# EDGAR Filing Document

**Accession Number:** 0001424958
**File Stem:** 0001193125-25-222398
**Filing Date:** 2025-9
**Character Count:** 579900
**Document Hash:** 75453bc80d69a645b134914b65d63f41
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-222398.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001193125-25-222398

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20251031

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22201
- **FILM NUMBER:** 251354161

**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 Auspice Broad Commodity Strategy ETF (Series ID: S000054803)

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

## Nport-Ex

---

| |
|:---|
| **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 100.5%** | **SHORT TERM INVESTMENTS - 100.5%** |  |  |
|  **Money Market Funds - 100.5%** |  |  |  |
| 178442093 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 178442093 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $178,442,093) | $— | 178442093 |
|  | TOTAL INVESTMENTS (Cost $178,442,093) - 100.5% | $— | 178442093 |
|  | Liabilities in Excess of Other Assets - (0.5)%(b) |  | (940031) |
|  | TOTAL NET ASSETS - 100.0% | $— | 177502062 |

---

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 July 31, 2025.

<sup>(b)</sup> $6,084,757 of cash is pledged as collateral for futures contracts. 

---

| |
|:---|
| **Long Futures Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Expiration Date** | **Number of Contracts** | **Notional Amount** | **Variation Margin**<br> **Payable, net** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  Copper | 9/26/2025 | 115 | $12519188 | $(3602162) | $(3254931) |
|  Gasoline RBOB | 9/30/2025 | 180 | 15322608 | (197543) | 145989 |
|  Gold | 10/29/2025 | 49 | 16273390 | (21020) | (552414) |
|  NY Harbor ULSD | 11/28/2025 | 110 | 10870398 | (77154) | 335462 |
|  Silver | 9/26/2025 | 100 | 18356000 | (523770) | 182625 |
|  WTI Crude | 8/20/2025 | 146 | 10111960 | (109540) | 567392 |
|  |  |  | $83453544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4531189) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2575877) |

---

All futures contracts held by Direxion BCS Fund Ltd.

------

---

| |
|:---|
| **Direxion HCM Tactical Enhanced US ETF** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 79.4%** |  |  |  |
|  **Accommodation - 0.3%** |  |  |  |
| 3212 | Airbnb, Inc. Class A (a) | $— | 425301 |
| 1768 | Hilton Worldwide Holdings, Inc. |  | 473965 |
| 5159 | Host Hotels & Resorts, Inc. |  | 81099 |
| 2524 | Las Vegas Sands Corp. |  | 132258 |
| 1691 | Marriott International, Inc. Class C |  | 446136 |
| 1539 | MGM Resorts International (a) |  | 56097 |
| 654 | Wynn Resorts Ltd. |  | 71306 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686162 |
|  **Administrative and Support Services - 2.4%** | **Administrative and Support Services - 2.4%** |  |  |
| 640 | Allegion PLC ADR (Ireland) |  | 106189 |
| 17042 | Amcor PLC ADR (United Kingdom) |  | 159343 |
| 709 | Ameriprise Financial, Inc. |  | 367397 |
| 3020 | Automatic Data Processing, Inc. |  | 934690 |
| 243 | Booking Holdings, Inc. |  | 1337487 |
| 874 | Broadridge Financial Solutions, Inc. |  | 216324 |
| 525 | Corpay, Inc. (a) |  | 169601 |
| 923 | Equifax, Inc. |  | 221732 |
| 284 | FactSet Research System, Inc. |  | 114424 |
| 573 | Gartner, Inc. (a) |  | 194046 |
| 2194 | Iron Mountain, Inc. |  | 213608 |
| 1173 | Live Nation Entertainment, Inc. (a)(b) |  | 173252 |
| 1825 | Match Group, Inc. |  | 62543 |
| 1151 | Moody's Corp. |  | 593605 |
| 2086 | Rollins, Inc. |  | 119465 |
| 1859 | Royal Caribbean Cruises Ltd. ADR (Liberia) |  | 590920 |
| 15557 | Uber Technologies, Inc. (a) |  | 1365127 |
| 12730 | Visa, Inc. Class A (b) |  | 4397833 |
| 2720 | Waste Management, Inc. |  | 623315 |
|  |  |  | 11960901 |
|  **Air Transportation - 0.1%** |  |  |  |
| 4858 | Delta Air Lines, Inc. |  | 258494 |
| 4240 | Southwest Airlines Co. |  | 131143 |
| 2430 | United Continental Holdings, Inc. (a) |  | 214594 |
|  |  |  | 604231 |
|  **Ambulatory Health Care Services - 0.1%** | **Ambulatory Health Care Services - 0.1%** |  |  |
| 308 | DaVita, Inc. (a) |  | 43234 |
| 623 | Labcorp Holdings, Inc. |  | 162030 |
| 402 | Molina Healthcare, Inc. (a) |  | 63464 |
| 831 | Quest Diagnostics, Inc. |  | 139117 |
| 8727 | Viatris, Inc. |  | 76274 |
|  |  |  | 484119 |
|  **Amusement, Gambling, and Recreation Industries - 0.3%** | **Amusement, Gambling, and Recreation Industries - 0.3%** |  |  |
| 13375 | The Walt Disney Co. |  | 1593096 |
|  **Apparel Manufacturing - 0.1%** |  |  |  |
| 2555 | Cintas Corp. |  | 568615 |
| 1129 | Deckers Outdoor Corp. (a) |  | 119866 |
| 297 | Ralph Lauren Corp. |  | 88729 |
|  |  |  | 777210 |
|  **Beverage and Tobacco Product Manufacturing - 1.0%** | **Beverage and Tobacco Product Manufacturing - 1.0%** |  |  |
| 12531 | Altria Group, Inc. |  | 776170 |
| 1138 | Constellation Brands, Inc. Class A |  | 190092 |
| 10104 | Keurig Dr Pepper, Inc. |  | 329896 |
| 1274 | Molson Coors Brewing Co. Class B |  | 62069 |
| 5223 | Monster Beverage Corp. (a) |  | 306851 |
| 10200 | PepsiCo, Inc. |  | 1406784 |
| 11580 | Philip Morris International, Inc. |  | 1899699 |
|  |  |  | 4971561 |
|  **Broadcasting and Content Providers - 0.3%** | **Broadcasting and Content Providers - 0.3%** |  |  |
| 710 | Charter Communications, Inc. (a)(b) |  | 191246 |
| 27707 | Comcast Corp. Class A |  | 920704 |
| 1592 | FOX Corp. Class A |  | 88770 |
| 980 | FOX Corp. Class B |  | 50117 |
| 4472 | Paramount Global Class B |  | 56213 |
| 498 | TKO Group Holdings, Inc. |  | 83669 |
| 16748 | Warner Bros Discovery, Inc. (a) |  | 220571 |
|  |  |  | 1611290 |
|  **Building Material and Garden Equipment and Supplies Dealers - 0.8%** | **Building Material and Garden Equipment and Supplies Dealers - 0.8%** |  |  |
| 4164 | Lowe's Companies, Inc. |  | 930946 |
| 389 | Snap-on, Inc. |  | 124943 |
| 7395 | The Home Depot, Inc. |  | 2717736 |
| 3944 | Tractor Supply Co. |  | 224611 |
|  |  |  | 3998236 |
|  **Chemical Manufacturing - 4.5%** |  |  |  |
| 13141 | AbbVie, Inc. |  | 2483912 |
| 1656 | Air Products & Chemicals, Inc. |  | 476729 |
| 876 | Albemarle Corp. |  | 59437 |
| 3999 | Amgen, Inc. |  | 1180105 |
| 1090 | Biogen, Inc. (a) |  | 139520 |
| 1167 | Bio-Techne Corp. |  | 63870 |
| 15140 | Bristol-Myers Squibb Co. |  | 655713 |
| 1206 | CF Industries Holdings, Inc. |  | 111953 |
| 1833 | Church & Dwight Co., Inc. |  | 171880 |
| 916 | Clorox Co. |  | 115013 |
| 6029 | Colgate-Palmolive Co. |  | 505532 |
| 3113 | DuPont de Nemours, Inc. |  | 223825 |
| 860 | Eastman Chemical Co. |  | 62445 |
| 1878 | Ecolab, Inc. |  | 491585 |
| 5851 | Eli Lilly & Co. |  | 4330150 |
| 9249 | Gilead Sciences, Inc. |  | 1038570 |
| 1195 | Incyte Corp. (a) |  | 89493 |
| 4268 | IntercontinentalExchange, Inc. |  | 788854 |
| 1904 | International Flavors & Fragrances, Inc. |  | 135241 |
| 14283 | Kenvue, Inc. |  | 306227 |
| 2468 | Kimberly-Clark Corp. |  | 307562 |
| 3502 | Linde PLC ADR (Ireland) |  | 1611830 |
| 1913 | LyondellBasell Industries N.V. Class A ADR (Netherlands) |  | 110820 |
| 18681 | Merck & Co., Inc. |  | 1459360 |
| 2361 | Mosaic Co. |  | 85020 |
| 42291 | Pfizer, Inc. |  | 984957 |
| 1688 | PPG Industries, Inc. |  | 178084 |
| 17442 | Procter & Gamble Co. |  | 2624498 |
| 773 | Regeneron Pharmaceuticals, Inc. |  | 421641 |

---

------

---

| |
|:---|
| **Direxion HCM Tactical Enhanced US ETF** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| 1911 | Vertex Pharmaceuticals, Inc. (a) | 873079 |
| 3304 | Zoetis, Inc. | 481690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22568595 |
|  **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 0.3%** | **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 0.3%** |  |
| 823 | Lululemon Athletica, Inc. (a) | 165036 |
| 2446 | Ross Stores, Inc. | 333977 |
| 8305 | TJX Companies, Inc. | 1034222 |
|  |  | 1533235 |
|  **Computer and Electronic Product Manufacturing - 21.1%** | **Computer and Electronic Product Manufacturing - 21.1%** |  |
| 12062 | Advanced Micro Devices, Inc. (a) | 2126651 |
| 2116 | Agilent Technologies, Inc. | 242938 |
| 43288 | Alphabet, Inc. | 8306967 |
| 34921 | Alphabet, Inc. Class C | 6734864 |
| 1717 | AMETEK, Inc. | 317387 |
| 8998 | Amphenol Corp. Class A | 958377 |
| 3690 | Analog Devices, Inc. | 828885 |
| 111100 | Apple, Inc. | 23061027 |
| 7662 | Arista Networks, Inc. (a) | 944112 |
| 34974 | Broadcom, Inc. | 10271864 |
| 29591 | Cisco Systems, Inc. | 2014555 |
| 4738 | Danaher Corp. | 934144 |
| 2229 | Dell Technologies, Inc. | 295766 |
| 975 | Enphase Energy, Inc. (a) | 31551 |
| 799 | First Solar, Inc. (a) | 139609 |
| 4726 | Fortinet, Inc. (a) | 472127 |
| 2529 | Fortive Corp. | 121215 |
| 3405 | GE HealthCare Technologies, Inc. | 242845 |
| 1658 | Hologic, Inc. (a) | 110788 |
| 7012 | HP, Inc. | 173898 |
| 32450 | Intel Corp. (a) | 642510 |
| 6906 | International Business Machines Corp. | 1748254 |
| 799 | Jabil Circuit, Inc. | 178313 |
| 1285 | Keysight Technologies, Inc. (a) | 210624 |
| 1392 | L3Harris Technologies, Inc. | 382549 |
| 9516 | Lam Research Corp. | 902497 |
| 4000 | Microchip Technology, Inc. | 270360 |
| 8314 | Micron Technology, Inc. | 907390 |
| 355 | Monolithic Power Systems, Inc. | 252490 |
| 1242 | Motorola Solutions, Inc. | 545213 |
| 1508 | NetApp, Inc. | 157028 |
| 1006 | Northrop Grumman Corp. | 580070 |
| 181403 | NVIDIA Corp. | 32266152 |
| 1880 | NXP Semiconductors NV ADR (Netherlands) | 401888 |
| 3109 | ON Semiconductor Corp. (a) | 175223 |
| 2936 | Otis Worldwide Corp. | 251586 |
| 4926 | Palto Alto Networks, Inc. (a) | 855154 |
| 8158 | Qualcomm, Inc. | 1197268 |
| 877 | Revvity, Inc. | 77088 |
| 800 | Roper Technologies, Inc. | 440320 |
| 9933 | RTX Corp. | 1565143 |
| 1578 | Seagate Technology Holdings PLC ADR (Ireland) | 247762 |
| 1116 | Skyworks Solutions, Inc. | 76491 |
| 3820 | Super Micro Computer, Inc. (a) | 225265 |
| 348 | Teledyne Technologies, Inc. (a) | 191755 |
| 1194 | Teradyne, Inc. | 128271 |
| 6759 | Texas Instruments, Inc. | 1223785 |
| 2808 | Thermo Fisher Scientific, Inc. | 1313245 |
| 1775 | Trimble, Inc. (a) | 148905 |
| 1844 | Veralto Corp. | 193306 |
| 442 | Waters Corp. (a) | 127632 |
| 2596 | Western Digital Corp. | 204279 |
| 378 | Zebra Technologies Corp. Class A (a) | 128150 |
|  |  | 106545536 |
|  **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.1%** | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.1%** |  |
| 4125 | Fiserv, Inc. (a) | 573127 |
|  **Construction of Buildings - 0.2%** |  |  |
| 2057 | D.R. Horton, Inc. | 293822 |
| 1727 | Lennar Corp. Class A | 193735 |
| 22 | NVR, Inc. (a) | 166089 |
| 1493 | PulteGroup, Inc. | 168589 |
|  |  | 822235 |
|  **Couriers and Messengers - 0.2%** | **Couriers and Messengers - 0.2%** |  |
| 1639 | FedEx Corp. | 366300 |
| 5459 | United Parcel Service, Inc. Class B | 470348 |
|  |  | 836648 |
|  **Credit Intermediation and Related Activities - 4.4%** | **Credit Intermediation and Related Activities - 4.4%** |  |
| 4118 | American Express Co. | 1232559 |
| 48739 | Bank of America Corp. | 2303893 |
| 5321 | Bank of New York Mellon Corp. | 539815 |
| 4759 | Capital One Financial Corp. | 1023185 |
| 13895 | Citigroup, Inc. | 1301961 |
| 3226 | Citizens Financial Group, Inc. | 153945 |
| 1572 | Coinbase Global, Inc. (a) | 593839 |
| 3901 | Fidelity National Information Services, Inc. | 309778 |
| 4967 | Fifth Third Bancorp | 206478 |
| 1814 | Global Payments, Inc. | 145029 |
| 10838 | Huntington Bancshares, Inc. | 178068 |
| 20669 | JPMorgan Chase & Co. | 6122985 |
| 7339 | KeyCorp | 131515 |
| 1194 | M&T Bank Corp. | 225308 |
| 6035 | MasterCard, Inc. Class A | 3418646 |
| 1448 | Northern Trust Corp. | 188240 |
| 2943 | PNC Financial Services Group, Inc. | 559965 |
| 6688 | Regions Financial Corp. | 169407 |
| 2117 | State Street Corp. | 236575 |
| 2831 | Synchrony Financial | 197236 |
| 9743 | Truist Financial Corp. | 425867 |
| 11591 | U.S. Bancorp | 521131 |
| 24204 | Wells Fargo & Co. | 1951568 |
|  |  | 22136993 |
|  **Electrical Equipment, Appliance, and Component Manufacturing - 0.3%** | **Electrical Equipment, Appliance, and Component Manufacturing - 0.3%** |  |
| 866 | A.O. Smith Corp. | 61304 |
| 549 | Axon Enterprise, Inc. (a) | 414764 |
| 4185 | Emerson Electric Co. | 608959 |
| 439 | Generac Holdings, Inc. (a) | 85469 |
| 840 | Rockwell Automation, Inc. | 295437 |

---

------

---

| |
|:---|
| **Direxion HCM Tactical Enhanced US ETF** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465933 |
|  **Fabricated Metal Product Manufacturing - 0.1%** | **Fabricated Metal Product Manufacturing - 0.1%** |  |
| 2065 | Ball Corp. | 118242 |
| 1716 | Nucor Corp. | 245508 |
| 1224 | Pentair PLC ADR (Ireland) | 125093 |
| 1151 | Stanley Black & Decker, Inc. | 77865 |
|  |  | 566708 |
|  **Food and Beverage Retailers - 0.1%** | **Food and Beverage Retailers - 0.1%** |  |
| 4557 | Kroger Co. | 319446 |
|  **Food Manufacturing - 0.8%** |  |  |
| 3575 | Archer-Daniels-Midland Co. | 193693 |
| 28818 | Coca-Cola Co. | 1956454 |
| 4074 | General Mills, Inc. (b) | 199545 |
| 2168 | Hormel Foods Corp. | 60899 |
| 2001 | Kellanova | 159740 |
| 1050 | Lamb Weston Holdings, Inc. | 59924 |
| 1880 | McCormick & Co, Inc. | 132784 |
| 9633 | Mondelez International, Inc. | 623159 |
| 1465 | The Campbell's Company | 46763 |
| 1101 | The Hershey Co. (b) | 204929 |
| 792 | The J.M. Smucker Co. | 85013 |
| 6426 | The Kraft Heinz Co. | 176458 |
| 2128 | Tyson Foods, Inc. Class A | 111294 |
|  |  | 4010655 |
|  **Food Services and Drinking Places - 0.8%** | **Food Services and Drinking Places - 0.8%** |  |
| 10023 | Chipotle Mexican Grill, Inc. (a) | 429786 |
| 871 | Darden Restaurants, Inc. | 175655 |
| 2550 | DoorDash, Inc. (a) | 638137 |
| 5318 | McDonald's Corp. | 1595772 |
| 8454 | Starbucks Corp. (b) | 753759 |
| 2070 | Yum! Brands, Inc. | 298391 |
|  |  | 3891500 |
|  **Funds, Trusts, and Other Financial Vehicles - 0.1%** | **Funds, Trusts, and Other Financial Vehicles - 0.1%** |  |
| 1146 | Garmin Ltd. ADR (Switzerland) | 250699 |
| 1639 | T. Rowe Price Group, Inc. | 166277 |
|  |  | 416976 |
|  **Furniture, Home Furnishings, Electronics, and Appliance Retailers - 0.0%<sup>(†)</sup>** | **Furniture, Home Furnishings, Electronics, and Appliance Retailers - 0.0%<sup>(†)</sup>** |  |
| 1433 | Best Buy Co., Inc. | 93231 |
|  **Gasoline Stations and Fuel Dealers - 0.4%** | **Gasoline Stations and Fuel Dealers - 0.4%** |  |
| 14196 | Chevron Corp. | 2152681 |
|  **General Merchandise Retailers - 4.7%** | **General Merchandise Retailers - 4.7%** |  |
| 70282 | Amazon.com, Inc. (a) | 16453719 |
| 3296 | Costco Wholesale Corp. | 3097053 |
| 1636 | Dollar General Corp. | 171616 |
| 1470 | Dollar Tree, Inc. (a) | 166919 |
| 3429 | eBay, Inc. | 314611 |
| 3380 | Target Corp. | 339690 |
| 32136 | Walmart, Inc. | 3148685 |
| 913 | Williams-Sonoma, Inc. | 170777 |
|  |  | 23863070 |
|  **Health and Personal Care Retailers - 0.2%** | **Health and Personal Care Retailers - 0.2%** |  |
| 9411 | CVS Health Corp. | 584423 |
| 335 | Ulta Beauty, Inc. (a) | 172528 |
| 5340 | Walgreens Boots Alliance, Inc. | 62158 |
|  |  | 819109 |
|  **Hospitals - 0.1%** |  |  |
| 1290 | HCA Healthcare, Inc. | 456647 |
| 425 | Universal Health Services, Inc. Class B | 70741 |
|  |  | 527388 |
|  **Insurance Carriers and Related Activities - 3.3%** | **Insurance Carriers and Related Activities - 3.3%** |  |
| 3620 | Aflac, Inc. | 359683 |
| 1971 | Allstate Corp. | 400606 |
| 4288 | American International Group, Inc. | 332877 |
| 2776 | Arch Capital Group Ltd. ADR | 238903 |
| 1906 | Arthur J. Gallagher & Co. | 547499 |
| 376 | Assurant, Inc. | 70425 |
| 13642 | Berkshire Hathaway, Inc. Class B (a) | 6437387 |
| 2087 | Brown & Brown, Inc. | 190689 |
| 3702 | Centene Corp. (a) | 96511 |
| 2772 | Chubb Limited ADR (Switzerland) | 737463 |
| 1988 | Cigna Corp. | 531551 |
| 1162 | Cincinnati Financial Corp. | 171407 |
| 1681 | Elevance Health, Inc. | 475858 |
| 187 | Erie Indemnity Co. Class A (b) | 66617 |
| 316 | Everest Re Group Ltd. ADR | 106113 |
| 614 | Globe Life, Inc. | 86249 |
| 892 | Humana, Inc. | 222884 |
| 1296 | Loews Corp. | 117340 |
| 3666 | Marsh & McLennan Companies, Inc. | 730267 |
| 4195 | MetLife, Inc. | 318610 |
| 1534 | Principal Financial Group, Inc. | 119391 |
| 4362 | Progressive Corp. | 1055778 |
| 2635 | Prudential Financial, Inc. | 272933 |
| 2108 | The Hartford Insurance Group, Inc. | 262214 |
| 1685 | Travelers Companies, Inc. | 438504 |
| 6749 | UnitedHealth Group, Inc. | 1684280 |
| 2229 | W.R. Berkley Corp. | 153378 |
| 738 | Willis Towers Watson PLC ADR (Ireland) | 233068 |
|  |  | 16458485 |
|  **Leather and Allied Product Manufacturing - 0.2%** | **Leather and Allied Product Manufacturing - 0.2%** |  |
| 8760 | NIKE, Inc. Class B | 654285 |
| 1545 | Tapestry, Inc. | 166906 |
|  |  | 821191 |
|  **Machinery Manufacturing - 1.8%** | **Machinery Manufacturing - 1.8%** |  |
| 6044 | Applied Materials, Inc. | 1088283 |
| 7372 | Baker Hughes Co. | 332109 |
| 5931 | Carrier Global Corp. | 406985 |
| 3499 | Caterpillar, Inc. | 1532632 |
| 1024 | Cummins, Inc. | 376443 |
| 1878 | Deere & Co. | 984767 |
| 7933 | GE Aerospace | 2150478 |
| 563 | IDEX Corp. | 92056 |
| 3002 | Ingersoll Rand, Inc. | 254059 |
| 155 | Mettler-Toledo International, Inc. (a) | 191220 |
| 401 | Nordson Corp. | 85898 |
| 950 | Parker Hannifin Corp. | 695305 |

---

------

---

| |
|:---|
| **Direxion HCM Tactical Enhanced US ETF** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| 1659 | Trane Technologies PLC ADR (Ireland) | 726775 |
| 1810 | Xylem, Inc. | 261762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9178772 |
|  **Management of Companies and Enterprises - 0.5%** | **Management of Companies and Enterprises - 0.5%** |  |
| 12935 | Abbott Laboratories | 1632268 |
| 1605 | Aon PLC ADR (United Kingdom) | 570914 |
| 999 | Bunge Global SA ADR (Switzerland) | 79680 |
| 3318 | Norwegian Cruise Line Holdings Ltd. ADR (a) | 84808 |
| 3689 | Smurfit WestRock PLC ADR (Ireland) | 163718 |
|  |  | 2531388 |
|  **Merchant Wholesalers, Durable Goods - 0.7%** | **Merchant Wholesalers, Durable Goods - 0.7%** |  |
| 823 | Builders FirstSource, Inc. (a) | 104628 |
| 6540 | Copart, Inc. (a) | 296458 |
| 8536 | Fastenal Co. | 393766 |
| 1031 | Genuine Parts Co. | 132875 |
| 898 | Henry Schein, Inc. (a) | 60750 |
| 396 | Hubbell, Inc. | 173242 |
| 293 | Huntington Ingalls Industries, Inc. | 81706 |
| 4896 | Johnson Controls International PLC ADR (Ireland) | 514080 |
| 983 | KLA-Tencor Corp. | 864086 |
| 239 | Lennox International, Inc. | 145551 |
| 1921 | LKQ Corp. | 56612 |
| 385 | Mohawk Industries, Inc. (a) | 44086 |
| 281 | Pool Corp. (b) | 86587 |
| 2205 | TE Connectivity PLC ADR (Ireland) | 453679 |
| 325 | W.W. Grainger, Inc. | 337851 |
|  |  | 3745957 |
|  **Merchant Wholesalers, Nondurable Goods - 0.6%** | **Merchant Wholesalers, Nondurable Goods - 0.6%** |  |
| 1355 | Brown Forman Corp. Class B (b) | 39092 |
| 1776 | Cardinal Health, Inc. | 275671 |
| 1283 | Cencora, Inc. | 367041 |
| 3551 | ConAgra Brands, Inc. | 64841 |
| 255 | Domino's Pizza, Inc. | 118118 |
| 1985 | Illinois Tool Works, Inc. | 508100 |
| 930 | McKesson Corp. | 644992 |
| 3606 | Sysco Corp. | 287038 |
| 1715 | The Sherwin Williams Co. | 567459 |
|  |  | 2872352 |
|  **Mining (except Oil and Gas) - 0.3%** | **Mining (except Oil and Gas) - 0.3%** |  |
| 10685 | Freeport-McMoRan Copper & Gold, Inc. | 429964 |
| 448 | Martin Marietta Materials, Inc. | 257546 |
| 8279 | Newmont Corp. | 514126 |
| 982 | Vulcan Materials Co. | 269726 |
|  |  | 1471362 |
|  **Miscellaneous Manufacturing - 2.1%** | **Miscellaneous Manufacturing - 2.1%** |  |
| 4003 | 3M Co. | 597328 |
| 506 | Align Technology, Inc. (a) | 65279 |
| 3819 | Baxter International, Inc. | 83101 |
| 2131 | Becton, Dickinson & Co. | 379851 |
| 11007 | Boston Scientific Corp. (a) | 1154854 |
| 2916 | DexCom, Inc. (a) | 235525 |
| 1019 | Dover Corp. | 184582 |
| 4365 | Edwards Lifesciences Corp. (a) | 346188 |
| 1743 | Estee Lauder Companies, Inc. Class A | 162692 |
| 979 | Hasbro, Inc. | 73582 |
| 524 | Insulet Corp. (a) | 151122 |
| 2667 | Intuitive Surgical, Inc. (a) | 1283067 |
| 17899 | Johnson & Johnson | 2948681 |
| 9541 | Medtronic PLC ADR (Ireland) | 860980 |
| 1090 | ResMed, Inc. | 296415 |
| 1029 | Solventum Corp. (a) | 73429 |
| 731 | Steris PLC ADR (Ireland) | 165564 |
| 2560 | Stryker Corp. | 1005389 |
| 1344 | Textron, Inc. | 104523 |
| 1489 | The Cooper Companys, Inc. (a) | 105257 |
| 1472 | Zimmer Biomet Holdings, Inc. | 134909 |
|  |  | 10412318 |
|  **Motion Picture and Sound Recording Industries - 0.7%** | **Motion Picture and Sound Recording Industries - 0.7%** |  |
| 3167 | Netflix, Inc. (a) | 3671820 |
|  **Motor Vehicle and Parts Dealers - 0.2%** | **Motor Vehicle and Parts Dealers - 0.2%** |  |
| 125 | AutoZone, Inc. (a) | 471047 |
| 1133 | CarMax, Inc. (a) | 64139 |
| 6355 | O'Reilly Automotive, Inc. (a) | 624824 |
|  |  | 1160010 |
|  **National Security and International Affairs - 0.0%<sup>(†)</sup>** | **National Security and International Affairs - 0.0%<sup>(†)</sup>** |  |
| 957 | Leidos Holdings, Inc. | 152785 |
|  **Nonmetallic Mineral Product Manufacturing - 0.1%** | **Nonmetallic Mineral Product Manufacturing - 0.1%** |  |
| 5729 | Corning, Inc. | 362302 |
|  **Oil and Gas Extraction - 1.1%** |  |  |
| 2685 | APA Corp. (b) | 51794 |
| 5673 | Coterra Energy, Inc. | 138364 |
| 4776 | Devon Energy Corp. | 158659 |
| 1392 | Diamondback Energy, Inc. | 206935 |
| 6339 | Dominion Energy, Inc. | 370514 |
| 4060 | EOG Resources, Inc. | 487281 |
| 4455 | EQT Corp. | 239456 |
| 1610 | Expand Energy Corp. | 168696 |
| 32058 | Exxon Mobil Corp. | 3578955 |
| 5270 | Occidental Petroleum Corp. | 231564 |
|  |  | 5632218 |
|  **Paper Manufacturing - 0.0%<sup>(†)</sup>** |  |  |
| 665 | Packaging Corp of America | 128844 |
|  **Performing Arts, Spectator Sports, and Related Industries - 0.1%** | **Performing Arts, Spectator Sports, and Related Industries - 0.1%** |  |
| 1547 | Caesars Entertainment, Inc. (a) | 41274 |
| 1698 | Electronic Arts, Inc. | 258928 |
|  |  | 300202 |
|  **Petroleum and Coal Products Manufacturing - 0.4%** | **Petroleum and Coal Products Manufacturing - 0.4%** |  |
| 9387 | ConocoPhillips | 894957 |
| 2285 | Marathon Petroleum Corp. | 388884 |
| 3031 | Phillips 66 | 374571 |
| 2330 | Valero Energy Corp. | 319932 |
|  |  | 1978344 |
|  **Pipeline Transportation - 0.2%** |  |  |
| 1613 | Targa Resources Corp. | 268419 |
| 9084 | Williams Companies, Inc. | 544586 |
|  |  | 813005 |

---

------

---

| |
|:---|
| **Direxion HCM Tactical Enhanced US ETF** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  **Plastics and Rubber Products Manufacturing - 0.0%<sup>(†)</sup>** | **Plastics and Rubber Products Manufacturing - 0.0%<sup>(†)</sup>** |  |
| 581 | Avery Dennison Corp. | 97474 |
| 534 | West Pharmaceutical Services, Inc. | 127765 |
|  |  | 225239 |
|  **Primary Metal Manufacturing - 0.1%** | **Primary Metal Manufacturing - 0.1%** |  |
| 3004 | Howmet Aerospace, Inc. | 540029 |
| 1026 | Steel Dynamics, Inc. | 130877 |
|  |  | 670906 |
|  **Professional, Scientific, and Technical Services - 5.2%** | **Professional, Scientific, and Technical Services - 5.2%** |  |
| 4657 | Accenture PLC Class A ADR (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243885 |
| 979 | CDW Corp. | 170718 |
| 365 | Charles River Laboratories International, Inc. (a) | 61918 |
| 3667 | Cognizant Technology Solutions Corp. Class A | 263144 |
| 2911 | Eaton Corporation PLC ADR (Ireland) | 1119920 |
| 421 | EPAM Systems, Inc. (a) | 66396 |
| 1578 | Extra Space Storage, Inc. | 212020 |
| 426 | F5 Networks, Inc. (a) | 133517 |
| 1060 | GoDaddy, Inc. (a) | 171275 |
| 598 | IDEXX Laboratories, Inc. (a) | 319517 |
| 3922 | International Paper Co. | 183314 |
| 2750 | Interpublic Group of Companies, Inc. | 67650 |
| 1223 | IQVIA Holdings, Inc. (a) | 227307 |
| 541 | Jack Henry & Associates, Inc. | 91870 |
| 895 | Jacobs Solutions, Inc. | 126973 |
| 16152 | Meta Platforms, Inc. | 12492603 |
| 2532 | Moderna, Inc. (a)(b) | 74846 |
| 1453 | Omnicom Group, Inc. | 104688 |
| 12100 | Oracle Corp. | 3070617 |
| 15819 | Palantir Technologies, Inc. (a) | 2504939 |
| 2384 | Paychex, Inc. | 344083 |
| 361 | Paycom Software, Inc. | 83586 |
| 893 | PTC, Inc. (a) | 191825 |
| 1540 | ServiceNow, Inc. (a) | 1452405 |
| 1261 | Take-Two Interactive Software, Inc. (a) | 280862 |
| 3330 | The Trade Desk, Inc. (a) | 289577 |
| 601 | VeriSign, Inc. | 161591 |
| 1039 | Verisk Analytics, Inc. Class A | 289580 |
| 1610 | Workday, Inc. (a) | 369302 |
|  |  | 26169928 |
|  **Publishing Industries - 7.7%** |  |  |
| 3171 | Adobe, Inc. (a) | 1134235 |
| 1087 | Akamai Technologies, Inc. (a) | 82949 |
| 1591 | Autodesk, Inc. (a) | 482248 |
| 4135 | Block, Inc. (a) | 319470 |
| 2033 | Cadence Design Systems, Inc. (a) | 741171 |
| 1853 | CrowdStrike Holdings, Inc. (a) | 842318 |
| 2376 | Datadog, Inc. (a) | 332592 |
| 1189 | Dayforce, Inc. (a) | 68570 |
| 182 | Fair Isaac Corp. (a) | 261483 |
| 4060 | Gen Digital, Inc. | 119729 |
| 9772 | Hewlett Packard Enterprise Co. | 202183 |
| 2081 | Intuit, Inc. | 1633855 |
| 55284 | Microsoft Corp. | 29494014 |
| 2806 | News Corp. Class A | 82272 |
| 830 | News Corp. Class B | 27739 |
| 7138 | Salesforce, Inc. | 1843960 |
| 1371 | Synopsys, Inc. (a) | 868487 |
| 320 | Tyler Technologies, Inc. (a) | 187059 |
|  |  | 38724334 |
|  **Rail Transportation - 0.3%** |  |  |
| 13975 | CSX Corp. | 496671 |
| 4445 | Union Pacific Corp. | 986657 |
|  |  | 1483328 |
|  **Real Estate - 1.3%** |  |  |
| 1146 | Alexandria Real Estate Equities, Inc. | 87589 |
| 3482 | American Tower Corp. | 725614 |
| 1058 | AvalonBay Communities, Inc. | 197084 |
| 1083 | BXP, Inc. | 70861 |
| 795 | Camden Property Trust | 86814 |
| 2184 | CBRE Group, Inc. Class A (a) | 340136 |
| 3240 | Crown Castle, Inc. | 340492 |
| 2355 | Digital Realty Trust, Inc. | 415516 |
| 2544 | Equity Residential | 160781 |
| 479 | Essex Property Trust, Inc. | 124626 |
| 577 | Federal Realty Investment Trust | 53176 |
| 5168 | Healthpeak Properties, Inc. | 87546 |
| 4241 | Invitation Homes, Inc. | 129987 |
| 5034 | Kimco Realty Corp. | 106872 |
| 872 | Mid-America Apartment Communities, Inc. | 124199 |
| 6898 | Prologis, Inc. | 736568 |
| 1175 | Public Storage | 319530 |
| 6719 | Realty Income Corp. | 377138 |
| 1216 | Regency Centers Corp. | 86822 |
| 2282 | Simon Property Group, Inc. | 373769 |
| 2242 | UDR, Inc. | 88088 |
| 3356 | Ventas, Inc. | 225456 |
| 7862 | VICI Properties, Inc. | 256301 |
| 4621 | Welltower, Inc. | 762788 |
| 5395 | Weyerhaeuser Co. | 135145 |
|  |  | 6412898 |
|  **Rental and Leasing Services - 0.1%** | **Rental and Leasing Services - 0.1%** |  |
| 483 | United Rentals, Inc. | 426460 |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.2%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.2%** |  |
| 3358 | Apollo Global Management, Inc. | 487985 |
| 1083 | Blackrock, Inc. | 1197809 |
| 779 | Cboe Global Markets, Inc. | 187770 |
| 12706 | Charles Schwab Corp. | 1241757 |
| 2682 | CME Group, Inc. | 746347 |
| 5258 | Dow, Inc. | 122459 |
| 2306 | Franklin Resources, Inc. | 55344 |
| 2282 | Goldman Sachs Group, Inc. | 1651232 |
| 3325 | Invesco Ltd. ADR | 69858 |
| 5036 | KKR & Co., Inc. | 738177 |
| 280 | MarketAxess Holdings, Inc. | 57540 |
| 9191 | Morgan Stanley | 1309350 |
| 576 | MSCI, Inc. Class A | 323343 |

---

------

---

| |
|:---|
| **Direxion HCM Tactical Enhanced US ETF** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| 3075 | NASDAQ OMX Group, Inc. | 295876 |
| 1351 | Raymond James Financial, Inc. | 225793 |
| 2335 | S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286819 |
| 5429 | The Blackstone Group, Inc. | 939000 |
|  |  | 10936459 |
|  **Specialty Trade Contractors - 0.1%** | **Specialty Trade Contractors - 0.1%** |  |
| 1103 | Quanta Services, Inc. | 447961 |
|  **Support Activities for Agriculture and Forestry - 0.1%** | **Support Activities for Agriculture and Forestry - 0.1%** |  |
| 5069 | Corteva, Inc. | 365627 |
|  **Support Activities for Mining - 0.1%** | **Support Activities for Mining - 0.1%** |  |
| 6396 | Halliburton Co. | 143271 |
| 11159 | Schlumberger Ltd. ADR (Curaco) | 377174 |
|  |  | 520445 |
|  **Support Activities for Transportation - 0.2%** | **Support Activities for Transportation - 0.2%** |  |
| 884 | C.H. Robinson Worldwide, Inc. | 101943 |
| 897 | Expedia, Inc. | 161658 |
| 1018 | Expeditors International of Washington, Inc. | 118332 |
| 583 | J.B. Hunt Transport Services, Inc. | 83981 |
| 1676 | Norfolk Southern Corp. | 465928 |
|  |  | 931842 |
|  **Telecommunications - 1.0%** | **Telecommunications - 1.0%** |  |
| 53521 | AT&T, Inc. | 1467010 |
| 728 | Equinix, Inc. | 571604 |
| 7235 | PayPal Holdings, Inc. (a) | 497478 |
| 800 | SBA Communications Corp. | 179776 |
| 3548 | T-Mobile US, Inc. | 845879 |
| 31359 | Verizon Communications, Inc. | 1340911 |
|  |  | 4902658 |
|  **Transportation Equipment Manufacturing - 2.4%** | **Transportation Equipment Manufacturing - 2.4%** |  |
| 1619 | Aptiv PLC ADR (a) | 111128 |
| 5609 | Boeing Co. (a) | 1244300 |
| 29052 | Ford Motor Co. | 321606 |
| 1875 | General Dynamics Corp. | 584269 |
| 7152 | General Motors Co. | 381488 |
| 4781 | Honeywell International, Inc. | 1063055 |
| 1551 | Lockheed Martin Corp. | 652940 |
| 3900 | Paccar, Inc. | 385164 |
| 20843 | Tesla, Inc. (a) | 6425271 |
| 417 | TransDigm Group, Inc. | 670728 |
| 1273 | Wabtec Corp. | 244480 |
|  |  | 12084429 |
|  **Truck Transportation - 0.0%<sup>(†)</sup>** | **Truck Transportation - 0.0%<sup>(†)</sup>** |  |
| 1384 | Old Dominion Freight Line, Inc. | 206562 |
|  **Utilities - 2.3%** |  |  |
| 5296 | AES Corp. | 69642 |
| 1911 | Alliant Energy Corp. | 124234 |
| 2011 | Ameren Corp. | 203372 |
| 3973 | American Electric Power Co., Inc. | 449505 |
| 1452 | American Water Works Co., Inc. | 203629 |
| 1181 | Atmos Energy Corp. (b) | 184142 |
| 4856 | CenterPoint Energy, Inc. | 188510 |
| 2225 | CMS Energy Corp. | 164205 |
| 2682 | Consolidated Edison, Inc. | 277587 |
| 2331 | Constellation Energy Corp. | 810815 |
| 1543 | DTE Energy Co. | 213567 |
| 5782 | Duke Energy Corp. | 703323 |
| 2862 | Edison International | 149167 |
| 3315 | Entergy Corp. | 299775 |
| 1711 | Evergy, Inc. (b) | 121139 |
| 2732 | Eversource Energy | 180585 |
| 7505 | Exelon Corp. | 337275 |
| 3823 | FirstEnergy Corp. | 163280 |
| 2032 | GE Vernova, Inc. | 1341709 |
| 14382 | Kinder Morgan, Inc. | 403559 |
| 15310 | NextEra Energy, Inc. | 1087929 |
| 3502 | NiSource, Inc. | 148660 |
| 1456 | NRG Energy, Inc. | 243443 |
| 4647 | ONEOK, Inc. | 381565 |
| 16350 | PG&E Corp. | 229227 |
| 889 | Pinnacle West Capital Corp. | 80561 |
| 5500 | PPL Corp. (b) | 196295 |
| 3712 | Public Service Enterprise Group, Inc. | 333301 |
| 4852 | Sempra Energy | 396311 |
| 8171 | Southern Co. | 771996 |
| 140 | Texas Pacific Land Corp. (b) | 135538 |
| 2525 | Vistra Corp. | 526564 |
| 2374 | WEC Energy Group, Inc. | 258956 |
| 4291 | Xcel Energy, Inc. | 315131 |
|  |  | 11694497 |
|  **Waste Management and Remediation Services - 0.1%** | **Waste Management and Remediation Services - 0.1%** |  |
| 1506 | Republic Services, Inc. | 347359 |
|  **Water Transportation - 0.0%<sup>(†)</sup>** |  |  |
| 7811 | Carnival Corp. ADR (Panama) (a) | 232533 |
|  **Web Search Portals, Libraries, Archives, and Other Information Services - 0.1%** | **Web Search Portals, Libraries, Archives, and Other Information Services - 0.1%** |  |
| 3140 | CoStar Group, Inc. (a) | 298897 |
|  **Wood Product Manufacturing - 0.0%<sup>(†)</sup>** | **Wood Product Manufacturing - 0.0%<sup>(†)</sup>** |  |
| 1568 | Masco Corp. | 106828 |
|  | TOTAL COMMON STOCKS (Cost $303,346,781) | $399710417 |
|  **SHORT TERM INVESTMENTS - 21.2%** | **SHORT TERM INVESTMENTS - 21.2%** |  |
|  **Money Market Funds - 21.2%** |  |  |
| 21547395 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $21547395 |
| 85354685 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(c)</sup> | 85354685 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $106,902,080) | $106902080 |
|  | TOTAL INVESTMENTS (Cost $410,248,861) - 100.6% <sup>(e)</sup> | $506612497 |
|  | Liabilities in Excess of Other Assets - (0.6)% | (2911377) |
|  | TOTAL NET ASSETS - 100.0% | $503701120 |

---

Percentages are stated as a percent of net assets.

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

---

| | |
|:---|:---|
| <sup>(†)</sup> | Less than 0.05%.  |

---

<sup>(a)</sup> Non-income producing security.

------

---

| |
|:---|
| **Direxion HCM Tactical Enhanced US ETF** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at July 31, 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 $127,380,659. 

ADR - American Depository Receipt

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation** |
| Total return of Invesco QQQ Trust Series 1 | SOFR + 0.6500% | Goldman Sachs | 12/10/2025 | 712500 | $378225934 | $22034589 |
| Total return of Technology Select Sector SPDR Fund | SOFR + 0.6000% | Goldman Sachs | 12/10/2025 | 484000 | 110746537 | 15432795 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488972471 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37467384 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  **COMMON STOCKS - 99.9%** | **COMMON STOCKS - 99.9%** | **COMMON STOCKS - 99.9%** |
|  **Accommodation - 1.9%** | **Accommodation - 1.9%** | **Accommodation - 1.9%** |
| 89096 | Airbnb, Inc. Class A (a) | 11797201 |
| 45107 | Marriott International, Inc. Class C | 11900580 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23697781 |
|  **Administrative and Support Services - 3.1%** | **Administrative and Support Services - 3.1%** | **Administrative and Support Services - 3.1%** |
| 38320 | Automatic Data Processing, Inc. | 11860040 |
| 2212 | Booking Holdings, Inc. | 12174981 |
| 115961 | Pinduoduo, Inc. ADR (China) (a) | 13155775 |
|  |  | 37190796 |
|  **Apparel Manufacturing - 1.0%** | **Apparel Manufacturing - 1.0%** | **Apparel Manufacturing - 1.0%** |
| 53675 | Cintas Corp. | 11945371 |
|  **Beverage and Tobacco Product Manufacturing - 3.9%** | **Beverage and Tobacco Product Manufacturing - 3.9%** | **Beverage and Tobacco Product Manufacturing - 3.9%** |
| 126787 | Coca-Cola Europacific Partners ADR (United Kingdom) | 12288196 |
| 349507 | Keurig Dr Pepper, Inc. | 11411403 |
| 186029 | Monster Beverage Corp. (a) | 10929204 |
| 90930 | PepsiCo, Inc. | 12541066 |
|  |  | 47169869 |
|  **Broadcasting and Content Providers - 2.8%** | **Broadcasting and Content Providers - 2.8%** | **Broadcasting and Content Providers - 2.8%** |
| 30374 | Charter Communications, Inc. (a)(b) | 8181541 |
| 339892 | Comcast Corp. Class A | 11294611 |
| 1115630 | Warner Bros Discovery, Inc. (a) | 14692847 |
|  |  | 34168999 |
|  **Chemical Manufacturing - 7.0%** | **Chemical Manufacturing - 7.0%** | **Chemical Manufacturing - 7.0%** |
| 40563 | Amgen, Inc. | 11970141 |
| 167783 | AstraZeneca PLC ADR (United Kingdom) | 12263259 |
| 92383 | Biogen, Inc. (a) | 11825024 |
| 108172 | Gilead Sciences, Inc. | 12146634 |
| 25745 | Linde PLC ADR (Ireland) | 11849394 |
| 23025 | Regeneron Pharmaceuticals, Inc. | 12559217 |
| 26623 | Vertex Pharmaceuticals, Inc. (a) | 12163250 |
|  |  | 84776919 |
|  **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 1.9%** | **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 1.9%** | **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 1.9%** |
| 51596 | Lululemon Athletica, Inc. (a) | 10346546 |
| 91927 | Ross Stores, Inc. | 12551712 |
|  |  | 22898258 |
|  **Computer and Electronic Product Manufacturing - 19.9%** | **Computer and Electronic Product Manufacturing - 19.9%** | **Computer and Electronic Product Manufacturing - 19.9%** |
| 91520 | Advanced Micro Devices, Inc. (a) | 16135891 |
| 35215 | Alphabet, Inc. | 6757759 |
| 34987 | Alphabet, Inc. Class C | 6747593 |
| 51398 | Analog Devices, Inc. | 11545533 |
| 58388 | Apple, Inc. | 12119597 |
| 46949 | Broadcom, Inc. | 13788921 |
| 176967 | Cisco Systems, Inc. | 12047913 |
| 117541 | Fortinet, Inc. (a) | 11742346 |
| 164654 | GE HealthCare Technologies, Inc. | 11743123 |
| 313221 | GlobalFoundries, Inc. ADR (a)(b) | 11711333 |
| 556758 | Intel Corp. (a) | 11023808 |
| 129700 | Lam Research Corp. | 12300748 |
| 170165 | Microchip Technology, Inc. | 11501452 |
| 94955 | Micron Technology, Inc. | 10363389 |
| 81589 | NVIDIA Corp. | 14512235 |
| 56153 | NXP Semiconductors NV ADR (Netherlands) | 12003827 |
| 222199 | ON Semiconductor Corp. (a) | 12523136 |
| 58905 | Palto Alto Networks, Inc. (a) | 10225908 |
| 77560 | Qualcomm, Inc. | 11382706 |
| 20885 | Roper Technologies, Inc. | 11495104 |
| 59215 | Texas Instruments, Inc. | 10721468 |
|  |  | 242393790 |
|  **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 1.1%** | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 1.1%** | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 1.1%** |
| 110305 | Shopify, Inc. (Canada) (a) | 13480374 |
|  **Electrical Equipment, Appliance, and Component Manufacturing - 0.9%** | **Electrical Equipment, Appliance, and Component Manufacturing - 0.9%** | **Electrical Equipment, Appliance, and Component Manufacturing - 0.9%** |
| 15098 | Axon Enterprise, Inc. (a) | 11406388 |
|  **Food Manufacturing - 1.9%** | **Food Manufacturing - 1.9%** | **Food Manufacturing - 1.9%** |
| 171812 | Mondelez International, Inc. | 11114518 |
| 454902 | The Kraft Heinz Co. | 12491609 |
|  |  | 23606127 |
|  **Food Services and Drinking Places - 2.0%** | **Food Services and Drinking Places - 2.0%** | **Food Services and Drinking Places - 2.0%** |
| 53235 | DoorDash, Inc. (a) | 13322059 |
| 126038 | Starbucks Corp. (b) | 11237548 |
|  |  | 24559607 |
|  **General Merchandise Retailers - 2.9%** | **General Merchandise Retailers - 2.9%** | **General Merchandise Retailers - 2.9%** |
| 55970 | Amazon.com, Inc. (a) | 13103137 |
| 11974 | Costco Wholesale Corp. | 11251249 |
| 4881 | MercadoLibre, Inc. (a) | 11586957 |
|  |  | 35941343 |
|  **Machinery Manufacturing - 3.0%** | **Machinery Manufacturing - 3.0%** | **Machinery Manufacturing - 3.0%** |
| 69260 | Applied Materials, Inc. | 12470956 |
| 15512 | ASML Holding NV ADR (Netherlands) | 10776341 |
| 300935 | Baker Hughes Co. | 13557122 |
|  |  | 36804419 |
|  **Management of Companies and Enterprises - 0.9%** | **Management of Companies and Enterprises - 0.9%** | **Management of Companies and Enterprises - 0.9%** |
| 80920 | ARM Holdings PLC ADR (United Kingdom) (a)(b) | 11440065 |
|  **Merchant Wholesalers, Durable Goods - 3.0%** | **Merchant Wholesalers, Durable Goods - 3.0%** | **Merchant Wholesalers, Durable Goods - 3.0%** |
| 244662 | Copart, Inc. (a) | 11090529 |
| 286672 | Fastenal Co. | 13224179 |
| 13806 | KLA-Tencor Corp. | 12135888 |
|  |  | 36450596 |
|  **Miscellaneous Manufacturing - 1.9%** | **Miscellaneous Manufacturing - 1.9%** | **Miscellaneous Manufacturing - 1.9%** |
| 146705 | DexCom, Inc. (a) | 11849363 |
| 23041 | Intuitive Surgical, Inc. (a) | 11084795 |
|  |  | 22934158 |
|  **Motion Picture and Sound Recording Industries - 0.9%** | **Motion Picture and Sound Recording Industries - 0.9%** | **Motion Picture and Sound Recording Industries - 0.9%** |
| 9533 | Netflix, Inc. (a) | 11052560 |
|  **Motor Vehicle and Parts Dealers - 1.1%** | **Motor Vehicle and Parts Dealers - 1.1%** | **Motor Vehicle and Parts Dealers - 1.1%** |
| 130855 | O'Reilly Automotive, Inc. (a) | 12865664 |
|  **Oil and Gas Extraction - 1.0%** | **Oil and Gas Extraction - 1.0%** | **Oil and Gas Extraction - 1.0%** |
| 78848 | Diamondback Energy, Inc. | 11721544 |
|  **Performing Arts, Spectator Sports, and Related Industries - 1.0%** | **Performing Arts, Spectator Sports, and Related Industries - 1.0%** | **Performing Arts, Spectator Sports, and Related Industries - 1.0%** |
| 77954 | Electronic Arts, Inc. | 11887205 |
|  **Professional, Scientific, and Technical Services - 14.0%** | **Professional, Scientific, and Technical Services - 14.0%** | **Professional, Scientific, and Technical Services - 14.0%** |
| 36145 | AppLovin Corp. (a) | 14121852 |
| 61923 | Atlassian Corp. (a) | 11875593 |
| 68785 | CDW Corp. | 11994728 |

---

------

---

| |
|:---|
| **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| 155513 | Cognizant Technology Solutions Corp. Class A | 11159613 |
| 22403 | IDEXX Laboratories, Inc. (a) | 11970147 |
| 159658 | Marvell Technology, Inc. | 12831713 |
| 17202 | Meta Platforms, Inc. | 13304715 |
| 85480 | Palantir Technologies, Inc. (a) | 13535758 |
| 78703 | Paychex, Inc. | 11359204 |
| 49235 | Take-Two Interactive Software, Inc. (a) | 10966112 |
| 172013 | The Trade Desk, Inc. (a) | 14958250 |
| 38351 | Verisk Analytics, Inc. Class A | 10688807 |
| 49273 | Workday, Inc. (a) | 11302241 |
| 38743 | Zscaler, Inc. (a) | 11063451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171132184 |
|  **Publishing Industries - 10.6%** | **Publishing Industries - 10.6%** | **Publishing Industries - 10.6%** |
| 31136 | Adobe, Inc. (a) | 11137036 |
| 39490 | Autodesk, Inc. (a) | 11969814 |
| 39732 | Cadence Design Systems, Inc. (a) | 14485095 |
| 24643 | CrowdStrike Holdings, Inc. (a) | 11201968 |
| 92052 | Datadog, Inc. (a) | 12885439 |
| 15420 | Intuit, Inc. | 12106705 |
| 24585 | Microsoft Corp. | 13116097 |
| 31746 | MicroStrategy, Inc. Class A (a)(b) | 12757448 |
| 24941 | Synopsys, Inc. (a) | 15799375 |
| 66993 | Thomson Reuters Corp. (Canada) | 13459564 |
|  |  | 128918541 |
|  **Rail Transportation - 1.1%** | **Rail Transportation - 1.1%** | **Rail Transportation - 1.1%** |
| 366077 | CSX Corp. | 13010377 |
|  **Telecommunications - 2.0%** | **Telecommunications - 2.0%** | **Telecommunications - 2.0%** |
| 167543 | PayPal Holdings, Inc. (a) | 11520256 |
| 52980 | T-Mobile US, Inc. | 12630962 |
|  |  | 24151218 |
|  **Transportation Equipment Manufacturing - 2.9%** | **Transportation Equipment Manufacturing - 2.9%** | **Transportation Equipment Manufacturing - 2.9%** |
| 52916 | Honeywell International, Inc. | 11765873 |
| 128988 | Paccar, Inc. | 12738855 |
| 36430 | Tesla, Inc. (a) | 11230276 |
|  |  | 35735004 |
|  **Truck Transportation - 0.9%** | **Truck Transportation - 0.9%** | **Truck Transportation - 0.9%** |
| 75011 | Old Dominion Freight Line, Inc. | 11195392 |
|  **Utilities - 4.2%** | **Utilities - 4.2%** | **Utilities - 4.2%** |
| 115347 | American Electric Power Co., Inc. | 13050359 |
| 38491 | Constellation Energy Corp. | 13388709 |
| 275505 | Exelon Corp. | 12381195 |
| 176115 | Xcel Energy, Inc. | 12933886 |
|  |  | 51754149 |
|  **Web Search Portals, Libraries, Archives, and Other Information Services - 1.1%** | **Web Search Portals, Libraries, Archives, and Other Information Services - 1.1%** | **Web Search Portals, Libraries, Archives, and Other Information Services - 1.1%** |
| 147352 | CoStar Group, Inc. (a) | 14026437 |
|  | TOTAL COMMON STOCKS (Cost $1,190,400,178) | $1218315135 |
|  **SHORT TERM INVESTMENTS - 0.2%** | **SHORT TERM INVESTMENTS - 0.2%** | **SHORT TERM INVESTMENTS - 0.2%** |
|  **Money Market Funds - 0.2%** | **Money Market Funds - 0.2%** | **Money Market Funds - 0.2%** |
| 2361525 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $2361525 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $2,361,525) | $2361525 |
|  | TOTAL INVESTMENTS (Cost $1,192,761,703) - 100.1% | $1220676660 |
|  | Liabilities in Excess of Other Assets - (0.1)% | (1648195) |
|  | TOTAL NET ASSETS - 100.0% | $1219028465 |

---

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 July 31, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

ADR - American Depository Receipt

**Long Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid/(Received) at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized <br>Appreciation** |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Work From Home ETF** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  **COMMON STOCKS - 99.6%** | **COMMON STOCKS - 99.6%** | **COMMON STOCKS - 99.6%** |
|  **Administrative and Support Services - 5.6%** | **Administrative and Support Services - 5.6%** | **Administrative and Support Services - 5.6%** |
| 2498 | Cloudflare, Inc. (a) | 518785 |
| 17871 | SentinelOne, Inc. (a) | 327754 |
|  |  | 846539 |
|  **Computer and Electronic Product Manufacturing - 21.0%** | **Computer and Electronic Product Manufacturing - 21.0%** | **Computer and Electronic Product Manufacturing - 21.0%** |
| 1873 | Broadcom, Inc. | 550100 |
| 3361 | Fortinet, Inc. (a) | 335764 |
| 1429 | International Business Machines Corp. | 361751 |
| 3784 | NetApp, Inc. | 394028 |
| 3061 | NVIDIA Corp. | 544460 |
| 1949 | Palto Alto Networks, Inc. (a) | 338347 |
| 140781 | SEALSQ Corp. ADR (Switzerland) (a)(b) | 435013 |
| 58088 | Xerox Corp. | 235256 |
|  |  | 3194719 |
|  **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 2.1%** | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 2.1%** | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 2.1%** |
| 12835 | RingCentral, Inc. (a) | 327164 |
|  **Food Services and Drinking Places - 2.4%** | **Food Services and Drinking Places - 2.4%** | **Food Services and Drinking Places - 2.4%** |
| 7250 | JOYY, Inc. ADR | 363951 |
|  **General Merchandise Retailers - 2.6%** | **General Merchandise Retailers - 2.6%** | **General Merchandise Retailers - 2.6%** |
| 1723 | Amazon.com, Inc. (a) | 403372 |
|  **Merchant Wholesalers, Durable Goods - 2.6%** | **Merchant Wholesalers, Durable Goods - 2.6%** | **Merchant Wholesalers, Durable Goods - 2.6%** |
| 2701 | TD SYNNEX Corp. | 389997 |
|  **Professional, Scientific, and Technical Services - 32.6%** | **Professional, Scientific, and Technical Services - 32.6%** | **Professional, Scientific, and Technical Services - 32.6%** |
| 1297 | Atlassian Corp. (a) | 248739 |
| 8643 | DigitalOcean Holdings, Inc. (a) | 240794 |
| 47299 | Hello Group, Inc. ADR | 389271 |
| 3982 | Marvell Technology, Inc. | 320033 |
| 547 | Meta Platforms, Inc. | 423072 |
| 1281 | Monday.com Ltd. ADR (Israel) (a) | 335993 |
| 16429 | NetScout Systems, Inc. (a) | 351909 |
| 2220 | Oracle Corp. | 563369 |
| 9051 | Pegasystems, Inc. | 531384 |
| 391 | ServiceNow, Inc. (a) | 368760 |
| 1383 | Workday, Inc. (a) | 317233 |
| 4750 | Zoom Video Communications, Inc. (a) | 351737 |
| 1826 | Zscaler, Inc. (a) | 521433 |
|  |  | 4963727 |
|  **Publishing Industries - 26.0%** | **Publishing Industries - 26.0%** | **Publishing Industries - 26.0%** |
| 794 | Adobe, Inc. (a) | 284006 |
| 64683 | Agora, Inc. ADR (a) | 249029 |
| 11082 | Box, Inc. (a) | 355732 |
| 982 | CrowdStrike Holdings, Inc. (a) | 446388 |
| 991 | CyberArk Software Ltd. ADR (Israel) (a) | 407767 |
| 4359 | DocuSign, Inc. (a) | 329715 |
| 514 | HubSpot, Inc. (a) | 267100 |
| 895 | Microsoft Corp. | 477482 |
| 3086 | Okta, Inc. (a) | 301811 |
| 35370 | SoundHound AI, Inc. (a)(b) | 365372 |
| 8566 | Varonis Systems, Inc. (a) | 478240 |
|  |  | 3962642 |
|  **Telecommunications - 4.7%** | **Telecommunications - 4.7%** | **Telecommunications - 4.7%** |
| 137544 | Altice USA, Inc. (a)(b) | 357614 |
| 8380 | Verizon Communications, Inc. | 358329 |
|  |  | 715943 |
|  | TOTAL COMMON STOCKS (Cost $16,352,036) | 15168054 |
|  **SHORT TERM INVESTMENTS - 8.0%** | **SHORT TERM INVESTMENTS - 8.0%** | **SHORT TERM INVESTMENTS - 8.0%** |
|  **Money Market Funds - 8.0%** | **Money Market Funds - 8.0%** | **Money Market Funds - 8.0%** |
| 1213201 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | 1213201 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $1,213,201) | 1213201 |
|  | TOTAL INVESTMENTS (Cost $17,565,237) - 107.6% | 16381255 |
|  | Liabilities in Excess of Other Assets - (7.6)% | (1155249) |
|  | TOTAL NET ASSETS - 100.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15226006 |

---

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 July 31, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

ADR - American Depository Receipt

**Long Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid/(Received) at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized <br>Appreciation** |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily AAPL Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 81.4%** | **SHORT TERM INVESTMENTS - 81.4%** |  |  |
|  **Money Market Funds - 81.4%** |  |  |  |
| 21809621 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 21809621 |
| 885661 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 885661 |
| 2260000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 2260000 |
| 4069985 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 4069985 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $29,025,267) <sup>(b)</sup> | $— | 29025267 |
|  | TOTAL INVESTMENTS (Cost $29,025,267) - 81.4% | $— | 29025267 |
|  | Other Assets in Excess of Liabilities - 18.6% |  | 6648563 |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35673830 |

---

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 July 31, 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 $10,722,155. 

**Short Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  SOFR + (0.7500)% | Total return of common shares of Apple, Inc. | BNP Paribas | 12/5/2025 | 64164 | $13803492 | $577094 |
|  SOFR + 1.0300% | Total return of common shares of Apple, Inc. | Goldman Sachs | 12/10/2025 | 14155 | 3030572 | 109510 |
|  SOFR + (1.5000)% | Total return of common shares of Apple, Inc. | Bank of America Merrill Lynch | 12/11/2025 | 26741 | 6262989 | 781514 |
|  SOFR + (2.0000)% | Total return of common shares of Apple, Inc. | Citibank N.A. | 12/19/2025 | 31882 | 7269946 | 715002 |
|  SOFR + 2.1500% | Total return of common shares of Apple, Inc. | Barclays | 12/22/2025 | 34922 | 8046708 | 990880 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38413707 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3174000 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily AMD Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 110.8%** | **SHORT TERM INVESTMENTS - 110.8%** |  |  |
|  **Money Market Funds - 110.8%** |  |  |  |
| 5432326 | Dreyfus Government Cash Management Institutional Shares, 4.20% (a) | $— | 5432326 |
| 574572 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% (a) |  | 574572 |
| 1040000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% (a) |  | 1040000 |
| 2707547 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% (a) |  | 2707547 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $9,754,445) (b) | $— | 9754445 |
|  | TOTAL INVESTMENTS (Cost $9,754,445) - 110.8% | $— | 9754445 |
|  | Liabilities in Excess of Other Assets - (10.8)% |  | (950418) |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8804027 |

---

Percentages are stated as a percent of net assets.

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

(a) Represents annualized seven-day yield at July 31, 2025.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $4,322,119.

**Short Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  SOFR + 1.4000% | Total return of common shares of Advanced Micro Devices, Inc. | Goldman Sachs | 12/10/2025 | 4729 | $549321 | $(280416) |
|  SOFR + (1.5000)% | Total return of common shares of Advanced Micro Devices, Inc. | Bank of America Merrill Lynch | 12/11/2025 | 29128 | 4934455 | (198290) |
|  SOFR + (2.0000)% | Total return of common shares of Advanced Micro Devices, Inc. | Citibank N.A. | 12/19/2025 | 4823 | 772637 | (77017) |
|  SOFR + 2.1500% | Total return of common shares of Advanced Micro Devices, Inc. | Barclays | 12/22/2025 | 11254 | 1568468 | (407146) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7824881 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(962869) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily AMZN Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 65.4%** | **SHORT TERM INVESTMENTS - 65.4%** |  |  |
|  **Money Market Funds - 65.4%** |  |  |  |
| 4207123 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 4207123 |
| 723038 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 723038 |
| 1956518 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 1956518 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $6,886,679) <sup>(b)</sup> | $— | 6886679 |
|  | TOTAL INVESTMENTS (Cost $6,886,679) - 65.4% | $— | 6886679 |
|  | Other Assets in Excess of Liabilities - 34.6% |  | 3649052 |
|  | TOTAL NET ASSETS - 100.0% | $— | 10535731 |

---

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 July 31, 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 $2,679,556. 

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  SOFR + 1.0300% | Total return of common shares of Amazon.com, Inc. | Goldman Sachs | 12/10/2025 | 7913 | $1496883 | $(335934) |
|  SOFR + (1.5000)% | Total return of common shares of Amazon.com, Inc. | Bank of America Merrill Lynch | 12/11/2025 | 30912 | 7177887 | (36895) |
|  SOFR + (2.0000)% | Total return of common shares of Amazon.com, Inc. | Citibank N.A. | 12/19/2025 | 6179 | 1333512 | (103145) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10008282 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(475974) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily AVGO Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 106.9%** | **SHORT TERM INVESTMENTS - 106.9%** |  |  |
|  **Money Market Funds - 106.9%** |  |  |  |
| 5616527 | Dreyfus Government Cash Management Institutional Shares, 4.20% (a) | $— | 5616527 |
| 2286675 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% (a) |  | 2286675 |
| 420000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% (a) |  | 420000 |
| 1779118 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% (a) |  | 1779118 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $10,102,320) (b) | $— | 10102320 |
|  | TOTAL INVESTMENTS (Cost $10,102,320) - 106.9% | $— | 10102320 |
|  | Liabilities in Excess of Other Assets - (6.9)% |  | (654536) |
|  | TOTAL NET ASSETS - 100.0% | $— | 9447784 |

---

Percentages are stated as a percent of net assets.

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

(a) Represents annualized seven-day yield at July 31, 2025.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $4,485,792.

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  SOFR + 1.6500% | Total return of common shares of Broadcom Inc. | Goldman Sachs | 12/10/2025 | 20019 | $5715593 | $(154000) |
|  SOFR + (1.5000)% | Total return of common shares of Broadcom Inc. | Bank of America Merrill Lynch | 12/11/2025 | 5322 | 974970 | (582913) |
|  SOFR + (2.0000)% | Total return of common shares of Broadcom Inc. | Citibank N.A. | 12/19/2025 | 2912 | 541494 | (312176) |
|  SOFR + 2.1500% | Total return of common shares of Broadcom Inc. | Barclays | 12/22/2025 | 3915 | 888609 | (237336) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8120666 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1286425) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily BA Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 112.3%** | **SHORT TERM INVESTMENTS - 112.3%** |  |  |
|  **Money Market Funds - 112.3%** |  |  |  |
| 1817812 | Dreyfus Government Cash Management Institutional Shares, 4.20% (a) | $— | 1817812 |
| 722402 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% (a) |  | 722402 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $2,540,214) (b) | $— | 2540214 |
|  | TOTAL INVESTMENTS (Cost $2,540,214) - 112.3% | $— | 2540214 |
|  | Liabilities in Excess of Other Assets - (12.3)% |  | (277752) |
|  | TOTAL NET ASSETS - 100.0% | $— | 2262462 |

---

Percentages are stated as a percent of net assets.

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

(a) Represents annualized seven-day yield at July 31, 2025.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $722,402.

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  SOFR + 1.4000% | Total return of common shares of Boeing Co. | Goldman Sachs | 12/10/2025 | 481 | $101667 | $(4423) |
|  SOFR + (1.5000)% | Total return of common shares of Boeing Co. | Bank of America Merrill Lynch | 12/11/2025 | 1944 | 325297 | (103637) |
|  SOFR + (2.0000)% | Total return of common shares of Boeing Co. | Citibank N.A. | 12/19/2025 | 5360 | 1143665 | (42352) |
|  SOFR + 2.1500% | Total return of common shares of Boeing Co. | Barclays | 12/22/2025 | 2414 | 396826 | (131851) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282263) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily BRKB Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 97.4%** | **SHORT TERM INVESTMENTS - 97.4%** |  |  |
|  **Money Market Funds - 97.4%** |  |  |  |
| 2020446 | Dreyfus Government Cash Management Institutional Shares, 4.20% (a) | $— | 2020446 |
| 266040 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% (a) |  | 266040 |
| 687730 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% (a) |  | 687730 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $2,974,216) (b) | $— | 2974216 |
|  | TOTAL INVESTMENTS (Cost $2,974,216) - 97.4% | $— | 2974216 |
|  | Other Assets in Excess of Liabilities - 2.6% |  | 80204 |
|  | TOTAL NET ASSETS - 100.0% | $— | 3054420 |

---

Percentages are stated as a percent of net assets.

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

(a) Represents annualized seven-day yield at July 31, 2025.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $953,770.

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  SOFR + 1.1500% | Total return of common shares of Berkshire Hathaway, Inc. Class B | Goldman Sachs | 12/10/2025 | 1798 | $879543 | $39592 |
|  SOFR + (1.5000)% | Total return of common shares of Berkshire Hathaway, Inc. Class B | Bank of America Merrill Lynch | 12/11/2025 | 1134 | 552325 | 23392 |
|  SOFR + (2.0000)% | Total return of common shares of Berkshire Hathaway, Inc. Class B | Citibank N.A. | 12/19/2025 | 2625 | 1331609 | 103592 |
|  SOFR + 2.1500% | Total return of common shares of Berkshire Hathaway, Inc. Class B | Barclays | 12/22/2025 | 916 | 447108 | 25453 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210585 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192029 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily CSCO Bear 1X ETF** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 100.0%** | **SHORT TERM INVESTMENTS - 100.0%** |  |  |
|  **Money Market Funds - 100.0%** |  |  |  |
| 1798128 | Dreyfus Government Cash Management Institutional Shares, 4.20% (a) | $— | 1798128 |
| 290000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% (a) |  | 290000 |
| 403944 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% (a) |  | 403944 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $2,492,072) (b) | $— | 2492072 |
|  | TOTAL INVESTMENTS (Cost $2,492,072) - 100.0% | $— | 2492072 |
|  | Other Assets in Excess of Liabilities - 0.0% (†) |  | 703 |
|  | TOTAL NET ASSETS - 100.0% | $— | 2492775 |

---

Percentages are stated as a percent of net assets.

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

(†) Less than 0.05%.

(a) Represents annualized seven-day yield at July 31, 2025.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $693,944.

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  SOFR + 0.0000% | Total return of common shares of Cisco Systems, Inc. | Goldman Sachs | 12/10/2025 | 12595 | $856927 | $(1122) |
|  SOFR + 0.1000% | Total return of common shares of Cisco Systems, Inc. | Bank of America Merrill Lynch | 12/11/2025 | 6020 | 409316 | (1056) |
|  SOFR + (2.0000)% | Total return of common shares of Cisco Systems, Inc. | Citibank N.A. | 12/19/2025 | 9000 | 611009 | (3926) |
|  SOFR + 1.5000% | Total return of common shares of Cisco Systems, Inc. | Barclays | 12/22/2025 | 9000 | 611010 | (1729) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7833) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily F Bear 1X ETF** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 98.8%** | **SHORT TERM INVESTMENTS - 98.8%** |  |  |
|  **Money Market Funds - 98.8%** |  |  |  |
| 1751048 | Dreyfus Government Cash Management Institutional Shares, 4.20% (a) | $— | 1751048 |
| 280000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% (a) |  | 280000 |
| 465365 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% (a) |  | 465365 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $2,496,413) (b) | $— | 2496413 |
|  | TOTAL INVESTMENTS (Cost $2,496,413) - 98.8% | $— | 2496413 |
|  | Other Assets in Excess of Liabilities - 1.2% |  | 30121 |
|  | TOTAL NET ASSETS - 100.0% | $— | 2526534 |

---

Percentages are stated as a percent of net assets.

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

(a) Represents annualized seven-day yield at July 31, 2025.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $745,365.

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination<br>Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  SOFR + 0.0000% | Total return of common shares of Ford Motor Co. | Goldman Sachs | 12/10/2025 | 63234 | $707531 | $8156 |
|  SOFR + 0.0000% | Total return of common shares of Ford Motor Co. | Bank of America Merrill Lynch | 12/11/2025 | 55000 | 615450 | 7263 |
|  SOFR + (2.0000)% | Total return of common shares of Ford Motor Co. | Citibank N.A. | 12/19/2025 | 55000 | 615450 | 6955 |
|  SOFR + 1.5000% | Total return of common shares of Ford Motor Co. | Barclays | 12/22/2025 | 55000 | 615450 | 7494 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553881 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29868 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily GOOGL Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 99.9%** | **SHORT TERM INVESTMENTS - 99.9%** |  |  |
|  **Money Market Funds - 99.9%** |  |  |  |
| 2887055 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 2887055 |
| 1379559 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 1379559 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $4,266,614) <sup>(b)</sup> | $— | 4266614 |
|  | TOTAL INVESTMENTS (Cost $4,266,614) - 99.9% | $— | 4266614 |
|  | Other Assets in Excess of Liabilities - 0.1% |  | 6352 |
|  | TOTAL NET ASSETS - 100.0% | $— | 4272966 |

---

Percentages are stated as a percent of net assets.

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

(a) Represents annualized seven-day yield at July 31, 2025.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,379,559.

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized Appreciation<br>(Depreciation)** |
|  SOFR + (1.5000)% | Total return of common shares of Alphabet, Inc. | Bank of America Merrill Lynch | 12/11/2025 | 6078 | $1104705 | $(60074) |
|  SOFR + (2.0000)% | Total return of common shares of Alphabet, Inc. | Citibank N.A. | 12/19/2025 | 16189 | 3237742 | 152745 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4342447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92671 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily LLY Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 90.0%** | **SHORT TERM INVESTMENTS - 90.0%** |  |  |
|  **Money Market Funds - 90.0%** |  |  |  |
| 1568519 | Dreyfus Government Cash Management Institutional Shares, 4.20% (a) | $— | 1568519 |
| 312910 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% (a) |  | 312910 |
| 545938 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% (a) |  | 545938 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $2,427,367) (b) | $— | 2427367 |
|  | TOTAL INVESTMENTS (Cost $2,427,367) - 90.0% | $— | 2427367 |
|  | Other Assets in Excess of Liabilities - 10.0% |  | 270483 |
|  | TOTAL NET ASSETS - 100.0% | $— | 2697850 |

---

Percentages are stated as a percent of net assets.

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

(a) Represents annualized seven-day yield at July 31, 2025.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of
securities segregated amounted to $858,848.

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  SOFR + 1.4000% | Total return of common shares of Eli Lilly & Co. | Goldman Sachs | 12/10/2025 | 1118 | $904052 | $84669 |
|  SOFR + (1.5000)% | Total return of common shares of Eli Lilly & Co. | Bank of America Merrill Lynch | 12/11/2025 | 1426 | 1131362 | 83184 |
|  SOFR + (2.0000)% | Total return of common shares of Eli Lilly & Co. | Citibank N.A. | 12/19/2025 | 552 | 472404 | 66821 |
|  SOFR + 2.1500% | Total return of common shares of Eli Lilly & Co. | Barclays | 12/22/2025 | 549 | 467940 | 71109 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975758 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305783 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily META Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 44.5%** | **SHORT TERM INVESTMENTS - 44.5%** |  |  |
|  **Money Market Funds - 44.5%** |  |  |  |
| 4699138 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 4699138 |
| 969906 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 969906 |
| 580000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 580000 |
| 1455779 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 1455779 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $7,704,823) <sup>(b)</sup> | $— | 7704823 |
|  | TOTAL INVESTMENTS (Cost $7,704,823) - 44.5% | $— | 7704823 |
|  | Other Assets in Excess of Liabilities - 55.5% |  | 9613293 |
|  | TOTAL NET ASSETS - 100.0% | $— | 17318116 |

---

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 July 31, 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 $3,005,685. 

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  SOFR + 1.6500% | Total return of common shares of Meta Platforms Corporation | Goldman Sachs | 12/10/2025 | 4040 | $2870302 | $(243696) |
|  SOFR + (1.5000)% | Total return of common shares of Meta Platforms Corporation | Bank of America Merrill Lynch | 12/11/2025 | 2382 | 1443066 | (388796) |
|  SOFR + (2.0000)% | Total return of common shares of Meta Platforms Corporation | Citibank N.A. | 12/19/2025 | 2560 | 1734541 | (233750) |
|  SOFR + 2.1500% | Total return of common shares of Meta Platforms Corporation | Barclays | 12/22/2025 | 13409 | 10295385 | (40392) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16343294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(906634) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily MSFT Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 67.7%** | **SHORT TERM INVESTMENTS - 67.7%** |  |  |
|  **Money Market Funds - 67.7%** |  |  |  |
| 7426441 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 7426441 |
| 813173 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 813173 |
| 3692160 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 3692160 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $11,931,774) <sup>(b)</sup> | $— | 11931774 |
|  | TOTAL INVESTMENTS (Cost $11,931,774) - 67.7% | $— | 11931774 |
|  | Other Assets in Excess of Liabilities - 32.3% |  | 5695828 |
|  | TOTAL NET ASSETS - 100.0% | $— | 17627602 |

---

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 July 31, 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 $4,505,332. 

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  SOFR + 1.0300% | Total return of common shares of Microsoft Corp. | Goldman Sachs | 12/10/2025 | 4901 | $2175115 | $(419136) |
|  SOFR + (1.5000)% | Total return of common shares of Microsoft Corp. | Bank of America Merrill Lynch | 12/11/2025 | 6621 | 2687496 | (824492) |
|  SOFR + (2.0000)% | Total return of common shares of Microsoft Corp. | Citibank N.A. | 12/19/2025 | 21519 | 11012962 | (456066) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15875573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1699694) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily MU Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 97.3%** | **SHORT TERM INVESTMENTS - 97.3%** |  |  |
|  **Money Market Funds - 97.3%** |  |  |  |
| 1511319 | Dreyfus Government Cash Management Institutional Shares, 4.20% (a) | $— | 1511319 |
| 267740 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% (a) |  | 267740 |
| 270000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% (a) |  | 270000 |
| 512440 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% (a) |  | 512440 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $2,561,499) (b) | $— | 2561499 |
|  | TOTAL INVESTMENTS (Cost $2,561,499) - 97.3% | $— | 2561499 |
|  | Other Assets in Excess of Liabilities - 2.7% |  | 70617 |
|  | TOTAL NET ASSETS - 100.0% | $— | 2632116 |

---

Percentages are stated as a percent of net assets.

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

(a) Represents annualized seven-day yield at July 31, 2025.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of
securities segregated amounted to $1,050,180.

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation<br>(Depreciation)** |
|  SOFR + 1.9000% | Total return of common shares of Micron Technology, Inc. | Goldman Sachs | 12/10/2025 | 5570 | $612417 | $16602 |
|  SOFR + 0.4500% | Total return of common shares of Micron Technology, Inc. | Nomura | 12/10/2025 | 3585 | 405964 | 15458 |
|  SOFR + (1.5000)% | Total return of common shares of Micron Technology, Inc. | Bank of America Merrill Lynch | 12/11/2025 | 5706 | 671677 | 50338 |
|  SOFR + (2.0000)% | Total return of common shares of Micron Technology, Inc. | Citibank N.A. | 12/19/2025 | 7265 | 883712 | 91732 |
|  SOFR + 2.1500% | Total return of common shares of Micron Technology, Inc. | Barclays | 12/22/2025 | 1991 | 207340 | (4377) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169753 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily NFLX Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 111.9%** | **SHORT TERM INVESTMENTS - 111.9%** |  |  |
|  **Money Market Funds - 111.9%** |  |  |  |
| 8361008 | Dreyfus Government Cash Management Institutional Shares, 4.20% (a) | $— | 8361008 |
| 1740022 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% (a) |  | 1740022 |
| 1510000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% (a) |  | 1510000 |
| 2554154 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% (a) |  | 2554154 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $14,165,184) (b) | $— | 14165184 |
|  | TOTAL INVESTMENTS (Cost $14,165,184) - 111.9% | $— | 14165184 |
|  | Liabilities in Excess of Other Assets - (11.9)% |  | (1509082) |
|  | TOTAL NET ASSETS - 100.0% | $— | 12656102 |

---

Percentages are stated as a percent of net assets.

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

(a) Represents annualized seven-day yield at July 31, 2025.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of
securities segregated amounted to $5,804,176.

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation<br>(Depreciation)** |
|  SOFR + 1.6500% | Total return of common shares of Netflix, Inc. | Goldman Sachs | 12/10/2025 | 2754 | $3296740 | $132778 |
|  SOFR + (1.5000)% | Total return of common shares of Netflix, Inc. | Bank of America Merrill Lynch | 12/11/2025 | 2286 | 2991928 | 348579 |
|  SOFR + (2.0000)% | Total return of common shares of Netflix, Inc. | Citibank N.A. | 12/19/2025 | 2561 | 2580979 | (369796) |
|  SOFR + 2.1500% | Total return of common shares of Netflix, Inc. | Barclays | 12/22/2025 | 3315 | 3814511 | 21116 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12684158 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132677 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily NVDA Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 106.3%** | **SHORT TERM INVESTMENTS - 106.3%** |  |  |
|  **Money Market Funds - 106.3%** |  |  |  |
| 18664707 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 18664707 |
| 3259421 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 3259421 |
| 5290000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 5290000 |
| 3269692 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 3269692 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $30,483,820) <sup>(b)</sup> | $— | 30483820 |
|  | TOTAL INVESTMENTS (Cost $30,483,820) - 106.3% | $— | 30483820 |
|  | Liabilities in Excess of Other Assets - (6.3)% |  | (1815141) |
|  | TOTAL NET ASSETS - 100.0% | $— | 28668679 |

---

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 July 31, 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 $12,807,879. 

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be**<br> **Received/(Paid) at Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  SOFR + (0.7500)% | Total return of common shares of NVIDIA Corp. | BNP Paribas | 12/5/2025 | 8728 | $1282865 | $(242383) |
|  SOFR + 1.6500% | Total return of common shares of NVIDIA Corp. | Goldman Sachs | 12/10/2025 | 32444 | 4331642 | (1312119) |
|  SOFR + 1.0000% | Total return of common shares of NVIDIA Corp. | Bank of America Merrill Lynch | 12/11/2025 | 21291 | 3448172 | (329523) |
|  SOFR + (2.0000)% | Total return of common shares of NVIDIA Corp. | Citibank N.A. | 12/19/2025 | 40678 | 7129384 | (104353) |
|  SOFR + 2.1500% | Total return of common shares of NVIDIA Corp. | Barclays | 12/22/2025 | 58040 | 8418886 | (1774376) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24610949 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3762754) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily PANW Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 91.5%** | **SHORT TERM INVESTMENTS - 91.5%** |  |  |
|  **Money Market Funds - 91.5%** |  |  |  |
| 1859598 | Dreyfus Government Cash Management Institutional Shares, 4.20% (a) | $— | 1859598 |
| 352523 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% (a) |  | 352523 |
| 240000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% (a) |  | 240000 |
| 519083 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% (a) |  | 519083 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $2,971,204) (b) | $— | 2971204 |
|  | TOTAL INVESTMENTS (Cost $2,971,204) - 91.5% | $— | 2971204 |
|  | Other Assets in Excess of Liabilities - 8.5% |  | 275354 |
|  | TOTAL NET ASSETS - 100.0% | $— | 3246558 |

---

Percentages are stated as a percent of net assets.

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

(a) Represents annualized seven-day yield at July 31, 2025.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of
securities segregated amounted to $1,111,606.

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  SOFR + 1.4000% | Total return of common shares of Palo Alto Networks, Inc. | Goldman Sachs | 12/10/2025 | 6938 | $1323777 | $124839 |
|  SOFR + (1.5000)% | Total return of common shares of Palo Alto Networks, Inc. | Bank of America Merrill Lynch | 12/11/2025 | 4275 | 782412 | 44792 |
|  SOFR + (2.0000)% | Total return of common shares of Palo Alto Networks, Inc. | Citibank N.A. | 12/19/2025 | 4500 | 899174 | 118949 |
|  SOFR + 1.8600% | Total return of common shares of Palo Alto Networks, Inc. | Barclays | 12/22/2025 | 2988 | 567571 | 61016 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3572934 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349596 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily PLTR Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 110.5%** | **SHORT TERM INVESTMENTS - 110.5%** |  |  |
|  **Money Market Funds - 110.5%** |  |  |  |
| 36843736 | Dreyfus Government Cash Management Institutional Shares, 4.20% (a) | $— | 36843736 |
| 13565579 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% (a) |  | 13565579 |
| 14810000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% (a) |  | 14810000 |
| 2280907 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% (a) |  | 2280907 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $67,500,222) (b) | $— | 67500222 |
|  | TOTAL INVESTMENTS (Cost $67,500,222) - 110.5% | $— | 67500222 |
|  | Liabilities in Excess of Other Assets - (10.5)% |  | (6389292) |
|  | TOTAL NET ASSETS - 100.0% | $— | 61110930 |

---

Percentages are stated as a percent of net assets.

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

(a) Represents annualized seven-day yield at July 31, 2025.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of
securities segregated amounted to $30,656,486.

**Short Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  SOFR + 1.6500% | Total return of common shares of Palantir Technologies, Inc. | Goldman Sachs | 12/10/2025 | 160999 | $21361207 | $(3954879) |
|  SOFR + (1.5000)% | Total return of common shares of Palantir Technologies, Inc. | Bank of America Merrill Lynch | 12/11/2025 | 7015 | 616198 | (487075) |
|  SOFR + (2.0000)% | Total return of common shares of Palantir Technologies, Inc. | Citibank N.A. | 12/19/2025 | 18660 | 2647864 | (300669) |
|  SOFR + 2.1500% | Total return of common shares of Palantir Technologies, Inc. | Barclays | 12/22/2025 | 199249 | 26835950 | (4474640) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51461219 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9217263) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily QCOM Bear 1X ETF** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 93.9%** | **SHORT TERM INVESTMENTS - 93.9%** |  |  |
|  **Money Market Funds - 93.9%** |  |  |  |
| 2076921 | Dreyfus Government Cash Management Institutional Shares, 4.20% (a) | $— | 2076921 |
| 408084 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% (a) |  | 408084 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $2,485,005) (b) | $— | 2485005 |
|  | TOTAL INVESTMENTS (Cost $2,485,005) - 93.9% | $— | 2485005 |
|  | Other Assets in Excess of Liabilities - 6.1% |  | 161021 |
|  | TOTAL NET ASSETS - 100.0% | $— | 2646026 |

---

Percentages are stated as a percent of net assets.

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

(a) Represents annualized seven-day yield at July 31, 2025.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value
of securities segregated amounted to $408,084.

**Short Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  SOFR + 0.0000% | Total return of common shares of Qualcomm Inc. | Goldman Sachs | 12/10/2025 | 5242 | $798203 | $29878 |
|  SOFR + 0.1000% | Total return of common shares of Qualcomm Inc. | Bank of America Merrill Lynch | 12/11/2025 | 4000 | 622840 | 38646 |
|  SOFR + (2.0000)% | Total return of common shares of Qualcomm Inc. | Citibank N.A. | 12/19/2025 | 4404 | 686569 | 41816 |
|  SOFR + 1.5000% | Total return of common shares of Qualcomm Inc. | Barclays | 12/22/2025 | 4384 | 681699 | 42074 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152414 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily TSLA Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 92.1%** | **SHORT TERM INVESTMENTS - 92.1%** |  |  |
|  **Money Market Funds - 92.1%** |  |  |  |
| 53712212 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 53712212 |
| 514024 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 514024 |
| 10250000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 10250000 |
| 12080838 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 12080838 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $76,557,074) <sup>(b)</sup> | $— | 76557074 |
|  | TOTAL INVESTMENTS (Cost $76,557,074) - 92.1% | $— | 76557074 |
|  | Other Assets in Excess of Liabilities - 7.9% |  | 6545964 |
|  | TOTAL NET ASSETS - 100.0% | $— | 83103038 |

---

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 July 31, 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 $28,699,328. 

**Short Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  SOFR + (0.5000)% | Total return of common shares of Tesla, Inc. | BNP Paribas | 12/5/2025 | 36667 | $12600816 | $1563039 |
|  SOFR + 2.6500% | Total return of common shares of Tesla, Inc. | Goldman Sachs | 12/10/2025 | 31929 | 9980546 | 158263 |
|  SOFR + 1.0000% | Total return of common shares of Tesla, Inc. | Bank of America Merrill Lynch | 12/11/2025 | 86856 | 27857582 | 1205603 |
|  SOFR + (2.0000)% | Total return of common shares of Tesla, Inc. | Citibank N.A. | 12/19/2025 | 7124 | 3135486 | 985160 |
|  SOFR + 2.6500% | Total return of common shares of Tesla, Inc. | Barclays | 12/22/2025 | 107002 | 35545046 | 2855591 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89119476 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6767656 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily TSM Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 112.2%** | **SHORT TERM INVESTMENTS - 112.2%** |  |  |
|  **Money Market Funds - 112.2%** |  |  |  |
| 2513378 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 2513378 |
| 268196 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 268196 |
| 791196 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 791196 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $3,572,770) <sup>(b)</sup> | $— | 3572770 |
|  | TOTAL INVESTMENTS (Cost $3,572,770) - 112.2% | $— | 3572770 |
|  | Liabilities in Excess of Other Assets - (12.2)% |  | (389354) |
|  | TOTAL NET ASSETS - 100.0% | $— | 3183416 |

---

Percentages are stated as a percent of net assets.

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

(a) Represents annualized seven-day yield at July 31, 2025.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of
securities segregated amounted to $1,465,767.

**Short Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  SOFR + (0.7500)% | Total return of common shares of Taiwan Semiconductor<br>Manufacturing Co. Ltd. | BNP Paribas | 12/5/2025 | 2500 | $494855 | $(102391) |
|  SOFR + 1.9000% | Total return of common shares of Taiwan Semiconductor<br>Manufacturing Co. Ltd. | Goldman Sachs | 12/10/2025 | 4153 | 994365 | (6880) |
|  SOFR + (1.5000)% | Total return of common shares of Taiwan Semiconductor<br>Manufacturing Co. Ltd. | Bank of America Merrill Lynch | 12/11/2025 | 3372 | 676784 | (132997) |
|  SOFR + (2.0000)% | Total return of common shares of Taiwan Semiconductor<br>Manufacturing Co. Ltd. | Citibank N.A. | 12/19/2025 | 3150 | 603443 | (155414) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(397682) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily XOM Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 102.0%** | **SHORT TERM INVESTMENTS - 102.0%** |  |  |
|  **Money Market Funds - 102.0%** |  |  |  |
| 1672006 | Dreyfus Government Cash Management Institutional Shares, 4.20% (a) | $— | 1672006 |
| 271200 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% (a) |  | 271200 |
| 510382 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% (a) |  | 510382 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $2,453,588) (b) | $— | 2453588 |
|  | TOTAL INVESTMENTS (Cost $2,453,588) - 102.0% | $— | 2453588 |
|  | Liabilities in Excess of Other Assets - (2.0)% |  | (47285) |
|  | TOTAL NET ASSETS - 100.0% | $— | 2406303 |

---

Percentages are stated as a percent of net assets.

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

(a) Represents annualized seven-day yield at July 31, 2025.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of
securities segregated amounted to $781,582.

**Short Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  SOFR + 1.4000% | Total return of common shares of Exxon Mobil Corp. | Goldman Sachs | 12/10/2025 | 3560 | $396154 | $174 |
|  SOFR + (1.5000)% | Total return of common shares of Exxon Mobil Corp. | Bank of America Merrill Lynch | 12/11/2025 | 4839 | 524064 | (16847) |
|  SOFR + (2.0000)% | Total return of common shares of Exxon Mobil Corp. | Citibank N.A. | 12/19/2025 | 7163 | 781164 | (19817) |
|  SOFR + 2.1500% | Total return of common shares of Exxon Mobil Corp. | Barclays | 12/22/2025 | 5992 | 648934 | (14633) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350316 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51123) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 110.8%** | **SHORT TERM INVESTMENTS - 110.8%** |  |  |
|  **Money Market Funds - 110.8%** |  |  |  |
| 97234424 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 97234424 |
| 31447652 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 31447652 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $128,682,076) <sup>(b)</sup> | $— | 128682076 |
|  | TOTAL INVESTMENTS (Cost $128,682,076) - 110.8% | $— | 128682076 |
|  | Liabilities in Excess of Other Assets - (10.8)% |  | (12587263) |
|  | TOTAL NET ASSETS - 100.0% | $— | 116094813 |

---

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 July 31, 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 $32,272,711. 

**Short Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  SOFR + 0.2500%<br> Total return of S&P 500<sup>®</sup> Index | UBS Securities LLC | 12/17/2025 | 733 | $4435097 | $(114915) |
|  SOFR + 0.4800%<br> Total return of S&P 500<sup>®</sup> Index | Barclays | 12/22/2025 | 17580 | 103747137 | (6834748) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108182234 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6949663) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Crypto Industry Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 116.3%** | **SHORT TERM INVESTMENTS - 116.3%** |  |  |
|  **Money Market Funds - 116.3%** |  |  |  |
| 1666422 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 1666422 |
| 210000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 210000 |
| 322178 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 322178 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $2,198,600) <sup>(b)</sup> | $— | 2198600 |
|  | TOTAL INVESTMENTS (Cost $2,198,600) - 116.3% | $— | 2198600 |
|  | Liabilities in Excess of Other Assets - (16.3)% |  | (308186) |
|  | TOTAL NET ASSETS - 100.0% | $— | 1890414 |

---

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 July 31, 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 $532,178. 

**Short Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  SOFR + 0.6500% | Total return of Solactive Distributed Ledger & Decentralized<br>Payment Tech Index | Bank of America Merrill Lynch | 12/11/2025 | 252 | $1087103 | $(119132) |
|  SOFR + 0.6600% | Total return of Solactive Distributed Ledger & Decentralized<br>Payment Tech Index | Barclays | 12/22/2025 | 141 | 483975 | (186325) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571078 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305457) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Magnificent 7 Bear 1X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 114.9%** | **SHORT TERM INVESTMENTS - 114.9%** |  |  |
|  **Money Market Funds - 114.9%** |  |  |  |
| 4500017 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 4500017 |
| 582201 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 582201 |
| 1359824 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 1359824 |
| 5 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 5 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $6,442,047) <sup>(b)</sup> | $— | 6442047 |
|  | TOTAL INVESTMENTS (Cost $6,442,047) - 114.9% | $— | 6442047 |
|  | Liabilities in Excess of Other Assets - (14.9)% |  | (834435) |
|  | TOTAL NET ASSETS - 100.0% | $— | 5607612 |

---

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 July 31, 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 $1,942,030. 

**Short Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  SOFR + 0.4500% | Total return of Indxx Magnificent 7 Index | Goldman Sachs | 12/10/2025 | 227 | $1768277 | $(64061) |
|  SOFR + 0.6800% | Total return of Indxx Magnificent 7 Index | Barclays | 12/22/2025 | 453 | 2914612 | (781306) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4682889 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(845367) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily AAPL Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 15.0%** |  |  |  |
|  **Computer and Electronic Product Manufacturing - 15.0%** | **Computer and Electronic Product Manufacturing - 15.0%** | **Computer and Electronic Product Manufacturing - 15.0%** | **Computer and Electronic Product Manufacturing - 15.0%** |
| 200641 | Apple, Inc. | $— | 41647052 |
|  | TOTAL COMMON STOCKS (Cost $41,418,210) | $— | 41647052 |
|  **SHORT TERM INVESTMENTS - 84.6%** | **SHORT TERM INVESTMENTS - 84.6%** |  |  |
| 85331835 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(q)</sup> | $— | 85331835 |
| 66434568 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(q)</sup> |  | 66434568 |
| 33290000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 33290000 |
| 49540075 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 49540075 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $234,596,478) | $— | 234596478 |
|  | TOTAL INVESTMENTS (Cost $276,014,688) - 99.6% <sup>(b)</sup> | $— | 276243530 |
|  | Other Assets in Excess of Liabilities - 0.4% |  | 1163770 |
|  | TOTAL NET ASSETS - 100.0% | $— | 277407300 |

---

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 July 31, 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 $164,648,262. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Total return of common shares of Apple, Inc. | SOFR + 3.7500% | BNP Paribas | 12/5/2025 | 172557 | $36236341 | $(561696) |
|  Total return of common shares of Apple, Inc. | SOFR + 1.7200% | Goldman Sachs | 12/10/2025 | 1059246 | 212407729 | 5626188 |
|  Total return of common shares of Apple, Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 243255 | 49639762 | 175697 |
|  Total return of common shares of Apple, Inc. | SOFR + 3.2500% | Citibank N.A. | 12/19/2025 | 466394 | 92253754 | 2939833 |
|  Total return of common shares of Apple, Inc. | SOFR + 2.8400% | Barclays | 12/22/2025 | 530812 | 106856179 | 2093671 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497393765 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10273693 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily AMD Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 10.5%** |  |  |  |
|  **Computer and Electronic Product Manufacturing - 10.5%** | **Computer and Electronic Product Manufacturing - 10.5%** | **Computer and Electronic Product Manufacturing - 10.5%** | **Computer and Electronic Product Manufacturing - 10.5%** |
| 22105 | Advanced Micro Devices, Inc.<sup>(a)</sup> | $— | 3897333 |
|  | TOTAL COMMON STOCKS (Cost $3,310,612) | $— | 3897333 |
|  **SHORT TERM INVESTMENTS - 82.8%** | **SHORT TERM INVESTMENTS - 82.8%** |  |  |
| 14703907 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 14703907 |
| 4107470 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(b)</sup> |  | 4107470 |
| 777000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(b)</sup> |  | 777000 |
| 11028920 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 11028920 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $30,617,297) | $— | 30617297 |
|  | TOTAL INVESTMENTS (Cost $33,927,909) - 93.3% <sup>(c)</sup> | $— | 34514630 |
|  | Other Assets in Excess of Liabilities - 6.7% |  | 2453913 |
|  | TOTAL NET ASSETS - 100.0% | $— | 36968543 |

---

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 July 31, 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 $24,273,390. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Total return of common shares of Advanced Micro Devices, Inc. | SOFR + 2.8000% | Goldman Sachs | 12/10/2025 | 57822 | $10259936 | $(69409) |
|  Total return of common shares of Advanced Micro Devices, Inc. | SOFR + 2.7500% | Nomura | 12/10/2025 | 117736 | 20891634 | (141852) |
|  Total return of common shares of Advanced Micro Devices, Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 91479 | 12812653 | 3232597 |
|  Total return of common shares of Advanced Micro Devices, Inc. | SOFR + 3.7500% | Citibank N.A. | 12/19/2025 | 71104 | 12616693 | (86033) |
|  Total return of common shares of Advanced Micro Devices, Inc. | SOFR + 2.8600% | Barclays | 12/22/2025 | 59126 | 10539636 | (118859) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67120552 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816444 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily AMZN Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 10.5%** |  |  |  |
|  **General Merchandise Retailers - 10.5%** | **General Merchandise Retailers - 10.5%** | **General Merchandise Retailers - 10.5%** | **General Merchandise Retailers - 10.5%** |
| 157924 | Amazon.com, Inc. <sup>(a)</sup> | $— | 36971588 |
|  | TOTAL COMMON STOCKS (Cost $32,622,338) | $— | 36971588 |
|  **SHORT TERM INVESTMENTS - 69.2%** | **SHORT TERM INVESTMENTS - 69.2%** |  |  |
| 54343164 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 54343164 |
| 64538917 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(b)</sup> |  | 64538917 |
| 124594127 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 124594127 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $243,476,208) | $— | 243476208 |
|  | TOTAL INVESTMENTS (Cost $276,098,546) - 79.7% <sup>(c)</sup> | $— | 280447796 |
|  | Other Assets in Excess of Liabilities - 20.3% |  | 71638545 |
|  | TOTAL NET ASSETS - 100.0% | $— | 352086341 |

---

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 July 31, 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 $189,133,044. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  Total return of common shares of Amazon.com, Inc. | SOFR + 1.7400% | Goldman Sachs | 12/10/2025 | 798183 | $183733745 | $3097745 |
|  Total return of common shares of Amazon.com, Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 1353515 | 307120296 | 6866334 |
|  Total return of common shares of Amazon.com, Inc. | SOFR + 3.7500% | Citibank N.A. | 12/19/2025 | 698392 | 136082012 | 24776864 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626936053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34740943 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily AVGO Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 17.7%** |  |  |  |
|  **Computer and Electronic Product Manufacturing - 17.7%** | **Computer and Electronic Product Manufacturing - 17.7%** | **Computer and Electronic Product Manufacturing - 17.7%** | **Computer and Electronic Product Manufacturing - 17.7%** |
| 61057 | Broadcom Inc. | $— | 17932441 |
|  | TOTAL COMMON STOCKS (Cost $14,546,162) | $— | 17932441 |
|  **SHORT TERM INVESTMENTS - 88.8%** | **SHORT TERM INVESTMENTS - 88.8%** |  |  |
| 31820275 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 31820275 |
| 14936769 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 14936769 |
| 24610000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 24610000 |
| 18403288 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 18403288 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $89,770,332) | $— | 89770332 |
|  | TOTAL INVESTMENTS (Cost $104,316,494) - 106.5% <sup>(b)</sup> | $— | 107702773 |
|  | Liabilities in Excess of Other Assets - (6.5)% |  | (6604463) |
|  | TOTAL NET ASSETS - 100.0% | $— | 101098310 |

---

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 July 31, 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 $69,918,591. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Total return of common shares of Broadcom Inc. | SOFR + 2.9900% | Goldman Sachs | 12/10/2025 | 94031 | $27966700 | $(363544) |
|  Total return of common shares of Broadcom Inc. | SOFR + 3.0000% | Nomura | 12/10/2025 | 100561 | 26550408 | 2822950 |
|  Total return of common shares of Broadcom Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 77302 | 22991161 | (296973) |
|  Total return of common shares of Broadcom Inc. | SOFR + 3.7500% | Citibank N.A. | 12/19/2025 | 84480 | 25126042 | (325587) |
|  Total return of common shares of Broadcom Inc. | SOFR + 2.9900% | Barclays | 12/22/2025 | 271053 | 80616583 | (1041235) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183250894 | $&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;795611 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily BA Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 6.0%** |  |  |  |
|  **Transportation Equipment Manufacturing - 6.0%** | **Transportation Equipment Manufacturing - 6.0%** | **Transportation Equipment Manufacturing - 6.0%** | **Transportation Equipment Manufacturing - 6.0%** |
| 3245 | Boeing Co.<sup>(a)</sup> | $— | 719871 |
|  | TOTAL COMMON STOCKS (Cost $532,177) | $— | 719871 |
|  **SHORT TERM INVESTMENTS - 95.1%** | **SHORT TERM INVESTMENTS - 95.1%** |  |  |
| 3849120 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 3849120 |
| 1583431 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(b)</sup> |  | 1583431 |
| 1170000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(b)</sup> |  | 1170000 |
| 4898767 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 4898767 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $11,501,318) | $— | 11501318 |
|  | TOTAL INVESTMENTS (Cost $12,033,495) - 101.1% <sup>(c)</sup> | $— | 12221189 |
|  | Liabilities in Excess of Other Assets - (1.1)% |  | (125334) |
|  | TOTAL NET ASSETS - 100.0% | $— | 12095855 |

---

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 July 31, 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 $8,582,198. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Total return of common shares of Boeing Co. | SOFR + 2.7300% | Goldman Sachs | 12/10/2025 | 21387 | $4088574 | $608403 |
|  Total return of common shares of Boeing Co. | SOFR + 2.8500% | Nomura | 12/10/2025 | 10242 | 2350879 | (83841) |
|  Total return of common shares of Boeing Co. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 19829 | 3728586 | 604819 |
|  Total return of common shares of Boeing Co. | SOFR + 3.7500% | Citibank N.A. | 12/19/2025 | 36531 | 8258929 | (158820) |
|  Total return of common shares of Boeing Co. | SOFR + 2.8700% | Barclays | 12/22/2025 | 17818 | 3303990 | 592275 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21730958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562836 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily BRKB Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 18.7%** |  |  |  |
|  **Insurance Carriers and Related Activities - 18.7%** | **Insurance Carriers and Related Activities - 18.7%** | **Insurance Carriers and Related Activities - 18.7%** | **Insurance Carriers and Related Activities - 18.7%** |
| 23192 | Berkshire Hathaway, Inc. Class B<sup>(a)</sup> | $— | 10943841 |
|  | TOTAL COMMON STOCKS (Cost $11,850,129) | $— | 10943841 |
|  **SHORT TERM INVESTMENTS - 94.5%** | **SHORT TERM INVESTMENTS - 94.5%** |  |  |
| 11453435 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 11453435 |
| 17695191 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(b)</sup> |  | 17695191 |
| 9020000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(b)</sup> |  | 9020000 |
| 17139689 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 17139689 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $55,308,315) | $— | 55308315 |
|  | TOTAL INVESTMENTS (Cost $67,158,444) - 113.2% <sup>(c)</sup> | $— | 66252156 |
|  | Liabilities in Excess of Other Assets - (13.2)% |  | (7727340) |
|  | TOTAL NET ASSETS - 100.0% | $— | 58524816 |

---

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 July 31, 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 $43,854,879. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  Total return of common shares of Berkshire Hathaway, Inc. Class B | SOFR + 2.4900% | Goldman Sachs | 12/10/2025 | 90319 | $44453576 | $(2207259) |
|  Total return of common shares of Berkshire Hathaway, Inc. Class B | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 36555 | 18517989 | (1681388) |
|  Total return of common shares of Berkshire Hathaway, Inc. Class B | SOFR + 3.2500% | Citibank N.A. | 12/19/2025 | 48434 | 23855218 | (1605245) |
|  Total return of common shares of Berkshire Hathaway, Inc. Class B | SOFR + 2.9900% | Barclays | 12/22/2025 | 49551 | 25099918 | (2242710) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111926701 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7736602) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily CSCO Bull 2X ETF** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 13.1%** |  |  |  |
|  **Computer and Electronic Product Manufacturing - 13.1%** | **Computer and Electronic Product Manufacturing - 13.1%** | **Computer and Electronic Product Manufacturing - 13.1%** | **Computer and Electronic Product Manufacturing - 13.1%** |
| 7250 | Cisco Systems, Inc. | $— | 493580 |
|  | TOTAL COMMON STOCKS (Cost $492,268) | $— | 493580 |
|  **SHORT TERM INVESTMENTS - 87.0%** | **SHORT TERM INVESTMENTS - 87.0%** |  |  |
| 803308 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 803308 |
| 1431000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 1431000 |
| 330000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 330000 |
| 710340 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 710340 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $3,274,648) | $— | 3274648 |
|  | TOTAL INVESTMENTS (Cost $3,766,916) - 100.1% <sup>(b)</sup> | $— | 3768228 |
|  | Liabilities in Excess of Other Assets - (0.1)% |  | (4179) |
|  | TOTAL NET ASSETS - 100.0% | $— | 3764049 |

---

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 July 31, 2025.

---

| | |
|:---|:---|
| <sup>(</sup><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 $2,471,340.  |

---

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Total return of common shares of Cisco Systems, Inc. | SOFR + 3.0000% | Goldman Sachs | 12/10/2025 | 51229 | $3493542 | $(12401) |
|  Total return of common shares of Cisco Systems, Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 20098 | 1368397 | (2691) |
|  Total return of common shares of Cisco Systems, Inc. | SOFR + 3.7500% | Citibank N.A. | 12/19/2025 | 16000 | 1086335 | 465 |
|  Total return of common shares of Cisco Systems, Inc. | SOFR + 3.0000% | Barclays | 12/22/2025 | 16000 | 1086311 | 1327 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7034585 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13300) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily F Bull 2X ETF** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 15.0%** |  |  |  |
|  **Transportation Equipment Manufacturing - 15.0%** | **Transportation Equipment Manufacturing - 15.0%** | **Transportation Equipment Manufacturing - 15.0%** | **Transportation Equipment Manufacturing - 15.0%** |
| 33000 | Ford Motor Co. | $— | 365310 |
|  | TOTAL COMMON STOCKS (Cost $369,567) | $— | 365310 |
|  **SHORT TERM INVESTMENTS - 87.3%** | **SHORT TERM INVESTMENTS - 87.3%** |  |  |
| 682107 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 682107 |
| 260000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 260000 |
| 340000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 340000 |
| 841729 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 841729 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $2,123,836) | $— | 2123836 |
|  | TOTAL INVESTMENTS (Cost $2,493,403) - 102.3% <sup>(b)</sup> | $— | 2489146 |
|  | Liabilities in Excess of Other Assets - (2.3)% |  | (55024) |
|  | TOTAL NET ASSETS - 100.0% | $— | 2434122 |

---

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 July 31, 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 $1,441,729. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  Total return of common shares of Ford Motor Co. | SOFR + 3.0000% | Goldman Sachs | 12/10/2025 | 106772 | $1193967 | $(14027) |
|  Total return of common shares of Ford Motor Co. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 100000 | 1119076 | (14120) |
|  Total return of common shares of Ford Motor Co. | SOFR + 3.7500% | Citibank N.A. | 12/19/2025 | 100000 | 1119099 | (14356) |
|  Total return of common shares of Ford Motor Co. | SOFR + 3.0000% | Barclays | 12/22/2025 | 100000 | 1119076 | (14120) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4551218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56623) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily GOOGL Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 7.1%** |  |  |  |
|  **Web Search Portals, Libraries, Archives, and Other Information Services - 7.1%** | **Web Search Portals, Libraries, Archives, and Other Information Services - 7.1%** | **Web Search Portals, Libraries, Archives, and Other Information Services - 7.1%** | **Web Search Portals, Libraries, Archives, and Other Information Services - 7.1%** |
| 156423 | Alphabet, Inc. | $— | 30017574 |
|  | TOTAL COMMON STOCKS (Cost $28,902,831) | $— | 30017574 |
|  **SHORT TERM INVESTMENTS - 99.7%** | **SHORT TERM INVESTMENTS - 99.7%** |  |  |
| 144037055 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 144037055 |
| 68660000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 68660000 |
| 42041912 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 42041912 |
| 169076353 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 169076353 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $423,815,320) | $— | 423815320 |
|  | TOTAL INVESTMENTS (Cost $452,718,151) - 106.8% <sup>(b)</sup> | $— | 453832894 |
|  | Liabilities in Excess of Other Assets - (6.8)% |  | (28636075) |
|  | TOTAL NET ASSETS - 100.0% | $— | 425196819 |

---

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 July 31, 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 $279,778,265. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  Total return of common shares of Alphabet, Inc. | SOFR + 1.7500% | Goldman Sachs | 12/10/2025 | 877497 | $167933856 | $168489 |
|  Total return of common shares of Alphabet, Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 1667446 | 298197338 | 19916326 |
|  Total return of common shares of Alphabet, Inc. | SOFR + 3.2500% | Citibank N.A. | 12/19/2025 | 1014338 | 178016762 | 12203984 |
|  Total return of common shares of Alphabet, Inc. | SOFR + 3.0000% | Barclays | 12/22/2025 | 715789 | 122105282 | 13541522 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766253238 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45830321 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily LLY Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 17.3%** |  |  |  |
|  **Chemical Manufacturing - 17.3%** | **Chemical Manufacturing - 17.3%** | **Chemical Manufacturing - 17.3%** | **Chemical Manufacturing - 17.3%** |
| 1461 | Eli Lilly & Co. | $— | 1081242 |
|  | TOTAL COMMON STOCKS (Cost $1,159,622) | $— | 1081242 |
|  **SHORT TERM INVESTMENTS - 92.2%** | **SHORT TERM INVESTMENTS - 92.2%** |  |  |
| 773762 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 773762 |
| 1132516 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 1132516 |
| 350000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 350000 |
| 3513116 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 3513116 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $5,769,394) | $— | 5769394 |
|  | TOTAL INVESTMENTS (Cost $6,929,016) - 109.5% <sup>(b)</sup> | $— | 6850636 |
|  | Liabilities in Excess of Other Assets - (9.5)% |  | (593918) |
|  | TOTAL NET ASSETS - 100.0% | $— | 6256718 |

---

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 July 31, 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 $4,995,633. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  Total return of common shares of Eli Lilly & Co. | SOFR + 2.6500% | Goldman Sachs | 12/10/2025 | 2512 | $1964861 | $(111435) |
|  Total return of common shares of Eli Lilly & Co. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 8738 | 6433934 | (60674) |
|  Total return of common shares of Eli Lilly & Co. | SOFR + 3.7500% | Citibank N.A. | 12/19/2025 | 2396 | 1822849 | (74960) |
|  Total return of common shares of Eli Lilly & Co. | SOFR + 2.6500% | Barclays | 12/22/2025 | 1802 | 1505787 | (201347) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11727431 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(448416) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily META Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 8.8%** |  |  |  |
|  **Professional, Scientific, and Technical Services - 8.8%** | **Professional, Scientific, and Technical Services - 8.8%** | **Professional, Scientific, and Technical Services - 8.8%** | **Professional, Scientific, and Technical Services - 8.8%** |
| 18585 | Meta Platforms, Inc. | $— | 14374383 |
|  | TOTAL COMMON STOCKS (Cost $11,360,059) | $— | 14374383 |
|  **SHORT TERM INVESTMENTS - 75.7%** | **SHORT TERM INVESTMENTS - 75.7%** |  |  |
| 27852193 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 27852193 |
| 26679791 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 26679791 |
| 18802449 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 18802449 |
| 50333221 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 50333221 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $123,667,654) | $— | 123667654 |
|  | TOTAL INVESTMENTS (Cost $135,027,713) - 84.5% <sup>(b)</sup> | $— | 138042037 |
|  | Other Assets in Excess of Liabilities - 15.5% |  | 25424282 |
|  | TOTAL NET ASSETS - 100.0% | $— | 163466319 |

---

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 July 31, 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 $96,705,461. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Total return of common shares of Meta Platforms, Inc. | SOFR + 3.7500% | BNP Paribas | 12/05/2025 | 2138 | $1578352 | $64258 |
|  Total return of common shares of Meta Platforms, Inc. | SOFR + 2.9400% | Goldman Sachs | 12/10/2025 | 95936 | 66705050 | 7482155 |
|  Total return of common shares of Meta Platforms, Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 117694 | 82385800 | 8609748 |
|  Total return of common shares of Meta Platforms, Inc. | SOFR + 3.7500% | Citibank N.A. | 12/19/2025 | 85541 | 66160831 | (1254553) |
|  Total return of common shares of Meta Platforms, Inc. | SOFR + 2.9800% | Barclays | 12/22/2025 | 102793 | 73080397 | 6398798 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289910430 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21300406 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily MSFT Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 9.5%** |  |  |  |
|  **Publishing Industries - 9.5%** | **Publishing Industries - 9.5%** | **Publishing Industries - 9.5%** | **Publishing Industries - 9.5%** |
| 26148 | Microsoft Corp. | $— | 13949958 |
|  | TOTAL COMMON STOCKS (Cost $11,314,369) | $— | 13949958 |
|  **SHORT TERM INVESTMENTS - 80.3%** | **SHORT TERM INVESTMENTS - 80.3%** |  |  |
| 41277655 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 41277655 |
| 20713715 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 20713715 |
| 19760000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 19760000 |
| 36472315 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 36472315 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $118,223,685) | $— | 118223685 |
|  | TOTAL INVESTMENTS (Cost $129,538,054) - 89.8% <sup>(b)</sup> | $— | 132173643 |
|  | Other Assets in Excess of Liabilities - 10.2% |  | 15070533 |
|  | TOTAL NET ASSETS - 100.0% | $— | 147244176 |

---

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 July 31, 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 $76,946,029. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  Total return of common shares of Microsoft Corp. | SOFR + 1.7400% | Goldman Sachs | 12/10/2025 | 134433 | $68906323 | $2790332 |
|  Total return of common shares of Microsoft Corp. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 190602 | 97697270 | 3948977 |
|  Total return of common shares of Microsoft Corp. | SOFR + 3.2500% | Citibank N.A. | 12/19/2025 | 72616 | 36754918 | 1813900 |
|  Total return of common shares of Microsoft Corp. | SOFR + 3.0000% | Barclays | 12/22/2025 | 128210 | 55803403 | 10309003 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259161914 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18862212 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily MU Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 21.8%** |  |  |  |
|  **Computer and Electronic Product Manufacturing - 21.8%** | **Computer and Electronic Product Manufacturing - 21.8%** | **Computer and Electronic Product Manufacturing - 21.8%** | **Computer and Electronic Product Manufacturing - 21.8%** |
| 73712 | Micron Technology, Inc. | $— | 8044927 |
|  | TOTAL COMMON STOCKS (Cost $8,273,772) | $— | 8044927 |
|  **SHORT TERM INVESTMENTS - 89.2%** | **SHORT TERM INVESTMENTS - 89.2%** |  |  |
| 11864182 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 11864182 |
| 3833528 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 3833528 |
| 4450000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 4450000 |
| 12795930 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 12795930 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $32,943,640) | $— | 32943640 |
|  | TOTAL INVESTMENTS (Cost $41,217,412) - 111.0% <sup>(b)</sup> | $— | 40988567 |
|  | Liabilities in Excess of Other Assets - (11.0)% |  | (4043670) |
|  | TOTAL NET ASSETS - 100.0% | $— | 36944897 |

---

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 July 31, 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 $27,249,459. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  Total return of common shares of Micron Technology, Inc. | SOFR + 3.6900% | Goldman Sachs | 12/10/2025 | 87674 | $9815981 | $(251634) |
|  Total return of common shares of Micron Technology, Inc. | SOFR + 3.0000% | Nomura | 12/10/2025 | 137980 | 15378451 | (464016) |
|  Total return of common shares of Micron Technology, Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 144261 | 16278740 | (539685) |
|  Total return of common shares of Micron Technology, Inc. | SOFR + 3.7500% | Citibank N.A. | 12/19/2025 | 102468 | 11796265 | (675272) |
|  Total return of common shares of Micron Technology, Inc. | SOFR + 2.9900% | Barclays | 12/22/2025 | 130949 | 14661050 | (375266) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67930487 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2305873) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily NFLX Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 12.4%** |  |  |  |
|  **Motion Picture and Sound Recording Industries - 12.4%** | **Motion Picture and Sound Recording Industries - 12.4%** | **Motion Picture and Sound Recording Industries - 12.4%** | **Motion Picture and Sound Recording Industries - 12.4%** |
| 9225 | Netflix, Inc. <sup>(a)</sup> | $— | 10695465 |
|  | TOTAL COMMON STOCKS (Cost $11,007,883) | $— | 10695465 |
|  **SHORT TERM INVESTMENTS - 95.7%** | **SHORT TERM INVESTMENTS - 95.7%** |  |  |
| 15578531 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 15578531 |
| 22000672 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(b)</sup> |  | 22000672 |
| 6679703 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(b)</sup> |  | 6679703 |
| 38623803 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 38623803 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $82,882,709) | $— | 82882709 |
|  | TOTAL INVESTMENTS (Cost $93,890,592) - 108.1% <sup>(c)</sup> | $— | 93578174 |
|  | Liabilities in Excess of Other Assets - (8.1)% |  | (6993605) |
|  | TOTAL NET ASSETS - 100.0% | $— | 86584569 |

---

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 July 31, 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 $68,494,179. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Total return of common shares of Netflix, Inc. | SOFR + 2.4200% | Goldman Sachs | 12/10/2025 | 43131 | $49915607 | $(321393) |
|  Total return of common shares of Netflix, Inc. | SOFR + 3.7500% | Nomura | 12/10/2025 | 1781 | 2354636 | (304866) |
|  Total return of common shares of Netflix, Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 57075 | 70484382 | (4780757) |
|  Total return of common shares of Netflix, Inc. | SOFR + 3.7500% | Citibank N.A. | 12/19/2025 | 19096 | 21611325 | 82766 |
|  Total return of common shares of Netflix, Inc. | SOFR + 2.9200% | Barclays | 12/22/2025 | 19054 | 21447945 | 244130 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165813895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5080120) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily NVDA Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 14.4%** |  |  |  |
|  **Computer and Electronic Product Manufacturing - 14.4%** | **Computer and Electronic Product Manufacturing - 14.4%** | **Computer and Electronic Product Manufacturing - 14.4%** | **Computer and Electronic Product Manufacturing - 14.4%** |
| 564095 | NVIDIA Corp. | $— | 100335578 |
|  | TOTAL COMMON STOCKS (Cost $65,903,640) | $— | 100335578 |
|  **SHORT TERM INVESTMENTS - 86.4%** | **SHORT TERM INVESTMENTS - 86.4%** |  |  |
| 324243555 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 324243555 |
| 95405876 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 95405876 |
| 121141564 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 121141564 |
| 61360086 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 61360086 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $602,151,081) | $— | 602151081 |
|  | TOTAL INVESTMENTS (Cost $668,054,721) - 100.8% <sup>(b)</sup> | $— | 702486659 |
|  | Liabilities in Excess of Other Assets - (0.8)% |  | (5612446) |
|  | TOTAL NET ASSETS - 100.0% | $— | 696874213 |

---

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 July 31, 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 $471,013,341. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  Total return of common shares of NVIDIA Corp. | SOFR + 3.7500% | BNP Paribas | 12/05/2025 | 194337 | $28206072 | $4878864 |
|  Total return of common shares of NVIDIA Corp. | SOFR + 2.9600% | Goldman Sachs | 12/10/2025 | 1330512 | 233518161 | 3045044 |
|  Total return of common shares of NVIDIA Corp. | SOFR + 3.7500% | Nomura | 12/10/2025 | 2450000 | 429999500 | 5587587 |
|  Total return of common shares of NVIDIA Corp. | SOFR + 3.5000% | Bank of America Merrill Lynch | 12/11/2025 | 740771 | 93719651 | 36735306 |
|  Total return of common shares of NVIDIA Corp. | SOFR + 3.7500% | Citibank N.A. | 12/19/2025 | 303776 | 46275369 | 6803242 |
|  Total return of common shares of NVIDIA Corp. | SOFR + 2.9300% | Barclays | 12/22/2025 | 2252363 | 395915595 | 4557653 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227634348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61607696 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily PANW Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 9.6%** |  |  |  |
|  **Computer and Electronic Product Manufacturing - 9.6%** | **Computer and Electronic Product Manufacturing - 9.6%** | **Computer and Electronic Product Manufacturing - 9.6%** | **Computer and Electronic Product Manufacturing - 9.6%** |
| 4399 | Palo Alto Networks, Inc.<sup>(a)</sup> | $— | 763666 |
|  | TOTAL COMMON STOCKS (Cost $818,808) | $— | 763666 |
|  **SHORT TERM INVESTMENTS - 83.4%** | **SHORT TERM INVESTMENTS - 83.4%** |  |  |
| 1420868 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 1420868 |
| 2977211 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(b)</sup> |  | 2977211 |
| 620000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(b)</sup> |  | 620000 |
| 1592927 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 1592927 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $6,611,006) | $— | 6611006 |
|  | TOTAL INVESTMENTS (Cost $7,429,814) - 93.0% <sup>(c)</sup> | $— | 7374672 |
|  | Other Assets in Excess of Liabilities - 7.0% |  | 551784 |
|  | TOTAL NET ASSETS - 100.0% | $— | 7926456 |

---

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 July 31, 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 $5,190,138. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid**<br> **at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  Total return of common shares of Palo Alto Networks, Inc. | SOFR + 2.8700% | Goldman Sachs | 12/10/2025 | 37082 | $7042900 | $(607800) |
|  Total return of common shares of Palo Alto Networks, Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 24439 | 4364175 | (152191) |
|  Total return of common shares of Palo Alto Networks, Inc. | SOFR + 3.7500% | Citibank N.A. | 12/19/2025 | 14553 | 2773159 | (302411) |
|  Total return of common shares of Palo Alto Networks, Inc. | SOFR + 2.3500% | Barclays | 12/22/2025 | 10848 | 2114433 | (259099) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16294667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1321501) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily PLTR Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 14.8%** |  |  |  |
|  **Professional, Scientific, and Technical Services - 14.8%** | **Professional, Scientific, and Technical Services - 14.8%** | **Professional, Scientific, and Technical Services - 14.8%** | **Professional, Scientific, and Technical Services - 14.8%** |
| 445372 | Palantir Technologies, Inc. <sup>(a)</sup> | $— | 70524657 |
|  | TOTAL COMMON STOCKS (Cost $58,463,393) | $— | 70524657 |
|  **SHORT TERM INVESTMENTS - 87.5%** | **SHORT TERM INVESTMENTS - 87.5%** |  |  |
| 165459798 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 165459798 |
| 59333980 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(b)</sup> |  | 59333980 |
| 79430000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(b)</sup> |  | 79430000 |
| 113917428 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 113917428 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $418,141,206) | $— | 418141206 |
|  | TOTAL INVESTMENTS (Cost $476,604,599) - 102.3% <sup>(c)</sup> | $— | 488665863 |
|  | Liabilities in Excess of Other Assets - (2.3)% |  | (10980096) |
|  | TOTAL NET ASSETS - 100.0% | $— | 477685767 |

---

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 July 31, 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 $327,461,406. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  Total return of common shares of<br>Palantir Technologies, Inc. | SOFR + 3.2900% | Goldman Sachs | 12/10/2025 | 747890 | $116850334 | $1519603 |
|  Total return of common shares of<br>Palantir Technologies, Inc. | SOFR + 3.7500% | Nomura | 12/10/2025 | 1178619 | 162751470 | 22569952 |
|  Total return of common shares of<br>Palantir Technologies, Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 1693098 | 264529632 | 3464499 |
|  Total return of common shares of<br>Palantir Technologies, Inc. | SOFR + 3.7500% | Citibank N.A. | 12/19/2025 | 299224 | 40997580 | 6144295 |
|  Total return of common shares of<br>Palantir Technologies, Inc. | SOFR + 2.8900% | Barclays | 12/22/2025 | 1669273 | 260965852 | 3260533 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846094868 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36958882 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily QCOM Bull 2X ETF** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 14.4%** |  |  |  |
|  **Computer and Electronic Product Manufacturing - 14.4%** | **Computer and Electronic Product Manufacturing - 14.4%** | **Computer and Electronic Product Manufacturing - 14.4%** | **Computer and Electronic Product Manufacturing - 14.4%** |
| 3200 | Qualcomm Inc. | $— | 469632 |
|  | TOTAL COMMON STOCKS (Cost $498,301) | $— | 469632 |
|  **SHORT TERM INVESTMENTS - 101.5%** | **SHORT TERM INVESTMENTS - 101.5%** |  |  |
| 727150 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 727150 |
| 1040000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 1040000 |
| 770000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 770000 |
| 768910 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 768910 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $3,306,060) | $— | 3306060 |
|  | TOTAL INVESTMENTS (Cost $3,804,361) - 115.9% <sup>(b)</sup> | $— | 3775692 |
|  | Liabilities in Excess of Other Assets - (15.9)% |  | (519898) |
|  | TOTAL NET ASSETS - 100.0% | $— | 3255794 |

---

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 July 31, 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 $2,578,910. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  Total return of common shares of Qualcomm Inc. | SOFR + 3.0000% | Goldman Sachs | 12/10/2025 | 11876 | $1871734 | $(143116) |
|  Total return of common shares of Qualcomm Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 7500 | 1167907 | (76025) |
|  Total return of common shares of Qualcomm Inc. | SOFR + 3.7500% | Citibank N.A. | 12/19/2025 | 6804 | 1059538 | (69799) |
|  Total return of common shares of Qualcomm Inc. | SOFR + 3.0000% | Barclays | 12/22/2025 | 14991 | 2362526 | (176853) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6461705 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465793) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily TSLA Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 19.5%** |  |  |  |
|  **Transportation Equipment Manufacturing - 19.5%** | **Transportation Equipment Manufacturing - 19.5%** | **Transportation Equipment Manufacturing - 19.5%** | **Transportation Equipment Manufacturing - 19.5%** |
| 3626388 | Tesla, Inc. <sup>(a)</sup> | $— | 1117906629 |
|  | TOTAL COMMON STOCKS (Cost $1,005,880,908) | $— | 1117906629 |
|  **SHORT TERM INVESTMENTS - 90.9%** | **SHORT TERM INVESTMENTS - 90.9%** |  |  |
| 2240832426 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 2240832426 |
| 841540837 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(b)</sup> |  | 841540837 |
| 557039697 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(b)</sup> |  | 557039697 |
| 1558527252 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 1558527252 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $5,197,940,212) | $— | 5197940212 |
|  | TOTAL INVESTMENTS (Cost $6,203,821,120) - 110.4% <sup>(c)</sup> | $— | 6315846841 |
|  | Liabilities in Excess of Other Assets - (10.4)% |  | (596135502) |
|  | TOTAL NET ASSETS - 100.0% | $— | 5719711339 |

---

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 July 31, 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 $4,423,092,854. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Total return of common shares of Tesla, Inc. | SOFR + 4.0000% | BNP Paribas | 12/05/2025 | 171409 | $42533364 | $8940338 |
|  Total return of common shares of Tesla, Inc. | SOFR + 4.4900% | Goldman Sachs | 12/10/2025 | 5596577 | 1797620532 | (73386481) |
|  Total return of common shares of Tesla, Inc. | SOFR + 4.5000% | Nomura | 12/10/2025 | 9219189 | 3031406096 | (265628747) |
|  Total return of common shares of Tesla, Inc. | SOFR + 4.1500% | Bank of America Merrill Lynch | 12/11/2025 | 4313545 | 1259684546 | 41049640 |
|  Total return of common shares of Tesla, Inc. | SOFR + 3.7500% | Citibank N.A. | 12/19/2025 | 7085805 | 2275960567 | (92644905) |
|  Total return of common shares of Tesla, Inc. | SOFR + 3.9900% | Barclays | 12/22/2025 | 5819870 | 1741978713 | 31627862 |
|  Total return of common shares of Tesla, Inc. | SOFR + 3.7000% | J.P. Morgan | 7/27/2026 | 1276000 | 402916958 | (10889619) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10552100776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360931912) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily TSM Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 13.9%** |  |  |  |
|  **Computer and Electronic Product Manufacturing - 13.9%** | **Computer and Electronic Product Manufacturing - 13.9%** | **Computer and Electronic Product Manufacturing - 13.9%** | **Computer and Electronic Product Manufacturing - 13.9%** |
| 70359 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | $— | 17000142 |
|  | TOTAL COMMON STOCKS (Cost $14,742,224) | $— | 17000142 |
|  **SHORT TERM INVESTMENTS - 87.4%** | **SHORT TERM INVESTMENTS - 87.4%** |  |  |
| 54525544 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 54525544 |
| 6205106 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 6205106 |
| 45961317 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 45961317 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $106,691,967) | $— | 106691967 |
|  | TOTAL INVESTMENTS (Cost $121,434,191) - 101.3% <sup>(b)</sup> | $— | 123692109 |
|  | Liabilities in Excess of Other Assets - (1.3)% |  | (1668984) |
|  | TOTAL NET ASSETS - 100.0% | $— | 122023125 |

---

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 July 31, 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 $93,277,838. 

ADR - American Depository Receipt

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Total return of common shares of Taiwan<br> Semiconductor Manufacturing Co. Ltd. | SOFR + 3.7500% | BNP Paribas | 12/05/2025 | 179508 | $35765928 | $6338091 |
|  Total return of common shares of Taiwan<br> Semiconductor Manufacturing Co. Ltd. | SOFR + 3.7500% | Goldman Sachs | 12/10/2025 | 63834 | 11456406 | 3831174 |
|  Total return of common shares of Taiwan<br> Semiconductor Manufacturing Co. Ltd. | SOFR + 3.5000% | Nomura | 12/10/2025 | 200000 | 48262238 | (95291) |
|  Total return of common shares of Taiwan<br> Semiconductor Manufacturing Co. Ltd. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 293722 | 70884277 | 55908 |
|  Total return of common shares of Taiwan<br> Semiconductor Manufacturing Co. Ltd. | SOFR + 3.7500% | Citibank N.A. | 12/19/2025 | 202633 | 48901422 | 36703 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215270271 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10166585 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily XOM Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 15.1%** |  |  |  |
|  **Oil and Gas Extraction - 15.1%** | **Oil and Gas Extraction - 15.1%** | **Oil and Gas Extraction - 15.1%** | **Oil and Gas Extraction - 15.1%** |
| 4349 | Exxon Mobil Corp. | $— | 485523 |
|  | TOTAL COMMON STOCKS (Cost $471,036) | $— | 485523 |
|  **SHORT TERM INVESTMENTS - 82.1%** | **SHORT TERM INVESTMENTS - 82.1%** |  |  |
| 578884 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 578884 |
| 852806 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 852806 |
| 330000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 330000 |
| 885129 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 885129 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $2,646,819) | $— | 2646819 |
|  | TOTAL INVESTMENTS (Cost $3,117,855) - 97.2% <sup>(b)</sup> | $— | 3132342 |
|  | Other Assets in Excess of Liabilities - 2.8% |  | 90107 |
|  | TOTAL NET ASSETS - 100.0% | $— | 3222449 |

---

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 July 31, 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 $2,067,934. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  Total return of common shares of<br>Exxon Mobil Corp. | SOFR + 1.9200% | Goldman Sachs | 12/10/2025 | 20888 | $2279929 | $37398 |
|  Total return of common shares of<br>Exxon Mobil Corp. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 11182 | 1211450 | 24044 |
|  Total return of common shares of<br>Exxon Mobil Corp. | SOFR + 3.7500% | Citibank N.A. | 12/19/2025 | 11311 | 1246087 | 3433 |
|  Total return of common shares of<br>Exxon Mobil Corp. | SOFR + 2.6100% | Barclays | 12/22/2025 | 10000 | 1083065 | 22032 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5820531 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86907 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily CSI 300 China A Share Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 40.9%** |  |  |  |
| 2310498 | Xtrackers Harvest CSI 300 China A-Shares ETF <sup>(a)</sup> | $— | 65595039 |
|  | TOTAL INVESTMENT COMPANIES (Cost $71,266,899) | $— | 65595039 |
|  **SHORT TERM INVESTMENTS - 62.0%** | **SHORT TERM INVESTMENTS - 62.0%** |  |  |
|  **Money Market Funds - 62.0%** |  |  |  |
| 58026363 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 58026363 |
| 5149031 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(b)</sup> |  | 5149031 |
| 36361501 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 36361501 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $99,536,895) | $— | 99536895 |
|  | TOTAL INVESTMENTS (Cost $170,803,794) - 102.9% <sup>(c)</sup> | $— | 165131934 |
|  | Liabilities in Excess of Other Assets - (2.9)% |  | (4601167) |
|  | TOTAL NET ASSETS - 100.0% | $— | 160530767 |

---

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 July 31, 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 $65,779,215. 

**Long Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation** |
|  Total return of Xtrackers Harvest CSI<br>300 China A-Shares ETF | SOFR + 0.8500% | Goldman Sachs | 12/10/2025 | 999509 | $27064072 | $771804 |
|  Total return of Xtrackers Harvest CSI<br>300 China A-Shares ETF | SOFR + 0.0000% | J.P. Morgan | 12/16/2025 | 1264701 | 34381533 | 995479 |
|  Total return of Xtrackers Harvest CSI<br>300 China A-Shares ETF | SOFR + 0.8000% | UBS Securities LLC | 12/17/2025 | 946834 | 25547045 | 848850 |
|  Total return of Xtrackers Harvest CSI<br>300 China A-Shares ETF | SOFR + (0.3000)% | Citibank N.A. | 12/19/2025 | 5117643 | 136909745 | 6546608 |
|  Total return of Xtrackers Harvest CSI<br>300 China A-Shares ETF | SOFR + 0.8000% | Barclays | 12/22/2025 | 669838 | 16793836 | 1795384 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240696231 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10958125 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily CSI China Internet Index Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 54.1%** |  |  |  |
| 4263009 | KraneShares CSI China Internet ETF <sup>(a)</sup> | $— | 151081039 |
|  | TOTAL INVESTMENT COMPANIES (Cost $132,896,490) | $— | 151081039 |
|  **SHORT TERM INVESTMENTS - 44.6%** | **SHORT TERM INVESTMENTS - 44.6%** |  |  |
|  **Money Market Funds - 44.6%** |  |  |  |
| 66230823 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 66230823 |
| 23013351 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(b)</sup> |  | 23013351 |
| 35075229 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 35075229 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $124,319,403) | $— | 124319403 |
|  | TOTAL INVESTMENTS (Cost $257,215,893) - 98.7% <sup>(c)</sup> | $— | 275400442 |
|  | Other Assets in Excess of Liabilities - 1.3% |  | 3630176 |
|  | TOTAL NET ASSETS - 100.0% | $— | 279030618 |

---

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 July 31, 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 $202,808,939. 

**Long Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
| Total return of KraneShares CSI China Internet ETF | SOFR + 0.7900% | BNP Paribas | 12/5/2025 | 1016618 | $33481440 | $2151852 |
| Total return of KraneShares CSI China Internet ETF | SOFR + 0.7500% | Goldman Sachs | 12/10/2025 | 3421630 | 115425145 | 4804411 |
| Total return of KraneShares CSI China Internet ETF | SOFR + 0.8000% | Bank of America Merrill Lynch | 12/11/2025 | 1613454 | 52423634 | 4183942 |
| Total return of KraneShares CSI China Internet ETF | SOFR + 0.7400% | UBS Securities LLC | 12/17/2025 | 3085299 | 95491206 | 11302324 |
| Total return of KraneShares CSI China Internet ETF | SOFR + 0.8000% | Citibank N.A. | 12/19/2025 | 2346692 | 69109694 | 11964744 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365931119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34407273 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 91.2%** |  |  |  |
|  **Accommodation - 0.4%** |  |  |  |
| 1351 | Airbnb, Inc. Class A (a) | $— | 178885 |
| 744 | Hilton Worldwide Holdings, Inc. |  | 199452 |
| 2172 | Host Hotels & Resorts, Inc. |  | 34144 |
| 1062 | Las Vegas Sands Corp. |  | 55649 |
| 711 | Marriott International, Inc. Class C |  | 187583 |
| 647 | MGM Resorts International (a) |  | 23583 |
| 276 | Wynn Resorts Ltd. |  | 30092 |
|  |  |  | &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;709388 |
|  **Administrative and Support Services - 2.7%** | **Administrative and Support Services - 2.7%** |  |  |
| 270 | Allegion PLC ADR (Ireland) |  | 44798 |
| 7172 | Amcor PLC ADR (United Kingdom) |  | 67058 |
| 298 | Ameriprise Financial, Inc. |  | 154421 |
| 1270 | Automatic Data Processing, Inc. |  | 393065 |
| 102 | Booking Holdings, Inc. |  | 561414 |
| 367 | Broadridge Financial Solutions, Inc. |  | 90836 |
| 220 | Corpay, Inc. (a) |  | 71071 |
| 389 | Equifax, Inc. |  | 93450 |
| 119 | FactSet Research System, Inc. |  | 47945 |
| 241 | Gartner, Inc. (a) |  | 81615 |
| 923 | Iron Mountain, Inc. |  | 89863 |
| 493 | Live Nation Entertainment, Inc. (a) |  | 72816 |
| 768 | Match Group, Inc. |  | 26319 |
| 485 | Moody's Corp. |  | 250129 |
| 880 | Rollins, Inc. |  | 50398 |
| 782 | Royal Caribbean Cruises Ltd. ADR (Liberia) |  | 248574 |
| 6545 | Uber Technologies, Inc. (a) |  | 574324 |
| 5355 | Visa, Inc. Class A |  | 1849992 |
| 1146 | Waste Management, Inc. |  | 262617 |
|  |  |  | 5030705 |
|  **Air Transportation - 0.1%** | **Air Transportation - 0.1%** |  |  |
| 2044 | Delta Air Lines, Inc. |  | 108761 |
| 1783 | Southwest Airlines Co.(b) |  | 55148 |
| 1022 | United Continental Holdings, Inc. (a) |  | 90253 |
|  |  |  | 254162 |
|  **Ambulatory Health Care Services - 0.1%** | **Ambulatory Health Care Services - 0.1%** |  |  |
| 130 | DaVita, Inc. (a) |  | 18248 |
| 262 | Labcorp Holdings, Inc. |  | 68141 |
| 170 | Molina Healthcare, Inc. (a) |  | 26838 |
| 349 | Quest Diagnostics, Inc. |  | 58426 |
| 3673 | Viatris, Inc. |  | 32102 |
|  |  |  | 203755 |
|  **Amusement, Gambling, and Recreation Industries - 0.4%** | **Amusement, Gambling, and Recreation Industries - 0.4%** |  |  |
| 5626 | The Walt Disney Co. |  | 670113 |
|  **Apparel Manufacturing - 0.2%** | **Apparel Manufacturing - 0.2%** |  |  |
| 1074 | Cintas Corp. |  | 239018 |
| 475 | Deckers Outdoor Corp. (a) |  | 50431 |
| 125 | Ralph Lauren Corp. |  | 37344 |
|  |  |  | 326793 |
|  **Beverage and Tobacco Product Manufacturing - 1.1%** | **Beverage and Tobacco Product Manufacturing - 1.1%** |  |  |
| 5272 | Altria Group, Inc. |  | 326548 |
| 479 | Constellation Brands, Inc. Class A |  | 80012 |
| 4251 | Keurig Dr Pepper, Inc. |  | 138795 |
| 536 | Molson Coors Brewing Co. Class B |  | 26114 |
| 2198 | Monster Beverage Corp. (a) |  | 129132 |
| 4291 | PepsiCo, Inc. |  | 591815 |
| 4872 | Philip Morris International, Inc. |  | 799252 |
|  |  |  | 2091668 |
|  **Broadcasting and Content Providers - 0.4%** | **Broadcasting and Content Providers - 0.4%** |  |  |
| 299 | Charter Communications, Inc. (a)(b) |  | 80539 |
| 11657 | Comcast Corp. Class A |  | 387362 |
| 670 | FOX Corp. Class A |  | 37359 |
| 413 | FOX Corp. Class B |  | 21121 |
| 1883 | Paramount Global Class B |  | 23669 |
| 210 | TKO Group Holdings, Inc. |  | 35282 |
| 7047 | Warner Bros Discovery, Inc. (a) |  | 92809 |
|  |  |  | 678141 |
|  **Building Material and Garden Equipment and Supplies Dealers - 0.9%** | **Building Material and Garden Equipment and Supplies Dealers - 0.9%** |  |  |
| 1752 | Lowe's Companies, Inc. |  | 391695 |
| 164 | Snap-on, Inc. |  | 52675 |
| 3111 | The Home Depot, Inc. |  | 1143323 |
| 1660 | Tractor Supply Co. |  | 94537 |
|  |  |  | 1682230 |
|  **Chemical Manufacturing - 5.1%** | **Chemical Manufacturing - 5.1%** |  |  |
| 5529 | AbbVie, Inc. |  | 1045092 |
| 697 | Air Products & Chemicals, Inc. |  | 200652 |
| 368 | Albemarle Corp.(b) |  | 24969 |
| 1683 | Amgen, Inc. |  | 496653 |
| 458 | Biogen, Inc. (a) |  | 58624 |
| 491 | Bio-Techne Corp. |  | 26872 |
| 6369 | Bristol-Myers Squibb Co. |  | 275841 |
| 507 | CF Industries Holdings, Inc. |  | 47065 |
| 771 | Church & Dwight Co., Inc. |  | 72297 |
| 386 | Clorox Co. |  | 48466 |
| 2537 | Colgate-Palmolive Co. |  | 212727 |
| 1310 | DuPont de Nemours, Inc. |  | 94189 |
| 361 | Eastman Chemical Co. |  | 26212 |
| 790 | Ecolab, Inc. |  | 206790 |
| 2462 | Eli Lilly & Co. |  | 1822052 |
| 3893 | Gilead Sciences, Inc. |  | 437145 |
| 503 | Incyte Corp. (a) |  | 37670 |
| 1795 | IntercontinentalExchange, Inc. |  | 331770 |
| 800 | International Flavors & Fragrances, Inc. |  | 56824 |
| 6009 | Kenvue, Inc. |  | 128833 |
| 1039 | Kimberly-Clark Corp. |  | 129480 |
| 1473 | Linde PLC ADR (Ireland) |  | 677963 |
| 805 | LyondellBasell Industries N.V. Class A ADR (Netherlands) |  | 46634 |
| 7859 | Merck & Co., Inc. |  | 613945 |
| 992 | Mosaic Co. |  | 35722 |
| 17794 | Pfizer, Inc. |  | 414422 |
| 710 | PPG Industries, Inc. |  | 74905 |
| 7338 | Procter & Gamble Co. |  | 1104149 |
| 325 | Regeneron Pharmaceuticals, Inc. |  | 177275 |
| 804 | Vertex Pharmaceuticals, Inc. (a) |  | 367324 |
| 1393 | Zoetis, Inc. |  | 203086 |
|  |  |  | 9495648 |
|  **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 0.3%** | **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 0.3%** |  |  |
| 346 | Lululemon Athletica, Inc. (a) |  | 69383 |
| 1029 | Ross Stores, Inc. |  | 140500 |

---

------

---

| |
|:---|
| **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| 3495 | TJX Companies, Inc. | 435232 |
|  |  | &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;645115 |
|  **Computer and Electronic Product Manufacturing - 24.3%** | **Computer and Electronic Product Manufacturing - 24.3%** |  |
| 5075 | Advanced Micro Devices, Inc. (a) | 894773 |
| 893 | Agilent Technologies, Inc. | 102525 |
| 18216 | Alphabet, Inc. | 3495650 |
| 14694 | Alphabet, Inc. Class C | 2833885 |
| 723 | AMETEK, Inc. | 133647 |
| 3786 | Amphenol Corp. Class A | 403247 |
| 1553 | Analog Devices, Inc. | 348850 |
| 46746 | Apple, Inc. | 9703067 |
| 3223 | Arista Networks, Inc. (a) | 397138 |
| 14716 | Broadcom, Inc. | 4322089 |
| 12452 | Cisco Systems, Inc. | 847732 |
| 1993 | Danaher Corp. | 392940 |
| 938 | Dell Technologies, Inc. | 124463 |
| 410 | Enphase Energy, Inc. (a) | 13268 |
| 336 | First Solar, Inc. (a) | 58709 |
| 1988 | Fortinet, Inc. (a) | 198601 |
| 1064 | Fortive Corp. | 50997 |
| 1433 | GE HealthCare Technologies, Inc. | 102202 |
| 698 | Hologic, Inc. (a) | 46640 |
| 2950 | HP, Inc. | 73160 |
| 13652 | Intel Corp. (a) | 270310 |
| 2909 | International Business Machines Corp. | 736413 |
| 336 | Jabil Circuit, Inc. | 74985 |
| 541 | Keysight Technologies, Inc. (a) | 88675 |
| 585 | L3Harris Technologies, Inc. | 160770 |
| 4003 | Lam Research Corp. | 379645 |
| 1683 | Microchip Technology, Inc. | 113754 |
| 3498 | Micron Technology, Inc. | 381772 |
| 150 | Monolithic Power Systems, Inc. | 106686 |
| 522 | Motorola Solutions, Inc. | 229148 |
| 637 | NetApp, Inc. | 66331 |
| 424 | Northrop Grumman Corp. | 244483 |
| 76329 | NVIDIA Corp. | 13576639 |
| 791 | NXP Semiconductors NV ADR (Netherlands) | 169092 |
| 1308 | ON Semiconductor Corp. (a) | 73719 |
| 1235 | Otis Worldwide Corp. | 105827 |
| 2072 | Palto Alto Networks, Inc. (a) | 359699 |
| 3434 | Qualcomm, Inc. | 503974 |
| 369 | Revvity, Inc.(b) | 32435 |
| 337 | Roper Technologies, Inc. | 185485 |
| 4182 | RTX Corp. | 658958 |
| 664 | Seagate Technology Holdings PLC ADR (Ireland) | 104255 |
| 470 | Skyworks Solutions, Inc. | 32214 |
| 1606 | Super Micro Computer, Inc. (a) | 94706 |
| 147 | Teledyne Technologies, Inc. (a) | 81000 |
| 503 | Teradyne, Inc. | 54037 |
| 2843 | Texas Instruments, Inc. | 514754 |
| 1181 | Thermo Fisher Scientific, Inc. | 552330 |
| 747 | Trimble, Inc. (a) | 62666 |
| 775 | Veralto Corp. | 81243 |
| 187 | Waters Corp. (a) | 53998 |
| 1092 | Western Digital Corp. | 85929 |
| 159 | Zebra Technologies Corp. Class A (a) | 53904 |
|  |  | 44833419 |
|  **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.1%** | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.1%** |  |
| 1735 | Fiserv, Inc. (a) | 241061 |
|  **Construction of Buildings - 0.2%** |  |  |
| 866 | D.R. Horton, Inc. | 123700 |
| 727 | Lennar Corp. Class A(b) | 81555 |
| 9 | NVR, Inc. (a) | 67945 |
| 627 | PulteGroup, Inc. | 70801 |
|  |  | 344001 |
|  **Couriers and Messengers - 0.2%** |  |  |
| 690 | FedEx Corp. | 154208 |
| 2296 | United Parcel Service, Inc. Class B | 197823 |
|  |  | 352031 |
|  **Credit Intermediation and Related Activities - 5.0%** | **Credit Intermediation and Related Activities - 5.0%** |  |
| 1732 | American Express Co. | 518405 |
| 20509 | Bank of America Corp. | 969460 |
| 2239 | Bank of New York Mellon Corp. | 227147 |
| 2002 | Capital One Financial Corp. | 430430 |
| 5846 | Citigroup, Inc. | 547770 |
| 1358 | Citizens Financial Group, Inc. | 64804 |
| 662 | Coinbase Global, Inc. (a) | 250077 |
| 1644 | Fidelity National Information Services, Inc. | 130550 |
| 2089 | Fifth Third Bancorp | 86840 |
| 764 | Global Payments, Inc. | 61082 |
| 4559 | Huntington Bancshares, Inc. | 74904 |
| 8698 | JPMorgan Chase & Co. | 2576695 |
| 3088 | KeyCorp | 55337 |
| 503 | M&T Bank Corp. | 94916 |
| 2539 | MasterCard, Inc. Class A | 1438267 |
| 608 | Northern Trust Corp. | 79040 |
| 1238 | PNC Financial Services Group, Inc. | 235554 |
| 2814 | Regions Financial Corp. | 71279 |
| 893 | State Street Corp. | 99793 |
| 1192 | Synchrony Financial | 83047 |
| 4099 | Truist Financial Corp. | 179167 |
| 4876 | U.S. Bancorp | 219225 |
| 10185 | Wells Fargo & Co. | 821217 |
|  |  | 9315006 |
|  **Electrical Equipment, Appliance, and Component Manufacturing - 0.3%** | **Electrical Equipment, Appliance, and Component Manufacturing - 0.3%** |  |
| 364 | A.O. Smith Corp. | 25767 |
| 232 | Axon Enterprise, Inc. (a) | 175274 |
| 1760 | Emerson Electric Co. | 256097 |
| 185 | Generac Holdings, Inc. (a) | 36018 |
| 352 | Rockwell Automation, Inc. | 123802 |
|  |  | 616958 |
|  **Fabricated Metal Product Manufacturing - 0.1%** | **Fabricated Metal Product Manufacturing - 0.1%** |  |
| 869 | Ball Corp. | 49759 |
| 722 | Nucor Corp. | 103297 |
| 515 | Pentair PLC ADR (Ireland) | 52633 |
| 485 | Stanley Black & Decker, Inc. | 32810 |
|  |  | 238499 |
|  **Food and Beverage Retailers - 0.1%** |  |  |
| 1918 | Kroger Co. | 134452 |
|  **Food Manufacturing - 0.9%** |  |  |
| 1503 | Archer-Daniels-Midland Co. | 81433 |
| 12123 | Coca-Cola Co. | 823030 |

---

------

---

| |
|:---|
| **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| 1714 | General Mills, Inc. | 83952 |
| 912 | Hormel Foods Corp. | 25618 |
| 841 | Kellanova | 67137 |
| 442 | Lamb Weston Holdings, Inc. | 25225 |
| 791 | McCormick & Co, Inc. | 55868 |
| 4053 | Mondelez International, Inc. | 262189 |
| 616 | The Campbell's Company | 19663 |
| 464 | The Hershey Co. | 86364 |
| 333 | The J.M. Smucker Co. | 35744 |
| 2705 | The Kraft Heinz Co. | 74279 |
| 896 | Tyson Foods, Inc. Class A | 46861 |
|  |  | &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;1687363 |
|  **Food Services and Drinking Places - 0.9%** | **Food Services and Drinking Places - 0.9%** |  |
| 4217 | Chipotle Mexican Grill, Inc. (a) | 180825 |
| 366 | Darden Restaurants, Inc. | 73811 |
| 1073 | DoorDash, Inc. (a) | 268518 |
| 2238 | McDonald's Corp. | 671557 |
| 3556 | Starbucks Corp. | 317053 |
| 870 | Yum! Brands, Inc. | 125411 |
|  |  | 1637175 |
|  **Funds, Trusts, and Other Financial Vehicles - 0.1%** | **Funds, Trusts, and Other Financial Vehicles - 0.1%** |  |
| 483 | Garmin Ltd. ADR (Switzerland) | 105661 |
| 689 | T. Rowe Price Group, Inc. | 69899 |
|  |  | 175560 |
|  **Furniture, Home Furnishings, Electronics, and Appliance Retailers - 0.0%(†)** | **Furniture, Home Furnishings, Electronics, and Appliance Retailers - 0.0%(†)** |  |
| 603 | Best Buy Co., Inc. | 39231 |
|  **Gasoline Stations and Fuel Dealers - 0.5%** | **Gasoline Stations and Fuel Dealers - 0.5%** |  |
| 5970 | Chevron Corp. | 905291 |
|  **General Merchandise Retailers - 5.4%** | **General Merchandise Retailers - 5.4%** |  |
| 29572 | Amazon.com, Inc. (a) | 6923101 |
| 1389 | Costco Wholesale Corp. | 1305160 |
| 688 | Dollar General Corp. | 72171 |
| 618 | Dollar Tree, Inc. (a) | 70174 |
| 1443 | eBay, Inc. | 132395 |
| 1423 | Target Corp. | 143012 |
| 13522 | Walmart, Inc. | 1324886 |
| 385 | Williams-Sonoma, Inc. | 72014 |
|  |  | 10042913 |
|  **Health and Personal Care Retailers - 0.2%** | **Health and Personal Care Retailers - 0.2%** |  |
| 3959 | CVS Health Corp. | 245854 |
| 142 | Ulta Beauty, Inc. (a) | 73131 |
| 2246 | Walgreens Boots Alliance, Inc. | 26144 |
|  |  | 345129 |
|  **Hospitals - 0.1%** |  |  |
| 542 | HCA Healthcare, Inc. | 191863 |
| 179 | Universal Health Services, Inc. Class B | 29794 |
|  |  | 221657 |
|  **Insurance Carriers and Related Activities - 3.8%** | **Insurance Carriers and Related Activities - 3.8%** |  |
| 1523 | Aflac, Inc. | 151325 |
| 829 | Allstate Corp. | 168494 |
| 1803 | American International Group, Inc. | 139967 |
| 1168 | Arch Capital Group Ltd. ADR | 100518 |
| 802 | Arthur J. Gallagher & Co. | 230375 |
| 158 | Assurant, Inc. | 29593 |
| 5740 | Berkshire Hathaway, Inc. Class B (a) | 2708591 |
| 875 | Brown & Brown, Inc. | 79949 |
| 1558 | Centene Corp. (a) | 40617 |
| 1167 | Chubb Limited ADR (Switzerland) | 310469 |
| 836 | Cigna Corp. | 223530 |
| 489 | Cincinnati Financial Corp. | 72132 |
| 707 | Elevance Health, Inc. | 200138 |
| 78 | Erie Indemnity Co. Class A | 27787 |
| 133 | Everest Re Group Ltd. ADR | 44661 |
| 258 | Globe Life, Inc. | 36241 |
| 378 | Humana, Inc. | 94451 |
| 544 | Loews Corp. | 49254 |
| 1542 | Marsh & McLennan Companies, Inc. | 307166 |
| 1765 | MetLife, Inc. | 134052 |
| 645 | Principal Financial Group, Inc. | 50200 |
| 1835 | Progressive Corp. | 444143 |
| 1108 | Prudential Financial, Inc. | 114767 |
| 890 | The Hartford Insurance Group, Inc. | 110707 |
| 709 | Travelers Companies, Inc. | 184510 |
| 2839 | UnitedHealth Group, Inc. | 708501 |
| 938 | W.R. Berkley Corp. | 64544 |
| 311 | Willis Towers Watson PLC ADR (Ireland) | 98217 |
|  |  | 6924899 |
|  **Leather and Allied Product Manufacturing - 0.2%** | **Leather and Allied Product Manufacturing - 0.2%** |  |
| 3688 | NIKE, Inc. Class B | 275457 |
| 650 | Tapestry, Inc. | 70219 |
|  |  | 345676 |
|  **Machinery Manufacturing - 2.1%** | **Machinery Manufacturing - 2.1%** |  |
| 2543 | Applied Materials, Inc. | 457893 |
| 3101 | Baker Hughes Co. | 139700 |
| 2496 | Carrier Global Corp. | 171276 |
| 1472 | Caterpillar, Inc. | 644765 |
| 431 | Cummins, Inc. | 158444 |
| 790 | Deere & Co. | 414252 |
| 3337 | GE Aerospace | 904594 |
| 236 | IDEX Corp. | 38588 |
| 1263 | Ingersoll Rand, Inc. | 106888 |
| 65 | Mettler-Toledo International, Inc. (a) | 80189 |
| 169 | Nordson Corp. | 36202 |
| 400 | Parker Hannifin Corp. | 292760 |
| 698 | Trane Technologies PLC ADR (Ireland) | 305780 |
| 762 | Xylem, Inc. | 110200 |
|  |  | 3861531 |
|  **Management of Companies and Enterprises - 0.6%** | **Management of Companies and Enterprises - 0.6%** |  |
| 5445 | Abbott Laboratories | 687104 |
| 676 | Aon PLC ADR (United Kingdom) | 240460 |
| 421 | Bunge Global SA ADR (Switzerland) | 33579 |
| 1398 | Norwegian Cruise Line Holdings Ltd. ADR (a) | 35733 |
| 1552 | Smurfit WestRock PLC ADR (Ireland) | 68878 |
|  |  | 1065754 |
|  **Merchant Wholesalers, Durable Goods - 0.9%** | **Merchant Wholesalers, Durable Goods - 0.9%** |  |
| 346 | Builders FirstSource, Inc. (a) | 43987 |
| 2752 | Copart, Inc. (a) | 124748 |
| 3591 | Fastenal Co. | 165653 |
| 434 | Genuine Parts Co. | 55934 |
| 381 | Henry Schein, Inc. (a) | 25775 |
| 167 | Hubbell, Inc. | 73059 |
| 123 | Huntington Ingalls Industries, Inc. | 34300 |

---

------

---

| |
|:---|
| **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| 2059 | Johnson Controls International PLC ADR (Ireland) | 216195 |
| 414 | KLA-Tencor Corp. | 363918 |
| 100 | Lennox International, Inc. | 60900 |
| 808 | LKQ Corp.(b) | 23812 |
| 163 | Mohawk Industries, Inc. (a) | 18665 |
| 117 | Pool Corp. | 36052 |
| 928 | TE Connectivity PLC ADR (Ireland) | 190936 |
| 136 | W.W. Grainger, Inc. | 141378 |
|  |  | &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;1575312 |
|  **Merchant Wholesalers, Nondurable Goods - 0.7%** | **Merchant Wholesalers, Nondurable Goods - 0.7%** |  |
| 570 | Brown Forman Corp. Class B(b) | 16445 |
| 747 | Cardinal Health, Inc. | 115949 |
| 540 | Cencora, Inc. | 154483 |
| 1494 | ConAgra Brands, Inc. | 27281 |
| 107 | Domino's Pizza, Inc. | 49564 |
| 834 | Illinois Tool Works, Inc. | 213479 |
| 391 | McKesson Corp. | 271174 |
| 1517 | Sysco Corp. | 120753 |
| 722 | The Sherwin Williams Co. | 238895 |
|  |  | 1208023 |
|  **Mining (except Oil and Gas) - 0.3%** | **Mining (except Oil and Gas) - 0.3%** |  |
| 4495 | Freeport-McMoRan Copper & Gold, Inc. | 180879 |
| 189 | Martin Marietta Materials, Inc. | 108652 |
| 3483 | Newmont Corp. | 216294 |
| 413 | Vulcan Materials Co. | 113439 |
|  |  | 619264 |
|  **Miscellaneous Manufacturing - 2.4%** | **Miscellaneous Manufacturing - 2.4%** |  |
| 1685 | 3M Co. | 251436 |
| 213 | Align Technology, Inc. (a) | 27479 |
| 1606 | Baxter International, Inc. | 34947 |
| 897 | Becton, Dickinson & Co. | 159890 |
| 4631 | Boston Scientific Corp. (a) | 485885 |
| 1227 | DexCom, Inc. (a) | 99105 |
| 429 | Dover Corp. | 77709 |
| 1836 | Edwards Lifesciences Corp. (a) | 145613 |
| 733 | Estee Lauder Companies, Inc. Class A | 68418 |
| 412 | Hasbro, Inc. | 30966 |
| 220 | Insulet Corp. (a) | 63448 |
| 1121 | Intuitive Surgical, Inc. (a) | 539302 |
| 7530 | Johnson & Johnson | 1240492 |
| 4014 | Medtronic PLC ADR (Ireland) | 362223 |
| 458 | ResMed, Inc. | 124549 |
| 433 | Solventum Corp. (a) | 30899 |
| 307 | Steris PLC ADR (Ireland) | 69532 |
| 1076 | Stryker Corp. | 422577 |
| 565 | Textron, Inc. | 43940 |
| 626 | The Cooper Companys, Inc. (a) | 44252 |
| 619 | Zimmer Biomet Holdings, Inc. | 56731 |
|  |  | 4379393 |
|  **Motion Picture and Sound Recording Industries - 0.8%** | **Motion Picture and Sound Recording Industries - 0.8%** |  |
| 1332 | Netflix, Inc. (a) | 1544321 |
|  **Motor Vehicle and Parts Dealers - 0.3%** | **Motor Vehicle and Parts Dealers - 0.3%** |  |
| 52 | AutoZone, Inc. (a) | 195956 |
| 476 | CarMax, Inc. (a) | 26946 |
| 2675 | O'Reilly Automotive, Inc. (a) | 263006 |
|  |  | 485908 |
|  **National Security and International Affairs - 0.0%(†)** | **National Security and International Affairs - 0.0%(†)** |  |
| 403 | Leidos Holdings, Inc. | 64339 |
|  **Nonmetallic Mineral Product Manufacturing - 0.1%** | **Nonmetallic Mineral Product Manufacturing - 0.1%** |  |
| 2413 | Corning, Inc. | 152598 |
|  **Oil and Gas Extraction - 1.3%** | **Oil and Gas Extraction - 1.3%** |  |
| 1130 | APA Corp. | 21798 |
| 2389 | Coterra Energy, Inc. | 58268 |
| 2010 | Devon Energy Corp. | 66772 |
| 585 | Diamondback Energy, Inc. | 86966 |
| 2669 | Dominion Energy, Inc. | 156003 |
| 1708 | EOG Resources, Inc. | 204994 |
| 1874 | EQT Corp. | 100727 |
| 678 | Expand Energy Corp. | 71041 |
| 13489 | Exxon Mobil Corp. | 1505912 |
| 2218 | Occidental Petroleum Corp. | 97459 |
|  |  | 2369940 |
|  **Paper Manufacturing - 0.0%(†)** | **Paper Manufacturing - 0.0%(†)** |  |
| 280 | Packaging Corp of America | 54250 |
|  **Performing Arts, Spectator Sports, and Related Industries - 0.1%** | **Performing Arts, Spectator Sports, and Related Industries - 0.1%** |  |
| 650 | Caesars Entertainment, Inc. (a) | 17342 |
| 714 | Electronic Arts, Inc. | 108878 |
|  |  | 126220 |
|  **Petroleum and Coal Products Manufacturing - 0.4%** | **Petroleum and Coal Products Manufacturing - 0.4%** |  |
| 3951 | ConocoPhillips | 376688 |
| 962 | Marathon Petroleum Corp. | 163723 |
| 1276 | Phillips 66 | 157688 |
| 980 | Valero Energy Corp. | 134564 |
|  |  | 832663 |
|  **Pipeline Transportation - 0.2%** | **Pipeline Transportation - 0.2%** |  |
| 679 | Targa Resources Corp. | 112992 |
| 3822 | Williams Companies, Inc. | 229129 |
|  |  | 342121 |
|  **Plastics and Rubber Products Manufacturing - 0.0%(†)** | **Plastics and Rubber Products Manufacturing - 0.0%(†)** |  |
| 244 | Avery Dennison Corp. | 40936 |
| 225 | West Pharmaceutical Services, Inc. | 53833 |
|  |  | 94769 |
|  **Primary Metal Manufacturing - 0.2%** | **Primary Metal Manufacturing - 0.2%** |  |
| 1263 | Howmet Aerospace, Inc. | 227049 |
| 432 | Steel Dynamics, Inc. | 55106 |
|  |  | 282155 |
|  **Professional, Scientific, and Technical Services - 6.0%** | **Professional, Scientific, and Technical Services - 6.0%** |  |
| 1960 | Accenture PLC Class A ADR (Ireland) | 523516 |
| 412 | CDW Corp. | 71845 |
| 154 | Charles River Laboratories International, Inc. (a) | 26125 |
| 1543 | Cognizant Technology Solutions Corp. Class A | 110726 |
| 1224 | Eaton Corporation PLC ADR (Ireland) | 470897 |
| 177 | EPAM Systems, Inc. (a) | 27915 |
| 664 | Extra Space Storage, Inc. | 89215 |
| 179 | F5 Networks, Inc. (a) | 56102 |
| 446 | GoDaddy, Inc. (a) | 72065 |
| 252 | IDEXX Laboratories, Inc. (a) | 134646 |
| 1652 | International Paper Co. | 77214 |
| 1157 | Interpublic Group of Companies, Inc. | 28462 |
| 514 | IQVIA Holdings, Inc. (a) | 95532 |
| 228 | Jack Henry & Associates, Inc. | 38718 |
| 376 | Jacobs Solutions, Inc. | 53343 |

---

------

---

| |
|:---|
| **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| 6795 | Meta Platforms, Inc. | 5255525 |
| 1065 | Moderna, Inc. (a) | 31481 |
| 611 | Omnicom Group, Inc.(b) | 44022 |
| 5090 | Oracle Corp. | 1291689 |
| 6658 | Palantir Technologies, Inc. (a) | 1054294 |
| 1003 | Paychex, Inc. | 144763 |
| 152 | Paycom Software, Inc. | 35194 |
| 376 | PTC, Inc. (a) | 80769 |
| 648 | ServiceNow, Inc. (a) | 611142 |
| 530 | Take-Two Interactive Software, Inc. (a) | 118047 |
| 1405 | The Trade Desk, Inc. (a) | 122179 |
| 253 | VeriSign, Inc. | 68024 |
| 437 | Verisk Analytics, Inc. Class A | 121796 |
| 678 | Workday, Inc. (a) | 155520 |
|  |  | &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;11010766 |
|  **Publishing Industries - 8.8%** | **Publishing Industries - 8.8%** |  |
| 1333 | Adobe, Inc. (a) | 476801 |
| 457 | Akamai Technologies, Inc. (a) | 34874 |
| 669 | Autodesk, Inc. (a) | 202781 |
| 1740 | Block, Inc. (a) | 134432 |
| 855 | Cadence Design Systems, Inc. (a) | 311707 |
| 779 | CrowdStrike Holdings, Inc. (a) | 354110 |
| 1000 | Datadog, Inc. (a) | 139980 |
| 500 | Dayforce, Inc. (a) | 28835 |
| 77 | Fair Isaac Corp. (a) | 110627 |
| 1708 | Gen Digital, Inc. | 50369 |
| 4111 | Hewlett Packard Enterprise Co. | 85057 |
| 875 | Intuit, Inc. | 686989 |
| 23263 | Microsoft Corp. | 12410810 |
| 1180 | News Corp. Class A | 34598 |
| 349 | News Corp. Class B | 11663 |
| 3003 | Salesforce, Inc. | 775765 |
| 576 | Synopsys, Inc. (a) | 364879 |
| 135 | Tyler Technologies, Inc. (a) | 78916 |
|  |  | 16293193 |
|  **Rail Transportation - 0.3%** | **Rail Transportation - 0.3%** |  |
| 5879 | CSX Corp. | 208940 |
| 1870 | Union Pacific Corp. | 415084 |
|  |  | 624024 |
|  **Real Estate - 1.5%** |  |  |
| 482 | Alexandria Real Estate Equities, Inc. | 36839 |
| 1466 | American Tower Corp. | 305500 |
| 445 | AvalonBay Communities, Inc. | 82895 |
| 456 | BXP, Inc. | 29836 |
| 335 | Camden Property Trust | 36582 |
| 919 | CBRE Group, Inc. Class A (a) | 143125 |
| 1363 | Crown Castle, Inc. | 143238 |
| 990 | Digital Realty Trust, Inc. | 174676 |
| 1070 | Equity Residential | 67624 |
| 201 | Essex Property Trust, Inc. | 52296 |
| 243 | Federal Realty Investment Trust | 22395 |
| 2175 | Healthpeak Properties, Inc. | 36845 |
| 1785 | Invitation Homes, Inc. | 54710 |
| 2117 | Kimco Realty Corp. | 44944 |
| 366 | Mid-America Apartment Communities, Inc. | 52129 |
| 2904 | Prologis, Inc. | 310089 |
| 494 | Public Storage | 134338 |
| 2826 | Realty Income Corp. | 158623 |
| 511 | Regency Centers Corp. | 36485 |
| 960 | Simon Property Group, Inc. | 157238 |
| 943 | UDR, Inc. | 37051 |
| 1412 | Ventas, Inc. | 94858 |
| 3307 | VICI Properties, Inc. | 107808 |
| 1944 | Welltower, Inc. | 320896 |
| 2270 | Weyerhaeuser Co. | 56864 |
|  |  | 2697884 |
|  **Rental and Leasing Services - 0.1%** | **Rental and Leasing Services - 0.1%** |  |
| 204 | United Rentals, Inc. | 180120 |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.5%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.5%** |  |
| 1413 | Apollo Global Management, Inc. | 205337 |
| 455 | Blackrock, Inc. | 503235 |
| 327 | Cboe Global Markets, Inc. | 78820 |
| 5345 | Charles Schwab Corp. | 522367 |
| 1128 | CME Group, Inc. | 313900 |
| 2213 | Dow, Inc.(b) | 51541 |
| 970 | Franklin Resources, Inc. | 23280 |
| 960 | Goldman Sachs Group, Inc. | 694646 |
| 1401 | Invesco Ltd. ADR | 29435 |
| 2118 | KKR & Co., Inc. | 310456 |
| 117 | MarketAxess Holdings, Inc. | 24044 |
| 3866 | Morgan Stanley | 550750 |
| 242 | MSCI, Inc. Class A | 135849 |
| 1294 | NASDAQ OMX Group, Inc. | 124509 |
| 569 | Raymond James Financial, Inc. | 95097 |
| 982 | S&P Global, Inc. | 541180 |
| 2284 | The Blackstone Group, Inc. | 395041 |
|  |  | 4599487 |
|  **Specialty Trade Contractors - 0.1%** | **Specialty Trade Contractors - 0.1%** |  |
| 464 | Quanta Services, Inc. | 188444 |
|  **Support Activities for Agriculture and Forestry - 0.1%** | **Support Activities for Agriculture and Forestry - 0.1%** |  |
| 2135 | Corteva, Inc. | 153998 |
|  **Support Activities for Mining - 0.1%** | **Support Activities for Mining - 0.1%** |  |
| 2691 | Halliburton Co. | 60278 |
| 4697 | Schlumberger Ltd. ADR (Curaco) | 158759 |
|  |  | 219037 |
|  **Support Activities for Transportation - 0.2%** | **Support Activities for Transportation - 0.2%** |  |
| 371 | C.H. Robinson Worldwide, Inc. | 42784 |
| 381 | Expedia, Inc. | 68664 |
| 429 | Expeditors International of Washington, Inc. | 49867 |
| 245 | J.B. Hunt Transport Services, Inc. | 35292 |
| 706 | Norfolk Southern Corp. | 196268 |
|  |  | 392875 |
|  **Telecommunications - 1.1%** |  |  |
| 22521 | AT&T, Inc. | 617300 |
| 306 | Equinix, Inc. | 240262 |
| 3043 | PayPal Holdings, Inc. (a) | 209237 |
| 337 | SBA Communications Corp. | 75731 |
| 1493 | T-Mobile US, Inc. | 355946 |
| 13196 | Verizon Communications, Inc. | 564261 |
|  |  | 2062737 |
|  **Transportation Equipment Manufacturing - 2.8%** | **Transportation Equipment Manufacturing - 2.8%** |  |
| 682 | Aptiv PLC ADR (a) | 46812 |

---

------

---

| |
|:---|
| **Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| 2359 | Boeing Co. (a) | 523320 |
| 12224 | Ford Motor Co. | 135320 |
| 789 | General Dynamics Corp. | 245860 |
| 3009 | General Motors Co. | 160500 |
| 2011 | Honeywell International, Inc. | 447146 |
| 653 | Lockheed Martin Corp. | 274900 |
| 1643 | Paccar, Inc. | 162263 |
| 8770 | Tesla, Inc. (a) | 2703528 |
| 176 | TransDigm Group, Inc. | 283089 |
| 536 | Wabtec Corp. | 102939 |
|  |  | &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;5085677 |
|  **Truck Transportation - 0.1%** | **Truck Transportation - 0.1%** |  |
| 582 | Old Dominion Freight Line, Inc. | 86864 |
|  **Utilities - 2.7%** | **Utilities - 2.7%** |  |
| 2228 | AES Corp. | 29298 |
| 804 | Alliant Energy Corp. | 52268 |
| 846 | Ameren Corp. | 85556 |
| 1672 | American Electric Power Co., Inc. | 189170 |
| 611 | American Water Works Co., Inc. | 85687 |
| 497 | Atmos Energy Corp. | 77492 |
| 2043 | CenterPoint Energy, Inc. | 79309 |
| 936 | CMS Energy Corp. | 69077 |
| 1128 | Consolidated Edison, Inc. | 116748 |
| 981 | Constellation Energy Corp. | 341231 |
| 649 | DTE Energy Co. | 89828 |
| 2433 | Duke Energy Corp. | 295950 |
| 1204 | Edison International | 62752 |
| 1397 | Entergy Corp. | 126331 |
| 720 | Evergy, Inc. | 50976 |
| 1150 | Eversource Energy | 76015 |
| 3160 | Exelon Corp. | 142010 |
| 1607 | FirstEnergy Corp. | 68635 |
| 854 | GE Vernova, Inc. | 563888 |
| 6050 | Kinder Morgan, Inc. | 169763 |
| 6444 | NextEra Energy, Inc. | 457911 |
| 1473 | NiSource, Inc. | 62529 |
| 612 | NRG Energy, Inc. | 102326 |
| 1954 | ONEOK, Inc. | 160443 |
| 6878 | PG&E Corp. | 96430 |
| 373 | Pinnacle West Capital Corp. | 33801 |
| 2313 | PPL Corp. | 82551 |
| 1562 | Public Service Enterprise Group, Inc. | 140252 |
| 2042 | Sempra Energy | 166791 |
| 3440 | Southern Co. | 325011 |
| 59 | Texas Pacific Land Corp. | 57120 |
| 1062 | Vistra Corp. | 221469 |
| 999 | WEC Energy Group, Inc. | 108971 |
| 1806 | Xcel Energy, Inc. | 132633 |
|  |  | 4920222 |
|  **Waste Management and Remediation Services - 0.1%** | **Waste Management and Remediation Services - 0.1%** |  |
| 636 | Republic Services, Inc. | 146693 |
|  **Water Transportation - 0.1%** | **Water Transportation - 0.1%** |  |
| 3286 | Carnival Corp. ADR (Panama) (a) | 97824 |
|  **Web Search Portals, Libraries, Archives, and Other Information Services - 0.1%** | **Web Search Portals, Libraries, Archives, and Other Information Services - 0.1%** |  |
| 1321 | CoStar Group, Inc. (a) | 125746 |
|  **Wood Product Manufacturing - 0.0%(†)** | **Wood Product Manufacturing - 0.0%(†)** |  |
| 660 | Masco Corp. | 44966 |
|  | TOTAL COMMON STOCKS (Cost $132,422,825) | $168177157 |
|  **SHORT TERM INVESTMENTS - 9.3%** | **SHORT TERM INVESTMENTS - 9.3%** |  |
|  **Money Market Funds - 9.3%** | **Money Market Funds - 9.3%** |  |
| 15106098 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)</sup> | $15106098 |
| 189496 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(c)</sup> | 189496 |
| 1882565 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> | 1882565 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $17,178,159) | $17178159 |
|  | TOTAL INVESTMENTS (Cost $149,600,984) - 100.5% <sup>(d)</sup> | $185355316 |
|  | Liabilities in Excess of Other Assets - (0.5)% | (801127) |
|  | TOTAL NET ASSETS - 100.0% | $184554189 |

---

Percentages are stated as a percent of net assets.

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

---

| | |
|:---|:---|
| <sup>(†)</sup> | 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 July 31, 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 $103,516,226. 

ADR - American Depository Receipt

**Long Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  Total return of S&P 500<sup>®</sup> Index | SOFR + 0.7000% | Goldman Sachs | 12/10/2025 | 10284 | $62156721 | $1912525 |
|  Total return of S&P 500<sup>®</sup> Index | SOFR + 0.6500% | UBS Securities LLC | 12/17/2025 | 18680 | 101810712 | 15538994 |
|  Total return of S&P 500<sup>®</sup> Index | SOFR + 0.6300% | Citibank N.A. | 12/19/2025 | 2732 | 16361645 | 773284 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180329078 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18224803 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily MSCI Brazil Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 64.2%** | **INVESTMENT COMPANIES - 64.2%** |  |  |
| 2537456 | iShares MSCI Brazil Capped ETF <sup>(a)(b)</sup> | $— | 67369457 |
|  | TOTAL INVESTMENT COMPANIES (Cost $70,183,330) | $— | 67369457 |
|  **SHORT TERM INVESTMENTS - 53.0%** | **SHORT TERM INVESTMENTS - 53.0%** |  |  |
|  **Money Market Funds - 53.0%** |  |  |  |
| 45133448 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 45133448 |
| 10567543 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 10567543 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $55,700,991) | $— | 55700991 |
|  | TOTAL INVESTMENTS (Cost $125,884,321) - 117.2% <sup>(e)</sup> | $— | 123070448 |
|  | Liabilities in Excess of Other Assets - (17.2)% |  | (18056163) |
|  | TOTAL NET ASSETS - 100.0% | $— | 105014285 |

---

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 July 31, 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 $41,358,025. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation** |
|  Total return of iShares MSCI Brazil Capped ETF | SOFR + 0.7000% | BNP Paribas | 12/5/2025 | 777444 | $18685289 | $1806413 |
|  Total return of iShares MSCI Brazil Capped ETF | SOFR + 0.2700% | J.P. Morgan | 12/16/2025 | 2292094 | 54954657 | 6310066 |
|  Total return of iShares MSCI Brazil Capped ETF | SOFR + 0.7000% | UBS Securities LLC | 12/17/2025 | 2042407 | 50516893 | 3705077 |
|  Total return of iShares MSCI Brazil Capped ETF | SOFR + 0.7500% | Barclays | 12/22/2025 | 261299 | 6848502 | 70648 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131005341 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11892204 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 62.2%** | **INVESTMENT COMPANIES - 62.2%** |  |  |
| 26067 | iShares MSCI Emerging Markets ex China ETF <sup>(a)</sup> | $— | 1637529 |
|  | TOTAL INVESTMENT COMPANIES (Cost $1,610,431) | $— | 1637529 |
|  **SHORT TERM INVESTMENTS - 37.8%** | **SHORT TERM INVESTMENTS - 37.8%** |  |  |
|  **Money Market Funds - 37.8%** |  |  |  |
| 595761 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 595761 |
| 374258 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(b)</sup> |  | 374258 |
| 26429 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 26429 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $996,448) | $— | 996448 |
|  | TOTAL INVESTMENTS (Cost $2,606,879) - 100.0% <sup>(c)</sup> | $— | 2633977 |
|  | Liabilities in Excess of Other Assets - (0.0)% <sup>(</sup><sup>†</sup><sup>)</sup> |  | (1132) |
|  | TOTAL NET ASSETS - 100.0% | $— | 2632845 |

---

Percentages are stated as a percent of net assets.

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

<sup>(†)</sup> Less than 0.05%.

<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 July 31, 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 $794,568. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation** |
| Total return of iShares MSCI Emerging Markets ex China ETF | SOFR + 0.6000% | Goldman Sachs | 12/10/2025 | 30778 | $1690194 | $234250 |
| Total return of iShares MSCI Emerging Markets ex China ETF | SOFR + 0.8000% | J.P. Morgan | 12/16/2025 | 26977 | 1688116 | 8237 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3378310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242487 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily MSCI India Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 47.8%** | **INVESTMENT COMPANIES - 47.8%** |  |  |
| 635902 | iShares MSCI India ETF <sup>(a)(b)</sup> | $— | 33473881 |
|  | TOTAL INVESTMENT COMPANIES (Cost $32,597,024) | $— | 33473881 |
|  **SHORT TERM INVESTMENTS - 57.2%** | **SHORT TERM INVESTMENTS - 57.2%** |  |  |
|  **Money Market Funds - 57.2%** |  |  |  |
| 23041013 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 23041013 |
| 7218584 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(c)</sup> |  | 7218584 |
| 9842395 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 9842395 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $40,101,992) | $— | 40101992 |
|  | TOTAL INVESTMENTS (Cost $72,699,016) - 105.0% <sup>(e)</sup> | $— | 73575873 |
|  | Liabilities in Excess of Other Assets - (5.0)% |  | (3528442) |
|  | TOTAL NET ASSETS - 100.0% | $— | 70047431 |

---

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 July 31, 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 $23,249,460. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at<br>Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  Total return of iShares MSCI India ETF | SOFR + 0.6500% | Bank of America Merrill Lynch | 12/11/2025 | 345327 | $16978699 | $831319 |
|  Total return of iShares MSCI India ETF | SOFR + 0.6900% | UBS Securities LLC | 12/17/2025 | 648213 | 34473917 | (1050846) |
|  Total return of iShares MSCI India ETF | SOFR + 0.9500% | Citibank N.A. | 12/19/2025 | 462292 | 24743827 | (1217083) |
|  Total return of iShares MSCI India ETF | SOFR + 0.8000% | Barclays | 12/22/2025 | 569643 | 30228391 | (1157934) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106424834 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2594544) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily AI and Big Data Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 56.2%** |  |  |  |
|  **Administrative and Support Services - 0.2%** | **Administrative and Support Services - 0.2%** |  |  |
| 1702 | nCino, Inc. (a) | $— | 47528 |
|  **Computer and Electronic Product Manufacturing - 27.1%** | **Computer and Electronic Product Manufacturing - 27.1%** |  |  |
| 3982 | Advanced Micro Devices, Inc. (a) |  | 702067 |
| 3480 | Alphabet, Inc. |  | 667812 |
| 622 | Ambarella, Inc. ADR (a) |  | 41108 |
| 5069 | Apple, Inc. |  | 1052172 |
| 5705 | Arista Networks, Inc. (a) |  | 702970 |
| 3717 | Broadcom, Inc. |  | 1091683 |
| 28018 | Intel Corp. (a) |  | 554756 |
| 2266 | International Business Machines Corp. |  | 573638 |
| 6154 | NVIDIA Corp. |  | 1094612 |
| 8760 | Super Micro Computer, Inc. (a) |  | 516577 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6997395 |
|  **Data Processing, Hosting and Related Services - 0.6%** | **Data Processing, Hosting and Related Services - 0.6%** |  |  |
| 2467 | Tempus AI, Inc. (a)(b) |  | 139608 |
|  **General Merchandise Retailers - 4.3%** | **General Merchandise Retailers - 4.3%** |  |  |
| 4756 | Amazon.com, Inc. (a) |  | 1113427 |
|  **Professional, Scientific, and Technical Services - 15.9%** | **Professional, Scientific, and Technical Services - 15.9%** |  |  |
| 1549 | Elastic NV ADR (Netherlands) (a) |  | 129651 |
| 466 | Innodata, Inc. (a)(b) |  | 25584 |
| 1518 | Meta Platforms, Inc. |  | 1174082 |
| 928 | Nice Ltd. ADR (Israel) (a) |  | 144814 |
| 2568 | Oracle Corp. |  | 651681 |
| 925 | Pagaya Technologies Ltd. ADR (Israel) (a) |  | 27796 |
| 4149 | Palantir Technologies, Inc. (a) |  | 656994 |
| 666 | ServiceNow, Inc. (a) |  | 628118 |
| 3019 | Snowflake, Inc. (a) |  | 674747 |
|  |  |  | 4113467 |
|  **Publishing Industries - 8.1%** |  |  |  |
| 4275 | BigBear.ai Holdings, Inc. (a)(b) |  | 27146 |
| 1921 | C3.ai, Inc. (a)(b) |  | 45259 |
| 3825 | Informatica, Inc. (a) |  | 94478 |
| 2080 | Microsoft Corp. |  | 1109680 |
| 2458 | Salesforce, Inc. |  | 634975 |
| 5419 | SoundHound AI, Inc. (a)(b) |  | 55978 |
| 6717 | UiPath, Inc. (a) |  | 78925 |
| 3104 | Zeta Global Holdings Corp. (a) |  | 48578 |
|  |  |  | 2095019 |
|  | TOTAL COMMON STOCKS (Cost $11,501,598) | $— | 14506444 |
|  **SHORT TERM INVESTMENTS - 21.4%** | **SHORT TERM INVESTMENTS - 21.4%** |  |  |
|  **Money Market Funds - 21.4%** |  |  |  |
| 3888992 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 3888992 |
| 166232 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(c)</sup> |  | 166232 |
| 1470000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(c)</sup> |  | 1470000 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $5,525,224) | $— | 5525224 |
|  | TOTAL INVESTMENTS (Cost $17,026,822) - 77.6% <sup>(e)</sup> | $— | 20031668 |
|  | Other Assets in Excess of Liabilities - 22.4% |  | 5791822 |
|  | TOTAL NET ASSETS - 100.0% | $— | 25823490 |

---

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 July 31, 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 $6,884,490. 

ADR - American Depository Receipt

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation** |
|  Total return of Solactive US AI & Big Data Index | SOFR + 0.7000% | Goldman Sachs | 12/10/2025 | 2311 | $8587901 | $2801986 |
|  Total return of Solactive US AI & Big Data Index | SOFR + 0.8500% | Citibank N.A. | 12/19/2025 | 2945 | 14534065 | 134055 |
|  Total return of Solactive US AI & Big Data Index | SOFR + 1.0800% | Barclays | 12/22/2025 | 2197 | 9474946 | 1316689 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32596912 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4252730 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily AI and Big Data Bear 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 121.6%** | **SHORT TERM INVESTMENTS - 121.6%** | **SHORT TERM INVESTMENTS - 121.6%** | **SHORT TERM INVESTMENTS - 121.6%** |
|  **Money Market Funds - 121.6%** | **Money Market Funds - 121.6%** | **Money Market Funds - 121.6%** | **Money Market Funds - 121.6%** |
| 740564 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 740564 |
| 358938 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 358938 |
| 264789 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 264789 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $1,364,291) <sup>(b)</sup> | $— | 1364291 |
|  | TOTAL INVESTMENTS (Cost $1,364,291) - 121.6% | $— | 1364291 |
|  | Liabilities in Excess of Other Assets - (21.6)% |  | (242595) |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121696 |

---

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 July 31, 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 $623,727. 

**Short Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  SOFR + 0.4500% | Total return of Solactive US AI & Big Data Index | Goldman Sachs | 12/10/2025 | 93 | $425753 | $(35985) |
|  SOFR + 0.6500% | Total return of Solactive US AI & Big Data Index | J.P. Morgan | 12/16/2025 | 357 | 1542830 | (198857) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968583 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234842) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Crypto Industry Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 77.7%** |  |  |  |
|  **Administrative and Support Services - 10.9%** | **Administrative and Support Services - 10.9%** |  |  |
| 4123 | Hut 8 Corp. (a) | $— | 87531 |
| 15363 | NU Holdings Ltd. ADR (Brazil) (a) |  | 187736 |
| 2123 | Paysafe Ltd. ADR (United Kingdom) (a) |  | 25795 |
| 1024 | Visa, Inc. Class A |  | 353761 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654823 |
|  **Amusement, Gambling, and Recreation Industries - 3.7%** | **Amusement, Gambling, and Recreation Industries - 3.7%** |  |  |
| 4891 | DraftKings, Inc. (a) |  | 220291 |
|  **Computer and Electronic Product Manufacturing - 6.2%** | **Computer and Electronic Product Manufacturing - 6.2%** |  |  |
| 2071 | NVIDIA Corp. |  | 368369 |
|  **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 8.8%** | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 8.8%** |  |  |
| 8053 | Applied Digital Corp. (a)(b) |  | 105816 |
| 11434 | Bit Digital, Inc. ADR (a) |  | 33273 |
| 11996 | Cipher Mining, Inc. (a)(b) |  | 65498 |
| 10866 | Core Scientific, Inc. (a)(b) |  | 147126 |
| 12783 | Riot Platforms, Inc. (a) |  | 171420 |
|  |  |  | 523133 |
|  **Credit Intermediation and Related Activities - 12.8%** | **Credit Intermediation and Related Activities - 12.8%** |  |  |
| 872 | Coinbase Global, Inc. (a) |  | 329407 |
| 645 | MasterCard, Inc. Class A |  | 365373 |
| 13760 | Terawulf, Inc. (a)(b) |  | 71001 |
|  |  |  | 765781 |
|  **General Merchandise Retailers - 6.0%** |  |  |  |
| 152 | MercadoLibre, Inc. (a) |  | 360831 |
|  **Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) - 2.9%** | **Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) - 2.9%** |  |  |
| 10763 | MARA Holdings, Inc. (a)(b) |  | 173069 |
|  **Professional, Scientific, and Technical Services - 4.2%** | **Professional, Scientific, and Technical Services - 4.2%** |  |  |
| 10052 | Cleanspark, Inc. (a)(b) |  | 114291 |
| 8654 | IREN Ltd. ADR (Australia) (a)(b) |  | 139416 |
|  |  |  | 253707 |
|  **Publishing Industries - 7.4%** |  |  |  |
| 3039 | Block, Inc. (a) |  | 234793 |
| 2026 | Shift4 Payments, Inc. (a)(b) |  | 208678 |
|  |  |  | 443471 |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 11.5%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 11.5%** |  |  |
| 5451 | Bitdeer Technologies Group ADR (Singapore) (a)(b) |  | 70263 |
| 11785 | DeFi Technologies, Inc. ADR (Canada) (a) |  | 32173 |
| 3617 | Interactive Brokers Group, Inc. Class A |  | 237131 |
| 3397 | Robinhood Markets, Inc. (a) |  | 350061 |
|  |  |  | 689628 |
|  **Telecommunications - 3.3%** |  |  |  |
| 2910 | PayPal Holdings, Inc. (a) |  | 200092 |
|  | TOTAL COMMON STOCKS (Cost $3,884,586) | $— | 4653195 |
|  **SHORT TERM INVESTMENTS - 31.2%** | **SHORT TERM INVESTMENTS - 31.2%** |  |  |
|  **Money Market Funds - 31.2%** |  |  |  |
| 1002475 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 1002475 |
| 15 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(c)</sup> |  | 15 |
| 864866 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 864866 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $1,867,356) | $— | 1867356 |
|  | TOTAL INVESTMENTS (Cost $5,751,942) - 108.9% <sup>(e)</sup> | $— | 6520551 |
|  | Liabilities in Excess of Other Assets - (8.9)% |  | (535302) |
|  | TOTAL NET ASSETS - 100.0% | $— | 5985249 |

---

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 July 31, 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 $864,881. 

ADR - American Depository Receipt

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  Total return of Solactive Distributed Ledger & Decentralized Payment Tech Index | SOFR + 0.8500% | Bank of America Merrill Lynch | 12/11/2025 | 1146 | $5562234 | $(64585) |
|  Total return of Solactive Distributed Ledger & Decentralized Payment Tech Index | SOFR + 0.8800% | Barclays | 12/22/2025 | 375 | 1273831 | 509512 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6836065 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444927 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 62.4%** |  |  |  |
|  **Administrative and Support Services - 2.8%** | **Administrative and Support Services - 2.8%** |  |  |
| 15165 | WeRide, Inc. ADR (China) (a) | $— | 139214 |
|  **Computer and Electronic Product Manufacturing - 4.9%** | **Computer and Electronic Product Manufacturing - 4.9%** |  |  |
| 36652 | Indie Semiconductor, Inc. (a) |  | 143309 |
| 12391 | QuantumScape Corp. (a) |  | 106563 |
|  |  |  | 249872 |
|  **Management of Companies and Enterprises - 5.7%** | **Management of Companies and Enterprises - 5.7%** |  |  |
| 7865 | EHang Holdings Ltd. ADR (China) (a) |  | 137638 |
| 142275 | Polestar Automotive Holding UK PLC ADR (Sweden) (a) |  | 152234 |
|  |  |  | 289872 |
|  **Motor Vehicle and Parts Dealers - 2.8%** | **Motor Vehicle and Parts Dealers - 2.8%** |  |  |
| 41513 | EVgo, Inc. (a) |  | 139899 |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 5.4%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 5.4%** |  |  |
| 56164 | Nio, Inc. ADR (China) (a) |  | 273518 |
|  **Transportation Equipment Manufacturing - 40.8%** | **Transportation Equipment Manufacturing - 40.8%** |  |  |
| 4344 | BorgWarner, Inc. |  | 159859 |
| 6631 | Gentex Corp. |  | 175191 |
| 7348 | Hesai Group ADR (China) (a) |  | 139612 |
| 5289 | Li Auto, Inc. ADR (China) (a) |  | 138043 |
| 90726 | Lucid Group, Inc. (a) |  | 223186 |
| 10149 | Mobileye Global, Inc. (Israel) (a) |  | 144522 |
| 10831 | Pony AI, Inc. ADR (China) (a) |  | 145569 |
| 19629 | Rivian Automotive, Inc. (a) |  | 252625 |
| 889 | Tesla, Inc. (a) |  | 274052 |
| 14180 | XPeng, Inc. ADR (China) (a) |  | 258218 |
| 5276 | ZEEKR Intelligent Technology Holding Ltd. ADR (China) (a) |  | 148995 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059872 |
|  | TOTAL COMMON STOCKS (Cost $2,818,880) | $— | 3152247 |
|  **SHORT TERM INVESTMENTS - 60.0%** | **SHORT TERM INVESTMENTS - 60.0%** |  |  |
|  **Money Market Funds - 60.0%** |  |  |  |
| 1567012 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 1567012 |
| 260556 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(c)</sup> |  | 260556 |
| 1204541 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 1204541 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $3,032,109) | $— | 3032109 |
|  | TOTAL INVESTMENTS (Cost $5,850,989) - 122.4% <sup>(e)</sup> | $— | 6184356 |
|  | Liabilities in Excess of Other Assets - (22.4)% |  | (1130577) |
|  | TOTAL NET ASSETS - 100.0% | $— | 5053779 |

---

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 July 31, 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 $2,467,803. 

ADR - American Depository Receipt

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  Total return of Indxx US Electric and Autonomous Vehicles Index | SOFR + 0.6000% | Goldman Sachs | 12/10/2025 | 2681 | $1964113 | $203453 |
|  Total return of Indxx US Electric and Autonomous Vehicles Index | SOFR + 0.6000% | Bank of America Merrill Lynch | 12/11/2025 | 1946 | 1501500 | 60277 |
|  Total return of Indxx US Electric and Autonomous Vehicles Index | SOFR + 0.0000% | J.P. Morgan | 8/24/2026 | 3910 | 3561643 | (380015) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7027256 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116285) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Energy Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 76.0%** |  |  |  |
|  **Gasoline Stations and Fuel Dealers - 13.8%** | **Gasoline Stations and Fuel Dealers - 13.8%** |  |  |
| 199043 | Chevron Corp. | $— | 30182881 |
|  **Machinery Manufacturing - 2.5%** |  |  |  |
| 120310 | Baker Hughes Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5419965 |
|  **Oil and Gas Extraction - 29.8%** |  |  |  |
| 43818 | APA Corp. (a) |  | 845249 |
| 92685 | Coterra Energy, Inc. |  | 2260587 |
| 77972 | Devon Energy Corp. |  | 2590230 |
| 22706 | Diamondback Energy, Inc. |  | 3375474 |
| 61415 | EOG Resources, Inc. |  | 7371028 |
| 72693 | EQT Corp. |  | 3907249 |
| 26298 | Expand Energy Corp. |  | 2755505 |
| 344365 | Exxon Mobil Corp. |  | 38444909 |
| 86044 | Occidental Petroleum Corp. |  | 3780773 |
|  |  |  | 65331004 |
|  **Petroleum and Coal Products Manufacturing - 13.8%** | **Petroleum and Coal Products Manufacturing - 13.8%** |  |  |
| 131023 | ConocoPhillips |  | 12491733 |
| 37306 | Marathon Petroleum Corp. |  | 6349108 |
| 49476 | Phillips 66 |  | 6114244 |
| 38034 | Valero Energy Corp. |  | 5222449 |
|  |  |  | 30177534 |
|  **Pipeline Transportation - 5.4%** |  |  |  |
| 26343 | Targa Resources Corp. |  | 4383738 |
| 123946 | Williams Companies, Inc. |  | 7430563 |
|  |  |  | 11814301 |
|  **Support Activities for Mining - 3.9%** |  |  |  |
| 104398 | Halliburton Co. |  | 2338515 |
| 182255 | Schlumberger Ltd. ADR (Curaco) |  | 6160219 |
|  |  |  | 8498734 |
|  **Utilities - 6.8%** |  |  |  |
| 234752 | Kinder Morgan, Inc. |  | 6587141 |
| 75851 | ONEOK, Inc. |  | 6228126 |
| 2289 | Texas Pacific Land Corp. |  | 2216049 |
|  |  |  | 15031316 |
|  | TOTAL COMMON STOCKS (Cost $169,480,385) | $— | 166455735 |
|  **SHORT TERM INVESTMENTS - 28.1%** | **SHORT TERM INVESTMENTS - 28.1%** |  |  |
|  **Money Market Funds - 28.1%** |  |  |  |
| 51467193 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 51467193 |
| 15962 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(b)</sup> |  | 15962 |
| 10125398 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 10125398 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $61,608,553) | $— | 61608553 |
|  | TOTAL INVESTMENTS (Cost $231,088,938) - 104.1% <sup>(c)</sup> | $— | 228064288 |
|  | Liabilities in Excess of Other Assets - (4.1)% |  | (9003649) |
|  | TOTAL NET ASSETS - 100.0% | $— | 219060639 |

---

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 July 31, 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 $146,713,749. 

ADR - American Depository Receipt

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  Total return of Energy Select Sector Index | SOFR + 0.7500% | BNP Paribas | 12/5/2025 | 78808 | $65833051 | $6144053 |
|  Total return of Energy Select Sector Index | SOFR + 0.8000% | J.P. Morgan | 12/16/2025 | 90018 | 84868941 | (3108580) |
|  Total return of Energy Select Sector Index | SOFR + 0.5700% | UBS Securities LLC | 12/17/2025 | 44325 | 40137652 | 118954 |
|  Total return of Energy Select Sector Index | SOFR + 0.7000% | Barclays | 12/22/2025 | 83021 | 73106154 | 2250937 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263945798 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5405364 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Energy Bear 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 97.6%** | **SHORT TERM INVESTMENTS - 97.6%** |  |  |
|  **Money Market Funds - 97.6%** |  |  |  |
| 14832780 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 14832780 |
| 1262495 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 1262495 |
| 2138860 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 2138860 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $18,234,135) <sup>(b)</sup> | $— | 18234135 |
|  | TOTAL INVESTMENTS (Cost $18,234,135) - 97.6% | $— | 18234135 |
|  | Other Assets in Excess of Liabilities - 2.4% |  | 447926 |
|  | TOTAL NET ASSETS - 100.0% | $— | 18682061 |

---

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 July 31, 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 $7,142,835. 

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation** |
| SOFR + 0.3500% | Total return of Energy Select Sector Index | BNP Paribas | 12/5/2025 | 9947 | $9174476 | $76008 |
| SOFR + 0.6000% | Total return of Energy Select Sector Index | J.P. Morgan | 12/16/2025 | 12785 | 12399095 | 768553 |
| SOFR + 0.1900% | Total return of Energy Select Sector Index | UBS Securities LLC | 12/17/2025 | 11098 | 10631777 | 528448 |
| SOFR + 0.4500% | Total return of Energy Select Sector Index | Barclays | 12/22/2025 | 6905 | 6357753 | 62240 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38563101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435249 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Gold Miners Index Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 52.4%** |  |  |  |
| 5651942 | VanEck Gold Miners ETF <sup>(a)(b)</sup> | $— | 291866285 |
|  | TOTAL INVESTMENT COMPANIES (Cost $273,072,528) | $— | 291866285 |
|  **SHORT TERM INVESTMENTS - 48.2%** | **SHORT TERM INVESTMENTS - 48.2%** |  |  |
|  **Money Market Funds - 48.2%** |  |  |  |
| 177369796 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 177369796 |
| 27280705 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(c)</sup> |  | 27280705 |
| 63810165 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 63810165 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $268,460,666) | $— | 268460666 |
|  | TOTAL INVESTMENTS (Cost $541,533,194) - 100.6% <sup>(e)</sup> | $— | 560326951 |
|  | Liabilities in Excess of Other Assets - (0.6)% |  | (2935084) |
|  | TOTAL NET ASSETS - 100.0% | $— | 557391867 |

---

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 July 31, 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 $358,380,037. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  Total return of VanEck Gold Miners ETF | SOFR + 0.9900% | BNP Paribas | 12/5/2025 | 2513488 | $104915025 | $22988600 |
|  Total return of VanEck Gold Miners ETF | SOFR + 0.8500% | Goldman Sachs | 12/10/2025 | 2633950 | 99853045 | 33806190 |
|  Total return of VanEck Gold Miners ETF | SOFR + 0.9500% | Bank of America Merrill Lynch | 12/11/2025 | 3302342 | 123673292 | 43492793 |
|  Total return of VanEck Gold Miners ETF | SOFR + 0.7400% | J.P. Morgan | 12/16/2025 | 2639505 | 96430913 | 37774734 |
|  Total return of VanEck Gold Miners ETF | SOFR + 0.5400% | UBS Securities LLC | 12/17/2025 | 1893205 | 98230739 | (923320) |
|  Total return of VanEck Gold Miners ETF | SOFR + 0.9900% | Citibank N.A. | 12/19/2025 | 2953220 | 129058714 | 21441019 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652161728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158580016 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Gold Miners Index Bear 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 110.3%** | **SHORT TERM INVESTMENTS - 110.3%** |  |  |
|  **Money Market Funds - 110.3%** |  |  |  |
| 89782056 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 89782056 |
| 31630303 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 31630303 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $121,412,359) <sup>(b)</sup> | $— | 121412359 |
|  | TOTAL INVESTMENTS (Cost $121,412,359) - 110.3% | $— | 121412359 |
|  | Liabilities in Excess of Other Assets - (10.3)% |  | (11333915) |
|  | TOTAL NET ASSETS - 100.0% | $— | 110078444 |

---

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 July 31, 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 $51,347,178. 

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  SOFR + 0.5900% | Total return of VanEck Gold Miners ETF | BNP Paribas | 12/5/2025 | 329494 | $16484986 | $(309385) |
|  SOFR + 0.7500% | Total return of VanEck Gold Miners ETF | Bank of America Merrill Lynch | 12/11/2025 | 802406 | 36955367 | (3817415) |
|  SOFR + 0.4500% | Total return of VanEck Gold Miners ETF | J.P. Morgan | 12/16/2025 | 502860 | 24095247 | (1578956) |
|  SOFR + 0.1500% | Total return of VanEck Gold Miners ETF | UBS Securities LLC | 12/17/2025 | 1718984 | 92075802 | 3592077 |
|  SOFR + 0.7300% | Total return of VanEck Gold Miners ETF | Citibank N.A. | 12/19/2025 | 909532 | 46092263 | (427842) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215703665 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2541521) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Junior Gold Miners Index Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 34.3%** |  |  |  |
| 1582872 | VanEck Junior Gold Miners ETF <sup>(a)(b)</sup> | $— | 101652040 |
|  | TOTAL INVESTMENT COMPANIES (Cost $98,232,547) | $— | 101652040 |
|  **SHORT TERM INVESTMENTS - 68.8%** | **SHORT TERM INVESTMENTS - 68.8%** |  |  |
|  **Money Market Funds - 68.8%** |  |  |  |
| 182235987 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 182235987 |
| 21629083 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 21629083 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $203,865,070) | $— | 203865070 |
|  | TOTAL INVESTMENTS (Cost $302,097,617) - 103.1% <sup>(e)</sup> | $— | 305517110 |
|  | Liabilities in Excess of Other Assets - (3.1)% |  | (9177018) |
|  | TOTAL NET ASSETS - 100.0% | $— | 296340092 |

---

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 July 31, 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 $133,736,906. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  Total return of VanEck Junior Gold Miners ETF | SOFR + 0.7900% | BNP Paribas | 12/5/2025 | 1708918 | $104141577 | $4271773 |
|  Total return of VanEck Junior Gold Miners ETF | SOFR + 0.6300% | J.P. Morgan | 12/16/2025 | 2089530 | 97098496 | 35754661 |
|  Total return of VanEck Junior Gold Miners ETF | SOFR + 0.7300% | UBS Securities LLC | 12/17/2025 | 2563012 | 119089575 | 44354987 |
|  Total return of VanEck Junior Gold Miners ETF | SOFR + 0.8000% | Citibank N.A. | 12/19/2025 | 1284695 | 85884524 | (3680202) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406214172 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80701219 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Junior Gold Miners Index Bear 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 116.3%** | **SHORT TERM INVESTMENTS - 116.3%** |  |  |
|  **Money Market Funds - 116.3%** |  |  |  |
| 62745759 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 62745759 |
| 16100745 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 16100745 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $78,846,504) <sup>(b)</sup> | $— | 78846504 |
|  | TOTAL INVESTMENTS (Cost $78,846,504) - 116.3% | $— | 78846504 |
|  | Liabilities in Excess of Other Assets - (16.3)% |  | (11024758) |
|  | TOTAL NET ASSETS - 100.0% | $— | 67821746 |

---

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 July 31, 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 $36,125,056. 

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  SOFR + 0.3900% | Total return of VanEck Junior Gold Miners ETF | BNP Paribas | 12/5/2025 | 585472 | $39143357 | $1844647 |
|  SOFR + 0.3000% | Total return of VanEck Junior Gold Miners ETF | J.P. Morgan | 12/16/2025 | 354919 | 20315082 | (2280675) |
|  SOFR + 0.1500% | Total return of VanEck Junior Gold Miners ETF | UBS Securities LLC | 12/17/2025 | 546237 | 28776056 | (5892122) |
|  SOFR + 0.6000% | Total return of VanEck Junior Gold Miners ETF | Citibank N.A. | 12/19/2025 | 625520 | 42749385 | 2707589 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130983880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3620561) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Magnificent 7 Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 44.2%** | **COMMON STOCKS - 44.2%** |  |  |
|  **Computer and Electronic Product Manufacturing - 19.5%** | **Computer and Electronic Product Manufacturing - 19.5%** |  |  |
| 31929 | Alphabet, Inc. - Class A | $— | 6127175 |
| 26470 | Apple, Inc. |  | 5494378 |
| 36987 | NVIDIA Corp. |  | 6578878 |
|  |  |  | 18200431 |
|  **General Merchandise Retailers - 6.4%** | **General Merchandise Retailers - 6.4%** |  |  |
| 25374 | Amazon.com, Inc. (a) |  | 5940306 |
|  **Professional, Scientific, and Technical Services - 6.5%** | **Professional, Scientific, and Technical Services - 6.5%** |  |  |
| 7797 | Meta Platforms, Inc. - Class A |  | 6030512 |
|  **Publishing Industries - 6.4%** | **Publishing Industries - 6.4%** |  |  |
| 11144 | Microsoft Corp. |  | 5945324 |
|  **Transportation Equipment Manufacturing - 5.4%** | **Transportation Equipment Manufacturing - 5.4%** |  |  |
| 16515 | Tesla, Inc. (a) |  | 5091079 |
|  | TOTAL COMMON STOCKS (Cost $32,596,512) | $— | 41207652 |
|  **SHORT TERM INVESTMENTS - 55.5%** | **SHORT TERM INVESTMENTS - 55.5%** |  |  |
|  **Money Market Funds - 55.5%** |  |  |  |
| 34759221 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 34759221 |
| 3690000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(b)</sup> |  | 3690000 |
| 13020450 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(b)</sup> |  | 13020450 |
| 326359 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 326359 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $51,796,030) | $— | 51796030 |
|  | TOTAL INVESTMENTS (Cost $84,392,542) - 99.7% <sup>(c)</sup> | $— | 93003682 |
|  | Other Assets in Excess of Liabilities - 0.3% |  | 251712 |
|  | TOTAL NET ASSETS - 100.0% | $— | 93255394 |

---

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 July 31, 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 $54,527,505. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation** |
|  Total return of Indxx Magnificent 7 Index | SOFR + 5.0600% | Goldman Sachs | 12/10/2025 | 7294 | $57049959 | $2847922 |
|  Total return of Indxx Magnificent 7 Index | SOFR + 5.1100% | Bank of America Merrill Lynch | 12/11/2025 | 2284 | 18203274 | 47923 |
|  Total return of Indxx Magnificent 7 Index | SOFR + 5.3600% | Barclays | 12/22/2025 | 8050 | 65490212 | 841633 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140743445 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3737478 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily NYSE FANG+ Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 43.4%** | **COMMON STOCKS - 43.4%** |  |  |
|  **Computer and Electronic Product Manufacturing - 18.5%** | **Computer and Electronic Product Manufacturing - 18.5%** |  |  |
| 29228 | Alphabet, Inc. | $— | 5608853 |
| 26286 | Apple, Inc. |  | 5456185 |
| 20622 | Broadcom, Inc. |  | 6056682 |
| 35683 | NVIDIA Corp. |  | 6346935 |
|  |  |  | 23468655 |
|  **General Merchandise Retailers - 4.4%** | **General Merchandise Retailers - 4.4%** |  |  |
| 23939 | Amazon.com, Inc. (a) |  | 5604359 |
|  **Motion Picture and Sound Recording Industries - 3.9%** | **Motion Picture and Sound Recording Industries - 3.9%** |  |  |
| 4213 | Netflix, Inc. (a) |  | 4884552 |
|  **Professional, Scientific, and Technical Services - 8.3%** | **Professional, Scientific, and Technical Services - 8.3%** |  |  |
| 7376 | Meta Platforms, Inc. |  | 5704893 |
| 5118 | ServiceNow, Inc. (a) |  | 4826888 |
|  |  |  | 10531781 |
|  **Publishing Industries - 8.3%** | **Publishing Industries - 8.3%** |  |  |
| 10452 | CrowdStrike Holdings, Inc. (a) |  | 4751166 |
| 10758 | Microsoft Corp. |  | 5739394 |
|  |  |  | 10490560 |
|  | TOTAL COMMON STOCKS (Cost $43,465,678) | $— | 54979907 |
|  **SHORT TERM INVESTMENTS - 64.3%** | **SHORT TERM INVESTMENTS - 64.3%** |  |  |
|  **Money Market Funds - 64.3%** |  |  |  |
| 54421347 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 54421347 |
| 9860004 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(b)</sup> |  | 9860004 |
| 17189735 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 17189735 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $81,471,086) | $— | 81471086 |
|  | TOTAL INVESTMENTS (Cost $124,936,764) - 107.7% <sup>(c)</sup> | $— | 136450993 |
|  | Liabilities in Excess of Other Assets - (7.7)% |  | (9677931) |
|  | TOTAL NET ASSETS - 100.0% | $— | 126773062 |

---

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 July 31, 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 $53,163,357. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation** |
|  Total return of NYSE FANG+ Index | SOFR + 0.9500% | Bank of America Merrill Lynch | 12/11/2025 | 3924 | $54926369 | $3887518 |
|  Total return of NYSE FANG+ Index | SOFR + 0.7500% | J.P. Morgan | 12/16/2025 | 4001 | 48569120 | 11680765 |
|  Total return of NYSE FANG+ Index | SOFR + 0.6500% | UBS Securities LLC | 12/17/2025 | 2127 | 24684060 | 7306166 |
|  Total return of NYSE FANG+ Index | SOFR + 0.8300% | Barclays | 12/22/2025 | 2997 | 40137677 | 5045822 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168317226 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27920271 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 48.3%** | **INVESTMENT COMPANIES - 48.3%** |  |  |
| 467220 | Global X Robotics & Artificial Intelligence ETF <sup>(a)</sup> | $— | 15637853 |
|  | TOTAL INVESTMENT COMPANIES (Cost $13,835,720) | $— | 15637853 |
|  **SHORT TERM INVESTMENTS - 53.1%** | **SHORT TERM INVESTMENTS - 53.1%** |  |  |
|  **Money Market Funds - 53.1%** |  |  |  |
| 8738473 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 8738473 |
| 4419299 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(b)</sup> |  | 4419299 |
| 4032153 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 4032153 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $17,189,925) | $— | 17189925 |
|  | TOTAL INVESTMENTS (Cost $31,025,645) - 101.4% <sup>(c)</sup> | $— | 32827778 |
|  | Liabilities in Excess of Other Assets - (1.4)% |  | (430413) |
|  | TOTAL NET ASSETS - 100.0% | $— | 32397365 |

---

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 July 31, 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 $13,944,560. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation** |
|  Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index | SOFR + 0.6500% | J.P. Morgan | 12/16/2025 | 556395 | $15185142 | $3245214 |
|  Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index | SOFR + 0.7900% | UBS Securities LLC | 12/17/2025 | 214611 | 6548846 | 545770 |
|  Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index | SOFR + 0.8500% | Citibank N.A. | 12/19/2025 | 53229 | 1633576 | 115381 |
|  Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index | SOFR + 0.7500% | Barclays | 12/22/2025 | 644455 | 20467140 | 970392 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43834704 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4876757 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 69.4%** | **COMMON STOCKS - 69.4%** |  |  |
|  **Funds, Trusts, and Other Financial Vehicles - 2.0%** | **Funds, Trusts, and Other Financial Vehicles - 2.0%** |  |  |
| 207345 | Magnolia Oil & Gas Corp. | $— | 4938958 |
|  **Gasoline Stations and Fuel Dealers - 2.9%** | **Gasoline Stations and Fuel Dealers - 2.9%** |  |  |
| 34930 | Chevron Corp. |  | 5296785 |
| 75064 | Delek US Holdings, Inc. |  | 1679182 |
|  |  |  | 6975967 |
|  **Merchant Wholesalers, Durable Goods - 0.2%** | **Merchant Wholesalers, Durable Goods - 0.2%** |  |  |
| 8137 | REX American Resources Corp. (a) |  | 425402 |
|  **Merchant Wholesalers, Nondurable Goods - 3.1%** | **Merchant Wholesalers, Nondurable Goods - 3.1%** |  |  |
| 131028 | HF Sinclair Corp. |  | 5757371 |
| 60686 | World Kinect Corp. |  | 1654907 |
|  |  |  | 7412278 |
|  **Oil and Gas Extraction - 39.2%** | **Oil and Gas Extraction - 39.2%** |  |  |
| 128954 | Antero Resources Corp. (a) |  | 4504363 |
| 257902 | APA Corp. (b) |  | 4974930 |
| 65022 | California Resources Corp. |  | 3132760 |
| 49745 | Chord Energy Corp. |  | 5488366 |
| 188322 | Clean Energy Fuels Corp. (a) |  | 382294 |
| 157853 | CNX Resources Corp. (a)(b) |  | 4784524 |
| 115200 | Comstock Resources, Inc. (a)(b) |  | 2058624 |
| 196178 | Coterra Energy, Inc. |  | 4784781 |
| 212457 | Crescent Energy Co. |  | 1963103 |
| 146722 | Devon Energy Corp. |  | 4874105 |
| 33964 | Diamondback Energy, Inc. |  | 5049088 |
| 42176 | EOG Resources, Inc. |  | 5061963 |
| 93708 | EQT Corp. |  | 5036805 |
| 45062 | Expand Energy Corp. |  | 4721596 |
| 46268 | Exxon Mobil Corp. |  | 5165359 |
| 485593 | Kosmos Energy Ltd. (a) |  | 1044025 |
| 103174 | Matador Resources Co. |  | 5146319 |
| 150491 | Murphy Oil Corp. |  | 3733682 |
| 109473 | Northern Oil and Gas, Inc. |  | 3082760 |
| 112796 | Occidental Petroleum Corp. |  | 4956256 |
| 61486 | Par Pacific Holdings, Inc. (a) |  | 1929431 |
| 128591 | Range Resources Corp. |  | 4721862 |
| 23138 | SandRidge Energy, Inc. |  | 240404 |
| 130383 | SM Energy Co. |  | 3597267 |
| 77407 | VAALCO Energy, Inc. |  | 287954 |
| 98476 | Viper Energy, Inc. |  | 3708606 |
| 23892 | Vitesse Energy, Inc. (b) |  | 571736 |
|  |  |  | 95002963 |
|  **Petroleum and Coal Products Manufacturing - 10.8%** | **Petroleum and Coal Products Manufacturing - 10.8%** |  |  |
| 77602 | Calumet, Inc. (a)(b) |  | 1236976 |
| 54174 | ConocoPhillips |  | 5164949 |
| 40375 | CVR Energy, Inc. |  | 1081243 |
| 30717 | Marathon Petroleum Corp. |  | 5227726 |
| 115300 | PBF Energy, Inc. Class A |  | 2605780 |
| 41815 | Phillips 66 |  | 5167498 |
| 37726 | Valero Energy Corp. |  | 5180157 |
| 27276 | Vital Energy, Inc. (a) |  | 509788 |
|  |  |  | 26174117 |
|  **Printing and Related Support Activities - 2.1%** | **Printing and Related Support Activities - 2.1%** |  |  |
| 353176 | Permian Resources Corp. |  | 5000971 |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.9%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.9%** |  |  |
| 118571 | Sable Offshore Corp. (a) |  | 3636573 |
| 55579 | Sitio Royalties Corp. |  | 1009870 |
|  |  |  | 4646443 |
|  **Support Activities for Mining - 5.0%** | **Support Activities for Mining - 5.0%** |  |  |
| 96682 | Civitas Resources, Inc. |  | 2935266 |
| 16469 | Gulfport Energy Corp. (a) |  | 2867747 |
| 124507 | Ovintiv, Inc. |  | 5127198 |
| 139017 | Talos Energy, Inc. (a) |  | 1188595 |
|  |  |  | 12118806 |
|  **Utilities - 2.2%** | **Utilities - 2.2%** |  |  |
| 4597 | Texas Pacific Land Corp. |  | 4450494 |
| 64974 | Venture Global, Inc. (b) |  | 996051 |
|  |  |  | 5446545 |
|  | TOTAL COMMON STOCKS (Cost $180,893,676) | $— | 168142450 |
|  **SHORT TERM INVESTMENTS - 35.1%** | **SHORT TERM INVESTMENTS - 35.1%** |  |  |
|  **Money Market Funds - 35.1%** |  |  |  |
| 64757264 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 64757264 |
| 48377 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(c)</sup> |  | 48377 |
| 20309639 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 20309639 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $85,115,280) | $— | 85115280 |
|  | TOTAL INVESTMENTS (Cost $266,008,956) - 104.5% <sup>(e)</sup> | $— | 253257730 |
|  | Liabilities in Excess of Other Assets - (4.5)% |  | (10967076) |
|  | TOTAL NET ASSETS - 100.0% | $— | 242290654 |

---

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 July 31, 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 $152,705,059. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| Total return of S&P Oil & Gas Exploration & Production Select Industry Index | SOFR + 0.7500% | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47270878 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4551450) |

---

------

---

| |
|:---|
| **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Total return of S&P Oil & Gas Exploration & Production Select Industry Index | SOFR + 0.8400% | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10014 | 48674378 | 559516 |
| Total return of S&P Oil & Gas Exploration & Production Select Industry Index | SOFR + 0.9000% | Bank of America Merrill Lynch | 12/11/2025 | 8182 | 42916661 | (3191282) |
| Total return of S&P Oil & Gas Exploration & Production Select Industry Index | SOFR + 0.8200% | J.P. Morgan | 12/16/2025 | 13978 | 68564105 | 46623 |
| Total return of S&P Oil & Gas Exploration & Production Select Industry Index | SOFR + 0.5200% | UBS Securities LLC | 12/17/2025 | 11797 | 53463132 | 4650086 |
| Total return of S&P Oil & Gas Exploration & Production Select Industry Index | SOFR + 0.7100% | Citibank N.A. | 12/19/2025 | 11205 | 51503771 | 3402237 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312392925 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915730 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

---

| |
|:---|
| 8658462 |
| (7742732) |
| 915730 |

---

------

---

| |
|:---|
| **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 101.6%** | **SHORT TERM INVESTMENTS - 101.6%** |  |  |
|  **Money Market Funds - 101.6%** |  |  |  |
| 35616930 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 35616930 |
| 5039821 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 5039821 |
| 7054263 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 7054263 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $47,711,014) <sup>(b)</sup> | $— | 47711014 |
|  | TOTAL INVESTMENTS (Cost $47,711,014) - 101.6% | $— | 47711014 |
|  | Liabilities in Excess of Other Assets - (1.6)% |  | (766737) |
|  | TOTAL NET ASSETS - 100.0% | $— | 46944277 |

---

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 July 31, 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 $19,576,250. 

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  SOFR + 0.6300% | Total return of S&P Oil & Gas Exploration & Production Select<br>Industry Index | Goldman Sachs | 12/10/2025 | 5098 | $26132330 | $1123770 |
|  SOFR + 0.7000% | Total return of S&P Oil & Gas Exploration & Production Select<br>Industry Index | Bank of America Merrill Lynch | 12/11/2025 | 1000 | 5400455 | 541767 |
|  SOFR + 0.5800% | Total return of S&P Oil & Gas Exploration & Production Select<br>Industry Index | J.P. Morgan | 12/16/2025 | 2517 | 12747482 | 373937 |
|  SOFR + 0.2000% | Total return of S&P Oil & Gas Exploration & Production Select<br>Industry Index | UBS Securities LLC | 12/17/2025 | 7282 | 33901350 | (1959648) |
|  SOFR + 0.4700% | Total return of S&P Oil & Gas Exploration & Production Select<br>Industry Index | Citibank N.A. | 12/19/2025 | 3089 | 17397362 | 2338249 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95578979 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418075 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Uranium Industry Bull 2X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 48.9%** | **INVESTMENT COMPANIES - 48.9%** |  |  |
| 97029 | Global X Uranium ETF (a) | $— | 3819061 |
| 35670 | Sprott Uranium Miners ETF (a)(b) |  | 1611214 |
| 13003 | VanEck Uranium and Nuclear ETF (a)(b) |  | 1490144 |
|  | TOTAL INVESTMENT COMPANIES (Cost $5,954,643) | $— | 6920419 |
|  **SHORT TERM INVESTMENTS - 61.5%** | **SHORT TERM INVESTMENTS - 61.5%** |  |  |
|  **Money Market Funds - 61.5%** |  |  |  |
| 4835753 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 4835753 |
| 3372056 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(c)</sup> |  | 3372056 |
| 490233 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 490233 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $8,698,042) | $— | 8698042 |
|  | TOTAL INVESTMENTS (Cost $14,652,685) - 110.4% <sup>(e)</sup> | $— | 15618461 |
|  | Liabilities in Excess of Other Assets - (10.4)% |  | (1464885) |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14153576 |

---

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 July 31, 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 $3,901,248. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  Total return of Solactive United States Uranium and Nuclear Energy ETF Select Index | SOFR + 0.9500% | BNP Paribas | 12/5/2025 | 28 | $103280 | $35349 |
|  Total return of Solactive United States Uranium and Nuclear Energy ETF Select Index | SOFR + 0.7000% | Goldman Sachs | 12/10/2025 | 1860 | 6237961 | 2928867 |
|  Total return of Solactive United States Uranium and Nuclear Energy ETF Select Index | SOFR + 0.8500% | Bank of America Merrill Lynch | 12/11/2025 | 403 | 1217822 | 774398 |
|  Total return of Solactive United States Uranium and Nuclear Energy ETF Select Index | SOFR + 0.8000% | UBS Securities LLC | 12/17/2025 | 1993 | 9576938 | 323020 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17136001 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4061634 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Mid Cap Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 71.3%** |  |  |  |
|  **Accommodation - 0.8%** |  |  |  |
| 1068 | Boyd Gaming Corp. (b) | $— | 90674 |
| 386 | Choice Hotels International, Inc. (b) |  | 49296 |
| 1010 | Hilton Grand Vacations, Inc. (a) |  | 45268 |
| 733 | Hyatt Hotels Corp. Class A |  | 103331 |
| 3491 | Park Hotels & Resorts, Inc. |  | 37214 |
| 1160 | Travel + Leisure Co. |  | 68730 |
| 650 | Vail Resorts, Inc. |  | 97669 |
| 1344 | Wyndham Hotels & Resorts, Inc. |  | 115584 |
|  |  |  | &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;607766 |
|  **Administrative and Support Services - 0.9%** | **Administrative and Support Services - 0.9%** |  |  |
| 807 | ManpowerGroup, Inc. |  | 33289 |
| 1070 | MasTec, Inc. (a) |  | 202455 |
| 3228 | RB Global, Inc. ADR |  | 349463 |
| 2544 | Warner Music Group Corp. Class A |  | 74437 |
|  |  |  | 659644 |
|  **Air Transportation - 0.3%** | **Air Transportation - 0.3%** |  |  |
| 2117 | Alaska Air Group, Inc. (a) |  | 112116 |
| 11496 | American Airlines Group, Inc. (a) |  | 132089 |
|  |  |  | 244205 |
|  **Ambulatory Health Care Services - 0.4%** | **Ambulatory Health Care Services - 0.4%** |  |  |
| 1606 | Acadia Healthcare Company, Inc. (a) |  | 34963 |
| 570 | Amedisys, Inc. (a) |  | 56202 |
| 411 | Medpace Holdings, Inc. (a) |  | 175579 |
|  |  |  | 266744 |
|  **Apparel Manufacturing - 0.3%** | **Apparel Manufacturing - 0.3%** |  |  |
| 2056 | Capri Holdings Ltd. ADR (a) |  | 37399 |
| 536 | Columbia Sportswear Co. |  | 30322 |
| 843 | PVH Corp. |  | 61893 |
| 3292 | Under Armour, Inc. Class A (a) |  | 21859 |
| 2234 | Under Armour, Inc. Class C (a) |  | 14074 |
| 5774 | VF Corp. (b) |  | 67671 |
|  |  |  | 233218 |
|  **Beverage and Tobacco Product Manufacturing - 0.2%** | **Beverage and Tobacco Product Manufacturing - 0.2%** |  |  |
| 143 | Boston Beer Co., Inc. Class A (a) |  | 29612 |
| 1021 | Coca-Cola Consolidated, Inc. |  | 114097 |
|  |  |  | 143709 |
|  **Broadcasting and Content Providers - 0.1%** | **Broadcasting and Content Providers - 0.1%** |  |  |
| 496 | Nexstar Media Group, Inc. |  | 92807 |
|  **Building Material and Garden Equipment and Supplies Dealers - 0.1%** | **Building Material and Garden Equipment and Supplies Dealers - 0.1%** |  |  |
| 987 | Knife River Corp. (a)(b) |  | 81408 |
|  **Chemical Manufacturing - 3.0%** | **Chemical Manufacturing - 3.0%** |  |  |
| 797 | Ashland, Inc. |  | 41093 |
| 1597 | Avient Corp. |  | 50417 |
| 3342 | BioMarin Pharmaceutical, Inc. (a) |  | 193335 |
| 937 | Cabot Corp. |  | 67633 |
| 6388 | Coty, Inc. Class A (a) |  | 30982 |
| 2151 | Halozyme Therapeutics, Inc. (a) |  | 128995 |
| 3415 | Hims & Hers Health, Inc. (a)(b) |  | 226005 |
| 1074 | Jazz Pharmaceuticals PLC ADR (Ireland) (a) |  | 123113 |
| 1207 | Lantheus Holdings, Inc. (a)(b) |  | 85926 |
| 1726 | Neurocrine Biosciences, Inc. (a) |  | 221325 |
| 132 | NewMarket Corp. |  | 90684 |
| 2008 | Olin Corp. |  | 38031 |
| 2395 | Perrigo Co. PLC ADR (Ireland) |  | 63875 |
| 911 | Repligen Corp. (a) |  | 106651 |
| 7341 | Roivant Sciences Ltd. ADR (Ireland) (a) |  | 83394 |
| 2238 | RPM International, Inc. |  | 262763 |
| 1711 | Sarepta Therapeutics, Inc. (a)(b) |  | 28095 |
| 754 | Scotts Miracle-Gro Co. |  | 47246 |
| 786 | United Therapeutics Corp. (a) |  | 215914 |
| 582 | Westlake Chemical Corp. |  | 46152 |
|  |  |  | 2151629 |
|  **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 0.4%** | **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 0.4%** |  |  |
| 833 | Abercrombie & Fitch Co. Class A (a) |  | 79985 |
| 3717 | Bath & Body Works, Inc. |  | 107644 |
| 3874 | Gap, Inc. |  | 75388 |
|  |  |  | 263017 |
|  **Computer and Electronic Product Manufacturing - 3.6%** | **Computer and Electronic Product Manufacturing - 3.6%** |  |  |
| 1981 | Amkor Technology, Inc. |  | 44691 |
| 324 | Bio-Rad Laboratories, Inc. Class A (a)(b) |  | 78392 |
| 1929 | Bruker Corp. |  | 74131 |
| 927 | Cirrus Logic, Inc. (a) |  | 93358 |
| 2928 | Cognex Corp. |  | 119375 |
| 1071 | Dolby Laboratories, Inc. |  | 80689 |
| 2328 | EchoStar Corp. (a)(b) |  | 75870 |
| 626 | Fabrinet ADR (Thailand) (a) |  | 202655 |
| 6680 | Flex Ltd. ADR (a) |  | 333132 |
| 2761 | Illumina, Inc. (a) |  | 283582 |
| 1887 | Iridium Communications, Inc. |  | 46156 |
| 2397 | Lattice Semiconductor Corp. (a)(b) |  | 119442 |
| 951 | LivaNova PLC ADR (United Kingdom) (a) |  | 40123 |
| 1209 | Lumentum Holdings, Inc. (a)(b) |  | 133087 |
| 1037 | MACOM Technology Solutions Holdings, Inc. (a) |  | 142214 |
| 784 | Masimo Corp. (a) |  | 120571 |
| 1170 | MKS, Inc. |  | 111361 |
| 981 | Power Integrations, Inc. |  | 47598 |
| 1872 | Rambus, Inc. (a) |  | 138397 |
| 2553 | Sensata Technologies Holdings PLC ADR (United Kingdom) |  | 78530 |
| 771 | Universal Display Corp. |  | 111332 |
| 2578 | Vontier Corp. |  | 106910 |
|  |  |  | 2581596 |
|  **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 1.8%** | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 1.8%** |  |  |
| 2279 | Allegro MicroSystems, Inc. (a) |  | 71583 |
| 764 | ASGN, Inc. (a) |  | 38307 |
| 2709 | Coherent Corp. (a) |  | 291488 |
| 802 | Concentrix Corp. (b) |  | 41680 |
| 2834 | ExlService Holdings, Inc. (a) |  | 123081 |
| 4058 | Kyndryl Holdings, Inc. (a) |  | 153271 |
| 628 | Novanta, Inc. ADR (a) |  | 77256 |
| 853 | Onto Innovation, Inc. (a) |  | 80822 |
| 5419 | Pure Storage, Inc. (a) |  | 322539 |
| 598 | WEX, Inc. (a)(b) |  | 101469 |

---

------

---

| |
|:---|
| **Direxion Daily Mid Cap Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  |  | 1301496 |
|  **Construction of Buildings - 0.7%** | **Construction of Buildings - 0.7%** |  |
| 11882 | Avantor, Inc. (a) | 159694 |
| 1249 | KB Home | 69020 |
| 1752 | Taylor Morrison Home Corp. (a) | 103859 |
| 1734 | Toll Brothers, Inc. | 205236 |
|  |  | &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;537809 |
|  **Credit Intermediation and Related Activities - 4.4%** | **Credit Intermediation and Related Activities - 4.4%** |  |
| 4819 | Ally Financial, Inc. | 182399 |
| 2848 | Associated Banc-Corp. | 70460 |
| 1842 | Bank OZK | 90811 |
| 3247 | Cadence Bank | 113158 |
| 3665 | Columbia Banking System, Inc. (b) | 87227 |
| 2291 | Comerica, Inc. | 154803 |
| 2118 | Commerce Bancshares, Inc. | 129622 |
| 2404 | East West Bancorp, Inc. | 241001 |
| 709 | Euronet Worldwide, Inc. (a) | 68901 |
| 6273 | F.N.B. Corp. | 96102 |
| 2245 | First Financial Bankshares, Inc. | 77722 |
| 8857 | First Horizon National Corp. | 193171 |
| 5283 | Flagstar Financial, Inc. (b) | 59645 |
| 1493 | Hancock Whitney Corp. | 89162 |
| 932 | International Bancshares Corp. | 63544 |
| 5672 | Old National Bancorp | 119736 |
| 1341 | Pinnacle Financial Partners, Inc. | 117860 |
| 1662 | Prosperity Bancshares, Inc. | 110722 |
| 2426 | Synovus Financial Corp. | 114604 |
| 801 | Texas Capital Bancshares, Inc. (a) | 67260 |
| 1243 | UMB Financial Corp. | 136718 |
| 2472 | United Bankshares, Inc. | 87805 |
| 8304 | Valley National Bancorp | 76978 |
| 2935 | Webster Financial Corp. | 169203 |
| 1900 | Western Alliance Bancorp (b) | 147364 |
| 5768 | Western Union Co. | 46432 |
| 1166 | Wintrust Financial Corp. | 149225 |
| 2573 | Zions Bancorp | 137964 |
|  |  | 3199599 |
|  **Educational Services - 0.5%** | **Educational Services - 0.5%** |  |
| 683 | Duolingo, Inc. (a) | 236694 |
| 60 | Graham Holdings Co. Class B | 57251 |
| 489 | Grand Canyon Education, Inc. (a) | 82460 |
|  |  | 376405 |
|  **Electrical Equipment, Appliance, and Component Manufacturing - 0.8%** | **Electrical Equipment, Appliance, and Component Manufacturing - 0.8%** |  |
| 534 | Acuity Brands, Inc. | 166261 |
| 459 | IPG Photonics Corp. (a) | 34375 |
| 430 | Littelfuse, Inc. | 110652 |
| 1156 | Regal Rexnord Corp. | 176729 |
| 672 | Synaptics, Inc. (a) | 42134 |
| 969 | Whirlpool Corp. (b) | 80466 |
|  |  | 610617 |
|  **Fabricated Metal Product Manufacturing - 2.5%** | **Fabricated Metal Product Manufacturing - 2.5%** |  |
| 3810 | Axalta Coating Systems Ltd. ADR (a) | 107899 |
| 1593 | BWX Technologies, Inc. | 242025 |
| 781 | Chart Industries, Inc. (a) | 155286 |
| 2008 | Crown Holdings, Inc. | 199515 |
| 656 | Curtiss-Wright Corp. | 321584 |
| 1931 | Mueller Industries, Inc. | 164849 |
| 546 | RBC Bearings, Inc. (a) | 211488 |
| 1418 | Silgan Holdings, Inc. | 65980 |
| 1110 | Timken Co. | 84460 |
| 351 | Valmont Industries, Inc. | 127746 |
| 477 | Watts Water Technologies, Inc. | 125127 |
|  |  | 1805959 |
|  **Food and Beverage Retailers - 1.6%** | **Food and Beverage Retailers - 1.6%** |  |
| 7029 | Albertsons Companies, Inc. Class A | 135097 |
| 2742 | Celsius Holdings, Inc. (a) | 124322 |
| 2721 | Performance Food Group Co. (a) | 273189 |
| 1708 | Sprouts Farmers Market, Inc. (a) | 258830 |
| 4033 | Us Foods Holding Corp. (a) | 336070 |
|  |  | 1127508 |
|  **Food Manufacturing - 0.5%** | **Food Manufacturing - 0.5%** |  |
| 3423 | Flowers Foods, Inc. | 54255 |
| 1122 | Ingredion, Inc. | 147588 |
| 337 | Lancaster Colony Corp. | 59905 |
| 703 | Pilgrim's Pride Corp. | 33315 |
| 787 | Post Holdings, Inc. (a) | 83272 |
|  |  | 378335 |
|  **Food Services and Drinking Places - 1.6%** | **Food Services and Drinking Places - 1.6%** |  |
| 648 | Casey's General Stores, Inc. | 337044 |
| 1431 | Cava Group, Inc. (a)(b) | 125943 |
| 1059 | Manhattan Associates, Inc. (a) | 232620 |
| 1156 | Texas Roadhouse, Inc. | 214010 |
| 2820 | Wendy's Co. | 27777 |
| 488 | Wingstop, Inc. | 184142 |
|  |  | 1121536 |
|  **Forestry and Logging - 0.1%** | **Forestry and Logging - 0.1%** |  |
| 2445 | Rayonier, Inc. | 56993 |
|  **Funds, Trusts, and Other Financial Vehicles - 1.5%** | **Funds, Trusts, and Other Financial Vehicles - 1.5%** |  |
| 1912 | Agree Realty Corp. (b) | 137090 |
| 10527 | Annaly Capital Management, Inc. | 214014 |
| 3714 | Carlyle Group, Inc. | 225291 |
| 915 | EastGroup Properties, Inc. | 149365 |
| 2307 | First Industrial Realty Trust, Inc. | 112397 |
| 6130 | Healthcare Realty Trust, Inc. | 94157 |
| 1651 | SEI Investments Co. | 145486 |
|  |  | 1077800 |
|  **Furniture, Home Furnishings, Electronics, and Appliance Retailers - 0.5%** | **Furniture, Home Furnishings, Electronics, and Appliance Retailers - 0.5%** |  |
| 1876 | Floor & Decor Holdings, Inc. Class A (a) | 143777 |
| 7097 | GameStop Corp. Class A (a)(b) | 159328 |
| 265 | RH (a)(b) | 54489 |
|  |  | 357594 |
|  **General Merchandise Retailers - 1.5%** | **General Merchandise Retailers - 1.5%** |  |
| 2214 | BellRing Brands, Inc. (a) | 120840 |
| 2302 | BJ's Wholesale Club Holdings, Inc. (a) | 243782 |
| 1099 | Burlington Stores, Inc. (a) | 299983 |
| 983 | e.l.f. Beauty, Inc. (a) | 119130 |

---

------

---

| |
|:---|
| **Direxion Daily Mid Cap Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| 673 | FirstCash Holdings, Inc. | 89704 |
| 960 | Five Below, Inc. (a) | 131059 |
| 4857 | Macy's, Inc. | 61344 |
|  |  | 1065842 |
|  **Health and Personal Care Retailers - 0.9%** | **Health and Personal Care Retailers - 0.9%** |  |
| 2327 | Doximity, Inc. Class A (a) | 136711 |
| 2957 | Envista Holdings Corp. (a) | 55858 |
| 2860 | Option Care Health, Inc. (a) | 83941 |
| 674 | Penumbra, Inc. (a) | 170030 |
| 1462 | Planet Fitness, Inc. Class A (a) | 159636 |
| 2674 | Sotera Health Co. (a) | 30724 |
|  |  | &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;636900 |
|  **Heavy and Civil Engineering Construction - 0.4%** | **Heavy and Civil Engineering Construction - 0.4%** |  |
| 3304 | Core & Main, Inc. Class A (a) | 210267 |
| 2265 | KBR, Inc. | 105866 |
|  |  | 316133 |
|  **Hospitals - 0.6%** | **Hospitals - 0.6%** |  |
| 1757 | Encompass Health Corp. | 193463 |
| 1621 | Tenet Healthcare Corp. (a) | 261435 |
|  |  | 454898 |
|  **Insurance Carriers and Related Activities - 3.5%** | **Insurance Carriers and Related Activities - 3.5%** |  |
| 1253 | American Financial Group, Inc. | 156500 |
| 1002 | Brighthouse Financial, Inc. (a) | 47946 |
| 1730 | CNO Financial Group, Inc. | 63733 |
| 5303 | Equitable Holdings, Inc. | 272309 |
| 1771 | Essent Group Ltd. ADR | 99158 |
| 1795 | First American Financial Corp. | 107790 |
| 628 | Hanover Insurance Group, Inc. | 107784 |
| 1049 | Kemper Corp. | 64608 |
| 385 | Kinsale Capital Group, Inc. | 169666 |
| 4149 | MGIC Investment Corp. | 107459 |
| 3969 | Old Republic International Corp. | 143559 |
| 573 | Primerica, Inc. | 152206 |
| 1152 | Reinsurance Group of America, Inc. | 221702 |
| 849 | RenaissanceRe Holdings Ltd. ADR | 206935 |
| 1456 | RLI Corp. | 96081 |
| 1876 | Ryan Specialty Holdings, Inc. | 114792 |
| 1059 | Selective Insurance Group, Inc. | 82570 |
| 2800 | Unum Group | 201068 |
| 1679 | Voya Financial, Inc. | 117530 |
|  |  | 2533396 |
|  **Leather and Allied Product Manufacturing - 0.3%** | **Leather and Allied Product Manufacturing - 0.3%** |  |
| 978 | Crocs, Inc. (a) | 97536 |
| 2273 | Skechers U.S.A., Inc. Class A (a) | 143767 |
|  |  | 241303 |
|  **Machinery Manufacturing - 3.4%** | **Machinery Manufacturing - 3.4%** |  |
| 1178 | AAON, Inc. (b) | 98363 |
| 1079 | AGCO Corp. | 127290 |
| 690 | Belden, Inc. | 85319 |
| 1146 | Brunswick Corp. (b) | 66800 |
| 852 | Crane Company (b) | 166796 |
| 860 | Crane NXT Co. | 51032 |
| 2085 | Donaldson Co., Inc. | 150057 |
| 686 | EnerSys | 63366 |
| 993 | Esab Corp. | 133231 |
| 2280 | Flowserve Corp. | 127771 |
| 2915 | Graco, Inc. | 244802 |
| 1374 | ITT, Inc. | 233525 |
| 974 | Lincoln Electric Holdings, Inc. | 237169 |
| 933 | Middleby Corp. (a)(b) | 135472 |
| 2505 | NEXTracker, Inc. Class A (a) | 145941 |
| 6555 | NOV, Inc. | 82462 |
| 1123 | Oshkosh Corp. | 142093 |
| 1144 | Terex Corp. | 58184 |
| 1741 | Toro Co. (a) | 129269 |
|  |  | 2478942 |
|  **Management of Companies and Enterprises - 0.9%** | **Management of Companies and Enterprises - 0.9%** |  |
| 15249 | CNH Industrial NV ADR (United Kingdom) | 197627 |
| 1121 | Cullen/Frost Bankers, Inc. | 142827 |
| 2059 | Glacier Bancorp, Inc. | 90246 |
| 3203 | Home Bancshares, Inc. | 90196 |
| 1716 | South State Corp. | 161596 |
|  |  | 682492 |
|  **Merchant Wholesalers, Durable Goods - 2.2%** | **Merchant Wholesalers, Durable Goods - 2.2%** |  |
| 663 | Applied Industrial Technologies, Inc. (b) | 180005 |
| 905 | Arrow Electronics, Inc. (a) | 104980 |
| 1464 | Avnet, Inc. | 77504 |
| 2639 | Entegris, Inc. (b) | 207056 |
| 2099 | Fortune Brands Innovations, Inc. | 114480 |
| 1401 | Hexcel Corp. | 83934 |
| 2840 | Jefferies Financial Group, Inc. | 163754 |
| 776 | MSC Industrial Direct Co., Inc. | 67217 |
| 1303 | TD SYNNEX Corp. | 188140 |
| 608 | Watsco, Inc. | 274135 |
| 774 | WESCO International, Inc. | 160187 |
|  |  | 1621392 |
|  **Merchant Wholesalers, Nondurable Goods - 0.2%** | **Merchant Wholesalers, Nondurable Goods - 0.2%** |  |
| 2793 | HF Sinclair Corp. | 122724 |
|  **Miscellaneous Manufacturing - 0.9%** | **Miscellaneous Manufacturing - 0.9%** |  |
| 3474 | Dentsply Sirona, Inc. | 49713 |
| 1970 | Globus Medical, Inc. Class A (a) | 103681 |
| 875 | Haemonetics Corp. (a) | 64785 |
| 1476 | Light & Wonder, Inc. Class A (a) | 142168 |
| 5641 | Mattel, Inc. (a) | 95954 |
| 685 | MSA Safety, Inc. (b) | 121841 |
| 1445 | YETI Holdings, Inc. (a) | 53089 |
|  |  | 631231 |
|  **Motor Vehicle and Parts Dealers - 0.3%** | **Motor Vehicle and Parts Dealers - 0.3%** |  |
| 434 | AutoNation, Inc. (a) | 83606 |
| 315 | Murphy USA, Inc. | 114181 |
| 322 | Penske Automotive Group, Inc. | 53906 |
|  |  | 251693 |
|  **Nonmetallic Mineral Product Manufacturing - 0.5%** | **Nonmetallic Mineral Product Manufacturing - 0.5%** |  |
| 581 | Eagle Materials, Inc. | 130312 |
| 1485 | Owens Corning | 207054 |
|  |  | 337366 |

---

------

---

| |
|:---|
| **Direxion Daily Mid Cap Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  **Nursing and Residential Care Facilities - 0.2%** | **Nursing and Residential Care Facilities - 0.2%** |  |
| 995 | The Ensign Group, Inc. | 149250 |
|  **Oil and Gas Extraction - 1.3%** | **Oil and Gas Extraction - 1.3%** |  |
| 5090 | Antero Resources Corp. (a) | 177794 |
| 1009 | Chord Energy Corp. | 111323 |
| 2525 | CNX Resources Corp. (a)(b) | 76533 |
| 2030 | Matador Resources Co. | 101256 |
| 2342 | Murphy Oil Corp. | 58105 |
| 1042 | ONE Gas, Inc. | 75753 |
| 4168 | Range Resources Corp. | 153049 |
| 2284 | Viper Energy, Inc. | 86015 |
| 1265 | Weatherford International PLC ADR | 71536 |
|  |  | &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;911364 |
|  **Paper Manufacturing - 0.3%** | **Paper Manufacturing - 0.3%** |  |
| 5260 | Graphic Packaging Holding Company | 117614 |
| 1246 | PotlatchDeltic Corp. | 50949 |
| 1719 | Sonoco Products Co. | 77475 |
|  |  | 246038 |
|  **Performing Arts, Spectator Sports, and Related Industries - 0.2%** | **Performing Arts, Spectator Sports, and Related Industries - 0.2%** |  |
| 1261 | Churchill Downs, Inc. | 134977 |
|  **Personal and Laundry Services - 0.3%** | **Personal and Laundry Services - 0.3%** |  |
| 2483 | Service Corporation International | 189478 |
|  **Petroleum and Coal Products Manufacturing - 0.4%** | **Petroleum and Coal Products Manufacturing - 0.4%** |  |
| 754 | Carlisle Cos., Inc. | 267451 |
| 1713 | PBF Energy, Inc. Class A | 38714 |
|  |  | 306165 |
|  **Pipeline Transportation - 0.4%** | **Pipeline Transportation - 0.4%** |  |
| 1772 | DT Midstream, Inc. | 182037 |
| 1615 | PNM Resources, Inc. | 91716 |
|  |  | 273753 |
|  **Plastics and Rubber Products Manufacturing - 0.5%** | **Plastics and Rubber Products Manufacturing - 0.5%** |  |
| 1231 | Advanced Drainage Systems, Inc. | 141257 |
| 1152 | AptarGroup, Inc. | 181025 |
| 4982 | Goodyear Tire & Rubber Co. (a) | 51215 |
|  |  | 373497 |
|  **Primary Metal Manufacturing - 1.4%** | **Primary Metal Manufacturing - 1.4%** |  |
| 4513 | Alcoa Corp. (b) | 135255 |
| 2460 | Allegheny Technologies, Inc. (a) | 189272 |
| 869 | Carpenter Technology Corp. | 216720 |
| 1971 | Commercial Metals Co. | 102216 |
| 918 | Reliance, Inc. | 266339 |
| 567 | Silicon Laboratories, Inc. (a) | 74714 |
|  |  | 984516 |
|  **Printing and Related Support Activities - 0.2%** | **Printing and Related Support Activities - 0.2%** |  |
| 11121 | Permian Resources Corp. | 157473 |
|  **Professional, Scientific, and Technical Services - 3.7%** | **Professional, Scientific, and Technical Services - 3.7%** |  |
| 2305 | AECOM | 259866 |
| 6374 | API Group Corp. (a) | 229910 |
| 384 | CACI International, Inc. Class A (a) | 176859 |
| 2478 | Ciena Corp. (a) | 230057 |
| 770 | CommVault Systems, Inc. (a) | 146261 |
| 2082 | Cytokinetics, Inc. (a)(b) | 78366 |
| 4760 | Exelixis, Inc. (a) | 172407 |
| 885 | Exponent, Inc. | 61030 |
| 2876 | Fluor Corp. (a) | 163270 |
| 588 | FTI Consulting, Inc. (a) | 97814 |
| 2805 | Genpact Ltd. ADR | 123560 |
| 2334 | H&R Block, Inc. | 126830 |
| 623 | Insperity, Inc. | 37118 |
| 982 | Maximus, Inc. | 72531 |
| 819 | Parsons Corp. (a)(b) | 60770 |
| 751 | Paylocity Holding Corp. (a) | 138845 |
| 1552 | Pegasystems, Inc. (b) | 91118 |
| 824 | Science Applications International Corp. | 91860 |
| 729 | Simpson Manufacturing Co., Inc. | 130804 |
| 4597 | Tetra Tech, Inc. | 168894 |
|  |  | 2658170 |
|  **Publishing Industries - 2.7%** | **Publishing Industries - 2.7%** |  |
| 402 | Appfolio, Inc. Class A (a) | 107487 |
| 1652 | Bill.com Holdings, Inc. (a) | 70788 |
| 656 | Blackbaud, Inc. (a) | 44228 |
| 3530 | DocuSign, Inc. (a) | 267009 |
| 3438 | Dropbox, Inc. (a) | 93410 |
| 5227 | Dynatrace, Inc. (a) | 274992 |
| 1462 | Guidewire Software, Inc. (a) | 330734 |
| 2911 | Okta, Inc. (a)(b) | 284696 |
| 633 | Qualys, Inc. (a) | 84233 |
| 1178 | Shift4 Payments, Inc. (a)(b) | 121334 |
| 1028 | Spire, Inc. | 76555 |
| 2830 | The New York Times Co. Class A | 146849 |
| 4540 | ZoomInfo Technologies, Inc. (a) | 49168 |
|  |  | 1951483 |
|  **Real Estate - 3.9%** | **Real Estate - 3.9%** |  |
| 5540 | American Homes 4 Rent Class A | 192183 |
| 5336 | Brixmor Property Group, Inc. | 139430 |
| 1964 | Corporate Office Properties Trust | 53578 |
| 2927 | Cousins Properties, Inc. (b) | 79322 |
| 1326 | EPR Properties | 72983 |
| 3334 | Equity Lifestyle Properties, Inc. | 199773 |
| 4791 | Gaming & Leisure Properties, Inc. | 218374 |
| 4067 | Independence Realty Trust, Inc. (b) | 68203 |
| 827 | Jones Lang LaSalle, Inc. (a) | 223588 |
| 1856 | Kilroy Realty Corp. (b) | 68412 |
| 3832 | Kite Realty Group Trust | 84227 |
| 1533 | Lamar Advertising Co. Class A | 187409 |
| 555 | Marriott Vacations Worldwide Corp. | 41331 |
| 3276 | National Retail Properties, Inc. | 135168 |
| 1226 | National Storage Affiliates Trust | 36118 |
| 5040 | Omega Healthcare Investors, Inc. | 196056 |
| 4109 | Rexford Industrial Realty, Inc. (b) | 150102 |
| 4147 | Sabra Health Care REIT, Inc. | 74770 |
| 3253 | STAG Industrial, Inc. (b) | 111675 |
| 6046 | Starwood Property Trust, Inc. (b) | 117655 |
| 2911 | Vornado Realty Trust (b) | 111841 |
| 3819 | WP Carey, Inc. | 245027 |
|  |  | 2807225 |

---

------

---

| |
|:---|
| **Direxion Daily Mid Cap Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  **Religious, Grantmaking, Civic, Professional, and Similar Organizations - 0.2%** | **Religious, Grantmaking, Civic, Professional, and Similar Organizations - 0.2%** |  |
| 1509 | HealthEquity, Inc. (a) | 146373 |
|  **Rental and Leasing Services - 0.4%** | **Rental and Leasing Services - 0.4%** |  |
| 294 | Avis Budget Group, Inc. (a) | 50051 |
| 622 | GATX Corp. | 94973 |
| 721 | Ryder System, Inc. | 128129 |
|  |  | &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;273153 |
|  **Repair and Maintenance - 0.1%** | **Repair and Maintenance - 0.1%** |  |
| 2216 | Valvoline, Inc. (a)(b) | 78114 |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.4%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.4%** |  |
| 496 | Affiliated Managers Group, Inc. | 104095 |
| 4571 | Aramark Corp. | 194542 |
| 254 | Chemed Corporation | 104724 |
| 627 | Evercore, Inc. Class A | 188815 |
| 1318 | Federated Hermes, Inc. Class B | 65333 |
| 4548 | Fidelity National Financial, inc. | 256643 |
| 756 | Hamilton Lane, Inc. Class A | 115139 |
| 938 | Houlihan Lokey, Inc. | 178839 |
| 7598 | Interactive Brokers Group, Inc. Class A | 498125 |
| 2199 | Janus Henderson Group PLC ADR (United Kingdom) | 95217 |
| 465 | Morningstar, Inc. | 128554 |
| 2871 | nVent Electric PLC ADR (Ireland) | 225144 |
| 3659 | SLM Corp. | 116356 |
| 1790 | Stifel Financial Corp. | 204275 |
|  |  | 2475801 |
|  **Specialty Trade Contractors - 1.5%** | **Specialty Trade Contractors - 1.5%** |  |
| 613 | Comfort Systems USA, Inc. | 431123 |
| 782 | EMCOR Group, Inc. | 490697 |
| 496 | TopBuild Corp. (a) | 183733 |
|  |  | 1105553 |
|  **Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers - 0.7%** | **Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers - 0.7%** |  |
| 3827 | Chewy, Inc. Class A (a) | 140451 |
| 986 | Dick's Sporting Goods, Inc. | 208549 |
| 1071 | Ollie's Bargain Outlet Holdings, Inc. (a) | 146330 |
|  |  | 495330 |
|  **Support Activities for Mining - 0.9%** | **Support Activities for Mining - 0.9%** |  |
| 1487 | Civitas Resources, Inc. | 45145 |
| 8451 | Cleveland-Cliffs, Inc. (a) | 88905 |
| 4530 | Ovintiv, Inc. | 186545 |
| 1148 | Royal Gold, Inc. (b) | 173830 |
| 1053 | Southwest Gas Holdings, Inc. | 82282 |
| 1141 | Valaris Ltd. ADR (a)(b) | 55487 |
|  |  | 632194 |
|  **Support Activities for Transportation - 0.6%** | **Support Activities for Transportation - 0.6%** |  |
| 1999 | GXO Logistics, Inc. (a) | 99370 |
| 734 | The Brink's Co. | 64108 |
| 2054 | XPO, Inc. (a) | 247076 |
|  |  | 410554 |
|  **Telecommunications - 0.2%** | **Telecommunications - 0.2%** |  |
| 3882 | Frontier Communications Parent, Inc. (a) | 142625 |
|  **Textile Product Mills - 0.4%** | **Textile Product Mills - 0.4%** |  |
| 3601 | Tempur Sealy International, Inc. (b) | 260640 |
|  **Transportation Equipment Manufacturing - 1.4%** | **Transportation Equipment Manufacturing - 1.4%** |  |
| 555 | AeroVironment, Inc. (a) | 148540 |
| 1240 | Autoliv, Inc. | 138322 |
| 3922 | Gentex Corp. | 103619 |
| 1910 | Harley-Davidson, Inc. | 46470 |
| 933 | Lear Corp. | 87973 |
| 920 | Polaris Industries, Inc. | 48677 |
| 927 | Thor Industries, Inc. (b) | 84348 |
| 476 | Visteon Corp. (a) | 52908 |
| 1037 | Woodward, Inc. | 266592 |
|  |  | 977449 |
|  **Truck Transportation - 0.7%** | **Truck Transportation - 0.7%** |  |
| 2825 | Knight-Swift Transportation Holdings, Inc. Class A | 120062 |
| 454 | Lithia Motors, Inc. Class A | 130752 |
| 2862 | Maplebear, Inc. (a)(b) | 137290 |
| 465 | Saia, Inc. (a) | 140542 |
|  |  | 528646 |
|  **Utilities - 1.8%** | **Utilities - 1.8%** |  |
| 1010 | ALLETE, Inc. | 66589 |
| 5849 | Antero Midstream Corporation | 107329 |
| 1263 | Black Hills Corp. | 72976 |
| 4491 | Essential Utilities, Inc. | 165269 |
| 942 | IDACORP, Inc. | 118061 |
| 1575 | National Fuel Gas Co. | 136694 |
| 1750 | New Jersey Resources Corp. | 80343 |
| 1071 | NorthWestern Corp. | 57513 |
| 3510 | OGE Energy Corp. | 159424 |
| 1006 | Ormat Technologies, Inc. | 89946 |
| 1909 | Portland General Electric Co. | 78498 |
| 3739 | UGI Corp. | 135277 |
|  |  | 1267919 |
|  **Warehousing and Storage - 0.3%** | **Warehousing and Storage - 0.3%** |  |
| 3973 | CubeSmart | 154590 |
| 609 | Landstar System, Inc. | 81222 |
|  |  | 235812 |
|  **Waste Management and Remediation Services - 0.4%** | **Waste Management and Remediation Services - 0.4%** |  |
| 879 | Clean Harbors, Inc. (a) | 207277 |
| 2758 | Darling Ingredients, Inc. (a) | 89304 |
|  |  | 296581 |
|  **Water Transportation - 0.1%** | **Water Transportation - 0.1%** |  |
| 980 | Kirby Corp. (a) | 93404 |
|  **Wood Product Manufacturing - 0.5%** | **Wood Product Manufacturing - 0.5%** |  |
| 454 | Greif, Inc. Class A | 28797 |
| 1080 | Louisiana-Pacific Corp. | 97643 |
| 1869 | Trex Company, Inc. (a) | 120065 |
| 1053 | UFP Industries, Inc. | 103195 |
|  |  | 349700 |
|  | TOTAL COMMON STOCKS (Cost $46,557,410) | $51564943 |
|  **SHORT TERM INVESTMENTS - 34.7%** | **SHORT TERM INVESTMENTS - 34.7%** |  |
|  **Money Market Funds - 34.7%** |  |  |
| 15768717 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $15768717 |
| 9317850 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> | 9317850 |

---

------

---

| |
|:---|
| **Direxion Daily Mid Cap Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | |
|:---|:---|
| TOTAL SHORT TERM INVESTMENTS (Cost $25,086,567) | $25086567 |
| TOTAL INVESTMENTS (Cost $71,643,977) - 106.0% <sup>(e)</sup> | $76651510 |
| Liabilities in Excess of Other Assets - (6.0)% | (4370327) |
| TOTAL NET ASSETS - 100.0% | $&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;72281183 |

---

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 July 31, 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 $54,375,147. 

ADR - American Depository Receipt

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation** |
| Total return of S&P MidCap 400<sup>®</sup> Index | SOFR + 0.8500% | Bank of America Merrill Lynch | 12/11/2025 | 5117 | $14448799 | $1517494 |
| Total return of S&P MidCap 400<sup>®</sup> Index | SOFR + 0.7500% | J.P. Morgan | 12/16/2025 | 7519 | 21655044 | 1735998 |
| Total return of S&P MidCap 400<sup>®</sup> Index | SOFR + 0.5500% | UBS Securities LLC | 12/17/2025 | 18175 | 53109230 | 3699490 |
| Total return of S&P MidCap 400<sup>®</sup> Index | SOFR + 0.8000% | Citibank N.A. | 12/19/2025 | 21639 | 64771950 | 2893695 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153985023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9846677 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 69.8%** |  |  |  |
|  **Accommodation - 0.3%** |  |  |  |
| 29877 | Airbnb, Inc. Class A (a) | $— | 3956014 |
| 16460 | Hilton Worldwide Holdings, Inc. |  | 4412597 |
| 48016 | Host Hotels & Resorts, Inc. |  | 754811 |
| 23465 | Las Vegas Sands Corp. |  | 1229566 |
| 15729 | Marriott International, Inc. Class C |  | 4149782 |
| 14314 | MGM Resorts International (a) |  | 521745 |
| 6089 | Wynn Resorts Ltd. |  | 663884 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15688399 |
|  **Administrative and Support Services - 2.1%** | **Administrative and Support Services - 2.1%** |  |  |
| 5952 | Allegion PLC ADR (Ireland) |  | 987556 |
| 158594 | Amcor PLC ADR (United Kingdom) |  | 1482854 |
| 6588 | Ameriprise Financial, Inc. |  | 3413836 |
| 28091 | Automatic Data Processing, Inc. |  | 8694164 |
| 2239 | Booking Holdings, Inc. |  | 12323590 |
| 8133 | Broadridge Financial Solutions, Inc. |  | 2012999 |
| 4874 | Corpay, Inc. (a) |  | 1574546 |
| 8598 | Equifax, Inc. |  | 2065497 |
| 2631 | FactSet Research System, Inc. |  | 1060030 |
| 5324 | Gartner, Inc. (a) |  | 1802973 |
| 20419 | Iron Mountain, Inc. |  | 1987994 |
| 10904 | Live Nation Entertainment, Inc. (a) |  | 1610521 |
| 16961 | Match Group, Inc. |  | 581253 |
| 10715 | Moody's Corp. |  | 5526047 |
| 19449 | Rollins, Inc. |  | 1113844 |
| 17302 | Royal Caribbean Cruises Ltd. ADR (Liberia) |  | 5499787 |
| 144718 | Uber Technologies, Inc. (a) |  | 12699004 |
| 118408 | Visa, Inc. Class A |  | 40906412 |
| 25337 | Waste Management, Inc. |  | 5806227 |
|  |  |  | 111149134 |
|  **Air Transportation - 0.1%** | **Air Transportation - 0.1%** |  |  |
| 45177 | Delta Air Lines, Inc. |  | 2403868 |
| 39440 | Southwest Airlines Co. (b) |  | 1219879 |
| 22608 | United Continental Holdings, Inc. (a) |  | 1996513 |
|  |  |  | 5620260 |
|  **Ambulatory Health Care Services - 0.1%** | **Ambulatory Health Care Services - 0.1%** |  |  |
| 2883 | DaVita, Inc. (a) |  | 404687 |
| 5791 | Labcorp Holdings, Inc. |  | 1506123 |
| 3765 | Molina Healthcare, Inc. (a) |  | 594380 |
| 7729 | Quest Diagnostics, Inc. |  | 1293912 |
| 81212 | Viatris, Inc. |  | 709793 |
|  |  |  | 4508895 |
|  **Amusement, Gambling, and Recreation Industries - 0.3%** | **Amusement, Gambling, and Recreation Industries - 0.3%** |  |  |
| 124408 | The Walt Disney Co. |  | 14818237 |
|  **Apparel Manufacturing - 0.1%** | **Apparel Manufacturing - 0.1%** |  |  |
| 23759 | Cintas Corp. |  | 5287566 |
| 10500 | Deckers Outdoor Corp. (a) |  | 1114785 |
| 2747 | Ralph Lauren Corp. |  | 820666 |
|  |  |  | 7223017 |
|  **Beverage and Tobacco Product Manufacturing - 0.9%** | **Beverage and Tobacco Product Manufacturing - 0.9%** |  |  |
| 116582 | Altria Group, Inc. |  | 7221089 |
| 10585 | Constellation Brands, Inc. Class A |  | 1768118 |
| 94000 | Keurig Dr Pepper, Inc. |  | 3069100 |
| 11850 | Molson Coors Brewing Co. Class B |  | 577332 |
| 48596 | Monster Beverage Corp. (a) |  | 2855015 |
| 94883 | PepsiCo, Inc. |  | 13086263 |
| 107729 | Philip Morris International, Inc. |  | 17672943 |
|  |  |  | 46249860 |
|  **Broadcasting and Content Providers - 0.3%** | **Broadcasting and Content Providers - 0.3%** |  |  |
| 6604 | Charter Communications, Inc. (a)(b) |  | 1778853 |
| 257738 | Comcast Corp. Class A |  | 8564634 |
| 14816 | FOX Corp. Class A |  | 826140 |
| 9135 | FOX Corp. Class B |  | 467164 |
| 41644 | Paramount Global Class B |  | 523465 |
| 4649 | TKO Group Holdings, Inc. |  | 781079 |
| 155828 | Warner Bros Discovery, Inc. (a) |  | 2052255 |
|  |  |  | 14993590 |
|  **Building Material and Garden Equipment and Supplies Dealers - 0.7%** | **Building Material and Garden Equipment and Supplies Dealers - 0.7%** |  |  |
| 38729 | Lowe's Companies, Inc. |  | 8658643 |
| 3610 | Snap-on, Inc. |  | 1159496 |
| 68795 | The Home Depot, Inc. |  | 25282850 |
| 36699 | Tractor Supply Co. |  | 2090008 |
|  |  |  | 37190997 |
|  **Chemical Manufacturing - 3.9%** | **Chemical Manufacturing - 3.9%** |  |  |
| 122254 | AbbVie, Inc. |  | 23108451 |
| 15405 | Air Products & Chemicals, Inc. |  | 4434791 |
| 8147 | Albemarle Corp. (b) |  | 552774 |
| 37216 | Amgen, Inc. |  | 10982442 |
| 10134 | Biogen, Inc. (a) |  | 1297152 |
| 10844 | Bio-Techne Corp. |  | 593492 |
| 140840 | Bristol-Myers Squibb Co. |  | 6099780 |
| 11221 | CF Industries Holdings, Inc. |  | 1041645 |
| 17036 | Church & Dwight Co., Inc. |  | 1597466 |
| 8535 | Clorox Co. |  | 1071655 |
| 56084 | Colgate-Palmolive Co. |  | 4702643 |
| 28966 | DuPont de Nemours, Inc. |  | 2082655 |
| 7979 | Eastman Chemical Co. |  | 579355 |
| 17455 | Ecolab, Inc. |  | 4569021 |
| 54449 | Eli Lilly & Co. |  | 40296071 |
| 86095 | Gilead Sciences, Inc. |  | 9667608 |
| 11128 | Incyte Corp. (a) |  | 833376 |
| 39710 | IntercontinentalExchange, Inc. |  | 7339599 |
| 17712 | International Flavors & Fragrances, Inc. |  | 1258083 |
| 132886 | Kenvue, Inc. |  | 2849076 |
| 22969 | Kimberly-Clark Corp. |  | 2862397 |
| 32570 | Linde PLC ADR (Ireland) |  | 14990668 |
| 17787 | LyondellBasell Industries N.V. Class A ADR (Netherlands) |  | 1030401 |
| 173780 | Merck & Co., Inc. |  | 13575694 |
| 21954 | Mosaic Co. |  | 790564 |
| 393469 | Pfizer, Inc. |  | 9163893 |
| 15714 | PPG Industries, Inc. |  | 1657827 |
| 162274 | Procter & Gamble Co. |  | 24417369 |
| 7187 | Regeneron Pharmaceuticals, Inc. |  | 3920221 |
| 17772 | Vertex Pharmaceuticals, Inc. (a) |  | 8119494 |
| 30814 | Zoetis, Inc. |  | 4492373 |
|  |  |  | 209978036 |
|  **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 0.3%** | **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 0.3%** |  |  |
| 7651 | Lululemon Athletica, Inc. (a) |  | 1534255 |
| 22759 | Ross Stores, Inc. |  | 3107514 |
| 77267 | TJX Companies, Inc. |  | 9622059 |

---

------

---

| |
|:---|
| **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | | 14263828 |
|  **Computer and Electronic Product Manufacturing - 18.6%** | **Computer and Electronic Product Manufacturing - 18.6%** |  |
| 112215 | Advanced Micro Devices, Inc. (a) | 19784627 |
| 19731 | Agilent Technologies, Inc. | 2265316 |
| 402797 | Alphabet, Inc. | 77296744 |
| 324930 | Alphabet, Inc. Class C | 62666000 |
| 15982 | AMETEK, Inc. | 2954273 |
| 83704 | Amphenol Corp. Class A | 8915313 |
| 34325 | Analog Devices, Inc. | 7710425 |
| 1033706 | Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214566354 |
| 71283 | Arista Networks, Inc. (a) | 8783491 |
| 325405 | Broadcom, Inc. | 95571449 |
| 275339 | Cisco Systems, Inc. | 18745079 |
| 44083 | Danaher Corp. | 8691404 |
| 20731 | Dell Technologies, Inc. | 2750796 |
| 9083 | Enphase Energy, Inc. (a) | 293926 |
| 7421 | First Solar, Inc. (a) | 1296671 |
| 43959 | Fortinet, Inc. (a) | 4391504 |
| 23512 | Fortive Corp. | 1126930 |
| 31679 | GE HealthCare Technologies, Inc. | 2259346 |
| 15426 | Hologic, Inc. (a) | 1030765 |
| 65249 | HP, Inc. | 1618175 |
| 301894 | Intel Corp. (a) | 5977501 |
| 64323 | International Business Machines Corp. | 16283367 |
| 7428 | Jabil Circuit, Inc. | 1657707 |
| 11972 | Keysight Technologies, Inc. (a) | 1962331 |
| 12933 | L3Harris Technologies, Inc. | 3554247 |
| 88521 | Lam Research Corp. | 8395332 |
| 37224 | Microchip Technology, Inc. | 2515970 |
| 77358 | Micron Technology, Inc. | 8442852 |
| 3325 | Monolithic Power Systems, Inc. | 2364873 |
| 11563 | Motorola Solutions, Inc. | 5075926 |
| 14080 | NetApp, Inc. | 1466150 |
| 9366 | Northrop Grumman Corp. | 5400529 |
| 1687839 | NVIDIA Corp. | 300215923 |
| 17475 | NXP Semiconductors NV ADR (Netherlands) | 3735631 |
| 28922 | ON Semiconductor Corp. (a) | 1630044 |
| 27311 | Otis Worldwide Corp. | 2340280 |
| 45831 | Palto Alto Networks, Inc. (a) | 7956262 |
| 75932 | Qualcomm, Inc. | 11143780 |
| 8161 | Revvity, Inc. (b) | 717352 |
| 7439 | Roper Technologies, Inc. | 4094426 |
| 92462 | RTX Corp. | 14569237 |
| 14684 | Seagate Technology Holdings PLC ADR (Ireland) | 2305535 |
| 10396 | Skyworks Solutions, Inc. | 712542 |
| 35512 | Super Micro Computer, Inc. (a) | 2094143 |
| 3236 | Teledyne Technologies, Inc. (a) | 1783101 |
| 11109 | Teradyne, Inc. | 1193440 |
| 62870 | Texas Instruments, Inc. | 11383242 |
| 26119 | Thermo Fisher Scientific, Inc. | 12215334 |
| 16519 | Trimble, Inc. (a) | 1385779 |
| 17159 | Veralto Corp. | 1798778 |
| 4132 | Waters Corp. (a) | 1193156 |
| 24152 | Western Digital Corp. | 1900521 |
| 3506 | Zebra Technologies Corp. Class A (a) | 1188604 |
|  |  | 991372483 |
|  **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.1%** | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.1%** |  |
| 38380 | Fiserv, Inc. (a) | 5332517 |
|  **Construction of Buildings - 0.1%** | **Construction of Buildings - 0.1%** |  |
| 19130 | D.R. Horton, Inc. | 2732529 |
| 16077 | Lennar Corp. Class A | 1803518 |
| 201 | NVR, Inc. (a) | 1517448 |
| 13869 | PulteGroup, Inc. | 1566087 |
|  |  | 7619582 |
|  **Couriers and Messengers - 0.1%** | **Couriers and Messengers - 0.1%** |  |
| 15262 | FedEx Corp. | 3410904 |
| 50779 | United Parcel Service, Inc. Class B | 4375119 |
|  |  | 7786023 |
|  **Credit Intermediation and Related Activities - 3.9%** | **Credit Intermediation and Related Activities - 3.9%** |  |
| 38295 | American Express Co. | 11462076 |
| 453523 | Bank of America Corp. | 21438032 |
| 49514 | Bank of New York Mellon Corp. | 5023195 |
| 44274 | Capital One Financial Corp. | 9518910 |
| 129264 | Citigroup, Inc. | 12112037 |
| 30014 | Citizens Financial Group, Inc. | 1432268 |
| 14632 | Coinbase Global, Inc. (a) | 5527384 |
| 36365 | Fidelity National Information Services, Inc. | 2887745 |
| 46205 | Fifth Third Bancorp | 1920742 |
| 16889 | Global Payments, Inc. | 1350276 |
| 100831 | Huntington Bancshares, Inc. | 1656653 |
| 192339 | JPMorgan Chase & Co. | 56978505 |
| 68268 | KeyCorp | 1223363 |
| 11118 | M&T Bank Corp. | 2097967 |
| 56152 | MasterCard, Inc. Class A | 31808423 |
| 13460 | Northern Trust Corp. | 1749800 |
| 27374 | PNC Financial Services Group, Inc. | 5208451 |
| 62225 | Regions Financial Corp. | 1576159 |
| 19748 | State Street Corp. | 2206839 |
| 26349 | Synchrony Financial | 1835735 |
| 90625 | Truist Financial Corp. | 3961219 |
| 107829 | U.S. Bancorp | 4847992 |
| 225225 | Wells Fargo & Co. | 18159892 |
|  |  | 205983663 |
|  **Electrical Equipment, Appliance, and Component Manufacturing - 0.3%** | **Electrical Equipment, Appliance, and Component Manufacturing - 0.3%** |  |
| 8046 | A.O. Smith Corp. | 569576 |
| 5112 | Axon Enterprise, Inc. (a) | 3862065 |
| 38936 | Emerson Electric Co. | 5665578 |
| 4086 | Generac Holdings, Inc. (a) | 795503 |
| 7801 | Rockwell Automation, Inc. | 2743690 |
|  |  | 13636412 |
|  **Fabricated Metal Product Manufacturing - 0.1%** | **Fabricated Metal Product Manufacturing - 0.1%** |  |
| 19195 | Ball Corp. | 1099105 |
| 15972 | Nucor Corp. | 2285114 |
| 11379 | Pentair PLC ADR (Ireland) | 1162934 |
| 10715 | Stanley Black & Decker, Inc. | 724870 |
|  |  | 5272023 |
|  **Food and Beverage Retailers - 0.1%** | **Food and Beverage Retailers - 0.1%** |  |
| 42390 | Kroger Co. | 2971539 |
|  **Food Manufacturing - 0.7%** | **Food Manufacturing - 0.7%** |  |
| 33255 | Archer-Daniels-Midland Co. | 1801756 |
| 268081 | Coca-Cola Co. | 18200019 |
| 37890 | General Mills, Inc. | 1855852 |

---

------

---

| |
|:---|
| **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| 20180 | Hormel Foods Corp. | 566856 |
| 18602 | Kellanova | 1484998 |
| 9770 | Lamb Weston Holdings, Inc. | 557574 |
| 17479 | McCormick & Co, Inc. | 1234542 |
| 89623 | Mondelez International, Inc. | 5797712 |
| 13620 | The Campbell's Company | 434750 |
| 10245 | The Hershey Co. | 1906902 |
| 7363 | The J.M. Smucker Co. | 790344 |
| 59802 | The Kraft Heinz Co. | 1642163 |
| 19812 | Tyson Foods, Inc. Class A | 1036168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37309636 |
|  **Food Services and Drinking Places - 0.7%** | **Food Services and Drinking Places - 0.7%** |  |
| 93240 | Chipotle Mexican Grill, Inc. (a) | 3998131 |
| 8089 | Darden Restaurants, Inc. | 1631309 |
| 23734 | DoorDash, Inc. (a) | 5939434 |
| 49490 | McDonald's Corp. | 14850464 |
| 78656 | Starbucks Corp. | 7012969 |
| 19234 | Yum! Brands, Inc. | 2772581 |
|  |  | 36204888 |
|  **Funds, Trusts, and Other Financial Vehicles - 0.1%** | **Funds, Trusts, and Other Financial Vehicles - 0.1%** |  |
| 10665 | Garmin Ltd. ADR (Switzerland) | 2333075 |
| 15253 | T. Rowe Price Group, Inc. | 1547417 |
|  |  | 3880492 |
|  **Furniture, Home Furnishings, Electronics, and Appliance Retailers - 0.0% <sup>(</sup><sup>†</sup><sup>)</sup>**  | **Furniture, Home Furnishings, Electronics, and Appliance Retailers - 0.0% <sup>(</sup><sup>†</sup><sup>)</sup>**  |  |
| 13332 | Best Buy Co., Inc. | 867380 |
|  **Gasoline Stations and Fuel Dealers - 0.4%** | **Gasoline Stations and Fuel Dealers - 0.4%** |  |
| 132063 | Chevron Corp. | 20026033 |
|  **General Merchandise Retailers - 4.2%** | **General Merchandise Retailers - 4.2%** |  |
| 653920 | Amazon.com, Inc. (a) | 153089211 |
| 30715 | Costco Wholesale Corp. | 28861043 |
| 15227 | Dollar General Corp. | 1597312 |
| 13687 | Dollar Tree, Inc. (a) | 1554159 |
| 31916 | eBay, Inc. | 2928293 |
| 31456 | Target Corp. | 3161328 |
| 299024 | Walmart, Inc. | 29298371 |
| 8500 | Williams-Sonoma, Inc. | 1589925 |
|  |  | 222079642 |
|  **Health and Personal Care Retailers - 0.1%** | **Health and Personal Care Retailers - 0.1%** |  |
| 87555 | CVS Health Corp. | 5437166 |
| 3098 | Ulta Beauty, Inc. (a) | 1595501 |
| 49671 | Walgreens Boots Alliance, Inc. | 578170 |
|  |  | 7610837 |
|  **Hospitals - 0.1%** | **Hospitals - 0.1%** |  |
| 12001 | HCA Healthcare, Inc. | 4248234 |
| 3947 | Universal Health Services, Inc. Class B | 656978 |
|  |  | 4905212 |
|  **Insurance Carriers and Related Activities - 2.9%** | **Insurance Carriers and Related Activities - 2.9%** |  |
| 33681 | Aflac, Inc. | 3346544 |
| 18322 | Allstate Corp. | 3723947 |
| 39885 | American International Group, Inc. | 3096273 |
| 25843 | Arch Capital Group Ltd. ADR | 2224049 |
| 17729 | Arthur J. Gallagher & Co. | 5092655 |
| 3498 | Assurant, Inc. | 655175 |
| 126906 | Berkshire Hathaway, Inc. Class B (a) | 59884403 |
| 19404 | Brown & Brown, Inc. (b) | 1772944 |
| 34433 | Centene Corp. (a) | 897668 |
| 25801 | Chubb Limited ADR (Switzerland) | 6864098 |
| 18488 | Cigna Corp. | 4943322 |
| 10825 | Cincinnati Financial Corp. | 1596796 |
| 15643 | Elevance Health, Inc. | 4428221 |
| 1734 | Erie Indemnity Co. Class A | 617720 |
| 2955 | Everest Re Group Ltd. ADR | 992289 |
| 5711 | Globe Life, Inc. | 802224 |
| 8355 | Humana, Inc. | 2087664 |
| 12051 | Loews Corp. | 1091098 |
| 34108 | Marsh & McLennan Companies, Inc. | 6794314 |
| 39025 | MetLife, Inc. | 2963949 |
| 14271 | Principal Financial Group, Inc. | 1110712 |
| 40583 | Progressive Corp. | 9822709 |
| 24504 | Prudential Financial, Inc. | 2538124 |
| 19660 | The Hartford Insurance Group, Inc. | 2445507 |
| 15689 | Travelers Companies, Inc. | 4082905 |
| 62781 | UnitedHealth Group, Inc. | 15667626 |
| 20740 | W.R. Berkley Corp. | 1427119 |
| 6861 | Willis Towers Watson PLC ADR (Ireland) | 2166772 |
|  |  | 153136827 |
|  **Leather and Allied Product Manufacturing - 0.1%** | **Leather and Allied Product Manufacturing - 0.1%** |  |
| 81534 | NIKE, Inc. Class B | 6089775 |
| 14376 | Tapestry, Inc. | 1553039 |
|  |  | 7642814 |
|  **Machinery Manufacturing - 1.6%** | **Machinery Manufacturing - 1.6%** |  |
| 56232 | Applied Materials, Inc. | 10125134 |
| 68568 | Baker Hughes Co. | 3088988 |
| 55175 | Carrier Global Corp. | 3786108 |
| 32543 | Caterpillar, Inc. | 14254485 |
| 9539 | Cummins, Inc. | 3506727 |
| 17461 | Deere & Co. | 9156025 |
| 73797 | GE Aerospace | 20004891 |
| 5222 | IDEX Corp. | 853849 |
| 27918 | Ingersoll Rand, Inc. | 2362700 |
| 1422 | Mettler-Toledo International, Inc. (a) | 1754293 |
| 3755 | Nordson Corp. | 804359 |
| 8833 | Parker Hannifin Corp. | 6464873 |
| 15437 | Trane Technologies PLC ADR (Ireland) | 6762641 |
| 16849 | Xylem, Inc. | 2436702 |
|  |  | 85361775 |
|  **Management of Companies and Enterprises - 0.4%** | **Management of Companies and Enterprises - 0.4%** |  |
| 120406 | Abbott Laboratories | 15194033 |
| 14932 | Aon PLC ADR (United Kingdom) | 5311462 |
| 9292 | Bunge Global SA ADR (Switzerland) | 741130 |
| 30909 | Norwegian Cruise Line Holdings Ltd. ADR (a) | 790034 |
| 34319 | Smurfit WestRock PLC ADR (Ireland) | 1523077 |
|  |  | 23559736 |
|  **Merchant Wholesalers, Durable Goods - 0.7%** | **Merchant Wholesalers, Durable Goods - 0.7%** |  |
| 7649 | Builders FirstSource, Inc. (a) | 972417 |
| 60826 | Copart, Inc. (a) | 2757243 |
| 79400 | Fastenal Co. | 3662722 |
| 9606 | Genuine Parts Co. | 1238021 |
| 8413 | Henry Schein, Inc. (a) | 569139 |
| 3706 | Hubbell, Inc. | 1621301 |
| 2700 | Huntington Ingalls Industries, Inc. | 752922 |
| 45552 | Johnson Controls International PLC ADR (Ireland) | 4782960 |

---

------

---

| |
|:---|
| **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| 9157 | KLA-Tencor Corp. | 8049278 |
| 2214 | Lennox International, Inc. | 1348326 |
| 17859 | LKQ Corp. (b) | 526305 |
| 3581 | Mohawk Industries, Inc. (a) | 410060 |
| 2606 | Pool Corp. (b) | 803013 |
| 20520 | TE Connectivity PLC ADR (Ireland) | 4221990 |
| 3031 | W.W. Grainger, Inc. | 3150846 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34866543 |
|  **Merchant Wholesalers, Nondurable Goods - 0.5%** | **Merchant Wholesalers, Nondurable Goods - 0.5%** |  |
| 12600 | Brown Forman Corp. Class B | 363510 |
| 16520 | Cardinal Health, Inc. | 2564235 |
| 11948 | Cencora, Inc. | 3418084 |
| 33021 | ConAgra Brands, Inc. | 602964 |
| 2359 | Domino's Pizza, Inc. | 1092712 |
| 18464 | Illinois Tool Works, Inc. | 4726230 |
| 8661 | McKesson Corp. | 6006750 |
| 33549 | Sysco Corp. | 2670500 |
| 15958 | The Sherwin Williams Co. | 5280183 |
|  |  | 26725168 |
|  **Mining (except Oil and Gas) - 0.3%** | **Mining (except Oil and Gas) - 0.3%** |  |
| 99393 | Freeport-McMoRan Copper & Gold, Inc. | 3999575 |
| 4183 | Martin Marietta Materials, Inc. | 2404723 |
| 77022 | Newmont Corp. | 4783066 |
| 9148 | Vulcan Materials Co. | 2512681 |
|  |  | 13700045 |
|  **Miscellaneous Manufacturing - 1.8%** | **Miscellaneous Manufacturing - 1.8%** |  |
| 37250 | 3M Co. | 5558445 |
| 4708 | Align Technology, Inc. (a) | 607379 |
| 35506 | Baxter International, Inc. | 772611 |
| 19835 | Becton, Dickinson & Co. | 3535589 |
| 102381 | Boston Scientific Corp. (a) | 10741814 |
| 27149 | DexCom, Inc. (a) | 2192825 |
| 9493 | Dover Corp. | 1719562 |
| 40607 | Edwards Lifesciences Corp. (a) | 3220541 |
| 16198 | Estee Lauder Companies, Inc. Class A | 1511921 |
| 9120 | Hasbro, Inc. | 685459 |
| 4865 | Insulet Corp. (a) | 1403066 |
| 24798 | Intuitive Surgical, Inc. (a) | 11930070 |
| 166518 | Johnson & Johnson | 27432175 |
| 88771 | Medtronic PLC ADR (Ireland) | 8010695 |
| 10141 | ResMed, Inc. | 2757744 |
| 9582 | Solventum Corp. (a) | 683771 |
| 6800 | Steris PLC ADR (Ireland) | 1540132 |
| 23812 | Stryker Corp. | 9351687 |
| 12492 | Textron, Inc. | 971503 |
| 13836 | The Cooper Companys, Inc. (a) | 978067 |
| 13695 | Zimmer Biomet Holdings, Inc. | 1255147 |
|  |  | 96860203 |
|  **Motion Picture and Sound Recording Industries - 0.6%** | **Motion Picture and Sound Recording Industries - 0.6%** |  |
| 29458 | Netflix, Inc. (a) | 34153605 |
|  **Motor Vehicle and Parts Dealers - 0.2%** | **Motor Vehicle and Parts Dealers - 0.2%** |  |
| 1159 | AutoZone, Inc. (a) | 4367552 |
| 10537 | CarMax, Inc. (a) | 596500 |
| 59166 | O'Reilly Automotive, Inc. (a) | 5817201 |
|  |  | 10781253 |
|  **National Security and International Affairs - 0.0% <sup>(</sup><sup>†</sup><sup>)</sup>**  | **National Security and International Affairs - 0.0% <sup>(</sup><sup>†</sup><sup>)</sup>**  |  |
| 8914 | Leidos Holdings, Inc. | 1423120 |
|  **Nonmetallic Mineral Product Manufacturing - 0.1%** | **Nonmetallic Mineral Product Manufacturing - 0.1%** |  |
| 53341 | Corning, Inc. | 3373285 |
|  **Oil and Gas Extraction - 1.0%** | **Oil and Gas Extraction - 1.0%** |  |
| 24983 | APA Corp. | 481922 |
| 52827 | Coterra Energy, Inc. | 1288450 |
| 44439 | Devon Energy Corp. | 1476264 |
| 12936 | Diamondback Energy, Inc. | 1923066 |
| 59026 | Dominion Energy, Inc. | 3450070 |
| 37777 | EOG Resources, Inc. | 4533995 |
| 41442 | EQT Corp. | 2227507 |
| 14988 | Expand Energy Corp. | 1570443 |
| 298301 | Exxon Mobil Corp. | 33302324 |
| 49040 | Occidental Petroleum Corp. | 2154818 |
|  |  | 52408859 |
|  **Paper Manufacturing - 0.0% <sup>(</sup><sup>†</sup><sup>)</sup>**  | **Paper Manufacturing - 0.0% <sup>(</sup><sup>†</sup><sup>)</sup>**  |  |
| 6180 | Packaging Corp of America | 1197375 |
|  **Performing Arts, Spectator Sports, and Related Industries - 0.0% <sup>(</sup><sup>†</sup><sup>)</sup>**  | **Performing Arts, Spectator Sports, and Related Industries - 0.0% <sup>(</sup><sup>†</sup><sup>)</sup>**  |  |
| 14396 | Caesars Entertainment, Inc. (a) | 384085 |
| 15780 | Electronic Arts, Inc. | 2406292 |
|  |  | 2790377 |
|  **Petroleum and Coal Products Manufacturing - 0.3%** | **Petroleum and Coal Products Manufacturing - 0.3%** |  |
| 87373 | ConocoPhillips | 8330142 |
| 21263 | Marathon Petroleum Corp. | 3618750 |
| 28199 | Phillips 66 | 3484832 |
| 21680 | Valero Energy Corp. | 2976881 |
|  |  | 18410605 |
|  **Pipeline Transportation - 0.1%** | **Pipeline Transportation - 0.1%** |  |
| 15015 | Targa Resources Corp. | 2498646 |
| 84494 | Williams Companies, Inc. | 5065415 |
|  |  | 7564061 |
|  **Plastics and Rubber Products Manufacturing - 0.0% <sup>(</sup><sup>†</sup><sup>)</sup>**  | **Plastics and Rubber Products Manufacturing - 0.0% <sup>(</sup><sup>†</sup><sup>)</sup>**  |  |
| 5408 | Avery Dennison Corp. | 907300 |
| 4973 | West Pharmaceutical Services, Inc. | 1189840 |
|  |  | 2097140 |
|  **Primary Metal Manufacturing - 0.1%** | **Primary Metal Manufacturing - 0.1%** |  |
| 27935 | Howmet Aerospace, Inc. | 5021875 |
| 9562 | Steel Dynamics, Inc. | 1219729 |
|  |  | 6241604 |
|  **Professional, Scientific, and Technical Services - 4.6%** | **Professional, Scientific, and Technical Services - 4.6%** |  |
| 43328 | Accenture PLC Class A ADR (Ireland) | 11572909 |
| 9118 | CDW Corp. | 1589997 |
| 3407 | Charles River Laboratories International, Inc. (a) | 577963 |
| 34118 | Cognizant Technology Solutions Corp. Class A | 2448308 |
| 27096 | Eaton Corporation PLC ADR (Ireland) | 10424373 |
| 3911 | EPAM Systems, Inc. (a) | 616804 |
| 14684 | Extra Space Storage, Inc. | 1972942 |
| 3964 | F5 Networks, Inc. (a) | 1242397 |
| 9866 | GoDaddy, Inc. (a) | 1594148 |
| 5562 | IDEXX Laboratories, Inc. (a) | 2971832 |
| 36535 | International Paper Co. | 1707646 |
| 25585 | Interpublic Group of Companies, Inc. | 629391 |
| 11366 | IQVIA Holdings, Inc. (a) | 2112485 |
| 5051 | Jack Henry & Associates, Inc. | 857736 |
| 8318 | Jacobs Solutions, Inc. | 1180075 |
| 150260 | Meta Platforms, Inc. | 116217094 |

---

------

---

| |
|:---|
| **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| 23542 | Moderna, Inc. (a)(b) | 695902 |
| 13489 | Omnicom Group, Inc. | 971882 |
| 112572 | Oracle Corp. | 28567396 |
| 147213 | Palantir Technologies, Inc. (a) | 23311179 |
| 22188 | Paychex, Inc. | 3202394 |
| 3381 | Paycom Software, Inc. | 782837 |
| 8303 | PTC, Inc. (a) | 1783567 |
| 14326 | ServiceNow, Inc. (a) | 13511137 |
| 11722 | Take-Two Interactive Software, Inc. (a) | 2610841 |
| 31019 | The Trade Desk, Inc. (a) | 2697412 |
| 5582 | VeriSign, Inc. | 1500832 |
| 9674 | Verisk Analytics, Inc. Class A | 2696241 |
| 14994 | Workday, Inc. (a) | 3439324 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243487044 |
|  **Publishing Industries - 6.8%** | **Publishing Industries - 6.8%** |  |
| 29498 | Adobe, Inc. (a) | 10551140 |
| 10111 | Akamai Technologies, Inc. (a) | 771570 |
| 14810 | Autodesk, Inc. (a) | 4489059 |
| 38819 | Block, Inc. (a)(b) | 2999156 |
| 18898 | Cadence Design Systems, Inc. (a) | 6889644 |
| 17234 | CrowdStrike Holdings, Inc. (a) | 7834059 |
| 22111 | Datadog, Inc. (a) | 3095098 |
| 11072 | Dayforce, Inc. (a) | 638522 |
| 1691 | Fair Isaac Corp. (a) | 2429493 |
| 37778 | Gen Digital, Inc. | 1114073 |
| 90918 | Hewlett Packard Enterprise Co. | 1881093 |
| 19355 | Intuit, Inc. | 15196191 |
| 514398 | Microsoft Corp. | 274431333 |
| 26099 | News Corp. Class A | 765223 |
| 7716 | News Corp. Class B | 257869 |
| 66402 | Salesforce, Inc. | 17153629 |
| 12775 | Synopsys, Inc. (a) | 8092579 |
| 2992 | Tyler Technologies, Inc. (a) | 1749004 |
|  |  | 360338735 |
|  **Rail Transportation - 0.3%** | **Rail Transportation - 0.3%** |  |
| 130015 | CSX Corp. | 4620733 |
| 41351 | Union Pacific Corp. | 9178682 |
|  |  | 13799415 |
|  **Real Estate - 1.1%** | **Real Estate - 1.1%** |  |
| 10661 | Alexandria Real Estate Equities, Inc. | 814820 |
| 32406 | American Tower Corp. | 6753086 |
| 9842 | AvalonBay Communities, Inc. | 1833368 |
| 10075 | BXP, Inc. | 659207 |
| 7393 | Camden Property Trust | 807316 |
| 20319 | CBRE Group, Inc. Class A (a) | 3164481 |
| 30142 | Crown Castle, Inc. | 3167623 |
| 21909 | Digital Realty Trust, Inc. | 3865624 |
| 23671 | Equity Residential | 1496007 |
| 4450 | Essex Property Trust, Inc. | 1157801 |
| 5375 | Federal Realty Investment Trust | 495360 |
| 48078 | Healthpeak Properties, Inc. | 814441 |
| 39445 | Invitation Homes, Inc. | 1208989 |
| 46811 | Kimco Realty Corp. | 993798 |
| 8092 | Mid-America Apartment Communities, Inc. | 1152544 |
| 64221 | Prologis, Inc. | 6857518 |
| 10924 | Public Storage | 2970673 |
| 62487 | Realty Income Corp. | 3507395 |
| 11304 | Regency Centers Corp. | 807106 |
| 21238 | Simon Property Group, Inc. | 3478572 |
| 20866 | UDR, Inc. | 819825 |
| 31240 | Ventas, Inc. | 2098703 |
| 73137 | VICI Properties, Inc. | 2384266 |
| 42989 | Welltower, Inc. | 7096194 |
| 50198 | Weyerhaeuser Co. | 1257460 |
|  |  | 59662177 |
|  **Rental and Leasing Services - 0.1%** | **Rental and Leasing Services - 0.1%** |  |
| 4496 | United Rentals, Inc. | 3969698 |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.9%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.9%** |  |
| 31247 | Apollo Global Management, Inc. | 4540814 |
| 10076 | Blackrock, Inc. | 11144157 |
| 7246 | Cboe Global Markets, Inc. | 1746576 |
| 118200 | Charles Schwab Corp. | 11551686 |
| 24946 | CME Group, Inc. | 6941973 |
| 48920 | Dow, Inc. | 1139347 |
| 21459 | Franklin Resources, Inc. | 515016 |
| 21239 | Goldman Sachs Group, Inc. | 15368328 |
| 30968 | Invesco Ltd. ADR | 650638 |
| 46839 | KKR & Co., Inc. | 6865660 |
| 2602 | MarketAxess Holdings, Inc. | 534711 |
| 85493 | Morgan Stanley | 12179333 |
| 5356 | MSCI, Inc. Class A | 3006644 |
| 28611 | NASDAQ OMX Group, Inc. | 2752950 |
| 12561 | Raymond James Financial, Inc. | 2099320 |
| 21724 | S&P Global, Inc. | 11972096 |
| 50497 | The Blackstone Group, Inc. | 8733961 |
|  |  | 101743210 |
|  **Specialty Trade Contractors - 0.1%** | **Specialty Trade Contractors - 0.1%** |  |
| 10260 | Quanta Services, Inc. | 4166894 |
|  **Support Activities for Agriculture and Forestry - 0.1%** | **Support Activities for Agriculture and Forestry - 0.1%** |  |
| 47214 | Corteva, Inc. | 3405546 |
|  **Support Activities for Mining - 0.1%** | **Support Activities for Mining - 0.1%** |  |
| 59494 | Halliburton Co. | 1332666 |
| 103820 | Schlumberger Ltd. ADR (Curaco) | 3509116 |
|  |  | 4841782 |
|  **Support Activities for Transportation - 0.2%** | **Support Activities for Transportation - 0.2%** |  |
| 8219 | C.H. Robinson Worldwide, Inc. | 947815 |
| 8404 | Expedia, Inc. | 1514569 |
| 9482 | Expeditors International of Washington, Inc. | 1102187 |
| 5435 | J.B. Hunt Transport Services, Inc. | 782912 |
| 15608 | Norfolk Southern Corp. | 4339024 |
|  |  | 8686507 |
|  **Telecommunications - 0.9%** | **Telecommunications - 0.9%** |  |
| 498010 | AT&T, Inc. | 13650454 |
| 6769 | Equinix, Inc. | 5314816 |
| 67303 | PayPal Holdings, Inc. (a) | 4627754 |
| 7434 | SBA Communications Corp. | 1670569 |
| 32998 | T-Mobile US, Inc. | 7867053 |
| 291773 | Verizon Communications, Inc. | 12476213 |
|  |  | 45606859 |
|  **Transportation Equipment Manufacturing - 2.1%** | **Transportation Equipment Manufacturing - 2.1%** |  |
| 15066 | Aptiv PLC ADR (a) | 1034130 |
| 52173 | Boeing Co. (a) | 11574058 |

---

------

---

| |
|:---|
| **Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| 270321 | Ford Motor Co. | 2992454 |
| 17427 | General Dynamics Corp. | 5430428 |
| 66548 | General Motors Co. | 3549670 |
| 44481 | Honeywell International, Inc. | 9890350 |
| 14434 | Lockheed Martin Corp. | 6076425 |
| 36335 | Paccar, Inc. | 3588445 |
| 193954 | Tesla, Inc. (a) | 59790200 |
| 3879 | TransDigm Group, Inc. | 6239216 |
| 11826 | Wabtec Corp. | 2271183 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112436559 |
|  **Truck Transportation - 0.0% <sup>(</sup><sup>†</sup><sup>)</sup>**  | **Truck Transportation - 0.0% <sup>(</sup><sup>†</sup><sup>)</sup>**  |  |
| 12878 | Old Dominion Freight Line, Inc. | 1922042 |
|  **Utilities - 2.0%** | **Utilities - 2.0%** |  |
| 49270 | AES Corp. | 647900 |
| 17778 | Alliant Energy Corp. | 1155748 |
| 18700 | Ameren Corp. | 1891131 |
| 36967 | American Electric Power Co., Inc. | 4182446 |
| 13494 | American Water Works Co., Inc. | 1892399 |
| 10984 | Atmos Energy Corp. (b) | 1712625 |
| 45170 | CenterPoint Energy, Inc. | 1753499 |
| 20699 | CMS Energy Corp. | 1527586 |
| 24940 | Consolidated Edison, Inc. | 2581290 |
| 21690 | Constellation Energy Corp. | 7544650 |
| 14363 | DTE Energy Co. | 1987983 |
| 53776 | Duke Energy Corp. | 6541313 |
| 26624 | Edison International | 1387643 |
| 30877 | Entergy Corp. | 2792207 |
| 15925 | Evergy, Inc. (b) | 1127490 |
| 25437 | Eversource Energy | 1681386 |
| 69868 | Exelon Corp. | 3139868 |
| 35551 | FirstEnergy Corp. | 1518383 |
| 18891 | GE Vernova, Inc. | 12473538 |
| 133801 | Kinder Morgan, Inc. | 3754456 |
| 142474 | NextEra Energy, Inc. | 10124202 |
| 32568 | NiSource, Inc. | 1382512 |
| 13529 | NRG Energy, Inc. | 2262049 |
| 43227 | ONEOK, Inc. | 3549369 |
| 152106 | PG&E Corp. | 2132526 |
| 8264 | Pinnacle West Capital Corp. | 748884 |
| 51163 | PPL Corp. | 1826007 |
| 34539 | Public Service Enterprise Group, Inc. | 3101257 |
| 45145 | Sempra Energy | 3687444 |
| 76071 | Southern Co. | 7187188 |
| 1311 | Texas Pacific Land Corp. | 1269218 |
| 23487 | Vistra Corp. | 4897979 |
| 22087 | WEC Energy Group, Inc. | 2409250 |
| 39915 | Xcel Energy, Inc. | 2931358 |
|  |  | 108802784 |
|  **Waste Management and Remediation Services - 0.1%** | **Waste Management and Remediation Services - 0.1%** |  |
| 14058 | Republic Services, Inc. | 3242478 |
|  **Water Transportation - 0.0% <sup>(</sup><sup>†</sup><sup>)</sup>**  | **Water Transportation - 0.0% <sup>(</sup><sup>†</sup><sup>)</sup>**  |  |
| 72668 | Carnival Corp. ADR (Panama) (a) | 2163326 |
|  **Web Search Portals, Libraries, Archives, and Other Information Services - 0.0% <sup>(</sup><sup>†</sup><sup>)</sup>**  | **Web Search Portals, Libraries, Archives, and Other Information Services - 0.0% <sup>(</sup><sup>†</sup><sup>)</sup>**  |  |
| 29198 | CoStar Group, Inc. (a) | 2779358 |
|  **Wood Product Manufacturing - 0.0% <sup>(</sup><sup>†</sup><sup>)</sup>**  | **Wood Product Manufacturing - 0.0% <sup>(</sup><sup>†</sup><sup>)</sup>**  |  |
| 14599 | Masco Corp. | 994630 |
|  | TOTAL COMMON STOCKS (Cost $3,367,136,754) | $3718886054 |
|  **SHORT TERM INVESTMENTS - 31.7%** | **SHORT TERM INVESTMENTS - 31.7%** |  |
|  **Money Market Funds - 31.7%** | **Money Market Funds - 31.7%** |  |
| 870600113 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $870600113 |
| 600152683 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(c)</sup> | 600152683 |
| 195900 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(c)</sup> | 195900 |
| 219070962 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> | 219070962 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $1,690,019,658) | $1690019658 |
|  | TOTAL INVESTMENTS (Cost $5,057,156,412) - 101.5% <sup>(e)</sup> | $5408905712 |
|  | Liabilities in Excess of Other Assets - (1.5)% | (77780124) |
|  | TOTAL NET ASSETS - 100.0% | $5331125588 |

---

Percentages are stated as a percent of net assets.

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

---

| | |
|:---|:---|
| <sup>(†)</sup> | 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 July 31, 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 $4,072,556,597. 

ADR - American Depository Receipt

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Terms of Payments to be Received at** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Termination**  | **Terms of Payments to be Paid/(Received) at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized** <br> **Appreciation**  |
| Total return of S&P 500<sup>®</sup> Index | SOFR + 0.8000% | BNP Paribas | 12/5/2025 | 30960 | $188410651 | $2934485 |
| Total return of S&P 500<sup>®</sup> Index | SOFR + 0.7000% | Goldman Sachs | 12/10/2025 | 222627 | 1219981027 | 176129172 |
| Total return of S&P 500<sup>®</sup> Index | SOFR + 0.7000% | Bank of America Merrill Lynch | 12/11/2025 | 303012 | 1695868459 | 207767085 |
| Total return of S&P 500<sup>®</sup> Index | SOFR + 0.6700% | J.P. Morgan | 12/16/2025 | 82285 | 497887629 | 11475694 |
| Total return of S&P 500<sup>®</sup> Index | SOFR + 0.6500% | UBS Securities LLC | 12/17/2025 | 254886 | 1542215780 | 36110148 |
| Total return of S&P 500<sup>®</sup> Index | SOFR + 0.6300% | Citibank N.A. | 12/19/2025 | 602381 | 3632360727 | 159977767 |
| Total return of S&P 500<sup>®</sup> Index | SOFR + 0.7100% | Barclays | 12/22/2025 | 440078 | 2367254939 | 395832032 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11143979212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990226383 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 117.0%** | **SHORT TERM INVESTMENTS - 117.0%** |  |  |
|  **Money Market Funds - 117.0%** |  |  |  |
| 199053436 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 199053436 |
| 70112684 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 70112684 |
| 147977975 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 147977975 |
| 122068269 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 122068269 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $539,212,364) <sup>(b)</sup> | $— | 539212364 |
|  | TOTAL INVESTMENTS (Cost $539,212,364) - 117.0% | $— | 539212364 |
|  | Liabilities in Excess of Other Assets - (17.0)% |  | (78420493) |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460791871 |

---

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 July 31, 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 $369,304,607. 

**Short Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  SOFR + 0.2000%<br> Total return of S&P 500<sup>®</sup> Index | BNP Paribas | 12/5/2025 | 13748 | $83677065 | $(1573756) |
|  SOFR + 0.5000%<br> Total return of S&P 500<sup>®</sup> Index | Goldman Sachs | 12/10/2025 | 49501 | 305674169 | (5936531) |
|  SOFR + 0.5000%<br> Total return of S&P 500<sup>®</sup> Index | Bank of America Merrill Lynch | 12/11/2025 | 45260 | 278093964 | (3598211) |
|  SOFR + 0.4900%<br> Total return of S&P 500<sup>®</sup> Index | J.P. Morgan | 12/16/2025 | 23250 | 137964496 | (6569751) |
|  SOFR + 0.2500%<br> Total return of S&P 500<sup>®</sup> Index | UBS Securities LLC | 12/17/2025 | 8951 | 54159010 | (1403182) |
|  SOFR + 0.4000%<br> Total return of S&P 500<sup>®</sup> Index | Citibank N.A. | 12/19/2025 | 6616 | 39292309 | (2026897) |
|  SOFR + 0.4800%<br> Total return of S&P 500<sup>®</sup> Index | Barclays | 12/22/2025 | 70735 | 388852686 | (56163244) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287713699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77271572) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Small Cap Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 71.3%** | **INVESTMENT COMPANIES - 71.3%** |  |  |
| 6334118 | iShares Russell 2000 ETF <sup>(a)(b)</sup> | $— | 1389642148 |
|  | TOTAL INVESTMENT COMPANIES (Cost $1,272,181,389) | $— | 1389642148 |
|  **SHORT TERM INVESTMENTS - 35.7%** | **SHORT TERM INVESTMENTS - 35.7%** |  |  |
|  **Money Market Funds - 35.7%** |  |  |  |
| 304384471 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 304384471 |
| 29620000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(c)</sup> |  | 29620000 |
| 361364635 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 361364635 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $695,369,106) | $— | 695369106 |
|  | TOTAL INVESTMENTS (Cost $1,967,550,495) - 107.0% <sup>(e)</sup> | $— | 2085011254 |
|  | Liabilities in Excess of Other Assets - (7.0)% |  | (135951769) |
|  | TOTAL NET ASSETS - 100.0% | $— | 1949059485 |

---

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 July 31, 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 $1,362,309,350. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR + 0.6900% | BNP Paribas | 12/5/2025 | 153727 | $349239852 | $(14406123) |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR + 0.6500% | Bank of America Merrill Lynch | 12/11/2025 | 304481 | 672358309 | (10243753) |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR + 0.4100% | Societe Generale | 12/12/2025 | 55000 | 129909507 | (11311230) |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR + 0.5500% | J.P. Morgan | 12/16/2025 | 380231 | 807224822 | 28619229 |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR + 0.5400% | UBS Securities LLC | 12/17/2025 | 272634 | 597554107 | 1371371 |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR + 0.5500% | Citibank N.A. | 12/19/2025 | 419190 | 822923725 | 96347830 |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR + 0.5400% | Barclays | 12/22/2025 | 430229 | 837845965 | 105741524 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217056287 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196118848 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Small Cap Bear 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 103.7%** | **SHORT TERM INVESTMENTS - 103.7%** |  |  |
|  **Money Market Funds - 103.7%** |  |  |  |
| 190768125 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 190768125 |
| 18070000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 18070000 |
| 37454211 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 37454211 |
| 71052055 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 71052055 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $317,344,391) <sup>(b)</sup> | $— | 317344391 |
|  | TOTAL INVESTMENTS (Cost $317,344,391) - 103.7% | $— | 317344391 |
|  | Liabilities in Excess of Other Assets - (3.7)% |  | (11349671) |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305994720 |

---

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 July 31, 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 $183,447,085. 

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  SOFR + 0.3400%<br> Total return of Russell 2000<sup>®</sup> Index | BNP Paribas | 12/5/2025 | 61205 | $142293346 | $9119816 |
|  SOFR + 0.4500%<br> Total return of Russell 2000<sup>®</sup> Index | Bank of America Merrill Lynch | 12/11/2025 | 32127 | 76917146 | 8163219 |
|  SOFR + 0.2000%<br> Total return of Russell 2000<sup>®</sup> Index | Societe Generale | 12/12/2025 | 51000 | 120461540 | 10329084 |
|  SOFR + 0.3300%<br> Total return of Russell 2000<sup>®</sup> Index | J.P. Morgan | 12/16/2025 | 21624 | 50284494 | 3343360 |
|  SOFR + 0.1100%<br> Total return of Russell 2000<sup>®</sup> Index | UBS Securities LLC | 12/17/2025 | 85280 | 196442488 | 10680088 |
|  SOFR + 0.3000%<br> Total return of Russell 2000<sup>®</sup> Index | Citibank N.A. | 12/19/2025 | 86204 | 191755111 | 2967686 |
|  SOFR + 0.3000%<br> Total return of Russell 2000<sup>®</sup> Index | Barclays | 12/22/2025 | 77617 | 170057040 | (1171775) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948211165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43431478 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily FTSE China Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 55.2%** | **INVESTMENT COMPANIES - 55.2%** |  |  |
| 16362674 | iShares China Large-Cap ETF <sup>(a)</sup> | $— | 612618514 |
|  | TOTAL INVESTMENT COMPANIES (Cost $585,807,580) | $— | 612618514 |
|  **SHORT TERM INVESTMENTS - 46.6%** | **SHORT TERM INVESTMENTS - 46.6%** |  |  |
|  **Money Market Funds - 46.6%** |  |  |  |
| 228239643 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 228239643 |
| 40290000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(b)</sup> |  | 40290000 |
| 101490000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(b)</sup> |  | 101490000 |
| 146366694 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 146366694 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $516,386,337) | $— | 516386337 |
|  | TOTAL INVESTMENTS (Cost $1,102,193,917) - 101.8% <sup>(c)</sup> | $— | 1129004851 |
|  | Liabilities in Excess of Other Assets - (1.8)% |  | (20102255) |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108902596 |

---

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 July 31, 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 $765,336,757. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at<br>Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation** |
| Total return of iShares China Large-<br> Cap ETF | SOFR + 1.2500% | BNP Paribas | 12/5/2025 | 2890275 | $87517527 | $19269136 |
| Total return of iShares China Large-<br> Cap ETF | SOFR + 1.7800% | Goldman Sachs | 12/10/2025 | 6684345 | 223226344 | 26332792 |
| Total return of iShares China Large-<br> Cap ETF | SOFR + 3.0000% | Nomura | 12/10/2025 | 1000000 | 30240000 | 6299381 |
| Total return of iShares China Large-<br> Cap ETF | SOFR + 1.1500% | Bank of America Merrill Lynch | 12/11/2025 | 6437294 | 217990462 | 18721926 |
| Total return of iShares China Large-<br> Cap ETF | SOFR + 1.1500% | Societe Generale | 12/12/2025 | 8750000 | 267662500 | 58927357 |
| Total return of iShares China Large-<br> Cap ETF | SOFR + 0.7600% | UBS Securities LLC | 12/17/2025 | 21026645 | 651723111 | 129795608 |
| Total return of iShares China Large-<br> Cap ETF | SOFR + 1.2000% | Citibank N.A. | 12/19/2025 | 12147711 | 393894421 | 59647286 |
| Total return of iShares China Large-<br> Cap ETF | SOFR + 0.8000% | Barclays | 12/22/2025 | 13556450 | 412820582 | 88876391 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285074947 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407869877 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily FTSE China Bear 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 112.9%** | **SHORT TERM INVESTMENTS - 112.9%** |  |  |
|  **Money Market Funds - 112.9%** |  |  |  |
| 182223955 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 182223955 |
| 47946188 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 47946188 |
| 66053003 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 66053003 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $296,223,146) <sup>(b)</sup> | $— | 296223146 |
|  | TOTAL INVESTMENTS (Cost $296,223,146) - 112.9% | $— | 296223146 |
|  | Liabilities in Excess of Other Assets - (12.9)% |  | (33953079) |
|  | TOTAL NET ASSETS - 100.0% | $— | 262270067 |

---

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 July 31, 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 $213,029,131. 

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation<br>(Depreciation)** |
|  SOFR + 0.0000% | Total return of iShares China Large-Cap ETF | BNP Paribas | 12/5/2025 | 5448876 | $172318200 | $(31638105) |
|  SOFR + 0.8500% | Total return of iShares China Large-Cap ETF | Goldman Sachs | 12/10/2025 | 6236382 | 234904821 | 1338292 |
|  SOFR + 0.5800% | Total return of iShares China Large-Cap ETF | Bank of America Merrill Lynch | 12/11/2025 | 7340267 | 277914600 | 4258127 |
|  SOFR + 0.1300% | Total return of iShares China Large-Cap ETF | UBS Securities LLC | 12/17/2025 | 1989760 | 72199023 | (2462629) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757336644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28504315) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily FTSE Europe Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 47.3%** | **INVESTMENT COMPANIES - 47.3%** |  |  |
| 236964 | Vanguard FTSE Europe ETF <sup>(a)(b)</sup> | $— | 17926327 |
|  | TOTAL INVESTMENT COMPANIES (Cost $17,335,430) | $— | 17926327 |
|  **SHORT TERM INVESTMENTS - 62.7%** | **SHORT TERM INVESTMENTS - 62.7%** |  |  |
|  **Money Market Funds - 62.7%** |  |  |  |
| 13529611 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 13529611 |
| 3394375 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(c)</sup> |  | 3394375 |
| 6867088 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 6867088 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $23,791,074) | $— | 23791074 |
|  | TOTAL INVESTMENTS (Cost $41,126,504) - 110.0% <sup>(e)</sup> | $— | 41717401 |
|  | Liabilities in Excess of Other Assets - (10.0)% |  | (3789179) |
|  | TOTAL NET ASSETS - 100.0% | $— | 37928222 |

---

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 July 31, 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 $23,744,021. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation<br>(Depreciation)** |
|  Total return of Vanguard FTSE Europe<br> ETF | SOFR + 0.5000% | BNP Paribas | 12/5/2025 | 258127 | $20534756 | $(1036602) |
|  Total return of Vanguard FTSE Europe<br> ETF | SOFR + 0.5000% | Goldman Sachs | 12/10/2025 | 321068 | 22108165 | 2201340 |
|  Total return of Vanguard FTSE Europe<br> ETF | SOFR + 0.6000% | J.P. Morgan | 12/16/2025 | 223416 | 15492929 | 1421404 |
|  Total return of Vanguard FTSE Europe<br> ETF | SOFR + 0.7400% | UBS Securities LLC | 12/17/2025 | 201616 | 13723331 | 1543109 |
|  Total return of Vanguard FTSE Europe<br> ETF | SOFR + 0.7500% | Citibank N.A. | 12/19/2025 | 262961 | 17488949 | 2370295 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89348130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6499546 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily MSCI Emerging Markets Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 8.4%** | **INVESTMENT COMPANIES - 8.4%** |  |  |
| 142401 | iShares MSCI Emerging Markets ETF <sup>(a)(b)</sup> | $— | 6914992 |
|  | TOTAL INVESTMENT COMPANIES (Cost $6,903,381) | $— | 6914992 |
|  **SHORT TERM INVESTMENTS - 94.1%** | **SHORT TERM INVESTMENTS - 94.1%** |  |  |
|  **Money Market Funds - 94.1%** |  |  |  |
| 38854629 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 38854629 |
| 14650000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(c)</sup> |  | 14650000 |
| 23868324 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 23868324 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $77,372,953) | $— | 77372953 |
|  | TOTAL INVESTMENTS (Cost $84,276,334) - 102.5% <sup>(e)</sup> | $— | 84287945 |
|  | Liabilities in Excess of Other Assets - (2.5)% |  | (2057045) |
|  | TOTAL NET ASSETS - 100.0% | $— | 82230900 |

---

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 July 31, 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 $46,411,603. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation<br>(Depreciation)** |
|  Total return of iShares MSCI Emerging Markets<br> ETF | SOFR + 0.4900% | J.P. Morgan | 12/16/2025 | 964610 | $42171755 | $4501663 |
|  Total return of iShares MSCI Emerging Markets<br> ETF | SOFR + 0.6100% | UBS Securities LLC | 12/17/2025 | 1154618 | 51771439 | 3922812 |
|  Total return of iShares MSCI Emerging Markets<br> ETF | SOFR + 0.7900% | Citibank N.A. | 12/19/2025 | 1318581 | 65137394 | (1203453) |
|  Total return of iShares MSCI Emerging Markets<br> ETF | SOFR + 0.8000% | Barclays | 12/22/2025 | 1500000 | 62881968 | 9158621 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221962556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16379643 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily MSCI Emerging Markets Bear 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 120.7%** | **SHORT TERM INVESTMENTS - 120.7%** |  |  |
|  **Money Market Funds - 120.7%** |  |  |  |
| 8529456 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 8529456 |
| 10718710 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 10718710 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $19,248,166) <sup>(b)</sup> | $— | 19248166 |
|  | TOTAL INVESTMENTS (Cost $19,248,166) - 120.7% | $— | 19248166 |
|  | Liabilities in Excess of Other Assets - (20.7)% |  | (3295378) |
|  | TOTAL NET ASSETS - 100.0% | $— | 15952788 |

---

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 July 31, 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 $12,733,534. 

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation<br>(Depreciation)** |
|  SOFR + 0.2700% | Total return of iShares MSCI Emerging Markets ETF | J.P. Morgan | 12/15/2025 | 400000 | $16104982 | $(3272861) |
|  SOFR + 0.0800% | Total return of iShares MSCI Emerging Markets ETF | UBS Securities LLC | 12/17/2025 | 200000 | 9349938 | (378914) |
|  SOFR + 0.5300% | Total return of iShares MSCI Emerging Markets ETF | Citibank N.A. | 12/19/2025 | 385565 | 18988205 | 292651 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44443125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3359124) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily MSCI Mexico Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 43.7%** | **INVESTMENT COMPANIES - 43.7%** |  |  |
| 123633 | iShares MSCI Mexico ETF <sup>(a)(b)</sup> | $— | 7435289 |
|  | TOTAL INVESTMENT COMPANIES (Cost $7,508,974) | $— | 7435289 |
|  **SHORT TERM INVESTMENTS - 62.7%** | **SHORT TERM INVESTMENTS - 62.7%** |  |  |
|  **Money Market Funds - 62.7%** |  |  |  |
| 6539536 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 6539536 |
| 224340 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(c)</sup> |  | 224340 |
| 620000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(c)</sup> |  | 620000 |
| 3288594 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 3288594 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $10,672,470) | $— | 10672470 |
|  | TOTAL INVESTMENTS (Cost $18,181,444) - 106.4% <sup>(e)</sup> | $— | 18107759 |
|  | Liabilities in Excess of Other Assets - (6.4)% |  | (1082322) |
|  | TOTAL NET ASSETS - 100.0% | $— | 17025437 |

---

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 July 31, 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 $9,330,307. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation** |
|  Total return of iShares MSCI Mexico ETF | SOFR + 0.7500% | Goldman Sachs | 12/10/2025 | 140000 | $6943071 | $1473630 |
|  Total return of iShares MSCI Mexico ETF | SOFR + (0.7000)% | J.P. Morgan | 12/16/2025 | 250000 | 13064642 | 2236713 |
|  Total return of iShares MSCI Mexico ETF | SOFR + 0.6500% | UBS Securities LLC | 12/17/2025 | 270000 | 13397400 | 2713368 |
|  Total return of iShares MSCI Mexico ETF | SOFR + 0.7500% | Citibank N.A. | 12/19/2025 | 22652 | 1337204 | 26873 |
|  Total return of iShares MSCI Mexico ETF | SOFR + 0.7500% | Barclays | 12/22/2025 | 43007 | 2338513 | 255190 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37080830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6705774 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily MSCI South Korea Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 48.2%** | **INVESTMENT COMPANIES - 48.2%** |  |  |
| 890762 | iShares MSCI South Korea ETF <sup>(a)</sup> | $— | 64856382 |
|  | TOTAL INVESTMENT COMPANIES (Cost $57,103,096) | $— | 64856382 |
|  **SHORT TERM INVESTMENTS - 54.6%** | **SHORT TERM INVESTMENTS - 54.6%** |  |  |
|  **Money Market Funds - 54.6%** |  |  |  |
| 24180886 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 24180886 |
| 11070000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(b)</sup> |  | 11070000 |
| 38240801 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 38240801 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $73,491,687) | $— | 73491687 |
|  | TOTAL INVESTMENTS (Cost $130,594,783) - 102.8% <sup>(c)</sup> | $— | 138348069 |
|  | Liabilities in Excess of Other Assets - (2.8)% |  | (3662689) |
|  | TOTAL NET ASSETS - 100.0% | $— | 134685380 |

---

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 July 31, 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 $99,690,297. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation** |
| &nbsp;&nbsp;&nbsp;&nbsp; Total return of iShares MSCI South Korea ETF | SOFR + 0.6000% | Bank of America Merrill Lynch | 12/11/2025 | 1443533 | $77936438 | $25680239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total return of iShares MSCI South Korea ETF | SOFR + 0.7000% | J.P. Morgan | 12/16/2025 | 970140 | 70100860 | 235309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total return of iShares MSCI South Korea ETF | SOFR + 0.8500% | Citibank N.A. | 12/19/2025 | 1417249 | 89075598 | 13263815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total return of iShares MSCI South Korea ETF | SOFR + 0.7000% | Barclays | 12/22/2025 | 827835 | 56091953 | 3805448 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293204849 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42984811 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Aerospace & Defense Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 51.6%** |  |  |  |
|  **Administrative and Support Services - 0.1%** | **Administrative and Support Services - 0.1%** |  |  |
| 3193 | V2X, Inc. (a) | $— | 151284 |
|  **Computer and Electronic Product Manufacturing - 13.4%** | **Computer and Electronic Product Manufacturing - 13.4%** |  |  |
| 29699 | L3Harris Technologies, Inc. |  | 8161879 |
| 16677 | Leonardo DRS, Inc. |  | 693763 |
| 11370 | Mercury Systems, Inc. (a)(b) |  | 597948 |
| 6334 | Moog, Inc. Class A |  | 1226136 |
| 15000 | Northrop Grumman Corp. |  | 8649150 |
| 171624 | RTX Corp. |  | 27042794 |
|  |  |  | 46371670 |
|  **Electrical Equipment, Appliance, and Component Manufacturing - 2.1%** | **Electrical Equipment, Appliance, and Component Manufacturing - 2.1%** |  |  |
| 9412 | Axon Enterprise, Inc. (a) |  | 7110672 |
|  **Fabricated Metal Product Manufacturing - 2.2%** | **Fabricated Metal Product Manufacturing - 2.2%** |  |  |
| 20455 | BWX Technologies, Inc. |  | 3107728 |
| 8436 | Curtiss-Wright Corp. |  | 4135496 |
| 9851 | Smith & Wesson Brands, Inc. |  | 78316 |
| 3708 | Sturm, Ruger & Co, Inc. |  | 126665 |
|  |  |  | 7448205 |
|  **Machinery Manufacturing - 10.8%** |  |  |  |
| 136993 | GE Aerospace |  | 37136063 |
|  **Management of Companies and Enterprises - 0.2%** | **Management of Companies and Enterprises - 0.2%** |  |  |
| 10664 | Karman Holdings, Inc. (a) |  | 551329 |
|  **Merchant Wholesalers, Durable Goods - 1.0%** | **Merchant Wholesalers, Durable Goods - 1.0%** |  |  |
| 18002 | Hexcel Corp. |  | 1078500 |
| 8783 | Huntington Ingalls Industries, Inc. |  | 2449227 |
|  |  |  | 3527727 |
|  **Miscellaneous Manufacturing - 1.0%** | **Miscellaneous Manufacturing - 1.0%** |  |  |
| 5826 | Cadre Holdings, Inc. |  | 192666 |
| 40415 | Textron, Inc. |  | 3143074 |
|  |  |  | 3335740 |
|  **Primary Metal Manufacturing - 2.9%** | **Primary Metal Manufacturing - 2.9%** |  |  |
| 31580 | Allegheny Technologies, Inc. (a) |  | 2429765 |
| 42904 | Howmet Aerospace, Inc. |  | 7712852 |
|  |  |  | 10142617 |
|  **Repair and Maintenance - 0.2%** | **Repair and Maintenance - 0.2%** |  |  |
| 29410 | StandardAero, Inc. (a) |  | 839656 |
|  **Textile Mills - 0.0% <sup>(†)</sup>** | **Textile Mills - 0.0% <sup>(†)</sup>** |  |  |
| 1154 | National Presto Industries, Inc. |  | 111303 |
|  **Transportation Equipment Manufacturing - 17.7%** | **Transportation Equipment Manufacturing - 17.7%** |  |  |
| 7939 | AAR Corp. (a) |  | 593123 |
| 7124 | AeroVironment, Inc. (a) |  | 1906667 |
| 110705 | Archer Aviation, Inc. (a) |  | 1110371 |
| 71417 | Boeing Co. (a) |  | 15843147 |
| 3063 | Ducommun, Inc. (a) |  | 278672 |
| 26558 | General Dynamics Corp. |  | 8275738 |
| 8993 | HEICO Corp. (b) |  | 2938912 |
| 16722 | HEICO Corp. Class A |  | 4315781 |
| 37256 | Kratos Defense & Security Solutions, Inc. (a)(b) |  | 2186927 |
| 6073 | Loar Holdings, Inc. (a) |  | 448855 |
| 16044 | Lockheed Martin Corp. |  | 6754203 |
| 81605 | Rocket Lab Corp. (a)(b) |  | 3747302 |
| 26262 | Spirit AeroSystems Holdings, Inc. (a) |  | 1034723 |
| 5123 | TransDigm Group, Inc. |  | 8240141 |
| 13320 | Woodward, Inc. |  | 3424306 |
|  |  |  | 61098868 |
|  | TOTAL COMMON STOCKS (Cost $129,619,377) | $— | 177825134 |
|  **SHORT TERM INVESTMENTS - 50.9%** | **SHORT TERM INVESTMENTS - 50.9%** |  |  |
|  **Money Market Funds - 50.9%** |  |  |  |
| 91306672 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 91306672 |
| 22364459 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(c)</sup> |  | 22364459 |
| 2860000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(c)</sup> |  | 2860000 |
| 59045287 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 59045287 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $175,576,418) | $— | 175576418 |
|  | TOTAL INVESTMENTS (Cost $305,195,795) - 102.5% <sup>(e)</sup> | $— | 353401552 |
|  | Liabilities in Excess of Other Assets - (2.5)% |  | (8499291) |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344902261 |

---

Percentages are stated as a percent of net assets.

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

---

| | |
|:---|:---|
| <sup>(†)</sup> | 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 July 31, 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 $247,651,592. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Total return of Dow Jones U.S. Select Aerospace & Defense Index | SOFR + 0.7900% | BNP Paribas | 12/5/2025 | 209 | $8011548 | $2170443 |
|  Total return of Dow Jones U.S. Select Aerospace & Defense Index | SOFR + 0.8500% | Goldman Sachs | 12/10/2025 | 2244 | 88919800 | 21629171 |
|  Total return of Dow Jones U.S. Select Aerospace & Defense Index | SOFR + 0.8500% | Nomura | 12/10/2025 | 2066 | 102981087 | (313118) |
|  Total return of Dow Jones U.S. Select Aerospace & Defense Index | SOFR + 0.7500% | Bank of America Merrill Lynch | 12/11/2025 | 4425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205596302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13547571 |

---

------

---

| |
|:---|
| **Direxion Daily Aerospace & Defense Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  Total return of Dow Jones U.S. Select Aerospace & Defense Index | SOFR + 0.7500% | J.P. Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/16/2025 | 1847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70490334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19776231 |
|  Total return of Dow Jones U.S. Select Aerospace & Defense Index | SOFR + 0.9000% | Citibank N.A. | 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4002 | 199688444 | (657707) |
|  Total return of Dow Jones U.S. Select Aerospace & Defense Index | SOFR + 0.7000% | Barclays | 12/22/2025 | 2431 | 90047763 | 29087846 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765735278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85240437 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Consumer Discretionary Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 64.1%** |  |  |  |
|  **Accommodation - 3.5%** |  |  |  |
| 1519 | Airbnb, Inc. Class A (a) | $— | 201131 |
| 837 | Hilton Worldwide Holdings, Inc. |  | 224383 |
| 1194 | Las Vegas Sands Corp. |  | 62565 |
| 800 | Marriott International, Inc. Class C |  | 211064 |
| 728 | MGM Resorts International (a) |  | 26536 |
| 310 | Wynn Resorts Ltd. |  | 33799 |
|  |  |  | 759478 |
|  **Administrative and Support Services - 4.1%** | **Administrative and Support Services - 4.1%** |  |  |
| 110 | Booking Holdings, Inc. |  | 605446 |
| 879 | Royal Caribbean Cruises Ltd. ADR (Liberia) |  | 279408 |
|  |  |  | 884854 |
|  **Apparel Manufacturing - 0.4%** |  |  |  |
| 534 | Deckers Outdoor Corp. (a) |  | 56695 |
| 140 | Ralph Lauren Corp. |  | 41825 |
|  |  |  | 98520 |
|  **Building Material and Garden Equipment and Supplies Dealers - 6.8%** | **Building Material and Garden Equipment and Supplies Dealers - 6.8%** |  |  |
| 1970 | Lowe's Companies, Inc. |  | 440433 |
| 2479 | The Home Depot, Inc. |  | 911057 |
| 1866 | Tractor Supply Co. |  | 106269 |
|  |  |  | 1457759 |
|  **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 3.4%** | **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 3.4%** |  |  |
| 389 | Lululemon Athletica, Inc. (a) |  | 78006 |
| 1157 | Ross Stores, Inc. |  | 157977 |
| 3930 | TJX Companies, Inc. |  | 489403 |
|  |  |  | 725386 |
|  **Construction of Buildings - 1.8%** |  |  |  |
| 973 | D.R. Horton, Inc. |  | 138983 |
| 817 | Lennar Corp. Class A |  | 91651 |
| 10 | NVR, Inc. (a) |  | 75495 |
| 706 | PulteGroup, Inc. |  | 79722 |
|  |  |  | 385851 |
|  **Food Services and Drinking Places - 7.8%** | **Food Services and Drinking Places - 7.8%** |  |  |
| 4743 | Chipotle Mexican Grill, Inc. (a) |  | 203380 |
| 412 | Darden Restaurants, Inc. |  | 83088 |
| 1207 | DoorDash, Inc. (a) |  | 302052 |
| 1995 | McDonald's Corp. |  | 598639 |
| 4000 | Starbucks Corp. |  | 356640 |
| 978 | Yum! Brands, Inc. |  | 140979 |
|  |  |  | 1684778 |
|  **Funds, Trusts, and Other Financial Vehicles - 0.5%** | **Funds, Trusts, and Other Financial Vehicles - 0.5%** |  |  |
| 542 | Garmin Ltd. ADR (Switzerland) ADR |  | 118568 |
|  **Furniture, Home Furnishings, Electronics, and Appliance Retailers - 0.2%** | **Furniture, Home Furnishings, Electronics, and Appliance Retailers - 0.2%** |  |  |
| 678 | Best Buy Co., Inc. |  | 44111 |
|  **General Merchandise Retailers - 16.7%** | **General Merchandise Retailers - 16.7%** | **General Merchandise Retailers - 16.7%** | **General Merchandise Retailers - 16.7%** |
| 14431 | Amazon.com, Inc. (a) |  | 3378441 |
| 1623 | eBay, Inc. |  | 148910 |
| 433 | Williams-Sonoma, Inc. |  | 80993 |
|  |  |  | 3608344 |
|  **Health and Personal Care Retailers - 0.4%** | **Health and Personal Care Retailers - 0.4%** |  |  |
| 159 | Ulta Beauty, Inc. (a) |  | 81887 |
|  **Leather and Allied Product Manufacturing - 1.8%** | **Leather and Allied Product Manufacturing - 1.8%** |  |  |
| 4147 | NIKE, Inc. Class B |  | 309739 |
| 731 | Tapestry, Inc. |  | 78970 |
|  |  |  | 388709 |
|  **Management of Companies and Enterprises - 0.2%** | **Management of Companies and Enterprises - 0.2%** |  |  |
| 1573 | Norwegian Cruise Line Holdings Ltd. ADR (a) |  | 40206 |
|  **Merchant Wholesalers, Durable Goods - 0.7%** | **Merchant Wholesalers, Durable Goods - 0.7%** |  |  |
| 489 | Genuine Parts Co. |  | 63022 |
| 909 | LKQ Corp. |  | 26788 |
| 183 | Mohawk Industries, Inc. (a) |  | 20955 |
| 132 | Pool Corp. |  | 40675 |
|  |  |  | 151440 |
|  **Merchant Wholesalers, Nondurable Goods - 0.3%** | **Merchant Wholesalers, Nondurable Goods - 0.3%** |  |  |
| 121 | Domino's Pizza, Inc. |  | 56048 |
|  **Miscellaneous Manufacturing - 0.2%** | **Miscellaneous Manufacturing - 0.2%** |  |  |
| 464 | Hasbro, Inc. |  | 34874 |
|  **Motor Vehicle and Parts Dealers - 2.5%** | **Motor Vehicle and Parts Dealers - 2.5%** |  |  |
| 59 | AutoZone, Inc. (a) |  | 222334 |
| 536 | CarMax, Inc. (a) |  | 30343 |
| 3009 | O'Reilly Automotive, Inc. (a) |  | 295845 |
|  |  |  | 548522 |
|  **Performing Arts, Spectator Sports, and Related Industries - 0.1%** | **Performing Arts, Spectator Sports, and Related Industries - 0.1%** |  |  |
| 732 | Caesars Entertainment, Inc. (a) |  | 19530 |
|  **Support Activities for Transportation - 0.4%** | **Support Activities for Transportation - 0.4%** |  |  |
| 428 | Expedia, Inc. |  | 77134 |
|  **Transportation Equipment Manufacturing - 11.8%** | **Transportation Equipment Manufacturing - 11.8%** |  |  |
| 766 | Aptiv PLC ADR (a) |  | 52578 |
| 13748 | Ford Motor Co. |  | 152190 |
| 3384 | General Motors Co. |  | 180503 |
| 6989 | Tesla, Inc. (a) |  | 2154499 |
|  |  |  | 2539770 |
|  **Water Transportation - 0.5%** | **Water Transportation - 0.5%** |  |  |
| 3696 | Carnival Corp. ADR (Panama) (a) |  | 110030 |
|  | TOTAL COMMON STOCKS (Cost $12,124,272) | $— | 13815799 |
|  **SHORT TERM INVESTMENTS - 38.7%** | **SHORT TERM INVESTMENTS - 38.7%** |  |  |
|  **Money Market Funds - 38.7%** | **Money Market Funds - 38.7%** |  |  |
| 3468966 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 3468966 |
| 79463 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(b)</sup> |  | 79463 |
| 4792764 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 4792764 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $8,341,193) | $— | 8341193 |
|  | TOTAL INVESTMENTS (Cost $20,465,465) - 102.8% <sup>(c)</sup> | $— | 22156992 |
|  | Liabilities in Excess of Other Assets - (2.8)% |  | (604567) |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21552425 |

---

Percentages are stated as a percent of net assets.

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

------

---

| |
|:---|
| **Direxion Daily Consumer Discretionary Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents annualized seven-day yield at July 31, 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 $15,422,365. 

ADR - American Depository Receipt

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  Total return of Consumer Discretionary Select Sector Index | SOFR + 0.7500% | Bank of America Merrill Lynch | 12/11/2025 | 5604 | $11173173 | $1216071 |
|  Total return of Consumer Discretionary Select Sector Index | SOFR + 0.8000% | J.P. Morgan | 12/16/2025 | 5979 | 12948672 | 351688 |
|  Total return of Consumer Discretionary Select Sector Index | SOFR + 0.6000% | UBS Securities LLC | 12/17/2025 | 4972 | 9438194 | 1585815 |
|  Total return of Consumer Discretionary Select Sector Index | SOFR + 0.7000% | Barclays | 12/22/2025 | 6161 | 12256836 | 1365523 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45816875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4519097 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Dow Jones Internet Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 65.9%** | **COMMON STOCKS - 65.9%** |  |  |
|  **Accommodation - 1.5%** | **Accommodation - 1.5%** |  |  |
| 18582 | Airbnb, Inc. Class A (a) | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460443 |
|  **Administrative and Support Services - 6.5%** | **Administrative and Support Services - 6.5%** |  |  |
| 843 | Booking Holdings, Inc. |  | 4639923 |
| 13371 | Cloudflare, Inc. (a) |  | 2776889 |
| 23869 | Roblox Corp. (a) |  | 3288909 |
|  |  |  | 10705721 |
|  **Amusement, Gambling, and Recreation Industries - 0.6%** | **Amusement, Gambling, and Recreation Industries - 0.6%** |  |  |
| 21368 | DraftKings, Inc. (a) |  | 962415 |
|  **Computer and Electronic Product Manufacturing - 13.4%** | **Computer and Electronic Product Manufacturing - 13.4%** |  |  |
| 31852 | Alphabet, Inc. |  | 6112399 |
| 25695 | Alphabet, Inc. Class C |  | 4955537 |
| 44340 | Arista Networks, Inc. (a) |  | 5463575 |
| 79785 | Cisco Systems, Inc. |  | 5431763 |
|  |  |  | 21963274 |
|  **Educational Services - 0.4%** | **Educational Services - 0.4%** |  |  |
| 1690 | Duolingo, Inc. (a) |  | 585670 |
|  **Food Services and Drinking Places - 2.3%** | **Food Services and Drinking Places - 2.3%** |  |  |
| 14763 | DoorDash, Inc. (a) |  | 3694441 |
|  **General Merchandise Retailers - 8.0%** | **General Merchandise Retailers - 8.0%** |  |  |
| 48042 | Amazon.com, Inc. (a) |  | 11247112 |
| 19849 | eBay, Inc. |  | 1821146 |
|  |  |  | 13068258 |
|  **Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) - 0.1%** | **Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) - 0.1%** |  |  |
| 15152 | MARA Holdings, Inc. (a)(b) |  | 243644 |
|  **Merchant Wholesalers, Durable Goods - 1.0%** | **Merchant Wholesalers, Durable Goods - 1.0%** |  |  |
| 37853 | Copart, Inc. (a) |  | 1715876 |
|  **Motion Picture and Sound Recording Industries - 5.9%** | **Motion Picture and Sound Recording Industries - 5.9%** |  |  |
| 8395 | Netflix, Inc. (a) |  | 9733163 |
|  **Motor Vehicle and Parts Dealers - 1.3%** | **Motor Vehicle and Parts Dealers - 1.3%** |  |  |
| 5349 | Carvana Co. (a) |  | 2087019 |
|  **Performing Arts, Spectator Sports, and Related Industries - 1.4%** | **Performing Arts, Spectator Sports, and Related Industries - 1.4%** |  |  |
| 7607 | Flutter Entertainment PLC ADR (Ireland) (a) |  | 2299292 |
|  **Professional, Scientific, and Technical Services - 14.4%** | **Professional, Scientific, and Technical Services - 14.4%** |  |  |
| 7115 | Atlassian Corp. (a) |  | 1364515 |
| 6120 | Ciena Corp. (a) |  | 568181 |
| 2473 | F5 Networks, Inc. (a) |  | 775088 |
| 6135 | GoDaddy, Inc. (a) |  | 991293 |
| 14756 | Meta Platforms, Inc. |  | 11412881 |
| 10678 | Nutanix, Inc. (a) |  | 802665 |
| 2098 | Paycom Software, Inc. |  | 485771 |
| 14366 | Snowflake, Inc. (a) |  | 3210801 |
| 3618 | VeriSign, Inc. |  | 972772 |
| 9327 | Workday, Inc. (a) |  | 2139427 |
| 11307 | Zoom Video Communications, Inc. (a) |  | 837283 |
|  |  |  | 23560677 |
|  **Publishing Industries - 7.3%** | **Publishing Industries - 7.3%** |  |  |
| 6296 | Akamai Technologies, Inc. (a) |  | 480448 |
| 6234 | Box, Inc. (a) |  | 200111 |
| 12329 | Confluent, Inc. (a) |  | 218532 |
| 13756 | Datadog, Inc. (a) |  | 1925565 |
| 8720 | DocuSign, Inc. (a) |  | 659581 |
| 8450 | Dropbox, Inc. (a) |  | 229586 |
| 2269 | HubSpot, Inc. (a) |  | 1179086 |
| 7198 | Okta, Inc. (a) |  | 703964 |
| 17334 | Salesforce, Inc. |  | 4477892 |
| 6454 | Veeva Systems, Inc. (a) |  | 1834227 |
|  |  |  | 11908992 |
|  **Telecommunications - 1.8%** | **Telecommunications - 1.8%** |  |  |
| 41874 | PayPal Holdings, Inc. (a) |  | 2879256 |
|  | TOTAL COMMON STOCKS (Cost $84,777,530) | $— | 104988885 |
|  **SHORT TERM INVESTMENTS - 31.4%** | **SHORT TERM INVESTMENTS - 31.4%** |  |  |
|  **Money Market Funds - 31.4%** | **Money Market Funds - 31.4%** |  |  |
| 27331396 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 27331396 |
| 24107525 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 24107525 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $51,438,921) | $— | 51438921 |
|  | TOTAL INVESTMENTS (Cost $136,216,451) - 97.3% <sup>(e)</sup> | $— | 156427806 |
|  | Other Assets in Excess of Liabilities - 2.7% |  | 7161905 |
|  | TOTAL NET ASSETS - 100.0% | $— | 163589711 |

---

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 July 31, 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 $93,777,333. 

ADR - American Depository Receipt

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| Total return of Dow Jones Internet Composite Index | SOFR + 0.8000% | Bank of America Merrill Lynch | 12/11/2025 | 61213 | $66963201 | $8955119 |
| Total return of Dow Jones Internet Composite Index | SOFR + 0.5500% | UBS Securities LLC | 12/17/2025 | 128110 | 130527648 | 27952865 |
| Total return of Dow Jones Internet Composite Index | SOFR + 0.8500% | Citibank N.A. | 12/19/2025 | 51456 | 58536468 | 4419563 |
| Total return of Dow Jones Internet Composite Index | SOFR + 0.7500% | J.P. Morgan | 9/1/2026 | 64931 | 81328257 | (664980) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337355574 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40662567 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Dow Jones Internet Bear 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 118.8%** | **SHORT TERM INVESTMENTS - 118.8%** | **SHORT TERM INVESTMENTS - 118.8%** | **SHORT TERM INVESTMENTS - 118.8%** |
|  **Money Market Funds - 118.8%** |  |  |  |
| 4391315 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 4391315 |
| 6161991 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 6161991 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $10,553,306) <sup>(b)</sup> | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10553306 |
|  | TOTAL INVESTMENTS (Cost $10,553,306) - 118.8% | $— | 10553306 |
|  | Liabilities in Excess of Other Assets - (18.8)% |  | (1673190) |
|  | TOTAL NET ASSETS - 100.0% | $— | 8880116 |

---

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 July 31, 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 $7,092,920. 

**Short Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
| SOFR + 0.6000% | Total return of Dow Jones Internet Composite Index | Bank of America Merrill Lynch | 12/11/2025 | 8381 | $9583939 | $(786230) |
| SOFR + 0.4800% | Total return of Dow Jones Internet Composite Index | J.P. Morgan | 12/16/2025 | 6635 | 7981590 | (283366) |
| SOFR + 0.1500% | Total return of Dow Jones Internet Composite Index | UBS Securities LLC | 12/17/2025 | 3030 | 3245488 | (495313) |
| SOFR + 0.5000% | Total return of Dow Jones Internet Composite Index | Citibank N.A. | 12/19/2025 | 3224 | 3946894 | (82161) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24757911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1647070) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Financial Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 71.7%** | **COMMON STOCKS - 71.7%** |  |  |
|  **Administrative and Support Services - 7.3%** | **Administrative and Support Services - 7.3%** |  |  |
| 23415 | Ameriprise Financial, Inc. | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12133419 |
| 17327 | Corpay, Inc. (a) |  | 5597487 |
| 9330 | FactSet Research System, Inc. |  | 3759057 |
| 38041 | Moody's Corp. |  | 19618885 |
| 420703 | Visa, Inc. Class A |  | 145340266 |
|  |  |  | 186449114 |
|  **Chemical Manufacturing - 1.0%** | **Chemical Manufacturing - 1.0%** |  |  |
| 141041 | IntercontinentalExchange, Inc. |  | 26068608 |
|  **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.8%** | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.8%** |  |  |
| 136347 | Fiserv, Inc. (a) |  | 18944052 |
|  **Credit Intermediation and Related Activities - 28.8%** | **Credit Intermediation and Related Activities - 28.8%** |  |  |
| 136082 | American Express Co. |  | 40730703 |
| 1611256 | Bank of America Corp. |  | 76164071 |
| 175909 | Bank of New York Mellon Corp. |  | 17845968 |
| 157260 | Capital One Financial Corp. |  | 33810900 |
| 459240 | Citigroup, Inc. |  | 43030788 |
| 106627 | Citizens Financial Group, Inc. |  | 5088240 |
| 51974 | Coinbase Global, Inc. (a) |  | 19633698 |
| 129188 | Fidelity National Information Services, Inc. |  | 10258819 |
| 164121 | Fifth Third Bancorp |  | 6822510 |
| 59971 | Global Payments, Inc. |  | 4794682 |
| 358182 | Huntington Bancshares, Inc. |  | 5884930 |
| 683329 | JPMorgan Chase & Co. |  | 202429383 |
| 242534 | KeyCorp |  | 4346209 |
| 39475 | M&T Bank Corp. |  | 7448933 |
| 199442 | MasterCard, Inc. Class A |  | 112977910 |
| 47835 | Northern Trust Corp. |  | 6218550 |
| 97258 | PNC Financial Services Group, Inc. |  | 18505280 |
| 221040 | Regions Financial Corp. |  | 5598943 |
| 70124 | State Street Corp. |  | 7836357 |
| 93609 | Synchrony Financial |  | 6521739 |
| 321988 | Truist Financial Corp. |  | 14074096 |
| 383076 | U.S. Bancorp |  | 17223097 |
| 800174 | Wells Fargo & Co. |  | 64518030 |
|  |  |  | 731763836 |
|  **Funds, Trusts, and Other Financial Vehicles - 0.2%** | **Funds, Trusts, and Other Financial Vehicles - 0.2%** |  |  |
| 54174 | T. Rowe Price Group, Inc. |  | 5495952 |
|  **Insurance Carriers and Related Activities - 17.5%** | **Insurance Carriers and Related Activities - 17.5%** |  |  |
| 119652 | Aflac, Inc. |  | 11888623 |
| 65107 | Allstate Corp. |  | 13232998 |
| 141737 | American International Group, Inc. |  | 11003043 |
| 91770 | Arch Capital Group Ltd. ADR |  | 7897726 |
| 62963 | Arthur J. Gallagher & Co. |  | 18086122 |
| 12466 | Assurant, Inc. |  | 2334882 |
| 450856 | Berkshire Hathaway, Inc. Class B (a) |  | 212749929 |
| 68860 | Brown & Brown, Inc. |  | 6291738 |
| 91631 | Chubb Limited ADR (Switzerland) |  | 24377511 |
| 38429 | Cincinnati Financial Corp. |  | 5668662 |
| 6132 | Erie Indemnity Co. Class A |  | 2184464 |
| 10459 | Everest Re Group Ltd. ADR |  | 3512132 |
| 20296 | Globe Life, Inc. |  | 2850979 |
| 42800 | Loews Corp. |  | 3875112 |
| 121144 | Marsh & McLennan Companies, Inc. |  | 24131885 |
| 138675 | MetLife, Inc. |  | 10532366 |
| 50718 | Principal Financial Group, Inc. |  | 3947382 |
| 144134 | Progressive Corp. |  | 34886194 |
| 87038 | Prudential Financial, Inc. |  | 9015396 |
| 69857 | The Hartford Insurance Group, Inc. |  | 8689512 |
| 55709 | Travelers Companies, Inc. |  | 14497710 |
| 73688 | W.R. Berkley Corp. |  | 5070471 |
| 24380 | Willis Towers Watson PLC ADR (Ireland) |  | 7699448 |
|  |  |  | 444424285 |
|  **Management of Companies and Enterprises - 0.8%** | **Management of Companies and Enterprises - 0.8%** |  |  |
| 53092 | Aon PLC ADR (United Kingdom) |  | 18885355 |
|  **Professional, Scientific, and Technical Services - 0.1%** | **Professional, Scientific, and Technical Services - 0.1%** |  |  |
| 17907 | Jack Henry & Associates, Inc. |  | 3040877 |
|  **Publishing Industries - 0.4%** | **Publishing Industries - 0.4%** |  |  |
| 136566 | Block, Inc. (a)(b) |  | 10551089 |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 14.1%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 14.1%** |  |  |
| 110995 | Apollo Global Management, Inc. |  | 16129793 |
| 35805 | Blackrock, Inc. |  | 39600688 |
| 25746 | Cboe Global Markets, Inc. |  | 6205816 |
| 419927 | Charles Schwab Corp. |  | 41039466 |
| 88603 | CME Group, Inc. |  | 24656443 |
| 76234 | Franklin Resources, Inc. |  | 1829616 |
| 75454 | Goldman Sachs Group, Inc. |  | 54597760 |
| 110043 | Invesco Ltd. ADR |  | 2312003 |
| 166424 | KKR & Co., Inc. |  | 24394430 |
| 9224 | MarketAxess Holdings, Inc. |  | 1895532 |
| 303732 | Morgan Stanley |  | 43269661 |
| 19024 | MSCI, Inc. Class A |  | 10679313 |
| 101638 | NASDAQ OMX Group, Inc. |  | 9779608 |
| 44650 | Raymond James Financial, Inc. |  | 7462354 |
| 77179 | S&P Global, Inc. |  | 42533347 |
| 179401 | The Blackstone Group, Inc. |  | 31029197 |
|  |  |  | 357415027 |
|  **Telecommunications - 0.7%** | **Telecommunications - 0.7%** |  |  |
| 239150 | PayPal Holdings, Inc. (a) |  | 16443954 |
|  | TOTAL COMMON STOCKS (Cost $1,541,853,519) | $— | 1819482149 |
|  **SHORT TERM INVESTMENTS - 28.6%** | **SHORT TERM INVESTMENTS - 28.6%** |  |  |
|  **Money Market Funds - 28.6%** | **Money Market Funds - 28.6%** |  |  |
| 473452004 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 473452004 |
| 46972031 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(c)</sup> |  | 46972031 |
| 385209 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(c)</sup> |  | 385209 |
| 205498053 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 205498053 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $726,307,297) | $— | 726307297 |
|  | TOTAL INVESTMENTS (Cost $2,268,160,816) - 100.3% <sup>(e)</sup> | $— | 2545789446 |
|  | Liabilities in Excess of Other Assets - (0.3)% |  | (6772963) |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2539016483 |

---

------

---

| |
|:---|
| **Direxion Daily Financial Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

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 July 31, 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 $1,915,895,432. 

ADR - American Depository Receipt

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received<br>at Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
| Total return of Financial Select Sector Index | SOFR + 0.7500% | BNP Paribas | 12/5/2025 | 683694 | $418719267 | $12752487 |
| Total return of Financial Select Sector Index | SOFR + 0.8000% | Goldman Sachs | 12/10/2025 | 556822 | 330040243 | 24428601 |
| Total return of Financial Select Sector Index | SOFR + 0.7800% | Bank of America Merrill Lynch | 12/11/2025 | 539780 | 314716886 | 28762865 |
| Total return of Financial Select Sector Index | SOFR + 0.8000% | Societe Generale | 12/12/2025 | 511605 | 311117232 | 11657938 |
| Total return of Financial Select Sector Index | SOFR + 0.8000% | J.P. Morgan | 12/16/2025 | 1033574 | 602678616 | 57986214 |
| Total return of Financial Select Sector Index | SOFR + 0.6500% | UBS Securities LLC | 12/17/2025 | 2363991 | 1426500887 | 77913866 |
| Total return of Financial Select Sector Index | SOFR + 0.6500% | Citibank N.A. | 12/19/2025 | 2039281 | 1284556296 | 22769168 |
| Total return of Financial Select Sector Index | SOFR + 0.7500% | Barclays | 12/22/2025 | 1255610 | 753639068 | 41128576 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5441968495 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277399715 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Financial Bear 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 106.0%** | **SHORT TERM INVESTMENTS - 106.0%** | **SHORT TERM INVESTMENTS - 106.0%** | **SHORT TERM INVESTMENTS - 106.0%** |
|  **Money Market Funds - 106.0%** | **Money Market Funds - 106.0%** |  |  |
| 45889481 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 45889481 |
| 28668247 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 28668247 |
| 33533303 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 33533303 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $108,091,031) <sup>(b)</sup> | $— | 108091031 |
|  | TOTAL INVESTMENTS (Cost $108,091,031) - 106.0% | $— | 108091031 |
|  | Liabilities in Excess of Other Assets - (6.0)% |  | (6139232) |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101951799 |

---

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 July 31, 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 $64,285,650. 

**Short Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received<br>at Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination<br>Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| SOFR + 0.6000% | Total return of Financial Select Sector Index | Goldman Sachs | 12/10/2025 | 70866 | $45171210 | $(10608) |
| SOFR + 0.5800% | Total return of Financial Select Sector Index | Bank of America Merrill Lynch | 12/11/2025 | 72984 | 47138611 | 134362 |
| SOFR + 0.4800% | Total return of Financial Select Sector Index | Societe Generale | 12/12/2025 | 158000 | 96082960 | (3798810) |
| SOFR + 0.6000% | Total return of Financial Select Sector Index | J.P. Morgan | 12/16/2025 | 154483 | 97437720 | (1427945) |
| SOFR + 0.3500% | Total return of Financial Select Sector Index | UBS Securities LLC | 12/17/2025 | 17640 | 10936884 | (269572) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296767385 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5372573) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Healthcare Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 86.0%** | **COMMON STOCKS - 86.0%** |  |  |
|  **Ambulatory Health Care Services - 1.2%** | **Ambulatory Health Care Services - 1.2%** |  |  |
| 1032 | DaVita, Inc. (a) | $— | 144862 |
| 2080 | Labcorp Holdings, Inc. |  | 540966 |
| 1347 | Molina Healthcare, Inc. (a) |  | 212651 |
| 2778 | Quest Diagnostics, Inc. |  | 465065 |
| 29176 | Viatris, Inc. |  | 254998 |
|  |  |  | 1618542 |
|  **Chemical Manufacturing - 34.8%** | **Chemical Manufacturing - 34.8%** |  |  |
| 43912 | AbbVie, Inc. |  | 8300246 |
| 13367 | Amgen, Inc. |  | 3944602 |
| 3642 | Biogen, Inc. (a) |  | 466176 |
| 3896 | Bio-Techne Corp. |  | 213228 |
| 50589 | Bristol-Myers Squibb Co. |  | 2191010 |
| 19554 | Eli Lilly & Co. |  | 14471329 |
| 30922 | Gilead Sciences, Inc. |  | 3472231 |
| 3996 | Incyte Corp. (a) |  | 299261 |
| 62419 | Merck & Co., Inc. |  | 4876172 |
| 141327 | Pfizer, Inc. |  | 3291506 |
| 2579 | Regeneron Pharmaceuticals, Inc. |  | 1406741 |
| 6384 | Vertex Pharmaceuticals, Inc. (a) |  | 2916658 |
| 11067 | Zoetis, Inc. |  | 1613458 |
|  |  |  | 47462618 |
|  **Computer and Electronic Product Manufacturing - 7.5%** | **Computer and Electronic Product Manufacturing - 7.5%** |  |  |
| 7087 | Agilent Technologies, Inc. |  | 813658 |
| 15833 | Danaher Corp. |  | 3121634 |
| 11381 | GE HealthCare Technologies, Inc. |  | 811693 |
| 5541 | Hologic, Inc. (a) |  | 370250 |
| 2927 | Revvity, Inc.(b) |  | 257283 |
| 9386 | Thermo Fisher Scientific, Inc. |  | 4389645 |
| 1479 | Waters Corp. (a) |  | 427076 |
|  |  |  | 10191239 |
|  **Health and Personal Care Retailers - 1.4%** | **Health and Personal Care Retailers - 1.4%** |  |  |
| 31446 | CVS Health Corp. |  | 1952797 |
|  **Hospitals - 1.3%** | **Hospitals - 1.3%** |  |  |
| 4304 | HCA Healthcare, Inc. |  | 1523573 |
| 1420 | Universal Health Services, Inc. Class B |  | 236359 |
|  |  |  | 1759932 |
|  **Insurance Carriers and Related Activities - 7.4%** | **Insurance Carriers and Related Activities - 7.4%** |  |  |
| 12370 | Centene Corp. (a) |  | 322486 |
| 6641 | Cigna Corp. |  | 1775670 |
| 5615 | Elevance Health, Inc. |  | 1589494 |
| 3003 | Humana, Inc. |  | 750360 |
| 22550 | UnitedHealth Group, Inc. |  | 5627578 |
|  |  |  | 10065588 |
|  **Machinery Manufacturing - 0.5%** | **Machinery Manufacturing - 0.5%** |  |  |
| 515 | Mettler-Toledo International, Inc. (a) |  | 635345 |
|  **Management of Companies and Enterprises - 4.0%** | **Management of Companies and Enterprises - 4.0%** |  |  |
| 43250 | Abbott Laboratories |  | 5457718 |
|  **Merchant Wholesalers, Durable Goods - 0.1%** | **Merchant Wholesalers, Durable Goods - 0.1%** |  |  |
| 3026 | Henry Schein, Inc. (a) |  | 204709 |
|  **Merchant Wholesalers, Nondurable Goods - 3.1%** | **Merchant Wholesalers, Nondurable Goods - 3.1%** |  |  |
| 5932 | Cardinal Health, Inc. |  | 920765 |
| 4290 | Cencora, Inc. |  | 1227283 |
| 3109 | McKesson Corp. |  | 2156216 |
|  |  |  | 4304264 |
|  **Miscellaneous Manufacturing - 22.7%** | **Miscellaneous Manufacturing - 22.7%** |  |  |
| 1695 | Align Technology, Inc. (a) |  | 218672 |
| 12756 | Baxter International, Inc. |  | 277570 |
| 7123 | Becton, Dickinson & Co. |  | 1269675 |
| 36777 | Boston Scientific Corp. (a) |  | 3858643 |
| 9747 | DexCom, Inc. (a) |  | 787265 |
| 14581 | Edwards Lifesciences Corp. (a) |  | 1156419 |
| 1752 | Insulet Corp. (a) |  | 505277 |
| 8908 | Intuitive Surgical, Inc. (a) |  | 4285550 |
| 59811 | Johnson & Johnson |  | 9853264 |
| 31883 | Medtronic PLC ADR (Ireland) |  | 2877122 |
| 3644 | ResMed, Inc. |  | 990949 |
| 3440 | Solventum Corp. (a) |  | 245478 |
| 2442 | Steris PLC ADR (Ireland) |  | 553089 |
| 8551 | Stryker Corp. |  | 3358234 |
| 4972 | The Cooper Companys, Inc. (a) |  | 351471 |
| 4917 | Zimmer Biomet Holdings, Inc. |  | 450643 |
|  |  |  | 31039321 |
|  **Plastics and Rubber Products Manufacturing - 0.3%** | **Plastics and Rubber Products Manufacturing - 0.3%** |  |  |
| 1787 | West Pharmaceutical Services, Inc. |  | 427558 |
|  **Professional, Scientific, and Technical Services - 1.7%** | **Professional, Scientific, and Technical Services - 1.7%** |  |  |
| 1221 | Charles River Laboratories International, Inc. (a) |  | 207130 |
| 1999 | IDEXX Laboratories, Inc. (a) |  | 1068086 |
| 4083 | IQVIA Holdings, Inc. (a) |  | 758866 |
| 8460 | Moderna, Inc. (a)(b) |  | 250078 |
|  |  |  | 2284160 |
|  | TOTAL COMMON STOCKS<br> (Cost $116,007,211) | $— | 117403791 |
|  **SHORT TERM INVESTMENTS - 25.2%** | **SHORT TERM INVESTMENTS - 25.2%** |  |  |
|  **Money Market Funds - 25.2%** | **Money Market Funds - 25.2%** |  |  |
| 13072571 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)</sup> | $— | 13072571 |
| 2831 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(c)</sup> |  | 2831 |
| 21352983 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 21352983 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $34,428,385) | $— | 34428385 |
|  | TOTAL INVESTMENTS (Cost $150,435,596) - 111.2% <sup>(d)</sup> | $— | 151832176 |
|  | Liabilities in Excess of Other Assets - (11.2)% |  | (15264736) |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136567440 |

---

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 July 31, 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 $120,437,310. 

------

---

| |
|:---|
| **Direxion Daily Healthcare Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

ADR - American Depository Receipt

**Long Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
| Total return of Health Care Select Sector Index | SOFR + 0.7500% | J.P. Morgan | 12/16/2025 | 68950 | $96356974 | $(6811437) |
| Total return of Health Care Select Sector Index | SOFR + 0.6000% | UBS Securities LLC | 12/17/2025 | 40000 | 55167089 | (3594560) |
| Total return of Health Care Select Sector Index | SOFR + 0.6500% | Citibank N.A. | 12/19/2025 | 43128 | 58067594 | (1449134) |
| Total return of Health Care Select Sector Index | SOFR + 0.7000% | Barclays | 12/22/2025 | 69943 | 93414664 | (1893883) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303006321 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13749014) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Homebuilders & Supplies Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 80.3%** |  |  |  |
|  **Building Material and Garden Equipment and Supplies Dealers - 7.2%** | **Building Material and Garden Equipment and Supplies Dealers - 7.2%** | **Building Material and Garden Equipment and Supplies Dealers - 7.2%** | **Building Material and Garden Equipment and Supplies Dealers - 7.2%** |
| 65499 | Lowe's Companies, Inc. |  | 14643612 |
| 71969 | MasterBrand, Inc. (a) |  | 793818 |
| 40259 | The Home Depot, Inc. |  | 14795585 |
|  |  |  | 30233015 |
|  **Construction of Buildings - 46.7%** | **Construction of Buildings - 46.7%** |  |  |
| 36440 | Beazer Homes USA, Inc. (a) |  | 856340 |
| 35167 | Century Communities, Inc. |  | 1979550 |
| 361695 | D.R. Horton, Inc. |  | 51664514 |
| 37484 | Dream Finders Home, Inc. (a)(b) |  | 949095 |
| 39649 | Green Brick Partners , Inc. (a) |  | 2455859 |
| 6053 | Hovnanian Enterprises, Inc. (a) |  | 723152 |
| 93854 | KB Home |  | 5186372 |
| 14065 | Lennar Corp. |  | 1507487 |
| 303771 | Lennar Corp. Class A (b) |  | 34077031 |
| 26947 | LGI Homes, Inc. (a)(b) |  | 1435467 |
| 35040 | M/I Homes, Inc. (a) |  | 4211457 |
| 93976 | Meritage Homes Corp. |  | 6328344 |
| 3821 | NVR, Inc. (a) |  | 28846601 |
| 262216 | PulteGroup, Inc. |  | 29609431 |
| 131314 | Taylor Morrison Home Corp. (a) |  | 7784294 |
| 130093 | Toll Brothers, Inc. |  | 15397807 |
| 118606 | TRI Pointe Group, Inc. (a) |  | 3653065 |
|  |  |  | 196665866 |
|  **Furniture and Related Product Manufacturing - 0.3%** | **Furniture and Related Product Manufacturing - 0.3%** |  |  |
| 8419 | American Woodmark Corp. (a) |  | 442924 |
| 23454 | La-Z-Boy, Inc. (b) |  | 843640 |
|  |  |  | 1286564 |
|  **Furniture, Home Furnishings, Electronics, and Appliance Retailers - 1.3%** | **Furniture, Home Furnishings, Electronics, and Appliance Retailers - 1.3%** |  |  |
| 30556 | Arhaus, Inc. (a)(b) |  | 267670 |
| 12852 | Ethan Allen Interiors, Inc. |  | 382604 |
| 61112 | Floor & Decor Holdings, Inc. Class A (a) |  | 4683624 |
|  |  |  | 5333898 |
|  **Machinery Manufacturing - 0.3%** | **Machinery Manufacturing - 0.3%** |  |  |
| 81070 | Hayward Holdings, Inc. (a) |  | 1246857 |
|  **Merchant Wholesalers, Durable Goods - 6.8%** | **Merchant Wholesalers, Durable Goods - 6.8%** |  |  |
| 62770 | Builders FirstSource, Inc. (a) |  | 7979950 |
| 68303 | Fortune Brands Innovations, Inc. |  | 3725246 |
| 22167 | Griffon Corp. |  | 1801512 |
| 76746 | Leggett & Platt, Inc. |  | 732924 |
| 18129 | Lennox International, Inc. |  | 11040561 |
| 29465 | Mohawk Industries, Inc. (a) |  | 3374037 |
|  |  |  | 28654230 |
|  **Merchant Wholesalers, Nondurable Goods - 3.2%** | **Merchant Wholesalers, Nondurable Goods - 3.2%** |  |  |
| 40630 | The Sherwin Williams Co. |  | 13443654 |
|  **Nonmetallic Mineral Product Manufacturing - 2.8%** | **Nonmetallic Mineral Product Manufacturing - 2.8%** |  |  |
| 18901 | Eagle Materials, Inc. |  | 4239305 |
| 48300 | Owens Corning |  | 6734469 |
| 26672 | Quanex Building Products Corp. |  | 519571 |
|  |  |  | 11493345 |
|  **Primary Metal Manufacturing - 0.3%** | **Primary Metal Manufacturing - 0.3%** |  |  |
| 16744 | Gibraltar Industries, Inc. (a) |  | 1105606 |
|  **Professional, Scientific, and Technical Services - 1.0%** | **Professional, Scientific, and Technical Services - 1.0%** |  |  |
| 23762 | Simpson Manufacturing Co., Inc. |  | 4263616 |
|  **Specialty Trade Contractors - 4.7%** | **Specialty Trade Contractors - 4.7%** |  |  |
| 29803 | Installed Building Products, Inc. (b) |  | 6028849 |
| 37186 | TopBuild Corp. (a)(b) |  | 13774810 |
|  |  |  | 19803659 |
|  **Wood Product Manufacturing - 5.7%** | **Wood Product Manufacturing - 5.7%** |  |  |
| 10486 | Cavco Industries, Inc. (a) |  | 4232884 |
| 68947 | Champion Homes, Inc. (a) |  | 4198872 |
| 48449 | JELD-WEN Holding, Inc. (a) |  | 218020 |
| 119790 | Masco Corp. |  | 8161293 |
| 60896 | Trex Company, Inc. (a) |  | 3911959 |
| 34291 | UFP Industries, Inc. |  | 3360518 |
|  |  |  | 24083546 |
|  | TOTAL COMMON STOCKS (Cost $344,533,171) | $— | 337613856 |
|  **SHORT TERM INVESTMENTS - 22.0%** | **SHORT TERM INVESTMENTS - 22.0%** |  |  |
|  **Money Market Funds - 22.0%** | **Money Market Funds - 22.0%** |  |  |
| 21865795 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 21865795 |
| 9684167 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(c)</sup> |  | 9684167 |
| 2980000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(c)</sup> |  | 2980000 |
| 58582039 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 58582039 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $93,112,001) | $— | 93112001 |
|  | TOTAL INVESTMENTS (Cost $437,645,172) - 102.3% <sup>(e)</sup> | $— | 430725857 |
|  | Liabilities in Excess of Other Assets - (2.3)% |  | (9864510) |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420861347 |

---

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 July 31, 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 $324,293,094. 

**Long Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |

---

------

---

| |
|:---|
| **Direxion Daily Homebuilders & Supplies Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Total return of Dow Jones U.S. Select Home Construction Index | SOFR + 0.9000% | BNP Paribas | 12/5/2025 | 3910 | $70262124 | $(2569876) |
| Total return of Dow Jones U.S. Select Home Construction Index | SOFR + 0.8500% | Goldman Sachs | 12/10/2025 | 11988 | 203165593 | 6778448 |
| Total return of Dow Jones U.S. Select Home Construction Index | SOFR + 0.6700% | Bank of America Merrill Lynch | 12/11/2025 | 17782 | 309360742 | 2895938 |
| Total return of Dow Jones U.S. Select Home Construction Index | SOFR + 0.7500% | Citibank N.A. | 12/19/2025 | 7767 | 126537345 | 9519586 |
| Total return of Dow Jones U.S. Select Home Construction Index | SOFR + 0.7000% | Barclays | 12/22/2025 | 10966 | 178888028 | 13387186 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888213832 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30011282 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Industrials Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 63.6%** | **COMMON STOCKS - 63.6%** |  |  |
|  **Administrative and Support Services - 6.6%** | **Administrative and Support Services - 6.6%** |  |  |
| 477 | Allegion PLC ADR (Ireland) | $— | 79144 |
| 2250 | Automatic Data Processing, Inc. |  | 696375 |
| 651 | Broadridge Financial Solutions, Inc. |  | 161129 |
| 688 | Equifax, Inc. |  | 165278 |
| 1558 | Rollins, Inc. |  | 89226 |
| 11592 | Uber Technologies, Inc. (a) |  | 1017198 |
| 2030 | Waste Management, Inc. |  | 465195 |
|  |  |  | 2673545 |
|  **Air Transportation - 1.1%** | **Air Transportation - 1.1%** |  |  |
| 3619 | Delta Air Lines, Inc. |  | 192567 |
| 3159 | Southwest Airlines Co. |  | 97708 |
| 1810 | United Continental Holdings, Inc. (a) |  | 159841 |
|  |  |  | 450116 |
|  **Apparel Manufacturing - 1.1%** | **Apparel Manufacturing - 1.1%** |  |  |
| 1903 | Cintas Corp. |  | 423513 |
|  **Building Material and Garden Equipment and Supplies Dealers - 0.2%** | **Building Material and Garden Equipment and Supplies Dealers - 0.2%** |  |  |
| 290 | Snap-on, Inc. |  | 93145 |
|  **Computer and Electronic Product Manufacturing - 6.3%** | **Computer and Electronic Product Manufacturing - 6.3%** |  |  |
| 1280 | AMETEK, Inc. |  | 236608 |
| 1884 | Fortive Corp. |  | 90300 |
| 1036 | L3Harris Technologies, Inc. |  | 284714 |
| 750 | Northrop Grumman Corp. |  | 432458 |
| 2188 | Otis Worldwide Corp. |  | 187490 |
| 7406 | RTX Corp. |  | 1166963 |
| 1374 | Veralto Corp. |  | 144036 |
|  |  |  | 2542569 |
|  **Couriers and Messengers - 1.6%** | **Couriers and Messengers - 1.6%** |  |  |
| 1222 | FedEx Corp. |  | 273105 |
| 4067 | United Parcel Service, Inc. Class B |  | 350412 |
|  |  |  | 623517 |
|  **Electrical Equipment, Appliance, and Component Manufacturing - 2.7%** | **Electrical Equipment, Appliance, and Component Manufacturing - 2.7%** |  |  |
| 644 | A.O. Smith Corp. |  | 45589 |
| 410 | Axon Enterprise, Inc. (a) |  | 309751 |
| 3118 | Emerson Electric Co. |  | 453700 |
| 328 | Generac Holdings, Inc. (a) |  | 63858 |
| 625 | Rockwell Automation, Inc. |  | 219819 |
|  |  |  | 1092717 |
|  **Fabricated Metal Product Manufacturing - 0.4%** | **Fabricated Metal Product Manufacturing - 0.4%** |  |  |
| 912 | Pentair PLC ADR (Ireland) |  | 93206 |
| 858 | Stanley Black & Decker, Inc. |  | 58044 |
|  |  |  | 151250 |
|  **Machinery Manufacturing - 14.0%** | **Machinery Manufacturing - 14.0%** |  |  |
| 4420 | Carrier Global Corp. |  | 303300 |
| 2607 | Caterpillar, Inc. |  | 1141918 |
| 764 | Cummins, Inc. |  | 280862 |
| 1399 | Deere & Co. |  | 733593 |
| 5911 | GE Aerospace |  | 1602354 |
| 419 | IDEX Corp. |  | 68511 |
| 2236 | Ingersoll Rand, Inc. |  | 189233 |
| 300 | Nordson Corp. |  | 64263 |
| 708 | Parker Hannifin Corp. |  | 518185 |
| 1236 | Trane Technologies PLC ADR (Ireland) |  | 541467 |
| 1349 | Xylem, Inc. |  | 195092 |
|  |  |  | 5638778 |
|  **Merchant Wholesalers, Durable Goods - 3.8%** | **Merchant Wholesalers, Durable Goods - 3.8%** |  |  |
| 613 | Builders FirstSource, Inc. (a) |  | 77931 |
| 4873 | Copart, Inc. (a) |  | 220893 |
| 6359 | Fastenal Co. |  | 293341 |
| 296 | Hubbell, Inc. |  | 129494 |
| 218 | Huntington Ingalls Industries, Inc. |  | 60791 |
| 3648 | Johnson Controls International PLC ADR (Ireland) |  | 383040 |
| 177 | Lennox International, Inc. |  | 107793 |
| 242 | W.W. Grainger, Inc. |  | 251569 |
|  |  |  | 1524852 |
|  **Merchant Wholesalers, Nondurable Goods - 0.9%** | **Merchant Wholesalers, Nondurable Goods - 0.9%** |  |  |
| 1478 | Illinois Tool Works, Inc. |  | 378324 |
|  **Miscellaneous Manufacturing - 1.6%** | **Miscellaneous Manufacturing - 1.6%** |  |  |
| 2983 | 3M Co. |  | 445123 |
| 760 | Dover Corp. |  | 137666 |
| 1001 | Textron, Inc. |  | 77848 |
|  |  |  | 660637 |
|  **National Security and International Affairs - 0.3%** | **National Security and International Affairs - 0.3%** |  |  |
| 714 | Leidos Holdings, Inc. |  | 113990 |
|  **Primary Metal Manufacturing - 1.0%** | **Primary Metal Manufacturing - 1.0%** |  |  |
| 2238 | Howmet Aerospace, Inc. |  | 402325 |
|  **Professional, Scientific, and Technical Services - 3.6%** | **Professional, Scientific, and Technical Services - 3.6%** |  |  |
| 2169 | Eaton Corporation PLC ADR (Ireland) |  | 834458 |
| 666 | Jacobs Solutions, Inc. |  | 94485 |
| 1777 | Paychex, Inc. |  | 256474 |
| 270 | Paycom Software, Inc. |  | 62516 |
| 775 | Verisk Analytics, Inc. Class A |  | 216000 |
|  |  |  | 1463933 |
|  **Publishing Industries - 0.1%** | **Publishing Industries - 0.1%** |  |  |
| 886 | Dayforce, Inc. (a) |  | 51096 |
|  **Rail Transportation - 2.7%** | **Rail Transportation - 2.7%** |  |  |
| 10413 | CSX Corp. |  | 370078 |
| 3312 | Union Pacific Corp. |  | 735165 |
|  |  |  | 1105243 |
|  **Rental and Leasing Services - 0.8%** | **Rental and Leasing Services - 0.8%** |  |  |
| 360 | United Rentals, Inc. |  | 317858 |
|  **Specialty Trade Contractors - 0.8%** | **Specialty Trade Contractors - 0.8%** |  |  |
| 822 | Quanta Services, Inc. |  | 333839 |
|  **Support Activities for Transportation - 1.4%** | **Support Activities for Transportation - 1.4%** |  |  |
| 658 | C.H. Robinson Worldwide, Inc. |  | 75880 |
| 759 | Expeditors International of Washington, Inc. |  | 88226 |
| 434 | J.B. Hunt Transport Services, Inc. |  | 62518 |
| 1250 | Norfolk Southern Corp. |  | 347500 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574124 |
|  **Transportation Equipment Manufacturing - 8.9%** | **Transportation Equipment Manufacturing - 8.9%** |  |  |
| 4180 | Boeing Co. (a) |  | 927291 |
| 1396 | General Dynamics Corp. |  | 435008 |
| 3563 | Honeywell International, Inc. |  | 792233 |
| 1156 | Lockheed Martin Corp. |  | 486653 |
| 2910 | Paccar, Inc. |  | 287392 |

---

------

---

| |
|:---|
| **Direxion Daily Industrials Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| 311 | TransDigm Group, Inc. | 500231 |
| 949 | Wabtec Corp. | 182255 |
|  |  | 3611063 |
|  **Truck Transportation - 0.4%** | **Truck Transportation - 0.4%** |  |
| 1031 | Old Dominion Freight Line, Inc. | 153877 |
|  **Utilities - 2.5%** | **Utilities - 2.5%** |  |
| 1513 | GE Vernova, Inc. | 999019 |
|  **Waste Management and Remediation Services - 0.6%** | **Waste Management and Remediation Services - 0.6%** |  |
| 1126 | Republic Services, Inc. | 259712 |
|  **Wood Product Manufacturing - 0.2%** | **Wood Product Manufacturing - 0.2%** |  |
| 1169 | Masco Corp. | 79644 |
|  | TOTAL COMMON STOCKS (Cost $21,790,678) | $25718686 |
|  **SHORT TERM INVESTMENTS - 35.5%** | **SHORT TERM INVESTMENTS - 35.5%** |  |
|  **Money Market Funds - 35.5%** | **Money Market Funds - 35.5%** |  |
| 7759034 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $7759034 |
| 61 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(c)</sup> | 61 |
| 6558962 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> | 6558962 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $14,318,057) | $14318057 |
|  | TOTAL INVESTMENTS (Cost $36,108,735) - 99.1% <sup>(e)</sup> | $40036743 |
|  | Other Assets in Excess of Liabilities - 0.9% | 351216 |
|  | TOTAL NET ASSETS - 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40387959 |

---

---

| | |
|:---|:---|
| 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 July 31, 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 $27,532,428. 

ADR - American Depository Receipt

**Long Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  Total return of Industrials Select Sector Index | SOFR + 0.7000% | Bank of America Merrill Lynch | 12/11/2025 | 5881 | $8851034 | $136580 |
|  Total return of Industrials Select Sector Index | SOFR + 0.7500% | J.P. Morgan | 12/16/2025 | 12983 | 17398702 | 2206735 |
|  Total return of Industrials Select Sector Index | SOFR + 0.6000% | UBS Securities LLC | 12/17/2025 | 17001 | 23323725 | 2416600 |
|  Total return of Industrials Select Sector Index | SOFR + 0.8000% | Citibank N.A. | 12/19/2025 | 16007 | 21098634 | 3088998 |
|  Total return of Industrials Select Sector Index | SOFR + 0.7000% | Barclays | 12/22/2025 | 10412 | 13339151 | 2462536 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84011246 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10311449 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 67.8%** | **COMMON STOCKS - 67.8%** |  |  |
|  **Administrative and Support Services - 2.8%** | **Administrative and Support Services - 2.8%** |  |  |
| 6014 | Royalty Pharma PLC ADR (United Kingdom) | $— | 221315 |
|  **Ambulatory Health Care Services - 4.9%** | **Ambulatory Health Care Services - 4.9%** |  |  |
| 1895 | Axsome Therapeutics, Inc. (a) |  | 192115 |
| 22805 | Viatris, Inc. |  | 199316 |
|  |  |  | 391431 |
|  **Chemical Manufacturing - 47.2%** | **Chemical Manufacturing - 47.2%** |  |  |
| 4474 | Amphastar Pharmaceuticals, Inc. (a) |  | 93730 |
| 1975 | ANI Pharmaceuticals, Inc. (a) |  | 125116 |
| 4082 | Bristol-Myers Squibb Co. |  | 176791 |
| 2769 | Collegium Pharmaceutical, Inc. (a) |  | 82682 |
| 2875 | Corcept Therapeutics, Inc. (a) |  | 193114 |
| 6079 | CorMedix, Inc. (a) |  | 70942 |
| 7807 | Edgewise Therapeutics, Inc. (a) |  | 111328 |
| 14351 | Elanco Animal Health, Inc. (a) |  | 196322 |
| 253 | Eli Lilly & Co. |  | 187238 |
| 2175 | Enliven Therapeutics, Inc. (a)(b) |  | 40912 |
| 5598 | Evolus, Inc. (a) |  | 49934 |
| 4684 | Harmony Biosciences Holdings, Inc. (a) |  | 164783 |
| 5416 | Innoviva, Inc. (a)(b) |  | 98409 |
| 1853 | Jazz Pharmaceuticals PLC ADR (Ireland) (a) |  | 212409 |
| 1511 | LENZ Therapeutics, Inc. (a)(b) |  | 44982 |
| 874 | Ligand Pharmaceuticals, Inc. (a) |  | 115001 |
| 2549 | Merck & Co., Inc. |  | 199128 |
| 11556 | Ocular Therapeutix, Inc. (a) |  | 133819 |
| 20315 | Organon & Co. |  | 197056 |
| 5824 | Pacira BioSciences, Inc. (a) |  | 122828 |
| 7482 | Perrigo Co. PLC ADR (Ireland) |  | 199545 |
| 8366 | Pfizer, Inc. |  | 194844 |
| 1749 | Phibro Animal Health Corp. |  | 46349 |
| 2405 | Prestige Consumer Healthcare, Inc. (a) |  | 177850 |
| 3473 | Supernus Pharmaceuticals, Inc. (a) |  | 121902 |
| 11617 | Wave Life Sciences Ltd. ADR (Singapore) (a) |  | 94098 |
| 22319 | Xeris Biopharma Holdings, Inc. (a) |  | 113604 |
| 2957 | Zevra Therapeutics, Inc. (a) |  | 32852 |
| 1231 | Zoetis, Inc. |  | 179467 |
|  |  |  | 3777035 |
|  **3.8%** |  |  |  |
| 14634 | Amneal Pharmaceuticals, Inc. (a) |  | 114438 |
| 4972 | Tarsus Pharmaceuticals, Inc. (a) |  | 193013 |
|  |  |  | 307451 |
|  **Miscellaneous Manufacturing - 3.3%** | **Miscellaneous Manufacturing - 3.3%** |  |  |
| 4507 | EyePoint Pharmaceuticals, Inc. (a) |  | 44259 |
| 1319 | Johnson & Johnson |  | 217292 |
|  |  |  | 261551 |
|  **Services - 4.3%** | **Services - 4.3%** |  |  |
| 7903 | Arvinas, Inc. (a) |  | 58798 |
| 3091 | Harrow, Inc. (a) |  | 98170 |
| 6268 | Liquidia Corp. (a) |  | 117149 |
| 9463 | Trevi Therapeutics, Inc. (a) |  | 70074 |
|  |  |  | 344191 |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.7%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.7%** |  |  |
| 24442 | Nuvation Bio, Inc. (a)(b) |  | 57683 |
|  **Support Activities for Mining - 0.8%** | **Support Activities for Mining - 0.8%** |  |  |
| 7004 | Mind Medicine MindMed, Inc. ADR (Canada) (a)(b) |  | 63666 |
|  | TOTAL COMMON STOCKS (Cost $5,468,382) | $— | 5424323 |
|  **SHORT TERM INVESTMENTS - 40.2%** | **SHORT TERM INVESTMENTS - 40.2%** |  |  |
|  **Money Market Funds - 40.2%** | **Money Market Funds - 40.2%** |  |  |
| 1333443 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 1333443 |
| 1240000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(c)</sup> |  | 1240000 |
| 646556 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 646556 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $3,219,999) | $— | 3219999 |
|  | TOTAL INVESTMENTS (Cost $8,688,381) - 108.0% <sup>(e)</sup> | $— | 8644322 |
|  | Liabilities in Excess of Other Assets - (8.0)% |  | (638729) |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8005593 |

---

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 July 31, 2025.

<sup>(d</sup><sup>)</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 $6,951,582.  |

---

ADR - American Depository Receipt

**Long Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  Total return of S&P Pharmaceuticals Select Industry Index | SOFR + 0.6000% | UBS Securities LLC | 12/17/2025 | 1079 | $4790977 | $257157 |
|  Total return of S&P Pharmaceuticals Select Industry Index | SOFR + 0.8500% | Citibank N.A. | 12/19/2025 | 860 | 4033755 | 3940 |
|  Total return of S&P Pharmaceuticals Select Industry Index | SOFR + 0.7000% | Barclays | 12/22/2025 | 1996 | 8905209 | 442811 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17729941 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703908 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Real Estate Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 76.8%** | **COMMON STOCKS - 76.8%** | **COMMON STOCKS - 76.8%** | **COMMON STOCKS - 76.8%** |
|  **Accommodation - 0.8%** | **Accommodation - 0.8%** | **Accommodation - 0.8%** | **Accommodation - 0.8%** |
| 28204 | Host Hotels & Resorts, Inc. | $— | 443367 |
|  **Administrative and Support Services - 2.1%** | **Administrative and Support Services - 2.1%** | **Administrative and Support Services - 2.1%** | **Administrative and Support Services - 2.1%** |
| 11996 | Iron Mountain, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167930 |
|  **Professional, Scientific, and Technical Services - 2.0%** | **Professional, Scientific, and Technical Services - 2.0%** | **Professional, Scientific, and Technical Services - 2.0%** | **Professional, Scientific, and Technical Services - 2.0%** |
| 8628 | Extra Space Storage, Inc. |  | 1159258 |
|  **Real Estate - 61.8%** | **Real Estate - 61.8%** | **Real Estate - 61.8%** | **Real Estate - 61.8%** |
| 6260 | Alexandria Real Estate Equities, Inc. |  | 478452 |
| 19033 | American Tower Corp. |  | 3966287 |
| 5781 | AvalonBay Communities, Inc. |  | 1076885 |
| 5922 | BXP, Inc. |  | 387476 |
| 4344 | Camden Property Trust |  | 474365 |
| 11938 | CBRE Group, Inc. Class A (a) |  | 1859224 |
| 17704 | Crown Castle, Inc. |  | 1860513 |
| 12871 | Digital Realty Trust, Inc. |  | 2270959 |
| 13903 | Equity Residential |  | 878670 |
| 2617 | Essex Property Trust, Inc. |  | 680891 |
| 3156 | Federal Realty Investment Trust |  | 290857 |
| 28245 | Healthpeak Properties, Inc. |  | 478470 |
| 23175 | Invitation Homes, Inc. |  | 710314 |
| 27504 | Kimco Realty Corp. |  | 583910 |
| 4759 | Mid-America Apartment Communities, Inc. |  | 677824 |
| 37728 | Prologis, Inc. |  | 4028596 |
| 6419 | Public Storage |  | 1745583 |
| 36718 | Realty Income Corp. |  | 2060981 |
| 6643 | Regency Centers Corp. |  | 474310 |
| 12475 | Simon Property Group, Inc. |  | 2043280 |
| 12257 | UDR, Inc. |  | 481578 |
| 18348 | Ventas, Inc. |  | 1232619 |
| 42961 | VICI Properties, Inc. |  | 1400529 |
| 25259 | Welltower, Inc. |  | 4169503 |
| 29486 | Weyerhaeuser Co. |  | 738624 |
|  |  |  | 35050700 |
|  **Telecommunications - 7.2%** |  |  |  |
| 3977 | Equinix, Inc. |  | 3122621 |
| 4368 | SBA Communications Corp. |  | 981577 |
|  |  |  | 4104198 |
|  **Web Search Portals, Libraries, Archives, and Other Information Services - 2.9%** | **Web Search Portals, Libraries, Archives, and Other Information Services - 2.9%** |  |  |
| 17151 | CoStar Group, Inc. (a) |  | 1632604 |
|  | TOTAL COMMON STOCKS (Cost $44,674,713) | $— | 43558057 |
|  **SHORT TERM INVESTMENTS - 27.2%** | **SHORT TERM INVESTMENTS - 27.2%** |  |  |
|  **Money Market Funds - 27.2%** |  |  |  |
| 8917101 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 8917101 |
| 6535504 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 6535504 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $15,452,605) | $— | 15452605 |
|  | TOTAL INVESTMENTS (Cost $60,127,318) - 104.0% <sup>(c)</sup> | $— | 59010662 |
|  | Liabilities in Excess of Other Assets - (4.0)% |  | (2268467) |
|  | TOTAL NET ASSETS - 100.0% | $— | 56742195 |

---

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 July 31, 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 $46,693,054. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  Total return of Real Estate Select Sector Index | SOFR + 1.0000% | Bank of America Merrill Lynch | 12/11/2025 | 142777 | $29128001 | $(241221) |
|  Total return of Real Estate Select Sector Index | SOFR + 0.7500% | J.P. Morgan | 12/16/2025 | 344363 | 69814709 | (257417) |
|  Total return of Real Estate Select Sector Index | SOFR + 0.2300% | UBS Securities LLC | 12/17/2025 | 135787 | 26312643 | 1213147 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125255353 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714509 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Real Estate Bear 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 96.3%** | **SHORT TERM INVESTMENTS - 96.3%** | **SHORT TERM INVESTMENTS - 96.3%** | **SHORT TERM INVESTMENTS - 96.3%** |
|  **Money Market Funds - 96.3%** | **Money Market Funds - 96.3%** | **Money Market Funds - 96.3%** | **Money Market Funds - 96.3%** |
| 19547479 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 19547479 |
| 25310676 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 25310676 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $44,858,155) <sup>(b)</sup> | $— | 44858155 |
|  | TOTAL INVESTMENTS (Cost $44,858,155) - 96.3% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44858155 |
|  | Other Assets in Excess of Liabilities - 3.7% |  | 1707285 |
|  | TOTAL NET ASSETS - 100.0% | $— | 46565440 |

---

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 July 31, 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 $28,481,636. 

**Short Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation** |
|  SOFR + 0.8000% | Total return of Real Estate Select Sector Index | Bank of America Merrill Lynch | 12/11/2025 | 199312 | $40281011 | $28730 |
|  SOFR + 0.5500% | Total return of Real Estate Select Sector Index | J.P. Morgan | 12/16/2025 | 388015 | 80688273 | 2349524 |
|  SOFR + (0.1000)% | Total return of Real Estate Select Sector Index | UBS Securities LLC | 12/17/2025 | 99667 | 20473062 | 262987 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141442346 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641241 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Regional Banks Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 72.9%** | **COMMON STOCKS - 72.9%** | **COMMON STOCKS - 72.9%** | **COMMON STOCKS - 72.9%** |
|  **Credit Intermediation and Related Activities - 64.8%** | **Credit Intermediation and Related Activities - 64.8%** | **Credit Intermediation and Related Activities - 64.8%** | **Credit Intermediation and Related Activities - 64.8%** |
| 14171 | 1st Source Corp. | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847709 |
| 28822 | Amalgamated Financial Corp. |  | 835550 |
| 31265 | Amerant Bancorp, Inc. |  | 603414 |
| 67168 | Ameris Bancorp |  | 4590933 |
| 218236 | Associated Banc-Corp. |  | 5399159 |
| 224991 | Atlantic Union Bankshares Corp. |  | 7132215 |
| 53827 | Axos Financial, Inc. (a) |  | 4647961 |
| 14228 | BancFirst Corp. |  | 1771670 |
| 68669 | Bank of Hawaii Corp. |  | 4249238 |
| 173780 | Bank OZK (b) |  | 8567354 |
| 135159 | BankUnited, Inc. |  | 4929249 |
| 35061 | Banner Corp. |  | 2176412 |
| 81384 | Berkshire Hills Bancorp, Inc. |  | 2005302 |
| 28756 | BOK Financial Corp. |  | 2919597 |
| 79059 | Brookline Bancorp, Inc. |  | 815889 |
| 5626 | Burke & Herbert Financial Services Corp. |  | 326252 |
| 194170 | Cadence Bank |  | 6766824 |
| 12072 | Camden National Corp. |  | 455235 |
| 118567 | Capitol Federal Financial, Inc. |  | 713773 |
| 57787 | Cathay General Bancorp |  | 2613128 |
| 264969 | Citizens Financial Group, Inc. |  | 12644321 |
| 10100 | City Holding Co. (b) |  | 1233210 |
| 16923 | Coastal Financial Corp. (a) |  | 1627993 |
| 292190 | Columbia Banking System, Inc. (b) |  | 6954122 |
| 93758 | Commerce Bancshares, Inc. |  | 5737990 |
| 35575 | Community Bank System, Inc. |  | 1874802 |
| 8178 | Community Trust Bancorp, Inc. |  | 441448 |
| 29391 | ConnectOne Bancorp, Inc. (b) |  | 676875 |
| 37932 | Customers Bancorp, Inc. (a) |  | 2418165 |
| 112147 | CVB Financial Corp. |  | 2096027 |
| 38270 | Dime Community Bancshares, Inc. |  | 1060462 |
| 52470 | Eagle Bancorp, Inc. |  | 844242 |
| 116949 | East West Bancorp, Inc. |  | 11724137 |
| 206118 | Eastern Bankshares, Inc. |  | 3184523 |
| 29767 | Enterprise Financial Services Corp. |  | 1642841 |
| 415715 | F.N.B. Corp. |  | 6368754 |
| 35190 | FB Financial Corp. |  | 1715864 |
| 22009 | Financial Institutions, Inc. |  | 561009 |
| 26714 | First Bancorp (b) |  | 1338104 |
| 180595 | First BanCorp ADR |  | 3761794 |
| 78593 | First Busey Corp. |  | 1754196 |
| 109477 | First Commonwealth Financial Corp. |  | 1807465 |
| 63353 | First Financial Bancorp |  | 1535677 |
| 77252 | First Financial Bankshares, Inc. |  | 2674464 |
| 8977 | First Financial Corp. |  | 480718 |
| 134256 | First Hawaiian, Inc. |  | 3255708 |
| 549587 | First Horizon National Corp. |  | 11986492 |
| 42651 | First Merchants Corp. |  | 1625856 |
| 757643 | Flagstar Financial, Inc. (b) |  | 8553789 |
| 43442 | Flushing Finanicial Corp. |  | 520870 |
| 189447 | Fulton Financial Corp. |  | 3400574 |
| 4903 | Great Southern Bancorp, Inc. |  | 279177 |
| 97384 | Hancock Whitney Corp. |  | 5815772 |
| 26605 | Hanmi Financial Corp. Class A |  | 606860 |
| 35984 | HarborOne Bancorp, Inc. |  | 425691 |
| 46309 | Heritage Commerce Corp. |  | 428358 |
| 37704 | Heritage Financial Corp. |  | 849848 |
| 54755 | Hilltop Holdings, Inc. |  | 1620748 |
| 144040 | Hope Bancorp, Inc. |  | 1438960 |
| 24582 | Horizon Bancorp, Inc. |  | 380775 |
| 681774 | Huntington Bancshares, Inc. |  | 11201547 |
| 48047 | Independent Bank Corp. (Massachusetts) |  | 3053387 |
| 14782 | Independent Bank Corp. (Michigan) |  | 451590 |
| 41906 | International Bancshares Corp. |  | 2857151 |
| 49376 | Kearny Financial Corp. |  | 292800 |
| 27045 | Lakeland Financial Corp. |  | 1713842 |
| 48837 | Live Oak Bancshares, Inc. |  | 1543738 |
| 59447 | M&T Bank Corp. |  | 11217649 |
| 8338 | Mercantile Bank Corp. |  | 380963 |
| 31867 | Meta Financial Group, Inc. |  | 2409942 |
| 18301 | Midland States Bancorp, Inc. |  | 310385 |
| 14930 | MidWestOne Financial Group, Inc. |  | 411172 |
| 41329 | NBT Bancorp, Inc. |  | 1710194 |
| 8986 | Nicolet Bankshares, Inc. |  | 1159194 |
| 6739 | Northeast Bank |  | 668307 |
| 24446 | Northfield Bancorp, Inc. |  | 260350 |
| 44971 | OceanFirst Financial Corp. |  | 754613 |
| 50388 | OFG Bancorp ADR |  | 2147537 |
| 443688 | Old National Bancorp |  | 9366254 |
| 32430 | Old Second Bancorp, Inc. |  | 550337 |
| 18751 | Origin Bancorp, Inc. |  | 685349 |
| 22269 | Orrstown Financial Services, Inc. |  | 731759 |
| 137340 | Pacific Premier Bancorp, Inc. |  | 2976158 |
| 8242 | Park National Corp. |  | 1334132 |
| 15712 | Peapack-Gladstone Financial Corp. |  | 400342 |
| 22291 | Peoples Bancorp, Inc. |  | 638414 |
| 72783 | Pinnacle Financial Partners, Inc. |  | 6396898 |
| 86003 | Popular, Inc. ADR |  | 9854224 |
| 17039 | Preferred Bank |  | 1547482 |
| 108109 | Prosperity Bancshares, Inc. |  | 7202222 |
| 102198 | Provident Financial Services, Inc. |  | 1862048 |
| 492140 | Regions Financial Corp. |  | 12465906 |
| 110052 | Renasant Corp. |  | 4032305 |
| 27329 | S&T Bancorp, Inc. |  | 1001335 |
| 64964 | Seacoast Banking Corp. of Florida |  | 1831335 |
| 104468 | Simmons First National Corp. |  | 2002652 |
| 18284 | Southside Bancshares, Inc. |  | 538281 |
| 38613 | Stellar Bancorp, Inc. |  | 1140242 |
| 194573 | Synovus Financial Corp. |  | 9191628 |
| 70742 | Texas Capital Bancshares, Inc. (a) |  | 5940206 |
| 54911 | TFS Financial Corp. |  | 719883 |
| 68993 | The Bancorp, Inc. (a) |  | 4357598 |
| 2807 | The Hingham Institution for Savings (b) |  | 687378 |
| 7854 | Tompkins Financial Corp. |  | 507997 |
| 38737 | Towne Bank |  | 1356957 |
| 16404 | TriCo Bancshares |  | 674532 |
| 34058 | Triumph Financial, Inc. (a) |  | 1931770 |
| 272474 | Truist Financial Corp. |  | 11909838 |

---

------

---

| |
|:---|
| **Direxion Daily Regional Banks Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| 13469 | TrustCo Bank Corp. NY | 452020 |
| 48430 | Trustmark Corp. | 1804017 |
| 83391 | UMB Financial Corp. | 9172176 |
| 115112 | United Bankshares, Inc. | 4088778 |
| 108388 | United Community Banks, Inc. | 3305834 |
| 18593 | Univest Financial Corp. | 536222 |
| 1171343 | Valley National Bancorp | 10858350 |
| 85790 | WaFd, Inc. | 2496918 |
| 25439 | Washington Trust Bancorp, Inc. | 685327 |
| 203523 | Webster Financial Corp. | 11733101 |
| 90891 | WesBanco, Inc. | 2738546 |
| 27923 | Westamerica Bancorp | 1337512 |
| 147464 | Western Alliance Bancorp (b) | 11437308 |
| 67410 | Wintrust Financial Corp. | 8627132 |
| 54666 | WSFS Financial Corp. | 2997883 |
| 224286 | Zions Bancorp | 12026215 |
|  |  | 410392707 |
|  **Management of Companies and Enterprises - 7.9%** | **Management of Companies and Enterprises - 7.9%** | **Management of Companies and Enterprises - 7.9%** |
| 312045 | Banc of California, Inc. | 4530893 |
| 23890 | Byline Bancorp, Inc. | 628307 |
| 23565 | Central Pacific Financial Corp. | 628243 |
| 22093 | Columbia Financial, Inc. (a)(b) | 317918 |
| 64424 | Cullen/Frost Bankers, Inc. | 8208262 |
| 8394 | Equity Bancshares, Inc. | 315447 |
| 7728 | Esquire Financial Holdings, Inc. | 740961 |
| 105460 | First Foundation, Inc. (a) | 513590 |
| 124313 | First Interstate BancSystem, Inc. | 3578971 |
| 103856 | Glacier Bancorp, Inc. (b) | 4552008 |
| 152464 | Home Bancshares, Inc. | 4293386 |
| 15351 | Metropolitan Bank Holding Corp. | 1082860 |
| 36712 | National Bank Holdings Corp. | 1360547 |
| 35252 | NB Bancorp, Inc. | 607392 |
| 4336 | Northrim BanCorp, Inc. | 362186 |
| 115903 | Northwest Bancshares, Inc. | 1356065 |
| 35382 | ServisFirst Bancshares, Inc. | 2782794 |
| 122365 | South State Corp. | 11523112 |
| 15269 | Stock Yards Bancorp, Inc. | 1141510 |
| 54580 | Veritex Holdings, Inc. | 1731278 |
|  |  | 50255730 |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.2%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.2%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.2%** |
| 14538 | QCR Holdings, Inc. | 1032198 |
|  | TOTAL COMMON STOCKS (Cost $436,396,328) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461680635 |
|  **SHORT TERM INVESTMENTS - 32.4%** | **SHORT TERM INVESTMENTS - 32.4%** | **SHORT TERM INVESTMENTS - 32.4%** |
|  **Money Market Funds - 32.4%** | **Money Market Funds - 32.4%** | **Money Market Funds - 32.4%** |
| 60575285 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $60575285 |
| 89006992 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(c)</sup> | 89006992 |
| 15077384 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(c)</sup> | 15077384 |
| 40752975 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> | 40752975 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $205,412,636) | $205412636 |
|  | TOTAL INVESTMENTS (Cost $641,808,964) - 105.3% <sup>(e)</sup> | $667093271 |
|  | Liabilities in Excess of Other Assets - (5.3)% | (33468380) |
|  | TOTAL NET ASSETS - 100.0% | $633624891 |

---

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 July 31, 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 $460,340,741. 

ADR - American Depository Receipt

**Long Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Total return of S&P Regional Banks Select Industry Index | SOFR + 0.8500% | Goldman Sachs | 12/10/2025 | 159809 | $295782023 | $3262716 |
|  Total return of S&P Regional Banks Select Industry Index | SOFR + 0.7800% | Bank of America Merrill Lynch | 12/11/2025 | 68794 | 130150735 | (905940) |
|  Total return of S&P Regional Banks Select Industry Index | SOFR + 0.5500% | Societe Generale | 12/12/2025 | 65000 | 132368600 | (11663602) |
|  Total return of S&P Regional Banks Select Industry Index | SOFR + 0.8500% | J.P. Morgan | 12/16/2025 | 99096 | 190002001 | (4694618) |
|  Total return of S&P Regional Banks Select Industry Index | SOFR + 0.6500% | UBS Securities LLC | 12/17/2025 | 97451 | 187264534 | (4952847) |
|  Total return of S&P Regional Banks Select Industry Index | SOFR + 0.6500% | Citibank N.A. | 12/19/2025 | 161256 | 279841510 | 23477156 |
|  Total return of S&P Regional Banks Select Industry Index | SOFR + 0.7500% | Barclays | 12/22/2025 | 110000 | 177433273 | 29446778 |
|  |  |  |  |  | $1392842676 | $33969643 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Retail Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  **COMMON STOCKS - 70.0%** | **COMMON STOCKS - 70.0%** | **COMMON STOCKS - 70.0%** |
|  **Administrative and Support Services - 0.9%** | **Administrative and Support Services - 0.9%** | **Administrative and Support Services - 0.9%** |
| 15689 | Revolve Group, Inc. (a) | 325547 |
|  **Building Material and Garden Equipment and Supplies Dealers - 1.1%** | **Building Material and Garden Equipment and Supplies Dealers - 1.1%** | **Building Material and Garden Equipment and Supplies Dealers - 1.1%** |
| 6474 | Tractor Supply Co. | 368694 |
|  **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 15.8%** | **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 15.8%** | **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - 15.8%** |
| 4204 | Abercrombie & Fitch Co. Class A (a) | 403668 |
| 7345 | Academy Sports & Outdoors, Inc. | 373053 |
| 32851 | American Eagle Outfitters, Inc. (b) | 354791 |
| 12646 | Bath & Body Works, Inc. | 366228 |
| 2046 | Boot Barn Holdings, Inc. (a) | 351707 |
| 18526 | Caleres, Inc. | 254362 |
| 13748 | Foot Locker, Inc. (a) | 344250 |
| 14860 | Gap, Inc. | 289176 |
| 2435 | Ross Stores, Inc. | 332475 |
| 9273 | Shoe Carnival, Inc. (b) | 189726 |
| 4193 | Signet Jewelers Ltd. ADR | 331666 |
| 52298 | Stitch Fix, Inc. (a) | 247369 |
| 7608 | The Buckle, Inc. | 375607 |
| 54737 | The RealReal, Inc. (a)(b) | 287917 |
| 2665 | TJX Companies, Inc. | 331872 |
| 4796 | Urban Outfitters, Inc. (a) | 361043 |
| 15816 | Victoria's Secret & Co. (a) | 297341 |
|  |  | 5492251 |
|  **Food and Beverage Retailers - 5.5%** | **Food and Beverage Retailers - 5.5%** | **Food and Beverage Retailers - 5.5%** |
| 15615 | Albertsons Companies, Inc. Class A | 300120 |
| 24970 | Grocery Outlet Holding Corp. (a) | 328855 |
| 4494 | Ingles Markets, Inc. | 282808 |
| 5140 | Kroger Co. | 360314 |
| 2077 | Sprouts Farmers Market, Inc. (a) | 314749 |
| 4457 | Weis Markets, Inc. | 322731 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909577 |
|  **Food and Beverage Stores - 0.7%** | **Food and Beverage Stores - 0.7%** | **Food and Beverage Stores - 0.7%** |
| 6007 | Natural Grocers by Vitamin Cottage, Inc. | 227605 |
|  **Food Services and Drinking Places - 1.0%** | **Food Services and Drinking Places - 1.0%** | **Food Services and Drinking Places - 1.0%** |
| 664 | Casey's General Stores, Inc. | 345366 |
|  **Furniture, Home Furnishings, Electronics, and Appliance Retailers - 1.6%** | **Furniture, Home Furnishings, Electronics, and Appliance Retailers - 1.6%** | **Furniture, Home Furnishings, Electronics, and Appliance Retailers - 1.6%** |
| 4571 | Best Buy Co., Inc. | 297389 |
| 11632 | GameStop Corp. Class A (a)(b) | 261139 |
|  |  | 558528 |
|  **General Merchandise Retailers - 16.1%** | **General Merchandise Retailers - 16.1%** | **General Merchandise Retailers - 16.1%** |
| 1557 | Amazon.com, Inc. (a) | 364509 |
| 3054 | BJ's Wholesale Club Holdings, Inc. (a) | 323419 |
| 1392 | Burlington Stores, Inc. (a) | 379960 |
| 333 | Costco Wholesale Corp. | 312900 |
| 825 | Dillard's, Inc. Class A (b) | 385217 |
| 2978 | Dollar General Corp. | 312392 |
| 3526 | Dollar Tree, Inc. (a) | 400377 |
| 4265 | eBay, Inc. | 391314 |
| 5518 | Etsy, Inc. (a) | 321534 |
| 2658 | Five Below, Inc. (a) | 362870 |
| 37826 | Kohl's Corp. (b) | 410034 |
| 27313 | Macy's, Inc. | 344963 |
| 3083 | PriceSmart, Inc. | 331423 |
| 3384 | Target Corp. | 340092 |
| 3468 | Walmart, Inc. | 339795 |
| 784 | Winmark Corp. | 295897 |
|  |  | 5616696 |
|  **Health and Personal Care Retailers - 4.1%** | **Health and Personal Care Retailers - 4.1%** | **Health and Personal Care Retailers - 4.1%** |
| 36257 | Sally Beauty Holdings, Inc. (a) | 353143 |
| 725 | Ulta Beauty, Inc. (a) | 373382 |
| 29289 | Walgreens Boots Alliance, Inc. | 340924 |
| 14694 | Warby Parker, Inc. (a) | 351922 |
|  |  | 1419371 |
|  **Merchant Wholesalers, Durable Goods - 0.2%** | **Merchant Wholesalers, Durable Goods - 0.2%** | **Merchant Wholesalers, Durable Goods - 0.2%** |
| 1900 | America's Car-Mart, Inc. (a)(b) | 85576 |
|  **Miscellaneous Manufacturing - 1.1%** | **Miscellaneous Manufacturing - 1.1%** | **Miscellaneous Manufacturing - 1.1%** |
| 15461 | National Vision Holdings, Inc. (a) | 375084 |
|  **Motor Vehicle and Parts Dealers - 11.4%** | **Motor Vehicle and Parts Dealers - 11.4%** | **Motor Vehicle and Parts Dealers - 11.4%** |
| 6446 | Advance Auto Parts, Inc. (b) | 342089 |
| 1365 | Asbury Automotive Group, Inc. (a) | 303194 |
| 1710 | AutoNation, Inc. (a) | 329414 |
| 91 | AutoZone, Inc. (a) | 342923 |
| 4896 | CarMax, Inc. (a) | 277163 |
| 975 | Carvana Co. (a) | 380416 |
| 63344 | EVgo, Inc. (a) | 213469 |
| 750 | Group 1 Automotive, Inc. | 309112 |
| 8623 | MarineMax, Inc. (a)(b) | 195570 |
| 800 | Murphy USA, Inc. | 289984 |
| 3689 | O'Reilly Automotive, Inc. (a) | 362702 |
| 1974 | Penske Automotive Group, Inc. | 330467 |
| 4334 | Sonic Automotive, Inc. | 313565 |
|  |  | 3990068 |
|  **Professional, Scientific, and Technical Services - 0.9%** | **Professional, Scientific, and Technical Services - 0.9%** | **Professional, Scientific, and Technical Services - 0.9%** |
| 10170 | Groupon, Inc. (a)(b) | 313643 |
|  **Rental and Leasing Services - 0.7%** | **Rental and Leasing Services - 0.7%** | **Rental and Leasing Services - 0.7%** |
| 12633 | Upbound Group, Inc. | 260682 |
|  **Repair and Maintenance - 0.9%** | **Repair and Maintenance - 0.9%** | **Repair and Maintenance - 0.9%** |
| 9228 | Valvoline, Inc. (a)(b) | 325287 |
|  **Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers - 6.2%** | **Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers - 6.2%** | **Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers - 6.2%** |
| 6734 | Build-A-Bear Workshop, Inc. | 341481 |
| 17317 | Camping World Holdings, Inc. | 239667 |
| 8149 | Chewy, Inc. Class A (a) | 299068 |
| 1796 | Dick's Sporting Goods, Inc. | 379872 |
| 15997 | Monro, Inc. (b) | 225478 |
| 2963 | Ollie's Bargain Outlet Holdings, Inc. (a) | 404835 |
| 14815 | The ODP Corp. (a) | 264300 |
|  |  | 2154701 |
|  **Truck Transportation - 1.8%** | **Truck Transportation - 1.8%** | **Truck Transportation - 1.8%** |
| 986 | Lithia Motors, Inc. Class A | 283968 |
| 7519 | Maplebear, Inc. (a)(b) | 360686 |
|  |  | 644654 |
|  | TOTAL COMMON STOCKS (Cost $21,084,553) | 24413330 |
|  **SHORT TERM INVESTMENTS - 35.5%** | **SHORT TERM INVESTMENTS - 35.5%** | **SHORT TERM INVESTMENTS - 35.5%** |

---

------

---

| |
|:---|
| **Direxion Daily Retail Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  **Money Market Funds - 35.5%** | **Money Market Funds - 35.5%** | **Money Market Funds - 35.5%** |
| 8480722 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $8480722 |
| 3770000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770000 |
| 115501 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> | 115501 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $12,366,223) | $12366223 |
|  | TOTAL INVESTMENTS (Cost $33,450,776) - 105.5% <sup>(e)</sup> | $36779553 |
|  | Liabilities in Excess of Other Assets - (5.5)% | (1912071) |
|  | TOTAL NET ASSETS - 100.0% | $34867482 |

---

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 July 31, 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 $25,087,664. 

ADR - American Depository Receipt

**Long Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation** |
|  Total return of S&P Retail Select Industry<sup>®</sup> Index | SOFR + 0.7500% | J.P. Morgan | 12/16/2025 | 300 | $2336807 | $125895 |
|  Total return of S&P Retail Select Industry<sup>®</sup> Index | SOFR + 0.5000% | UBS Securities LLC | 12/17/2025 | 6572 | 46534219 | 7672475 |
|  Total return of S&P Retail Select Industry<sup>®</sup> Index | SOFR + 0.8000% | Citibank N.A. | 12/19/2025 | 465 | 3825255 | 27854 |
|  Total return of S&P Retail Select Industry<sup>®</sup> Index | SOFR + 0.7000% | Barclays | 12/22/2025 | 2281 | 16974461 | 1825189 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69670742 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9651413 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 65.7%** | **COMMON STOCKS - 65.7%** | **COMMON STOCKS - 65.7%** | **COMMON STOCKS - 65.7%** |
|  **Accommodation - 1.0%** | **Accommodation - 1.0%** |  |  |
| 2237 | Airbnb, Inc. Class A (a) | $— | 296201 |
| 9486 | MGM Resorts International (a) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345765 |
|  |  |  | 641966 |
|  **Administrative and Support Services - 1.2%** | **Administrative and Support Services - 1.2%** |  |  |
| 804 | Corpay, Inc. (a) |  | 259732 |
| 1474 | Royal Caribbean Cruises Ltd. ADR (Liberia) |  | 468541 |
|  |  |  | 728273 |
|  **Air Transportation - 1.8%** | **Air Transportation - 1.8%** |  |  |
| 7613 | Delta Air Lines, Inc. |  | 405088 |
| 8735 | Southwest Airlines Co. |  | 270173 |
| 5357 | United Continental Holdings, Inc. (a) |  | 473077 |
|  |  |  | 1148338 |
|  **Apparel Manufacturing - 1.0%** | **Apparel Manufacturing - 1.0%** |  |  |
| 2362 | Deckers Outdoor Corp. (a) |  | 250774 |
| 1191 | Ralph Lauren Corp. |  | 355811 |
|  |  |  | 606585 |
|  **Broadcasting and Content Providers - 0.8%** | **Broadcasting and Content Providers - 0.8%** |  |  |
| 39561 | Warner Bros Discovery, Inc. (a) |  | 521018 |
|  **Chemical Manufacturing - 1.1%** | **Chemical Manufacturing - 1.1%** |  |  |
| 6201 | Albemarle Corp. (b) |  | 420738 |
| 3943 | DuPont de Nemours, Inc. |  | 283502 |
|  |  |  | 704240 |
|  **Computer and Electronic Product Manufacturing - 22.4%** | **Computer and Electronic Product Manufacturing - 22.4%** |  |  |
| 4314 | Advanced Micro Devices, Inc. (a) |  | 760601 |
| 3769 | Amphenol Corp. Class A |  | 401436 |
| 1794 | Analog Devices, Inc. |  | 402986 |
| 1371 | Apple, Inc. |  | 284579 |
| 4353 | Arista Networks, Inc. (a) |  | 536377 |
| 2176 | Broadcom, Inc. |  | 639091 |
| 4252 | Dell Technologies, Inc. |  | 564198 |
| 3685 | GE HealthCare Technologies, Inc. |  | 262814 |
| 18736 | Intel Corp. (a) |  | 370973 |
| 1943 | Jabil Circuit, Inc. |  | 433619 |
| 1905 | Keysight Technologies, Inc. (a) |  | 312249 |
| 5622 | Lam Research Corp. |  | 533191 |
| 9670 | Microchip Technology, Inc. |  | 653595 |
| 5739 | Micron Technology, Inc. |  | 626355 |
| 823 | Monolithic Power Systems, Inc. |  | 585351 |
| 2886 | NetApp, Inc. |  | 300519 |
| 3960 | NVIDIA Corp. |  | 704365 |
| 2024 | NXP Semiconductors NV ADR (Netherlands) |  | 432671 |
| 11240 | ON Semiconductor Corp. (a) |  | 633486 |
| 1451 | Palto Alto Networks, Inc. (a) |  | 251894 |
| 2521 | Qualcomm, Inc. |  | 369982 |
| 3045 | Seagate Technology Holdings PLC ADR (Ireland) |  | 478095 |
| 5452 | Skyworks Solutions, Inc. |  | 373680 |
| 14385 | Super Micro Computer, Inc. (a) |  | 848283 |
| 5432 | Teradyne, Inc. |  | 583560 |
| 1822 | Texas Instruments, Inc. |  | 329891 |
| 4193 | Trimble, Inc. (a) |  | 351751 |
| 8361 | Western Digital Corp. |  | 657927 |
| 1173 | Zebra Technologies Corp. Class A (a) |  | 397670 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14081189 |
|  **Credit Intermediation and Related Activities - 2.7%** | **Credit Intermediation and Related Activities - 2.7%** |  |  |
| 1002 | American Express Co. |  | 299909 |
| 1590 | Capital One Financial Corp. |  | 341850 |
| 3769 | Citigroup, Inc. |  | 353155 |
| 17106 | KeyCorp |  | 306539 |
| 6049 | Synchrony Financial |  | 421434 |
|  |  |  | 1722887 |
|  **Electrical Equipment, Appliance, and Component Manufacturing - 1.8%** | **Electrical Equipment, Appliance, and Component Manufacturing - 1.8%** |  |  |
| 2434 | Emerson Electric Co. |  | 354172 |
| 2212 | Generac Holdings, Inc. (a) |  | 430654 |
| 890 | Rockwell Automation, Inc. |  | 313022 |
|  |  |  | 1097848 |
|  **Fabricated Metal Product Manufacturing - 1.0%** | **Fabricated Metal Product Manufacturing - 1.0%** |  |  |
| 2263 | Nucor Corp. |  | 323767 |
| 4452 | Stanley Black & Decker, Inc. |  | 301178 |
|  |  |  | 624945 |
|  **Food Services and Drinking Places - 0.6%** | **Food Services and Drinking Places - 0.6%** |  |  |
| 1476 | DoorDash, Inc. (a) |  | 369369 |
|  **General Merchandise Retailers - 1.1%** | **General Merchandise Retailers - 1.1%** |  |  |
| 1522 | Amazon.com, Inc. (a) |  | 356315 |
| 1890 | Williams-Sonoma, Inc. |  | 353525 |
|  |  |  | 709840 |
|  **Machinery Manufacturing - 1.8%** | **Machinery Manufacturing - 1.8%** |  |  |
| 2479 | Applied Materials, Inc. |  | 446369 |
| 1234 | GE Aerospace |  | 334513 |
| 487 | Parker Hannifin Corp. |  | 356435 |
|  |  |  | 1137317 |
|  **Management of Companies and Enterprises - 0.9%** | **Management of Companies and Enterprises - 0.9%** |  |  |
| 20845 | Norwegian Cruise Line Holdings Ltd. ADR (a) |  | 532798 |
|  **Merchant Wholesalers, Durable Goods - 1.8%** | **Merchant Wholesalers, Durable Goods - 1.8%** |  |  |
| 753 | Hubbell, Inc. |  | 329423 |
| 2936 | Johnson Controls International PLC ADR (Ireland) |  | 308280 |
| 576 | KLA-Tencor Corp. |  | 506321 |
|  |  |  | 1144024 |
|  **Mining (except Oil and Gas) - 0.6%** | **Mining (except Oil and Gas) - 0.6%** |  |  |
| 9052 | Freeport-McMoRan Copper & Gold, Inc. |  | 364253 |
|  **Miscellaneous Manufacturing - 1.3%** | **Miscellaneous Manufacturing - 1.3%** |  |  |
| 1524 | Align Technology, Inc. (a) |  | 196611 |
| 4264 | Estee Lauder Companies, Inc. Class A |  | 398002 |
| 494 | Intuitive Surgical, Inc. (a) |  | 237658 |
|  |  |  | 832271 |
|  **Oil and Gas Extraction - 1.1%** | **Oil and Gas Extraction - 1.1%** |  |  |
| 19966 | APA Corp. |  | 385144 |
| 8601 | Devon Energy Corp. |  | 285725 |
|  |  |  | 670869 |
|  **Performing Arts, Spectator Sports, and Related Industries - 0.5%** | **Performing Arts, Spectator Sports, and Related Industries - 0.5%** |  |  |
| 12668 | Caesars Entertainment, Inc. (a) |  | 337982 |
|  **Primary Metal Manufacturing - 0.9%** | **Primary Metal Manufacturing - 0.9%** |  |  |
| 1900 | Howmet Aerospace, Inc. |  | 341563 |

---

------

---

| |
|:---|
| **Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| 1919 | Steel Dynamics, Inc. | 244788 |
|  |  | 586351 |
|  **Professional, Scientific, and Technical Services - 4.7%** | **Professional, Scientific, and Technical Services - 4.7%** |  |
| 2064 | Charles River Laboratories International, Inc. (a) | 350137 |
| 1064 | Eaton Corporation PLC ADR (Ireland) | 409342 |
| 488 | Meta Platforms, Inc. | 377439 |
| 10449 | Moderna, Inc. (a)(b) | 308872 |
| 2086 | Oracle Corp. | 529364 |
| 4227 | Palantir Technologies, Inc. (a) | 669345 |
| 304 | ServiceNow, Inc. (a) | 286709 |
|  |  | 2931208 |
|  **Publishing Industries - 3.0%** | **Publishing Industries - 3.0%** |  |
| 1061 | Cadence Design Systems, Inc. (a) | 386809 |
| 838 | CrowdStrike Holdings, Inc. (a) | 380930 |
| 4947 | Dayforce, Inc. (a) | 285294 |
| 20586 | Hewlett Packard Enterprise Co. | 425924 |
| 686 | Synopsys, Inc. (a) | 434560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913517 |
|  **Rental and Leasing Services - 0.6%** | **Rental and Leasing Services - 0.6%** |  |
| 448 | United Rentals, Inc. | 395557 |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 4.0%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 4.0%** |  |
| 2846 | Apollo Global Management, Inc. | 413581 |
| 522 | Goldman Sachs Group, Inc. | 377714 |
| 21870 | Invesco Ltd. ADR | 459489 |
| 3395 | KKR & Co., Inc. | 497639 |
| 2392 | Morgan Stanley | 340764 |
| 2377 | The Blackstone Group, Inc. | 411126 |
|  |  | 2500313 |
|  **Specialty Trade Contractors - 0.6%** | **Specialty Trade Contractors - 0.6%** |  |
| 877 | Quanta Services, Inc. | 356176 |
|  **Support Activities for Mining - 0.5%** | **Support Activities for Mining - 0.5%** |  |
| 13028 | Halliburton Co. | 291827 |
|  **Support Activities for Transportation - 0.5%** | **Support Activities for Transportation - 0.5%** |  |
| 1738 | Expedia, Inc. | 313222 |
|  **Transportation Equipment Manufacturing - 1.4%** | **Transportation Equipment Manufacturing - 1.4%** |  |
| 1396 | Boeing Co. (a) | 309689 |
| 1919 | Tesla, Inc. (a) | 591570 |
|  |  | 901259 |
|  **Utilities - 4.1%** | **Utilities - 4.1%** |  |
| 1421 | Constellation Energy Corp. | 494281 |
| 1000 | GE Vernova, Inc. | 660290 |
| 2764 | NRG Energy, Inc. | 462141 |
| 239 | Texas Pacific Land Corp. (b) | 231383 |
| 3351 | Vistra Corp. | 698817 |
|  |  | 2546912 |
|  **Water Transportation - 0.9%** | **Water Transportation - 0.9%** |  |
| 18107 | Carnival Corp. ADR (Panama) (a) | 539045 |
|  | TOTAL COMMON STOCKS (Cost $35,632,824) | $41251399 |
|  **SHORT TERM INVESTMENTS - 37.1%** | **SHORT TERM INVESTMENTS - 37.1%** |  |
|  **Money Market Funds - 37.1%** | **Money Market Funds - 37.1%** |  |
| 11978937 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $11978937 |
| 3770000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(c)</sup> | 3770000 |
| 7570023 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> | 7570023 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $23,318,960) | $23318960 |
|  | TOTAL INVESTMENTS (Cost $58,951,784) - 102.8% <sup>(e)</sup> | $64570359 |
|  | Liabilities in Excess of Other Assets - (2.8)% | (1769905) |
|  | TOTAL NET ASSETS - 100.0% | $62800454 |

---

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></sup>

<sup>(c)</sup> Represents annualized seven-day yield at July 31, 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 $37,198,283. 

ADR - American Depository Receipt

**Long Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received<br>at Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  Total return of S&P 500<sup>®</sup> High Beta Index | SOFR + 0.8000% | J.P. Morgan | 12/16/2025 | 1056 | $22614170 | $2820809 |
|  Total return of S&P 500<sup>®</sup> High Beta Index | SOFR + 0.2800% | UBS Securities LLC | 12/17/2025 | 2098 | 38375788 | 12069582 |
|  Total return of S&P 500<sup>®</sup> High Beta Index | SOFR + 0.7700% | Citibank N.A. | 12/19/2025 | 1873 | 32391762 | 12606608 |
|  Total return of S&P 500<sup>®</sup> High Beta Index | SOFR + 0.6800% | Barclays | 12/22/2025 | 1045 | 24042403 | 1195598 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117424123 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28692597 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily S&P 500® **High Beta Bear 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 138.0%** | **SHORT TERM INVESTMENTS - 138.0%** |  |  |
|  **Money Market Funds - 138.0%** |  |  |  |
| 19993750 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 19993750 |
| 2780489 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 2780489 |
| 13665564 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 13665564 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $36,439,803) <sup>(b)</sup> | $— | 36439803 |
|  | TOTAL INVESTMENTS (Cost $36,439,803) - 138.0% | $— | 36439803 |
|  | Liabilities in Excess of Other Assets - (38.0)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10036950) |
|  | TOTAL NET ASSETS - 100.0% | $— | 26402853 |

---

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 July 31, 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 $24,820,156. 

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  SOFR + 0.2000% | Total return of S&P 500® High Beta Index | Bank of America Merrill Lynch | 12/11/2025 | 518 | $11230355 | $(1144277) |
|  SOFR + 0.5900% | Total return of S&P 500® High Beta Index | J.P. Morgan | 12/16/2025 | 462 | 10251237 | (716782) |
|  SOFR + (0.1000)% | Total return of S&P 500® High Beta Index | UBS Securities LLC | 12/17/2025 | 917 | 16574672 | (5504148) |
|  SOFR + 0.5700% | Total return of S&P 500® High Beta Index | Citibank N.A. | 12/19/2025 | 682 | 13776569 | (2656618) |
|  SOFR + 0.4500% | Total return of S&P 500® High Beta Index | Barclays | 12/22/2025 | 689 | 16561026 | (121771) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68393859 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10143596) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily S&P Biotech Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 70.2%** |  |  |  |
|  **Ambulatory Health Care Services - 2.4%** | **Ambulatory Health Care Services - 2.4%** | **Ambulatory Health Care Services - 2.4%** | **Ambulatory Health Care Services - 2.4%** |
| 91882 | ARS Pharmaceuticals, Inc. (a)(b) | $— | 1624474 |
| 81110 | CareDx, Inc. (a) |  | 996437 |
| 61712 | Keros Therapeutics, Inc. (a) |  | 883716 |
| 65505 | Natera, Inc. (a) |  | 8755398 |
| 123679 | Veracyte, Inc. (a) |  | 2907693 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15167718 |
|  **Chemical Manufacturing - 52.6%** | **Chemical Manufacturing - 52.6%** |  |  |
| 139051 | 89bio, Inc. (a) |  | 1320985 |
| 57059 | AbbVie, Inc. |  | 10785292 |
| 142902 | Acadia Pharmaceuticals Inc. (a) |  | 3405355 |
| 302226 | ADMA Biologics, Inc. (a) |  | 5651626 |
| 56142 | Agios Pharmaceuticals, Inc. (a) |  | 2089605 |
| 288619 | Akebia Therapeutics, Inc. (a) |  | 1063561 |
| 183297 | Alkermes PLC ADR (Ireland) (a) |  | 4855538 |
| 36590 | Alnylam Pharmaceuticals, Inc. (a) |  | 14352062 |
| 115938 | Altimmune, Inc. (a)(b) |  | 427811 |
| 37435 | Amgen, Inc. |  | 11047068 |
| 471703 | Amicus Therapeutics, Inc. (a) |  | 2825501 |
| 100524 | Arbutus Biopharma Corp. ADR (Canada) (a)(b) |  | 329719 |
| 64073 | Arcellx, Inc. (a)(b) |  | 4574171 |
| 42793 | Arcturus Therapeutics Holdings, Inc. (a) |  | 522503 |
| 112159 | Arcus Biosciences, Inc. (a)(b) |  | 1024012 |
| 175420 | Arcutis Biotherapeutics, Inc. (a) |  | 2557624 |
| 161293 | Arrowhead Pharmaceuticals, Inc. (a) |  | 2548429 |
| 144206 | Avidity Biosciences, Inc. (a) |  | 5293802 |
| 139605 | Beam Therapeutics, Inc. (a)(b) |  | 2751615 |
| 342043 | BioCryst Pharmaceuticals, Inc. (a) |  | 2784230 |
| 82113 | Biogen, Inc. (a) |  | 10510464 |
| 137726 | Biohaven Ltd. ADR (a) |  | 2079663 |
| 191127 | BioMarin Pharmaceutical, Inc. (a) |  | 11056697 |
| 223651 | BridgeBio Pharma, Inc. (a)(b) |  | 10571983 |
| 54490 | Capricor Therapeutics, Inc. (a)(b) |  | 445728 |
| 108790 | Catalyst Pharmaceuticals, Inc. (a) |  | 2320491 |
| 81327 | Celldex Therapeutics, Inc. (a) |  | 1787567 |
| 104181 | Cogent Biosciences, Inc. (a) |  | 1189747 |
| 103149 | Crinetics Pharmaceuticals, Inc. (a) |  | 2949030 |
| 138951 | Denali Therapeutics, Inc. (a) |  | 1921692 |
| 32414 | Dianthus Therapeutics, Inc. (a)(b) |  | 669997 |
| 88552 | Emergent BioSolutions Inc. (a) |  | 520686 |
| 196279 | Exact Sciences Corp. (a) |  | 9215299 |
| 941607 | Geron Corp. (a) |  | 1082848 |
| 99960 | Gilead Sciences, Inc. |  | 11224508 |
| 46632 | GRAIL, Inc. (a)(b) |  | 1595281 |
| 202892 | Halozyme Therapeutics, Inc. (a) |  | 12167433 |
| 210541 | Humacyte, Inc. (a)(b) |  | 505298 |
| 286935 | ImmunityBio, Inc. (a)(b) |  | 705860 |
| 86827 | Immunome, Inc. (a)(b) |  | 913420 |
| 158684 | Incyte Corp. (a) |  | 11883845 |
| 111493 | Insmed, Inc. (a) |  | 11960969 |
| 146374 | Intellia Therapeutics, Inc. (a) |  | 1703793 |
| 164537 | Ionis Pharmaceuticals, Inc. (a)(b) |  | 7071800 |
| 53335 | Janux Therapeutics, Inc. (a) |  | 1280840 |
| 53316 | KalVista Pharmaceuticals, Inc. (a) |  | 726697 |
| 39385 | Krystal Biotech, Inc. (a) |  | 6060170 |
| 27880 | Madrigal Pharmaceuticals, Inc. (a) |  | 8433979 |
| 267419 | MannKind Corp. (a) |  | 1010844 |
| 21922 | Metsera, Inc. (a)(b) |  | 723207 |
| 65209 | Mineralys Therapeutics, Inc. (a) |  | 922707 |
| 42279 | Mirum Pharmaceuticals, Inc. (a) |  | 2184979 |
| 128363 | Myriad Genetics, Inc. (a) |  | 492914 |
| 87988 | Neurocrine Biosciences, Inc. (a) |  | 11282701 |
| 288688 | Novavax, Inc. (a)(b) |  | 1919775 |
| 48476 | ORIC Pharmaceuticals, Inc. (a) |  | 483306 |
| 110959 | PTC Therapeutics, Inc. (a) |  | 5782073 |
| 21081 | Regeneron Pharmaceuticals, Inc. |  | 11498842 |
| 68939 | REGENXBIO, Inc. (a) |  | 586671 |
| 90390 | Replimune Group, Inc. (a) |  | 635442 |
| 58652 | Rhythm Pharmaceuticals, Inc. (a) |  | 4998910 |
| 20800 | Rigel Pharmaceuticals, Inc. (a) |  | 438048 |
| 671538 | Roivant Sciences Ltd. ADR (Ireland) (a) |  | 7628672 |
| 168251 | Sarepta Therapeutics, Inc. (a)(b) |  | 2762681 |
| 113489 | Scholar Rock Holding Corp. (a)(b) |  | 4204767 |
| 53874 | Soleno Therapeutics, Inc. (a) |  | 4658485 |
| 57909 | Spyre Therapeutics, Inc. (a)(b) |  | 982716 |
| 58476 | Stoke Therapeutics, Inc. (a)(b) |  | 751417 |
| 226001 | Summit Therapeutics, Inc. (a)(b) |  | 5959646 |
| 143256 | Syndax Pharmaceuticals, Inc. (a) |  | 1421100 |
| 134877 | Taysha Gene Therapies, Inc. (a) |  | 368214 |
| 213922 | TG Therapeutics, Inc. (a)(b) |  | 7594231 |
| 140766 | Travere Therapeutics, Inc. (a) |  | 2174835 |
| 85985 | Twist Bioscience Corp. (a) |  | 2886516 |
| 92167 | Ultragenyx Pharmaceutical, Inc. (a) |  | 2518002 |
| 78202 | uniQure N.V. ADR (Netherlands) (a) |  | 1088572 |
| 39516 | United Therapeutics Corp. (a) |  | 10855045 |
| 81905 | Vera Therapeutics, Inc. (a) |  | 1702805 |
| 119165 | Verastem, Inc. (a) |  | 735248 |
| 53973 | Vericel Corp. (a) |  | 1885817 |
| 24145 | Vertex Pharmaceuticals, Inc. (a) |  | 11031126 |
| 178991 | Viking Therapeutics, Inc. (a)(b) |  | 5829737 |
| 86840 | Viridian Therapeutics, Inc. (a) |  | 1521437 |
| 102969 | Xencor, Inc. (a) |  | 856702 |
|  |  |  | 335144484 |
|  **Hospitals - 0.7%** | **Hospitals - 0.7%** |  |  |
| 54999 | Nuvalent, Inc. (a) |  | 4309172 |
|  **Merchant Wholesalers, Durable Goods - 0.2%** | **Merchant Wholesalers, Durable Goods - 0.2%** |  |  |
| 125295 | Dyne Therapeutics, Inc. (a) |  | 1234156 |
|  **Merchant Wholesalers, Nondurable Goods - 1.9%** | **Merchant Wholesalers, Nondurable Goods - 1.9%** |  |  |
| 105837 | Akero Therapeutics, Inc. (a) |  | 5170138 |
| 28187 | Praxis Precision Medicines, Inc. (a) |  | 1528299 |
| 91528 | Protagonist Therapeutics, Inc. (a)(b) |  | 4929698 |
| 206798 | Relay Therapeutics, Inc. (a) |  | 727929 |
|  |  |  | 12356064 |

---

------

---

| |
|:---|
| **Direxion Daily S&P Biotech Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  **Miscellaneous Manufacturing - 0.1%** | **Miscellaneous Manufacturing - 0.1%** |  |
| 71569 | MiMedx Group, Inc. (a) | 514581 |
|  **Professional, Scientific, and Technical Services - 11.6%** | **Professional, Scientific, and Technical Services - 11.6%** |  |
| 30495 | AnaptysBio, Inc. (a) | 748652 |
| 104719 | Anavex Life Sciences Corp. (a)(b) | 1183325 |
| 163479 | Apellis Pharmaceuticals, Inc. (a) | 3652121 |
| 47970 | Apogee Therapeutics, Inc. (a) | 1835332 |
| 408578 | Ardelyx, Inc. (a) | 1732371 |
| 17898 | ArriVent Biopharma, Inc. (a) | 349190 |
| 91180 | CG Oncology, Inc. (a)(b) | 2433594 |
| 129968 | Crispr Therapeutics AG ADR (Switzerland) (a) | 7312000 |
| 44587 | Cullinan Therapeutics, Inc. (a) | 346441 |
| 192645 | Cytokinetics, Inc. (a)(b) | 7251158 |
| 112161 | Day One Biopharmaceuticals, Inc. (a) | 752600 |
| 184909 | Dynavax Technologies Corp. (a)(b) | 2030301 |
| 263706 | Exelixis, Inc. (a) | 9551431 |
| 124794 | IDEAYA Biosciences, Inc. (a)(b) | 3038734 |
| 119459 | Kura Oncology, Inc. (a) | 722727 |
| 45611 | Kymera Therapeutics, Inc. (a) | 1995481 |
| 393695 | Moderna, Inc. (a) | 11637624 |
| 86064 | Nurix Therapeutics, Inc. (a) | 969080 |
| 404786 | Recursion Pharmaceuticals, Inc. (a)(b) | 2408477 |
| 173857 | Revolution Medicines, Inc. (a) | 6479650 |
| 187327 | Vaxcyte, Inc. (a) | 6359752 |
| 150043 | Vir Biotechnology, Inc. (a) | 760718 |
|  |  | 73550759 |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.6%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.6%** |  |
| 35789 | Disc Medicine, Inc. (a)(b) | 2138751 |
| 121006 | Immunovant, Inc. (a)(b) | 1945776 |
|  |  | 4084527 |
|  **Support Activities for Transportation - 0.1%** | **Support Activities for Transportation - 0.1%** |  |
| 332383 | Iovance Biotherapeutics, Inc. (a) | 854224 |
|  | TOTAL COMMON STOCKS<br> (Cost $445,477,132) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447215685 |
|  **SHORT TERM INVESTMENTS - 41.7%** | **SHORT TERM INVESTMENTS - 41.7%** |  |
|  **Money Market Funds - 41.7%** | **Money Market Funds - 41.7%** |  |
| 103434397 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $103434397 |
| 27869596 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(c)</sup> | 27869596 |
| 68331150 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(c)</sup> | 68331150 |
| 65974124 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> | 65974124 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $265,609,267) | $265609267 |
|  | TOTAL INVESTMENTS (Cost $711,086,399) - 111.9% <sup>(e)</sup> | $712824952 |
|  | Liabilities in Excess of Other Assets - (11.9)% | (76129490) |
|  | TOTAL NET ASSETS - 100.0% | $636695462 |

---

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 July 31, 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 $473,467,432. 

ADR - American Depository Receipt

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Total return of S&P Biotechnology<br> Select Industry Index | SOFR + 0.9500% | BNP Paribas | 12/5/2025 | 12129 | $93373408 | $(15552194) |
|  Total return of S&P Biotechnology<br> Select Industry Index | SOFR + 0.8500% | Goldman Sachs | 12/10/2025 | 24749 | 185141541 | (25843957) |
|  Total return of S&P Biotechnology<br> Select Industry Index | SOFR + 0.6800% | Bank of America Merrill Lynch | 12/11/2025 | 35666 | 243872926 | (12343526) |
|  Total return of S&P Biotechnology<br> Select Industry Index | SOFR + 0.6000% | J.P. Morgan | 12/16/2025 | 22084 | 145299199 | 611609 |
|  Total return of S&P Biotechnology<br> Select Industry Index | SOFR + 0.5400% | UBS Securities LLC | 12/17/2025 | 25717 | 151771425 | 17507247 |
|  Total return of S&P Biotechnology<br> Select Industry Index | SOFR + 0.8400% | Citibank N.A. | 12/19/2025 | 25290 | 165353431 | 2528788 |
|  Total return of S&P Biotechnology Select Industry Index | SOFR + 0.7700% | Barclays | 12/22/2025 | 73635 | 442531308 | 43423312 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427343238 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10331279 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily S&P Biotech Bear 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 97.5%** | **SHORT TERM INVESTMENTS - 97.5%** | **SHORT TERM INVESTMENTS - 97.5%** | **SHORT TERM INVESTMENTS - 97.5%** |
|  **Money Market Funds - 97.5%** | **Money Market Funds - 97.5%** | **Money Market Funds - 97.5%** | **Money Market Funds - 97.5%** |
| 25533299 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 25533299 |
| 6401504 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 6401504 |
| 10257299 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 10257299 |
| 21601337 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 21601337 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $63,793,439) <sup>(b)</sup> | $— | 63793439 |
|  | TOTAL INVESTMENTS (Cost $63,793,439) - 97.5% | $— | 63793439 |
|  | Other Assets in Excess of Liabilities - 2.5% |  | 1654100 |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65447539 |

---

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 July 31, 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 $39,730,597. 

**Short Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  SOFR + 0.6300% | Total return of S&P Biotechnology Select Industry Index | Goldman Sachs | 12/10/2025 | 4800 | $34878945 | $3812815 |
|  SOFR + 0.4800% | Total return of S&P Biotechnology Select Industry Index | Bank of America Merrill Lynch | 12/11/2025 | 2489 | 18039519 | 1858273 |
|  SOFR + 0.3900% | Total return of S&P Biotechnology Select Industry Index | J.P. Morgan | 12/16/2025 | 4526 | 31088538 | 1233854 |
|  SOFR + 0.1000% | Total return of S&P Biotechnology Select Industry Index | UBS Securities LLC | 12/17/2025 | 1189 | 7724068 | (62675) |
|  SOFR + 0.5500% | Total return of S&P Biotechnology Select Industry Index | Citibank N.A. | 12/19/2025 | 10338 | 72140883 | 3633857 |
|  SOFR + 0.5300% | Total return of S&P Biotechnology Select Industry Index | Barclays | 12/22/2025 | 6089 | 38421090 | (1803095) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202293043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8673029 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Semiconductor Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 71.3%** | **COMMON STOCKS - 71.3%** | **COMMON STOCKS - 71.3%** | **COMMON STOCKS - 71.3%** |
|  **Computer and Electronic Product Manufacturing - 58.5%** | **Computer and Electronic Product Manufacturing - 58.5%** | **Computer and Electronic Product Manufacturing - 58.5%** | **Computer and Electronic Product Manufacturing - 58.5%** |
| 5448117 | Advanced Micro Devices, Inc. (a) | $— | 960557508 |
| 1409987 | Analog Devices, Inc. |  | 316725380 |
| 6568726 | ASE Technology Holding Co., Ltd. ADR (Taiwan) |  | 62402897 |
| 2489583 | Broadcom, Inc. |  | 731190527 |
| 15432205 | Intel Corp. (a) |  | 305557659 |
| 3731556 | Lam Research Corp. |  | 353900771 |
| 1584035 | Lattice Semiconductor Corp. (a)(b) |  | 78932464 |
| 5194641 | Microchip Technology, Inc. |  | 351105785 |
| 3191789 | Micron Technology, Inc. |  | 348351852 |
| 779146 | MKS, Inc. |  | 74159116 |
| 455636 | Monolithic Power Systems, Inc. |  | 324066549 |
| 4461429 | NVIDIA Corp. |  | 793554376 |
| 1577881 | NXP Semiconductors NV ADR (Netherlands) |  | 337303621 |
| 4855915 | ON Semiconductor Corp. (a) |  | 273679370 |
| 1079147 | Qorvo, Inc. (a) |  | 90216689 |
| 3532974 | Qualcomm, Inc. |  | 518499264 |
| 1749547 | Skyworks Solutions, Inc. |  | 119913951 |
| 2684250 | STMicroelectronics NV ADR (Netherlands) |  | 68260478 |
| 1347815 | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) ADR |  | 325659060 |
| 1872646 | Teradyne, Inc. |  | 201178360 |
| 2803294 | Texas Instruments, Inc. |  | 507564412 |
| 7466714 | United Microelectronics Corp. ADR (Taiwan) (b) |  | 51072324 |
| 509371 | Universal Display Corp. |  | 73553172 |
|  |  |  | 7267405585 |
|  **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.4%** | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.4%** | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.4%** | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.4%** |
| 567702 | Onto Innovation, Inc. (a) |  | 53789764 |
|  **Machinery Manufacturing - 4.8%** | **Machinery Manufacturing - 4.8%** | **Machinery Manufacturing - 4.8%** | **Machinery Manufacturing - 4.8%** |
| 1923013 | Applied Materials, Inc. |  | 346257721 |
| 353222 | ASML Holding NV ADR (Netherlands) |  | 245386855 |
|  |  |  | 591644576 |
|  **Management of Companies and Enterprises - 0.4%** | **Management of Companies and Enterprises - 0.4%** | **Management of Companies and Enterprises - 0.4%** | **Management of Companies and Enterprises - 0.4%** |
| 378336 | ARM Holdings PLC ADR (United Kingdom) (a)(b) |  | 53487252 |
|  **Merchant Wholesalers, Durable Goods - 3.9%** | **Merchant Wholesalers, Durable Goods - 3.9%** | **Merchant Wholesalers, Durable Goods - 3.9%** | **Merchant Wholesalers, Durable Goods - 3.9%** |
| 1749025 | Entegris, Inc. (b) |  | 137228502 |
| 398477 | KLA-Tencor Corp. |  | 350273237 |
|  |  |  | 487501739 |
|  **Professional, Scientific, and Technical Services - 3.3%** | **Professional, Scientific, and Technical Services - 3.3%** | **Professional, Scientific, and Technical Services - 3.3%** | **Professional, Scientific, and Technical Services - 3.3%** |
| 5016173 | Marvell Technology, Inc. |  | 403149824 |
|  | TOTAL COMMON STOCKS (Cost $7,532,029,047) | $— | 8856978740 |
|  **SHORT TERM INVESTMENTS - 32.0%** | **SHORT TERM INVESTMENTS - 32.0%** | **SHORT TERM INVESTMENTS - 32.0%** | **SHORT TERM INVESTMENTS - 32.0%** |
|  **Money Market Funds - 32.0%** | **Money Market Funds - 32.0%** | **Money Market Funds - 32.0%** | **Money Market Funds - 32.0%** |
| 1267828982 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 1267828982 |
| 1429700000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(c)</sup> |  | 1429700000 |
| 7 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(c)</sup> |  | 7 |
| 487380645 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 487380645 |
| 782000000 | JPMorgan 100% U.S. Treasury Securities Money Market Fund Institutional Shares, 4.16% <sup>(c)</sup> |  | 782000000 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $3,966,909,634) | $— | 3966909634 |
|  | TOTAL INVESTMENTS (Cost $11,498,938,681) - 103.3% <sup>(e)</sup> | $— | 12823888374 |
|  | Liabilities in Excess of Other Assets - (3.3)% |  | (409543404) |
|  | TOTAL NET ASSETS - 100.0% | $— | 12414344970 |

---

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 July 31, 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 $3,385,861,774. 

ADR - American Depository Receipt

**Long Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized Appreciation<br>(Depreciation)** |
|  Total return of ICE Semiconductor Index | SOFR + 0.9900% | BNP Paribas | 12/5/2025 | 990980 | $872075180 | $323250544 |
|  Total return of ICE Semiconductor Index | SOFR + 0.9400% | Goldman Sachs | 12/10/2025 | 5013087 | 5322947570 | 767235470 |
|  Total return of ICE Semiconductor Index | SOFR + 0.9800% | Bank of America Merrill Lynch | 12/11/2025 | 6408333 | 7921531300 | (111790480) |
|  Total return of ICE Semiconductor Index | SOFR + 0.5300% | Societe Generale | 12/12/2025 | 100000 | 116065999 | 3394586 |
|  Total return of ICE Semiconductor Index | SOFR + 0.9200% | J.P. Morgan | 12/16/2025 | 1530363 | 1582663742 | 278275935 |
|  Total return of ICE Semiconductor Index | SOFR + 0.7200% | UBS Securities LLC | 12/17/2025 | 1884709 | 1678183828 | 609962716 |
|  Total return of ICE Semiconductor Index | SOFR + 0.9400% | Citibank N.A. | 12/19/2025 | 2271683 | 1911805211 | 847833449 |
|  Total return of ICE Semiconductor Index | SOFR + 0.9200% | Barclays | 12/22/2025 | 5004310 | 6009851194 | 86480306 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25415124024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804642526 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Semiconductor Bear 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 126.6%** | **SHORT TERM INVESTMENTS - 126.6%** |  |  |
|  **Money Market Funds - 126.6%** | **Money Market Funds - 126.6%** | **Money Market Funds - 126.6%** | **Money Market Funds - 126.6%** |
| 767910027 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 767910027 |
| 218868686 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 218868686 |
| 312915261 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 312915261 |
| 504086130 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 504086130 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $1,803,780,104) <sup>(b)</sup> | $— | 1803780104 |
|  | TOTAL INVESTMENTS (Cost $1,803,780,104) - 126.6% | $— | 1803780104 |
|  | Liabilities in Excess of Other Assets - (26.6)% |  | (378645191) |
|  | TOTAL NET ASSETS - 100.0% | $— | 1425134913 |

---

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 July 31, 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 $1,265,220,681. 

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  SOFR + 0.1500% | Total return of ICE Semiconductor Index | BNP Paribas | 12/5/2025 | 218923 | $242890561 | $(22480531) |
|  SOFR + 0.6800% | Total return of ICE Semiconductor Index | Goldman Sachs | 12/10/2025 | 527778 | 602994918 | (38342793) |
|  SOFR + 0.7800% | Total return of ICE Semiconductor Index | Bank of America Merrill Lynch | 12/11/2025 | 478658 | 546390391 | (35273959) |
|  SOFR + 0.3300% | Total return of ICE Semiconductor Index | Societe Generale | 12/12/2025 | 100000 | 116065999 | (3586556) |
|  SOFR + 0.6200% | Total return of ICE Semiconductor Index | J.P. Morgan | 12/16/2025 | 32587 | 37130931 | (1817573) |
|  SOFR + 0.3500% | Total return of ICE Semiconductor Index | UBS Securities LLC | 12/17/2025 | 432771 | 486391421 | (37696446) |
|  SOFR + 0.6900% | Total return of ICE Semiconductor Index | Citibank N.A. | 12/19/2025 | 440503 | 380575391 | (154609458) |
|  SOFR + 0.6800% | Total return of ICE Semiconductor Index | Barclays | 12/22/2025 | 1263531 | 1548347488 | 6039657 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960787100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(287767659) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Technology Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  **COMMON STOCKS - 69.4%** | **COMMON STOCKS - 69.4%** | **COMMON STOCKS - 69.4%** |
|  **Administrative and Support Services - 0.2%** | **Administrative and Support Services - 0.2%** | **Administrative and Support Services - 0.2%** |
| 18762 | Gartner, Inc. (a) | 6353751 |
|  **Computer and Electronic Product Manufacturing - 40.0%** | **Computer and Electronic Product Manufacturing - 40.0%** | **Computer and Electronic Product Manufacturing - 40.0%** |
| 395260 | Advanced Micro Devices, Inc. (a) | 69688291 |
| 294872 | Amphenol Corp. Class A | 31406817 |
| 120907 | Analog Devices, Inc. | 27159339 |
| 1395276 | Apple, Inc. | 289617439 |
| 251052 | Arista Networks, Inc. (a) | 30934628 |
| 439242 | Broadcom, Inc. | 129005375 |
| 969805 | Cisco Systems, Inc. | 66024324 |
| 73032 | Dell Technologies, Inc. | 9690616 |
| 31986 | Enphase Energy, Inc. (a) | 1035067 |
| 26138 | First Solar, Inc. (a) | 4567093 |
| 154871 | Fortinet, Inc. (a) | 15471613 |
| 229807 | HP, Inc. | 5699214 |
| 1063343 | Intel Corp. (a) | 21054191 |
| 226561 | International Business Machines Corp. | 57353917 |
| 26164 | Jabil Circuit, Inc. | 5839020 |
| 42127 | Keysight Technologies, Inc. (a) | 6905037 |
| 311816 | Lam Research Corp. | 29572630 |
| 131108 | Microchip Technology, Inc. | 8861590 |
| 272437 | Micron Technology, Inc. | 29733774 |
| 11669 | Monolithic Power Systems, Inc. | 8299460 |
| 40691 | Motorola Solutions, Inc. | 17862535 |
| 49587 | NetApp, Inc. | 5163494 |
| 2278232 | NVIDIA Corp. | 405229126 |
| 61588 | NXP Semiconductors NV ADR (Netherlands) | 13165667 |
| 101870 | ON Semiconductor Corp. (a) | 5741393 |
| 161404 | Palto Alto Networks, Inc. (a) | 28019734 |
| 267469 | Qualcomm, Inc. | 39253751 |
| 26206 | Roper Technologies, Inc. | 14423782 |
| 51733 | Seagate Technology Holdings PLC ADR (Ireland) | 8122598 |
| 36598 | Skyworks Solutions, Inc. | 2508427 |
| 125120 | Super Micro Computer, Inc. (a) | 7378326 |
| 11421 | Teledyne Technologies, Inc. (a) | 6293200 |
| 39105 | Teradyne, Inc. | 4201050 |
| 221457 | Texas Instruments, Inc. | 40097004 |
| 58160 | Trimble, Inc. (a) | 4879042 |
| 85044 | Western Digital Corp. | 6692112 |
| 12399 | Zebra Technologies Corp. Class A (a) | 4203509 |
|  |  | 1461154185 |
|  **Machinery Manufacturing - 1.0%** | **Machinery Manufacturing - 1.0%** | **Machinery Manufacturing - 1.0%** |
| 198055 | Applied Materials, Inc. | 35661783 |
|  **Merchant Wholesalers, Durable Goods - 1.2%** | **Merchant Wholesalers, Durable Goods - 1.2%** | **Merchant Wholesalers, Durable Goods - 1.2%** |
| 32235 | KLA-Tencor Corp. | 28335532 |
| 72292 | TE Connectivity PLC ADR (Ireland) | 14874079 |
|  |  | 43209611 |
|  **Nonmetallic Mineral Product Manufacturing - 0.3%** | **Nonmetallic Mineral Product Manufacturing - 0.3%** | **Nonmetallic Mineral Product Manufacturing - 0.3%** |
| 187908 | Corning, Inc. | 11883302 |
|  **Professional, Scientific, and Technical Services - 8.8%** | **Professional, Scientific, and Technical Services - 8.8%** | **Professional, Scientific, and Technical Services - 8.8%** |
| 152609 | Accenture PLC Class A ADR (Ireland) | 40761864 |
| 32102 | CDW Corp. | 5597947 |
| 120168 | Cognizant Technology Solutions Corp. Class A | 8623256 |
| 13811 | EPAM Systems, Inc. (a) | 2178133 |
| 14000 | F5 Networks, Inc. (a) | 4387880 |
| 34737 | GoDaddy, Inc. (a) | 5612804 |
| 396488 | Oracle Corp. | 100616760 |
| 518540 | Palantir Technologies, Inc. (a) | 82110809 |
| 29237 | PTC, Inc. (a) | 6280400 |
| 50463 | ServiceNow, Inc. (a) | 47592664 |
| 20491 | VeriSign, Inc. | 5509415 |
| 52810 | Workday, Inc. (a) | 12113558 |
|  |  | 321385490 |
|  **Publishing Industries - 17.9%** | **Publishing Industries - 17.9%** | **Publishing Industries - 17.9%** |
| 103896 | Adobe, Inc. (a) | 37162560 |
| 35641 | Akamai Technologies, Inc. (a) | 2719765 |
| 52154 | Autodesk, Inc. (a) | 15808399 |
| 66562 | Cadence Design Systems, Inc. (a) | 24266508 |
| 60718 | CrowdStrike Holdings, Inc. (a) | 27600581 |
| 45168 | Datadog, Inc. (a) | 6322617 |
| 5931 | Fair Isaac Corp. (a) | 8521186 |
| 133052 | Gen Digital, Inc. | 3923703 |
| 320217 | Hewlett Packard Enterprise Co. | 6625290 |
| 68152 | Intuit, Inc. | 53508180 |
| 694332 | Microsoft Corp. | 370426122 |
| 233893 | Salesforce, Inc. | 60421579 |
| 44975 | Synopsys, Inc. (a) | 28490313 |
| 10512 | Tyler Technologies, Inc. (a) | 6144896 |
|  |  | 651941699 |
|  | TOTAL COMMON STOCKS (Cost $2,022,809,380) | 2531589821 |
|  **SHORT TERM INVESTMENTS - 41.8%** | **SHORT TERM INVESTMENTS - 41.8%** | **SHORT TERM INVESTMENTS - 41.8%** |
|  **Money Market Funds - 41.8%** | **Money Market Funds - 41.8%** | **Money Market Funds - 41.8%** |
| 726758078 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | 726758078 |
| 36360439 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(b)</sup> | 36360439 |
| 126469394 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(b)</sup> | 126469394 |
| 635237514 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> | 635237514 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $1,524,825,425) | 1524825425 |
|  | TOTAL INVESTMENTS (Cost $3,547,634,805) - 111.2% <sup>(c)</sup> | 4056415246 |
|  | Liabilities in Excess of Other Assets - (11.2)% | (406717491) |
|  | TOTAL NET ASSETS - 100.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3649697755 |

---

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 July 31, 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 $2,431,590,482. 

------

---

| |
|:---|
| **Direxion Daily Technology Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

ADR - American Depository Receipt

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| Total return of Technology Select Sector Index | SOFR + 0.8000% | BNP Paribas | 12/5/2025 | 326844 | $736715311 | $120458492 |
| Total return of Technology Select Sector Index | SOFR + 0.7000% | Goldman Sachs | 12/10/2025 | 308519 | 699262925 | 106790520 |
| Total return of Technology Select Sector Index | SOFR + 0.7300% | Bank of America Merrill Lynch | 12/11/2025 | 516556 | 1377127965 | (11525602) |
| Total return of Technology Select Sector Index | SOFR + 0.7400% | Societe Generale | 12/12/2025 | 100000 | 242974000 | 14508097 |
| Total return of Technology Select Sector Index | SOFR + 0.8000% | J.P. Morgan | 12/16/2025 | 278667 | 568133338 | 160539611 |
| Total return of Technology Select Sector Index | SOFR + 0.6500% | UBS Securities LLC | 12/17/2025 | 411364 | 879804561 | 195835117 |
| Total return of Technology Select Sector Index | SOFR + 0.6900% | Citibank N.A. | 12/19/2025 | 724584 | 1684564698 | 217352897 |
| Total return of Technology Select Sector Index | SOFR + 0.7000% | Barclays | 12/22/2025 | 517407 | 1157883130 | 196409421 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7346465928 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000368553 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Technology Bear 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 106.4%** | **SHORT TERM INVESTMENTS - 106.4%** |  |  |
|  **Money Market Funds - 106.4%** |  |  |  |
| 46360765 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 46360765 |
| 6854269 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 6854269 |
| 14978703 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 14978703 |
| 34494372 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 34494372 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $102,688,109) <sup>(b)</sup> | $— | 102688109 |
|  | TOTAL INVESTMENTS (Cost $102,688,109) - 106.4% | $— | 102688109 |
|  | Liabilities in Excess of Other Assets - (6.4)% |  | (6193848) |
|  | TOTAL NET ASSETS - 100.0% | $— | 96494261 |

---

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 July 31, 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 $70,908,910. 

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Depreciation** |
| SOFR + 0.3500% | Total return of Technology Select Sector Index | BNP Paribas | 12/5/2025 | 29473 | $77034980 | $(713418) |
| SOFR + 0.5000% | Total return of Technology Select Sector Index | Goldman Sachs | 12/10/2025 | 7386 | 19158500 | (335128) |
| SOFR + 0.5300% | Total return of Technology Select Sector Index | Bank of America Merrill Lynch | 12/11/2025 | 10594 | 23987495 | (3537059) |
| SOFR + 0.3300% | Total return of Technology Select Sector Index | Societe Generale | 12/12/2025 | 5000 | 12148702 | (756813) |
| SOFR + 0.6000% | Total return of Technology Select Sector Index | J.P. Morgan | 12/16/2025 | 4397 | 10578566 | (759550) |
| SOFR + 0.2500% | Total return of Technology Select Sector Index | UBS Securities LLC | 12/17/2025 | 5973 | 14427841 | (1002013) |
| SOFR + 0.3500% | Total return of Technology Select Sector Index | Citibank N.A. | 12/19/2025 | 26456 | 64413902 | (5208746) |
| SOFR + 0.4500% | Total return of Technology Select Sector Index | Barclays | 12/22/2025 | 20227 | 48736539 | (3856582) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270486525 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16169309) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Transportation Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 76.3%** |  |  |  |
|  **Administrative and Support Services - 17.3%** | **Administrative and Support Services - 17.3%** |  |  |
| 2769 | RXO, Inc. (a) | $— | 42781 |
| 28417 | Uber Technologies, Inc. (a) |  | 2493592 |
|  |  |  | 2536373 |
|  **Air Transportation - 12.6%** | **Air Transportation - 12.6%** |  |  |
| 2357 | Alaska Air Group, Inc. (a) |  | 124827 |
| 282 | Allegiant Travel Co. (a) |  | 14563 |
| 12804 | American Airlines Group, Inc. (a) |  | 147118 |
| 10008 | Delta Air Lines, Inc. |  | 532526 |
| 1593 | Frontier Group Holdings, Inc. (a) |  | 6977 |
| 5917 | JetBlue Airways Corp. (a)(b) |  | 26271 |
| 786 | SkyWest, Inc. (a) |  | 91145 |
| 11065 | Southwest Airlines Co. (b) |  | 342240 |
| 6258 | United Continental Holdings, Inc. (a) |  | 552644 |
|  |  |  | 1838311 |
|  **Couriers and Messengers - 7.0%** | **Couriers and Messengers - 7.0%** |  |  |
| 2196 | FedEx Corp. |  | 490784 |
| 6143 | United Parcel Service, Inc. Class B |  | 529281 |
|  |  |  | 1020065 |
|  **Management of Companies and Enterprises - 0.1%** | **Management of Companies and Enterprises - 0.1%** |  |  |
| 764 | Sun Country Airlines Holdings, Inc. (a) |  | 8855 |
| 186 | U-Haul Holding Co. (a)(b) |  | 10762 |
|  |  |  | 19617 |
|  **Merchant Wholesalers, Nondurable Goods - 0.1%** | **Merchant Wholesalers, Nondurable Goods - 0.1%** |  |  |
| 2229 | FTAI Infrastructure, Inc. |  | 13976 |
|  **Rail Transportation - 16.0%** | **Rail Transportation - 16.0%** |  |  |
| 15226 | CSX Corp. |  | 541132 |
| 8147 | Union Pacific Corp. |  | 1808390 |
|  |  |  | 2349522 |
|  **Rental and Leasing Services - 1.5%** | **Rental and Leasing Services - 1.5%** |  |  |
| 328 | Avis Budget Group, Inc. (a) |  | 55839 |
| 2402 | Hertz Global Holdings, Inc. (a)(b) |  | 15397 |
| 802 | Ryder System, Inc. |  | 142523 |
|  |  |  | 213759 |
|  **Support Activities for Transportation - 12.6%** | **Support Activities for Transportation - 12.6%** |  |  |
| 2306 | C.H. Robinson Worldwide, Inc. |  | 265928 |
| 2659 | Expeditors International of Washington, Inc. |  | 309082 |
| 408 | Forward Air Corp. (a)(b) |  | 12399 |
| 2221 | GXO Logistics, Inc. (a) |  | 110406 |
| 1177 | Hub Group, Inc. |  | 41219 |
| 1521 | J.B. Hunt Transport Services, Inc. |  | 219100 |
| 634 | Matson, Inc. |  | 67698 |
| 1958 | Norfolk Southern Corp. |  | 544324 |
| 2287 | XPO, Inc. (a) |  | 275103 |
|  |  |  | 1845259 |
|  **Transit and Ground Passenger Transportation - 0.7%** | **Transit and Ground Passenger Transportation - 0.7%** |  |  |
| 7202 | Lyft, Inc. (a) |  | 101260 |
|  **Transportation Equipment Manufacturing - 1.1%** | **Transportation Equipment Manufacturing - 1.1%** |  |  |
| 9685 | Joby Aviation, Inc. (a)(b) |  | 161352 |
|  **Truck Transportation - 5.9%** | **Truck Transportation - 5.9%** |  |  |
| 443 | ArcBest Corp. |  | 32396 |
| 311 | Covenant Logistics Group Inc. |  | 7510 |
| 840 | Heartland Express, Inc. |  | 6569 |
| 3148 | Knight-Swift Transportation Holdings, Inc. Class A |  | 133790 |
| 1123 | Marten Transport Ltd. |  | 13656 |
| 3035 | Old Dominion Freight Line, Inc. |  | 452974 |
| 517 | Saia, Inc. (a) |  | 156258 |
| 913 | Schneider National, Inc. |  | 22323 |
| 1200 | Werner Enterprises, Inc. (b) |  | 33264 |
|  |  |  | 858740 |
|  **Warehousing and Storage - 0.6%** | **Warehousing and Storage - 0.6%** |  |  |
| 678 | Landstar System, Inc. |  | 90425 |
|  **Water Transportation - 0.8%** | **Water Transportation - 0.8%** |  |  |
| 833 | Genco Shipping & Trading Ltd. ADR (b) |  | 13270 |
| 1089 | Kirby Corp. (a) |  | 103792 |
|  |  |  | 117062 |
|  | TOTAL COMMON STOCKS<br> (Cost $10,380,494) | $— | 11165721 |
|  **SHORT TERM INVESTMENTS - 29.9%** | **SHORT TERM INVESTMENTS - 29.9%** |  |  |
|  **Money Market Funds - 29.9%** |  |  |  |
| 407379 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(c)(d)</sup> | $— | 407379 |
| 1684928 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(c)</sup> |  | 1684928 |
| 1859793 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(c)</sup> |  | 1859793 |
| 425622 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(c)</sup> |  | 425622 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $4,377,722) | $— | 4377722 |
|  | TOTAL INVESTMENTS (Cost $14,758,216) - 106.2% <sup>(e)</sup> | $— | 15543443 |
|  | Liabilities in Excess of Other Assets - (6.2)% |  | (900934) |
|  | TOTAL NET ASSETS - 100.0% | $— | 14642509 |

---

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 July 31, 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 $9,414,335. 

ADR - American Depository Receipt

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| Total return of S&P Transportation Select<br> Industry FMC Capped Index | SOFR + 0.8500% | Goldman Sachs | 12/10/2025 | 1879 | $11528627 | $37902 |

---

------

---

| |
|:---|
| **Direxion Daily Transportation Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Total return of S&P Transportation Select<br> Industry FMC Capped Index | SOFR + 0.9500% | Citibank N.A. | 12/19/2025 | 1334 | 7445781 | 754093 |
| Total return of S&P Transportation Select<br> Industry FMC Capped Index | SOFR + 0.7000% | Barclays | 12/22/2025 | 2073 | 13654596 | (839986) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32629004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47991) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily Utilities Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **COMMON STOCKS - 65.1%** |  |  |  |
|  **Oil and Gas Extraction - 2.5%** |  |  |  |
| 14218 | Dominion Energy, Inc. | $— | 831042 |
|  **Utilities - 62.6%** | **Utilities - 62.6%** |  |  |
| 11870 | AES Corp. |  | 156091 |
| 4283 | Alliant Energy Corp. |  | 278438 |
| 4507 | Ameren Corp. |  | 455793 |
| 8907 | American Electric Power Co., Inc. |  | 1007738 |
| 3251 | American Water Works Co., Inc. |  | 455920 |
| 2649 | Atmos Energy Corp. |  | 413032 |
| 10883 | CenterPoint Energy, Inc. |  | 422478 |
| 4988 | CMS Energy Corp. |  | 368114 |
| 6008 | Consolidated Edison, Inc. |  | 621828 |
| 5225 | Constellation Energy Corp. |  | 1817464 |
| 3461 | DTE Energy Co. |  | 479037 |
| 12960 | Duke Energy Corp. |  | 1576454 |
| 6416 | Edison International |  | 334402 |
| 7442 | Entergy Corp. |  | 672980 |
| 3837 | Evergy, Inc. |  | 271660 |
| 6125 | Eversource Energy |  | 404863 |
| 16832 | Exelon Corp. |  | 756430 |
| 8565 | FirstEnergy Corp. |  | 365811 |
| 34326 | NextEra Energy, Inc. |  | 2439206 |
| 7849 | NiSource, Inc. |  | 333190 |
| 3260 | NRG Energy, Inc. |  | 545072 |
| 36644 | PG&E Corp. |  | 513749 |
| 1991 | Pinnacle West Capital Corp. |  | 180424 |
| 12327 | PPL Corp. |  | 439951 |
| 8320 | Public Service Enterprise Group, Inc. |  | 747053 |
| 10874 | Sempra Energy |  | 888188 |
| 18326 | Southern Co. |  | 1731441 |
| 5658 | Vistra Corp. |  | 1179919 |
| 5321 | WEC Energy Group, Inc. |  | 580415 |
| 9617 | Xcel Energy, Inc. |  | 706272 |
|  |  |  | 21143413 |
|  | TOTAL COMMON STOCKS<br> (Cost $20,059,965) | $— | 21974455 |
|  **SHORT TERM INVESTMENTS - 32.9%** | **SHORT TERM INVESTMENTS - 32.9%** |  |  |
|  **Money Market Funds - 32.9%** |  |  |  |
| 8233513 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $— | 8233513 |
| 2768977 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(b)</sup> |  | 2768977 |
| 5370 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(b)</sup> |  | 5370 |
| 92927 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> |  | 92927 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $11,100,787) | $— | 11100787 |
|  | TOTAL INVESTMENTS (Cost $31,160,752) - 98.0% <sup>(c)</sup> | $— | 33075242 |
|  | Other Assets in Excess of Liabilities - 2.0% |  | 676377 |
|  | TOTAL NET ASSETS - 100.0% | $— | 33751619 |

---

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 July 31, 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 $26,938,455. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation** |
| Total return of Utilities Select Sector Index | SOFR + 0.7500% | Goldman Sachs | 12/10/2025 | 16301 | $13194833 | $800342 |
| Total return of Utilities Select Sector Index | SOFR + 0.7000% | J.P. Morgan | 12/16/2025 | 24467 | 20110912 | 1049493 |
| Total return of Utilities Select Sector Index | SOFR + 0.4500% | UBS Securities LLC | 12/17/2025 | 30651 | 24035654 | 2282901 |
| Total return of Utilities Select Sector Index | SOFR + 0.7000% | Barclays | 12/22/2025 | 19974 | 15659690 | 1529259 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73001089 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5661995 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily 7-10 Year Treasury Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  **INVESTMENT COMPANIES - 73.7%** | **INVESTMENT COMPANIES - 73.7%** |  |
| 373865 | iShares 7-10 Year Treasury Bond ETF <sup>(a)</sup> | 35479789 |
|  | TOTAL INVESTMENT COMPANIES (Cost $35,852,708) | 35479789 |
|  **SHORT TERM INVESTMENTS - 27.3%** | **SHORT TERM INVESTMENTS - 27.3%** |  |
|  **Money Market Funds - 27.3%** |  |  |
| 10550265 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | 10550265 |
| 20081 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(b)</sup> | 20081 |
| 2574109 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> | 2574109 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $13,144,455) | $13144455 |
|  | TOTAL INVESTMENTS (Cost $48,997,163) - 101.0% <sup>(c)</sup> | 48624244 |
|  | Liabilities in Excess of Other Assets - (1.0)% | (492591) |
|  | TOTAL NET ASSETS - 100.0% | 48131653 |

---

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 July 31, 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 $40,043,358. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  Total return of iShares 7-10 Year<br> Treasury Bond ETF | SOFR + 0.7500% | BNP Paribas | 12/5/2025 | 376138 | $35725587 | $(393676) |
|  Total return of iShares 7-10 Year<br> Treasury Bond ETF | SOFR + 0.8000% | Bank of America Merrill Lynch | 12/11/2025 | 167639 | 15840209 | (106567) |
|  Total return of iShares 7-10 Year<br> Treasury Bond ETF | SOFR + 0.6000% | J.P. Morgan | 12/16/2025 | 349558 | 32710412 | 193646 |
|  Total return of iShares 7-10 Year<br> Treasury Bond ETF | SOFR + 0.6800% | Barclays | 12/22/2025 | 254350 | 23595830 | 349006 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107872038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42409 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily 7-10 Year Treasury Bear 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 99.8%** | **SHORT TERM INVESTMENTS - 99.8%** |  |  |
|  **Money Market Funds - 99.8%** |  |  |  |
| 7211473 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 7211473 |
| 670066 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(a)</sup> |  | 670066 |
| 1775172 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 1775172 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $9,656,711) <sup>(b)</sup> | $— | 9656711 |
|  | TOTAL INVESTMENTS (Cost $9,656,711) - 99.8% | $— | 9656711 |
|  | Other Assets in Excess of Liabilities - 0.2% |  | 14623 |
|  | TOTAL NET ASSETS - 100.0% | $— | 9671334 |

---

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 July 31, 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 $5,873,335. 

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  SOFR + 0.4500% | Total return of iShares 7-10 Year Treasury Bond ETF | BNP Paribas | 12/5/2025 | 181688 | $17227155 | $115241 |
|  SOFR + 0.3800% | Total return of iShares 7-10 Year Treasury Bond ETF | J.P. Morgan | 12/16/2025 | 88684 | 8333647 | (32369) |
|  SOFR + 0.4500% | Total return of iShares 7-10 Year Treasury Bond ETF | Barclays | 12/22/2025 | 35361 | 3366748 | 25776 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28927550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108648 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily 20+ Year Treasury Bull 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  **INVESTMENT COMPANIES - 69.1%** | **INVESTMENT COMPANIES - 69.1%** | **INVESTMENT COMPANIES - 69.1%** |
| 40061528 | iShares 20+ Year Treasury Bond ETF <sup>(a)</sup> | 3482148014 |
|  | TOTAL INVESTMENT COMPANIES (Cost $3,517,211,462) | 3482148014 |
|  **SHORT TERM INVESTMENTS - 36.1%** | **SHORT TERM INVESTMENTS - 36.1%** |  |
|  **Money Market Funds - 36.1%** |  |  |
| 699640706 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(b)</sup> | $699640706 |
| 362273287 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(b)</sup> | 362273287 |
| 192180000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.20% <sup>(b)</sup> | 192180000 |
| 455149342 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(b)</sup> | 455149342 |
| 110000000 | JPMorgan 100% U.S. Treasury Securities Money Market Fund Institutional Shares, 4.16% <sup>(b)</sup> | 110000000 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $1,819,243,335) | 1819243335 |
|  | TOTAL INVESTMENTS (Cost $5,336,454,797) - 105.2% <sup>(c)</sup> | 5301391349 |
|  | Liabilities in Excess of Other Assets - (5.2)% | (265694507) |
|  | TOTAL NET ASSETS - 100.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5035696842 |

---

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 July 31, 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 $4,284,884,727. 

**Long Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  Total return of iShares 20+ Year<br> Treasury Bond ETF | SOFR + 0.7900% | BNP Paribas | 12/5/2025 | 19262724 | $1662688598 | $6856820 |
|  Total return of iShares 20+ Year<br> Treasury Bond ETF | SOFR + 0.7000% | Goldman Sachs | 12/10/2025 | 23905032 | 2061426027 | 8691623 |
|  Total return of iShares 20+ Year<br> Treasury Bond ETF | SOFR + 0.7500% | Nomura | 12/10/2025 | 4000000 | 345366797 | 1619128 |
|  Total return of iShares 20+ Year<br> Treasury Bond ETF | SOFR + 0.6500% | Bank of America Merrill Lynch | 12/11/2025 | 19500000 | 1783238147 | (102547293) |
|  Total return of iShares 20+ Year<br> Treasury Bond ETF | SOFR + 0.5500% | J.P. Morgan | 12/16/2025 | 13034706 | 1174847063 | (48475391) |
|  Total return of iShares 20+ Year<br> Treasury Bond ETF | SOFR + 0.7500% | UBS Securities LLC | 12/17/2025 | 8236829 | 746586181 | (36074411) |
|  Total return of iShares 20+ Year<br> Treasury Bond ETF | SOFR + 0.7900% | Citibank N.A. | 12/19/2025 | 22977097 | 2045821378 | (70675233) |
|  Total return of iShares 20+ Year<br> Treasury Bond ETF | SOFR + 0.8000% | Barclays | 12/22/2025 | 22825382 | 1983591203 | (11294767) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11803565394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251899524) |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

---

| |
|:---|
| **Direxion Daily 20+ Year Treasury Bear 3X Shares** |
| **Schedule of Investments (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **SHORT TERM INVESTMENTS - 99.8%** | **SHORT TERM INVESTMENTS - 99.8%** |  |  |
|  **Money Market Funds - 99.8%** |  |  |  |
| 97869752 | Dreyfus Government Cash Management Institutional Shares, 4.20% <sup>(a)</sup> | $— | 97869752 |
| 15131659 | Dreyfus Treasury Securities Cash Management Institutional Shares, 4.13% <sup>(a)</sup> |  | 15131659 |
| 67566873 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.14% <sup>(a)</sup> |  | 67566873 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $180,568,284) <sup>(b)</sup> | $— | 180568284 |
|  | TOTAL INVESTMENTS (Cost $180,568,284) - 99.8% | $— | 180568284 |
|  | Other Assets in Excess of Liabilities - 0.2% |  | 332605 |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180900889 |

---

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 July 31, 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 $108,185,348. 

**Short Total Return Swap Contracts (Unaudited)**

**July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at**<br> **Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation** |
|  SOFR + 0.5900% | Total return of iShares 20+ Year Treasury Bond ETF | BNP Paribas | 12/5/2025 | 693297 | $63344762 | $3505069 |
|  SOFR + 0.5000% | Total return of iShares 20+ Year Treasury Bond ETF | Goldman Sachs | 12/10/2025 | 996309 | 89594499 | 3362977 |
|  SOFR + 0.4500% | Total return of iShares 20+ Year Treasury Bond ETF | Bank of America Merrill Lynch | 12/11/2025 | 1124706 | 103697893 | 6632114 |
|  SOFR + 0.3300% | Total return of iShares 20+ Year Treasury Bond ETF | J.P. Morgan | 12/16/2025 | 841941 | 75900981 | 3048036 |
|  SOFR + 0.0500% | Total return of iShares 20+ Year Treasury Bond ETF | UBS Securities LLC | 12/17/2025 | 962426 | 87234293 | 3831741 |
|  SOFR + 0.4800% | Total return of iShares 20+ Year Treasury Bond ETF | Citibank N.A. | 12/19/2025 | 1625005 | 143401141 | 3227961 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563173569 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23607898 |

---

SOFR - Secured Overnight Financing Rate was 4.36% as of July 31, 2025.

------

**Valuation Measurements (Unaudited)** 

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

Level 1 - Quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used to value the Funds' net assets as of July 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Asset Class** | **Asset Class** | **Asset Class** | **Asset Class** | **Asset Class** | **Asset Class** | **Liability Class** | **Liability Class** |
|  |  |  | Level 1 |  |  | Level 2 | Level 1 | Level 2 |
| Funds | Investment<br> Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | Short Term<br> Investments | Cash<br> Equivalents | Futures<br> Contracts | Total Return<br> Swap Contracts | Futures<br> Contracts | Total Return<br> Swap Contracts |
|  Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | $&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;- | $- | $178442093 |  | $1231468 | $- | $(3807345) | $- |
|  Direxion HCM Tactical Enhanced US ETF |  | 399710417 | 106902080 |  |  | 37467384 |  |  |
|  Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares |  | 1218315135 | 2361525 |  |  |  |  |  |
|  Direxion Work From Home ETF |  | 15168054 | 1213201 |  |  |  |  |  |
|  Direxion Daily AAPL Bear 1X Shares |  |  | 29025267 |  |  | 3174000 |  |  |
|  Direxion Daily AMD Bear 1X Shares |  |  | 9754445 |  |  |  |  | (962869) |
|  Direxion Daily AMZN Bear 1X Shares |  |  | 6886679 |  |  |  |  | (475974) |
|  Direxion Daily AVGO Bear 1X Shares |  |  | 10102320 |  |  |  |  | (1286425) |
|  Direxion Daily BA Bear 1X Shares |  |  | 2540214 |  |  |  |  | (282263) |
|  Direxion Daily BRKB Bear 1X Shares |  |  | 2974216 |  |  | 192029 |  |  |
|  Direxion Daily CSCO Bear 1X ETF |  |  | 2492072 |  |  |  |  | (7833) |
|  Direxion Daily F Bear 1X ETF |  |  | 2496413 |  |  | 29868 |  |  |
|  Direxion Daily GOOGL Bear 1X Shares |  |  | 4266614 |  |  | 152745 |  | (60074) |
|  Direxion Daily LLY Bear 1X Shares |  |  | 2427367 |  |  | 305783 |  |  |
|  Direxion Daily META Bear 1X Shares |  |  | 7704823 |  |  |  |  | (906634) |
|  Direxion Daily MSFT Bear 1X Shares |  |  | 11931774 |  |  |  |  | (1699694) |
|  Direxion Daily MU Bear 1X Shares |  |  | 2561499 |  |  | 174130 |  | (4377) |
|  Direxion Daily NFLX Bear 1X Shares |  |  | 14165184 |  |  | 502473 |  | (369796) |
|  Direxion Daily NVDA Bear 1X Shares |  |  | 30483820 |  |  |  |  | (3762754) |
|  Direxion Daily PANW Bear 1X Shares |  |  | 2971204 |  |  | 349596 |  |  |
|  Direxion Daily PLTR Bear 1X Shares |  |  | 67500222 |  |  |  |  | (9217263) |
|  Direxion Daily QCOM Bear 1X ETF |  |  | 2485005 |  |  | 152414 |  |  |
|  Direxion Daily TSLA Bear 1X Shares |  |  | 76557074 |  |  | 6767656 |  |  |
|  Direxion Daily TSM Bear 1X Shares |  |  | 3572770 |  |  |  |  | (397682) |
|  Direxion Daily XOM Bear 1X Shares |  |  | 2453588 |  |  | 174 |  | (51297) |
|  Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares |  |  | 128682076 |  |  |  |  | (6949663) |
|  Direxion Daily Crypto Industry Bear 1X Shares |  |  | 2198600 |  |  |  |  | (305457) |
|  Direxion Daily Magnificent 7 Bear 1X Shares |  |  | 6442047 |  |  |  |  | (845367) |
|  Direxion Daily AAPL Bull 2X Shares |  | 41647052 | 234596478 |  |  | 10835389 |  | (561696) |
|  Direxion Daily AMD Bull 2X Shares |  | 3897333 | 30617297 |  |  | 3232597 |  | (416153) |
|  Direxion Daily AMZN Bull 2X Shares |  | 36971588 | 243476208 |  |  | 34740943 |  |  |
|  Direxion Daily AVGO Bull 2X Shares |  | 17932441 | 89770332 |  |  | 2822950 |  | (2027339) |
|  Direxion Daily BA Bull 2X Shares |  | 719871 | 11501318 |  |  | 1805497 |  | (242661) |
|  Direxion Daily BRKB Bull 2X Shares |  | 10943841 | 55308315 |  |  |  |  | (7736602) |
|  Direxion Daily CSCO Bull 2X ETF |  | 493580 | 3274648 |  |  | 1792 |  | (15092) |
|  Direxion Daily F Bull 2X ETF |  | 365310 | 2123836 |  |  |  |  | (56623) |
|  Direxion Daily GOOGL Bull 2X Shares |  | 30017574 | 423815320 |  |  | 45830321 |  |  |
|  Direxion Daily LLY Bull 2X Shares |  | 1081242 | 5769394 |  |  |  |  | (448416) |
|  Direxion Daily META Bull 2X Shares |  | 14374383 | 123667654 |  |  | 22554959 |  | (1254553) |
|  Direxion Daily MSFT Bull 2X Shares |  | 13949958 | 118223685 |  |  | 18862212 |  |  |
|  Direxion Daily MU Bull 2X Shares |  | 8044927 | 32943640 |  |  |  |  | (2305873) |
|  Direxion Daily NFLX Bull 2X Shares |  | 10695465 | 82882709 |  |  | 326896 |  | (5407016) |
|  Direxion Daily NVDA Bull 2X Shares |  | 100335578 | 602151081 |  |  | 61607696 |  |  |
|  Direxion Daily PANW Bull 2X Shares |  | 763666 | 6611006 |  |  |  |  | (1321501) |
|  Direxion Daily PLTR Bull 2X Shares |  | 70524657 | 418141206 |  |  | 36958882 |  |  |
|  Direxion Daily QCOM Bull 2X ETF |  | 469632 | 3306060 |  |  |  |  | (465793) |
|  Direxion Daily TSLA Bull 2X Shares |  | 1117906629 | 5197940212 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 81617840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (442549752) |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Direxion Daily TSM Bull 2X Shares |  | 17000142 | 106691967.0 | 10261876 | (95291) |
|  Direxion Daily XOM Bull 2X Shares |  | 485523 | 2646819.0 | 86907 |  |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares | 65595039 |  | 99536895.0 | 10958125 |  |
|  Direxion Daily CSI China Internet Index Bull 2X Shares | 151081039 |  | 124319403.0 | 34407273 |  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares |  | 168177157 | 17178159.0 | 18224803 |  |
|  Direxion Daily MSCI Brazil Bull 2X Shares | 67369457 |  | 55700991.0 | 11892204 |  |
|  Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares | 1637529 |  | 996448.0 | 242487 |  |
|  Direxion Daily MSCI India Bull 2X Shares | 33473881 |  | 40101992.0 | 831319 | (3425863) |
|  Direxion Daily AI and Big Data Bull 2X Shares |  | 14506444 | 5525224.0 | 4252730 |  |
|  Direxion Daily AI and Big Data Bear 2X Shares |  |  | 1364291.0 |  | (234842) |
|  Direxion Daily Crypto Industry Bull 2X Shares |  | 4653195 | 1867356.0 | 509512 | (64585) |
|  Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares |  | 3152247 | 3032109.0 | 263730 | (380015) |
|  Direxion Daily Energy Bull 2X Shares |  | 166455735 | 61608553.0 | 8513944 | (3108580) |
|  Direxion Daily Energy Bear 2X Shares |  |  | 18234135.0 | 1435249 |  |
|  Direxion Daily Gold Miners Index Bull 2X Shares | 291866285 |  | 268460666.0 | 159503336 | (923320) |
|  Direxion Daily Gold Miners Index Bear 2X Shares |  |  | 121412359.0 | 3592077 | (6133598) |
|  Direxion Daily Junior Gold Miners Index Bull 2X Shares | 101652040 |  | 203865070.0 | 84381421 | (3680202) |
|  Direxion Daily Junior Gold Miners Index Bear 2X Shares |  |  | 78846504.0 | 4552236 | (8172797) |
|  Direxion Daily Magnificent 7 Bull 2X Shares |  | 41207652 | 51796030.0 | 3737478 |  |
|  Direxion Daily NYSE FANG+ Bull 2X Shares |  | 54979907 | 81471086.0 | 27920271 |  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 15637853 |  | 17189925.0 | 4876757 |  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares |  | 168142450 | 85115280.0 | 8658462 | (7742732) |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares |  |  | 47711014.0 | 4377723 | (1959648) |
|  Direxion Daily Uranium Industry Bull 2X Shares | 6920419 |  | 8698042.0 | 4061634 |  |
|  Direxion Daily Mid Cap Bull 3X Shares |  | 51564943 | 25086567.0 | 9846677 |  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares |  | 3718886054 | 1690019658.0 | 990226383 |  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares |  |  | 539212364.0 |  | (77271572) |
|  Direxion Daily Small Cap Bull 3X Shares | 1389642148 |  | 695369106.0 | 232079954 | (35961106) |
|  Direxion Daily Small Cap Bear 3X Shares |  |  | 317344391.0 | 44603253 | (1171775) |
|  Direxion Daily FTSE China Bull 3X Shares | 612618514 |  | 516386337.0 | 407869877 |  |
|  Direxion Daily FTSE China Bear 3X Shares |  |  | 296223146.0 | 5596419 | (34100734) |
|  Direxion Daily FTSE Europe Bull 3X Shares | 17926327 |  | 23791074.0 | 7536148 | (1036602) |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares | 6914992 |  | 77372953.0 | 17583096 | (1203453) |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares |  |  | 19248166.0 | 292651 | (3651775) |
|  Direxion Daily MSCI Mexico Bull 3X Shares | 7435289 |  | 10672470.0 | 6705774 |  |
|  Direxion Daily MSCI South Korea Bull 3X Shares | 64856382 |  | 73491687.0 | 42984811 |  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares |  | 177825134 | 175576418.0 | 86211262 | (970825) |
|  Direxion Daily Consumer Discretionary Bull 3X Shares |  | 13815799 | 8341193.0 | 4519097 |  |
|  Direxion Daily Dow Jones Internet Bull 3X Shares |  | 104988885 | 51438921.0 | 41327547 | (664980) |
|  Direxion Daily Dow Jones Internet Bear 3X Shares |  |  | 10553306.0 |  | (1647070) |
|  Direxion Daily Financial Bull 3X Shares |  | 1819482149 | 726307297.0 | 277399715 |  |
|  Direxion Daily Financial Bear 3X Shares |  |  | 108091031.0 | 134362 | (5506935) |
|  Direxion Daily Healthcare Bull 3X Shares |  | 117403791 | 34428385.0 |  | (13749014) |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares |  | 337613856 | 93112001.0 | 32581158 | (2569876) |
|  Direxion Daily Industrials Bull 3X Shares |  | 25718686 | 14318057.0 | 10311449 |  |
|  Direxion Daily Pharmaceutical & Medical Bull 3X Shares |  | 5424323 | 3219999.0 | 703908 |  |
|  Direxion Daily Real Estate Bull 3X Shares |  | 43558057 | 15452605.0 | 1213147 | (498638) |
|  Direxion Daily Real Estate Bear 3X Shares |  |  | 44858155.0 | 2641241 |  |
|  Direxion Daily Regional Banks Bull 3X Shares |  | 461680635 | 205412636.0 | 56186650 | (22217007) |
|  Direxion Daily Retail Bull 3X Shares |  | 24413330 | 12366223.0 | 9651413 |  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares |  | 41251399 | 23318960.0 | 28692597 |  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares |  |  | 36439803.0 |  | (10143596) |
|  Direxion Daily S&P Biotech Bull 3X Shares |  | 447215685 | 265609267.0 | 64070956 | (53739677) |
|  Direxion Daily S&P Biotech Bear 3X Shares |  |  | 63793439.0 | 10538799 | (1865770) |
|  Direxion Daily Semiconductor Bull 3X Shares |  | 8856978740 | 3966909634.0 | 2916433006 | (111790480) |
|  Direxion Daily Semiconductor Bear 3X Shares |  |  | 1803780104.0 | 6039657 | (293807316) |
|  Direxion Daily Technology Bull 3X Shares |  | 2531589821 | 1524825425.0 | 1011894155 | (11525602) |
|  Direxion Daily Technology Bear 3X Shares |  |  | 102688109.0 |  | (16169309) |
|  Direxion Daily Transportation Bull 3X Shares |  | 11165721 | 4377722.0 | 791995 | (839986) |
|  Direxion Daily Utilities Bull 3X Shares |  | 21974455 | 11100787.0 | 5661995 |  |
|  Direxion Daily 7-10 Year Treasury Bull 3X Shares | 35479789 |  | 13144455.0 | 542652 | (500243) |
|  Direxion Daily 7-10 Year Treasury Bear 3X Shares |  |  | 9656711.0 | 141017 | (32369) |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares | 3482148014 |  | 1819243335.0 | 17167571 | (269067095) |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares |  |  | 180568284.0 | 23607898 |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Direxion Shares ETF Trust

- **b. Investment Company Act file number:** 811-22201

- **c. CIK number of Registrant:** 0001424958

- **d. LEI of Registrant:** 549300M501IVJM50FG12

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1301 Avenue of the Americas (6th Avenue)

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **Telephone number:** 646-572-3390

**Item A.2. Information about the Series.**

- **a. Name of Series:** Direxion Auspice Broad Commodity Strategy ETF

- **b. EDGAR series identifier (if any):** S000054803

- **c. LEI of Series:** 549300T4LI28QKS1QP64

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $180430810.21

**Total Liabilities:** $143872.74

**Net Assets:** $180286937.47

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000172242 | -0.17%               | -2.38%               | 0.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-52.38                  | $-952143.70                                |
| Month 2  | $-123.58                 | $-3706573.16                               |
| Month 3  | $153.17                  | $719251.71                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                                               | Identifiers            | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                            | WTI CRUDE FUTURE Sep25                                              | CUSIP: N/A<br>LEI: N/A | N/A              | DO               |  | US        |         1 | NC      | $10250480.00  | 5.69%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | GOLD 100 OZ FUTR  Oct25                                             | CUSIP: N/A<br>LEI: N/A | Long             | DO               |  | US        |        50 | NC      | $16605500.00  | 9.21%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | COPPER FUTURE Sep25                                                 | CUSIP: N/A<br>LEI: N/A | Long             | DO               |  | US        |       117 | NC      | $12736912.50  | 7.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | NY Harb ULSD Fut  Dec25                                             | CUSIP: N/A<br>LEI: N/A | Long             | DO               |  | US        |       112 | NC      | $11068041.60  | 6.14%             |  |  |  | No            |                  1 | On Loan: No      |
| DREYFUS GOVERNMENT CASH MANAGE | DREYFUS GOV'T CASH MGMT -INSTITUTIONAL CUSIP 262006208 DGCXX (#289) | CUSIP: N/A<br>LEI: N/A | Long             | STIV             | RF                | US        | 153323008 | PA      | $153323007.68 | 85.04%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | SILVER FUTURE Sep25                                                 | CUSIP: N/A<br>LEI: N/A | N/A              | DO               |  | US        |         1 | NC      | $18723120.00  | 10.39%            |  |  |  | No            |                  1 | On Loan: No      |
| DREYFUS                        | DREYFUS QII GOV CASH MGMT 289                                       | CUSIP: N/A<br>LEI: N/A | Long             | STIV             | RF                | US        |  25119085 | PA      | $25119085.43  | 13.93%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | GASOLINE RBOB FUT OCT25                                             | CUSIP: N/A<br>LEI: N/A | N/A              | DO               |  | US        |         1 | NC      | $15577984.80  | 8.64%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-25

**Name of Applicant:** Direxion Shares ETF Trust

**Signature:** Patrick Rudnick

**Name of Signer:** Patrick Rudnick

**Title:** Principal Executive Officer