— | $643188 | $— |

---

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

113<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Aerospace &** <br>**Defense Bull** <br>**3X Shares** | **Direxion Daily** <br>**Consumer** <br>**Discretionary** <br>**Bull** <br>**3X Shares** | **Direxion Daily** <br>**Dow Jones** <br>**Internet Bull** <br>**3X Shares** | **Direxion Daily** <br>**Dow Jones** <br>**Internet Bear** <br>**3X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $159858093 | $19652625 | $123278749 | $11925928  |
| Receivable for Fund shares sold | 307 |  |  | —  |
| Dividend and interest receivable | 197191 | 39811 | 174145 | 56185  |
| Due from broker for swap contracts | 1368 |  |  | —  |
| Unrealized appreciation on swap contracts | 20649841 | 664032 | 5014321 | 1307812  |
| Prepaid expenses and other assets | 31797 | 9353 | 14892 | 11281  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 180738597 | 20365821 | 128482107 | 13301206  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  |  | 36351 | —  |
| Payable for Fund shares redeemed | 8501.00 |  |  | —  |
| Unrealized depreciation on swap contracts |  | 1995470 | 6251406 | 132313  |
| Due to Adviser, net (Note 6) | 56743 | 9164 | 64520 | 9694  |
| Due to broker for swap contracts | 19420001 | 680938 | 4940000 | 1606722  |
| Accrued expenses and other liabilities | 68517 | 22296 | 61614 | 9917  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 19553762 | 2707868 | 11353891 | 1758646  |
| **NET ASSETS** | $161184835 | $17657953 | $117128216 | $11542560  |
| **NET ASSETS CONSIST OF:**<br>|  |  |  |  |
| Capital stock | $107113680 | $34308472 | $207605171 | $76248869  |
| Total distributable earnings (loss) | 54071155 | (16650519) | (90476955) | (64706309)  |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $161184835 | $17657953 | $117128216 | $11542560  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $161184835 | $17657953 | $117128216 | $11542560  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 5250001 | 550001 | 5950001 | 346780  |
|  Net assets value, redemption price and offering price per share | $30.70 | $32.11 | $19.69 | $33.28  |
| Cost of Investments | $141889361 | $18950035 | $112688080 | $11925928  |
| \*Value of securities loaned | $922215 | $36144 | $176527 | $— |

---

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

114<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Financial Bull** <br>**3X Shares** | **Direxion Daily** <br>**Financial Bear** <br>**3X Shares** | **Direxion Daily** <br>**Healthcare Bull** <br>**3X Shares** | **Direxion Daily** <br>**Homebuilders &** <br>**Supplies Bull** <br>**3X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $2268546498 | $106002670 | $132270435 | $280906002  |
| Receivable for Fund shares sold |  | 4941717 |  | —  |
| Dividend and interest receivable | 3660341 | 384156 | 257507 | 582934  |
| Due from broker for swap contracts |  |  | 342039 | —  |
| Unrealized appreciation on swap contracts | 43712148 | 8462493 | 1027088 | —  |
| Prepaid expenses and other assets | 480043 | 29439 | 36694 | 12106  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 2316399030 | 119820475 | 133933763 | 281501042  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) | 49281 |  |  | 17763  |
| Payable for Fund shares redeemed |  | 274535 |  | —  |
| Unrealized depreciation on swap contracts | 30280520 | 4023563 | 527472 | 36791918  |
| Due to Adviser, net (Note 6) | 787102 | 41565 | 47928 | 87051  |
| Due to broker for swap contracts | 33283071 | 8880000 |  | 2166878  |
| Accrued expenses and other liabilities | 1320475 | 62647 | 98807 | 126665  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 65720449 | 13282310 | 674207 | 39190275  |
| **NET ASSETS** | $2250678581 | $106538165 | $133259556 | $242310767  |
| **NET ASSETS CONSIST OF:**<br>|  |  |  |  |
| Capital stock | $1319968315 | $3384944386 | $177226175 | $420081910  |
| Total distributable earnings (loss) | 930710266 | (3278406221) | (43966619) | (177771143)  |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $2250678581 | $106538165 | $133259556 | $242310767  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $2250678581 | $106538165 | $133259556 | $242310767  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 16149289 | 19403350 | 1450008 | 4550000  |
|  Net assets value, redemption price and offering price per share | $139.37 | $5.49 | $91.90 | $53.26  |
| Cost of Investments | $2064714271 | $106002670 | $122809124 | $297163745  |
| \*Value of securities loaned | $201281 | $— | $— | $1111124 |

---

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

115<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Industrials Bull** <br>**3X Shares** | **Direxion Daily** <br>**Pharmaceutical &** <br>**Medical Bull** <br>**3X Shares** | **Direxion Daily** <br>**Real Estate Bull** <br>**3X Shares** | **Direxion Daily** <br>**Real Estate Bear** <br>**3X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $30260963 | &nbsp;&nbsp; $14397383 | $59654695 | $48055840  |
| Receivable for Fund shares sold |  | &nbsp;&nbsp; — | 5596 | —  |
| Dividend and interest receivable | 54290 | &nbsp;&nbsp; 21642 | 57715 | 186269  |
| Unrealized appreciation on swap contracts | 508820 | &nbsp;&nbsp; 486182 | 1352007 | 2419765  |
| Prepaid expenses and other assets | 11370 | &nbsp;&nbsp; 9161 | 21183 | 29060  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 30835443 | &nbsp;&nbsp; 14914368 | 61091196 | 50690934  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  | &nbsp;&nbsp; 76046 |  | —  |
| Unrealized depreciation on swap contracts | 1071507 | &nbsp;&nbsp; 937708 | 1451411 | 1180532  |
| Due to Adviser, net (Note 6) | 16518 | &nbsp;&nbsp; 4386 | 34806 | 35915  |
| Due to broker for swap contracts | 310000 | &nbsp;&nbsp; 300001 | 1190000 | 2943342  |
| Accrued expenses and other liabilities | 27289 | &nbsp;&nbsp; 11920 | 37014 | 12661  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 1425314 | &nbsp;&nbsp; 1330061 | 2713231 | 4172450  |
| **NET ASSETS** | $29410129 | &nbsp;&nbsp; $13584307 | $58377965 | $46518484  |
| **NET ASSETS CONSIST OF:**<br>|  |  |  |  |
| Capital stock | $24986176 | &nbsp;&nbsp; $27275716 | $73377202 | $239168216  |
| Total distributable earnings (loss) | 4423953 | &nbsp;&nbsp; (13691409) | (14999237) | (192649732)  |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $29410129 | &nbsp;&nbsp; $13584307 | $58377965 | $46518484  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $29410129 | &nbsp;&nbsp; $13584307 | $58377965 | $46518484  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 600001 | &nbsp;&nbsp; 2400001 | 6100000 | 1784045  |
|  Net assets value, redemption price and offering price per share | $49.02 | &nbsp;&nbsp; $5.66 | $9.57 | $26.07  |
| Cost of Investments | $28894705 | &nbsp;&nbsp; $13742644 | $60655111 | $48055840  |
| \*Value of securities loaned | $16220 | &nbsp;&nbsp; $129967 | $— | $— |

---

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

116<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Regional Banks Bull** <br>**3X Shares** | **Direxion Daily** <br>**Retail Bull** <br>**3X Shares** | **Direxion Daily** <br>**S&P 500<sup>®</sup>** <br>**High Beta Bull** <br>**3X Shares** | **Direxion Daily** <br>**S&P 500<sup>®</sup>** <br>**High Beta Bear** <br>**3X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | &nbsp;&nbsp; $673106143 | $38050053 | $48695609 | $27484562  |
| Receivable for Fund shares sold | &nbsp;&nbsp; — |  | 1456 | 920020  |
| Dividend and interest receivable | &nbsp;&nbsp; 1243908 | 53688 | 81612 | 112934  |
| Due from broker for swap contracts | &nbsp;&nbsp; — |  |  | 17  |
| Unrealized appreciation on swap contracts | &nbsp;&nbsp; 16403012 | 1204114 | 2343296 | 5672596  |
| Prepaid expenses and other assets | &nbsp;&nbsp; 29876 | 20416 | 12652 | 10333  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | &nbsp;&nbsp; 690782939 | 39328271 | 51134625 | 34200462  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) | &nbsp;&nbsp; 470137 | 400181 |  | —  |
| Payable for Fund shares redeemed | &nbsp;&nbsp; — | 2027 |  | —  |
| Unrealized depreciation on swap contracts | &nbsp;&nbsp; 129653538 | 2970828 | 2970604 | 3705313  |
| Due to Adviser, net (Note 6) | &nbsp;&nbsp; 198570 | 20753 | 22640 | 19930  |
| Due to broker for swap contracts | &nbsp;&nbsp; 22653493 | 1472082 | 2185513 | 6072748  |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 202538 | 15109 | 19127 | 14153  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | &nbsp;&nbsp; 153178276 | 4880980 | 5197884 | 9812144  |
| **NET ASSETS** | &nbsp;&nbsp; $537604663 | $34447291 | $45936741 | $24388318  |
| **NET ASSETS CONSIST OF:**<br>|  |  |  |  |
| Capital stock | &nbsp;&nbsp; $522111246 | $131321215 | $64393306 | $193643069  |
| Total distributable earnings (loss) | &nbsp;&nbsp; 15493417 | (96873924) | (18456565) | (169254751)  |
| &nbsp;&nbsp;&nbsp; **Net Assets** | &nbsp;&nbsp; $537604663 | $34447291 | $45936741 | $24388318  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | &nbsp;&nbsp; $537604663 | $34447291 | $45936741 | $24388318  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | &nbsp;&nbsp; 7923935 | 6171105 | 1914370 | 1325454  |
|  Net assets value, redemption price and offering price per share | &nbsp;&nbsp; $67.85 | $5.58 | $24.00 | $18.40  |
| Cost of Investments | &nbsp;&nbsp; $670545155 | $36641393 | $45998461 | $27484562  |
| \*Value of securities loaned | &nbsp;&nbsp; $1777016 | $934119 | $101166 | $— |

---

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

117<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**S&P Biotech** <br>**Bull** <br>**3X Shares** | **Direxion Daily** <br>**S&P Biotech** <br>**Bear** <br>**3X Shares** | **Direxion Daily** <br>**Semiconductor** <br>**Bull** <br>**3X Shares** | **Direxion Daily** <br>**Semiconductor** <br>**Bear** <br>**3X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $689054004 | $49788774 | $9412041085 | $893628797  |
| Cash |  |  | 8348783 | —  |
| Receivable for Fund shares sold | 1215 | 3138616 | 117783 | 2837668  |
| Dividend and interest receivable | 1297458 | 160208 | 19056983 | 2137954  |
| Due from broker for swap contracts |  |  | 3501674 | —  |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on swap <br>contracts | 30051414 | 10137689 | 413641086 | 109357784  |
| Prepaid expenses and other assets | 42922 | 7248 | 266314 | 53875  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 720447013 | 63232535 | 9856973708 | 1008016078  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) | 7429963 |  | 42562119 | —  |
| Payable for Fund shares redeemed | 288471 |  | 38685592 | 32990662  |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on swap <br>contracts | 92595055 | 3305652 | 191565645 | 81667176  |
| Due to Adviser, net (Note 6) | 214941 | 29568 | 2663520 | 223489  |
| Due to broker for swap contracts | 22690000 | 11878001 | 368230235 | 156157177  |
| Accrued expenses and other liabilities | 315175 | 29689 | 2727943 | 141166  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 123533605 | 15242910 | 646435054 | 271179670  |
| **NET ASSETS** | $596913408 | $47989625 | $9210538654 | $736836408  |
| **NET ASSETS CONSIST OF:**<br>|  |  |  |  |
| Capital stock | $2522284684 | $389275827 | $17166016605 | $3338631982  |
| Total distributable loss | (1925371276) | (341286202) | (7955477951) | (2601795574)  |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $596913408 | $47989625 | $9210538654 | $736836408  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $596913408 | $47989625 | $9210538654 | $736836408  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 9824486 | 6116024 | 757500060 | 39086522  |
|  Net assets value, redemption price and offering price per share | $60.76 | $7.85 | $12.16 | $18.85  |
| Cost of Investments | $688576232 | $49788774 | $8983202070 | $893628797  |
| \*Value of securities loaned | $23034409 | $— | $41107581 | $— |

---

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

118<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Technology Bull** <br>**3X Shares** | **Direxion Daily** <br>**Technology Bear** <br>**3X Shares** | **Direxion Daily** <br>**Transportation** <br>**Bull** <br>**3X Shares** | **Direxion Daily** <br>**Utilities Bull** <br>**3X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $2443528755 | $83585776 | $14137206 | $28991204  |
| Receivable for Fund shares sold | 1660 | 2389463 |  | —  |
| Dividend and interest receivable | 4189872 | 322100 | 22936 | 31025  |
| Unrealized appreciation on swap contracts | 69169699 | 19482301 |  | 1347725  |
| Prepaid expenses and other assets | 618745 | 21902 | 29923 | 13591  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 2517508731 | 105801542 | 14190065 | 30383545  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  |  | 11362 | —  |
| Payable for Fund shares redeemed | 5532218 | 4776060 |  | —  |
| Unrealized depreciation on swap contracts | 189129215 | 665556 | 856824 | 16640  |
| Due to Adviser, net (Note 6) | 749008 | 35336 | 6362 | 18259  |
| Due to broker for swap contracts | 57857000 | 21993733 | 245635 | 1544207  |
| Accrued expenses and other liabilities | 1571966 | 47290 | 12570 | 34303  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 254839407 | 27517975 | 1132753 | 1613409  |
| **NET ASSETS** | $2262669324 | $78283567 | $13057312 | $28770136  |
| **NET ASSETS CONSIST OF:**<br>|  |  |  |  |
| Capital stock | $2629132343 | $581874642 | $18813226 | $17017814  |
| Total distributable earnings (loss) | (366463019) | (503591075) | (5755914) | 11752322  |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $2262669324 | $78283567 | $13057312 | $28770136  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $2262669324 | $78283567 | $13057312 | $28770136  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 40900000 | 1639102 | 700001 | 850001  |
|  Net assets value, redemption price and offering price per share | $55.32 | $47.76 | $18.65 | $33.85  |
| Cost of Investments | $2298661852 | $83585776 | $14057518 | $28980065  |
| \*Value of securities loaned | $— | $— | $84474 | $— |

---

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

119<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**7-10 Year** <br>**Treasury Bull** <br>**3X Shares** | **Direxion Daily** <br>**7-10 Year** <br>**Treasury Bear** <br>**3X Shares** | **Direxion Daily** <br>**20+ Year** <br>**Treasury Bull** <br>**3X Shares** | **Direxion Daily** <br>**20+ Year** <br>**Treasury Bear** <br>**3X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $50139431 | $10282894 | $4844431293 | $167070182  |
| Cash |  |  | 15720000 | —  |
| Receivable for Fund shares sold |  |  | 4355 | 540  |
| Receivable for investments sold |  |  | 98404364 | —  |
| Dividend and interest receivable | 63669 | 37348 | 5459164 | 615056  |
| Due from broker for swap contracts |  |  | 1557223 | 210192  |
| Unrealized appreciation on swap contracts | 1709870 |  | 72994208 | 11017907  |
| Prepaid expenses and other assets | 8487 | 13209 | 90329 | 36904  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 51921457 | 10333451 | 5038660936 | 178950781  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  |  | 2205033 | —  |
| Payable for Fund shares redeemed |  |  | 14514499 | 1798903  |
| Unrealized depreciation on swap contracts |  | 327229 | 87375736 | —  |
| Due to Adviser, net (Note 6) | 36853 | 5412 | 1576250 | 68606  |
| Due to broker for swap contracts | 1440000 | 4649 | 127392495 | 8047233  |
| Accrued expenses and other liabilities | 26924 | 19790 | 1406495 | 47142  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 1503777 | 357080 | 234470508 | 9961884  |
| **NET ASSETS** | $50417680 | $9976371 | $4804190428 | $168988897  |
| **NET ASSETS CONSIST OF:**<br>|  |  |  |  |
| Capital stock | $68831169 | $55818500 | $7174743658 | $826329181  |
| Total distributable loss | (18413489) | (45842129) | (2370553230) | (657340284)  |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $50417680 | $9976371 | $4804190428 | $168988897  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $50417680 | $9976371 | $4804190428 | $168988897  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 1950000 | 750000 | 115848386 | 4697044  |
|  Net assets value, redemption price and offering price per share | $25.86 | $13.30 | $41.47 | $35.98  |
| Cost of Investments | $50099431 | $10282894 | $4877501990 | $167070182  |
| \*Value of securities loaned | $— | $— | $2155780 | $— |

---

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

120<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Mid Cap Bull** <br>**3X Shares** | **Direxion Daily** <br>**S&P 500<sup>®</sup> Bull** <br>**3X Shares** | **Direxion Daily** <br>**S&P 500<sup>®</sup> Bear** <br>**3X Shares** | **Direxion Daily** <br>**Small Cap Bull** <br>**3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $489612 | $23342800 | $— | $7950588  |
| Less: Foreign Withholding Tax | (630) | (5538) |  | —  |
| Interest income | 747469 | 37697061 | 8798082 | 18603583  |
| Securities lending income | 726 | 7031 |  | 62239  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1237177 | 61041354 | 8798082 | 26616410  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 329272 | 18307051 | 1451070 | 7936931  |
| Interest expense | 171734 | 11782072 | 391431 | 4849315  |
| Licensing fees | 35122 | 1952752 | 154781 | 634954  |
| Management service fees (Note 6) | 21459 | 1193210 | 94646 | 517263  |
| Professional fees | 7240 | 132269 | 15303 | 59975  |
| Reports to shareholders | 3881 | 216697 | 17605 | 93643  |
| Fund servicing fees | 3062 | 158211 | 11255 | 69990  |
| Exchange listing fees | 3055 | 2337 | 2337 | 2697  |
| Pricing fees | 1984 | 1984 | 1984 | 1984  |
| Trustees' fees and expenses | 982 | 54851 | 4456 | 23703  |
| Insurance fees | 651 | 36364 | 2954 | 15715  |
| Other | 6038 | 337077 | 28293 | 145133  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 584480 | 34174875 | 2176115 | 14351303  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser <br>(Note 6) | 4581 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (250) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Less: Investment advisory fees waived (Note 6) |  | (2650413) |  | (222276)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 588811 | 31524462 | 2176115 | 14129027  |
| **Net investment income** | 648366 | 29516892 | 6621967 | 12487383  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (3270209) | (229260174) |  | (126280355)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 605631 | 156085589 |  | 66634109  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (9484750) | 402052460 | (86713872) | 9098232  |
| &nbsp;&nbsp;&nbsp; Futures contracts |  | 131420503 |  | —  |
| Net realized gain (loss) | (12149328) | 460298378 | (86713872) | (50548014)  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (2782166) | (41959144) |  | (107436542)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (16319664) | (1204304386) | 79115743 | (639053017)  |
| &nbsp;&nbsp;&nbsp; Futures contracts |  | (16603003) |  | —  |
|  Change in net unrealized appreciation (depreciation) | (19101830) | (1262866533) | 79115743 | (746489559)  |
| **Net realized and unrealized loss** | (31251158) | (802568155) | (7598129) | (797037573)  |
|  **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(30602792) | $(773051263) | $(976162) | $(784550190) |

---

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

121<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Small Cap Bear** <br>**3X Shares** | **Direxion Daily** <br>**FTSE China Bull** <br>**3X Shares** | **Direxion Daily** <br>**FTSE China Bear** <br>**3X Shares** | **Direxion Daily** <br>**FTSE Europe Bull** <br>**3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $— | $12402893 | $— | &nbsp;&nbsp;&nbsp; $218647  |
| Interest income | 6347059 | 18979525 | 5116853 | &nbsp;&nbsp;&nbsp; 212244  |
| Securities lending income |  | 2121 |  | &nbsp;&nbsp;&nbsp; 20220  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 6347059 | 31384539 | 5116853 | &nbsp;&nbsp;&nbsp; 451111  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 1053517 | 6185723 | 833432 | &nbsp;&nbsp;&nbsp; 87259  |
| Interest expense | 627927 | 4510169 | 290369 | &nbsp;&nbsp;&nbsp; 34549  |
| Licensing fees | 84281 | 718369 | 96789 | &nbsp;&nbsp;&nbsp; 3800  |
| Management service fees (Note 6) | 68699 | 403224 | 54387 | &nbsp;&nbsp;&nbsp; 5695  |
| Professional fees | 12411 | 48171 | 10997 | &nbsp;&nbsp;&nbsp; 5593  |
| Reports to shareholders | 12684 | 73551 | 10277 | &nbsp;&nbsp;&nbsp; 1079  |
| Fund servicing fees | 8986 | 49701 | 4775 | &nbsp;&nbsp;&nbsp; 726  |
| Exchange listing fees | 3055 | 5392 | 3055 | &nbsp;&nbsp;&nbsp; 3055  |
| Pricing fees | 1984 | 1984 | 1984 | &nbsp;&nbsp;&nbsp; 1984  |
| Trustees' fees and expenses | 3211 | 18618 | 2602 | &nbsp;&nbsp;&nbsp; 273  |
| Insurance fees | 2129 | 12343 | 1725 | &nbsp;&nbsp;&nbsp; 181  |
| Other | 19720 | 117498 | 18002 | &nbsp;&nbsp;&nbsp; 1836  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 1898604 | 12144743 | 1328394 | &nbsp;&nbsp;&nbsp; 146030  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) |  |  | 9930 | &nbsp;&nbsp;&nbsp; 989  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) |  |  |  | &nbsp;&nbsp;&nbsp; (1942)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1898604 | 12089271 | 1338324 | &nbsp;&nbsp;&nbsp; 145077  |
| **Net investment income** | 4448455 | 19295268 | 3778529 | &nbsp;&nbsp;&nbsp; 306034  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | (123099431) |  | &nbsp;&nbsp;&nbsp; (932644)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 137255508 |  | &nbsp;&nbsp;&nbsp; 605323  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (40076062) | (221808346) | (40145657) | &nbsp;&nbsp;&nbsp; (2266724)  |
| Net realized gain loss | (40076062) | (207652269) | (40145657) | &nbsp;&nbsp;&nbsp; (2594045)  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | 5399012 |  | &nbsp;&nbsp;&nbsp; 602670  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 115461292 | 361376787 | (20417928) | &nbsp;&nbsp;&nbsp; 5139930  |
|  Change in net unrealized appreciation (depreciation) | 115461292 | 366775799 | (20417928) | &nbsp;&nbsp;&nbsp; 5742600  |
| **Net realized and unrealized gain (loss)** | 75385230 | 159123530 | (60563585) | &nbsp;&nbsp;&nbsp; 3148555  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $79833685 | $178418798 | $(56785056) | &nbsp;&nbsp;&nbsp; $3454589 |

---

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

122<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**MSCI Emerging** <br>**Markets Bull** <br>**3X Shares** | **Direxion Daily** <br>**MSCI Emerging** <br>**Markets Bear** <br>**3X Shares** | **Direxion Daily** <br>**MSCI** <br>**Mexico Bull** <br>**3X Shares** | **Direxion Daily** <br>**MSCI** <br>**South Korea Bull** <br>**3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $193670 | $— | $353351 | $1591487  |
| Interest income | 1495079 | 419625 | 275722 | 791742  |
| Securities lending income | 851 |  | 6288 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1689600 | 419625 | 635361 | 2383229  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 266571 | 70900 | 79472 | 321055  |
| Interest expense | 169792 | 15631 | 9572 | 55951  |
| Licensing fees | 37376 | 33472 | 4239 | 30624  |
| Management service fees (Note 6) | 17379 | 4624 | 5182 | 20931  |
| Professional fees | 6828 | 5463 | 5520 | 7210  |
| Reports to shareholders | 3181 | 857 | 955 | 3831  |
| Fund servicing fees | 2388 | 718 | 846 | 2489  |
| Exchange listing fees | 3055 | 3055 | 3055 | 3055  |
| Pricing fees | 1984 | 1984 | 1984 | 1984  |
| Trustees' fees and expenses | 805 | 217 | 242 | 970  |
| Insurance fees | 534 | 144 | 160 | 643  |
| Other | 5022 | 1406 | 1502 | 6412  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 514915 | 138471 | 112729 | 455155  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) |  |  | 31 | 7609  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (7467) | (33032) | (2523) | (143)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 507448 | 105439 | 110237 | 462621  |
| **Net investment income** | 1182152 | 314186 | 525124 | 1920608  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (545599) |  | (879536) | (4758284)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 8844 |  | 238138 | 782007  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (5786931) | (466802) | (5579338) | (26035583)  |
| Net realized loss | (6323686) | (466802) | (6220736) | (30011860)  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | 165526 |  | 1334822 | 2065240  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (5692751) | (1648077) | 10135811 | 12868471  |
|  Change in net unrealized appreciation (depreciation) | (5527225) | (1648077) | 11470633 | 14933711  |
| **Net realized and unrealized gain (loss)** | (11850911) | (2114879) | 5249897 | (15078149)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(10668759) | $(1800693) | $5775021 | $(13157541) |

---

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

123<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Aerospace &** <br>**Defense Bull** <br>**3X Shares** | **Direxion Daily** <br>**Consumer** <br>**Discretionary** <br>**Bull** <br>**3X Shares** | **Direxion Daily** <br>**Dow Jones** <br>**Internet Bull** <br>**3X Shares** | **Direxion Daily** <br>**Dow Jones** <br>**Internet Bear** <br>**3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $658546 | $82152 | $164056 | $—  |
| Interest income | 1162874 | 257936 | 1274065 | 330369  |
| Securities lending income | 1611 | 2 | 212 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1823031 | 340090 | 1438333 | 330369  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 664971 | 95699 | 571709 | 52933  |
| Interest expense | 679319 | 81019 | 413700 | 14000  |
| Licensing fees | 70929 | 7538 | 60983 | 5842  |
| Management service fees (Note 6) | 43346 | 6235 | 37255 | 3453  |
| Professional fees | 9603 | 5616 | 8905 | 5339  |
| Reports to shareholders | 7903 | 1119 | 6717 | 646  |
| Fund servicing fees | 5756 | 1120 | 5080 | 623  |
| Exchange listing fees | 3055 | 3055 | 3055 | 3055  |
| Pricing fees | 1984 | 1984 | 1984 | 1984  |
| Trustees' fees and expenses | 2001 | 283 | 1700 | 164  |
| Insurance fees | 1326 | 188 | 1127 | 108  |
| Other | 12398 | 1669 | 10563 | 1015  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 1502591 | 205525 | 1122778 | 89162  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) |  | 25 | 6 | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) |  | (3312) | (6) | (8114)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1502591 | 202238 | 1122778 | 81048  |
| **Net investment income** | 320440 | 137852 | 315555 | 249321  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (4535255) | (1533893) | (3326455) | —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 7685771 | 2540378 | 6948616 | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 20779839 | 5172504 | 27092652 | (8109545)  |
| Net realized gain (loss) | 23930355 | 6178989 | 30714813 | (8109545)  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: | Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: | Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: | Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: | Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investment securities | 3150583 | (917784) | (571605) | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (8384104) | (5051451) | (28093839) | 3520440  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | (5233521) | (5969235) | (28665444) | 3520440  |
| **Net realized and unrealized gain (loss)** | 18696834 | 209754 | 2049369 | (4589105)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $19017274 | $347606 | $2364924 | $(4339784) |

---

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

124<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Financial Bull** <br>**3X Shares** | **Direxion Daily** <br>**Financial Bear** <br>**3X Shares** | **Direxion Daily** <br>**Healthcare Bull** <br>**3X Shares** | **Direxion Daily** <br>**Homebuilders &** <br>**Supplies Bull** <br>**3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $14939750 | $— | $1136457 | $1817723  |
| Interest income | 17278235 | 2451079 | 809752 | 3126725  |
| Securities lending income | 1667 |  | 63 | 496  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 32219652 | 2451079 | 1946272 | 4944944  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 9487933 | 381453 | 614268 | 1116015  |
| Interest expense | 8546194 | 55163 | 342642 | 1140217  |
| Licensing fees | 750461 | 30323 | 48599 | 119042  |
| Management service fees (Note 6) | 618485 | 24880 | 40043 | 72744  |
| Professional fees | 74018 | 10459 | 9255 | 12736  |
| Reports to shareholders | 112811 | 4626 | 7312 | 13237  |
| Fund servicing fees | 76355 | 3139 | 4992 | 9374  |
| Exchange listing fees | 3055 | 3055 | 3055 | 3055  |
| Pricing fees | 1984 | 1984 | 1984 | 1984  |
| Trustees' fees and expenses | 28555 | 1171 | 1851 | 3351  |
| Insurance fees | 18931 | 776 | 1227 | 2221  |
| Other | 180262 | 7395 | 11823 | 20929  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 19899044 | 524424 | 1087051 | 2514905  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Investment advisory fees waived <br>(Note 6) | (434242) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 19464802 | 524424 | 1087051 | 2514905  |
| **Net investment income** | 12754850 | 1926655 | 859221 | 2430039  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (58415201) |  | (10908857) | (35161930)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 129029354 |  | 1264713 | 10848926  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 685837564 | (47715203) | (5136792) | (74954889)  |
| Net realized gain (loss) | 756451717 | (47715203) | (14780936) | (99267893)  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (21551359) |  | 3091093 | (24347838)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (657496052) | 29394099 | (17033112) | (120236194)  |
|  Change in net unrealized appreciation (depreciation) | (679047411) | 29394099 | (13942019) | (144584032)  |
| **Net realized and unrealized gain (loss)** | 77404306 | (18321104) | (28722955) | (243851925)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $90159156 | $(16394449) | $(27863734) | $(241421886) |

---

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

125<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Industrials Bull** <br>**3X Shares** | **Direxion Daily** <br>**Pharmaceutical &** <br>**Medical Bull** <br>**3X Shares** | **Direxion Daily** <br>**Real Estate Bull** <br>**3X Shares** | **Direxion Daily** <br>**Real Estate Bear** <br>**3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $186471 | &nbsp;&nbsp; $66095 | $800718 | $—  |
| Interest income | 230191 | &nbsp;&nbsp; 79813 | 661736 | 1269766  |
| Securities lending income | 29 | &nbsp;&nbsp; 3114 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 416691 | &nbsp;&nbsp; 149022 | 1462454 | 1269766  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 129986 | &nbsp;&nbsp; 48504 | 273825 | 212671  |
| Interest expense | 141910 | &nbsp;&nbsp; 27036 | 259934 | 72578  |
| Licensing fees | 10269 | &nbsp;&nbsp; 9917 | 21618 | 16860  |
| Management service fees (Note 6) | 8472 | &nbsp;&nbsp; 3162 | 17847 | 13866  |
| Professional fees | 5864 | &nbsp;&nbsp; 5297 | 6861 | 6457  |
| Reports to shareholders | 1539 | &nbsp;&nbsp; 576 | 3237 | 2549  |
| Fund servicing fees | 1330 | &nbsp;&nbsp; 594 | 2700 | 1971  |
| Exchange listing fees | 3055 | &nbsp;&nbsp; 3055 | 3055 | 3055  |
| Pricing fees | 1984 | &nbsp;&nbsp; 1984 | 1984 | 1984  |
| Trustees' fees and expenses | 390 | &nbsp;&nbsp; 146 | 819 | 645  |
| Insurance fees | 258 | &nbsp;&nbsp; 97 | 543 | 428  |
| Other | 2380 | &nbsp;&nbsp; 915 | 4896 | 4007  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 307437 | &nbsp;&nbsp; 101283 | 597319 | 337071  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 439 | &nbsp;&nbsp; 3 | 9481 | 4905  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (1318) | &nbsp;&nbsp; (12811) | (20) | (15)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 306558 | &nbsp;&nbsp; 88475 | 606780 | 341961  |
| **Net investment income** | 110133 | &nbsp;&nbsp; 60547 | 855674 | 927805  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (1782879) | &nbsp;&nbsp; (1220932) | (68239) | —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 1382979 | &nbsp;&nbsp; 559206 | 3513285 | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 5334252 | &nbsp;&nbsp; (568859) | 10030075 | (9013799)  |
| Net realized gain (loss) | 4934352 | &nbsp;&nbsp; (1230585) | 13475121 | (9013799)  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (839567) | &nbsp;&nbsp; (147511) | (5286532) | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (9809603) | &nbsp;&nbsp; (2833249) | (23608652) | 11316721  |
|  Change in net unrealized appreciation (depreciation) | (10649170) | &nbsp;&nbsp; (2980760) | (28895184) | 11316721  |
| **Net realized and unrealized gain (loss)** | (5714818) | &nbsp;&nbsp; (4211345) | (15420063) | 2302922  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(5604685) | &nbsp;&nbsp; $(4150798) | $(14564389) | $3230727 |

---

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

126<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Regional Banks Bull** <br>**3X Shares** | **Direxion Daily** <br>**Retail Bull** <br>**3X Shares** | **Direxion Daily** <br>**S&P 500<sup>®</sup>** <br>**High Beta Bull** <br>**3X Shares** | **Direxion Daily** <br>**S&P 500<sup>®</sup>** <br>**High Beta Bear** <br>**3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | &nbsp;&nbsp; $7850876 | $246785 | $124582 | $—  |
| Less: Foreign Withholding Tax | &nbsp;&nbsp; (28960) |  | (512) | —  |
| Interest income | &nbsp;&nbsp; 5439734 | 286778 | 269223 | 585605  |
| Securities lending income | &nbsp;&nbsp; 13124 | 2106 | 79 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 13274774 | 535669 | 393372 | 585605  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | &nbsp;&nbsp; 2672199 | 146117 | 141209 | 95671  |
| Interest expense | &nbsp;&nbsp; 3992121 | 85212 | 79721 | 51578  |
| Licensing fees | &nbsp;&nbsp; 143756 | 9955 | 15063 | 10206  |
| Management service fees (Note 6) | &nbsp;&nbsp; 174140 | 9523 | 9206 | 6242  |
| Professional fees | &nbsp;&nbsp; 23439 | 5974 | 5949 | 5650  |
| Reports to shareholders | &nbsp;&nbsp; 31455 | 1728 | 1684 | 1175  |
| Fund servicing fees | &nbsp;&nbsp; 24260 | 1544 | 1382 | 889  |
| Exchange listing fees | &nbsp;&nbsp; 3055 | 3055 | 3055 | 3055  |
| Pricing fees | &nbsp;&nbsp; 1984 | 1984 | 1984 | 1984  |
| Trustees' fees and expenses | &nbsp;&nbsp; 7962 | 437 | 426 | 297  |
| Insurance fees | &nbsp;&nbsp; 5279 | 290 | 283 | 197  |
| Excise tax | &nbsp;&nbsp; — |  | 388 | —  |
| Other | &nbsp;&nbsp; 48104 | 2607 | 2634 | 1910  |
| &nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp; 7127754 | 268426 | 262984 | 178854  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | &nbsp;&nbsp; — | 665 | 1 | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | &nbsp;&nbsp; — | (971) | (4010) | (6092)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 7127754 | 268120 | 258975 | 172762  |
| **Net investment income** | &nbsp;&nbsp; 6147020 | 267549 | 134397 | 412843  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp; (64853633) | (4925068) | (5600062) | —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; 68527714 | 1412167 | 1460976 | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; 237167017 | (3865316) | (7087789) | (5949861)  |
| Net realized gain (loss) | &nbsp;&nbsp; 240841098 | (7378217) | (11226875) | (5949861)  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp; (53916153) | 1185869 | 2267925 | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; (393815320) | (4334213) | (3352634) | 4254395  |
|  Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (447731473) | (3148344) | (1084709) | 4254395  |
| **Net realized and unrealized loss** | &nbsp;&nbsp; (206890375) | (10526561) | (12311584) | (1695466)  |
|  **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $(200743355) | $(10259012) | $(12177187) | $(1282623) |

---

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

127<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**S&P Biotech** <br>**Bull** <br>**3X Shares** | **Direxion Daily** <br>**S&P Biotech** <br>**Bear** <br>**3X Shares** | **Direxion Daily** <br>**Semiconductor** <br>**Bull** <br>**3X Shares** | **Direxion Daily** <br>**Semiconductor** <br>**Bear** <br>**3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $639352 | $— | $35897373 | $—  |
| Less: Foreign Withholding Tax |  |  | (969825) | —  |
| Interest income | 6722859 | 1256266 | 73155128 | 13619474  |
| Securities lending income | 107030 |  | 533334 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 7469241 | 1256266 | 108616010 | 13619474  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 2775999 | 214204 | 34454490 | 2297213  |
| Interest expense | 2081632 | 149181 | 12915047 | 1855701  |
| Licensing fees | 296107 | 22848 | 1378180 | 91889  |
| Management service fees (Note 6) | 180925 | 13961 | 2245593 | 149765  |
| Professional fees | 24233 | 6450 | 244338 | 21072  |
| Reports to shareholders | 32807 | 2537 | 407453 | 27426  |
| Fund servicing fees | 24468 | 2176 | 597984 | 18576  |
| Exchange listing fees | 1797 | 3055 | 1797 | 1797  |
| Pricing fees | 1984 | 1984 | 1984 | 1984  |
| Trustees' fees and expenses | 8304 | 642 | 103136 | 6942  |
| Insurance fees | 5505 | 426 | 68376 | 4603  |
| Other | 50854 | 3802 | 631424 | 43867  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 5484615 | 421266 | 53049802 | 4520835  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser <br>(Note 6) |  | 791 |  | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) |  | (1551) |  | —  |
| &nbsp;&nbsp;&nbsp; Less: Investment advisory fees waived (Note 6) |  |  | (6956357) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 5484615 | 420506 | 46093445 | 4520835  |
| **Net investment income** | 1984626 | 835760 | 62522565 | 9098639  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (154359628) |  | (1972876951) | —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 55812261 |  | 919364180 | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (67410515) | 28256799 | (4011354955) | 298095341  |
| Net realized gain (loss) | (165957882) | 28256799 | (5064867726) | 298095341  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | 24085924 |  | 155206920 | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (252471420) | 2174894 | (2546227) | (97916622)  |
|  Change in net unrealized appreciation (depreciation) | (228385496) | 2174894 | 152660693 | (97916622)  |
| **Net realized and unrealized gain (loss)** | (394343378) | 30431693 | (4912207033) | 200178719  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(392358752) | $31267453 | $(4849684468) | $209277358 |

---

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

128<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Technology Bull** <br>**3X Shares** | **Direxion Daily** <br>**Technology Bear** <br>**3X Shares** | **Direxion Daily** <br>**Transportation** <br>**Bull** <br>**3X Shares** | **Direxion Daily** <br>**Utilities Bull** <br>**3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $7820504 | $— | $97532 | $478727  |
| Less: Foreign Withholding Tax | (17978) |  |  | —  |
| Interest income | 25022793 | 1779654 | 125704 | 281166  |
| Securities lending income | 5556 |  | 92 | 23  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 32830875 | 1779654 | 223328 | 759916  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 11040370 | 302464 | 67644 | 158770  |
| Interest expense | 8784722 | 144722 | 36767 | 217762  |
| Licensing fees | 870521 | 24064 | 9934 | 12526  |
| Management service fees (Note 6) | 719423 | 19729 | 4408 | 10347  |
| Professional fees | 81141 | 7120 | 5426 | 6059  |
| Reports to shareholders | 129670 | 3678 | 795 | 1872  |
| Fund servicing fees | 100973 | 2428 | 827 | 1619  |
| Exchange listing fees | 3595 | 3055 | 3055 | 3055  |
| Pricing fees | 1984 | 1984 | 1984 | 1984  |
| Trustees' fees and expenses | 32823 | 931 | 201 | 474  |
| Insurance fees | 21760 | 617 | 133 | 314  |
| Other | 197668 | 5975 | 1200 | 2868  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 21984650 | 516767 | 132374 | 417650  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) |  |  |  | 2014  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) |  |  | (9925) | (793)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Investment advisory fees waived <br>(Note 6) | (818487) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 21166163 | 516767 | 122449 | 418871  |
| **Net investment income** | 11664712 | 1262887 | 100879 | 341045  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (119966012) |  | (1303377) | (533833)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 49882519 |  | 1030438 | 1873558  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (41207326) | (19778033) | (3484501) | 14204721  |
| Net realized gain (loss) | (111290819) | (19778033) | (3757440) | 15544446  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (62758945) |  | (1090189) | (1664727)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (688904298) | 14145032 | (2057102) | (18724414)  |
|  Change in net unrealized appreciation (depreciation) | (751663243) | 14145032 | (3147291) | (20389141)  |
| **Net realized and unrealized loss** | (862954062) | (5633001) | (6904731) | (4844695)  |
|  **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(851289350) | $(4370114) | $(6803852) | $(4503650) |

---

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

129<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**7-10 Year** <br>**Treasury Bull** <br>**3X Shares** | **Direxion Daily** <br>**7-10 Year** <br>**Treasury Bear** <br>**3X Shares** | **Direxion Daily** <br>**20+ Year** <br>**Treasury Bull** <br>**3X Shares** | **Direxion Daily** <br>**20+ Year** <br>**Treasury Bear** <br>**3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $662681 | &nbsp;&nbsp; $— | $85587903 | $—  |
| Interest income | 402718 | &nbsp;&nbsp; 295087 | 40410174 | 3991938  |
| Securities lending income | 968 | &nbsp;&nbsp; — | 22306 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1066367 | &nbsp;&nbsp; 295087 | 126020383 | 3991938  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 194074 | &nbsp;&nbsp; 50857 | 20393354 | 692196  |
| Interest expense | 10683 | &nbsp;&nbsp; 10451 | 2546302 | 435931  |
| Licensing fees | 7763 | &nbsp;&nbsp; 4959 | 815735 | 27688  |
| Management service fees (Note 6) | 12656 | &nbsp;&nbsp; 3315 | 1329506 | 45135  |
| Professional fees | 6334 | &nbsp;&nbsp; 5313 | 147958 | 9845  |
| Reports to shareholders | 2339 | &nbsp;&nbsp; 603 | 243401 | 8315  |
| Fund servicing fees | 1735 | &nbsp;&nbsp; 645 | 171785 | 5558  |
| Exchange listing fees | 3055 | &nbsp;&nbsp; 3055 | 1797 | 3055  |
| Pricing fees | 1984 | &nbsp;&nbsp; 1984 | 1984 | 1984  |
| Trustees' fees and expenses | 592 | &nbsp;&nbsp; 153 | 61611 | 2105  |
| Insurance fees | 393 | &nbsp;&nbsp; 101 | 40846 | 1396  |
| Other | 3719 | &nbsp;&nbsp; 934 | 379721 | 13401  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 245327 | &nbsp;&nbsp; 82370 | 26134000 | 1246609  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 11184 | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) |  | &nbsp;&nbsp; (7500) |  | —  |
| &nbsp;&nbsp;&nbsp; Less: Investment advisory fees waived (Note 6) |  | &nbsp;&nbsp; — | (3206721) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 256511 | &nbsp;&nbsp; 74870 | 22927279 | 1246609  |
| **Net investment income** | 809856 | &nbsp;&nbsp; 220217 | 103093104 | 2745329  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | &nbsp;&nbsp; — | (152077289) | —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | (100012) | &nbsp;&nbsp; — | 44824094 | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (1959326) | &nbsp;&nbsp; 339304 | (488525673) | 28836760  |
| Net realized gain (loss) | (2059338) | &nbsp;&nbsp; 339304 | (595778868) | 28836760  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: | Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: | Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: | Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: | Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investment securities | 537633 | &nbsp;&nbsp; — | (33865254) | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 2578402 | &nbsp;&nbsp; (838174) | (32572272) | (15026594)  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 3116035 | &nbsp;&nbsp; (838174) | (66437526) | (15026594)  |
| **Net realized and unrealized gain (loss)** | 1056697 | &nbsp;&nbsp; (498870) | (662216394) | 13810166  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1866553 | &nbsp;&nbsp; $(278653) | $(559123290) | $16555495 |

---

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

130<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Mid Cap** <br>**Bull 3X Shares** | **Direxion Daily Mid Cap** <br>**Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup>** <br>**Bull 3X Shares**  | **Direxion Daily S&P 500<sup>®</sup>** <br>**Bull 3X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $648366 | $1026649 | $29516892 | $40687561  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (12149328) | 12400838 | 460298378 | 1639702297  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (19101830) | 21357253 | (1262866533) | 1221622789  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; (30602792) | 34784740 | (773051263) | 2902012647  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (514308) | (1139996) | (24622231) | (39739010)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (514308) | (1139996) | (24622231) | (39739010)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 31997774 | 158173809 | 3497040540 | 8725894453  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (16733013) | (149058478) | (3605278826) | (9309585771)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 4518 | 37987 | 973792 | 2837580  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp; 15269279 | 9153318 | (107264494) | (580853738)  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (15847821) | 42798062 | (904937988) | 2281419899  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 82371295 | 39573233 | 4906704891 | 2625284992  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $66523474 | $82371295 | $4001766903 | $4906704891  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp; 1550132 | 1400132 | 31150002 | 36400002  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 600000 | 3150000 | 22850000 | 74600000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (300000) | (3000000) | (22900000) | (79850000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of** <br>**year/period** | &nbsp;&nbsp; 1850132 | 1550132 | 31100002 | 31150002 |

---

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

131<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily S&P 500<sup>®</sup>** <br>**Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup>** <br>**Bear 3X Shares** | **Direxion Daily Small Cap** <br>**Bull 3X Shares**  | **Direxion Daily Small Cap** <br>**Bull 3X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $6621967 | $25344974 | $12487383 | $26063611  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (86713872) | (351457650) | (50548014) | 561345294  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 79115743 | (150052216) | (746489559) | 612634156  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (976162) | (476164892) | (784550190) | 1200043061  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (7646450) | (26415736) | (15765630) | (24512275)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (7646450) | (26415736) | (15765630) | (24512275)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CAPITAL SHARE TRANSACTIONS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CAPITAL SHARE TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 717665162 | 2080772133 | 1862913643 | 8692020177  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (810859462) | (1768756462) | (1557520169) | (8983594745)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 243258 | 1326302 | 418474 | 2440243  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net** <br>**assets resulting from capital transactions** | (92951042) | 313341973 | 305811948 | (289134325)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in** <br>**net assets** | (101573654) | (189238655) | (494503872) | 886396461  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 501716748 | 690955403 | 2158997560 | 1272601099  |
| &nbsp;&nbsp;&nbsp; End of year/period | $400143094 | $501716748 | $1664493688 | $2158997560  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 72776918 | 40776918 | 51700002 | 55900002  |
| &nbsp;&nbsp;&nbsp; Shares sold | 109850000 | 211900000 | 50750000 | 234650000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (121350000) | (179900000) | (37200000) | (238850000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of** <br>**year/period** | 61276918 | 72776918 | 65250002 | 51700002 |

---

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

132<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Small Cap** <br>**Bear 3X Shares** | **Direxion Daily Small Cap** <br>**Bear 3X Shares** | **Direxion Daily FTSE China** <br>**Bull 3X Shares**  | **Direxion Daily FTSE China** <br>**Bull 3X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $4448455 | $15497432 | $19295268 | $22756675  |
| &nbsp;&nbsp;&nbsp; Net realized loss | (40076062) | (206762166) | (207652269) | (9619915)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 115461292 | (93150575) | 366775799 | (64464717)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 79833685 | (284415309) | 178418798 | (51327957)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (5433765) | (15633570) | (21815250) | (21768257)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (5433765) | (15633570) | (21815250) | (21768257)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 631454461 | 4956622532 | 85246222 | 2579332385  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (789014368) | (4642261009) | (1140634639) | (1132836355)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 236704 | 1392678 | 469555 | 14490359  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net** <br>**assets resulting from capital transactions** | (157323203) | 315754201 | (1054918862) | 1460986389  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in** <br>**net assets** | (82923283) | 15705322 | (898315314) | 1387890175  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 344247181 | 328541859 | 2015945807 | 628055632  |
| &nbsp;&nbsp;&nbsp; End of year/period | $261323898 | $344247181 | $1117630493 | $2015945807  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 24372797 | 8622797 | 61092767 | 25042767  |
| &nbsp;&nbsp;&nbsp; Shares sold | 49500000 | 251150000 | 3650000 | 84050000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (58000000) | (235400000) | (30100000) | (48000000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 15872797 | 24372797 | 34642767 | 61092767 |

---

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

133<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily FTSE China** <br>**Bear 3X Shares<sup>1</sup>** | **Direxion Daily FTSE China** <br>**Bear 3X Shares<sup>1</sup>** | **Direxion Daily FTSE Europe** <br>**Bull 3X Shares**  | **Direxion Daily FTSE Europe** <br>**Bull 3X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $3778529 | $6108210 | &nbsp;&nbsp; $306034 | $640156  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (40145657) | (100693444) | &nbsp;&nbsp; (2594045) | 6185685  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (20417928) | 6661370 | &nbsp;&nbsp; 5742600 | 2844458  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (56785056) | (87923864) | &nbsp;&nbsp; 3454589 | 9670299  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (3895135) | (5609445) | &nbsp;&nbsp; (297036) | (699054)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (3895135) | (5609445) | &nbsp;&nbsp; (297036) | (699054)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 967198420 | 1293303648 | &nbsp;&nbsp; 28686263 | 4085054  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (866110090) | (1139625705) | &nbsp;&nbsp; (15320358) | (8715207)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 259802 | 341887 | &nbsp;&nbsp; 3723 | 1998  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 101348132 | 154019830 | &nbsp;&nbsp; 13369628 | (4628155)  |
| **Total increase in net assets** | 40667941 | 60486521 | &nbsp;&nbsp; 16527181 | 4343090  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 184483062 | 123996541 | &nbsp;&nbsp; 21858858 | 17515768  |
| &nbsp;&nbsp;&nbsp; End of year/period | $225151003 | $184483062 | &nbsp;&nbsp; $38386039 | $21858858  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 2501367 | 513867 | &nbsp;&nbsp; 900001 | 1100001  |
| &nbsp;&nbsp;&nbsp; Shares sold | 21200000 | 10320000 | &nbsp;&nbsp; 1050000 | 150000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (18341430) | (8332500) | &nbsp;&nbsp; (600000) | (350000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of** <br>**year/period** | 5359937 | 2501367 | &nbsp;&nbsp; 1350001 | 900001 |

---

<sup>1</sup> Effective November 4, 2024, the Fund had a 1:20 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:20 stock split. 

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

134<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily MSCI Emerging** <br>**Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging** <br>**Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging** <br>**Markets Bear 3X Shares**  | **Direxion Daily MSCI Emerging** <br>**Markets Bear 3X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $1182152 | $2979031 | &nbsp;&nbsp; $314186 | $823979  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (6323686) | 4414925 | &nbsp;&nbsp; (466802) | (7688934)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (5527225) | 26408297 | &nbsp;&nbsp; (1648077) | (4222853)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; (10668759) | 33802253 | &nbsp;&nbsp; (1800693) | (11087808)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (1308465) | (3081697) | &nbsp;&nbsp; (308057) | (876879)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (1308465) | (3081697) | &nbsp;&nbsp; (308057) | (876879)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 25386345 | 49600858 | &nbsp;&nbsp; 14397657 | 25497054  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (31808684) | (62657346) | &nbsp;&nbsp; (12325605) | (24931937)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 8329 | 14824 | &nbsp;&nbsp; 3698 | 7480  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp; (6414010) | (13041664) | &nbsp;&nbsp; 2075750 | 572597  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (18391234) | 17678892 | &nbsp;&nbsp; (33000) | (11392090)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 82706447 | 65027555 | &nbsp;&nbsp; 16790972 | 28183062  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $64315213 | $82706447 | &nbsp;&nbsp; $16757972 | $16790972  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp; 2431598 | 2881598 | &nbsp;&nbsp; 2095232 | 1845232  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 800000 | 1550000 | &nbsp;&nbsp; 1700000 | 2400000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (1050000) | (2000000) | &nbsp;&nbsp; (1550000) | (2150000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp; 2181598 | 2431598 | &nbsp;&nbsp; 2245232 | 2095232 |

---

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

135<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily MSCI** <br>**Mexico Bull 3X Shares** | **Direxion Daily MSCI** <br>**Mexico Bull 3X Shares** | **Direxion Daily MSCI South** <br>**Korea Bull 3X Shares<sup>1</sup>**  | **Direxion Daily MSCI South** <br>**Korea Bull 3X Shares<sup>1</sup>**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $525124 | $536961 | $1920608 | $959553  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (6220736) | (5764550) | (30011860) | 4484121  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 11470633 | (4031027) | 14933711 | 230282  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; 5775021 | (9258616) | (13157541) | 5673956  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (545373) | (491027) | (1935729) | (970525)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (545373) | (491027) | (1935729) | (970525)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 14465309 | 37515556 | 101604743 | 79679151  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (17159139) | (13468682) | (63395172) | (52751531)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 3778 | 3342 | 14296 | 12120  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp; (2690052) | 24050216 | 38223867 | 26939740  |
| **Total increase in net assets** | &nbsp;&nbsp; 2539596 | 14300573 | 23130597 | 31643171  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 24839820 | 10539247 | 57696147 | 26052976  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $27379416 | $24839820 | $80826744 | $57696147  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp; 2066025 | 566025 | 10350000 | 4750000  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 1350000 | 2250000 | 2405000 | 12000000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (1500000) | (750000) | (1460075) | (6400000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp; 1916025 | 2066025 | 11294925 | 10350000 |

---

<sup>1</sup> Effective February 10, 2025, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split. 

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

136<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Aerospace &** <br>**Defense Bull 3X Shares** | **Direxion Daily Aerospace &** <br>**Defense Bull 3X Shares** | **Direxion Daily Consumer** <br>**Discretionary Bull 3X Shares**  | **Direxion Daily Consumer** <br>**Discretionary Bull 3X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $320440 | $2355683 | &nbsp;&nbsp; $137852 | $271627  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 23930355 | 65174203 | &nbsp;&nbsp; 6178989 | 7518574  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (5233521) | 43298484 | &nbsp;&nbsp; (5969235) | 9706732  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 19017274 | 110828370 | &nbsp;&nbsp; 347606 | 17496933  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (20695686) | (2077148) | &nbsp;&nbsp; (114262) | (266362)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (20695686) | (2077148) | &nbsp;&nbsp; (114262) | (266362)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 11069361 | 40869864 | &nbsp;&nbsp; 2996796 | 2383352  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (35183651) | (118032980) | &nbsp;&nbsp; (8504079) | (21610377)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 7472 | 24752 | &nbsp;&nbsp; 1701 | 4492  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from capital transactions** | (24106818) | (77138364) | &nbsp;&nbsp; (5505582) | (19222533)  |
| **Total increase (decrease) in net assets** | (25785230) | 31612858 | &nbsp;&nbsp; (5272238) | (1991962)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 186970065 | 155357207 | &nbsp;&nbsp; 22930191 | 24922153  |
| &nbsp;&nbsp;&nbsp; End of year/period | $161184835 | $186970065 | &nbsp;&nbsp; $17657953 | $22930191  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 5950001 | 9500001 | &nbsp;&nbsp; 600001 | 1150001  |
| &nbsp;&nbsp;&nbsp; Shares sold | 400000 | 1350000 | &nbsp;&nbsp; 100000 | 100000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (1100000) | (4900000) | &nbsp;&nbsp; (150000) | (650000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 5250001 | 5950001 | &nbsp;&nbsp; 550001 | 600001 |

---

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

137<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Dow Jones** <br>**Internet Bull 3X Shares** | **Direxion Daily Dow Jones** <br>**Internet Bull 3X Shares** | **Direxion Daily Dow Jones** <br>**Internet Bear 3X Shares<sup>1</sup>**  | **Direxion Daily Dow Jones** <br>**Internet Bear 3X Shares<sup>1</sup>**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $315555 | $(23308) | &nbsp;&nbsp; $249321 | $949955  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 30714813 | 122547695 | &nbsp;&nbsp; (8109545) | (22875904)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (28665444) | 16436559 | &nbsp;&nbsp; 3520440 | (3874887)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 2364924 | 138960946 | &nbsp;&nbsp; (4339784) | (25800836)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (142680) |  | &nbsp;&nbsp; (278720) | (1078267)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (142680) |  | &nbsp;&nbsp; (278720) | (1078267)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 10322656 | 30848130 | &nbsp;&nbsp; 6573229 | 41575860  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (30276269) | (153623373) | &nbsp;&nbsp; (7541534) | (34232422)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 6749 | 32983 | &nbsp;&nbsp; 2259 | 10270  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (19946864) | (122742260) | &nbsp;&nbsp; (966046) | 7353708  |
| **Total increase (decrease) in net assets** | (17724620) | 16218686 | &nbsp;&nbsp; (5584550) | (19525395)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 134852836 | 118634150 | &nbsp;&nbsp; 17127110 | 36652505  |
| &nbsp;&nbsp;&nbsp; End of year/period | $117128216 | $134852836 | &nbsp;&nbsp; $11542560 | $17127110  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 6600001 | 13750001 | &nbsp;&nbsp; 346995 | 231995  |
| &nbsp;&nbsp;&nbsp; Shares sold | 450000 | 1850000 | &nbsp;&nbsp; 200000 | 575000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (1100000) | (9000000) | &nbsp;&nbsp; (200215) | (460000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 5950001 | 6600001 | &nbsp;&nbsp; 346780 | 346995 |

---

<sup>1</sup> Effective November 4, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split. 

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

138<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Financial** <br>**Bull 3X Shares** | **Direxion Daily Financial** <br>**Bull 3X Shares** | **Direxion Daily Financial** <br>**Bear 3X Shares**  | **Direxion Daily Financial** <br>**Bear 3X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $12754850 | $26909433 | $1926655 | $6460140  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 756451717 | 856150641 | (47715203) | (99496728)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (679047411) | 1094151753 | 29394099 | (56008541)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 90159156 | 1977211827 | (16394449) | (149045129)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (10364532) | (29119868) | (2224849) | (6527992)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (10364532) | (29119868) | (2224849) | (6527992)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 403123025 | 1245752570 | 193190436 | 1300328127  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (606482649) | (2252694744) | (196408081) | (1184411043)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 133384 | 535777 | 58922 | 355324  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net** <br>**assets resulting from capital transactions** | (203226240) | (1006406397) | (3158723) | 116272408  |
| **Total increase (decrease) in net assets** | (123431616) | 941685562 | (21778021) | (39300713)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 2374110197 | 1432424635 | 128316186 | 167616899  |
| &nbsp;&nbsp;&nbsp; End of year/period | $2250678581 | $2374110197 | $106538165 | $128316186  |
| **CHANGES IN SHARES OUTSTANDING** | **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 17149289 | 26799289 | 17453350 | 7753350  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2750000 | 13050000 | 33850000 | 101850000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (3750000) | (22700000) | (31900000) | (92150000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 16149289 | 17149289 | 19403350 | 17453350 |

---

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

139<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Healthcare** <br>**Bull 3X Shares** | **Direxion Daily Healthcare** <br>**Bull 3X Shares** | **Direxion Daily Homebuilders &** <br>**Supplies Bull 3X Shares**  | **Direxion Daily Homebuilders &** <br>**Supplies Bull 3X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $859221 | $2172749 | $2430039 | $1365901  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (14780936) | 5377132 | (99267893) | 217739079  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (13942019) | 63996255 | (144584032) | 59300635  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (27863734) | 71546136 | (241421886) | 278405615  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (709764) | (2549412) | (2094738) | (1197408)  |
| &nbsp;&nbsp;&nbsp; Return of capital |  | (2143) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (709764) | (2551555) | (2094738) | (1197408)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 46179141 | 11362108 | 462859052 | 236073974  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (38253176) | (80544553) | (305464549) | (334550672)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 10938 | 19070 | 73700 | 68545  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 7936903 | (69163375) | 157468203 | (98408153)  |
| **Total increase (decrease) in net assets** | (20636595) | (168794) | (86048421) | 178800054  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 153896151 | 154064945 | 328359188 | 149559134  |
| &nbsp;&nbsp;&nbsp; End of year/period | $133259556 | $153896151 | $242310767 | $328359188  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 1350008 | 1950008 | 2550000 | 3400000  |
| &nbsp;&nbsp;&nbsp; Shares sold | 450000 | 100000 | 5400000 | 2000000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (350000) | (700000) | (3400000) | (2850000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 1450008 | 1350008 | 4550000 | 2550000 |

---

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

140<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Industrials** <br>**Bull 3X Shares** | **Direxion Daily Industrials** <br>**Bull 3X Shares** | **Direxion Daily Pharmaceutical &** <br>**Medical Bull 3X Shares**  | **Direxion Daily Pharmaceutical &** <br>**Medical Bull 3X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $110133 | $344964 | &nbsp;&nbsp; $60547 | $216209  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 4934352 | 7539342 | &nbsp;&nbsp; (1230585) | 133597  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (10649170) | 14446912 | &nbsp;&nbsp; (2980760) | 7091853  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; (5604685) | 22331218 | &nbsp;&nbsp; (4150798) | 7441659  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (2022339) | (331010) | &nbsp;&nbsp; (52626) | (221030)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (2022339) | (331010) | &nbsp;&nbsp; (52626) | (221030)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 6205608 | 13931367 | &nbsp;&nbsp; 5885827 | 11773287  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (6179655) | (18667117) | &nbsp;&nbsp; (2870905) | (12404588)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 1236 | 3734 | &nbsp;&nbsp; 574 | 2700  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp; 27189 | (4732016) | &nbsp;&nbsp; 3015496 | (628601)  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (7599835) | 17268192 | &nbsp;&nbsp; (1187928) | 6592028  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 37009964 | 19741772 | &nbsp;&nbsp; 14772235 | 8180207  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $29410129 | $37009964 | &nbsp;&nbsp; $13584307 | $14772235  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp; 600001 | 700001 | &nbsp;&nbsp; 1650001 | 1600001  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 100000 | 300000 | &nbsp;&nbsp; 1100000 | 1700000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (100000) | (400000) | &nbsp;&nbsp; (350000) | (1650000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp; 600001 | 600001 | &nbsp;&nbsp; 2400001 | 1650001 |

---

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

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Real** <br>**Estate Bull 3X Shares** | **Direxion Daily Real** <br>**Estate Bull 3X Shares** | **Direxion Daily Real** <br>**Estate Bear 3X Shares**  | **Direxion Daily Real** <br>**Estate Bear 3X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $855674 | $2138367 | &nbsp;&nbsp; $927805 | $3538315  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 13475121 | 2625106 | &nbsp;&nbsp; (9013799) | (47746100)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (28895184) | 43667147 | &nbsp;&nbsp; 11316721 | (48922997)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; (14564389) | 48430620 | &nbsp;&nbsp; 3230727 | (93130782)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (709205) | (1897536) | &nbsp;&nbsp; (1098363) | (3854456)  |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | (104343) | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (709205) | (2001879) | &nbsp;&nbsp; (1098363) | (3854456)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 11981251 | 55846289 | &nbsp;&nbsp; 2550042 | 334872148  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (34957167) | (50377351) | &nbsp;&nbsp; (24528774) | (323587303)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 7487 | 10992 | &nbsp;&nbsp; 7359 | 97076  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp; (22968429) | 5479930 | &nbsp;&nbsp; (21971373) | 11381921  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (38242023) | 51908671 | &nbsp;&nbsp; (19839009) | (85603317)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 96619988 | 44711317 | &nbsp;&nbsp; 66357493 | 151960810  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $58377965 | $96619988 | &nbsp;&nbsp; $46518484 | $66357493  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp; 8100000 | 7300000 | &nbsp;&nbsp; 2584045 | 2334045  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 1250000 | 5950000 | &nbsp;&nbsp; 100000 | 8000000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (3250000) | (5150000) | &nbsp;&nbsp; (900000) | (7750000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp; 6100000 | 8100000 | &nbsp;&nbsp; 1784045 | 2584045 |

---

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

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Regional** <br>**Banks Bull 3X Shares** | **Direxion Daily Regional** <br>**Banks Bull 3X Shares** | **Direxion Daily Retail** <br>**Bull 3X Shares**  | **Direxion Daily Retail** <br>**Bull 3X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $6147020 | $18469771 | &nbsp;&nbsp; $267549 | $667000  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 240841098 | 343059316 | &nbsp;&nbsp; (7378217) | 19505410  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (447731473) | 369631528 | &nbsp;&nbsp; (3148344) | 6868023  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (200743355) | 731160615 | &nbsp;&nbsp; (10259012) | 27040433  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (4792079) | (18854004) | &nbsp;&nbsp; (232054) | (698835)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (4792079) | (18854004) | &nbsp;&nbsp; (232054) | (698835)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 434801133 | 937670554 | &nbsp;&nbsp; 20119085 | 34649148  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (454677198) | (1335137365) | &nbsp;&nbsp; (15950098) | (59193535)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 102130 | 293603 | &nbsp;&nbsp; 4113 | 13827  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (19773935) | (397173208) | &nbsp;&nbsp; 4173100 | (24530560)  |
| **Total increase (decrease) in net assets** | (225309369) | 315133403 | &nbsp;&nbsp; (6317966) | 1811038  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 762914032 | 447780629 | &nbsp;&nbsp; 40765257 | 38954219  |
| &nbsp;&nbsp;&nbsp; End of year/period | $537604663 | $762914032 | &nbsp;&nbsp; $34447291 | $40765257  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 6973935 | 9973935 | &nbsp;&nbsp; 4871105 | 7621105  |
| &nbsp;&nbsp;&nbsp; Shares sold | 4700000 | 12950000 | &nbsp;&nbsp; 3000000 | 4100000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (3750000) | (15950000) | &nbsp;&nbsp; (1700000) | (6850000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of** <br>**year/period** | 7923935 | 6973935 | &nbsp;&nbsp; 6171105 | 4871105 |

---

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

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily S&P 500<sup>®</sup>** <br>**High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup>** <br>**High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup>** <br>**High Beta Bear 3X Shares**  | **Direxion Daily S&P 500<sup>®</sup>** <br>**High Beta Bear 3X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $134397 | $681610 | &nbsp;&nbsp; $412843 | $1609897  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (11226875) | 34108089 | &nbsp;&nbsp; (5949861) | (20736858)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (1084709) | 17133141 | &nbsp;&nbsp; 4254395 | (20988628)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; (12177187) | 51922840 | &nbsp;&nbsp; (1282623) | (40115589)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (87572) | (684425) | &nbsp;&nbsp; (475382) | (1760835)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (87572) | (684425) | &nbsp;&nbsp; (475382) | (1760835)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 43142033 | 27106274 | &nbsp;&nbsp; 39417175 | 71603904  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (24052450) | (98444169) | &nbsp;&nbsp; (43125106) | (61523668)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 6302 | 22138 | &nbsp;&nbsp; 12937 | 18457  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp; 19095885 | (71315757) | &nbsp;&nbsp; (3694994) | 10098693  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 6831126 | (20077342) | &nbsp;&nbsp; (5452999) | (31777731)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 39105615 | 59182957 | &nbsp;&nbsp; 29841317 | 61619048  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $45936741 | $39105615 | &nbsp;&nbsp; $24388318 | $29841317  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp; 964370 | 2814370 | &nbsp;&nbsp; 1425454 | 1025454  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 1650000 | 700000 | &nbsp;&nbsp; 1950000 | 2600000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (700000) | (2550000) | &nbsp;&nbsp; (2050000) | (2200000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp; 1914370 | 964370 | &nbsp;&nbsp; 1325454 | 1425454 |

---

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

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily S&P** <br>**Biotech Bull 3X Shares**  | **Direxion Daily S&P** <br>**Biotech Bull 3X Shares**  | **Direxion Daily S&P** <br>**Biotech Bear 3X Shares**  | **Direxion Daily S&P** <br>**Biotech Bear 3X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $1984626 | $2687049 | $835760 | $4474520  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (165957882) | 405246921 | 28256799 | (46441054)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (228385496) | 430346652 | 2174894 | (17914515)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (392358752) | 838280622 | 31267453 | (59881049)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (956169) | (4277465) | (1070919) | (4302906)  |
| &nbsp;&nbsp;&nbsp; Return of capital |  | (1053048) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (956169) | (5330513) | (1070919) | (4302906)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 747082482 | 1568713191 | 286648988 | 1021935854  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (644435889) | (2192242411) | (346795668) | (942123153)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 154357 | 501573 | 104038 | 282637  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 102800950 | (623027647) | (60042642) | 80095338  |
| **Total increase (decrease) in net assets** | (290513971) | 209922462 | (29846108) | 15911383  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 887427379 | 677504917 | 77835733 | 61924350  |
| &nbsp;&nbsp;&nbsp; End of year/period | $596913408 | $887427379 | $47989625 | $77835733  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 7424486 | 12445580 | 12616024 | 2316024  |
| &nbsp;&nbsp;&nbsp; Shares sold | 9650000 | 13985000 | 42650000 | 127850000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (7250000) | (19006094) | (49150000) | (117550000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding, end of** <br>**year/period** | 9824486 | 7424486 | 6116024 | 12616024 |

---

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

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**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Semiconductor** <br>**Bull 3X Shares**  | **Direxion Daily Semiconductor** <br>**Bull 3X Shares**  | **Direxion Daily Semiconductor** <br>**Bear 3X Shares**  | **Direxion Daily Semiconductor** <br>**Bear 3X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $62522565 | $80266131 | $9098639 | $38158402  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (5064867726) | 5954291958 | 298095341 | (952672495)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 152660693 | 538143503 | (97916622) | (111617494)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (4849684468) | 6572701592 | 209277358 | (1026131587)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (54303934) | (76014041) | (11062683) | (38472872)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (54303934) | (76014041) | (11062683) | (38472872)  |
| **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 13946360168 | 25562714730 | 4313388230 | 8057514286  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (9761140526) | (27548978143) | (4633965835) | (6848285720)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 2289698 | 7043432 | 1390190 | 3079340  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net** <br>**assets resulting from capital transactions** | 4187509340 | (1979219981) | (319187415) | 1212307906  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in** <br>**net assets** | (716479062) | 4517467570 | (120972740) | 147703447  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 9927017716 | 5409550146 | 857809148 | 710105701  |
| &nbsp;&nbsp;&nbsp; End of year/period | $9210538654 | $9927017716 | $736836408 | $857809148  |
| **CHANGES IN SHARES OUTSTANDING** | **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 331650060 | 362550060 | 37086522 | 5242344  |
| &nbsp;&nbsp;&nbsp; Shares sold | 856950000 | 703950000 | 197400000 | 245680000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (431100000) | (734850000) | (195400000) | (213835822)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 757500060 | 331650060 | 39086522 | 37086522 |

---

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

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Technology** <br>**Bull 3X Shares**  | **Direxion Daily Technology** <br>**Bull 3X Shares**  | **Direxion Daily Technology** <br>**Bear 3X Shares<sup>1</sup>**  | **Direxion Daily Technology** <br>**Bear 3X Shares<sup>1</sup>**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $11664712 | $11931572 | $1262887 | $4629283  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (111290819) | 1125093884 | (19778033) | (93687980)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (751663243) | 738176319 | 14145032 | (1329015)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (851289350) | 1875201775 | (4370114) | (90387712)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (9428118) | (11519235) | (1449144) | (4898417)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (9428118) | (11519235) | (1449144) | (4898417)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 549323343 | 3339904681 | 200930837 | 1353262080  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (509084744) | (4136493265) | (218248686) | (1271502400)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 135081 | 958422 | 65460 | 381449  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net** <br>**assets resulting from capital transactions** | 40373680 | (795630162) | (17252389) | 82141129  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in** <br>**net assets** | (820343788) | 1068052378 | (23071647) | (13145000)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 3083013112 | 2014960734 | 101355214 | 114500214  |
| &nbsp;&nbsp;&nbsp; End of year/period | $2262669324 | $3083013112 | $78283567 | $101355214  |
| **CHANGES IN SHARES OUTSTANDING** | **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 37650000 | 47550000 | 1825026 | 710026  |
| &nbsp;&nbsp;&nbsp; Shares sold | 9250000 | 47350000 | 3685000 | 16115000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (6000000) | (57250000) | (3870924) | (15000000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 40900000 | 37650000 | 1639102 | 1825026 |

---

<sup>1</sup> Effective November 4, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split. 

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

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Transportation** <br>**Bull 3X Shares**  | **Direxion Daily Transportation** <br>**Bull 3X Shares**  | **Direxion Daily Utilities** <br>**Bull 3X Shares**  | **Direxion Daily Utilities** <br>**Bull 3X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | &nbsp;&nbsp; $100879 | $353344 | &nbsp;&nbsp; $341045 | $939627  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (3757440) | 6134094 | &nbsp;&nbsp; 15544446 | 11316701  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (3147291) | 6707483 | &nbsp;&nbsp; (20389141) | 25163378  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; (6803852) | 13194921 | &nbsp;&nbsp; (4503650) | 37419706  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (91990) | (367458) | &nbsp;&nbsp; (328936) | (1032613)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (91990) | (367458) | &nbsp;&nbsp; (328936) | (1032613)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | &nbsp;&nbsp; 6765461 | 6686797 | &nbsp;&nbsp; 10103337 | 61115484  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (8054742) | (15701082) | &nbsp;&nbsp; (31788064) | (80071150)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 1884 | 3141 | &nbsp;&nbsp; 7544 | 16773  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from capital transactions** | &nbsp;&nbsp; (1287397) | (9011144) | &nbsp;&nbsp; (21677183) | (18938893)  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (8183239) | 3816319 | &nbsp;&nbsp; (26509769) | 17448200  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 21240551 | 17424232 | &nbsp;&nbsp; 55279905 | 37831705  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $13057312 | $21240551 | &nbsp;&nbsp; $28770136 | $55279905  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp; 650001 | 900001 | &nbsp;&nbsp; 1450001 | 2100001  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 300000 | 250000 | &nbsp;&nbsp; 300000 | 2300000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (250000) | (500000) | &nbsp;&nbsp; (900000) | (2950000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp; 700001 | 650001 | &nbsp;&nbsp; 850001 | 1450001 |

---

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

148<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily 7-10 Year** <br>**Treasury Bull 3X Shares**  | **Direxion Daily 7-10 Year** <br>**Treasury Bull 3X Shares**  | **Direxion Daily 7-10 Year** <br>**Treasury Bear 3X Shares**  | **Direxion Daily 7-10 Year** <br>**Treasury Bear 3X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | &nbsp;&nbsp; $809856 | $1466477 | &nbsp;&nbsp; $220217 | $663079  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (2059338) | (1118015) | &nbsp;&nbsp; 339304 | 1891636  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 3116035 | 7999329 | &nbsp;&nbsp; (838174) | (6176265)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; 1866553 | 8347791 | &nbsp;&nbsp; (278653) | (3621550)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (795893) | (1486393) | &nbsp;&nbsp; (241919) | (715511)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (795893) | (1486393) | &nbsp;&nbsp; (241919) | (715511)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | &nbsp;&nbsp; 13850609 | 43372533 | &nbsp;&nbsp; 2867147 | 7143989  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (17300742) | (41736665) | &nbsp;&nbsp; (7118295) | (17695600)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 4598 | 10569 | &nbsp;&nbsp; 2136 | 5309  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp; (3445535) | 1646437 | &nbsp;&nbsp; (4249012) | (10546302)  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (2374875) | 8507835 | &nbsp;&nbsp; (4769584) | (14883363)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 52792555 | 44284720 | &nbsp;&nbsp; 14745955 | 29629318  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $50417680 | $52792555 | &nbsp;&nbsp; $9976371 | $14745955  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp; 2100000 | 1950000 | &nbsp;&nbsp; 1050000 | 1800000  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 550000 | 1650000 | &nbsp;&nbsp; 200000 | 500000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (700000) | (1500000) | &nbsp;&nbsp; (500000) | (1250000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp; 1950000 | 2100000 | &nbsp;&nbsp; 750000 | 1050000 |

---

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

149<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily 20+ Year** <br>**Treasury Bull 3X Shares**  | **Direxion Daily 20+ Year** <br>**Treasury Bull 3X Shares**  | **Direxion Daily 20+ Year** <br>**Treasury Bear 3X Shares**  | **Direxion Daily 20+ Year** <br>**Treasury Bear 3X Shares**  |
|  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  | **Six Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $103093104 | $165170888 | $2745329 | $8521496  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (595778868) | (481990690) | 28836760 | (84727793)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (66437526) | 747707057 | (15026594) | (35851867)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (559123290) | 430887255 | 16555495 | (112058164)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (101210078) | (160750393) | (2858807) | (9322553)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (101210078) | (160750393) | (2858807) | (9322553)  |
| **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 1964656234 | 12461286545 | 217275992 | 2349060046  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (2562209877) | (8968495310) | (239786838) | (2453063679)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 603607 | 2442361 | 71936 | 1572279  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net** <br>**assets resulting from capital transactions** | (596950036) | 3495233596 | (22438910) | (102431354)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in** <br>**net assets** | (1257283404) | 3765370458 | (8742222) | (223812071)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 6061473832 | 2296103374 | 177731119 | 401543190  |
| &nbsp;&nbsp;&nbsp; End of year/period | $4804190428 | $6061473832 | $168988897 | $177731119  |
| **CHANGES IN SHARES OUTSTANDING** | **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 126198386 | 57830000 | 5147044 | 7797044  |
| &nbsp;&nbsp;&nbsp; Shares sold | 46300000 | 236425000 | 6000000 | 67650000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (56650000) | (168056614) | (6450000) | (70300000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 115848386 | 126198386 | 4697044 | 5147044 |

---

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

150<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | |
|  | **Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1,2</sup> | **Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>4</sup>** | **Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | **Dividends** <br>**from** <br>**Net** <br>**Investment** <br>**Income** | **Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | **Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | **Total** <br>**Distributions** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | **Total** <br>**Return<sup>5</sup>** | **Net** <br>**Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | **Net** <br>**Expenses<sup>3,6</sup>** | **Total** <br>**Expenses<sup>3</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>3</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>8</sup>**  |
| **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | $53.14 | &nbsp;&nbsp; $0.38 | $(17.26) | $(16.88) | $(0.30) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.30) | $35.96 | -31.92% | $66523 | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 1.87% | &nbsp;&nbsp;&nbsp; 28%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 28.26 | 0.63 | 24.97 | 25.60 | (0.72) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72) | 53.14 | 90.91% | 82371 | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 1.80% | &nbsp;&nbsp;&nbsp; 129%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 36.77 | 0.53 | (8.65) | (8.12) | (0.39) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39) | 28.26 | -22.31% | 39573 | &nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp; 17%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 67.09 | 0.15 | (30.47) | (30.32) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 36.77 | -45.19% | 47801 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp; 54%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 22.89 | &nbsp;&nbsp; (0.08) | 44.29 | 44.21 | (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | 67.09 | 193.19% | 90584 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.14)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; (0.13)% | &nbsp;&nbsp;&nbsp; 33%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 42.25 | 0.06 | (19.24) | (19.18) | (0.17) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.18) | 22.89 | -45.61% | 40055 | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp; 91%  |
| **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 157.52 | 0.97 | (29.01) | (28.04) | (0.81) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.81) | 128.67 | -17.90% | 4001767 | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp; 40%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 72.12 | 1.25 | 85.38 | 86.63 | (1.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.23) | 157.52 | 120.50% | 4906705 | &nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 1.74% | &nbsp;&nbsp;&nbsp; 29%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 65.97 | 0.87 | 6.12 | 6.99 | (0.84) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.84) | 72.12 | 10.54% | 2625285 | &nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp; 65%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 130.30 | 0.22 | (64.36) | (64.14) | (0.19) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19) | 65.97 | -49.27% | 2546628 | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.26% | &nbsp;&nbsp;&nbsp; 113%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 48.08 | 0.13 | 82.25 | 82.38 | (0.16) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.16) | 130.30 | 171.57% | 3348750 | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp; 28%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 55.25 | 0.16 | (7.02) | (6.86) | (0.31) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31) | 48.08 | -12.54% | 1331734 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.42% | &nbsp;&nbsp;&nbsp; 223%  |
| **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 6.89 | 0.11 | (0.34) | (0.23) | (0.13) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | 6.53 | -3.26% | 400143 | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 3.42% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 3.62% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 16.94 | 0.42 | (10.03) | (9.61) | (0.44) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44) | 6.89 | -57.19% | 501717 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 4.62% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 4.74% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 22.66 | 0.58 | (5.75) | (5.17) | (0.55) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55) | 16.94 | -22.66% | 690955 | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 3.49% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 3.72% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 18.78 | 0.04 | 3.84 | 3.88 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 22.66 | 20.66% | 887711 | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 61.00 | &nbsp;&nbsp; (0.27) | (41.95) | (42.22) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 18.78 | -69.21% | 388357 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.92)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.92)% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 160.60 | &nbsp;&nbsp; (0.40) | (98.60) | (99.00) | (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.60) | 61.00 | -61.87% | 803180 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; (0.45)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; (0.44)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 41.76 | 0.23 | (16.20) | (15.97) | (0.28) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28) | 25.51 | -38.47% | 1664494 | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp; 83%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 22.77 | 0.46 | 18.96 | 19.42 | (0.43) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43) | 41.76 | 85.49% | 2158998 | &nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 1.59% | &nbsp;&nbsp;&nbsp; 222%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 38.28 | 0.48 | (15.61) | (15.13) | (0.38) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38) | 22.77 | -39.82% | 1272601 | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 1.76% | &nbsp;&nbsp;&nbsp; 102%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 93.14 | 0.11 | (54.92) | (54.81) | (0.05) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05) | 38.28 | -58.86% | 1217463 | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp; 114%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 32.03 | &nbsp;&nbsp; (0.23) | 61.35 | 61.12 | (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | 93.14 | 190.83% | 1499519 | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; (0.28)% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; (0.27)% | &nbsp;&nbsp;&nbsp; 62%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 59.64 | 0.02 | (27.47) | (27.45) | (0.12) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.16) | 32.03 | -46.16% | 831202 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp; 76%  |

---

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

151<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | |
|  | **Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1,2</sup> | **Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>4</sup>** | **Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | **Dividends** <br>**from** <br>**Net** <br>**Investment** <br>**Income** | **Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | **Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | **Total** <br>**Distributions** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | **Total** <br>**Return<sup>5</sup>** | **Net** <br>**Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | **Net** <br>**Expenses<sup>3,6</sup>** | **Total** <br>**Expenses<sup>3</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>3</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>8</sup>**  |
| **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | $14.12 | &nbsp;&nbsp; $0.21 | $2.45 | $2.66 | $(0.32) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.32) | $16.46 | 19.17% | $261324 | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp;&nbsp; 3.16% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 3.61% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 38.10 | 0.70 | (23.95) | (23.25) | (0.73) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.73) | 14.12 | -61.41% | 344247 | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 4.03% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 4.42% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 32.33 | 0.99 | 5.76 | 6.75 | (0.98) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.98) | 38.10 | 21.75% | 328542 | &nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp; 3.45% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 3.85% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 26.89 | 0.01 | 5.43 | 5.44 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 32.33 | 20.23% | 547165 | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 124.40 | &nbsp;&nbsp; (0.33) | (97.18) | (97.51) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 26.89 | -78.38% | 504783 | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; (0.91)% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; (0.91)% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 345.52 | &nbsp;&nbsp; (0.88) | (218.88) | (219.76) | (0.96) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (1.36) | 124.40 | -63.86% | 545802 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; (0.46)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.44)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 33.00 | 0.38 | (0.70) | (0.32) | (0.42) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42) | 32.26 | -0.92% | 1117630 | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp;&nbsp; 2.34% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 2.89% | &nbsp;&nbsp;&nbsp; 107%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 25.08 | 0.54 | 7.97 | 8.51 | (0.59) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.59) | 33.00 | 35.26% | 2015946 | &nbsp;&nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp;&nbsp; 2.32% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 2.93% | &nbsp;&nbsp;&nbsp; 274%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 19.95 | 0.86 | 5.21 | 6.07 | (0.94) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.94) | 25.08 | 28.74% | 628056 | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; 2.23% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp; 126%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 223.80 | 0.70 | (204.20) | (203.50) | (0.35) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35) | 19.95 | -91.06% | 217357 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 102%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 335.60 | 0.60 | (109.60) | (109.00) | (2.80) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.80) | 223.80 | -32.82% | 482288 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp; 50%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 361.00 | 3.00 | (24.80) | (21.80) | (3.20) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (3.60) | 335.60 | -6.03% | 260909 | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 264%  |
| **Direxion Daily FTSE China Bear 3X Shares<sup>11</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>11</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>11</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>11</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>11</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>11</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>11</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>11</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>11</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>11</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>11</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>11</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>11</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>11</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>11</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>11</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>11</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>11</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>11</sup>** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 73.75 | 0.84 | (12.77) | (11.93) | (19.81) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (19.81) | 42.01 | -42.04% | 225151 | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp; 3.40% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 3.66% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 241.40 | 6.23 | (173.45) | (167.22) | (0.43) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43) | 73.75 | -67.92% | 184483 | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp;&nbsp; 4.19% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 4.58% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 763.20 | 6.80 | (522.00) | (515.20) | (6.60) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.60) | 241.40 | -67.40% | 123997 | &nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp;&nbsp; 3.29% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 3.92% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 337.20 | 0.40 | 425.60 | 426.00 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 763.20 | 126.33% | 168948 | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 418.20 | &nbsp;&nbsp; (2.80) | (78.20) | (81.00) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 337.20 | -19.37% | 66230 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 998.80 | &nbsp;&nbsp; (1.00) | (575.60) | (576.60) | (2.20) | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.80) | &nbsp;&nbsp; (4.00) | 418.20 | -57.94% | 44477 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; (0.14)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; (0.11)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 24.29 | 0.32 | 4.11 | 4.43 | (0.29) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29) | 28.43 | 18.55% | 38386 | &nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp;&nbsp; 2.63% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 2.93% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 15.92 | 0.66 | 8.42 | 9.08 | (0.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.71) | 24.29 | 56.86% | 21859 | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp;&nbsp; 2.68% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 3.14% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 12.83 | 0.48 | 3.11 | 3.59 | (0.50) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50) | 15.92 | 27.29% | 17516 | &nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp;&nbsp; 2.36% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 2.89% | &nbsp;&nbsp;&nbsp; 15%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 38.34 | 0.28 | (25.53) | (25.25) | (0.26) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26) | 12.83 | -66.00% | 17965 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 14.48 | 0.15 | 23.85 | 24.00 | (0.14) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14) | 38.34 | 165.99% | 47924 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp; 51%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 29.27 | 0.09 | (14.74) | (14.65) | (0.14) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14) | 14.48 | -50.09% | 13757 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp; 0.43% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.51% | &nbsp;&nbsp;&nbsp; 101%  |

---

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

152<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | |
|  | **Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1,2</sup> | **Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>4</sup>** | **Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | **Dividends** <br>**from** <br>**Net** <br>**Investment** <br>**Income** | **Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | **Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | **Total** <br>**Distributions** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | **Total** <br>**Return<sup>5</sup>** | **Net** <br>**Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | **Net** <br>**Expenses<sup>3,6</sup>** | **Total** <br>**Expenses<sup>3</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>3</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>8</sup>**  |
| **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | $34.01 | &nbsp;&nbsp; $0.51 | $(4.48) | $(3.97) | $(0.56) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.56) | $29.48 | -11.81% | $64315 | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp;&nbsp; 3.32% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 3.80% | &nbsp;&nbsp;&nbsp; 77%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 22.57 | 1.10 | 11.49 | 12.59 | (1.15) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.15) | 34.01 | 56.23% | 82706 | &nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp;&nbsp; 3.56% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 4.06% | &nbsp;&nbsp;&nbsp; 220%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 21.64 | 1.11 | 0.75 | 1.86 | (0.93) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.93) | 22.57 | 7.70% | 65028 | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; 3.66% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 3.86% | &nbsp;&nbsp;&nbsp; 320%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 81.27 | 0.37 | (60.00) | (59.63) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 21.64 | -73.37% | 49367 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 262%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 59.82 | &nbsp;&nbsp; (0.15) | 21.73 | 21.58 | (0.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.13) | 81.27 | 36.04% | 169181 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; (0.16)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; (0.15)% | &nbsp;&nbsp;&nbsp; 87%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 73.05 | 0.27 | (13.07) | (12.80) | (0.43) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43) | 59.82 | -16.88% | 136479 | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp; 192%  |
| **Direxion Daily MSCI Emerging Markets Bear 3X Shares** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 8.01 | 0.14 | (0.56) | (0.42) | (0.13) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | 7.46 | -5.25% | 16758 | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp;&nbsp; 3.32% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp; 3.49% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 15.27 | 0.44 | (7.22) | (6.78) | (0.48) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48) | 8.01 | -44.83% | 16791 | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp;&nbsp; 4.32% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 4.55% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 20.95 | 0.44 | (5.71) | (5.27) | (0.41) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41) | 15.27 | -24.78% | 28183 | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp;&nbsp; 3.36% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 3.82% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 9.03 | &nbsp;&nbsp; (0.00) | 11.92 | 11.92 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 20.95 | 132.00% | 56453 | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 17.25 | &nbsp;&nbsp; (0.08) | (8.14) | (8.22) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 9.03 | -47.65% | 26590 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 42.02 | &nbsp;&nbsp; (0.04) | (24.56) | (24.60) | (0.11) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.17) | 17.25 | -58.79% | 38720 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; (0.12)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; (0.09)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 12.02 | 0.28 | 2.27 | 2.55 | (0.28) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28) | 14.29 | 22.14% | 27379 | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 4.96% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | &nbsp;&nbsp;&nbsp; 53%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 18.62 | 0.56 | (6.58) | (6.02) | (0.58) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58) | 12.02 | -33.99% | 24840 | &nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp; 2.79% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 3.06% | &nbsp;&nbsp;&nbsp; 56%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 17.49 | 0.47 | 1.10 | 1.57 | (0.44) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44) | 18.62 | 8.49% | 10539 | &nbsp;&nbsp;&nbsp; 2.12% | &nbsp;&nbsp;&nbsp; 2.20% | &nbsp;&nbsp;&nbsp;&nbsp; 1.88% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | &nbsp;&nbsp;&nbsp; 71%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 16.62 | 0.21 | 0.83 | 1.04 | (0.17) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17) | 17.49 | 6.35% | 11650 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp; 25%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 6.40 | &nbsp;&nbsp; (0.01) | 10.27 | 10.26 | (0.04) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04) | 16.62 | 160.49% | 15225 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)% | &nbsp;&nbsp;&nbsp; 180%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 26.06 | 0.02 | (19.58) | (19.56) | (0.08) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.10) | 6.40 | -75.36% | 10660 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 0.26% | &nbsp;&nbsp;&nbsp; 188%  |
| **Direxion Daily MSCI South Korea Bull 3X Shares<sup>13</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>13</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>13</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>13</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>13</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>13</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>13</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>13</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>13</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>13</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>13</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>13</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>13</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>13</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>13</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>13</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>13</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>13</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>13</sup>** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 55.70 | 0.93 | (48.19) | (47.26) | (1.28) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.28) | 7.16 | -25.25% | 80827 | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 4.49% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 4.62% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 54.80 | 1.90 | 1.20 | 3.10 | (2.20) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.20) | 55.70 | 4.21% | 57696 | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp;&nbsp; 2.45% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 2.84% | &nbsp;&nbsp;&nbsp; 82%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 60.00 | 1.40 | (5.30) | (3.90) | (1.30) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.30) | 54.80 | -7.30% | 26053 | &nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp; 1.37% | &nbsp;&nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 2.04% | &nbsp;&nbsp;&nbsp; 73%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 261.20 | 1.10 | (200.40) | (199.30) | (1.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (1.90) | 60.00 | -76.86% | 20094 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; 27%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 166.60 | &nbsp;&nbsp; (2.70) | 97.30 | 94.60 | (0.00)<sup>10</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00)<sup>10</sup> | 261.20 | 56.80% | 47022 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; (0.73)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; (0.72)% | &nbsp;&nbsp;&nbsp; 97%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 213.20 | &nbsp;&nbsp; (0.00)<sup>10</sup> | (44.70) | (44.70) | (1.90) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.90) | 166.60 | -21.27% | 25821 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp; 327%  |

---

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

153<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | |
|  | **Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1,2</sup> | **Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>4</sup>** | **Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | **Dividends** <br>**from** <br>**Net** <br>**Investment** <br>**Income** | **Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | **Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | **Total** <br>**Distributions** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | **Total** <br>**Return<sup>5</sup>** | **Net** <br>**Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | **Net** <br>**Expenses<sup>3,6</sup>** | **Total** <br>**Expenses<sup>3</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>3</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>8</sup>**  |
| **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | $31.42 | &nbsp;&nbsp; $0.06 | $2.91 | $2.97 | $(0.12) | &nbsp;&nbsp; $(3.57) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3.69) | $30.70 | 10.22% | $161185 | &nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp; 42%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 16.35 | 0.36 | 15.03 | 15.39 | (0.32) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | 31.42 | 94.57% | 186970 | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.87% | &nbsp;&nbsp;&nbsp; 52%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 18.12 | 0.24 | (1.79) | (1.55) | (0.22) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22) | 16.35 | -8.70% | 155357 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 1.51% | &nbsp;&nbsp;&nbsp; 32%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 20.58 | 0.04 | (2.12) | (2.08) | (0.04) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38) | 18.12 | -10.07% | 194780 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp; 77%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 8.87 | &nbsp;&nbsp; (0.03) | 11.75 | 11.72 | (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | 20.58 | 132.19% | 280890 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; (0.17)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.16)% | &nbsp;&nbsp;&nbsp; 64%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 55.54 | 0.01 | (46.58) | (46.57) | (0.06) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.10) | 8.87 | -83.86% | 199485 | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 0.07% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp; 159%  |
| **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 38.22 | 0.26 | (6.15) | (5.89) | (0.22) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22) | 32.11 | -15.58% | 17658 | &nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 1.72% | &nbsp;&nbsp;&nbsp; 61%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 21.67 | 0.32 | 16.56 | 16.88 | (0.33) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33) | 38.22 | 78.00% | 22930 | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 72%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 23.48 | 0.15 | (1.87) | (1.72) | (0.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09) | 21.67 | -7.37% | 24922 | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp; 99%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 92.11 | &nbsp;&nbsp; (0.12) | (68.51) | (68.63) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 23.48 | -74.51% | 24653 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; (0.25)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; (0.17)% | &nbsp;&nbsp;&nbsp; 149%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 36.13 | &nbsp;&nbsp; (0.33) | 56.31 | 55.98 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 92.11 | 154.94% | 55264 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; (0.54)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; (0.53)% | &nbsp;&nbsp;&nbsp; 18%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 31.74 | &nbsp;&nbsp; (0.06) | 4.52 | 4.46 | (0.07) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) | 36.13 | 14.26% | 12647 | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp;&nbsp; (0.20)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp;&nbsp; (0.15)% | &nbsp;&nbsp;&nbsp; 101%  |
| **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 20.43 | 0.05 | (0.77) | (0.72) | (0.02) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | 19.69 | -3.56% | 117128 | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp;&nbsp; 0.42% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 47%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 8.63 | &nbsp;&nbsp; — | 11.80 | 11.80 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 20.43 | 136.73% | 134853 | &nbsp;&nbsp;&nbsp; 1.80% | &nbsp;&nbsp;&nbsp; 1.78% | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp; 61%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 7.21 | &nbsp;&nbsp; (0.00)<sup>10</sup> | 1.42 | 1.42 | (0.00)<sup>10</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00)<sup>10</sup> | 8.63 | 19.70% | 118634 | &nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 110%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 86.93 | &nbsp;&nbsp; (0.07) | (76.60) | (76.67) |  | &nbsp;&nbsp; (3.05) | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.05) | 7.21 | -91.32% | 103100 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; (0.39)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; (0.36)% | &nbsp;&nbsp;&nbsp; 55%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 45.47 | &nbsp;&nbsp; (0.62) | 42.08 | 41.46 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 86.93 | 91.18% | 99968 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; (0.81)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.80)% | &nbsp;&nbsp;&nbsp; 65%  |
| &nbsp;&nbsp;&nbsp; For the Period November 7, 2019 through October 31, 2020 | 25.00 | &nbsp;&nbsp; (0.25) | 20.74 | 20.49 | (0.02) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | 45.47 | 81.99% | 34100 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; (0.66)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; (0.64)% | &nbsp;&nbsp;&nbsp; 123%  |
| **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>12</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>12</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>12</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>12</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>12</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>12</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>12</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>12</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>12</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>12</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>12</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>12</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>12</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>12</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>12</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>12</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>12</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>12</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>12</sup>** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 49.36 | 0.64 | (10.23) | (9.59) | (6.49) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.49) | 33.28 | -31.26% | 11543 | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp;&nbsp; 3.53% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 3.73% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 158.00 | 3.44 | (111.67) | (108.23) | (0.41) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41) | 49.36 | -66.86% | 17127 | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; 4.77% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 4.89% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 382.20 | 6.90 | (224.90) | (218.00) | (6.20) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.20) | 158.00 | -57.09% | 36653 | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 3.99% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 143.90 | 1.70 | 236.70 | 238.40 | (0.10) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10) | 382.20 | 165.69% | 56183 | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 442.30 | &nbsp;&nbsp; (1.80) | (296.60) | (298.40) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 143.90 | -67.47% | 4604 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period November 7, 2019 through October 31, 2020 | 2500.00 | &nbsp;&nbsp; (2.40) | (2049.60) | (2052.00) | (2.80) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.90) | &nbsp;&nbsp; (5.70) | 442.30 | -82.26% | 5305 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 2.14% | &nbsp;&nbsp;&nbsp;&nbsp; (0.30)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.13% | &nbsp;&nbsp;&nbsp;&nbsp; (0.29)% | &nbsp;&nbsp;&nbsp; 0%  |

---

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

154<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | |
|  | **Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1,2</sup> | **Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>4</sup>** | **Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | **Dividends** <br>**from** <br>**Net** <br>**Investment** <br>**Income** | **Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | **Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | **Total** <br>**Distributions** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | **Total** <br>**Return<sup>5</sup>** | **Net** <br>**Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | **Net** <br>**Expenses<sup>3,6</sup>** | **Total** <br>**Expenses<sup>3</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>3</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>8</sup>**  |
| **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | $138.44 | &nbsp;&nbsp; $0.79 | $0.79 | $1.58 | $(0.65) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.65) | $139.37 | 1.07% | $2250679 | &nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp;&nbsp; 41%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 53.45 | 1.24 | 85.08 | 86.32 | (1.33) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.33) | 138.44 | 162.48% | 2374110 | &nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp; 1.59% | &nbsp;&nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 1.93% | &nbsp;&nbsp;&nbsp; 19%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 73.63 | 1.25 | (20.02) | (18.77) | (1.41) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.41) | 53.45 | -25.79% | 1432425 | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp;&nbsp; 1.85% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 2.08% | &nbsp;&nbsp;&nbsp; 80%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 144.45 | 0.81 | (70.93) | (70.12) | (0.70) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.70) | 73.63 | -48.61% | 1892223 | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp; 109%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 33.61 | 0.52 | 110.82 | 111.34 | (0.50) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50) | 144.45 | 332.26% | 3582160 | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 0.57% | &nbsp;&nbsp;&nbsp; 70%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 80.94 | 0.32 | (47.34) | (47.02) | (0.31) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31) | 33.61 | -58.07% | 1347638 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0.73% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp; 247%  |
| **Direxion Daily Financial Bear 3X Shares** | **Direxion Daily Financial Bear 3X Shares** | **Direxion Daily Financial Bear 3X Shares** | **Direxion Daily Financial Bear 3X Shares** | **Direxion Daily Financial Bear 3X Shares** | **Direxion Daily Financial Bear 3X Shares** | **Direxion Daily Financial Bear 3X Shares** | **Direxion Daily Financial Bear 3X Shares** | **Direxion Daily Financial Bear 3X Shares** | **Direxion Daily Financial Bear 3X Shares** | **Direxion Daily Financial Bear 3X Shares** | **Direxion Daily Financial Bear 3X Shares** | **Direxion Daily Financial Bear 3X Shares** | **Direxion Daily Financial Bear 3X Shares** | **Direxion Daily Financial Bear 3X Shares** | **Direxion Daily Financial Bear 3X Shares** | **Direxion Daily Financial Bear 3X Shares** | **Direxion Daily Financial Bear 3X Shares** | **Direxion Daily Financial Bear 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 7.35 | 0.11 | (1.82) | (1.71) | (0.15) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15) | 5.49 | -23.40% | 106538 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 3.79% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 3.90% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 21.62 | 0.50 | (14.26) | (13.76) | (0.51) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) | 7.35 | -64.30% | 128316 | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 4.81% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 4.95% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 20.50 | 0.61 | 1.10 | 1.71 | (0.59) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.59) | 21.62 | 8.57% | 167617 | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 3.67% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 18.33 | 0.01 | 2.16 | 2.17 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 20.50 | 11.84% | 190690 | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 118.00 | &nbsp;&nbsp; (0.33) | (99.34) | (99.67) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 18.33 | -84.47% | 130234 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 261.76 | &nbsp;&nbsp; (0.88) | (141.92) | (142.80) | (0.64) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.96) | 118.00 | -54.76% | 271668 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; (0.48)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; (0.47)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 114.00 | 0.53 | (22.17) | (21.64) | (0.46) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.46) | 91.90 | -19.02% | 133260 | &nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 79.01 | 1.30 | 35.22 | 36.52 | (1.53) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00)<sup>10</sup> | &nbsp;&nbsp; (1.53) | 114.00 | 46.26% | 153896 | &nbsp;&nbsp;&nbsp; 1.49% | &nbsp;&nbsp;&nbsp; 1.49% | &nbsp;&nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.73% | &nbsp;&nbsp;&nbsp; 23%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 108.91 | 1.76 | (30.04) | (28.28) | (1.62) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.62) | 79.01 | -26.23% | 154065 | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 1.74% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 1.84% | &nbsp;&nbsp;&nbsp; 18%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 123.96 | 0.40 | (15.12) | (14.72) | (0.33) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33) | 108.91 | -11.85% | 196030 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp; 16%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 55.70 | &nbsp;&nbsp; (0.04) | 68.31 | 68.27 | (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | 123.96 | 122.57% | 254116 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)% | &nbsp;&nbsp;&nbsp; 2%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 58.15 | 0.12 | (2.44) | (2.32) | (0.13) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | 55.70 | -3.85% | 103039 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 0.26% | &nbsp;&nbsp;&nbsp; 228%  |
| **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 128.77 | 0.68 | (75.69) | (75.01) | (0.50) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50) | 53.26 | -58.34% | 242311 | &nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 2.40% | &nbsp;&nbsp;&nbsp; 8%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 43.99 | 0.53 | 84.76 | 85.29 | (0.51) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) | 128.77 | 193.80% | 328359 | &nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp; 70%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 26.23 | 0.14 | 17.82 | 17.96 | (0.20) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20) | 43.99 | 68.45% | 149559 | &nbsp;&nbsp;&nbsp; 2.10% | &nbsp;&nbsp;&nbsp; 2.10% | &nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp; 108%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 83.28 | &nbsp;&nbsp; (0.01) | (57.04) | (57.05) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 26.23 | -68.50% | 131145 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 98%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 39.58 | &nbsp;&nbsp; (0.25) | 43.95 | 43.70 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 83.28 | 110.41% | 383075 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; (0.37)% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.35)% | &nbsp;&nbsp;&nbsp; 95%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 70.39 | &nbsp;&nbsp; (0.12) | (30.69) | (30.81) | (0.00)<sup>10</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00)<sup>10</sup> | 39.58 | -43.74% | 360141 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; (0.34)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; (0.28)% | &nbsp;&nbsp;&nbsp; 134%  |

---

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

155<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | |
|  | **Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1,2</sup> | **Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>4</sup>** | **Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | **Dividends** <br>**from** <br>**Net** <br>**Investment** <br>**Income** | **Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | **Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | **Total** <br>**Distributions** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | **Total** <br>**Return<sup>5</sup>** | **Net** <br>**Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | **Net** <br>**Expenses<sup>3,6</sup>** | **Total** <br>**Expenses<sup>3</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>3</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>8</sup>**  |
| **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | $61.68 | &nbsp;&nbsp; $0.18 | $(9.47) | $(9.29) | $(0.15) | &nbsp;&nbsp; $(3.22) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3.37) | $49.02 | -16.23% | $29410 | &nbsp;&nbsp;&nbsp; 1.77% | &nbsp;&nbsp;&nbsp; 1.78% | &nbsp;&nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp; 19%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 28.20 | 0.53 | 33.44 | 33.97 | (0.49) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49) | 61.68 | 120.91% | 37010 | &nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp;&nbsp; 20%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 29.04 | 0.50 | (0.83) | (0.33) | (0.51) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) | 28.20 | -1.42% | 19742 | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 1.78% | &nbsp;&nbsp;&nbsp; 21%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 45.37 | 0.12 | (16.33) | (16.21) | (0.12) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12) | 29.04 | -35.71% | 18873 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 20%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 18.48 | &nbsp;&nbsp; (0.00)<sup>10</sup> | 26.96 | 26.96 | (0.03) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) | 45.37 | 146.14% | 63520 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 3%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 32.94 | 0.05 | (14.36) | (14.31) | (0.15) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15) | 18.48 | -43.33% | 16636 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp; 103%  |
| **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 8.95 | 0.03 | (3.29) | (3.26) | (0.03) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | 5.66 | -36.50% | 13584 | &nbsp;&nbsp;&nbsp; 1.37% | &nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 38%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 5.11 | 0.11 | 3.85 | 3.96 | (0.12) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12) | 8.95 | 77.94% | 14772 | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 1.87% | &nbsp;&nbsp;&nbsp; 67%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 10.16 | 0.13 | (5.04) | (4.91) | (0.14) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14) | 5.11 | -48.91% | 8180 | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 1.37% | &nbsp;&nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | &nbsp;&nbsp;&nbsp; 51%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 18.11 | 0.03 | (7.95) | (7.92) | (0.03) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | 10.16 | -43.75% | 11173 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp; 189%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 15.76 | &nbsp;&nbsp; (0.09) | 2.44 | 2.35 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 18.11 | 14.91% | 31693 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp; (0.39)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp; (0.39)% | &nbsp;&nbsp;&nbsp; 115%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 15.66 | &nbsp;&nbsp; (0.06) | 0.16 | 0.10 | (0.00)<sup>10</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00)<sup>10</sup> | 15.76 | 0.64% | 11029 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp;&nbsp; (0.34)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp; (0.26)% | &nbsp;&nbsp;&nbsp; 165%  |
| **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 11.93 | 0.12 | (2.37) | (2.25) | (0.11) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11) | 9.57 | -18.90% | 58378 | &nbsp;&nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp;&nbsp; 2.35% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 3.06% | &nbsp;&nbsp;&nbsp; 1%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 6.12 | 0.27 | 5.79 | 6.06 | (0.24) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.25) | 11.93 | 99.78% | 96620 | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 3.18% | &nbsp;&nbsp;&nbsp; 48%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 9.85 | 0.29 | (3.77) | (3.48) | (0.25) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00)<sup>10</sup> | &nbsp;&nbsp; (0.25) | 6.12 | -36.09% | 44711 | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 3.09% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 3.29% | &nbsp;&nbsp;&nbsp; 45%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 26.14 | 0.25 | (15.16) | (14.91) | (0.25) | &nbsp;&nbsp; (1.13) | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.38) | 9.85 | -60.04% | 47268 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp; 84%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 9.03 | 0.22 | 17.08 | 17.30 | (0.19) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19) | 26.14 | 192.60% | 147704 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp; 20%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 30.84 | 0.19 | (21.40) | (21.21) | (0.17) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.60) | 9.03 | -69.35% | 49659 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp; 123%  |
| **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 25.68 | 0.45 | 0.48 | 0.93 | (0.54) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.54) | 26.07 | 3.48% | 46518 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp; 3.27% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 3.53% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 65.11 | 1.37 | (39.29) | (37.92) | (1.51) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.51) | 25.68 | -58.72% | 66357 | &nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp;&nbsp; 3.84% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 4.47% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 60.71 | 1.62 | 4.40 | 6.02 | (1.62) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.62) | 65.11 | 10.65% | 151961 | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp;&nbsp; 3.24% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 3.73% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 41.07 | 0.37 | 19.27 | 19.64 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 60.71 | 47.82% | 205433 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 153.40 | &nbsp;&nbsp; (0.64) | (111.69) | (112.33) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 41.07 | -73.23% | 19926 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 257.60 | &nbsp;&nbsp; (1.10) | (102.20) | (103.30) | (0.60) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.90) | 153.40 | -40.31% | 45283 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; (0.60)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp;&nbsp; (0.59)% | &nbsp;&nbsp;&nbsp; 0%  |

---

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

156<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | |
|  | **Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1,2</sup> | **Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>4</sup>** | **Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | **Dividends** <br>**from** <br>**Net** <br>**Investment** <br>**Income** | **Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | **Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | **Total** <br>**Distributions** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | **Total** <br>**Return<sup>5</sup>** | **Net** <br>**Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | **Net** <br>**Expenses<sup>3,6</sup>** | **Total** <br>**Expenses<sup>3</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>3</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>8</sup>**  |
| **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | $109.40 | &nbsp;&nbsp; $0.92 | $(41.78) | $(40.86) | $(0.69) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.69) | $67.85 | -37.54% | $537605 | &nbsp;&nbsp;&nbsp; 2.00% | &nbsp;&nbsp;&nbsp; 2.00% | &nbsp;&nbsp;&nbsp;&nbsp; 1.73% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 2.85% | &nbsp;&nbsp;&nbsp; 73%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 44.90 | 2.03 | 64.40 | 66.43 | (1.93) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.93) | 109.40 | 149.84% | 762914 | &nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp;&nbsp; 2.53% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 3.08% | &nbsp;&nbsp;&nbsp; 138%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 299.30 | 1.88 | (254.52) | (252.64) | (1.76) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.76) | 44.90 | -84.66% | 447781 | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp;&nbsp; 2.67% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 3.15% | &nbsp;&nbsp;&nbsp; 149%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 510.20 | 3.70 | (211.00) | (207.30) | (3.60) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.60) | 299.30 | -40.71% | 212433 | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 138%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 131.90 | 2.80 | 378.30 | 381.10 | (2.80) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.80) | 510.20 | 290.09% | 441276 | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 147%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 831.20 | 2.10 | (696.90) | (694.80) | (4.50) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.50) | 131.90 | -83.83% | 111397 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp; 331%  |
| **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 8.37 | 0.06 | (2.80) | (2.74) | (0.05) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05) | 5.58 | -32.88% | 34447 | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp;&nbsp; 1.37% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 1.81% | &nbsp;&nbsp;&nbsp; 37%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 5.11 | 0.11 | 3.27 | 3.38 | (0.12) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12) | 8.37 | 65.88% | 40765 | &nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.88% | &nbsp;&nbsp;&nbsp; 67%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 8.14 | 0.11 | (3.03) | (2.92) | (0.11) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11) | 5.11 | -36.13% | 38954 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.82% | &nbsp;&nbsp;&nbsp; 146%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 41.95 | 0.13 | (33.83) | (33.70) | (0.11) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11) | 8.14 | -80.48% | 51020 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp; 83%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 8.58 | &nbsp;&nbsp; (0.09) | 33.46 | 33.37 | (0.00)<sup>10</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00)<sup>10</sup> | 41.95 | 389.07% | 128839 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; (0.22)% | &nbsp;&nbsp;&nbsp; 112%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 9.43 | 0.01 | (0.82) | (0.81) | (0.02) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.04) | 8.58 | -7.65% | 22485 | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp;&nbsp; 0.16% | &nbsp;&nbsp;&nbsp; 171%  |
| **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 40.55 | 0.13 | (16.60) | (16.47) | (0.08) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08) | 24.00 | -40.69% | 45937 | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp; 53%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 21.03 | 0.46 | 19.52 | 19.98 | (0.46) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.46) | 40.55 | 94.90% | 39106 | &nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp; 112%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 25.51 | 0.18 | (4.48) | (4.30) | (0.18) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18) | 21.03 | -17.09% | 59183 | &nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 147%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 75.48 | &nbsp;&nbsp; (0.07) | (49.90) | (49.97) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 25.51 | -66.20% | 69235 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; (0.16)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.10)% | &nbsp;&nbsp;&nbsp; 144%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 14.43 | &nbsp;&nbsp; (0.01) | 61.10 | 61.09 | (0.04) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04) | 75.48 | 423.32% | 110529 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)% | &nbsp;&nbsp;&nbsp; 151%  |
| &nbsp;&nbsp;&nbsp; For the Period November 7, 2019<sup>9</sup> through October 31, 2020 | 35.71 | &nbsp;&nbsp; — | (21.14) | (21.14) | (0.04) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.14) | 14.43 | -59.13% | 29795 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)% | &nbsp;&nbsp;&nbsp; 245%  |
| **Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 20.93 | 0.32 | (2.47) | (2.15) | (0.38) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38) | 18.40 | -10.39% | 24388 | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp;&nbsp; 3.24% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 3.64% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 60.09 | 1.17 | (39.13) | (37.96) | (1.20) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.20) | 20.93 | -63.40% | 29841 | &nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; 4.45% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 4.72% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 86.20 | 1.75 | (26.40) | (24.65) | (1.46) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.46) | 60.09 | -28.08% | 61619 | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp;&nbsp; 3.46% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 90.60 | 0.10 | (4.50) | (4.40) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 86.20 | -4.86% | 66428 | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 1010.00 | &nbsp;&nbsp; (1.50) | (917.90) | (919.40) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 90.60 | -91.03% | 23626 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period November 7, 2019<sup>9</sup> through October 31, 2020 | 5000.00 | &nbsp;&nbsp; (10.00) | (3972.00) | (3982.00) | (4.00) | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.00) | &nbsp;&nbsp; (8.00) | 1010.00 | -79.76% | 52781 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; 0%  |

---

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

157<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | |
|  | **Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1,2</sup> | **Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>4</sup>** | **Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | **Dividends** <br>**from** <br>**Net** <br>**Investment** <br>**Income** | **Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | **Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | **Total** <br>**Distributions** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | **Total** <br>**Return<sup>5</sup>** | **Net** <br>**Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | **Net** <br>**Expenses<sup>3,6</sup>** | **Total** <br>**Expenses<sup>3</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>3</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>8</sup>**  |
| **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | $119.53 | &nbsp;&nbsp; $0.23 | $(58.89) | $(58.66) | $(0.11) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.11) | $60.76 | -49.10% | $596913 | &nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 27%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 54.44 | 0.29 | 65.32 | 65.61 | (0.42) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.52) | 119.53 | 120.56% | 887427 | &nbsp;&nbsp;&nbsp; 1.79% | &nbsp;&nbsp;&nbsp; 1.79% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp; 179%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 148.40 | 0.77 | (94.52) | (93.75) | (0.21) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21) | 54.44 | -63.25% | 677505 | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp; 83%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 1065.00 | &nbsp;&nbsp; (1.20) | (915.40) | (916.60) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 148.40 | -86.07% | 1159847 | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp; (0.51)% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; (0.36)% | &nbsp;&nbsp;&nbsp; 148%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 1070.40 | &nbsp;&nbsp; (11.40) | 6.00 | (5.40) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1065.00 | -0.50% | 772796 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; (0.82)% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.81)% | &nbsp;&nbsp;&nbsp; 169%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 743.60 | &nbsp;&nbsp; (4.60) | 331.60 | 327.00 | (0.20) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00)<sup>10</sup> | &nbsp;&nbsp; (0.20) | 1070.40 | 43.96% | 292298 | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; (0.48)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; (0.39)% | &nbsp;&nbsp;&nbsp; 137%  |
| **Direxion Daily S&P Biotech Bear 3X Shares** | **Direxion Daily S&P Biotech Bear 3X Shares** | **Direxion Daily S&P Biotech Bear 3X Shares** | **Direxion Daily S&P Biotech Bear 3X Shares** | **Direxion Daily S&P Biotech Bear 3X Shares** | **Direxion Daily S&P Biotech Bear 3X Shares** | **Direxion Daily S&P Biotech Bear 3X Shares** | **Direxion Daily S&P Biotech Bear 3X Shares** | **Direxion Daily S&P Biotech Bear 3X Shares** | **Direxion Daily S&P Biotech Bear 3X Shares** | **Direxion Daily S&P Biotech Bear 3X Shares** | **Direxion Daily S&P Biotech Bear 3X Shares** | **Direxion Daily S&P Biotech Bear 3X Shares** | **Direxion Daily S&P Biotech Bear 3X Shares** | **Direxion Daily S&P Biotech Bear 3X Shares** | **Direxion Daily S&P Biotech Bear 3X Shares** | **Direxion Daily S&P Biotech Bear 3X Shares** | **Direxion Daily S&P Biotech Bear 3X Shares** | **Direxion Daily S&P Biotech Bear 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 6.17 | 0.10 | 1.76 | 1.86 | (0.18) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18) | 7.85 | 30.45% | 47990 | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp;&nbsp; 2.93% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 3.45% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 26.74 | 0.31 | (20.58) | (20.27) | (0.30) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30) | 6.17 | -76.03% | 77836 | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 4.56% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 20.18 | 0.51 | 6.65 | 7.16 | (0.60) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.60) | 26.74 | 37.01% | 61924 | &nbsp;&nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp;&nbsp; 3.18% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 3.84% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 21.33 | 0.17 | (1.32) | (1.15) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 20.18 | -5.39% | 189975 | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 54.51 | &nbsp;&nbsp; (0.20) | (32.98) | (33.18) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 21.33 | -60.87% | 47267 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 408.20 | &nbsp;&nbsp; (0.09) | (352.33) | (352.42) | (0.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (1.27) | 54.51 | -86.59% | 63561 | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 29.93 | 0.15 | (17.78) | (17.63) | (0.14) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14) | 12.16 | -59.15% | 9210539 | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp; 74%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 14.92 | 0.30 | 15.02 | 15.32 | (0.31) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31) | 29.93 | 102.08% | 9927018 | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 1.62% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 0.62% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp; 145%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 8.89 | 0.13 | 6.03 | 6.16 | (0.13) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | 14.92 | 69.26% | 5409550 | &nbsp;&nbsp;&nbsp; 1.51% | &nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp; 97%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 47.62 | 0.12 | (38.77) | (38.65) | (0.08) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08) | 8.89 | -81.24% | 3474072 | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.51% | &nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp; 241%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 16.59 | &nbsp;&nbsp; (0.00)<sup>10</sup> | 31.05 | 31.05 | (0.02) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | 47.62 | 187.22% | 4155099 | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)% | &nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 170%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 13.21 | 0.02 | 3.39 | 3.41 | (0.03) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | 16.59 | 25.88% | 1318844 | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp; 230%  |
| **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 23.13 | 0.32 | (4.11) | (3.79) | (0.49) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49) | 18.85 | -16.64% | 736836 | &nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp;&nbsp; 2.97% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 3.58% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 135.50 | 1.51 | (107.68) | (106.17) | (6.20) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.20) | 23.13 | -82.13% | 857809 | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; 4.76% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 5.04% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 595.50 | 6.20 | (460.80) | (454.60) | (5.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.40) | 135.50 | -76.38% | 710106 | &nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp;&nbsp; 4.05% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 4.30% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 575.00 | 2.00 | 18.50 | 20.50 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 595.50 | 3.57% | 590971 | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; 0.41% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.61% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 3749.00 | &nbsp;&nbsp; (8.00) | (3166.00) | (3174.00) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 575.00 | -84.66% | 145418 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 36816.00 | &nbsp;&nbsp; (2.00) | (32924.00) | (32926.00) | (102.00) | &nbsp;&nbsp; — | &nbsp;&nbsp; (39.00) | &nbsp;&nbsp; (141.00) | 3749.00 | -89.76% | 93777 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0%  |

---

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

158<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | |
|  | **Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1,2</sup> | **Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>4</sup>** | **Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | **Dividends** <br>**from** <br>**Net** <br>**Investment** <br>**Income** | **Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | **Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | **Total** <br>**Distributions** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | **Total** <br>**Return<sup>5</sup>** | **Net** <br>**Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | **Net** <br>**Expenses<sup>3,6</sup>** | **Total** <br>**Expenses<sup>3</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>3</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>8</sup>**  |
| **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | $81.89 | &nbsp;&nbsp; $0.32 | $(26.63) | $(26.31) | $(0.22) | &nbsp;&nbsp; $(0.04) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.26) | $55.32 | -32.20% | $2262669 | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp; 45%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 42.38 | 0.29 | 39.50 | 39.79 | (0.28) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28) | 81.89 | 93.90% | 3083013 | &nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp; 134%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 25.68 | 0.17 | 16.70 | 16.87 | (0.17) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17) | 42.38 | 65.90% | 2014961 | &nbsp;&nbsp;&nbsp; 1.71% | &nbsp;&nbsp;&nbsp; 1.72% | &nbsp;&nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 56%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 71.11 | &nbsp;&nbsp; (0.02) | (45.13) | (45.15) |  | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28) | 25.68 | -63.77% | 1368795 | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)% | &nbsp;&nbsp;&nbsp; 96%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 25.58 | &nbsp;&nbsp; (0.14) | 45.86 | 45.72 |  | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19) | 71.11 | 179.53% | 3061359 | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; (0.29)% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.28)% | &nbsp;&nbsp;&nbsp; 25%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 18.44 | &nbsp;&nbsp; (0.02) | 7.19 | 7.17 | (0.03) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | 25.58 | 38.98% | 1560088 | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; (0.11)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 376%  |
| **Direxion Daily Technology Bear 3X Shares<sup>12</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>12</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>12</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>12</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>12</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>12</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>12</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>12</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>12</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>12</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>12</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>12</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>12</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>12</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>12</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>12</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>12</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>12</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>12</sup>** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 55.54 | 0.79 | 0.84 | 1.63 | (9.41) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9.41) | 47.76 | -12.33% | 78284 | &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp;&nbsp; 3.13% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 3.49% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 161.30 | 3.10 | (108.53) | (105.43) | (0.33) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33) | 55.54 | -63.99% | 101355 | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp;&nbsp; 4.35% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 4.54% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 419.80 | 7.80 | (260.10) | (252.30) | (6.20) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.20) | 161.30 | -60.23% | 114500 | &nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp;&nbsp; 3.86% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 4.22% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 371.60 | 1.20 | 47.00 | 48.20 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 419.80 | 12.97% | 159535 | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 1478.00 | &nbsp;&nbsp; (5.70) | (1100.70) | (1106.40) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 371.60 | -74.86% | 66942 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 9570.00 | &nbsp;&nbsp; (5.00) | (8050.00) | (8055.00) | (23.00) | &nbsp;&nbsp; — | &nbsp;&nbsp; (14.00) | &nbsp;&nbsp; (37.00) | 1478.00 | -84.47% | 80036 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; (0.18)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; (0.17)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 32.68 | 0.17 | (14.05) | (13.88) | (0.15) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15) | 18.65 | -42.61% | 13057 | &nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp; 9%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 19.36 | 0.46 | 13.34 | 13.80 | (0.48) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48) | 32.68 | 71.31% | 21241 | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 1.71% | &nbsp;&nbsp;&nbsp; 53%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 22.14 | 0.38 | (2.79) | (2.41) | (0.37) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37) | 19.36 | -11.24% | 17424 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 1.73% | &nbsp;&nbsp;&nbsp; 89%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 48.54 | &nbsp;&nbsp; (0.01) | (26.39) | (26.40) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 22.14 | -54.39% | 23243 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)% | &nbsp;&nbsp;&nbsp; 54%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 18.08 | &nbsp;&nbsp; (0.09) | 30.56 | 30.47 | (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | 48.54 | 168.57% | 89798 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; (0.23)% | &nbsp;&nbsp;&nbsp; 49%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 25.01 | &nbsp;&nbsp; (0.02) | (6.85) | (6.87) | (0.06) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06) | 18.08 | -27.42% | 38879 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp;&nbsp; (0.10)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; (0.09)% | &nbsp;&nbsp;&nbsp; 128%  |
| **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 38.12 | 0.28 | (4.24) | (3.96) | (0.31) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31) | 33.85 | -10.36% | 28770 | &nbsp;&nbsp;&nbsp; 1.98% | &nbsp;&nbsp;&nbsp; 1.97% | &nbsp;&nbsp;&nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 2.64% | &nbsp;&nbsp;&nbsp; 16%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 18.02 | 0.53 | 20.17 | 20.70 | (0.60) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.60) | 38.12 | 116.98% | 55280 | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp;&nbsp; 2.08% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 2.73% | &nbsp;&nbsp;&nbsp; 48%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 29.18 | 0.69 | (11.26) | (10.57) | (0.59) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.59) | 18.02 | -36.82% | 37832 | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 2.76% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 2.87% | &nbsp;&nbsp;&nbsp; 27%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 32.41 | 0.46 | (3.10) | (2.64) | (0.51) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.59) | 29.18 | -8.50% | 21883 | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 63%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 26.76 | 0.31 | 5.70 | 6.01 | (0.36) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36) | 32.41 | 22.72% | 37274 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 69%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 45.80 | 0.40 | (17.58) | (17.18) | (0.50) | &nbsp;&nbsp; (1.34) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (1.86) | 26.76 | -38.38% | 14715 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp; 80%  |

---

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

159<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | |
|  | **Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1,2</sup> | **Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>4</sup>** | **Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | **Dividends** <br>**from** <br>**Net** <br>**Investment** <br>**Income** | **Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | **Distributions** <br>**from** <br>**Return** <br>**of** <br>**Capital** | **Total** <br>**Distributions** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | **Total** <br>**Return<sup>5</sup>** | **Net** <br>**Assets,** <br>**End** <br>**of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>2</sup>** | **Net** <br>**Expenses<sup>3,6</sup>** | **Total** <br>**Expenses<sup>3</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement<sup>3</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>8</sup>**  |
| **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | $25.14 | &nbsp;&nbsp; $0.38 | $0.69 | $1.07 | $(0.35) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.35) | $25.86 | 4.38% | $50418 | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 3.13% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 3.17% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 22.71 | 0.80 | 2.42 | 3.22 | (0.79) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.79) | 25.14 | 13.93% | 52793 | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 3.04% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 3.16% | &nbsp;&nbsp;&nbsp; 42%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 28.57 | 0.73 | (5.96) | (5.23) | (0.63) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.63) | 22.71 | -18.77% | 44285 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 2.54% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 2.57% | &nbsp;&nbsp;&nbsp; 55%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 51.86 | 0.20 | (23.49) | (23.29) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 28.57 | -44.91% | 24282 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 65.11 | &nbsp;&nbsp; (0.22) | (7.29) | (7.51) |  | &nbsp;&nbsp; (5.18) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (5.74) | 51.86 | -12.64% | 23339 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; (0.40)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; (0.40)% | &nbsp;&nbsp;&nbsp; 6%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 54.00 | &nbsp;&nbsp; (0.06) | 11.35 | 11.29 | (0.18) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18) | 65.11 | 20.96% | 19534 | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; (0.10)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp;&nbsp; (0.06)% | &nbsp;&nbsp;&nbsp; 76%  |
| **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 14.04 | 0.23 | (0.69) | (0.46) | (0.28) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28) | 13.30 | -3.38% | 9976 | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 3.40% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 16.46 | 0.55 | (2.32) | (1.77) | (0.65) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.65) | 14.04 | -10.51% | 14746 | &nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 4.33% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 14.21 | 0.44 | 2.22 | 2.66 | (0.41) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41) | 16.46 | 19.45% | 29629 | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 3.64% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 8.71 | &nbsp;&nbsp; (0.00)<sup>10</sup> | 5.50 | 5.50 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 14.21 | 63.15% | 56135 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 8.10 | &nbsp;&nbsp; (0.08) | 0.69 | 0.61 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 8.71 | 7.53% | 29623 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 10.58 | &nbsp;&nbsp; (0.01) | (2.43) | (2.44) | (0.03) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.04) | 8.10 | -23.08% | 6882 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp;&nbsp; (0.09)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp;&nbsp; (0.09)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 48.03 | 0.81 | (6.56) | (5.75) | (0.81) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.81) | 41.47 | -11.94% | 4804190 | &nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 3.80% | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 3.89% | &nbsp;&nbsp;&nbsp; 83%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 39.70 | 1.74 | 8.28 | 10.02 | (1.69) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.69) | 48.03 | 24.58% | 6061474 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp;&nbsp; 3.23% | &nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 3.48% | &nbsp;&nbsp;&nbsp; 172%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 70.10 | 2.23 | (30.84) | (28.61) | (1.79) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.79) | 39.70 | -41.97% | 2296103 | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 3.31% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 3.34% | &nbsp;&nbsp;&nbsp; 119%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 281.00 | 1.40 | (211.50) | (210.10) | (0.80) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.80) | 70.10 | -74.89% | 437185 | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 8%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 358.10 | 0.30 | (70.10) | (69.80) | (0.30) | &nbsp;&nbsp; (6.90) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (7.30) | 281.00 | -19.90% | 359735 | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp; 33%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 293.90 | 0.80 | 64.90 | 65.70 | (1.50) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.50) | 358.10 | 22.38% | 282879 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp; 67%  |
| **Direxion Daily 20+ Year Treasury Bear 3X Shares** | **Direxion Daily 20+ Year Treasury Bear 3X Shares** | **Direxion Daily 20+ Year Treasury Bear 3X Shares** | **Direxion Daily 20+ Year Treasury Bear 3X Shares** | **Direxion Daily 20+ Year Treasury Bear 3X Shares** | **Direxion Daily 20+ Year Treasury Bear 3X Shares** | **Direxion Daily 20+ Year Treasury Bear 3X Shares** | **Direxion Daily 20+ Year Treasury Bear 3X Shares** | **Direxion Daily 20+ Year Treasury Bear 3X Shares** | **Direxion Daily 20+ Year Treasury Bear 3X Shares** | **Direxion Daily 20+ Year Treasury Bear 3X Shares** | **Direxion Daily 20+ Year Treasury Bear 3X Shares** | **Direxion Daily 20+ Year Treasury Bear 3X Shares** | **Direxion Daily 20+ Year Treasury Bear 3X Shares** | **Direxion Daily 20+ Year Treasury Bear 3X Shares** | **Direxion Daily 20+ Year Treasury Bear 3X Shares** | **Direxion Daily 20+ Year Treasury Bear 3X Shares** | **Direxion Daily 20+ Year Treasury Bear 3X Shares** | **Direxion Daily 20+ Year Treasury Bear 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Six Months Ended April 30, 2025 (Unaudited) | 34.53 | 0.54 | 1.49 | 2.03 | (0.58) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58) | 35.98 | 5.83% | 168989 | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp;&nbsp; 2.98% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 3.45% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 51.50 | 1.25 | (16.74) | (15.49) | (1.48) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.48) | 34.53 | -29.79% | 177731 | &nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp; 3.78% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 4.31% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 39.81 | 0.95 | 11.61 | 12.56 | (0.87) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.87) | 51.50 | 33.09% | 401543 | &nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 14.33 | 0.01 | 25.47 | 25.48 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 39.81 | 177.78% | 688650 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 13.95 | &nbsp;&nbsp; (0.14) | 0.52 | 0.38 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 14.33 | 2.74% | 325333 | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; (0.86)% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; (0.86)% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2020 | 26.80 | &nbsp;&nbsp; (0.02) | (12.73) | (12.75) | (0.07) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.10) | 13.95 | -47.66% | 99010 | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; (0.09)% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.08)% | &nbsp;&nbsp;&nbsp; 0% |

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

<sup>2</sup> Includes interest expense and extraordinary expenses, which comprise of tax and litigation expenses.

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

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**April 30, 2025(Continued)** 

<sup>3</sup> Excludes interest expense and extraordinary expenses which comprise of excise tax and litigation expenses.

<sup>4</sup> In certain instances, due to the timing of sales and redemptions of capital shares, the net realized and realized gain (loss) per share is not in accordance with the Fund's changes in net realized and unrealized gain (loss) on investments, in-kind redemptions, futures, and swaps for the year/period.

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

<sup>6</sup> Net expenses include effects of any reimbursement/waiver or recoupment.

<sup>7</sup> For periods less than a year, these ratios are annualized.

<sup>8</sup> Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Portfolio turnover rate does not include effects of turnover of the swap and future contracts portfolio. Short-term securities with maturities less than or equal to 365 days are also excluded from portfolio turnover calculation.

<sup>9</sup> Commencement of operations.

<sup>10</sup> Between $(0.005) and $0.005.

<sup>11</sup> Effective November 4, 2024, the Fund had a 1:20 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:20 stock split.

<sup>12</sup> Effective November 4, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

<sup>13</sup> Effective February 10, 2025, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

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

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)** 

1. ORGANIZATION

The Direxion Shares ETF Trust (the "Trust") is a Delaware statutory trust formed on April 23, 2008 and is registered with the Securities and Exchange Commission ("SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is a registered investment company that has 107 separate series (each, a "Fund" and together the "Funds"). 40 of these Funds are included in this report:

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| | |
|:---|:---|
| **Bull Funds** | **Bear Funds**  |
| Direxion Daily Mid Cap Bull 3X Shares<br>| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | Direxion Daily Small Cap Bear 3X Shares  |
| Direxion Daily Small Cap Bull 3X Shares | Direxion Daily FTSE China Bear 3X Shares  |
| Direxion Daily FTSE China Bull 3X Shares | Direxion Daily MSCI Emerging Markets Bear 3X Shares  |
| Direxion Daily FTSE Europe Bull 3X Shares | Direxion Daily Dow Jones Internet Bear 3X Shares  |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares | Direxion Daily Financial Bear 3X Shares  |
| Direxion Daily MSCI Mexico Bull 3X Shares | Direxion Daily Real Estate Bear 3X Shares  |
| Direxion Daily MSCI South Korea Bull 3X Shares | Direxion Daily S&P High Beta Bear 3X Shares  |
| Direxion Daily Aerospace & Defense Bull 3X Shares | Direxion Daily S&P Biotech Bear 3X Shares  |
| Direxion Daily Consumer Discretionary Bull 3X Shares | Direxion Daily Semiconductor Bear 3X Shares  |
| Direxion Daily Dow Jones Internet Bull 3X Shares | Direxion Daily Technology Bear 3X Shares  |
| Direxion Daily Financial Bull 3X Shares | Direxion Daily 7-10 Year Treasury Bear 3X Shares  |
| Direxion Daily Healthcare Bull 3X Shares | Direxion Daily 20+ Year Treasury Bear 3X Shares  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares |  |
| Direxion Daily Industrials Bull 3X Shares<br>|  |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares<br>|  |
| Direxion Daily Real Estate Bull 3X Shares<br>|  |
| Direxion Daily Regional Banks Bull 3X Shares<br>|  |
| Direxion Daily Retail Bull 3X Shares<br>|  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares<br>|  |
| Direxion Daily S&P 500<sup>®</sup> Biotech Bull 3X Shares<br>|  |
| Direxion Daily Semiconductor Bull 3X Shares<br>|  |
| Direxion Daily Technology Bull 3X Shares<br>|  |
| Direxion Daily Transportation Bull 3X Shares<br>|  |
| Direxion Daily Utilities Bull 3X Shares<br>|  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares<br>|  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares<br>|  |

---

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

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

Each Fund's investment objective is to seek daily investment results, before fees and expenses, that correspond to the performance of a particular index or benchmark. The Funds with the word "Bull" in their name attempt to provide investment results that correlate positively to the return of an index or benchmark. The Funds with the word "Bear" in their name attempt to provide investment results that correlate negatively to the return of an index or benchmark. The

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

correlations sought by the Bull Funds are a multiple of 300% of the return of the target index or benchmark and a multiple of -300% of the return of the target index or benchmark for the Bear Funds.

---

| | | |
|:---|:---|:---|
| **Funds** | **Index or Benchmark** | **Daily Target**  |
| Direxion Daily Mid Cap Bull 3X Shares | S&P Mid Cap 400<sup>®</sup> Index | 300%  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | S&P 500<sup>®</sup> Index  | 300%  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | S&P 500<sup>®</sup> Index  | -300%  |
| Direxion Daily Small Cap Bull 3X Shares | Russell 2000<sup>®</sup> Index  | 300%  |
| Direxion Daily Small Cap Bear 3X Shares | Russell 2000<sup>®</sup> Index  | -300%  |
| Direxion Daily FTSE China Bull 3X Shares | FTSE China 50 Index  | 300%  |
| Direxion Daily FTSE China Bear 3X Shares | FTSE China 50 Index  | -300%  |
| Direxion Daily FTSE Europe Bull 3X Shares | FTSE Developed Europe All Cap Index | 300%  |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares | MSCI Emerging Markets Index<sup>SM</sup> | 300%  |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares | MSCI Emerging Markets Index<sup>SM</sup> | -300%  |
| Direxion Daily MSCI Mexico Bull 3X Shares | MSCI Mexico IMI 25/50 Index | 300%  |
| Direxion Daily MSCI South Korea Bull 3X Shares | MSCI Korea 25/50 Index | 300%  |
| Direxion Daily Aerospace & Defense Bull 3X Shares | Dow Jones U.S. Select Aerospace & Defense Index | 300%  |
| Direxion Daily Consumer Discretionary Bull 3X Shares | Consumer Discretionary Select Sector Index | 300%  |
| Direxion Daily Dow Jones Internet Bull 3X Shares<br>Direxion Daily Dow Jones Internet Bear 3X Shares  | Dow Jones Internet Composite Index | 300%<br>-300%  |
| Direxion Daily Financial Bull 3X Shares<br>Direxion Daily Financial Bear 3X Shares | Financials Select Sector Index | 300%<br>-300%  |
| Direxion Daily Healthcare Bull 3X Shares | Health Care Select Sector Index | 300%  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares | Dow Jones U.S. Select Home Construction Index | 300%  |
| Direxion Daily Industrials Bull 3X Shares | Industrial Select Sector Index | 300%  |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares | S&P Pharmaceuticals Select Industry Index | 300%  |
| Direxion Daily Real Estate Bull 3X Shares<br>Direxion Daily Real Estate Bear 3X Shares | Real Estate Select Sector Index | 300% <br>-300% |
| Direxion Daily Regional Banks Bull 3X Shares | S&P Regional Banks Select Industry Index | 300%  |
| Direxion Daily Retail Bull 3X Shares | S&P Retail Select Industry<sup>®</sup> Index | 300%  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares<br>Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | S&P 500<sup>®</sup> High Beta Index | 300%<br>-300%  |
| Direxion Daily S&P Biotech Bull 3X Shares<br>Direxion Daily S&P Biotech Bear 3X Shares | S&P Biotechnology Select Industry Index | 300%<br>-300%  |
| Direxion Daily Semiconductor Bull 3X Shares<br>Direxion Daily Semiconductor Bear 3X Shares | NYSE Semiconductor Index | 300% <br>-300%  |
| Direxion Daily Technology Bull 3X Shares<br>Direxion Daily Technology Bear 3X Shares | Technology Select Sector Index | 300%<br>-300%  |
| Direxion Daily Transportation Bull 3X Shares | S&P Transportation Select Industry FMC Capped Index | 300%  |

---

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Funds** | **Index or Benchmark** | **Daily Target**  |
| Direxion Daily Utilities Bull 3X Shares | Utilities Select Sector Index | 300%  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares<br>Direxion Daily 7-10 Year Treasury Bear 3X Shares | ICE U.S. Treasury 7-10 Year Bond Index | 300%<br>-300%  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares<br>Direxion Daily 20+ Year Treasury Bear 3X Shares | ICE U.S. Treasury 20+ Year Bond Index | 300%<br>-300% |

---

2. SIGNIFICANT ACCOUNTING POLICIES

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Investment Valuation – The Net Asset Value ("NAV") per share of each Fund is determined daily, as of the close of regular trading on the New York Stock Exchange ("NYSE") (normally at 4:00 p.m. Eastern time ("Valuation Time")), each day the NYSE is open for business. On days that the Securities Industry and Financial Markets Association ("SIFMA") recommends that the bond markets close all day, Direxion Daily 7-10 Year Treasury Bull 3X Shares, Direxion Daily 7-10 Year Treasury Bear 3X Shares, Direxion Daily 20+ Year Treasury Bull 3X Shares and Direxion Daily 20+ Year Treasury Bear 3X Shares (the "Fixed Income Funds") do not calculate their NAVs, even if the NYSE is open for business. Similarly, on days that SIFMA recommends that the bond markets close early, each of the Fixed Income Funds calculate its NAV as of the time of the recommended close, usually 2:00 p.m. Eastern time, rather than the close of regular trading on the NYSE. A security listed or traded on an exchange, domestic or foreign, is valued at its last sales price on the principal exchange on which it is traded prior to the time when assets are valued. If no sale is reported at that time, the mean of the last bid and asked prices is used. Securities primarily traded on the NASDAQ<sup>®</sup> Global Market ("NASDAQ") for which market quotations are readily available are valued using the NASDAQ<sup>®</sup> Official Closing Price ("NOCP") provided by NASDAQ each business day. Over the Counter ("OTC") securities held by a Fund are valued at the last sales price or, if no sales price is reported, the mean of the last bid and asked price is used. The portfolio securities of a Fund that are listed on national exchanges are valued at the last sales price of such securities; if no sales price is reported, the mean of the last bid and asked price is used. Swap contracts are valued using the closing price of the underlying reference entity or the closing value of the underlying reference index. The Funds valued their investments in money market funds based on their daily net asset values. Futures contracts are valued at settlement price established on the exchange on which they are traded, if that settlement price reflects trading prior to the Valuation Time. If the settlement price established by the exchange reflects trading after the Valuation Time, then the last sales price prior to Valuation time will be used. Securities, swap or future contracts are fair valued as determined by the Adviser under the supervision of the Board of Trustees (the "Board") in the following scenarios: a) reliable market quotations are not readily available; b) the Funds' pricing service does not provide a valuation for such securities; c) the Funds' pricing service provides valuation that in the judgment of the Adviser does not represent fair value; or d) the Fund or Adviser believes the market price is stale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Swap Contracts – Each Fund may enter into equity swap contacts. Standard equity swap contracts are between two parties that agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross amount to be exchanged is calculated with respect to a "notional amount" (i.e. the return on or increase in value of a particular dollar amount invested in a "basket" of securities representing a particular index or industry sector). Each Fund enters into master netting agreements with counterparties to mitigate counterparty credit risk in derivative contracts. A Fund does not offset fair value amounts for derivatives contracts and related cash collateral on the Statement of Assets and Liabilities arising from derivative contracts executed with the same counterparties under such master netting agreements. Each Fund's obligations are accrued daily and offset by any amounts owed to the Fund.

In a "long" equity swap agreement, the counterparty will generally agree to pay the Fund the amount, if any, by which the notional amount of the swap contract would have increased in value if the Fund had been invested in the particular securities, plus dividends that would have been received on those securities. The Fund will agree to pay the counterparty a floating rate of interest (e.g., a SOFR based rate) on the notional amount of the swap contract plus the

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**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

amount, if any, by which the notional amount would have decreased in value had it been invested in such securities plus, in certain instances, commissions or trading spreads on the notional amounts. Thus, the return on the swap contract should be the gain or loss on the notional amount plus dividends on the securities less the interest and commission paid by the Fund on the notional amount. Payments may be made at the conclusion of the contract or periodically during its term. In certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the counterparty will pay the Fund interest. These swap contracts do not include the delivery of securities by the Funds to the counterparty. The net amount of the excess, if any, of the Fund's obligations owed over its entitlement with respect to each swap is accrued on a daily basis and an amount of cash or liquid assets having an aggregate net asset value at least equal to such accrued excess is maintained in a segregated account by the Fund's custodian. Until a swap contract is settled in cash, the gain or loss on the notional amount plus dividends on the securities less the interest paid by the Fund on the notional amount are recorded as "unrealized appreciation or depreciation on swaps" and when cash is exchanged, the gain or loss is recorded as "realized gains or losses on swaps."

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

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

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

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

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

For financial reporting purposes, the Funds elect to not offset assets and liabilities subject to an ISDA Master Agreement, if any, in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of April 30, 2025, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting/set-off provisions in the ISDA Master Agreement are detailed in the following tables.

In the event of the counterparty's default, bankruptcy or any other event for which the counterparty cannot meet its obligations, a Fund bears the risk of loss equal to the amount of the daily appreciation owed to the Fund. This obligation represents the daily gain accrued to the Fund from the close of business day prior to this event to the day on which this event occurs and the counterparty can no longer meet its obligations. A Fund will enter into swap agreements only with large, well-capitalized and established financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Adviser. Shareholders may obtain swap counterparty financial statements at www.sec.gov. Swap contracts are subject to credit risk. Credit risk occurs when the financial condition of an issuer of a security or instrument may cause it to default or become unable to pay interest or principal due on the security. The counterparty to a swap contract might default on its obligations. In addition, the Funds have agreements with certain counterparties with which it trades swap contracts that contain credit risk-related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value and performance-based thresholds. The maximum exposure to the Funds in regard to potential counterparty default and credit-risk related contingent features at April 30, 2025 is detailed in the following tables. If such credit risk-related contingencies were triggered, the counterparties would have the option to terminate any positions open under the master netting agreement.

**Description: Swap Contract** 

**Counterparty: Bank of America Merrill Lynch** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily Mid Cap Bull 3X Shares | $312014 | $— | $312014<sup>1</sup> | $— | $— | $— | $— | $—  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares |  |  |  |  | 49880790 |  | 49880790<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | 24044244 |  | 24044244<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Small Cap Bull 3X Shares |  |  |  |  | 81423001 |  | 81423001<sup>1</sup> | —  |
|  Direxion Daily Small Cap Bear 3X Shares | 23426954 |  | 22760000 | 666954 |  |  |  | —  |
|  Direxion Daily FTSE China Bull 3X Shares |  |  |  |  | 16975334 |  | 16975334<sup>1</sup> | —  |
|  Direxion Daily FTSE China Bear 3X Shares | 29826919 |  | 29826919<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily MSCI South Korea Bull 3X Shares | 3120148 |  | 2960000 | 160148 |  |  |  | —  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares |  |  |  |  | 55487 |  | 55487<sup>1</sup> | —  |
|  Direxion Daily Dow Jones Internet Bull 3X Shares | 413260 |  | 400000 | 13260 |  |  |  | —  |
|  Direxion Daily Dow Jones Internet Bear 3X Shares |  |  |  |  | 132313 |  | 132313<sup>1</sup> | —  |
|  Direxion Daily Financial Bull 3X Shares | 13551811 |  | 5850000 | 7701811 |  |  |  | —  |
|  Direxion Daily Financial Bear 3X Shares | 3248172 |  | 3248172<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares |  |  |  |  | 329679 |  | 329679<sup>1</sup> | —  |

---

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily Real Estate Bull 3X Shares | $— | $— | $— | $— | $123953 | $— | $123953<sup>1</sup> | $—  |
|  Direxion Daily Real Estate Bear 3X Shares |  |  |  |  | 1180532 |  | 1180532<sup>1</sup> | —  |
|  Direxion Daily Regional Banks Bull 3X Shares |  |  |  |  | 37340144 |  | 37340144<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | 1129529 |  | 1129529<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily S&P Biotech Bull 3X Shares |  |  |  |  | 27092639 |  | 27092639<sup>1</sup> | —  |
|  Direxion Daily S&P Biotech Bear 3X Shares | 2165621 |  | 2165621<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Semiconductor Bull 3X Shares | 13320272 |  |  | 13320272 |  |  |  | —  |
|  Direxion Daily Semiconductor Bear 3X Shares | 1609140 |  |  | 1609140 |  |  |  | —  |
|  Direxion Daily Technology Bull 3X Shares | 34202959 |  | 29010000 | 5192959 |  |  |  | —  |
|  Direxion Daily Technology Bear 3X Shares | 1785058 |  | 1785058<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily 7-10 Year Treasury Bull 3X Shares | 142239 |  | 120000 | 22239 |  |  |  | —  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares |  |  |  |  | 52374907 |  | 52374907<sup>1</sup> | —  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares | 3592228 |  | 2760000 | 832228 |  |  |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

**Description: Swap Contract** 

**Counterparty: BNP Paribas** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | $— | $— | $— | $— | $43826501 | $— | $43826501<sup>1</sup> | $—  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | 8313780 |  | 8313780<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Small Cap Bull 3X Shares |  |  |  |  | 119136442 |  | 119136442<sup>1</sup> | —  |
|  Direxion Daily Small Cap Bear 3X Shares | 20938382 |  | 20302588 | 635794 |  |  |  | —  |
|  Direxion Daily FTSE China Bull 3X Shares | 9352028 |  | 9160000 | 192028 |  |  |  | —  |
|  Direxion Daily FTSE China Bear 3X Shares |  |  |  |  | 17308784 |  | 17308784<sup>1</sup> | —  |
|  Direxion Daily FTSE Europe Bull 3X Shares | 976491 |  | 900000 | 76491 |  |  |  | —  |

---

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares | $156110 | $— | $130000 | $26110 | $— | $— | $— | $—  |
|  Direxion Daily Financial Bull 3X Shares |  |  |  |  | 17441470 |  | 17441470<sup>1</sup> | —  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares |  |  |  |  | 7885914 |  | 7885914<sup>1</sup> | —  |
|  Direxion Daily S&P Biotech Bull 3X Shares |  |  |  |  | 16798881 |  | 16798881<sup>1</sup>  | —  |
|  Direxion Daily Semiconductor Bull 3X Shares | 28156734 |  | 16380000 | 11776734 |  |  |  | —  |
|  Direxion Daily Semiconductor Bear 3X Shares | 13443259 |  | 13443259<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Technology Bull 3X Shares | 7787431 |  | 6140000 | 1647431 |  |  |  | —  |
|  Direxion Daily Technology Bear 3X Shares | 2858628 |  | 2858628<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily 7-10 Year Treasury Bull 3X Shares | 172128 |  | 120000 | 52128 |  |  |  | —  |
|  Direxion Daily 7-10 Year Treasury Bear 3X Shares |  |  |  |  | 116910 |  | 116910<sup>1</sup> | —  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares | 10350351 |  | 10350351<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares | 3051124 |  | 2808082 | 243042 |  |  |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

**Description: Swap Contract** 

**Counterparty: Barclays** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | $66091135 | $— | $58260000 | $7831135 | $— | $— | $— | $—  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares |  |  |  |  | 20061606 |  | 20061606<sup>1</sup> | —  |
|  Direxion Daily Small Cap Bull 3X Shares | 11663738 |  | 11663738<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Small Cap Bear 3X Shares |  |  |  |  | 10884466 |  | 10884466<sup>1</sup> | —  |
|  Direxion Daily FTSE China Bull 3X Shares | 38876847 |  | 38120000 | 756847 |  |  |  | —  |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares | 2108256 |  | 1820000 | 288256 |  |  |  | —  |
|  Direxion Daily MSCI Mexico Bull 3X Shares | 680597 |  | 510000 | 170597 |  |  |  | —  |
|  Direxion Daily MSCI South Korea Bull 3X Shares | 1160239 |  | 1090000 | 70239 |  |  |  | —  |

---

168<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares | $5887985 | $— | $5570000 | $317985 | $— | $— | $— | $—  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares |  |  |  |  | 96088 |  | 96088<sup>1</sup> | —  |
|  Direxion Daily Financial Bull 3X Shares |  |  |  |  | 4905321 |  | 4905321<sup>1</sup> | —  |
|  Direxion Daily Healthcare Bull 3X Shares | 155348 |  |  | 155348 |  |  |  | —  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares |  |  |  |  | 2763269 |  | 2763269<sup>1</sup> | —  |
|  Direxion Daily Industrials Bull 3X Shares | 416167 |  | 310000 | 106167 |  |  |  | —  |
|  Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 486182 |  | 300000 | 186182 |  |  |  | —  |
|  Direxion Daily Regional Banks Bull 3X Shares | 12204119 |  | 12204119<sup>1</sup> |  |  |  |  | —  |
| Direxion Daily Retail Bull 3X Shares |  |  |  |  | 122723 |  | 122723<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares |  |  |  |  | 1549280 |  | 1549280<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | 2495700 |  | 2495700<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily S&P Biotech Bull 3X Shares | 26837191 |  | 22690000 | 4147191 |  |  |  | —  |
|  Direxion Daily S&P Biotech Bear 3X Shares |  |  |  |  | 3305652 |  | 3305652<sup>1</sup> | —  |
|  Direxion Daily Semiconductor Bull 3X Shares |  |  |  |  | 106416163 |  | 106416163<sup>1</sup> | —  |
|  Direxion Daily Semiconductor Bear 3X Shares | 9321712 |  | 9321712<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Technology Bull 3X Shares |  |  |  |  | 52895995 |  | 52895995<sup>1</sup> | —  |
|  Direxion Daily Technology Bear 3X Shares | 7479855 |  | 7479855<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Transportation Bull 3X Shares |  |  |  |  | 244988 |  | 244988<sup>1</sup> | —  |
|  Direxion Daily Utilities Bull 3X Shares | 277555 |  | 250000 | 27555 |  |  |  | —  |
|  Direxion Daily 7-10 Year Treasury Bull 3X Shares | 677615 |  | 660000 | 17615 |  |  |  | —  |
|  Direxion Daily 7-10 Year Treasury Bear 3X Shares |  |  |  |  | 78865 |  | 78865<sup>1</sup> | —  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares | 28289194 |  | 28289194<sup>1</sup> |  |  |  |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

169<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Description: Swap Contract** 

**Counterparty: Citibank N.A.** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily Mid Cap Bull 3X Shares | $— | $— | $— | $— | $996142 | $— | $996142<sup>1</sup> | $—  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares |  |  |  |  | 31063819 |  | 31063819<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | 2859305 |  | 2859305<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Small Cap Bull 3X Shares |  |  |  |  | 6224404 |  | 6224404<sup>1</sup> | —  |
|  Direxion Daily Small Cap Bear 3X Shares | 14111197 |  | 13555999 | 555198 |  |  |  | —  |
|  Direxion Daily FTSE China Bull 3X Shares | 23568992 |  | 23127000 | 441992 |  |  |  | —  |
|  Direxion Daily FTSE Europe Bull 3X Shares | 1870427 |  | 1870427<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares | 1433138 |  | 1166000 | 267138 |  |  |  | —  |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares | 107747 |  | 107747<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily MSCI South Korea Bull 3X Shares | 389475 |  | 322001 | 67474 |  |  |  | —  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares | 10665131 |  | 10290001 | 375130 |  |  |  | —  |
|  Direxion Daily Dow Jones Internet Bull 3X Shares |  |  |  |  | 5100114 |  | 5100114<sup>1</sup> | —  |
|  Direxion Daily Dow Jones Internet Bear 3X Shares | 1137219 |  | 1137219<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Financial Bull 3X Shares | 2598680 |  | 2157001 | 441679 |  |  |  | —  |
|  Direxion Daily Healthcare Bull 3X Shares | 125062 |  |  | 125062 |  |  |  | —  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares |  |  |  |  | 15654573 |  | 15654573<sup>1</sup> | —  |
|  Direxion Daily Industrials Bull 3X Shares | 92653 |  |  | 92653 |  |  |  | —  |
|  Direxion Daily Pharmaceutical & Medical Bull 3X Shares |  |  |  |  | 587801 |  | 587801<sup>1</sup> | —  |
|  Direxion Daily Regional Banks Bull 3X Shares | 4198893 |  | 4198893<sup>1</sup> |  |  |  |  | —  |
| Direxion Daily Retail Bull 3X Shares |  |  |  |  | 1316107 |  | 1316107<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 1706774 |  | 1538001 | 168773 |  |  |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares |  |  |  |  | 3005332 |  | 3005332<sup>1</sup> | —  |
|  Direxion Daily S&P Biotech Bull 3X Shares |  |  |  |  | 16696463 |  | 16696463<sup>1</sup> | —  |
|  Direxion Daily S&P Biotech Bear 3X Shares | 2172841 |  | 2172841<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Semiconductor Bull 3X Shares | 178957249 |  | 136380001 | 42577248 |  |  |  | —  |
|  Direxion Daily Semiconductor Bear 3X Shares |  |  |  |  | 81667176 |  | 81667176<sup>1</sup> | —  |

---

170<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily Technology Bull 3X Shares | $9806838 | $— | $8385000 | $1421838 | $— | $— | $— | $—  |
|  Direxion Daily Technology Bear 3X Shares | 1785926 |  | 1785926<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Transportation Bull 3X Shares |  |  |  |  | 239992 |  | 239992<sup>1</sup> | —  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares |  |  |  |  | 8237610 |  | 8237610<sup>1</sup> | —  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares | 310986 |  |  | 310986 |  |  |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

**Description: Swap Contract** 

**Counterparty: Goldman Sachs** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | $2605357 | $— | $— | $2605357 | $— | $— | $— | $—  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | 10231838 |  | 10231838<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily FTSE China Bull 3X Shares | 9833586 |  | 2208000 | 7625586 |  |  |  | —  |
|  Direxion Daily FTSE China Bear 3X Shares |  |  |  |  | 6631419 |  | 6631419<sup>1</sup> | —  |
|  Direxion Daily FTSE Europe Bull 3X Shares | 1382071 |  | 1350000 | 32071 |  |  |  | —  |
|  Direxion Daily MSCI Mexico Bull 3X Shares | 1193094 |  | 1070000 | 123094 |  |  |  | —  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares | 1535073 |  | 1180000 | 355073 |  |  |  | —  |
|  Direxion Daily Financial Bull 3X Shares | 2417829 |  | 1660000 | 757829 |  |  |  | —  |
|  Direxion Daily Financial Bear 3X Shares | 1242411 |  | 1242411<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares |  |  |  |  | 10158483 |  | 10158483<sup>1</sup> | —  |
|  Direxion Daily Regional Banks Bull 3X Shares |  |  |  |  | 14343489 |  | 14343489<sup>1</sup> | —  |
|  Direxion Daily S&P Biotech Bull 3X Shares |  |  |  |  | 28491478 |  | 28491478<sup>1</sup> | —  |
|  Direxion Daily S&P Biotech Bear 3X Shares | 4359658 |  | 4359658<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Semiconductor Bull 3X Shares | 105294684 |  | 73992000 | 31302684 |  |  |  | —  |
|  Direxion Daily Semiconductor Bear 3X Shares | 15906286 |  | 15906286<sup>1</sup> |  |  |  |  | —  |

---

171<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily Technology Bull 3X Shares | $— | $— | $— | $— | $32587400 | $— | $32587400<sup>1</sup> | $—  |
|  Direxion Daily Technology Bear 3X Shares | 2746160 |  | 2746160<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Transportation Bull 3X Shares |  |  |  |  | 371844 |  | 371844<sup>1</sup> | —  |
|  Direxion Daily Utilities Bull 3X Shares |  |  |  |  | 16640 |  | 16640<sup>1</sup> | —  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares | 34354663 |  | 34354663<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares | 1901969 |  | 1440000 | 461969 |  |  |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

**Description: Swap Contract** 

**Counterparty: J.P. Morgan** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily Mid Cap Bull 3X Shares | $— | $— | $— | $— | $3914272 | $— | $3914272<sup>1</sup> | $—  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares |  |  |  |  | 47155861 |  | 47155861<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | 10094854 |  | 10094854<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Small Cap Bull 3X Shares |  |  |  |  | 91435511 |  | 91435511<sup>1</sup> | —  |
|  Direxion Daily Small Cap Bear 3X Shares | 7341560 |  | 7047000 | 294560 |  |  |  | —  |
|  Direxion Daily FTSE Europe Bull 3X Shares | 869307 |  | 860000 | 9307 |  |  |  | —  |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares | 37681 |  |  | 37681 |  |  |  | —  |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares |  |  |  |  | 1793239 |  | 1793239<sup>1</sup> | —  |
|  Direxion Daily MSCI Mexico Bull 3X Shares | 1862535 |  | 1670000 | 192535 |  |  |  | —  |
|  Direxion Daily MSCI South Korea Bull 3X Shares | 903036 |  | 860000 | 43036 |  |  |  | —  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares | 2405542 |  | 2250000 | 155542 |  |  |  | —  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares |  |  |  |  | 1843895 |  | 1843895<sup>1</sup> | —  |
|  Direxion Daily Dow Jones Internet Bull 3X Shares |  |  |  |  | 1151292 |  | 1151292<sup>1</sup> | —  |
|  Direxion Daily Dow Jones Internet Bear 3X Shares | 112091 |  | 112091<sup>1</sup> |  |  |  |  | —  |

---

172<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily Financial Bull 3X Shares | $21498497 | $— | $18870000 | $2628497 | $— | $— | $— | $—  |
|  Direxion Daily Financial Bear 3X Shares | 1641534 |  | 1641534<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Healthcare Bull 3X Shares | 746678 |  |  | 746678 |  |  |  | —  |
|  Direxion Daily Industrials Bull 3X Shares |  |  |  |  | 753217 |  | 753217<sup>1</sup> | —  |
|  Direxion Daily Real Estate Bull 3X Shares |  |  |  |  | 1327458 |  | 1327458<sup>1</sup> | —  |
|  Direxion Daily Real Estate Bear 3X Shares | 2329813 |  | 2329813<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Regional Banks Bull 3X Shares |  |  |  |  | 30358276 |  | 30358276<sup>1</sup> | —  |
| Direxion Daily Retail Bull 3X Shares |  |  |  |  | 1531998 |  | 1531998<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares |  |  |  |  | 1421324 |  | 1421324<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | 2047367 |  | 2047367<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily S&P Biotech Bull 3X Shares |  |  |  |  | 3515594 |  | 3515594<sup>1</sup> | —  |
|  Direxion Daily S&P Biotech Bear 3X Shares | 1344442 |  | 1344442<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Semiconductor Bull 3X Shares |  |  |  |  | 61157726 |  | 61157726<sup>1</sup> | —  |
|  Direxion Daily Semiconductor Bear 3X Shares | 7108078 |  | 7108078<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Technology Bull 3X Shares | 17372471 |  | 14322000 | 3050471 |  |  |  | —  |
|  Direxion Daily Technology Bear 3X Shares |  |  |  |  | 665556 |  | 665556<sup>1</sup> | —  |
|  Direxion Daily Utilities Bull 3X Shares | 465864 |  | 465864<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily 7-10 Year Treasury Bull 3X Shares | 717888 |  | 540000 | 177888 |  |  |  | —  |
|  Direxion Daily 7-10 Year Treasury Bear 3X Shares |  |  |  |  | 131454 |  | 131454<sup>1</sup> | —  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares |  |  |  |  | 13351118 |  | 13351118<sup>1</sup> | —  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares | 821767 |  | 199000 | 622767 |  |  |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

173<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Description: Swap Contract** 

**Counterparty: Nomura** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily FTSE China Bull 3X Shares | $13883938 | $— | $13610000 | $273938 | $— | $— | $— | $— |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

**Description: Swap Contract** 

**Counterparty: Societe Generale** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily Small Cap Bull 3X Shares | $— | $— | $— | $— | $23751090 | $— | $23751090<sup>1</sup> | $—  |
|  Direxion Daily Small Cap Bear 3X Shares | 21928869 |  | 21290000 | 638869 |  |  |  | —  |
|  Direxion Daily FTSE China Bull 3X Shares | 26893761 |  | 26410000 | 483761 |  |  |  | —  |
|  Direxion Daily Financial Bull 3X Shares |  |  |  |  | 7933729 |  | 7933729<sup>1</sup> | —  |
|  Direxion Daily Financial Bear 3X Shares | 2330376 |  | 2330376<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Regional Banks Bull 3X Shares |  |  |  |  | 23046537 |  | 23046537<sup>1</sup> | —  |
|  Direxion Daily Semiconductor Bull 3X Shares |  |  |  |  | 23991756 |  | 23991756<sup>1</sup> | —  |
|  Direxion Daily Semiconductor Bear 3X Shares | 23861019 |  | 23861019<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Technology Bull 3X Shares |  |  |  |  | 35411365 |  | 35411365<sup>1</sup> | —  |
|  Direxion Daily Technology Bear 3X Shares | 1751890 |  | 1751890<sup>1</sup> |  |  |  |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

174<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Description: Swap Contract** 

**Counterparty: UBS Securities LLC** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily Mid Cap Bull 3X Shares | $— | $— | $— | $— | $515311 | $— | $515311<sup>1</sup> | $—  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares |  |  |  |  | 145580646 |  | 145580646<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | 5032659 |  | 5032659<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Small Cap Bull 3X Shares |  |  |  |  | 90345989 |  | 90345989<sup>1</sup> | —  |
|  Direxion Daily Small Cap Bear 3X Shares | 23436091 |  | 22710000 | 726091 |  |  |  | —  |
|  Direxion Daily FTSE China Bull 3X Shares | 52316030 |  | 51160000 | 1156030 |  |  |  | —  |
|  Direxion Daily FTSE China Bear 3X Shares | 2264198 |  | 2264198<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily FTSE Europe Bull 3X Shares | 978024 |  | 978024<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares | 47896 |  |  | 47896 |  |  |  | —  |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares | 506956 |  | 506956<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily MSCI Mexico Bull 3X Shares | 2014855 |  | 1850000 | 164855 |  |  |  | —  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares | 664032 |  | 660000 | 4032 |  |  |  | —  |
|  Direxion Daily Dow Jones Internet Bull 3X Shares | 4601061 |  | 4540000 | 61061 |  |  |  | —  |
|  Direxion Daily Dow Jones Internet Bear 3X Shares | 58502 |  | 58502<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Financial Bull 3X Shares | 3645331 |  | 1480000 | 2165331 |  |  |  | —  |
|  Direxion Daily Financial Bear 3X Shares |  |  |  |  | 4023563 |  | 4023563<sup>1</sup> | —  |
|  Direxion Daily Healthcare Bull 3X Shares |  |  |  |  | 527472 |  | 527472<sup>1</sup> | —  |
|  Direxion Daily Industrials Bull 3X Shares |  |  |  |  | 318290 |  | 318290<sup>1</sup> | —  |
|  Direxion Daily Pharmaceutical & Medical Bull 3X Shares |  |  |  |  | 349907 |  | 349907<sup>1</sup> | —  |
|  Direxion Daily Real Estate Bull 3X Shares | 1352007 |  | 1190000 | 162007 |  |  |  | —  |
|  Direxion Daily Real Estate Bear 3X Shares | 89952 |  | 89952<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Regional Banks Bull 3X Shares |  |  |  |  | 24565092 |  | 24565092<sup>1</sup> | —  |
| Direxion Daily Retail Bull 3X Shares | 1204114 |  | 1204114<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 636522 |  | 550000 | 86522 |  |  |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares |  |  |  |  | 699981 |  | 699981<sup>1</sup> | —  |
|  Direxion Daily S&P Biotech Bull 3X Shares | 3214223 |  |  | 3214223 |  |  |  | —  |

---

175<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily S&P Biotech Bear 3X Shares | $95127 | $— | $95127<sup>1</sup> | $— | $— | $— | $— | $—  |
|  Direxion Daily Semiconductor Bull 3X Shares | 87912147 |  | 72110000 | 15802147 |  |  |  | —  |
|  Direxion Daily Semiconductor Bear 3X Shares | 38108290 |  | 38108290<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Technology Bull 3X Shares |  |  |  |  | 68234455 |  | 68234455<sup>1</sup> | —  |
|  Direxion Daily Technology Bear 3X Shares | 1074784 |  |  | 1074784 |  |  |  | —  |
|  Direxion Daily Utilities Bull 3X Shares | 604306 |  | 604306<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares |  |  |  |  | 13412101 |  | 13412101<sup>1</sup> | —  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares | 1339833 |  | 630000 | 709833 |  |  |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Risks of Futures Contracts, Options on Futures Contracts and Short Positions – The risks inherent in the use of options, futures contracts, options on futures contracts and short positions include 1) adverse changes in the fair value of such instruments; 2) imperfect correlation between the price of options and futures contracts and options thereon and movements in the price of the underlying securities, index or futures contracts; 3) the possible absence of a liquid secondary market for any particular instrument at any time; 4) the possible need to defer closing out certain positions to avoid adverse tax consequences; and 5) the possible non-performance by the counterparty under the terms of the contract. The Funds designate cash, cash equivalents and liquid securities as collateral for written options, futures contracts, options on futures contracts and short positions. The Funds were not invested in any type of options during the period ended April 30, 2025.

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

176<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Securities Lending – Each Fund may lend up to 33 1∕3% of the value of the securities in their portfolios to approved brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, cash equivalents, or securities issued or guaranteed by the U.S. government. The collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities. During the termof the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. Government securities held as collateral, net of fee rebates paid to borrower and net of fees paid to the lending agent. The amount of fees depends on a number of factors including the security type and the length of the loan. In addition, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. No more than 99% of the value of any security may be on loan at any time.

As of April 30, 2025, all securities on loan were collateralized by cash and/or U.S. government obligations. The cash received as collateral for securities on loan was invested in money market funds, whose maturities are overnight and continuous, and is disclosed in the Schedules of Investments. The securities on loan in each Fund are also disclosed in the Schedule of Investments. The total value of securities loaned and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Non-cash collateral consists of U.S. Treasury securities and is not disclosed on the Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell, reinvest or pledge those securities. Income earned by the Funds from securities lending is disclosed in the Statements of Operations.

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

As of April 30, 2025, the market value of the securities loaned and the related cash and non-cash collateral received for securities lending were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Market Value** <br>**of Securities** <br>**Loaned** | **Cash** <br>**Collateral** <br>**Received** | **Non-Cash** <br>**Collateral** <br>**Received** | **Total** <br>**Collateral** <br>**Received**  |
| Direxion Daily Mid Cap Bull 3X Shares | $645327 | $98978 | $560545 | $659523  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 3182233 | 293393 | 2956307 | 3249700  |
| Direxion Daily Small Cap Bull 3X Shares | 350468912 | 341574151 | 16194416 | 357768567  |
| Direxion Daily FTSE Europe Bull 3X Shares | 9518052 | 9703030 | 52147 | 9755177  |
| Direxion Daily MSCI Mexico Bull 3X Shares | 643188 | 658350 |  | 658350  |
| Direxion Daily Aerospace & Defense Bull 3X Shares | 922215 |  | 941092 | 941092  |
| Direxion Daily Consumer Discretionary Bull 3X Shares | 36144 |  | 37005 | 37005  |
| Direxion Daily Dow Jones Internet Bull 3X Shares | 176527 | 36351 | 144669 | 181020  |
| Direxion Daily Financial Bull 3X Shares | 201281 | 49280 | 156466 | 205746  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares | 1111124 | 17763 | 1117415 | 1135178  |
| Direxion Daily Industrials Bull 3X Shares | 16220 |  | 16557 | 16557  |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 129967 | 76046 | 57083 | 133129  |
| Direxion Daily Regional Banks Bull 3X Shares | 1777016 | 470137 | 1342636 | 1812773  |
| Direxion Daily Retail Bull 3X Shares | 934119 | 400181 | 555191 | 955372  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 101166 |  | 103371 | 103371  |
| Direxion Daily S&P Biotech Bull 3X Shares | 23034409 | 7429963 | 16169216 | 23599179  |
| Direxion Daily Semiconductor Bull 3X Shares | 41107581 | 42562119 |  | 42562119  |
| Direxion Daily Transportation Bull 3X Shares | 84474 | 11361 | 74872 | 86233  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares | 2155780 | 2205033 |  | 2205033 |

---

177<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

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

The Funds may be subject to a nondeductible 4% U.S. excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. Certain Funds paid this excise tax during the period ended April 30, 2025, which is disclosed on the Statements of Operations.

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

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

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

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

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

3. INCOME TAX AND DISTRIBUTION INFORMATION

The tax character of distributions paid during the periods ended April 30, 2025 and October 31, 2024 are presented in the following table. The tax character of distributions to shareholders made during the periods may differ from their ultimate characterization for U.S. Federal income tax purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Period Ended** <br>**April 30, 2025 (Unaudited)** | **Period Ended** <br>**April 30, 2025 (Unaudited)** | **Period Ended** <br>**April 30, 2025 (Unaudited)** | **Year Ended** <br>**October 31, 2024**  | **Year Ended** <br>**October 31, 2024**  | **Year Ended** <br>**October 31, 2024**  |
| | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:**  | **Distributions Paid From:**  | **Distributions Paid From:**  |
| <br>**Funds** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital**  |
|  Direxion Daily Mid Cap Bull 3X Shares | $514308 | $— | $— | $1139996 | $— | $—  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 24622231 |  |  | 39739010 |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | 7646450 |  |  | 26415736 |  | —  |
|  Direxion Daily Small Cap Bull 3X Shares | 15765630 |  |  | 24512275 |  | —  |
|  Direxion Daily Small Cap Bear 3X Shares | 5433765 |  |  | 15633570 |  | —  |
|  Direxion Daily FTSE China Bull 3X Shares | 21815250 |  |  | 21768257 |  | —  |

---

178<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Period Ended** <br>**April 30, 2025 (Unaudited)** | **Period Ended** <br>**April 30, 2025 (Unaudited)** | **Period Ended** <br>**April 30, 2025 (Unaudited)** | **Year Ended** <br>**October 31, 2024**  | **Year Ended** <br>**October 31, 2024**  | **Year Ended** <br>**October 31, 2024**  |
| | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:**  | **Distributions Paid From:**  | **Distributions Paid From:**  |
| <br>**Funds** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital**  |
|  Direxion Daily FTSE China Bear 3X Shares | $3895135 | $— | $— | $5609445 | $— | $—  |
|  Direxion Daily FTSE Europe Bull 3X Shares | 297036 |  |  | 699054 |  | —  |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares | 1308465 |  |  | 3081697 |  | —  |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares | 308057 |  |  | 876879 |  | —  |
|  Direxion Daily MSCI Mexico Bull 3X Shares | 545373 |  |  | 491027 |  | —  |
|  Direxion Daily MSCI South Korea Bull 3X Shares | 1935729 |  |  | 970525 |  | —  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares | 680330 | 20015356 |  | 2077148 |  | —  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares | 114262 |  |  | 266362 |  | —  |
|  Direxion Daily Dow Jones Internet Bull 3X Shares | 142680 |  |  |  |  | —  |
|  Direxion Daily Dow Jones Internet Bear 3X Shares | 278720 |  |  | 1078267 |  | —  |
|  Direxion Daily Financial Bull 3X Shares | 10364532 |  |  | 29119868 |  | —  |
|  Direxion Daily Financial Bear 3X Shares | 2224849 |  |  | 6527992 |  | —  |
|  Direxion Daily Healthcare Bull 3X Shares | 709764 |  |  | 2549412 |  | 2143  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares | 2094738 |  |  | 1197408 |  | —  |
|  Direxion Daily Industrials Bull 3X Shares | 87516 | 1934823 |  | 331010 |  | —  |
|  Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 52626 |  |  | 221030 |  | —  |
|  Direxion Daily Real Estate Bull 3X Shares | 709205 |  |  | 1897536 |  | 104343  |
|  Direxion Daily Real Estate Bear 3X Shares | 1098363 |  |  | 3854456 |  | —  |
|  Direxion Daily Regional Banks Bull 3X Shares | 4792079 |  |  | 18854004 |  | —  |
|  Direxion Daily Retail Bull 3X Shares | 232054 |  |  | 698835 |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 87572 |  |  | 684425 |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | 475382 |  |  | 1760835 |  | —  |
|  Direxion Daily S&P Biotech Bull 3X Shares | 956169 |  |  | 4277465 |  | 1053048  |
|  Direxion Daily S&P Biotech Bear 3X Shares | 1070919 |  |  | 4302906 |  | —  |

---

179<br>

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Period Ended** <br>**April 30, 2025 (Unaudited)** | **Period Ended** <br>**April 30, 2025 (Unaudited)** | **Period Ended** <br>**April 30, 2025 (Unaudited)** | **Year Ended** <br>**October 31, 2024**  | **Year Ended** <br>**October 31, 2024**  | **Year Ended** <br>**October 31, 2024**  |
| | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:**  | **Distributions Paid From:**  | **Distributions Paid From:**  |
| <br>**Funds** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital**  |
|  Direxion Daily Semiconductor Bull 3X Shares | $54303934 | $— | $— | $76014041 | $— | $—  |
|  Direxion Daily Semiconductor Bear 3X Shares | 11062683 |  |  | 38472872 |  | —  |
|  Direxion Daily Technology Bull 3X Shares | 8136645 | 1291473 |  | 11519235 |  | —  |
|  Direxion Daily Technology Bear 3X Shares | 1449144 |  |  | 4898417 |  | —  |
|  Direxion Daily Transportation Bull 3X Shares | 91990 |  |  | 367458 |  | —  |
|  Direxion Daily Utilities Bull 3X Shares | 328936 |  |  | 1032613 |  | —  |
|  Direxion Daily 7-10 Year Treasury Bull 3X Shares | 795893 |  |  | 1486393 |  | —  |
|  Direxion Daily 7-10 Year Treasury Bear 3X Shares | 241919 |  |  | 715511 |  | —  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares | 101210078 |  |  | 160750393 |  | —  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares | 2858807 |  |  | 9322553 |  |  |

---

At October 31, 2024, the components of accumulated earnings/(losses) of the Funds on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds** | **Net Unrealized** <br>**Appreciation/** <br>(Depreciation) | **Undistributed** <br>**Ordinary** <br>**Income** <br>(Loss) | **Undistributed** <br>**Capital Gain** <br>(Loss) | **Other** <br>**Accumulated** <br>**Earnings** <br>(Losses)<sup>1</sup> | **Total** <br>**Accumulated** <br>**Earnings** <br>(Losses)  |
|  Direxion Daily Mid Cap Bull 3X Shares | $7522034 | $36223 | $— | $(6817521) | $740736  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 842266294 | 2446509 |  |  | 844712803  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | (326748443) | 2268103 |  | (3098779300) | (3423259640)  |
|  Direxion Daily Small Cap Bull 3X Shares | 46357914 | 6280801 |  | (349409953) | (296771238)  |
|  Direxion Daily Small Cap Bear 3X Shares | (246058665) | 1550235 |  | (3631433359) | (3875941789)  |
|  Direxion Daily FTSE China Bull 3X Shares | (877082329) | 1994429 |  | (202398103) | (1077486003)  |
|  Direxion Daily FTSE China Bear 3X Shares | (114399382) | 1084330 |  | (86335584) | (199650636)  |
|  Direxion Daily FTSE Europe Bull 3X Shares | (242965) | 12682 |  | (17476247) | (17706530)  |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares | (17616663) | 314975 |  | (243448542) | (260750230)  |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares | (3369704) | 65743 |  | (337420517) | (340724478)  |

---

180<br>

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds** | **Net Unrealized** <br>**Appreciation/** <br>(Depreciation) | **Undistributed** <br>**Ordinary** <br>**Income** <br>(Loss) | **Undistributed** <br>**Capital Gain** <br>(Loss) | **Other** <br>**Accumulated** <br>**Earnings** <br>(Losses)<sup>1</sup> | **Total** <br>**Accumulated** <br>**Earnings** <br>(Losses)  |
|  Direxion Daily MSCI Mexico Bull 3X Shares | $(11886400) | $52422 | $— | $(270319) | $(12104297)  |
|  Direxion Daily MSCI South Korea Bull 3X Shares | (13430808) | 62988 |  | (28321443) | (41689263)  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares | 35332593 | 20416974 |  |  | 55749567  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares | 3468186 | 10725 |  | (20362774) | (16883863)  |
|  Direxion Daily Dow Jones Internet Bull 3X Shares | 29459728 |  |  | (122158927) | (92699199)  |
|  Direxion Daily Dow Jones Internet Bear 3X Shares | (10443637) | 74792 |  | (49718960) | (60087805)  |
|  Direxion Daily Financial Bull 3X Shares | 849751062 | 1164580 |  |  | 850915642  |
|  Direxion Daily Financial Bear 3X Shares | (65365304) | 635415 |  | (3195057034) | (3259786923)  |
|  Direxion Daily Healthcare Bull 3X Shares | 10217654 |  |  | (25610775) | (15393121)  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares | 65576988 | 168493 |  |  | 65745481  |
|  Direxion Daily Industrials Bull 3X Shares | 10098059 | 1952918 |  |  | 12050977  |
|  Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 101376 | 5839 |  | (9595200) | (9487985)  |
|  Direxion Daily Real Estate Bull 3X Shares | 6166491 |  |  | (5892134) | 274357  |
|  Direxion Daily Real Estate Bear 3X Shares | (37655235) | 338706 |  | (157465567) | (194782096)  |
|  Direxion Daily Regional Banks Bull 3X Shares | 221028851 |  |  |  | 221028851  |
|  Direxion Daily Retail Bull 3X Shares | (7725020) | 26123 |  | (78683961) | (86382858)  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | (12461) | 7578 |  | (6186923) | (6191806)  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | (13890201) | 136469 |  | (153743014) | (167496746)  |
|  Direxion Daily S&P Biotech Bull 3X Shares | (21624026) |  |  | (1510432329) | (1532056355)  |
|  Direxion Daily S&P Biotech Bear 3X Shares | (30192376) | 351299 |  | (341641659) | (371482736)  |
|  Direxion Daily Semiconductor Bull 3X Shares | (3060844564) | 9355015 |  |  | (3051489549)  |
|  Direxion Daily Semiconductor Bear 3X Shares | (382308558) | 3393297 |  | (2421094988) | (2800010249)  |
|  Direxion Daily Technology Bull 3X Shares | 492406427 | 1848022 |  |  | 494254449  |

---

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds** | **Net Unrealized** <br>**Appreciation/** <br>(Depreciation) | **Undistributed** <br>**Ordinary** <br>**Income** <br>(Loss) | **Undistributed** <br>**Capital Gain** <br>(Loss) | **Other** <br>**Accumulated** <br>**Earnings** <br>(Losses)<sup>1</sup> | **Total** <br>**Accumulated** <br>**Earnings** <br>(Losses)  |
|  Direxion Daily Technology Bear 3X Shares | $(26849901) | $403259 | $— | $(471325175) | $(497771817)  |
|  Direxion Daily Transportation Bull 3X Shares | 1133523 | 6405 |  |  | 1139928  |
|  Direxion Daily Utilities Bull 3X Shares | 16584908 |  |  |  | 16584908  |
|  Direxion Daily 7-10 Year Treasury Bull 3X Shares | (4603064) | 127023 |  | (15008108) | (19484149)  |
|  Direxion Daily 7-10 Year Treasury Bear 3X Shares | (737854) | 58746 |  | (44642449) | (45321557)  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares | (1678363883) | 14341272 |  | (46197251) | (1710219862)  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares | (35131067) | 709772 |  | (636615677) | (671036972) |

---

<sup>1</sup> Other Accumulated Earnings (Losses) consist of capital loss carryover and qualified late year losses.

At April 30, 2025, the aggregate gross unrealized appreciation and depreciation of investments for U.S. Federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Tax Cost of** <br>**Investments** | **Gross** <br>**Unrealized** <br>**Appreciation** | **Gross** <br>**Unrealized** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Direxion Daily Mid Cap Bull 3X Shares | $74098208 | $2951262 | $(3197847) | $(246585)  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 4234512002 | 176690569 | (91315893) | 85374676  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | 425005350 |  |  | —  |
| Direxion Daily Small Cap Bull 3X Shares | 2406609972 |  | (5094633) | (5094633)  |
| Direxion Daily Small Cap Bear 3X Shares | 262162157 |  |  | —  |
| Direxion Daily FTSE China Bull 3X Shares | 1120635590 | 4852982 |  | 4852982  |
| Direxion Daily FTSE China Bear 3X Shares | 249445986 |  |  | —  |
| Direxion Daily FTSE Europe Bull 3X Shares | 47118387 | 859559 |  | 859559  |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares | 63510490 |  | (3349) | (3349)  |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares | 21152216 |  |  | —  |
| Direxion Daily MSCI Mexico Bull 3X Shares | 26541839 | 812371 |  | 812371  |
|  Direxion Daily MSCI South Korea Bull 3X Shares | 79543389 | 899103 |  | 899103  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares | 141889361 | 18592298 | (623566) | 17968732  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares | 18950035 | 865977 | (163387) | 702590  |
|  Direxion Daily Dow Jones Internet Bull 3X Shares | 112688080 | 11339257 | (748588) | 10590669  |
|  Direxion Daily Dow Jones Internet Bear 3X Shares | 11925928 |  |  | —  |
| Direxion Daily Financial Bull 3X Shares | 2064714271 | 214959325 | (11127098) | 203832227  |
| Direxion Daily Financial Bear 3X Shares | 106002670 |  |  | —  |

---

182<br>

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Tax Cost of** <br>**Investments** | **Gross** <br>**Unrealized** <br>**Appreciation** | **Gross** <br>**Unrealized** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Direxion Daily Healthcare Bull 3X Shares | $122809124 | $16758800 | $(7297489) | $9461311  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares | 297163745 | 184134 | (16441877) | (16257743)  |
| Direxion Daily Industrials Bull 3X Shares | 28894705 | 1996910 | (630652) | 1366258  |
|  Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 13742644 | 920834 | (266095) | 654739  |
| Direxion Daily Real Estate Bull 3X Shares | 60655111 | 1314314 | (2314730) | (1000416)  |
| Direxion Daily Real Estate Bear 3X Shares | 48055840 |  |  | —  |
|  Direxion Daily Regional Banks Bull 3X Shares | 670545155 | 9342672 | (6781684) | 2560988  |
| Direxion Daily Retail Bull 3X Shares | 36641393 | 2895105 | (1486445) | 1408660  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 45998461 | 2824498 | (127350) | 2697148  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | 27484562 |  |  | —  |
| Direxion Daily S&P Biotech Bull 3X Shares | 688576232 | 27741105 | (27263333) | 477772  |
| Direxion Daily S&P Biotech Bear 3X Shares | 49788774 |  |  | —  |
| Direxion Daily Semiconductor Bull 3X Shares | 8983202070 | 431660177 | (2821162) | 428839015  |
| Direxion Daily Semiconductor Bear 3X Shares | 893628797 |  |  | —  |
| Direxion Daily Technology Bull 3X Shares | 2298661852 | 168371595 | (23504692) | 144866903  |
| Direxion Daily Technology Bear 3X Shares | 83585776 |  |  | —  |
| Direxion Daily Transportation Bull 3X Shares | 14057518 | 546918 | (467230) | 79688  |
| Direxion Daily Utilities Bull 3X Shares | 28980065 | 1178526 | (1167387) | 11139  |
|  Direxion Daily 7-10 Year Treasury Bull 3X Shares | 50099431 | 40000 |  | 40000  |
|  Direxion Daily 7-10 Year Treasury Bear 3X Shares | 10282894 |  |  | —  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares | 4877501990 |  | (33070697) | (33070697)  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares | 167070182 |  |  |  |

---

The difference between the book cost of investments and the tax cost of investments is primarily attributable to tax deferral of losses on wash sales and basis adjustments on investments in real estate investment trusts and passive foreign investment companies.

In order to meet certain U.S. excise tax distribution requirements, each Fund is required to measure and distribute annually net capital gains realized during a twelve month period ending October 31 and net investment income earned during a twelve month period ending December 31. In connection with this, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year ordinary losses are generally losses incurred between January 1 and the end of their fiscal year, October 31, 2024.

At October 31, 2024, the Direxion Daily Dow Jones Internet Bull 3X Shares deferred, on a tax basis, qualified late year losses of $12,243.

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

183<br>

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

At October 31, 2024, for U.S. Federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains through the year indicated:

---

| | | | |
|:---|:---|:---|:---|
| **Funds** | **Utilized in** <br>**Current Year** | **Unlimited ST** | **Unlimited LT**  |
| Direxion Daily Mid Cap Bull 3X Shares | $6440872 | $(6817521) | $—  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 72884312 |  | —  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares |  | (3095449874) | (3329426)  |
| Direxion Daily Small Cap Bull 3X Shares | 206823881 | (349409953) | —  |
| Direxion Daily Small Cap Bear 3X Shares |  | (3631433359) | —  |
| Direxion Daily FTSE China Bull 3X Shares | 296041570 | (197345571) | (5052532)  |
| Direxion Daily FTSE China Bear 3X Shares | 17279697 | (86335584) | —  |
| Direxion Daily FTSE Europe Bull 3X Shares | 4785087 | (17228083) | (248164)  |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares |  | (182412212) | (61036330)  |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares |  | (337420517) | —  |
| Direxion Daily MSCI Mexico Bull 3X Shares |  | (270319) | —  |
| Direxion Daily MSCI South Korea Bull 3X Shares |  | (28321443) | —  |
| Direxion Daily Aerospace & Defense Bull 3X Shares |  |  | —  |
| Direxion Daily Consumer Discretionary Bull 3X Shares | 2047401 | (18513253) | (1849521)  |
| Direxion Daily Dow Jones Internet Bull 3X Shares |  | (116018107) | (6128577)  |
| Direxion Daily Dow Jones Internet Bear 3X Shares |  | (49718960) | —  |
| Direxion Daily Financial Bull 3X Shares | 466891018 |  | —  |
| Direxion Daily Financial Bear 3X Shares |  | (3195057034) | —  |
| Direxion Daily Healthcare Bull 3X Shares |  | (20209112) | (5401663)  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares |  |  | —  |
| Direxion Daily Industrials Bull 3X Shares | 454702 |  | —  |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares |  | (8372073) | (1223127)  |
| Direxion Daily Real Estate Bull 3X Shares | 2674338 | (5892134) | —  |
| Direxion Daily Real Estate Bear 3X Shares |  | (157465567) | —  |
| Direxion Daily Regional Banks Bull 3X Shares | 114692895 |  | —  |
| Direxion Daily Retail Bull 3X Shares |  | (68220102) | (10463859)  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 11637489 | (3235664) | (2951259)  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares |  | (153743014) | —  |
| Direxion Daily S&P Biotech Bull 3X Shares |  | (1354313344) | (156118985)  |
| Direxion Daily S&P Biotech Bear 3X Shares |  | (341641659) | —  |
| Direxion Daily Semiconductor Bull 3X Shares | 78790487 |  | —  |
| Direxion Daily Semiconductor Bear 3X Shares |  | (2421094988) | —  |
| Direxion Daily Technology Bull 3X Shares | 275945957 |  | —  |
| Direxion Daily Technology Bear 3X Shares |  | (471325175) | —  |
| Direxion Daily Transportation Bull 3X Shares | 1230641 |  | —  |
| Direxion Daily Utilities Bull 3X Shares |  |  | —  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares |  | (13265013) | (1743095)  |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares | 843434 | (44642449) | —  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares | 33767080 | (46197251) | —  |
| Direxion Daily 20+ Year Treasury Bear 3X Shares |  | (636615677) |  |

---

The Funds follow authoritative financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. Management has reviewed all open tax years and concluded that there is no effect to the Funds' financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in

184<br>

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**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

the Statements of Operations. During this period, the Funds did not incur any interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of April 30, 2025, open U.S. Federal and state income tax years include the tax years ended October 31, 2022, through October 31, 2024. The Funds have no examination in progress. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.

4. CREATION AND REDEMPTION TRANSACTIONS AND TRANSACTION FEES

Each Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares called "Creation Units." A Creation Unit consists of 50,000 shares. Creation Units of the Bull Funds are issued and redeemed in cash and/or in-kind for securities included in the relevant underlying index. Creation Units of the Bear Funds are issued and redeemed for cash. Investors such as market makers, large investors and institutions who wish to deal in Creation Units directly with a Fund must have entered into an authorized participant agreement with the principal underwriter and the transfer agent, or purchase through a dealer that has entered into such an agreement. Transactions in shares for each Fund include both cash and in-kind transactions and are disclosed in detail in the Statements of Changes in Net Assets.

Transaction fees payable to the Trust are imposed to compensate the Trust for the transfer and other transaction costs of a Fund associated with the issuance and redemption of Creation Units. There is a fixed and a variable component to the total transaction fee. A fixed transaction fee is paid to the transfer agent and is applicable to each creation or redemption transaction, regardless of the number of Creation Units purchased or redeemed. In addition, a variable transaction fee equal to a percentage of the value of each Creation Unit purchased or redeemed is applicable to each creation or redemption transaction and is paid to the Fund. Not all Funds will have a transaction fee associated with capital share activity for the year. Transaction fees received by each Fund are presented in the Capital Share Transaction section of the Statements of Changes in Net Assets and any amount receivable as of April 30, 2025 is included in Receivable for Fund shares sold on the Statements of Assets and Liabilities.

5. INVESTMENT TRANSACTIONS

The table below presents each Fund's investment transactions during the period ended April 30, 2025. Purchases represent the aggregate purchases of investments excluding the cost of in-kind purchases, short-term investment purchases, swaps and futures contracts. Sales represent the aggregate sales of investments excluding proceeds from in-kind sales, short-term investments, swap and future contracts. Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Purchases** | **Sales** | **Purchases** <br>**In-Kind** | **Sales** <br>**In-Kind**  |
| Direxion Daily Mid Cap Bull 3X Shares | $17212959 | $41750090 | $17188785 | $5028183  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 1354438582 | 2163258102 | 1396844900 | 1072309458  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares |  |  |  | —  |
| Direxion Daily Small Cap Bull 3X Shares | 1249988425 | 2129745056 | 1071791130 | 484395674  |
| Direxion Daily Small Cap Bear 3X Shares |  |  |  | —  |
| Direxion Daily FTSE China Bull 3X Shares | 920796250 | 942515240 | 70352583 | 853653980  |
| Direxion Daily FTSE China Bear 3X Shares |  |  |  | —  |
| Direxion Daily FTSE Europe Bull 3X Shares |  | 14954504 | 28168097 | 8755976  |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares | 3895110 | 11237753 | 18822022 | 12017030  |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares |  |  |  | —  |
| Direxion Daily MSCI Mexico Bull 3X Shares | 5495000 | 7303947 | 15447080 | 13565987  |
| Direxion Daily MSCI South Korea Bull 3X Shares |  | 46900611 | 101118413 | 47555165  |
| Direxion Daily Aerospace & Defense Bull 3X Shares | 59918758 | 53307188 | 11493003 | 31173872  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares | 15181770 | 9708750 | 3203219 | 8655645  |
| Direxion Daily Dow Jones Internet Bull 3X Shares | 47211075 | 52806393 | 10387066 | 23329217  |
| Direxion Daily Dow Jones Internet Bear 3X Shares |  |  |  | —  |

---

185<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Purchases** | **Sales** | **Purchases** <br>**In-Kind** | **Sales** <br>**In-Kind**  |
| Direxion Daily Financial Bull 3X Shares | $744107226 | $822625463 | $396457844 | $480063313  |
| Direxion Daily Financial Bear 3X Shares |  |  |  | —  |
| Direxion Daily Healthcare Bull 3X Shares | 557763 | 64613694 | 46674689 | 5394207  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares | 15871734 | 142738340 | 307461358 | 179268645  |
| Direxion Daily Industrials Bull 3X Shares | 4878808 | 10895021 | 6229957 | 6248048  |
|  Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 3775471 | 7480239 | 5999845 | 2893147  |
| Direxion Daily Real Estate Bull 3X Shares | 11806056 | 574663 | 4520815 | 30310449  |
| Direxion Daily Real Estate Bear 3X Shares |  |  |  | —  |
| Direxion Daily Regional Banks Bull 3X Shares | 387006313 | 539540161 | 362711107 | 328044733  |
| Direxion Daily Retail Bull 3X Shares | 10133837 | 26798990 | 16422647 | 6685874  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 14342451 | 47658275 | 39912737 | 9393497  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares |  |  |  | —  |
| Direxion Daily S&P Biotech Bull 3X Shares | 135257958 | 582262606 | 661130718 | 383205385  |
| Direxion Daily S&P Biotech Bear 3X Shares |  |  |  | —  |
| Direxion Daily Semiconductor Bull 3X Shares | 4744033182 | 11934123902 | 13584774036 | 6223743642  |
| Direxion Daily Semiconductor Bear 3X Shares |  |  |  | —  |
| Direxion Daily Technology Bull 3X Shares | 903318159 | 1664325193 | 507583388 | 176776900  |
| Direxion Daily Technology Bear 3X Shares |  |  |  | —  |
| Direxion Daily Transportation Bull 3X Shares | 1190597 | 9596426 | 6028143 | 5396337  |
| Direxion Daily Utilities Bull 3X Shares | 7954228 | 4716057 | 8430608 | 19986240  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares | 6635930 |  | 2476414 | 5928478  |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares |  |  |  | —  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares | 3256994800 | 3286397526 | 770300582 | 1646023117  |
| Direxion Daily 20+ Year Treasury Bear 3X Shares |  |  |  |  |

---

There were no purchases or sales of long-term U.S. Government securities in the Funds during the period ended April 30, 2025.

6. INVESTMENT ADVISORY AND OTHER AGREEMENTS

Under an Investment Advisory Agreement between the Adviser and the Trust, on behalf of each Fund, the Adviser provides a continuous investment program for each Fund's assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of each Fund, subject to the supervision of the Trustees. Pursuant to the Advisory Agreement, each Fund pays the Adviser 0.75% at an annual rate based on its average daily net assets.

The Adviser has agreed to waive a portion of its fees based upon the specific breakpoints listed in the table below based on each Fund's daily net assets. For the period ended April 30, 2025, the Adviser waived its fee in certain Funds.

---

| | | |
|:---|:---|:---|
| **Net Asset Range** | **Net Asset Range** | **Advisory** <br>**Fee Limit**  |
| $0 | $1500000000 | &nbsp;&nbsp;&nbsp; 0.75%  |
| $1500000000 | $2000000000 | &nbsp;&nbsp;&nbsp; 0.70%  |
| $2000000000 | $2500000000 | &nbsp;&nbsp;&nbsp; 0.65%  |
| $2500000000 | $3000000000 | &nbsp;&nbsp;&nbsp; 0.60%  |
| Greater than $3,000,000,000 | Greater than $3,000,000,000 | &nbsp;&nbsp;&nbsp; 0.55% |

---

186<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

Under the Management Services Agreement, the Trust pays to the Adviser a fee at the annual rate of 0.05% on the first $25,000,000,000 of the aggregate average daily net assets of the Funds in the Trust and the funds in the Direxion Funds Trust, 0.0475% on the aggregate average net assets of over $25,000,000,000 to $50,000,000,000 and 0.045% on the aggregate net assets above $50,000,000,000. This fee compensates the Adviser for performing certain management, administration and compliance functions related to the Trust. Pursuant to the Management Services Agreement, this fee is computed daily and payable monthly.

The Funds have entered into an Operating Expense Limitation Agreement with the Adviser. Under the Operating Expense Limitation Agreement, the Adviser has contractually agreed to waive its fees and/or reimburse the Funds' operating expenses to the extent that they exceed 0.95% multiplied by the Fund's respective average daily net assets at least until September 1, 2026. Pursuant to the Operating Expense Limitation Agreement this fee is computed daily and payable monthly. Any expense waiver is subject to recoupment by the Adviser, as applicable, within the following three years if overall expenses fall below these percentage limitations. This agreement may be terminated or revised at any time with the consent of the Board of Trustees.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Total Potential** <br>**Recoupment** <br>**Amount** |
|  | <br>**Expenses** <br>**Recouped** | <br>**Expenses** <br>**Reimbursed** | **October 31,** <br>**2025** | **October 31,** <br>**2026** | **October 31,** <br>**2027** | **April 30,** <br>**2028**  | **Total Potential** <br>**Recoupment** <br>**Amount** |
|  Direxion Daily Mid Cap Bull 3X Shares | $4581 | &nbsp;&nbsp; $250 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10124 | $2522 | $250 | &nbsp;&nbsp;&nbsp; $12896  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Small Cap Bull 3X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Small Cap Bear 3X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily FTSE China Bull 3X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily FTSE China Bear 3X Shares | 9930 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily FTSE Europe Bull 3X Shares | 989 | &nbsp;&nbsp; 1942 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6834 | 2002 | 1942 | &nbsp;&nbsp;&nbsp; 10778  |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares |  | &nbsp;&nbsp; 7467 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11264 | 5932 | 7467 | &nbsp;&nbsp;&nbsp; 24663  |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares |  | &nbsp;&nbsp; 33032 | &nbsp;&nbsp; 23197 | &nbsp;&nbsp; 70652 | 114708 | 33032 | &nbsp;&nbsp;&nbsp; 241589  |
|  Direxion Daily MSCI Mexico Bull 3X Shares | 31 | &nbsp;&nbsp; 2523 | &nbsp;&nbsp; 8323 | &nbsp;&nbsp; 22387 | 8216 | 2523 | &nbsp;&nbsp;&nbsp; 41449  |
|  Direxion Daily MSCI South Korea Bull 3X Shares | 7609 | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 8039 | &nbsp;&nbsp; 26640 | 7006 | 143 | &nbsp;&nbsp;&nbsp; 41828  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares | 25 | &nbsp;&nbsp; 3312 | &nbsp;&nbsp; 16551 | &nbsp;&nbsp; 35921 | 5465 | 3312 | &nbsp;&nbsp;&nbsp; 61249  |
|  Direxion Daily Dow Jones Internet Bull 3X Shares | 6 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Dow Jones Internet Bear 3X Shares |  | &nbsp;&nbsp; 8114 | &nbsp;&nbsp; 8554 | &nbsp;&nbsp; 15465 | 15719 | 8114 | &nbsp;&nbsp;&nbsp; 47852  |
|  Direxion Daily Financial Bull 3X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; —  |

---

187<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Total Potential** <br>**Recoupment** <br>**Amount** |
|  | <br>**Expenses** <br>**Recouped** | <br>**Expenses** <br>**Reimbursed** | **October 31,** <br>**2025** | **October 31,** <br>**2026** | **October 31,** <br>**2027** | **April 30,** <br>**2028**  | **Total Potential** <br>**Recoupment** <br>**Amount** |
|  Direxion Daily Financial Bear 3X Shares | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $— | $— | &nbsp;&nbsp;&nbsp; $—  |
|  Direxion Daily Healthcare Bull 3X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Industrials Bull 3X Shares | 439 | &nbsp;&nbsp; 1318 | &nbsp;&nbsp; 14063 | &nbsp;&nbsp; 44415 | 3474 | 1318 | &nbsp;&nbsp;&nbsp; 63270  |
|  Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 3 | &nbsp;&nbsp; 12811 | &nbsp;&nbsp; 15403 | &nbsp;&nbsp; 52651 | 25590 | 12811 | &nbsp;&nbsp;&nbsp; 106455  |
|  Direxion Daily Real Estate Bull 3X Shares | 9481 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28372 | 1967 | 20 | &nbsp;&nbsp;&nbsp; 30359  |
|  Direxion Daily Real Estate Bear 3X Shares | 4905 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 26201 | &nbsp;&nbsp; 9547 | 1809 | 15 | &nbsp;&nbsp;&nbsp; 37572  |
|  Direxion Daily Regional Banks Bull 3X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Retail Bull 3X Shares | 665 | &nbsp;&nbsp; 971 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 306 | &nbsp;&nbsp;&nbsp; 306  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 1 | &nbsp;&nbsp; 4010 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44409 | 2424 | 4010 | &nbsp;&nbsp;&nbsp; 50843  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares |  | &nbsp;&nbsp; 6092 | &nbsp;&nbsp; 7879 | &nbsp;&nbsp; 14716 | 9792 | 6092 | &nbsp;&nbsp;&nbsp; 38479  |
|  Direxion Daily S&P Biotech Bull 3X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily S&P Biotech Bear 3X Shares | 791 | &nbsp;&nbsp; 1551 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5990 | 5793 | 1551 | &nbsp;&nbsp;&nbsp; 13334  |
|  Direxion Daily Semiconductor Bull 3X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Semiconductor Bear 3X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Technology Bull 3X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Technology Bear 3X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Transportation Bull 3X Shares |  | &nbsp;&nbsp; 9925 | &nbsp;&nbsp; 10187 | &nbsp;&nbsp; 34823 | 15726 | 9925 | &nbsp;&nbsp;&nbsp; 70661  |
|  Direxion Daily Utilities Bull 3X Shares | 2014 | &nbsp;&nbsp; 793 | &nbsp;&nbsp; 14208 | &nbsp;&nbsp; 30222 | 1423 | 793 | &nbsp;&nbsp;&nbsp; 46646  |
|  Direxion Daily 7-10 Year Treasury Bull 3X Shares | 11184 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6587 | &nbsp;&nbsp; 8421 | 2826 |  | &nbsp;&nbsp;&nbsp; 17834  |
|  Direxion Daily 7-10 Year Treasury Bear 3X Shares |  | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 7895 | 13374 | 7500 | &nbsp;&nbsp;&nbsp; 28783  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; — |

---

The net amounts receivable (payable) arising from the Investment Advisory Agreement, Management Services Agreement and waiver of any expenses as of April 30, 2025 is presented on the Statement of Assets and Liabilities as "Due from (to) Adviser, net".

188<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

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

ALPS Distributors, Inc. serves as principal underwriter of the Funds and acts as the Funds' distributor in a continuous public offering of the Funds' shares.

7. FAIR VALUE MEASUREMENTS

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

Level 1 – Quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used to value the Funds' net assets as of April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Asset Class** | **Asset Class** | **Asset Class** | **Asset Class** | **Liability Class**  |
| | **Level 1** | **Level 1** | **Level 1** | **Level 2** | **Level 2**  |
| <br>**Funds** | **Investment** <br>**Companies** | **Common** <br>**Stocks** | **Short Term** <br>**Investments** | **Total Return** <br>**Swap** <br>**Contracts\*** | **Total Return** <br>**Swap** <br>**Contracts\***  |
| Direxion Daily Mid Cap Bull 3X Shares | $— | $46202747 | $27648876 | $312014 | $(5425725)  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares |  | 2818416767 | 1501469911 | 68696492 | (317507617)  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares |  |  | 425005350 | 60576680 | (20061606)  |
| Direxion Daily Small Cap Bull 3X Shares | 1120114127 |  | 1281401212 | 11663738 | (412316437)  |
| Direxion Daily Small Cap Bear 3X Shares |  |  | 262162157 | 111183053 | (10884466)  |
| Direxion Daily FTSE China Bull 3X Shares | 478209081 |  | 647279491 | 174725182 | (16975334)  |
| Direxion Daily FTSE China Bear 3X Shares |  |  | 249445986 | 32091117 | (23940203)  |
| Direxion Daily FTSE Europe Bull 3X Shares | 18197316 |  | 29780630 | 6076320 | —  |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares | 2771889 |  | 60735252 | 3626971 | —  |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares |  |  | 21152216 | 614703 | (1793239)  |
| Direxion Daily MSCI Mexico Bull 3X Shares | 12904674 |  | 14449536 | 5751081 | —  |
| Direxion Daily MSCI South Korea Bull 3X Shares | 43199322 |  | 37243170 | 5572898 | —  |
| Direxion Daily Aerospace & Defense Bull 3X Shares |  | 103958025 | 55900068 | 20649841 | —  |
| Direxion Daily Consumer Discretionary Bull 3X Shares |  | 11652867 | 7999758 | 664032 | (1995470)  |
| Direxion Daily Dow Jones Internet Bull 3X Shares |  | 76599204 | 46679545 | 5014321 | (6251406)  |
| Direxion Daily Dow Jones Internet Bear 3X Shares |  |  | 11925928 | 1307812 | (132313)  |
| Direxion Daily Financial Bull 3X Shares |  | 1539915312 | 728631186 | 43712148 | (30280520)  |
| Direxion Daily Financial Bear 3X Shares |  |  | 106002670 | 8462493 | (4023563)  |
| Direxion Daily Healthcare Bull 3X Shares |  | 87174688 | 45095747 | 1027088 | (527472)  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares |  | 142704393 | 138201609 |  | (36791918)  |
| Direxion Daily Industrials Bull 3X Shares |  | 19947455 | 10313508 | 508820 | (1071507) |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares |  | 9484693 | 4912690 | 486182 | (937708)  |
| Direxion Daily Real Estate Bull 3X Shares |  | 43035703 | 16618992 | 1352007 | (1451411)  |
| Direxion Daily Real Estate Bear 3X Shares |  |  | 48055840 | 2419765 | (1180532)  |
| Direxion Daily Regional Banks Bull 3X Shares |  | 364540056 | 308566087 | 16403012 | (129653538)  |
| Direxion Daily Retail Bull 3X Shares |  | 21416694 | 16633359 | 1204114 | (2970828)  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares |  | 26191628 | 22503981 | 2343296 | (2970604) |

---

189<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Asset Class** | **Asset Class** | **Asset Class** | **Asset Class** | **Liability Class**  |
| | **Level 1** | **Level 1** | **Level 1** | **Level 2** | **Level 2**  |
| <br>**Funds** | **Investment** <br>**Companies** | **Common** <br>**Stocks** | **Short Term** <br>**Investments** | **Total Return** <br>**Swap** <br>**Contracts\*** | **Total Return** <br>**Swap** <br>**Contracts\***  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | $— | $— | $27484562 | $5672596 | $(3705313)  |
| Direxion Daily S&P Biotech Bull 3X Shares |  | 380466270 | 308587734 | 30051414 | (92595055)  |
| Direxion Daily S&P Biotech Bear 3X Shares |  |  | 49788774 | 10137689 | (3305652)  |
| Direxion Daily Semiconductor Bull 3X Shares |  | 6242027678 | 3170013407 | 413641086 | (191565645)  |
| Direxion Daily Semiconductor Bear 3X Shares |  |  | 893628797 | 109357784 | (81667176)  |
| Direxion Daily Technology Bull 3X Shares |  | 1578541908 | 864986847 | 69169699 | (189129215)  |
| Direxion Daily Technology Bear 3X Shares |  |  | 83585776 | 19482301 | (665556)  |
| Direxion Daily Transportation Bull 3X Shares |  | 6870207 | 7266999 |  | (856824)  |
| Direxion Daily Utilities Bull 3X Shares |  | 20520937 | 8470267 | 1347725 | (16640)  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares | 34684729 |  | 15454702 | 1709870 | —  |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares |  |  | 10282894 |  | (327229)  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares | 3319831053 |  | 1524600240 | 72994208 | (87375736)  |
| Direxion Daily 20+ Year Treasury Bear 3X Shares |  |  | 167070182 | 11017907 |  |

---

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

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

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

There were no Level 3 securities held by the Funds or any transfers between levels during the period ended April 30, 2025.

8. VALUATION OF DERIVATIVE INSTRUMENTS

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

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

The Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective. For additional discussion on the risks associated with derivative instruments refer to Note 2. As of April 30, 2025, the Funds were invested in swap contracts. At April 30, 2025, the fair value of derivative instruments, by primary risk, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Asset Derivatives<sup>1</sup>**  | **Asset Derivatives<sup>1</sup>**  | **Asset Derivatives<sup>1</sup>**  |
| <br>**Fund** | **Equity Risk** | **Interest** <br>**Rate Risk** | **Total**  |
| Direxion Daily Mid Cap Bull 3X Shares | $312014 | $— | $312014  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 68696492 |  | 68696492  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | 60576680 |  | 60576680  |
| Direxion Daily Small Cap Bull 3X Shares | 11663738 |  | 11663738  |
| Direxion Daily Small Cap Bear 3X Shares | 111183053 |  | 111183053  |
| Direxion Daily FTSE China Bull 3X Shares | 174725182 |  | 174725182  |
| Direxion Daily FTSE China Bear 3X Shares | 32091117 |  | 32091117  |
| Direxion Daily FTSE Europe Bull 3X Shares | 6076320 |  | 6076320  |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares | 3626971 |  | 3626971  |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares | 614703 |  | 614703  |
| Direxion Daily MSCI Mexico Bull 3X Shares | 5751081 |  | 5751081  |
| Direxion Daily MSCI South Korea Bull 3X Shares | 5572898 |  | 5572898  |
| Direxion Daily Aerospace & Defense Bull 3X Shares | 20649841 |  | 20649841  |
| Direxion Daily Consumer Discretionary Bull 3X Shares | 664032 |  | 664032  |
| Direxion Daily Dow Jones Internet Bull 3X Shares | 5014321 |  | 5014321  |
| Direxion Daily Dow Jones Internet Bear 3X Shares | 1307812 |  | 1307812  |
| Direxion Daily Financial Bull 3X Shares | 43712148 |  | 43712148  |
| Direxion Daily Financial Bear 3X Shares | 8462493 |  | 8462493  |
| Direxion Daily Healthcare Bull 3X Shares | 1027088 |  | 1027088  |
| Direxion Daily Industrials Bull 3X Shares | 508820 |  | 508820  |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 486182 |  | 486182  |
| Direxion Daily Real Estate Bull 3X Shares | 1352007 |  | 1352007  |
| Direxion Daily Real Estate Bear 3X Shares | 2419765 |  | 2419765  |
| Direxion Daily Regional Banks Bull 3X Shares | 16403012 |  | 16403012  |
| Direxion Daily Retail Bull 3X Shares | 1204114 |  | 1204114  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 2343296 |  | 2343296  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | 5672596 |  | 5672596  |
| Direxion Daily S&P Biotech Bull 3X Shares | 30051414 |  | 30051414  |
| Direxion Daily S&P Biotech Bear 3X Shares | 10137689 |  | 10137689  |
| Direxion Daily Semiconductor Bull 3X Shares | 413641086 |  | 413641086  |
| Direxion Daily Semiconductor Bear 3X Shares | 109357784 |  | 109357784  |
| Direxion Daily Technology Bull 3X Shares | 69169699 |  | 69169699  |
| Direxion Daily Technology Bear 3X Shares | 19482301 |  | 19482301  |
| Direxion Daily Utilities Bull 3X Shares | 1347725 |  | 1347725  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares |  | 1709870 | 1709870  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares |  | 72994208 | 72994208  |
| Direxion Daily 20+ Year Treasury Bear 3X Shares |  | 11017907 | 11017907 |

---

<sup>1</sup> Statements of Assets and Liabilities location:Unrealized appreciation on swap contracts.

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| | **Liability Derivatives<sup>2</sup>**  | **Liability Derivatives<sup>2</sup>**  | **Liability Derivatives<sup>2</sup>**  |
| <br>**Fund** | **Equity Risk** | **Interest** <br>**Rate Risk** | **Total**  |
| Direxion Daily Mid Cap Bull 3X Shares | $5425725 | $— | $5425725  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 317507617 |  | 317507617  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | 20061606 |  | 20061606  |
| Direxion Daily Small Cap Bull 3X Shares | 412316437 |  | 412316437  |
| Direxion Daily Small Cap Bear 3X Shares | 10884466 |  | 10884466  |
| Direxion Daily FTSE China Bull 3X Shares | 16975334 |  | 16975334  |
| Direxion Daily FTSE China Bear 3X Shares | 23940203 |  | 23940203  |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares | 1793239 |  | 1793239  |
| Direxion Daily Consumer Discretionary Bull 3X Shares | 1995470 |  | 1995470  |
| Direxion Daily Dow Jones Internet Bull 3X Shares | 6251406 |  | 6251406  |
| Direxion Daily Dow Jones Internet Bear 3X Shares | 132313 |  | 132313  |
| Direxion Daily Financial Bull 3X Shares | 30280520 |  | 30280520  |
| Direxion Daily Financial Bear 3X Shares | 4023563 |  | 4023563  |
| Direxion Daily Healthcare Bull 3X Shares | 527472 |  | 527472  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares | 36791918 |  | 36791918  |
| Direxion Daily Industrials Bull 3X Shares | 1071507 |  | 1071507  |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 937708 |  | 937708  |
| Direxion Daily Real Estate Bull 3X Shares | 1451411 |  | 1451411  |
| Direxion Daily Real Estate Bear 3X Shares | 1180532 |  | 1180532  |
| Direxion Daily Regional Banks Bull 3X Shares | 129653538 |  | 129653538  |
| Direxion Daily Retail Bull 3X Shares | 2970828 |  | 2970828  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 2970604 |  | 2970604  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | 3705313 |  | 3705313  |
| Direxion Daily S&P Biotech Bull 3X Shares | 92595055 |  | 92595055  |
| Direxion Daily S&P Biotech Bear 3X Shares | 3305652 |  | 3305652  |
| Direxion Daily Semiconductor Bull 3X Shares | 191565645 |  | 191565645  |
| Direxion Daily Semiconductor Bear 3X Shares | 81667176 |  | 81667176  |
| Direxion Daily Technology Bull 3X Shares | 189129215 |  | 189129215  |
| Direxion Daily Technology Bear 3X Shares | 665556 |  | 665556  |
| Direxion Daily Transportation Bull 3X Shares | 856824 |  | 856824  |
| Direxion Daily Utilities Bull 3X Shares | 16640 |  | 16640  |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares |  | 327229 | 327229  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares |  | 87375736 | 87375736 |

---

<sup>2</sup> Statements of Assets and Liabilities location:Unrealized depreciation on swap contracts.

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

Transactions in derivative instruments during the period ended April 30, 2025 by primary risk, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | **Net Realized Gain (Loss)<sup>1</sup>** | **Net Realized Gain (Loss)<sup>1</sup>** | **Net Unrealized** <br>**Appreciation (Depreciation)<sup>2</sup>** | **Net Unrealized** <br>**Appreciation (Depreciation)<sup>2</sup>** |
| <br>**Fund** |  | **Equity Risk** | **Interest** <br>**Rate Risk** | **Equity Risk** | **Interest** <br>**Rate Risk**  |
| Direxion Daily Mid Cap Bull 3X Shares | Swap Contracts | $(9484750) | $— | $(16319664) | $—  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | Swap Contracts | 402052460 |  | (1204304386) | —  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | Futures Contracts | 131420503 |  | (16603003) | —  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | Swap Contracts | (86713872) |  | 79115743 | —  |
| Direxion Daily Small Cap Bull 3X Shares | Swap Contracts | 9098232 |  | (639053017) | —  |
| Direxion Daily Small Cap Bear 3X Shares | Swap Contracts | (40076062) |  | 115461292 | —  |
| Direxion Daily FTSE China Bull 3X Shares | Swap Contracts | (221808346) |  | 361376787 | —  |
| Direxion Daily FTSE China Bear 3X Shares | Swap Contracts | (40145657) |  | (20417928) | —  |
| Direxion Daily FTSE Europe Bull 3X Shares | Swap Contracts | (2266724) |  | 5139930 | —  |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares | Swap Contracts | (5786931) |  | (5692751) | —  |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares | Swap Contracts | (466802) |  | (1648077) | —  |
| Direxion Daily MSCI Mexico Bull 3X Shares | Swap Contracts | (5579338) |  | 10135811 | —  |
| Direxion Daily MSCI South Korea Bull 3X Shares | Swap Contracts | (26035583) |  | 12868471 | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Aerospace & Defense Bull 3X <br>Shares | Swap Contracts | 20779839 |  | (8384104) | —  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares | Swap Contracts | 5172504 |  | (5051451) | —  |
| Direxion Daily Dow Jones Internet Bull 3X Shares | Swap Contracts | 27092652 |  | (28093839) | —  |
| Direxion Daily Dow Jones Internet Bear 3X Shares | Swap Contracts | (8109545) |  | 3520440 | —  |
| Direxion Daily Financial Bull 3X Shares | Swap Contracts | 685837564 |  | (657496052) | —  |
| Direxion Daily Financial Bear 3X Shares | Swap Contracts | (47715203) |  | 29394099 | —  |
| Direxion Daily Healthcare Bull 3X Shares | Swap Contracts | (5136792) |  | (17033112) | —  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares | Swap Contracts | (74954889) |  | (120236194) | —  |
| Direxion Daily Industrials Bull 3X Shares | Swap Contracts | 5334252 |  | (9809603) | —  |
|  Direxion Daily Pharmaceutical & Medical Bull 3X Shares | Swap Contracts | (568859) |  | (2833249) | —  |
| Direxion Daily Real Estate Bull 3X Shares | Swap Contracts | 10030075 |  | (23608652) | —  |
| Direxion Daily Real Estate Bear 3X Shares | Swap Contracts | (9013799) |  | 11316721 | —  |
| Direxion Daily Regional Banks Bull 3X Shares | Swap Contracts | 237167017 |  | (393815320) | —  |
| Direxion Daily Retail Bull 3X Shares | Swap Contracts | (3865316) |  | (4334213) | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X <br>Shares | Swap Contracts | (7087789) |  | (3352634) | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X <br>Shares | Swap Contracts | (5949861) |  | 4254395 | —  |
| Direxion Daily S&P Biotech Bull 3X Shares | Swap Contracts | (67410515) |  | (252471420) | —  |
| Direxion Daily S&P Biotech Bear 3X Shares | Swap Contracts | 28256799 |  | 2174894 | —  |
| Direxion Daily Semiconductor Bull 3X Shares | Swap Contracts | (4011354955) |  | (2546227) | —  |
| Direxion Daily Semiconductor Bear 3X Shares | Swap Contracts | 298095341 |  | (97916622) | —  |
| Direxion Daily Technology Bull 3X Shares | Swap Contracts | (41207326) |  | (688904298) | —  |
| Direxion Daily Technology Bear 3X Shares | Swap Contracts | (19778033) |  | 14145032 | —  |
| Direxion Daily Transportation Bull 3X Shares | Swap Contracts | (3484501) |  | (2057102) | —  |
| Direxion Daily Utilities Bull 3X Shares | Swap Contracts | 14204721 |  | (18724414) | —  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares | Swap Contracts |  | (1959326) |  | 2578402  |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares | Swap Contracts |  | 339304 |  | (838174)  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares | Swap Contracts |  | (488525673) |  | (32572272)  |
| Direxion Daily 20+ Year Treasury Bear 3X Shares | Swap Contracts |  | 28836760 |  | (15026594) |

---

<sup>1</sup> Statements of Operations location: Net realized gain (loss) on swap and futures contracts.

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

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

For the period ended April 30, 2025, the volume of the derivatives held by the Funds was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Quarterly Average Gross Notional Amounts**  | **Quarterly Average Gross Notional Amounts**  | **Quarterly Average Gross Notional Amounts**  |
|  | **Long Total Return** <br>**Swap Contracts** | **Short Total Return** <br>**Swap Contracts** | **Long Futures** <br>**Contracts**  |
| Direxion Daily Mid Cap Bull 3X Shares | &nbsp;&nbsp; $183972551 | &nbsp;&nbsp; $— | $—  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | &nbsp;&nbsp; 9651117569 | &nbsp;&nbsp; — | 669491667  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 1339824474 | —  |
| Direxion Daily Small Cap Bull 3X Shares | &nbsp;&nbsp; 4664167726 | &nbsp;&nbsp; — | —  |
| Direxion Daily Small Cap Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 891054655 | —  |
| Direxion Daily FTSE China Bull 3X Shares | &nbsp;&nbsp; 3982572394 | &nbsp;&nbsp; — | —  |
| Direxion Daily FTSE China Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 649458829 | —  |
| Direxion Daily FTSE Europe Bull 3X Shares | &nbsp;&nbsp; 60388985 | &nbsp;&nbsp; — | —  |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares | &nbsp;&nbsp; 205184057 | &nbsp;&nbsp; — | —  |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 52667808 | —  |
| Direxion Daily MSCI Mexico Bull 3X Shares | &nbsp;&nbsp; 59495085 | &nbsp;&nbsp; — | —  |
| Direxion Daily MSCI South Korea Bull 3X Shares | &nbsp;&nbsp; 184259410 | &nbsp;&nbsp; — | —  |
| Direxion Daily Aerospace & Defense Bull 3X Shares | &nbsp;&nbsp; 396493449 | &nbsp;&nbsp; — | —  |
| Direxion Daily Consumer Discretionary Bull 3X Shares | &nbsp;&nbsp; 53522544 | &nbsp;&nbsp; — | —  |
| Direxion Daily Dow Jones Internet Bull 3X Shares | &nbsp;&nbsp; 330530989 | &nbsp;&nbsp; — | —  |
| Direxion Daily Dow Jones Internet Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 37220731 | —  |
| Direxion Daily Financial Bull 3X Shares | &nbsp;&nbsp; 5411736907 | &nbsp;&nbsp; — | —  |
| Direxion Daily Financial Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 319517518 | —  |
| Direxion Daily Healthcare Bull 3X Shares | &nbsp;&nbsp; 341638423 | &nbsp;&nbsp; — | —  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares | &nbsp;&nbsp; 729933824 | &nbsp;&nbsp; — | —  |
| Direxion Daily Industrials Bull 3X Shares | &nbsp;&nbsp; 74389448 | &nbsp;&nbsp; — | —  |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares | &nbsp;&nbsp; 31418408 | &nbsp;&nbsp; — | —  |
| Direxion Daily Real Estate Bull 3X Shares | &nbsp;&nbsp; 171805442 | &nbsp;&nbsp; — | —  |
| Direxion Daily Real Estate Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 165599386 | —  |
| Direxion Daily Regional Banks Bull 3X Shares | &nbsp;&nbsp; 1516572450 | &nbsp;&nbsp; — | —  |
| Direxion Daily Retail Bull 3X Shares | &nbsp;&nbsp; 86593593 | &nbsp;&nbsp; — | —  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | &nbsp;&nbsp; 92145179 | &nbsp;&nbsp; — | —  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 73944887 | —  |
| Direxion Daily S&P Biotech Bull 3X Shares | &nbsp;&nbsp; 1724371345 | &nbsp;&nbsp; — | —  |
| Direxion Daily S&P Biotech Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 193319445 | —  |
| Direxion Daily Semiconductor Bull 3X Shares | &nbsp;&nbsp; 21791969889 | &nbsp;&nbsp; — | —  |
| Direxion Daily Semiconductor Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 2321750489 | —  |
| Direxion Daily Technology Bull 3X Shares | &nbsp;&nbsp; 6320673443 | &nbsp;&nbsp; — | —  |
| Direxion Daily Technology Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 263495290 | —  |
| Direxion Daily Transportation Bull 3X Shares | &nbsp;&nbsp; 39634428 | &nbsp;&nbsp; — | —  |
| Direxion Daily Utilities Bull 3X Shares | &nbsp;&nbsp; 93963168 | &nbsp;&nbsp; — | —  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares | &nbsp;&nbsp; 118059031 | &nbsp;&nbsp; — | —  |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 41046024 | —  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares | &nbsp;&nbsp; 12490301903 | &nbsp;&nbsp; — | —  |
| Direxion Daily 20+ Year Treasury Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 574393610 |  |

---

The Funds utilize this volume of derivatives in order to obtain leverage to meet the investment objectives of 300% or -300% daily performance of their respective indices.

9. PRINCIPAL RISKS

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

**Counterparty Risk – A Fund will be subject to credit risk with respect to the amount it expects to receive from counterparties to financial instruments entered into by the Fund. The Funds' counterparties are generally required to post collateral to the Funds to the extent of the Funds' daily exposure to such counterparties. However, to the extent any** 

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

such collateral is insufficient, the Funds will be exposed to counterparty risk as described in this paragraph. In addition, there may be a delay associated with realization by the Funds of the collateral posted by such counterparties in the event of counterparty default or bankruptcy. A Fund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. A Fund may experience significant delays in obtaining any recovery in bankruptcy or other reorganization proceeding, and a Fund may obtain only limited recovery or may obtain no recovery in such circumstances.

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

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

Certain Funds are "leveraged" funds in the sense that they have investment objectives to match a multiple of the performance of an index on a given day. These Funds are subject to all the correlation risks described above. In addition, there is a special form of correlation risk that derives from these Funds' use of leverage, which is that for periods greater than one day, the use of leverage tends to cause the performance of a Fund to be either greater than or less than the index performance times the stated multiple in the fund objective, before accounting for fees and fund expenses. In general, given a particular index return, increased volatility of the index will cause a decrease in performance relative to the index performance times the stated fund multiple.

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

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

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

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

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

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

**Leverage Risk – Leverage offers a means of magnifying market movements into larger changes in an investment's value and provides greater investment exposure than an unleveraged investment. Swap and future agreements may be used to create leverage. Each Fund employs leveraged investment techniques to achieve its investment objective.** 

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

10. ADDITIONAL INFORMATION

On November 4, 2024 and February 10, 2025, shares of the following Funds were adjusted to reflect a reverse stock split. The effect of the reverse stock split was to decrease the number of shares outstanding and increase the net asset value. The reverse stock split has no impact on the net assets of the Fund or the value of a shareholder's investment in the Fund. A summary of the reverse stock splits is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Funds** | **Effective** <br>**Date** | **Rate** | **Net Asset** <br>**Value Before** <br>**Split** | **Net Asset** <br>**Value After** <br>**Split** | **Shares** <br>**Outstanding** <br>**Before Split** | **Shares** <br>**Outstanding** <br>**After Split**  |
| Direxion Daily FTSE China Bear 3X Shares | 11/4/2024 | 1:20 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;73.00 | 48227337 | 2411367  |
| Direxion Daily Dow Jones Internet Bear 3X Shares | 11/4/2024 | 1:10 | &nbsp;&nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp;&nbsp;47.80 | 3469952 | 346995  |
| Direxion Daily Technology Bear 3X Shares | 11/4/2024 | 1:10 | &nbsp;&nbsp;&nbsp;&nbsp;5.44 | &nbsp;&nbsp;&nbsp;&nbsp;54.40 | 14900260 | 1490026  |
| Direxion Daily MSCI South Korea Bull 3X Shares | 2/10/2025 | 1:10 | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;40.20 | 22800001 | 2280000 |

---

11. SUBSEQUENT EVENTS

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

On June 23, 2025, certain Funds declared income distributions with an ex-date of June 24, 2025 and payable date of July 2, 2025. The specific Funds and per share amounts of the distributions are listed below.

---

| | |
|:---|:---|
| **Funds** | **Per Share** <br>**Income** <br>**Distribution**  |
| Direxion Daily Mid Cap Bull 3X Shares | $0.20596  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 0.57306  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | 0.03420  |
| Direxion Daily Small Cap Bull 3X Shares | 0.14961  |
| Direxion Daily Small Cap Bear 3X Shares | 0.05632  |
| Direxion Daily FTSE China Bull 3X Shares | 0.25643  |
| Direxion Daily FTSE China Bear 3X Shares | 0.26624  |
| Direxion Daily FTSE Europe Bull 3X Shares | 0.30093  |

---

196<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| **Funds** | **Per Share** <br>**Income** <br>**Distribution**  |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares | $0.24886  |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares | 0.06227  |
| Direxion Daily MSCI Mexico Bull 3X Shares | 0.20854  |
| Direxion Daily MSCI South Korea Bull 3X Shares | 0.09143  |
| Direxion Daily Aerospace & Defense Bull 3X Shares | 0.05724  |
| Direxion Daily Consumer Discretionary Bull 3X Shares | 0.14444  |
| Direxion Daily Dow Jones Internet Bull 3X Shares | 0.04409  |
| Direxion Daily Dow Jones Internet Bear 3X Shares | 0.21611  |
| Direxion Daily Financial Bull 3X Shares | 0.49500  |
| Direxion Daily Financial Bear 3X Shares | 0.03779  |
| Direxion Daily Healthcare Bull 3X Shares | 0.30549  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares | 0.18627  |
| Direxion Daily Industrials Bull 3X Shares | 0.20811  |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 0.02449  |
| Direxion Daily Real Estate Bull 3X Shares | 0.07449  |
| Direxion Daily Real Estate Bear 3X Shares | 0.19804  |
| Direxion Daily Regional Banks Bull 3X Shares | 0.60817  |
| Direxion Daily Retail Bull 3X Shares | 0.02690  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 0.10611  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | 0.07582  |
| Direxion Daily S&P Biotech Bull 3X Shares | 0.21897  |
| Direxion Daily S&P Biotech Bear 3X Shares | 0.03696  |
| Direxion Daily Semiconductor Bull 3X Shares | 0.06799  |
| Direxion Daily Semiconductor Bear 3X Shares | 0.05612  |
| Direxion Daily Technology Bull 3X Shares | 0.20048  |
| Direxion Daily Technology Bear 3X Shares | 0.16778  |
| Direxion Daily Transportation Bull 3X Shares | 0.10111  |
| Direxion Daily Utilities Bull 3X Shares | 0.16022  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares | 0.18915  |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares | 0.11522  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares | 0.36167  |
| Direxion Daily 20+ Year Treasury Bear 3X Shares | 0.28288 |

---

12. NEW ACCOUNTING PRONOUNCEMENT

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. The Funds operate as a single segment entity. The Funds' income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

197<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**ADDITIONAL INFORMATION (Unaudited)** 

**Frequency Distribution of Premiums and Discounts** 

Information regarding how often shares of the Funds traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is available on the Funds' website www.direxion.com.

**Federal Tax Status of Dividends Declared During the Tax Year** 

For Federal income tax purposes, dividends from short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction ("DRD"), the individual qualified dividend rate ("QDI"), the qualified interest income rate ("QII"), and the qualified short-term gain rate ("QSTG") is presented below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **DRD** | **QDI** | **QII** | **QSTG**  |
| Direxion Daily Mid Cap Bull 3X Shares | 63.86% | 63.86% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 12.68% | 12.68% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Small Cap Bull 3X Shares | 13.55% | 13.55% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Small Cap Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily FTSE China Bull 3X Shares | 48.96% | 48.96% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily FTSE China Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily FTSE Europe Bull 3X Shares | 59.15% | 59.15% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares | 1.85% | 1.85% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily MSCI Mexico Bull 3X Shares | 27.83% | 27.83% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily MSCI South Korea Bull 3X Shares | 36.04% | 36.04% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Aerospace & Defense Bull 3X Shares | 5.23% | 5.23% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Consumer Discretionary Bull 3X Shares | 64.80% | 64.80% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Dow Jones Internet Bull 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Dow Jones Internet Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Financial Bull 3X Shares | 62.03% | 62.03% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Financial Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Healthcare Bull 3X Shares | 95.50% | 95.50% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares | 1.52% | 1.52% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Industrials Bull 3X Shares | 7.23% | 7.23% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 70.93% | 70.93% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Real Estate Bull 3X Shares | 45.55% | 45.55% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Real Estate Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Regional Banks Bull 3X Shares | 23.72% | 23.72% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Retail Bull 3X Shares | 74.04% | 74.04% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 63.78% | 63.78% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily S&P Biotech Bull 3X Shares | 58.38% | 58.38% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily S&P Biotech Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Semiconductor Bull 3X Shares | 8.14% | 8.14% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Semiconductor Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Technology Bull 3X Shares | 6.57% | 6.57% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Technology Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Transportation Bull 3X Shares | 21.71% | 21.71% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily Utilities Bull 3X Shares | 38.33% | 38.33% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares | 76.37% | 76.37% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares | 73.95% | 73.95% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00%  |
| Direxion Daily 20+ Year Treasury Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% |

---

198<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

The Funds are designating as long-term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain to zero for the tax year ending October 31, 2024. To the extent necessary to fully distribute such capital gain, the Funds also designate earnings and profits distributed to shareholders on the redemption of shares.

**Disclosure of Portfolio Holdings** 

Each Fund files its complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission ("SEC") on Part F of Form N-PORT. The Funds' Part F of Form N-PORT is available without charge, upon request, by calling 1-800-850-0511. Furthermore, you may obtain the Part F of Form N-PORT on the SEC's website at www.sec.gov.

**Proxy Voting Policies and Procedures** 

A description of the policies and procedures the Funds use to determine how to vote proxies related to portfolio securities is provided in the SAI. The SAI is available without charge upon request by calling 1-800-850-0511, by accessing the SEC's website at www.sec.gov or by accessing the Funds' website at www.direxion.com. Information on how the Funds voted proxies related to portfolio securities during the period ended April 30, 2025, is available without charge, upon request, by calling 1-800-850-0511 or by accessing the website of the SEC.

199<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**Direxion Shares ETF Trust** 

**FORM N-CSR ITEMS (Unaudited)** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosures for Open-End Investment Companies** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Investment Companies** 

The Trust, together with other affiliated trusts, pay each Independent Trustee an aggregate fee consisting of a $225,000 annual retainer (paid in monthly increments) for services provided as a Board member. Such fees are allocated between the Funds and other affiliated funds. Each Fund's share of these fees, together with reimbursable expenses of the Trustees, is reflected on the Statements of Operations as "Trustees fees and expenses".

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract** 

Not applicable.

200<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act"))
 as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or
 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls
 and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed,
 summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely
 to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable for semi-annual
 reports.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a2(a)).* Filed herewith.](dsetuf-efp15952_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](dsetuf-efp15952_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Direxion
 Shares ETF Trust

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Patrick J. Rudnick |
|  | Patrick J. Rudnick, Principal Executive Officer |

---

Date <u>6/30/2025</u> <br>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Patrick J. Rudnick |
|  | Patrick J. Rudnick, Principal Executive Officer |

---

Date <u>6/30/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Corey Noltner |
|  | Corey Noltner, Principal Financial Officer |

---

Date <u>7/1/2025</u>

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Patrick J. Rudnick, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Direxion Shares ETF Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/30/2025 | /s/ Patrick J. Rudnick |
|  |  | Patrick J. Rudnick |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Corey Noltner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Direxion
Shares ETF Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant
as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s)
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 7/1/2025 | /s/ Corey Noltner |
|  |  | Corey Noltner |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Direxion Shares ETF Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Direxion Shares ETF Trust, for the period ended April 30, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Direxion Shares ETF Trust for the stated period.

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| | |
|:---|:---|
| /s/ Patrick J. Rudnick | /s/ Corey Noltner |
| Patrick J. Rudnick | Corey Noltner |
| Principal Executive Officer | Principal Financial Officer |
| Direxion Shares ETF Trust | Direxion Shares ETF Trust |

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Date: <u>6/30/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Direxion Shares ETF Trust for purposes of Section 18 of the Securities Exchange Act of 1934.