# EDGAR Filing Document

**Accession Number:** 0001424958
**File Stem:** 0000000000-25-011179
**Filing Date:** 2025-12
**Character Count:** 8055
**Document Hash:** 398e23d3d45a5845c00ddbb359b06ed8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-011179.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0000000000-25-011179

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251202

**FILED FOR**: 

**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:** UPLOAD
- **SEC FILE NUMBER:** 333-150525

**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

## Text-Extract

```

December 2, 2025

VIA E-MAIL

Stacy L. Fuller
K&L Gates LLP
1601 K St NW #1
Washington, DC 20006

       Re:      Direxion Shares ETF Trust
                Post-Effective Amendments on Form N-1A
                File Nos. 333-150525, 811-22201

Dear Ms. Fuller:

       We write to express concern regarding the registration of
exchange-traded funds that seek
to provide more than 200% (2x) leveraged exposure to underlying indices or
securities. On
October 3, 2025 and October 10, 2025, Direxion Shares ETF Trust filed
post-effective
amendments on Form N-1A to add the series referenced in Appendix A attached
hereto.

        We will not perform a substantive review of these filings referenced in
Appendix A until
the issues raised in this letter are addressed. Further, we request that in
your response letter you
undertake to delay the effectiveness of the filings until these issues are
resolved.

Rule 18f-4 under the Investment Company Act of 1940

       Rule 18f-4 limits fund leverage risk by requiring that an open-end fund
 s Value-at-Risk
(VaR) does not exceed 200% of the VaR of a designated reference portfolio. 1
The fund   s
designated reference portfolio provides the unleveraged baseline against which
to compare the
fund   s leveraged portfolio for purposes of identifying the fund   s leverage
risk under the rule.

1
       Rule 18f-4(c)(2). In circumstances not relevant here, a fund can satisfy
a different test in the rule based on
       absolute VaR, rather than relative VaR.
 Stacy L. Fuller
Page 2 of 3

Accordingly, in defining the term    designated reference portfolio,    rule
18f-4 provides that, if
the fund   s investment objective and strategy is to track the performance
(including a leverage
multiple or inverse multiple) of an unleveraged index, the fund must use that
index as its
designated reference portfolio. 2 As the Commission observed in adopting this
requirement,
where a fund tracks an index, that index will provide the most appropriate
reference portfolio for
a relative VaR test.

         Each fund in the registrant   s fund complex identified in Appendix A
has an objective and
strategy to track the performance, including a leverage multiple or inverse
multiple, of an
unleveraged index because each fund seeks to provide a leverage or inverse
multiple of the
return of one or more specific securities. Each fund therefore must use the
security or securities
that it tracks (collectively, the fund   s    reference assets   ) as the fund
 s designated reference
portfolio for purposes of the VaR test required by rule 18f-4. Whether the fund
identifies the
securities (or security) it tracks by their individual names or as an index
does not change this
conclusion.

        Because each of these funds has an objective and strategy to provide a
leverage multiple
or inverse multiple of the return of the fund   s reference assets, each fund
s reference assets
provide the precise representation of the fund   s unleveraged portfolio and
therefore the
appropriate baseline to calculate the fund   s leverage risk under the rule.
Accordingly, we
question how the fund   s derivatives risk manager could reasonably determine
to use a baseline
other than the reference assets and how the funds    directors, as fiduciaries,
would be satisfied
with the manager   s choice.

                                                *   *    *

        We request the registrant revise its objective and strategy to be
consistent with rule 18f-4,
as discussed above, or withdraw its filings. A response to this letter should
be in the form of a
supplemental correspondence filed on EDGAR. We remind you that the fund and its
management are responsible for the accuracy and adequacy of their disclosures,
notwithstanding
any review, comments, action, or absence of action by the staff.

       Should you have any questions regarding this letter, please feel free to
contact us at (202)
551- 6921.

                                                                  Sincerely,

                                                                  Division of
Investment Management

2
       Rule 18f-4(a) (defining the term    Designated reference portfolio   ).
                                            Appendix A

33 Act       Accession No     Registrant   Filing Date   Series Names
333-150525   0001193125-25-   Direxion     10/3/2025     Direxion   Daily
AAPL Bull 3X ETF
             230257           Shares ETF                 Direxion   Daily   TSM
Bull 3X ETF
                              Trust                      Direxion   Daily
AMZN Bull 3X ETF
                                                         Direxion   Daily
GOOGL Bull 3X ETF
                                                         Direxion   Daily
META Bull 3X ETF
                                                         Direxion   Daily   MU
Bull 3X ETF
                                                         Direxion   Daily
NFLX Bull 3X ETF
                                                         Direxion   Daily
NVDA Bull 3X ETF
                                                         Direxion   Daily
PLTR Bull 3X ETF
                                                         Direxion   Daily
TSLA Bull 3X ETF

333-150525   0001193125-25-   Direxion     10/10/2025    Direxion   Daily   AMD
Bull 3X ETF
             237051           Shares ETF                 Direxion   Daily   UNH
Bull 3X ETF
                              Trust                      Direxion   Daily
AVGO Bull 3X ETF
                                                         Direxion   Daily
BABA Bull 3X ETF
                                                         Direxion   Daily
BRKB Bull 3X ETF
                                                         Direxion   Daily
COIN Bull 3X ETF
                                                         Direxion   Daily
HOOD Bull 3X ETF
                                                         Direxion   Daily
INTC Bull 3X ETF
                                                         Direxion   Daily
MSFT Bull 3X ETF
                                                         Direxion   Daily
ORCL Bull 3X ETF

333-150525   0001193125-25-   Direxion     10/10/2025    Direxion Daily Bitcoin
Bull 3X ETF
             237095           Shares ETF                 Direxion Daily Energy
Bull 3X ETF
                              Trust                      Direxion Daily Ether
Bull 3X ETF
                                                         Direxion Daily Gold
Miners Bull 3X ETF
                                                         Direxion Daily Junior
Gold Miners Bull 3X ETF
                                                         Direxion Daily MAG7+
Bull 3X ETF
                                                         Direxion Daily Oil &
Gas Exp. & Prod. Bull 3X ETF
                                                         Direxion Daily Qs Bull
3X ETF
                                                         Direxion Daily QQQE
Bull 3X ETF

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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